Nhận diện các nhân tố ảnh hưởng đến huy động vốn của doanh nghiệp

PHAN ifCH & Dfl BAO KIN H Tfe

NHAN DIEN CAC NHAN TO ANH HUdNG DEN y v ' HUY DONG VON CUA DOANH NGHIEP

ThS. NGUYEN VAN XUYEN

Cong ty co piian Dau tU va Td vdn tai chint) Dau khi Vi$t Nam

For production and business activities of any types of enterprises,

capital is considered as an indispensable factor and the first require￾ment, playing a very important role in all enterprises. In their turn, enter￾prises also have to take any measures to maximize the efficiency of

capital utilization.

In the market economy, capital mobilization is firstly affected by

endogenous factors such as capital cost, capital structure, business per￾formance and capital utilization efficiency.

Besides, exogenous factors like policies of the party and govern￾ment on economic issues; the development of financial market; bank￾ing interest rates and people's income... also have strong impacts on

capital mobilization of enterprises.

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T rong boat dong san xuat, kinh doanh cua bat ky loai hinh doanh

nghiep nao, vd'n dddc xem la yeu td khdng the thieu, la yeu cau

dau tien bat buoc phai co va dong vai trd het sdc quan trong

ddi vdi doanh nghiep. Ngddc lai, doanh nghiep khi cd von cung phai

tim cac bien phap sd dung sao cho dat dddc hieu qua cao nhat. Bai

viet sau day se nhan dien cac nhan to' anh hddng de'n boat dong huy

dong vd'n cija doanh nghiep.

Trong nen kinh te thj trfldng, kha nang huy ddng vd'n cua doanh

nghiep chju tac ddng cua nhieu nhan to, bao gdm nhan td ndi sinh va

nhan to ngoai sinh.

1. Nhan to noi sinh

a. Chi phi von va cd cau von cda doanh nghiep

Vd'n la nhan to' cl n thiet cua si n xuat. Cung nhfl bai ky mot nhan

to nao khac, de sfl dung vd'n, doanh nghiep can phi i bd ra mdt chi

phf nhat dinh. Chi phf vd'n la khoin tien ma doanh nghiep phai tr i

de dfldc sii dung mdt Ifldng vd'n nhat dinh (hay chfnh la ty le sinh ldi

c l n thiet ma ngfldi chu sd hflu cua khoin tien dd yeu ciu) va la

nhan td' in h hfldng Idn de'n kha nang huy dgng vd'n cua doanh

nghiep.

Tren thflc te, cac nha di u tfl chi chap nhan tai trd vd'n cho doanh

nghiep khi hg dfldc tri mdt khoan lai xflng dang va thdng thfldng nhflng

ngfldi nay ludn mong mudn mot

mflc lai sua! cao. Tuy nhien,

doanh nghiep thi luon phi i can

nhac sao cho ldi nhuan thu dfldc

tfl ngudn vd'n huy ddng dd khong

lam gii m ldi nhuan ky vgng danh

cho chu sd hflu doanh nghiep

trong tfldng lai.

Cd ca'u vd'n cho tat c i cac loai

hinh doanh nghiep gdm hai loai

cd bi n la vd'n chu sd hflu va vdn

vay. Mdt doanh nghiep ft nd,

nhieu vd'n tfl cd thi rui ro tha'p

nhflng hieu qu i ky vgng lai khong

cao. Trong khi dd, ne'u tang vdn

thong qua vay nd, chu doanh

nghiep CO the tang dfldc thu nhap

tren vd'n chu sd hflu ma van nim

quyen kiem soat va dilu hanh

doanh nghiep. Tuy nhien, neu ty

le nd qua cao ma ddng tien khong

dat nhfl ky vgng thi doanh nghiep

se lam vao tinh trang mi l khi

nang thanh toan.

Do dd, trong quan trj tai chinh,

cac nha quin ly phi i xay dflng

phfldng an cd cau vd'n tdi flu, di m

b i o ty le hdp ly gifla vd'n chu sd

hflu va nd vay sao cho ldi fch thu

dfldc la cao nhat. Dd la cd ca'u

hfldng tdi sfl can bang gifla rui ro

va lai sua! nham tdi da hda gia tri

cua doanh nghiep.

THONG TIN & DU BAO KINH TE - XA hOi So 54 (6.2010)