1 
 N V VHIU QU S DNG VN CA
DOANH NGHIP
1.1. m ca vn trong doanh nghip
1.1.1. m vn
V c c p ki
phc v trong ho ng sn xut kinh doanh nh  c l    trong
n trong hong sn xut kinh doanh tn tc: Vn
n ngn hn n.
1.1.2. m ca vn
- Th nht, vn phi din cho mn nhn
c biu hin b n ha doanh nghip.
- Th hai, vn phi vng sinh lc ma doanh
nghip.
- Th ba, vn ph n mng nh
vy m  n xut kinh doanh.
- Th n phi gn lin vi ch s hu nh ng v
ch 
- Th c quan ni  c bi  
quyn s dn th ng
- Th Ph yu t thi gian cng v
v v mt thi gian. u ki th ng, phi xem
u t thng s bing c, l
cng tin  mi thi k 
- Th by, V c biu bin bng tin ca nhn h
  u hi  ca nh       u, bn
quy, v 
1.2. Phi vn trong doanh nghip

   i tr v      n t  y s 
chuyn ca vp thc hic hon xut
n xut m rng c
1.4. Tng quan v hiu qu s dng vn trong DN
1.4.1. m v hiu qu s dng vn
Hiu qu s dng vn th hin kh c hiu qu kinh doanh cao nht,
hay li nhun ln nhng sn xut kinh doanh vi m
h Quan nim v hiu qu s dng vc hinh:
- Vi s vn hi      sn xu  n phm vi cht
ng t nhm mi nhun cho doanh nghip.
- n (m rn xu sao cho t
i nhun l a vn.
Vy hiu qu s dng va
kt qu c vi nh vp b ra trong ho
3

t qu u qu s dng v t
bc:
Hiu qu s dng vn 
Kt qu thu c
n s dng

- Kt qu  ng doanh thu , doanh thu thu
-  d ng v
n c 
1.4.2. u t n hiu qu s dng vn kinh doanh ca doanh nghip
1.4.2.1.  
- :
          t     
nghin sn xut kinh doanh. Bt k mt s 

nghi     c b    n vn g  
c li, nu k thu hii doanh nghip s u ki
cao chng sn phm, gia ch
p s u kin chi ng.
- m v sn phm: m ca sn phm ng t sn
phm, t ng ti li nhun ca doanh nghia vn, nu
sn phn ph nh s i
ng nhanh, thu hi vc li nu sn phi
 thu hi vn chm.
-  qu   i b:   qu    nh
n kt qu, hiu qu hong sn xut kinh doanh. Qum
bn, nh phn
 trong ni b doanh nghip, t  n ch ng ngng vic ca
  t b, tit ki  u t sn xu     n
vn.Mc 
ng hiu qu s dng vn. T n nhng tn t
 dng v xut bii quyt.
-   ng ca doanh nghip:    ng ca doanh nghip
c th hin qua tay ngh, kh  mi, kh 
tc gi n. N cao, tay ngh 
t b c s dng t  
ting doanh nghip pht
chm mng.
1.5. u qu s dng vn trong doanh nghip
1.5.1. 
nh trm ca ch u
c s dng ph bin
 t qunh v ng bing c
  sau: Tt c 
yu t c hii dung ph

ho cho ta thn cu.
 d dng
li  vi  ng
SXKD ca DN  tri tng th t ch  ch 
ng t bi
Thang Long University Library
6

1.5.2. 
 c thay th lt s liu gc hoc s liu
k hoch bng s liu thc t c nh ng ti mt ch  
  gi  . Thay th    c s
d  ng c t ch 
    thay th   c nh
   gia
c thay th s c mc ng c c
thay th
Gi s  ng c: K = abc

1
 thc t, K
0
k gc. 
1
= a
1
b
1
c
1

0
c
0

 = a
1
b
0
c
0
- a
0
b
0
c
0
= (a
1
- a
0
)b
0
c
0

Thay th ln 2: Y
b
= a
1
b

1
c
1


1
b
1
c
1
- a
1
b
1
c
0
= a
1
b
1
(c
1
- c
0
)
 
1.5.3. P
i quan h 
gi  bii mt ch ng h ca mt
lon s. Chng h  s kh i c

 la cht trong ba yu t 
Th nht doanh nghi       nh tranh nh  
ng thi tit gii nhu
Th hai doanh nghi u qu kinh doanh b dng tt
n s
d hip cn to ra nhi nhn s
Th ba doanh nghi u qu kinh doanh b
  u mc li nhun
c vay ti
a doanh nghiu qu.
1.6. Nu qu s dng vn
1.6.1. u vn ca doanh nghip
 trng tng ngun vn so vi tng ngun vn ti 1 thm
gu ngun vn. Mu ngun vn h kt h
gia vn vay vn ch s hu kin nhnh.
Viu vt u v
 dng nhng ngun vm hin ti
i nh ng chin thun
 p vh t hin ti nhu
vn tt cho doanh nghip c
1.6.2.   ngun vn ca doanh nghip
i k y ngun vn ca doanh nghic
  n ca doanh nghip. S   hi
 l gia ngun vc ph
- Tin c nh
sn thit yu ca doanh nghi l vi ngun vn B ch s
hu ca doanh nghip: bng nhau, lc nh 
Thang Long University Library
8


Doanh thu thun
Doanh thu thun
T
Ch t c 100 triu n s dn xut kinh doanh
 tng li nhun sau thung t hot
ng kinh doanh ca doanh nghiu qu.
Sc sinh li ca vn ch s hu (ROE)
 c  s quan trng nh s li nhun
ch s hu (ROE). T s c thit k  ng kh i
ng VCSH
9

ROE 
Li nhun sau thu
 100%
Vn ch s h
Sc sinh li ca vn ch s hu pht 100 ng VCSH b ra tc
ng li nhun sau thu.
   i ca vn ch
s hu  doanh nghip chu  ng c      d  
Dupont
H s kh t
TQ
)
H s kh   
chung ca doanh nghip trong k  t vi tn hin
tm trang trn n phi tr 
H s kh 
Tn
N phi tr

H s kh   c th  s   t, v ng ti 
n hi n n ngn hc
bi ngn hn h Ch  dn
hiu qu s dng vn gim, ch  thu hi dn
doanh nghip b gii th hon
H s kh c thi c:
T s c thi 
Tin mn
N ngn hn
1.6.3.2. u qu s dng vng
Hiu qu s dng vc biu hin   s 
n vng, sc sinh li cng vn.
T n vng
T n v c s dng
vn hiu qu cng v n lin v: s
 n vng.
S ng
Ch c thc hin trong mt k nh
trong m  ng cho bit v  c my
. Nu s ng t hiu qu s dng v3
c li.
 
Doanh thu thun
Vng 
S n v ng
Ch  hin s n thit cho vc m
Thi gian ca m th hin t n.
S  
360
S 

t s hong tn kho. T s  ng bng ch  
tn kho m n kho.
- S n kho
Ch n kho cho bi
trong k  to ra doanh thu.
 HTK 


Thang Long University Library
12

Ch  n kho cho bin kho ca doanh nghip mt
h
S t vng tn kho 
360

K thu ti
T s  ng hiu qu ng qun ph
cho bit bao nhi  thu hi khon phi thu.
- n phi thu
Ch n phi thu cho bin phc
  tn ph
k thu tic li
n phi thu 
Doanh thu thun
 n phi thu
- S a mn phi thu
Ch  a khon phi thu cho bi
nghip mt khon phi thu.
S n phi thu 


Doanh thu thun
Sun c nh
Sun c nh ph vn c nh cn thi to ra mng li nhun.
Sun c nh 

Li nhun sau thu
H s n c nh
H s n c nh th hin m n c nh ti
thi thu.
H s ng t i mc li,
h s p chng t doanh nghii mi trang thit b

H s  
Mc kh


Thang Long University Library
14 
THC TRNG HIU QU S DNG VN C PHN
NG M 
2.1. n c phn
ng M 
2.1.1. Gii thiu chung v  phng M 
 phng M p 
th phn theo gi 0104436908
ca S K ho i.  s ti A6   D


(Ngu ch
Chm v ca tng b phn
Hng qun tr 
  quy nh, thc hi     c    c thm
quyn ci hng c m v: quynh chic, k ho
trin trung h hoch kinh doanh h nhim, min nhim,
ng, chm dt hi vc hoc t
i quu l nh, quynh m
la nhi qu ni din theo u quyn thc hin
quyn s hu c phn hoc phn v nh m
la nh
c ng sn xut kinh doanh cu s
c tip ca Hng qun tr trong vi
 chung, trc tip ch o 
P. T ch xi vic thc hin k ho
  ch. Bn, cung ng
v vt cht cho mi hong c
Hng qun tr
c
P. T chc

nh cc.
P. Vthit b c th 
chng loi vt lim, cung cp vt
t li sn xut sn phm
n c v mi hong c
p 1, 2, 3 xng, k thut h tng
ng, cc, v ng, chi li
  ng, cu, c  i; dn dp, to mt b  ng (san lp mt
bng)
i l i cu trt b . Cho
t b phc v ng,
i, ngoi tht
2.1.3.  a  ph
dng M 
Sau thi gian hong doanh thu, li nhu
cc th hi
17

Bng 2.1: Mt s ch 
 Triu ng
Ch 

2012/2011
2013/2012
2011
+/-
%
+/-
%
DTT

13,634.93
Thu TNDN
3.31
31.71
956.90
(30.20)
(86.23)
LNST
15.55
131.35
844.93
(2,634.63)
(1,793.57)
(Ngu)
Qua bng s lin thy doanh thu thun cng
i gi
t b o
c nh a k 
ng kinh doanh ct hiu qu, s ng h
  ng sn phn dch v sn xu       c
nhia chn
t 36,041.71 triu 23,253.39 triu ng vi t l
81.83 % so v2011.
Vi vin xu 
303.21 triu ng so v. 
vi so vi ma doanh thu thu
li nhun sau thu c vnh, c th 131.35 triu
ng so vt 146.89 triu ng.
 ng ln ngng
c    ct gim

+/-
%

11,560.14
4,136.39
35.78
(6,424.43)
(40.93)

1,869.33
458.53
24.53
(581.32)
(24.97)


13,429.47
4,594.93
34.22
(7,005.74)
(38.87)
(Ngu )
Qua kt qu y tng vn kinh doanh cc bin
ng vn c
2012 tng vn ct  ng i
ng vn cm xung hay
ging mc gim tuyng so v
S c ca tng vn kinh doanh ch y i ch yu
ca vng ct 11,560.14  ng, qua
t 15,696.53 ng,  tuyi 4,136.39 

(42.85)

5,611.81
4,748.03
84.61
(4,439.27)
(42.85)

300.00
(300.00)
(100)
-
-
(2).VCSH
7,517.65
146.89
1.95
(2,566.48)
(33.49)
VCSH
7,500.00
-
0.00
-
-
LNST 

17.65
146.89
832.14

46.27
(13.46)
3.74

(1) + (2)
100.00
100.00
100.00
-
-
(Ngu)
N phi tr c  m vay n  ngn hn, phi tr 
i mua tr tic, thu n

Thang Long University Library
20

Qua b, ta thy NPT ti thm cu c
5,911.81           10,359.85   
4,448.03 75.24% so vVCS 146.89
ng so vi   a VCSH nh  a n
phi tr. N phi tr  i gim i vic h s n , kh
 ch gii ro c

 phi tr cng, gim 4,439.27
ng gim 42.85% so v.
y, ta thy ru vn c
tng nhi theo ching
n cn tim n nhiu ri ro, th hin  t trng
 m

Bng 2.6:  l gia ngun thit yu ca doanh nghip
 Triu ng







295.99
1,036.40
230.02

10,838.32
7,333.31
3,160.63

910.98
2,081.96
1,554.34

(A)=(1)+(2)+(3)
12,045.29
10,451.67
4,944.98
VCSH (B)
7,517.65
7,664.55
5,098.07
-(B)

 c ch dng vn kinh doanh ci tin
 ng hp phu qu s dng vty
Bng 2.7: Bu qu s dng tng vn c
 ng


2012/2011
2013/2012
2011
+/-
%
+/-
%
(1). DTT
12,788.31
23,253.39
181.83
(24,471.29)
(67.90)
(2). 


13,429.47
4,594.93
34.22
(7,005.74)
(38.87)
(3). LNST
15.55
131.35

11,570.42 triu m 67,90%, trong khi tng vn m
38.87% so v  gim ca tng vn nh  gim ca
DTTu sut s dng vn c gi
ng hiu sut s dng vn cc thay
i trong n vng xung quanh  mc 
23

Tip theo, ta s c sinh li c ng
hp quan trng phu qu s dng vn c
n thy rng sc sinh li cc i   C th. sc
sinh li ca DTT  0.12%   
 ca ch gim xung n (21.50)%, gim 21.91% so v
i vic c 100 ng DTT  o
rc 0.12 ng LNST,   tc 0.41 ng LNST, tc
 ng so v   l 21.50
ng.  u bi
kc nhiu hp c doanh thu gim cng vi vic phi chi rt nhiu
kho th  
 2,502.21 triu n  khng l 
li nhun sau thu c c sinh li c
 nh nhng hiu qu s dng
vn cng bip thi trong vic
qu dng vt hiu qu kh 
Phân tích hiệu quả sử dụng vốn chủ sở hữu thông qua mô hình Dupont
Bng 2.8: u qu s dng vn ch s h



0.41

2

2.35

1.93

(21.5)

1.05

2.16

(48.76)
ch
12/11
0.29

1.05

0.57

1.73
ch
13/12
(21.91)

(0.95)


= ROS
2012
(TAT
2012
 TAT
2011
)  FL
2011

= 0.41  1.79
= 0.77%
y rng TAT  l%
-  ng c FL t
ROE
3
= ROS
2012
TAT
2012
FL
2012
- FL
2011
)
= 0.41% 
= 0.47%
y rng FL 
Tng h :
ROE = ROE
1

25

= -21.91% 
= -102.98
y rng ROS gim 102.98%
-  ng c TAT t
ROE
2
= ROS
2013
TAT
2013
 TAT
2012
) FL
2012

= -21.5% -
= 48
thy rng TAT gi
-  ng c FL t
ROE
3
= ROS
2013
TAT
2013
FL
2013
- FL

+/-
%
(1). Tng TS
13,429.47
4,594.93
34.22
(7,005.74)
(38.87)
(2). NPT
5,911.81
4,448.03
75.24
(4,439.27)
(42.85)
H s kh

ng

2.27
(0.53)
(23.41)
0.12
6.97
(Nguc)
Thang Long University Library