Tài liệu Phân tích cơ cấu vốn tại Công ty cổ phần X20

BO GIAO DVC VA DAO TAO TRIJIING DAI HQC THANG LONG ---o0o--- KHOA LUAN TOT NGHIEP BE TAI: PHAN TICH CAU VON TAI CONG TY CO PHAN X20 Giao vien h•oug tem Sinh vien thtyc hien Ma sinh vien ThS. Ngo Thi Quyen Phan] Anh Phtrang A17058 Chuyin nganh Tai chinh - Ngfin hang HA NO1— 2013 LEI CAM ON Tnrac tien, em mu6n giri 16i cam an chin thanh nhAt den giao vien huang an giang vien Ngo Thi Quyen, ngueri da tin tinh chi bao va huerng din cho em trong su6t th&i gian thirc hien va hoan thanh khoa luin tot nghiep. Ben canh do, thong qua khoa luin nay, em ding cam an cac thAy c6 dang giang day a tnremg Dai hoc Thang Long, nhimg ngueri da mang 14i cho em mOt nen tang kien thirc can ban nhAt de co the nhin thirc va phan tich dirge nhang vAn de, s6 lieu lien quan den kinh te, tao nen tang ve chuyen nganh hoc de em co the hoan thanh de tai nay. Em cling xin cam an tai dan vi thirc tip, dic biet la cac anh chi trong phong Tai chinh - ke toan a nhiet tinh giap d6 em trong viec cung cap va Op nhit s6 lieu, thong tin dm dan vi trong su6t thin gian thtrc hien khoa luin. Cu6i ding, em chin thanh cam an gia dinh va ban be da Ong vien, tao dieu kien de em có the hoan thanh khoa luin melt each tot nhAt. Em xin chant thanh cam an! Thang Long University Library M1VC LUC CHVONG 1. 1,)? LUAN CO BAN VE CO CAU VON TRONG DN 1.1Co. Ciu von cfia DN 1.1.1 Khai niOn co' cau van 1.1.2 Cac nhan to cat, thanh 1.1.3 Ccic chi lieu phiin anh co' Call von 1.1.4 L.,Pthuy4t ca cat, van tai tru ciia DN 1.1.5 Y nghia ciia vi'ec phan Lich ca cau von 1.2Chi phi von 1.2.1 Chi phi van vay 1.2.1.1 Chi phi van vay NH 1.2.1.2 Chi phi van vay DH 1.2.2 Chi phi van ca phitt tru dai 1.2.3 Chi phi van co phi eu : thireng 1.2.4 Chi phi van binh quint WA CC 1.3Tac Ong ciia co. ciu von den ty suAt sinh Rri — rfii ro 1.3.1 Don bay tai chink 1.3.1.1 Phan tich diem bang quan EBIT — EPS 1.3.1.2 DO bciy tai chinh 1.3.1.3 DO beiy va rfti ro tai chinh 1.3.1.4 MOt sa phtrang phap do luring rfti ro tai chinh khac. 1.3.2 Ttic &Ong c eta den bay tai chinh cr' en khii nang sinh 1.4 Tac Ong cfia co ciu von den gia tri DN 1.4.1 Lf, thuy't M& M trong truirng hop khang c6 thui; 1.4.2 Lf, thuA M&M trong Throng hop ce thu' er 1.4.4 Thi truirng khang hotin heio 1 1 1 2 3 4 4 5 5 6 7 7 8 9 9 9 10 11 11 12 12 13 13 14 CHUONG 2. THUC TRANG CO CAU VON CUA CONG TV CO PHAN X20.16 2.1 Gieri thi'0 cong ty c6 phin X20 16 2.1.1 Lich sir hinh thank cong ty 16 2.1.2 Dac di'dm nganh nghe kinh doanh ctia cong ty X20 16 2.1.3 Co. cat, to chtk caa cong ty co phan X20 17 2.1.4 Char ming nhiem vu ctia tirng be) phtin 19 2.1.4.1 Bo phOn quan 1j) 19 2.1.4.2 BO phOn san zulit kinh doanh 19 2.2 Ket qui hoat Ong san xuAt kinh doanh ctia cong ty c6 pha'n X20 nam 2010 — 2012 20 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 2.2.2.1 Tinh hinh tai san 2010 - 2012 21 2.2.2.2 Tinh hinh nguan van 2010 - 2012 24 2.2.2.3 Chi tieu tai chinh tang h9p 2.2.2.4 Chi tieu kha nang thanh loan 2.3 That trang co. eau von tai cong ty CP X20 2.3.1 No. NH 2.3.1.1 Ca cau na NH 2.3.1.2 Chi phi van NH 2.3.2 N9 DH 2.3.2.1 Ca cau n9 DH 2.3.2.2 Chi phi van DH 2.3.3 Von CSH 2.3.3.1 Ca cau van CSH 2.3.3.2 Chi phi van CSH 2.3.4 Chi phi van binh quan (WACC) 2.4 Tac Ong cua co. cau von den tS, suat sinh liri — rut ro 2.4.1 Anh huang ell(' ca cau van d en i raj ro tai chink 2.4.1.1 DiAm bang quan EBIT — EPS 2.4.1.2 DO bay tai chinh 2.4.1.3 Ca cau van va rai ro tai chinh 2.4.2 Anh hirong cua ca cau van ign ty suit sinh loti 2.4.2.1 Tac d5ng caa ca cau van len ROE 2.4.2.2 Tdm chdn thuA tit Icii vay 2.5 Dinh gia ve can true von tai cong ty CP X20 2.5.1 Ifu diAm 2.5.2 Nl► tto.c diAm 27 28 30 30 30 32 33 33 34 35 35 37 38 40 40 40 41 43 44 44 46 47 47 48 CHUONG 3. DANH GIA VA CIA! PHAP VE CO CAU VON CUA CONG TY CO PHAN X20 50 3.1 Thuan 191, kilo khan trong moi trtro .ng kinh doanh ciia cong ty CP X20 3.1.1 Th ua ► 19i 3.1.2 Kith khan 3.2 Dinh htron Oat trier' ciia ding ty 3.3 Giai phi') cho co . cat' yen cfia cong ty X20 3.3.1 Thay dal 1y tryng trong thrinh phan van 3.3.2 TiAl kiem chi phi, tang hieu quo son kinh doanh 3.3.2.1 Tiet kiAm chi phi 3.3.2.2 Tang hieu qua san xuat kinh doanh 3.4 Milt so kien nghi khac 3.4.1 Quan ly nguon van litu &Ong 3.4.2 Nang cao nh'an Mar vA ca cau van hip ly Thang Long University Library 50 50 50 50 51 51 53 53 55 56 56 57 DANH MIX VIET TAT TS NH DH CSH DN TM sin Ngan han Dai han Chu sir hiru Doanh nghi'e'p DANH MIX BANG BIEU Bang 2.1 Doanh thu-chi phi-lqi nhu4n nam 2010-2012 Bang 2.2 Tai sin cong ty 2010-2012 Bang 2.3 Ty trong thanh phAn ngtiOn von 2010-2012 Bang 2.4 Nhom chi tieu phan anh kha nang sinh loi Bang 2.5 Chi tieu kha nang thanh town Bang 2.6 Co. cAu my NH 2010-2012 Bang 2.7 Chi phi von NH Bang 2.8 Ty trong nq DH 2010-2012 Bang 2.9 Chi phi vOn DH Bang 2.10 Ty trong cac thanh phAn vOn CSH 2010-2012 Bang 2.11 Chi phi vOn CSH Bang 2.12 Chi phi vOn binh quan WACC 2010-2012 Bang 2.13 Thay dOi trong no' DH va von CSH Bang 2.14 Do !Ay tai chinh DFL 2010-2012 Bang 2.15 Co ciiu von va rui ro tai chinh Bang 2.16 Cong thin Dupont ciia ROE 2010-2012 Bang 2.17 TAm ctin thue 2010-2012 Bang 3.1 Chi phi Oat hanh co phieu thtr&ng Bang 3.2 Chi phi vim binh quail WACC khi phat hanh them co phieu Bang 3.3 Don !Ay tai chinh ciia cac phiron an Bang 3.4 Chi phi nguyen vat lieu trqc tiep Bang 3.5 Chi phi quan ly DN Bang 3.6 Tinh hinh doanh thu- chi phi — lqi nhOn 20 22 25 27 29 31 33 34 35 36 37 38 40 41 43 45 47 52 52 53 54 54 55 DANH M>i1C BIEU DO Bleu coo 2.1 Doanh thu-chi phi- loi nhuin Bleu coo 2.2 Ty trong mot so thanh phan tai sin 2010-2012 Bien coo 2.3 Ca can von 2010-2012 Bleu coo 2.4 Chi tieu phin anh co cau von Bleu coo 2.5 Chi phi von binh quail WACC Bien (14 2.6 Diem bang quan EBIT - EPS Bieu coo 2.7 DO bay tai chinh DFL Bleu dO 2.8 ROE 20 23 25 26 38 40 42 45 DANH Mk1C HINH VE, SO DO Hinh 1.1 Diem bang quan EBIT - EPS Hinh 1.2 Chi phi khOn kho tai chinh So coo 1.1 TO chtrc bO may quin ly cOng ty Thang Long University Library 10 14 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 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. a CHVONG 1. LY LUAN CC BAN VE COr CAU VON TRONG DN 1.1 Ccr cAu von ctia DN I. 1.1 Khdi nrem ca cau van Trong nen kinh te DN c6 the sir dung nhiEu ngutin von khac nhau de dap rng nhu cAu vE v6n trong hoat dOng kinh doanh. Tuy nhien, DN phai biet phi hqp, sir dung cac ngu6n vein de tao ra 1 ca cAu vein hap 1j , dem 14i lqi ich t6i da cho doanh nghiep. Ca cAu von la quan he ve t5, trong giea nq va vein CSH (bao g6m vein co phAn uu dal va vein c6 phAn thuang) trong tong so ngutin vein dm ding ty. Quyet (firth ve ca cAu ngutm vein la van dE tai chinh het sec quan trong ctia DN. N6 la mOt trong nhUng yeti to guyet (firth den chi phi von binh quan ti suAt sinh Igi d6i veri v6n CSH ding nip" rui ro tai chinh dm DN. 1.1.2 Cdc nhan to cau themh , , DN co the huy &Ong v6n cho nhu cAu kinh doanh tir nhieu ngutin khac nhau, tuy nhien, to c6 the qui ngutin Vein cua DN vE 2 ngutin chinh: Vo'n CSH va ngutin Kr. Vim CSH Thy timg loci hinh DN, vein CSH dtrac hinh thanh tir nhiEu nguton khac nhau. Tuy nhien, cac b0 phan chu yeu la v6n gop ban dAu, lai nhuan de lai va tang nguto vein bang vi'ec phat hanh c6 phieu doi vai ding ty c6 phAn. Van gop ban &Ili: La s6 v6n nhAt (firth ma khi mai thanh lap mci DN den can phai co. Vai cong ty nha nuac, v6n ban dAu la win dAu tu cita nha nuac. ved ding ty co phAn, vim do cac c6 dung dung gop la yeu to quyet djnh de hinh thanh ding ty. Trong loci hinh DN khac nhu cong ty co von dau tu nuac ngoai thi ngu6n von ban d'Au bao g6m: von ctia chu dAti tu, von do cac ben tham gia, cac doi tac gop... Ty le va guy mo vein gop My thuOc vao dac diem nganh nghe va ca cAu lien doanh cua cong ty. Lei nhudn cue Trong qua trinh san xuAt kinh doanh, net' DN hoat dOng hieu qua thi se co diEu kien thuan lqi de tang ngulin vein hoat dOng, d6 la ngutin v6n tich ley tir lqi nhuan dtrac sir dung de tai dAu tu, ma rOng san xuAt kinh doanh. Day la ngutin vein CSH nOi sinh cua ding ty, ngutin v6n nay chi c6 the thkrc hien &Kit ntu DN da va dang hoat dOng va co 19i nhuan, ducc phep tiep ti gic dAu tu. Phat hanh ca phiiu: Ngoai viec tang ngu6n vein bang cach ttr tai tra bing 19i nhuan de 14i, DN can co the phat halal co phieu mai, day duqc coi la hoat dOng tai tra DH ctia DN. DN co the phat hanh co phieu thtdmg va c6 phieu tru dal. Ngutm my Trong qua trinh san xuAt kinh doanh, hAu nhur khong DN nao chi hoat dOng dva vao ngutin von CSH ma can phai huy dOng nhi&I ngu6n vein khac nhau, va ding ke tai nhAt la ngu6n ng. 1 Thang Long University Library Ngujn nq NH: la nhang nguan tai trg ding ty có the huy dOng dtra vao sir dung trong mOt khoang thtri gian NH, thutmg trong yang mOt nam. ThOng thutmg, ding ty khO co the sir dung nguan van DH de dAu tu vao tai san ltru dOng vi nhu cau van de dAu tu vao tai san c6 dinh la rat lan va nguan DH se kho huy &Ong hcm. Do do, nguan vay NH nay thutmg dung du tu vao tai san Itru dOng. Tir bang can dai ke toan, to co the thAy nguan van vay NH thterng bao gam: phai tra ngutri ban, vay NH ngan hang, cac khoan phai tra va cac khoan vay khac. Lai suAt dm nguan vay nay thutmg thAp han vay DH. a Nguijn nq DH: XuAt phat tir nhu cAu dAu tu van vao cac du an dau tu, mua sim ho4c nang cap tai san ca dinh, cai tien quy trinh san xuAt kinh doanh nham nang cao chAt lugng san phAm hoAc chi phi... Cac nhu cAu ten du la ke hoach DH can bo van ra va thu hai ve voi thtri han Ian ham mOt nam. De dap img dugc nhu cAu do, ngoai van CSH, DN can mOt nguan van dAu tu DH, do la nq vay DH (thtri han tren mOt nam). Ng vay DH khong chi bao gam nq vay ngan hang ma con bao gam ca ng huy dOng qua thi tnrimg van dutri hinh attic phat hanh trai phieu. Trai phieu la mOt cam ket cua cong ty di vay se tra 10i von g6c vao mOt ngay nhAt dinh, thuarng bao gam: so tien gac, lai suAt, each thirc tra lai, thai han vay va cac diEu khoan phu. Lai suAt vay DH thutmg cao horn lai suAt vay NH. Tuy dugc khAu trir thud va CO the tan dung lgi the vE don bAy tai chinh de gia tang lgi nhu'On cho co dong, cac khoan ng vin gay ap luc tai chinh cho DN, gia tang raj ro va lam he so nq ctia Ong ty x'Au di. 1.1.3 Cdc chi tieu pliiin dnh co. cau von He song= Tang ng Tang tai san (Tang nguan van) He s6 nay cho biet ng phai tra chiem bao nhieu phAn tram trong tang nguan vein DN hay trong tang tai san hinh thanh CO bao nhieu phan tram la tir nguan ng phai tra. He s6 nay the hien mire dO php thuOc tai chinh dm DN. Neu ty s6 ng cao cho thAy dO phu thuOc ctla DN vao chu ng cang lan, tinh tu chu dm DN cang thAp, trong twang lai DN se kh6 huy dOng tien vay de kinh doanh. TS , s6 ng thAp cho thAy tinh tu chi' ctia DN tang len nhung qua do ding nhan thAy rang, DN chtra CO dung kenh huy dOng von bang ng, tirc chtra khai khac tot don bAy tai chinh. He so ng tren van CSH = Tang ng Van CSH Chi tieu nay cho biet, dr mOt d'ang tai san tai trg bang van CSH thi Wang ung vai may d'ang tai trg bang ng phai tra. TS, le tang ng ten van CSH giiip nha dAu tu c6 mOt cai nhin khai quat ve sue mph tai chinh, cAu trim tai chinh dm DN va lam the nao 2 DN c6 the chi tra cho cac hoot dOng. Thong thutrng, ndu he s6 nay 16.n han 1, co nghia la tai san cua DN dugc tai trg chu ydu beri cac khoan ng, con ngtrgc 10i thi tai san dm DN dirge tai trq chti y6u bori ngu6n von CSH. VE nguyen tic, he s6 nay cang nhe, co ngliia la ng phai tra chitm t -S, le nho so vai tong tai san hay tong ngu6n Win thi DN it gap kho khan han trong tai chinh. TS, le nay cang lan thi kha nang gap kho khan trong viec tra ng hoac pha san cua DN cang km. Tuy nhien, viec sir dung ng ding co mOt tru didm, do la chi phi lai vay se dugc trfr vao thud thu nhap DN. Do do, DN phai can nhic dua ra cac quyet dinh hgp 13't. a VOn CSH „ To ng nguson von He so nay la chi tieu phan ant) kha nang ter bao dam vd mat tai chinh va mire dO dOc lap vd mat tai chinh dm DN. Chi tieu nay cho bidt, trong tong so ngu6n von tai trg, ngu6n von CSH chidm may phAn. Tri so cua chi tieu cang lon chirng to kha nang to bao dam vd mat tai chinh cang cao, mire dO dOc lap vd mat tai chinh cua DN cang tang. Ngugc 14i, tri so nay thAp thi kha nang tu bao dam cua DN se thAp va mac di) dOc lap se giam. Ndu DN co tri s 6. cua he so tai trg thip, he so ng tren von CSH va he so ng cao, s6 tai trg = DN se rat kh6 khan khi thuydt phuc cac nha diu to tin dung cho vay. Do vay, DN can phai co cac giai phap thich hap co mOt ty' le hap nhAt. a T'Ong TS V6n CSH He so nay la chi tieu phan anh mix do dAu to tai san cua DN bang von CSH. Tri so dm chi tieu nay ndu Lan han 1, chung t6 DN sir dung ca von CSH va ng phai tra de tai trg tai san. Tri so dm chi tieu cang lan han 1 bao nhieu, mix dO sir dung ng phai tra de tai trg tai san cang cao biy nhieu va ngugc 14i. Tnrong hap tri so dm chi tieu nh6 han 0, ng phai tra dugc DN sir dung viva dii de bu 18 va vira trang trai tai san cho hog dOng. He s6 ter tai tro. = a 1.1.4 1.35 thuyit ca cam von tji au cua DN Lieu ca cAu von co anh htrong tai gia tri DN va !al nhuan cua co dong? Ly thuyEt ca cAu von toi uu cho rang, ban quan tri ding ty co thd gia tang gia tri cua ding ty bing each sir dung ty so don bAy tai chinh pha hgp. Vai each nay, cong ty co the h4 thAp chi phi von thong qua viec gia tang sir dung ng boi chi phi sir dung ng thAp han do c6 khoan tidt kiem thud. Viec sir dung nq nhidu lam gia tang rui ro cong ty, nhung ty le ng cao not chung dua ddn lgi nhuan kS, vgng cao. Rui ro tang co the lam ha thAp gia co phidu, nhung lgi nhuan cao 14i co khuynh huorng gia tang gia co phidu cong ty. Tir do, ca cAu von tdi uu cua DN la ca cAu von can ddi dugc giCra nil ro va lgi nhuan, 3 Thang Long University Library t6i da hoa dugc gia ca c6 phidu ding ty. D61 von gia tri caa DN, ca cau von t6i tru se co chi phi v6n binh quan thap nhat va se dat dugc gia tri DN la lan &tat. Nheng nhfin to finh huirng ca au von tiii uu Rini ro DN: Rai ro phat sinh d6i von tai san caa DN ngay ca khi DN kh6ng star dung ng. DN nao co red ro DN cang lan thi cang ha thap ty le ng t6i uu. Thud thu nhdp DN: Chinh sach thud dm nha nuerc ding tic dOng ddn cau trac vein dm met DN. Trong truerng hgp DN sir dung ng thi phai tra khoan chi phi von vay. Do lai vay la ydu t6 chi phi truck thud nen sir dung no. gill') DN tiet kiem thud. Tuy nhien dieu nay se khong cony nghia n6a d6i von nhfkng DN nao dugc un dai hay vi 17 do gi de ma thud suAt thud thu nhap 6 mac thap hoac bang 0. Si! chit clOng v' tat chinh: Sir dung ng nhieu lam giam di sir chit d6ng ve tai chinh di3ng that lam xau di tinh hinh bang can d6i tai san khidn cho nh6ng nha cung cap von ngan ngai cho vay hay du tu von vao ding ty. HInh dirk so. hfru DN. Su khac biet ve hinh thirc sec hlhi trong cac loai hinh DN se bi rang bu6c bti nhimg quy (firth do tinh phap 1)" , ve tu cach phap nhan, dieu kien hoat dOng, ca the van hanh va muc tieu hoot d6ng. Do vay, rnuc dich va kha nang tiep can ctia cac ngu6n tai trg ten thi truerng tai chinh la khac nhau. Tit do, cac chinh sach va cau trac v6n dm timg loai hinh DN ding khac nhau. Phong cach viz thai cid ban quan If) DN: Met so ban giam d6c than trong han nhftg ngtr6i khac, do do it sir di,mg ng han trong tong ngu6n On DN. Xu the rphat triin: Xu thd ctia nen kinh to hay lirth vuc ma DN dang hoat d6ng co tac d'Ong rat lan ddn chitin Itrac phat tridn caa DN. Nen kinh to dang phat trien on dinh se thac day cac DN ma r'6ng du tu, cat tien ding nghe nham tang sac canh tranh. Ngugc lai, ndu nen kinh td khung hoang hoac suy thoai, DN ding thu hep san xuat hoac chuydn linh vuc boat dOng. Dieu do se tic d6ng ddn cau trac von caa DN. 1.1.5 knghia cira vifc phan Itch ca cau van DN co trach nhiem xac (firth s6 v6n can huy d6ng, ngu6n huy Ong, th6i gian huy d6ng, chi phi huy dOng, ... sao cho vira dam bao dap ang nhu cau ve v6n cho kinh doanh, vim Wet kiem chi phi huy d6ng, tiet kiem chi phi vein va bao dam an ninh tai chinh DN. Vi thd, qua phan tich ca cau nguiin v6n, cac nha quan 1 , nam dugc ca cau von huy d6ng, biet dugc trach nhiem caa DN d6i vai cac nha cho vay, nha cung cap, ngu&i lao d6ng, ...ve s6 tai san tai trg bang ngu6n v6n cem hco. Cling qua phan tich ca cau ngu6n v6n, cac nha quan 15, cling nam dugc mat dO d6c lap ve tai chinh ding nhu xu huemg bidn d6ng cila ca cau nguiin vein huy Ong. 1.2 Chi phi von Win la met yeu t6 tien to tien quyet dd DN tien hanh qua trinh san xuAt kinh doanh. DE co quyen sir dung v6n, DN phai tra cho nha cung cap v6n met khoin thu 4 nhap nhAt dinh, duqc gQi la chi phi hay gia dm quyen sir dung v6n. Ve ban chAt, chi phi von la chi phi co hOi trong viec sir dung von va dtrgc hinh thanh theo quan he cung cAu ten thi trutmg. Chi phi von co the &lye xic dinh bang s6 tuyet d6i, bang mot s6 ti&I hoac dirge xac dinh bang so tuang d6i, mot tS, le phAn tram. Thong thuarng, to hay dung ti le phAn tram. Tren goc de) ctia nha dAu ttr, chi phi vein la tS , suAt sinh Lori ma nha dAu to doi hoi khi cap von cho DN. Con d6i vori doanh nghiep, chi phi v6n dtrac coi la tS , suAt sinh loci t6i thieu can phai dat dtrqc khi sir dung ngu6n tai trq do cho dAu to hay hog dung kinh doanh de dam bao cho tS, suAt lgi nhuan vein CSH hay thu nhap tren mgt co phieu khong bi sut giam. Viec xem xet chi phi von la mot van de quan trong d6i yen cac nha guar' tri. Xem xet chi phi vein too ra tam nhin cho cac nha quan tri khi xem xet chien lugc huy dOng von. Ben canh do, do la mgt can cir quan twig cho viec lira chQn du an du ttr, gia tang gia tri DN. Sall day la chi phi von ctia tong ngth'in rieng biet. 1.2.1 Chi phi von vay De dap Ung nhu cAu von trong hoot Ong, DN CO the huy dOng ng duai hinh auk vay dm cac t6 chirc tin dung, ngan hang thtrang mai hoac co the phat hanh trai phieu. Chi phi von vay la tS, suAt sinh loci t6i thieu ma DN can dat dugc tir viec sir dung Win vay de cho tS, suAt lgi nhuan von CSH hay thu nhap ctia mot c6 phAn la kh8ng bi sut giam. Neu vay t6 chirc tai chinh trung gian thi chi phi sir dung ng chinh la lai suAt vay. Neu phat hanh trai phieu thi chi phi sir dung ng la lqi suAt dao hp cong ty tra cho nha d'Au tu. 1.2.1.1 Chi phi van vay NH Vay NH ngan hang: Day la ngu6n tai trq het sirc quan trQng d6i WA cac DN hien nay. Dac diem dm viec sir dung vein vay ngan hang (tin dung ngan hang) la phai sir dung dung muc dich, co hieu qua, co vat to bao dam, co thoi han va phai tra Mi. Vay NH la cac khoan vay co thin han dtrai 12 thang. Cac hinh thirc chii yeti ngan hang cho DN vay do la: cho vay tong l'An, cho vay theo han mix tin dung va cho vay theo ke hooch. De sir dung ngu'on v6n nay, DN can tra lai theo dung quy dinh. TS, le lai suAt hang nam duqc tinh bai cong thirc: Lai suAt hang tam truck thue Rb = (i. + Chi phi — Lai ich \ m — Gia tri tai tra rang) 1 Lai suAt hang nam sau time • Ri=Rb * 1-T) ( 5 Thang Long University Library a Viec sir dung ngutm vein tin dung ngan hang tai trg nhu cAu von ltru dOng cita DN, no c6 tac dung giup DN khic phut kho khan vd von. Tuy nhien, viec sir dung ngu6n Win nay lam tang he so ng cua DN, lam tang rui ro tai chinh do bit buOc phai tra lai va hoan tra ng thing han. Tin dung thucmg mai: Day la mOt hinh thirc tai trg quan trQng dm DN, no dugc hinh thanh khi DN mua hang hod djch vii dr nha cung cAp song chtra phai tra tin ngay. Vi vay, DN co the sir dung cac tai san mua dugc dr nha cung cAp nhu mOt ngu6n von b6 sung dd tai trg cho nhu cAu von Itm dOng NH ctia DN. Chi phi oh khoan tin dung thucmg mai dugc tinh bed cong thirc: TS, le chiet khgu Rb = 360 tg tri ncy—tg hireling CK 1 4- 100% — TS/ le chi& khgu Viec sir dung tin dung thurcmg mai My co tru didm la don gian va tien Igi trong kinh doanh nhtmg chi phi sir dung lai cao hcm so yeti tin dung dm ngan hang. Ben canh do, no ding lam tang he so my, tang nguy ca rill ro vd thanh toan ctia DN. Dd sir dung nguton tin dung nay mOt cach hieu qua, nha quan tri can thuong xuyen theo dOi chi tit cac khoan ng cac nha cung cAp chuin bi nguen tidn dap img nhu cAu thanh toan, tranh d'd mat uy tin do khong tra ng dung han. 1.2.1.2 Chi phi van vay DH Vay to chtic tai chinh trung gian: chi phi tra lai vay dugc tinh trir vao loi nhudn truck khi tinh thud. Vi vay, chi phi sir dung ng ctia cong ty la chi phi da didu chinh thud. N6 cling dugc coi la mOt la chin thud cho DN. MOt cach tong quat, chi phi sir dung ng ctia cling ty la: ( a RD (1 — IC) Trong dO: RD la lai suAt huy dOng ng, Tc la thud suAt thud thu nh4p cong ty. Phcit hanh trai phiiu: Ndu cong ty huy Ong ng bing trai phieu, lai suAt huy &Ong ng la lai sat till phidu khi dao han, (flux xac djnh cilia vao cong thirc: Pnet= LV: i ( M (i+RI p)t + (1+ RD)'' Trong do: Pnet : tidn thu do ban trai phidu, bang gia ban trai phieu (P O) trir chi phi phat hanh (F). I: lai phai tra hang nam M: menh gia trai phidu. Phucmg phap nay dugc ap dung ndu cling ty dang phat hanh ng hay gAn day da phat hanh ng. Ndu ding ty hien dang khong co trai phidu km hanh, hoc trai phidu it 6 duce mua ban tren thj truing, ta có the sir dung chi phi sir dung nq truac thuE cua nhUng cong ty khac có rtii ro Wang tu. 1.2.2 Chi phi van co phii5u int (IX Chi phi ma cong ty phai tra cho viec huy dOng v6n•c6 phiEu tru dai &Km goi la chi phi von c6 phi'Eu tru dai (c6 tire c6 djnh va khong co quyEn biEu quyEt). Rp = pp/ Pnet Trong dO: Pnet: tiEn thu do ban trai phiEu. Dp: Co tirc tra cho c6 phieu tru dai Rp: tS, suit sinh lqi yeti cau ctia nha dAu to Co tirc tru dai khong dtrcc khAu trir thuE khi tinh thu nhap chiu thuE nen chi phi von khong dtrot diEu chinh thuE. Kern theo do la chi phi phat hinh (F) lam giam thu nh#p sing dm ding ty khi ban c6 phiEu tru dai nen lam tang chi phi huy dOng von, va thu?rng cao hurl chi phi von vay. 1.2.3 Chi phi van co phiiu finding Von c6 phiEu thu6ng bao g6m lqi nhuan dE Lai va von c6 phieu tang them. DE trac lupng chi phi von c6 phiEu thulyng, ta co the sir dung mo hinh Gordon va mo hinh dinh gia tai san von CAPM. MO hinh Gordon Day la mgt ding dac bit cua mo hinh chiEt khAu c6 tirc, trong do gia dinh t6c dO tang truing c6 tirc khong d6i. Dora vao mo hinh nay, chung ta co the xac djnh &rot chi phi von cria chir str htiu nEu biEt gia c6 phiEu, c6 tuc nam vira qua va t6c dO tang truing c6 tirc. Chi phi sti dung lei nhuifin del i D1 Do (1 + g) +g Rs = +g= — Chi phi szi- dung khi ph& himh co phiiu thtrang mai D1 Do (1+ g) P—F g Trong do Rs: tS, suit sinh lqi yeu cAu can thiEt cua c6 phiEu thtrong Re : tS, suit sinh lqi yeu au dm nha diu tu. khi Oat hinh them c6 phiEu thtrlyng P: gia c6 phiEu Do: c6 tire nam vira qua Di: c6 tirc nam thir 1 g: ty le tang twang co tire dEu d4n hang nam 7 Thang Long University Library Mo hinh nay tuy don gian, de sir dung nhung kh6ng the hien mtt cach r8 rang m6i quan he giaa Iqi nhuan va rui ro ding nhu mirc dq dieu chinh rui ro d6i voi ty suit sinh loi yeu cAu cda tong du an oh DN. Voi cac cong ty kh6ng chia c6 tic thi khong the ap dung mo hinh nay. Mo hinh CAPM M8 hinh dinh gia tai san von the hien moi quan he giira ty' suit sinh 16i ma nha &Au to doi h6i va mirc bit rid ro. Mo hinh nay cho ring ty suit sinh loi ki v9ng cita mgt khoan dAu to phu thuOc vao nhcmg yeu t6 sau: Lai suit phi rid ro, Rf. LAi suit den bit rui ro thi tru6ng, (R m-Rf) Rui ro he thong cua tai san diu to so vii rdi ro binh quan cua thi tnrtmg, ddgc g9i la he s6 beta. Neu biet dtruc cac yeu t6 tren, tS , suit sinh l&i yeu ciu cua nha diu to dtrqc xac dinh theo mo hinh CAPM nhu sau: Re = Rf (Rm —R6 13 M8 hinh nay cho ta thay dtruc tic dOng ctia rdi ro den chi phi von mOt cach ro rang, no cling ducrc sir dung rOng rai han vi ap dung &rue cho Ca cong ty tra c6 tirc on dinh va khong on dinh. Tuy nhien, no del h6i phai dem tinh mirc bit rui ro thi throng va he s6 rui ro co phieu cua ding ty. Mat khac, de &lc Itrung he s6 (3, ta can vao dir lieu qua khir de xac dinh tuang lai. Day la mat han the cita mo hinh CAPM. 1.2.4 Chi phi vein binh quan WACC Sau lchi xac (firth chi phi sir dung tong b8 phan vein, ta co the thay cac bien nay vao cong thdc tinh chi phi win trung binh co trQng s6 WACC de quyet dinh chi phi von chung cita du an. Chi phi binh quan nay, duqc sir dung lam tS, suit chit khiu trong hau het cac mo hinh dinh gia va phan tich tai chinh DN. WACC = WDRD (1-T) + WsRs WpRp WeRe Trong do: WD, WS, Wp, We lin lucrt la ty trung cita v6n vay, lqi nhuan de 14i, v6n c6 phieu dAi va v6n c6 phieu thtthng. T: thud suit thud thu nhap cong ty. RD, Rs, Rp, Re lin hrut la chi phi von vay, lui nhuan de 14i, von c6 phieu tru dai va von c6 phieu thtrZ:mg. 8 1.3 Tac di:mg can ca cAu von den tj, suet sinh kri — rail ro 1.3.1 Den bay till chinh Don by tai chinh dugc dinh nghia nhu lien quan ddn vidc sir dung cac ngutin tai trg co chi phi c6 dinh nhu phat hanh trai phidu hay vay t6 chic tin dung. Don by tai chinh se rat 16n trong cac DN c6 t5/ trgng ng phai tra cao hcm tS , trgng dm vein CSH. Ngugc 14i, don bAy tai chinh se thAp khi tS , trgng ng phai tra nho han tS, trgng dm von CSH. Don bAy tai chinh vira la mOt cong cu thiic dAy lgi nhuan sau thud tren mOt ding von CSH, vim la mOt cong di kim ham su gia tang do. Kha nang gia tang lgi nhuan cao la didu mong vele dm cac CSH, trong do don bAy tai chinh la mOt cong cu dugc cac nha quan 1Y, Ira dung. Trong cac ngutm tai trg ben ngoai thi tai trg bing ng vay luon dugc can nhic vi ng vay thuimg c6 chi phi thAp hen tai trg bang vein c6 phin. Tuy nhien, don bAy co the lam cho khoan to dm cling ty tra nen lem hen nhidu so yeti khi kung sir dung don bAy. Vi vay, tim hidu tac dOng dia don bAy tai chinh len quydt dinh dAu to dugc xem la mOt van a quan trgng trong tai chinh cong ty. 1.3.1.1 Phan tich diAm bang quan EBIT — EPS Didm bang quan la didm dm EBIT ma 6 do cac phucmg an tai trg au mang 14i EPS nhu nhau. Phan tich didm bang quan thAy dirge sir anh huemg cda nhcmg phuang an tai trg khac nhau d6i vai EPS. a EPS dugc xac dinh boi cong thirc: (EBIT — 1)(1 — T) — PD EPS = NS Trong do I: Lai suAt hang nam phai tra PD: Co tirc hang nam phai tra T: Thud suAt thud thu nhap citing ty NS: S6 lugng c6 phAn thong thuemg Ta se xem xet veri 3 phuang an huy dOng von lin lugs la: Oat hanh c6 phidu thuemg, phat hanh c6 phidu uu dai va phat hanh trai phidu. EPS lAn lugt dm timg phuang an la = (EBIT)(1 — T) EPS1 NS (EBIT)(1 — T) — PD EPS2 = NS (EBIT — 1)(1 — T) EPS3 = NS 9 Thang Long University Library Tir cong thirc tren, chimg ta co 2 phucmg pilaf) xac dinh diem bang quan: phuang phap hinh hQc va phucmg phi') dai s6. De tim diem bang quan, ta 0 thiet lip cac phuang trinh can bang nhu sau: EPS1 = EPS3 EPS2 = EPS3 <=:), I (1-T) = PD Nq EPS CP tru dai CP thuong Diem bang quan EBIT-EPS EBIT EBIT1 FAIT, Hinh 1.1 Diem bang quan - EPS A (EBIT; EPS]) va B (EBIT2; EPS2) duqc goi la diem bang quan. nghia ctia dam bang quan D6i voi phucmg an tai trq bang nq va co phieu thuong yen A la diem bang quan, nett EBIT nam dual diem EBIT, thi EPS dui phucrng an tai trq bang co phi& thterng 0 cao km EPS dm phuang an tai trq bang nq. Nguqc lai, neu EBIT nam tren diem EBIT 1 thi EPS dm phuang an tai trq bang nq 0 cao hon. Twang t r , d6i veil 2 phuang an tai trq bang co phieu thuong va co phieu tru dal veri B la diem bang quan, EBIT nam ben trai diem EBIT2 thi phuang an tai trq bang co phieu thuong 0 cho EPS cao hon. Nguqc lai, EBIT nam ben phai diem EBIT 2 thi phucmg an tai trq bang c6 phieu tru dai se too ra EPS cao han. VAy veri phuang an tai trq khac nhau, EBIT glen nhau nhtmg EPS khic nhau, ta nen chip phtrcrng an cho EPS cao nhAt. 1.3.1.2 DO bay tai chinh DO bAy tai chinh la mOt chi tieu djnh luting dung de do luting mfrc d6 bien ding cua EPS khi EBIT thay di. 6 met ink d6 nao dO, no dtrqc xac djnh nhu la phan tram thay dOi dm EPS khi EBIT thay dOi 1 phAn tram. Cong thfrc tinh d6 bay tai chinh 10 Cong thdc rut gon EBIT DF L = I EBIT PD F.1 — 1 Truing hop neu ta dimg 100% c6 phieu thuarng, khi do I = PD = 0, tirc IA khong &mg don by tai chinh, khi do khong tao dirgc dO bay EPS. 1.3.1.3 DO bely viz rid ro tai chinh Rai ro tai chinh lA rui ro bien dOng loi nhuAn tren c6 phAn ket hgp yen rui ro mat kha nang chi tra phat sinh do cong ty sir dung don bay tai chinh. Khi ding ty tang t5 , tongu6airchpdntigec6hradticol vay ding tang len. Xet cong fink tinh dO bAy tai chinh, ta thiy, neu lai vay va chi phi chi tra c6 tirc tang len thi mau so se giam xuOng va dAy dO bay EPS tang cao hon. Tuy nhien, chi phi cang tang thi xac suit mat kha nang chi tra tang theo, don bAy tai chinh cling khien cong ty tang them rui ro. Don bAy trong tai chinh giOng nhu mOt con dao hai Neu hoat dung caa ding ty tot, don bay se khuech dai dieu do len gip nhieu lin. Mit khac, neu hog ding cong ty ngAy mOt x'Au thi don bAy ding se khuech dai no len gip bOi. Cac nha quan tri can luu 5, diem nay de co the dua ra nhang lua chon diing din. 1.3.1.4 MOt so phtrcrng phap do I'd:mg rui ro tai chinh khac. De do ludmg rui ro, ta ding co the dung phan ph6i xac suit vii tham se; do Itromg phi bien la lqi nhuAn ki vong va dO lech chuin. Lqi nhu#n ki vong (E(R)): LA lgi nhuAn trung binh co tong so ctia cac lqi nhuAn co the xay ra, vai tong s6 chinh la xac suit xay ra. n E(R) = R i )(Pi ) i= 0 Trong do: Ri: Loi nhuan (mg vii kha nang i Pr. xac suit xay ra kha nang i n: S6 kha nang xay ra DO leek chuin (d): Do ltdmg su sai biet gala loi nhuin so voi lqi nhuAn ki vong (do luting mire dq khong chic chin dm thu nhap). DO lech chuan cang Ion chtimg to lqi nhuAn thuc t6 cang xa gia tri ki vong, rui ro cong ty gip phai cang cao. n 8= — E(R)12 i=0 11 Thang Long University Library He s6 bien d6i (CV): Dimg dE so sdnh mirc d6 rui ro giaa cac du an. CV do ro tucmg d6i, tirc la do luemg sai bidt tren mgt don vi lqi nhudn. CV = a E(R) 1.3.2 Tdc d(mg cila don bily tai chink din khd nang sink loti Cac cong ty sir dung don by tai chinh v6i by vgng la se gia tang duqc lqi nhudn cho c6 dong thuang. Ndu sir dung phu hqp, cong ty c6 thd dimg cac ngu6n von co chi phi c6 dinh, bang cach phat hanh trai phidu hoc di vay to ngan hang hodc cac t6 chdc tin dung khac tao ra lqi nhudn cao nhat. Didu nay se ducic the hidn re net nhAt khi phan tich m6i quan he giaa don by tai chinh va t5 , suAt sinh lqi cua von CSH (ROE). Hay not cac khac, de chinh la ski tac dOng dm don by tai chinh len mire sinh von CSH. a LN sau thug Doanh thu Tong TS LN sau thug * Doanh thu Tong TS CSH Von CSH Chi tieu nay cho bidt, cu 1 d6ng von CSH diu to thi tao ra duqc bao nhieu (king lqi nhudn sau thud thu nhdp DN. Chi tieu nay cang cao, cang bidu hidn xu inking tich cue. Chi tieu cao thuting &Up cho cac nha quan tri co the di huy dOng v6n mai ten thi tnremg tai chinh de tai trg cho su tang tnremg ctia DN. Ngtrqc lai ndu chi tieu nay nho thi hidu qua kinh doanh thap, DN se gdp kho khan trong vidc thu but v6n. Tuy nhien, sirc sinh 16i dm von CSH cao khong phai luc nao ding thudn lqi vi c6 thd la do anh inrang ctia don bay tai chinh, khi d6 mirc d6 mao him cang lam. Do vay khi phan tich chi tieu nay can kdt hap vai ca cau cua von CSH trong tong DN cu the. 1.4 Tac dOng mid ca cau von den gia tri DN Ly thuyEt M&M do hai nha nghien cdu Franco Modigliani va Merton Miller dua ra vao nam 1958. M&M cho rang, tong red ro d6i veri nhang nha dau tu chimg khoan vao mgt cong ty nao d6 se kh6ng bi anh htreing beri sir thay d6i ca cau v6n ctia cong ty. Do do, tong gia tri cua cong ty van nhu di bat chap ca cau ngu6n tai trg nhu the nao. Gia dinh cda 15, thuydt M&M la thi truang von hoan hao, ben canh do con bao g6m: ■ 'thong co cac chi phi giao dich khi mua ban chimg khoan. ■ Co did nguoi mua va ngtr6i ban tren thi truting. ■ Tat ca cac nha dau tu co the vay va cho vay vai ding lai suat ■ Ithong co thud thu nhdp DN va thud thu nhdp ca ratan. ■ Thong tin can ming. Vd n6i dung, 15, thuyEt M&M duqc phat biEu thanh hai indnh dd quan trpng: Gid ROE — tri cong ty va chi phi v6n. With de nay duqc xet trong hai tru6ng hap: Co thud va khong co thud. 12 Vai mot gia djnh, hai cong ty U va L giOng het nhau, ngoai trir U khong vay nq va L co vay nq. U va L al ding dung tidn tir do hang nam va cang lgi nhuan trtrac lai vay va thud EBIT. 1.4.1 Lfi thuyet M&M trong truing hop khong c6 thug Menh de I: Gid tri cong ty Menh dd I phat bidu nhu sou, trong didu kien khong co thud, gia tri cong ty co vay nq bang gia trj cong ty vay nq, do d6 ca cau von khong anh htremg gi ddn gia tri cong ty: VL = VU Trong d6: Vu la gia trj dm cling ty U. VL la gia tri dm cong ty L, VL = D + E. Menh de II: Chi phi von Don by tai chinh co tac dung khudch dal EPS nhtmg d6ng thoi lam cho pham vi bidn d6ng dm EPS cling 16n han. Didu nay cho thy don by tai chinh lam cho von di phan troy nen nil ro han. Nhu vay lgi nhuan yeu cau dm von c6 phan phai tang len. Menh dd M&M so II phat bidu rang: lai nhuan yeu cau tren van ca phan c6 quan he cling chieu voi =Iv da mu dung don bay tai chinh hay ty so nq. Vd mat toan hoc, menh dd M&M s6 II co the (lucre bidu din beri ding thirc RE = Ru + (RU - RD) * (D/E) Trong d6: RE: Lai nhuan yeu cau hay Lai nhuan kj, vong tren Von co phAn RD: lai suAt vay hay chi phi sir dung nq Ru : chi phi von ndu cong ty sir dung 100% On c6 phan D: gia tri dm nq hay trai phidu ctia ding ty phat hanh E:gia tri dm von c6 phan dm cong ty Ben canh do, khi tai cau trim von, chi phi von dm DN khong d6i, tirc la Ru= RL. U kh6ng vay nq, Ru= REu, L sir dung nq va win CSH do do RL dtrac firth beri cong thirc: RL = RD * DN + RE * EN = WACC. 1.4.2 Lfi thuyet M&M trong trwang hop co thue M'enh de I: Gid tri cong ty Trong truimg hop co thud thu nhap cong ty, gia tri cong ty co vay nq bang gia tri cong ty khong co vay nq cong voi hien gia cita la chin thud. Vd mat toan hoc, menh a M&M so I trong trtrong hop co thud dtrac din to b6i cong thirc: VL =Vu + Tc*D. 13 Thang Long University Library