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Chuyn 3THNG TIN BT CN XNG V CU TRC TI CHNH 2013 Pearson Education, Inc. All rights reserved.8-2 Thng tin ! "#n $ %u t&' t(i h)nh*h+, th- gi.i Ch!ng n"# cung c$% %h&n t'ch (inh t) v* c$u tr+c t"i ch'nh ,-c thi)t l.% nh th) n"o ('ch th'ch hi/u 0u1 (inh t). C2c 3i4u ,5 trong h6nh 1 cho th$# c2c doanh nghi/% 7 89 hu# ,:ng ngu5n l;c t"i ch'nh 37r:ng(inhdoanhgiai,o=n 1?@0-2000v"sos2nhdAli/un"#vBic2cdoanh nghi/% 89, Ch.t, Canada 2013 Pearson Education, Inc. All rights reserved.8-3 /igu&0 123u&04 35 67t0&n89 /un:4 53& N3n5in8ni89 Bu4in04404; < C3=,8&i43n 35 th0 Unit0: 2t8t04 >ith G0&=8ny? @8,8n? 8n: C8n8:8Source: Andreas Hackethal and Reinhard H. Schmidt, Financing Patterns: Measurement Concepts and Empirical Results, !ohann DolEgang Foethe-Gniversitat Dor(ing Pa%er Co. 12H, Ianuar# 200J. Khe data are Ero> 1?@0L2000 and are gross EloMs as %ercentage oE the total, not including trade and other credit data, Mhich are not availa3le. 2013 Pearson Education, Inc. All rights reserved.8-J 08/15/15 4Xem xet bang can oi cua mot doanh nghiepTai sanN va von1. Tai san lu ong2. Tai san co nh1. N thng xuyen nga!n han"2. N #ai han$. %on co& 'ha(n ie(u le"). *i nhuanCau truc tai chnh +a(n 'han ,iet-Cau truc tai chnh la s hon h!p gi"a n! #a #onCau truc #on la s hon h!p gi"a n! dai han #a #on s! h"u chu $ l!i nhuan 2013 Pearson Education, Inc. All rights reserved.8-H 08/15/15 5 Nhan xet: C%u truc #on #a cau truc tai chnh lech nhau #e& n! nga'n han( Cac)hoann!nga'nhan *+pontaneousliabilities,na-.sinhtrong /ua tr0nh )inh doanh1 go&m23Cac)hoan4cruals*5!ng1 67X78,3Cac)hoanphaitra!ch0nh thanhtrongchu).hoan chu.e-n tie&n Cautruc#onch9tnhencac loai #on trung dai dan 3 /u.et :nh en gia tr: doanh nghiep( Cau truc tai chnh 2013 Pearson Education, Inc. All rights reserved.8-N 08/15/15 6 +au t.u/c von- C cau n dai han: ;a.daihantcac:nhche tai chnh chothunh.%>si ca%hbnEPttlngth6eCvuncha#,4 chvnc$utr+cvWnnghinhucbuvWntrongtRnggia,o=n. eoanhnghi/%tlng(h1nlngt"itr-linh ho=t3Ungvi/c_d;ngnhi*u%h!ng2n >7(hicbn>7r:ngha#thuhc%tangvWn sX dYngNGUAKN TLC XA EFNG CU TRC VGN CHM EM:t%hbnt"itr-n-{giai,o=nth]nh v-ngeCc[th4sXdYngv"(haith2chtWi ,a l-i 'ch cZa ,Qn 3o# t"i ch'nhNGUAKN TLC XA EFNG CU TRC VGN CHM EM0uantrvngh!nnhi*u lbn t"i ch'nh tr;c ti)%J. Krunggiant"ich'nh,,kc3i/tl"ng&nh"ng th!ng>=i,l"ngu5nvWn3:t vln 31n %h2% l %h`c t=% nd lBnL 9 nlng chu#dn 2013 Pearson Education, Inc. All rights reserved.8-1? Thng tin "%t Sn 7Tng; 9U8 hVn Wi nghXh $( &Yi &3 Z3 T y;achvn,Wingh]ch_1#ratrBc(higiao d]ch Zi ro ,=o ,`c _1# ra sau (hi giao d]ch Ph&n t'ch l thu#)t ,=i l ,4 gi1i th'ch v* c$u tr+c t"i ch'nh cZa c2c doanh nghi/% trong c! ch) (inh t) th] tr^ng nh hi/n na#. 2013 Pearson Education, Inc. All rights reserved.8-20 Th0 I0=3n4 C&3"90=; IU8 hVn Wi nghXh tO [ng -n %u t&' t(i h)nh nh\ th- n(3] C)u ch$t l-ng (hdng th4 ,2nh gi2 ,-c, ng^i >ua sq %h1i tr1 >:t (ho1n ti*n vBi >`c gi2 cao nh$t chx cho >:t ch$t l-ng trung 36nh. Cg^i 32n nhAng >kt h"ng ch$t l-ng tWt sq (hdng >uWn 32n 7 >`c gi2 >" chx t!ng ,!ng ch$t l-ng trung 36nh Cg^i>uasq0u#)t,]nh(hdng>uat$tc1v6hv ngh}t$tc1h"ngh[atrSL Princi%alT 't thdng tin Pca ,dngSL AgentT nhi*u thdng tinPng^i 0u1n lS Ph&n t2ch giAa 0u#*n 0u1n l v" 0u#*n (i4> so2t ,i*u h"nh cdng t#L ChAng nh" 0u1n l theo ,uai l-i 'ch v" 0u#*n l;c c2 nh&n h!n l" (h1 nlng sinh l-i cZa cdng t#. 2013 Pearson Education, Inc. All rights reserved.8-23 CO ng ^ _ gi#i `uy-t $%n ng\ei Zi :ibn Fi2>s2t,(i4>traPtho>tracZanh"nBcr$ttWn (>SL f$n ,* sX dYng (hdng tWn %h' u# ,]nh cZa ch'nh %hZ ,4 tlng c^ng thdng tin Krung gian t"i ch'nh fa# n- 2013 Pearson Education, Inc. All rights reserved.8-2J RYi &3 Z3 T #nh h\ang nh\ th- n(3 -n %u t&' t(i h)nh t&n thX t&\eng nd] Cg^i ,i va# c[ ,:ng c! ,bu t vWn v"o nhAng d; 2n nhi*u rZi ro h!n ng^i cho va# >ong ,-i. L i*u n"# l"> gi1> (h1 nlng tr1 n- cZa ng^i ,i va#. 2013 Pearson Education, Inc. All rights reserved.8-2H CO ng ^ nhf= hZn h- &Yi &3 Z3 T Wi $.i O hd, gng nd Fi2 tr] rQng v" t"i s1n th) ch$%L hu#)n (h'ch s; t!ng th'ch Fi2> s2t v" th;c thi c2c ,i*u (ho1n h=n ch)L Cgln chkn h"nh vi (hdng >ong >uWnL hu#)n (h'ch h"nh vi >ong >uWnL FiA gi2 tr] t"i s1n th) ch$%L Cung c$% thdng tin Krung gian t"i ch'nh 2013 Pearson Education, Inc. All rights reserved.8-2N Thng tin "%t Sn 7Tng $( O ng ^ hZn h- 2013 Pearson Education, Inc. All rights reserved.8-2@ Thng tin "%t Sn 7Tng t&3ng gi83 :Xh a O `uW gi8 8ng ,hOt t&i_n V(i*>ch)t"ich'nh\,-ct=ol.%37i>di tr^ng th4 ch) ,kc trng 37iTL u#*ns7hAucZagiaic$%vds1nP(hdngth4sX dYng t"i s1n th) ch$%SL |/ thWng lu.t %h2% ngho n"n P(h[ (hln cho ng^i cho va# th;c hi/n c2c 0u# ,]nh h=n ch) t'n dYngSL Chuon>;c()to2n#)u(>P'tti)%c.n,-c thdng tin tWtSL t;canthi/%cZach'nh%hZthdng0uac2cch!ng tr6nht'ndYngchx,]nhv"s;canthi/%cZang&n h"ngtrung!ngP't(hu#