can noi doanh nghiep niem yet

( Sd 11(64) - 2008
)
VAN DE HOM NAY
CAN NOI DOANH NGHIEP NIEM YET 'r
-'.
vol SU" bien dong cua thj trirtrng chirng khoan
Ths. Dd Thj Kilu Phu'O'ng
Ths. Nguyin Hing Ha (*)
T
hj trudng chirng khoan
ra ddi d Viet Nam da gan
10 nam nay, gan lien vdi
tiin trinh cd phan boa cac doanh
nghiep nha nudc va sy ra ddi cua
cac loai hinh cdng ty (cdng ty ed
phin, cdng ty trach nhiem huu
han). Thj trudng chirng khoan cd
nhiem vy rat da dang:
nhCfng ngudn lgi ieh tai ehinh
dang ke tii' viec mua va ban
chirng khoan eung nbu budng
cac khoan Igi tire va viec tang
vdn- ciia doanh nghiep. Tuy
nhien, trong thdi gian gan day thj
1
', f ^
cave khdi lugng giao dieh... Cd
mpt dieu dac biet la d Viet Nam,
su len xudng bat thudng eua thj
trudng ehimg khoan khdng cd
bat ky anh budng nao tdi doanh
nghiep niem yet. Sau khi phat
«•<«* fa-'? f ^ m
Thir nhat, thj trudng chirng
khoan la mdt kenh rat quan trpng
de huy dpng vdn dau tu cho nen
kinhte;
Thir hai, thj trudng chiing
khoan cung cap mdi trudng dau
tucho cdng chiing;
Thir ba, thi trudng chirng
khoan tao tinh thanh khoan cho
cac chifng khoan;
Thir tu", thj trudng chung
khoan la mdt trong nhCfng cdng
cu danh gia boat ddng cua doanh
nghiep;
Thir nam, thj trudng chimg
khoan tao mdi trudng giup
Chinh phil thyc hien cac chinh
sach kinh tlvTmd.
Ke tir khi ra ddi cho din nay,
thj trudng chimg khoan da giiip
cho cac nha diu tu thu duac
(*) GVHQC vi^n Hdu cdn
trudng chirng khoan Viet Nam
cd nhung dien bien bet sire bat
thudng, lue len luc xudng lam
eho cac nha dau tu bj thiet hai
khdng nhd, ddng thdi tac ddng
khdng nhd den nen kinh te qude
dan. Trong nhCfng thang dau
nam 2008, thj trudng chirng
khoan lam vao mdt tinh trang sut
giam nghiem trpng ca vl chi so,
hanh chimg khoan, cac doanh
nghiep dap img dii dieu kien
niem yet tren cac trung tam giao
dich chu'ng khoan ngoai viec tra
CO tiic ra gan nhu khdng cd mdt
sgi day lien he nao vdi sy tang,
giam gia chirng khdan ma doanh
nghiep dd da phat hanh. Viec
tang hay giam gia cac loai chirng
khoan tren cac san giao djch
Tgp chf nghien cdu Tdi chfnh ke todn
<69
(jni(64)'-
VAN DE HOM NAY
chirng khoan khdng lam doanh
nghiep niem yet bi anh hudng
nhieu. Tham chi, nhieu doanh
nghiep niem yet kinh doanh ed
lgi nhuan eao ma gia ed phieu
eua doanh nghiep dd lai giam
manh, va ngugc lai, cung khdng
it doanh nghiep kinh doanh kem
hieu qua, lgi nhuan thap thi gia
cd phieu ciia doanh nghiep lai
tang...
• _!..
Cd nhieu nguyen nhan dugc
dua ra va nghien cu'u, ddng thdi
cd nhieu bien phap can thiep ke
ca sy can thiep bang kinh te va
bang hanh ehinh dugc tien hanh
bdi nhieu ca quan nha nudc, cac
hiep hdi...
Theo chiing tdi, ngoai nhung
nguyen nhan chu quan va khach
quan ma cac ca quan chuc nang,
cac nha dau tu dua ra nhu: sy
khimg hoang thj trudng nha dat
dan den khiing hoang kinh te d
Hoa Ky; sy tang gia dot bien ciia
dau md, ciia mat hang luang
thyc thyc pham; chi sd gia tieu
diing tang cao; nguy ca Iam phat
va mat gia ddng tien Viet Nam so
vdi ddng dd-la Hoa Ky; sy bit dn
ve gia vang, ve Iai suat tiet kiem
ngan hang, tam ly dam ddng cua
cae nha dau tu... thi cdn cd mdt
nguyen nhan rat quan trpng, dd
la thieu mdt ''sgi ddf rang budc
trach nhiem giCfa cac doanh
nghiep niem yet ddi vdi cac loai
chung khoan da phat hanh.
Khi doanh nghiep chao ban
phan vdn (the hien bang cac loai
chiing khoan) ciia minh ra cdng
chiing, cac nha dau tu bing nilm
tin ciia minh, da mua cac loai
chirng khoan ma doanh nghiep
phat banh vdi ba muc dich la
hudng CO tire, hudng gid trj tdng
von va hudng gid tri chenh lech
khi tham gia chuyen nhugng
chimg khodn tren thj trudrng
chiing khoan. Vi ba muc dich
tren ma cac nha dau tu chap nhan
tra gia cao, tham chi rat cao de cd
the sd hu'u dugc cae loai chirng
khoan ma doanh nghiep niem
yet phat hanh ra. Tuy nhien,
trong qua trinh sd huu chiing
khoan, cac nha dau tu do ndn
ndng thu hdi vdn nen thudng
khdng chd dgi dugc hudng cd
tire va gia trj tang vdn ma tim
each thu hdi vdn va tim kiem Igi
nhuan bang viec chuyen nhugng
tren thj trudng chung khoan. Va
nhieu khi cac nha dau tu chap
nhan chuyen nhugng hoa vdn da
gay Ien tinh trang sut giam gia trj
vdn va Iam cho thj trudng chiing
khoan tang giam bat thudng.
De tim hieu va kien nghj xay
dyng "sgi da/' rang budc trach
nhiem giCfa doanh nghiep niem
yet vdi sy bien dgng cua thj
trudng chuc khoan, chiing ta cin
tim hieu mdt sd van de sau:
Thunhdt, ddi vdi viec hudng
lgi tire cd phin. D I hudng thy
chiing, cac nha dau tu phai giCf
chung khoan vdi thdi gian dai,
ma nhu vay, mirc do lam phat se
lam suy giam phin gia trj ma hg
nhan dugc trong tuang lai. Han
nCfa, dieu dd cdn phy thuoc vao
tinh hinh boat ddng kinh doanh
cua doanh nghiep phat hanh.
Theo chimg tdi, mirc Igi tire cd
phan (cd tire) ma doanh nghiep
niem yet tra cho cac co ddng va
cac nha dau tu hien nay chua
thoa dang. HIU hit cac doanh
Tgp chf nghien cdu Tdi chfnh ke todn
2008 )
nghiep niem yIt deu an djnh ty le
phin tram cd tire tra cho cac cd
ddng (cimg cac nha dau tu), va ty
le phan tram nay thudng la thap
so vdi Igi nhuan cua doanh
nghiep, dao ddng xung quanh Iai
suat ngan hang do Ngan hang
Nha nudc cdng bd (thudng tir 10
- 20% menh gia gdc). Chung ta
deu biet, cac nha dau tu cung
biet, lai suat ngan hang khdng du
de bii lam phat va trugt gia, va do
giri ngan hang de hudng Iai suat
la kha an toan nen day la mpt
kenh canh tranh manh trong viec
thu hut dau tu ddi trgng vdi thj
trudng chirng khoan. Tham chi
nhCfng ngudi dau tu kinh doanh
chiing khoan hau nhu khdng
quan tam den cd tire do dugc tra
qua thap.
Hien nay, chua cd mdt quy
djnh nao bat budc cac doanh
nghiep niem yet trong mdt thdi
ban nhat djnh sau khi cd phan
hoa phai tra cd tire den mirc toi
da tren sd Igi nhuan rdng, sau
thdi ban dd mdi dugc dilu chinh
mirc cd tire theo ty Ie phii hgp
ban. Cd nhu vay mdi giCf chan
dugc cac cd ddng, cac nha dau tu
dn djnh, gdp phan dn djnh thi
trudng chirng khoan. Da sd cac
doanh nghiep diu lgi dung dilm
nay de giCf Iai phan Idn Igi nhuan
de tang vdn va tai dau tu.
Thiir hai, ddi vdi viec hudng
gia trj tang vdn. Gia tri tang von
bao gdm tang vdn dieu Ie (DN
phai dang ky Iai vdi ca quan
DKKD) va tang vdn kinh doanh
thdng thudng (khdng phai dang
ky). Nhu vay chimg ta dat ra cau
hdi: Cd ddng hudng gia trj tSng
von dilu Ie hay von kinh doanh
( Sd 11(64) - 2008
)
va hinh thirc hudng nhuthe nao?
Vdn dieu Ie ciia doanh nghiep
thudng cd tinh dn djnh cao, the
hien mdi quan he sd hifu giCfa
cac cd ddng ddi vdi vdn va tai
san cua doanh nghiep. Trong khi
dd, cd ddng cua doanh nghiep
thudng xuyen thay ddi khi tham
gia thj trudng chimg khoan. Vay,
khi tang vdn dieu le, thi cac cd
ddng mdi va cu se dugc hudng
gia trj tang vdn dd nhu the nao?
Ve nguyen tac va tren thyc te,
doanh nghiep cd phan dang ky
tang vdn dieu le thi can eii' vao ty
Ie phan tram chiem hCfu vdn ciia
tirng cd ddng ma doanh nghiep
tra cho hp them cd phieu hoac
cac loai chirng khoan khac
nhung khdng lam tang gia trj
menh gia cua cac chirng khoan
nay. Song, nhu da trinh bay, viec
phan phdi nay gap nhieu khd
khan bdi sy bien ddng ciia cac cd
ddng.
Trudng hgp doanh nghiep
tang vdn kinh doanh thdng
thudng, tire la gia trj tai san ciia
doanh nghiep tang len do nhieu
ly do khac nhau, thi cd ddng, nha
dau tu se dugc hudng Igi nhu the
nao? Da sd cac doanh nghiep cd
vdn kinh doanh Idn ban von dilu
le, song sd vdn nay tang, giam
thudng xuyen phy thude vao
tinh hinh kinh doanh ciia doanh
nghiep. Vay neu cd ddng mudn
hudng gia trj tang them cua vdn
kin doanh thi cd ca che nao budc
doanh nghiep phai xac nhan sy
tang them cho hg va each thirc
tra?
Thir ba, doi vdi viec hudng
gia trj chenh lech thdng qua viec
VAN DE HOM NAY
tham gia chuyen nhugng tren thi
trudng ehimg khoan. Day la eon
dudng ngan nhat de cd ddng va
cac nha dau tu thu hdi cac khoan
tien ma hg da dau tu vao doanh
nghiep. Tren thyc te, day cung la
con dudng chii yeu va hau nhu la
duy nhat ciia cac cd ddng, nha
dau tu VietNam - mgt diem khac
biet Idn so vdi the gidi. Thay vi
nam giCf lau dai de hudng nhieu
lgi ich khac nhau tir viec sd huu
chirng khoan, cac cd ddng, nha
dau tu da ndng ldng thu hdi vdn
bang each tranh mua, tranh ban,
chay theo tam ly sd ddng... cgng
vdi nhieu yeu td khae lam eho thj
trudng chimg khoan non tre eiia
Viet Nam phai nhan nhCfng cii
sdc ldn, sy trdi sut bat thudng, sy
thua lo, ng nan cua cac nha dau
tunhd, thieu kien nhan... Khdng
the phu nhan viec mdt sd ed
ddng, nha dau tu nhanh chdng
trd nen giau cd thdng qua viec
dau tu chdp nhoang, nhung nhin
tdng the, sd nha dau tu mat nhieu
ban sd nha dau tu dugc. Diem
dang cbii y la, dien bien bat dn
cua thj trudng chimg khoan Iai ft
hoac hau nhu khdng cd anh
hudng Idn den doanh nghiep
niem yet, bdi vi, chi'nh cac nha
dau tu "mdc tiii" eua nhau va
"hudng lgi" tir nhau chu doanh
nghiep hoan toan khdng dugc
hudng lgi cung nhu bj anh
hudng tir sy len xudng bat
thudng cLia gia cd phieu tren thj
trudng chirng khoan.
Vay, de gdp phan binh dn thj
trudng chung khoan, dua thj
trudng dac biet nay di dung quy
dao ciia n*, hoan thanh mdt sd
nhiem vy da trinh biy d tren.
ddng thdi giiip cae nha diu tu,
cac ed ddng duge hudng Igi
nhieu ban, ben vCfng hon, ehimg
tdi cho rang cac co quan nha
nudc cd tham quyen can phai
thyc hien mdt sd cdng viec sau:
Mpt Id, can xay dyng va ban
hanh quy djnh ve mirc ed tire tdi
thieu ma doanh nghiep niem yIt
phai tra cho cac cd ddng. Mire ed
tire ed the la mdt ty le phin tram
(%) tinh toan tren sd lgi nhuan
rdng ciia doanh nghiep, va
kbdng dugc thip ban 50% so lgi
nhuan rdng. Ddng thdi phai duy
tri mirc ed tiie nay trong mdt thdi
gian nhat djnh trudc khi de ty
doanh nghiep quyet djnh. Hien
nay, mirc cd tire thudng do dai
hdi ddng cd ddng hoac hdi ddng
quan trj ciia doanh nghiep quyet
djnh de dam bao quyen ty do,
dan chii trong quan ly dieu hanh
CLia doanh nghiep, tranh sy can
thiep CLia cac ca quan nha nudc
cd tham quyen. Tuy nhien, theo
chiing tdi, hien nay chung ta van
dang kiem soat qua trinh van
hanh thj trudng chirng khoan,
trudc khi de thj trudng hoan toan
ty do, van can cd sy dieu tiet,
hudng dan, tham chf ap dat mdt
sd quy djnh nham bao ve sy lanh
manh ciia thj trudng, bao ve cac
cd ddng, bao ve nha dau tu, xa
ban la bao ve nen kinh te.
Hai Id, cin xay dyng va ban
hanh cao quy djnh hudng dan
viec hudng gia trj tang vdn ciia
CO ddng doi vdi doanh nghiep.
Trong dd xac djnh rd viec
hudng, each thirc va dieu ki?n
dugc hudng ciia cd ddng ddi vdi
timg trudng hgp tang vdn, vi du
nhu tang vdn dilu le hoac tang
Tgp chf nghien cdu Tdi chfnh ke'todn
<7l
( So 11(64) -mT)
VAN DE HOM NAY
vdn kinh doanh. Ddng thdi dat ra
ban che ddi vdi viee phat hanh
them ed phieu thay the eho viee
thanh toan bang tien mat trong
viec nay. Theo chung tdi dugc
biet, nhieu doanh nghiep niem
yet cdng bd viec tang vdn nhung
lai thyc hien viec chia sd vdn
tang dd thanh eae ed phan va
chia cho cac cd ddng hien hiju
bang each danh cho hg quyen uu
tien mua them cd phan theo ty le
ed phan hp dang nam giCf. Nhu
vay la ehua hgp ly, vi dd cd the la
gia trj tang them cua vdn va tai
san ciia doanh nghiep, Ie ra cae
cd ddng hien hifu duang nhien
dugc hudng ma khdng phai tra
mdt khoan tiin nao. Han nCfa,
cdn mpt lugng khdng nhd cd
phan ban ra ben ngoai vdi menh
gia ldn han menh gia gdc ban ndi
bd thi so chenh lech dd can phai
dugc coi la gia trj tang them ciia
vdn cua doanh nghiep.
De thyc hien dugc viec ban
hanh cae quy djnh neu tren, ddi
hdi phai cd mpt su nghien curu
sau han nCfa. Ddng thdi phai xac
djnh trong dieu kien hien nay,
trudc khi de thi trudng chirng
khoan dugc ty do, thye hien
dung chirc nang ciia minh, can
nhanh chdng can thiep bing cac
bien phap hanh chinh - kinh te
cin thilt cua cac ca quan cd
thim quyen, di lien vdi viec van
ddng cac doanh nghiep niem yet
chung sure ciing nha nudc giCf
vCfng sy dn djnh ciia thj trudng
chirng khoan non tre ciia Viet
Nam./.
d^^NliS^)??
VJ\!
flLO.
3tj
iv.' :
S:J;>
Thdy gido mdi cha ciia trd Ngoc den lap hgc dephan nan ve dua con cita ong.
Thdy gido noi:
- Thua ong, tro Ngoc la mpt dita ludi khong chiu hgc bdi, chi chep lgi cita bgn ngoi ben cgnh.
Ngiroi cha hoi:
- Ld sao thdy biet dugc ?
Thdy gido dap:
- Ddy, ong cir coi bai Viet sir ndy thi ro.
Cdu hoi: Ai chien thdng qudn Tdu ngdy mong ndm Tet?
Tro Teo ngoi ke ben tro Ngoc trd ldi la: vua Quang Trung, tro NgSc cUng trd Idly nhu vgy ?
Ngudi cha cdi:
- Nhung do la cdu trd ldi mdcdc em da hgc.
Thdy gido binh tmh noi:
- Nhung cdu ndy thi ong nghT sao ?
Cdu hoi: Binh Dinh Vuang len ngoi ngay ndo ?
Tro Teo trd lai:
-Em khong biet.
Thi ong biet con ong trd ldi sao khong ? No viit vo la: "Toi ciing the".
. f t i
ilbl.
^
Tgp chf nghi(.n cdu Tdi chfnh ke todn