Phn tch cc t s ti chnh 1.

t s kh nng thanh ton: nh gi knang thanh ton cc khon n ngn hn - t s thanh ton hin hnh = TSNH/ n NH - t s thanh ton nhanh = (tin + chng khon kh mi + khon phi thu)/ n NH = (TSNH hng tn kho)/ n NH - t s tin mt = tin v chng khon tng ng tin/ n NH 2. t s c cu vn: nh gi t trng hp l ca vn n v vn CSH trong tng NV - HS n/ vn CSH = tng n/ vn CSH - HS n/ tng TS = tng n/ tng TS - knang thanh ton li vay = li nhun trc thu v li (EBIT)/ li vay 3. t s hqua? sd vn: nh gi nng lc hdg ca TS - s vng quay TS = doanh thu t hdg chnh/ tng TS - s vng lun chuyn hng ha = tr gi hng ha bn ra theo gi vn/ tr gi tn kho bnh qun - thi hn thu tin = cc khon phi thu bnh qun/ doanh thu bnh qun 1 ngy - thi hn tr tin = cc khon phi tr bnh qun/ gi vn hng bn bnh qun 1 ngy 4. t s knang sinh li: nh gi knang sinh li trn cso? cc ngun lc vn c - t s li nhun rng/ doanh thu = li nhun rng/ doanh thu - t s LNHDSXKD/ doanh thu = EBIT/ doanh thu - t s li nhun gp/ doanh thu = li nhun gp/ doanh thu - ROA = li nhun rng/ tng TS = thu nhp ST/ tng TS ROA = (thu t li chi t li)/ tng TS x (thu ngoi li chi ngoi li)/ tng TS x cc khon thu chi b/ tng TS ROA = thu nhp li cn bin x thu nhp ngoi li cn bin x mc tc ng ca cc giao dch b ti thu nhp rng - ROE = li nhun rng/ vn CSH = thu nhp ST/ VCSH ROE = thu nhp ST/ tng thu hd x tng thu hd/ tng TS x tng TS/ tng VCSH ROE = t l sinh li hd x hqua sd TS x t trng vn CSH 5. t s gtri th trg: ss gtri th trg vs gtri s sch hoc thu nhp - P/E = gi/ thu nhp trn 1 c phn - P/B = gtri th trg/ gtri s sch trn mi c phn Phng php Dupont - xem xt mqh tng tc gia cc t l ti chnh ch yu (khai trin ROE) - cho php xd yu t to nn im mnh v im yu trg hdg cty - cho php xd v nh gi chnh xc ng gc lm thdoi li nhun ca cty trn cso a ra gii php qtri ph hp ROE = ROA x (tng TS/ VCSH) Thu nhp nhy cm vs pthuc ti tr TS: ROA thp, ROE cao nu sd nh n (n by ti chnh) Hn ch ca ptich ch s ti chnh - trg nh TH kh xd nhm ngnh ca cty - cc s liu cng b v ngnh ch mang tnh cht tham kho - chun mc ktoan m cty ad c th khc nhau - cc t l ti chnh ca ngnh c th cha phi l tiu chun ss ph hp - yu t thi v c th a/hg ti cc t l ti chnh - trg 1 s TH kh c th gthich s bin i ca cc t l ti chnh