{"id":2224,"date":"2025-10-02T08:38:02","date_gmt":"2025-10-02T01:38:02","guid":{"rendered":"http:\/\/kthtx.vn\/?p=2224"},"modified":"2025-10-02T08:38:03","modified_gmt":"2025-10-02T01:38:03","slug":"muc-tieu-chinh-cua-quan-tri-tai-chinh","status":"publish","type":"post","link":"https:\/\/kthtx.vn\/index.php\/2025\/10\/02\/muc-tieu-chinh-cua-quan-tri-tai-chinh\/","title":{"rendered":"M\u1ee5c ti\u00eau ch\u00ednh c\u1ee7a qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh"},"content":{"rendered":"\n

Qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh l\u00e0 m\u1ed9t l\u0129nh v\u1ef1c then ch\u1ed1t trong kinh doanh, \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng trong vi\u1ec7c \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh t\u00e0i ch\u00ednh v\u00e0 \u0111\u1ea3m b\u1ea3o s\u1ef1 th\u1ecbnh v\u01b0\u1ee3ng l\u00e2u d\u00e0i cho doanh nghi\u1ec7p. B\u00e0i gi\u1ea3ng n\u00e0y s\u1ebd t\u1eadp trung v\u00e0o b\u1ed1n m\u1ee5c ti\u00eau ch\u00ednh<\/strong> c\u1ee7a qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh, gi\u00fap b\u1ea1n hi\u1ec3u r\u00f5 \u0111\u1ecbnh h\u01b0\u1edbng chi\u1ebfn l\u01b0\u1ee3c m\u00e0 c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh h\u01b0\u1edbng \u0111\u1ebfn.<\/p>\n\n\n\n

C\u00e1c M\u1ee5c Ti\u00eau Ch\u00ednh C\u1ee7a Qu\u1ea3n Tr\u1ecb T\u00e0i Ch\u00ednh \ud83c\udfaf<\/strong><\/p>\n\n\n\n

1. T\u1ed1i \u0110a H\u00f3a Gi\u00e1 Tr\u1ecb C\u1ed5 \u0110\u00f4ng (Maximizing Shareholder Value)<\/strong><\/p>\n\n\n\n

\u0110\u00e2y \u0111\u01b0\u1ee3c xem l\u00e0 m\u1ee5c ti\u00eau t\u1ed1i th\u01b0\u1ee3ng v\u00e0 quan tr\u1ecdng nh\u1ea5t<\/strong> c\u1ee7a qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh trong c\u00e1c c\u00f4ng ty \u0111\u1ea1i ch\u00fang.<\/p>\n\n\n\n

\u2022 Kh\u00e1i ni\u1ec7m:<\/strong> T\u1ed1i \u0111a h\u00f3a gi\u00e1 tr\u1ecb c\u1ed5 \u0111\u00f4ng kh\u00f4ng ch\u1ec9 l\u00e0 t\u0103ng l\u1ee3i nhu\u1eadn ng\u1eafn h\u1ea1n, m\u00e0 l\u00e0 t\u0103ng gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng<\/strong> (market value) c\u1ee7a c\u1ed5 phi\u1ebfu theo th\u1eddi gian.<\/p>\n\n\n\n

\u2022 C\u00e1ch th\u1ee9c \u0111\u1ea1t \u0111\u01b0\u1ee3c:<\/strong><\/p>\n\n\n\n

\u2022 T\u0103ng l\u1ee3i nhu\u1eadn b\u1ec1n v\u1eefng:<\/strong> \u0110\u1ea3m b\u1ea3o d\u00f2ng ti\u1ec1n v\u00e0 l\u1ee3i nhu\u1eadn t\u0103ng tr\u01b0\u1edfng \u0111\u1ec1u \u0111\u1eb7n.<\/p>\n\n\n\n

\u2022 Ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 (Capital Budgeting) v\u00e0 t\u00e0i tr\u1ee3 (Capital Structure) kh\u00f4n ngoan:<\/strong> Ch\u1ecdn c\u00e1c d\u1ef1 \u00e1n c\u00f3 T\u1ef7 su\u1ea5t sinh l\u1eddi n\u1ed9i b\u1ed9 (IRR<\/strong>) l\u1edbn h\u01a1n Chi ph\u00ed s\u1eed d\u1ee5ng v\u1ed1n (WACC<\/strong>) v\u00e0 duy tr\u00ec c\u1ea5u tr\u00fac v\u1ed1n t\u1ed1i \u01b0u.<\/p>\n\n\n\n

\u2022 Qu\u1ea3n l\u00fd r\u1ee7i ro hi\u1ec7u qu\u1ea3:<\/strong> Gi\u1ea3m thi\u1ec3u c\u00e1c y\u1ebfu t\u1ed1 c\u00f3 th\u1ec3 l\u00e0m gi\u1ea3m gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu.<\/p>\n\n\n\n

\u2022 L\u00fd do \u01b0u ti\u00ean:<\/strong> N\u00f3 ph\u1ea3n \u00e1nh hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng v\u00e0 tri\u1ec3n v\u1ecdng t\u01b0\u01a1ng lai c\u1ee7a c\u00f4ng ty. Gi\u00e1 tr\u1ecb c\u1ed5 \u0111\u00f4ng \u0111\u01b0\u1ee3c t\u1ed1i \u0111a h\u00f3a khi c\u00f4ng ty t\u1ea1o ra gi\u00e1 tr\u1ecb kinh t\u1ebf gia t\u0103ng (Economic Value Added – EVA)<\/strong>, t\u1ee9c l\u00e0 l\u1ee3i nhu\u1eadn sau thu\u1ebf l\u1edbn h\u01a1n chi ph\u00ed v\u1ed1n.<\/p>\n\n\n\n

\u2022 Ch\u1ec9 s\u1ed1 \u0111o l\u01b0\u1eddng:<\/strong> Ch\u1ee7 y\u1ebfu l\u00e0 Gi\u00e1 c\u1ed5 phi\u1ebfu<\/strong> (Stock Price) v\u00e0 Gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/strong> (Market Capitalization).<\/p>\n\n\n\n

2. T\u1ed1i \u0110a H\u00f3a L\u1ee3i Nhu\u1eadn (Maximizing Profit)<\/strong><\/p>\n\n\n\n

M\u1eb7c d\u00f9 l\u00e0 m\u1ee5c ti\u00eau truy\u1ec1n th\u1ed1ng, t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn v\u1eabn l\u00e0 n\u1ec1n t\u1ea3ng quan tr\u1ecdng, nh\u01b0ng th\u01b0\u1eddng \u0111\u01b0\u1ee3c xem l\u00e0 m\u1ee5c ti\u00eau ph\u1ee5 ho\u1eb7c m\u1ee5c ti\u00eau ng\u1eafn h\u1ea1n<\/strong> so v\u1edbi t\u1ed1i \u0111a h\u00f3a gi\u00e1 tr\u1ecb c\u1ed5 \u0111\u00f4ng.<\/p>\n\n\n\n

\u2022 Kh\u00e1i ni\u1ec7m:<\/strong> T\u1eadp trung v\u00e0o vi\u1ec7c t\u0103ng t\u1ed1i \u0111a s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa t\u1ed5ng doanh thu v\u00e0 t\u1ed5ng chi ph\u00ed.<\/p>\n\n\n\n

\u2022 H\u1ea1n ch\u1ebf:<\/strong><\/p>\n\n\n\n

\u2022 B\u1ecf qua y\u1ebfu t\u1ed1 th\u1eddi gian c\u1ee7a ti\u1ec1n (Time Value of Money):<\/strong> M\u1ed9t kho\u1ea3n l\u1ee3i nhu\u1eadn l\u1edbn h\u00f4m nay c\u00f3 gi\u00e1 tr\u1ecb h\u01a1n m\u1ed9t kho\u1ea3n l\u1ee3i nhu\u1eadn t\u01b0\u01a1ng t\u1ef1 trong t\u01b0\u01a1ng lai.<\/p>\n\n\n\n

\u2022 B\u1ecf qua y\u1ebfu t\u1ed1 r\u1ee7i ro:<\/strong> M\u1ed9t d\u1ef1 \u00e1n c\u00f3 l\u1ee3i nhu\u1eadn cao nh\u01b0ng r\u1ee7i ro qu\u00e1 l\u1edbn c\u00f3 th\u1ec3 h\u1ee7y ho\u1ea1i c\u00f4ng ty.<\/p>\n\n\n\n

\u2022 D\u1ec5 b\u1ecb thao t\u00fang:<\/strong> L\u1ee3i nhu\u1eadn k\u1ebf to\u00e1n (Accounting Profit) c\u00f3 th\u1ec3 kh\u00e1c v\u1edbi d\u00f2ng ti\u1ec1n th\u1ef1c (Cash Flow) v\u00e0 c\u00f3 th\u1ec3 b\u1ecb \u0111i\u1ec1u ch\u1ec9nh.<\/p>\n\n\n\n

\u2022 Vai tr\u00f2 trong qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh hi\u1ec7n \u0111\u1ea1i:<\/strong> N\u00f3 l\u00e0 m\u1ed9t \u0111i\u1ec1u ki\u1ec7n c\u1ea7n<\/strong>, v\u00ec m\u1ed9t c\u00f4ng ty kh\u00f4ng c\u00f3 l\u1ee3i nhu\u1eadn th\u00ec kh\u00f4ng th\u1ec3 t\u1ed3n t\u1ea1i v\u00e0 t\u1ea1o ra gi\u00e1 tr\u1ecb c\u1ed5 \u0111\u00f4ng.<\/p>\n\n\n\n

3. Gi\u1ea3m Thi\u1ec3u R\u1ee7i Ro (Minimizing Risk)<\/strong><\/p>\n\n\n\n

M\u1ecdi quy\u1ebft \u0111\u1ecbnh t\u00e0i ch\u00ednh \u0111\u1ec1u \u0111i k\u00e8m v\u1edbi r\u1ee7i ro, v\u00e0 vi\u1ec7c qu\u1ea3n l\u00fd ch\u00fang l\u00e0 tr\u1ecdng t\u00e2m c\u1ee7a qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh.<\/p>\n\n\n\n

\u2022 Kh\u00e1i ni\u1ec7m:<\/strong> Nh\u1eadn di\u1ec7n, \u0111\u00e1nh gi\u00e1 v\u00e0 ki\u1ec3m so\u00e1t c\u00e1c r\u1ee7i ro c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng ti\u00eau c\u1ef1c \u0111\u1ebfn kh\u1ea3 n\u0103ng sinh l\u1eddi v\u00e0 s\u1ef1 \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty.<\/p>\n\n\n\n

\u2022 C\u00e1c lo\u1ea1i r\u1ee7i ro ch\u00ednh:<\/strong><\/p>\n\n\n\n

\u2022 R\u1ee7i ro kinh doanh (Business Risk):<\/strong> R\u1ee7i ro li\u00ean quan \u0111\u1ebfn ho\u1ea1t \u0111\u1ed9ng s\u1ea3n xu\u1ea5t kinh doanh (v\u00ed d\u1ee5: nhu c\u1ea7u th\u1ecb tr\u01b0\u1eddng, gi\u00e1 c\u1ea3 \u0111\u1ea7u v\u00e0o).<\/p>\n\n\n\n

\u2022 R\u1ee7i ro t\u00e0i ch\u00ednh (Financial Risk):<\/strong> R\u1ee7i ro li\u00ean quan \u0111\u1ebfn c\u1ea5u tr\u00fac v\u1ed1n v\u00e0 c\u00e1ch c\u00f4ng ty t\u00e0i tr\u1ee3 cho ho\u1ea1t \u0111\u1ed9ng (v\u00ed d\u1ee5: l\u00e3i su\u1ea5t, t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i, r\u1ee7i ro v\u1ee1 n\u1ee3).<\/p>\n\n\n\n

\u2022 M\u1ed1i quan h\u1ec7 v\u1edbi c\u00e1c m\u1ee5c ti\u00eau kh\u00e1c:<\/strong> Trong khi t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn\/gi\u00e1 tr\u1ecb c\u1ed5 \u0111\u00f4ng \u0111\u00f2i h\u1ecfi ch\u1ea5p nh\u1eadn m\u1ed9t m\u1ee9c r\u1ee7i ro h\u1ee3p l\u00fd (th\u01b0\u1eddng l\u00e0 r\u1ee7i ro c\u00e0ng cao, l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng c\u00e0ng cao), th\u00ec qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh ph\u1ea3i t\u00ecm ra s\u1ef1 c\u00e2n b\u1eb1ng t\u1ed1i \u01b0u<\/strong> gi\u1eefa r\u1ee7i ro v\u00e0 l\u1ee3i nhu\u1eadn.<\/p>\n\n\n\n

4. \u0110\u1ea3m B\u1ea3o S\u1ef1 \u1ed4n \u0110\u1ecbnh T\u00e0i Ch\u00ednh (Ensuring Financial Stability)<\/strong><\/p>\n\n\n\n

M\u1ee5c ti\u00eau n\u00e0y nh\u1ea5n m\u1ea1nh \u0111\u1ebfn kh\u1ea3 n\u0103ng t\u1ed3n t\u1ea1i v\u00e0 kh\u1ea3 n\u0103ng \u0111\u00e1p \u1ee9ng c\u00e1c ngh\u0129a v\u1ee5 t\u00e0i ch\u00ednh c\u1ee7a doanh nghi\u1ec7p.<\/p>\n\n\n\n

\u2022 Kh\u00e1i ni\u1ec7m:<\/strong> Duy tr\u00ec kh\u1ea3 n\u0103ng thanh to\u00e1n (liquidity) v\u00e0 kh\u1ea3 n\u0103ng tr\u1ea3 n\u1ee3 (solvency) t\u1ed1t trong ng\u1eafn h\u1ea1n v\u00e0 d\u00e0i h\u1ea1n, \u0111\u1ea3m b\u1ea3o c\u00f4ng ty c\u00f3 th\u1ec3 ho\u1ea1t \u0111\u1ed9ng tr\u01a1n tru m\u00e0 kh\u00f4ng g\u1eb7p kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh.<\/p>\n\n\n\n

\u2022 Y\u1ebfu t\u1ed1 then ch\u1ed1t:<\/strong><\/p>\n\n\n\n

\u2022 T\u00ednh thanh kho\u1ea3n:<\/strong> \u0110\u1ea3m b\u1ea3o c\u00f4ng ty c\u00f3 \u0111\u1ee7 ti\u1ec1n m\u1eb7t ho\u1eb7c t\u00e0i s\u1ea3n d\u1ec5 d\u00e0ng chuy\u1ec3n \u0111\u1ed5i th\u00e0nh ti\u1ec1n m\u1eb7t \u0111\u1ec3 thanh to\u00e1n c\u00e1c kho\u1ea3n n\u1ee3 ng\u1eafn h\u1ea1n.<\/p>\n\n\n\n

\u2022 C\u1ea5u tr\u00fac v\u1ed1n l\u00e0nh m\u1ea1nh:<\/strong> T\u1ef7 l\u1ec7 n\u1ee3 v\u00e0 v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu h\u1ee3p l\u00fd.<\/p>\n\n\n\n

\u2022 L\u1eadp k\u1ebf ho\u1ea1ch v\u00e0 d\u1ef1 b\u00e1o t\u00e0i ch\u00ednh:<\/strong> Chu\u1ea9n b\u1ecb cho c\u00e1c t\u00ecnh hu\u1ed1ng b\u1ea5t ng\u1edd v\u00e0 chu k\u1ef3 kinh t\u1ebf kh\u00f3 kh\u0103n.<\/p>\n\n\n\n

\u2022 T\u1ea7m quan tr\u1ecdng:<\/strong> S\u1ef1 \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh l\u00e0 n\u1ec1n t\u1ea3ng<\/strong> \u0111\u1ec3 c\u00f4ng ty c\u00f3 th\u1ec3 theo \u0111u\u1ed5i c\u00e1c m\u1ee5c ti\u00eau t\u0103ng tr\u01b0\u1edfng v\u00e0 t\u1ed1i \u0111a h\u00f3a gi\u00e1 tr\u1ecb c\u1ed5 \u0111\u00f4ng.<\/p>\n\n\n\n

T\u00f3m L\u01b0\u1ee3c v\u00e0 M\u1ed1i Quan H\u1ec7 Gi\u1eefa C\u00e1c M\u1ee5c Ti\u00eau<\/strong><\/p>\n\n\n\n

B\u1ed1n m\u1ee5c ti\u00eau n\u00e0y kh\u00f4ng t\u1ed3n t\u1ea1i \u0111\u1ed9c l\u1eadp m\u00e0 c\u00f3 m\u1ed1i quan h\u1ec7 ch\u1eb7t ch\u1ebd v\u1edbi nhau, t\u1ea1o th\u00e0nh m\u1ed9t h\u1ec7 th\u1ed1ng qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh to\u00e0n di\u1ec7n:<\/p>\n","protected":false},"excerpt":{"rendered":"

Qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh l\u00e0 m\u1ed9t l\u0129nh v\u1ef1c then ch\u1ed1t trong kinh doanh, \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng trong vi\u1ec7c \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh t\u00e0i ch\u00ednh v\u00e0 \u0111\u1ea3m b\u1ea3o s\u1ef1 th\u1ecbnh v\u01b0\u1ee3ng l\u00e2u d\u00e0i cho doanh nghi\u1ec7p. B\u00e0i gi\u1ea3ng n\u00e0y s\u1ebd t\u1eadp trung v\u00e0o b\u1ed1n m\u1ee5c ti\u00eau ch\u00ednh c\u1ee7a qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh, gi\u00fap … <\/p>\n","protected":false},"author":1,"featured_media":2138,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[9],"tags":[106],"class_list":["post-2224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-quan-tri-tai-chinh","tag-quan-tri-tai-chinh","grid-sizer"],"_links":{"self":[{"href":"https:\/\/kthtx.vn\/index.php\/wp-json\/wp\/v2\/posts\/2224","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kthtx.vn\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kthtx.vn\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kthtx.vn\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kthtx.vn\/index.php\/wp-json\/wp\/v2\/comments?post=2224"}],"version-history":[{"count":1,"href":"https:\/\/kthtx.vn\/index.php\/wp-json\/wp\/v2\/posts\/2224\/revisions"}],"predecessor-version":[{"id":2225,"href":"https:\/\/kthtx.vn\/index.php\/wp-json\/wp\/v2\/posts\/2224\/revisions\/2225"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kthtx.vn\/index.php\/wp-json\/wp\/v2\/media\/2138"}],"wp:attachment":[{"href":"https:\/\/kthtx.vn\/index.php\/wp-json\/wp\/v2\/media?parent=2224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kthtx.vn\/index.php\/wp-json\/wp\/v2\/categories?post=2224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kthtx.vn\/index.php\/wp-json\/wp\/v2\/tags?post=2224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}