{"id":26327,"date":"2025-03-05T14:53:50","date_gmt":"2025-03-05T07:53:50","guid":{"rendered":"https:\/\/wp-blog-test.realstake.net\/blog\/?p=26327"},"modified":"2025-03-05T14:53:50","modified_gmt":"2025-03-05T07:53:50","slug":"cach-danh-gia-ty-le-no-va-don-bay-tai-chinh-tc","status":"publish","type":"post","link":"https:\/\/infina.vn\/blog\/cach-danh-gia-ty-le-no-va-don-bay-tai-chinh-tc\/","title":{"rendered":"C\u00e1ch \u0111\u00e1nh gi\u00e1 t\u1ef7 l\u1ec7 n\u1ee3 v\u00e0 \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh"},"content":{"rendered":"\n\n<div class=\"kk-star-ratings kksr-auto kksr-align-right kksr-valign-top\"\n    data-payload='{&quot;align&quot;:&quot;right&quot;,&quot;id&quot;:&quot;26327&quot;,&quot;slug&quot;:&quot;default&quot;,&quot;valign&quot;:&quot;top&quot;,&quot;ignore&quot;:&quot;&quot;,&quot;reference&quot;:&quot;auto&quot;,&quot;class&quot;:&quot;&quot;,&quot;count&quot;:&quot;0&quot;,&quot;legendonly&quot;:&quot;&quot;,&quot;readonly&quot;:&quot;&quot;,&quot;score&quot;:&quot;0&quot;,&quot;starsonly&quot;:&quot;&quot;,&quot;best&quot;:&quot;5&quot;,&quot;gap&quot;:&quot;2&quot;,&quot;greet&quot;:&quot;\u0110\u00e1nh gi\u00e1 t\u1ea1i \u0111\u00e2y&quot;,&quot;legend&quot;:&quot;0\\\/5 - (0 votes)&quot;,&quot;size&quot;:&quot;24&quot;,&quot;title&quot;:&quot;C\u00e1ch \u0111\u00e1nh gi\u00e1 t\u1ef7 l\u1ec7 n\u1ee3 v\u00e0 \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh&quot;,&quot;width&quot;:&quot;0&quot;,&quot;_legend&quot;:&quot;{score}\\\/{best} - ({count} {votes})&quot;,&quot;font_factor&quot;:&quot;1.25&quot;}'>\n            \n<div class=\"kksr-stars\">\n    \n<div class=\"kksr-stars-inactive\">\n            <div class=\"kksr-star\" data-star=\"1\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"2\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"3\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"4\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"5\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n    <\/div>\n    \n<div class=\"kksr-stars-active\" style=\"width: 0px;\">\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 2px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 24px; height: 24px;\"><\/div>\n        <\/div>\n    <\/div>\n<\/div>\n                \n\n<div class=\"kksr-legend\" style=\"font-size: 19.2px;\">\n            <span class=\"kksr-muted\">\u0110\u00e1nh gi\u00e1 t\u1ea1i \u0111\u00e2y<\/span>\n    <\/div>\n    <\/div>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 ez-toc-wrap-center counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">N\u1ed9i dung ch\u00ednh<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/infina.vn\/blog\/cach-danh-gia-ty-le-no-va-don-bay-tai-chinh-tc\/#Diem_chinh_ban_can_biet\" title=\"\u0110i\u1ec3m ch\u00ednh b\u1ea1n c\u1ea7n bi\u1ebft:\">\u0110i\u1ec3m ch\u00ednh b\u1ea1n c\u1ea7n bi\u1ebft:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/infina.vn\/blog\/cach-danh-gia-ty-le-no-va-don-bay-tai-chinh-tc\/#Dau_hieu_canh_bao\" title=\"D\u1ea5u hi\u1ec7u c\u1ea3nh b\u00e1o:\">D\u1ea5u hi\u1ec7u c\u1ea3nh b\u00e1o:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/infina.vn\/blog\/cach-danh-gia-ty-le-no-va-don-bay-tai-chinh-tc\/#Loi_ich_va_rui_ro_cua_don_bay_tai_chinh\" title=\"L\u1ee3i \u00edch v\u00e0 r\u1ee7i ro c\u1ee7a \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh:\">L\u1ee3i \u00edch v\u00e0 r\u1ee7i ro c\u1ee7a \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/infina.vn\/blog\/cach-danh-gia-ty-le-no-va-don-bay-tai-chinh-tc\/#Cac_Chi_So_Do_Luong_No_va_Don_Bay_Chinh\" title=\"C\u00e1c Ch\u1ec9 S\u1ed1 \u0110o L\u01b0\u1eddng N\u1ee3 v\u00e0 \u0110\u00f2n B\u1ea9y Ch\u00ednh\">C\u00e1c Ch\u1ec9 S\u1ed1 \u0110o L\u01b0\u1eddng N\u1ee3 v\u00e0 \u0110\u00f2n B\u1ea9y Ch\u00ednh<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/infina.vn\/blog\/cach-danh-gia-ty-le-no-va-don-bay-tai-chinh-tc\/#Ty_Le_No_Tren_Tai_San\" title=\"T\u1ef7 L\u1ec7 N\u1ee3 Tr\u00ean T\u00e0i S\u1ea3n\">T\u1ef7 L\u1ec7 N\u1ee3 Tr\u00ean T\u00e0i S\u1ea3n<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/infina.vn\/blog\/cach-danh-gia-ty-le-no-va-don-bay-tai-chinh-tc\/#Ty_Le_No_Tren_Von_Chu_So_Huu_DE\" title=\"T\u1ef7 L\u1ec7 N\u1ee3 Tr\u00ean V\u1ed1n Ch\u1ee7 S\u1edf H\u1eefu (D\/E)\">T\u1ef7 L\u1ec7 N\u1ee3 Tr\u00ean V\u1ed1n Ch\u1ee7 S\u1edf H\u1eefu (D\/E)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/infina.vn\/blog\/cach-danh-gia-ty-le-no-va-don-bay-tai-chinh-tc\/#He_So_Don_Bay_Tai_Chinh\" title=\"H\u1ec7 S\u1ed1 \u0110\u00f2n B\u1ea9y T\u00e0i Ch\u00ednh\">H\u1ec7 S\u1ed1 \u0110\u00f2n B\u1ea9y T\u00e0i Ch\u00ednh<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/infina.vn\/blog\/cach-danh-gia-ty-le-no-va-don-bay-tai-chinh-tc\/#Doc_Hieu_Ket_Qua_Phan_Tich_No_va_Don_Bay\" title=\"\u0110\u1ecdc Hi\u1ec3u K\u1ebft Qu\u1ea3 Ph\u00e2n T\u00edch N\u1ee3 v\u00e0 \u0110\u00f2n B\u1ea9y\">\u0110\u1ecdc Hi\u1ec3u K\u1ebft Qu\u1ea3 Ph\u00e2n T\u00edch N\u1ee3 v\u00e0 \u0110\u00f2n B\u1ea9y<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/infina.vn\/blog\/cach-danh-gia-ty-le-no-va-don-bay-tai-chinh-tc\/#So_Sanh_voi_Tieu_Chuan_Nganh\" title=\"So S\u00e1nh v\u1edbi Ti\u00eau Chu\u1ea9n Ng\u00e0nh\">So S\u00e1nh v\u1edbi Ti\u00eau Chu\u1ea9n Ng\u00e0nh<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/infina.vn\/blog\/cach-danh-gia-ty-le-no-va-don-bay-tai-chinh-tc\/#Cac_Dau_Hieu_Canh_Bao_ve_Muc_No\" title=\"C\u00e1c D\u1ea5u Hi\u1ec7u C\u1ea3nh B\u00e1o v\u1ec1 M\u1ee9c N\u1ee3\">C\u00e1c D\u1ea5u Hi\u1ec7u C\u1ea3nh B\u00e1o v\u1ec1 M\u1ee9c N\u1ee3<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/infina.vn\/blog\/cach-danh-gia-ty-le-no-va-don-bay-tai-chinh-tc\/#Don_Bay_Cao_Loi_Ich_va_Rui_Ro\" title=\"\u0110\u00f2n B\u1ea9y Cao: L\u1ee3i \u00cdch v\u00e0 R\u1ee7i Ro\">\u0110\u00f2n B\u1ea9y Cao: L\u1ee3i \u00cdch v\u00e0 R\u1ee7i Ro<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/infina.vn\/blog\/cach-danh-gia-ty-le-no-va-don-bay-tai-chinh-tc\/#Su_Dung_Phan_Tich_No_cho_Dau_Tu_Dai_Han\" title=\"S\u1eed D\u1ee5ng Ph\u00e2n T\u00edch N\u1ee3 cho \u0110\u1ea7u T\u01b0 D\u00e0i H\u1ea1n\">S\u1eed D\u1ee5ng Ph\u00e2n T\u00edch N\u1ee3 cho \u0110\u1ea7u T\u01b0 D\u00e0i H\u1ea1n<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/infina.vn\/blog\/cach-danh-gia-ty-le-no-va-don-bay-tai-chinh-tc\/#Tim_Co_Phieu_co_Muc_No_Phu_Hop\" title=\"T\u00ecm C\u1ed5 Phi\u1ebfu c\u00f3 M\u1ee9c N\u1ee3 Ph\u00f9 H\u1ee3p\">T\u00ecm C\u1ed5 Phi\u1ebfu c\u00f3 M\u1ee9c N\u1ee3 Ph\u00f9 H\u1ee3p<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/infina.vn\/blog\/cach-danh-gia-ty-le-no-va-don-bay-tai-chinh-tc\/#Theo_Doi_Bien_Dong_No\" title=\"Theo D\u00f5i Bi\u1ebfn \u0110\u1ed9ng N\u1ee3\">Theo D\u00f5i Bi\u1ebfn \u0110\u1ed9ng N\u1ee3<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/infina.vn\/blog\/cach-danh-gia-ty-le-no-va-don-bay-tai-chinh-tc\/#Ket_Hop_voi_Cac_Chi_So_Khac\" title=\"K\u1ebft H\u1ee3p v\u1edbi C\u00e1c Ch\u1ec9 S\u1ed1 Kh\u00e1c\">K\u1ebft H\u1ee3p v\u1edbi C\u00e1c Ch\u1ec9 S\u1ed1 Kh\u00e1c<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/infina.vn\/blog\/cach-danh-gia-ty-le-no-va-don-bay-tai-chinh-tc\/#Tong_Ket\" title=\"T\u1ed5ng K\u1ebft\">T\u1ed5ng K\u1ebft<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/infina.vn\/blog\/cach-danh-gia-ty-le-no-va-don-bay-tai-chinh-tc\/#Diem_Chinh_Can_Nho\" title=\"\u0110i\u1ec3m Ch\u00ednh C\u1ea7n Nh\u1edb\">\u0110i\u1ec3m Ch\u00ednh C\u1ea7n Nh\u1edb<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/infina.vn\/blog\/cach-danh-gia-ty-le-no-va-don-bay-tai-chinh-tc\/#Bat_Dau_Phan_Tich\" title=\"B\u1eaft \u0110\u1ea7u Ph\u00e2n T\u00edch\">B\u1eaft \u0110\u1ea7u Ph\u00e2n T\u00edch<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Diem_chinh_ban_can_biet\"><\/span>\u0110i\u1ec3m ch\u00ednh b\u1ea1n c\u1ea7n bi\u1ebft:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol>\n<li><strong>T\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean t\u00e0i s\u1ea3n (Debt-to-Asset Ratio)<\/strong>\n<ul>\n<li><strong>C\u00f4ng th\u1ee9c<\/strong>: T\u1ed5ng n\u1ee3 \u00f7 T\u1ed5ng t\u00e0i s\u1ea3n<\/li>\n<li><strong>Ng\u01b0\u1ee1ng an to\u00e0n<\/strong>:\n<ul>\n<li>D\u01b0\u1edbi 30%: An to\u00e0n.<\/li>\n<li>30\u201360%: Ch\u1ea5p nh\u1eadn \u0111\u01b0\u1ee3c.<\/li>\n<li>Tr\u00ean 80%: R\u1ee7i ro cao.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li><strong>T\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (D\/E Ratio)<\/strong>\n<ul>\n<li><strong>C\u00f4ng th\u1ee9c<\/strong>: T\u1ed5ng n\u1ee3 \u00f7 T\u1ed5ng v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/li>\n<li><strong>\u00dd ngh\u0129a<\/strong>:\n<ul>\n<li>D\/E &lt; 1: Doanh nghi\u1ec7p \u00edt ph\u1ee5 thu\u1ed9c v\u00e0o n\u1ee3 vay.<\/li>\n<li>D\/E &gt; 2: R\u1ee7i ro t\u00e0i ch\u00ednh cao.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li><strong>H\u1ec7 s\u1ed1 \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh (Financial Leverage)<\/strong>\n<ul>\n<li><strong>C\u00f4ng th\u1ee9c<\/strong>: T\u1ed5ng t\u00e0i s\u1ea3n \u00f7 T\u1ed5ng v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/li>\n<li><strong>\u00dd ngh\u0129a<\/strong>: \u0110\u00f2n b\u1ea9y cao gi\u00fap t\u0103ng l\u1ee3i nhu\u1eadn nh\u01b0ng c\u0169ng l\u00e0m t\u0103ng r\u1ee7i ro.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<h3><span class=\"ez-toc-section\" id=\"Dau_hieu_canh_bao\"><\/span>D\u1ea5u hi\u1ec7u c\u1ea3nh b\u00e1o:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><strong>D\/E t\u0103ng nhanh<\/strong>: C\u00f3 th\u1ec3 ph\u1ea3n \u00e1nh kh\u00f3 kh\u0103n t\u00e0i ch\u00ednh.<\/li>\n<li><strong>D\/E \u00e2m<\/strong>: Nguy c\u01a1 ph\u00e1 s\u1ea3n.<\/li>\n<li><strong>T\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u cao<\/strong>: Kh\u1ea3 n\u0103ng tr\u1ea3 n\u1ee3 k\u00e9m.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Loi_ich_va_rui_ro_cua_don_bay_tai_chinh\"><\/span>L\u1ee3i \u00edch v\u00e0 r\u1ee7i ro c\u1ee7a \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<colgroup>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\"><strong>L\u1ee3i \u00edch<\/strong><\/th>\n<th colspan=\"1\" rowspan=\"1\"><strong>R\u1ee7i ro<\/strong><\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">T\u0103ng kh\u1ea3 n\u0103ng sinh l\u1ee3i<\/td>\n<td colspan=\"1\" rowspan=\"1\">Chi ph\u00ed v\u1ed1n t\u0103ng, nguy c\u01a1 v\u1ee1 n\u1ee3 cao<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Ti\u1ebfp c\u1eadn v\u1ed1n nhanh ch\u00f3ng<\/td>\n<td colspan=\"1\" rowspan=\"1\">Thu nh\u1eadp bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>L\u1eddi khuy\u00ean<\/strong>: Theo d\u00f5i k\u1ef9 c\u00e1c ch\u1ec9 s\u1ed1 n\u1ee3 v\u00e0 so s\u00e1nh v\u1edbi ti\u00eau chu\u1ea9n ng\u00e0nh \u0111\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 h\u1ee3p l\u00fd.<\/p>\n<div class=\"sb-iframe-wrapper\" contenteditable=\"false\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Cac_Chi_So_Do_Luong_No_va_Don_Bay_Chinh\"><\/span>C\u00e1c Ch\u1ec9 S\u1ed1 \u0110o L\u01b0\u1eddng N\u1ee3 v\u00e0 \u0110\u00f2n B\u1ea9y Ch\u00ednh<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>D\u01b0\u1edbi \u0111\u00e2y l\u00e0 c\u00e1c c\u00e1ch t\u00ednh v\u00e0 ng\u01b0\u1ee1ng tham chi\u1ebfu quan tr\u1ecdng cho t\u1eebng ch\u1ec9 s\u1ed1 li\u00ean quan \u0111\u1ebfn n\u1ee3 v\u00e0 \u0111\u00f2n b\u1ea9y.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Ty_Le_No_Tren_Tai_San\"><\/span>T\u1ef7 L\u1ec7 N\u1ee3 Tr\u00ean T\u00e0i S\u1ea3n<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Ch\u1ec9 s\u1ed1 n\u00e0y cho bi\u1ebft bao nhi\u00eau ph\u1ea7n tr\u0103m t\u00e0i s\u1ea3n c\u1ee7a c\u00f4ng ty \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3 b\u1eb1ng n\u1ee3.<\/p>\n<p><strong>C\u00f4ng th\u1ee9c<\/strong>:<br \/>\nT\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean t\u00e0i s\u1ea3n = T\u1ed5ng n\u1ee3 \u00f7 T\u1ed5ng t\u00e0i s\u1ea3n<\/p>\n<blockquote><p>&#8220;T\u1ed5ng n\u1ee3 th\u1ef1c s\u1ef1 bao g\u1ed3m m\u1ecdi th\u1ee9 m\u00e0 c\u00f4ng ty s\u1ebd ph\u1ea3i ho\u00e0n tr\u1ea3&#8221;.<\/p><\/blockquote>\n<p><strong>Ng\u01b0\u1ee1ng tham chi\u1ebfu<\/strong>:<\/p>\n<ul>\n<li>D\u01b0\u1edbi 30%: \u0110\u01b0\u1ee3c xem l\u00e0 th\u1ea5p v\u00e0 an to\u00e0n.<\/li>\n<li>T\u1eeb 30\u201360%: Ph\u00f9 h\u1ee3p v\u1edbi nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0.<\/li>\n<li>Tr\u00ean 80\u201385%: C\u00f3 th\u1ec3 g\u00e2y \u1ea3nh h\u01b0\u1edfng ti\u00eau c\u1ef1c \u0111\u1ebfn vi\u1ec7c thu h\u00fat v\u1ed1n.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Ty_Le_No_Tren_Von_Chu_So_Huu_DE\"><\/span>T\u1ef7 L\u1ec7 N\u1ee3 Tr\u00ean V\u1ed1n Ch\u1ee7 S\u1edf H\u1eefu (D\/E)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Ch\u1ec9 s\u1ed1 n\u00e0y \u0111o l\u01b0\u1eddng m\u1ee9c \u0111\u1ed9 c\u00f4ng ty s\u1eed d\u1ee5ng v\u1ed1n vay so v\u1edbi v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu.<\/p>\n<p><strong>C\u00f4ng th\u1ee9c<\/strong>:<br \/>\nD\/E = T\u1ed5ng n\u1ee3 \u00f7 T\u1ed5ng v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/p>\n<table>\n<colgroup>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\">Th\u00e0nh ph\u1ea7n<\/th>\n<th colspan=\"1\" rowspan=\"1\">M\u00f4 t\u1ea3<\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><strong>T\u1ed5ng n\u1ee3<\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\">Bao g\u1ed3m c\u00e1c kho\u1ea3n vay ng\u1eafn h\u1ea1n, d\u00e0i h\u1ea1n v\u00e0 c\u00e1c kho\u1ea3n n\u1ee3 kh\u00e1c<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><strong>V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\">G\u1ed3m v\u1ed1n g\u00f3p, v\u1ed1n huy \u0111\u1ed9ng t\u1eeb th\u1ecb tr\u01b0\u1eddng v\u00e0 l\u1ee3i nhu\u1eadn gi\u1eef l\u1ea1i<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>\u00dd ngh\u0129a<\/strong>: N\u1ebfu D\/E = 1, \u0111i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 ch\u1ee7 n\u1ee3 v\u00e0 c\u1ed5 \u0111\u00f4ng \u0111\u00f3ng g\u00f3p ngang nhau v\u00e0o t\u00e0i s\u1ea3n c\u00f4ng ty.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"He_So_Don_Bay_Tai_Chinh\"><\/span>H\u1ec7 S\u1ed1 \u0110\u00f2n B\u1ea9y T\u00e0i Ch\u00ednh<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Ch\u1ec9 s\u1ed1 n\u00e0y ph\u1ea3n \u00e1nh m\u1ee9c \u0111\u1ed9 c\u00f4ng ty s\u1eed d\u1ee5ng v\u1ed1n vay \u0111\u1ec3 khu\u1ebfch \u0111\u1ea1i l\u1ee3i nhu\u1eadn.<\/p>\n<p><strong>C\u00f4ng th\u1ee9c<\/strong>:<br \/>\nH\u1ec7 s\u1ed1 \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh = T\u1ed5ng t\u00e0i s\u1ea3n \u00f7 T\u1ed5ng v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/p>\n<p>\u0110\u00f2n b\u1ea9y t\u00e0i ch\u00ednh c\u00f3 th\u1ec3 t\u0103ng l\u1ee3i nhu\u1eadn, nh\u01b0ng c\u0169ng l\u00e0m t\u0103ng r\u1ee7i ro trong \u0111i\u1ec1u ki\u1ec7n kinh doanh kh\u00f4ng thu\u1eadn l\u1ee3i.<\/p>\n<p><strong>V\u00ed d\u1ee5 th\u1ef1c t\u1ebf<\/strong>:<br \/>\nN\u1ebfu h\u1ec7 s\u1ed1 \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh (DFL) = 2, khi l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc l\u00e3i vay v\u00e0 thu\u1ebf (EBIT) t\u0103ng 10%, thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu (EPS) s\u1ebd t\u0103ng 20%. \u0110i\u1ec1u n\u00e0y cho th\u1ea5y l\u1ee3i nhu\u1eadn r\u1ea5t nh\u1ea1y c\u1ea3m v\u1edbi s\u1ef1 thay \u0111\u1ed5i trong c\u1ea5u tr\u00fac n\u1ee3.<\/p>\n<p>Ch\u1ec9 s\u1ed1 n\u00e0y gi\u00fap \u0111\u00e1nh gi\u00e1 m\u1ee9c \u0111\u1ed9 r\u1ee7i ro v\u00e0 kh\u1ea3 n\u0103ng sinh l\u1eddi c\u1ee7a c\u00f4ng ty khi c\u00f3 bi\u1ebfn \u0111\u1ed9ng t\u00e0i ch\u00ednh.<\/p>\n    <div class=\"infina-box\">\n\t\t <div class=\"qr-code\" style=\"margin-top: 20px;\">\n            <a href=\"https:\/\/infina.vn\/?utm_content=blog_thuc\" target=\"_blank\">\n                <img decoding=\"async\" src=\"http:\/\/infina.vn\/blog\/wp-content\/uploads\/2025\/02\/app_banner-09-1-1.png\" alt=\"QR Code Infina\" title=\"\">\n            <\/a>\n        <\/div>\n        <p style=\"color: black;\"><strong>T\u00e0i kho\u1ea3n nh\u1eadn ti\u1ec1n, Sinh l\u1eddi t\u1ef1 \u0111\u1ed9ng nh\u01b0 g\u1eedi ti\u1ebft ki\u1ec7m!<\/strong><\/p>\n        <p class=\"my-3\">T\u00e0i kho\u1ea3n sinh l\u1eddi <a href=\"https:\/\/infina.vn\" data-internallinksmanager029f6b8e52c=\"2\" title=\"Infina\" target=\"_blank\" rel=\"noopener\">Infina<\/a> l\u00e0 s\u1ef1 l\u1ef1a ch\u1ecdn l\u00fd t\u01b0\u1edfng cho t\u1ea5t c\u1ea3 m\u1ecdi ng\u01b0\u1eddi, nh\u1eefng ai mu\u1ed1n t\u1ed1i \u01b0u h\u00f3a t\u00e0i ch\u00ednh c\u00e1 nh\u00e2n v\u00e0 sinh l\u1eddi tr\u00ean d\u00f2ng ti\u1ec1n c\u1ee7a m\u00ecnh.<\/p>\n        <p class=\"my-3\">N\u1ea1p v\u00e0 r\u00fat ti\u1ec1n nhanh ch\u00f3ng trong v\u00f2ng 30 gi\u00e2y, nh\u1eadn l\u1ee3i nhu\u1eadn h\u00e0ng ng\u00e0y v\u00e0 r\u00fat v\u1ed1n b\u1ea5t k\u1ef3 l\u00fac n\u00e0o m\u00e0 kh\u00f4ng b\u1ecb m\u1ea5t l\u1ee3i nhu\u1eadn.<\/p>\n        <p class=\"my-3\">\u0110\u01b0\u1ee3c C\u00f4ng ty TNHH MTV qu\u1ea3n l\u00fd qu\u1ef9 ACB (ACBC), C\u00f4ng ty c\u1ed5 ph\u1ea7n qu\u1ea3n l\u00fd qu\u1ef9 PVI (PVI AM) qu\u1ea3n l\u00fd \u0111\u1ea7u t\u01b0 v\u00e0 Ng\u00e2n h\u00e0ng BIDV l\u01b0u k\u00fd. Qu\u1ef9 ACBC, v\u00e0 Qu\u1ef9 PVI AM s\u1ebd th\u1ef1c hi\u1ec7n g\u1eedi ti\u1ec1n t\u1ea1i c\u00e1c ng\u00e2n h\u00e0ng, t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng uy t\u00edn.<\/p>\n        <a class=\"infina-button\" href=\"https:\/\/infina.vn\/?utm_content=blog_thuc\" style=\"margin-bottom: 20px; display: inline-block;\">Tr\u1ea3i nghi\u1ec7m sinh l\u1eddi mi\u1ec5n ph\u00ed<\/a>\n    <\/div>\n    \n<h2><span class=\"ez-toc-section\" id=\"Doc_Hieu_Ket_Qua_Phan_Tich_No_va_Don_Bay\"><\/span>\u0110\u1ecdc Hi\u1ec3u K\u1ebft Qu\u1ea3 Ph\u00e2n T\u00edch N\u1ee3 v\u00e0 \u0110\u00f2n B\u1ea9y<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"So_Sanh_voi_Tieu_Chuan_Nganh\"><\/span>So S\u00e1nh v\u1edbi Ti\u00eau Chu\u1ea9n Ng\u00e0nh<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Vi\u1ec7c so s\u00e1nh c\u00e1c ch\u1ec9 s\u1ed1 n\u1ee3 v\u00e0 \u0111\u00f2n b\u1ea9y v\u1edbi ti\u00eau chu\u1ea9n ng\u00e0nh gi\u00fap \u0111\u00e1nh gi\u00e1 t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh c\u1ee7a doanh nghi\u1ec7p. M\u1ed7i ng\u00e0nh c\u00f3 \u0111\u1eb7c \u0111i\u1ec3m ri\u00eang v\u1ec1 c\u1ea5u tr\u00fac v\u1ed1n v\u00e0 m\u1ee9c \u0111\u1ed9 s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 s\u1ed1 li\u1ec7u n\u0103m 2022 c\u1ee7a m\u1ed9t s\u1ed1 doanh nghi\u1ec7p b\u1ea5t \u0111\u1ed9ng s\u1ea3n ni\u00eam y\u1ebft:<\/p>\n<ul>\n<li><strong>Novaland<\/strong><strong> (NVL)<\/strong>: D\/E = 4,73 (t\u0103ng 23%)<\/li>\n<li><strong>Saigon VRG<\/strong><strong> (SIP)<\/strong>: D\/E = 4,18 (gi\u1ea3m 5%)<\/li>\n<li><strong>Vingroup<\/strong><strong> (VIC)<\/strong>: D\/E = 3,24 (t\u0103ng 92%)<\/li>\n<li><strong>Vincom Retail<\/strong><strong> (VRE)<\/strong>: D\/E = 0,28<\/li>\n<\/ul>\n<p>Sau khi so s\u00e1nh v\u1edbi ti\u00eau chu\u1ea9n ng\u00e0nh, c\u1ea7n theo d\u00f5i c\u00e1c d\u1ea5u hi\u1ec7u c\u1ea3nh b\u00e1o li\u00ean quan \u0111\u1ebfn m\u1ee9c n\u1ee3.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Cac_Dau_Hieu_Canh_Bao_ve_Muc_No\"><\/span>C\u00e1c D\u1ea5u Hi\u1ec7u C\u1ea3nh B\u00e1o v\u1ec1 M\u1ee9c N\u1ee3<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Khi ph\u00e2n t\u00edch n\u1ee3, c\u1ea7n l\u01b0u \u00fd \u0111\u1ebfn c\u00e1c y\u1ebfu t\u1ed1 sau:<\/p>\n<table>\n<colgroup>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\"><strong>D\u1ea5u Hi\u1ec7u<\/strong><\/th>\n<th colspan=\"1\" rowspan=\"1\"><strong>R\u1ee7i Ro<\/strong><\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><strong>D\/E &gt; 2<\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\">Cao \u2013 Doanh nghi\u1ec7p ph\u1ee5 thu\u1ed9c nhi\u1ec1u v\u00e0o n\u1ee3 vay<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><strong>D\/E \u00e2m<\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\">R\u1ea5t cao \u2013 V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u00e2m, nguy c\u01a1 ph\u00e1 s\u1ea3n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><strong>D\/E t\u0103ng nhanh<\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\">C\u1ea7n theo d\u00f5i \u2013 C\u00f3 th\u1ec3 ph\u1ea3n \u00e1nh kh\u00f3 kh\u0103n t\u00e0i ch\u00ednh<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><strong>T\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u cao<\/strong><\/td>\n<td colspan=\"1\" rowspan=\"1\">Kh\u1ea3 n\u0103ng tr\u1ea3 n\u1ee3 k\u00e9m<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Ngo\u00e0i vi\u1ec7c nh\u1eadn di\u1ec7n c\u00e1c d\u1ea5u hi\u1ec7u tr\u00ean, c\u1ea7n ph\u00e2n t\u00edch k\u1ef9 l\u1ee3i \u00edch v\u00e0 r\u1ee7i ro li\u00ean quan \u0111\u1ebfn m\u1ee9c \u0111\u00f2n b\u1ea9y cao.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Don_Bay_Cao_Loi_Ich_va_Rui_Ro\"><\/span>\u0110\u00f2n B\u1ea9y Cao: L\u1ee3i \u00cdch v\u00e0 R\u1ee7i Ro<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u0110\u00f2n b\u1ea9y t\u00e0i ch\u00ednh cao mang l\u1ea1i c\u1ea3 c\u01a1 h\u1ed9i l\u1eabn th\u00e1ch th\u1ee9c:<\/p>\n<table>\n<colgroup>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\"><strong>L\u1ee3i \u00cdch<\/strong><\/th>\n<th colspan=\"1\" rowspan=\"1\"><strong>R\u1ee7i Ro<\/strong><\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Ti\u1ebfp c\u1eadn ngu\u1ed3n v\u1ed1n l\u1edbn nhanh ch\u00f3ng<\/td>\n<td colspan=\"1\" rowspan=\"1\">Chi ph\u00ed v\u1ed1n t\u0103ng<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">H\u1ed7 tr\u1ee3 ho\u1ea1t \u0111\u1ed9ng mua b\u00e1n v\u00e0 s\u00e1p nh\u1eadp<\/td>\n<td colspan=\"1\" rowspan=\"1\">Nguy c\u01a1 v\u1ee1 n\u1ee3 cao h\u01a1n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">T\u0103ng kh\u1ea3 n\u0103ng sinh l\u1ee3i \u0111\u1ed9t bi\u1ebfn<\/td>\n<td colspan=\"1\" rowspan=\"1\">Thu nh\u1eadp bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Gi\u1ea3m r\u00e0o c\u1ea3n gia nh\u1eadp th\u1ecb tr\u01b0\u1eddng<\/td>\n<td colspan=\"1\" rowspan=\"1\">Kh\u00f3 kh\u0103n trong vi\u1ec7c vay v\u1ed1n m\u1edbi<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>T\u00ednh \u0111\u1ebfn cu\u1ed1i n\u0103m 2023, t\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng \u0111\u00e3 t\u0103ng l\u00ean 4,55% so v\u1edbi 2,03% cu\u1ed1i n\u0103m 2022. \u0110\u1ed3ng th\u1eddi, t\u1ef7 l\u1ec7 t\u00edn d\u1ee5ng\/GDP \u0111\u1ea1t 133%, t\u0103ng t\u1eeb m\u1ee9c 125% n\u0103m 2022. Nh\u1eefng s\u1ed1 li\u1ec7u n\u00e0y \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng trong vi\u1ec7c \u0111\u00e1nh gi\u00e1 r\u1ee7i ro v\u00e0 ti\u1ec1m n\u0103ng sinh l\u1eddi cho c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Su_Dung_Phan_Tich_No_cho_Dau_Tu_Dai_Han\"><\/span>S\u1eed D\u1ee5ng Ph\u00e2n T\u00edch N\u1ee3 cho \u0110\u1ea7u T\u01b0 D\u00e0i H\u1ea1n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Tim_Co_Phieu_co_Muc_No_Phu_Hop\"><\/span>T\u00ecm C\u1ed5 Phi\u1ebfu c\u00f3 M\u1ee9c N\u1ee3 Ph\u00f9 H\u1ee3p<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u0110\u1ec3 \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3, b\u1ea1n c\u1ea7n hi\u1ec3u r\u00f5 c\u1ea5u tr\u00fac n\u1ee3 c\u1ee7a doanh nghi\u1ec7p. C\u00e1c c\u00f4ng ty c\u00f3 t\u1ef7 l\u1ec7 D\/E d\u01b0\u1edbi 1 th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 t\u00edch c\u1ef1c, nh\u01b0ng h\u00e3y nh\u1edb r\u1eb1ng m\u1ed7i ng\u00e0nh c\u00f3 ti\u00eau chu\u1ea9n ri\u00eang.<\/p>\n<table>\n<colgroup>\n<col \/>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\">Lo\u1ea1i Ng\u00e0nh<\/th>\n<th colspan=\"1\" rowspan=\"1\">M\u1ee9c D\/E \u0110i\u1ec3n H\u00ecnh<\/th>\n<th colspan=\"1\" rowspan=\"1\">\u0110\u1eb7c \u0110i\u1ec3m<\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">S\u1ea3n xu\u1ea5t<\/td>\n<td colspan=\"1\" rowspan=\"1\">Kho\u1ea3ng 2,0<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u0110\u00f2i h\u1ecfi v\u1ed1n \u0111\u1ea7u t\u01b0 l\u1edbn<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">C\u00f4ng ngh\u1ec7<\/td>\n<td colspan=\"1\" rowspan=\"1\">D\u01b0\u1edbi 0,5<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u00cdt ph\u1ee5 thu\u1ed9c v\u00e0o t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Ti\u1ec7n \u00edch<\/td>\n<td colspan=\"1\" rowspan=\"1\">Tr\u00ean 2,0<\/td>\n<td colspan=\"1\" rowspan=\"1\">D\u00f2ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh, \u00edt bi\u1ebfn \u0111\u1ed9ng<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Ngo\u00e0i vi\u1ec7c xem x\u00e9t t\u1ef7 l\u1ec7 D\/E, b\u1ea1n c\u0169ng c\u1ea7n theo d\u00f5i c\u00e1ch doanh nghi\u1ec7p qu\u1ea3n l\u00fd n\u1ee3 \u0111\u1ec3 ph\u00e1t hi\u1ec7n s\u1edbm c\u00e1c r\u1ee7i ro ti\u1ec1m \u1ea9n.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Theo_Doi_Bien_Dong_No\"><\/span>Theo D\u00f5i Bi\u1ebfn \u0110\u1ed9ng N\u1ee3<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Vi\u1ec7c gi\u00e1m s\u00e1t th\u01b0\u1eddng xuy\u00ean c\u00e1c ch\u1ec9 s\u1ed1 li\u00ean quan \u0111\u1ebfn n\u1ee3 l\u00e0 c\u00e1ch hi\u1ec7u qu\u1ea3 \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 s\u1ee9c kh\u1ecfe t\u00e0i ch\u00ednh c\u1ee7a doanh nghi\u1ec7p. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 nh\u1eefng y\u1ebfu t\u1ed1 quan tr\u1ecdng:<\/p>\n<ul>\n<li><strong>Xu h\u01b0\u1edbng t\u1ef7 l\u1ec7 D\/E<\/strong><br \/>\nTheo d\u00f5i t\u1ef7 l\u1ec7 D\/E h\u00e0ng qu\u00fd \u0111\u1ec3 nh\u1eadn bi\u1ebft nh\u1eefng thay \u0111\u1ed5i b\u1ea5t th\u01b0\u1eddng trong c\u1ea5u tr\u00fac t\u00e0i ch\u00ednh.<\/li>\n<li><strong>C\u01a1 c\u1ea5u n\u1ee3<\/strong><br \/>\nH\u00e3y so s\u00e1nh t\u1ef7 l\u1ec7 gi\u1eefa n\u1ee3 ng\u1eafn h\u1ea1n v\u00e0 n\u1ee3 d\u00e0i h\u1ea1n. N\u1ee3 d\u00e0i h\u1ea1n th\u01b0\u1eddng mang l\u1ea1i s\u1ef1 \u1ed5n \u0111\u1ecbnh h\u01a1n v\u00ec c\u00f3 th\u1eddi gian tr\u1ea3 n\u1ee3 d\u00e0i h\u01a1n.<\/li>\n<li><strong>Kh\u1ea3 n\u0103ng tr\u1ea3 n\u1ee3<\/strong><br \/>\n\u0110\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng n\u00e0y d\u1ef1a tr\u00ean l\u1ee3i nhu\u1eadn v\u00e0 d\u00f2ng ti\u1ec1n t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh. \u0110\u00e2y l\u00e0 th\u01b0\u1edbc \u0111o quan tr\u1ecdng \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh li\u1ec7u doanh nghi\u1ec7p c\u00f3 th\u1ec3 \u0111\u00e1p \u1ee9ng c\u00e1c ngh\u0129a v\u1ee5 t\u00e0i ch\u00ednh.<\/li>\n<\/ul>\n<p>Ph\u00e2n t\u00edch c\u00e1c y\u1ebfu t\u1ed1 n\u00e0y gi\u00fap b\u1ea1n hi\u1ec3u r\u00f5 h\u01a1n v\u1ec1 m\u1ee9c \u0111\u1ed9 an to\u00e0n c\u1ee7a kho\u1ea3n \u0111\u1ea7u t\u01b0.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Ket_Hop_voi_Cac_Chi_So_Khac\"><\/span>K\u1ebft H\u1ee3p v\u1edbi C\u00e1c Ch\u1ec9 S\u1ed1 Kh\u00e1c<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Sau khi ph\u00e2n t\u00edch n\u1ee3, b\u1ea1n n\u00ean k\u1ebft h\u1ee3p th\u00eam c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh kh\u00e1c \u0111\u1ec3 c\u00f3 c\u00e1i nh\u00ecn t\u1ed5ng th\u1ec3 v\u1ec1 doanh nghi\u1ec7p:<\/p>\n<table>\n<colgroup>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\">Nh\u00f3m Ch\u1ec9 S\u1ed1<\/th>\n<th colspan=\"1\" rowspan=\"1\">M\u1ee5c \u0110\u00edch \u0110\u00e1nh Gi\u00e1<\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Kh\u1ea3 n\u0103ng sinh l\u1eddi<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u0110o l\u01b0\u1eddng hi\u1ec7u qu\u1ea3 kinh doanh<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Thanh kho\u1ea3n<\/td>\n<td colspan=\"1\" rowspan=\"1\">\u0110\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng thanh to\u00e1n n\u1ee3 ng\u1eafn h\u1ea1n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng<\/td>\n<td colspan=\"1\" rowspan=\"1\">Ki\u1ec3m tra m\u1ee9c \u0111\u1ed9 s\u1eed d\u1ee5ng t\u00e0i s\u1ea3n hi\u1ec7u qu\u1ea3<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">\u0110\u1ecbnh gi\u00e1<\/td>\n<td colspan=\"1\" rowspan=\"1\">Xem x\u00e9t c\u00e1c ch\u1ec9 s\u1ed1 nh\u01b0 P\/E, P\/B \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Vi\u1ec7c k\u1ebft h\u1ee3p c\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y kh\u00f4ng ch\u1ec9 gi\u00fap b\u1ea1n hi\u1ec3u r\u00f5 h\u01a1n v\u1ec1 doanh nghi\u1ec7p m\u00e0 c\u00f2n h\u1ed7 tr\u1ee3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 ch\u00ednh x\u00e1c. \u0110\u1eebng qu\u00ean nghi\u00ean c\u1ee9u th\u00eam v\u1ec1 \u0111\u1ed9i ng\u0169 l\u00e3nh \u0111\u1ea1o v\u00e0 chi\u1ebfn l\u01b0\u1ee3c ph\u00e1t tri\u1ec3n c\u1ee7a c\u00f4ng ty \u0111\u1ec3 c\u00f3 c\u00e1i nh\u00ecn s\u00e2u s\u1eafc h\u01a1n.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tong_Ket\"><\/span>T\u1ed5ng K\u1ebft<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>D\u1ef1a tr\u00ean c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u00e3 ph\u00e2n t\u00edch, \u0111\u00e2y l\u00e0 nh\u1eefng \u0111i\u1ec3m quan tr\u1ecdng b\u1ea1n c\u1ea7n l\u01b0u \u00fd v\u00e0 \u00e1p d\u1ee5ng ngay \u0111\u1ec3 c\u1ea3i thi\u1ec7n chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Diem_Chinh_Can_Nho\"><\/span>\u0110i\u1ec3m Ch\u00ednh C\u1ea7n Nh\u1edb<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table>\n<colgroup>\n<col \/>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<th colspan=\"1\" rowspan=\"1\">Y\u1ebfu T\u1ed1<\/th>\n<th colspan=\"1\" rowspan=\"1\">Ng\u01b0\u1ee1ng An To\u00e0n<\/th>\n<th colspan=\"1\" rowspan=\"1\">\u00dd Ngh\u0129a<\/th>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">T\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/td>\n<td colspan=\"1\" rowspan=\"1\">D\u01b0\u1edbi 60%<\/td>\n<td colspan=\"1\" rowspan=\"1\">R\u1ee7i ro t\u00e0i ch\u00ednh th\u1ea5p<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">T\u1ef7 l\u1ec7 \u0111\u00f2n b\u1ea9y<\/td>\n<td colspan=\"1\" rowspan=\"1\">D\u01b0\u1edbi 25%<\/td>\n<td colspan=\"1\" rowspan=\"1\">Th\u00edch h\u1ee3p cho \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>C\u00e1c ch\u1ec9 s\u1ed1 n\u00e0y gi\u00fap b\u1ea1n \u0111\u00e1nh gi\u00e1 m\u1ee9c \u0111\u1ed9 r\u1ee7i ro v\u00e0 ti\u1ec1m n\u0103ng sinh l\u1eddi c\u1ee7a doanh nghi\u1ec7p. Ch\u00fang kh\u00f4ng ch\u1ec9 cung c\u1ea5p m\u1ed9t c\u00e1i nh\u00ecn t\u1ed5ng quan m\u00e0 c\u00f2n l\u00e0 c\u01a1 s\u1edf \u0111\u1ec3 th\u1ef1c hi\u1ec7n c\u00e1c ph\u00e2n t\u00edch chi ti\u1ebft h\u01a1n.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Bat_Dau_Phan_Tich\"><\/span>B\u1eaft \u0110\u1ea7u Ph\u00e2n T\u00edch<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Trong \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n, vi\u1ec7c theo d\u00f5i c\u00e1c ch\u1ec9 s\u1ed1 n\u1ee3 l\u00e0 m\u1ed9t b\u01b0\u1edbc quan tr\u1ecdng \u0111\u1ec3 b\u1ea3o v\u1ec7 t\u00e0i ch\u00ednh. \u0110\u1ec3 tri\u1ec3n khai ph\u00e2n t\u00edch n\u1ee3 v\u00e0 \u0111\u00f2n b\u1ea9y t\u00e0i ch\u00ednh, b\u1ea1n n\u00ean:<\/p>\n<ul>\n<li><strong>X\u00e1c \u0111\u1ecbnh ti\u00eau chu\u1ea9n ng\u00e0nh<\/strong>: So s\u00e1nh t\u1ef7 l\u1ec7 n\u1ee3 c\u1ee7a doanh nghi\u1ec7p v\u1edbi m\u1ee9c trung b\u00ecnh trong ng\u00e0nh.<\/li>\n<li><strong>Theo d\u00f5i bi\u1ebfn \u0111\u1ed9ng<\/strong>: Quan s\u00e1t s\u1ef1 thay \u0111\u1ed5i c\u1ee7a c\u00e1c ch\u1ec9 s\u1ed1 n\u1ee3 \u0111\u1ec3 nh\u1eadn di\u1ec7n s\u1edbm c\u00e1c r\u1ee7i ro ti\u1ec1m \u1ea9n.<\/li>\n<li><strong>Ph\u00e2n t\u00edch \u0111a chi\u1ec1u<\/strong>: K\u1ebft h\u1ee3p v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 kh\u00e1c nh\u01b0 thanh kho\u1ea3n, hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng v\u00e0 kh\u1ea3 n\u0103ng sinh l\u1eddi \u0111\u1ec3 c\u00f3 c\u00e1i nh\u00ecn to\u00e0n di\u1ec7n.<\/li>\n<\/ul>\n<p>V\u1edbi nh\u1eefng c\u00f4ng c\u1ee5 n\u00e0y, b\u1ea1n s\u1ebd t\u1ef1 tin h\u01a1n khi \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0. Ngo\u00e0i ra, \u0111\u1ec3 ti\u1ec1n nh\u00e0n r\u1ed7i sinh l\u1eddi hi\u1ec7u qu\u1ea3 h\u01a1n, b\u1ea1n c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng c\u00e1c \u1ee9ng d\u1ee5ng sinh l\u1eddi nh\u01b0 <a class=\"\" href=\"https:\/\/infina.vn\/\" target=\"_blank\" rel=\"noopener noreferrer\">Infina<\/a>, gi\u00fap b\u1ea1n t\u1ed1i \u01b0u h\u00f3a t\u00e0i ch\u00ednh d\u1ec5 d\u00e0ng.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#272;i&#7875;m ch&iacute;nh b&#7841;n c&#7847;n bi&#7871;t: T&#7927; l&#7879; n&#7907; tr&ecirc;n t&agrave;i s&#7843;n (Debt-to-Asset Ratio) C&ocirc;ng th&#7913;c: T&#7893;ng n&#7907; &divide; T&#7893;ng t&agrave;i s&#7843;n Ng&#432;&#7905;ng an to&agrave;n: D&#432;&#7899;i 30%: An to&agrave;n. 30&ndash;60%: Ch&#7845;p nh&#7853;n &#273;&#432;&#7907;c. Tr&ecirc;n 80%: R&#7911;i ro cao. T&#7927; l&#7879; n&#7907; tr&ecirc;n v&#7889;n ch&#7911; s&#7903; h&#7919;u (D\/E Ratio) C&ocirc;ng th&#7913;c: T&#7893;ng n&#7907; &divide; T&#7893;ng v&#7889;n ch&#7911; [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":26328,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-26327","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-kien-thuc-tai-chinh"},"_links":{"self":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/posts\/26327","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/comments?post=26327"}],"version-history":[{"count":0,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/posts\/26327\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/media\/26328"}],"wp:attachment":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/media?parent=26327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/categories?post=26327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/tags?post=26327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}