{"id":31611,"date":"2023-12-07T10:52:29","date_gmt":"2023-12-07T10:52:29","guid":{"rendered":"https:\/\/masterskills.org\/blog\/chinh-sach-ti-le-co-tuc-on-dinh-constant-dividend-policy-la-gi.html"},"modified":"2023-12-23T09:38:36","modified_gmt":"2023-12-23T02:38:36","slug":"chinh-sach-ti-le-co-tuc-on-dinh-constant-dividend-policy-la-gi","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/chinh-sach-ti-le-co-tuc-on-dinh-constant-dividend-policy-la-gi.html","title":{"rendered":"Ch\u00ednh s\u00e1ch t\u1ec9 l\u1ec7 c\u1ed5 t\u1ee9c \u1ed5n \u0111\u1ecbnh (Constant Dividend Policy) l\u00e0 g\u00ec?"},"content":{"rendered":"
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H\u00ecnh minh h\u1ecda. Ngu\u1ed3n: brookfieldinstitute.ca<\/p>\n<\/div>\n<\/div>\n

Ch\u00ednh s\u00e1ch t\u1ec9 l\u1ec7 c\u1ed5 t\u1ee9c \u1ed5n \u0111\u1ecbnh (Constant Dividend Policy)<\/font><\/h2>\n

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

Ch\u00ednh s\u00e1ch t\u1ec9 l\u1ec7 c\u1ed5 t\u1ee9c \u1ed5n \u0111\u1ecbnh<\/b> trong ti\u1ebfng Anh l\u00e0 Constant Dividend Policy<\/b>.\u00a0Ch\u00ednh s\u00e1ch t\u1ec9 l\u1ec7 c\u1ed5 t\u1ee9c \u1ed5n \u0111\u1ecbnh<\/i> l\u00e0 ch\u00ednh s\u00e1ch m\u00e0 theo \u0111\u00f3 c\u00f4ng ty c\u1ed5 ph\u1ea7n c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n vi\u1ec7c chi tr\u1ea3 c\u1ed5 t\u1ee9c theo m\u1ed9t t\u1ec9 l\u1ec7 \u1ed5n \u0111\u1ecbnh t\u00ednh tr\u00ean l\u1ee3i nhu\u1eadn sau thu\u1ebf 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)\u00a0<\/b>l\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

\u0110\u1eb7c \u0111i\u1ec3m<\/font><\/span><\/b><\/h3>\n

T\u1ec9 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c<\/b> \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh b\u1eb1ng c\u1ed5 t\u1ee9c m\u1ed9t c\u1ed5 ph\u1ea7n th\u01b0\u1eddng (DPS) chia cho thu nh\u1eadp m\u1ed9t c\u1ed5 ph\u1ea7n th\u01b0\u1eddng (EPS).\u00a0<\/p>\n

T\u1ec9 l\u1ec7 n\u00e0y \u0111\u01b0\u1ee3c c\u00e1c c\u00f4ng ty c\u1ed1 g\u1eafng duy tr\u00ec \u1ed5n \u0111\u1ecbnh qua c\u00e1c n\u0103m. Tuy nhi\u00ean, do l\u1ee3i nhu\u1eadn dao \u0111\u1ed9ng h\u00e0ng n\u0103m n\u00ean l\u00e0m cho c\u1ed5 t\u1ee9c c\u0169ng b\u1ecb thay \u0111\u1ed5i.<\/p>\n

Khi th\u1ef1c hi\u1ec7n theo ch\u00ednh s\u00e1ch n\u00e0y, n\u1ebfu nh\u01b0 l\u1ee3i nhu\u1eadn doanh nghi\u1ec7p th\u01b0\u1eddng xuy\u00ean bi\u1ebfn \u0111\u1ed9ng s\u1ebd k\u00e9o theo s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a c\u1ed5 t\u1ee9c khi \u0111\u00f3 nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd \u0111\u00e1nh gi\u00e1 ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ee7a c\u00f4ng ty c\u00f3 nhi\u1ec1u bi\u1ebfn \u0111\u1ed9ng v\u00e0 r\u1ee7i ro, d\u1eabn \u0111\u1ebfn t\u1ec9 su\u1ea5t sinh l\u1eddi \u0111\u00f2i h\u1ecfi c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd c\u00f3 th\u1ec3 t\u0103ng l\u00ean v\u00e0 l\u00e0m cho gi\u00e1 c\u1ed5 phi\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 gi\u1ea3m xu\u1ed1ng.<\/p>\n

Theo ch\u00ednh s\u00e1ch th\u1eb7ng d\u01b0 c\u1ed5 t\u1ee9c, gi\u1ea3 s\u1eed doanh nghi\u1ec7p lu\u00f4n theo \u0111u\u1ed5i t\u1ec9 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c m\u1ee5c ti\u00eau. Sau \u0111\u00f3 vi\u1ec7c thanh to\u00e1n c\u1ed5 t\u1ee9c trong n\u0103m t\u1edbi (DPS1<\/sub>) s\u1ebd b\u1eb1ng t\u1ec9 l\u1ec7 kh\u00f4ng \u0111\u1ed5i so v\u1edbi thu nh\u1eadp m\u1ed7i c\u1ed5 ph\u1ea7n (EPS).<\/p>\n

DPS1<\/sub> = C\u1ed5 t\u1ee9c m\u1ee5c ti\u00eau = T\u1ec9 l\u1ec7 m\u1ee5c ti\u00eau x EPS1<\/sub><\/p>\n

Thay \u0111\u1ed5i c\u1ed5 t\u1ee9c s\u1ebd b\u1eb1ng:<\/p>\n

DPS1<\/sub> – DPS0<\/sub> = (T\u1ec9 l\u1ec7 m\u1ee5c ti\u00eau x EPS1<\/sub>) – DPS0<\/sub><\/p>\n

M\u1ed9t doanh nghi\u1ec7p lu\u00f4n lu\u00f4n theo \u0111u\u1ed5i t\u1ec9 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c m\u1ee5c ti\u00eau s\u1ebd ph\u1ea3i thay \u0111\u1ed5i c\u1ed5 t\u1ee9c b\u1ea5t c\u1ee9 khi n\u00e0o l\u1ee3i nhu\u1eadn thay \u0111\u1ed5i. Nh\u01b0ng c\u00e1c gi\u00e1m \u0111\u1ed1c t\u00e0i ch\u00ednh bu\u1ed9c ph\u1ea3i th\u1ef1c hi\u1ec7n ch\u00ednh s\u00e1ch n\u00e0y v\u00ec h\u1ecd tin r\u1eb1ng c\u00e1c c\u1ed5 \u0111\u00f4ng th\u00edch \u0111\u01b0\u1ee3c tr\u1ea3 c\u1ed5 t\u1ee9c \u1ed5n \u0111\u1ecbnh h\u01a1n.<\/p>\n

Do \u0111\u00f3, th\u1eadm ch\u00ed n\u1ebfu nh\u01b0 ho\u00e0n c\u1ea3nh cho ph\u00e9p h\u1ed7 tr\u1ee3 vi\u1ec7c t\u0103ng cao m\u1ee9c c\u1ed5 t\u1ee9c th\u00ec h\u1ecd c\u0169ng ch\u1ec9 thay \u0111\u1ed5i m\u1ed9t ph\u1ea7n m\u1ee9c tr\u1ea3 c\u1ed5 t\u1ee9c m\u00e0 th\u00f4i. Nh\u1eefng thay \u0111\u1ed5i c\u1ed5 t\u1ee9c c\u1ee7a h\u1ecd d\u01b0\u1eddng nh\u01b0 kh\u1eb3ng \u0111\u1ecbnh cho ch\u00ednh s\u00e1ch sau:<\/p>\n

DPS1<\/sub> – DPS0<\/sub> = T\u1ec9 l\u1ec7 \u0111i\u1ec1u ch\u1ec9nh x Thay \u0111\u1ed5i c\u1ed5 t\u1ee9c<\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0= T\u1ec9 l\u1ec7 \u0111i\u1ec1u ch\u1ec9nh x [(T\u1ec9 l\u1ec7 m\u1ee5c ti\u00eau x EPS1<\/sub>) – DPS0<\/sub>]<\/p>\n

K\u1ebft lu\u1eadn<\/font><\/h3>\n

Nh\u01b0 v\u1eady, theo ch\u00ednh s\u00e1ch t\u1ec9 l\u1ec7 c\u1ed5 t\u1ee9c \u1ed5n \u0111\u1ecbnh<\/b>, c\u00f4ng ty lu\u00f4n gi\u1eef \u0111\u01b0\u1ee3c m\u1ed9t ph\u1ea7n l\u1ee3i nhu\u1eadn \u0111\u1ec3 l\u1ea1i c\u00f4ng ty d\u00e0nh t\u00e1i \u0111\u1ea7u t\u01b0.\u00a0<\/p>\n

N\u1ebfu th\u1ef1c hi\u1ec7n theo ch\u00ednh s\u00e1ch n\u00e0y s\u1ebd th\u1ec3 hi\u1ec7n s\u1ef1 nh\u1ea5t qu\u00e1n c\u1ee7a nh\u00e0 qu\u1ea3n tr\u1ecb c\u00f4ng ty trong vi\u1ec7c tr\u1ea3 c\u1ed5 t\u1ee9c. Trong tr\u01b0\u1eddng h\u1ee3p c\u00f4ng ty c\u00f3 doanh thu v\u00e0 l\u1ee3i nhu\u1eadn t\u01b0\u01a1ng \u0111\u1ed1i \u1ed5n \u0111\u1ecbnh th\u00ec c\u1ed5 t\u1ee9c tr\u1ea3 h\u00e0ng n\u0103m c\u0169ng \u1ed5n \u0111\u1ecbnh theo.<\/p>\n

Tuy nhi\u00ean, theo \u0111u\u1ed5i ch\u00ednh s\u00e1ch n\u00e0y c\u0169ng l\u00e0m l\u1ed9 r\u00f5 t\u00ednh b\u1ea5p b\u00eanh trong ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ee7a c\u00f4ng ty, v\u00ec c\u1ed5 t\u1ee9c s\u1ebd thay \u0111\u1ed5i khi l\u1ee3i nhu\u1eadn thay \u0111\u1ed5i.<\/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 t\u1ec9 l\u1ec7 c\u1ed5 t\u1ee9c \u1ed5n \u0111\u1ecbnh (ti\u1ebfng Anh: Constant Dividend Policy) l\u00e0 ch\u00ednh s\u00e1ch m\u00e0 theo \u0111\u00f3 c\u00f4ng ty c\u1ed5 ph\u1ea7n c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n vi\u1ec7c chi tr\u1ea3 c\u1ed5 t\u1ee9c theo m\u1ed9t t\u1ec9 l\u1ec7 \u1ed5n \u0111\u1ecbnh t\u00ednh tr\u00ean l\u1ee3i nhu\u1eadn sau thu\u1ebf 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\/31611"}],"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=31611"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/31611\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=31611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=31611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=31611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}