CHIA:ONG 1. IS LU4N CHUNG VE HI$U QUA Sir DUNG VON CUA
DOANH NGHI$P
1.1. IS luen chung ve van cis doanh nghifp
1.1.1. Mull nifm
vi vin nit,
doank nghifp
C6 nit nhieu quan niem khic nhau ye
von. Vein trong cic
DN la mOt quy
tier to
dic hiGt. Muc
tieu ciut quy la de phuc vu cho sin xuat kinh doanh, tirc la mvc dich tich
lily chuff kh8ng phii mvc dich tieu thing. X& tren cac gec dO khic nhau to c6 cac khii
niem khic nhau ve
vOn.
Theo quan diem dm Mark - thin nhon dual g6c des ciia cac
yeu t6 sin xuat
thi
Ong cho ritng: "Van chinh li to bin, 11 gii tri dem loi gii tri thOng du, 11
mOt du vio
cis qui
trinh sin xuat". Tuy nhien, Mark quan niem chi c6 khu we sin xuAt vet chit
mai to ra gii tri tilting du cho ne'n
kinh 4.
Day II mOt hp the trong quan diem ciut
Mark.
Con Paul A. Samuel, mOt doi dien tieu bieu ciut hqc thuyet kinh
4
hien doi cho
rang: Dat dai vit lao dOng lit cic yeu
4

De ce cic
yeu t6 du
vao (Tu lieu lao dung, Tu lieu sin xuat) phoc Ai cho hoot
dung kinh doanh, DN phii c6 mOt lucong flan ling trtnk, ltrqng tier img tusk nay pi
la van ctla DN.
V6y:
"Vin kink doank mkt DN Id bib kiln bing din cite loin b4) gill tri thi
sin duvc hay Ong, sir dyng vd lima Ong sin
nit
kink thank nkim myc dick sink
lei."
(Ngudn: Lau Thj Hwang - Gido trinh tat chinh doanh nghiep - trang
57)
1
Nhung tien khong phii la von. NO chi tra thinh vim khi co di ck dieu kien sau:
Thter nhat: Tien phii dai dien cho mOt lacing hing hia nhat djnh, hay pith duqc dim
bio bring mOt lugng hing hia ci that.
Thir hai: Tien phii dugt tich qt vi tap trong den mOt lugng nhit djnh
The ba: Khi c6 di lugng tiin thi pith dugt v#n dung nhiim mac dich sinh
Tir nhUng vin tren ta thiy von ci mOt s6 d#c diem sau:
The nhAt: Von li hang hOa d#c biet vi:
-
VOn la hing hia vi ne c6 gii tri vi gii tri sir dung
-
Gii tri cua vein duqc the hien o chi phi ma ta ba ra de c6 duqc ni.
-
Gii tri sir dung von the hien b viec ta sir dung ne de diu tu vio qua trinh sun xuit
kinh doanh nhu mua may mic, thiet bj, vat tu, hang hia.
-
VOn la hing hia dac biet vi ni c6 str tich biet it ring gifra quyen sir dung vi

Thfr tin Win c6 gii tri vie mit thai gian, dieu nay cling co nghia la phai xet tai
yeu to
theri gian
tha von.
Trong dieu Icien kinh to thj twang, do inh huang cum gia ca,
lam phat ne'n sire mua cum &mg tien o can then diem khan nhau cling khan nhau. Chinh
vi v3y khi guy& dinh be von diu to va xic djnh hieu qua do boat dOng diu to mang
lai, can DN phii xem xet den gia tri th6i gian cim von.
Thu. nim:
VOn phai gin lien yeti chu so hau nhit djnh, von se khong duqc duo
ra de tau to khi ma ngtrai chu cOa no nghi ve mOt six diu to khing co Iqi nhuin. Vi
viy, khi vim duqc gin vai mOt chi, se Mu nhit dinh thi n6 mei duqc chi tieu hqp ly va
co lieu qua.
Thu. sin:
VOn
duqc
quan them nhu mOt thfr hang hoa va co the duqc coi la the
hang hoa dic biet vi no c6 khining duqc mua bin quyen so hem tren thj truang von,
tren thj twang tai chink
1.1.3. Ph& lopi
win
De quan ly va kiem tra chit the viec thuc hien cac dinh mire chi phi, hieu quit sir
dung
yen, tiet kiem
chi phi 6 tang khau son xuit va Man doanh nghiep. din phai tien
hank, phan loai von, phan logi
win
co tic dung kiem tra, phan tich qua trinh phit sinh
nhUmg loai chi phi ma doanh nghiep phai b6 ra de den hanh sin xuAt kinh doanh. CO
nhieu each phan loai von, thy thuOc vim mil g6c dO ma to co cac each phiin loai

Von
km dung:
La Neu hien bing tien cis TSCD va VLD. VLD tham gia hoiln
town vao qui thrill kinh doanh va gia tri c6 the tra lai hinh thu ban diu sau
mei
yang
chu chuyen mkt hang h6a. VLD ling vai loai hinh doanh nghiep khan nhau thi 'chic
3
nhau. DM WA doanh nghiep thuong mat thi VLD bao

VLD djnh mirc vi VLD
khong djnh mac. Trong d6:
—
Von lint ilOng gni: mar:
Li sty
von t61
thieu can thiet cho boat dOng sin xuAt
kinh doanh ctia doanh nghiep trong Icy, n6 bao
g6m von
du tra vet to hang h6a vi von
phi hang Ma de phuc
vu
cho hog dung kinh doanh.
—
Vin lint ilOng khong dinh mar:
Li VLD c6 the phit sinh trong qua trinh kinh
doanh nhung khong c6 c>tn dr de firth toin djnh mac duqc nhtr lien giri ngin hang,
thanh toin tien tam img Doi v6i doanh nghiep sin xuit thi VLD bao

Vet tit,

ctia doanh nghiep.
1.1.3.3 Can cu theo Mai gian huy Ong va sir dung win
Can theo that gian huy dOng vi sir dung
von thi nguiin von
cita doanh nghiep
bao
g6m:
NguOn von thireng xuyen:
LA ngueon von mi doanh nghiep sir dung de tai try
cho town b
.
° tai sin co djnh ctia mirth. Nguon vOn niy bao gem von chit slr hUu vrl nq
dii han cunt doanh nghiep. Trong 46:
+
Ng dii ban: Li cic
Idwan nq dii hat met nAm ho4c phai tri sau met ky kinh
doanh, khong phan biet 461 tuqng cho vay vi muc dich vay.
+
Nylon von tam that Day li
ngu6n von dung de tai
try cho tit sin km dOng
tarn that clut doanh nghiep. NguOn
von
nay bao
g6m:
Vay ngin hart, tarn (mg.
4
Thang Long University Library
Nhu v(iy, to c6:
TM sin = TSLD + TSCD

khac. Ngoli ra, doanh nghiep can c6
the c6 the ngutin
vOn
khac nhu ngu6n
vOn
FDI, ODA.
1.1.4. Vai trb ctia
win 141
vdi hopt diIng sdn xuilt kink doanh mitt doanh nghifp.
Ngued to thuling nei
"Buon tai khong bang dai win"
de they dirge tam quan trqng
cua
von doi v6i mei
doanh nghiep.
Cac doanh nghiep dli hog dOng theo m8 hinh nao, to hay rib!) thi mOt nhu au
kh8ng the thiiu duqc d6i vai ck doanh nghiep d6 la vim. NO la den de cho qua trinh
hinh thanh vi phat
triers coa
doanh nghiep. CO the thiy r8 dieu nay khi mai bit din
thanh 1#p doanh nghiep, khi di clang Id giiy phep kinh doanh
mei doanh nghiep
pith
chimg minh dirge s6 von cgs DN c6; khi bit toy vtio sin xuat kinh doanh DN cling an
ce
vein de
xay dung ca s6 ha tang vi ghat tries quy m8
Chinh vi tam quang tong
cfm von
trong DN nen ne dang vai Ire to 16n vi ducyc

Trong hoot dOng sin xuAt kinh doanh, von II mot trong tilting
yeu to quyet djnh sv ton tai vi phit trien &a DN. NO khong nhimg dim ha° kha nAng
mua slim may mac thiet bj, cling nghe de phvc vi cho qua tranh sin xuAt ma con dim
bio cho host dOng sin
xuAt kinh
doanh duct din ra thubng xuyen vi lien tic. Vi dv
Au cong ty xay clang can
von de
nhon thiu mot dv in mai khi dv in cii chua dupe
quyet toin;
neu
cong ty kheng di von se
ler
met ca hOi kinh doanh. Von dim bio cho
qua frith sin xuAt kinh doanh din ra lien tic, gulp DN fling cao khi riling earth tranh
tren thi throng
clic
biet trong giai (loan hien nay — mOt nen kith
to
phat trien theo xu
htremg toin ciu h6a, hOi nhop. Dieu niy c6 the thiy TO khi so sinh gitta cic DN mak
ngoii vi cic DN nOi dja. Cac DN nu& ngoii thubng c6 so von Ian hon DN nOi dja rat
nhieu, do de khi earth tranh cling thi DN trong nu& thubng bj
yeu
the. Ngoii ra,
von
con la mot trong nhttng dieu kien de s* ding cic nguOn dem nimg hien co vi ttrcmg lai
ve
sire lao dung,
ngu6n

sinh lbi dOng
vein Ay.
Dieu niy giip DN tao duqc long tin nhim huy dOng vOn
a
ding
de ma tong sin
xuAt, hien dai
Ma
may mem duet bj, phit
trien
kinh doanh. Nit da, ttto
ducat cong an viec lam, thu nhip
On
djnh cho ngutri lao dOng, tang thu cho nein sach
nhA nu6c.
Hieu qui sir ding
vein
thubng bj hieu nhim lit hieu quit kinh doanh nhtmg thvc
chit ne chi la mot met coat hieu qui kinh
doanh, song It
met quan tang nhit. NO phis
anh frith dO quart lSr vtl sir ding vim trong
viec tot
da has ket qui lqi ich vi toi thieu
h6a so
von
vA thei gian std dung, theo cic (Ulu kien ve
ngu6n hrc,
xac djnh phi hap
vei mvc tieu kinh doanh cita timg DN trong timg thbi IcS

se liun
cho DN bi pha sin. Nhu vAy, ket quit to ra do viec sir dung vein phii la ket qua phis
hop von lqi ich cua DN vi lqi ich cua nen kinh
to xa
hOi.
VAy"Hieu
qud sir dpng
yin la
m(it phpm trio kink ti phtin dish Irish
4,
tang
Arc khai fink vd sir dpng yin,
tai sdn flea DN vdo hops ding sdn nit, kink doanh
nhtim mpc situ tai da h6a 10 ids vet
di than
boa chi phL "
(Nguiln: Diu Thi Huang - Tai chinh doanh nghifp - trang 247)
Trong qua trinh sir dung v6n, de dot hieu quit cao, DN an phii giii quyEt mOt so
van de sau:
The nhat:
Dim bio tinh tiet kiem, c6 nghia la
yen cua
DN phii duqc sir dung
hop ly, dung muc dich, tranh lang phi
yen hoc
di von kh8ng sinh
Thti hai:
Phii
tien hanh dau
tu, phat trien ci chieu sau vi ma rang quy ma sin

Thong tin trong doanh nghitp:
— Bang can del ke twin:
lit bao cao tai chinh mo tit firth tong tai chinh ciut mOt
doanh nghiep toi mOt thin diem nhAt djnh
7
-
Bao cao kat qua san xuit kinh doanh: la boo cao tai chinh phin anh ket qua host
dOng san xuit kinh doanh cua doanh nghiep. Bao cao kit qua san xuat kinh doanh
dirge lip de tip hop doanh thu, chi phi, xac djnh ket qua kinh doanh dat duqc trong ki.
Bao cao tai chinh dirge trinh doanh bay hit sec tong quit, phin anh mgt each
tang quan nhit ve tinh hinh tai san vi cac khoin ng, nguen hinh thanh van, tinh hinh
tai chinh sung nhu ket qua host dOng kinh doanh trong cac DN. Bao cao tai chinh cung
cap nhftng thong tin kinh to tii chinh chit yeu de danh gii king hqp ket qua kinh
doanh, thuc trong tai chinh cua DN trong cac k9 boat dOng giep cho viec kiem tra,
giam sat tinh hinh se dung van va khi niing huy clang yen vio sin xuit kinh doanh dui
DN.
Thong tin ben ngoii:
-
Rang alai coa moi truing kinh
to
vi m6 xac djnh su lanh manh, thinh wog cith
nen kinh tit, n6 luan gay ra nhang toe dOng den cac DN va cac nganh. Vi the, DN phii
nghien cfru mai twang kinh to de nhin ra cac thay dal, cac khuynh hireng va cac him
chien luqc caa hQ.
-
Chinh sach thue dugc dat ra khang chi nhilm mang 1a so thu don than cho ngan
sach ma yeu eau cao hcm la qua thu g6p phin thgc hien chat fling viec hem
kit,
!dem
soot, quan 19 hueng din vi khuyen khlch phat trier sin xuit, me ring lw thong

Thang Long University Library
nhOn xet, danh gia tinh hinh tai chinh cim DN, tren co ser so sanh cac
ts
,
lg
DN yeti cac
ty lg tham chieu.
Trong phan tich hieu qua sir dung von, my theo cach tiep con van de & lchia canh
nao cac tY le &gm phan chia thinh cac nh6m dk trtmg. Trong moi truOng hqp lfithe
nhau, tut' theo g6c do phan tich, ngu&i phin tich lira chun cac muc tieu khac nhau.
trong bai nghien dm nay, cac tY
le
ye hieu quit sir dung von duqc phan tich thanh ba
thorn la chi tieu lit : Hieu quit slim dung T6ng von; Hieu qua sir dung VCD vi Hieu qua
sir dung VLD.
1.2.3.2
Phurmg phdp so stinh
Ve
nguyen tic, voi phucmg phap phan tich tt le, an xac djnh duce cac ngutmg,
cac
ts
,
se
tham chieu. DE danh gia tinh tang tai chinh cim mOt DN can so sank can so
sixth cac ty
se cua
DN yeti cac chi
s6
than chieu. Nhu vOy phtrcmg phap so sanh luon
lute duqc kit hqp veri phtrcmg phap phan tich tt

> So sanh chieu cluc de xem xtt ty trong cua trimg chi lieu so yeti
ding the, so
sanh
chieu ngang ciut nhieu ky de thay duqc st
i
r bien dOng ca ve s6 twang d6i vit
so tuyet d6i cult mOt chi fieu nito de qua cac lien t10 kt toan lien tiep.
1.2.3.3
Phtaing phtip Dupont
Phucmg phap Dupont la phucmg phap phap tich dua tren
mei quan he twang
ho
giera cac chi fieu titi chinh de bien doi mOt chi fieu tong hqp thinh mOt ham
se cult mot
lost cac
bien
s6.
Ching han: titch chi lieu " He s6 khit &Mg sinh lbi cim VCSH" (ROE)
hay " He s6 kith nAng sinh leri dm di sin" (ROA), thanh tich
so cua chwii cite he s6
co m6i quan he mot thiet yeti nhau.
LNST

DTT
ROA =


DTT

Vag TS

tai
chinh co nghia la de tang hieu qui sin xuit kinh doanh (tire 11 gia tang ROE) DN co 3
sir Iva chon cu bin li tAng mOt trong ba yeti t6 tren.
Thin nhit DN c6 the gia tang khit nang conh tranh nhim Ming cao doanh thu vi
dOng thin tiet giitm chi phi nhim gia tang lqi nhu$n rang bien.
Thu hai DN c6 the nang cao hieu qui kinh doanh bang cacti sir dung tot hon
cic
tii sin sin ce cim minh nhim fling cao Wing quay tii sin. Hay not
mOt
each de hien
him la DN can too ra nhieu doanh thu hun tfr nheng di sin sin co.
Thir ba DN c6 the nang cao hien qui kinh doanh biing each Tian cao den bay
tai
chinh hay not each khic la vay no them von de du tu. Neu mire lqi nhuon trot
' ding tii
sin cua DN cao hcm muc lAi suit cho vay thi viec vay tien de du to cim DN la hieu
qui.
(Ngutin: btu Thj Huang - Tai chinh doanh nghidp - trang 54)
1.2.4. CM thu think gib hieu qud sri bung
van
cria bank ngliiep.
Trong qui trinh sin xuit kinh doanh, mOt DN to ra cic sin phim vi dich vu c6
sire fieu thu 16n, thi tru6ng ngay cing on djnh vi ma rOng, nhu eau elm lchtich Wing
ngity cing 16n thI duong nhien la can nhieu von de phit then kinh doanh. Do 46, neu
cling tic quip tri vi dieu hinh khong tot se inh huOng den hieu qui hoot dOng sin xuit
kinh doanh vi c6 !chi dim DN den chg phi sin. BE dinh gia chinh xic hien quit sir
dung von cos DN ta dua vio cic chi tieu sau:
1.2.4.1 Chi tieu danh gib chung
10
Thang Long University Library

nhu$n tren tai sin, t9 so nay phu thuOc vao theri vu kinh
doanh. Ngoii ra, no con phu thuOc vilo quy m8 vi mire tI0 rui ro cim cong ty. De so
sinh chinh xic, can so sixth t9
s6
nay dm mOt cong ty
co phial
yeti
ty s6
binh wan cis
train nganh, hooc voi t9 s6 cis cong ty Mang dining trong ding nginh.
Ty
s6
lqi nhu$n tren vim chi so httu hay dtrqc dem so sanh voi t9 so lqi nhu$n
tren tai sin (ROA). Neu t9
s6
lqi nhu$n tren
von
chi sec hair Ian hcm ROA thi co nghia
la don biy tai chinh ciut cong ty da co tic dung tich cue, nghia la ding ty di thanh
cong trong viec huy dOng
von cua co
d8ng de kiem lqi nhu$n voi t9 suit cao hem t9 le
lien lai ma ding ty phai tra cho clic
co
(long.
-
Doanh hyi tong thi sin (ROA)
TS
,
s6


Doanh thu thuin
Von
co
djnh sir dung birth quart trong kt
Chi tieu nay phin inh mOt dOng VCD duqc diu to vio sin xuit kinh doanh dem
lai bao nhieu don vi doanh thu. Chi tieu nay cing len chimg to hieu suit sir dung VCD
can cao.
De dinh gii dung mire ket qui quirt 19 vi sir dung VCD cua timg 1(9, chi tieu
hieu suit sir dung phii duqc xem xet trong
mai lien he vii
chi tieu hieu suit sir dung
TSCD.
—
Hieu
suit sir
dyng
tali
sin co
dinh
Hieu suit sir dung tii sin
co djnh

=

Doanh thu thuin
Nguyen gii TSCD binh qu'i'n
Chi tieu niy phin inh mOt dOng TSCD trong ky tham gia t4to ra bao nhieu dong
doanh thu thuin. Thong qua chi tieu nay cling cho phtp dinh gii trinh dO sir dung
VCD dui DN.

nay citing cao thi hieu qui sir dung VLD cling tot vi ngtrqc lai.
—
Wong quay hing Mn kho
SO
Ong quay hing tan kho =

Gii van hing ban
Hang ton kho binh quin
Chi tieu nay phan anh s6 Wong luan chuyen hang tan kho trong mOt that
ky nhit
djnh.
Qua chi tieu nay gulp nhi quin tri tat chinh xic djnh mirc dtr trft v#t ttr, hang boa
hqp 1St trong chu ky sin xuit kinh doanh. So Wing lukt chuyen cling cao thi vi0c kinh
doanh &Km dmnh gia cling tot.
—
V6ng quay cic khoin phai thu
\fang quay cic khoin phii thu =

Doanh thu
S6 du birth quan cic khoin phii thu
Vong quay cic khoin phii thu phin tinh tOc do chuyen doi cic khoin phii thu
thinh tien mat ciut DN. Wing quay cling lam, chug to thc d0 thu hat cic khoin thu
la
tat.
(Nguiln: Luu Thj Huang — Gitio trinh tat chinh doanh nghlep — trang 249-251)
1.3. Cic nhan to inh hustling tei hieu qui sk dung von tui doanh nghilp.
1.3.1. Man
hi kilin soot dupe
Nhin to nay g6m nhiEu yeu to tic dOng true dip den ket qua cuOi cling dm hogt
dOng kinh doanh ca ve tram mit cling nhu Mu did. Bei vay, vi0c xem x6t, dinh gii vi

lqi nhuan dat duqc, lcha Ming chi'e'm finh va phat
trien
thj throng trong Wang lai, sv d6i
mai va da clang hem san pham kinh doanh di c6 ke hoach b6 tri nguOn lvc cho phtl
hqp.
-
Lao dOng:
+
Trinh dO quart
19
dm linh dao: Vast trb cua ngtdri lath dao trong san xuat kinh
doanh la rat quan tong, the hien a sv ket hqp mOt cach
tot uu
va hai hea gifts the
yet]
to cua
qua tranh sin xuat kinh doanh, nham giant nhimg chi phi kh8ng an thiet, dong
thOi aim bat nhang ca hOi kinh doanh, dem lai cho DN sv tang ten va phat triin.
Cic v1 tri lanh dao can la ngtari ceo kinh nghiem, biet tao mai tnrong lam viec
tOt
cho
nhan vien cap dual.
+
Trinh dO tay nghe cua ngtrbi lao gong: The hien a kha nang tim tbi sing tao
trong cong viec, tang Ming suit lao dung, ming cao hieu qua sir dung von. Cong ty
can
dua ra yeu eau vi du nhu
tOt
nghiep dai hqc hay cao ding, bang
100

sirc plarc tap, the hien rat re, tranh dO vi nang lvc
t6
clam kinh doanh cim
DN.
14
Thang Long University Library
—
Trinh dO quirt 1St vi sir clung
nguan van:
Day la titian
to
firth huirng
bye tiep
den hieu qui sir dung vim dm DN. C8ng cu
chit
yeu
de
quan ly cic nguen tai chinh
li he dieing ke tom tai chinh.
Neu cong tic
Ice toil.,
khong dugc thuc hien tot se din den mit mit chitm dung,
sir dung khong dung muc dich gay Bing phi tai sin. Han nua viec sir dung vim con
dugc the hien thong qua phuong in diu to vi co
du vein du hr. viec
ltra chun khong
phit hqp va dau
to von
vao cic Arc khong hqp 1St se an den tinh trang vim thira
lai vita thiau van, gay Ar dung, hao but mit mit lam cho hieu qui sir dung van rat thip.

thuOc vao nganh nghe
kinh doanh cu the ctla
mei
DN the DN cli
►

nghien ciru, xem xet timg nguyen nhan de
hkm cht mOt cach tin da nhftng hall qui xiu c6 the xiy ra, dim bio cho viec to chirc
huy dOng fitly dit kip
alai vim
cho nhu car sin xuit kinh doanh ding thin lam cho hieu
qui stir dung
yen
ngay ding tang.
1.3.2. Nh fin
14
khOng
the
kiim so& therm
—
M8i truing hr nhien:
LA tan b0 cac
yeu to to nhien
tic dung den DN nhu khi hau, thin tiet, mei
truing. Khoa hue cling phit hien thi con nguiri cling nhan dint dirge ring hi, la mOt 130
phan khong the tach red dm to nhien. Cic dieu kien lim viec trong moi throng to
nhien thich hqp se tang nang suit lao dung vi tang hieu qui cong viec. Tinh thin vu,
thi'en tai, 10 Wt gay kh6 khan rat 16n cho nhiiu DN. Vi du nhu cic DN sin xuit Mi
cic Whig hay xiy ra thien ai nhu mien Trung hang nam deu phii dai mat vii nguy cc
thiet h3i ve ay so han tang, may m6c

doanh. Vi du nhu atm 2010 ism phit cita nudic to
la
11,75% tang 9,19% so vii ram 2009 Milan gii thanh cic loai mat hing deu tang.
—
MIN truing phip
Li he thong the chit truing, chinh sich, he thong phip lutjt tic (long den host
dOng kinh doanh ciut DN.
Tren ca so phip lu$t
kinh 4
vi the hien phip
kinh te, nhi
nu& tao moi trubng
dieu hinh cho cic DN phit
trien
sin xuat kinh doanh vi hiding cic host tong de theo
ke hooch vi ma. Vdri bit Icy sit thay dui nio trong the do chinh sich hien hail deu chi
ph6i the ming host dOng cita DN. Cic van bin phip lua‘t ve tai chinh, ve quy the
dau
to nhu cic quy
djnh ye
trich khiu hao, ve ty l'e trich lop cie quy, cic van ban ve thue
deu inh huong len tai host dung dm DN.
—
MI6 trutmg chinh trj, van Ma:
Tat ci moi host dOng cua DN deu larding ten khich hang. Do do cie phong toe
t$p quin cua khich hang se inh hiking true
tiep
ten host tong kinh doanh cos DN. Neu
DN host dOng trong moi truing van Ma lanh mph, chinh trj On djnh thi hieu qua sin
xuat kinh doanh se dirge nang cao.

Nhan t6 gia ci:
Day lit than t48 do DN quyet djnh nhung lai phu thuOc vio mirc chung cua thj
twang. Khi gia ci tang, the kit qui kinh doanh tang din den hieu qui sir dung An
tang, &Mg thoi su bien dOng ye gia ci se lim cho hoot tong cua DN gap ithi'eu kh6
khan gay at luring den hieu qui sir dung von ciia DN.
Kit lute chwung 1
Phan tich hieu qui sir dung win dang vai fro quan trung trong phan tich hoot
dOng kinh doanh nhAm dish gia tranh dO sir dung An cia DN de dat duqc kit qua cao
nhat voi chi phi thap that. Thong tin
dugc
cung cap to ket qui phan tich hieu qui sir
dung von mang tinh hau ich kh8ng chi gill!) cho cac nha quail 15
,
anti gia that tong
va tries yang phat thin An ciut DN, ma di tir da di ra the chinh sach, bien phap thing
din, kip thei va hieu qui; mat khic Q6 con la ca str cho the nha dau ttr, cac to chirc tin
dung, cac nhi cung cap nhan biet duqc hieu quit sir dung tai sin, ngutin von vi khi
pang sixth Itoi cua DN, qua do dua ra cac quyet dinh thu hr co hieu qua. Vi the, phan
tich hieu qui mi
.
dung von cua DN ding tit non can thiet vi co jr nghia bei no dap ling
duqc yeu cat, ciut cac doi tuang quan tarn den tinh hInh tai chinh ciut DN.
Chuang 1 cit.% kh6a luon d>t tranh bay cac nOi dung:
—
Khai quit chung ve von
—
Cac van de IS
,
luon ve phan tich hieu qui sir dtmg von trong DN, nhu: cac chi tieu
ve phan tich hieu qui sir dung von; cac phuang phip phan tich cho yeu duqc sir dung

2.1.2. Lich sir kink thank:
Cling ty CP Ca dien vi XD Viet Nam s6 5 duqc thinh lap vi host dOng theo
Giiy chting nhin ding ki DN s6 0103026753 ngiy 11/09/2008 do Phong Ding Ic9
kinh doanh - SO Ke hoach vi dau
to
Thinh ph6 Hi NOi cap; ding ki thay dOi lin thir 2
net)
,
25 thing 10 nim 2010, mit s6 thud DN thay d6i thinh 0102912615 vi von dieu
thay d6i to 10.000.000.000 VND len 20.000.000.000 VND.
VAn dieu le cia cong ty theo giiy chUng Men dau
to moi nigh la
20.000.000.000
VND (Hai mirth t9 dong chk).
Menh gii Co phin: 10.000 dimg
Tong
s6 co
phin: 2.000.000
Danh sich ca ding sing lip
Tin co` ding
S6 c6
phin
Gil trI yen
gip(VND)
T* If (%)
Cong ty Co phin Ca dien
vi Xi
y ch,mg Viet Nam

600.000


Pilling kinh doanh
2.1.3. Dr diem ngdnh nghi kinh doanh
Cic nginh nghe kinh doanh dm tong ty Co phAn Ca Bien vi Xay dvng Viet
Nam
s6
5 bao Om:
—
Xay dvng cic cong trinh dan dvng, cong nghiep, giao thong, thtly lqi,
ha tang co
sa,
khu do thj, khu du ljch sinh thii, san lip mat bang thi cling;
—
ray dtmg throng day, tram bier ip tt7 35KV den 500KV;
—
San xuat, mua bin may m6c, phv tang, vet ttr thiet bj may cong nong nghiep vi
may xay dvng, phtrcmg tien von tai;
—
Sin xuat vi mua bin v#y lieu thy dung;
—
Lip d#t cic may m6c this& bi trong nginh xay dvng dan dvng, cong nghiep, giao
th8ng thity lqi;
—
Cho thug may m6c, thiet bj phuong tien von tai;
Trong cie linh vvc tren thi host dOng dem lai ngulin lqi nhutin chinh cho cong ty
li xay dvng cac cong trinh din dtmg, giao thong, thity lqi vi
ha tang
co s6, khu do thj.
Thj trtdmg muc tieu dm cong ty khong chi li nhtmg d6i tic tvi khu vim Hi NOi vi cic
tinh mien Bac ma con won xa tai khu

-
Tuyen dung lao dOng;
-
Dua ra mirc lucmg cho nhan vien;
-
Xu 19 16 ctia cling ty;
-
Doi dien phap ItLit cho cong ty khi tham gia cac quan he kinh to xa hOi.
➢
Pho ghim
dic
La ngutri trq &up cho giam d6c va duqc giam dec giao chju trach nhiem town m*t
duqc giao. Phu trach theo dei, dim too, don
thic
can b0 cong nhan vieenn hart thanh
tot cac nhiem vu duqc giao.
➢
Phang kinh doanh
Co nhiem vu khai thac tim kiem hqp den. Phong kinh doanh trim tiep chju trach
nhiem thqc hien cac hog dOng tiep xfic vei khach hang, lop he so du tau, tham dor
cac buti

than ding nhu 1#p cac hqp ding vii khach hang.
Ngoai ra con phai lop ke hooch phat trien kinh doanh va Truing phimg la ngtroi
chju trach nhiem trot Gam d6c.
➢
Phong hi toin
L#p ke hooch thu, chi tai chinh hang niim cita cling ty;
Chi trl thqc hien nhiem vu thu va chi, kiem tra viec chi tieu cac khoan tien von, sir
dung v#t ttr, theo dei dei chieu con nq;

dO,
bao cao chit lugng cong trinh vai giam d6c de c6 nlattng dieu chinh kip thai nhit.
Nhan zit:
Mai phong ban deu c6 nhtmg chirc Ming nhiem vg rieng xong deu phii phoi hqp,
lien ket chat the v6i nhau huang Val mgc tieu chung la hob Wirth cac ke hooch ma
cong ty de
de
ra.
2.1.5.
link kink hoot qng sin
milk
kink doanh can cong ty giai dogn 2011-2013
Tinh hInh
kinh to
n6i chung va nganh xiy dung mai rieng tir nam 2011 da c6 din
hieu phgc h$i, tuy nhien van con gap rat nhieu khe khan.
V6i so van ban
dAu
sau khi di vao hoot dong doanh thu, lgi nhuan va mac clang
gap vao nem sach cua Cong ty giai doan 2011-2013 dugc the hien nhu sau:
Bing 2.1. Tinh hinh sin anal kinh doanh cia cong ty CO phin Ca difn vi
Xiy dung Vitt Nam s6 5 giai Boon 2011-2013
Don vi
.
gong
CM tieu
Nam 2011
Nam 2012 Nam 2013
Chenh Itch
( % )

(3,2

Chi phi ban
hang
34.925.924
75.676.032
63.782.564
116,68
(15,7
Chi phi gain Ii
DN
3.844.209.831
1.143.192.027
2.102.525.551
(70,26)
83,!
Chi phi tit'
chinh
10.981.369.538
14.441.030.683 12.456.333.363
31,50 (13,7
Lqi nhusin sau
thue
1.669.337.286
3.312.826.490 2.578.115.332
98,45
(
22
,
1

22,55%. Chi phi tai chinh ml chi
yAu
la chi phi lai vay tang tir 10.981.369.538 ang
len den 14.441.030.683 d6ng Prong Cmg veri mirc tang 31,50%. Voi nhOng you ciu
khit khe ve trinh de Id thuth khi lim cac do in len dei hei cling ty phai ce thong bien
phip nang cao chat lucmg cac nguyen vat lieu
du
vio dilng thtri gia nguyen vet
lieu
cling c6 xu huOng tang
ichiEn gia win Ling trong
tam 2012. Ben earth d6 de dip ling
di
yeu
eau ye von
cho nhfmg do an km cong ty s6 dong nq vay hat lchien cho chi
phi Ili vay tang &mg ke, keo theo chi phi tai chinh
Giai doon 2012 — 2013,
tang
chi phi giant xthrig chi con 105.399.091.201 (long
Wang duong v6i mfrc giam 3,75%. Do tinh hinh kinh
to
khe khan nen doanh thu gig=
din den gia
von cling
giam theo
xueing
eon 90.776.449.723 clang toll nam 2013 twang
Ong voi mit giam 3,27%. Ngoai ra chi phi di chinh cling 11
yeu to

Bcio dign ni Dan In)
Tuy v#y thi viec gram lqi nhu#n sau thug 6 nitm 2013 cling 11 mot dieu ding lo
ngoi mi DN cin phii quan tam.
Kit 1nets:
Qua phan tich
a
Men ta thiy duce tinh hinh hoot dung kinh doanh colt
cong ty nhin chung chua dux su 6n djnh. Cac tieu chi tang giiun lien Um. De 6n djnh
filth hinh cim cong ty hcm 401 Mk lAnh 4o cong ty ding cong than vien trong cong ty
phii dua ra chien luqc kinh doanh thong minh, hqp
19
de cong ty co the tan toi vi phit
•
then trong tucmg lai.
2.2. Thyme trong hien qui sib dyng van toi cong ty c6 phin ca din vi xay dung
viet nam st 5.
2.2.1. Piton tick any and ca ciu
win
cat: Ong ty CA phin Ce dien vu Xdy thin Vast
Nam se
5
De dinh gii duqc firth hinh sir clung von dm ding ty thi viec xem xet t6 chirc, b6
tri cc ciu vOn vi nguim von li cin thiet.Th d6 ta c6 the dinh gii duqc ca ciu van d6
dA hqp 15
,
chua? C6 phit huy duqc tic dung t6i da cua ding von hay khong? Vi inh
huemg dm n6 den kit qua kinh doanh 8 DN nhu the nio.
—
Thvc trong sir thing tang von
Dtra vio bang 2.2 c6 the danh gii khii quit thuc trong sir dung tong von nhu sau:

nem 2012 (chiem tS
,
frog 12,82%) do Ong ty da nhucmg loi mot s6 may mac khong
sir dtmg nut Dieu nay glop Gong ty trainh duqc lang phi von.
Trong thbi diem
kinh to
kW) khan,
tiep c, n
veri ding Win la mot viec het six !the
khan thi viec diu tu them may mac thiet bj hay thanh ly that bj nham tranh duqc so
lang phi IA dieu het sirc dimg luu
5/.
DOi yen nhUng may mac chuyen dung chi sir dung
trong mot s6 Gong trinh thi DN se di thus hoot dOng, dieu nay se giitp DN khong phii
b6 ra luqng von lem de
du tu, cling
nhu chi phi bito dubng may mac ml
van
co
may mac de thi cong cong trinh.
Nhung qua day DN cling cAn het sirc chit y den viec dau
tu
vio TSCD sao cho
hop ly de frank bj thus
IO
do bin 16 cac TSCD viec yin 15
,
cling nhu bao duang may
mac khong
tat

Ong
vat nam 2012, ding ty
tiep fix vay van de diu
to cho TSLD lchien nq ngAn han
cia cong ty tang manh len 148.966.165.628 dOng. Nq dili han cia cling ty lie nay chi
chiem luong nh6 hon 11 13.487.818.911 ding. Quy m8 Win tang nhanh lam cho co au
van c6 sq they doi no ret, co the la tj/ tong nq phai tri tang cao.
24
Thang Long University Library
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