{"id":2104,"date":"2020-02-15T09:50:30","date_gmt":"2020-02-15T02:50:30","guid":{"rendered":"http:\/\/hoclamgiau.vn\/?p=2104"},"modified":"2020-04-23T19:25:21","modified_gmt":"2020-04-23T12:25:21","slug":"phan-tich-bao-cao-tai-chinh","status":"publish","type":"post","link":"https:\/\/hoclamgiau.vn\/phan-tich-bao-cao-tai-chinh\/","title":{"rendered":"[T\u1ed5ng h\u1ee3p] Ph\u00e2n t\u00edch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh CHI TI\u1ebeT t\u1eeb chuy\u00ean gia"},"content":{"rendered":"

Ph\u00e2n t\u00edch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh<\/strong> cho quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c xem nh\u01b0 l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 quan tr\u1ecdng h\u1ed7 tr\u1ee3 cho c\u00e1c b\u00ean li\u00ean quan. B\u00e1o c\u00e1o t\u00e0i ch\u00ednh gi\u00fap b\u1ea1n \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 l\u00e0m vi\u1ec7c c\u1ee7a c\u00f4ng ty trong qu\u00e1 kh\u1ee9, hi\u1ec7n t\u1ea1i v\u00e0 d\u1ef1 \u0111o\u00e1n t\u01b0\u01a1ng lai. \u0110\u1ecdc hi\u1ec3u \u0111\u01b0\u1ee3c b\u00e1o c\u00e1o n\u00e0y s\u1ebd gi\u00fap b\u1ea1n ph\u00e1t hi\u1ec7n c\u00e1c \u0111i\u1ec3m y\u1ebfu k\u00e9m v\u00e0 th\u1ebf m\u1ea1nh c\u1ee7a c\u00f4ng ty.<\/p>\n

B\u00e1o c\u00e1o t\u00e0i ch\u00ednh (BCTC) l\u00e0 b\u00e1o c\u00e1o ch\u00ednh th\u1ee9c v\u00e0 to\u00e0n di\u1ec7n mi\u00eau t\u1ea3 c\u00e1c ho\u1ea1t \u0111\u1ed9ng t\u00e0i ch\u00ednh c\u1ee7a m\u1ed9t t\u1ed5 ch\u1ee9c kinh doanh. BCTC cung c\u1ea5p c\u00e1c th\u00f4ng tin quan tr\u1ecdng cho nhi\u1ec1u quy\u1ebft \u0111\u1ecbnh kh\u00e1c nhau. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 d\u1ef1a ch\u1ee7 y\u1ebfu v\u00e0o m\u1ee9c \u0111\u1ed9 tin c\u1eady t\u00edn nhi\u1ec7m c\u1ee7a BCTC \u0111\u00e3 \u0111\u01b0\u1ee3c ki\u1ec3m to\u00e1n hay c\u00e1c chuy\u00ean gia t\u00e0i ch\u00ednh c\u00f4ng b\u1ed1. H\u1ecd c\u00f3 th\u1ec3 ph\u00e2n t\u00edch, \u0111\u1ecdc v\u00e0 gi\u1ea3i th\u00edch c\u00e1c b\u00e1o c\u00e1o n\u00e0y. BCTC bao g\u1ed3m b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n, b\u00e1o c\u00e1o l\u00e3i l\u1ed7 v\u00e0 b\u00e1o c\u00e1o lu\u00e2n chuy\u1ec3n ti\u1ec1n t\u1ec7. Ch\u00fang ta h\u00e3y \u0111i v\u00e0o chi ti\u1ebft \u0111\u1ec3 bi\u1ebft \u0111\u01b0\u1ee3c m\u1ed9t c\u00f4ng ty \u0111ang c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh l\u00e2u d\u00e0i hay kh\u00f4ng.<\/p>\n

1. B\u00e1o C\u00e1o L\u00e3i L\u1ed7<\/h2>\n

\"B\u00e1o<\/p>\n

\u0110\u00e2y l\u00e0 BCTC t\u00f3m t\u1eaft v\u1ec1 doanh thu, chi ph\u00ed ph\u00e1t sinh trong m\u1ed9t kho\u1ea3n th\u1eddi gian x\u00e1c \u0111\u1ecbnh. Th\u01b0\u1eddng l\u00e0 theo qu\u00fd hay n\u0103m. B\u00e1o c\u00e1o l\u00e3i l\u1ed7 c\u0169ng \u0111\u01b0\u1ee3c hi\u1ec3u l\u00e0 b\u00e1o c\u00e1o thu nh\u1eadp. N\u00f3 g\u1ed3m 3 ph\u1ea7n. D\u00f2ng \u0111\u1ea7u l\u00e0 doanh thu. Ti\u1ebfp theo l\u00e0 c\u00e1c kho\u1ea3n tr\u1eeb \u0111i c\u1ee7a gi\u00e1 v\u1ed1n h\u00e0ng b\u00e1n v\u00e0 t\u1ea5t c\u1ea3 chi ph\u00ed. D\u00f2ng cu\u1ed1i c\u00f9ng l\u00e0 thu nh\u1eadp r\u00f2ng.<\/p>\n

1.1 Doanh Thu<\/h3>\n

Doanh thu \u0111\u01b0\u1ee3c ghi nh\u1eadn khi h\u00e0ng h\u00f3a hay d\u1ecbch v\u1ee5 \u0111\u00e3 b\u00e1n v\u00e0 nh\u1eadn b\u1edfi kh\u00e1ch h\u00e0ng. M\u1ed9t c\u00f4ng ty c\u00f3 doanh thu kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 n\u00f3 ki\u1ebfm \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn. T\u1ed5ng doanh thu kh\u00f4ng n\u00f3i l\u00ean \u0111i\u1ec1u g\u00ec cho \u0111\u1ebfn khi ch\u00fang ta tr\u1eeb \u0111i t\u1ea5t c\u1ea3 chi ph\u00ed v\u00e0 nh\u1eadn \u0111\u01b0\u1ee3c kho\u1ea3n thu nh\u1eadp r\u00f2ng.<\/p>\n

1.2 Chi Ph\u00ed Doanh Thu<\/h3>\n

\u0110\u00f3 l\u00e0 chi ph\u00ed s\u1ea3n xu\u1ea5t v\u00e0 v\u1eadn chuy\u1ec3n h\u00e0ng h\u00f3a hay d\u1ecbch v\u1ee5 \u0111\u1ebfn kh\u00e1ch h\u00e0ng. N\u00f3 l\u00e0 chi ph\u00ed tr\u1ef1c ti\u1ebfp li\u00ean quan \u0111\u1ebfn h\u00e0ng h\u00f3a, d\u1ecbch v\u1ee5 c\u00f4ng ty cung c\u1ea5p. Chi ph\u00ed doanh thu kh\u00e1c v\u1edbi gi\u00e1 v\u1ed1n h\u00e0ng b\u00e1n. Gi\u00e1 v\u1ed1n h\u00e0ng b\u00e1n l\u00e0 chi ph\u00ed nguy\u00ean v\u1eadt li\u1ec7u, lao \u0111\u1ed9ng tr\u1ef1c ti\u1ebfp s\u1eed d\u1ee5ng \u0111\u1ec3 s\u1ea3n xu\u1ea5t h\u00e0ng h\u00f3a. Trong khi chi ph\u00ed doanh thu bao g\u1ed3m gi\u00e1 v\u1ed1n h\u00e0ng b\u00e1n c\u1ed9ng th\u00eam c\u00e1c kho\u1ea3n chi ph\u00ed th\u00fac \u0111\u1ea9y vi\u1ec7c b\u00e1n h\u00e0ng nh\u01b0 ti\u1ec1n hoa h\u1ed3ng, chi\u1ebft kh\u1ea5u b\u00e1n h\u00e0ng.<\/p>\n

1.3 L\u1ee3i Nhu\u1eadn G\u1ed9p<\/h3>\n\n\n\n
Bi\u00ean L\u1ee3i Nhu\u1eadn G\u1ed9p = L\u1ee3i Nhu\u1eadn G\u1ed9p \/ Doanh Thu Thu\u1ea7n<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Vi\u1ec7c t\u00ednh to\u00e1n gi\u00fap x\u00e1c \u0111\u1ecbnh c\u00f4ng ty c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh l\u00e2u d\u00e0i hay kh\u00f4ng. Ch\u00fang ta d\u00f5i theo bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p h\u00e0ng n\u0103m trong 10 n\u0103m qua \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o t\u00ednh \u1ed5n \u0111\u1ecbnh.<\/p>\n

M\u1ed9t c\u00f4ng ty v\u1edbi bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p cao \u1ed5n \u0111\u1ecbnh. N\u00f3 ho\u00e0n to\u00e0n t\u1ef1 do thi\u1ebft l\u1eadp gi\u00e1 cho s\u1ea3n ph\u1ea9m, d\u1ecbch v\u1ee5 v\u01b0\u1ee3t chi ph\u00ed doanh thu. \u0110i\u1ec1u n\u00e0y d\u1eabn h\u1ecd c\u00f3 \u0111\u01b0\u1ee3c l\u1ee3i th\u1ebf c\u1ea1nh tranh \u1ed5n \u0111\u1ecbnh. Bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p t\u1eeb 20% ho\u1eb7c th\u1ea5p h\u01a1n th\u01b0\u1eddng ch\u1ec9 \u0111\u1ebfn m\u1ed9t ng\u00e0nh c\u00f4ng nghi\u1ec7p c\u1ea1nh tranh kh\u1ed1c li\u1ec7t. N\u01a1i m\u00e0 kh\u00f4ng c\u00f3 c\u00f4ng ty n\u00e0o c\u00f3 th\u1ec3 t\u1ea1o ra l\u1ee3i th\u1ebf c\u1ea1nh tranh b\u1ec1n v\u1eefng so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7.<\/p>\n

1.4 Chi Ph\u00ed Ho\u1ea1t \u0110\u1ed9ng Doanh Nghi\u1ec7p<\/h3>\n

Chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng ph\u00e1t sinh th\u00f4ng qua c\u00e1c ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ee7a doanh nghi\u1ec7p. N\u00f3 bao g\u1ed3m chi ph\u00ed thu\u00ea, chi ph\u00ed mua thi\u1ebft b\u1ecb, chi ph\u00ed t\u1ed3n kho, marketing, l\u01b0\u01a1ng, b\u1ea3o hi\u1ec3m v\u00e0 c\u00e1c qu\u1ef9 ph\u00e2n b\u1ed5 cho vi\u1ec7c nghi\u00ean c\u1ee9u v\u00e0 ph\u00e1t tri\u1ec3n s\u1ea3n ph\u1ea9m.<\/p>\n

Trong qu\u00e1 tr\u00ecnh t\u00ecm ki\u1ebfm c\u00f4ng ty c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh b\u1ec1n v\u1eefng, c\u00f4ng ty c\u00f3 chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng c\u00e0ng th\u1ea5p c\u00e0ng t\u1ed1t. Chi ph\u00ed nghi\u00ean c\u1ee9u v\u00e0 ph\u00e1t tri\u1ec3n c\u0169ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0. L\u1ee3i th\u1ebf c\u1ea1nh tranh \u0111\u01b0\u1ee3c t\u1ea1o b\u1edfi c\u00e1c s\u00e1ng ch\u1ebf. Khi b\u1eb1ng s\u00e1ng ch\u1ebf h\u1ebft h\u1ea1n, l\u1ee3i th\u1ebf c\u1ea1nh tranh c\u0169ng s\u1ebd kh\u00f4ng c\u00f2n. N\u1ebfu n\u00f3 l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a c\u00e1c ti\u1ebfn b\u1ed9 v\u1ec1 c\u00f4ng ngh\u1ec7, c\u00f4ng ngh\u1ec7 m\u1edbi thay th\u1ebf c\u00e1i c\u0169 s\u1ebd l\u00e0 m\u1ed1i \u0111e d\u1ecda cho l\u1ee3i th\u1ebf c\u1ea1nh tranh c\u1ee7a c\u00f4ng ty. C\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 nh\u01b0 Samsung, Apple lu\u00f4n chi m\u1ed9t kho\u1ea3n ti\u1ec1n l\u1edbn cho vi\u1ec7c nghi\u00ean c\u1ee9u v\u00e0 ph\u00e1t tri\u1ec3n trong cu\u1ed9c ch\u1ea1y \u0111ua c\u00f4ng ngh\u1ec7. \u0110i\u1ec1u \u0111\u00f3 d\u1eabn \u0111\u1ebfn r\u1ee7i ro l\u00e2u d\u00e0i cho n\u1ec1n kinh t\u1ebf.<\/p>\n

>> C\u00f3 l\u1ebd b\u1ea1n c\u1ea7n xem th\u00eam H\u1ecdc kinh doanh \u1edf \u0111\u00e2u t\u1ed1t nh\u1ea5t hi\u1ec7n nay<\/a><\/i><\/span><\/strong><\/p>\n

1.5 Chi Ph\u00ed S\u1edf H\u1eefu Kh\u00e1ch H\u00e0ng<\/h3>\n\n\n\n
Chi Ph\u00ed S\u1edf H\u1eefu Kh\u00e1ch H\u00e0ng = T\u1ed5ng Chi Ph\u00ed B\u00e1n H\u00e0ng v\u00e0 Marketing \/ S\u1ed1 L\u01b0\u1ee3ng Kh\u00e1ch H\u00e0ng C\u00f3 \u0110\u01b0\u1ee3c<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u0110\u00e2y l\u00e0 kho\u1ea3n chi ph\u00ed c\u00f4ng ty ph\u1ea3i chi tr\u1ea3 \u0111\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c 1 kh\u00e1ch h\u00e0ng m\u1edbi. Chi ph\u00ed s\u1ee1 h\u1eefu kh\u00e1ch h\u00e0ng \u0111\u01b0\u1ee3c \u0111\u01b0a ra nh\u01b0 m\u1ed9t th\u01b0\u1edbc \u0111o kinh doanh ch\u1ee7 y\u1ebfu. Ch\u00fang ta c\u00f3 th\u1ec3 ph\u00e2n t\u00edch c\u00e1ch nh\u00e0 qu\u1ea3n l\u00fd ki\u1ec3m so\u00e1t chi ph\u00ed m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3 v\u00e0 gi\u00fap hi\u1ec3u r\u00f5 h\u01a1n v\u1ec1 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c qu\u1ea3ng c\u00e1o \u0111ang ch\u1ea1y,<\/p>\n

1.6 Chi Ph\u00ed Kh\u1ea5u Hao<\/h3>\n

Chi ph\u00ed mua t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh s\u1ebd \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 d\u1ef1a theo th\u1eddi gian s\u1eed d\u1ee5ng v\u00e0 ghi nh\u1eadn nh\u01b0 kho\u1ea3n chi ph\u00ed kh\u1ea5u hao trong c\u00e1c k\u1ef3 k\u1ebf to\u00e1n.<\/p>\n

C\u0169ng gi\u1ed1ng nh\u01b0 b\u1ea5t k\u1ef3 kho\u1ea3n chi ph\u00ed n\u00e0o, \u00edt h\u01a1n s\u1ebd t\u1ed1t h\u01a1n.<\/p>\n

1.7 Chi Ph\u00ed L\u00e3i Vay<\/h3>\n

Kho\u1ea3n chi ph\u00ed ph\u00e1t sinh cho c\u00e1c kho\u1ea3n ti\u1ec1n vay. Chi ph\u00ed l\u00e3i vay kh\u00f4ng ph\u1ea3i l\u00e0 chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng. N\u00f3 l\u00e0 chi ph\u00ed t\u00e0i ch\u00ednh. Ti\u1ec1n l\u00e3i ph\u1ea3n \u00e1nh t\u1ed5ng s\u1ed1 n\u1ee3 c\u00f4ng ty \u0111ang c\u00f3. C\u00f4ng ty c\u00e0ng nhi\u1ec1u n\u1ee3, ti\u1ec1n l\u00e3i c\u00e0ng nhi\u1ec1u<\/p>\n

T\u1ef7 l\u1ec7 thanh to\u00e1n l\u00e3i vay cho th\u1ea5y kh\u1ea3 n\u0103ng c\u00f4ng ty c\u00f3 th\u1ec3 chi tr\u1ea3 l\u00e3i su\u1ea5t.<\/p>\n\n\n\n
T\u1ef7 L\u1ec7 Thanh To\u00e1n L\u00e3i Vay = Thu Nh\u1eadp Tr\u01b0\u1edbc L\u00e3i v\u00e0 Thu\u1ebf \/ Chi Ph\u00ed L\u00e3i Vay<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Nh\u00ecn chung, t\u1ef7 l\u1ec7 c\u00e0ng cao, kh\u1ea3 n\u0103ng l\u1edbn c\u00e1c c\u00f4ng ty s\u1ebd g\u1eb7p kh\u00f3 kh\u0103n trong vi\u1ec7c thanh to\u00e1n l\u00e3i vay.<\/p>\n

M\u1ed9t ch\u1ec9 s\u1ed1 kh\u00e1c l\u00e0 t\u1ef7 l\u1ec7 gi\u1eefa kho\u1ea3n thanh to\u00e1n l\u00e3i vay tr\u00ean chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng c\u0169ng n\u00ean \u0111\u01b0\u1ee3c c\u00e2n nh\u1eafc. N\u00f3 cung c\u1ea5p th\u00f4ng tin li\u00ean quan \u0111\u1ebfn m\u1ee9c \u0111\u1ed9 kinh t\u1ebf r\u1ee7i ro m\u00e0 c\u00f4ng ty \u0111ang g\u1eb7p ph\u1ea3i. N\u00f3 c\u0169ng kh\u00e1c bi\u1ec7t l\u1edbn gi\u1eefa c\u00e1c ng\u00e0nh kinh doanh. Trong b\u1ea5t k\u1ef3 ng\u00e0nh n\u00e0o, c\u00f4ng ty c\u00f3 t\u1ef7 l\u1ec7 th\u1ea5p gi\u1eefa chi phi l\u00e3i vay v\u1edbi chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng th\u00f4ng th\u01b0\u1eddng l\u00e0 c\u00f4ng ty c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh.<\/p>\n

>> B\u1ea1n c\u00f3 bi\u1ebft l\u00e3i vay ch\u00ednh l\u00e0 h\u00ecnh th\u1ee9c s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh. Xem th\u00eam Ph\u00e2n t\u00edch \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh v\u00e0 c\u00e1ch s\u1eed d\u1ee5ng trong ch\u1ee9ng kho\u00e1n<\/a><\/strong><\/p><\/blockquote>\n

1.9 L\u00e3i (L\u1ed7) Trong B\u00e1n T\u00e0i S\u1ea3n<\/h3>\n

N\u00f3 \u0111\u01b0\u1ee3c ghi nh\u1eadn khi c\u00f4ng ty b\u00e1n t\u00e0i s\u1ea3n v\u00e0 nh\u1eadn \u0111\u01b0\u1ee3c l\u1eddi hay l\u1ed7. \u0110\u00e2y l\u00e0 kho\u1ea3n thu nh\u1eadp b\u1ea5t th\u01b0\u1eddng n\u00ean kh\u00f4ng \u0111\u01b0\u1ee3c \u0111\u01b0a v\u00e0o t\u00ednh to\u00e1n thu nh\u1eadp tr\u00ean c\u1ed5 phi\u1ebfu. N\u00f3 c\u0169ng kh\u00f4ng \u0111\u01b0\u1ee3c xem x\u00e9t khi c\u00e2n nh\u1eafc vi\u1ec7c \u0111\u1ea7u t\u01b0.<\/p>\n

1.10 Thu Nh\u1eadp R\u00f2ng<\/h3>\n

\u0110\u00e2y l\u00e0 kho\u1ea3n thu nh\u1eadp c\u00f4ng ty ki\u1ebfm \u0111\u01b0\u1ee3c sau khi tr\u1eeb \u0111i c\u00e1c kho\u1ea3n l\u00e3i vay v\u00e0 thu\u1ebf thu nh\u1eadp.<\/p>\n

1.10.1 Ch\u1ec9 s\u1ed1 l\u1ee3i nhu\u1eadn<\/h4>\n\n\n\n
Bi\u00ean L\u1ee3i Nhu\u1eadn R\u00f2ng = L\u1ee3i Nhu\u1eadn Sau Thu\u1ebf \/ Doanh Thu Thu\u1ea7n<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Vi\u1ec7c c\u00e2n nh\u1eafc c\u1ea3 hai ch\u1ec9 s\u1ed1 bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p v\u00e0 r\u00f2ng, ch\u00fang ta c\u00f3 \u0111\u01b0\u1ee3c c\u00e1i nh\u00ecn to\u00e0n di\u1ec7n v\u1ec1 ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00f4ng ty. N\u1ebfu bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p kh\u00f4ng thay \u0111\u1ed5i trong kho\u1ea3n th\u1eddi gian v\u00e0i n\u0103m, nh\u01b0ng bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng l\u1ea1i s\u1ee5t gi\u1ea3m trong c\u00f9ng th\u1eddi gian \u0111\u00f3. \u0110i\u1ec1u \u0111\u00f3 ch\u1ec9 ra chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng, chi ph\u00ed nghi\u00ean c\u1ee9u ph\u00e1t tri\u1ec3n cao ho\u1eb7c l\u00e0 t\u1ef7 l\u1ec7 thu\u1ebf thu nh\u1eadp cao.<\/p>\n\n\n\n
L\u1ee3i Nhu\u1eadn Tr\u00ean V\u1ed1n (ROE) = L\u1ee3i Nhu\u1eadn Sau Thu\u1ebf \/ V\u1ed1n C\u1ed5 \u0110\u00f4ng (SE)<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

ROE l\u00e0 m\u1ed9t trong nh\u1eefng ch\u1ec9 s\u1ed1 l\u1ee3i nhu\u1eadn. L\u1ee3i nhu\u1eadn sau thu\u1ebf n\u00ean tr\u1eeb \u0111i c\u00e1c kho\u1ea3n c\u1ed5 t\u1ee9c tr\u1ea3 cho c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i n\u1ebfu c\u00f3 khi t\u00ednh ROE. N\u00f3 cho ch\u00fang ta bi\u1ebft \u0111\u01b0\u1ee3c kh\u1ea3 n\u0103ng sinh l\u1eddi tr\u00ean c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a c\u1ed5 \u0111\u00f4ng. Ch\u1ec9 s\u1ed1 cao th\u01b0\u1eddng ph\u1ea3n \u00e1nh c\u00e1c c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 cao v\u00e0 qu\u1ea3n l\u00fd chi phi hi\u1ec7u qu\u1ea3. Tuy nhi\u00ean n\u1ebfu c\u00f4ng ty ch\u1ecdn d\u00f9ng t\u1ef7 l\u1ec7 n\u1ee3 cao theo ti\u00eau chu\u1ea9n ng\u00e0nh. Ch\u1ec9 s\u1ed1 cao \u0111\u01a1n gi\u1ea3n l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a vi\u1ec7c ch\u1ea5p nh\u1eadn nh\u1eefng r\u1ee7i ro t\u00e0i ch\u00ednh cao.<\/p>\n

1.10.2 \u0110i\u1ec3m H\u00f2a V\u1ed1n<\/h4>\n\n\n\n
\u0110i\u1ec3m H\u00f2a V\u1ed1n = Chi Ph\u00ed C\u1ed1 \u0110\u1ecbnh \/ (Gi\u00e1 B\u00e1n tr\u00ean 1 S\u1ea3n Ph\u1ea9m – Chi ph\u00ed tr\u00ean 1 S\u1ea3n Ph\u1ea9m)<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

N\u00f3 c\u0169ng \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh m\u1ee9c gi\u00e1 h\u00f2a v\u1ed1n tr\u00ean c\u00e1c giao d\u1ecbch ch\u1ee9ng kho\u00e1n hay \u0111\u1ea7u t\u01b0.<\/p>\n

N\u00f3 l\u00e0 h\u1ec7 th\u1ed1ng \u0111o l\u01b0\u1eddng \u0111\u1ec3 t\u00ednh to\u00e1n m\u1ee9c \u0111\u1ed9 an to\u00e0n. So s\u00e1nh doanh thu b\u00e1n h\u00e0ng hay s\u1ed1 l\u01b0\u1ee3ng s\u1ea3n ph\u1ea9m b\u00e1n ra \u0111\u1ec3 c\u00f3 th\u1ec3 thu h\u1ed3i l\u1ea1i to\u00e0n b\u1ed9 chi ph\u00ed li\u00ean quan.<\/p>\n

2. B\u1ea3ng C\u00e2n \u0110\u1ed1i K\u1ebf To\u00e1n<\/h2>\n

\u0110\u00e2y l\u00e0 b\u00e1o c\u00e1o v\u1ec1 t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh t\u1ea1i m\u1ed9t th\u1eddi \u0111i\u1ec3m \u0111\u01b0\u1ee3c \u0111\u01b0a ra. Bao g\u1ed3m 3 ph\u1ea7n: t\u00e0i s\u1ea3n, n\u1ee3 ph\u1ea3i tr\u1ea3 v\u00e0 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu. N\u00f3 gi\u00fap \u0111\u00e1nh gi\u00e1 s\u1ef1 v\u1eefng ch\u1eafc v\u1ec1 t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty th\u00f4ng qua vi\u1ec7c \u0111\u00e1nh gi\u00e1 v\u1ec1 r\u1ee7i ro thanh kho\u1ea3n, r\u1ee7i ro t\u00e0i ch\u00ednh, t\u00edn d\u1ee5ng v\u00e0 r\u1ee7i ro trong kinh doanh.<\/p>\n

2.1 T\u00e0i S\u1ea3n<\/h3>\n

N\u00f3 thu\u1ed9c quy\u1ec1n s\u1edf h\u1eefu v\u00e0 ki\u1ec3m so\u00e1t c\u1ee7a c\u00f4ng ty \u0111\u1ec3 \u0111em l\u1ea1i c\u00e1c l\u1ee3i \u00edch kinh t\u1ebf. C\u00f3 nhi\u1ec1u lo\u1ea1i t\u00e0i s\u1ea3n kh\u00e1c nhau, \u0111\u01b0\u1ee3c ph\u00e2n th\u00e0nh t\u00e0i s\u1ea3n ng\u1eafn h\u1ea1n v\u00e0 t\u00e0i s\u1ea3n d\u00e0i h\u1ea1n. T\u00e0i s\u1ea3n ng\u1eafn h\u1ea1n c\u00f3 th\u1ec3 v\u00e0 s\u1ebd \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i th\u00e0nh ti\u1ec1n m\u1eb7t trong kho\u1ea3n th\u1eddi gian ng\u1eafn (th\u01b0\u1eddng l\u00e0 trong v\u00f2ng 1 n\u0103m). \u0110\u1ed1i v\u1edbi t\u00e0i s\u1ea3n d\u00e0i h\u1ea1n s\u1ebd mang l\u1ea1i l\u1ee3i \u00edch kinh t\u1ebf trong d\u00e0i h\u1ea1n. T\u00e0i s\u1ea3n bao g\u1ed3m ti\u1ec1n, c\u00e1c kho\u1ea3n ph\u1ea3i thu, h\u00e0ng t\u1ed3n kho, b\u1ea5t \u0111\u1ed9ng s\u1ea3n, nh\u00e0 m\u00e1y, thi\u1ebft b\u1ecb.<\/p>\n

2.2 T\u00e0i S\u1ea3n Ng\u1eafn H\u1ea1n<\/h3>\n\n\n\n
Ti\u1ec1n -> H\u00e0ng T\u1ed3n Kho -> C\u00e1c Kho\u1ea3n Ph\u1ea3i Thu -> Ti\u1ec1n<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u0110\u00e2y l\u00e0 chu k\u1ef3 c\u1ee7a d\u00f2ng ti\u1ec1n. H\u00e0ng h\u00f3a sau khi \u0111\u01b0\u1ee3c mua s\u1ebd \u0111\u01b0\u1ee3c b\u00e1n cho kh\u00e1ch h\u00e0ng v\u00e0 \u0111\u01b0\u1ee3c ghi nh\u1eadn l\u00e0 c\u00e1c kho\u1ea3n ph\u1ea3i thu. Khi thu ti\u1ec1n kh\u00e1ch h\u00e0ng, c\u00e1c kho\u1ea3n ph\u1ea3i thu s\u1ebd chuy\u1ec3n th\u00e0nh ti\u1ec1n m\u1eb7t. Chu k\u1ef3 l\u1ea1i \u0111\u01b0\u1ee3c l\u1eb7p l\u1ea1i nhi\u1ec1u l\u1ea7n. N\u00f3 m\u00f4 t\u1ea3 c\u00e1ch d\u00f2ng ti\u1ec1n \u0111\u01b0\u1ee3c t\u1ea1o ra<\/p>\n

M\u1ed9t s\u1ed1 l\u01b0\u1ee3ng l\u1edbn ti\u1ec1n m\u1eb7t hay c\u00e1c kho\u1ea3n t\u01b0\u01a1ng \u0111\u01b0\u01a1ng ti\u1ec1n ch\u1ec9 ra 2 \u0111i\u1ec1u:<\/p>\n

    \n
  1. C\u00f4ng ty \u0111ang c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh v\u00e0 t\u1ea1o ra \u0111\u01b0\u1ee3c l\u01b0\u1ee3ng l\u1edbn ti\u1ec1n m\u1eb7t. \u0110\u00f3 l\u00e0 \u0111i\u1ec1u t\u1ed1t<\/li>\n
  2. C\u00f4ng ty ch\u1ec9 v\u1eeba b\u00e1n m\u1ed9t doanh nghi\u1ec7p n\u00e0o \u0111\u00f3 ho\u1eb7c b\u00e1n l\u01b0\u1ee3ng l\u1edbn tr\u00e1i phi\u1ebfu. \u0110\u00e2y l\u00e0 \u0111i\u1ec1u kh\u00f4ng t\u1ed1t<\/li>\n<\/ol>\n

    M\u1ed9t l\u01b0\u1ee3ng th\u1ea5p ti\u1ec1n m\u1eb7t l\u1ea1i cho th\u1ea5y c\u00f4ng ty \u0111ang c\u00f3 kh\u00f3 kh\u0103n v\u1ec1 kinh t\u1ebf<\/p>\n

    \u0110\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00f4ng ty \u0111ang \u1edf trong tr\u01b0\u1eddng h\u1ee3p n\u00e0o, ch\u00fang ta c\u1ea7n ph\u1ea3i tham kh\u1ea3o b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n trong 7 n\u0103m qua. C\u00e1i s\u1ebd ti\u1ebft l\u1ed9 c\u00e1c kho\u1ea3n ti\u1ec1n d\u1ef1 tr\u1eef \u0111\u01b0\u1ee3c t\u1ea1o b\u1edfi vi\u1ec7c b\u00e1n tr\u00e1i phi\u1ebfu, c\u1ed5 phi\u1ebfu, b\u00e1n t\u00e0i s\u1ea3n, ho\u1eb7c m\u1ed9t doanh nghi\u1ec7p hay t\u1eeb c\u00e1c ho\u1ea1t \u0111\u1ed9ng kinh doanh \u0111ang di\u1ec5n ra.<\/p>\n

    C\u00f4ng ty c\u00f3 nhi\u1ec1u ti\u1ec1n m\u1eb7t, v\u00e0 c\u00f3 r\u1ea5t \u00edt hay kh\u00f4ng c\u00f3 kho\u1ea3n n\u1ee3 n\u00e0o ghi nh\u1eadn, kh\u00f4ng c\u00f3 vi\u1ec7c b\u00e1n c\u1ed5 phi\u1ebfu m\u1edbi hay t\u00e0i s\u1ea3n. \u0110\u00e2y ch\u00ednh l\u00e0 c\u01a1 h\u1ed9i t\u1ed1t \u0111\u1ec3 \u0111\u1ea7u t\u01b0. Nh\u01b0ng n\u1ebfu c\u00f4ng ty c\u00f3 nhi\u1ec1u n\u1ee3, v\u00e0 ngay c\u1ea3 l\u01b0\u1ee3ng ti\u1ec1n nhi\u1ec1u th\u00ec c\u0169ng kh\u00f4ng n\u00ean giao d\u1ecbch v\u1edbi doanh nghi\u1ec7p \u0111\u1eb7c bi\u1ec7t n\u00e0y. S\u1ed1 d\u01b0 ti\u1ec1n m\u1eb7t ghi nh\u1eadn c\u00f3 th\u1ec3 \u0111\u1ebfn t\u1eeb c\u00e1c kho\u1ea3n n\u1ee3 vay.<\/p>\n

    2.3 T\u1ec9 S\u1ed1 Thanh Kho\u1ea3n<\/h3>\n

    N\u00f3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 \u0111o l\u01b0\u1eddng kh\u1ea3 n\u0103ng thanh to\u00e1n c\u00e1c kho\u1ea3n n\u1ee3 ng\u1eafn h\u1ea1n<\/p>\n\n\n\n
    T\u1ec9 S\u1ed1 Thanh To\u00e1n N\u1ee3 Ng\u1eafn H\u1ea1n = T\u1ed5ng T\u00e0i S\u1ea3n Ng\u1eafn H\u1ea1n \/ T\u1ed5ng N\u1ee3 Ng\u1eafn H\u1ea1n<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    T\u1ec9 s\u1ed1 c\u00e0ng cao, kh\u1ea3 n\u0103ng thanh to\u00e1n c\u00e0ng l\u1edbn. N\u1ebfu c\u00f4ng ty c\u00f3 t\u1ec9 s\u1ed1 nh\u1ecf h\u01a1n 1, \u0111i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 c\u00f4ng ty c\u00f3 \u00edt t\u00e0i s\u1ea3n ng\u1eafn h\u1ea1n h\u01a1n c\u00e1c kho\u1ea3n n\u1ee3 ng\u1eafn h\u1ea1n. \u0110\u1ea5y l\u00e0 d\u1ea5u hi\u1ec7u r\u1ee7i ro t\u00e0i ch\u00ednh. B\u1edfi v\u00ec n\u00f3 kh\u00f4ng c\u00f3 kh\u1ea3 n\u0103ng thanh to\u00e1n c\u00e1c kho\u1ea3n n\u1ee3 \u0111\u1ebfn h\u1ea1n. Tuy nhi\u00ean t\u00ed s\u1ed1 n\u00e0y c\u0169ng l\u00e0 m\u1ed9t \u0111o l\u01b0\u1eddng thi\u1ebfu s\u00f3t. B\u1edfi v\u00ec n\u00f3 \u0111\u00e3 b\u1ecf qua t\u00ednh thanh kho\u1ea3n c\u1ee7a c\u00e1c y\u1ebfu t\u1ed1 ri\u00eang bi\u1ec7t trong t\u1ed5ng t\u00e0i s\u1ea3n ng\u1eafn h\u1ea1n. C\u00f4ng ty c\u00f3 t\u00e0i s\u1ea3n hi\u1ec7n t\u1ea1i ch\u1ee7 y\u1ebfu l\u00e0 ti\u1ec1n m\u1eb7t v\u00e0 c\u00e1c kho\u1ea3n ph\u1ea3i thu kh\u00f4ng qu\u00e1 h\u1ea1n th\u01b0\u1eddng \u0111\u01b0\u1ee3c xem c\u00f3 t\u00ednh thanh kho\u1ea3n t\u1ed1t h\u01a1n c\u00f4ng ty khi t\u00e0i s\u1ea3n hi\u1ec7n t\u1ea1i ch\u1ee7 y\u1ebfu l\u00e0 h\u00e0ng t\u1ed3n kho.<\/p>\n\n\n\n
    T\u1ec9 S\u1ed1 Thanh To\u00e1n Nhanh = (T\u1ed5ng T\u00e0i S\u1ea3n Ng\u1eafn H\u1ea1n – H\u00e0ng T\u1ed3n Kho) \/ T\u1ed5ng N\u1ee3 Ng\u1eafn H\u1ea1n<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    \u0110\u00e2y l\u00e0 ph\u01b0\u01a1ng ph\u00e1p \u0111o l\u01b0\u1eddng t\u00ednh thanh kho\u1ea3n th\u1eadn tr\u1ecdng h\u01a1n so v\u1edbi t\u1ec9 s\u1ed1 thanh to\u00e1n n\u1ee3 ng\u1eafn h\u1ea1n \u1edf tr\u00ean. T\u1ec9 s\u1ed1 n\u00e0y \u0111\u00f3ng vai tr\u00f2 b\u1ed5 sung cho t\u1ec9 s\u1ed1 thanh to\u00e1n ng\u1eafn h\u1ea1n trong vi\u1ec7c ph\u00e2n t\u00edch thanh kho\u1ea3n. H\u00e0ng t\u1ed3n kho \u0111\u01b0\u1ee3c tr\u1eeb \u0111i trong t\u1ed5ng t\u00e0i s\u1ea3n ng\u1eafn h\u1ea1n. N\u00f3 ch\u1ec9 t\u1eadp trung ch\u1ee7 y\u1ebfu v\u00e0o t\u00ednh thanh kho\u1ea3n cao c\u1ee7a c\u00e1c t\u00e0i s\u1ea3n ng\u1eafn h\u1ea1n nh\u01b0 ti\u1ec1n m\u1eb7t, ch\u1ee9ng kho\u00e1n ng\u1eafn h\u1ea1n v\u00e0 c\u00e1c ph\u1ea3i thu.<\/p>\n

    2.4 H\u00e0ng T\u1ed3n Kho<\/h3>\n

    2.4.1 C\u00f4ng th\u1ee9c t\u00ednh h\u00e0ng t\u1ed3n kho<\/strong><\/h4>\n

    \u0110\u00e2y l\u00e0 c\u00e1c s\u1ea3n ph\u1ea9m c\u1ee7a c\u00f4ng ty \u0111\u01b0\u1ee3c l\u01b0u kho \u0111\u1ec3 b\u00e1n cho kh\u00e1ch h\u00e0ng. Ch\u00fang ta t\u00ednh v\u00f2ng quay h\u00e0ng t\u1ed3n kho \u0111\u1ec3 xem x\u00e9t c\u00f4ng ty \u0111\u00e3 qu\u1ea3n l\u00fd kho th\u1ebf n\u00e0o<\/p>\n\n\n\n
    S\u1ed1 V\u00f2ng Quay H\u00e0ng T\u1ed3n Kho = Gi\u00e1 V\u1ed1n H\u00e0ng B\u00e1n \/ B\u00ecnh Qu\u00e2n H\u00e0ng T\u1ed3n Kho<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
    B\u00ecnh Qu\u00e2n H\u00e0ng T\u1ed3n Kho = (H\u00e0ng T\u1ed3n Kho \u0110\u1ea7u K\u1ef3 + H\u00e0ng T\u1ed3n Kho Cu\u1ed1i K\u1ef3) \/ 2<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    N\u00f3 cho ch\u00fang ta bi\u1ebft s\u1ed1 l\u1ea7n h\u00e0ng t\u1ed3n kho \u0111\u01b0\u1ee3c chuy\u1ec3n th\u00e0nh c\u00e1c kho\u1ea3n ph\u1ea3i thu th\u00f4ng qua vi\u1ec7c b\u00e1n h\u00e0ng trong n\u0103m. T\u00ed s\u1ed1 n\u00e0y c\u0169ng gi\u1ed1ng nh\u01b0 c\u00e1c t\u1ec9 s\u1ed1 kh\u00e1c. N\u00f3 c\u1ea7n ph\u1ea3i \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 trong qu\u00e1 kh\u1ee9 v\u00e0 t\u01b0\u01a1ng lai. \u0110\u00e1nh gi\u00e1 trong c\u00e1c c\u00f4ng ty t\u01b0\u01a1ng t\u1ef1, ch\u1ec9 s\u1ed1 trung b\u00ecnh c\u00f4ng nghi\u1ec7p ho\u1eb7c c\u1ea3 hai.<\/p>\n

    Ch\u1ec9 s\u1ed1 cao h\u00e0m \u1ea9n vi\u1ec7c qu\u1ea3n l\u00fd h\u00e0ng t\u1ed3n kho hi\u1ec7u qu\u1ea3 h\u01a1n v\u00e0 lu\u00e2n chuy\u1ec3n t\u1ed1t h\u01a1n. Tuy nhi\u00ean, trong v\u00e0i tr\u01b0\u1eddng h\u1ee3p ch\u1ec9 s\u1ed1 cao l\u1ea1i ch\u1ec9 ra nh\u1eefng kh\u00f3 kh\u0103n \u0111ang duy tr\u00ec. Do \u0111\u00f3 n\u00f3 c\u00f3 th\u1ec3 l\u00e0 d\u1ea5u hi\u1ec7u c\u1ee7a vi\u1ec7c duy tr\u00ec m\u1ee9c t\u1ed3n kho qu\u00e1 th\u1ea5p, d\u1eabn \u0111\u1ebfn thi\u1ebfu h\u1ee5t h\u00e0ng t\u1ed3n kho th\u01b0\u1eddng xuy\u00ean. Ch\u1ec9 s\u1ed1 th\u1ea5p th\u01b0\u1eddng l\u00e0 d\u1ea5u hi\u1ec7u d\u01b0 th\u1eeba, h\u00e0ng di chuy\u1ec3n ch\u1eadm hay m\u1eb7t h\u00e0ng c\u0169 l\u1ed7i th\u1eddi trong kho. C\u00e1c c\u00f4ng ty s\u1ea3n xu\u1ea5t c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh \u1ed5n \u0111\u1ecbnh th\u01b0\u1eddng kh\u00f4ng c\u00f3 c\u00e1c m\u1eb7t h\u00e0ng qu\u00e1 h\u1ea1n, c\u00e1i y\u00eau c\u1ea7u ph\u1ea3i h\u1ee7y b\u1ecf g\u00e2y \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn thu nh\u1eadp.<\/p>\n

    2.4.2 Th\u1eddi Gian T\u1ed3n Kho B\u00ecnh Qu\u00e2n (ITD)<\/h4>\n

    M\u1ed9t c\u00f4ng c\u1ee5 \u0111o l\u01b0\u1eddng kh\u00e1c c\u1ee7a h\u00e0ng t\u1ed3n kho l\u00e0 th\u1eddi gian t\u1ed3n kho b\u00ecnh qu\u00e2n (ITD)<\/p>\n\n\n\n
    ITD = 365 \/ S\u1ed1 V\u00f2ng Quay H\u00e0ng T\u1ed3n Kho<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    ho\u1eb7c t\u01b0\u01a1ng \u0111\u01b0\u01a1ng<\/p>\n\n\n\n
    =(H\u00e0ng T\u1ed3n Kho x 365) \/ Gi\u00e1 V\u1ed1n H\u00e0ng B\u00e1n<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    N\u00f3 cho ta bi\u1ebft trung b\u00ecnh bao nhi\u00eau ng\u00e0y tr\u01b0\u1edbc khi h\u00e0ng t\u1ed3n kho chuy\u1ec3n th\u00e0nh c\u00e1c kho\u1ea3n ph\u1ea3i thu qua th\u00f4ng qua b\u00e1n h\u00e0ng.<\/p>\n

    2.5 C\u00e1c Kho\u1ea3n Ph\u1ea3i Thu<\/h3>\n

    C\u00e1c kho\u1ea3n ph\u1ea3i thu \u0111\u01b0\u1ee3c ghi nh\u1eadn khi c\u00f4ng ty b\u00e1n s\u1ea3n ph\u1ea9m hay d\u1ecbch v\u1ee5 \u0111\u1ebfn kh\u00e1ch h\u00e0ng d\u01b0\u1edbi h\u00ecnh th\u1ee9c t\u00edn d\u1ee5ng. N\u00f3 \u0111\u01b0\u1ee3c hi\u1ec3u l\u00e0 kho\u1ea3n n\u1ee3 c\u1ee7a kh\u00e1ch h\u00e0ng trong kho\u1ea3n th\u1eddi gian ng\u1eafn. S\u1ebd xu\u1ea5t hi\u1ec7n nh\u1eefng kho\u1ea3n n\u1ee3 x\u1ea5u do kh\u00e1ch h\u00e0ng kh\u00f4ng thanh to\u00e1n. Kho\u1ea3n ph\u1ea3i thu r\u00f2ng l\u00e0 c\u00e1c kho\u1ea3n ph\u1ea3i thu tr\u1eeb \u0111i n\u1ee3 x\u1ea5u.<\/p>\n

    M\u1ed9t v\u00e0i c\u00f4ng ty \u0111\u01b0a ra c\u00e1c \u0111i\u1ec1u kho\u1ea3n thanh to\u00e1n t\u1ed1t h\u01a1n cho kh\u00e1ch h\u00e0ng \u0111\u1ec3 c\u1ed1 g\u1eafng \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i th\u1ebf trong c\u00e1c ng\u00e0nh kinh doanh c\u1ea1nh tranh. \u0110i\u1ec1u n\u00e0y d\u1eabn \u0111\u1ebfn doanh thu b\u00e1n h\u00e0ng t\u0103ng v\u00e0 c\u00e1c kho\u1ea3n ph\u1ea3i thu c\u0169ng t\u0103ng theo. N\u1ebfu c\u00f4ng ty c\u00f3 t\u1ec9 l\u1ec7 kho\u1ea3n ph\u1ea3i thu r\u00f2ng tr\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p th\u1ea5p h\u01a1n so v\u1edbi \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh, h\u1ecd \u0111ang c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh m\u00e0 \u0111\u1ed1i th\u1ee7 kh\u00f4ng c\u00f3.<\/p>\n

    C\u00e1c kho\u1ea3n ph\u1ea3i thu \u0111o l\u01b0\u1eddng kh\u1ea3 n\u0103ng thanh kho\u1ea3n hay kh\u1ea3 n\u0103ng chi tr\u1ea3 c\u00e1c kho\u1ea3n n\u1ee3 ng\u1eafn h\u1ea1n m\u00e0 kh\u00f4ng c\u1ea7n t\u0103ng th\u00eam d\u00f2ng ti\u1ec1n.<\/p>\n

    Ch\u1ec9 S\u1ed1 V\u00f2ng Quay Kho\u1ea3n Ph\u1ea3i Thu<\/h4>\n\n\n\n
    Ch\u1ec9 S\u1ed1 V\u00f2ng Quay Kho\u1ea3n Ph\u1ea3i Thu = T\u1ed5ng Doanh Thu B\u00e1n Ch\u1ecbu Trong N\u0103m \/ B\u00ecnh Qu\u00e2n Kho\u1ea3n Ph\u1ea3i Thu<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
    B\u00ecnh Qu\u00e2n C\u00e1c Kho\u1ea3n Ph\u1ea3i Thu = (Kho\u1ea3n Ph\u1ea3i Thu \u0110\u1ea7u K\u1ef3 + Kho\u1ea3n Ph\u1ea3i Thu Cu\u1ed1i K\u1ef3) \/ 2<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    Ch\u1ec9 s\u1ed1 n\u00f3i l\u00ean s\u1ed1 l\u1ea7n kho\u1ea3n ph\u1ea3i thu chuy\u1ec3n th\u00e0nh ti\u1ec1n m\u1eb7t trong n\u0103m. Ch\u1ec9 s\u1ed1 cao cho th\u1ea5y c\u00f4ng ty thu h\u1ed3i hi\u1ec7u qu\u1ea3 c\u00e1c kho\u1ea3n b\u00e1n ch\u1ecbu. C\u00f4ng ty c\u00f3 t\u1ec9 l\u1ec7 cao kh\u00e1ch h\u00e0ng t\u1ed1t s\u1ebd thanh to\u00e1n n\u1ee3 nhanh ch\u00f3ng. Ng\u01b0\u1ee3c l\u1ea1i, ch\u1ec9 s\u1ed1 th\u1ea5p l\u00e0 do c\u00f4ng ty c\u00f3 quy tr\u00ecnh thu h\u1ed3i n\u1ee3 k\u00e9m. Vi\u1ec7c so s\u00e1nh ch\u1ec9 s\u1ed1 gi\u1eefa c\u00e1c c\u00f4ng ty trong c\u00f9ng ng\u00e0nh ngh\u1ec1 kinh doanh l\u00e0 r\u1ea5t quan tr\u1ecdng. N\u00f3 gi\u00fap nh\u1eadn bi\u1ebft \u0111\u01b0\u1ee3c t\u1ec9 s\u1ed1 b\u00ecnh th\u01b0\u1eddng l\u00e0 bao nhi\u00eau. N\u1ebfu m\u1ed9t c\u00f4ng ty c\u00f3 ch\u1ec9 s\u1ed1 cao h\u01a1n, \u0111\u00f3 l\u00e0 n\u01a1i an to\u00e0n \u0111\u1ec3 \u0111\u1ea7u t\u01b0.<\/p>\n

    2.6 B\u1ea5t \u0110\u1ed9ng S\u1ea3n, Nh\u00e0 M\u00e1y v\u00e0 Thi\u1ebft B\u1ecb<\/h3>\n

    N\u00f3 c\u0169ng \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh. PP&E l\u00e0 nh\u1eefng t\u00e0i s\u1ea3n d\u00e0i h\u1ea1n c\u00f3 gi\u00e1 tr\u1ecb s\u1eed d\u1ee5ng tr\u00ean 1 n\u0103m. N\u00f3 kh\u00f4ng d\u1ec5 d\u00e0ng chuy\u1ec3n \u0111\u1ed5i th\u00e0nh ti\u1ec1n m\u1eb7t.<\/p>\n

    M\u1ed9t c\u00f4ng ty \u0111\u1ea7u t\u01b0 v\u00e0o t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh c\u0169ng l\u00e0 m\u1ed9t d\u1ea5u hi\u1ec7u t\u1ed1t cho nh\u00e0 \u0111\u1ea7u t\u01b0. C\u00e1c nh\u00e0 qu\u1ea3n l\u00fd c\u00f3 ni\u1ec1m tin v\u00e0o tri\u1ec3n v\u1ecdng d\u00e0i h\u1ea1n khi h\u1ecd hy v\u1ecdng t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh s\u1ebd t\u1ea1o ra l\u1ee3i \u00edch kinh t\u1ebf . N\u00f3 g\u00f3p ph\u1ea7n t\u0103ng doanh thu trong nhi\u1ec1u n\u0103m. \u0110\u1ea7u t\u01b0 v\u00e0o t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh c\u0169ng \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 kho\u1ea3n \u0111\u1ea7u t\u01b0 v\u1ed1n. Nh\u01b0ng n\u1ebfu n\u00f3 \u0111\u01b0\u1ee3c b\u00e1n \u0111\u1ec3 t\u0103ng v\u1ed1n cho ho\u1ea1t \u0111\u1ed9ng kinh doanh. \u0110\u00f3 l\u1ea1i l\u00e0 t\u00edn hi\u1ec7u x\u1ea5u v\u1ec1 t\u00e0i ch\u00ednh.<\/p>\n

    M\u1ed9t c\u00f4ng ty c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh l\u00e2u d\u00e0i. H\u1ecd s\u1ebd c\u00f3 kh\u1ea3 n\u0103ng t\u1ef1 mua b\u1ea5t k\u1ef3 t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh m\u1edbi n\u00e0o m\u00e0 kh\u00f4ng c\u1ea7n vay ng\u00e2n h\u00e0ng. H\u1ecd c\u0169ng kh\u00f4ng c\u1ea7n ph\u1ea3i li\u00ean t\u1ee5c n\u00e2ng c\u1ea5p t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh \u0111\u1ec3 c\u1ea1nh tranh h\u01a1n khi n\u00f3 \u0111\u00e3 c\u0169. Nh\u01b0ng m\u1ed9t c\u00f4ng ty kh\u00f4ng c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh bu\u1ed9c ph\u1ea3i vay n\u1ee3 \u0111\u1ec3 n\u00e2ng c\u1ea5p m\u00e1y m\u00f3c li\u00ean t\u1ee5c, theo k\u1ecbp \u0111\u1ed1i th\u1ee7.<\/p>\n

    Th\u00eam v\u00e0o \u0111\u00f3, vi\u1ec7c s\u1ea3n xu\u1ea5t m\u1ed9t s\u1ea3n ph\u1ea9m ph\u00f9 h\u1ee3p kh\u00f4ng c\u1ea7n ph\u1ea3i thay \u0111\u1ed5i nhi\u1ec1u c\u00e2n b\u1eb1ng v\u1edbi l\u1ee3i nhu\u1eadn \u1ed5n \u0111\u1ecbnh. V\u00ec th\u1ebf h\u1ecd c\u0169ng kh\u00f4ng c\u1ea7n ph\u1ea3i chi qu\u00e1 nhi\u1ec1u ti\u1ec1n \u0111\u1ec3 n\u00e2ng c\u1ea5p m\u00e1y m\u00f3c thi\u1ebft b\u1ecb.<\/p>\n

    2.7 \u0110\u1ea7u T\u01b0 D\u00e0i H\u1ea1n<\/h3>\n

    N\u00f3 l\u00e0 c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a c\u00f4ng ty, bao g\u1ed3m c\u1ed1 phi\u1ebfu, tr\u00e1i phi\u1ebfu, b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u00e0 ti\u1ec1n m\u1eb7t. N\u00f3 cho ta bi\u1ebft v\u1ec1 t\u01b0 duy \u0111\u1ea7u t\u01b0 c\u1ee7a c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd c\u1ea5p cao. H\u1ecd c\u00f3 \u0111ang \u0111\u1ea7u t\u01b0 v\u00e0o nh\u1eefng ng\u00e0nh kinh doanh c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh b\u1ec1n v\u1eefng hay kh\u00f4ng? Hay h\u1ecd \u0111ang \u0111\u1ea7u t\u01b0 kinh doanh trong th\u1ecb tr\u01b0\u1eddng c\u1ea1nh tranh kh\u1ed1c li\u1ec7t.<\/p>\n

    2.8 N\u1ee3 Ng\u1eafn H\u1ea1n<\/h3>\n

    \u0110\u00e2y l\u00e0 ngh\u0129a v\u1ee5 ph\u1ea3i tr\u1ea3 cho c\u00e1c kho\u1ea3n n\u1ee3 \u0111\u00e1o h\u1ea1n trong m\u1ed9t n\u0103m. N\u00f3 bao g\u1ed3m c\u00e1c kho\u1ea3n ph\u1ea3i tr\u1ea3, chi ph\u00ed \u01b0\u1edbc t\u00ednh, n\u1ee3 ng\u1eafn h\u1ea1n v\u00e0 c\u00e1c kho\u1ea3n n\u1ee3 kh\u00e1c<\/p>\n

    2.9 C\u00e1c Kho\u1ea3n Ph\u1ea3i Tr\u1ea3<\/h3>\n

    Tr\u00e1i ng\u01b0\u1ee3c v\u1edbi c\u00e1c kho\u1ea3n ph\u1ea3i thu. \u0110\u00e2y l\u00e0 kho\u1ea3n ti\u1ec1n n\u1ee3 ph\u1ea3i tr\u1ea3 c\u00e1c nh\u00e0 cung c\u1ea5p h\u00e0ng h\u00f3a v\u00e0 d\u1ecbch v\u1ee5 cho c\u00e1c kho\u1ea3n mua ch\u1ecbu. Kho\u1ea3n ph\u1ea3i tr\u1ea3 th\u01b0\u1eddng l\u00e0 m\u1ed9t trong nh\u1eefng t\u00e0i kho\u1ea3n n\u1ee3 ng\u1eafn h\u1ea1n c\u00f3 s\u1ed1 d\u01b0 l\u1edbn nh\u1ea5t trong b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n. C\u00f4ng ty c\u1ed1 g\u1eafng ki\u1ec3m so\u00e1t d\u00f2ng ti\u1ec1n b\u1eb1ng c\u00e1ch kh\u1edbp ng\u00e0y thanh to\u00e1n. Ngh\u0129a l\u00e0 h\u1ecd s\u1ebd thu ti\u1ec1n t\u1eeb c\u00e1c kho\u1ea3n ph\u1ea3i thu tr\u01b0\u1edbc khi thanh to\u00e1n cho nh\u00e0 cung c\u1ea5p.<\/p>\n

    T\u1ec9 s\u1ed1 gi\u1eefa t\u00e0i s\u1ea3n ng\u1eafn h\u1ea1n tr\u00ean n\u1ee3 ng\u1eafn h\u1ea1n gi\u00fap x\u00e1c \u0111\u1ecbnh xem c\u00f4ng ty c\u00f2n ti\u1ebfp t\u1ee5c c\u00f3 kh\u1ea3 n\u0103ng thanh to\u00e1n n\u1ee3 khi \u0111\u1ebfn h\u1ea1n. C\u00e1c nh\u00e0 ph\u00e2n t\u00edch hay ng\u01b0\u1eddi cho vay th\u01b0\u1eddng s\u1eed d\u1ee5ng ch\u1ec9 s\u1ed1 thanh to\u00e1n n\u1ee3 ng\u1eafn h\u1ea1n \u0111\u1ec3 \u0111o l\u01b0\u1eddng kh\u1ea3 n\u0103ng thanh to\u00e1n c\u00e1c kho\u1ea3n n\u1ee3 hay ngh\u0129a v\u1ee5 t\u00e0i ch\u00ednh ng\u1eafn h\u1ea1n.<\/p>\n

    2.10 N\u1ee3 Ng\u1eafn H\u1ea1n<\/h3>\n

    L\u00e0 c\u00e1c kho\u1ea3n vay ng\u00e2n h\u00e0ng ho\u1eb7c th\u01b0\u01a1ng phi\u1ebfu ph\u00e1t h\u00e0nh \u0111\u1ec3 v\u1eadn h\u00e0nh kinh doanh. Vay ng\u00e2n h\u00e0ng ng\u1eafn h\u1ea1n v\u00e0 cho vay l\u1ea1i d\u01b0\u1edbi h\u00ecnh th\u1ee9c d\u00e0i h\u1ea1n c\u0169ng c\u00f3 th\u1ec3 ki\u1ebfm \u0111\u01b0\u1ee3c ti\u1ec1n. Tuy nhi\u00ean ch\u00fang ta c\u0169ng s\u1ebd ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi c\u00e1c v\u1ea5n \u0111\u1ec1 t\u00e0i ch\u00ednh n\u1ebfu l\u00e3i su\u1ea5t vay ng\u1eafn h\u1ea1n v\u01b0\u1ee3t qua l\u00e3i su\u1ea5t cho vay. Th\u00eam v\u00e0o \u0111\u00f3, khi ch\u00fang ta cho vay h\u1ebft ti\u1ec1n trong d\u00e0i h\u1ea1n. Sau \u0111\u00f3 ch\u1ee7 n\u1ee3 quy\u1ebft \u0111\u1ecbnh kh\u00f4ng cho vay th\u00eam b\u1ea5t k\u1ef3 kho\u1ea3n ng\u1eafn h\u1ea1n n\u00e0o n\u1eefa. N\u00f3 s\u1ebd d\u1eabn \u0111\u1ebfn kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh trong d\u00e0i h\u1ea1n. Ta ph\u1ea3i thanh to\u00e1n l\u1ea1i c\u00e1c kho\u1ea3n \u0111\u00e3 vay trong ng\u1eafn h\u1ea1n v\u00e0 cho vay d\u00e0i h\u1ea1n. C\u00e1ch th\u00f4ng minh nh\u1ea5t v\u00e0 an to\u00e0n nh\u1ea5t l\u00e0 vay d\u00e0i h\u1ea1n v\u00e0 cho vay d\u00e0i h\u1ea1n.<\/p>\n

    2.11 N\u1ee3 D\u00e0i H\u1ea1n \u0110\u1ebfn H\u1ea1n Thanh To\u00e1n<\/h3>\n

    C\u00e1c kho\u1ea3n ph\u1ea3i thanh to\u00e1n trong n\u0103m \u0111\u01b0\u1ee3c ghi nh\u1eadn l\u00e0 c\u00e1c kho\u1ea3n n\u1ee3 ng\u1eafn h\u1ea1n tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n. N\u1ebfu c\u00f3 qu\u00e1 nhi\u1ec1u n\u1ee3 \u0111\u1ebfn h\u1ea1n ph\u1ea3i thanh to\u00e1n trong n\u0103m s\u1ebd d\u1eabn \u0111\u1ebfn v\u1ea5n \u0111\u1ec1 v\u1ec1 d\u00f2ng ti\u1ec1n. Kho\u1ea3n \u0111\u1ea7u t\u01b0 xem nh\u01b0 ch\u1ebft. V\u00ec th\u1ebf ch\u00fang ta kh\u00f4ng n\u00ean giao d\u1ecbch v\u1edbi c\u00e1c c\u00f4ng ty c\u00f3 nhi\u1ec1u n\u1ee3 \u0111\u1ebfn h\u1ea1n thanh to\u00e1n.<\/p>\n

    2.12 N\u1ee3 D\u00e0i H\u1ea1n<\/h3>\n

    Ng\u01b0\u1ee3c l\u1ea1i v\u1edbi n\u1ee3 ng\u1eafn h\u1ea1n, \u0111\u00e2y l\u00e0 kho\u1ea3n n\u1ee3 kh\u00f4ng c\u1ea7n ph\u1ea3i thanh to\u00e1n trong n\u0103m ho\u1eb7c trong k\u1ef3 k\u1ebf to\u00e1n. C\u00f4ng ty c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh l\u00e2u d\u00e0i s\u1ebd c\u00f3 s\u1ed1 d\u01b0 n\u1ee3 d\u00e0i h\u1ea1n th\u1ea5p ho\u1eb7c kh\u00f4ng c\u00f3 tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n. B\u1edfi v\u00ec h\u1ecd l\u00e0 nh\u1eefng c\u00f4ng ty c\u00f3 l\u1ee3i nhu\u1eadn cao n\u00ean h\u1ecd t\u1ef1 c\u1ea5p v\u1ed1n khi c\u1ea7n m\u1edf r\u1ed9ng c\u00e1c ho\u1ea1t \u0111\u1ed9ng kinh doanh. V\u00ec v\u1eady h\u1ecd kh\u00f4ng c\u1ea7n ph\u1ea3i \u0111i vay m\u1ed9t kho\u1ea3n ti\u1ec1n l\u1edbn.<\/p>\n

    2.13 Ch\u1ec9 S\u1ed1 \u0110\u00f2n B\u1ea9y T\u00e0i Ch\u00ednh<\/h3>\n

    N\u00f3 l\u00e0 c\u00f4ng c\u1ee5 \u0111o l\u01b0\u1eddng t\u00e0i ch\u00ednh. N\u00f3 gi\u00fap xem x\u00e9t ngu\u1ed3n v\u1ed1n \u0111\u1ebfn t\u1eeb c\u00e1c kho\u1ea3n n\u1ee3 l\u00e0 bao nhi\u00eau ho\u1eb7c \u0111\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng m\u1ed9t c\u00f4ng ty \u0111\u00e1p \u1ee9ng c\u00e1c kho\u1ea3n n\u1ee3 t\u00e0i ch\u00ednh.<\/p>\n\n\n\n
    Ch\u1ec9 S\u1ed1 \u0110\u00f2n B\u1ea9y T\u00e0i Ch\u00ednh = T\u1ed5ng N\u1ee3 \/ V\u1ed1n Ch\u1ee7 S\u1edf H\u1eefu<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    N\u00f3 tr\u00ecnh b\u00e0y t\u1ec9 l\u1ec7 ph\u1ea7n tr\u0103m c\u1ee7a ngu\u1ed3n t\u00e0i ch\u00ednh \u0111\u1ebfn t\u1eeb ch\u1ee7 n\u1ee3 hay c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0. Ch\u1ec9 s\u1ed1 gi\u00fap ta x\u00e1c \u0111\u1ecbnh \u0111\u01b0\u1ee3c m\u1ed9t c\u00f4ng ty c\u00f3 \u0111ang s\u1eed d\u1ee5ng n\u1ee3 \u0111\u1ec3 cung c\u1ea5p t\u00e0i ch\u00ednh cho ho\u1ea1t \u0111\u1ed9ng kinh doanh hay v\u1ed1n s\u1edf h\u1eefu (bao g\u1ed3m c\u1ea3 l\u1ee3i nhu\u1eadn gi\u1eef l\u1ea1i). C\u00f4ng ty c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh b\u1ec1n v\u1eefng, s\u1eed d\u1ee5ng kh\u1ea3 n\u0103ng ki\u1ebfm ti\u1ec1n \u0111\u1ec3 cung c\u1ea5p t\u00e0i ch\u00ednh cho ho\u1ea1t \u0111\u1ed9ng kinh doanh. Ch\u1ec9 s\u1ed1 n\u1ee3 tr\u00ean v\u1ed1n s\u1edf h\u1eefu s\u1ebd th\u1ea5p h\u01a1n 1. Ng\u01b0\u1ee3c l\u1ea1i ch\u1ec9 s\u1ed1 cao h\u01a1n s\u1ebd l\u00e0 nhi\u1ec1u r\u1ee7i ro cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n

    2.13.1 V\u1ea5n \u0111\u1ec1 khi s\u1eed d\u1ee5ng<\/h4>\n

    Tuy nhi\u00ean c\u0169ng c\u00f3 v\u1ea5n \u0111\u1ec1 khi s\u1eed d\u1ee5ng ch\u1ec9 s\u1ed1 \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh. C\u00f4ng ty c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh, h\u1ecd s\u1ebd th\u01b0\u1eddng d\u00f9ng l\u1ee3i nhu\u1eadn gi\u1eef l\u1ea1i \u0111\u1ec3 mua l\u1ea1i c\u1ed5 phi\u1ebfu. \u0110i\u1ec1u n\u00e0y d\u1eabn \u0111\u1ebfn v\u1ed1n s\u1edf h\u1eefu gi\u1ea3m xu\u1ed1ng. \u0110\u1ed3ng ngh\u0129a ch\u1ec9 s\u1ed1 n\u1ee3 tr\u00ean v\u1ed1n s\u1edf h\u1eefu s\u1ebd t\u0103ng l\u00ean. Trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, ch\u00fang ta n\u00ean c\u1ed9ng th\u00eam c\u1ed5 phi\u1ebfu qu\u1ef9 (c\u1ed1 phi\u1ebfu \u0111\u01b0\u1ee3c mua l\u1ea1i) v\u00e0o v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu khi t\u00ednh to\u00e1n ch\u1ec9 s\u1ed1 \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh. Th\u00eam v\u00e0o \u0111\u00f3, ph\u1ee5 thu\u1ed9c v\u00e0o m\u1ee5c \u0111\u00edch s\u1eed d\u1ee5ng, c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111\u01b0\u1ee3c t\u00ednh trong t\u1ed5ng n\u1ee3 h\u01a1n l\u00e0 trong v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu khi ch\u1ec9 s\u1ed1 \u0111\u00f2n b\u1ea9y \u0111\u01b0\u1ee3c t\u00ednh.<\/p>\n

    N\u1ec1n kinh doanh kh\u00e1c nhau s\u1ebd c\u00f3 ch\u1ec9 s\u1ed1 kh\u00e1c nhau. S\u1ef1 so s\u00e1nh ch\u1ec9 s\u1ed1 n\u1ee3 tr\u00ean v\u1ed1n cho c\u00e1c c\u00f4ng ty c\u00f9ng chung l\u0129nh v\u1ef1c kinh doanh s\u1ebd cho ch\u00fang ta c\u00e1i nh\u00ecn t\u1ed5ng qu\u00e1t v\u1ec1 kh\u1ea3 n\u0103ng thanh to\u00e1n v\u00e0 r\u1ee7i ro t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty.<\/p>\n

    2.13.2 Ch\u1ec9 S\u1ed1 N\u1ee3 Tr\u00ean T\u1ed5ng T\u00e0i S\u1ea3n<\/h4>\n\n\n\n
    Ch\u1ec9 S\u1ed1 N\u1ee3 Tr\u00ean T\u1ed5ng T\u00e0i S\u1ea3n = T\u1ed5ng N\u1ee3 \/ T\u1ed5ng T\u00e0i S\u1ea3n<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    \u0110\u00e2y c\u0169ng l\u00e0 m\u1ed9t trong nh\u1eefng ch\u1ec9 s\u1ed1 \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh. N\u00f3 nh\u1ea5n m\u1ea1nh t\u1ea7m quan tr\u1ecdng c\u1ee7a c\u00e1c kho\u1ea3n n\u1ee3. M\u1ed9t t\u1ec9 l\u1ec7 cao n\u1ee3 tr\u00ean t\u00e0i s\u1ea3n s\u1ebd l\u00e0 m\u1ed9t r\u1ee7i ro t\u00e0i ch\u00ednh cao. Ch\u1ec9 s\u1ed1 th\u1ea5p h\u01a1n, r\u1ee7i ro t\u00e0i ch\u00ednh th\u1ea5p h\u01a1n.<\/p>\n

    2.14 V\u1ed1n Ch\u1ee7 S\u1edf H\u1eefu<\/h3>\n\n\n\n
    V\u1ed1n Ch\u1ee7 S\u1edf H\u1eefu = T\u1ed5ng T\u00e0i S\u1ea3n – T\u1ed5ng N\u1ee3<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    N\u00f3 tr\u00ecnh b\u00e0y kho\u1ea3n ti\u1ec1n s\u1ebd \u0111\u01b0\u1ee3c tr\u1ea3 v\u1ec1 cho c\u00e1c c\u1ed5 \u0111\u00f4ng khi c\u00e1c t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c thanh l\u00fd v\u00e0 c\u00e1c kho\u1ea3n n\u1ee3 \u0111\u00e3 \u0111\u01b0\u1ee3c tr\u1ea3. V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u0169ng \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n d\u01b0\u1edbi h\u00ecnh th\u1ee9c ngu\u1ed3n v\u1ed1n c\u00f4ng ty v\u00e0 kho\u1ea3n l\u1ee3i nhu\u1eadn gi\u1eef l\u1ea1i tr\u1eeb \u0111i gi\u00e1 tr\u1ecb c\u1ee7a c\u1ed1 phi\u1ebfu qu\u1ef9.<\/p>\n

    V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u00f3 th\u1ec3 l\u00e0 s\u1ed1 \u00e2m hay d\u01b0\u01a1ng. N\u1ebfu l\u00e0 s\u1ed1 d\u01b0\u01a1ng, c\u00f4ng ty c\u00f3 \u0111\u1ee7 t\u00e0i s\u1ea3n \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o c\u00e1c kho\u1ea3n n\u1ee3. Khi n\u00f3 l\u00e0 s\u1ed1 \u00e2m. C\u00e1c kho\u1ea3n n\u1ee3 c\u00f4ng ty \u0111\u00e3 v\u01b0\u1ee3t qu\u00e1 t\u00e0i s\u1ea3n n\u00f3 c\u00f3. C\u00f4ng ty \u0111\u01b0\u1ee3c coi l\u00e0 m\u1ea5t kh\u1ea3 n\u0103ng thanh to\u00e1n. V\u00ec th\u1ebf m\u1ed9t c\u00f4ng ty c\u00f3 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu l\u00e0 \u00e2m s\u1ebd r\u1ea5t l\u00e0 r\u1ee7i ro v\u00e0 kh\u00f4ng an to\u00e0n \u0111\u1ec3 \u0111\u1ea7u t\u01b0.<\/p>\n

    Ch\u1ec9 s\u1ed1 l\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n (ROE) \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 \u0111o l\u01b0\u1ee3ng xem c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd c\u00f4ng ty \u0111\u00e3 s\u1eed d\u1ee5ng v\u1ed1n t\u1eeb c\u1ed5 \u0111\u00f4ng hi\u1ec3u qu\u1ea3 th\u1ebf n\u00e0o \u0111\u1ec3 ph\u00e1t sinh l\u1ee3i nhu\u1eadn.<\/p>\n

    2.15 V\u1ed1n C\u1ed5 Ph\u1ea7n<\/h3>\n

    V\u1ed1n c\u1ed5 ph\u1ea7n bao g\u1ed3m c\u1ed5 phi\u1ebfu th\u01b0\u1eddng, c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i v\u00e0 v\u1ed1n g\u00f3p b\u1ed5 sung. C\u1ed5 ph\u1ea7n c\u00f4ng ty l\u00e0 kho\u1ea3n ti\u1ec1n t\u0103ng l\u00ean do b\u00e1n c\u1ed5 phi\u1ebfu th\u01b0\u1eddng hay c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i<\/p>\n

    2.15.1 C\u1ed5 Phi\u1ebfu Th\u01b0\u1eddng<\/h4>\n

    N\u00f3 th\u1ec3 hi\u1ec7n quy\u1ec1n s\u1edf h\u1eefu c\u00f4ng ty. Ng\u01b0\u1eddi n\u1eafm gi\u1eef c\u1ed5 phi\u1ebfu th\u01b0\u1eddng l\u00e0 nh\u1eefng ng\u01b0\u1eddi ch\u1ee7 c\u00f4ng ty. H\u1ecd c\u00f3 quy\u1ec1n b\u1ea7u ch\u1ecdn ban gi\u00e1m \u0111\u1ed1c. H\u1ecd s\u1ebd \u0111\u01b0\u1ee3c nh\u1eadn c\u1ed5 t\u1ee9c n\u1ebfu ban \u0111i\u1ec1u h\u00e0nh b\u1ecf phi\u1ebfu cho vi\u1ec7c chi tr\u1ea3 c\u1ed5 t\u1ee9c. Khi c\u00f4ng ty b\u1ecb gi\u1ea3i th\u1ec3. C\u00e1c c\u1ed5 \u0111\u00f4ng ph\u1ed5 th\u00f4ng s\u1ebd kh\u00f4ng nh\u1eadn \u0111\u01b0\u1ee3c ti\u1ec1n cho \u0111\u1ebfn khi c\u00e1c ch\u1ee7 n\u1ee3, tr\u00e1i ch\u1ee7 v\u00e0 c\u1ed5 \u0111\u00f4ng \u01b0u ti\u00ean nh\u1eadn \u0111\u01b0\u1ee3c ph\u1ea7n t\u01b0\u01a1ng \u1ee9ng c\u1ee7a h\u1ecd.<\/p>\n

    2.15.2 C\u1ed5 Phi\u1ebfu \u01afu \u0110\u00e3i<\/h4>\n

    Ng\u01b0\u1eddi n\u1eafm gi\u1eef c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i kh\u00f4ng c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft. Nh\u01b0ng h\u1ecd c\u00f3 quy\u1ec1n \u0111\u1ebfn c\u00e1c c\u1ed5 t\u1ee9c c\u1ed1 \u0111\u1ecbnh hay ch\u1ec9nh s\u1eeda. C\u00e1i c\u1ea7n ph\u1ea3i thanh to\u00e1n cho h\u1ecd tr\u01b0\u1edbc khi thanh to\u00e1n cho c\u00e1c c\u1ed5 \u0111\u00f4ng ph\u1ed5 th\u00f4ng. C\u1ed5 \u0111\u00f4ng \u01b0u ti\u00ean c\u0169ng \u0111\u01b0\u1ee3c \u01b0u ti\u00ean h\u01a1n so v\u1edbi c\u1ed1 \u0111\u00f4ng ph\u1ed5 th\u00f4ng khi c\u00f4ng ty r\u01a1i v\u00e0o t\u00ecnh tr\u1ea1ng ph\u00e1 s\u1ea3n. M\u1ed9t c\u00f4ng ty c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh b\u1ec1n v\u1eefng s\u1ebd kh\u00f4ng c\u00f3 xu h\u01b0\u1edbng ph\u00e1t h\u00e0nh c\u00e1c c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i trong c\u1ea5u tr\u00fac v\u1ed1n c\u1ee7a m\u00ecnh. H\u1ecd ki\u1ebfm \u0111\u01b0\u1ee3c nhi\u1ec1u ti\u1ec1n \u0111\u1ec3 t\u1ef1 cung c\u1ea5p t\u00e0i ch\u00ednh cho ch\u00ednh h\u1ecd.<\/p>\n

    C\u1ed5 phi\u1ebfu th\u01b0\u1eddng v\u00e0 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111\u01b0\u1ee3c b\u00e1o c\u00e1o theo m\u1ec7nh gi\u00e1 t\u1ea1i th\u1eddi \u0111i\u1ec3m b\u00e1n. S\u1ed1 ti\u1ec1n th\u1ef1c t\u1ebf nh\u1eadn \u0111\u01b0\u1ee3c cao h\u01a1n so v\u1edbi m\u1ec7nh gi\u00e1. N\u00f3 s\u1ebd \u0111\u01b0\u1ee3c ghi nh\u1eadn nh\u01b0 kho\u1ea3n v\u1ed1n g\u00f3p b\u1ed5 sung.<\/p>\n

    2.16 L\u1ee3i Nhu\u1eadn Gi\u1eef L\u1ea1i<\/h3>\n

    L\u1ee3i nhu\u1eadn r\u00f2ng c\u00f3 th\u1ec3 d\u00f9ng \u0111\u1ec3 tr\u1ea3 c\u1ed5 t\u1ee9c. S\u1eed d\u1ee5ng \u0111\u1ec3 mua l\u1ea1i c\u1ed5 ph\u1ea7n, ho\u1eb7c d\u00f9ng \u0111\u1ec3 t\u00e1i \u0111\u1ea7u t\u01b0 cho m\u1ee5c \u0111\u00edch ph\u00e1t tri\u1ec3n. Kho\u1ea3n ti\u1ec1n kh\u00f4ng chi tr\u1ea3 c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c t\u00ednh nh\u01b0 kho\u1ea3n l\u1ee3i nhu\u1eadn gi\u1eef l\u1ea1i. N\u1ebfu thu nh\u1eadp \u0111\u01b0\u1ee3c gi\u1eef l\u1ea1i, kh\u00f4ng chi tr\u1ea3 c\u1ed5 t\u1ee9c. H\u1ecd c\u00f3 th\u1ec3 c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3 b\u1ee9c tranh kinh t\u1ebf d\u00e0i h\u1ea1n cho doanh nghi\u1ec7p. Nhi\u1ec1u thu nh\u1eadp \u0111\u01b0\u1ee3c c\u00f4ng ty gi\u1eef l\u1ea1i. Kho\u1ea3n l\u1ee3i nhu\u1eadn gi\u1eef l\u1ea1i c\u00e0ng t\u0103ng nhanh. \u0110i\u1ec1u n\u00e0y l\u00e0m t\u0103ng t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng cho c\u00e1c kho\u1ea3n thu nh\u1eadp trong t\u01b0\u01a1ng lai.<\/p>\n

    ROE cao c\u00f3 ngh\u0129a l\u00e0 c\u00f4ng ty \u0111ang s\u1eed d\u1ee5ng t\u1ed1t kho\u1ea3n thu nh\u1eadp \u0111\u01b0\u1ee3c gi\u1eef l\u1ea1i. Th\u1eddi gian tr\u00f4i qua, ch\u1ec9 s\u1ed1 cao s\u1ebd c\u1ed9ng th\u00eam v\u00e0 l\u00e0m t\u0103ng gi\u00e1 tr\u1ecb n\u1ec1n t\u1ea3ng c\u1ee7a doanh nghi\u1ec7p. C\u00e1i cu\u1ed1i c\u00f9ng \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n c\u00f4ng nh\u1eadn th\u00f4ng qua vi\u1ec7c gi\u00e1 c\u1ed1 phi\u1ebfu c\u00f4ng ty t\u0103ng cao.<\/p>\n

    2.17 C\u1ed5 Phi\u1ebfu Qu\u1ef9<\/h3>\n

    N\u00f3 tr\u00ecnh b\u00e0y s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 ph\u1ea7n \u0111\u01b0\u1ee3c mua l\u1ea1i t\u1eeb th\u1ecb tr\u01b0\u1eddng m\u1edf. S\u1ed1 ti\u1ec1n thanh to\u00e1n cho c\u00e1c c\u1ed5 phi\u1ebfu s\u1ebd l\u00e0m gi\u1ea3m gi\u00e1 tr\u1ecb v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu.<\/p>\n

    C\u00f4ng ty c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh b\u1ec1n v\u1eefng. H\u1ecd s\u1ebd c\u00f3 nhi\u1ec1u ti\u1ec1n nh\u00e0n r\u1ed7i \u0111\u1ec3 mua l\u1ea1i c\u00e1c c\u1ed5 ph\u1ea7n. H\u1ecd s\u1ebd n\u1eafm gi\u1eef n\u00f3 nh\u01b0 c\u1ed5 phi\u1ebfu qu\u1ef9. N\u00f3 l\u00e0m gi\u1ea3m v\u1ed1n c\u1ed5 ph\u1ea7n c\u1ee7a c\u00f4ng ty m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3. N\u00f3 l\u00e0m t\u0103ng kho\u1ea3n ho\u00e0n tr\u1ea3 cho v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu. \u0110\u00f3 l\u00e0 d\u1ea5u hi\u1ec7u c\u1ee7a l\u1ee3i th\u1ebf c\u1ea1nh tranh. N\u00f3i t\u00f3m l\u1ea1i, khi ch\u00fang ta nh\u00ecn th\u1ea5y s\u1ed1 d\u01b0 c\u1ee7a c\u1ed1 phi\u1ebfu qu\u1ef9 tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n v\u00e0 tham kh\u1ea3o \u0111\u1ebfn l\u1ecbch s\u1eed mua l\u1ea1i c\u1ed5 ph\u1ea7n. \u0110\u00f3 ch\u00ednh l\u00e0 d\u1ea5u hi\u1ec7u t\u1ed1t c\u1ee7a c\u00f4ng ty c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh l\u00e2u b\u1ec1n.<\/p>\n

    3. B\u00e1o C\u00e1o Lu\u00e2n Chuy\u1ec3n Ti\u1ec1n T\u1ec7<\/h2>\n

    Bao g\u1ed3m c\u00e1c kho\u1ea3n ti\u1ec1n m\u1eb7t ki\u1ebfm \u0111\u01b0\u1ee3c th\u00f4ng qua c\u00e1c ho\u1ea1t \u0111\u1ed9ng kinh doanh, \u0111\u1ea7u t\u01b0 v\u00e0 t\u00e0i ch\u00ednh. N\u00f3 gi\u00fap theo d\u00f5i c\u00e1c d\u00f2ng ti\u1ec1n ch\u1ea3y v\u00e0o v\u00e0 ch\u1ea3y ra c\u1ee7a doanh nghi\u1ec7p.<\/p>\n

    3.1 D\u00f2ng Ti\u1ec1n T\u1eeb Ho\u1ea1t \u0110\u1ed9ng Kinh Doanh<\/h3>\n

    Ph\u1ea7n \u0111\u1ea7u ti\u00ean \u0111\u01b0\u1ee3c b\u1eaft \u0111\u1ea7u v\u1edbi thu nh\u1eadp r\u00f2ng. Sau \u0111\u00f3 c\u1ed9ng l\u1ea1i c\u00e1c kho\u1ea3n kh\u1ea5u hao hay ph\u00e2n b\u1ed5 \u0111\u01b0\u1ee3c xem l\u00e0 c\u00e1c kho\u1ea3n m\u1ee5c kh\u00f4ng ph\u1ea3i ti\u1ec1n. C\u00e1c giao d\u1ecbch ho\u1ea1t \u0111\u1ed9ng kinh doanh nh\u01b0 mua, b\u00e1n h\u00e0ng t\u1ed3n kho, thanh to\u00e1n cho nh\u00e0 cung c\u1ea5p, nh\u00e2n vi\u00ean n\u1eb1m trong m\u1ee5c \u0111\u1ea7u ti\u00ean<\/p>\n

    3.2 D\u00f2ng Ti\u1ec1n T\u1eeb \u0110\u1ea7u T\u01b0<\/h3>\n

    \u0110\u00e2y l\u00e0 ph\u1ea7n th\u1ee9 2 c\u1ee7a b\u00e1o c\u00e1o lu\u00e2n chuy\u1ec3n ti\u1ec1n t\u1ec7. N\u00f3 bao g\u1ed3m kho\u1ea3n ti\u1ec1n chi cho t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh, li\u00ean quan \u0111\u1ebfn chi ph\u00ed v\u1ed1n (Capex). Capex l\u00e0 ngu\u1ed3n qu\u1ef9 s\u1eed d\u1ee5ng \u0111\u1ec3 mua l\u1ea1i, n\u00e2ng c\u1ea5p, v\u00e0 duy tr\u00ec t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh. \u0110\u00f3 l\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n, t\u00f2a nh\u00e0, m\u00e1y m\u00f3c c\u00f4ng ngh\u1ec7. Chi ph\u00ed v\u1ed1n c\u1ee7a m\u1ed9t c\u00f4ng ty ph\u1ee5 thu\u1ed9c v\u00e0o ng\u00e0nh kinh doanh n\u00f3 \u0111ang ho\u1ea1t \u0111\u1ed9ng. N\u1ebfu Capex duy tr\u00ec \u1edf m\u1ee9c cao trong m\u1ed9t v\u00e0i n\u0103m. N\u00f3 c\u00f3 th\u1ebf c\u00f3 t\u00e1c \u0111\u1ed9ng s\u00e2u \u0111\u1ebfn thu nh\u1eadp. Ch\u00fang ta h\u00e3y nh\u00ecn v\u00e0o Capex trong v\u00f2ng 10 n\u0103m, so s\u00e1nh v\u1edbi thu nh\u1eadp r\u00f2ng c\u00f9ng th\u1eddi \u0111i\u1ec3m 10 n\u0103m. C\u00f4ng ty c\u00f3 chi ph\u00ed v\u1ed1n nh\u1ecf h\u01a1n 50% so v\u1edbi thu nh\u1eadp r\u00f2ng h\u00e0ng n\u0103m. \u0110\u00f3 l\u00e0 d\u1ea5u hi\u1ec7u t\u1ed1t c\u1ee7a m\u1ed9t l\u1ee3i th\u1ebf c\u1ea1nh tranh b\u1ec1n v\u1eefng<\/p>\n

    3.3 D\u00f2ng Ti\u1ec1n T\u1eeb Ho\u1ea1t \u0110\u1ed9ng T\u00e0i Ch\u00ednh<\/h3>\n

    Ph\u1ea7n cu\u1ed1i cung c\u1ea5p c\u00e1i nh\u00ecn t\u1ed5ng qu\u00e1t v\u1ec1 kho\u1ea3n ti\u1ec1n \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong c\u00e1c ho\u1ea1t \u0111\u1ed9ng t\u00e0i ch\u00ednh. N\u00f3 gi\u00fap theo d\u00f5i tr\u00e1i phi\u1ebfu c\u1ed5 phi\u1ebfu b\u00e1n ra v\u00e0 mua l\u1ea1i, c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c thanh to\u00e1n bao nhi\u00eau. N\u00f3 r\u1ea5t h\u1eefu \u00edch. Gi\u00fap x\u00e1c \u0111\u1ecbnh c\u00f4ng ty \u0111\u00e3 t\u0103ng ti\u1ec1n m\u1eb7t cho vi\u1ec7c ph\u00e1t tri\u1ec3n kinh doanh nh\u01b0 th\u1ebf n\u00e0o. Khi c\u00f4ng ty s\u1eed d\u1ee5ng ngu\u1ed3n ti\u1ec1n nh\u00e0n r\u1ed7i \u0111\u1ec3 mua l\u1ea1i c\u1ed5 ph\u1ea7n. S\u1ed1 l\u01b0\u1ee3ng c\u1ed5 ph\u1ea7n v\u1ed1n s\u1ebd gi\u1ea3m. \u0110i\u1ec1u n\u00e0y d\u1eabn \u0111\u1ebfn vi\u1ec7c thu nh\u1eadp tr\u00ean c\u1ed5 ph\u1ea7n t\u0103ng. C\u00e1i cu\u1ed1i c\u00f9ng s\u1ebd l\u00e0m gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng cao. \u0110\u00f3 l\u00e0 s\u1ef1 gia t\u0103ng gi\u00e0u c\u00f3 cho c\u00e1c c\u1ed5 \u0111\u00f4ng<\/p>\n

    N\u00f3i t\u00f3m l\u1ea1i, vi\u1ec7c ph\u00e2n t\u00edch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng trong c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng n\u00f3 nh\u01b0 m\u1ed9t tham s\u1ed1 ch\u00ednh y\u1ebfu. Gi\u00fap \u0111\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng sinh l\u1eddi hay r\u1ee7i ro trong \u0111\u1ea7u t\u01b0. S\u1ebd kh\u00f4ng c\u00f3 quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 n\u00e0o \u0111\u01b0\u1ee3c \u0111\u01b0a ra n\u1ebfu kh\u00f4ng c\u00f3 vi\u1ec7c xem x\u00e9t ph\u00e2n t\u00edch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh<\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    Ph\u00e2n t\u00edch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng trong c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng n\u00f3 nh\u01b0 m\u1ed9t tham s\u1ed1 ch\u00ednh y\u1ebfu. Gi\u00fap \u0111\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng sinh l\u1eddi hay r\u1ee7i ro trong \u0111\u1ea7u t\u01b0. S\u1ebd kh\u00f4ng c\u00f3 quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 n\u00e0o \u0111\u01b0\u1ee3c \u0111\u01b0a ra n\u1ebfu kh\u00f4ng c\u00f3 vi\u1ec7c xem x\u00e9t ph\u00e2n t\u00edch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh<\/p>\n","protected":false},"author":155708572,"featured_media":2147,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[433939229],"tags":[],"_links":{"self":[{"href":"https:\/\/hoclamgiau.vn\/wp-json\/wp\/v2\/posts\/2104"}],"collection":[{"href":"https:\/\/hoclamgiau.vn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hoclamgiau.vn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hoclamgiau.vn\/wp-json\/wp\/v2\/users\/155708572"}],"replies":[{"embeddable":true,"href":"https:\/\/hoclamgiau.vn\/wp-json\/wp\/v2\/comments?post=2104"}],"version-history":[{"count":0,"href":"https:\/\/hoclamgiau.vn\/wp-json\/wp\/v2\/posts\/2104\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hoclamgiau.vn\/wp-json\/wp\/v2\/media\/2147"}],"wp:attachment":[{"href":"https:\/\/hoclamgiau.vn\/wp-json\/wp\/v2\/media?parent=2104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hoclamgiau.vn\/wp-json\/wp\/v2\/categories?post=2104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hoclamgiau.vn\/wp-json\/wp\/v2\/tags?post=2104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}