{"id":3737,"date":"2022-09-22T11:34:03","date_gmt":"2022-09-22T04:34:03","guid":{"rendered":"https:\/\/bizuni.vn\/dau-tu\/?p=3737"},"modified":"2022-09-28T13:02:20","modified_gmt":"2022-09-28T06:02:20","slug":"tien-cua-toi-von-cua-doanh-nghiep-toi-nen-toi-thoai-mai-khong-lo-ve-lai-suat-khong-chiu-ap-luc-gi-ca","status":"publish","type":"post","link":"https:\/\/bizuni.vn\/dau-tu\/tien-cua-toi-von-cua-doanh-nghiep-toi-nen-toi-thoai-mai-khong-lo-ve-lai-suat-khong-chiu-ap-luc-gi-ca\/","title":{"rendered":"Ti\u1ec1n c\u1ee7a t\u00f4i, v\u1ed1n c\u1ee7a doanh nghi\u1ec7p t\u00f4i, n\u00ean t\u00f4i tho\u1ea3i m\u00e1i, kh\u00f4ng lo v\u1ec1 l\u00e3i su\u1ea5t, kh\u00f4ng ch\u1ecbu \u00e1p l\u1ef1c g\u00ec c\u1ea3?"},"content":{"rendered":"
Tr\u01b0\u1eddng h\u1ee3p, b\u1ea1n kh\u00f4ng c\u00f3 ti\u1ec1n b\u1ea1n \u0111i vay<\/span><\/h6>\n

** Tr\u01b0\u1eddng h\u1ee3p, b\u1ea1n kh\u00f4ng c\u00f3 ti\u1ec1n b\u1ea1n \u0111i vay, th\u00ec b\u1ea1n ph\u1ea3i tr\u1ea3 l\u00e3i vay. V\u00ed d\u1ee5 l\u00e3i su\u1ea5t ti\u1ec1n vay l\u00e0 9%\/n\u0103m. N\u1ebfu vay \u0111\u1ec3 \u0111\u1ea7u t\u01b0 th\u00ec b\u1ea1n ph\u1ea3i \u0111\u1ea1t t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn cao h\u01a1n l\u00e3i vay th\u00ec b\u1ea1n m\u1edbi d\u01b0 ra ti\u1ec1n, m\u1edbi c\u00f3 l\u1ee3i. N\u1ebfu t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn th\u1ea5p h\u01a1n l\u00e3i vay th\u00ec b\u1ea1n ph\u1ea3i d\u00f9ng ti\u1ec1n c\u1ee7a m\u00ecnh b\u00f9 v\u00e0o ti\u1ec1n l\u00e3i.<\/p>\n

C\u00f2n n\u1ebfu vay \u0111\u1ec3 ti\u00eau d\u00f9ng, \u0111\u1ec3 s\u1eafm ti\u00eau s\u1ea3n th\u00ec b\u1ea1n ch\u1ec9 n\u00ean mua nh\u1eefng g\u00ec h\u1ebft s\u1ee9c quan tr\u1ecdng, h\u1ebft s\u1ee9c c\u1ea7n thi\u1ebft. V\u00ec khi vay ti\u00eau d\u00f9ng l\u00e0 ta d\u00f9ng ti\u1ec1n l\u00e0m ra \u0111\u01b0\u1ee3c trong t\u01b0\u01a1ng lai \u0111\u00e1nh \u0111\u1ed5i cho nhu c\u1ea7u mua s\u1eafm hi\u1ec7n t\u1ea1i, v\u1edbi gi\u00e1 cao. N\u00f3i cao l\u00e0 v\u00ec ch\u00fang ta kh\u00f4ng ch\u1ec9 ph\u1ea3i tr\u1ea3 ti\u1ec1n n\u1ee3 g\u1ed1c m\u00e0 c\u00f2n ph\u1ea3i tr\u1ea3 l\u00e3i vay. Vay c\u00e0ng l\u00e2u, l\u00e3i su\u1ea5t c\u1ea3ng cao th\u00ec l\u00e3i sinh ra c\u00e0ng nhi\u1ec1u.<\/p>\n

Tr\u01b0\u1eddng h\u1ee3p b\u1ea1n c\u00f3 s\u1eb5n ti\u1ec1n, b\u1ea1n kh\u00f4ng c\u1ea7n ph\u1ea3i vay<\/span><\/h6>\n

** Nh\u01b0ng trong tr\u01b0\u1eddng h\u1ee3p b\u1ea1n c\u00f3 s\u1eb5n ti\u1ec1n, b\u1ea1n kh\u00f4ng c\u1ea7n ph\u1ea3i vay, th\u00ec b\u1ea1n s\u1ebd c\u00f3 c\u1ea3m gi\u00e1c \u0111\u01b0\u1ee3c mua s\u1eafm, ti\u00eau x\u00e0i tho\u1ea3i m\u00e1i h\u01a1n, b\u1ea1n kh\u00f4ng b\u1ecb \u00e1p l\u1ef1c v\u1ec1 T\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn trong \u0111\u1ea7u t\u01b0.<\/p>\n

B\u1ea1n ngh\u0129 v\u1eady. M\u00e0 kh\u00f4ng ch\u1ec9 b\u1ea1n, r\u1ea5t nhi\u1ec1u ng\u01b0\u1eddi c\u0169ng ngh\u0129 nh\u01b0 v\u1eady. \u201cTi\u1ec1n c\u1ee7a t\u00f4i, n\u00ean t\u00f4i tho\u1ea3i m\u00e1i, kh\u00f4ng lo v\u1ec1 l\u00e3i su\u1ea5t, kh\u00f4ng lo \u00e1p l\u1ef1c g\u00ec c\u1ea3?!\u201d. Xin th\u01b0a v\u1edbi b\u1ea1n, \u0111\u00e2y l\u00e0 suy ngh\u0129 SAI. Kh\u00f4ng ph\u1ea3i SAI SAI m\u00e0 l\u00e0 R\u1ea4T SAI.<\/p>\n

Ti\u1ec1n c\u1ee7a b\u1ea1n, b\u1ea1n kh\u00f4ng c\u1ea7n ph\u1ea3i tr\u1ea3 l\u00e3i su\u1ea5t nh\u01b0ng b\u1ea1n ho\u00e0n to\u00e0n c\u00f3 th\u1ec3 \u0111\u1ea7u t\u01b0 \u0111\u1ec3 t\u1ea1o ra l\u00e3i, \u0111\u1ec3 ti\u1ec1n sinh ra ti\u1ec1n thay v\u00ec mua s\u1eafm. Nh\u01b0 v\u1eady b\u1ea1n ph\u1ea3i c\u00e2n nh\u1eafc gi\u1eefa s\u1ef1 sung s\u01b0\u1edbng do ti\u00eau x\u00e0i l\u00fac n\u00e0y \u0111em l\u1ea1i, vs s\u1ef1 ti\u1ec7n nghi, s\u1ef1 \u0111\u1ed9c l\u1eadp v\u1ec1 t\u00e0i ch\u00ednh do ti\u1ec1n trong t\u01b0\u01a1ng lai \u0111em \u0111\u1ebfn cho b\u1ea1n.<\/p>\n

Ti\u1ec1n c\u1ee7a b\u1ea1n, nh\u01b0ng kh\u00f4ng c\u00f3 ngh\u0129a b\u1ea1n \u0111\u1ea7u t\u01b0 m\u1ed9t c\u00e1ch tho\u1ea3i m\u00e1i, th\u1eafng th\u00ec vui, thua th\u00ec th\u00f4i kh\u00f4ng sao. S\u1ed1 ti\u1ec1n \u0111\u00f3 b\u1ea1n c\u00f3 th\u1ec3 g\u1edfi ng\u00e2n h\u00e0ng, mua ch\u1ee9ng ch\u1ec9 qu\u1ef9 \u0111\u1ea7u t\u01b0, ho\u1eb7c \u0111\u1ea7u t\u01b0 v\u00e0o doanh nghi\u1ec7p. V\u00ed d\u1ee5 b\u1ea1n ph\u00f9 h\u1ee3p v\u1edbi k\u00eanh c\u00f3 t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn 12%\/ n\u0103m v\u1edbi m\u1ee9c r\u1ee7i ro t\u01b0\u01a1ng quan. TSLN \u0111\u00f3 ng\u01b0\u1eddi ta g\u1ecdi l\u00e0 Chi ph\u00ed C\u01a1 h\u1ed9i. Ti\u1ec1n m\u00e0 b\u1ea1n \u0111ang c\u00f3, ph\u1ea3i \u0111\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 v\u1edbi T\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn cao h\u01a1n Chi ph\u00ed c\u01a1 h\u1ed9i. N\u1ebfu th\u1ea5p h\u01a1n, b\u1ea1n \u0111ang \u201cng\u01b0\u1ee3c \u0111\u00e3i\u201d ti\u1ec1n c\u1ee7a m\u00ecnh. B\u1ea1n ch\u01b0a qu\u1ea3n l\u00fd ti\u1ec1n c\u1ee7a m\u00ecnh t\u1ed1t.<\/p>\n

\"\"
Ti\u1ec1n m\u00e0 b\u1ea1n \u0111ang c\u00f3, ph\u1ea3i \u0111\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 v\u1edbi T\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn cao h\u01a1n Chi ph\u00ed c\u01a1 h\u1ed9i.<\/figcaption><\/figure>\n
V\u1ed1n vay v\u00e0 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu trong doanh nghi\u1ec7p c\u0169ng t\u01b0\u01a1ng t\u1ef1 nh\u01b0 v\u1eady.<\/span><\/h6>\n

\u0110\u1ec3 c\u00f3 th\u1ec3 kinh doanh, doanh nghi\u1ec7p c\u1ea7n c\u00f3 t\u00e0i s\u1ea3n.<\/p>\n

** Ngu\u1ed3n th\u1ee9 nh\u1ea5t t\u1ea1o ra t\u00e0i s\u1ea3n l\u00e0 v\u1ed1n vay.<\/strong> Doanh nghi\u1ec7p vay c\u1ee7a ng\u00e2n h\u00e0ng, vay c\u1ee7a t\u1ed5 ch\u1ee9c hay vay c\u1ee7a ng\u01b0\u1eddi d\u00e2n th\u00f4ng qua tr\u00e1i phi\u1ebfu. Chi ph\u00ed v\u1ed1n vay (cost of debt) h\u1ea7u nh\u01b0 ai c\u0169ng bi\u1ebft, \u0111\u00f3 l\u00e0 m\u1ee9c l\u00e3i su\u1ea5t doanh nghi\u1ec7p ph\u1ea3i tr\u1ea3 ng\u00e2n h\u00e0ng, ho\u1eb7c l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu c\u00f2n g\u1ecdi l\u00e0 l\u00e3i su\u1ea5t coupon m\u00e0 doanh nghi\u1ec7p tr\u1ea3 cho tr\u00e1i ch\u1ee7. N\u1ebfu doanh nghi\u1ec7p c\u00f3 nhi\u1ec1u kho\u1ea3n vay, th\u00ec l\u00e3i su\u1ea5t b\u00ecnh qu\u00e2n s\u1ebd b\u1eb1ng s\u1ed1 ti\u1ec1n tr\u1ea3 l\u00e3i trong n\u0103m chia cho b\u00ecnh qu\u00e2n t\u1ed5ng ti\u1ec1n vay.<\/p>\n

Chi ph\u00ed v\u1ed1n vay th\u1ea5p hay cao tu\u1ef3 theo \u0111\u1ed9 t\u00edn nhi\u1ec7m c\u1ee7a doanh nghi\u1ec7p. C\u00f3 nh\u1eefng doanh nghi\u1ec7p ni\u00eam y\u1ebft kinh doanh hi\u1ec7u qu\u1ea3, c\u00f3 th\u1ec3 vay t\u1eeb c\u00e1c chi nh\u00e1nh ng\u00e2n h\u00e0ng n\u01b0\u1edbc ngo\u00e0i ho\u1ea1t \u0111\u1ed9ng t\u1ea1i Vi\u1ec7t Nam v\u1edbi chi ph\u00ed v\u1ed1n vay t\u1eeb 4% – 6% \/ n\u0103m. C\u00f3 nh\u1eefng doanh nghi\u1ec7p ch\u01b0a c\u00f3 uy t\u00edn, kinh doanh ch\u01b0a kh\u1edfi s\u1eafc, ph\u1ea3i ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu c\u00e1c lo\u1ea1i th\u00ec chi ph\u00ed v\u1ed1n vay l\u00ean \u0111\u1ebfn 11% – 14%\/ n\u0103m. Doanh nh\u00e2n, startup hi\u1ec3u, bi\u1ebft r\u00f5 chi ph\u00ed l\u00e3i vay v\u00ec h\u1ecd ph\u1ea3i t\u1ea1o ra l\u1ee3i nhu\u1eadn hay ch\u1ea1y ti\u1ec1n \u0111\u1ec3 tr\u1ea3 l\u00e3i khi \u0111\u1ebfn h\u1ea1n.<\/p>\n

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Doanh nh\u00e2n, startup hi\u1ec3u, bi\u1ebft r\u00f5 chi ph\u00ed l\u00e3i vay v\u00ec h\u1ecd ph\u1ea3i t\u1ea1o ra l\u1ee3i nhu\u1eadn hay ch\u1ea1y ti\u1ec1n \u0111\u1ec3 tr\u1ea3 l\u00e3i khi \u0111\u1ebfn h\u1ea1n.<\/figcaption><\/figure>\n

** Ngu\u1ed3n th\u1ee9 hai t\u1ea1o ra t\u00e0i s\u1ea3n l\u00e0 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu.<\/strong> V\u1ed1n n\u00e0y g\u1ed3m 3 ph\u1ea7n ch\u00ednh: v\u1ed1n c\u1ed5 ph\u1ea7n, th\u1eb7ng d\u01b0 v\u1ed1n c\u1ed5 ph\u1ea7n v\u00e0 l\u1ee3i nhu\u1eadn \u0111\u01b0\u1ee3c doanh nghi\u1ec7p t\u1ea1o ra nh\u01b0ng ch\u01b0a ph\u00e2n ph\u1ed1i cho c\u1ed5 \u0111\u00f4ng m\u00e0 gi\u1eef l\u1ea1i. (T\u00f4i \u0111\u00e3 vi\u1ebft b\u00e0i gi\u1ea3i th\u00edch c\u1eb7n k\u1ebd v\u1ec1 n\u1ed9i dung n\u00e0y).
\nV\u1eady chi ph\u00ed c\u1ee7a v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (cost of equity) l\u00e0 bao nhi\u00eau? N\u1ebfu b\u1ea1n l\u00e0 ch\u1ee7 doanh nghi\u1ec7p, l\u00e0 Startup th\u00ec h\u00e3y t\u1ef1 tr\u1ea3 l\u1eddi tr\u01b0\u1edbc khi \u0111\u1ecdc ti\u1ebfp nh\u00e9.<\/p>\n

\n
\nChi ph\u00ed v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu kh\u00f4ng th\u1ec3 n\u00e0o b\u1eb1ng 0% \u0111\u01b0\u1ee3c.<\/span><\/h6>\n

T\u00f4i \u0111\u00e3 h\u1ecfi c\u00e2u n\u00e0y khi t\u00f4i chia s\u1ebb v\u1edbi c\u00e1c b\u1ea1n h\u1ecdc c\u00e1c l\u1edbp CEO c\u1ee7a group QTvKN, ch\u01b0\u01a1ng tr\u00ecnh IPO c\u1ee7a SIHUB v\u00e0 nhi\u1ec1u bu\u1ed5i chia s\u1ebb kh\u00e1c.
\nC\u00f3 kho\u1ea3ng:
\n– 5% – 10% tr\u1ea3 l\u1eddi chi ph\u00ed v\u1ed1n CSH r\u1ea5t cao.
\n– 10% – 20%: kh\u00f4ng tr\u1ea3 l\u1eddi.
\n– 65% – 80%: tr\u1ea3 l\u1eddi chi ph\u00ed v\u1ed1n CSH b\u1eb1ng 0%
\nC\u00f3 v\u00e0i nguy\u00ean nh\u00e2n \u0111\u01b0a \u0111\u1ebfn c\u00e2u tr\u1ea3 l\u1eddi chi ph\u00ed v\u1ed1n CSH b\u1eb1ng 0% \u0111\u01b0\u1ee3c \u0111a s\u1ed1 c\u00e1c b\u1ea1n l\u1ef1a ch\u1ecdn. <\/p>\n

Nguy\u00ean nh\u00e2n th\u1ee9 nh\u1ea5t l\u00e0 h\u1ecd ngh\u0129: \u201cV\u1ed1n c\u1ee7a doanh nghi\u1ec7p t\u00f4i, n\u00ean t\u00f4i tho\u1ea3i m\u00e1i, kh\u00f4ng lo v\u1ec1 l\u00e3i su\u1ea5t, kh\u00f4ng ch\u1ecbu \u00e1p l\u1ef1c g\u00ec c\u1ea3?!\u201d H\u1ecd suy ngh\u0129 y h\u1ec7t nh\u01b0 \u201cb\u1ea1n\u201d trong v\u00ed d\u1ee5 ph\u00eda tr\u00ean. Nguy\u00ean nh\u00e2n th\u1ee9 hai h\u1ecd ch\u01b0a hi\u1ec3u h\u1ebft v\u1ec1 t\u00e0i ch\u00ednh doanh nghi\u1ec7p, v\u1ec1 chi ph\u00ed v\u1ed1n.
\nChi ph\u00ed v\u1ed1n CSH kh\u00f4ng th\u1ec3 n\u00e0o b\u1eb1ng 0% \u0111\u01b0\u1ee3c.<\/p>\n

C\u00e1c c\u1ed5 \u0111\u00f4ng, thay v\u00ec \u0111\u1ea7u t\u01b0 v\u00e0o doanh nghi\u1ec7p, h\u1ecd c\u00f3 th\u1ec3 g\u1edfi ti\u1ec1n v\u00e0o ng\u00e2n h\u00e0ng \u0111\u1ec3 nh\u1eadn l\u00e3i su\u1ea5t 6%-8% \/ n\u0103m, m\u00e0 r\u1ee7i ro l\u1ea1i r\u1ea5t th\u1ea5p. (\u1ede Vi\u1ec7t Nam g\u1edfi ti\u1ec1n v\u00e0o ng\u00e2n h\u00e0ng, r\u1ee7i ro l\u00e0 c\u1ef1c th\u1ea5p v\u00ec Nh\u00e0 n\u01b0\u1edbc \u0111ang \u201cb\u1ea3o k\u00ea\u201d.
\nNh\u00e0 n\u01b0\u1edbc c\u00f3 b\u00e0n v\u1ec1 vi\u1ec7c cho ph\u00e1 s\u1ea3n ng\u00e2n h\u00e0ng ho\u1ea1t \u0111\u1ed9ng y\u1ebfu k\u00e9m nh\u01b0 c\u00e1c n\u01b0\u1edbc kinh t\u1ebf th\u1ecb tr\u01b0\u1eddng v\u1eabn l\u00e0m, nh\u01b0ng ch\u01b0a c\u00f3 d\u1ea5u hi\u1ec7u th\u1ef1c hi\u1ec7n).<\/p>\n

C\u1ed5 \u0111\u00f4ng \u0111\u1ea7u t\u01b0 v\u00e0o doanh nghi\u1ec7p, r\u1ee7i ro cao h\u01a1n ng\u00e2n h\u00e0ng th\u00ec h\u1ecd k\u1ef3 v\u1ecdng ph\u1ea3i nh\u1eadn \u0111\u01b0\u1ee3c t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn cao h\u01a1n ng\u00e2n h\u00e0ng.
\nC\u00f3 c\u00e1c c\u00f4ng th\u1ee9c t\u00e0i ch\u00ednh \u0111\u1ec3 t\u00ednh chi ph\u00ed v\u1ed1n CSH, nh\u01b0ng n\u00f3 kh\u00e1 ph\u1ee9c t\u1ea1p. T\u00f4i s\u1ebd c\u1ed1 g\u1eafng vi\u1ebft m\u1ed9t b\u00e0i kh\u00e1c, v\u1edbi ng\u00f4n ng\u1eef b\u00e0 ngo\u1ea1i, v\u1ec1 n\u1ed9i dung n\u00e0y.<\/p>\n

Chi ph\u00ed v\u1ed1n CSH c\u1ee7a c\u00e1c doanh nghi\u1ec7p ni\u00eam y\u1ebft tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam, trong v\u00f2ng 3 n\u0103m qua, \u0111\u01b0\u1ee3c c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n, c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0, c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh x\u00e1c \u0111\u1ecbnh trong kho\u1ea3ng 12.5% – 15%\/ n\u0103m tu\u1ef3 doanh nghi\u1ec7p, tu\u1ef3 th\u1eddi \u0111i\u1ec3m. M\u1ee9c th\u1ea5p 12.5% – 13.5% n\u0103m l\u00e0 c\u1ee7a c\u00e1c doanh nghi\u1ec7p r\u1ee7i ro th\u1ea5p. M\u1ee9c cao 14% – 15% n\u0103m l\u00e0 c\u1ee7a c\u00e1c doanh nghi\u1ec7p r\u1ee7i ro cao.
\nC\u00f3 nh\u1eefng doanh nghi\u1ec7p ho\u1ea1t \u0111\u1ed9ng 5,7 n\u0103m, nh\u01b0ng t\u1ea1o ra t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n CSH (ROE), ch\u1ec9 \u1edf m\u1ee9c 5% – 6% \/ n\u0103m, th\u1ea5p h\u01a1n nhi\u1ec1u so v\u1edbi chi ph\u00ed v\u1ed1n CSH.<\/p>\n

T\u00f4i n\u00f3i v\u1edbi h\u1ecd, n\u1ebfu ch\u1ec9 t\u00ednh v\u1ec1 m\u1eb7t t\u00e0i ch\u00ednh, th\u00ec b\u1ea1n \u0111ang ng\u01b0\u1ee3c \u0111\u00e3i ti\u1ec1n c\u1ee7a b\u1ea1n. Ti\u1ec1n c\u1ee7a b\u1ea1n c\u00f3 chi ph\u00ed 14% – 15% m\u1ed9t n\u0103m, m\u00e0 b\u1ea1n ch\u1ec9 l\u00e0m ra 5% – 6% \/ n\u0103m, qu\u00e1 th\u1ea5p so v\u1edbi chi ph\u00ed v\u1ed1n CSH. T\u00ednh theo chi ph\u00ed c\u01a1 h\u1ed9i c\u1ee7a ti\u1ec1n th\u00ec b\u1ea1n \u0111ang l\u1ed7 v\u1ed1n. T\u00ednh th\u00eam chi ph\u00ed tr\u00ed \u00f3c, c\u00f4ng s\u1ee9c lao \u0111\u1ed9ng th\u00ec b\u1ea1n l\u1ed7 v\u1ed1n n\u1eb7ng h\u01a1n. B\u1ea1n ph\u1ea3i tho\u00e1t kh\u1ecfi t\u00ecnh c\u1ea3nh n\u00e0y, b\u1eb1ng c\u00e1ch ho\u1ea1t \u0111\u1ed9ng kinh doanh hi\u1ec7u qu\u1ea3 h\u01a1n \u0111em l\u1ee3i nhu\u1eadn l\u1edbn h\u01a1n, ROE ph\u1ea3i cao h\u01a1n chi ph\u00ed v\u1ed1n CSH th\u00ec m\u1edbi \u0111\u00e1ng \u0111\u1ec3 s\u1ed1ng ch\u1ebft l\u00e0m ch\u1ee7 doanh nghi\u1ec7p.<\/p>\n

\"\"
ROE ph\u1ea3i cao h\u01a1n chi ph\u00ed v\u1ed1n CSH th\u00ec m\u1edbi \u0111\u00e1ng \u0111\u1ec3 s\u1ed1ng ch\u1ebft l\u00e0m ch\u1ee7 doanh nghi\u1ec7p.<\/figcaption><\/figure>\n

\u0110\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n<\/a> c\u0169ng v\u1eady, ph\u1ea3i ch\u00fa t\u00e2m \u0111\u1ebfn ROE vs chi ph\u00ed v\u1ed1n CSH.<\/p>\n

\u0110\u1ea7u t\u01b0 ng\u1eafn h\u1ea1n, l\u01b0\u1edbt s\u00f3ng th\u00ec tho\u1ea3i m\u00e1i, ROE c\u1ee7a doanh nghi\u1ec7p sao c\u0169ng \u0111\u01b0\u1ee3c. Mi\u1ec5n mua th\u1ea5p b\u00e1n cao l\u00e0 l\u1eddi th\u00f4i. (Mua cao b\u00e1n th\u1ea5p th\u00ec l\u1ed7).<\/p>\n

\u0110\u1ea7u t\u01b0 d\u00e0i h\u1ea1n<\/a> theo ki\u1ec3u t\u00edch lu\u1ef9 t\u00e0i s\u1ea3n th\u00ec nh\u1ea5t \u0111\u1ecbnh ph\u1ea3i \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu \/ doanh nghi\u1ec7p c\u00f3 ROE (t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n CSH) cao h\u01a1n chi ph\u00ed v\u1ed1n CSH: 14% – 15%. ROE c\u00e0ng cao c\u00e0ng t\u1ed1t. Doanh nghi\u1ec7p m\u00e0 li\u00ean t\u1ee5c c\u00f3 ROE (t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n CSH) trong c\u00e1c n\u0103m th\u1ea5p h\u01a1n h\u01a1n chi ph\u00ed v\u1ed1n CSH l\u00e0 kh\u00f4ng ho\u00e0n th\u00e0nh tr\u00e1ch nhi\u1ec7m \u0111\u1ed1i v\u1edbi c\u1ed5 \u0111\u00f4ng. Nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean tr\u00e1nh xa.<\/p>\n

T\u00f3m l\u1ea1i ROE vs chi ph\u00ed v\u1ed1n CSH l\u00e0 ti\u00eau ch\u00ed r\u1ea5t quan tr\u1ecdng trong l\u1ef1a ch\u1ecdn doanh nghi\u1ec7p \u0111\u1ec3 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n. Kh\u00f4ng ch\u1ec9 th\u1ebf, DN c\u00f2n ph\u1ea3i tho\u1ea3 c\u00e1c ti\u00eau ch\u00ed kh\u00e1c nh\u01b0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1eddng, an to\u00e0n v\u1ec1 t\u00e0i ch\u00ednh (n\u1ee3 kh\u00f4ng qu\u00e1 cao, v\u00e0 c\u00f3 kh\u1ea3 n\u0103ng tr\u1ea3 n\u1ee3).<\/p>\n

B\u00e0i n\u00e0y t\u00f4i \u0111\u00e3 c\u1ed1 g\u1eafng di\u1ec5n t\u1ea3 b\u1eb1ng ng\u00f4n ng\u1eef b\u00e0 ngo\u1ea1i. Nh\u01b0ng ch\u1eafc c\u00f2n nhi\u1ec1u thi\u1ebfu s\u00f3t.
\nC\u00e1c b\u1ea1n c\u00f3 \u0111\u00f3ng g\u00f3p g\u00ec, ho\u1eb7c th\u1eafc m\u1eafc, ho\u1eb7c quan t\u00e2m \u0111\u1ebfn nh\u1eefng b\u00e0i t\u01b0\u01a1ng t\u1ef1 h\u00e3y comment, t\u01b0\u01a1ng t\u00e1c nh\u00e9.<\/p>\n

Th\u00e2n \u00e1i
\nL\u00e2m Minh Ch\u00e1nh<\/p>\n","protected":false},"excerpt":{"rendered":"

Tr\u01b0\u1eddng h\u1ee3p, b\u1ea1n kh\u00f4ng c\u00f3 ti\u1ec1n b\u1ea1n \u0111i vay ** Tr\u01b0\u1eddng h\u1ee3p, b\u1ea1n kh\u00f4ng c\u00f3 ti\u1ec1n b\u1ea1n \u0111i vay, th\u00ec b\u1ea1n ph\u1ea3i tr\u1ea3 l\u00e3i vay. V\u00ed d\u1ee5 l\u00e3i su\u1ea5t ti\u1ec1n vay l\u00e0 9%\/n\u0103m. N\u1ebfu vay \u0111\u1ec3 \u0111\u1ea7u t\u01b0 th\u00ec b\u1ea1n ph\u1ea3i \u0111\u1ea1t t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn cao h\u01a1n l\u00e3i vay th\u00ec b\u1ea1n m\u1edbi d\u01b0 ra…<\/p>\n","protected":false},"author":2,"featured_media":3738,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"default","_kad_post_title":"default","_kad_post_layout":"default","_kad_post_sidebar_id":"","_kad_post_content_style":"default","_kad_post_vertical_padding":"default","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[1],"tags":[91,9,92],"class_list":["post-3737","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kien-thuc-dau-tu","tag-kien-thuc-dau-tu","tag-lam-minh-chanh","tag-von-doanh-nghiep"],"featured_image_src_large":["https:\/\/i0.wp.com\/bizuni.vn\/dau-tu\/wp-content\/uploads\/2022\/09\/308356008_5498356666918446_752504168555023449_n.jpg?fit=1024%2C536&ssl=1",1024,536,true],"author_info":{"display_name":"Hi\u1ec1n Nguy\u1ec5n","author_link":"https:\/\/bizuni.vn\/dau-tu\/author\/hn\/"},"comment_info":0,"category_info":[{"term_id":1,"name":"Ki\u1ebfn th\u1ee9c \u0111\u1ea7u t\u01b0","slug":"kien-thuc-dau-tu","term_group":0,"term_taxonomy_id":1,"taxonomy":"category","description":"

Chuy\u00ean trang g\u1ed3m nh\u1eefng b\u00e0i vi\u1ebft v\u1ec1 ki\u1ebfn th\u1ee9c \u0111\u1ea7u t\u01b0, nh\u1eadn \u0111\u1ecbnh th\u1ecb tr\u01b0\u1eddng & nh\u1eadn di\u1ec7n r\u1ee7i ro trong \u0111\u1ea7u t\u01b0 c\u1ee7a chuy\u00ean gia T\u00e0i ch\u00ednh, t\u00e1c gi\u1ea3 L\u00e2m Minh Ch\u00e1nh<\/p>","parent":0,"count":21,"filter":"raw","cat_ID":1,"category_count":21,"category_description":"

Chuy\u00ean trang g\u1ed3m nh\u1eefng b\u00e0i vi\u1ebft v\u1ec1 ki\u1ebfn th\u1ee9c \u0111\u1ea7u t\u01b0, nh\u1eadn \u0111\u1ecbnh th\u1ecb tr\u01b0\u1eddng & nh\u1eadn di\u1ec7n r\u1ee7i ro trong \u0111\u1ea7u t\u01b0 c\u1ee7a chuy\u00ean gia T\u00e0i ch\u00ednh, t\u00e1c gi\u1ea3 L\u00e2m Minh Ch\u00e1nh<\/p>","cat_name":"Ki\u1ebfn th\u1ee9c \u0111\u1ea7u t\u01b0","category_nicename":"kien-thuc-dau-tu","category_parent":0}],"tag_info":[{"term_id":91,"name":"ki\u1ebfn th\u1ee9c \u0111\u1ea7u t\u01b0","slug":"kien-thuc-dau-tu","term_group":0,"term_taxonomy_id":91,"taxonomy":"post_tag","description":"","parent":0,"count":1,"filter":"raw"},{"term_id":9,"name":"Lam Minh Chanh","slug":"lam-minh-chanh","term_group":0,"term_taxonomy_id":9,"taxonomy":"post_tag","description":"","parent":0,"count":11,"filter":"raw"},{"term_id":92,"name":"v\u1ed1n doanh nghi\u1ec7p","slug":"von-doanh-nghiep","term_group":0,"term_taxonomy_id":92,"taxonomy":"post_tag","description":"","parent":0,"count":2,"filter":"raw"}],"taxonomy_info":{"category":[{"value":1,"label":"Ki\u1ebfn th\u1ee9c \u0111\u1ea7u t\u01b0"}],"post_tag":[{"value":91,"label":"ki\u1ebfn th\u1ee9c \u0111\u1ea7u t\u01b0"},{"value":9,"label":"Lam Minh Chanh"},{"value":92,"label":"v\u1ed1n doanh nghi\u1ec7p"}]},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/bizuni.vn\/dau-tu\/wp-content\/uploads\/2022\/09\/308356008_5498356666918446_752504168555023449_n.jpg?fit=1200%2C628&ssl=1","_links":{"self":[{"href":"https:\/\/bizuni.vn\/dau-tu\/wp-json\/wp\/v2\/posts\/3737","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bizuni.vn\/dau-tu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bizuni.vn\/dau-tu\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bizuni.vn\/dau-tu\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/bizuni.vn\/dau-tu\/wp-json\/wp\/v2\/comments?post=3737"}],"version-history":[{"count":6,"href":"https:\/\/bizuni.vn\/dau-tu\/wp-json\/wp\/v2\/posts\/3737\/revisions"}],"predecessor-version":[{"id":3749,"href":"https:\/\/bizuni.vn\/dau-tu\/wp-json\/wp\/v2\/posts\/3737\/revisions\/3749"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bizuni.vn\/dau-tu\/wp-json\/wp\/v2\/media\/3738"}],"wp:attachment":[{"href":"https:\/\/bizuni.vn\/dau-tu\/wp-json\/wp\/v2\/media?parent=3737"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bizuni.vn\/dau-tu\/wp-json\/wp\/v2\/categories?post=3737"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bizuni.vn\/dau-tu\/wp-json\/wp\/v2\/tags?post=3737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}