CC BY
11cmршрanпьгэ-зпкь ьо.
<шшаии'п q-uLUS3UL
'C'VS'C «U.Jpbpr¡.» hbLprnqmpiuljiuh Ljbüippntjfi tibipiuqnipnri,
ipbipbuuiqliipnL[ajiub ¡эЬфшдт
Я-U^hLi рц'шт-зиъ
CVSC IjlunLUlluipÚLub Ulúplinbll ÚUiqtlUippUlbLp
UULUflKL UIKUL43ULL
^'VS'C LjiuniuilLupdiub ludplinbli duiqtiuippuibLp
« ilbSULiUL 1ШиШЧвПИаЗШГР PdCLiULiUL ЧЦаиЦЧЬР'ППЬ-ГдбПЬЪЪЬРЬ СиКПИЭ-ИРЬРПМдЗЦЪ ^ЬРтГОПЬ-ГдЗПКЬС1 3>hLULUULiUL ЧИЗПКЬП1ЧдЗИЪ <UUUSbßUSflMJ
ЗшЬ1^шдш0 L¡LuqLÍLuLibpuinL[3jLub qnpönLbbnLpjLub LupiynLbuiLlbLpnLiajni.bp рЬп^ш-qpnr¡ L¡ujpbnpujqnLjb gnLgfcbbp bb 1рфш[ LjuiqilujLibpujnLiajujb ф^ЬшЬиш^шЬ IjLujnLbnL-
¡BjriLbß b ф^ЬшЬиш^шЬ шргитЬшфьрт^тЬр: Ршдшпт^тЬ ¿bb buib р&2^ш1]шЬ
LiLuqilujLibpLynLpjnLbbbpp, huiipL/Luiybu' ii/bipLui/LL/b йшиЬш^дт^шйр р&2^ш1^шЬ l/ujq-ilLuLibpujnLiBjnLbbbpp: Uju LijLupLuqLujnLiJ, L¡bp2fibbbpfiu 1^шпш11шр11шЬ шргутЬшфцпи.-Р}шЬ piupâpuigùuib LpbuuibljjnLbfig ф^ЬшЬиш^шЬ шргутЬшфьрт^шЬ qbujhujLpnnJp b ф^ЬшЬиилрЬфЬиш^шЬ фбшф фр[Г11.0п1.р]П1.Ьр lífiLujb L¡iupbnp bb, шд buib шЬ-hpuuáb2Lp' щш]0шЬшфр1(ш0 hLULlLupujqpLlLuô huibpLujIib il/ipngbbpli b bLjUJiInLipbbpli шргут.Ьшф1{1 фршрш2[У0шЬ huitiquiÚLutipnil:
Зз^ЬшЬиш^шЬ шргуп1.Ьшф1рп1.р]шЬ qbuihuiLpiIujb LuiIbbuiujnujbgjDUjjlib рЬп^ш-qpfcp L|шqL¡шфpu|nL[э■Jшb 2UJhnLpujpbpnLpjLub nLunLiSbLuutipnL[djni.bb £v <'bipbuipuip, hnr¡.L[uJÓnLiS фпрд к шрф[ fipuiljUjbujgbbinL « ujbLpuiljuib úiuubiuljgnLiajiuiíp pd2Í¡uj-L/шЬ L|шqL¡шфpu|nL|ЭJnLbbbp|^ 2UJhnLpiupbpnLpjLub фр[ги.0п1.[^п1.Ь, bbpL]Ujjujgbb[nL bq-piuL¡iugni.pjnLbbbp b 1цшршрЬ[П1. r¡[npLpli 1^ш1ршрЬ[шдпр011шЬр bujLuipLuljLunLqqi[Luó шпшршрЦтрр&ЬЬр:
q-nnoununnhra-anKb bo. abrvbunmishnni^ra-anM.
<|iiitiuipuiribp. pd2^uu^ujb LiiuqdujLibpiqnLpjnLlj, iqbipujLiLub iiujubujLignL[sjnLb, fyfi-bujbuiuLjiub llLUjnLbnLIdjnLÜ, 2LuhnL[dUipbpnLpjUjb LlbpinLdnLßjnLb, fyfl-buibuLUljUlb UiprynLbUJllbipnLIBjnLb JEL: H42, H53, J49
Lbpui6nLpjnLti: Pd2l|iul|iutj öluntujnLfajnLtibbpdwinrugdiuli Lulihpwd"b2-innl|3jni.tjq piugiuinpilriLJ t n-pwlig' ptiluli^nlfajluti Lyailip|i npujLjQ ll|lujJluIilu-i|npnr[ L|Lupü.npiuq.nLjli qxipönlj |]iljb|nL hiuljqiudLulipnL[: UluL|lujIi, hiupg t wnw-gwlirud, [ab |iti^ll||iu|nlj t IiJiubop|iljLuL| ölunujjnlfajnLti JiumrngnrL hwuinwinnL-|3jnililibp|i qnpörulibnLfajwli wpi^jnLliiuLlbinnL|3jnLliQ: R-npörnLibnLpjujti lupr(.jnl-liwi|binnL|3jriLtiQ u|wjiIiuliiuL|npnq, |ili^a|bu IiluLl plirufawqpnrL l|wplmpwq.nLjli hiuLnl|LuLi|i2 t $|iliiuliuiuL|wli l|wjrulinL[ajnLliQ, npp L|iuqiIiuL|bpii|nL[ajiuli ruliw-LjnLpjnLtiti f q.|iijwl|UJjb|nL iupiniu£>|"ili U libppfili Jln^tul[lujpnlJ luraugwgnrL 2n~ L|bp|i $|iliiuliuiuL|iuli hbinUiuliplibplili1:
Pd2l|LuL|UjLi l|iuqiIwl|bpii|nL|3jnLlilibp|i $|iliwliuiuL|iuli r|.pnL|3jiuli ruunLijliiu-u|npnLfajnLljp, l|lUjnLlinL|3jLUll L|luJ wlll|lUjnLtjni.|3jlutj pLUgLUhlUJinnLlIp LUriLUL[b[ Jbö L| iu p lin p nL|3jnlIj bb uinaibriLJ, bpp funurud blip u|biniul|Luli dwuliiul|gnL-[3-JLuJp pd2l|LUl|LUlj L|LUqJluL|bpil|nLt3-jnLljljbp|l l|LUriLUL[LUpjLUlj hiu Jail|LUpq.bp|l lu p rjj n lIj lu L[ti in p L[3j lu Ij dLuu|ili: ILjr). Lj LU p Un p n Lfaj n Ltl q puj g lu in p L[n L J t Ll|biniuL|lulj J|i2nglibp|i lu p ry n lIi iu L[bin oq.iniuq.np&diulj hpwdiujiul|LuljnL|; lTiLiuliiuL|nplull|bu LUrlnrl2LULL|LUhnLfЭJLUtlQ, npLL|bu LL| b LT1 lLll| Ulli pjnL2b|l J|l2ngni| ^)|lljLUllULUL[npL[nrL LL|bLnwl|Lutl ll2LullLuL|nLpjLuLl Öpwqpbpfl Ii ÖLUfuubp|l h|llItlwl|Lull rnq^rLnLfajLull2, LL|bmLul|LuLl pjnL2b|l Öiufuubp|l llbs» lI|l2Ln Jbö LnbuUjL|LUpLUp L|2hQ t pwdflll qLi-L|b[: n lu in [i, l|bpn[al|iupl|jwl hiuliqwiiwliplibpnil bli iqwjiiwliiuL|npL|iuö nLuruiI-li lu u |i p i|n q pbiliuj[i lupr|_|ilul|Lutinl[3jnlIjq Li l|lupUnpnl|bjnlLiq:
3)|iliLutiuwl|Luli iupqjnLbiuL|binnL[ajnLliQ ll|lujJujtiluu[npnq^ Ll r(_plu luliwprynL-liLUL[trLnriLfajnLtjQ hiujinliiupbpnq luiibliiuiunwligpwjlili qnpönlilibp|ig iibl|Q L|wq-lIluL|tipll|nl|3jLutj qnp&nLbbnL|3-jLuli 2LuhnLtaLupbpnL|ajnLljlj t, npQ gmjg t u1lu[|lu, pb nppLulinij t L|luc|_iJluLjbrpix|nL|3jnltjtj |ip lnljop|nljJujti Li in|ipiuii|bindiutj inwl| qLnliijnrL inljinbuLul|iulj J^nglibpb oqiniuqnp&rud $|iIiiuIjuiuI|luIj piupäp Lup-ryrulip iuii|iuhnL|b[nL hiudiup: HLuqJiuLibpLLinLta-jLulj 2whrupiupbpnL|3jnLlip pbrn-pLuqpnr[ gnLgLub^libpQ pLuqJLU|a|iL[ bli, npnbg|ig LuiibtiLULuriLutigpLuj|nbbbp|n L|bp|nL&nl|ajiudp i|inp5b[ blip r}|iiniupL|bi « u|biniuL|Luli dLuutjLul|gnL|ajLudp pd2L|LuL|Luli L|wqiiiuL|bpLi|nL[ajnLlitjbp|i $|"iliwliuiuL|iuli luprynlLi^lujIjnl^jnlIjq Li i|bp2|ili|iu piupäpiugiiwliQ fun^Qlir|.ninnrL qnpönlilibpQ:
9-puiljuitinLpjuiti uil|tiuipl|: ^LuqÜLuLibpainLtajnLlilibpli $|"iliwliuiuL|Luli qpru-PjluLi, hLULnL|LULL|bu, 2LuhnLpujpbpnLfajLuli i|bpLupbpjuj[ hLUJ Li LUpUlbpL|p|l hbuiLU-qninnqlibp|i nlunlJLiluu|npnLfajnLbtibpq piuqijwp|iLl bli: ^luqiiwlibpiiinLiajrulilib-p|i 2whru[aiupbpnL|3jiuti n lu n liJIj lu u |n p n Lfaj lu Li l|iupLLnpru[ajnLliQ pliliiupl|l|bL bli iupinbpl|p|i hbinwqninnrilibp fd~. Cbpn[rj.fi3, rf). LibpijjiJbhli, n). ßnLjipjiji, LT.
' Sb'u Schinasi G. J., Defining Financial Stability, IMF Working Paper, International Capital Market Department, October 2004, tg 1-4:
2 Sb'u «« pjnLgbinwjliti hLuJiuL|Lupq[i Jiuufili» « opbtip, hnr].L[Luö 18, L|bin 1:
3 Sb'u Thomas Herold, Financial Terms Dictionary, Fairfax, US, 2014:
138 PUTjPbP C^SC 2020.4
Tui[n$fmjfi, 3. [b ¿brupfi, U. Uui[Llfifi4, IT. Ppfufifi, U. Uujjbpufi, U. UtiipLjnLufi5 Li Luj[ng LU2fuLumnL|3-jnLljljbpnLJ: *TI. M.bpli|iJbb|i Ll hiuJiuhbr\|iliLuL|ljbp|i «Hnpiqn-piuui|ii| $|"iliLuliulibp. inbunLfajruti U u|pwl|ln|il|lu» w2fuwinnL|3jnLtinLiI l|wqiiw-L|bpa|nLfajLuli 2whnLpuipbpnL|3jLuli l[trp[nL&nljbjnlLiq uwhiiwlii|nLiI t npu|bu Ljaiq-iIwl|bpu|nL[3jwti $|iIiluIiuluI|wIi L|bp|nl&nL|3jLuli wnwgliLujIili U l|wpLnpwqnLjli pujj[6: <Lujuiqq|i hbuiLuqnLnnr|libp|ig l|LuqiIwl|bpu|nL[ajwli 2whnLpwpbpnL[ajwli i|bp[nL6nLfajLulili iulir|.pujqLup6b[ bli If. Tuj[ULpjLubp7, L- Piur}iubjiub[i, Li. LLp-quipiuibp, T. Qujiffibjiubp, 11. U~uipUnujuib[i L lujl£>: <.lulIlu5lujIi U. Paiqailijiu-li|i q[fuaiL[np fuJpaiqpriLtajLUJp hpLULL|Lupwl|L|LU& «ibliliLuliulibp, r|.piudui2P2w-tjLUrinL|3JnLtl li l|wpl|» LU2|^JLULnnL|ЭJLUlJ, 2LUhnLtaLUpbpnL|ajnLljlj LUriLUligpLUj|lll r}bp nLtj|n ^>|ntjLuljuLuL|Luti L^tipLnL&nLfajujlJ qnp&ptj|aiugnLif npu|bu $|iIjluIililuI|luIj iup-ryni.lif)|i q[fuLui[np hbinliLubpaijIili grugiuli^8:
lijlinLLUJbliiujli|iL[, pc±2L|lul|lutj l|luc^JluL|bpll|nlfajpltitibp2LUhnL|awpbpnL-[3-jluIi l|bp|nL&nL|ajLulip ijbpLupbpnq hbinLuqnmnLtajnLlilibpp plul|luI|luIjlu^lul|i ulu-l|iui|wp|"ii| bli: ULpunujuLuhJujligfi hbinwqninnrilibp|ig pd2l|wl|wli l|iuqijwl|bp-u|nL|3jnLlilibp|i $|"iIiwIiuluI|wIi r|.pnLf3jujtj li 2whnLpiupbpriLpjwli l[bp [n l&n lfaj Lutib Luliq-piuqaipSbL bli IT. Un^fap0, IT. Linifi[btiq.i], Sml^npup10, <-/. ^[btlbpi/ib li aijlp: <luiJw6lujIi 4. ^L^^PLhl1 «CwhnLfawpbpnLpjLuli i[bp[nl&nlpjnlIiq wnnq-2lua|LuhnLfajiuli n[npuinLiJ» hbLnwqnumLfajLulT luju n|npui|i hwiiwp fipuil|Luliwg-ijnq 2UJhnLpwpbpnL[ajwli i(b p |n l&n Lpj n lIi q qpbpb 2brLL[nlJ Qliq-hailinLp llLUljULUl|LUll L[bp[nL&nLf3JnLtlbbpl|LUlinllllbp|ig, ULUljUJjb p[nL&nLf9JLUb QtlfSLUg-JDruJ LUbLLjLUJjLUbnpbb LL|bmp t hLU2L[h LUribb[ LUjlj LUnUjb6bLUhLUinL|nLfajnLbQ, np luju n|npLnni.d JLULnnLgijnq &luriLujnL[3jnLbljtrpQ pwL|wpiupnLJ bli hLUULUpwl|nL-[3-JLUll LUIUUgllLUjIlll Ll l|LUpb.npLUqnLjlj UJLUhLUllglinLljpllbp, |iul| LUnLU2Wpl|L|nn. LL|pnr|_nlL|LnbbpQ LTlLUppbp btj 2HLL|LUJLUL|LUb LUJ[ LL|pnr).nLL|Lnbbp|ng, hbmlLLUpLUp, LU p r|J n Lb LU L|_tjLnn l[3J Ujb JLUljlLUll^llbpp l|LUpnq bli fuULTILUqnLjljU LnLUppbpL[b[":
UluL|lujIi Lqbunp t wpSuiliwqpbL, np hLujiuuLnLulijiuli hbinLuqnLnnLpjnLlilib-pnuj qpbfab puigwl|LujnLiI bli pd2l|wl|Luli l|wqiiwl|bpLL|nL|3jnLlilibp|i uiliLnbuw-l|Lull lu p ry n lIi LU l(b U1 n l|3j lu ll Q ijbpujpbpnq nLUnLlIllLUU|ipnL[djnLllllbpQ li l|bp|nL-&nL|3jnLbbbpQ, |iul| n[npui[ill ijbpujpbpnq hbLnwqnLnnLpjnLlilibpQ qpbpb ^bli Lunli^nul Lujq. l|LuqiiLul|bpu|nL[ajnLlilibp|i $|iIiwIiuluI|wIi l|nqd|ili: <LujLuqq|i hb-LnLuqnuinqlibp|ig pd2l|wl|wli pliLuqwL|wn|i h|iijliLufulir|.|iplibp|ili Lulir|.pLur|.Lup6 t l|LULnLupb[ LL. Sbp-TpfiqnpjLubb ¡ip" «PnLctoqlinL|ajLuli l|LuqJLul|bpLL|JluIi II
4 Sb'u Vernimmen P., Quiry P., Dallochio M., Le Fur Y., Salvi A., Corporate Finance: Theory and Practice, Fouth edition, Cornwall, UK, 2014:
5 Sb'u Richard A. Brealey, Stewart C. Myers, Alan J. Marcus, Fundamentals of Corporate Finance, Third Edition, Phoenix, US, 2001.
6 Sb'u Vernimmen P., Quiry P., Dallochio M., Le Fur Y., Salvi A., Corporate Finance: Theory and Practice, Fouth edition, Cornwall, UK, 2014, tg 143:
7 Sb'u U. ^uiiuuijuiti, 9bntiiupl|nL|ajwti $|itiwtiutibp, bp., 2003:
8 Sbu L. Pwrjuitijuiti, in. Upquipjuiti, Q-. 3uiui|itijuiii, 11. lTui|»U.nujuitj L. mpfafobp, 3)|nliLuliulibp, r>pLui5LU2P2Lu^LUfinLpjnLli U i|wpl|, bp., 2010, tg 264-279:
9 Sb'u Richard F. Wacht, A Capital Budget Planning Model for Nonprofit Hospital, Inquiry Vol. 15, N3 (September 1978), t2 234-245:
10 Sb'u Copeland R., Jacobs P., Cost of Capital, Target Rate of Return, and Investment Decision Making, Health Service Research v. 16(3), Fall 1981, tg 335-341:
" Sb'u Cleverley W. O., Profitability Analysis in The Hospital Industry, Hospital Research and Educational Trust, Health Service Research, Spring, 1978, tg 16-27:
q-nntjununnhra-anKb bo. abrvbunmishnnKra-anKb
liiutjuiui|npdiutj duidiutjiuL|iuL||ig dnqb[libp|i L|plun.nLLiQ <iujiuuiniutj|l <LUlipLU-LL|bLnnLfajnLtinLJ»,12 <<U.rinri2iuii|iuhnL|3jiutj hiudiuL|iupq|i ^>|nliLuliuLUL[npnLJ[i <lu-jiuuiniutj|i ^LuljpLULL|bLnnLf3jnLtinLJ»^ iu2fLiiuinnL|ajnLlilibpnLii:
ILpSiuliiuqpblip, np pd2l|wl|Lutj L|iuqdiuL|bpii|nL|3jnLlilibp|'i, wjq |ai|ruiP u|b-U1LuL|LuIj jLUUbLUl|gnL|3-JLUJp pd2L|LUl|LUlj L|LUqilLuL|bpLl|nLt3-jnLljllbp|l prull 2LUhnL-pLupbpnLfajLuliQ i|bpiupbpnq hbiniuqninnL|ajnLlitibp Qtir|.hiutipiuii|bu wnL|w ¿bti: huL| i|bp2|ililibp|iu |ipwl|LutiLugijwli wbhpiud~b2innL|3jnLtiQ, L|iupLinpnL[ajnLliQ Li Lupq|iLul|LuLinLfajnLLili wpqbti |iul| tibpl|iujLugL[bL bli hnqi|Lud|i liLufLnipq1 Libpixi-6luI|luIi hiuini|iudnLiI: Uhuj luju puugb np uriLjb hbLpLuqnipnLpjuib lifipngriLl ifinpd £ uipLlb[nL [pujgbb[:
<binuiqninnLpjuiti iIb|»nr].uipuitinL|»jnLti: « LL|bLnLuL|Luti iIiuuliiuL|gnL-pjujJp pd2l|Lul|Lulj l|LuqJLul|bpLqnLtajnLlilibp|i 2LUhnL|aiupbpnL|3jiuli i|bp|nL&nL-[3-jlull |ipLUl|LUllLUgjLUlj hlLlJlUp hnqL[Lu6nLj db&LUL[ JLUULUJp l||ipLUnL[b[ bb qnp-&Lul|gLuj|ili l[bp[nL&nLpjLulj Li L| lu nn Lg l[lu &piuj |nlj m lu p L| n nib bp db|anqljbp[i: <biniuqninnL|ajiuli |ipiul|Luliiugdiulj hiudiup inbr]bL|iuini|iuL|iuli h|nJp bb hiuljq|i-uujgb[ « i|Ji6iuL|iuqpiuL|iutj l|nd|iLnb|i, ILllh iunnri2iuii|iuhnL|3jiutj inbr]bL|iuin-l[luL|luIi i|bp|nL&iuL|iutj l|bliinpnlj|i Li « u|biniuL|iutj qrnjp|i L|iuniui|iupdiuli Ljn J|mnb|n hpwii|wpiuL|w& Li bbpljLujLugpLud uiL[jiu|tibp[]:
LibpLnLdnLtajLuli Qtifawgpmd hui2L|iupL|libpnLd L||ipLuni|b[ bli lujIill||iu|i gm-gujLi|i2libp, |iLi^ll||iu|ip bti « u|biniuL|iuti dwutiwL|gnL[ajwdp pd2L|iuL|iuti L|iuq-iIujL|bpiL|nLfajnLLilibp|i hwdiufliiunli hLuurnjpQ (Revenue), 2whruj[aQ dfiti^Li hiup-LjnllJ Li uinl|nu (EBIT), qnun 2luhrnjpq (Net income), iuL|in|"ii|tibp|i hiu2L|bL|2nw-jfltl LUpdbpQ (Assets), lL|luu|^l|tlbpQ, ubl|llLlL|lutl L) lu llj |n in lu [h Ll U|WpinWL|npnL-|3jnLtjlJbp|n hiulipiuqnLdiupQ (Liabilities and equity), libpr|.pi|iu& L|LULq|iLnLU[p (Capital employed), ubi|iiuL|iuli Lj lu ll| |n in lu lq (Equity) Li iuj[li: SnLgiutj|i2tjbp|i inb-qbL|iuini|iuL|iuli h|iJp[i q|nnLupL|L[nq L|iuqdiuL|bpii|nL|ajni.litjbp|i hbinLijLU[ ^>|iIiluIi-ululjlutj hLU2L[t'LnLlnLfajrubbbpti bli" ^>|iIjluIiuluL|luIj l|]i6iuL||i diuu|ili hiu2L|bini|nL-[a-jmli (hLU2L[ujLL|LuhLuLjLub hiu2i|bL]2l'iri) Li ^>|iIiluIiuluL|luIi LupqjnLlip|i Jluu|iIi hui2-i[bini[nL[3jnlIj (bl|LUdnun-SiufLiu hui2L|bini|nL|3jnLtj):
« ll|binluL)luIi iiiuutiiuL|gnL|3jiuiip pd2L|iuL|luli L|iuqdiuL|bpii|nL[ajnLlitjbp|i 2LuhnLpujpbpnLfajLuli i|bp|nL&nL[ajwli tiu|iuiniuL|ni{ huj2L[LupL|i|b[ bli hbLnlijLU[ gm-gLuLl|^2llbpQ, qnun 2whnL[aiupbpnL[ajiuti qnp&iuL||ig, iuL|in|"ii|tibp|i 2whnLpiupb-prnfajLuli qnpdiuL||ig (ROA - Return on Assets), ubiJiwL|iuti L|iuii||iiniu|ji 2whm-pujpbpnLfajLuli qnp6iuL||ig (ROE - Return on Equity), tibpqpi|iud L|iuii||iiniu|ji 2w-hnLfaLupbpnLfajLuli qnpdwL||ig (ROCE - Return on Capital Employed), ubiJiwL|iuti L) lu ll| in lu [h 2P2LUtiiunb|]'inL|ajnLli Li hbpqpi|iu& L) lu ll| in lu 2P2wlnunb|JinL|3jnLtj: <nqi|iu&nLd libpL|iujiugi|iu& 2LUhnL|aiupbpnL|ajiutj pn|np gmgujlj^libpp hiu2-i|LupL|bLbli hbq|iljLuL|ljbp[i:
<iupL| t biub li2b[, np ptjinpi|iu& gmgiutj|i2tibpp ip|ii|nL|ajiu Jp liL|iupiuqpnLd bli nwnLdtjiuu|ipi|nq |abdiuj|i pmb tnLia-jmliQ, Li huJ2L[LupL|L[Lu6 gmgiuli^tjbpp libpL|LujLugi|nLJ bli npii|bu L|LuqJLuL|bpLqnL|3-jnLljlibp|i ^>|iIjluIiuluL|luIj LupqjnLliuj-i|blnnlfajluli ^wijiiiwli h|idliluL|luLi qnp6|ipLibp:
12 Sb'u Ii. Sbp-'l-pfiq.npjiutj, PnLdoq-briLpjujb L|ujqiiujL)bpix| Jujb L ^fibujbuLuijnpiiLuli daii5aibLuL|LU L|[ig iJnr|.bLübnh llhpwnnuiQ Ciujujumujlj|i CujljpiumbuinLp-jnLljnLj, nLu.fibnIiiuplj, bp., 2004:
13 Sb'u 11. Sbp-^phq.npjuilj, linnri2iua|iuhnL[ajlull hiutfiul|wpq.|i !f)|iliujliuiui[npniiJQ <iujiuuiniuli|i <iutipiuii|binni[ajnitinii], bp., 2001:
*-LbpLrH6ni|3jni.ti: 3iutil|iugiuô l|iuqiíiul|hpu|nL[ajiuli hiuiíiup $|itiiuliuiul|ujli L)ujjnLtinLfajшЪ iuu|iuhni|iíujti iulihpiud"h2in, uiul|iujti n^ ршь[шршр u|iujijiuli t ^bô öiui|iu|ji hiuunyp|i U 2whny[a|i iunl|iujnL[ajnLliQ: ^Ibuip t li2b[, np u|hiniul|iuli iíiuuliiul|gnL[ajujiíp p<Í2l|Lul|iuli l^aiqiíiul|hpu|nL|3jnLtitihpnLií ф|п1|ш1|иш1|ш1| hnu£>hp|i 1|шпш1[шргтЛ| |ipLul|iutiujgi|nlií t ophlipnij uiiípiu-qpi|iuô hui diuii|iuiniuufbiiutj liiupqbpnil14:
2019 p. h n lIi p |i 1-|i ryinLpjiudp «-nul qnpônq u|biniul|iuli diuutjiul|-gnL|ajiudp 90 рс^21|ш1|ш1| L|mqJml)bpLL|nLf3jriLljtjbp|n l|nqd|ig 2018 |э. рЬршдрпи! qblibpiugi|bL t 2nLP2 34.7 J[pr> « r}piuií|i hiuurujp, iujli|itjj, hiutjpiuqnLdiupiu-j|ntj ф|л1|шЬиш1|ш1| шргупЛрр, npp libpl|iujiugtjnLd t qruin 2LUhnLjpp l|iud фшир, lujr). l|iwqdiul|bpii|nL|ajnLlitjbp|i hiudiup bqb[ t puigiuuiul|iuli db&nLfajrulj (illiani)' l|iuqiíh|nil 2nLP2 397.9 ií|ti « qpiuií15: lipqjnLlipnLiJ, u|hiniul|ujti líiuu-lnul|gnL[ajiuiíp pd2l|Lul|iuti l|iuqiíiul|hpu|nL|3jnLtilihp|i huLÍQliqhulinLp qnixn 2Ш-hnLfampbpnLtajriLliQ l|iuqiíhL t -1.15%, fiti^Q ЦиирЬф ИшйшрЬ[ qpiuliiuti шр-rynilip, рш1ф np hiulipiuj|iti lifignglihpli tihpqpiui|iíujijp qhlihpiugi|iuô hiuuny-phg ^h qnjiulinLii qpiul|ujti $|iliujtiuiul|ujli шргутЬр: <шр1| t ti2b[, np qnun 2Ш-hnyfa|i ршдшиш1|ш1| lihônLfajnili qpuligb[ t ü|iiujli 11 l|iuqiiiul|hpii|nL|3jnLti, uiu-l|iujli iRjiugiuô 79 l|iuqdiul|bpii|nL|3jnLlilibp|i L|nqJ|ig uiniugi|iuô 2ш'1пу[эЬ lujtj-piuli фпрр t bqb[, np r}|nniupl|i|nrL 11 l|iuqdiul|bpii|nL|3jnLtjlibp|i i[liiuu|i Jbóm-[a-jmbp l|iupnr|iugbi t &Luôl|b[ uijli ru pbr|.hiulini.p uindiuilp Й1шл|прЬ[ 1|Ьши (qôiuuiiuinlibp 1): Pbiul|iutjiupiup, i[liiuu|i iunl|iujnL|ajnLliQ г|.Ьп1ш дтд^ ^t nb-unLpulibpb uijl n|npin ruqr]b|riL hшJшp, npmjhbinü. luju n|npinni.d libpr^prnJ-libpp 1|штшр1[Ь[ bli qbpiuqiuligiuii|bu nj [ab ф|л1|шЬиш1|ш1| luprymlig iuu|iu-hni|b|nL, uijl hiulipuij|iti uinnqgnLfajuili fuliq|ipLibp |гч-0Ь|ги huiiíuip: Uiul|uijli, |iLipLi|ili u|iupq t, np uilihpuid"h2in t buiL hnqui[ ljuqúul|hpu|nL[ajnLlitihp|i ф|> liuitiuuil|uiti upqjni.tiiui|hinnL[ajiuli iíuiu|ili, npni|hbinli. uijli h|iiîp t П-Рш^9 jnili qiupquigiiuili, |iul| фр^Ьи' £>litiuipl|i|nq tiu|uiinuil|uijlinL|3juiti uiu|uihni(-líuiti huiiíuip:
Ч-0шщшт1|Ьр 1. öiuhmjiэ ши^шИпЦшд U i¡liiuu L/piuó iqbipujljiub iluiubiuljgnipjiuiîp
Ijuiqiluiljbpuinipjnihlibpli /эЦшршЬшЦр
14 Sh'u СС 4iuniui|iupnL[ajiutj 26.12.2013 р.' «^binnLpjmli L|nr\J[ig Ьрш2[иш1|пр1|ш0 ш1и|бшр II ujpuintijuj[ Lqmj Jmlibbpnij pd"2L|Lu[jmb oqlinLp-jiub U ищшишр1^15ш1| Jmu|nli» N 1515-L прп2пи5, hnr].L[mô 36:
15 ILju li Jjnrn ф[11|ш1|иш1|ш1| дтдш1|[121|Ьрр uiniugi|h[ bti « а|Ьтш1|ш1| q.riLjp|i l|iuniui[iupJiuti L)niJ|iLnb|ng:
я-пршпипг^гэ-зпкь ьо. аыуытчизьппмэ-зпкь
Э)|п1|шЬиш1|ш1| LjlujnLtinLfajшЪ qliLuhiiiLnduitj inbuLuliL|jnLli|ig il|biniuL|iuli JiuuliiuL|gnL|ajiudp рс^1|1и1|шЬ L)mqJmL|bpLL|nLfajnLljtibp|n L|nr\J|ig (5liiuL|npL|iu& pliqhuitinLp huiunLjp|i L|uid 2Шhnljfa|n Jb&mfajLub г|.|птшр1|пи1ЬЬрр ршфиршр ^bb luJpnr^LuLjLub LL|LULnl|bpLugnLJ 5LLiuL|npb|nL hiuJLup: Ulihpiudt^in t nLurnJ-1|ши|лрЬ[ tilub lujIjll)|nu|n huipiupbpLuL|iuli gnLgiub^tibp, bb qnLLp,
ublflLuL/Lutj tjLULLlflipLUlfl, ЬЬрГ}рь[шд LlLUUjflipLUlp, Ш^Ьр^фЬр/п 2UjhnL[dLUpbpnL-[djriLtjp, |lll^LL|bu IiIuLl ublflLuilLutj L ЬЬрЦр^шд L/UliyflLpLutf7 2P2LU^Lun^iilnL~
pjriLtip:
4LuqdLul|bpLL|nlpjluli qriLip 2UJhnLpuipbpnL[djnLtjp tipui $|iliiuliuLuL|Luti l|J"i-6luL|Q ptinLpuiqpnq LuiIhtiiuLuruLilig£>Luj|iti qnpduiL||igli t, lujIi gnyg t uiiuijiu, pb йьшфпр^шб hmunLJ[a|l/hLUlIlufLILUritl bl|LUlInLLnLlbp|l np lIlLlull t l|LliqiInuj l[bp2" IiluL|luIj ф|л1|шьиш1|ш1| luprymlipQ (ijbp^hbu hiudiufLiuintj bL|iudnLinlibp|i Ll hiu-jLujuLurilj &LufLiubp|i LnuippbpnLpjnLtjtj t): Uj[ L|bpiL| шиш5' qmrn 2whnL|aiupb-pnLfajnLbp l|LUqjLUl|bpLL|nLtajLUll L[bp2tiLUl|LUlj ф|л1|ш1|иш1|шЬ LUpqjnLlip|l inbuiil-1|шршр l|2hfib t pliqhLulinLp h lu и n lj Jbg: Ouui lujqd, L|iuqdiuL|bpiL|nLpjiutj ф|л1ли1|иш1|шь luprymlipp l|Lupnq t й1шл|пр1|ь[ 2LuhnLj|a|i L|luJ l[Ijluu|i inbupnij. bpb hiuJLufLiLunb bl|LUJnLinlibpQ qbpiuqiulignLd bli huidiufLiiunli SuifLiubpp, ши|ш L|luqiiiuL|bpll|nlpjnlIjq qnp&ruil t 2luhmjfanl[, |iuL| bpb n^ l|buiunL|; 4iuq-lIlLll|bpiL|nLfajLull qnLUl 2whnLpLUphpnL|3jnLtlQ hlLI2l|LUpL|L[nLlI f qnLUl 2LUhnLJpQ (2iuhrujpQ hujpL|nLiI|ig hbuin) ИшршрЬрЬ|ги( Ишипццэ|пЬ:
Зпип 2uihnL|»mpbpnL|»jnLti = Згтп 2UJhrujp/<iuunLjp 16
n-|"liniUpl|L|nq lLIQnq2LUlL|LuhLul|LuLl 90 l|LLiqilLul|bpLL|nLfajnLLlllbp|l hiuiiujp huJ2i|LupL|i|b[ t hbtig luju gmgLuli^Q: Uprurutipruil, J|i2|ilJ qnLui 2шИгиршрЬрги-pjruliQ l|LuqiJb[ t -1.13%: UluL|lujLi шпшф[ uuinyq ll| lu lti L| bp ULniuliiu|nL huiijiup |прш1|ш1|шдрЬ[ blip 2LUPPh JLupprnJ' hhruuglihinLl dbl| l|iuqiiiul|hpiL|nL|3jLuli («Я-jrudpriL SlitiqiLnnruli» ФРС) qnLui 2whnL[aLuphpru|3jLuti grugiuti|i2Q (-187.61%), npli Lul|lihLujLnnpbLi 2bqi|uj6 tp iIliLugjLU[ L|iuqdiuL|hpiL|nL[ajnLlitihp|i tinyli дгидш-li|i2hg: lipqjnLbpnLJ, 2ШПРЬ L|bpLuhiLi2L|iupL|L|LU& Jh^h^D L|LuqJnLJ t 0.96%, Inti^ti |п1ф1ф1| qpLul|Luli дгидш1ф2 t, ULuljLujti ршрЙр iuprynLliLUL|bLnnLpjLudp qnpSnLbbnLpjLulj pbnLpLuqp^ ^t, рш1ф np qpiiitjgL|LU& lu6|h Lnnl|nuLuj|ili дгидш-li|i2P ^h qbpuiqiulignLd bnLjli|iuL| 1 mnl|nuLuj|ili L|binp: lltjhpLuclt^Ln t tiiuli U1LUpL|l[nq L|LUqJlLlL|bpLL|nLpjnLljllbpp fuJpLUljnpbL QULn qnLLn 2LUhnLpLUpbpnL-PjluIi: lijql|bpLLj l|iL|Lupqbtjf), |ab qpuitjg|ig piuli|iup 2LuhrupLupbpnLpjLutj np d|> 2luL|lujp|iIi bli u|LuinL|iulinLd:
hu Jpbp|n pluLiluL|Q прп2Ь[т hiLnIiup oquii|b[ blip U. b. 'Vbippnujmtifi L|nq-d|ig LunuJ2Lupl|L[nq hbuiUjiLiL ршЬшйи^д'
к = 1 + 3.322 * lg(n) s 717,
npuibq k-Li fuiiphpli pluIiluL|Li t, |iuL| п-q' 2UJP£h Lnujppbp|i pluLiluL|q:
ПlLibLilu[nl[ fuilpbpli pluLiluL|Q, |ili^il|bu LiluLl l!luppl[lu6 2шРРП11^ Я.П1и1 2Ш_ hnLfaiupbpnLfajiuti lunuji|b[LuqnLjlj Ll lil[luqluqnljli lJЬ6nLfЭJnLLlllЬpQ, Иш24шр1|Ь[ blip LiluLl jmplupluli^nlp [uilp|i [lujIinL[ajnLli|V
16 Sb'u Official page of Corporate Finance institute /CFI/, visited 17/08/20 10:52 PM, https://corporatefinanceinstitute.com/resources/knowledge/finance/net-profit-margin-formula/:
17 Sb'u 11. Ъ. ''Ibuipnujuitj, >-L|n6ujl|iuq.pnL[ajiuti Qlir^hmlinLp inbunLpjnLli, C^Si, bp., 2008, tg 35
h = (Rmax-Rmin)/k » 2.46%,18
пртЬг[ h-Q fudpbp|i [LujlJnLfajnLtiti t, hull Rmax-b nl Rmin-p' hiudiuu|iuiniuu [uiuliiupiup 2ШПРЬ wniui|b|iuqnLjli Li lii|iuqiuqnLjli JbónL|ajnLlilibpp:
M.hpnphpjiuL hiu2i|iupl|lit¡p|i hfiJiuti i|piu |прш1|ш1|шдрЬ[ blip nLunuítiiu u|ipi|nrL l|mqduil|hpu|nL[ajnLlitihp|i fuiípiui|npnLií, np|i lupryniliptihpQ lihpl|iujiug i[iuô bli шгипшш1| 1-ruií:
UrytiLumlj 1
Ibipuilpub diuubuil/gnLfajiudp р&21{ш1{шЬ Ifiuqdwlfbpufnipjnibbbp¡i /udpuii¡npnid[i'
puip qniip 2¡uhniiaiupbpnip]iub
hti^u|hu inhutiruií blip, шйЬЬшИшбш^ыш^Ььцр 0.30%-2.76% ií|i2iul|ujj£li t, npnLLÍ lihpumi|iuô bli L|mqiJmL|bpa|nLfajnLLilibp|i iui|h|ji £Luti 50.5%-q: liju ií|i2iu-l|iujpnLií lí|i2|iLi qnun 2LuhnLpupbpnL|ajnLliQ LimqJrnJ 11.14%, npp, |iLi^a|bu pliq-hiulirup ú|i2|ib|i qhuipriLii tp, q.piul|iuli grugiulifa t, uiul|iujli fununuí ф|п-liiutiuiuliiuti upqjnLbmi|hinru[ajiuli Jmufiti, npni|hhinL lujti pmi|iul|iutiiu£iui|i
iriniuhnqli^ thiuLi lujli hiubqiu JmtipQ, np l|iuqdiul|bpii|nL|3jnLtjlibp|ig |ai|ni[ 26-p (29.21%) qinbilrud bb -2.16%-|ng +0.30% J|i2iul|iujf)ni.d, nprud qruin 2iuhnL|aiupbpnL|ajnLliQ l|iuqdnLd t -0.06%: <hinliiupiup, i|bpnli2JLU[ 26 l|iuqdiu-L|bpLqnL|3-jnLlilibplj iuii|iuhni|hi bb l|iu'd qpnjml|mli|ili dnin, L|iu'd piugiuuiul|iutj qruin 2LuhnL|aiupbpnL|ajm.li:
Ц.Г1Ш1[Ь[ diubpiudiuutj u|iuinl|hpiugni.d 01шл|прЬ[ги hшdшp lujr). pu^fu-i|uönL|ajnLliQ tihpl|iujiugtihti£> qöiuu|iul|hp 2-|i dfigngni^:
Йи^ИшЬгир tumkudp, iuiípnri2iuglit¡Lni{ qnun 2whnL[aiupt¡pnL|3jiuli gmgiu-Lih2h ь[Ьp[nL&nLfajnlLiQ, 1|шрпг[ blip а|1|^Ь[, np 2whnL[diuphpnLpjiuti ü|i2|iLi líiu-l|iupr|xul|Q, npfiti lïnin 2LuhnLpupbpnL|ajnLli bli qpmligbL r|-|iinujpl|i|nq l|iuqiíiu-L|bpa|nL|ajnLlilibp|i dhö líiuuQ, nili|i n^ ршдшиш1|ш1|, uiul|iujti piui|iul|iuliuj£uji|i фпрр q.piul|ujti JbönLpjriLlj: liju |ipiui|jióiul|Q qd"i|ujp t qpiuliiuti ИшйшрЬ[, иш-l|iujli, Иш2ф шп1|Ь[П1[ lujr). L|iuqdiuL|hpii|nL|ajni.litjbp|i qnpômtjhni.|ajiutj luniubâ-luuhiuinL|ni.|ajni.litjhpp, 2whni.|aiuphpni.|3jiuli i|hpwpbpjuiL i|bp2liiul|iuli bqpiuL|iu-gnLfajnLti 1пш[ги hiudiup iulihpiudt¡2in tiïjjD hiudiuph[ г}|илшр1|Ь[ 2whnL|aiuphpnL-pjiuli шд gnLgiuli^tjhp Liu:
18 Sb'u briLjti тЬгщ, tg 36:
я-пршпипг^гэ-зпкь ьо. аьгуьирчизьрпмэ-зпкь
CLuhnLpiuphprupjiuli hiu2npq l|iuplmpiuqnLjti дтдш1ф2|] uil|Ln|iL|tihp|i 2ш-hnLpiuphprufajriLlili t (ROA - Return on Assets), npp grujg t uiluiJiu l|iuqiiiul|hp-u|riLpjiuli dhl| iJ|iuJi|np iul|Ln|iL|jiti piudfili Qlil|tinq qruin 2Luhnyp|i lihdrupjnLliQ: liju grugiuti|i2Q hliLupiuL|npnL[ajnLti t iniu|jiu hiuul|iutiiu|nL, fab l|LuqiIiul|hpiL|nL-pjrutiQ nppujtini[ t ujpqjnLliuJi|bLn oquiLuqnp&nuj |ip ui|ipLuiL|hLnijiuli iniul| qinlnjnq 1п1|тЬиш1|шЬ Jligngbbpp1 Lul|in|iL|libpp: lil|Ln|iL[bbp|i 2whnLpujpbpnL-|ajnLbq hlu2l[lupl|l[nlJ t hbinlijiu[ ршЬшйи.т!'
lil|in|iiltibp|i 2iuhnL|»iupbpnL|ajnLb /ROA - Return on Assets/ = 3nun 2uihnLjp/uil|in|ii|tihp|i hm2i[bl|2nuJj|iti uiptfbjj19:
lil|ln|iL[ljbp|i ршдшиш1|ш1| 2LuhnLfaujpbpnLfajLuiIp l|LuqilLul|hpiL|nL[ajnLlitjhp|i pi{iu£iuliiul|Q 11 t: lijq L)LuqJLul|bpLLjnLfajnLtilibp|ng dbl||i qhuiprud gmgujli^Q qpiulighL t -898.07% Lupryrutip, qnp&tiiul|Lutinuj Lutihtiiup|ili hplmyp If hlULnl|LULL|bu pd2l|LuL|lull l|LUqjLUl|bpLqnLpjnLljllbp|l LL|LUpLUqLUjnLj (pd2l|LUl|LUll l|LuqJLul|bpLL|nLtajnLlilibplj lujj)|i bli QtiL|tinnJ Lul|Ln|iL[libp|i ршрЙр hLU2L[bl|2riLUj|lll Lupdbpnij, 2^nph|iL[/LqLULn6LunnL[ Lul|Ln|iL[libp|i 2шhnL|эшpbpnL|ЭJnLllQ, piu-
дшрЙш1| Lupdbpnij, luju ninpLnrud piuL|iul|Lutjiu^iui|i фпрр dbSriLfajrub t l|iuq-drud): lii|b[|ili, luju l|iuqdiul|bpiL|nLpjnLtjQ («9-jrudpnL slibquilnnltj» ФРС) Ьш-funpq q|iLniupl|dLutj р1||эшдргш1 2wpp|ig ИЬпшдфий l|LuqdLul|bpLi|nLpjnLtjli t, hbuiU-LUpLUp, luju li LSj П lu Г|.|"11ЛШр1|ПиЛ|Ьр|1 d"LUllLutllul| l|LUqijLul|bpLL|nLfajnLLlQ l|hhniugL|ji 2шррЬЭ: ЩЬИауип t, np tiiiiuli П-Ьищпи! [uliq|ipQ hiu2L|hLriL|nqiu-l|LulinLfajLull huJljLul|LUpq|l n^ LUpqjnLtlLUljbLn [|ltlb[nL libs» t, flll^Q liu LP2LUqnyll fuliq|ip t LL|buiLul|LuLi iJ|i2nglibp|i l|iuiuuL|Lupijiuti inhuLutil|jnLti|ig: Ciuppnul irjlu-giu5 89 l|iuqiiiul|hpiL|nLpjnLtilihp|i iul|in|"iL|lihp|i d^fili 2UJhnLfaLupbpnLfajnLliQ l|LuqiInuj 11.13%, fili^li, luliL|luuL|lu6, pd2l|Lul|iuli l|iuqiIiul|hpiL|nLpjnLtitihp|i qhiL|-prud qpiuL|Luli LupqjnLbp t (Lul|Ln|iL|libp|i db& hiu2L[bL|2fiLuj|ilj Lupdbp nLbbliLuinL hiuliqiuJLubpnij щи^швш^пр^шй' luju дгидш1ф2Р Ljiupnq Ь1ф huidiupbL qti-
19 Sh'u Official page of Corporate Finance institute /CFI/, visited 17/08/20 11:04 PM,
https://corporatefinanceinstitute.com/resources/knowledge/finance/return-on-assets-roa-formula/:
r)_nlLib[h): b2t"ti£ tiiuli, np wl|in|iL|tibp|i 2whnLpwpbpnLpjLuti grugiuli|i2Q luju l|wqiÎLul|bpiL|nLpjnLtilibp|i huiiiuip LnuJLnLuLiL[nLiî t -18.83%-|ng +14.38%-|i ii|i2w-l|LujjDnLiI, |iul| l|LuqiÎLul|bpLL|nLfajnLLilibp|i qpbpb L|bu|i qbuipnui (49.4%) wl|Ln|ii{-libpfi 2LuhnLpLupbpnLfajnLliQ LniuLniuliL|nLii t 0%-1%-|i ii|i2Lul|LujpnLii, npQ, |lll£-ujbu wpqbti plitiiupl|l|bg, QliqnLtibiji, pujjg n^ qpLul|wli bplrnyp t:
IfiiniupliLlnq l|Luqdiul|bpiL|nL|ajni.litjbp|i piu2[LiL|iuônL|ajni.lip, purn luL)m|n libp|i 2LuhnLtaLupbpnL|ajLulj qnpÔLul|g|i, bbpl|LujiugL|Luô t qôwiL|iuLnl|bp 3-rnJ:
GLuhnLpiupbpnL|ajiuli huignpr). L|Lupbnpujq.nLjb pbnL|aiuqp|ijlibpp ubifiLuljLuti LjLULLlflLpLUlfi 2UJhnLpUUpb[inLpjnLb[} il bbpq.piliud LjLULLlflLpLUlfi 2iuhnL[dLUphpnL-pjriLbb bb, npnlip gnyg bli lpluu, pb l|iuqdiul|bpiL|nLpjni.lip nppiulmij t wp-qjrnliLUL[bLn oqinLuqnp&rud l|LuinwpL|LU& libpqpnLJbbpp: liju LnbuLubl)jriLb|ng li2bbf), np ubLjituLjLub L|lull)|nmlu[|n 2LuhnLpLupbpnLpjnLbp pbnLpujqpnLlJ t lihwjll ubi|iLul|iuli J|i2nglibp|i oqLniuqnp&duilj iupryni.liiuL|bLnni.|ajni.lip, |iul| libpqpi|Lu6 l|LULL||iLnLU[|i 2'J-'hnLpLupbpnLpjnLljQ> QliqhLulinLp libpqpnLiIlibp|i, npp ubi|iLul|Luli l|LULL||iLnLU[|i U bpl|LupiuduiLil|bLn u|LupLniuL|npnLpjnLlilibp|i hLulipLuqnuJLupli t: liju gnLgwti|i2libpQ hw2L|uipl|L|nLij bli hbuilyuiL pLuliLu6libp|i l||ipwmjwijp,20
Ubifiuilfuiti l|uiu|[iinuiLfi 2uihnL|»uipbpnL|»jnLti /ROE - Return on Equity/ =
3nLUl 2WhnLJ|a/Ubl|lUjl]lLltl l|UJU||lU1LU[ Iibpr).pi|ui6 l|uiu||iinui[ti 2uihnL|»iupbpnL|ajnLb/R0CE - Return on Capital Employed/ = Cuihmjp iffiti^L uinl|nu II hiupl|nLiT EBIT / (ubi|iuil|uiti l|iuu||iiniuL+bpl|UjpujtfiuiIl|bin u|iupuiiui|npnL|ajnLtitibbp):
n-|iLnLupL|L[nq pLubujSbbp|n hiujuiLupLuplibprnJ uinl|iu LniuppbpnLpjnLljlib-p|ig qujin, LubhpLud"b2ln t pliliwpl|bi bLub luju bpL|m grngLub|n2bbp|n hiu Jujp|i^-libp|i LnLuppbpnLpjnLbp: UbLfiLuLjuiti LjLULLlflLpLUlfi 2LUhnLpwpbpni.pjLulj qbujpnLJ huj diup|ijnLd l[bpgbmJ blip d|iiujli qnLLp 2Luhmjp gmgLub^p, puilj|i np ubijiiu-
20 Sb'u Official page of Corporate Finance institute /CFI/, visited 17/08/20 11:10 PM,
https://corporatefinanceinstitute.com/resources/knowledge/finance/what-is-return-on-equity-roe/ https://corporatefinanceinstitute.com/resources/knowledge/finance/return-on-capital-employed-
я-ппшпипг^га-зпкь ьо. аьгуытчизьппмэ-зпкь
1|шЬ 1|шо||п1лш[|1 иЬфш^шЬшьпЬрЬрЬ |npblJg 2whiupiud"|'iliQ uiniulirud bb qnun 2LuhnLj|a|ig, |iul| ЬЬрцр^шд ^шщ/иршф 2uihnL[dLupbpnL[djLuh qbuipmd hiudiu-pjn^md oqiniuqnpônLd Йф ¿uvfrmy/a ifhtyk- fnl/nu Ll huipLjnLif gni.giuli|i2Q, npni[-hbinli bpL|iupiuduidl|bin u|iupinii^npnL|3jnLtjlibp|i гфицэпи! щшртштЬрЬрЬ |ipttjg i|ÓLuptjbpp uinmlinul bli jhiupl|i|iuô 2UJhnLj|a|ng: <binluupiup, hixi2LlLur|L|h hfidp t lujIi 2LuhriLj[dQ, npfig qhnliu ¿bti i|óiupi|hL Lrml|nutihpQ Li qiuliâi|tïL 2uihnLpiuhiupl|Q:
uhi|iiul|iuli l|iuu||iinuj|ji 2whnlpiuphpnl|3juili qhuiprnd r(.|nunшрl|ь[п2шр-priliî ит1|ш t lî|nlujLi iîbl| iupiniuuni|np гфицэ, ьрр uiju дтдш1||п20 l|uiqdnLd t -4745.40%, fililí luju u|iupiuqiujnLd 1|шрпг[ blip ИшйшрЬ[ Ыииршфпр |прши[|п-бш1|, npni|hhinli u^ujdiutiiui|npi|Luö t гфтшр1|ф"1г[ l|iuqdiul|hpii|nL[ajiuli иЬфш-1|шь ^илфтиф piui|iul|iutj|iti фпрр JbônL|ajiuiJp: uiu, рЬш1|шЬшршр, ф|> 1|шЬиш1|ш1| n|iul||i luripjnlp t luju l|шqjшl^ьplцnlfэjшlj hiudiup («m_iur|iiip2iu-u|iuin|i h|ii|iutjr|.iuling» фрс): ц~|пи.ъпljij duidiuliiuL| ii2htjf), np luju l|iuqdiuL|hp-a|nl|3-jnllinlj bhpr|.pi|iuô 1|шо||ипш[|1 r|.hii|pnLd 2whnl|aiupbpnl|ajnlliq l|iuqdni.d t -6.99%, ujulibpli1 li2iutjiul|nld t, np luju l|iuqdiuL|bpii|nl|ajnlliq dböiuij diuuiudp qnpônLbbnL|3-jnlli t 0ш1[ш[п^ фп^ишпт j|i2nglibp|i hui2i[htj, l|iupnq t
hmliqbglib[ ф|п1|ш1|иш1|ш1| |öiul||i ршдшиш1|ш1| 1;фЫ|1л|1:
UliiugjiuL l|mqdml|hpii|nL|3jnLtilihp|i гфищтл иЬфш1|шЬ l|iuu||iinuj|]i d|i-2|ili 2luhnlpupbpnl|ajnlliq l|iuqdnLd t 1.67%, |iul| libpr].pi|iuô l|iuu||niniu|ji 2ш~ hnl[diupbpnl|3jnlti|v 1.84%: Ьр1|т qhuiprnd t[ inuiiniutidiuti j|n2ujl|ujjpbpq piu-1|ш1|ш1|ш^шф dbô bli, luiuughti qhuiprnd uijli -69.16%-|ng +21.75% t, |iul| hpl|-pnpq гфищпиг -42.21%-|ig +24.97%: иЬфш1|шЬ l|iuu||niniu|ji 2whnlpiuphpnl-p-juidp |эфи[ 59 l|iuqdiuL|bpii|nL|ajiuli (67.05%) hiudiup luju дтди|1ф2Р u|iuin-1|шЬЬ[ t 0%-5% j|n2ujmlujph^1' hul| libpqpi|iuô ^шифиниф 2whnl|aiupbpnl|ajiuli iqblljpnlj iujr} linLjli d|i2iul|iujf)htj (luniulig hiupliiujlili ó2qpin^|v 0%-6.1% j|n2lul|Lujp|ntj) о|шш1|шьь[ t 64 l|iuqdiul|bpii|nL|3jnLli (72.73%):
я-0шо|шт1|Ьр 4-|i d^ngnij libpL|iujiugliblip liiuLi, pb |iIjjli||iu|iIi t diuj)pi|iuô 2шпрп1^ иЬфш1|ш1| 1|шо||илш[|1 2whnl|aiuphpnl|ajiudp li hmpl|ujj|ntj 62qpui^ni| б2lлl|шô, Libpqpi|aiö l|iuu||iinuj|]i 2whnLpiuphpnL[ajiudp l|iuqdiul|hp-a|nl|ajnllilibp|i piulnul|iul|uili pai2funllíq:
hli^a|bu inhutimd blip, luju gni.gujti|i2lihp|i qhuiprnd Liu q|iinmpL|i|nq l|iuq-üail|bpa|nLfajnLLilibp|i Jbö duiuli aia|mhni|b[ t рил|ш1|ш1|ш£шф фпрр 2шит-paipbpnLfajriLli:
liju bpl|riL g mg ailloli bp |i ишйштьритпи! ainl|m t dbL| aij[ ИЬтшррррш-1|шь i|ji6iul|iuqpnL|3jnLli: ишиьшфршьцьи, |iljjii|bu mbulinul blip qôiuii|iuin-l)bp 4-rnd ььр1|Ш]шд1[ш& 1т[|Ш[1|ьр|1д, q|nniupl^nq d|i2m^jßbp|ig dbô dm-unid' 6 d|i2iul|iujp|ig 5-rnd, иЬфш1|шь 1|ши||п1лш[|1 li libpr|.pi|iuó 1|ши||илш[|1 2mhnL|ampbpnLtajmlj дтдшЬ^ЬЬр^ d^Li шп1|ш jbli dbó iniuppb-
pnLfajriLbbbp: um lj2mljml|nLd t, np iuju l|ujqijujl)bpLqnLfajnLtjbbpb rulibb libp-qpiui[i|iuó d|i2nglibp|i mjliii||iu|i 1|шпгид1[ш0р, npp ььшршфрп^ть ьпш-[|iu шо|шИп1|Ь[П1 $fitiiutiuiul|ujti [ÔLul-lh 1;фЬ1|1л:
^-duiujiuLnljbp 4 Tlbipuil/uili liuiubwlignipjuiiip pd2ljuil]uili Ifwqdiulibpuinipjniti-tibpfi [udpuii[npnLiiti' puip ubifiLul/Lub I/Luuiliipujifi li bbpqpiluid []LUUf[lipLU[[l 2UlhnipiUpbpnipjUjll
<iupl| t hwli tj2t<l, np $|iljiuliuiul|Luli [6wl|h t$bl|in|i dh2n9nLl L|wqduiL]bp-LL|nLf3jLuti qnp6nLbbnL|3-jnLljQ quinlinLd t Lunaii[bL n|nuL)UJj|nti, hbinliiupiup, hiu-u n lj pn lJ giulil|LugLu6 l|i n i[i n |u n Lpj n lIj LunLui[b[ Jb6 ^aiijinil t wqqnLd ^IiIjluIjuiu-1|luIj iupryni.lip|i i[piu: lijuliliplj, l|iupnq blip l|Luinaipb[ bpl|uil||i bqpwl|iugnL-pjni.li. liiufu' $|iIiluIiuluI|wIi n|iul||i uibuiulil|jnLli|ig qpail|Luli t, np luju LpxiqJLU-l|bpu|nLpjni.lilibpli nilibli $|"iliwliuwl|wli [6wl||i ifinpp t^bl|Ln, uuil|wjli luju limjli hlLlliqLUljwlipQ pLUgLUULuL|Lull t LnllLnbuLul|Lull LUpqjnLllLUL[bLnnLtajLull LnbuLulll|-jmli|ig, hiuLnl|LULL|bu, bpp pliliwpl|L|nLiI t lifi^nglibpli l[trpLupLU2|TJJluLi Lupqjm-llLUljbLnnLpjnLllQ Ll LUJLQbuipiLllipWjlinLpjnLllQ:
UjlinLLUiiblilujIi[il[, l|LuqdLul|bpLL|nLpjnLlilibp|i 2whnLpiupbpnLpjLuli L[bp[nL-SmpjnLljp J|ilujIj 2whnLpwpbpni.pjLuli qnp&uil||iglibp|i J^ngnij ^t, np |ipLul|iu-liujgijnLJ t: U.lihpLud"b2in t IjluLl hui2L|iupl|bi lujIiuj|iu|i gmgujlj^libp, npnbp l|b-piupbpmJ bti liiuli 2Luhnyp|i qblibpiugduilj Luqpjmp|ilj, lujIi f hiuunLjp|ili, npnijhbLnll. l|LUqjLUl|bpUjnLpjLUll 2UJhnLpLUpbpnLpjLUlj piupftp jLUl|LUpqLUl||l LuujLuhnL[JLuli hLuJujp LulihpLud"b2Ln, puijg nj piuijLupLup ujlujJluIi t piupftp Jlu-l|Lupqujl||i bl|LUJuiLupbpnLpjnLlip L|luJ, iuj[ l|bpLL| luuluS, iJb& &WL|LU|ji huiunLjp qnjLuglib[m nLliLul|nLpjnLliQ: lijq |iul| ll| lu ui6 lu nn w2fLiwLnLulip|i luju hLuuiL|iu-6mJ hujpl| blip hwiiiupniLl IiluLl LuliqpLuqLunliuj[ u|biniLil|wli iIuiuliLulignLpjwijp pd2l|Lul|Lull l|LUqijwl|bpiL|nLpjnLllllbp|'r ublflLuilLub L/LUiyfll[ILU[fl ll hbfir}llLllud IfUl-ujfiipLuifi 2P2UJhuinbiJinL[djLutj gnLguibfobbpfib: liju gmgiuli^libpii hui2L|iupl|-l|nLll bli hbuillJLU[ pLullLuSlibpnLC21
Ubi|iuil|uiti ljuiu|fiinui[fi 2P2uitiuinbLfinL|ajnLti=<uiunLjf»/Ubi|iuil|uiti l|uiiqfiuiui[ Lbpripijuid l|uju|[iuiuj[|i 2p2ll|tiwiibi|inLpjnLti=<wunLjp/(ubi|iwl|wti MullMhmujl + bpljuipuiduiJljbin iquipinuii|npnLf»jnLtitibp)
21 Sb'u Official page of ACCA Global, visited 17/08/20 11:18 PM,
https://www.accaglobal.com/vn/en/student/exam-support-resources/fundamentals-exams-study resources/f2/technical-articles/ratio-analysis.html:
я-пршрирг^га-зпкь ьо. аьгуьирчизьрпмэ-зпкь
SnLgmb|i2tibp|i hiu2L[iupl|diuli puiljiuäli.bp|ig t[ uipqbli iul|lihiujLn t, fab, puin luju дтдшЬ|п2ЬЬр|п ЬЬрг}рп1л1ЬЬр|1, jnLpiupiulijjnLp J|nml[np|nb nppiuli hui-unijp t ршсфЬ huiulmLd: Р1ии1|ш1лиршр, t¡lipLuqpt¡|Ji t, np npjmilj piupöp bli luju дт.дш1ф2^Ьрр, uijljpiuli ш1|т|и[ t l|Luqdiiil|hpLi|ni.pjni.linLd hiuunyp qnjiug-bЬ|_пL qnpÖQlipuigQ: Прп2 qhuiphpnui ИЬшршфпр t liiuL, np L|hpnr|.|iinLupl|jLUL gmguli|i2libpQ fh^bli ршдшиш1|шЬ dЬônL|ЭJnLbbЬp, щауйшЬшфпр^шд иЬфш-l|iuli 1|шо||ипш[|1 ршдшиш1|ш1| фЬЬци huliquiíulipnij: liju u|iupiuqxujnLij 2P2Lulmjnb[|nnLpjujli gmgujli|i2Q 1|шри1шдп[|п n^ pb ií|iiuL|np lihpqpiíiuliQ piudfili Qlil|linq huJunLjp|i úbánLpjnLliQ, ujj[, pb qnjuigiuô hiuunijpQ £iuli|i uiliqiuií 1|ш-pnq t ôujôl|b[ libpr|.pnLiJlibp|i ршдшиш1|шЬ uiujppbpnLpjnLliQ:
П-|ипшр1|1[пг\ 90 l|iuqdiul|bpu|ni.pjni.liljbp|ig tiiufuliiuniug шпшЬ0ЬшдЬЬЬр иЬфш1|ш1| LjLULÎ bbpqpi|iuô ^шифиниф ршдшиш1|шЬ 2P2LU^LuritiLhnLt3'JnL^ mljbgnqlibp|ili Ii mjb l|UjqJujl|bpii|nLpjnLlilibpp, прп1ф 2ШРРЬ r].|nniupL]diutj Р^-pujgpmJ iqbuiß t hbniugi|blj 2шрр|лд (2Lupj)|i diupprnd):
Guipp|ig duippdiuli t ЬЬрш1|ш d|iiujli Jbl| l|Luqdiul|hpu|ni.pjni.li («^Laiqaip-2iuii|ujin|i h|ii[ujljqujljng» ФРС), np|i qbaiprnJ иЬфш1|шЬ ^шифтшф 2Р2Ш~ Ii ш nb[|i n Lpj n lIi Q 1,711.81 t, |ili^Q ршдштрфтЛ t иЬфш1|шЬ 1|ша||пи1ш[|1 рил|ш-1|ш1|ш^шф ifinpp [|ilib[nL huiliquidiulipnLl; Sl[jujl griLgujb|n2h 1ту1фи1| ауи^шф dhô фЬЬци a|UjpujqujjnLiî lq l|iuqdiLil|hpiL|nLpjiuli ubi|iujl|ujli L| lu ll) |n un lu ф 2Ш_ hmpLupbpnLpjnLliQ ршдшиш1|ш1| lîbônLpjnLli t, fili^Q Ilu dhl| luliqiud lu ll| lu g n l-gmj t 2UJhnLpLUpbpnLpjLull ршрЙр lÎLUl|LUpqLul||l LULL|LuhnL|dLull hLUlÎLUUlbpU-LnnLlJ иЬфш1|ш1| L| LU ll| LH LU pLUpÖp 2P2LullLUnb[|inLpjLull LullhpLudb2U1, pLUjg n^ piuL|iupLup ll|lujlíluIj ^Ьцг
PliqhLulinLp lundiudp, q|iLniupl|L|nq l|iuqdiul|bpii|ni.pjni.liljhp|ig d|iiujli bp-LjnLub bb, np mlibli иЬфш1|шЬ ^шифтиф ршдшиш1|шЬ 2P2LuliLunbL|inLpjnLli, hbinliiupuip tiiuli ршдшиш1|шЬ иЬфш1|шЬ l|Luu||iLniu[, npnbg|ng Luniu^h^h qbiq^mJ иЬфш^шЬ LjLULLiliLpLU[/bpl]LupLudLuiSl]bLp щшрьршфрп^пШЬЬр hui-pLupbpLuLjgnL[3jnLÜ[i piugLupÖLul| Lupdbßnij dbô t 1~h9> dj n lu |n гфицэпиГ фпрр: lijq |iul| ищллбшппф d|i qhuipnLd libpqpL[Luö L) lu ll| |n un lu 2P2UJ^UJQ':iLhnLíaJnL" llQ ршдшиш1|ш1| LÍbánLpjnLll t (иЬфш1|ш1| l| LU LL| U1 LU [ + hpl|iupiuduiLÏl|hLn LL|LUpU1LUL[npnLpjnLllllbp < 0), |iul| djnOI qtïLqpnuf qpiul|lLlll (иЬфш1|ш1| l|LULL||l-U1LU[ + t¡pl|Lupiuduidl|hin u|iupLniuL|npnLpjnLlilihp >0): liju l|iuqdiLil|hpiL|nLpjnLli-libpQ liu qmpu blip pnqlimd QliqhLulimp huJiÎLul|LupqLuj|ili q|iLniupl|nLiílihp|ig:
LTb lu gj lu l 87 l|Luqduil|hpiL|nLpjnLlilihp|i qhuiprnd иЬфш1|шь l| lu ll| |n un lu [h 2P2LuliLunbL|inLpjLuli дтдш1ф2Р l|LuqJmJ t 3.53, |iul| libpqpijLuô 1|lull||i-
lnlufh 2P2LUtJLUrit'LhnLl3Jni-^JQ1 1-76: Uiu li2LuliLul|nLJ t, np <lujluuuiluIj|i Ciulipiu-LL|bLnnLpjnLlinLj qnpÔnq LL|bLTlLUL|Lub JlUUlllul|gnLpjlU Jp pC±2L|UjL|LUb l|LUqJlill|bp-ll|nLf3jnLbbbpq J|i2|ilinLJ j|iLui|np иЬфш1|ш1| l|LULL||iLnLU[|i hLU2i||ili qblibpLuglimJ bli 3.53 j|iLui|np hujumjp, |iul| libpqpijLuô L| lu ll) un lu [|n hiu2L|jiir 1.76 j|iLui|np hiuunLjp: liju bpLjm gmgLulj|i2libp|ig Lul|bhLujun t, np q|iinLupl|L|nq l|LuqJujl|bp-ll|nl[3jnLbbbpnllI ií|i2|itinlií иЬфш^шЬ LiLuuiliipuj[/bpLiujpLuduJiILibLp и/шрьрш^п-pnLßjriLtjtjbp hLUpiUpbpUjLignLpjnLb[l l|LUqiínLlí t 1 (иЬфш1|ш1| l| lu ll| |n ln lu [h hlu-pLupbpnLpjmliQ libpqpijLuô l|iuil||"iinlu|jili 0.5 t): liju gmgujli^q lai iîbl| LuliqiuiJ фшииптй t ф|п1|ш1|иш1|ш1| l&luI||i 1;фЫ)ип|п фпрр [|1ьь[т líluu|iIi:
Ил-фшЬтр umiíiuiíp, Г|_|тлшр1|4пг1 l|Luqiíiul|hpu|nL|3jnLtilihp|ig 86.21 %-|n qhuipnuj uhi|iiul|iuli l|iuu||iiniu|ji 2P2LuliuQb[|inLfajnLLiQ u|iuinl|iulmLií t 0-|ig 5 iî|i2ul|mjp|ili, |iuL| 95.45%-|i qhuipnui uijq d|n2UJMUJJPh^J t u|iuinl|UjtinLii tihp-qpiliuö 1|ши||илш[|1 2P2UJ^Luri':iLhnLíaJnL^D: lipn-jnLtiglihpli шпил|Ь[ hiutiquiiku-liui|]ig tihpl|iujiugi|ujô bli qöiuu|iuinl|hp 5-ni.ií:
ЪЬрГ|.р1|.ш0 1]ши]|шии[|1 ¿р^ш'йшпЬуни^ш'й /iJfi£UjL|Ujjjífitj ициш^ш'йпц l|iiiqJujL|bpLnnLpjnLlilibp|i jjni'(inil|[i ¡ú|]£iul]mj|j|i ú|i£|i'(i ¿ 11 gl li'( n lj nh [| 11 и fa^j i u'C i □ j
[0;ii_
иьфш1|ш1| l|lUU|flU1UJlfl 2Г1 UJП.ЬJnnLpJnLtl :'lIfl£Ujl|UJJ5flll щшш^ш'ипц l|UjqJiiil|bpLnnLpjnLlilibp|n jjni'dnilji] (iIfi^L|iujEh ü|ig|i(i 2Г1 шLhnLnL"U□ J/
[0:1)
Ч-0шщшш1|Ьр 5. Tlbipuiljuib diuubuiljgnipjiuiíp р&2^ш1)шЬ Ijuiqdiuljhpiijnipjnib-
bbpft pui2fui¡uiáni[9jni.bb'puip bbpr¡.pi¡u/á b ubifiuil/uib Цшщ/иршф 2р$шЬшпЬфтр]шЬ
9-ôiua|iuinl|bp 5-rud libpl|iujiugi|iuô ini|jiu|tjbpQ фшиипгил! bb, np l|iuu||> ипшф гпЗшЬшпЬфгиигиЬц, « u|hiniul|iuli iíiuulnul|gnL[ajiuiíp рс±2Цш1)шЪ l|iuq-iíiul|hpu|nL|3jnLtitibpnLií, рил|ш1|ш1|ш£шф фпрр t: Giuin |эи[п4 l|iuqiíiul|hp-iqnLpjnLtitibp bli, np илцшИпфпи! bli libpqpijuö l|iuu||niniu|ji 2-|ig dhô 2Р2Ш^Ш~ nh|jinL|3jnLti, iuju|ili{)tr 1 d|iiui|np tihpr|.pi|iuô 1|ши||илш[р q|iinujpl|i|nq l|iuqdiu-l|hpu|nL|3jriLlilihpnLd h|idtiujl|iutinLd lirujtj|iul| ф iuu|iuhni|nLd |ip l|pl|tiiul||"i|i
я-ппшпипг^га-зпкь ьо. аьгуытчизьппмэ-зпкь
фги[ Ишипур: liju u|iupiuqiujnLd, hiu2i|ji шпЬЬ|ги[ pd2l|iuL|Luli l|iuqdiul|bpii|nL-fajn Ltjtitîp|n 2Ш h n Lj |э|п linpdiuj|i 2win фпрр [h^bim hiuliqxu diulipp, iul|lihiujin t r|.mntinLJ, np 1|шо||илш[|1 2LUhnL|aiupbpriL|3jiuti linpdiuj|i giuôp Jiul|iupr|.iul|Q u|ujjdiuliiui|npi|iuô t hblig 2Р2шЬшпЬ[|пп1[Э]ш1| qmtiqiuqbgdiutj hbin:
bqpiul|ujgru|3jrutitibp Clir|.hiutjnLp lundiudp, ш11фпфЬ|П1[ u|biniul|iutj diuuliiul|gnL[ajiudp pd2l|iul|ujti l^iuqdiul|hpii|nL|3jnLlilihp|i 2UJhnLpiuphpnL|3jiuli u[bp[nLÔnL[djnlLiQ, l|iupnq Ыф 1|Ш1ЛшрЬ[ hhinlijiuL hqpiuhiuliqnLdlihpQ.
<ш2ф iuntih|ni( u|t¡innL[3jiuti qbpQ u|t¡iniul|iuli diuutiiuligrufajiudp р<^21|ш1|ш1| Цшс^йшЦЬрьцт^гнЬЬЬрт^ luniugfili hbpfa|ili u|binru[ajnLliQ u|hinf> t |прш1|ш1|шд1||1 шапг|2ша|шИш1|ш1| hiudiul|iupq|i qnpörutihnLfajiuli шйфпф qllшhшlлnLlJ, dfnuduidiutiiuli uiuhdiulih|nil |прш1|ш1|шдф"1Г[ öpiuqphp|i ru а|Ь-тш1|шЬ pjnL2b|ig nLqqi[nrl ФЬ^ш1шш1|шЬ d|i2nglibp|i iupryni.liiui|bin oqiniu-qnpôdiuli piupöp L|iuiniupnr]iul|iulilibp|i iuu|iuhni|diutj hpiudiujiuL|iuli: LT^ng-libp|i iupqjnLtjiui|bin oqiniuqnpôdiuli шЬИршсй^ьпги^гиЬр u|binj) t i|bpLuhuL|i|Ji d2iniuq|'iu'iiupL|diutj ul|qprulif)tjbp|i hiudiuäiujtj: 'ЛЬтыЩшЬ diuuliiuL|gnL|3jiuli рс^21|ш1|ш1| l^qdiul|bpii|nL|ajnLtjtjbp|'r iupryrutjiui|bin qnpôrutjbni.|3jnLtj ôiui|iu[b-[nL mtihpmd"b2LnriLfajnLljQ Ii hbinLinr|iul|iuli L[bpLuhul|nqnLtajnLliQ u|binj) t Lh^li шапг12ша|шИги[Э]ш1| n|npin|i iuqqiuj|iti prnqiupiuliiulmLpjiuti l|htiinpnlinLd:
riLunLiîLimu|ipnLfajnLLiLibp|i ru i[hp|nLÖnL[ajnLlilihp|i i|hp2liujl|ujli шр-qjrnLipLibp|i oqiniul|iupnL|3jiuti, |ipiul|UjtinL|3jUjti Ылиршфпр^Ьи [ЭшфшЬд|11| шр1лша|ш1л1|ьрйш1| nL hqpiuhiuliqnLiílihp|i updmtjmhmi|iuinnL[ajiuli илцшИпф-diuli Lnbuulil|jnLli|ig, u|hinnL|3jnLtiQ o|buip t |xifaLuLi|n р<^21|ш1|ш1| l|iuqiíiul|hp-ixinLfajnLtitibpriLLÎ uii4ju[libp|i iuiuui|t¡L [|impdbß hiui|iu{)iuqpnLdti ru tihpl|iujiu-gmdp:
3. ТфтшрЩпг^ LjmqLÍml|bpLL|nLtajnLtitjbpQ L|iupt¡|ji t piuduibbi bpLjnl |xiJpln' giuôp, piujg г|.рш1|шЬ ф|л1ли1ш1и1|шЬ lupryrulig iuu|iuhni|iuô, l|iuqdiu-L|bpLqnL|3-jnLlilibp|i QbqhiulmLp j)iuliiuL|ni.d Jbô 1пЬиш1|шршр l^h1"1 rutibgnq LjmqLÍml|bpLLjnLtajnLtiLibp Ii piugiupÖiuL| iupdt¡pni[ piupöp ршдшиш1|шЬ ф|л1лиЬ-иш1|шЬ lupryrulip iuii|iuhni|iuô, L|LuqJmL)bpLL|nLfajnLtjtjbp|n ptjqhiulmLp ршЬш-L)nllï фпрр тЬиш1|шршр l|2hq nLlibgnq l|iuqdiul|hpii|nL[ajnLlilihp: <hinluuii|t¡u, lujq l|uqiîul|bpLi|nLfajnLLiLibp|i hiulipiuqnLiiiupiuj|"ili ф|п1|ш1|иш1|ш1| шргутЬд[] Ólnui|npnLd t i|tiiuu:
4mqiJmL|bpLi|nLtajnLliLibpQ dhöiui( diuuiudp rubbb 2Luhni.pujphpnL[3jiuli giuôp gruguli^Libp (иш i|hpiupt¡pnLd t |ili£ii|hu qnixn 2whru[aiupt¡pnL[ajiuliQ, iujtiu|hu t[ iul|in[ii|libp[i, иЬфш1|шЬ l|iuu||iiniu|ji Li Libpqpijmö l|iuu||iiniu|]i 2Ш_ hru|aiupbpnL|ajiutj дгидшЬ^ЬЬр^Ь), nj ршдшиш1|шЬ, n^ t[ r|.piuL|iuli uip-qjmbp t:
^Ьтш^шЬ Jiuuliiul|gnL|ajiudp р^^ш^шЬ L|iuqdiuL|hpii|ni.|3jni.lilibpp ^bb iuii|iuhr^ni.d bbpqpuL[L[mó иЬфш1|шЬ Li фп^ишпт J|i2nglibp|i ш]1и1||пи|1 2Р2шЬшпЬ[|1П1|з-]П1Ь, np|i J^ngnij ИЬшршфпр L|[|ili|i qbtibpujgbbL hmunLjp, npp п[пр1л|пЬ plinpn2 2шМп1|эшрЬрп1|з-]ш1| дш&р hm2L[h^ ^шьцшИпф
libpqpriLLÍlibp|i lîbô 2LuhnLpaipbpnLfajnLli, |iLi^q ßliliaipL|L[nq fabiiujj|n шашЬдрш-j|ili piuqiur|.p|i£tihp|ig f o|mjiJmLiaiL[npi|mô а|Ьтш1|ш1| ií|i2ngLibp|i htiiupiui(n-p|iliu mp^jinliaiilbui oqinwqnpôiJmLi ailihpmdb2LnnLfajmiîp:
Пфтшр^фпг^ L|aiqiîaiL|bpLi|nLfajnLLiljbpQ ÖUmi|npb[ bli libpqpnnîlibp|n iujtiu||iu|i фшрЬ[Э, npQ hlimpaii|np|iliu Q|iul|iuj|"ili t, U np|i aipqjriLlißnLLi
l^aiqiJiul|hpii|nLpjnLlilihp|i 2LuhnLpiuphpnLpjnLliQ рил|ш1|ш1|ш£шф фпрр t: LT|nLl-liriLjli duiikutiujl|, hiupl| t li2bb nP ^wqijiwl|hpii|nLpjnLlilihpQ, npnlip qpiuli-gh[ bli ф|п1|ш1|иш1|ш1| ршдшиш1|ш1| lupqirulip, bli Qlil|linLií hblig lihp-
qpnLiilibp|i n|iul|iuj|"ili фшрЬрпф lipqjnLlipnLiJ, uijli l^mqiíiul|hpu|nLpjnLlilihpQ, npnlip qlimgb[ bli n[iul][i' tia|iuiniul| nLtihliiu[ni[ ша|шИги|Ь[ ф|-|1|ш1|иш1|ш1| |öiu-l||i qpiul|ujlj 1тфЬЬ)т, uinmgb[ bb пш^шпш^р' piugiuuiul|iuli 2whnLpiupbpnL-pjni.li, |iuL| djmulibplj tL hnbbg nj n|nuL|Luj|ntj bbpqprudiujl'itj фшрЬрт[ iuu|iu-hni|b[ bli giuôp 2whnLpiupbpnLpjni.lj:
Прп2 L|mqiJmL|bpLL|nLf3jriLljljbp|n L|nqJ|ig libpl|iujiugi|iuó ф|п1|ш1шш1|шЬ grugmlj^libpp hiupgiul|iuli|i тш1| bb qbrud iujq L|mqiJml|bpLqnLfajnLbbbp|n hiu2-i[buii|nqiul|iuljni.pjiuli hiudiul|iupq|i шрдгиЬшЬьиЦшттр^Ьр, фшитпи! bli lihpl|iujiugi|ujô, uiul|iujli qnpöliiul|iulinuj hiuliq|iu|hLnL giuôp hiui|iuliujl|iu-lirupjujilp gm.giuli|i2lihpQ:
UpiymbpriLd, 2UJhnL[àujpb[inLpjLub LfibuLutjLijnLtjfig rifiifiuipL/duib щшрш-quijnul, ш^Ьшпт np lybipuiL/Lub duiubuiLignLpjLudp р&21/ш1^шЬ L¡LuqduiLibp-uinLpjnLlibbpfi ф/пЬшЬишщЬи uiprynihuiilbip LU2fvuiipnri hujiJLutjUjpq, npu/bu uijr¡.uiliulib, lybnliu ¿/7 ¿Ьшь[прф[: U"|iiuduiiíiuliiul|, inhuiulih|]i t, np q|iiniupl|-i[nq l|шqJшl|bpLl|nLpJnLlJlJbpQ, ф|л1|ш1шш1|шЬ l|iuniui|iupdiulj mbuiulil|jni.li|ig, äquinul bli iuniui|b|iuqni.jliu nj ri|nuL)Luj|nb l|iuniui[iupdujlj, np|i huiniul| grug^tj t Llbp2hWibphu giuôp 2whnLp1upbpn1.pjn1.liQ: 4iuniui|iupdujlj ьщиифцф hiudiu-l|iupqp l|iupnq t п[прт|п l|bljuiuqnpôni.libni.pjiuli hiudiup iupryni.liuji|bin J|i2n9 hiudiupi|bL, bpb l|iuqdiul|bpii|nLpjnLljQ |ubq|npbbp ^ruljbliiu ф|л1|шЬиш1|ш1| 1|ш-jmlinLpjiuli iuu|iuhni|dujlj JjriLU nLqqnLfajnLbbbpnliju iudblini[ hiuljqbpä, iup-Öujliujqpbliß, np 1|ш opjbl|ui[n[ uilihpiud^umLpjnLlT uinhqöh|nL ií|i hiuiíiul|iupq, npQ ÖliuJi|npb[nL qbpfuliq|ipli |ip mubp|nb u|binp t фрд1ф чЬтт^пЛ^' nilih-liiu|ni( u|binuil|ujli LÍ|i2nglibp|i iupqjruliuji|hin oqiniuqnpôiiiuli hpiuiíiujiul|ujlili nL Ú2uiujq|iLnujpl|nLiJ |ipujl|Ujliujglib[nL |ôiul|lihpQ: ^buiriLpjujli dfi^LU JinnLfajmbb |ip |iul| iiiuuliiul|gnLpjiuijp pd2l|ujl|ujli l|iuqiiiul|hpu|nLpjnLlilihp|i l|uiiuui|iupiïuj-liQ li ф|п1|ш1|иш1|ш1| oipqjriLliuJi|binnLpjujli piupâpiugiiiuliQ ii|iun|iuö qnpônqm-pjrnlilibp|ilj, l|ujpnq t ujIjJ|i2ujI|ujIi iuqrj.bgni.pjni.li nLbbbш[ i[bp2|iljljbp|iu gru-gujlj|i2ujj|ili plirnpujqp|i^ljbp|i i[piu: M_bpnpbpjiu[ qnpônqni.pjni.lilibp|i hiudiu|]ip |ipujl|UjljujgnLJp 1|рьир0ршд1ф u|bmiul|iuli J|i2nglibp|i oqiniuqnpôdiulj шpqjnl-llUJL[bLППLpJПLlJQ, hiu2ilh шпЬЬцпф pliujl|ujliujpujp, bbpqpnLdbbpiuj[[iliinpiuli-ßUJjlinLpjrnlip II ÔlUniUjnLpjnLljljbp|l h UJ UUjb Ь[|п П L[3JUjb uill|iuhni|dujlj LUllhpiU-d"b2un n Ljaj n Lb q : 1j2Jiu[ bpl|ru qшqшфшpllbpp iqbrnp t qnLqnpqilbli1 luniulig qpiulig|ig nplit Jbl||i qhpiul|iujnLpjiuli ul|qpni.lip[i:
q-nnoununnhra-anKb bo. abn-LUPmishPriKra-anKb
Oquiuiqnp6i[iu6 qpuil|uitinLpjnLti
1. ^nbinpnujLub LL. L., M.|n6wL|wq.pnLpjLuti Qtir|.hwbnLp inbunLpjnLb, bp. 2008, 299 I72:
2. Sbp-9-p|iq.npjwtj U., UnnrjgiuujwhnLpjwti hwdwL|wpc|Ji ^filiwliuw-i[npriLÜQ <Lujwuinuiti|i <wbpLuu|binnLpjnLbnuI, bp., 2001, 93 t2:
3. Sbp-9-pliq.npjwtj LL., PnLctoq.tjnLpjiutj L|LuqdLuL|bpii|iiLuti U $|itiiuti-uiiiijnp Jiuti duidwliwL|wL||ig Jnri_b[tibp|n L||npujrinijQ <iujwuinwli|i <iutipiuu|binnLpjnLbnLd, nlu. ÖbnliLupl), bp., 2004,120 tg:
4. Piur|.Lutijwtj L-, LLpq.iupjiulj H., 2uiin|itijwtj 9-., UiupLnujiutj LI. U mp^libp, ibfiliiuliulibp, rj.pwdw2P2wtiwnnLpjnLtj Ll u|ujpLj, bp., 2010, 586 t2:
5. «« pjnLgbmujjInti hwdiuL|wpq.|i duiu|itj» « opbtjp' ptjr|.nLtii|lu&
6. « ^wniuijujpnLpjwti 26.12.2013 p. binnLpjluIi L|nr|dfig bpai2-fLiiui|npi[w& iutii[6iup Ii lupinnljjiUL ii|Lujdwtjtjbpni[ p<±2LlLUL|luIi oglinipjaili Ll uu|iuuwpL|dwti ÜLUufnti» N 1515-L npn2niü:
7. 9-wiuinjoili LT., 3bnliiupL|nLpjiuli ^[ilioiliulibp, bp., 2003, 148 t2:
8. Garry J. Schinasi, Defining Financial Stability, IMF Working Paper, International Capital Market Department, October 2004,18 p.
9. Vernimmen P., Quiry P., Dallochio M., Fur Y.L., Salvi A., Corporate Finance: Theory and Practice, Fourth edition, Cornwall, UK, 2014, 1000 p.
10. Copeland R., Jacobs P., Cost of Capital, Target Rate of Return, and Investment Decision Making, Health Service Research v. 16(3), Fall 1981, 7 p.
11. Richard F. Wacht, A Capital Budget Planning Model for Nonprofit Hospital, Inquiry Vol. 15, No. 3 (September 1978), 12 p.
12. Richard A. Brealey, Stewart C. Myers, Alan J. Marcus, Fundamentals of Corporate Finance, Third Edition, Phoenix, US, 2001, 639 p.
13. Herold T., Financial Terms Dictionary, Fairfax, US, 2014, 354 p.
14. Cleverley W.O., Profitability Analysis in The Hospital Industry, Hospital Research and Educational Trust, Health Service Research, Spring 1978,12 p.
15. Official page of ACCA Global, https://www.accaglobal.com
16. Official page of Corporate Finance institute /CFI/, https://corporatefinanceinstitute.com
АМАЗАСП ГАЛСТЯН
Иследователь исследовательского центра "Амберд" АГЭУ,
кандидат экономических наук
ГАГИК БАДАДЯН
Магистрант кафедры управления АГЭУ
САСУН СААКЯН
Магистрант кафедры управления АГЭУ
Анализ рентабельности медицинских организаций РА с государственным участием в контексте финансовой стабильности.- Финансовая устойчивость и эффективность любой организации - очень важные показатели, характеризующие эффективность деятельности организации. Медицинские организации не являются исключением, особенно когда речь идет о медицинских организациях с государственным участием. В данном случае с точки зрения повышения эффективности управления медицинских организациий с государственным участием, оценка финансовой эффективности и анализ финансово-экономического состояния не только важны, но и необходимы в связи с эффективным перераспределением общественных средств.
Важнейшей характеристикой оценки финансовой эффективности является изучение рентабельности организации. Поэтому в статье предпринята попытка провести анализ рентабельности медицинских организаций с государственным участием Республики Армения в контексте финансовой стабильности. На основании проведенного анализа авторы также выдвигают некоторые выводы и рекомендации по совершенствованию сферы.
Ключевые слова: медицинская организация, государственное участие, финансовая устойчивость, анализ рентабельности, финансовая эффективность.
Н42, Н53, ¡49
q-nnoununnhra-anKb bo. abrvbunmishnnKra-anKb
HAMAZASP GALSTYAN
Researcher at "Amberd" Research Center ofASUE,
PhD in Economics
GAG IK BADADYAN
MA Student at the Chair of Management at ASUE
SASUN SAHAKYAN
MA Student at the Chair of Management at ASUE
Profitability Análisis of State-owned Medical Organizations of the RA in the Context of Financial Stability. -
Financial stability and efficiency of any organization are very important indicators characterizing the efficiency of the operations of the organization. Medical organizations are no exception, especially when it comes to state-owned medical organizations. In this case, to increase the management efficiency of state-owned medical organizations, the assessment of financial efficiency and the analysis of the financial situation of those organizations are not only important, but also very necessary due to the need of the effective redistribution of public funds.
The most important characteristic of the assessment of financial efficiency is the study of organization's profitability. That is why in the paper an attempt has been made to carry out the analysis of the profitability of the state-owned medical organizations of the RA in the Context of Financial Stability. Based on the conducted analysis, the authors also put forward some conclusions and recommendations for the improvement of the field.
Key words: medical organization, state participation, financial stability, profitability analysis, financial efficiency. JEL: H42, H53, J49
