Đánh giá vai trò CFO (giám đốc tài chính) doanh nghiệp Sự cần thiết chức danh doanh nghiệp Việt Nam TABLE OF CONTENT Đánh giá vai trò CFO (giám đốc tài chính) doanh nghiệp Sự cần thiết chức danh doanh nghiệp Việt Nam .1 TABLE OF CONTENT RESEARCH OF CONTENT PART 1: FOREWORD Role of corporate finance 2 Goal corporate of finance 2.1 Objectives raise capital 2.2 Objectives capital distribution .4 2.3 Objectives of the CFO Role of the CFO (chief financial officer) in the enterprise The title necessary CFO (chief financial officer) businesses in Vietnam .6 PART 2: TEST LIST OF REFERENCES 16 RESEARCH OF CONTENT PART 1: FOREWORD Role of corporate finance Finance is an integral part of the economic activity of enterprises It has organic relationship and interaction with other economic activities The relationship of this interaction and may reflect the impact sticking out regularly between distributed manufacturing with product consumption Distribution reflects both the results of production and of exchange, the conditions for both the production and exchange can proceed normally and continuously Corporate Finance as financial institutions business has legal personality and is a stage of financial establishments in the financial system Because it takes place in the creation and capital flows associated with the process of production, investment, consumption and distribution Finance we understand at first glance is the currency, as a business would have to deduct salaries paid to officers and employees When participating wage distribution between labor types have different qualifications and different working conditions Financial participation of the national product distribution to employees through the process of forming and using the wage fund and other public welfare So between finance and money are two different economic categories Finance is not the money, nor the monetary fund But essentially monetary and currency funds only form of expression outside of finance, and inside it is the diversity of economic relations Humanity has made great inventions which have included the invention of money, by which it may provide various activities for a uniform unit of measure, and on that basis can compare , are calculated together So money is a means to finance the general operations and financial business activities in particular Through this means, enterprises can perform many different activities in all fields, if we only see from the outside, only to see the activities that each activity separately, but are actually sticking together in the movements and capital flows, we calculated and compared with each other in cash 2 Goal corporate of finance 2.1 Objectives raise capital A business can be operated business producing the required capital and the right to use its funds in cash on a regular basis However, it is necessary to clarify the issue: The capital is taken where? How to raise capital? Earlier this management mechanism centrally planned state budget entire investment in capital construction for the establishment of state-owned enterprises Currently the transition to the market economy with the activities of all businesses in different economic sectors, many state-owned enterprises has proved his weakness That reality poses to the economy in general management and financial management of a particular problem is: how to bring the loss-making enterprises that escape from the current situation? It is this instability has not yet created a consistency in the shape of capital for enterprises in our country However, although specific changes matter how it all with all forms of business ownership in the areas of production, circulation, services may mobilize funds from the following sources: -Budget fund state-level or higher for state-owned enterprises are determined on the basis of written records forwarding capital that businesses have the responsibility to preserve and develop that capital allocation When the newly formed state-level or higher initial capital investment for companies implementing business suits sizes and industries This capital is often equal to or greater than the legal capital After the operation, if necessary, the state will provide additional capital for businesses to cater for business development Supplemented by themselves capital: the enterprise's internal capital including: + The basic capital depreciation leaves businesses + Profit after tax has been paid + The pre-selling its assets (if any) Joint venture-capital: it is the contribution of funds or property of other companies with business to business - Loans: mainly bank loans and other credit institutions In addition to the aforementioned capital, businesses can raise capital from public officials and employees will now pay interest on a loan for which the interest rate banks Thereby we imagine, the process of establishing businesses need to have a minimum amount of capital investment For now the state capital by the state budget could be 100% or at least 51% As for the Corporation, Ltd., company, the initial capital investment is formed from contributions of capital or capital contribution of the shareholders in the form of shares Borrowing rates are defined for each business To survive and grow business, in the process of production and business enterprises must continue the medium and long term investment so businesses can raise capital within the enterprise as equity funding If self-funded resource that needs long-term investors still not meet the enterprises to seek capital from external sources such as the forms mentioned above With the organization of capital, corporate finance simply not done raising capital but also to carry out capital distribution so that the authorized capital, own capital and the capital raising, business able to use them effectively To so, in each period business enterprise needs to determine how much capital and how the structure is reasonable 2.2 Objectives capital distribution After raising capital and use that capital will gain as a result of consumption of the commodity business So now conducting distributed operating results of its business In our country, the economy exists because many components, various forms of ownership, so the size and distribution methods in the type of business is different After each trading period, the amount received by businesses, including cost and expenses incurred Therefore, enterprises can distribute in accordance with the following general form: Offset costs attributable to goods sold includes: + The value of capital goods + Circulation costs and other costs that businesses have spent as bank interest, transaction costs, bond yields + Depreciation of machinery - The remaining after offset costs is called the profit of the business Profit this part must be submitted to the state budget in the form of taxes, the rest depends on the rules of each division that conducts business venture interest, pay dividends, appropriate funds business career 2.3 Objectives of the CFO It is the objective ability to make use of financial instruments check, money manager by the use of functional measure of triva means of monetary payment This ability is manifested in that, in the process of implementing distribution function, the test may take the form of: the necessity to consider the scale of the distribution of financial resources, the effect of the distribution coordinated through monetary funds Chief Financial Officer nature comprehensive synthesis, and place themselves frequently because the CFO is the process of checking and controlling the financial activities in order to discover the advantages to promote, exists to overcome Financial activities take place in all areas of the process of social reproduction on the macro and micro In the financial activities that not only reflects the results of production but also to promote development Motivation to accelerate social production depends not only on the equilibrium distribution, and reasonable balance between the parts, but also directly dependent on the inspection and stringent control of all financial activities key Content is chief financial officer and director of the movement of capital flows monetary capital efficiency, establish and supervise the observance of the targets, the financial and economic norms, director formation process and the use of monetary funds, the process of economic and accounting executive director of the fiscal policy Perform financial management has confirmed to perform thorough and efficient job CFOs need to regularly renew and improve the mechanism of adequate financial management mechanisms and policies with economic management manufacturing and business practices Through the implementation that makes optimal solutions to make healthy financial situation and improve the production efficiency of an enterprise business Target of CFO plays an important role for the development of business in the future Role of the CFO (chief financial officer) in the enterprise Chief Financial Officer - CFO is a very important location for the enterprise, acting as the driver of the blood vessels - cash flow, going in the right direction and objectives of the business They often hold key positions in businesses such as financial risk management, design and business communicator for corporate finance, solved financial relationships inside and outside the enterprise The role of the CFO is usually considered in three aspects as follows: - Considering the enterprise perspective, the role of today's CFO undeniable, including small and medium enterprise enterprise whether he is successful, flourished But not as good as the CFO role, responsibilities or CFO capacity less the enterprise was able to fall into bankruptcy - Considering the professional perspective, a professional CFO, will lead a "trains" of accounting, corporate finance machinery works well Previously, in the context of an economy that was essentially "closed" and our financial system is at the very low level of development in comparison with the world Because, today, Vietnam has been one of deeper integration with the world in all aspects, especially in this economic integration - financial Because now, the Vietnamese will have to compete with the world right in the "house" of her, including the ability to compete on financial management And people today not only financial resources compared to their peers in the country, but also to compete with their peers around the world,etc, Therefore, the role of the CFO is increasingly enhanced contribute to the success and development of the profession, "chief financial officer" Considering a macro perspective, vision and financial capacity of international accounting Vietnam has made great progress compared to the past This contributes to strengthening the accounting system in Vietnam, which acts constitute the principles of financial accounting standards Chief Financial Officer reinforce Vietnam's financial system stable However, the activity level of the domestic financial system, as well as financial management capacity of the Vietnamese people in general still exists a gap over the world really Therefore, the CFO needs to improve ourselves, to acquire the methods of financial management in the enterprise world to help better serve the financial effects of the business The title necessary CFO (chief financial officer) businesses in Vietnam As well as ensuring the capital, the organization of capital used sparingly and effectively be regarded as conditional survival and development of enterprise In the conditions of market economy, the requirements of economic rules laid out before all the enterprise very strict standards; not produce any cost In the market economy, all business operations of the business are reflected in the value targets, financial targets, using accounting data and summary of assets With this feature, the financial staff has the ability to analyze, monitor business activities to one side to preserve capital, on the other hand measures used to increase the capital turnover, improve profitability of business capital CFO and basic knowledge about finance, it is the skills of reading, understanding and analyzing financial statements This is most of the chief accountant at the company can In addition, the CFO needs to have financial management skills an effective way The financial management of the company over to CFO is primarily active in investment planning, investment management and adjusted cash flows The CFO as financial management of the company must be analyzed and given a raise capital structure optimization for companies in each period Financial management should establish a policy divide a reasonable profit for the company and shareholders and ensure the legitimate benefits to employees; determined to profit from the distribution of resources is important to allow the company to expand the business or to invest in new business areas, new products, enabling the company level high and sustainable growth And this is forgotten and faded in the CFO role, especially for manufacturing enterprises are increasingly faded requirements The CFO as financial management in the company is responsible for controlling the use of the assets in the company, avoiding wasteful use, improper purposes The chief financial officer of the company should actively seek access to and investment in the capital market, financial markets and investment costs must be considered as part of capital investment efficiency and production business, need to expand relations with other companies to improve the mechanism of its financial management PART 2: TEST Please choose the most correct answer by circling on the correct answer that you have selected Template questions have only one correct answer INFORMATION BELOW (TABLE 1) USED FOR ANSWERS FROM QUESTION TO QUESTION Balance Sheet of the Smith Company Assets: Cash and securities marketable Receivables Inventories Prepaid expenses Total Current Assets Fixed assets Except: accumulated depreciation Net fixed assets Total Assets Liabilities: Short-term payables Negotiable instrument payables Tax accrual Total current liabilities Long-term debt Equity Total Long-term debt and Equity $300.000 2.215.000 1.837.500 24,000 $3.286.500 2.700.000 1.087.500 $1.612.500 $4.899.000 $240.000 825.000 42.500 $1.107.000 975.000 2.817.000 $4.899.000 Income Statement Net sales (sell on credit) Except: Cost of goods sold Selling expenses & General administration expenses Depreciation expense Interest expense Income before tax Corporate income tax Income (profit) net Common stock dividends Income (profit) leave Based on the information in Table 1, the current rate is: A 2,97 B 1,46 C 2,11 D 2,23 $6.375.000 4.312.500 1.387.500 135.000 127.000 $412.500 225.000 $187.500 $97.500 $90.000 Based on the information in Table 1, using 360 days / year average collecting money period: A 71 days B 84 days C 64 days D 125 days Based on the information in Table 1, the debt ratio (ratio of liabilities) is: A 0,70 B 0,20 C 0,74 D 0,42 Based on the information in Table 1, the net profit margin on sales equal how much: A 4,61% B 2,94% C 1,97% D 5,33% Based on the information in Table 1, the Inventory Turnover Ratio is: A 0,29 times B 2,35 times C 0,43 times D 3,47 times Which is type the following companiesno subjectload limited liability debt? A) Private Company B) Joint Stock Company C) Public company D) All the above answers are wrong Calculate the present value (PV) of $ 100,000 received after years from today, assuming an interest rate of 8% / year? A) $60.000,00 B) $68.058,32 C) $73.502,99 D) $82.609,42 Calculate the present value (PV) of $ 80,000 received after 10 years from today, assuming an interest rate of 5% / year? A) $38.422,76 B) $40.000,00 C) $49.113,06 D) $76.000,00 Calculate the present value (PV) of $ 50,000 received after 20 years from today, assuming an interest rate of 4% / year? A) $5.242,88 B) $10.000,00 C) $22 819,35 D) $40.000,00 10 Calculate future value (FV) of $ 60,000 in years, assuming the interest rate is 5% / year? A) $62.500,00 B) $72.674,86 C) $75.000,00 D) $76.576,89 11 The NPV method: 10 A Is consistent with the goal of maximizing value for shareholders B Recognizing the value of money over time C Use cash flow D All the above answers are correct 12 The NPV method assumes cash flows are reinvested at the: A IRR B NPV C The rate of real income D Weighted Average Cost of Capital (WACC) 13 You are analyzing a proposed project and have the following information: Year Cash flow -$135.000 $ 28.600 $ 65.500 $ 71.900 Payback period required years Income ratio requirements 8,50% Net Present Value (NPV) of the proposed project is ? A $3.289,86 B $3.313,29 C $4.289,06 D $4.713,71 14 Calculate future value (FV) of $ 10,000 in years, assuming an interest rate of 10% / year? A) $16.212,78 B) $18.000,00 C) $18.756,22 D) $21.435,89 15 Calculate future value (FV) of $ 20,000 in years, assuming an interest rate of 12% / year? A) $17.096,08 B) $28.292,66 11 C) $31.470,39 D) $32.020,64 16 If $ 15,000 is invested at interest rate of 10% / year, asked how long will the investment be doubled? A) 7,3 years B) 8,4 years C) 10,6 years D) 14,8 years 17 If the money is invested at 8% interest rate / year, asked approximately how many years the interest received will be equal to the original investment? A) years B) years C) years D) 12 years 18 Sara wants to have $ 500,000 in a savings account when she retired Ask how much she must have money in the account now if the interest rate is fixed at 8% / year, to make sure she will have $ 500,000 in 20 years? A) $107.274 B) $144.616 C) $180.884 D) $231.480 19 You are analyzing a proposed project and have the following information: Payback period required Income ratio requirements Year Cash Flow -$135.000 $ 28.600 $ 65.500 $ 71.900 years 8,50% The payback period using discounted cash flow of the project? A 2,57 years B 2,64 years 12 C 2,87 years D 2,94 years 20 Which of the following is not considered as equity in the balance sheet of the company? A Cash B Paid in capital C Preferred shares D Income leave (profit retention) E Ordinary shares 21 Calculated Yield To Maturity (YTM) of a 5-year bonds, $ 5,000 par value bond with a 4.5% interest rate and pay interest every months if coupon bond is priced at $ 4876? A) 4.30% B) 5.07% C) 6.30% D) 8.60% 22 Calculated Yield To Maturity (YTM) of a 10-year bonds, $ 1,000 par value bond with a 5.2 % interest rate and pay interest every months if coupon bond is priced at $ 884? A) 5.02% B) 6.23% C) 6.82% D) 12.46% 23 A bond have 3-year term, Par value of $ 2,000 and have 6.3% interest rate bonds with coupon rate paid annually (1 year payment times) Ask Yield To Maturity (YTM) by how much if the bond is priced $ 1,801? A) 6.30% B) 8.48% C) 9.22% D) 10.32% 24 /One bonds par value $ 1,000 bond with an interest rate of 5.4% / year and coupon interest paid every months, bonds have year term and Yield To Maturity (YTM) of 13 7.5% If interest rates rise and Yield To Maturity - YTM rise 7.8%, How are bond prices affected ? A) Decrease $9,82 B) Decrease $11,59 C) Increase $12,16 D) The price of the bond does not change 25 One bonds par value $ 5,000 bond with an interest rate of 6.4% / year and coupon interest paid every months, bonds have year term and Yield To Maturity (YTM) of 6.2 % If interest rates rise and Yield To Maturity - YTM rise 0.8%, How are bond prices affected ? A) Decrease $98,64 B) Increase $40,49 C) Increase $84,46 D) Increase $142,78 26 Calculated bond yields of bonds with a term of years, $ 10,000 par value of the coupon interest paid every months and the current price of the bond is $ 9,543.45, Yield To Maturity (YTM) 6.8%? A) 4,32% B) 5,60% C) 6,25% D) 8,44% 27 In Harry's birth, his father spent on $ 1,000 investment account committed paying interest of 4% / year Asked how much money Harry would be have when he is 18 years old? A) $1.720 B) $2.026 C) $2.804 D) $4.806 28) Helen's savings to start her business If she invested $ 10,000 in the account now, asked how much of the minimum interest rate is to make sure that she has $ 25,000 in her account in 10 years? A) 2,5% 14 B) 6,4% C) 9,6% D) 10,2% 29 Consider the following chain of cash flows: | | | | | ? $5000 $6000 $7000 $8000 Year Cash Flow If the market interest rate at 8% / year, the present value (PV) of the cash flow chain will be approximately: A) $22.871 B) $21.211 C) $24.074 D) $26.000 30 Consider the following chain of cash flows: | | | | | $1000 $2000 $3000 $4000 ? Year Cash Flow If the market interest rate at 8% / year, the present value (PV) of the cash flow chain will be approximately: A) $11,699 B) $10,832 C) $12,635 D) $10,339 15 LIST OF REFERENCES 1) Curriculum Course in Corporate Finance, Associate Professor, Dr Nguyen Huu Anh, 2014 2) Financial Management curriculum, Nguyen Huu Huong, 2013 3) The problem in enterprise finance, Le Thanh Mai, 2013 4) financial and monetary standards, Tran Thu Hang, 2013 5) the financial structure of enterprise, Tran Nhat Le, 2013 6) To become a professional CFO, Doan Minh Hue, 2013 16 ... business Target of CFO plays an important role for the development of business in the future Role of the CFO (chief financial officer) in the enterprise Chief Financial Officer - CFO is a very important... not as good as the CFO role, responsibilities or CFO capacity less the enterprise was able to fall into bankruptcy - Considering the professional perspective, a professional CFO, will lead a "trains"... outside the enterprise The role of the CFO is usually considered in three aspects as follows: - Considering the enterprise perspective, the role of today's CFO undeniable, including small and medium