{"id":28866,"date":"2023-12-07T05:25:34","date_gmt":"2023-12-07T05:25:34","guid":{"rendered":"https:\/\/masterskills.org\/blog\/don-bay-tai-chinh-financial-leverage-fl-va-cong-thuc-dfl.html"},"modified":"2023-12-23T06:06:58","modified_gmt":"2023-12-22T23:06:58","slug":"don-bay-tai-chinh-financial-leverage-fl-va-cong-thuc-dfl","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/don-bay-tai-chinh-financial-leverage-fl-va-cong-thuc-dfl.html","title":{"rendered":"\u0110\u00f2n b\u1ea9y t\u00e0i ch\u00ednh (Financial Leverage – FL) v\u00e0 c\u00f4ng th\u1ee9c DFL"},"content":{"rendered":"
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H\u00ecnh minh h\u1ecda. Ngu\u1ed3n: educba.com<\/p>\n<\/div>\n<\/div>\n

\u0110\u00f2n b\u1ea9y t\u00e0i ch\u00ednh\u00a0<\/font><\/h2>\n

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

\u0110\u00f2n b\u1ea9y t\u00e0i ch\u00ednh<\/b> trong ti\u1ebfng Anh l\u00e0\u00a0Financial Leverage<\/b>, vi\u1ebft t\u1eaft l\u00e0 FL<\/b>.<\/p>\n

\u0110\u00f2n b\u1ea9y t\u00e0i ch\u00ednh l\u00e0 kh\u00e1i ni\u1ec7m ph\u1ea3n \u00e1nh m\u1ee9c \u0111\u1ed9 \u1ea3nh h\u01b0\u1edfng c\u1ee7a k\u1ebft c\u1ea5u v\u1ed1n (t\u1ec9 l\u1ec7 c\u1ee7a v\u1ed1n vay v\u00e0 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu) \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 l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf v\u00e0 l\u00e3i vay (EBIT).<\/p>\n

V\u1edbi m\u1ed9t k\u1ebft c\u1ea5u v\u1ed1n kh\u00f4ng thay \u0111\u1ed5i, \u0111\u1ed9 l\u1edbn c\u1ee7a \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh cho bi\u1ebft ph\u1ea7n tr\u0103m thay \u0111\u1ed5i l\u1ee3i nhu\u1eadn c\u1ee7a v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu khi l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf v\u00e0 l\u00e3i vay thay \u0111\u1ed5i 1%. \u0110\u1ed9 l\u1edbn c\u1ee7a \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh th\u01b0\u1eddng \u0111\u01b0\u1ee3c k\u00ed hi\u1ec7u l\u00e0 DFL (Degree of Financial Leverage)<\/b><\/i>.\u00a0<\/p>\n

\u0110o l\u01b0\u1eddng m\u1ee9c \u0111\u1ed9 \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh<\/font><\/h3>\n

\u0110\u1ed9 l\u1edbn c\u1ee7a \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh t\u1ea1i m\u1ed9t m\u1ee9c l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf v\u00e0 l\u00e3i vay \u0111\u01b0\u1ee3c t\u00ednh theo c\u00f4ng th\u1ee9c sau:<\/p>\n

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\u1ede \u0111\u00e2y, EBIT l\u00e0 l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf v\u00e0 l\u00e3i vay,\u00a0EPS\u00a0l\u00e0 l\u1ee3i nhu\u1eadn c\u1ee7a v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu. N\u1ebfu k\u00ed hi\u1ec7u I l\u00e0 l\u00e3i vay ph\u1ea3i tr\u1ea3 sau m\u1ed9t s\u1ed1 bi\u1ebfn \u0111\u1ed5i ch\u00fang ta c\u00f3 c\u00f4ng th\u1ee9c sau:<\/p>\n

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

F: l\u00e0 chi ph\u00ed c\u1ed1 \u0111\u1ecbnh kinh doanh (kh\u00f4ng bao g\u1ed3m l\u00e3i vay)<\/p>\n

v: chi ph\u00ed bi\u1ebfn \u0111\u1ed5i 1 \u0111\u01a1n v\u1ecb s\u1ea3n ph\u1ea9m<\/p>\n

p: gi\u00e1 b\u00e1n \u0111\u01a1n v\u1ecb s\u1ea3n ph\u1ea9m<\/p>\n

Q: s\u1ed1 l\u01b0\u1ee3ng s\u1ea3n ph\u1ea9m b\u00e1n ra<\/p>\n

Nh\u01b0 v\u1eady, c\u00f3 th\u1ec3 th\u1ea5y doanh nghi\u1ec7p n\u00e0o c\u00f3 k\u1ebft c\u1ea5u v\u1ed1n v\u1edbi ph\u1ea7n v\u1ed1n vay l\u1edbn h\u01a1n th\u00ec s\u1ebd c\u00f3 l\u1ee3i nhu\u1eadn c\u1ee7a v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu t\u0103ng nhi\u1ec1u h\u01a1n khi l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf v\u00e0 l\u00e3i vay t\u0103ng, ng\u01b0\u1ee3c l\u1ea1i s\u1ebd c\u00f3 l\u1ee3i nhu\u1eadn c\u1ee7a v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu gi\u1ea3m nhi\u1ec1u h\u01a1n khi l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf v\u00e0 l\u00e3i vay gi\u1ea3m.<\/p>\n

R\u1ee7i ro gi\u1ea3m l\u1ee3i nhu\u1eadn c\u1ee7a v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 r\u1ee7i ro t\u00e0i ch\u00ednh. M\u1ed9t doanh nghi\u1ec7p c\u00f3 k\u1ebft c\u1ea5u v\u1ed1n v\u1edbi ph\u1ea7n v\u1ed1n vay l\u1edbn h\u01a1n s\u1ebd c\u00f3 nhi\u1ec1u c\u01a1 h\u1ed9i thu \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn c\u1ee7a v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu cao h\u01a1n nh\u01b0ng g\u1eafn li\u1ec1n v\u1edbi n\u00f3 l\u00e0 r\u1ee7i ro t\u00e0i ch\u00ednh c\u0169ng l\u1edbn h\u01a1n.\u00a0<\/p>\n

S\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh<\/font><\/h3>\n

S\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh<\/b> nh\u01b0 s\u1eed d\u1ee5ng “con dao hai l\u01b0\u1ee1i”. N\u1ebfu t\u1ed5ng t\u00e0i s\u1ea3n kh\u00f4ng c\u00f3 kh\u1ea3 n\u0103ng sinh ra m\u1ed9t t\u1ec9 l\u1ec7 l\u1ee3i nhu\u1eadn \u0111\u1ee7 l\u1edbn \u0111\u1ec3 b\u00f9 \u0111\u1eafp c\u00e1c chi ph\u00ed ti\u1ec1n l\u00e3i vay ph\u1ea3i tr\u1ea3 th\u00ec t\u1ec9 su\u1ea5t l\u1ee3i nhu\u1eadn sau thu\u1ebf tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu b\u1ecb gi\u1ea3m s\u00fat.<\/p>\n

V\u00ec ph\u1ea7n l\u1ee3i nhu\u1eadn do v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu l\u00e0m ra ph\u1ea3i d\u00f9ng \u0111\u1ec3 b\u00f9 \u0111\u1eafp s\u1ef1 thi\u1ebfu h\u1ee5t c\u1ee7a l\u00e3i vay ph\u1ea3i tr\u1ea3. Do v\u1eady, thu nh\u1eadp c\u1ee7a m\u1ed9t \u0111\u1ed3ng v\u1ed1n ch\u1ee7 s\u1edf h\u01b0u s\u1ebd c\u00f2n l\u1ea1i r\u1ea5t \u00edt so v\u1edbi ti\u1ec1n \u0111\u00e1ng l\u1ebd ch\u00fang \u0111\u01b0\u1ee3c h\u01b0\u1edfng.\u00a0<\/p>\n

Kh\u00e1i ni\u1ec7m \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh<\/b> cung c\u1ea5p cho c\u00e1c nh\u00e0 ph\u00e2n t\u00edch m\u1ed9t c\u00f4ng c\u1ee5 quan tr\u1ecdng \u0111\u1ec3 d\u1ef1 ki\u1ebfn t\u1ec9 su\u1ea5t l\u1ee3i nhu\u1eadn sau thu\u1ebf tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu. C\u1ea7n l\u01b0u \u00fd l\u00e0 khi l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf v\u00e0 l\u00e3i vay kh\u00f4ng \u0111\u1ee7 l\u1edbn \u0111\u1ec3 trang tr\u1ea3i l\u00e3i vay th\u00ec t\u1ec9 su\u1ea5t l\u1ee3i nhu\u1eadn sau thu\u1ebf tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu b\u1ecb gi\u1ea3m s\u00fat.<\/p>\n

Nh\u01b0ng khi l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf v\u00e0 l\u00e3i vay \u0111\u1ee7 l\u1edbn th\u00ec ch\u1ec9 c\u1ea7n s\u1ef1 gia t\u0103ng nh\u1ecf v\u1ec1 l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf v\u00e0 l\u00e3i vay \u0111\u00e3 c\u00f3 s\u1ef1 gia t\u0103ng l\u1edbn v\u1ec1 t\u1ec9 su\u1ea5t l\u1ee3i nhu\u1eadn sau thu\u1ebf tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu.<\/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 Kh\u1ea3 n\u0103ng gia t\u0103ng l\u1ee3i nhu\u1eadn cao l\u00e0 \u0111i\u1ec1u mong \u01b0\u1edbc c\u1ee7a c\u00e1c ch\u1ee7 s\u1edf h\u1eefu, trong \u0111\u00f3 \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh (ti\u1ebfng Anh: Financial Leverage, vi\u1ebft t\u1eaft: FL) l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 qu\u1ea3n l\u00ed \u01b0a d\u00f9ng.\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\/28866"}],"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=28866"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/28866\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=28866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=28866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=28866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}