{"id":31138,"date":"2023-12-07T10:22:26","date_gmt":"2023-12-07T10:22:26","guid":{"rendered":"https:\/\/masterskills.org\/blog\/chinh-sach-thang-du-co-tuc-residual-dividend-policy-la-gi.html"},"modified":"2023-12-23T07:25:07","modified_gmt":"2023-12-23T00:25:07","slug":"chinh-sach-thang-du-co-tuc-residual-dividend-policy-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/chinh-sach-thang-du-co-tuc-residual-dividend-policy-la-gi.html","title":{"rendered":"Ch\u00ednh s\u00e1ch th\u1eb7ng d\u01b0 c\u1ed5 t\u1ee9c (Residual Dividend Policy) l\u00e0 g\u00ec?"},"content":{"rendered":"
\n
\n
<\/div>\n
\n

H\u00ecnh minh h\u1ecda. Ngu\u1ed3n: techdonut.co.uk<\/p>\n<\/div>\n<\/div>\n

Ch\u00ednh s\u00e1ch th\u1eb7ng d\u01b0 c\u1ed5 t\u1ee9c (Residual Dividend Policy)<\/font><\/h2>\n

\u0110\u1ecbnh ngh\u0129a<\/b><\/p>\n

Ch\u00ednh s\u00e1ch th\u1eb7ng d\u01b0 c\u1ed5 t\u1ee9c <\/b>trong ti\u1ebfng Anh l\u00e0 Residual Dividend Policy<\/b>.\u00a0Ch\u00ednh s\u00e1ch th\u1eb7ng d\u01b0 c\u1ed5 t\u1ee9c<\/i> l\u00e0 ch\u00ednh s\u00e1ch m\u00e0 theo \u0111\u00f3 c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c chi tr\u1ea3 l\u00e0 ph\u1ea7n c\u00f2n l\u1ea1i sau khi \u0111\u00e3 d\u00e0nh l\u1ee3i nhu\u1eadn sau thu\u1ebf \u0111\u1ec3 t\u00e1i \u0111\u1ea7u t\u01b0 trong \u0111i\u1ec1u ki\u1ec7n duy tr\u00ec \u0111\u01b0\u1ee3c c\u01a1 c\u1ea5u ngu\u1ed3n v\u1ed1n t\u1ed1i \u01b0u c\u1ee7a c\u00f4ng ty.<\/p>\n

C\u00e1c thu\u1eadt ng\u1eef li\u00ean quan<\/font><\/h3>\n

C\u1ed5 t\u1ee9c\u00a0(Dividend)<\/b>\u00a0l\u00e0 m\u1ed9t ph\u1ea7n l\u1ee3i nhu\u1eadn sau thu\u1ebf c\u1ee7a c\u00f4ng ty d\u00e0nh tr\u1ea3 cho c\u00e1c c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u00e0nh.<\/p>\n

Ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c\u00a0(Dividend Policy)<\/b>\u00a0th\u1ec3 hi\u1ec7n quy\u1ebft \u0111\u1ecbnh gi\u1eefa vi\u1ec7c tr\u1ea3 l\u1ee3i nhu\u1eadn cho c\u1ed5 \u0111\u00f4ng so v\u1edbi vi\u1ec7c gi\u1eef l\u1ea1i l\u1ee3i nhu\u1eadn \u0111\u1ec3 t\u00e1i \u0111\u1ea7u t\u01b0.<\/p>\n

C\u01a1 s\u1edf<\/font><\/span><\/b><\/h3>\n

Ch\u00ednh s\u00e1ch th\u1eb7ng d\u01b0 c\u1ed5 t\u1ee9c<\/b> d\u1ef1a tr\u00ean c\u01a1 s\u1edf c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u01b0a th\u00edch c\u00f4ng ty gi\u1eef l\u1ee3i nhu\u1eadn \u0111\u1ec3 t\u00e1i \u0111\u1ea7u t\u01b0 h\u01a1n l\u00e0 tr\u1ea3 c\u1ed5 t\u1ee9c n\u1ebfu nh\u01b0 t\u1ec9 su\u1ea5t l\u1ee3i nhu\u1eadn m\u00e0 c\u00f4ng ty c\u00f3 th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c t\u1eeb vi\u1ec7c t\u00e1i \u0111\u1ea7u t\u01b0 l\u1ee3i nhu\u1eadn v\u01b0\u1ee3t qu\u00e1 t\u1ec9 su\u1ea5t sinh l\u1eddi trung b\u00ecnh m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c do \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u01a1 h\u1ed9i kh\u00e1c c\u00f3 c\u00f9ng m\u1ee9c \u0111\u1ed9 r\u1ee7i ro.<\/p>\n

\u01afu \u0111i\u1ec3m<\/font><\/h3>\n

– Tr\u01b0\u1eddng h\u1ee3p c\u00f4ng ty \u0111ang c\u00f3 nhi\u1ec1u c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 t\u0103ng tr\u01b0\u1edfng v\u00e0 \u0111em l\u1ea1i t\u1ec9 su\u1ea5t sinh l\u1eddi tr\u00ean v\u1ed1n c\u1ed5 ph\u1ea7n cao h\u01a1n so v\u1edbi m\u1ee9c trung b\u00ecnh c\u1ee7a th\u1ecb tr\u01b0\u1eddng, khi \u0111\u00f3 c\u1ed5 \u0111\u00f4ng s\u1ebd d\u1ec5 d\u00e0ng ch\u1ea5p thu\u1eadn vi\u1ec7c tr\u1ea3 c\u1ed5 t\u1ee9c th\u1ea5p \u0111\u1ec3 d\u00e0nh l\u1ee3i nhu\u1eadn t\u00e1i \u0111\u1ea7u t\u01b0 v\u00e0o c\u00f4ng ty.<\/p>\n

– C\u00f4ng ty s\u1ebd gi\u1ea3m \u0111\u01b0\u1ee3c chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n, v\u00ec so v\u1edbi vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 ph\u1ea7n th\u01b0\u1eddng m\u1edbi th\u00ec gi\u1eef l\u1ea1i l\u1ee3i nhu\u1eadn t\u00e1i \u0111\u1ea7u t\u01b0 s\u1ebd kh\u00f4ng ph\u1ea3i m\u1ea5t chi ph\u00ed ph\u00e1t h\u00e0nh \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n.<\/p>\n

– Gi\u00fap c\u1ed5 \u0111\u00f4ng c\u00f3 th\u1ec3 ho\u00e3n thu\u1ebf thu nh\u1eadp c\u00e1 nh\u00e2n, do thu\u1ebf ch\u1ec9 \u0111\u00e1nh v\u00e0o thu nh\u1eadp khi c\u1ed5 \u0111\u00f4ng hi\u1ec7n th\u1ef1c h\u00f3a thu nh\u1eadp.<\/p>\n

– Tr\u00e1nh ph\u1ea3i ph\u00e2n chia quy\u1ec1n ki\u1ec3m so\u00e1t, bi\u1ec3u quy\u1ebft v\u00ec c\u00f4ng ty kh\u00f4ng ph\u1ea3i ph\u00e1t h\u00e0nh c\u1ed5 ph\u1ea7n m\u1edbi ho\u1eb7c h\u1ea1n ch\u1ebf ph\u1ea3i ph\u00e1t h\u00e0nh v\u1edbi qui m\u00f4 l\u1edbn.<\/p>\n

H\u1ea1n ch\u1ebf<\/font><\/h3>\n

– Vi\u1ec7c c\u00f4ng ty theo \u0111u\u1ed5i ch\u00ednh s\u00e1ch th\u1eb7ng d\u01b0 c\u1ed5 t\u1ee9c<\/b> s\u1ebd d\u1eabn \u0111\u1ebfn s\u1ef1 bi\u1ebfn thi\u00ean v\u1ec1 c\u1ed5 t\u1ee9c c\u1ee7a c\u00e1c c\u1ed5 \u0111\u00f4ng. \u0110i\u1ec1u n\u00e0y s\u1ebd l\u00e0m cho nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 m\u1ee9c \u0111\u1ed9 r\u1ee7i ro cao, d\u1eabn \u0111\u1ebfn l\u00e0m gi\u1ea3m gi\u00e1 c\u1ed5 phi\u1ebfu.<\/p>\n

– Ch\u00ednh s\u00e1ch n\u00e0y s\u1ebd l\u00e0m cho c\u1ed5 \u0111\u00f4ng kh\u00f4ng c\u00f3 thu nh\u1eadp \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o chi ti\u00eau th\u01b0\u1eddng xuy\u00ean, l\u00e0m cho nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i b\u00e1n c\u1ed5 phi\u1ebfu \u0111\u1ec3 c\u00f3 thu nh\u1eadp \u0111\u00e1p \u1ee9ng nhu c\u1ea7u chi ti\u00eau khi\u1ebfn cho gi\u00e1 c\u1ed5 phi\u1ebfu b\u1ecb gi\u1ea3m.<\/p>\n

V\u00ed d\u1ee5<\/font><\/h3>\n

L\u1ee3i nhu\u1eadn sau thu\u1ebf (d\u1ef1 ki\u1ebfn) c\u1ee7a c\u00f4ng ty X = 500 tri\u1ec7u \u0111\u1ed3ng<\/p>\n

C\u01a1 c\u1ea5u v\u1ed1n n\u1ee3 tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (D\/E) t\u1ed1i \u01b0u l\u00e0 2\/3<\/p>\n

Nhu c\u1ea7u v\u1ed1n \u0111\u1ea7u t\u01b0 (d\u1ef1 ki\u1ebfn) = 600\u00a0tri\u1ec7u \u0111\u1ed3ng<\/p>\n

S\u1ed1 l\u01b0\u1ee3ng c\u1ed5 ph\u1ea7n th\u01b0\u1eddng \u0111ang l\u01b0u h\u00e0nh tr\u00ean th\u1ecb tr\u01b0\u1eddng 100.000 c\u1ed5 ph\u1ea7n<\/p>\n

X\u00e1c \u0111\u1ecbnh c\u1ed5 t\u1ee9c tr\u00ean m\u1ed9t c\u1ed5 ph\u1ea7n n\u1ebfu c\u00f4ng ty th\u1ef1c hi\u1ec7n theo ch\u00ednh s\u00e1ch th\u1eb7ng d\u01b0 c\u1ed5 t\u1ee9c.<\/p>\n

L\u1eddi gi\u1ea3i<\/b><\/p>\n

Nhu c\u1ea7u v\u1ed1n c\u1ea7n thi\u1ebft \u0111\u1ec3 \u0111\u00e1p \u1ee9ng nhu c\u1ea7u \u0111\u1ea7u t\u01b0 d\u1ef1 ki\u1ebfn trong \u0111i\u1ec1u ki\u1ec7n duy tr\u00ec c\u01a1 c\u1ea5u ngu\u1ed3n v\u1ed1n t\u1ed1i \u01b0u l\u00e0: (Trong 600 tri\u1ec7u \u0111\u1ed3ng, 2 ph\u1ea7n l\u00e0 v\u1ed1n n\u1ee3, 3 ph\u1ea7n l\u00e0 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu)<\/p>\n

-> 240 tri\u1ec7u \u0111\u1ed3ng v\u1ed1n vay, 360 tri\u1ec7u \u0111\u1ed3ng v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/p>\n

L\u1ee3i nhu\u1eadn gi\u1eef l\u1ea1i t\u00e1i \u0111\u1ea7u t\u01b0 = Nhu c\u1ea7u v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu = 360 tri\u1ec7u \u0111\u1ed3ng<\/p>\n

L\u1ee3i nhu\u1eadn d\u00e0nh tr\u1ea3 c\u1ed5 t\u1ee9c cho c\u1ed5 \u0111\u00f4ng: 500 – 360 = 140 (tri\u1ec7u \u0111\u1ed3ng)<\/p>\n

V\u1eady c\u1ed5 t\u1ee9c tr\u00ean m\u1ed9t c\u1ed5 ph\u1ea7n l\u00e0: 140.000.000\/100.000 = 1.400 (\u0111\u1ed3ng\/c\u1ed5 ph\u1ea7n)<\/p>\n

K\u1ebft lu\u1eadn
<\/font><\/b><\/p>\n

Nh\u01b0 v\u1eady ch\u00ednh s\u00e1ch th\u1eb7ng d\u01b0 c\u1ed5 t\u1ee9c<\/b> s\u1ebd \u0111\u01b0\u1ee3c coi l\u00e0 t\u1ed1i \u01b0u ch\u1ec9 khi n\u00e0o c\u00f4ng ty \u0111ang trong giai \u0111o\u1ea1n t\u0103ng tr\u01b0\u1edfng, c\u00f3 nhi\u1ec1u c\u01a1 h\u1ed3i \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng lo l\u1eafng \u0111\u1ebfn s\u1ef1 dao \u0111\u1ed9ng c\u1ee7a c\u1ed5 t\u1ee9c.<\/p>\n

B\u00ean c\u1ea1nh hai ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c ch\u1ee7 y\u1ebfu tr\u00ean, ng\u00e0y nay c\u00e1c c\u00f4ng ty c\u1ed5 ph\u1ea7n \u0111\u00e3 s\u00e1ng t\u1ea1o th\u00eam c\u00e1c ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c m\u1edbi ph\u00f9 h\u1ee3p v\u1edbi th\u1ef1c t\u1ebf c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>\n

(T\u00e0i li\u1ec7u tham kh\u1ea3o: Gi\u00e1o tr\u00ecnh T\u00e0i ch\u00ednh doanh nghi\u1ec7p, NXB T\u00e0i ch\u00ednh)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n Ch\u00ednh s\u00e1ch th\u1eb7ng d\u01b0 c\u1ed5 t\u1ee9c (ti\u1ebfng Anh: Residual Dividend Policy) l\u00e0 ch\u00ednh s\u00e1ch m\u00e0 theo \u0111\u00f3 c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c chi tr\u1ea3 l\u00e0 ph\u1ea7n c\u00f2n l\u1ea1i sau khi \u0111\u00e3 d\u00e0nh l\u1ee3i nhu\u1eadn sau thu\u1ebf \u0111\u1ec3 t\u00e1i \u0111\u1ea7u t\u01b0 trong \u0111i\u1ec1u ki\u1ec7n duy tr\u00ec \u0111\u01b0\u1ee3c c\u01a1 c\u1ea5u ngu\u1ed3n v\u1ed1n t\u1ed1i \u01b0u c\u1ee7a c\u00f4ng ty.\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[417],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/31138"}],"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=31138"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/31138\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=31138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=31138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=31138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}