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4 tn ch
LOGO
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NHNG KT LUN CN LU
=>Ti chnh tin t l lnh vc rt sng ng, nh hng trc tip n i sng kinh t - x hi =>Nghin cu ti chnh tin t gip cho sinh vin hiu c: S iu hnh chnh sch ti kha v chnh sch tin t Hiu c r rng hn cc thng tin ti chnh tin t ng ti trn bo ch. La chn ngh nghip qun l ti chnh, kinh doanh tin t .
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CC CU HI NGHIN CU
1. Chnh ph tng thu c nh hng n u t hay khng? 2. Chi tiu ngn sch c nh hng tng cu x hi nh th no? 3. Bi chi ngn sch ko di c nh hng n lm pht hay khng? 4. Mc cung tin t gim nh hng nh th no n: Sn lng Lm pht v Li sut
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CC CU HI NGHIN CU
5. S suy thoi kinh t ca Vit Nam xy ra trong thi gian no ? Chnh ph Vit Nam lm g khc phc hin tng ny. 6. S i mi ti chnh tin t ca Vit Nam trong 10 nm qua nh hng n i sng ca bn nh th no? Tt hn hay xu hn. Ti sao? 7. Hot ng c bn ca ngn hng l g? 8. Li sut tng c lm cho mi ngi tr nn xu hn/b thit i so vi trc hay khng? 9. Ti sao th trng chng khon quan trng i vi sc khe ca nn kinh t?
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CC CU HI NGHIN CU
10. Gi c chng khon tng c nh hng n chi tiu dng ca dn c hay khng? 11. ng USD tng gi c nh hng n hot ng kinh doanh ca Vit Nam hay khng? 12. Khi c lng tin nhn ri ln bn la chn danh mc u t nh th no? Tit kim, u t kinh doanh hay u t chng khon
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Chng I
i cng v ti chnh
GV: Trng Minh Tun
LOGO
Gii thiu chng I Ti sao nghin cu ti chnh? Ti liu tham kho Kt cu chng I. Khi qut s ra i v pht trin ca TC II. Bn cht ca ti chnh III. Chc nng ca ti chnh IV. H thng ti chnh
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detail
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1. S ra i ca ti chnh
S phn cng lao ng x hi pht trin v ch t hu xut hin
Trao i Hng ha Trc tip: H1-- H2 Phn phi phi ti chnh Gin tip: H1 - T - H2 Phn phi ti chnh
Trong bi cnh ny, bt k ch th no mun tn ti c, mun thc hin c mc tiu hot ng ca mnh th phi gn lin vi vic to lp v s dng t nht 1 qu tin t.
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2. nh ngha ti chnh
Ti chnh l mt h thng cc quan h phn phi gia cc ch th kinh t thng qua vic thnh lp v s dng cc qu tin t C 3 loi quan h ti chnh ch yu: Tn dng Bo him Ngn sch Nh nc
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3. c trng ca quan h ti chnh Phi l mt quan h phn phi Quan h ny din ra di dng gi tr C s thnh lp v s dng mt qu tin t
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1. Bn cht: detail
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1. Bn cht ca ti chnh
V hnh thc:
Thu
Qu tin t
Chi
Ti chnh l qu tin t
V ni dung:
Thu
Qu tin t
Chi
Ti chnh phn nh mi quan h kinh t gia cc ch th vi nhau trong qu trnh phn phi ngun ti chnh
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1. Bn cht ca ti chnh
Cc hnh ng trn phn nh cc quyt nh phn phi ngun ti chnh: (i) hoc to lp qu tin t; (ii) hoc u t/s dng qu tin t nh th no.
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1. Bn cht ca ti chnh C s quyt nh: - Ngun lc ti chnh c hn, nhu cu li v hn => nh i la chn trn c s: Ti a ha li ch v gim thiu cc chi ph. - Lu : Li ch v chi ph l 2 khi nim mang tnh chun tc ( ty quan im ca mi ch th).
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2. Ngun ti chnh
Theo ngha hp: Tien te thc te ang van ong trong cac chu trnh tuan hoan cua nen kinh te (Khi lng tin t c tnh lng cao ) Theo ngha rng: - Khi lng tin t c tnh lng cao - Cac tai san khac nhng co kha nang tien te hoa. Cc loi ti sn ti chnh (chng khon) Hin vt c kh nng tin t ha
Mi ch th trong XH tuy theo ac iem hoat ong cua mnh se co cach thc tao lap NTC khac nhau.
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Ngun ti chnh trong nc v ngoi nc - Ngun TC trong nc: + Th hin sc mnh ni lc ca 1 Q.gia + n nh, bn vng, gim thiu ri ro v hu qu xu i vi nn kinh t do nhng tc ng t bn ngoi. + C hn - Ngun TC nc ngoi: + Mang li ngoi t cho nn kinh t + S l thuc, nguy c khng khong n
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detail
detail
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a. Chc nng huy ng ngun ti chnh Chc nang nay c phan anh qua quyet nh cua chu the quan ly tai chnh trong viec lam the nao e huy ong nguon lc tai chnh ap ng nhu cau hoat ong, tren c s: Tnh toan nhu cau von.
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Nhu cauB
Nhu cau B
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detail
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a. m bo nhu cu v vn
Ti chnh m bo nhu cu v vn cho cc ch th kinh t thng qua cc quan h thu vo Vi mi loi ch th kinh t khc nhau th quan h thu cng c c trng ring Cc quan h c thc hin trn c s ca cc hot ng phn phi
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Vn
Trung gian TC
Vn
Vn
Vn
Th trng TC
Vn
=> nh ngha: H thng ti chnh l tng th gm c th trng ti chnh v cc nh ch ti chnh thc hin chc nng gn kt cung cu v vn c im ca h thng ti chnh:
detail
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c im ca h thng ti chnh
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Th trng ti chnh
L ni din ra cc hnh thc vay mn tin, giao dch cc chng t c gi nhm chuyn dch vn t ni cung cp n ni c nhu cu Phn loi: - Th trng tin t - Th trng vn
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Cc nh ch ti chnh
- Ti chnh cng: cc qu tin t ca nh ch thuc khu vc cng gn lin vi vic thc hin cc chc nng ca nh nc, bao gm: qu NSNN, cc qu ti chnh khc ca NN - Ti chnh doanh nghip: cc qu tin t ca cc t chc sn xut kinh doanh hng ha dch v - Ti chnh trung gian: l nhng t chc lm cu ni gia cung v cu v vn nh NHTM, cng ty ti chnh, cng ty bo him, qu u t, - Ti chnh c nhn, t chc x hi: cc qu tin t c s hu bi c nhn, t chc x hi
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C s h tng ti chnh
L nhng nn tng qua cc doanh nghip, nh u t, c nhn thc hin cc giao dch ti chnh vi cc nh ch ti chnh trung gian v th trng ti chnh Cc thnh phn ca c s h tng ti chnh: + H thng lut php + H thng gim st + H thng thng tin + H thng thanh ton + H thng dch v chng khon + Ngun nhn lc,
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Cc thut ng cn ch
Ti chnh Phn phi Qu tin t Tn dng Bo him Ngn sch Nh nc Trung gian ti chnh
Ti chnh cng Ti chnh t Ti chnh trong nc Ti chnh quc t Nn kinh t hng hotin t Gim st
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LOGO
Dn
Ti liu tham kho Kt cu chng I. S ra i v pht trin ca tin t II. Chc nng ca tin t III. Cc ch ca tin t IV. Cc hc thuyt ca tin t
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detail
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Trao i Hng ha
Gin tip:
H2 Vt trung gian
Tin t
H1
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H2
a. Ho t
Ho t thc cht chnh l mt loi hng ho ng thi thc hin vai tr ca ng tin
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b. Du hiu gi tr (tn t) ng tin khi khng hm cha trong n y gi tr m n i biu th lc ch cn mang tnh cht l mt du hiu ca gi tr m thi. Loi tin ny c gi tr s dng ln hn gi tr. Nguyn nhn dn n vic s dng cc du hiu gi tr c c ch quan ln khch quan. C nhiu loi tin c tnh cht ny.
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c. Tin giy L loi tin php nh do Nh nc ban hnh v bt buc s dng. L loi tin c s dng ph bin nht hin nay. Tin giy gn nh khng cha gi tr bn trong, v cng ch l mt du hiu gi tr.
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3. nh ngha tin t
Tin t l bt c th g c chp nhn chung i ly hng ha, dch v hoc thanh ton cc khon n.
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Mt s quan im v tin t
Quan iem cua Thomas Men ( HTTT kim thuoc, 1576-1641): Vang bac la tien te, ch co vang bac mi la cua cai chnh tong.
Mt s quan im v tin t
Quan iem cua K.Marx (1818-1883): Tien la mot hang hoa ac biet, ong vai tro lam
Mt s quan im v tin t
Quan iem cua cac nha kinh te hoc th trng: + Ban chat cua tien te la dung e lam phng tien
trao oi.
+ Bat c mot vat g neu c chap nhan trong viec thanh toan khi mua ban hang hoa, dch vu va hoan tra cac mon n eu c xem la tien. (Minskin)
Mt s quan im v tin t
Nhan xet: - Quan iem ve tien te phu thuoc vao: Trnh o phat trien kinh te tien te; Giac o, muc ch xem xet. - Ngay nay co 2 dang tien te:
detail
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1. Thc o gi tr
Tin thc hin vic biu th cho mt lng gi tr m hng ho cha trong n thng qua vic quy i gi tr ra lng tin. Nh c tin nn vic so snh gi tr gia cc hng ho tr nn n gin hn. thc hin chc nng ny, tin t phi tha 3 yu t: - Tn gi v k hiu - Ni dung gi tr ca tin t - c s v bi s ca n v tin t
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Khi thc hin chc nng ny, tin tham gia mt cch hin hu vo giao dch ch khng ch l trung gian trong giao dch na. Trong chc nng ny, tin t c s dng chi tr khng gn trc tip vi cng thc H1 T H2
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4. Phng tin ct tr
Tin c s dng nh cng c ct tr ca ci. Tin l phng tin ct tr c a chung hn so vi cc phng tin khc v tnh lng ca tin l cao nht Tin ch c th thc hin c chc nng ct tr khi n cn c x hi tha nhn Tin t c ct tr phng ri ro hoc mua sm trong tng lai
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III. Cc ch tin t
1. Khi nim v c im - Ch tin t l hnh thc t chc lu thng tin t ca 1 quc gia da trn 1 cn bn gi l bn v tin t - Bn v tin t l tiu chun chung m mi nc chn lm cn bn cho n v tin t ca nc mnh
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Cc yu t cu thnh ch tin t:
- Kim loi tin t - n v tin t - Ch c tin: + Bt buc: tin khng gi d gy tha tin + T do: tin gi, ngi dn c t do em vng bc c thnh tin, tin trong lu thng lun ng NC - Quy nh ch lu thng du hiu gi tr: VD: Ti sao trong ch bn v vng c php lu thng tin vng v tin giy?
III. Cc ch tin t
2. Cc ch tin t: 2.1. Ch lu thng tin kim loi a. Ch n bn v: detail b. Ch song bn v: detail c. Ch bn v vng: detail 2.2. Ch lu thng tin giy: detail
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a. Ch n bn v
a. Ch n bn v
Ch s dng 1 th kim loi lm vt ngang gi chung Kim loi lm vt ngang gi thng c gi tr thp: bn v ng, bn v km
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b. Ch song bn v Trong ch hai bn v, hai kim loi vng v bc ng thi c s dng c tin * Ch song bn v song song Ch ny cho php tin vng v tin bc lu thng trn th trng theo t l gi tr thc t ca n, NN khng can thip
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b. Ch song bn v
* Ch song bn v kp
Ch ny tin vng v tin bc lu thng trn th trng theo t gi php nh Xut hin hin tng tin xu ui tin tt ra khi lu thng
c. Ch bn v vng Vng c chn lm vt ngang gi chung c im: Vng c t do c thnh tin v a vo lu thng theo tiu chun gi c NN quy nh. Vng c t do xut nhp khu Cc loi tin khc c t do i ra vng
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a. Nguyn nhn ra i
- V mt l thuyt: Ngi bn hng sn sng nhn bt c loi tin g min l c th dng n mua hng ha hoc thc hin cc khon thanh ton - V mt lch s:
Tin gi
Lu thng
Hao mn
Tin khng gi
Tin giy
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Mt s trng hp:
SL tin giy thc t ang lu thng
=>
>
=>
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<
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72
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Chng 3: TN DNG
LOGO
Ni dung
www.themegallery.com
Company Name
www.themegallery.com
Company Name
www.themegallery.com
Company Name
1. Tn dng thng mi
a. Khi nim: Tn dng thng mi l quan h tn dng gia cc nh kinh doanh c thc hin di hnh thc mua bn chu hng ha. Cng c hot ng ca tn dng thng mi l k phiu thng mi hay thng phiu: detail b. c im: Cho vay di hnh thc hng ha, thu n di hnh thc tin c. Tc dng: detail
www.themegallery.com Company Name
Thng phiu
c im: - Tnh tru tng: khng ghi nguyn nhn v cch tnh - Tnh bt buc: khi n hn phi bt buc tr - Tnh lu thng: c th chuyn nhng, chit khu
Ngi mua
Lp Hng ha Lp
Ngi bn Hi phiu - Giy yu cu thanh ton - C th tc chp nhn - i tng pht hnh: + Ngi k pht + Ngi th hng Company Name
Lnh phiu - Giy cam kt thanh ton - Khng c th tc chp nhn Thng - i tng lin quan: phiu + Ngi pht hnh + Ngi th hng www.themegallery.com
c. Tc dng
- Thc y qu trnh lu thng hng ha pht trin sn xut kinh doanh - Tham gia qu trnh iu tit nhu cu tha thiu vn gia cc nh sn xut kinh doanh - Gp phn tit kim tin mt thng qua qu trnh lu thng thng phiu Hn ch ca tn dng thng mi: - Quy m nh - Thi hn ngn - Ngi mua phi c nhu cu v gi tr s dng ca hng ha bn chu - Phi c s tn nhim
www.themegallery.com Company Name
3. Tn dng nh nc
L quan h tn dng gia nh nc vi cc ch th trong nc v ngoi nc
www.themegallery.com
Company Name
TC2
TC3
TC4
Nu C Hp ng thu c quy nh quyn Khng khng la chn mua p ng C Thi hn thu bng phn ln thi Khng c gian hu dng ca ti sn c 4 C Hin gi ca cc khon tin thu yu Khng cu gn bng gi tr ti sn
Company Name Cho thu vn hnh
Khng
www.themegallery.com
LOGO
Chng 4: LI SUT
LOGO
Ni dung
1. Khi nim v phn loi li sut 2. PP xc nh li sut 3. Cc nhn t quyt nh LSTT 4. Cu trc ri ro v cu trc k hn
1. Khi nim
Li tc tn dng l gi c ca quyn s dng vn vay. y l 1 loi gi c c bit ch n c hnh thnh trn c s gi tr s dng, khng hnh thnh trn c s gi tr
2. Phn loi
- Li sut danh ngha: l li sut ngi cho vay hng trong 1 k hn m khng tnh n bin ng ca tin t - Li sut thc: li sut thc = LSDN t l LP - Li sut th trng: In = Ir + Pe + rP + lP Vi: In: li sut danh ngha Ir: li sut khng ri ro Pe: Lm pht k vng rP: phn b p ri ro lP: phn b p tnh lng
FV1
PV (1
i)
3
n
FV3
FVn
FV2 (1 i) PV (1 i)
FVn 1 (1 i)
PV (1 i)
2. Hin gi
Nu FV c 1 k thanh ton
FV PV n (1 i)
Nu FV c nhiu k thanh ton
j
PV
i 1
FV n (1 i )
3. Li sut hon vn
Lai suat hoan von la lai suat lam can bang gia tr hien tai cua tien thanh toan nhan c theo mot cong cu n vi gia ca hom nay cua cong cu o. Cc cng c n gn: - N n: detail - Tri phiu chit khu: detail - Tri phiu coupon: detail - N vay thanh ton c nh: detail
Cc cng c n
N n: Ngi i vay tr cho ngi cho vay khi o hn 1 khon tin gm tin gc v tin li
Cc cng c n
Tri phiu chit khu: Ngi i vay tr cho ngi cho vay khi o hn 1 khon tin bng ng mnh gi tri phiu
Cc cng c n
Tri phiu coupon: Ngi i vay tr cho ngi cho vay tin li theo nh k v tin gc khi o hn
Cong ty A tra lai
1000 1000 1000 1000
$ 0
$ 1
$ 2
$ 3
$ 19
Nam
phieu coupon
Cc cng c n
N vay thanh ton c nh: Ngi i vay tr cho ngi cho vay theo nh k 1 s tin gm gc v li
V d: NH cho vay 37.900.000, LS:10%/nm, thi hn 5 nm. Ngi i vay phi tr cho ngn hng 1 khon tin bng nhau vo cui mi nm
Cc cng c n
N vay thanh ton c nh: BNG PHN TCH HCH TON
Cch 1
nh k (1) Ht nm 1 Ht nm 2 Ht nm 3 Ht nm 4 Ht nm 5 Cng TS n (2) 37.900 31.690 24.859 17.345 9.080 / Tin TT (3) 10.000 10.000 10.000 10.000 10.000 50.000 Li (4) 3.790 3.169 2.486 1.735 920 12.100
VT: 1000
Gc (5) 6.210 6.831 7.514 8.265 9.080 37.900 TS n cn li (6) 31.690 24.859 17.345 9.080 0 /
Cc cng c n
N vay thanh ton c nh: BNG PHN TCH HCH TON
Cch 2 nh k (1) Cui nm 1 Cui nm 2 Cui nm 3 Cui nm 4 Cui nm 5 Cng Tin TT (2) 10.000 10.000 10.000 10.000 10.000 50.000 Gc S nm (3) chu li (4) 9.090 1 8.260 2 7.510 3 6.830 4 6.210 5 37.900 / VT: 1000 Li (5)
vi menh gia la 1.000 ola, lai suat coupon la 10%; khoan thanh toan coupon C= 100 ola. Gia s lai suat th trng trai phieu tang len hn 10%, ong A ban tren th trng vi gia P= 750 ola, th lai suat hien hanh (Current yield) la:
C P 100 750 13.3%
Tong so cua lai suat hien hanh cong vi mc li cua von hoac mc lo cua von. phieu co menh gia la 1.000 ola, lai suat coupon la 8%. Sau mot nam, ong ta ban trai phieu vi gia 1.100 ola th ty suat li tc (R) trai phieu la: 80 1100 1000
R 1000 1000 18%
P t
P t
2. S thay i li sut th trng: 2.1. Cc nhn t lm thay i ng cu tri phiu v qu cho vay: detail 2.2. Cc nhn t lm thay i ng cung tri phiu v qu cho vay: detail
Cau trai phieu tng ng cung quy cho vay. Nhng yeu to ma lam dch chuyen ng cau trai phieu sang phai (hng len) keo theo gia tang gia trai phieu th cung lam dch chuyen ng cung quy cho vay sang phai (hng xuong) keo theo giam lai suat.
Neu nh nhng yeu to lam dch chuyen ng cung trai phieu sang phai (lam giam gia trai phieu) th cung lam dch chuyen ng cau quy cho vay sang phai (lam gia tang lai suat) va ngc lai.
1. Cu trc ri ro ca li sut
Cau truc rui ro cua lai suat giai thch s chenh lech lai suat oi vi cac loai chng khoan co ky han giong nhau. Nguyen nhan co s chenh lech la do s khac biet ve: - Rui ro v n - Tnh long - Chi ph thong tin va - Thue.
1. Cu trc ri ro ca li sut
Mot s gia dan en lai tang . suat cua TS . rui ro v n Tang
bi v
nhng ngi tiet kiem phai c bu ap do phai ganh chu them rui ro nhng ngi tiet kiem ton t chi ph trong viec oi tai san sang tien mat nhng ngi tiet kiem mat nhieu chi ph e anh gia tai san nhng ngi tiet kiem quan tam en tien li sau thue va phai c bu ap tien nop thue
Giam
Tang
thue
Tang
2. Cu trc k hn ca li sut - Xem xet mc o bien oi lai suat trong so cac cong cu trai phieu co cung chung rui ro v n, tnh long, thong tin, ac iem thue nhng lai khac nhau ve ky ao han. - Cau truc lai suat ky han lien quan en khai niem ng cong lai suat .
2. Cu trc k hn ca li sut - Neu ng cong lai suat co o doc hng i len th lai suat dai han cao hn lai suat ngan han. - Neu co o doc hng i xuong, lai suat ngan han cao hn lai suat dai han. - Khi ng cong lai suat phang th lai suat ngan han va dai han la nh nhau.
LOGO
LOGO
Ni dung
I. L thuyt v cu tin t
Quy luat lu thong tien te cua K.Marx: Kc = G/V Kc: Khoi lng tien can thiet trong lu
thong G: Tong gia ca hang hoa V: Toc o vong quay ong tien KT: Lng tien thc co trong lu thong KT > Kc: Tha tien KT < Kc: Thieu tien
M.V = P.Y M: Khoi lng tien lu hanh P: Gia ca hang hoa Y: Khoi lng hang hoa Suy ra M.V = GDP V: Toc o vong quay ong tien (velocity of
money) Phng trnh tren goi la phng trnh trao oi (Equation of exchange) ngha la so lng tien te nhan vi so lan ma lng tien chi tieu trong mot nam bang so thu nhap danh ngha (P.Y)
PY la thu nhap danh ngha, c quyet nh bi M. Ngha la gia ca hang hoa bien ong tuy thuoc vao lng
cung tien M Fisher cho rang V trong ngan la co nh. T o co the chuyen oi phng trnh trao oi thanh ly thuyet so lng tien te. PY c quyet bi so lng tien V du: V = 5; PY la 5 ty ong th M = 1 ty ong Ly thuyet so lng tien te cho rang: Neu gap oi M th P cung gap oi trong ngan han v V va Y co nh. Nhng thay oi mc gia ket qua duy nhat la t thay oi so lng tien te
Co the viet lai phng trnh trao oi : M = PY/V Khi th trng tien te can bang th so lng tien te ma cong chung nam gi bang vi so lng cau tien te Md . Goi k= 1/V, khi o phng trnh tren c viet lai: Md = k x PY Do k la co nh, cau tien la ham so cua thu nhap danh ngha PY. Lai suat khong co anh hng en cau tien te. Theo Fisher, cong chung nam gi tien la e giao dch va cau tien te phu thuoc vao: Nhu cau giao dch PY. Cach thc ieu hanh cua cac nh che tac ong n giao dch, t o quyet nh en V va k.
S a thch tien mat xuat phat t: - ong c giao dch ( Transaction motive) + Tien la phng tien trao oi (tnh long cao) - ong c d phong (Precautionary motive) + Tien la phng tien ap ng cac nhu cau khong mong i ( tnh long cao) - ong c au c (Speculative motive) + Tien va trai phieu. Cong chung chon tien hay trai phieu? + Cu tin quan h nghch vi lai sut
Keynes phan biet so lng tien danh nghia (nominal) va so lng tien thc (real). Cong chung muon nam gi khoi lng tien thc. Ba ong c gi tien co quan he en Y va lai suat. Cau tien te c biet en nh la ham so s thch tnh long. Cau tien thc (M/p) co lien quan en Y va i:
Md p
f (i, y )
+
P
Md
1 f (i , y )
PY
M
Chia 2 ve cho Y ta co
Y f (i , y )
Keynes cho rang v bien oi. Khi i tang th f(i,Y) giam v the => v gia tang.
Cung tin
co thu nhap, gia ca, lai suat, c cau tai san va s a thch ca nhan e Md f ( Y , r r , r r , rm ) p h m e m P Trong o: Md - P cau tien thc - Yp: cua cai (tai san) - rm: tien li ky vong cua tien te - rh: tien li ky vong cua trai phieu - re tien li ky vong cua co phieu e - ty le lam phat ky vong
+ -
S khac nhau gia Keyness va Friedman Friedman cho rang: Co nhieu tai san co the thay the tien, tach trai phieu ra khoi co phieu. Chung co mc tien li khac nhau Tien va hang hoa co the thay the nhau tuy theo ty suat tien li cua chung. Tien li cua tien te khong co nh. S thay oi tien li cua tien te keo theo s thay oi tien cua trai phieu va co phieu. Neu nh Keynes cho rang lai suat anh hng quan trong en cau tien te th Friedman cho rang cau tien te t b anh hng bi lai suat va co tnh on nh
f (Yp )
Y f (Y p )
=> Khac vi keynes, Friedman cho rang cau tien te chu yeu phu thuoc vao thu nhap.
- Cc loi tin ti sn
Php o tng lng tin trong nn kinh t hin i
Tin c quyn lc cao - Tin php nh - Tin gi khng k hn (ch yu l tin gi thanh ton) Cc loi tin ti sn - Ti khon tin gi TT tin t (li cao, c th c s dng sc) - Tin gi c k hn (loi nh; loi ln) - Cc chng t c gi c th mua bn, chuyn nhng. - Cc loi tin ti sn khc.
PA Samuelson: - Khoi M1 (tien theo ngha hep/ tien giao dch): Tien kim kh, tien giay do ngan hang trung ng phat hanh. Tien ky gi tren cac tai khoan thanh toan. - Khoi M2 (tien theo ngha rong/ chuan te): Khoi M1. Cac loai tai san la tien thay the rat gan vi tien giao dch nh: Tai khoan tiet kiem, tien gi co ky han Cac nha kinh te hoc #: bo sung M3, L.
Tren c s nghien cu ly thuyet cua cac nha kinh te hoc va oi chieu vi tnh hnh thc tien cua quoc gia trong tng thi ky, NHTW cua cac quoc gia se xay dng phep o tong lng tien cho phu hp. No la mot ai lng co the bien oi theo thi gian.
NHTW
NHTG Cc ch th khc
NHTW
- c quyn pht hnh GBNH; - C s: + Tc tng trng kinh t; + T l lm pht; + Tnh trng ca BOP v NSNN; + Chnh sch pht trin KT-XH ca NN - Qua 4 knh: Tn dng; NSNN; Th trng m; Th trng vng v ngoi t.
NHTG
Cac NHTG cung ng cho nen kinh te loai but te thong qua c che tn dung tao tien
So tien So tien 1 gi m = gi x-----------------Ty le ban rong d tr au bat buoc
NHTG
%DTBB: 10% Ten NH So tien gi nhan c 1.000 900 810 10.000 So DTBB 100 90 81 1.000 VT: ong So co the cho vay toi a 900
A
B C Tong
810
729 9.000
CC CH TH KHC
Cac chu the khac nh NN, cac DN cung co the cung ng cho nen kinh te nhng phng tien chuyen tai gia tr ma nhng phng tien o co the am ng mot so chc nang cua tien te. i vi cc nc c tnh trng la ha, NHTW ca cc nc v lin minh tin t c ng tin mnh cng l ch th cung ng tin cho quc gia c tnh trng la ha.
LOGO
Chng 7:
NHNG VN V LM PHT
LOGO
Ni dung
1 2 Khi nim v phn loi
3
4
1. Khai nim
1.1. Khi nim v lm pht
a. V mt l thuyt: Gi kt: khi tin thc t trong lu thng kc: khi tin cn thit trong lu thng Nu kt > kc: tha tin => Lm pht b. Quan im sai v lm pht: Lm pht l vic pht hnh tin qu mc => bin php c bn kim ch lm pht l hn ch pht hnh tin. Bin php ny km hiu qu v trong thc t, lm pht vn xy ra trong iu kin nh nc khng pht hnh thm tin hoc thm ch l rt bt tin khi lu thng.
Vy: Lm pht l hin tng tin c trong lu thng vt qu nhu cu cn thit (kt > kc) lm cho chng b mt gi, gi c ca hu ht cc loi hng ha tng ln.
1. Khi nim
1.2. Phn loi lm pht
- Lm pht 1 con s (di 10% nm): lm pht va phi lm pht nc kiu. - Lm pht 2 con s (t 10% n di 100%): lm pht cao lm pht phi m. - Lm pht 4 con s tr ln (t 100% tr ln): siu lm pht lm pht siu tc.
2. Nguyn nhn
L thuyt s lng tin t v lm pht L thuyt lm pht do cu ko Chnh sch ti kha v lm pht L thuyt lm pht do chi ph y
2. Nguyn nhn
2.1. L thuyt s lng tin t v lm pht: a. Quan im thuc trng phi tin t:
P
4
P4 P3 P2 P1
3
2
2
1
2. Nguyn nhn
2.1. L thuyt s lng tin t v lm pht: b. Quan im thuc trng phi ca Keynes:
AD1
AD2
2. Nguyn nhn
2.1. L thuyt s lng tin t v lm pht: b. Quan im thuc trng phi ca Keynes:
AS2 AS1
1
P1 P1
AD1 Y
2. Nguyn nhn
2.2. Chnh sch ti kha v lm pht:
Nu gi: DEF l thiu ht ti kha , G l chi tiu chnh ph, T l thu, MB l tng thay i c s tin v B l thay i tri phiu chnh ph m cng chng nm gi. DEF = G T = MB + B Thiu ht ti kha c ti tr qua pht hnh tri phiu, th s khng lm nh hng n c s tin t v v th nh hng n cung tin t. Nhng, nu thiu ht c ti tr bng in tin, th c s tin v cung tin gia tng
2. Nguyn nhn
2.3. L thuyt lm pht do cu ko:
Vic tng mc cu dn n lm pht gi l lm pht do cu ko hay lm pht nhu cu. - Khi nn kinh t cha t sn lng tim nng (trng thi ton dng) : cung tng mnh theo s tng ca gi => mc cu tng ch lm cho gi c tng rt t. - Khi nn kinh t t sn lng tim nng: cung tng t theo s tng ca gi => mc cu tng lm cho gi c tng rt cao.
2. Nguyn nhn
2.4. L thuyt lm pht do chi ph y:
a. Chi ph tin lng: Tin lng gia tng do p lc t quyn lc cng on, t chnh sch iu chnh tng lng ca chnh ph.
P AS2 AS1
AD Y
2. Nguyn nhn
2.4. L thuyt lm pht do chi ph y:
b. Li nhun: Doanh nghip c quyn lc th trng y gi tng ln c lp vi tng cu kim li nhun cao. c. Nhp khu lm pht: - T gi hi oi - Thay i gi c hng ha - Nhng c sc t bn ngoi - Thiu ht cc ngun ti nguyn Vy: Lm pht chi ph y l mt hin tng tin t bi v n khng th xy ra m khng c s thc hin mt chnh sch tin t m rng i km theo.
3. Tc ng
3.1. Tc ng phn phi li thu nhp: Khi lm pht xy ra, nhng ngi c ti sn, nhng ngi ang vay n l c li cn nhng ngi lm cng n lng, nhng ngi gi tin th chu thit. 3.2. Tc ng n pht trin kinh t v vic lm: Lm pht va phi thc y kinh t pht trin => kch thch s tiu dng v gim t l tht nghip. 3.3. Cc tc ng khc: - Lm tng t gi hi oi - Hot ng tn dng ri vo tnh trng khng hong - Thit hi cho ngn sch nh nc - Tuy nhin, lm gia tng s thu thu c m khng cn phi iu chnh lut.
4. Bin php
4.1. Nhng bin php cp bch: gm 3 nhm - Nhng bin php v chnh sch ti kha - Nhng bin php tht cht tin t - Nhng bin php kim ch gi 4.2. Nhng bin php chin lc: - Xy dng v thc hin chin lc pht trin kinh t - x hi ng n. - i mi chnh sch ti chnh cng. - Thc hin chin lc th trng cnh tranh hon ton. - Dng lm pht chng lm pht.
LOGO
LOGO
Ni dung nghin cu
A. Ly luan c ban ve tai chnh cong
B. Ngan sach Nha nc C. Cac quy, cac nh che tai chnh khac cua NN (TL) D. Chnh sch ti kha (TL)
160
161
Tai chnh cong la nhng hoat ong thu, chi tien te cua NN nham thc hien cac chc nang, nhiem vu
162
Ti chnh cng c in
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c im cua TCC
(1) Thuoc s hu NN; (2) Hoat ong khong v muc tieu li nhuan ma hng en li ch chung cua xa hoi, cua cong ong; (3) Quyen quyet nh thu, chi trong TCC do NN nh oat va ap at len moi cong dan. (4) Tao ra hang hoa cong, moi cong dan co nhu cau eu co the tiep can; (5) Quan ly TCC phai ton trong nguyen tac toan dien, ky luat tai chnh, linh hoat, tien lieu minh bach va co s tham gia cua cong chung.
164
HNG HA CNG
Cac nguon lc c s hu chung th sao?
Nguon lc c s hu chung Moi ngi c tiep can t do. Co kha nang b s dung qua nhieu
Khoang san
02/04/11 165
Khng
c quyn t nhin: - Phng chy - Truyn hnh cp. - Nhng con ng tha ngi c thu ph Hng ha cng cng: - Quc phng - Tri thc - Nhng con ng tha ngi khng thu ph
ac iem hang hoa cong Khong tranh gianh: Vi bat ky mc san xuat nao, chi ph bien e cung cap no cho them mot ngi tieu dung la bang khong. Khong loai tr: Khong the ngan ngi ta s dung hang hoa cong
02/04/11
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Khong loai tr la trng hp khong the hay vo cung at e gii han li ch cua mon hang cho mot ngi hay mot nhom.
Phat truyen hnh
Hang hoa s dung chung Hang hoa loai tr c Hang hoa s dung chung Hang hoa khong loai tr c
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Hang hoa cong khong thuan tuy Hang hoa cong thuan tuy
Quoc phong
VAN E KE AN THEO
Ngi tieu dung hay ngi san xuat khong tra tien cho mon hang do ky vong ngi khac se tra tien
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V d v k n theo
Thnh ph A c 500 ngi dn, mi ngi u thch xem bn pho hoa vo dp l. Li ch mi ngi thu c t vic xem pho hoa l $10. Tng li ch - $5000 Chi ph ca bui bn pho hoa l $1000 Vi li ch v chi ph nh vy bui bn pho hoa l c hiu qu. Th trng t nhn c t c kt cc c hiu qu ny khng?
02/04/11
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Do hng ha cng cng khng c tnh loi tr nn vn k n theo hay hng li m khng tr tin l nguyn nhn cn tr kh nng cung ng chng trn th trng t nhn
02/04/11
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Nhom cang ln, van e an theo cang tram trong, va do vay cang co kha nang mon hang hoa cong khong the co tai chnh t nhng khoan ong gop t nguyen. Nhom cang ln, cang t co kha nang mon hang hoa cong thuan tuy se c cung cap thong qua s sap at hoan toan t nguyen, ngha la, qua he thong gia ca, ngay ca khi li ch xa hoi bien cao hn chi ph xa hoi bien Hang hoa cong co the la s bien minh ung ve kinh te cho s can thiep cua chnh phu vao th trng
02/04/11 173
X tng lng hng ha cng c tiu dng X1 lng hng ha cng c tiu dng bi c nhn th nht X2 lng hng ha cng c tiu dng bi c nhn th hai X = X1 = X2 Tng qut: X = X1 = X2 = = Xn
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c im cua TCC
(1) Thuoc s hu NN; (2) Hoat ong khong v muc tieu li nhuan ma hng en li ch chung cua xa hoi, cua cong ong; (3) Quyen quyet nh thu, chi trong TCC do NN nh oat va ap at len moi cong dan. (4) Tao ra hang hoa cong, moi cong dan co nhu cau eu co the tiep can; (5) Quan ly TCC phai ton trong nguyen tac toan dien, ky luat tai chnh, linh hoat, tien lieu minh bach va co s tham gia cua cong chung.
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176
C cau TCC
Phu hp vi thc tien Viet nam, TCC bao gom: Hoat ong cua quy NSNN; Cac quy, cac nh che TCNN khac hoat ong khong v muc tieu li nhuan; Tai chnh cac n v quan ly hanh chnh, cac n v s nghiep.
177
Vai tr ca TCC
Huy ong nguon tai chnh ap ng nhu cau chi tieu cua NN
Gop phan kch thch kinh te tang trng ben vng, on nh. Gop phan on nh th trng va gia ca hang hoa.
178
179
NSNN
Chi NSNN
Cn i thu, chi NSNN
180
ac iem
- La quy tien te tap trung ln nhat cua NN; - Mang ay u cac ac iem cua TCC.
182
183
184
185
Nguyn tc Quan h gia cc cp NS: NS c phn nh ngun thu v chi c th Nhim v chi ca cp NS no s do cp NS cn i. TH c quan qun l NN cp trn y quyn cho c quan qun l NN cp di thc hin nhim v chi thuc chc nng ca mnh th phi chuyn kinh ph t NS cp trn cho cp di thc hin nhim v Thc hin phn chia theo % i vi cc khon thu phn chia gia NS cc cp v b sung t NS cp trn cho cp di.
186
Phan cap quan ly NSNN la viec phan nh quyen han va trach nhiem cua cac cap chnh quyen NN trong quan ly va ieu hanh hoat ong NSNN. Mc o phan cap phu thuoc: + Quan iem quan ly, ieu tiet cua trung ng (yeu to chnh tr); + Trnh o phat trien kinh te xa hoi cua tng quoc gia; + S ke tha lch s.
187
Tieu ch o lng mc o phan cap: - Ty le NSP trong tong NSNN; - Mc o t chu cua P trong phan bo chi tieu; - Kha nang nh ra chnh sach thu rieng cua P. Noi dung - Phan cap ve quyen lc ban hanh cac chnh sach, che o, tieu chuan nh mc tai chnh trong quan ly NSNN; - Phan cap ve mat vat chat (phan cap thu, chi NS); - Phan cap ve chu trnh NS;
188
- Phan nh chiVn chuyn giao ngun lc trong h thng NSNN - Phn nh thu - Vay n ca chnh quyn a phng
189
Phan nh chi
- C s khoa hoc: + Nang lc quan ly cua cac cap, cac a phng. + Gan lien vi li ch, ieu kien thc te cua cac cap, cac a phng. - Noi dung phan nh chi theo Luat NSNNVN 2002: + Tong quan + Chi tiet: Chi thng xuyen: TW, P Chi au t phat trien: TW, P Chi tra n vay: TW& cap tnh Chi bo sung NS cap di Chi bo sung quy d tr tai chnh: TW & cap tnh
190
Phan nh thu
- C s khoa hoc: (1) Nhiem vu chi c phan nh; (2) Kha nang tao ra nguon thu tren a ban; (3) Tnh chat cac khoan thu.
191
Phan nh thu
- Noi dung phan nh thu theo luat NSNNVN 2002: + Khoan thu 100% (thu co nh): NSTW &NSP + Khoan thu phan chia theo ty le (thu ieu tiet): TW Tnh ; Tnh huyen, xa. + Khoan thu bo sung t NS cap tren: Bo sung can oi NS (xac nh vao nam au tien cua moi thi ky on nh): So bo sung can oi = D toan chi c duyet (Khoan thu 100% cua a phng + Khoan thu phan chia theo ty le ma a phng c hng). Bo sung muc tieu (xac nh hang nam).
192
Thu NSNN
Thue
Ph va le ph
Thu t hoat ong kinh te cua nha nc
193
Thue
Khai niem Thue la mot hnh thc chuyen giao nguon lc tai chnh t cac phap nhan va the nhan cho NN mot cach bat buoc theo luat nh, khong mang tnh hoan tra trc tiep ma c NN s dung e phat trien li ch chung cua ca cong ong. Vai tro + Tao nguon thu chu yeu cho NSNN; + Cong cu quan ly va ieu tiet v mo nen kinh te; + Cong cu ieu tiet thu nhap, tao cong bang xa hoi.
194
Thue
Phan loai
Tieu thc phan loai nay ch co y ngha oi vi quan ly v mo. giac o vi mo, tnh chat trc thu hay gian thu cua thue ch mang ngha tng oi.
- Can c vao tnh chat ieu tiet: + Thue trc thu; + Thue gian thu.
Thue
Cac yeu to c ban cau thanh luat thue - Ten goi - Chu the nop thue - oi tng tnh thue - Gia tnh thue - Thue suat - Che o u ai thue. He thong thue hien hanh cua Viet nam
196
Ph va le ph
Khai niem ph va le ph
197
198
Vay trong nc Thong qua phat hanh trai phieu NN. Phng thc: trc tiep; qua ai ly; au thau; va, bao lanh phat hanh. Thc te VN. Vay nc ngoai Ky hiep nh, hiep c vay n vi: CP #, cac to chc quoc te (WB, IMF, ADB) Phat hanh trai phieu NN ra nc ngoai.
199
Chi NSNN
200
Chi s nghiep - Chi s nghiep kinh te - Chi s nghiep van hoa xa hoi + Chi SN KH - CN + Chi SNGD T + Chi SN y te + Chi SN VH NT TT Chi quan ly NN Chi an ninh QP, an ninh TTXH
201
Chi XD CSHT
Chi ho tr von DNNN Chi gop von lien doanh, gop von co phan
202
203
Can oi NSNN
Khai niem Can oi NSNN - Can oi NSNN la thiet lap moi quan he tng quan gia thu va chi NSNN nham thc hien tot nhat cac muc tieu cua chnh sach tai khoa. - Tng quan gia thu va chi NSNN: + NSNN can bang + NSNN thang d (boi thu) + NSNN tham hut (boi chi): la tnh trang c quan tam ac biet.
204
X ly boi chi
Moi giai phap eu co u nhc iem rieng => tuy boi canh cu the e la chon giai phap cung nh lieu lng phoi hp gia cac giai phap mot cach thch hp e li ch tong the at c la cao nhat.
205
IV. Chnh sch ti kha 1. Khi nim: detail 2. Chnh sch ti kha v tng cu x hi: detail 3. Chnh sch ti kha cng c qun l KT v m: detail 4. Cc tranh lun v chnh sch ti kha: detail
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1. Khi nim chnh sch ti kha Chnh sch ti kha l vic s dng ngn sch nh nc tc ng vo nn kinh t - Chnh sch ti kha tht cht (thu hp) khi thu ln hn chi - Chnh sch ti kha ni lng (m rng) khi thu nh hn chi.
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2. Chnh sch ti kha v tng cu x hi a. Tng cu x hi v s nhn chi tiu: AE = C + I + G + (X M) (1) = AEo + mpcY (vi mpc l thin hng tiu dng bin) mpc l t l thay i tiu dng so vi thay i thu nhp Trong k th trng cnh tranh: tng cung = tng cu Trong k th trng hon ho: tng cu = chi tiu x hi tng cung = tng thu nhp XH => Y = AE => Y = AEo + mpcY => Y = (1/(1-mpc)) x AEo
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2. Chnh sch ti kha v tng cu x hi b. Chnh sch ti kha v tng cu x hi: - Chnh ph c th lm thay i tng cu theo chnh sch tht cht hay m rng. - Chnh sch ti kha cng lm thay i thnh phn ca tng cu. - Trong nn kinh t m, chnh sch ti kha cng tc ng n t gi hi oi v cn cn thng mi.
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3. Chnh sch ti kha cng c qun l v m - Chnh sch ti kha m rng lm gia tng nhu cu hng ha v dch v gi c v sn lng tng thay i trng thi chu k kinh t - Chnh sch ti kha tht cht gip km hm tc tng trng nng v kim sot lm pht.
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4. Cc tranh lun v chnh sch ti kha - Chnh sch ti kha khng nht thit t ng ng vai tr n nh ha chu k kinh t - Trong qu trnh tc ng n sn lng di hn, chnh sch ti kha nh hng n t l tit kim ca quc gia - Chnh sch ti kha lm thay i gnh nng thu tng lai - Bn cnh nh hng n tng cu v tit kim, chnh sch ti kha cng nh hng n nn kinh t bng vic thay i cc ng c hay hnh vi.
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LOGO
Ni dung
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I. Mt s khi nim c bn
1. Khi nim v ti chnh doanh nghip DN l t chc kinh t thc hin chc nng kinh doanh Hot ng kinh doanh ca doanh nghip l 1 s kt hp gia cc nhn t u vo nh vn v lao ng tao ra cc sn phm hng ha, dch v v tiu th trn th trng. 2. Vai tr ca ti chnh doanh nghip T chc huy ng v phn phi s dng cc ngun lc ti chnh c hiu qu To lp cc n by ti chnh kch thch iu tit cc hot ng kinh t trong doanh nghip Kim tra nh gi hiu qu hot ng kinh doanh ca doanh nghip.
Company Name
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I. Mt s khi nim c bn
Lu :
Doanh Nghip Doanh nghip phi ti chnh: nhim v chnh l sn xut kinh doanh hng ha dch v.
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Qun tr TCDN can quan tam en ca 2 ben bang can oi KT (cau truc TS va Cau truc nguon von). 1. Khi nim v nhn t nh hng n cu trc ti chnh ca doanh nghip: detail 2. Cu trc v vn ti sn kinh doanh: detail 3. Cu trc ngun ti tr: detail
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1. Khi nim v nhn t nh hng a. Khi nim: Cu trc TCDN l nhng quy m ti chnh ca DN c xy dng trong 1 chu k kinh doanh gn lin vi mc tiu chin lc cho 1 th trng v thi gian c th. b. Nhn t nh hng n cu trc TCDN: - Quy trnh SXKD, Tnh cht HH DV kinh doanh - Phng tin cng ngh SXKD - Th phn v quy m th trng - Nng lc t chc qun l ca DN - Chnh sch v bi cnh kinh t x hi
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2. Cu trc v vn ti sn
Doanh nghip
Vn lu ng
Cu trc vn ti sn
Vn c nh
Vn u t ti chnh
a. Khi nim v c im vn ti sn: - L nhng phng tin, cc yu t vt cht m 1 DN phi c tin hnh cc hot ng KD - Vn KD phi c thu v ng tip cho k sau. Phi c bo ton v pht trin.
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2. Cu trc v vn ti sn
b. Vn ti sn c nh (vn c nh) Vn c nh ca DN l s biu hin bng tin v ton b TSC phc v cho hot ng KD ca DN. c im: - Tham gia nhiu chu k kinh doanh - Khng thay i hnh thi tn ti - Lun chuyn gi tr dn tng phn vo trong gi tr sn phm di hnh thc khu hao TSC
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2. Cu trc v vn ti sn
Lu :
3 yu t ca LSX Sc L i tng L CCDC T liu L TSC Vn c nh Vn lu ng
Nhng TLL no tha 2 k sau c gi l TSC: - C thi gian s dng di (theo thng l quc t l t 1 nm tr ln. - C gi tr ln (quy nh hin hnh VN hin nay l 10tr tr ln)
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2. Cu trc v vn ti sn
Lu : Th no l: - Hao mn hu hnh? - Hao mn v hnh?
C gi tr s dng nh my c
NSL
My mi
C gi c r hn my c My c b mt gi C gi tr s dng cao hn my c
K thut
My mi C gi c bng my c My c b mt gi
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2. Cu trc v vn ti sn
c. Vn ti sn lu ng (vn lu ng):
Vn c nh
Sc lao ng
Lng Phc li
i tng lao ng
SX - KD
Nguyn vt liu tn kho Sn phm d dang Thnh phm N phi thu Tin
CCDC
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2. Cu trc v vn ti sn
Lu : Khi tham gia qu trnh kinh doanh, TSL c cc c im: - C s chuyn ha v hnh thc tn ti qua cc cng on ca qu trnh kinh doanh - Ch tham gia 1 chu k kinh doanh (ngoi tr CCDC) => c im ca vn lu ng: - Vn lu ng chuyn ton b gi tr ca n vo trong gi tr sn phm mi - Hon thnh 1 vng tun hon sau 1 chu k kinh doanh ca doanh nghip
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2. Cu trc v vn ti sn
c. Vn ti sn u t ti chnh (vn u t ti chnh):
u t ti chnh
Tm kim li nhun
Phn tn ri ro
DN phi ti chnh
Hot ng u t ti chnh c chia thnh: - Hot ng u t chng khon c gi - Hot ng gp vn lin doanh - Hot ng cho thu ti chnh
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3. Cu trc ngun ti tr
a. Khi nim: Ngun ti tr cho hot ng KD ca DN l nhng ngun lc ti chnh c trong nn kinh t, c DN huy ng m bo nhu cu vn cho hot ng KD b. Cc ngun vn ti tr: - Cn c vo phm vi ti tr c: + Ngun vn bn trong + Ngun vn bn ngoi - Cn c vo thi gian ti tr c: + Ngun vn ti tr ngn hn + Ngun vn ti tr trung v di hn
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Next
3. Cu trc ngun ti tr
- Cn c vo tnh cht s hu: (quan trng nht) + Ngun vn ch s hu: * Ngun vn ban u do CSH gp 100% * Ngun vn ch s hu b sung: B sung t li nhun sau thu B sung bng cch pht hnh thm c phiu, huy ng thm vn gp lin doanh, kt np thm thnh vin lin doanh mi + Ngun vn n phi tr: * Ngun vn chim dng: * Ngun vn i vay:
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3. Cu trc ngun ti tr
Phan biet n va von trong cau truc nguon von
Tiu thc
Vn ch s hu
N phi tr
* Nh li ly thuyet la chon => la chon cau truc nguon von thch hp.
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3. Cu trc ngun ti tr
- Nguyen tac la chon nguon tai tr von: Nguon c la chon la nguon co chi ph s dung von thap nhat tren c s o rui ro chap nhan c. - C cau (nguon) von toi u la s phoi hp gia von chu s hu va n sao cho chi ph von trung bnh theo trong so mc toi thieu, qua o toi a hoa gia tr DN (V).
V=
EBIT x (1-T) ka
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a. Qun l v s dng vn ti sn c nh
Qun l hin vt: - Cn c vo hnh thi biu hin c: TSC hu hnh v v hnh. - Cn c vo quyn s hu c: TSC thuc v khng thuc s hu ca DN - Cn c vo tnh hnh s dung c: TSC ang s dng, cha s dng, khng cn dng - Cn c vo cng dng c: + TSC trc tip dng cho khu SX KD + TSC dng cho cng tc qun l + TSC dng cho khu tiu th hng ha + TSC dng cho cc hot ng phc li
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Gi tr cn li ca TSC nm t
H s iu chnh
H s iu chnh t chn nhng phi tha yu cu >1 - u im: thu hi vn nhanh, hn ch c hao mn v hnh - Nhc im: S tin khu hao ly k n ht nm cui thp hn gi tr ban u ca TSC. Ta khc phc bng cch tnh mc khu hao nm cui ng bng gi tr cn li ca TSC u nm cui.
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1 2 3
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MKH(t) = TKH(t) x NG
TKH t T t
n
T i
i 1
Trong : MKH(t): mc KH nm t TKH(t): t l KH nm t NG: nguyn gi T(t) v T(i): s nm s dng cn li tnh t u nm t v nm i n: s nm s dng ca TSC
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b. Qun l v s dng vn ti sn lu ng
- Phn loi TSL: detail - Cch thc qun l tng loi TSL: detail - nh gi hiu qu s dng vn lu ng: detail
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nh gi hiu qu s dng vn lu ng
S ln lun chuyn VL
=
Tng mc VL trong k
VL bnh qun trong k Ch tiu ny cho bit trong k VL quay c my vng Mc sinh li ca VL
=
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Cc khon gim tr DT
-
Gi vn hng bn
DT hot ng TC - Chi ph TC
-
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Chi ph khc
Li nhun khc
Company Name
Li nhun khc
Thu TNDN
= =
Nguyn tc phn phi li nhun ca DN: - m bo cho qu trnh tch ly - C ngun TC d phng m bo an ton trong KD - To ng lc kch thch ngi lao ng gn b vi DN
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phn phi
Khu tr chi ph
Khu tr l
Trch lp qu
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LOGO
LOGO
Ni dung
1. Khi nim, c im, phn loi 2. Vai tr ca cc trung gian TC 3. c im c bn 4. Khng hong ti chnh
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1. Khi nim v trung gian ti chnh: detail 2. c im ca trung gian ti chnh: detail 3. Phn loi cc trung gian ti chnh: detail
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u ra
Cc trung gian TC
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3. Khc phc tnh trng thng tin bt cn xng trn th trng ti chinh
1. Thng tin bt cn xng: detail 2. Ri ro o c: detail 3. Ri ro la chn i nghch: detail
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2. Ri ro o c
Ri ro o c l khi nim phn nh kh nng vic ti phn b ri ro s lm thay i hnh vi ca ngi tham gia / c lin quan. Ri ro o c c chia thnh: - Ri ro o c hnh vi: tri o c, vi phm php lut, vi phm hp ng - Ri ro o c thc: khng thuc phm vi x l vi phm o c hay quy nh hp ng.
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3. Ri ro la chn i nghch
L hin tng c 1 bn thiu thng tin v kin thc phc v cho qu trnh m phn tha thun chung hay hp ng giao dch. Ri ro la chn i nghch pht sinh khi c tnh trng thng tin bt cn xng gia cc bn khi bt u tham gia vo 1 giao dch.
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NHTW: thc hin chc nng c bn l pht hnh tin v kim sot cung ng tin trong nn kinh t
NH trung gian: (nh NHTM, NH u t, NH chnh sch,) thc hin ton b hot ng NH vi ni dung ch yu v thng xuyn l nhn tin gi, s dng s tin ny cp tn dng, cung cp cc dch v thanh ton.
Company Name
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Chi
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-CP qun l -Chi thc hin bin php hn ch ri ro -Chi u t: chng khon, cho vay, gp vn lin doanh, -Chi bi thng
Company Name
nh hng gi c ti sn n bng cn i
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LOGO
LOGO
Ni dung
1. Khi nim v vai tr 2. Phn loi
3. Nguyn tc hot ng
4. C ch phn phi ti chnh 5. Doanh thu chi ph
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V mt php l: BH l cam kt m bo c iu kin ca DNBH i vi ngi tham gia bo him V mt ti chnh: BH l cc quan h kinh t pht sinh trong qu trnh huy ng ph BH ca ngi tham gia BH
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2. C ch phn phi ti chnh theo k thut tn tch: detail 3. C ch phn phi ti chnh theo k thut ti BH v ng BH (reinsurance and coinsurance): 3.1. Phng thc ti BH: detail 3.2. Phng thc ng BH: detail
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HBH
Ngi c bo him
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Ph nhn Ti BH Ph nhng Ti BH
DT + + u t
DT khc
Ph BH gc
Ph nhng ti BH
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Ngi nhn ti BH
LOGO
LOGO
Ni dung
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- Nhn TG, cho vay, trung gian thanh ton - i tin - Pht hnh tin
NH pht hnh c quyn Quc hu ha NH pht hnh c quyn Nhim v qun l v m v: - tin t - tn dng - Ngn hng
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NHTW
Company Name
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NHTW trc thuc chnh ph: NHTW l 1 c quan ca chnh ph, chu s lnh o ca chnh ph.
Company Name
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2. NHTW l NH ca cc NH
- NHTW m ti khon v nhn tin gi ca cc NHTG: + Tin gi DTBB + Tin gi thanh ton - T chc thanh ton gia cc NHTG - Cp tn dng cho cc NHTG - Thc hin vic qun l NN i vi h thng NHTG: + Thm nh, cp giy php thnh lp, hot ng + iu tit cc hot ng kinh doanh + Thanh tra v kim sot hot ng ca NHTG
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3. NHTW l NH ca NN
- NHTW thuc s hu ca NN - Tham gia xy dng chin lc pht trin KT XH, son tho chnh sch tin t, kim tra vic thc hin chnh sch tin t - Thay mt nh nc k kt cc hip nh tin t - tn dng thanh ton vi nc ngoi.
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IV. Chnh sch tin t v cng c thc thi chnh sch tin t
1. Khi nim: detail 2. Mc tiu ca chnh sch tin t: detail 3. Nhng cng c thc thi chnh sch tin t: 3.1. D tr bt buc: detail 3.2. Li sut: detail 3.3. Th trng m: detail 3.4. T gi hi oi: detail
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1. Khi nim
Chnh sch tin t l tng hp nhng phng thc m NHTW s dng tc ng n khi lng tin trong lu thng, nhm phc v cho vic thc hin cc mc tiu kinh t - x hi ca t nc.
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Nhc im: - Phi thc hin kt hp vi nghip v th trng m. - NHTW phi c qu d tr ngoi hi ln.
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LOGO
LOGO
Ni dung
2. Chc nng
3. Phn loi
4. Cc nghip v c bn
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NTHM la mot nh che tai chnh trung gian thc hien ay u nhat cac hoat ong ngan hang va cac hoat ong kinh doanh khac co lien quan. Hoat ong ngan hang la hoat ong kinh doanh tien te va dch vu ngan hang vi noi dung chu yeu va thng xuyen la nhan tien gi, s dung so tien nay e cap tn dung, cung cap cac dch vu thanh toan.
1. Chc nng trung gian tn dng: detail 2. Chc nng trung gian thanh ton: detail 3. Chc nng cung cp cc dch v ti chnh: detail
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i vi ngi gi tin: ri ro thp, c li v cc DV NH i vi ngi i vay: t tn thi gian tm kim vn vay i vi NH: c c khong chnh lch i vi nn KT: thc y SX - KD
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NH thc hin cc nghip v: m TK tin gi thanh ton cho khch hng, qun l v cung cp cc phng tin thanh ton cho khch hng, t chc v kim sot quy trnh thanh ton gia cc khch hng => Tit gim tin mt, cung ng tin ghi s (bt t)
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1. Nghip v to lp ngun vn v qun l ngun vn kinh doanh: 1.1. C cu ngun vn kinh doanh ca NH: detail 1.2. Qun l ngun vn kinh doanh: detail 2. Nghip v s dng vn v qun l ti sn c 2.1. C cu ti sn c ca NH: detail 2.2. Qun l ti sn c kinh doanh ca NH: detail 3. Cc nghip v trung gian thanh ton ngn qu: detail
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Ti sn n (Ngun vn) I. Vn huy ng 1. Tin gi 2. Cc hnh thc huy ng khc - Chng ch tin gi - Tri phiu NH II. Vn vay -Vay cc NH khc -Vay NH nc ngoi -Vay NHTW
Company Name
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Ngun vn ch s hu (Vn t c)
y l ngun vn NH khng phi cam kt hon tr cho cc ch s hu, bao gm: - Vn iu l: l s vn CSH c ghi vo iu l ca NH v phi tha k khng nh hn vn php nh. - Vn php nh: l vn ti thiu do NN quy nh thnh lp DN 1 s ngnh kinh doanh - Cc qu v li nhun cha phn phi bao gm: + Qu d tr b sung vn iu l + Qu d phng ti chnh + Qu pht trin nghip v KD NH + Li nhun cha chia v cc qu khc cha s dng
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Ngun vn huy ng
y l ngun vn chim t trng ln nht trong tng ngun vn ca NH, bao gm: - Tin gi: + Tin gi khng k hn + Tin gi c k hn + Tin gi tit kim: - TG TK khng k hn - TG TK c k hn - TG TK c mc ch - Cc hnh thc huy ng khc: pht hnh tri phiu NH, k phiu NH, chng ch tin gi,
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Ngun vn vay
- Vay ca cc NHTM v cc trung gian ti chnh khc - Vay ca NHTM nc ngoi - Vay ca NHTW
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Ngun vn khc
- Ngun vn tip nhn - Ngun vn pht sinh trong qu trnh NH lm dch v thanh ton -
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2.1. C cu ti sn c ca NH
Vn KD ca NHTM c phn nh bn TS c ca bng tng kt ti sn (detail)
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u t
NH dng ngun vn ch s hu v cc ngun vn n nh khc u t di cc hnh thc: - Hn vn lin doanh vi cc doanh nghip khc - Mua c phiu, tri phiu ca cc doanh nghip khc - Mua tri phiu ca nh nc -
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Ti sn c khc
TSC Phng tin lm vic Cc khon tm ng
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(Nguon von t co/ gia tr tai san co co rui ro) = X%? TS co co rui ro: + Cac khoan tien trong qua trnh thu + TS tn dung + TS au t tai chnh + Tn dung bao lanh
(Gia tr tai san co co the thanh toan ngay / gia tr tai san n phai thanh toan) tai mot thi iem= X%
(3) Xac nh ty le toi a cua nguon von ngan han c s dung e cho vay trung, dai han
( Gia tr nguon von ngan han dung e cho vay trung va dai han / d n cho vay trung va dai han)
(4) Quan ly tai san n Da vao ac iem cua tng loai tai san n e quyet nh qui mo va c cau phu hp =>Toi a hoa li nhuan + tao s on nh trong kinh doanh => can nhac s anh oi gia rui ro va chi ph (tuy thuoc vao chien lc kinh doanh: theo uoi chnh sach mao hiem hay than trong trong kinh doanh, )
=> Quan ly rui ro -Rui ro tn dung -Rui ro thanh khoan &rui ro thanh toan -Rui ro th trng &rui ro lai suat -Rui ro thu nhap -Rui ro pha san
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LOGO
LOGO
Ni dung
1. C s hnh thnh v pht trin
2. T gi hi oi 3. Cn cn thanh ton quc t 4. S di chuyn cc NV v qun l n nc ngoi
5. Cc nh ch ti chnh quc t
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II. T gi hi oi
1. Khi nim v vai tr ca TGH 1.1. Ngoi t v ngoi hi: detail 1.2. Khi nim TGH: detail 1.3. Phn loi TGH: detail 1.4. Cc phng php nim yt TGH: detail 1.5. Vai tr ca TGH: detail 2. H thng ch TGH 2.1. H thng TGH c nh: detail 2.2. H thng TGH th ni: detail 3. Cc nhn t tc ng n TGH: detail 4. Cc chnh sch iu chnh TGH: detail
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Lm pht tng
v ngc li
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Ngang gi vng
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3. Cc nhn t tc ng n TGH
Cn cn thanh ton quc t Lm pht Li sut Cc yu t khc: chnh sch kinh t v m ca chnh ph, yu t tm l,
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1. Khi nim
L bng cn i k ton ghi chp ton b cc giao dch di hnh thc gi tr gia 1 quc gia vi cc quc gia khc trn th gii trong 1 khong thi gian nht nh (thng l 1 nm) Ty theo yu cu ca cng tc qun l c th lp CCTTQT theo cc dng: - CCTT song phng - CCTT a phng - CCTT khu vc
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CN CN THANH TON
Vic ghi nhn cc giao dch c thc hin qua bt ton kp : mi giao dch c ghi vo s hai ln trn t cch l mt khon c v mt khon n. Nh vy, trn tng th tng cc khon c v tng cc khon n s bng nhau i vi mt cn cn thanh ton ca mt quc gia; tuy nhin i vi mt phn no ca bo co cn cn thanh ton, c th c v th thm ht hay thng d.
Tai khoan vang lai la thc o mau dch quoc te ve hang hoa va dch vu cua mot quoc gia. Thanh phan chu yeu cua tai khoan vang lai la :
Can can dch vu Can can thu nhap Can can chuyen giao vang lai mot chieu
361
Cn cn dch v
Bao gm cc khon thu, chi t cc hot ng dch v v vn ti, du lch, bo him, bu chnh, vin thng, hng khng, ngn hng, thng tin Dch v pht sinh cung ngoi t ghi (+) Dch v pht sinh cu ngoi t ghi (-) Hin nay doanh s xut nhp khu dch v tng ln nhanh chng c v s tuyt i ln tng i so vi doanh s xut nhp khu hng ha hu hnh. Cc lnh vc c tc tng nhanh: du lch, vn ti bin, vin thng v cng ngh thng tin.
363
Cn cn thu nhp
Thu nhp ca ngi lao ng: cc khon tin lng, tin thng v cc khon thu nhp khc bng tin hin vt t xut khu lao ng v nguc li. Nhn t tc ng ch yu: S lng v cht lng lao ng. Thu nhp v u t: l khon thu t li nhun u t trc tip, li t u t vo cc giy t c gi, cc khon li tin gi Nhn t tc ng ch yu: s lng d n v TSSL, TGH
364
phn:
u t trc tip nc ngoi (foreign direct investment FDI)
u t gin tip (FII) l hnh thc u t thng qua vic mua c phn, c phiu, tri phiu v cc giy t c gi khc hoc thng qua cc nh ch ti chnh trung gian nh qu u t tham gia u t vo cc cng ty c phn hoc cha nim yt hoc cc doanh nghip nh nc ang c phn ha Khc vi u t trc tip nc ngoi (FDI), nhng nh u t gin tip ch ng gp vn vo cc cng ty c phn thng qua th trng chng khon, m khng trc tip tham gia qun l iu hnh cc cng ty .
370
ODA
H tr pht trin chnh thc (hay ODA, vit tt ca cm t Official Development Assistance), l mt hnh thc u t nc ngoi. Gi l H tr bi v cc khon u t ny thng l cc khon cho vay khng li sut hoc li sut thp vi thi gian vay di. i khi cn gi l vin tr. Gi l Pht trin v mc tiu danh ngha ca cc khon u t ny l pht trin kinh t v nng cao phc li nc c u t. Gi l Chnh thc v n thng l cho Chnh ph cc nc vay.
371
Lu
iu kin giao hng: - FOB: tin hng - C&F: tin hng + ph vn chuyn - CIF: tin hng + ph bo him + ph vn chuyn Ri ro chuyn t ngi xut khu sang ngi nhp khu khi hng qua khi lan can tu ti cng i.
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LOGO
LOGO
Ni dung
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1. Khi nim v vai tr ca TTQT: detail 2. H thng vn bn php l iu chnh hot ng TTQT v iu kin thng mi quc t: detail 3. Cc iu kin TTQT: detail 4. Cc phng tin TTQT: detail 5. Phng thc TTQT: detail
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3.1. iu kin v tin t: detail 3.2. iu kin v a im thanh ton: detail 3.3. iu kin v thi gian thanh ton: detail 3.4. iu kin v phng thc thanh ton: detail
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4.1. Hi phiu: detail 4.2. Sc (cheque, check): detail 4.3. Giy chuyn tin: detail 4.4. Th thanh ton: detail
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4.1. Hi phiu
HP l chng ch c gi do ngi k pht lp yu cu ngi b k pht thanh ton khng iu kin 1 s tin xc nh khi c yu cu hoc vo 1 thi gian nht nh trong tng lai cho ngi th hng, hoc theo lnh ca ngi ny thanh ton cho ngi khc, hoc tr cho ngi cm hi phiu - Hi phiu tr ngay - Hi phiu k hn
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5.1. Phng thc chuyn tin: detail 5.2. Phng thc nh thu: detail 5.3. Phng thc thanh ton tn dng chng t: detail 5.4. Phng thc giao chng t tr tin ngay: detail 5.5. Phng thc m ti khon: detail
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Nhn xt: Gn thi gian thanh ton nhanh Tuy nhin, vic nhn tin ca ngi XK hon ton ph thuc vo kh nng v thin ch ca ngi NK
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NH chuyn tin
NH tr tin
(3) Hi phiu
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Nhn xt: phc tp thi gian thanh ton chm Vic nhn tin ca ngi XK hon ton ph thuc vo kh nng v thin ch ca ngi NK
Company Name
(5B) B chng t
(2) HP + BCT
NH chuyn tin
NH tr tin
Nhn xt: NH khng ch ng vai tr ngi thu h tin m cn thay mt ngi XK khng ch ngi NK Nu ngi NK khng cn nhn hng th ngi XK vn gp ri ro
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- Ngi XK d giao hng trc - Ngi NK d giao tin trc Tuy nhin, c 2 u an tm
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(9A) Tin
(2) L/C (6) HP + BCT
(5) HP + BCT
NH thng bo
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L/C
L/C: l vn bn trong NH m L/C cam kt tr tin cho ngi XK hoc chp nhn hi phiu do ngi ny k pht vi iu kin ngi XK xut trnh cho NH b chng tthanh ton ph hp vi cc iu kin, iu khon ghi trong L/C c im: - L/C hnh thnh trn c s hp ng mua bn - L/C hon ton c lp vi hp ng mua bn
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5.4. Phng thc giao chng t tr tin ngay (Cash agaisnt documents CAD)
- Ngi NK yu cu NH phc v mnh m TK k thc thanh ton tin cho ngi XK vi iu kin ngi XK xut trnh nhng chng t theo yu cu c tha thun cho NH thanh ton tin Nhn xt: - n gin - Bn mua v bn phi c quan h tt v tin tng ln nhau - Cha c c s php l r rng nn phm vi p dng cn hn ch
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II Tn dng quc t
1. Khi nim: detail 2. Cc hnh thc tn dng quc t: 2.1. Tn dng thng mi: detail 2.2. Tn dng ngn hng: detail 2.3. Tn dng nh nc: detail
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1. Khi nim
Tn dng quc t l quan h vay mn vn gia cc nc, c thc hin thng qua chnh ph, t chc nh nc, cc t chc quc t, ngn hng, doanh nghip, c nhn
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2.3. Tn dng nh nc
Phn nh quan h tn dng gia chnh ph cc nc vi nhau, hoc gia chnh ph vi cc t chc, c nhn nc ngoi
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LOGO
LOGO
Ni dung
1. C s hnh thnh
2. Khi nim v phn loi
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Vn
Th trng ti chnh
Vn
Ngi i vay
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02/04/11
409
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IV. Th trng vn
Khi nim v phn loi: detail Cc cng c trn th trng vn: detail Cc ch th hot ng trn th trng vn: detail Nguyn tc hot ng ca s giao dch chng khon: detail 5. H thng giao dch: detail 6. H thng thanh ton chng khon: detail 1. 2. 3. 4.
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2.1. C phiu
C phiu l 1 loi chng khon xc nhn quyn s hu vn gp vo cng ty c phn v quyn c hng c tc. CP cn c gi l CK vn, cng c vn Phn loi: - Cn c vo hnh thc: CP v danh v CP k danh - Cn c vo phng thc gp vn: CP hin kim v CP hin vt - Cn c vo quyn li c hng: CP u i v CP thng Cu hi: Hy nu ln nhng im khc nhau c bn ca CP u i v CP thng t so snh quyn li ca ngi nm gi CP u i v CP thng? detail
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So snh
CP thng CP u i
im khc C tc ph thuc kt c bn qu kinh doanh ca cng ty Quyn ca - c quyn biu ngi nm quyt gi - c chia c tc sau CP - c hon vn sau CP
C tc c nh trc
- Khng c quyn biu quyt - c chia c tc trc CPT - c hon vn trc CPT
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4.1. Nguyn tc ng k giao dch: detail 4.2. Nguyn tc cng khai ha thng tin: detail 4.3. Nguyn tc u gi chng khon v thc hin theo trnh t u tin: detail
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Nh u t c t chc Nh u t t nhn
S GDCK OTC
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LOGO