{"id":6091,"date":"2020-05-12T15:39:17","date_gmt":"2020-05-12T08:39:17","guid":{"rendered":"https:\/\/bacdau.vn\/?post_type=kb&p=6091"},"modified":"2020-05-12T15:53:21","modified_gmt":"2020-05-12T08:53:21","slug":"ebitda-la-gi","status":"publish","type":"kb","link":"https:\/\/bacdau.vn\/kb\/ebitda-la-gi\/","title":{"rendered":"Ebitda l\u00e0 g\u00ec? S\u1ef1 th\u1eadt v\u1ec1 ch\u1ec9 s\u1ed1 EBITDA trong \u0111\u1ea7u t\u01b0 t\u00e0i ch\u00ednh 2020"},"content":{"rendered":"

\u0110\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c nh\u1eefng \u0111\u00e1nh gi\u00e1 c\u01a1 b\u1ea3n v\u1ec1 t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh v\u00e0 gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng t\u1eadp trung theo d\u00f5i c\u00e1c ch\u1ec9 s\u1ed1 b\u00e1o c\u00e1o t\u00e0i ch\u00ednh. M\u1ed9t trong nh\u1eefng s\u1ed1 li\u1ec7u m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 hay d\u00f9ng l\u00e0 EBITDA. Tuy nhi\u00ean, Warren Buffet l\u00e0 ng\u01b0\u1eddi n\u1ed5i ti\u1ebfng kh\u00f4ng th\u00edch d\u00f9ng nh\u1eefng d\u1eef li\u1ec7u li\u00ean quan t\u1edbi EBITDA, v\u00ec sao l\u1ea1i nh\u01b0 v\u1eady?\u00a0 C\u00f9ng bacdau.vn t\u00ecm hi\u1ec3u v\u1ec1 EBITDA<\/a> <\/strong>v\u00e0 c\u00e1c r\u1ee7i ro t\u00ecm \u1ea9n trong b\u00e0i vi\u1ebft d\u01b0\u1edbi \u0111\u00e2y.<\/p>\n

Kh\u00e1i ni\u1ec7m v\u1ec1 ch\u1ec9 s\u1ed1 EBITDA<\/h2>\n
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\"Ebitda
Ebitda l\u00e0 m\u1ed9t chu\u1ed7i nh\u1eefng ph\u01b0\u01a1ng ph\u00e1p k\u1ebf to\u00e1n t\u1ed5ng h\u1ee3p v\u00f4 c\u00f9ng … ph\u1ee9c t\u1ea1p<\/figcaption><\/figure><\/dt>\n<\/dl>\n<\/div>\n

EBITDA <\/strong>l\u00e0 vi\u1ebft t\u1eaft c\u1ee7a c\u1ee5 t\u1eeb ti\u1ebfng Anh: Earnings before interest, Taxes, Depreciation and Amortization. <\/strong>N\u00f3\u00a0 l\u00e0 m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p k\u1ebf to\u00e1n g\u1ecdi l\u00e0 thu nh\u1eadp tr\u01b0\u1edbc thu\u1ebf, tr\u1ea3 l\u00e3i v\u00e0 kh\u1ea5u hao.<\/strong> \u00a0EBITDA l\u00e0 bi\u1ec3u hi\u1ec7n cho l\u1ee3i nhu\u1eadn ho\u1ea1t \u0111\u1ed9ng hi\u1ec7n t\u1ea1i c\u1ee7a c\u00f4ng ty \u2013 t\u1ef7 su\u1ea5t sinh l\u1ee3i. \u0110\u01b0\u1ee3c t\u00ednh b\u1eb1ng thu nh\u1eadp tr\u1eeb c\u00e1c chi ph\u00ed, nh\u01b0ng ch\u01b0a tr\u1eeb ti\u1ec1n l\u00e3i, thu\u1ebf v\u00e0 kh\u1ea5u hao.<\/p>\n

Ch\u1ec9 s\u1ed1 BITDA cho bi\u1ebft c\u00f4ng ty t\u1ea1o ra bao nhi\u00eau l\u1ee3i nhu\u1eadn v\u1edbi t\u00e0i s\u1ea3n hi\u1ec7n t\u1ea1i v\u00e0 ho\u1ea1t \u0111\u1ed9ng c\u1ee7a n\u00f3 tr\u00ean s\u1ea3n ph\u1ea9m m\u00e0 n\u00f3 s\u1ea3n xu\u1ea5t v\u00e0 b\u00e1n ra, c\u0169ng nh\u01b0 d\u00f9ng l\u00e0m \u0111\u1ea1i di\u1ec7n cho cho d\u00f2ng ti\u1ec1n. M\u1eb7c d\u00f9 th\u01b0\u1eddng \u0111\u01b0\u1ee3c xu\u1ea5t hi\u1ec7n tr\u00ean b\u00e1o c\u00e1o thu nh\u1eadp, n\u00f3 kh\u00f4ng \u0111\u01b0\u1ee3c xem l\u00e0 m\u1ed9t ph\u1ea7n c\u1ee7a Nguy\u00ean t\u1eafc k\u1ebf to\u00e1n \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn chung (GAAP) c\u1ee7a SEC.<\/p>\n

\"Ebitda
Ebitda l\u00e0 g\u00ec? Earnings before interest, Taxes, Depreciation and Amortization <\/strong><\/figcaption><\/figure>\n

L\u1ee3i nhu\u1eadn – Interest<\/h3>\n

L\u00e3i su\u1ea5t kh\u00f4ng \u0111\u01b0\u1ee3c t\u00ednh v\u00e0o EBITDA, v\u00ec n\u00f3 ph\u1ee5 thu\u1ed9c v\u00e0o c\u1ea5u tr\u00fac t\u00e0i ch\u00ednh c\u1ee7a m\u1ed9t c\u00f4ng ty. N\u00f3 xu\u1ea5t ph\u00e1t t\u1eeb s\u1ed1 ti\u1ec1n \u0111\u00e3 vay cho c\u00e1c ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ee7a m\u00ecnh.<\/p>\n

C\u00e1c c\u00f4ng ty kh\u00e1c nhau c\u00f3 c\u1ea5u tr\u00fac v\u1ed1n kh\u00e1c nhau, d\u1eabn \u0111\u1ebfn chi ph\u00ed l\u00e3i vay kh\u00e1c nhau. Do \u0111\u00f3, vi\u1ec7c so s\u00e1nh hi\u1ec7u su\u1ea5t t\u01b0\u01a1ng \u0111\u1ed1i c\u1ee7a c\u00e1c c\u00f4ng ty s\u1ebd d\u1ec5 d\u00e0ng h\u01a1n b\u1eb1ng c\u00e1ch th\u00eam l\u00e3i tr\u1edf l\u1ea1i v\u00e0 b\u1ecf qua t\u00e1c \u0111\u1ed9ng c\u1ee7a c\u1ea5u tr\u00fac v\u1ed1n \u0111\u1ed1i v\u1edbi doanh nghi\u1ec7p.<\/p>\n

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L\u01b0u \u00fd r\u1eb1ng c\u00e1c kho\u1ea3n thanh to\u00e1n l\u00e3i \u0111\u01b0\u1ee3c kh\u1ea5u tr\u1eeb thu\u1ebf, c\u00f3 ngh\u0129a l\u00e0 c\u00e1c c\u00f4ng ty c\u00f3 th\u1ec3 t\u1eadn d\u1ee5ng l\u1ee3i \u00edch n\u00e0y trong c\u00e1i \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 l\u00e1 ch\u1eafn thu\u1ebf doanh nghi\u1ec7p.<\/em><\/p>\n

Thu\u1ebf – Tax<\/h3>\n

Thu\u1ebf kh\u00e1c nhau v\u00e0 ph\u1ee5 thu\u1ed9c v\u00e0o khu v\u1ef1c m\u00e0 doanh nghi\u1ec7p \u0111ang ho\u1ea1t \u0111\u1ed9ng. Thu\u1ebf l\u00e0 chi ph\u00ed c\u1ee7a m\u1ed9t doanh nghi\u1ec7p ph\u1ea3i tr\u1ea3 cho ch\u00ednh ph\u1ee7 trong ph\u1ea1m vi quy\u1ec1n h\u1ea1n c\u1ee7a c\u00f4ng ty.<\/p>\n

\"Thu
Thu nh\u1eadp bao nhi\u00eau ph\u1ea3i \u0111\u00f3ng thu\u1ebf TNCN?<\/figcaption><\/figure>\n

C\u00e1c kho\u1ea3n kh\u1ea5u hao<\/h3>\n

Chi ph\u00ed kh\u1ea5u hao ph\u1ee5 thu\u1ed9c v\u00e0o c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 m\u00e0 c\u00f4ng ty \u0111\u00e3 th\u1ef1c hi\u1ec7n v\u00e0 kh\u00f4ng ph\u1ee5 thu\u1ed9c v\u00e0o hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng hi\u1ec7n t\u1ea1i c\u1ee7a doanh nghi\u1ec7p.<\/p>\n

C\u00e1c c\u00f4ng ty \u0111\u1ea7u t\u01b0 v\u00e0o t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh nh\u01b0 v\u0103n ph\u00f2ng ho\u1eb7c xe b\u1ecb m\u1ea5t gi\u00e1 tr\u1ecb do hao m\u00f2n. Chi ph\u00ed kh\u1ea5u hao d\u1ef1a tr\u00ean m\u1ed9t ph\u1ea7n t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh h\u1eefu h\u00ecnh c\u1ee7a c\u00f4ng ty \u0111ang x\u1ea5u \u0111i.<\/p>\n

Chi ph\u00ed kh\u1ea5u hao ph\u00e1t sinh n\u1ebfu t\u00e0i s\u1ea3n v\u00f4 h\u00ecnh. C\u00e1c t\u00e0i s\u1ea3n v\u00f4 h\u00ecnh nh\u01b0 b\u1eb1ng s\u00e1ng ch\u1ebf \u0111\u01b0\u1ee3c kh\u1ea5u hao v\u00ec ch\u00fang c\u00f3 th\u1eddi gian h\u1eefu d\u1ee5ng h\u1ea1n ch\u1ebf (b\u1ea3o v\u1ec7 c\u1ea1nh tranh) tr\u01b0\u1edbc khi h\u1ebft h\u1ea1n.<\/p>\n

\"Asset<\/p>\n

Chi ph\u00ed kh\u1ea5u hao b\u1ecb \u1ea3nh h\u01b0\u1edfng n\u1eb7ng n\u1ec1 b\u1edfi c\u00e1c gi\u1ea3 \u0111\u1ecbnh li\u00ean quan \u0111\u1ebfn \u0111\u1eddi s\u1ed1ng kinh t\u1ebf h\u1eefu \u00edch. B\u1edfi v\u00ec \u0111i\u1ec1u n\u00e0y, c\u00e1c nh\u00e0 ph\u00e2n t\u00edch c\u00f3 th\u1ec3 th\u1ea5y r\u1eb1ng \u201cthu nh\u1eadp ho\u1ea1t \u0111\u1ed9ng\u201d kh\u00e1c v\u1edbi nh\u1eefng c\u00f4 s\u1ed1 th\u1ec3 hi\u1ec7n, v\u00e0 do \u0111\u00f3, chi ph\u00ed kh\u1ea5u hao \u0111\u01b0\u1ee3c xem x\u00e9t t\u1eeb t\u00ednh to\u00e1n EBITDA.<\/p>\n

Chi ph\u00ed kh\u1ea5u hao c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u1eb7t trong b\u00e1o c\u00e1o l\u01b0u chuy\u1ec3n ti\u1ec1n t\u1ec7 c\u1ee7a c\u00f4ng ty d\u01b0\u1edbi ph\u1ea7n ti\u1ec1n m\u1eb7t t\u1eeb ho\u1ea1t \u0111\u1ed9ng \u0111i\u1ec1u h\u00e0nh. V\u00ec kh\u1ea5u hao l\u00e0 chi ph\u00ed kh\u00f4ng d\u00f9ng ti\u1ec1n m\u1eb7t, n\u00ean n\u00f3 \u0111\u01b0\u1ee3c c\u1ed9ng l\u1ea1i tr\u00ean b\u00e1o c\u00e1o l\u01b0u chuy\u1ec3n ti\u1ec1n t\u1ec7.<\/p>\n

EBIT l\u00e0 g\u00ec?<\/h3>\n

EBIT (earnings before interest and taxes) – \u0111\u01b0\u1ee3c hi\u1ec3u l\u00e0 thu nh\u1eadp tr\u01b0\u1edbc l\u00e3i vay v\u00e0 thu\u1ebf. N\u00f3 l\u00e0 m\u1ed9t ch\u1ec9 ti\u00eau d\u00f9ng \u0111\u1ec3 \u0111o l\u01b0\u1eddng kh\u1ea3 n\u0103ng thu l\u1ee3i nhu\u1eadn c\u1ee7a c\u00f4ng ty. D(\u01b0\u1ee3c t\u00ednh b\u1eb1ng thu nh\u1eadp tr\u1eeb \u0111i c\u00e1c chi ph\u00ed, nh\u01b0ng ch\u01b0a tr\u1eeb ti\u1ec1n l\u00e3i v\u00e0 thu\u1ebf thu nh\u1eadp. EBIT \u0111\u01b0\u1ee3c hi\u1ec3u nh\u01b0 “kho\u1ea3n ki\u1ebfm \u0111\u01b0\u1ee3c t\u1eeb ho\u1ea1t \u0111\u1ed9ng”, “l\u1ee3i nhu\u1eadn t\u1eeb ho\u1ea1t \u0111\u1ed9ng” hay “thu nh\u1eadp t\u1eeb ho\u1ea1t \u0111\u1ed9ng”.<\/p>\n

C\u00e1ch t\u00ednh EBITDA trong b\u00e1o c\u00e1o t\u00e0i ch\u00ednh<\/h2>\n
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\"C\u00e1ch
C\u00e1ch t\u00ednh Ebitda trong b\u00e1o c\u00e1o t\u00e0i ch\u00ednh<\/figcaption><\/figure><\/dt>\n<\/dl>\n<\/div>\n

\u0110\u1ec3 t\u00ednh EBITDA, h\u00e3y b\u1eaft \u0111\u1ea7u b\u1eb1ng c\u00e1ch xem x\u00e9t b\u00e1o c\u00e1o thu nh\u1eadp c\u1ee7a c\u00f4ng ty.<\/p>\n

EBITDA = EBIT + Kh\u1ea5u hao<\/strong><\/span><\/p>\n

\u0110\u1ec3 t\u00ednh EBITDA, ch\u00fang t\u00f4i t\u00ecm c\u00e1c chi ti\u1ebft \u0111\u01a1n h\u00e0ng cho Thu nh\u1eadp ho\u1ea1t \u0111\u1ed9ng ho\u1eb7c EBT (350.000 \u0111\u00f4 la), Chi ph\u00ed l\u00e3i vay (50.000 \u0111\u00f4 la), Kh\u1ea5u hao (75.000 \u0111\u00f4 la) v\u00e0 Kh\u1ea5u hao (25.000 \u0111\u00f4 la) v\u00e0 sau \u0111\u00f3 s\u1eed d\u1ee5ng c\u00f4ng th\u1ee9c tr\u00ean:<\/p>\n

EBITDA = $ 350.000 + $ 50.000 + $ 75.000 + $ 25.000 = $ 500,000<\/p>\n

Trong v\u00ed d\u1ee5 n\u00e0y, EBITDA c\u1ee7a c\u00f4ng ty (t\u1ee9c l\u00e0 thu nh\u1eadp tr\u01b0\u1edbc khi tr\u1eeb \u0111i chi ph\u00ed kh\u1ea5u hao v\u00e0 kh\u1ea5u hao phi ti\u1ec1n m\u1eb7t, c\u0169ng nh\u01b0 chi ph\u00ed l\u00e3i vay v\u00e0 thu\u1ebf) l\u00ean t\u1edbi 500.000 \u0111\u00f4 la.<\/p>\n

C\u00f4ng th\u1ee9c thay th\u1ebf \u0111\u1ec3 t\u00ecm EBITDA.<\/h3>\n

M\u1ed9t c\u00e1ch d\u1ec5 d\u00e0ng kh\u00e1c \u0111\u1ec3 t\u00ednh EBITDA l\u00e0 b\u1eaft \u0111\u1ea7u v\u1edbi thu nh\u1eadp r\u00f2ng c\u1ee7a c\u00f4ng ty, sau \u0111\u00f3 c\u1ed9ng l\u1ea1i ti\u1ec1n l\u00e3i, thu\u1ebf, kh\u1ea5u hao v\u00e0 kh\u1ea5u hao.<\/p>\n

EBITDA = Thu nh\u1eadp r\u00f2ng (EBIT) + L\u00e3i + Thu\u1ebf + Kh\u1ea5u hao<\/p>\n

Ch\u1ec9 s\u1ed1 EV \/ EBITDA<\/h3>\n

Khi so s\u00e1nh hai c\u00f4ng ty, t\u1ef7 l\u1ec7 Gi\u00e1 tr\u1ecb doanh nghi\u1ec7p \/ EBITDA c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 cung c\u1ea5p cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ed9t \u00fd t\u01b0\u1edfng chung v\u1ec1 vi\u1ec7c m\u1ed9t c\u00f4ng ty \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao (t\u1ef7 l\u1ec7 cao) hay b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p (t\u1ef7 l\u1ec7 th\u1ea5p).<\/p>\n

\u0110i\u1ec1u quan tr\u1ecdng l\u00e0 so s\u00e1nh c\u00e1c c\u00f4ng ty c\u00f3 b\u1ea3n ch\u1ea5t t\u01b0\u01a1ng t\u1ef1 (c\u00f9ng ng\u00e0nh, ho\u1ea1t \u0111\u1ed9ng, kh\u00e1ch h\u00e0ng, t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn, t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng, v.v.) v\u00ec c\u00e1c ng\u00e0nh kh\u00e1c nhau c\u00f3 t\u1ef7 l\u1ec7 trung b\u00ecnh r\u1ea5t kh\u00e1c nhau (t\u1ef7 l\u1ec7 cao \u0111\u1ed1i v\u1edbi ng\u00e0nh t\u0103ng tr\u01b0\u1edfng cao, t\u1ef7 l\u1ec7 th\u1ea5p \u0111\u1ed1i v\u1edbi ng\u00e0nh t\u0103ng tr\u01b0\u1edfng th\u1ea5p ).<\/p>\n

T\u1ea1i sao n\u00ean s\u1eed d\u1ee5ng EBITDA?<\/h2>\n

S\u1ed1 li\u1ec7u EBITDA th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng l\u00e0m \u0111\u1ea1i di\u1ec7n cho d\u00f2ng ti\u1ec1n . N\u00f3 c\u00f3 th\u1ec3 cung c\u1ea5p cho m\u1ed9t nh\u00e0 ph\u00e2n t\u00edch \u01b0\u1edbc t\u00ednh nhanh gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty, c\u0169ng nh\u01b0 m\u1ed9t lo\u1ea1t \u0111\u1ecbnh gi\u00e1 b\u1eb1ng c\u00e1ch nh\u00e2n n\u00f3 b\u1eb1ng m\u1ed9t \u0111\u1ecbnh gi\u00e1\u00a0 nhi\u1ec1u thu \u0111\u01b0\u1ee3c t\u1eeb c\u00e1c b\u00e1o c\u00e1o nghi\u00ean c\u1ee9u c\u1ed5 phi\u1ebfu , giao d\u1ecbch c\u00f4ng nghi\u1ec7p, ho\u1eb7c M & A .<\/p>\n

Ngo\u00e0i ra, khi m\u1ed9t c\u00f4ng ty kh\u00f4ng t\u1ea1o ra l\u1ee3i nhu\u1eadn , c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 chuy\u1ec3n sang EBITDA \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 m\u1ed9t c\u00f4ng ty. Nhi\u1ec1u c\u00f4ng ty c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n s\u1eed d\u1ee5ng s\u1ed1 li\u1ec7u n\u00e0y v\u00ec n\u00f3 r\u1ea5t t\u1ed1t \u0111\u1ec3 so s\u00e1nh c\u00e1c c\u00f4ng ty t\u01b0\u01a1ng t\u1ef1 trong c\u00f9ng ng\u00e0nh. Ch\u1ee7 doanh nghi\u1ec7p s\u1eed d\u1ee5ng n\u00f3 \u0111\u1ec3 so s\u00e1nh hi\u1ec7u su\u1ea5t c\u1ee7a h\u1ecd v\u1edbi \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh c\u1ee7a h\u1ecd.<\/p>\n

Nh\u01b0\u1ee3c \u0111i\u1ec3m<\/h2>\n

EBITDA kh\u00f4ng \u0111\u01b0\u1ee3c GAAP ho\u1eb7c IFRS c\u00f4ng nh\u1eadn . M\u1ed9t s\u1ed1 ng\u01b0\u1eddi nghi ng\u1edd (nh\u01b0 Warren Buffett ) v\u1ec1 vi\u1ec7c s\u1eed d\u1ee5ng n\u00f3 b\u1edfi v\u00ec n\u00f3 tr\u00ecnh b\u00e0y cho c\u00f4ng ty nh\u01b0 th\u1ec3 h\u1ecd ch\u01b0a bao gi\u1edd tr\u1ea3 b\u1ea5t k\u1ef3 kho\u1ea3n l\u00e3i hay thu\u1ebf n\u00e0o, v\u00e0 n\u00f3 cho th\u1ea5y t\u00e0i s\u1ea3n l\u00e0 ch\u01b0a bao gi\u1edd m\u1ea5t gi\u00e1 tr\u1ecb t\u1ef1 nhi\u00ean theo th\u1eddi gian (kh\u00f4ng kh\u1ea5u hao ho\u1eb7c chi ph\u00ed v\u1ed1n ).<\/p>\n

V\u00ed d\u1ee5, m\u1ed9t c\u00f4ng ty s\u1ea3n xu\u1ea5t \u0111ang ph\u00e1t tri\u1ec3n nhanh c\u00f3 th\u1ec3 t\u0103ng doanh s\u1ed1 v\u00e0 EBITDA h\u00e0ng n\u0103m ( YoY ). \u0110\u1ec3 m\u1edf r\u1ed9ng nhanh ch\u00f3ng, n\u00f3 \u0111\u00e3 c\u00f3 \u0111\u01b0\u1ee3c nhi\u1ec1u t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh theo th\u1eddi gian v\u00e0 t\u1ea5t c\u1ea3 \u0111\u1ec1u \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3 b\u1eb1ng n\u1ee3. M\u1eb7c d\u00f9 c\u00f3 v\u1ebb nh\u01b0 c\u00f4ng ty c\u00f3 s\u1ef1 t\u0103ng tr\u01b0\u1edfng h\u00e0ng \u0111\u1ea7u m\u1ea1nh m\u1ebd, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u0169ng n\u00ean xem x\u00e9t c\u00e1c s\u1ed1 li\u1ec7u kh\u00e1c, ch\u1eb3ng h\u1ea1n nh\u01b0 chi ti\u00eau v\u1ed1n, d\u00f2ng ti\u1ec1n v\u00e0 thu nh\u1eadp r\u00f2ng.<\/p>\n

C\u1ea9n th\u1eadn v\u1edbi EBITDA cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0<\/h2>\n

EBITDA kh\u00f4ng m\u00f4 t\u1ea3 th\u1ef1c v\u1ec1 t\u00ecnh tr\u1ea1ng t\u00e0i ch\u00ednh c\u00f4ng ty<\/h3>\n

M\u1ed9t trong nh\u1eefng v\u1ea5n \u0111\u1ec1 ch\u00ednh v\u1edbi EBITDA l\u00e0 m\u1ed9t s\u1ed1 c\u00f4ng ty c\u1ed1 g\u1eafng s\u1eed d\u1ee5ng n\u00f3 \u0111\u1ec3 thay th\u1ebf cho d\u00f2ng ti\u1ec1n. D\u00f2ng ti\u1ec1n kh\u00f4ng ch\u1ec9 cho bi\u1ebft m\u1ed9t c\u00f4ng ty ki\u1ebfm \u0111\u01b0\u1ee3c bao nhi\u00eau v\u00e0 chi ti\u00eau bao nhi\u00eau, m\u00e0 khi ti\u1ec1n m\u1eb7t th\u1ef1c s\u1ef1 \u0111\u1ed5i ch\u1ee7. \u0110\u00e2y l\u00e0 m\u1ed9t s\u1ef1 kh\u00e1c bi\u1ec7t quan tr\u1ecdng b\u1edfi v\u00ec thu nh\u1eadp v\u00e0 thu nh\u1eadp ti\u1ec1n m\u1eb7t kh\u00f4ng gi\u1ed1ng nhau. N\u1ebfu m\u1ed9t c\u00f4ng ty chi ti\u1ec1n m\u1eb7t \u0111\u1ec3 l\u00e0m m\u1ed9t s\u1ea3n ph\u1ea9m, nh\u01b0ng s\u1ea3n ph\u1ea9m n\u1eb1m trong kho m\u1ed9t n\u0103m tr\u01b0\u1edbc khi ng\u01b0\u1eddi ti\u00eau d\u00f9ng th\u1ef1c s\u1ef1 tr\u1ea3 ti\u1ec1n cho n\u00f3, th\u00ec c\u00f4ng ty c\u00f3 th\u1ec3 kh\u00f4ng c\u00f3 \u0111\u1ee7 ti\u1ec1n m\u1eb7t \u0111\u1ec3 tr\u1ea3 cho c\u00e1c ch\u1ee7 n\u1ee3 v\u00e0 \u0111i\u1ec1u h\u00e0nh ho\u1ea1t \u0111\u1ed9ng h\u00e0ng ng\u00e0y. \u0110i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn n\u1ee3 c\u1ed9ng d\u1ed3n v\u00e0 th\u1eadm ch\u00ed ph\u00e1 s\u1ea3n .<\/p>\n

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EBITDA kh\u00f4ng th\u1ec3 hi\u1ec7n ch\u00ednh x\u00e1c gi\u00e1 tr\u1ecb c\u1ee7a doanh nghi\u1ec7p<\/h3>\n

Nh\u00ecn b\u1ec1 ngo\u00e0i, EBITDA tr\u00f4ng r\u1ea5t gi\u1ed1ng d\u00f2ng ti\u1ec1n v\u00ec n\u00f3 t\u1eadp trung ho\u00e0n to\u00e0n v\u00e0o ti\u1ec1n ki\u1ebfm \u0111\u01b0\u1ee3c t\u1eeb ho\u1ea1t \u0111\u1ed9ng h\u00e0ng ng\u00e0y c\u1ee7a doanh nghi\u1ec7p. K\u1ebf to\u00e1n d\u1ed3n t\u00edch t\u00ednh m\u1ed9t l\u1ea7n b\u00e1n ngay khi s\u1ea3n ph\u1ea9m \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ebfn nh\u00e0 b\u00e1n l\u1ebb. K\u1ebf to\u00e1n ti\u1ec1n m\u1eb7t ch\u1ec9 t\u00ednh m\u1ed9t l\u1ea7n b\u00e1n khi nh\u00e0 b\u00e1n l\u1ebb thanh to\u00e1n cho \u0111\u01a1n h\u00e0ng \u0111\u1ea7y \u0111\u1ee7. V\u00ec EBITDA d\u1ef1a tr\u00ean c\u00e1c s\u1ed1 li\u1ec7u k\u1ebf to\u00e1n d\u1ed3n t\u00edch, n\u00f3 kh\u00f4ng th\u1ec3 hi\u1ec7n ch\u00ednh x\u00e1c ti\u1ec1n m\u1eb7t m\u00e0 c\u00f4ng ty \u0111\u00e3 thu th\u1eadp – ch\u1ec9 l\u00e0 nh\u1eefng g\u00ec n\u00f3 \u0111\u00e3 ki\u1ebfm \u0111\u01b0\u1ee3c tr\u00ean gi\u1ea5y.<\/p>\n

M\u1ed9t l\u00fd do kh\u00e1c m\u00e0 EBITDA l\u00e0 m\u1ed9t ch\u1ec9 s\u1ed1 x\u1ea5u v\u1ec1 thu nh\u1eadp ti\u1ec1n m\u1eb7t l\u00e0 do d\u00f2ng ti\u1ec1n th\u1ef1c s\u1ef1 c\u1ee7a m\u1ed9t c\u00f4ng ty b\u1ecb \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp b\u1edfi hai trong s\u1ed1 nh\u1eefng \u0111i\u1ec1u m\u00e0 EBITDA b\u1ecf qua: l\u00e3i su\u1ea5t v\u00e0 thu\u1ebf. C\u00e1c c\u00f4ng ty ph\u1ea3i tr\u1ea3 l\u00e3i v\u00e0 h\u1ecd ph\u1ea3i tr\u1ea3 thu\u1ebf (tr\u01b0\u1edbc khi h\u1ecd th\u1eadm ch\u00ed c\u00f3 th\u1ec3 tr\u1ea3 c\u1ed5 t\u1ee9c cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0) v\u00e0 ti\u1ec1n m\u1eb7t \u0111\u00f3 ph\u1ea3i \u0111\u1ebfn t\u1eeb m\u1ed9t n\u01a1i n\u00e0o \u0111\u00f3.<\/p>\n

EBITDA c\u0169ng b\u1ecf qua kh\u1ea5u hao v\u00e0 kh\u1ea5u hao, hai ph\u01b0\u01a1ng ph\u00e1p k\u1ebf to\u00e1n \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 ph\u00e2n b\u1ed5 chi ph\u00ed \u0111\u1ea7u t\u01b0 v\u1ed1n l\u1edbn. \u0110\u1ed1i v\u1edbi m\u1ed9t c\u00f4ng ty tr\u1ebb, nh\u1eefng kho\u1ea3n \u0111\u1ea7u t\u01b0 v\u1ed1n n\u00e0y c\u00f3 th\u1ec3 l\u00e0 \u0111\u00e1ng k\u1ec3; c\u00e1c nh\u00e0 ph\u00ea b\u00ecnh c\u1ee7a EBITDA n\u00f3i r\u1eb1ng b\u1ecf qua t\u00e1c \u0111\u1ed9ng t\u00e0i ch\u00ednh d\u00e0i h\u1ea1n c\u1ee7a c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 nh\u01b0 v\u1eady l\u00e0 nguy hi\u1ec3m.<\/p>\n

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C\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ea7u t\u01b0 \u0111\u00e1ng quan t\u00e2m<\/h2>\n