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to develop a body of knowledge about humansocial actions, social structure and functions. [cấu
trúc và chức năng xã hội]
Purpose of studying (mục đích nghiên cứu): Information to create the social policy and welfare.
Studied objects(đối tượng nghiên cứu): Subject matter ranges from the micro level of
individual agency and interaction to the macro level of systems and the social structure.
Scopes and topics: culture, art, music and literaturem; criminality, deviance, law and punishment;
Communications and information technologies; Economic sociology.
5. THEORY OF PROBABILITIES AND STATISTICS [LÝ THUYẾT XÁC SUẤT & THỐNG
KÊ]
Definition: is the branch of mathematics concerned with probability, the analysis of random phenomena
[phân tích các hiện tượng ngẫu nhiên]. The central objects of probability theory are random variables [biến
số ngẫu nhiên], events.
Standard deviation [độ lệch chuẩn]: In statistics and probability theory, the standard deviation (SD)
(represented by the Greek letter sigma, σ) measures the amount of variation or dispersion [sự biến động và sự
phân tán] from the average. A low standard deviation indicates that the data points tend to be very close to
the mean (also called expected value); a high standard deviation indicates that the data points are spread out
over a large range of values.
σ = √𝑆𝑢𝑚((𝑥(𝑖) − 𝑀𝑒𝑑𝑖𝑎𝑛)2 )/𝑛𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑒𝑙𝑒𝑚𝑒𝑛𝑡𝑠
Probability [xác suất] is the measure of the likeliness that an event will occur.
+ A probability is a way of assigning every event a value between zero and one.
+ The probability of an event A is written as P(A), p(A) or Pr(A).
+ The opposite or complement of an event A is the event [not A] (that is, the event of A not occurring); its
probability is given by P(not A) = 1 − P(A).
+ Probability of an event happening = Number of ways it can happen / Total number of outcomes
+ Independent events [biến cố độc lập]
If two events, A and B are independent then the joint probability is
P(A 𝑎𝑛𝑑 B) = P(A ∩ B) = P(A) * P(B).
+ Mutually exclusive events [biến cố liên quan lẫn nhau]
If either event A or event B or both events occur on a single performance of an experiment this is called the
union of the events A and B denoted as P(A ∪ B). If two events are mutually exclusive then the probability
of either occurring is
P(A or B) = P(A ∪B)= P(A) + P(B).
+ Not mutually exclusive events [các biến cố không liên quan lẫn nhau]
If the events are not mutually exclusive then
+ Conditional probability
Conditional probability is the probability of some event A, given the occurrence of some other event B.
Conditional probability is written , and is read "the probability of A, given B". It is defined by:
Since all probabilities pi add up to one (p1 + p2 + ... + pk = 1), the expected value can be viewed as
the weighted average, with pi’s being the weights:
Event Probability
A
not A
A or B
A and B
A given B
Permutation [‚pɜrmjə'teɪʃn-sự hoán vị: các cách sắp xếp n (hoặc k phần tử của n) phần tử theo thứ tự không
lặp]: permutation relates to the act of rearranging, or permuting, all the members of a set into some sequence
or order (unlike combinations, which are selections of some members of the set where order is disregarded).
Pn = n!; P(n,k) = n! / (n-k)!
The number of such -permutations of (cách sắp xếp k phần tử của n: chỉnh hợp bậc k của n) is denoted
variously by such symbols as nPk, Pn,kor P(n,k) and its value is given by the product
Combination [tổ hợp]: a combination is a way of selecting members from a grouping, such that (unlike
permutations) the order of selection does not matter [cách chọn các phần tử không quan tâm đến thứ tự].
The number of k-combinations from a given set S of n elements is often denoted in elementary combinatorics
Statistics
GDP $170.565 billion (nominal, 2013 est.)[1]
$359.796 billion (PPP, 2013 est.)[1]
GDP growth 4.96% (Q1 2014) [2]
GDP per capita $1,902 (nominal, 2013 est.)[1]
$4,012 (PPP, 2013 est.)[1]
GDP by sector Agriculture: 19.3%, industry: 38.5%, services: 42.2% (2013 est.)
Inflation (CPI) 4.39% (March 2014)
Population belowpoverty line 11.3% (2012 est.)
Gini coefficient 37.6 (2008)
Labour force 52.93 million (2013 est.)
Labour force by occupation Agriculture: 48%, industry: 21%, services: 31% (2012 est.)
Unemployment 2.22% (October 2013)
Main industries paddy rice, coffee, rubber,cotton, tea, pepper, soybeans, cashews, sugar
cane,peanuts, bananas, poultry,fish, seafood
External
Exports $128.9 billion (2013 est.)
Export goods clothes, shoes, marine products, crude oil, electronics,
wooden products, rice, machinery
Main export partners United States 17.8%
Japan 11.8%
China 11.2%
South Korea 5%
Malaysia 4.1% (2012 est.)[3]
Imports $121.4 billion (2013 est.)
Import goods machinery and equipment, petroleum products, steel products, raw
materials for the clothing and shoe industries, electronics, plastics,
automobiles.
Main import partners China 25.8%
South Korea 13.9%
Japan 10.4%
Singapore 6%
Thailand 5.2%
United States 4.3% (2012 est.)[4]
Gross external debt $68.38 billion (December 2013 est.)
Public finances
Public debt 50.4% of GDP (2013)[1]
Revenues $42.82 billion (2013 est.)
Expenses $50 billion (2013 est.)
Economic aid $2.8 billion pledged (2000)
Economic sectors:
- Agriculture, fishery and forestry:
+ Forestry: Produced 30.7 milion cubic meters of wood in 2003. During the 1990s, Vietnam began to
reclaim land for forests with a tree-planting program. (tree-planting campaign)
+ Fishing: Long coastline and extensive network of rivers and lakes -> abundant resources. The total catch
was 2.6 million tons in 2003. The main markets of fishing production (shrimp and catfish) areUS and
EUR. Vietnam triggered anti-dumping complaints [kiện bán phá giá] by the U.S, which imposed tariffs in
the case of catfish and was considering doing the same for shrimp.
+ Agriculture: Vietnam is one of the top rice exporting countries in the world, but the quality of products is
not very excellent especially when compare with Thai one.
- Energy, mining and minerals:
+ Petroleum: is the main source of energy, followed by coal, which contributes about 25% of the country’s
energy (excluding biomass). Vietnam’s oil reserves [dự trữ dầu] are in the range of 270–500 million tons.
Crude oil is Vietnam’s leading export, as it exported a total of 17 million tons in 2002. In 2004, crude oil
represented 22% of all export earnings.
Vietnam has a very limited refining capacity. As of 2012, Vietnam had only one refinery, the Dung Quat
refinery (Quang Ngai), but a second one, the Nghi Son Refinery (Thanh Hoa) was planned and was
scheduled for construction in May 2013.
Vietnam’s potential natural gas reserves are 1.3 trillion cubic meters.
+ Mining and Quarrying (khai khoáng): In 2003, mining and quarrying accounted for 9.4% of GDP, and
the sector employed 0.7% of the workforce.
+ Coal: Vietnam’s anthracite coal reserves are estimated at 3.7 billion tons. Coal production was almost 19
million tons in 2003, compared with 9.6 million tons in 1999.
- Industry and manufacturing:
Although the industrial sector contributed 40.1% of GDP in 2004, it employed only 12.9% of the workforce.
From 1994 to 2004, the industrial sector grew at an average annual rate of 10.3%. The top manufacturing
sectors — food processing, cigarettes and tobacco, textiles, chemicals, and electrical goods — experienced
rapid growth.
- Services and tourism:
In 2004, services accounted for 38.2% of gross domestic product (GDP). From 1994 to 2004, GDP
attributable to the service sector grew at an average annual rate of 6.0%. In 2012, Vietnam welcomed 6.8
millions international visitors. In Tripadvisor's list of top 25 destinations Asia 2013 by travelers' choice,
there are four cities of Vietnam, namely Hanoi, Ho Chi Minh City, Hoi An and Ha Long.
- Banking and finance:
Most efficient and reliable banks are the largest (also state-owned) ones: VietinBank, BIDV, and
Vietcombank.
VietinBank $1.56 billion (32,661 billion VND)
Agribank $1.39 billion (29,154 billion VND)
Vietcombank $1.10 billion (23,174 billion VND)
BIDV $1.10 billion (23,011 billion VND)
Eximbank $0.59 billion (12,355 billion VND)
Vietnam currently has two stock trading centers, the Ho Chi Minh City Securities Trading Center and
the Hanoi Securities Trading Center, which run the Ho Chi Minh Stock Exchange (HOSE) and the Hanoi
Stock Exchange (HNX), respectively.
Inflation [lạm phát]:
Vietnam's economy experienced a hyper-inflation [lạm phát phi mã] period in its early years of the extensive
reform program, especially from 1987 to 1992. In 2008, inflation was tracking at 20.3% for the first half of
the year, higher than the 3.4% in 2000, but down significantly from 160% in 1988. In 2010, inflation stood
at 11.5%, and 18.58% in 2011. At the end of 2012, inflation stood at 7.5%, a substantial decrease from 2011.
Foreign economic relations [thương mại quốc tế]
+ In 2007, Vietnam ran a trade deficit[thâm hụt thương mại] of US$14.1 billion, but the trade deficit for the
first half of 2008 alone was measured at US$14.8 billion.[23]
+ In 2012, Vietnam recorded a trade surplus [thặng dư thương mại] of US$780 million, the first trade surplus
since 1993. Total trade reached US$228.13 billion, an increase of 12.1% from 2011.[28]
Year Total trade Export (US$ Export Import (US$ Import Account Balance (US$
(US$ Billions) change Billions) change Billions) [Ex- Im]
Billions) (%) (%)
2001 31.20 15.00 16.20 -1.2
Free trade agreement: [thỏa thuận tự do thương mại]Vietnam signed most of their free trade agreements
under the Association of Southeast Asian Nations (ASEAN), and which currently include:
ASEAN Free Trade Area (AFTA)
ASEAN–Australia–New Zealand Free Trade Area (AANZFTA) is a free trade area between ASEAN
and ANZCERTA, signed on 27 February 2009[32] and coming into effect on 1 January 2010.[33] Details
of the AANZFTA agreement are available online.
ASEAN–China Free Trade Area (ACFTA), in effect as of 1 January 2010
ASEAN–India Free Trade Area (AIFTA), in effect as of 1 January 2010
ASEAN–Japan Comprehensive Economic Partnership (AJCEP)
ASEAN–Korea Free Trade Area (AKFTA), in effect as of 1 January 2010
Comprehensive Economic Partnership for East Asia
Vietnam is negotiating to join the Trans-Pacific Strategic Economic Partnership.
- Economic indicators and international rankings:
Organization Title Ranking
Organization Title Ranking
Where
R: rental incomes [tiền cho thuê đất]
I: interests [lãi suất]
P: profits [lợi nhuận doanh nghiệp]
SA : statistical adjustments (corporate income taxes, dividends, undistributed corporate profits) [điều
chỉnh thống kê]
W : wages. [lương]
(3) Expenditure approach: GDP (Y) is the sum of consumption (C), investment (I), government
spending (G) and net exports (X – M).
Y = C + I + G + (X − M)
+ Unemployment: is measured by the unemployment rate which is the percentage of workers without jobs in
the labor force. Labor force includes workers who are actively seeking for a job.
Types of unemployment (4 loại):
(1) classical: [thông thường] employers do not have enough money to pay for high salaries
(2) frictional: [ma xát, thất nghiệp tạm thời] time to find appropriate jobs
(3) structural: [cấu trúc] technology improves, workers are lack of new skills
(4) cyclical: [tuần hoàn] due to economic growth
+ Inflation and deflation [lạm phát và giảm phát]: a general price increases creates inflation. The opposite
is deflation. Economists measure these changes by the price indexes[chỉ số giá]. Changes in price level may
be result of several factors. The quantity theory of money holds that changes in price level are directly related
to changes in the money supply[giá ảnh hưởng do cung tiền, mang tính dài hạn]. Most economists believe
that this relationship explains long-run changes in the price level.
Short-run fluctuations [dao động ngắn hạn] may also be related to monetary factors [yếu tố tiền tệ], but
changes in aggregate demand [tổng cầu] and aggregate supply[tổng cung] can also influence price level. For
example, a decrease in demand because of a recession can lead to lower price levels and deflation. A
negative supply shock, like an oil crisis, lowers aggregate supply and can cause inflation.
Central banks use monetary policies [chính sách tiền tệ] to stabilize the prices. They try to control the money
supply by buying bonds [trái phiếu, khoản nợ] or issuing bonds.
+ Central bank: A central bank, reserve bank, or monetary authority is an institution that manages a state's
currency, money supply, and interest rates. Central banks also usually oversee the commercial banking
system of their respective countries.
+ Money supply: the money supply or money stock, is the total amount of monetary assets available in an
economy at a specific time. There are several ways to define "money," but standard measures usually include
currency in circulation and demand deposits (depositors' easily accessed assets on the books of financial
institutions).
* M0: The total notes and coins (cash) in circulation. M0 is referred to as the monetary base, or narrow
money. [cung tiền cơ sở, tiền hẹp]
* M1: M0 + Demand deposits [tiền gửi không kì hạn]. Bank reserves are not included in M1. [dự trữ bắt
buộc không được tính vào M1]
* M2: M1 + Savings deposits [tiền gửi tiết kiệm] + time deposits [tiền gửi có kì hạn]. M2 is a key economic
indicator used to forecast inflation.
* M3: M2 + large and long-term deposits [tiền gửi dài hạn, tiền gửi lớn, trái phiếu, tín phiếu].
Money supply & Moneytary base [B - cơ sở tiền]
M(s) = Cu + D = Currency outside banks + Deposits. [tiền mặt lưu thông ngoài ngân hang + Tiền gửi: trong
trường hợp tiền được trao đổi qua lại và gửi đi gửi lại nhiều lần, thì deposits được tính là tất cả các lần đấy
sau khi trừ đi dự trữ bắt buộc cho mỗi lần]
B = Cu + R = Currency outside banks + Reserve (of commercial banks)
B always < M(s)
Ratio between money supply and nominal GDP = M3/nominal GDP
Money multiplier [số nhân tiền]: used to measure this increase in the money supply. mM = M(s)/B. Money
multiplier is affected by two factors: reserve of commercial banks and the ratio of currency outside banks to
deposits.
+ Liquidity [tính thanh khoản]: Liquidity means how quickly you can get your hands on your cash. How
easy to exchange the assest to cash without changing the price.
+ Limitations of GDP and Alternative Measures [hạn chế của GDP và các chỉ số đo lường khác]:
Changes in quality and the inclusion of new goods - higher quality and/or new products often replace older
products. [higher prices – higher quality]
Leisure/human costs - GDP does not take into account leisure time, nor is consideration given to how hard
people work to produce output.
Underground economy - Barter and cash transactions that take place outside of recorded marketplaces are
referred to as the underground economy and are not included in GDP statistics.
Harmful Side Effects - Economic "bads", such as pollution, are not included in GDP statistics.
Non-Market Production - Goods and services produced but not exchanged for money, known as "nonmarket
production", are not measured, even though they have value.
Models [mô hình]:
+ Aggregate demand and aggregate supply [tổng cầu và tổng cung]: AD-AS model
Explains price level and output [mức giá và sản lượng] through the relationship of aggregate demand and
aggregate supply -> balance = equilibrium. The aggregate demand curve's downward slope [dốc xuống]
means that more output is demanded at lower price levels.
+ Interest rate of Saving(IS) and LM curve [Investment Saving–Liquidity Preference Money Supply; Lãi
suất và cung tiền]
(interest rate of borrowing money for production)
is a macroeconomic tool that demonstrates the relationship between interest rates and real output [lãi suất và
sản lượng thực tế], in the goods and services market and the money market.
The IS–LM model represents the equilibrium in interest rates and output given by the equilibrium in the
goods and money markets. The goods market is represented by the equilibrium in investment and saving
(IS), and the money market is represented by the equilibrium between the money supply and liquidity
preference [sự ưa chuộng tiền mặt].The IS curve consists of the points where investment, given the interest
rate, is equal to savings, given output.
The IS curve is downward sloping because output and the interest rate have an inverse relationship in the
goods market: As output increases more money is saved, which means interest rates must be lower to spur
enough investment to match savings. The LM curve is upward sloping because interest rates and output have
a positive relationship in the money market. As output increases, the demand for money increases, and
interest rates increase.
[In this example of an IS/LM chart, the IS curve moves to the right, causing higher interest rates (i) and
expansion in the "real" economy (real GDP, or Y).]
The IS/LM model is often used to demonstrate the effects of monetary and fiscal policy [tác động của chính
sách tiền tệ và chính sách tài khóa]. Textbooks frequently use the IS/LM model, but it does not feature the
complexities of most modern macroeconomic models. Nevertheless, these models still feature similar
relationships to those in IS/LM.
+ Growth model
Productivity can only increase in the long term by investment in technology advancements.The neoclassical
growth model of Robert Solow has become a common textbook model for explaining economic growth in
the long-run. The model begins with a production function where national output is the product of two
inputs: capital and labor [sản lượng phụ thuộc vào vốn và nhân lực]. The Solow model assumes that labor
and capital are used at constant rates without the fluctuations in unemployment and capital utilization
commonly seen in business cycles.
Policy [chính sách kinh tế vĩ mô]
+ Monetary policy: [chính sách tiền tệ]
Central banks implement monetary policy by controlling the money supply through several mechanisms.
Typically, central banks take action by issuing money to buy bonds (or other assets), which boosts the
supply of money and lowers interest rates, or, in the case of contractionary monetary policy, central banks
sell bonds and takes money out of circulation. Usually policy is not implemented by directly targeting the
supply of money.
Banks continuously shift the money supply to maintain a fixed interest rate target. Some banks allow the
interest rate to fluctuate and focus on targeting inflation rates instead. Central banks generally try to achieve
high output without letting loose monetary policy create large amounts of inflation.
Conventional monetary policy[chính sách tiền tệ thông thường] can be ineffective in situations such as
a liquidity trap [bẫy thanh khoản]. When interest rates and inflation are near zero, the central bank cannot
loosen monetary policy through conventional means[nới lỏng chính sách tiền tệ thông qua các công cụ thông
thường]. Central banks can use unconventional monetary policy such as quantitative easing to help increase
output. Instead of buying government bonds [trái phiếu chính phủ], central banks implement quantitative
easing by buying other assets such as corporate bonds, stocks, and other securities. This allows lowers
interest rates for broader class of assets beyond government bonds.
+ Fiscal policy (financial): [chính sách tài khóa] Fiscal policy is the use of government's revenue and
expenditure[thu nhập và chi tiêu công] as instruments to influence the economy. If the economy is
producing less than potential output, government spending can be used to employ idle resources and
boost output. Government spending does not have to make up for the entire output gap. There is
a multiplier effect that boosts the impact of government spending. For example, when the government pays
for a bridge, the project not only adds the value of the bridge to output, it also allows the bridge workers to
increase their consumption and investment, which also help close the output gap.
The effects of fiscal policy can be limited by crowding out. When government takes on spending projects, it
limits the amount of resources available for the private sector to use. Crowding out occurs when government
spending simply replaces private sector output instead of adding additional output to the economy.
Crowding out also occurs when government spending raises interest rates which limits investment.
Defenders of fiscal stimulus argue that crowding out is not a concern when the economy is depressed, plenty
of resources are left idle, and interest rates are low.
Fiscal policy can be implemented through automatic stabilizers [cơ chế tự ổn định]. Automatic stabilizers
do not suffer from the policy lags of discretionary fiscal policy. Automatic stabilizers use conventional
fiscal mechanisms but take effect as soon as the economy takes a downturn: spending on unemployment
benefits automatically increases when unemployment rises and, in a progressive income tax system, the
effective tax rate automatically falls when incomes decline.
+ Comparison [so sánh hai chính sách tiền tệ và chính sách tài khóa]
Economists usually favor monetary over fiscal policy because it has two major advantages. First, monetary
policy is generally implemented by independent central banks instead of the political institutions that control
fiscal policy. Independent central banks are less likely to make decisions based on political motives. Second,
monetary policy suffers fewer lags than fiscal. Central banks can quickly make and implement decisions
while discretionary fiscal policy may take time to pass and even longer to carry out. [chính sách tiền tệ
được ưa thích hơn chính sách tài khóa]
13. MICROECONOMICS [KINH TẾ VI MÔ]
Definition: Microeconomics is a branch of economics that studies the behavior of individuals [hành vi cá
nhân] and small impacting organizations [tổ chức nhỏ] in making decisions on the allocation of limited
resources [scarsity – sự khan hiếm; sự phân bổ nguồn lực bị hạn chế].
Microeconomics examines how these decisions and behaviors affect the supply and demand [cung và cầu
hàng hóa] for goods and services, which determines prices, and how prices, in turn, determine the quantity
supplied and quantity demanded of goods and services.[cung, cầu và giá cả là mối tương tác qua lại]
Discrimination: In contrast to macroeconomics [ngược lại], which involves the "sum total of economic
activity, dealing with the issues of growth, inflation, and unemployment." [tăng trưởng, lạm phát, thất
nghiệp],Microeconomics also deals with the effects of national economic policies [chính sách kinh tế] on the
aforementioned aspects [các vấn đề nói trên] of the economy. One of the goals of microeconomics is to
analyze market mechanisms[cơ chế thị trường]that establish relative prices amongst goods and services and
allocation of limited resources amongst many alternative uses. Microeconomics analyzes market failure
[phân tích các thất bại của thị trường], where markets fail to produceefficient results [kết quả hiệu quả], and
describes the theoretical conditions [điều kiện lý thuyết] needed for perfect competition [cạnh tranh hoàn
hảo]. Significant fields of study in microeconomics include general equilibrium, markets under asymmetric
information, choice under uncertainty and economic applications of game theory.
3 main issue of microeconomics:
+ What kind of products should be made?
+ How to produce them?
+ Distribution, who will get them?
The interaction of demand and supply as well as price will sort these issues.
Liabilities [nợ] = Current liabilities [Nợ ngắn hạn =< 1 year] + Long-term Debts/Liabilities [nợ dài hạn> 1
year]
+ Current liabilities = Accounts payable [khoản phải trả người bán] + Salaries Payable [Lương phải trả] +
Interest payable [Lãi vay phải thanh toán] + Tax payable [thuế phải nộp] + Security Deposit [Khoản kí quỹ =
khoản do cty khác đặt cọc] + Unearned revenue for services paid for by customers but not yet provided [tiền
đã nhận của người mua nhưng chưa cung cấp dịch vụ=thanh toán trước]
+ Long term debts = Note payable [các khoản nợ tài chính: trái phiếu, giấy ghi nợ>1 year]
Equities [Vốn] = Owner capital/Common stock [cổ phiếu phổ thông] + retained earnings [Lợi nhuận giữ lại]
Sample:
Assets Liabilities and Owner's Equity
Current Assets Current Liabilities
Cash Accounts payable
Accounts receivable Short-term loans
Inventory Income taxes payable
Prepaid expenses Accrued salaries and wages
Short-term investments Unearned revenue
Total current assets Current portion of long-term debt
Fixed (Long-Term) Assets Total current liabilities
Long-term investments Long-Term Liabilities
Property, plant, and equipment Long-term debt
(Less accumulated depreciation) Deferred income tax
Intangible assets Other
Total fixed assets Total long-term liabilities
Other Assets Owner's Equity
Deferred income tax Owner's investment
Other Retained earnings
Total Other Assets Other
Total owner's equity
Total Assets Total Liabilities and Owner's Equity
Income statement [Báo cáo doanh thu]:is one of the financial statements of a company and shows the
company’s revenues and expenses during a particular period.
Sales: Doanh thu từ hoạt động SXKD.
Cost of goods sold: Giá vốn hàng bán. [Including the salary of workers directly making goods]
Wage expense: CP Lương.
Rent expense: CP thuê.
Office expenses: CP văn phòng (điện nước, VPP)
Depreciation Expense: CP khấu hao
Bad Debt expense: Nợ xấu
Insurance expense: CP bảo hiểm
Interest expense: Trả lãi ngân hàng
Income Tax expense: CP thuế thu nhập doanh nghiệp
GROSS INCOME [Lợi nhuận gộp] = Sales Revenue – Cost of goods sold. [Doanh thu – Giá vốn hàng bán]
IFO [The Income from Operations] = EBIT [earnings before interest expenses and tax expense] =
GROSS INCOME – Total EXPENSES (exclude Interest expense and Tax expense)
EPS [earnings per share] = (NET INCOME [lợi nhuận sau thuế, lãi vay] – DIVIDENS [trả cổ
tức])/OUTSTANDING SHARES [tổng cổ phiếu phát hành] (tính trung bình cổ phiếu phát hành trong năm,
ví dụ phát hành 6 tháng thì tính ½)
ROE [Return on Equity] = Net Income/Shareholders’ Equities. (ROEs between 15% and 20% are generally
considered good). ROE is best used to compare companies in the same industry
ROA [Return on Assets] = Net Income/Average Assets (ROAs over 5% are generally considered good)
Average assest: tính trung bình đối với các tài sản được mua trong năm (chỉ sử dụng vài tháng)
Cash Flow Statement [Bảng dòng tiền]: is a financial statement that shows how changes in balance sheet
accounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing
and financing activities.
People and groups interested in cash flow statements include:
- Accounting personnel, who need to know whether the organization will be able to cover payroll and
other immediate expenses [NV tài chính-tình hình tài chính có đủ chi trả lương và chi phí]
- Potential lenders or creditors, who want a clear picture of a company's ability to repay [người cho
vay, chủ nợ-khả năng trả nợ]
- Potential investors, who need to judge whether the company is financially sound [nhà đầu tư-tài chính
công ty có ổn định]
- Potential employees or contractors, who need to know whether the company will be able to afford
compensation [nhân viên-công ty có đủ khả năng trả lương]
- Shareholders of the business. [cổ đông]
It includes how to raise the capital [huy động vốn], how to allocate capital budgeting [phân bổ vốn]. Not only
about long term budgeting [ngân sách dài hạn] but also how to allocate the short term resources [nguồn lực
ngắn hạn] like current assets [tài sản lưu động]. It also deals with the dividend policies [chính sách chia cổ
tức] of the share holders.
Importance of financial management:
+ Determine the existence and development of an organization.
+ Directly govern all the operation of the organization.
Roles of financial management:
+ Create the financial plan.
+ Finalize the decision of investment.
+ Govern the operation to ensure the effectiveness.