{"id":28864,"date":"2023-12-07T05:25:26","date_gmt":"2023-12-07T05:25:26","guid":{"rendered":"https:\/\/masterskills.org\/blog\/don-bay-tong-hop-total-leverage-tl-va-cong-thuc-dtl.html"},"modified":"2023-12-23T06:06:58","modified_gmt":"2023-12-22T23:06:58","slug":"don-bay-tong-hop-total-leverage-tl-va-cong-thuc-dtl","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/don-bay-tong-hop-total-leverage-tl-va-cong-thuc-dtl.html","title":{"rendered":"\u0110\u00f2n b\u1ea9y t\u1ed5ng h\u1ee3p (Total Leverage – TL) v\u00e0 c\u00f4ng th\u1ee9c DTL"},"content":{"rendered":"
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H\u00ecnh minh h\u1ecda. Ngu\u1ed3n: Mydigitalweek<\/p>\n<\/div>\n<\/div>\n

\u0110\u00f2n b\u1ea9y t\u1ed5ng h\u1ee3p\u00a0<\/font><\/h2>\n

Kh\u00e1i ni\u1ec7m<\/b><\/p>\n

\u0110\u00f2n b\u1ea9y t\u1ed5ng h\u1ee3p<\/b> trong ti\u1ebfng Anh l\u00e0 Total Leverage<\/b>, vi\u1ebft t\u1eaft l\u00e0 TL<\/b>.<\/p>\n

\u0110\u00f2n b\u1ea9y t\u1ed5ng h\u1ee3p<\/b> l\u00e0 s\u1ef1 ph\u1ed1i h\u1ee3p gi\u1eefa \u0111\u00f2n b\u1ea9y kinh doanh v\u00e0 \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh. \u0110\u00f2n b\u1ea9y t\u1ed5ng h\u1ee3p l\u00e0 kh\u00e1i ni\u1ec7m ph\u1ea3n \u00e1nh m\u1ee9c \u0111\u1ed9 \u1ea3nh h\u01b0\u1edfng t\u1ed5ng h\u1ee3p c\u1ee7a chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng v\u00e0 chi ph\u00ed t\u00e0i tr\u1ee3 c\u1ed1 \u0111\u1ecbnh \u0111\u1ebfn l\u1ee3i nhu\u1eadn c\u1ee7a v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu khi c\u00f3 s\u1ef1 thay \u0111\u1ed5i c\u1ee7a doanh thu.<\/p>\n

\u0110\u00f2n b\u1ea9y kinh doanh\u00a0ph\u1ea3n \u00e1nh m\u1ed1i quan h\u1ec7 gi\u1eefa chi ph\u00ed c\u1ed1 \u0111\u1ecbnh v\u00e0 chi ph\u00ed bi\u1ebfn \u0111\u1ed5i. \u0111\u1ed9 l\u1edbn c\u1ee7a \u0111\u00f2n b\u1ea9y kinh doanh s\u1ebd r\u1ea5t l\u1edbn \u1edf nh\u1eefng doanh nghi\u1ec7p c\u00f3 chi ph\u00ed c\u1ed1 \u0111\u1ecbnh cao h\u01a1n chi ph\u00ed bi\u1ebfn \u0111\u1ed5i. Nh\u1eefng \u0111\u00f2n b\u1ea9y kinh doanh ch\u1ec9 t\u00e1c \u0111\u1ed9ng t\u1edbi l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf v\u00e0 l\u00e3i vay, b\u1edfi l\u1ebd t\u1ec9 l\u1ec7 s\u1ed1 n\u1ee3 kh\u00f4ng \u1ea3nh h\u01b0\u1edfng t\u1edbi \u0111\u1ed9 l\u1edbn c\u1ee7a \u0111\u00f2n b\u1ea9y kinh doanh.\u00a0<\/p>\n

C\u00f2n \u0111\u1ed9 l\u1edbn c\u1ee7a\u00a0\u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh\u00a0ch\u1ec9 ph\u1ee5 thu\u1ed9c v\u00e0o t\u1ec9 s\u1ed1 m\u1eafc n\u1ee3, kh\u00f4ng ph\u1ee5 thu\u1ed9c v\u00e0o k\u1ebft c\u1ea5u chi ph\u00ed c\u1ed1 \u0111\u1ecbnh v\u00e0 chi ph\u00ed bi\u1ebfn \u0111\u1ed5i c\u1ee7a doanh nghi\u1ec7p. Do \u0111\u00f3, \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh t\u00e1c \u0111\u1ed9ng t\u1edbi l\u1ee3i nhu\u1eadn sau thu\u1ebf v\u00e0 l\u00e3i vay.<\/p>\n

\u0110o l\u01b0\u1eddng m\u1ee9c \u0111\u1ed9 \u0111\u00f2n b\u1ea9y t\u1ed5ng h\u1ee3p<\/font><\/h3>\n

Khi \u1ea3nh h\u01b0\u1edfng c\u1ee7a \u0111\u00f2n b\u1ea9y kinh doanh ch\u1ea5m d\u1ee9t th\u00ec \u1ea3nh h\u01b0\u1edfng c\u1ee7a \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh s\u1ebd thay th\u1ebf \u0111\u1ec3 khu\u1ebfch \u0111\u1ea1i v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu khi doanh thu thay \u0111\u1ed5i.\u00a0<\/p>\n

S\u1ef1 \u1ea3nh h\u01b0\u1edfng n\u00e0y di\u1ec5n ra qua hai b\u01b0\u1edbc:<\/p>\n

– B\u01b0\u1edbc th\u1ee9 nh\u1ea5t, khi s\u1ed1 l\u01b0\u1ee3ng ti\u00eau th\u1ee5 thay \u0111\u1ed5i do t\u00e1c \u0111\u1ed9ng c\u1ee7a \u0111\u00f2n b\u1ea9y kinh doanh l\u00e0m cho l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf v\u00e0 l\u00e3i vay thay \u0111\u1ed5i.<\/p>\n

– B\u01b0\u1edbc th\u1ee9 hai, khi l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf v\u00e0 l\u00e3i vay thay \u0111\u1ed5i, do t\u00e1c \u0111\u1ed9ng c\u1ee7a \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh l\u00e0m cho l\u1ee3i nhu\u1eadn c\u1ee7a v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu thay \u0111\u1ed5i. \u0110\u1ed9 l\u1edbn c\u1ee7a \u0111\u00f2n b\u1ea9y t\u1ed5ng h\u1ee3p th\u01b0\u1eddng \u0111\u01b0\u1ee3c k\u00ed hi\u1ec7u l\u00e0\u00a0DTL (Degree of Total Leverage)<\/b><\/i>. \u0110\u1ed9 l\u1edbn c\u1ee7a \u0111\u00f2n b\u1ea9y t\u1ed5ng h\u1ee3p t\u1ea1i m\u1ed9t m\u1ee9c doanh thu g\u1ed1c \u0111\u01b0\u1ee3c t\u00ednh theo c\u00f4ng th\u1ee9c sau:<\/p>\n

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Trong \u0111\u00f3:\u00a0<\/p>\n

EBIT: l\u00e0\u00a0l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf v\u00e0 l\u00e3i vay<\/p>\n

EPS:\u00a0l\u1ee3i nhu\u1eadn c\u1ee7a v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/p>\n

Q: doanh thu ho\u1eb7c s\u1ea3n l\u01b0\u1ee3ng\u00a0<\/p>\n

Nh\u01b0 v\u1eady, v\u1edbi m\u1ed9t k\u1ebft c\u1ea5u chi ph\u00ed kinh doanh v\u00e0 k\u1ebft c\u1ea5u v\u1ed1n c\u1ed1 \u0111\u1ecbnh, \u0111\u1ed9 l\u1edbn c\u1ee7a \u0111\u00f2n b\u1ea9y t\u1ed5ng h\u1ee3p<\/b> cho ch\u00fang ta bi\u1ebft % thay \u0111\u1ed5i l\u1ee3i nhu\u1eadn c\u1ee7a v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu khi doanh thu thay \u0111\u1ed5i 1%.<\/p>\n

V\u00ec DTL l\u00e0 m\u1ed9t h\u00e0m s\u1ed1 c\u1ee7a DOL v\u00e0 DFL n\u00ean m\u1ed9t doanh nghi\u1ec7p mu\u1ed1n \u0111\u1ea1t \u0111\u01b0\u1ee3c DTL \u1edf m\u1ed9t m\u1ee9c n\u00e0o \u0111\u00f3 th\u00ec c\u00f3 th\u1ec3 k\u1ebft h\u1ee3p s\u1ef1 b\u00f9 tr\u1eeb gi\u1eefa DOL v\u00e0 DFL (n\u1ebfu DOL \u0111\u00e3 cao th\u00ec DFL th\u1ea5p v\u00e0 ng\u01b0\u1ee3c l\u1ea1i).<\/p>\n

V\u00ed d\u1ee5: n\u1ebfu m\u1ed9t c\u00f4ng ty c\u00f3 m\u1ee9c t\u0103ng EBIT 40%, doanh thu Q t\u0103ng 30% v\u00e0 l\u1ee3i nhu\u1eadn v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu EPS t\u0103ng 50%, khi \u0111\u00f3:\u00a0<\/p>\n

DOL = EBIT\/Q = 40\/30 = 1,333<\/p>\n

DFL = EPS\/EBIT = 50\/40 = 1,25<\/p>\n

DTL = DOL x DFL = 1,333 x 1,25 = 1,67<\/p>\n

Nh\u01b0 v\u1eady, khi doanh thu t\u0103ng 1% th\u00ec l\u1ee3i nhu\u1eadn c\u1ee7a v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu t\u0103ng 1,67%.<\/p>\n

(Theo Gi\u00e1o tr\u00ecnh Qu\u1ea3n tr\u1ecb kinh doanh, NXB \u0110\u1ea1i h\u1ecdc Kinh t\u1ebf qu\u1ed1c d\u00e2n<\/i>)<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n \u0110\u00f2n b\u1ea9y t\u1ed5ng h\u1ee3p (ti\u1ebfng Anh: Total Leverage, vi\u1ebft t\u1eaft: TL) l\u00e0 kh\u00e1i ni\u1ec7m ph\u1ea3n \u00e1nh m\u1ee9c \u0111\u1ed9 \u1ea3nh h\u01b0\u1edfng t\u1ed5ng h\u1ee3p c\u1ee7a chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng v\u00e0 chi ph\u00ed t\u00e0i tr\u1ee3 c\u1ed1 \u0111\u1ecbnh \u0111\u1ebfn l\u1ee3i nhu\u1eadn c\u1ee7a v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu khi c\u00f3 s\u1ef1 thay \u0111\u1ed5i c\u1ee7a doanh thu.\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[416],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/28864"}],"collection":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/comments?post=28864"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/28864\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=28864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=28864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=28864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}