{"id":31612,"date":"2023-12-07T10:52:34","date_gmt":"2023-12-07T10:52:34","guid":{"rendered":"https:\/\/masterskills.org\/blog\/chinh-sach-on-dinh-co-tuc-stable-dividend-policy-la-gi-uu-diem-va-han-che.html"},"modified":"2023-12-23T09:38:36","modified_gmt":"2023-12-23T02:38:36","slug":"chinh-sach-on-dinh-co-tuc-stable-dividend-policy-la-gi-uu-diem-va-han-che","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/chinh-sach-on-dinh-co-tuc-stable-dividend-policy-la-gi-uu-diem-va-han-che.html","title":{"rendered":"Ch\u00ednh s\u00e1ch \u1ed5n \u0111\u1ecbnh c\u1ed5 t\u1ee9c (Stable Dividend Policy) l\u00e0 g\u00ec? \u01afu \u0111i\u1ec3m v\u00e0 h\u1ea1n ch\u1ebf"},"content":{"rendered":"
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H\u00ecnh minh h\u1ecda. Ngu\u1ed3n: blog.ideapoke<\/p>\n<\/div>\n<\/div>\n

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

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

Ch\u00ednh s\u00e1ch \u1ed5n \u0111\u1ecbnh c\u1ed5 t\u1ee9c<\/b> trong ti\u1ebfng Anh l\u00e0 Stable Dividend Policy<\/b>.\u00a0Ch\u00ednh s\u00e1ch \u1ed5n \u0111\u1ecbnh c\u1ed5 t\u1ee9c<\/i> <\/b>l\u00e0 ch\u00ednh s\u00e1ch m\u00e0 trong \u0111\u00f3 c\u00f4ng ty c\u1ed5 ph\u1ea7n x\u00e1c \u0111\u1ecbnh m\u1ed9t m\u1ee9c c\u1ed5 t\u1ee9c c\u1ed1 \u0111\u1ecbnh h\u00e0ng n\u0103m v\u00e0 s\u1ebd duy tr\u00ec m\u1ee9c c\u1ed5 t\u1ee9c \u0111\u00f3 m\u1ed9t c\u00e1ch \u1ed5n \u0111\u1ecbnh.<\/p>\n

C\u00f4ng ty s\u1ebd t\u0103ng m\u1ee9c tr\u1ea3 c\u1ed5 t\u1ee9c h\u00e0ng n\u0103m ch\u1ec9 khi n\u00e0o c\u00f4ng ty ch\u1eafc ch\u1eafn \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn cao trong t\u01b0\u01a1ng lai \u0111\u1ec3 cho ph\u00e9p gia t\u0103ng c\u1ed5 t\u1ee9c v\u00e0 duy tr\u00ec \u0111\u01b0\u1ee3c m\u1ee9c c\u1ed5 t\u1ee9c cao \u0111\u00f3.<\/p>\n

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

C\u1ed5 t\u1ee9c\u00a0(Dividend)<\/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> th\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

N\u1ed9i dung c\u1ee7a ch\u00ednh s\u00e1ch \u1ed5n \u0111\u1ecbnh c\u1ed5 t\u1ee9c<\/font><\/h3>\n

Theo ch\u00ednh s\u00e1ch \u1ed5n \u0111\u1ecbnh c\u1ed5 t\u1ee9c<\/i> th\u00ec c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c duy tr\u00ec \u1edf m\u1ee9c \u0111\u1ed9 nh\u1ea5t \u0111\u1ecbnh v\u00e0 ch\u1ec9 t\u0103ng c\u1ed5 t\u1ee9c l\u00ean m\u1ee9c cao h\u01a1n khi c\u00f4ng ty c\u00f3 th\u1ebf \u0111\u1ea1t \u0111\u01b0\u1ee3c s\u1ef1 gia t\u0103ng l\u1ee3i nhu\u1eadn m\u1ed9t c\u00e1ch v\u1eefng ch\u1eafc, \u0111\u1ee7 kh\u1ea3 n\u0103ng cho ph\u00e9p t\u0103ng \u0111\u01b0\u1ee3c c\u1ed5 t\u1ee9c.<\/p>\n

Khi \u0111\u00e3 t\u0103ng c\u1ed5 t\u1ee9c th\u00ec c\u00f4ng ty c\u1ed1 g\u1eafng duy tr\u00ec c\u1ed5 t\u1ee9c \u1edf m\u1ee9c \u0111\u1ed9 \u0111\u00e3 \u0111\u1ecbnh cho \u0111\u1ebfn khi c\u00f4ng ty kh\u00f4ng th\u1ec3 hi v\u1ecdng ng\u0103n ch\u1eb7n \u0111\u01b0\u1ee3c s\u1ef1 gi\u1ea3m s\u00fat l\u1ee3i nhu\u1eadn k\u00e9o d\u00e0i trong t\u01b0\u01a1ng lai.<\/p>\n

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

– Ch\u00ednh s\u00e1ch \u1ed5n \u0111\u1ecbnh c\u1ed5 t\u1ee9c \u0111\u01b0a ra th\u00f4ng tin hay t\u00edn hi\u1ec7u v\u1ec1 s\u1ef1 \u1ed5n \u0111\u1ecbnh trong kinh doanh.<\/p>\n

– Th\u1ef1c hi\u1ec7n ch\u00ednh s\u00e1ch \u1ed5n \u0111\u1ecbnh c\u1ed5 t\u1ee9c n\u00e0y s\u1ebd t\u1ea1o ra thu nh\u1eadp th\u1ef1c t\u1ebf cho c\u1ed5 \u0111\u00f4ng.<\/p>\n

– Th\u1ef1c hi\u1ec7n ch\u00ednh s\u00e1ch \u1ed5n \u0111\u1ecbnh c\u1ed5 t\u1ee9c l\u00e0 m\u1ed9t y\u1ebfu t\u1ed1 quan tr\u1ecdng \u0111\u1ec3 \u1ed5n \u0111\u1ecbnh th\u00e0nh ph\u1ea7n c\u1ed5 \u0111\u00f4ng c\u1ee7a c\u00f4ng ty t\u1ea1o \u0111i\u1ec1u ki\u1ec7n thu\u1eadn l\u1ee3i cho c\u00f4ng t\u00e1c qu\u1ea3n l\u00ed c\u00f4ng ty.<\/p>\n

– Ch\u00ednh s\u00e1ch \u1ed5n \u0111\u1ecbnh c\u1ed5 t\u1ee9c c\u00f2n l\u00e0 y\u1ebfu t\u1ed1 quan tr\u1ecdng gi\u00fap cho c\u00f4ng ty c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c d\u1ec5 d\u00e0ng\u00a0ni\u00eam y\u1ebft ch\u1ee9ng kho\u00e1n\u00a0t\u1ea1i S\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n. \u1ede nhi\u1ec1u qu\u1ed1c gia, c\u1ed5 phi\u1ebfu mu\u1ed1n \u0111\u01b0\u1ee3c ni\u00eam y\u1ebft th\u00ec c\u00f4ng ty ph\u1ea3i tr\u1ea3 c\u1ed5 t\u1ee9c th\u01b0\u1eddng xuy\u00ean v\u00e0 \u1ed5n \u0111\u1ecbnh.<\/p>\n

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

– Vi\u1ec7c th\u1ef1c hi\u1ec7n ch\u00ednh s\u00e1ch \u1ed5n \u0111\u1ecbnh c\u1ed5 t\u1ee9c c\u0169ng c\u00f3 \u1ea3nh h\u01b0\u1edfng nh\u1ea5t \u0111\u1ecbnh \u0111\u1ebfn ngu\u1ed3n v\u1ed1n b\u00ean trong c\u1ee7a c\u00f4ng ty.<\/p>\n

– N\u1ebfu th\u1ef1c hi\u1ec7n c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 th\u00ec ph\u1ea3i ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n, khi \u0111\u00f3 c\u00f4ng ty ph\u1ea3i b\u1ecf ra c\u00e1c kho\u1ea3n chi ph\u00ed ph\u00e1t h\u00e0nh, d\u1eabn \u0111\u1ebfn l\u00e0m cho chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu t\u0103ng l\u00ean, \u0111\u1ed3ng th\u1eddi c\u1ed5 \u0111\u00f4ng ph\u1ea3i chia s\u1ebb quy\u1ec1n ki\u1ec3m so\u00e1t c\u00f4ng ty cho c\u1ed5 \u0111\u00f4ng m\u1edbi.<\/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 = 400 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) = 500\u00a0tri\u1ec7u \u0111\u1ed3ng<\/p>\n

M\u1ee9c tr\u1ea3 c\u1ed5 t\u1ee9c n\u0103m tr\u01b0\u1edbc 2.000 \u0111\u1ed3ng\/c\u1ed5 ph\u1ea7n<\/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

T\u1ec9 l\u1ec7 t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c d\u1ef1 ki\u1ebfn 5% m\u1ed7i n\u0103m<\/p>\n

V\u1eady n\u1ebfu c\u00f4ng ty th\u1ef1c hi\u1ec7n theo ch\u00ednh s\u00e1ch \u1ed5n \u0111\u1ecbnh c\u1ed5 t\u1ee9c th\u00ec c\u1ea7n ph\u1ea3i vay v\u1ed1n v\u00e0 ph\u00e1t h\u00e0nh c\u1ed5 ph\u1ea7n th\u01b0\u1eddng m\u1edbi l\u00e0 bao nhi\u00eau \u0111\u1ec3 \u0111\u00e1p \u1ee9ng nhu c\u1ea7u v\u1ed1n \u0111\u1ea7u t\u01b0 d\u1ef1 ki\u1ebfn.<\/p>\n

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

C\u1ed5 t\u1ee9c m\u1ed7i c\u1ed5 ph\u1ea7n: 2.000 x (1 + 5%) = 2.100 \u0111\u1ed3ng\/c\u1ed5 ph\u1ea7n<\/p>\n

L\u1ee3i nhu\u1eadn d\u00e0nh \u0111\u1ec3 tr\u1ea3 c\u1ed5 t\u1ee9c l\u00e0: 2.100 x 100.000 = 210 (tri\u1ec7u \u0111\u1ed3ng)<\/p>\n

L\u1ee3i nhu\u1eadn \u0111\u1ec3 l\u1ea1i t\u00e1i \u0111\u1ea7u t\u01b0 l\u00e0: 400 – 210 = 190 (tri\u1ec7u \u0111\u1ed3ng)<\/p>\n

V\u1ed1n c\u1ea7n thi\u1ebft \u0111\u1ec3 \u0111\u00e1p \u1ee9ng nhu c\u1ea7u \u0111\u1ea7u t\u01b0 d\u1ef1 ki\u1ebfn \u0111\u00e1p \u1ee9ng c\u01a1 c\u1ea5u t\u1ed1i \u01b0u l\u00e0\u00a0<\/p>\n

(Trong 500 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

-> 200 tri\u1ec7u \u0111\u1ed3ng v\u1ed1n vay, 300 tri\u1ec7u \u0111\u1ed3ng v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/p>\n

Nh\u01b0 v\u1eady, \u0111\u1ec3 \u0111\u00e1p \u1ee9ng nhu c\u1ea7u v\u1ed1n \u0111\u1ea7u t\u01b0 d\u1ef1 ki\u1ebfn, c\u00f4ng ty X c\u1ea7n:<\/p>\n

Vay n\u1ee3: 200 tri\u1ec7u \u0111\u1ed3ng<\/p>\n

Ph\u00e1t h\u00e0nh c\u1ed5 ph\u1ea7n th\u01b0\u1eddng m\u1edbi: 300 – 190 = 110 (tri\u1ec7u \u0111\u1ed3ng)<\/p>\n

Li\u00ean h\u1ec7 th\u1ef1c ti\u1ec5n<\/font><\/h3>\n

Ng\u00e0y nay, khi n\u1ec1n kinh t\u1ebf ph\u00e1t tri\u1ec3n nhanh, do \u1ea3nh h\u01b0\u1edfng c\u1ee7a l\u1ea1m ph\u00e1t x\u1ea3y ra li\u00ean t\u1ee5c k\u1ebft h\u1ee3p v\u1edbi vi\u1ec7c t\u00e1i \u0111\u1ea7u t\u01b0 l\u1ee3i nhu\u1eadn \u0111\u00e3 th\u00fac \u0111\u1ea9y s\u1ef1 t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn, v\u00ec v\u1eady c\u00f3 r\u1ea5t nhi\u1ec1u c\u00f4ng ty \u0111ang theo \u0111u\u1ed5i ch\u00ednh s\u00e1ch \u1ed5n \u0111\u1ecbnh c\u1ed5 t\u1ee9c <\/b>\u0111\u00e3 chuy\u1ec3n sang ch\u00ednh s\u00e1ch \u1ed5n \u0111\u1ecbnh c\u1ed5 t\u1ee9c c\u00f3 \u0111i\u1ec1u ch\u1ec9nh<\/b>, c\u00f2n g\u1ecdi l\u00e0 ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c c\u00f3 t\u1ec9 l\u1ec7 t\u0103ng tr\u01b0\u1edfng \u1ed5n \u0111\u1ecbnh<\/b>.<\/p>\n

Nh\u01b0 v\u1eady, s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ed5 t\u1ee9c \u1edf \u0111\u00e2y kh\u00f4ng ph\u1ea3i l\u00e0 c\u1ed1 \u0111\u1ecbnh.<\/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 \u1ed5n \u0111\u1ecbnh c\u1ed5 t\u1ee9c (ti\u1ebfng Anh: Stable Dividend Policy) l\u00e0 ch\u00ednh s\u00e1ch m\u00e0 trong \u0111\u00f3 c\u00f4ng ty c\u1ed5 ph\u1ea7n x\u00e1c \u0111\u1ecbnh m\u1ed9t m\u1ee9c c\u1ed5 t\u1ee9c c\u1ed1 \u0111\u1ecbnh h\u00e0ng n\u0103m v\u00e0 s\u1ebd duy tr\u00ec m\u1ee9c c\u1ed5 t\u1ee9c \u0111\u00f3 m\u1ed9t c\u00e1ch \u1ed5n \u0111\u1ecbnh.\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\/31612"}],"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=31612"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/31612\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=31612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=31612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=31612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}