Phân tích vài trò CFO Doanh nghiệp TABLE OF CONTENT TABLE OF CONTENT RESEARCH OF CONTENT PART 1: FOREWORD Role of corporate finance Goal of corporate finance Role of the CFO (chief financial officer) in the enterprise The need of titles CFO (chief financial officer) in businesses of Vietnam PART 2: TEST LIST OF REFERENCES 16 RESEARCH OF CONTENT PART 1: FOREWORD Role of corporate finance Enterprise is a business organized for the purpose of profit is recognized by law, be allowed to business on a certain number of areas, from one or more owners and owners must ensure equal before the law the whole of his property, has its own name, transaction-based stability In the market economy, the types of businesses to develop a diverse and abundant There are many approaches to business If the angle at which demand and supply in the economy, the business is divided into business currency finance business and non-financial corporate business common goods and services If the relationship is based on ownership of the means of production, the enterprise is divided into stateowned enterprises, private enterprises and joint stock companies If based on the legal form of business organization, the small multi enterprises are divided into state-owned enterprises, joint stock companies, limited liability companies, partnerships, enterprises and foreign investment private enterprises Although the division does for a business when conducting business activities are used to finance businesses to conduct business objectives To conduct business activities, enterprises need to have the necessary elements are documented labor, objects of labor and labor power, which requires businesses to have a certain amount of capital To this must now form and use monetary funds Business processes of the enterprise as well as the process of formation, distribution and use of monetary funds business In the process, the arising and established cash flows associated with the investment activities and operations of the business regularly The cash flows involve cash flows going into and the cash flow going out of business, making the movement of the flow of corporate finance Within the process of creation, distribution and use of monetary funds of enterprises is the economic relationship, the relationship is called the financial ties and relations including the following: - Financial relations between enterprises and other entities shown in the capital contribution, loan, loans,etc, , in payment for the purchase or sale of assets, materials, goods and services,etc, - Financial relations between enterprises and workers in enterprises: salaries, bonuses, penalties material - The relationship between the parts of the business as part payment between enterprises and the distribution of profits after tax of enterprises, the formation and use of corporate funds - Financial relations arising in the social activities of the enterprise as funding for social organizations, charities, gymnastics, sports, culture,etc, - Financial relations between enterprises and foreign enterprises as joint ventures with foreign companies operating in Vietnam, the export and import of goods and services,etc, From the form of financial relationship can be concluded on corporate finance in terms of physical content is the currency in the enterprise fund is created, used for business purposes of the business, essentially in terms of the economic relations between enterprises and the social economy actors in and outside the country Goal of corporate finance Finance business is the distribution relationship in the form of values associated with the creation and use of corporate funds in the currency trading process Financial analysis is the overall methods used to assess the financial situation of the past and present, to help managers make the correct management decisions and evaluating the activities of production business enterprises, thereby helping to objects of interest to accurately predict the presence of corporate finance Thereby, make decisions consistent with the interests of those who are interested in the financial situation of enterprises There are many objects of interest and use of economic information, financial business Each object is concerned perspective and different goals As the demand for financial information of diverse businesses, financial businesses require to be analyzed into different segments with different methods from which to meet the needs of the object of interest This has facilitated the development of corporate finance Corporate Finance for managers to meet business objectives as follows: - Create a regular cycle to assess the operational management during the period was over, the implementation of fiscal balance, profitability, liquidity and business risks,etc - How to decide the direction of the Director in accordance with the actual situation of enterprises to make decisions about investment, funding, distribution of profits,etc, - Analysis of corporate finance is the basis for predictions about the financial situation of the enterprises in the future - Analysis of corporate finance is a tool to check and control of business operations Thus, analysis of corporate finance is a useful tool to be used to determine the economic value, to evaluate the strengths, the weaknesses of a business, find out the cause and objective subjective, allowing managers to select and find the decision in accordance with the actual situation of production and business activities of enterprises Role of the CFO (chief financial officer) in the enterprise I think the CFO has great value and indispensable role in our organization When matter what happens to the company, the CFO is "Whistleblowers" and make note for the Board of Directors Therefore, they require the CFO is truthful and trustworthy, to have the technical skills, leadership skills and soft skills are also important The members of the Board of Directors thought that the good CFO who has a deep understanding of the business activities of the company He has worked in other parts, in contact with the company's work and have skills in conducting the business of the enterprise CFO not only knows how to present the statistics, but also to profoundly understand these numbers mean and how these parameters imply that past actions are, based on the parameters that; understand the financial risks CFO has tremendous value, especially "CFO increasingly more important as businesses have difficulty" The CFO also needs to have an intimate relationship with the CEO and other partners, to support the CFO and the CEO share the same opinion Once incompatible CFO and CEO, will lead to a lot of controversy, and led to the mess in company However, if CFO too close to CEO will fall down "ones blown the whistle" is affected, and the CFO will no longer be making decisions about financial independence It is best to keep the CFO position coordination center in the assessment and management of risk, although not required CFO to be held and understand all the risks Chief Financial Officer position is a director of corporate financial management such as research, analysis, construction and financial plans; exploitation and efficient use of funds, warned the risk to the business through financial analysis and make reliable forecasts in the future The role of the CFO is completely different from accounting Many of the tasks that the CFO chief accountant can not be done Enterprises wishing to be strong is not strong financially not so demanding CFO position is very talented in the financial sector and to have vision better strategic thinking, sensitivity investments of business The need of titles CFO (chief financial officer) in businesses of Vietnam At a macro perspective, vision and financial capacity of international accounting Vietnam has made great progress compared to the past 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 In business perspective, the important role of today's CFO is undeniable, even for small and medium businesses Even though a business development strategy is good and successful business can still fall into financial difficulties and lead to bankruptcy without a CFO makes good financial governance At the individual level, "portrait" of a professional CFO today has far different than in the past A CFO who is good at yesterday may not necessarily stand in the position of CFO today, let alone success story Because, previously, in the context of an economy that was essentially "closed" and our financial system is being developed at a very low level compared 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, Want to effective business management, CEO (Chief Executive Officer) always need the support of the V.I.P as CFO, CTO, CPO In particular, the CFO (Chief Financial Officer) may be considered "V.I.P of V.I.P" because here is the realization of the vision (vision) of CEOs in the financial sector - the most important factor to evaluate the success of a business Therefore, the CFO is not necessarily a close friend of the CEO but certain people have the ability to coordinate food ideas with the CEO and the CEO can put all beliefs It is a prerequisite for sustainable business development 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: 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 10 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 11 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 12 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% 13 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 14 LIST OF REFERENCES 2) Financial Management business, Nguyen Thanh Huong, 2013 3) International Corporate Finance, Le Huu Phuoc, 2013 4) Analysis of corporate finance, Dang Ngoc Dung, 2013 5) The secret of successful CFO, Truong Thanh Hang, 2013 15 ... the CFO is completely different from accounting Many of the tasks that the CFO chief accountant can not be done Enterprises wishing to be strong is not strong financially not so demanding CFO. .. parameters that; understand the financial risks CFO has tremendous value, especially "CFO increasingly more important as businesses have difficulty" The CFO also needs to have an intimate relationship... partners, to support the CFO and the CEO share the same opinion Once incompatible CFO and CEO, will lead to a lot of controversy, and led to the mess in company However, if CFO too close to CEO will