Chuong 1 tong quan ve tcdn.001

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  1. 1. 1 1 Chng 1 BAN CHAT TAI CHNH DOANH NGHIEP 2 BAN CHAT TAI CHNH DOANH NGHIEP Cac nha quan tr tai chnh cua mot doanh nghiep luon phai oi mat vi 3 cau hoi quan trong, o la: Trong rat nhieu cac c hoi au t th doanh nghiep se phai a ra quyet nh la chon c hoi au t nao? Doanh nghiep nen dung nhng nguon tai tr nao e tai tr cho nhu cau von au t a c hoach nh o? Doanh nghiep nen thc hien chnh sach co tc nh the nao? 3 BAN CHAT TAI CHNH DOANH NGHIEP Cau hoi th nhat lien quan en viec chi tieu tien . Cau hoi th hai lien quan en viec tm cach lam gia tang tien hay lam gia tang gia tr doanh nghiep. Cau hoi th ba lien quan en s ket hp quyet nh 1 va 2 4 BAN CHAT TAI CHNH DOANH NGHIEP Tai chnh cung la mot lnh vc co lien quan en nhan to con ngi Cac nha quan tr tai chnh phai nhan dien c nhng muc tieu mau thuan nhau ma ho se thng gap phai trong quan tr tai chnh. Viec giai quyet nhng mau thuan nay la ac biet kho khan khi gap phai nhng thong tin khac nhau.
  2. 2. 2 5 1.1 CONG TY CO PHAN LA G ? Khong phai tat ca cac cong ty eu c to chc di dang cong ty co phan (The corporation). Mot doanh nghiep nho do mot ca nhan s hu va quan ly c goi la cong ty t nhan (The sole proprietorship). Khi co them mot vai ca nhan khac tham gia ong s hu va quan ly th loai hnh nay c goi la cong ty hp danh (The partnership) 6 1.1 CONG TY CO PHAN LA G ? Cong ty co phan noi bo (The private corporation). Thng la mot cong ty co phan mi c thanh lap va cac co phieu cua no ch c nam gi bi mot nhom nho cac nha au t. Cac co phieu cua cong ty co phan noi bo khong c mua ban giao dch rong rai trong cong chung. 7 1.1 CONG TY CO PHAN LA G ? Cong ty co phan ai chung ( The public corporation). La khi cong ty co phan noi bo bat au tang trng va nhng co phieu cua no c giao dch mua ban rong rai tren th trng. Hau het cac cong ty noi tieng tren the gii va cac cong ty ln eu la nhng cong ty co phan ai chung. 8 1.1 CONG TY CO PHAN LA G ? Cong ty co phan co kha nang thu hut rat nhieu cac nha au t. Co ong la nhng ngi ang nam quyen s hu CTCP nhng thay v tham gia quan ly trc tiep th nhng co ong nay se bo phieu e la chon mot hoi ong quan tr
  3. 3. 3 9 1.1 CONG TY CO PHAN LA G ? S tach biet gia quyen s hu va quyen quan ly a mang lai cho loai hnh cong ty co phan mot thi gian hoat ong c xem nh la vnh vien. Cong ty co phan ch co trach nhiem hu han tren phan von gop cua mnh, 10 1.1 CONG TY CO PHAN LA G ? HQT ai dien cho quyen li cua cac co ong va bo nhiem cac chc danh quan ly cao nhat cua cong ty. HQT co nhiem vu am bao cac hoat ong cua cac nha quan ly luon tuan theo ung muc tieu toi a hoa gia tr li ch cua cac chu s hu. 11 1.1 CONG TY CO PHAN LA G ? Cong ty co phan th c tach bach ve mat luat phap oi vi cac co ong, do vay: CTCP c quyen phat hanh cac loai chng khoan ra th trng, CTCP co the thc hien nh gia mua lai mot cong ty khac va sau o thc hien sat nhap hai cong ty. 12 1.1 CONG TY CO PHAN LA G ? Co mot vai s khong thuan li trong viec to chc mot cong ty co phan: Viec quan ly mot bo may theo luat nh va viec thong at nhng thong tin can thiet cua no en cac co ong se phai ton nhieu thi gian va chi ph. CTCP la mot phap nhan ton tai oc lap vi cac co ong nen cac khoan thue thu nhap ma cong ty nay va cac co ong cua no phai nop cung se c tach biet.
  4. 4. 4 13 1.2 VAI TRO CUA NHA QUAN TR TAI CHNH Th nhat, nhng tai san thc nao se c cong ty au t ? (quyet nh ngan sach von cua cong ty) Th hai, cong ty nen s dung nguon tai tr nao cho d an au t a c la chon o? (quyet nh tai tr cua cong ty) Th ba ket hp ca hai quyet nh tren se tao thanh chnh sach phan phoi nh the nao? 14 1.2 VAI TRO CUA NHA QUAN TR TAI CHNH CAC HOAT ONG CUA MOT CONG TY ( TAT CA CAC TAI SAN THC) NHA QUAN TR TAI CHNH TH TRNG TAI CHNH (2) (3) (1) (4b) (4a) 15 1.3 NHA QUAN TR TAI CHNH LA AI? Giam oc ve Tai Chnh (CFO) Giam oc von (Treasurer) Ke toan trng (Controller) TONG GIAM OC (CEO) Bo phan quan tr tien mat Bo phan quan tr tn dung Bo phan chi tieu ngan quy Bo phan lap ke hoach tai chnh Bo phan quan ly ve thue Bo phan ke toan chi ph Bo phan ke toan tai chnh Bo phan quan ly he thong d lieu 16 1.4 S PHAN NH GIA QUYEN S HU VA QUYEN QUAN LY Cho phep chia nho quyen s hu theo nhng phan gop von bang nhau. S chuyen nhng quyen s hu se khong gay phien phc en hoat ong kinh doanh cua doanh nghiep. Cho phep cong ty thue nhng nha quan ly chuyen nghiep Mang lai nhieu van e khi muc tieu cua cac chu s hu va muc tieu cua cac nha quan ly khac nhau. ch li cua viec phan nh quyen s hu va quyen quan ly
  5. 5. 5 17 1.4 S PHAN NH GIA QUYEN S HU VA QUYEN QUAN LY Mau thuan gia muc tieu cua cac co ong va cac nha quan ly a tao nen nhng van e ve ngi chu ngi ai dien. Chi ph ai dien ( Agency cost ) xuat hien khi : Cac nha quan ly khong co gang thc hien nhiem vu toi a hoa gia tr cong ty. Cac co ong se ganh chu ph ton e kiem soat ban quan ly va tac ong vao cong viec cua ho. Chi ph ai dien (Agency cost) con co the nay sinh trong lnh vc tai chnh. 18 1.4 S PHAN NH GIA QUYEN S HU VA QUYEN QUAN LY Van e ngi chu - ngi ai dien co the giai quyet neu moi ngi cung nhan c nhng thong tin ngang bang nhau: Cac nha quan ly, cac co ong va cac chu n co the co nhng thong tin rat khac nhau ve gia tr cua cac tai san thc hoac cac tai san tai chnh cua cong ty. ieu nay co the ton tai trong nhieu nam trc khi c phat hien ra. 19 1.4 S PHAN NH GIA QUYEN S HU VA QUYEN QUAN LY Cac nha quan tr tai chnh can thiet phai ghi nhan nhng bat can xng thong tin. KHAC BIET TRONG THONG TIN Gia co phieu va thu nhap Phat hanh cac co phieu va cac chng khoan khac . Co tc Tai tr KHAC BIET TRONG MUC TIEU Gia cac nha quan ly vi cac co ong. Gia cac nha quan tr cap cao vi cac nha quan ly cac cap. Gia co ong vi cac ngan hang va cac nhacho vay khac. 20 1.5 TH TRNG TAI CHNH Th trng s cap (primary markets). Th trng th cap (Secondary markets). Th trng Phi Tap Trung- OTC ( Over - The - Counter Markets ).
  6. 6. 6 21 Cac nh Che Tai Chnh(Financial Institution) nh che tai chnh Nguon von huy ong Noi dung hoat ong Cac ngan hang thng mai Tien gi ky thac Nghiep vu thanh toan, mua chng khoan ngan han, cho vay To chc tiet kiem va cho vay Tien gi ky thac Cho vay trung , dai han tai tr cho vay mua bat ong san , nha , hang hoa tieu dung Ngan hang tiet kiem ho tng Tien gi ky thac, chu yeu la cac ca nhan Tai tr cho vay e mua nha va cac loai bat ong san 22 Cac nh Che Tai Chnh(Financial Institution) To chc tn dung Tien gi ky thac, thng la cua cac to chc nao o Tai tr cho vay e mua nha va hang tieu dung Quy Hu Bong Ph bao hiem xa hoi cua cac doanh nghiep va cong nhan vien chc au t vao cac chng khoan. Thu nhap cua quy c dung e chi tra theo chnh sach bao hiem xa hoi Cong ty tai chnh Vay tien cua cac ngan hang thng mai va nhng ngi cho vay Tai tr cho vay trung dai han, cho vay oi vi nhng d an co rui ro cao 23 Cac nh Che Tai Chnh(Financial Institution) Quy ho tng Phat hanh co phan vi menh gia nho au t vao danh muc cac chng khoan theo muc tieu va chnh sach cua quy Cong ty bao hiem Ph bao hiem au t vao cac chng khoan cong ty hay chnh phu Cong ty cho thue tai chnh HHuy ong von trung dai han Vay ngan hang Tai tr cho cac hp ong thue may moc thiet b