CHNG 5

HOACH NH LI NHUAN
ON CAN NH PH ON CAN N

 I . KHAI NIEM.
Van e li lo la mot yeu to cc ky quan trong trong
kinh doanh. Do o khi xay dng mot phng an
SXKD, nha kinh doanh phai can nhac, tnh toan rat ky.
Hoach nh chnh la dien trnh tnh toan can nhac gia
mot ben la muc tieu yeu cau at va mot ben la ieu
kien hu can thiet, nhng yeu to khach quan va chu
quan phai chu trong e tien muc tieu o.
Mot cong cu vo cung quan trong cho nha quan tr kinh
doanh, giup nha quan tr kinh doanh thc hien tot chc
nang hoach nh thanh cong o chnh la ky thuat phan
tch hoa von.

 II . PHAN TCH HOA VON.

Phan tch hoa von la mot ky thuat nham xac nh
tnh kha thi cua mot phng an san xuat kinh
doanh, giup phat thao xem phng an co the thc
hien co hieu qua khong va tam mc hieu qua v
tr nao ( cao hay thap).
Ky thuat phan tch hoa von da tren moi tng
quan gia gia ph va doanh thu e xac nh mot
iem cc ky quan trong goi la T iem hay
iem hoa von. iem nay doanh thu cua doanh
nghiep ch va u trang trai chi ph bo ra. Noi cach
khac, iem hoa von doanh nghiep at mc khong
li khong lo.

 III . PHNG PHAP XAC NH IEM HOA VON.

Nhu tren a phan tch iem hoa von gia ph bang
doanh thu cua doanh nghiep va bang nhau. ( hoa von )
1/ Phan tch chi ph:
Chi ph cua doanh nghiep khi i vao san xuat kinh doanh
la toan bo chi ph e tao ra san lng san pham em tieu
thu tren th trng.
Toan bo cac chi ph c phan chia lam hai loai chi ph
sau:
a) Chi ph co nh ( nh ph ):
nh ph bao gom cac khoan chi co tnh oc lap, khong
le thuoc vao san lng san pham san xuat. Du so lng
san pham san xuat la bao nhieu, nh ph la so tien co
nh, khong bien oi nh:

Khau hao TSC.

Chi ph quan ly ( lng gian tiep ).
Tien thue mat bang theo thi gian.
Tien lai vay von XDCB ( dai han ).
b) Chi ph bien oi ( bien ph ):
Chi ph bien oi bao gom cac khoan chi ph
bien oi trc tiep vi san lng san pham san xuat
va tieu thu. Mot so bien ph ien hnh nh:
- Chi ph nguyen lieu chnh, vat lieu phu, nhien
lieu.
- Tien cong lao ong trc tiep theo san pham.
- Hoa hong ban hang.
- Tien lai n vay von lu ong ( n ngan han ).
_

 -e tong quat hoa phan tch tren, ta gia nh

phng an d tru san xuat vi san lng q.
-Tong nh ph trong ky e tao ra san lng q la F.
-Goi v la bien ph mot n v san pham, V la tong
bien ph trong ky e tao ra san lng q.
Vay:
V= v.q
-Goi T la tong chi ph san xuat trong ky e tao ra
san lng q( bao gom tong nh ph va tong bien
ph V) th :
T =V+F
Hay
T = v.q + F
(1)

 2/ Phan tch doanh thu:

Doanh thu cua doanh nghiep do viec tieu thu san lng
q vi n gia ban la s c tnh nh sau:

DT = s . q
(2)
iem hoa von th doanh thu bang cac chi ph bo ra,
tc la:
DT = T
DT = V + F

- Goi qo la san lng hoa von. T cong thc (1) va (2),

ta co:
s . qo = v.qo + F
s . qo - v.qo = F
qo ( s - v ) = F
qo =

(3)

s-v
Cong thc tren cho ta xac nh c san lng hoa von
mc san xuat la bao nhieu.

Neu goi Mc = s v th Mc c coi la phan hoa von

cua 1 n v san pham. Cong thc tren c thu gon
nh sau:

qo =

F
MC

T san lng hoa von ta co the tnh c doanh thu

hoa von theo cong thc sau:
DTo = s . qo
- Neu q > qo : Th doanh nghiep hoat ong mi
co lai.
-Neu q = qo : Th doanh nghiep ch hoa von.
-Neu q < qo : Th doanh nghiep b lo.

 3/ Xac nh mc li:
Nh tren ta a biet ch khi nao san lng san pham san
xuat va tieu thu ln hn san lng hoa von th doanh
nghiep mi co lai.
e tnh mc lai cu the, ta ap dung cong thc:
Pn = ( q qo ) ( s v )
Hay
Pn = (q qo ) Mc
4/ o th iem hoa von:
e ve o th iem hoa von ta phai co cac phng trnh sau:
y1 = F
( ng nh ph )
y2 = v. q
( ng bien ph )
y 3 = v. q + F
( ng tong chi ph )
y4 = s . q
( ng doanh thu )

y4

Tr gia

y3

iem hoa von

y2

DT1
DTO
DT2
0

y1
q2

qo

q1

San lng

 IV. XAC NH IEM HOA VON TRONG

TRNG HP SAN XUAT KINH DOANH NHIEU
MAT HANG:
Trong trng hp san xuat kinh doanh nhieu loai san
pham vi chi ph va gia ban khac nhau ta khong co s
va v.Tuy nhien ta van phai xac nh cac d kien tong
nh ph, tong bien ph va tong doanh thu trong ky.
T conh thc (3) ta co:
s. F
s . qo =
s-v
F
F
DTo =
=
s-v
1- v
s

 Do:

DT = s . q
V = v. q

Vay

DT

Ta co:

v.q

s.q

DTo =

v
s

F
1- V
DT

Ngi ta goi Mc la ty le hoan von Mc%

ang thc tren viet lai di dang: DTo =

Li nhuan : Pn = Doanh thu - Tong chi ph

Mc%

 V.ON CAN NH PH.

on can nh ph con goi la on bay van hanh hay
con goi la on bay kinh doanh, noi len mc tac
ong cua nh ph oi vi ket qua san xuat kinh
doanh. on can nh ph c xac nh thong qua
ch tieu do nghieng on can nh ph.
o nghieng on can nh ph the hien quan he
gia toc o tang ( giam ) li
nhuan so vi toc o tang ( giam ) doanh thu.
Cach tnh nh sau:

Fc =

TP
TDT

TP: Toc o tang cua li nhuan. Cach xac nh

nh sau:
TP =

s.q ( Fc + v.q ) [( s.q ( Fc + v.q)]

=
s . q - ( Fc + v.q )
P

= q x

s-v
( s v )q - Fc

 TDT: Toc o tang cua doanh thu.

TDT =

( s . q) ( s . q )
s.q

q
q

T o o nghieng cua on can nh ph c tnh nh

sau:
Fc =

(sv)q

( s v ) q - Fc

Hoac tong quat hn o nghieng cua on can nh ph

c xac nh bang cong thc sau:

Fc =

DT - V
DT - V - F

( DT V Fc ): La thu nhap cha tr lai vay va cha

nop thue thu nhap (EBIT: Earning Before Interest and
Tax )
Ch tieu nay cho thay o nhay cua ket qua kinh doanh
vi s bien ong cua doanh thu. Khi doanh nghiep co
chi ph co nh cao ( doanh nghiep tang cng c s vat
chat ky thuat lam cho tang nang suat lao ong nen mc
bien ph mot n v san pham giam) vt qua c
iem hoa von th ch can tang oi chut doanh thu lam
tang ang ke li nhuan

Ngc lai doanh nghiep co chi ph co nh thap,

iem hoa von at mc thap hn. Khi vt qua iem
hoa von, moi khi tang mot chut doanh thu khong lam
tang ang ke li nhuan.
V du: Co 3 doanh nghiep X, Y, Z cung san xuat kinh
doanh hang A. n gia tren th trng cua hang A la
200/ san pham.Chi ph co nh cua doanh nghiep X la
200.000, cua doanh nghep Y la 400.000 va cua doanh
nghiep Z la 600.000. Vi vx = 150; vy= 120; vz =100.Hay
tnh on can nh ph cua cac doanh nghiep va cho
nhan xet?
Giai: Doanh thu vaket qua cua tng doanh nghiep theo
tng mc san lng nh sau:

Doanh nghiep X :
So
lng

Doanh thu

Bien ph

Tong chi ph Li nhuan

2.000

400.000

300.000

500.000

- 100.000

4.000

800.000

600.000

800.000

6.000 1.200.000
8.000 1.600.000
10.000 2.000.000

900.000
1.200.000
1.500.000

1.100.000
1.400.000
1.700.000

100.000
200.000
300.000

12.000 2.400.000

1.800.000

2.000.000

400.000

Doanh nghiep Y:

So lng

Doanh thu

Bien ph

Tong chi ph

Li nhuan

2.000

400.000

240.000

640.000

-240.000

4.000

800.000

480.000

880.000

- 80.000

6.000

1.200.000

720.000

1.120.000

80.000

8.000

1.600.000

960.000

1.360.000

240.000

10.000

2.000.000

1.200.000

1.600.000

400.000

12.000

2.400.000

1.440.000

1840.000

560.000

Doanh nghiepZ:
So lng

Doanh thu

Bien ph

Tong chi ph

Li nhuan

2.000

400.000

200.000

800.000

-400.000

4.000

800.000

400.000

1.000.000

-200.000

6.000

1.200.000

600.000

1.200.000

8.000

1.600.000

800.000

1.400.000

200.000

10.000

2.000.000

1.000.000

1.600.000

400.000

12.000

2.400.000

1.200.000

1.800.000

600.000

 Lng hoa von cua:

+ Doanh nghiep X: qoX =

+ Doanh nghiep Y:

+ Doanh nghiep Z:

qoY =

qoZ =

200.000
200 - 150

400.000
200 - 120
600.000
200 - 100

= 4.000 sp

= 5.000 sp

= 6.000 sp

 on can nh ph tai iem 8.000 SP cua:

DN X: FcX =

DN Y: FcY =

DN Z: FcZ =

1.600.000 1.200.000
1.600.000 1.200.000 200.000

1.600.000 960.000
1.600.000 960.000 400.000

1.600.000 800.000
1.600.000 800.000 600.000

=2

= 2,67

=4

 Nhan xet
- Khi doanh nghiep X a at c san lng tieu thu la
8.000 SP, neu tang 1% lng tieu thu se tang 2% li
nhuan (EBIT)
- Khi doanh nghiep Y a c san lng tieu thu la
8.000 SP, neu tang 1% lng tieu thu se tang 2,67% li
nhuan.
- Khi doanh nghiep Z a c san lng tieu thu la
8.000 SP, neu tang 1% lng tieu thu se tang 4% li
nhuan .
on can nh ph the hien tnh mao hiem trong
kinh doanh. on can nh ph cang cao th mc mao
hiem cang cao va ngc lai.

 VI. ON CAN N :
Muon la chon c c cau tai chnh thch hp,
can nghien cu s anh hng cua on can n tren c
cau tai chnh.
on can n con goi la on bay tai chnh la ty le
phan tram gia tong so n so vi tong tai san cua
doanh nghiep mot thi iem nhat nh.
Th du:Tong tai san tren BCTS ngay 31/12/ cua
cong ty A la 10 ty, tong n ngan han va dai han tren
BCTS la 4,5 ty. Th ty so on can n la 45%.

e o mc tac ong cua on can n ngi ta

dung ch tieu o nghieng on can n. o nghieng
on can n the hien quan he ty le gia toc o tang
(giam) cua li nhuan tren moi co phan vi toc o
tang (giam) cua tien li cha tr lai vay va nop
thue thu nhap.
Trong o: EBIT = ( s v ) q Fc
Lai dung e chia co tc (li tc co phan) la so
lai con lai sau khi a tra lai tien vay va nop thue
thu nhap. Cach tnh ch tieu nay nh sau:
LT = ( EBIT Cv ) ( 1 t)

T o lai cua moi co phieu(Earning Per Share EPS)

EPS =

LT

N: So lng co phieu thng.

Cv: Lai vay Ngan hang
Tren c s o o nghieng on can n c tnh
nh sau:

EPS
DFL =

DFL =

TEPS

TEBIT

EBIT
EBIT - Cv

EBIT

EPS

= EBIT - Cv
EBIT
EBIT
EBIT
EBIT

( s v ) q - Fc
( s v) q Fc - Cv

Yeu to on bay/ Ty le n

Tong tai san

N ( lai suat 10% )
Von co phan thng
Tong tai san n va tai san co
Lai trc thue va lai vay (EBIT)
Lai vay ( 10%)
Lai trc thue ( EBT )
Thue TN doanh nghiep(40%)
Lai sau thue ( EAT )
EPS
Ty suat sinh li tren von co phan

0%

40%

80%

5.000.000
0
5.000.000
5.000.000
1.000.000
0
1.000.000
400.000
600.000
6
12%

5.000.000
2.000.000
3.000.000
5.000.000
1.000.000
200.000
800.000
320.000
480.000
8
16%

5.000.000
4.000.000
1.000.000
5.000.000
1.000.000
400.000
600.000
240.000
360.000
18
36%

TAC ONG CUA ON BAY TAI CHNH OI VI

EPS VA RUI RO
TAC ONG CUA ON BAY TAI CHNH LEN EPS KHI
EBIT SUT GIAM 25% XUONG CON 750.000 $

Lai trc thue va lai

vay (EBIT)
Lai vay ( 10%)
Lai trc thue (EBT)
Thue TN doanh nghiep
(40%)
Lai sau thue ( EAT)
EPS
Ty suat sinh li tren
von co phan

750.000
0
750.000
300.000

750.000
200.000
550.000
220.000

750.000
400.000
350.000
140.000

450.000
4,5
9,0%

330.000
5,5
11,0%

210.000
10,5
21,0%

TAC ONG CUA ON BAY TAI CHNH OI VI

EPS VA RUI RO
TAC ONG CUA ON BAY TAI CHNH LEN EPS KHI
EBIT SUT GIAM 60% XUONG CON 400.000 $

Lai trc thue va lai

vay (EBIT)
Lai vay ( 10%)
Lai trc thue (EBT)
Thue TN doanh nghiep
(40%)
Lai sau thue ( EAT)
EPS
Ty suat sinh li tren
von co phan

400.000
0
400.000
160.000

400.000
200.000
200.000
80.000

400.000
400.000
0
0

240.000
2,4
4,8%

120.000
2
4,0%

0
0%