BO GIAO DUC VA AO TAO TRNG AI HOC KINH TE TP.

HO CH MINH
------o0o------

NGUYEN VIET HUAN

GIAI PHAP NANG CAO HIEU QUA HUY ONG VON VA HOAN THIEN CAU TRUC VON CHO CAC CONG TY CO PHAN VIET NAM
Chuyen nganh : KINH TE TAI CHNH NGAN HANG Ma so : 60.31.12

LUAN VAN THAC S KINH TE

Ngi hng dan khoa hoc : TS NGUYEN TAN HOANG

TP.HO CH MINH NAM 2006

MUC LUC

M AU
CHNG 1: LY LUAN C BAN VE CONG TY CO PHAN, HUY

ONG VON VA CAU TRUC VON CUA CONG TY CO PHAN

1.1 CONG TY CO PHAN .........................................................................................1 1.1.1 nh ngha cong ty co phan ............................................................1 1.1.2 ac iem ve to chc ......................................................................1 1.1.3 ac iem ve nguon von ..................................................................2 1.2 HUY ONG VON CUA CONG TY CO PHAN ..............................................3 1.2.1 Khai niem ve huy ong von ..........................................................3 1.2.2 Cac cong cu huy ong von chu yeu ................................................4 1.2.3 Cac phng thc huy ong von.......................................................5 1.2.4 Cac hnh thc huy ong von ...........................................................6 1.2.5 Th trng tai chnh.........................................................................7 1.3 CAU TRUC VON.............................................................................................9 1.3.1 Khai niem cau truc von .................................................................9 1.3.2 Khai niem cau truc von toi u ........................................................9 1.3.3 S tac ong cua chnh sach n en gia tr doanh nghiep .............10 1.3.4 Cac gia nh trong phan tch cau truc von ....................................12 1.3.5 Tnh nang ong cua cau truc von .................................................12 1.3.6 Xac nh mot cau truc von toi u thong qua phan tch EBITEPS ........................................................................................................................15

1.4 KINH NGHIEM HUY ONG VON VA CAU TRUC VON MOT SO NC TREN THE GII .................................................................................17 1.4.1 Huy ong von ................................................................................17 1.4.2 Cau truc von ..................................................................................19

CHNG 2: THC TRANG HUY ONG VON VA CAU TRUC VON CUA CAC CONG TY CO PHAN VIET NAM
2.1 THC TRANG HUY ONG VON CUA CAC CONG TY CO PHAN VIET NAM...........................................................................................................22 2.1.1 Huy ong von tren th trng tap trung............................................22 2.1.2 Huy ong von tren th trng t do ..................................................24 2.2 THC TRANG CAU TRUC VON CUA CAC CONG TY CO PHAN VIET NAM...........................................................................................................25 2.2.1 anh gia tnh nang ong cua cau truc von .......................................25 2.2.2 S tac ong cua li nhuan, tai san co nh, khau hao va quy mo tai san cong ty len ty so n.......................................................................27 2.2.3 anh gia tnh chat toi u cua cau truc von .......................................29 2.3 NHNG RAO CAN TRONG VIEC HUY ONG VON VA CAU TRUC VON CUA CAC CONG TY CO PHAN VIET NAM ........................................35 2.3.1 Nhng rao can trong viec huy ong von ............................................36 2.3.2 Nhng rao can trong viec hoach nh cau truc von ...........................43

CHNG 3: GIAI PHAP NANG CAO HIEU QUA HUY ONG VON VA HOAN THIEN CAU TRUC VON CHO CAC CONG TY CO PHAN VIET NAM

3.1 GIAI PHAP NANG CAO HIEU QUA HUY ONG VON CHO CAC CONG TY CO PHAN VIET NAM.................................................................... 48 3.1.1 oi vi viec ieu hanh quan ly v mo...........................................48 3.1.2 oi vi th trng ..........................................................................52 3.1.3 oi vi cac cong ty co phan ..........................................................57 3.2. GIAI PHAP HOAN THIEN CAU TRUC VON CHO CONG TY CO PHAN VIET NAM...............................................................................................60 3.2.1 oi vi ieu hanh quan ly v mo ...................................................60 3.2.2 oi vi th trng ...........................................................................62 3.2.3 oi vi cac cong ty co phan ...........................................................63

KET LUAN TAI LIEU THAM KHAO PHU LUC

DANH MUC CAC CH VIET TAT

T viet tat DNNN Viet ay u Doanh nghiep nha nc

EBIT

Earning Before Interest and Tax ( Lai trc lai vay va thue)

EPS

Earning Per Share (Thu nhap tren moi co phan)

OTC

Over The Counter Maket (Th trng khong tap trung)

PM

Processing Manager (Trung tam x ly thong tin)

P/E

Price/ Earning (Ch so gia/ thu nhap)

TTGDCK

Trung tam giao dch chng khoan

TTCK

Th trng chng khoan

UBCKNN

Uy ban chng khoan nha nc

WACC

Weighted Average Capital Cost (Chi ph s dung von bnh quan)

DANH MUC CAC BANG

BANG 2.1 : S TAC ONG CUA KHOANG CACH, TOC O TANG TRNG, VA QUY MO CONG TY LEN TOC O IEU CHNH ...................25

BANG 2.2 : S TAC ONG CUA KHAU HAO, TAI SAN CO NH, QUY MO VA LI NHUAN CONG TY LEN TY SO N.. ..........................................28

BANG 2.3 : CAC TY SO TAI CHNH .................................................................30

BANG 2.4 : THONG KE CONG TY CO CHI PH S DUNG VON CO PHAN > CHI PH S DUNG VON VAY SAU THUE ........................................32

BANG 2.5 : THONG KE CONG TY T THAM DUNG N VAY ......................32

BANG 2.6 : PHAN TCH EBIT EPS ................................................................33

M AU

1. S CAN THIET CUA E TAI Huy ong von hieu qua se gop phan a en thanh cong cua cac quyet nh au t. Quan tr nang ong cau truc von se at c cac li ch qua viec toi u hoa dong tien. Toi u hoa cau truc von se gop phan cai thien ty suat sinh li, gia tang gia tr doanh nghiep qua viec toi thieu hoa chi ph s dung von bnh quan. Trong nen kinh te th trng, e ton tai va phat trien ben vng oi hoi cac doanh nghiep phai khong ngng nang cao kha nang canh tranh, trong o van e nang cao nang lc tai chnh va trnh o quan tr von tr nen ac biet quan trong. e thc hien thanh cong s menh tren, yeu cau cap thiet at ra cho cac doanh nghiep la phai huy ong c von mot cach hieu qua, ong thi phai quan tr cau truc von mot cach nang ong va xay dng c cau truc von toi u. ac biet trong tien trnh hoi nhap kinh te quoc te ngay cang sau rong hien nay, cac doanh nghiep noi chung va cac cong ty co phan Viet nam noi rieng a va ang oi mat vi s canh tranh ngay cang khoc liet hn bao gi het. Do vay, van e hieu qua huy ong von, nang ong hoa va toi u hoa cau truc von nham mang lai s phat trien ben vng oi vi cac cong ty co phan Viet Nam ngay cang tr nen cap thiet. V nhng ly do tren toi chon Giai phap nang cao hieu qua huy ong von va hoan thien cau truc von cho cac cong ty co phan Viet Nam lam luan van thac sy kinh te nham ong gop mot phan cong sc vao cong cuoc phat trien cac cong ty co phan Viet Nam trong tnh hnh mi.

2. MUC CH NGHIEN CU Tren c s nghien cu nhng ly luan c ban ve cong ty co phan, huy ong von, cau truc von cua cong ty co phan. Luan van tap trung nghien cu, phan tch, anh gia thc trang huy ong von va cau truc von cua cac cong ty co phan Viet Nam, qua o, e ra mot so giai phap mi nham gop phan vao viec nang cao hieu qua huy ong von va hoan thien cau truc von cho cac cong ty co phan Viet Nam trong thi gian ti. 3. OI TNG NGHIEN CU La tnh hnh s dung cac cong cu huy ong von nh : Phat hanh co phieu, trai phieu, vay n t cac ngan hang, cac to chc tn dung cua cac cong ty co phan. Khao sat va anh gia tnh nang ong va tnh toi u trong cau truc von cua cac cong ty nay trong thi gian qua. 4. PHAM VI NGHIEN CU Luan van nghien cu van e huy ong von cua cac cong ty co phan Viet Nam tnh en 31/12/2006, trong o nhan manh en kha canh huy ong von thong qua phat hanh trai phieu va co phieu cong ty. Nhng nghien cu ve cau truc von c chon mau t 36 cong ty co phan Viet Nam c niem yet tren th trng chng khoan vi so lieu bao cao tai chnh tnh en 31/12/2005. 5. PHNG PHAP NGHIEN CU Bang phng phap phan tch thong ke ket hp vi phan tch hoi quy, luan van se khac hoa nhng kha canh chnh trong bc tranh huy ong von cua cac cong ty co phan Viet Nam. ong thi anh gia tnh nang ong va tnh toi u trong cau truc von cua 36 cong ty co phan Viet Nam ang niem yet tren th trng chng khoan, qua o e ra giai phap a neu trong muc ch nghien cu.

5. KET CAU CUA LUAN VAN Ngoai phan m au, ket luan, luan van gom 3 chng : Chng 1 : Ly luan c ban cong ty co phan, huy ong von va cau truc von cua cong ty co phan. Chng 2 : Thc trang huy ong von va cau truc von cua cac cong ty co phan Viet Nam. Chng 3 : Giai phap nang cao hieu qua huy ong von va hoan thien cau truc von cho cac cong ty co phan Viet Nam

CHNG 1
LY LUAN C BAN VE CONG TY CO PHAN, HUY ONG VON VA CAU TRUC VON CUA CONG TY CO PHAN
1.1 CONG TY CO PHAN 1.1.1 nh ngha cong ty co phan Cong ty co phan la mot to chc kinh doanh do nhieu ca nhan, n v thuoc nhieu thanh phan kinh te t nguyen gop von kinh doanh li an, lo chu. Ngi mua co phieu c goi la co ong, nhan giay chng nhan co phan c goi la co phieu. 1.1.2 ac iem ve to chc Mot cong ty neu c thanh lap di dang cong ty co phan se co kha nang thu hut c rat nhieu cac nha au t ma trong o co the co nhng nha au t ch nam gi mot co phan tr gia rat thap. Mac du co ong la nhng ngi ang nam gi quyen s hu cong ty co phan nhng ho khong han se la ngi trc tiep quan ly no. Thay v tham gia quan ly trc tiep th nhng co ong nay se bo phieu e chon mot hoi ong quan tr. Mot trong so thanh vien hoi ong quan tr co the kiem nhiem chc danh quan ly cao nhat la Tong Giam oc hoac chc danh Tong Giam oc co the do hoi ong quan tr la chon t mot ngi ben ngoai khong phai la co ong cua cong ty. S tach biet gia quyen s hu va quyen quan ly a mang lai cho loai hnh cong ty co phan mot thi gian hoat ong c xem nh la vnh vien. Tham ch ngay ca khi cac nha quan ly t nhiem hoac b bai nhiem va b thay the th cong ty co phan van ton tai.

Cac co ong gop von ch chu trach nhiem hu han tren phan von gop, ngha la cac co ong se khong chu trach nhiem ca nhan trc cac ngha vu tai chnh cua cong ty. Trong trng hp cong ty co phan pha san th cac co ong ch mat phan von gop ban au cua mnh ma thoi. Mac du cong ty co phan c s hu bi cac co ong cua no nhng ban than cong ty se c tach biet hoan toan ve mat phap ly oi vi cac co ong nay. ieu nay c da tren cac ieu khoan cua ban ieu le cong ty. Ban ieu le se c thiet lap luc cong ty mi bat au thanh lap nham muc ch to chc hoat ong cua cong ty ma theo o se co bao nhieu co phan c phat hanh, so lng cac thanh vien hoi ong quan tr can thiet 1.1.3 ac iem ve nguon von Theo quyet nh 15/2006/Q BTC ngay 20/03/2006 cua Bo trng bo tai chnh nguon von cua cong ty co phan co nhng ac iem sau : - N phai tra : La cac khoan n phat sinh trong hoat ong san xuat kinh doanh ma cong ty phai tra, phai thanh toan cho cac chu n, bao gom cac khoan : N ngan han : La cac khoan n ma thi gian tra n trong vong mot nam bao gom cac khoan : Vay ngan han; n dai han en han tra; phai tra ngi ban; thue va cac khoan phai nop Nha nc; phai tra ngi lao ong; chi ph phai tra; phai tra noi bo; thanh toan theo tien o hp ong xay dng; phai tra phai nop khac N dai han : La cac khoan n ma thi gian tra n tren mot nam bao gom cac khoan : Vay dai han; n dai han; trai phieu phat hanh; nhan ky quy, ky cc dai han; thue thu nhap hoan lai phai tra; d phong tr cap mat viec lam; d phong phai tra

- Nguon von chu s hu : La so von do cac co ong au t gop von hoac c hnh thanh t ket qua kinh doanh, bao gom cac khoan : Nguon von kinh doanh, bao gom : Von au t cua chu s hu : La so tien hoac tai san do cac co ong gop co phan tnh theo menh gia cua co phieu a phat hanh; thang d von co phan : La so chenh lech gia menh gia va gia phat hanh; von khac : La so von bo sung t li nhuan sau thue hoac c tang bieu, vien tr. Co phieu quy : La co phieu do cong ty phat hanh va c mua lai bi chnh cong ty phat hanh, nhng no khong b huy bo va se c tai phat hanh tr lai. Cac co phieu quy do cong ty nam gi khong c nhan co tc, khong co quyen bau c hay tham gia chia phan tai san khi cong ty giai the. Khi chia co tc cho cac co phan, cac co phieu quy ang do cong ty nam gi c coi la co phieu cha ban. Chenh lech anh gia lai tai san; chenh lech ty gia hoi oai; quy au t phat trien; quy d phong tai chnh; cac quy khac thuoc von chu s hu; li nhuan sau thue cha phan phoi; quy khen thng, phuc li; nguon von au t xay dng c ban 1.2 HUY ONG VON CUA CONG TY CO PHAN 1.2.1 Khai niem ve huy ong von Huy ong von cua cong ty co phan la hoat ong tao von bang cach phat hanh cac loai giay t co gia c goi la tai san tai chnh ( financial assets) hay cac chng khoan ( securities) e tai tr cho nhu cau von au t cua cong ty. Cac tai san tai chnh khong ch bao gom cac khoan vay n ngan hang ma con bao gom cac co phieu, trai phieu va cac loai chng khoan khac.

1.2.2 Cong cu huy ong von chu yeu Cong cu huy ong von chu yeu ma luan van e cap en bao gom : Trai phieu, co phieu thng, co phieu u ai. Trai phieu (Bonds) - Khai niem : Trai phieu la mot hp ong n dai han c ky ket gia chu the phat hanh va ngi cho vay, am bao mot s chi tra li tc nh ky va hoan lai von goc cho ngi cam trai phieu thi iem ao han. - ac iem : + c hng lai co nh. + c thu hoi von goc bang menh gia trai phieu thi iem ao han. + Khi cong ty b giai the, ngi cam trai phieu c u tien tra n trc co ong. Co phieu thng (Common stock) - Khai niem : La giay xac nhan quyen s hu cua co ong, oi vi cong ty co phan can c vao phan von gop qua viec mua co phan. Ngi mua co phieu c goi la co ong, nhan giay chng nhan co phan c goi la co phieu. - ac iem : + Rui ro nhieu : ac iem nay gan vi rui ro trong kinh doanh cua cong ty. + Li nhuan cao : Khi cong ty lam an phat at co ong cung c hng li nhuan cao hn nhieu so vi cac loai chng khoan co lai suat co nh. + Gia ca bien ong : Gia co phieu bien ong rat nhanh nhay tren th trng do nhieu nhan to nhng nhan to c ban la co tc va gia tr th trng cua cong ty.

Co phieu u ai (Preferred stocks) - Khai niem : La loai co phieu co quyen nhan thu nhap co nh theo lai suat nhat nh, li tc cua no khong bien ong theo li nhuan cong ty. Li nhuan cong ty, du nhieu hay t, trc het phai trch ra e tra li tc co nh cho cac co phieu u ai, con lai bao nhieu mi em chia theo co phan cho nhng ngi co co phieu thng. - ac iem : + Co tc co phieu u ai khac vi co phieu thng : Neu nh co tc cua co phieu thng phu thuoc vao ket qua san xuat kinh doanh th co tc co phieu u ai c an nh theo mot ty le co nh tren menh gia. ( Giong trai phieu) + Von gop vnh vien: Ngi mua co phieu u ai c xem la co ong cua cong ty. Do o, phan von gop qua viec mua co phieu la vnh vien khong c hoan tra. ( Giong co phieu) 1.2.3 Cac phng thc huy ong von Noi chung, trong nen kinh te th trng, co hai phng thc huy ong von la : huy ong von gian tiep va huy ong von trc tiep - Phng thc huy ong von gian tiep : Phng thc nay c thc hien thong qua cac nh che tai chnh trung gian. Bi vay, s xuat hien cua ngan hang la mot bc tien quan trong trong qua trnh giao lu von. Ngan hang lam vai tro trung gian gia ngi co von va ngi can von bang cach huy ong tien gi roi cho vay. Ngan hang cung cac to chc tn dung khac a lam cho qua trnh giao lu von c phat trien nhanh chong. Nhng vi toc o phat trien cua nen kinh te th trng, phng thc huy ong von gian tiep thong qua ngan hang boc lo nhieu han che ve ieu kien, thu tuc, thi han, han mc tn dung va hn the na la s n ieu trong phng thc au t va huy ong von.

- Phng thc huy ong von trc tiep : Ket qua cua qua trnh huy ong von a hnh thanh mot phng thc huy ong von c a chuong hn trong thi ai ngay nay, o la phng thc huy ong von trc tiep. Nguyen tac c ban cua phng thc nay la ngi can von ( chnh phu hoac doanh nghiep) se phat hanh cac loai giay t co gia chng nhan chu quyen ve cac khoan von c s dung gan lien vi nhng ac quyen ma ngi mua no thu hng. 1.2.4 Cac hnh thc huy ong von - Phat hanh co phieu lan au : Viec huy ong von cho mot cong ty co phan bang cach phat hanh co phieu ban co phan cho cac co ong la bien phap huy ong von de dang va thuan li hn so vi viec vay von ngan hang va vay mn cua dan chung. Phat hanh co phieu lan au la t phat hanh co phieu huy ong von au tien cua cong ty ke t khi thanh lap. Luc nay, cac cong ty thng phat hanh co phieu thng va co phieu u ai. - Vay von t cac cac ngan hang,to chc tn dung, hay cac ca nhan :Trong qua trnh kinh doanh, cac cong ty co phan co the vay von tai cac ngan hang, cac to chc tn dung hay cac ca nhan, tuy nhien, n v phai am bao c ieu kien, thu tuc, thi han va han mc tn dung cua ngan hang, cac to chc tn dung. - Phat hanh co phieu bo sung : Sau khi a huy ong von kinh doanh bang t phat hanh co phieu au tien, neu cong ty hoat ong co hieu qua, can m rong san xuat, oi mi cong nghe, thiet b th cong ty co the tang nguon von bang cach huy ong co ong ong gop thong qua viec phat hanh co phieu mi. - Phat hanh trai phieu cong ty : Thong thng cac cong ty thc hien t vay von bang cach phat hanh trai phieu cong ty e phuc vu cho cac d an au t trung va dai han.

Huy ong von cua cong ty co phan du di phng thc hay hnh thc nao chu yeu eu c thc hien tren th trng tai chnh. 1.2.5 Th trng tai chnh Khai niem th trng tai chnh Th trng tai chnh la th trng trong o cac loai von ngan han, trung han, dai han, vi c che hoat ong cua th trng, c chuyen t ni tha sang ni thieu e ap ng cac nhu cau phat trien nen kinh te xa hoi, la ni gap g gia nhng ben co nguon von d tha vi nhng ben co nhu cau s dung chung Cau truc cua th trng tai chnh Can c vao phng thc tai tr th trng tai chnh chia thanh 2 bo phan o la : th trng tien te va th trng von - Th trng tien te : La mot bo phan cua th trng tai chnh, th trng nay ch mua ban cac giay n ngan han co thi han di mot nam. Cac cong cu cua th trng tien te bao gom tn phieu kho bac, cac loai thng phieu, ky phieu, chng ch tien gi, cac khe c cho vay - Th trng von : Co chc nang cung cap von au t trung va dai han cho cac chu the trong nen kinh te t chnh quyen trung ng, chnh quyen a phng cho en cac doanh nghiep thuoc cac thanh phan kinh te s dung cho muc tieu phat trien kinh te xa hoi, m rong san xuat kinh doanh. Th trng von tai cac quoc gia phat trien thng bao gom : + Th trng thue mua tai chnh : La th trng cung cap tn dung trung va dai han cho cac doanh nghiep qua hnh thc tai tr cho thue tai san + Th trng the chap : Cung cap tn dung dai han cho doanh nghiep vi ieu kien phai co the chap.

+ Th trng chng khoan(TTCK): Theo ngha rong c goi la th trng von. ay cac giay n trung han, dai han, va cac co phieu c mua ban. + Th trng hoi oai : La th trng dien ra cac hoat ong giao dch mua ban cac loai ngoai te, cac phng tien thanh toan co gia tr ngoai te, ong thi la ni hnh thanh ty gia hoi oai theo quan he cung cau. Phan loai th trng chng khoan Can c vao tnh chat phat hanh hay lu hanh chng khoan, th trng chng khoan c chia lam 2 cap : - Th trng s cap hay th trng phat hanh : La th trng dien ra hoat ong chao ban ra cong chung lan au tien mot loai chng khoan cua chnh phu hay doanh nghiep. Thong thng viec phat hanh chng khoan ra cong chung c s tr giup cua cac to chc tai chnh trung gian nh cong ty chng khoan, cong ty tai chnh, ngan hang thng mai, ngan hang au t. - Th trng th cap hay th trng lu hanh : La th trng dien ra hoat ong chuyen nhng quyen s hu chng khoan t tay nha au t nay sang nha au t khac, tren th trng nay cac nha au t co the mua va ban chng khoan rat nhieu lan. Can c vao tnh chat phap ly cua hnh thc to chc th trng chia ra : th trng chng khoan tap trung va th trng chng khoan khong tap trung. -Th trng chng khoan tap trung (Organized Maket) : La th trng co a iem cu the, thi gian lam viec xac nh, co tru s rieng, co cac thanh vien c ch nh, thanh vien phai co v tr thanh vien hay cho ngoi thanh vien. Cho ngoi thanh vien ai dien cho quyen thng mai cua thanh vien tren thng trng. La ni cac nha moi gii kinh doanh chng khoan gap g e

au gia, thng lung mua ban chng khoan tren theo nguyen tac va quy che giao dch c e ra tren c s cua luat chng khoan. -Th trng khong tap trung OTC ( Over The Counter Maket) : La th trng dien ra cac hoat ong giao dch chng khoan khong qua cac san giao dch chng khoan chnh thc, cac hoat ong mua ban chng khoan c thc hien bi cac cong ty chng khoan thanh vien, cac nha moi gii vi nhau. Phng thc giao dch chu yeu thong qua mang ien thoai va vi tnh. 1.3 CAU TRUC VON 1.3.1 Khai niem ve cau truc von Cau truc von c nh ngha la s ket hp cua n ngan han thng xuyen, n dai han, co phan u ai, va co phan thng c s dung e tai tr cho quyet nh au t cua doanh nghiep. 1.3.2 Khai niem ve cau truc von toi u Trc khi lam ro khai niem ve cau truc von toi u luan van xin e cap en khai niem chi ph s dung von bnh quan - Chi ph s dung von bnh quan (WACC) : Chi ph s dung von bnh quan la chi ph bnh quan gia quyen cua tat ca cac nguon tai tr dai han ma mot doanh nghiep ang s dung. Chi ph s dung von bnh quan c tnh theo cong thc sau : WACC = (WD x r*D) + (WP x rP ) + (WE x rE hoac rNE) + WD : Ty le % nguon tai tr bang n vay dai han trong cau truc von + WP : Ty le % nguon tai tr bang co phan u ai trong cau truc von + WE : Ty le % nguon tai tr bang co phan thng trong cau truc von + r*D : Chi ph s dung von vay dai han sau thue + rP : Chi ph s dung von co phan u ai

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+ rE : Chi ph s dung von t thu nhap gi lai + rNE : Chi ph s dung von t phat hanh mi co phan thng) ( WD+ WP + WE = 1) - Cau truc von toi u : La mot hon hp n dai han, co phan u ai va co phan thng cho phep toi thieu hoa chi ph s dung von bnh quan cua doanh nghiep. Vi mot cau truc von co chi ph s dung von bnh quan c toi thieu hoa, tong gia tr chng khoan cua doanh nghiep c toi a hoa. Do o, cau truc von co chi ph s dung von toi thieu c goi la cau truc von toi u. 1.3.3 S tac ong cua chnh sach n en gia tr doanh nghiep Khai niem ve th trng von bat hoan hao : Th trng von bat hoan hao la th trng khong thoa man c cac ieu kien cua th trng von hoan hao. Cac ieu kien ve th trng von hoan hao : - Khong co cac chi ph giao dch khi mua va ban chng khoan. - Co u so ngi mua va ngi ban trong th trng, v vay khong co mot nha au t rieng le nao co mot anh hng ln oi vi gia ca chng khoan. - Co san thong tin lien quan cho tat ca cac nha au t va khong phai mat tien. - Tat ca cac nha au t co the vay hay cho vay vi cung lai suat. - Tat ca cac nha au t eu hp ly va co cac ky vong ong nhat ve li nhuan cua mot doanh nghiep. - Cac doanh nghiep hoat ong di cac ieu kien tng t se co cung mc o rui ro kinh doanh. Quan iem truyen thong ve cau truc von toi u : Quan iem truyen thong cho rang viec vay n se toi a hoa li nhuan cua ong chu nen ty suat sinh li d kien t tai san rA thay oi hay ty suat sinh

11

li d kien t mot danh muc tat ca cac chng khoan cua cong ty thay oi, ma ty suat nay thng c goi la chi ph s dung von bnh quan gia quyen. rA = [D/(D + E) x rD ]+[E/(D + E)x rE] (D : N ; E : Von co phan) Quan iem truyen thong cho rang : toi thieu hoa rA tng ng vi toi a hoa gia tr doanh nghiep, va nh vay se ton tai mot cau truc von toi u. Ty suat sinh li

rE rA B rD

Ty so D/E co the toi u hoa rA

D/E

Ty le n cao hay thap co the at c neu quy mo u mc va n o la n phi rui ro, neu vt qua ty le n nao o luc o rD khong thang ma se cong len, v rui ro tang co phan ph rui ro cong vao lai suat ban au se lam gia tang lai suat vay va tai o rA cung tang len. Tai iem B tren o th se toi thieu hoa chi ph s dung von bnh quan tng ng vi toi a hoa gia tr doanh nghiep. Nh vay trong th trng bat hoan hao th chnh sach vay n co tac ong en gia tr doanh nghiep. Chnh cac bat hoan hao a lam cho viec vay n ton kem hn va do o co ton tai mot cau truc von toi u ma tai o chi ph s dung von c toi thieu hoa.

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1.3.4 Cac gia nh trong phan tch cau truc von - Chnh sach cua doanh nghiep c gi nguyen khong oi khi xem xet tac ong cua cac thay oi trong cau truc von oi vi gia tr doanh nghiep va gia tr cua co phan thng. - Viec au t do doanh nghiep thc hien khong lam thay oi kha nang tra n the chap cua doanh nghiep. 1.3.5 Tnh nang ong cua cau truc von 1.3.5.1 Toc o ieu chnh (it) Tnh nang ong cua cau truc von the hien qua toc o ieu chnh ty so n so sach ve ty so n th trng. Toc o ieu chnh c nh ngha theo cac cong thc sau : Lit Lit-1 = it (L*it Lit-1) it = C + C1x Distant + C2x Growtht + C3 x Sizet - it : Toc o ieu chnh t ty so n so sach en ty so n th trng no the hien tnh nang ong cua cau truc von. II trong khoang [0;1]. Neu toc it =1 ieu chnh toi u, ieu nay noi len rang trong th trng bat hoan hao s thay oi cua cau truc von quan sat gia hai thi ky a at c cau truc von mong i. S bat hoan hao cua th trng a tao ra gia tr cho cac cong ty khi ieu chnh cau truc von ve mc toi u. Khi gia chng khoan tang, giam tren th trng th cac cong ty phai ban hoac mua lai co phan e toi u hoa dong tien. Hieu qua cua ieu chnh c c ai dien bi gii han it <1 , o la ieu kien e Lit tien en L*it. Cuoi cung khi it >1 the hien mot s ieu chnh qua mc can thiet. S ieu chnh qua nay phan anh nhng thay oi thieu tien oan trong nen kinh te.

13

Trong o : - Lit = N cuoi nam t / Tong nguon von cuoi nam t : Ty so n so sach nam t. - Lit-1 = N cuoi nam t -1 / Tong nguon von cuoi nam t - 1: Ty so n so sach t1. - L*it = N theo so sach cuoi nam t / ( Von chu s hu cuoi nam t Von kinh doanh theo so sach cuoi nam t + Von kinh doanh theo gia th trng cuoi nam t) : Ty so n th trng. - Distant = I L*it Lit-1 I : Khoang cach t ty so n th trng nam t va ty so n so sach nam t -1. - Growtht = (Tong tai san nam t Tong tai san nam t -1)/ Tong tai san nam t1 : Toc o tang trng nam t. - Sizet = Tong tai san nam t : Quy mo cong ty nam t. Ghi chu : + Distan : Neu co moi quan he nghch bien gia Distan va it tc la khoang cach en muc tieu khong ong vai tro quan trong va ngc lai. Muc tieu cua cac cong ty khong giao ong nhieu qua thi gian. Cac cong ty cham thay oi ty so n muc tieu theo s thay oi cua gia chng khoan. + Growth : Neu toc o tang trng cang ln th toc o ieu chnh en cau truc von muc tieu cang nhanh v nhng cong ty trang trng co the tm thay de dang thay oi cau truc tai chnh bang viec a dang hoa nguon tai tr. + Size : Quy mo c gia nh la ong bien vi toc o ieu chnh do nhng cong ty ln co the de dang hn nhng cong ty nho trong viec thay oi cau truc von bang viec phat hanh n hay von co phan v nhng thong tin th luon san sang hn ve nhng cong ty ln,bat can xng thong tin t hn va a dang hoa tot hn cong ty nho.

14

1.3.5.2 S tac ong cua khau hao, tai san co nh, quy mo va ty suat li nhuan len ty so n S tac ong c the hien trong cong thc hoi quy sau : Lit = C + C1x Deprt + C2x Fixt + C3 x Sizet + C4 x Prot Trong o : - Deprt = Khau hao luy ke nam t / Tong tai san nam t : Khau hao. - Fixt = Tai san co nh nam t / Tong tai san nam t : Tai san co nh - Sizet = Tong tai san nam t : Quy mo cong ty - Prot = Li nhuan rong nam t/ Tong tai san nam t : Li nhuan. Ghi chu : + Depr(khau hao) : Mot s khuyen khch viec vay n la li the tam chan thue lai suat, li the nay se b giam neu co s hien dien cua tam chan thue khong phai do n o la khau hao. Khau hao c d bao la co moi quan he nghch bien vi ty so n, tc la khau hao cang tang th cong ty co khuynh hng s dung t n, do ho khong can phai vay n ma van at c li ch t tam chan thue. + Fix (Tai san co nh) : Mot ty le cao cua tai san co nh/ tong tai san lam gia tang kha nang the chap. Tam quan trong cua viec the chap gia tang trong trng hp nhng cong ty mi thanh lap va khong co moi quan he mat thiet vi cac nha tai tr. Nhng quan iem nay a khang nh rang co moi quan he ong bien gia tai san co nh va ty so n khi ma he thong luat phap hieu qua u e tao lap tnh hieu lc cua cac hp ong n va tnh thanh khoan cua th trng bat ong san cong ty tao ra s chac chan trong viec thu hoi gia tr th trng. Cuoi cung, la s tai tr dai han tren th trng u e tao ra s phu hp gia thi gian ao han va tai san c tai tr.

15

+ Size: (Quy mo cong ty) : Wanner (1977), Titman and Wessels (1988)) cho rang nhng cong ty ln hn co the oi mat t hn kha nang pha san bi v ho co the a dang hoa tot hn do o co moi quan he ong bien gia quy mo cong ty va ty so n. + Pro (Li nhuan) : S khong chac chan ve kinh te cang cao cua cac nc ang chuyen oi, co the giam li the cua n. Them vao o li the cua n se b mat i bi chi ph pha san. Giam thap chi ph pha san co the gia tang li the cua n dan en gia tang on bay t nhat la oi vi cac cong ty co li nhuan cao. 1.3.6 Xac nh mot cau truc von toi u thong qua phan tch EBIT - EPS Phan tch EBIT-EPS va ly thuyet cau truc von toi u co the giup cho doanh nghiep quyet nh mot cau truc von thch hp. Sau ay la quy trnh 5 bc trong viec lap cac quyet nh cau truc von.(EBIT : Lai trc thue va lai vay; EPS : Thu nhap tren moi co phan) Bc 1 : Tnh toan mc EBIT d kien sau khi m rong hoat ong Bc 2 : c lng tnh kha bien cua mc li nhuan kinh doanh trong ky (). Da tren thanh qua qua kh cua cong ty qua nhieu chu ky kinh doanh. (Gia du lai trc thue va lai vay c phan phoi chuan hay t nhat vao khoan o), Trong o va EBIT trung bnh c tnh theo cac cong thc sau : n =
(EBITi- EBIT trung bnh)2 n-1 EBIT trung bnh EBITi i=1

( i : Nam th i, n : So nam quan sat)

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Bc 3 : Tnh toan iem hoa von EBIT gia hai phng an tai tr them n mi hay duy tr cau truc von 100% von co phan. Phng trnh xac nh iem hoa von EBIT c viet nh sau :
EBIT hoa von (1 T) EPS (EBIT hoa von R)(1 T) NDE EBIT hoa von R Ne

NE

=
(NE- NDE )

( R : Lai vay, NE : So lng co phan khi khong co vay n, NDE : So lng co phan khi co vay n ) Bc 4 : Phan tch cac c lng nay trong boi canh rui ro ma cong ty san sang chap nhan. e xac nh xac suat ma EBIT thap hn EBIT hoa von luan van s dung cong thc sau :
EBIT hoa von ( + EBIT hoa ) R ( + EBIT hoa von) Z2

Z1

Can c vao bang phan phoi chuan cua bien Z1 e xac nh xac suat ma EBIT thap hn EBIT hoa von. Qua o co the anh gia c kha nang s dung on bay tai chnh cua cong ty. Tiep theo can xac nh xac suat chu lo cua cong ty qua cong thc Z2, tng t can c vao bang phan phoi chuan cua bien Z2 e xac nh xac suat ma EBIT thap hn chi tra lai oi hoi R. Neu mot trong hai th nghiem (Z1 hoac Z2 ) hoac ca hai th nghiem (Z1 va Z2) cho thay cau truc von hien tai co mc o rui ro khong the chap nhan c, cac giam oc tai chnh se phai lap lai phan tch nay vi mc o n thap hn va ngc lai. Bc 5 : Xem xet cac chng c th trng e xac nh cau truc von e xuat co qua rui ro khong.

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Tren ay la nhng ly luan c ban ve cau truc von va cac khai niem co lien lien quan, tiep theo luan van xin c e cap en nhng kinh nghiem ve huy ong von va cau truc von cho cac cong ty co phan cua mot so nc tren the gii. 1.4 KINH NGHIEM VE HUY ONG VON VA CAU TRUC VON CHO CAC CONG TY CO PHAN CUA MOT SO NC TREN THE GII 1.4.1 Huy ong von Nham tao ieu kien cho cac cong ty co phan huy ong von co hieu qua, mot so nc chau A a chu trong phat trien th trng von, trong o th trng chng khoan ong vai tro ac biet quan trong. Thc tien phat trien soi ong tai mot so th trng chng khoan cac nc chau A a e lai cac kinh nghiem quy bau nh sau: Moi trng phap ly la nhan to ac biet quan trong co y ngha quyet nh en s phat trien. ien hnh nh Han Quoc, luat phap nc nay a ay manh phat trien th trng von, trong o ac biet chu y en cac chnh sach khuyen khch cua Nha nc en cac doanh nghiep niem yet tren th trng chng khoan. Vi quan iem ieu hanh th trng chng khoan that linh hoat theo s thay oi cua xa hoi thc tai, can c vao o e ieu chnh nhng khuon kho phap ly nham giai quyet nhng yeu cau at ra cua th trng chng khoan va tranh c nhng khuon kho cng nhac, b ong khong phu hp vi thc tien. Tai Trung Quoc, mot nc lang gieng vi Viet Nam, t nhng nam 1990, 1991 Chnh phu nc nay a soan thao Luat ve chng khoan va thanh lap c quan nha nc ve th trng chng khoan. Ben canh o, Trung Quoc con e ra nhieu chnh sach khac nhau tac ong trc tiep en th trng chng khoan nh chnh sach u ai, t nhan hoa doanh nghiep, khuyen khch cac

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nha au t nc ngoai cung nh cac doanh nghiep niem yet tren th trng chng khoan. Kinh nghiem to chc s giao dch chng khoan va th trng giao dch m ca cua Thai Lan, Han Quoc, Trung Quoc la rat quy bau. S giao dch chng khoan cua Han Quoc la cong ty co phan vi s tham gia cua Nha nc. S giao dch chng khoan Thai Lan la cong ty co phan niem yet chnh co phieu cua mnh. S giao dch chng khoan Thng Hai la to chc kinh te 100% von Nha nc vi muc tieu la ho tr ban au cua S giao dch hoat ong phuc vu dch vu th trng. Kinh nghiem cua cac nc nay cung ch ra rang, ngay t au viec giao dch cac chng khoan cha niem yet la nhu cau thc te. Tuy nhien, ch at en trnh o kinh te nhat nh th trng giao dch chng khoan mi c hnh thanh. V vay, co the thanh lap mot khu giao dch th hai th trng giao dch chng khoan cho cac cong ty cha u ieu kien niem yet vi cac tieu chuan giam nhe. Qua trnh m ca th trng chng khoan c ap dung cac nc chau A cung la kinh nghiem tot mang lai hai li ch : S giao dch chng khoan thu c nhieu ph giao dch hn, nh tang hoat ong giao dch cua cac oi tac nc ngoai. Viec lu thong nguon von, co tac dung tot trong viec tan dung tiem nang von trong va ngoai nc. Cac nc co th trng chng khoan phat trien chau A nh Han Quoc, Nhat Ban, Thai Lan, Trung Quoc eu a ap dung hang loat cac chnh sach khuyen khch cac cong ty niem yet S giao dch chng khoan. Nh cho phep s dung chng khoan cua cong ty niem yet lam phng tien at coc hay bao lanh thanh toan vi doanh nghiep thuoc s hu nha nc. Co che o u ai cong ty niem yet tren th trng chng khoan tiep can de dang vi ngan hang. Giam thue hanh chnh lien quan en viec phat hanh mua ban chng

19

khoan. Hien ai hoa cac s giao dch chng khoan qua viec pho bien va ap dung cong nghe thong tin tien tien. 1.4.2 Cau truc von Thc tien hoach nh cau truc von cua cac quoc gia tren the gii a e lai cac bai hoc kinh nghiem nh sau : Hoach nh cau truc von phai gan ket vi cac d bao ve trien vong kinh te. Khi nen kinh te tang trng, mot d bao ve lai vay tang cao se lam gia tang viec s dung n so vi cac loai von khac xet t quan iem li nhuan. Hieu theo mot ngha nao o, li ch t thue thu nhap doanh nghiep a cho phep cac doanh nghiep mot so quoc gia nh My, c. Co mot ty le n tren von co phan thng cao hn so vi cac nc khac. Co the chap nhan on bay tai chnh ln hn mien la nen kinh te duy tr c tnh on nh e cac doanh nghiep kinh doanh ap ng c cac khoan chi tra n vay. Trien vong cua th trng von cung la tieu thc trong viec hoach nh cau truc von. Cac cong ty co khuynh hng gia tang on bay ngay tc khac neu d bao rang von vay se tr nen qua ton kem. Mot d kien lai suat sut giam co the khuyen khch cac cong ty tam hoan viec vay tien, nhng van duy tr mot v the de ieu ong nham hng li cua tien vay re hn sau nay. Cac ac iem cua nganh kinh doanh co tac ong va phan hoa cau truc von cua cac cong ty theo nganh nghe. Mot so nghien cu cho thay cau truc von gia cac nganh cong nghiep khac nhau rat nhieu. My, trong thap nien 90, ty le n dai han bnh quan trong nganh xe hi vao khoan 43%, ty le nay cua nganh nha hang la 49%, nganh phan phoi kh thien nhien 45%, nganh ien la 50% va may tnh la 21%. Ty le n cua cac cong ty co khuynh hng xoay quanh ty le n nganh.

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Quy mo doanh nghiep cung tac ong en cau truc von, cac doanh nghiep rat nho phai tuy thuoc ang ke vao von cua cac chu s hu e tai tr cho tai san cua mnh. V quy mo nho rat kho tiep can va vay c n dai han. V khong co cac tiep can vi nhieu loai von khac nhau, cac doanh nghiep nho thng co mot v the mac ca tng oi kem khi tm kiem von. Nhng nghien cu cua Kester tm thay rang cac doanh nghiep cang sinh li cao, cang co khuynh hng s dung t n. Nghien cu cua Eugene Nivorozhkin trong luan an mang ten Cau truc von nang ong cua nhng nen kinh te ang chuyen oi a chng minh rang khi Tai san co nh/Tong tai san tang len 1% th Ty so n giam 0.334% Cong hoa Czech va Ty so n giam 1.026% Bulgaria. Va khi Li nhuan/Tong tai san tang len 1% th Ty so n giam 3.487% Cong hoa Czech va Ty so nay giam 1.684% Bulgaria. Nh vay cac doanh nghiep cang co nhieu tai san co nh hu hnh th cang co khuynh hng s dung t n nhng nen kinh te ang chuyen oi. KET LUAN CHNG 1 Chng nay tap trung vao viec khai quat nhng ly luan c ban ve cong ty co phan, huy ong von va cau truc von cua cong ty co phan. Trong o nhan manh en cac khai niem lien quan en huy ong von cua cong ty co phan nh : Nguon von cua cong ty co phan, khai niem ve huy ong von va cac cong cu huy ong von chu yeu nh : Trai phieu, co phieu thng, co phieu u ai. Khai niem ve phng thc huy ong von trc tiep va phng thc huy ong von gian tiep. Khai niem ve cac hnh thc huy ong von nh : Phat hanh co phieu lan au; Vay von t cac ngan hang, to chc tn dung hay cac ca nhan; phat hanh co phieu bo sung; phat hanh trai phieu cong ty. Them vao o, la cac khai niem th trng tai chnh va cau truc cua th trng tai chnh ni

21

chu yeu dien ra hoat ong huy ong von ,trong o ac biet nhan manh en th trng chng khoan. Phan quan trong tiep theo can c nhan manh o la cau truc von, phan nay, luan van tap trung vao viec lam ro cac khai niem ve cau truc von; cau truc von toi u; s tac ong cua chnh sach n en gia tr doanh nghiep. e cap en cac gia nh trong phan tch cau truc von. Cac khai niem ve tnh nang ong cua cau truc von. Tiep theo la, quy trnh 5 bc trong viec xac nh mot cau truc von toi u thong qua phan tch EBIT EPS. Phan cuoi cung trong chng nay ma luan van e cap en o la kinh nghiem ve huy ong von va cau truc von cho cac cong ty co phan cua mot so nc tren the gii ma ien hnh la Thai Lan, Han Quoc, Trung Quoc, Nhat Ban, Ba Lan, My., o la nhng kinh nghiem ma luan van anh gia la co gia tr tham khao cao cho Viet Nam trong thi gian ti.

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CHNG 2

THC TRANG HUY ONG VON VA CAU TRUC VON CUA CAC CONG TY CO PHAN VIET NAM
2.1. THC TRANG HUY ONG VON CUA CAC CONG TY CO PHAN VIET NAM 2.1.1 Huy ong von tren th trng tap trung 2.1.1.1 Hoat ong phat hanh trai phieu Huy ong von thong qua phat hanh trai phieu cong ty con rat nhieu han che. Hau het cac doanh nghiep eu thay viec huy ong trai phieu co li hn rat nhieu so vi vay von ngan hang. The nhng, tnh en cuoi thang 11/2006, tong gia tr trai phieu cong ty phat hanh tren th trng mi at khoang 2.000 ty ong, trong o chu yeu la trai phieu cua khoi doanh nghiep nha nc nh : Tong Cong ty Dau kh (300 ty ong), Tong Cong ty Song a(200 ty ong), Tong Cong ty ien lc Viet Nam (200 ty ong), Tong Cong ty Cong nghiep tau thuy (1.000 ty ong). Quy mo th trng trai phieu Viet Nam con qua nho, vi d n trai phieu ch bang 7% GDP, con so nay cac nc lan can nh Trung Quoc la 21%, Malaysia la 62%. D n nho lai keo theo c cau bat hp ly vi 93% la trai phieu chnh phu, trai phieu cong ty ch chiem 2%, trong khi mat hang nay mi la nen tang cua th trng trai phieu. Ben canh o thi han trai phieu lai ngan, co en 50% trai phieu phat hanh co thi han 5 nam. 2.1.1.2 Hoat ong giao dch trai phieu S nho be ve quy mo cua hoat ong phat hanh dan ti s tram lang cua hoat ong giao dch. Hoat ong giao dch chu yeu tap trung vao trai phieu chnh phu. Tuy nhien ngay ca chnh cac giao dch nay cung con rat tr tre. Theo so lieu thong ke nam 2002, khoi lng giao dch bnh quan ch la 160

23

trai phieu/ phien va gia tr giao dch la 15.057.000 ong/phien. Tnh en 30/6/ 2003 tong gia tr trai phieu chnh phu niem yet la 5.561 ty ong, nhng tong gia tr giao dch ch la 336,523 ty ong chiem 6,5% so vi tong gia tr trai phieu niem yet. Tom lai, viec huy ong von thong qua phat hanh trai phieu cua cac cong ty co phan viet nam la rat han che . Vay co the noi rang cong cu trai phieu van cha c tan dung mot cach co hieu qua trong viec huy ong von cua cac cong ty co phan Viet Nam. 2.1.1.3 Hoat ong phat hanh co phieu Mac du co nhng tien bo vt bac so vi nam trc, tuy nhien tnh hnh phat hanh co phieu e huy ong von cung con rat han che ve quy mo : Tnh en 29/12/2006 tong gia tr th trng cua cac cong ty niem yet tren san ch at chng 13,75 ty USD, trong khi o gia tr cac cong ty niem yet cua nc lang gieng Thai lan len en 138 ty USD. Hien ch mi co 193 cong ty c quan ly giao dch chnh thc trong so hn 5000 cong ty co phan cua ca nc tham gia vao th trng chng khoan la mot con so rat nho so vi kha nang cua nen kinh te. 2.1.1.4 Hoat ong giao ch co phieu Tnh hnh giao dch co phieu mac du a c cai thien nhng van mc thap. Tong gia tr giao dch co phieu trong nam 2001 la 1.013,56 ty ong, trong khi tong gia tr giao dch nam 2002 la 961,82 ty ong . Trong nam 2003, khoi lng giao dch van cha c cai thien. Tnh en het thang 6/2003 khoi lng giao dch co phieu trong tng phien van kha nho, gia tr giao dch co phieu trong nhieu phien mc di 1 ty ong. Trong 3 thang (10/2006 12/2006) tr lai ay tong gia tr co phieu Viet Nam giao dch trong ngay ch

24

at 8,7 trieu USD, qua nho be so vi 18 ty USD trong phien giao dch au tien cua san Tokyo. 2.1.2 Huy ong von tren th trng t do 2.1.2.1 Hoat ong phat hanh Hoat ong phat hanh trai phieu con rat s khai, ch co mot so to chc tai chnh, tn dung thc hien phat hanh trai phieu ra cong chung nh Cong ty tai chnh quoc te Viet Nam (VILC) thong qua ngan hang Cong thng Viet Nam a phat hanh 20 ty ong trai phieu thi han 2 nam vao nam 2000, song ky thuat phat hanh con nhieu han che nen cac trai phieu nay khong c chuan hoa va khong c giao dch tren th trng chng khoan. Mac du mot so doanh nghiep nha nc nh Tong Cong ty ien lc, Tong Cong ty hang khong . Co y nh huy ong von cho cac d an ln thong qua phat hanh trai phieu, song ch mi dng lai mc nghien cu. Hoat ong phat hanh co phieu, chu yeu tap trung vao cac doanh nghiep nha nc a co phan hoa. Tuy nhien, qua trnh ban co phan cua nha nc cho cac nha au t cung con co mot so iem han che, ac biet la kha canh phat hanh chng khoan ra cong chung. Viec ban co phan nhieu khi cha c cong bo tren cac phng tien thong tin ai chung ma chu yeu cong bo trong noi bo doanh nghiep hoac tai tru s doanh nghiep hay ch cong bo tren bao chuyen nganh nen t oi tng tiep nhan c thong tin. ieu nay dan en ty le co phan s hu bi cac nha au t cong chung thap. 2.1.2.2 Hoat ong giao dch Hien nay, chng khoan cua cac cong ty cha tham gia niem yet va giao dch tai Trung tam giao dch chng khoan Thanh pho Ho Ch Minh th c chuyen nhng, mua ban tren th trng t do. ay la th trng cha c to chc, hnh thc hoat ong cua th trng t do thong thng la qua cac nha

25

moi gii t do, cha c cap phep hanh nghe cua c quan quan ly, s dung cac phng tien yet gia tren mang internet hoac mua ban rai rac tai cac a iem khac nhau. Hau het chng khoan cua hang ngan doanh nghiep nha nc a co phan hoa va cong ty co phan a va ang c phat hanh va lu hanh chu yeu tren th trng t do. Hoat ong giao dch nh tren th trng t do Viet Nam nh vay la cha c minh bach ve thong tin, rui ro phan ln thuoc ve cac nha au t . Tom lai, viec huy ong von cua cac cong ty co phan Viet Nam tren th trng t do van con gap rat nhieu kho khan. Va do vay viec hoan thien th trng t do nham tao ieu kien huy ong von hieu qua cho cac cong ty trong thi gian ti la rat can thiet. 2.2 THC TRANG CAU TRUC VON CUA CAC CONG TY CO PHAN VIET NAM 2.2.1 anh gia tnh nang ong cua cau truc von Tnh nang ong trong cau truc von the hien qua toc o ieu chnh t ty so n so sach en ty so n th trng. Tuy nhien so lieu khao sat t 10 cong ty co phan tieu bieu co anh hng ln tren th trng chng khoan Viet Nam trong thi qua cho thay cau truc tai chnh cua ho la rat b ong. Tc la toc o ieu chnh ty so n so sach tien en ty so n th trng rat thap. BANG 2.1 : S TAC ONG CUA KHOANG CACH, TOC O TANG TRNG VA QUY MO CONG TY LEN TOC O IEU CHNH 2003
Variable Coefficient Stadard erro Variable

2004
Coefficient Standar erro Variable

2005
Coefficient Standar erro

Toc o ieu chnh (Trung bnh : (0,49)) Intercept 0,896 1,176 Distan 7,909 6,009 Growth (3,179) 2,808 Size (0,001) 0,003 R2 = 43,6%

Toc o ieu chnh (Trung bnh : (0,58)) Intercept (1,419) 1,395 Distan 7,834 4,989 Growth (0,314) 1,187 Size (0,000) 0,002 R2 = 55,3%

Toc o ieu chnh (Trung bnh: 0,175) Intercept (0,367) 0,353 Distan 2,633 1,697 Growth (0,212) 0,316 Size (0,000) 0,000 R2 = 45,2%

( Nguon : So lieu tnh toan t cac bao cao tai chnh cua 10 cong ty co phan Viet Nam theo danh sach nh kem ph lc1)

26

O TH 2.1
2005 .36 .32
Khoang cach

2005 1.2 1.0 0.8 T o c d o ta n g tru o n g

Toc do tang truong Quy mo cong ty

2005 1000 800 Q u y m o c o n g ty 600 400 200 0

K hoang cach

.28 .24 .20 .16 .12 -.4 -.3 -.2 -.1 .0 .1 .2 .3 .4 .5 Toc do dieu chinh

0.6 0.4 0.2 0.0 -0.2 -0.4 -.4 -.3 -.2 -.1 .0 .1 .2 .3 .4 .5 Toc do dieu chinh

-.4 -.3 -.2 -.1 .0 .1 .2 .3 .4 .5 Toc do dieu chinh

That vay, Vi mc y ngha (R) theo tng nam va co nh cac nhan to khac, Bang 2.1 cho thay : Toc o ieu chnh trung bnh cua cac nam rat thap cu the la giai oan 2003 2005 toc o ieu chnh trung bnh ch la : Nam 2003 :(0,49); nam 2004 : (0.58); nam 2005 : 0,175 la rat thap. The hien s cham thay oi cau truc von nham tan dung dong tien e tai au t. Mat tch cc cua cac cong ty phan tch la khi khoang cach t ty so n tnh theo gia tr th trng va ty so n tnh theo gia tr so sach cang tang th toc o ieu chnh cang tang, cu the la : Khi khoang cach tang 1% th toc o ieu chnh tang 7,909% nam 2003; 7,834% nam 2004; 2,633% nam 2005. ieu nay noi len rang cac cong ty co phan co s ieu chnh ty so n khi mat can oi ln xay ra. Tuy nhien, Mat han che the hien qua viec toc o tang trng cua cac cong ty cang tang th toc o ieu chnh lai cang giam, cu the la khi toc o tang trng tang 1% th toc o ieu chnh giam 3,179% nam 2003, giam 0,314 nam 2004 va giam 0,212 nam 2005. Cac so lieu nay cho thay cac cong ty cha

27

tan dung c li the cua toc o tang trng trong viec nang cao hieu qua cua cau truc tai chnh. Neu toc o tang trng cang ln th toc o ieu chnh en cau truc von muc tieu cang nhanh v nhng cong ty tang trng co the tm thay de dang thay oi cau truc von bang viec a dang hoa nguon tai tr, qua o cho thay viec a dang hoa nguon tai tr cua cac cong ty nay con rat nhieu han che. Quy mo cong ty hau nh khong anh hng g en toc o ieu chnh cua ty so n trong giai oan 2003 2005. Cu the la, neu quy mo tang bao nhieu i na th toc o ieu chnh van la (0,00**) . ieu nay the hien rang cac cong ty co phan Viet Nam cha tan dung li the nh quy mo trong viec ieu chnh ty so n nham nam bat cac c hoi au t. V quy mo c gia nh la ong bien vi toc o ieu chnh do nhng cong ty ln co the de dang hn nhng cong ty nho trong viec thay oi cau truc von bang viec phat hanh n hay von co phan bi nhng thong tin th luon san sang hn hay bat can xng thong tin t hn, a dang hoa tot hn cong ty nho. Nhn chung, cau truc von cua cac cong ty co phan c phan tch la rat b ong, cac cong ty cha tan dung c cac li the ve quy mo tai san, toc o tang trng e ieu chnh cau truc von sat vi cau truc von cua th trng, nham tan dung cac c hoi au t co hieu qua do gia chng khoan bien ong mang lai. 2.2.2 S tac ong cua li nhuan, tai san co nh, khau hao, va quy mo tai san cong ty len ty so n Cau truc von cha tan dung c li the ve quy mo cong ty, tai san co nh, va ty suat sinh li. Neu quy mo tai san cang tang, tai san co nh cang tang, ty suat sinh li cang tang th cac cong ty co nhieu li the hn trong am

28

phan n. ieu nay ham y rang viec vay n cua cac cong ty nay se de dang hn. Tuy nhien cac phan tch lai cho thay co khuynh hng ngc lai. BANG 2.2 S TAC ONG CUA KHAU HAO, TAI SAN CO NH, QUY MO VA LI NHUAN CONG TY LEN TY SO N 2003
Variable Coefficient Stadard erro Variable

2004
Coefficient Standar erro Variable

2005
Coefficient Standar erro

Ty so n (Lit)
C Depr Fix Size Pro 0,795 (0,429) (0,140) (0,000) (1,673) R2 = 59% 0,066 0,120 0,173 (0,000) (0,300) C Depr Fix Size Pro

Ty so n (Lit)
0,916 (0,354) (0,527) (0,000) (1,950) R2 = 79% 0,042 0,077 0,114 0,000 0,236 C Depr Fix Size Pro

Ty so n ( Lit)
0,724 (0,111) (0,199) (0,000) (1,920) R2 = 54% 0,057 0,122 0,177 (0,000) 0,333

(Nguon : So lieu c tnh toan t cac bao cao tai chnh cua 36 cong ty co phan Viet Nam theo danh sach nh kem phu luc 1) That vay, vi mc y ngha (R) tng nam, va co nh cac nhan to khac, Bang 2.2 cho thay : Neu Khau hao luy ke / Tong tai san ( Dep) tang 1% th ty so n (Lit) giam 0,429% nam 2003; 0,354 nam 2004; 0,111 nam 2005. ieu nay cho thay tam chan thue (khau hao) cang tang th cac cong ty co khuynh hng giam thieu ty so n, cac cong ty thien ve s dung tam chan thue khau hao hn la tam chan thue lai suat do vay n - cau truc von kha than trong. Ben canh o, neu Tai san co nh/ Tong tai san (Fix) tang 1% th Ty so n (Lit) giam 0,140% nam 2003; 0,527% nam 2004; 0,199% nam 2005. Nh vay cac cong ty van cha tan dung het kha nang the chap tai san trong vay n. Mat khac, neu Quy mo (size) tang 1% th ty so n van la (0,000)% qua cac nam 2003; 2004; 2005 nh vay hau nh quy mo tai san van khong anh hng g en ty so n.

29

Cuoi cung, neu Li nhuan rong/ Tong tai san (Pro) tang 1% th ty so n (Lit) giam 1,673% nam 2003; 1,950% nam 2004; 1,920% nam 2005. ieu nay minh chng rang khi li nhuan rong cang tang th cac cong ty co khuynh hng s dung t n. Tom lai, khi li nhuan tang th de dang tao c niem tin oi vi nha tai tr, tai san co nh tang th gia tang kha nang the chap, quy mo tang lam gia tang kha nang a dang hoa nguon tai tr qua o giam thieu chi ph pha san, o la cac li the e gia tang quy mo n. Tuy nhien, qua phan tch cho thay cac cong ty co phan Viet Nam cha tan dung het cac li the nay. 2.2.3 anh gia tnh chat toi u cua cau truc von Cac cong ty co phan Viet Nam c khao sat kha than trong qua viec s dung mot cau truc von co t n hn von chu s hu. Ben canh o nguon tai tr cha c a dang hoa ve c cau. N ngan han chiem ty trong con cao so vi n dai han. O TH 2.2

60% 50% 40% 30% 20% 10% 0% Von chu s N ngan han / N dai han / Vay ngan han Vay dai han / hu/ Tong tai Tong tai san Tong tai san / Tong tai san Tong tai san san

30 BANG 2.3 : CAC TY SO TAI CHNH

1 17% 0% 0% 0% 83% 17% 0% 15% 12% 8,6% 2 53% 25% 4% 4% 40% 60% 171% 18% 12% 8,6% 3 20% 5% 15% 15% 64% 36% 36% 24% 12% 8,6% 4 27% 1% 4% 4% 69% 31% 13% 17% 12% 8,6% 5 65% 18% 9% 9% 25% 75% 196% 15% 12% 8,6% 6 28% 3% 12% 12% 60% 40% 30% 10% 12% 8,6% 7 32% 23% 7% 7% 60% 40% 74% 17% 12% 8,6% 8 7% 2% 0% 0% 90% 10% 5% 20% 12% 8,6% 9 38% 0% 4% 0% 57% 43% 0% 13% 12% 8,6% 10 32% 13% 0% 0% 67% 32% 30% 16% 12% 8,6% 11 23% 0% 0% 0% 75% 25% 0% 24% 12% 8,6% 12 30% 4% 27% 27% 43% 57% 91% 20% 12% 8,6% 13 73% 3% 3% 3% 22% 78% 56% 15% 12% 8,6% 14 26% 9% 8% 5% 66% 34% 30% 20% 12% 8,6% 15 66% 7% 6% 6% 28% 72% 69% 24% 12% 8,6% 16 75% 54% 0% 0% 24% 76% 321% 16% 12% 8,6% 17 20% 0% 15% 14% 49% 51% 45% 12% 12% 8,6%

Ch tiu N ngn hn / tng ti sn Vay ngn hn/ tng ti sn N di hn / tng ti sn Vay di hn / tng ti sn Vn ch s hu / tng ti sn N/ tng ti sn Vay / vn c phn Chi ph s dng vn c phn ( r E) Chi phi s dng vn vay ( r D ) Chi phi s dng vn vay sau thu (r*D = r D x (1 28%))

18 15% 0% 0% 0% 84% 16% 0% 12% 12% 8,6%

19 22% 4% 20% 18% 55% 45% 51% 18% 12% 8,6%

20 47% 29% 0% 0% 42% 58% 81% 13% 12% 8,6%

21 71% 18% 2% 2% 27% 73% 79% 13% 12% 8,6%

22 30% 5% 8% 5% 61% 39% 21% 14% 12% 8,6%

23 36% 23% 0% 0% 61% 39% 50% 16% 12% 8,6%

24 63% 29% 4% 4% 33% 67% 173% 16% 12% 8,6%

25 44% 21% 10% 10% 46% 54% 130% 17% 12% 8,6%

26 19% 0% 5% 5% 76% 24% 9% 12% 12% 8,6%

27 6% 0% 0% 0% 93% 7% 0% 9% 12% 8,6%

28 14% 0% 0% 0% 84% 16% 0% 15% 12% 8,6%

29 26% 0% 2% 2% 72% 28% 3% 15% 12% 8,6%

30 53% 18% 1% 0% 41% 59% 18% 15% 12% 8,6%

31 52% 13% 0% 0% 48% 52% 13% 12% 12% 8,6%

32 55% 3% 3% 3% 41% 59% 5% 12% 12% 8,6%

33 58% 26% 13% 12% 29% 71% 38% 10% 12% 8,6%

34 37% 0% 2% 0% 58% 42% 0% 17% 12% 8,6%

35 35% 0% 3% 0% 62% 38% 0% 14% 12% 8,6%

36 15% 10% 44% 44% 42% 58% 54% 15% 12% 8,6%

Trung bnh 37% 10% 6% 6% 55% 45% 53% 16% 12% 8,6%

( Nguon : So lieu tnh toan t cac bao cao tai chnh cua 36 cong ty co phan Viet Nam theo danh sach nh kem phu luc 2)

31 That vay, o th 2.2 va Bang 2.3 cho thay : N / Tong tai san trung bnh cua cac cong ty la 45% trong khi Von chu s hu / Tong tai san trung bnh ti 55%. N ngan han / Tong tai san trung bnh la 37% trong khi N dai han/ Tong tai san trung bnh ch co 6%. Vay ngan han/ Tong tai san trung bnh la 10% trong khi Vay dai han/ Tong tai san trung bnh ch co 6%. Mot kha canh quan trong hn la cau truc von cua cac cong ty co phan Viet Nam cha c toi u hoa. Tc la cha toi thieu hoa c chi ph s dung von bnh quan nham toi a hoa gia tr cong ty. Thc trang nay se c chng minh qua cac phan tch di ay : O TH 2.3

350% 300% 250% 200% 150% 100% 50% 0% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35

Vay / Vn c phn Chi ph s dng vn cp Chi phi s dng vn vay

+ o th 2.3 va Bang 2.3 cho thay : Chi ph s dung von co phan trung bnh la 16% cao hn Chi ph s dung von vay sau thue trung bnh la 7,4% (16%8,6%).

32

So lng cong ty co chi ph s dung von co phan ln hn chi ph s dung von vay c the hien trong Bang 2.4. BANG 2.4 : THONG KE CONG TY CO CHI PH DUNG VON CO PHAN > CHI PH S DUNG VON VAY SAU THUE Ch tieu Tong so rE>r*D So lng ( cong ty) So lng cong ty 36 36 Ty le(%) 100%

( Nguon : So lieu trong bang nay c tnh toan t Bang 2.3) + Bang 2.4, cho thay : 100% cac cong ty c khao sat ngau nhien eu co chi ph s dung von co phan ln hn chi ph s dung von vay sau thue. + Bang 2.3, ch ra rang : Ty le Vay/ Von co phan trung bnh la 53% tuy nhien con so nay khong phan anh c thc chat van e v mot so cong ty co ty le vay cao a bnh quan hoa th trng. BANG 2.5 : THONG KE CONG TY T THAM DUNG N VAY Ch tieu Tong so Vay < Von co phan So lng ( cong ty) So lng cong ty 36 23 Ty le(%) 64

( Nguon : So lieu trong bang nay c tnh toan t Bang 2.3) + Thc vay, Bang 2.5 a chng to rang : co en 64% (23/36) cac cong ty c quan sat co n vay thap hn von co phan. Tom lai : Trong ieu kien chi ph s dung von co phan ln hn chi ph s dung von vay, viec cac cong ty tham dung von co phan se khong toi u hoa c cau truc von, v cha toi thieu hoa c chi ph s dung von bnh quan. Tuy nhien, lieu cac cong ty co nen m rong quy mo vay n, luan van xin lam ro trong phan phan tch EBIT EPS :

33

33 BANG 2.6 : PHAN TCH EBIT - EPS

CH TIEU
EBIT (lai trc thue va lai vay) E(vn c phn) D( von vay) R(lai vay) Ne(so lng cp toanbo von cp) Nde(so lng cp co vay von) EBIT(hoavon)=(RxNe/(Ne-Nde)) EBIT TB (EBIT trung bnh) (EBIT - EBIT TB) 2 (phuong sai cua EBIT) z1 xat suat Ebit < Ebit trung bnh z2 xac suat Ebit < chi tra lai oi hoi

1
9,42 38 0 0 3.800 3.800 0 9,272 0,0219 0,9978 (1,00) 0,1587 (10,293) 0,000

2
32,54 43,67 74,63 8,96 11.829 4.367 14,20 27,99 20,67 5,92 (1,00) 0,1587 (1,89) 0,0294

3
0,98 68,40 24,36 2,92 9.276 6.840 11,13 12,29 127,90 13,13 (1,00) 0,1587 (1,63) 0,0516

4
70,79 107,18 14,45 1,73 12.163 10.718 14,60 53,52 298,44 24,43 (1,00) 0,1587 (1,53) 0,063

5
30,83 58,83 115,02 13,80 17.384 5.883 20,86 22,34 72,05 7,48 (1,00) 0,1587 (1,94) 0,0262

6
10,29 40,85 12,27 1,47 5.312 4.085 6,37 6,91 11,45 5,30 (1,00) 0,1587 (1,93) 0.0268

7
14,53 50,40 37,45 4,49 8.784 5.040 10,54 12,60 3,71 4,35 (1,00) 0,1587 (2,39) 0,0082

8
36,79 40,39 2,00 0,24 4.239 4.039 5,09 26,68 102,24 6,10 (1,00) 0,1587 (1,79) 0,0367

9
2,42 15,87 1.587 1.587 1,75 0,44 1,02 (1,00) 0,1587 (1,00) 0,1587

10
23,57 84,69 25,66 3,08 11.034 8.469 13,24 18,13 29,52 4,82 (1,00) 0,1587 (3,11) 0,0010

11
164,71 310,59 31.059 31.059 138,73 674,96 21,11 (1,00) 0,1587 (1,00) 0,1587

12
17,20 54,86 50,15 6,02 10.502 5.486 12,60 12,13 25,63 3,63 (1,00) 0,1587 (2,81) 0 ,0025

13
10,16 21,06 11,69 1,40 3.275 2.106 3,93 6,45 13,70 2,44 (1,00) 0,159 (2,04) 0,0207

14
112,03 373,85 111,70 13,40 48.554 37.385 58,26 92,58 378,29 17,86 (1,00) 0,1587 (3,51) 0,002

15
15,72 31,38 21,53 2,58 5.291 3.138 6,35 8,72 48,91 4,19 (1,00) 0,1587 (1,90) 0,0287

16
30,79 38,99 125,34 15,04 16.433 3.899 19,72 16,66 199,53 13,12 (1,00) 0,1587 (1,36) 0,0869

17
18,08 67,06 29,90 3,59 9.696 6.706 11,63 14,13 15,54 5,30 (1,00) 0,159 (2,52) 0,0064

18
6,88 13,36 1.336 1.336 4,60 5,22 1,62 (1,00) 0,1587 (1,00) 0,1587

19
44,28 125,77 64,16 7,70 18.992 12.577 22,79 19,66 606,03 16,70 (1,00) 0,1587 (1,90) 0,0287

20
8,42 32,00 25,98 3,12 5.798 3.200 6,96 6,59 3,34 1,31 (1,00) 0,1587 (3,93) 0,0000

21
7,86 36,41 28,59 3,43 6.500 3.641 7,80 6,06 3,23 1,46 (1,00) 0,1587 (3,99) 0,000

22
12,97 397,90 83,90 10,07 48.180 39.790 57,82 9,57 11,55 5,92 (1,00) 0,1587 (9,07) 0,000

23
120,78 418,14 210,62 25,27 62.876 41.814 75,45 72,55 2.325,65 31,68 (1,00) 0,1587 (2,58) 0,0047

24
20,34 50,24 87,15 10,46 13.740 5.024 16,49 16,33 16,08 4,77 (1,00) 0,1587 (2,26) 0,0119

25
8,76 17,00 22,16 2,66 3.916 1.700 4,70 6,36 5,74 1,83 (1,00) 0,1587 (2,11) 0,0183

26
15,85 40,89 3,77 0,45 4.466 4.089 5,36 14,63 1,50 1,73 (1,00) 0,1587 (3,84) 0,000

27
3,59 19,09 1.909 1.909 2,92 0,45 0,59 (1,00) 0,1587 (1,00) 0,1587

28
30,08 60,53 6.053 6.053 27,92 4,66 2,50 (1,00) 0,1587 (1,00) 0,1587

29
20,52 52,90 1,74 0,21 5.463 5.290 6,56 15,17 28,58 4,75 (1,00) 0,1587 (2,34) 0,0082

30
8,95 46,36 27,00 3,24 7.337 4.636 8,80 9,59 0,41 7,65 (1,00) 0,1587 (1,73) 0,0418

31
3,593 15,136 6,19 0,7428 2.133 1.514 2,5591 4,0686 0,2262 0,8912 (1,00) 0,1587 (-3,038) 0,0012

32
3,559 10,15 1,753 0,2104 1.190 1.015 1,4284 2,493 1,1364 0,9317 (1,00) 0,1587 (2,3072) 0,0110

33
22,258 51,223 84,103 10,092 13.533 5.122 16,239 19,319 8,6377 3,2342 (1,00) 0,1587 (2,901) 0,0013

34
602,6 1644,22 10,41 1,2492 165.463 164.422 198,555 664,835 3873,2 125,026 (1,00) 0,1587 (2,5781) 0,0047

35
12,533 17,977 0 0 1.798 1.798 0 10,557 3,9038 3,0691 (1,00) 0,1587 (1) 0,1587

36
70,129 300 469,394 56,3273 76.939 30.000 92,3273 61,4147 75,9396 11,2547 (1,00) 0,1587 (4,1987) 0,000

( Nguon : So lieu tnh toan t cac bao cao tai chnh cua 36 cong ty co phan Viet Nam theo danh sach nh kem phu luc 2)

Trong Bang 2.6, So lieu khao sat 36 cong ty co phan eu cho thay Z1 = (1), tc xac suat e EBIT < EBIT hoa von la 15,87% ( di mc trung bnh). Them vao o cac so lieu Z2 hau het cac cong ty eu cho thay xac suat e EBIT< Lai vay eu tien en 0,0***.( theo Bang phan phoi chuan nh kem phu luc 3). Vay, cac ket qua tren a chng minh rang, viec cac cong ty tren vay n them la rat co li trong viec giam thieu chi ph s dung bnh quan, toi a hoa gia tr doanh nghiep vi rui ro la hoan toan co the chap nhan c. Nguon von tai tr hau het cac cong ty co phan khao sat cho thay, vay ngan han chiem ty trong ln hn vay dai han, n ngan han chiem ty trong ln hn n dai han. ieu nay noi len phan nao tnh kem ben vng trong cau truc tai chnh va cac cong ty cha tap trung nhieu vao ke hoach kinh doanh dai han. Theo ket qua eu tra cua Uy ban chng khoan nha nc (UBCKNN), cac doanh nghiep eu mong muon co mot phng thc huy ong von mi e cai thien tnh hnh tai chnh va ap ng c cac hoat ong kinh doanh. Tuy nhien, nhieu doanh nghiep cha xac nh ro phng an kinh doanh cung nh nhu cau von ngan han van la chu yeu. O TH 2.2
80% 60% 40% 20% 0% 1 3 5 7 Vay ngn hn/ Tng ti sn Vay di hn / Tng ti sn N ngn hn / Tng ti sn N di hn / Tng ti sn 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47

o th 2.2 cho thay : Ty le n ngan han/ Tong tai san > N dai han/ Tong tai san, Vay ngan han/ Tong tai san > Vay dai han/ Tong tai san . Nh

vay co the noi hau het cac cong ty cha chu trong au t von vao chien lut kinh doanh dai han. Tom lai, cac phan tch tren a cho thay cac cong ty co phan c khao sat cha tan dung c li the ve tai san, li nhuan, quy mo va on bay hay khong tan dung c cac tac ong hu ch cua cau truc von mot cach hieu qua. Ben canh o cau truc von con mat can oi, cha at c tnh a dang trong c cau tai tr cung nh tnh ben vng can thiet. 2.3 NHNG RAO CAN TRONG VIEC HUY ONG VON VA CAU TRUC VON CUA CAC CONG TY CO PHAN VIET NAM Nhng rao can tac ong en viec huy ong von cua cac cong ty co phan Viet Nam ma luan van e cap, c mo ta theo hnh ve sau :

Nhng rao can xuat t viec ieu hanh, quan ly v mo

Huy ong von

Nhng rao can xuat phat th trng Nhng rao can t chnh cac cong ty co phan

2.3.1 Nhng rao can trong viec huy ong von 2.3.1.1 Nhng rao can xuat phat t viec ieu hanh, quan ly v mo Viec huy ong von cua cac cong ty co phan Viet Nam cha at c hieu qua do gap phai nhng rao can t viec ieu hanh, quan ly v mo, cu the nh sau: - Trong ieu hanh, he thong tai chnh b chia cat, th trng tien te do Ngan hang Nha nc quan ly, th trng bao hiem do Bo tai chnh ieu hanh, th trng chng khoan do Uy ban Chng khoan nha nc giam sat. Cac bo nganh cha co s thong nhat trong xay dng chien lt phat trien th trng tai chnh noi chung, gay nen nhieu bat cap lam han che viec chu chuyen luon von trong nen kinh te mot cach hieu qua. Gay ra s tr tre cua th trng tai chnh lam suy yeu tnh nang ong trong viec huy ong von cua cong ty. - Thc te viec ban hanh cac van ban ve chng khoan va TTCK va qua a vng cho Uy ban chng khoan nha nc la c quan thuoc Chnh phu, khong c ban hanh cac van ban phap luat, ma phai trnh len Van phong Chnh phu. ieu nay a tao ra s tr tre trong bo may, ma bang chng la: Vao ngay 05/07/2006, Van phong Chnh phu a uy quyen cho Bo Tai chnh ban hanh 2 quyet nh ve chng khoan va TTCK ( Quyet nh 50,51). Trong khi th trng can nhng bien phap nhanh chong, linh hoat th ca UBCKNN va th trng eu phai ch i. - Chnh sach quan ly v mo ve phat trien th trng tai chnh la cha ro rang, mac du a co nhng chuyen bien mang tnh tch cc nhng hieu qua mang lai cha cao. Nhng vng mac t c che chnh sach cua Nha nc oi vi viec phat hanh chng khoan ra cong chung, ieu kien phat hanh con cao chan han nh : ieu kien e doanh nghiep c phat hanh trai phieu tren TTCK, cong ty phai co von ieu le t 10 ty ong tr len va lam an co lai

trong vong 2 nam gan nhat, ong thi t nhat phai co 50 trai chu. ieu kien e doanh nghiep niem yet co phieu tren TTCK, la doanh nghiep phai hoi tu ay u 3 ieu kien chnh : Von ieu le phai at mc 5 ty ong tr len; Lam an co lai trong 2 nam gan nhat va co toi thieu 50 co ong ben ngoai s hu toi thieu 20% co phieu; ong thi, cac thanh vien HQT, ban giam oc, ban kiem soat phai nam gi 50% so co phieu trong thi gian 3 nam ke t khi niem yet.( ieu 8, ngh nh 144/2003/ N CP, 28/11/2003). Va nh vay, co the khang nh rang vi nhng ieu kien o, th hau nh cac cong ty khong co u ieu kien e phat hanh trai phieu va tham gia niem yet co phieu tren TTCK e huy ong von mot cach de dang. - Chien lt phat trien th trng von cua Chnh phu con nhieu bat cap. Mac du Chnh phu a the hien quyet tam phat trien th trng chng khoan Viet Nam ( qua Quyet nh so 163/2003/Q TTg, ngay 05/08/2003 nh ra cac muc tieu chien lt nh a tong gia tr th trng chng khoan at 2 3% GDP vao nam 2005 va 10 15%GDP vao nam 2010), nhng mot so quy nh phap ly hien hanh cung nh nhng bien phap trien khai lai khong thong nhat vi chien lut nay. V du nh, theo van ban Nha nc gan ay ve co phan hoa ( Ch th so 01 Chnh phu thang 01 nam 2003), Nha nc van se nam gi t nhat 51% co phan oi vi cac Doanh nghiep nha nuc (DNNN ) co phan hoa co von tren 5 ty ong va san xuat kinh doanh co lai. Nh vay trong so gan 2.000 DNNN nam trong ke hoach co phan hoa, se co rat t trng hp ma co ong t nhan c chiem phan a so trong cac cong ty ln. - Hien nay, van ban khong che co phan nc ngoai theo ieu 1, Quyet nh 238/2005/Q TTg cua Thu tng chnh phu quy nh tran t le co phan cua cac cong ty trong nc ma ma cac nha au t nc ngoai c s hu ch mc 30 49, a va ang han che nguon von au t gian tiep, han che cau

chng khoan oi vi cac cong ty co phan Viet Nam. i ngc lai vi chu trng keu goi au t, xuc tien au t nc ngoai vao Viet Nam. Quan trong hn la mat i c hoi thay oi cach ieu hanh doanh nghiep. ieu nay lam han che kha nang huy ong von cua cac cong ty. - C che, chnh sach e tao moi trng kinh doanh bnh ang va minh bach cho tat ca cac doanh nghiep van con co nhng han che. Trong boi canh he thong ke toan con nhieu bat cap, ky luat tai chnh long leo, cac doanh nghiep noi chung khong bat buoc phai kiem toan va cong khai thong tin. Neu moi trng kinh doanh khong sm c cai tao ong bo th viec thu hut nha au t vao chng khoan la rat kho khan. Do vay,viec huy ong von cang gap nhieu kho khan hn. 2.3.1.2 Nhng rao can xuat phat t th trng Huy ong von cua cac Cong ty co phan kem hieu qua co nhng nguyen nhan t pha th trng, ien hnh la : - Th trng tai chnh cha phat trien ong bo ve c cau, cha ong eu ve trnh o gia cac bo phan hp thanh. Cac hoat ong tren th trng tai chnh nc ta mi ch tap trung vao th trng von ngan han chu yeu mot so hoat ong huy ong va cho vay tn dung thong thng qua cac ngan hang. Cha nhieu cac hoat ong tren th trng von dai han. Th trng chng khoan con trong giai oan khi ong. Sau 6 nam hoat ong the nhng th trng chng khoan cha thc s la kenh huy ong von hu hieu cho cac cong ty noi chung. Th trng th cap cha phat trien keo theo s tr tre cua th trng s cap. Mat bang lai suat hien nay khoang 10,8%/ nam, li tc ky vong cua cac co ong hien tai khoan 16% nam, o la so ky vong qua cao. Do o, huy ong von tren th trng chng khoan la kha at va kho thc hien.

- Th trng th cap hoat ong tram lang, kem soi ong, tnh thanh khoan cua th trng khong cao la nguyen nhan sau xa dan en hoat ong yeu kem cua th trng s cap trong thi gian gan ay. Them vao o, viec cong bo thong tin cua cac doanh nghiep niem yet trong mot so trng hp khong trung thc, anh mat long tin cua cong chung au t oi vi th trng, (ma ien hnh la khoan lo bat ng cua Cong ty C ien lanh REE va bao cao tai chnh nam 2001 cua Cong ty Banh keo Bien Hoa en nay con treo l lng, cac nha au t con hoai nghi ve tnh chnh xac cua cac bao cao tai chnh va ca ket qua kinh doanh cua cong ty niem yet ). Pham vi hoat ong cua th trng th cap con nho hep, tao ra s han che ve tnh thanh khoan cho chng khoan, lam ban ap cho th trng s cap phat trien. Mot khi th trng s cap phat trien se cung cap hang hoa cho th trng th cap, mat khac th trng th cap phat trien se tao ieu kien cho viec huy ong von thuan li va hieu qua hn. - Th trng tien te va th trng chng khoan co moi lien he mat thiet vi nhau. Khi lai suat tren th trng tien te tang len, khi th trng tien te nong len, th th trng chng khoan cung soi ong. Tuy nhien , ve tong the mc o tac ong qua lai gia th trng tien te va th trng chng khoan Viet Nam con cha ro net do th trng tien te van ang con mc thap va quy mo TTCK con kha nho ( Tong gia tr von hoa th trng cua co phieu ch chiem khoang 0,83% tong von huy ong va khoang 0,80% tong von cho vay cua he thong ngan hang). Nam 2004, mac du gia tr giao dch trai phieu tang cao nhng tong gia tr tham gia trai phieu cua cac ngan hang thng mai ( bao gom ca bao lanh va au thau) chiem 1,28% tong von huy ong va 1,23% tong von cho vay cua he thong ngan hang nen tac ong cua TTCK en hoat ong ngan hang con rat han che.

- Nhng han che noi tai cua nen kinh te, TTCK Viet Nam c xay dng tren nen tang cua mot nen kinh te ang phat trien; tuoi i cua TTCK cung con qua non tre la nguyen nhan tao ra nhng bc i cham chap cua TTCK Viet Nam. Nhng han che ve s hieu biet cua cong chung oi vi chng khoan cong ty, trnh o tac nghiep cua cac cong ty chng khoan, ve van e niem yet, bao lanh phat hanh, t van, moi gii chng khoan, thong ke.la nhng rao can oi vi viec huy ong von cua cac cong ty. - C s ha tang cong nghe ky thuat trong giao dch chng khoan con rat nhieu bat cap. Trong o van e gay tr ngai nhat oi vi s phat trien cua TTCK Viet Nam hien nay chnh la van e ket noi va ng dung cong nghe thong tin cha c thong suot vi nhau qua mot ket noi duy nhat, he thong giao dch chng khoan cha ap ng c mot cach hu hieu cac nhu cau giao dch t xa. Nguyen nhan la do tnh trang au t na vi thieu tnh he thong ngay t ban au. Tai Trung tam giao dch chng khoan (TT GDCK )Ha Noi, Trung tam x ly thong tin (PM) ang s dung do mot cong ty trong nc xay dng xuat phat t yeu cau cua trung tam. PM nay co nang lc x ly kha tot, cho phep trung tam lam viec vi 50 cong ty chng khoan thanh vien. Tuy nhien, PM nay ang boc lo han che ln ve quy trnh nghiep vu do ch cho phep nhap lenh tai san ch cha ho tr giao dch t xa. Do kinh ph au t han hep nen trung tam thieu he thong mang WAN hoan chnh e ket noi vi cac cong ty chng khoan thanh vien. Con tai thanh pho Ho Ch Minh, kho khan ln lai nam cho, he thong PM x ly lenh ( cua Thai Lan) tuy theo chuan mc quoc te nhng lai khong c ho tr e ieu chnh cho phu hp vi yeu cau Viet Nam. - Thieu vang s tham gia tch cc cua nhng nha au t to chc tren th trng, nhng nha au t co phieu tren TTCK Viet Nam hau het la ca nhan

mang tnh au c hn la au t, nha au t chien lt con rat khiem ton. ieu nay a tao ra nhng mam mong bat on cua th trng gia tang, lam can tr cac cong ty trong viec huy ong von. Nhng nha au t to chc Viet Nam cung nh nc ngoai cha tham gia nhieu vao mua co phieu cua cac cong ty niem yet, mot phan la do tnh kem hap dan cua cac co phieu tren th trng, nhng cung mot phan do nhng kho khan, phc tap lien quan en khuon kho phap ly. Nhng kho khan o la khung phap ly ve bao ve quyen li cua co ong thieu so cha ay u, thieu chuan cac chuan mc ve cong khai minh bach thong tin, cac quy nh cha ro rang ve che o thue oi vi nha au t, quy au t nc ngoai, cac han che ve han mc au t cua nha au t nc ngoai. - Con rat nhieu van e bat cap tren th trng trai phieu Viet Nam, nh cha tao c lai suat chuan do lai suat tren th trng tien te cha phan anh ung quan he cung cau von, so thanh vien tham gia au thau t, nen van phai ieu hanh lai suat trung thau theo lai suat ch ao. ong thi, th trng th cap co he thong c s ha tang, lu ky, thanh toan bu tr cha phat trien, cac cong ty chng khoan co tiem lc tai chnh yeu, nen kha nang ho tr th trng trai phieu la rat han che, cha thiet lap c th trng giao dch thoa thuan rieng cho trai phieu.Tnh ong bo cua th trng trai phieu con thap, the hien kha nang tap trung va phan bo nguon lc tai chnh qua th trng nay cha hieu qua, con co s khap khieng gia c cau va ky han huy ong von vi s dung von. S phoi hp gia cac kenh huy ong von cha ong bo. 2.3.1.3 Nhng rao can xuat phat t chnh cac cong ty - Rao can ln gay kho khan trong huy ong von la, hau het quy mo cac cong ty co phan Viet Nam con nho ( Theo Bo Ke hoach va au t : Doanh nghiep va va nho chiem 96% trong tong so gan 250.000 doanh nghiep ang

ky hoat ong theo luat doanh nghiep). ieu quan trong hn na la trnh o quan tr cong ty con yeu, cha tao ra c o tin cay can thiet va tao dng c hnh anh tot oi vi nha au t. Bao cao cua kiem toan nha nc cong bo lan au vao 17/08/2006, a tiet lo nhng yeu kem tram trong va co tnh he thong tai cac doanh nghiep ngoai quoc doanh nh : cach quan tr cong ty theo kieu cong ty gia nh hay theo thuan tien van la mo hnh chiem ty trong ln . ay la mo hnh c cho la phu hp vi thoi quen va tam ly cua ngi Viet Nam. Gay kho khan trong viec tiep can cac nguyen tac quan tr cap cao cua cac nc kinh te phat trien. - So lng va chat lng chng khoan niem yet con nhieu han che. Sau hn 6 nam hoat ong cua th trng chng khoan, vi 193 Cong ty niem yet va thi iem hien tai, tat ca cac cong ty niem yet hau het eu la cac cong ty co quy mo va va nho vi so von khoang vai chuc ty ong, cha u gay sc hut oi vi cac nha au t. Ban than cac cong ty cung co nhieu han che ve uy tn tren thng trng, nen cha tao dng c long tin oi vi cac nha au t, ac biet la cac nha au t chien lt. - Ben canh o, nhan thc cua cac cong ty co phan ve li ch huy ong von qua th trng von con m ho. Huy ong von bang co phieu cha phai la u tien hang au cua ho. Phan ln cac cong ty van con tap trung nhieu vao nhu cau von ngan han do cha tap trung vao cac phng an kinh doanh dai han. Theo ket qua ieu tra cua UBCKNN, hau nh khong co doanh nghiep nao phat hanh trai phieu va lien quan vi nc ngoai 60,9% so doanh nghiep c hoi hien huy ong von cho san xuat kinh doanh chu yeu bang von vay t ngan hang. Trong khi o, so doanh nghiep co huy ong von bang phat hanh co phieu chiem 54,8% so doanh nghiep c ieu tra, chu yeu la cac cong ty co phan nha nc. Ngoai ra, co 38,3% so doanh nghiep co huy ong von t

cong nhan vien. 38,3% so doanh nghiep huy ong t cac nguon khac nh mua ban chu, s dung von cua oi tac. - Tam ly lo ngai ve minh bach tai chnh, s cong khai thong tin , xem minh bach tai chnh va cong khai thong tin nh la mot ghanh nang qua ln cho cac cong ty niem yet. Ben canh o mot so cong ty con e ngai kiem toan va cong bo thong tin khi niem yet tren th trng chng khoan. Bo may lanh ao s mat quyen kiem soat, mot so lng ln cac cong ty cha ap ng c tieu chuan ve von e niem yet chng khoan. Mot kha canh khac la tam ly s b thau tom cung la rao can trong huy ong von cua cac cong ty co phan. Tren ay la nhng rao can tao ra s kho khan cho cac cong ty trong viec huy ong von, tiep theo luan van xin i vao phan tch nhng rao can trong viec hoach nh cau truc von . 2.3.2 Nhng rao can trong viec hoach nh cau truc von 2.3.2.1 Nhng rao can xuat phat t quan ly v mo - S khong hieu qua cua he thong luat phap ma cu the la Viet Nam cha co he thong luat the chap tai san a lam can tr viec tao ra cac hp ong n co hieu lc. Trong trng hp v n, s thu hoi tai san the chap rat ton kem va rat mat thi gian. Mat khac ieu nay dan en chi ph kiet que gia tang oi vi cac nha cho vay. - Cac quy nh ve nh gia tai san con nhieu bat cap nhat la tai san co nh vo hnh, phan ln gia tr tai san co nh c nh gia cha sat vi gia tr th trng, cu the la cac ngan hang khi nh gia tai san the chap thng da vao gia ong thue, ph, le ph la gia rat lac hau. Thu tuc vay von con nhieu kho khan nh han mc tn dung, co s khong che ty le vay n t cac ngan hang. a lam cho cac cong ty co quy mo tai san co nh ln nhng lai co xu hng s dung t n.

- Mot so quy nh ve quan ly th trng bat ong san trong thi gian gan ay ma noi bat la ngh nh 181 cam phan lo ban nen, a va ang lam cho th trng nay tram lang. T nam 2003 en nay th trng bat ong san cua Viet Nam nam sau lanh hn nam trc . Theo so lieu thong ke : Nam 2003 giao dch a oc thanh cong giam 28%, nam 2004 giam 56%, nam 2005 giam 78% tnh mong va kem thanh khoan cua th trng th cap ve bat ong san cong ty tao ra s khong chac chan s thu hoi gia tr th trng. ieu nay khong khuyen khch cac cong ty cung nh cac nha tai tr von gap nhau. - Cac ieu kien niem yet trai phieu con qua cao, hau het cac cong ty co phan co quy mo va va nho, khong u kha nang phat hanh trai phieu e huy ong nguon von vay dai han tren th trng chng khoan. Viec kiem soat th trng oi vi cac cong ty con nhieu bat cap, van e bat can xng thong tin con rat ln, khien cac cong ty co khuynh hng tai tr nguon von noi bo hn khi co li nhuan ngay cang cao. Hay khong co moi quan he ong bien gia li nhuan va ty so n. 2.3.2.2 Nhng rao can xuat phat t th trng - Th trng luon anh gia kha nang, trien vong phat trien cua cong ty co phan qua rat nhieu kha canh nh thng hieu, th phan, ty suat co tc,ty so P/E, EPS, toc o tang trng va ac biet la cac ty so tai chnh. Th trng se tao ap lc buoc cac cong ty canh tranh nhau ve viec tao hnh anh tai chnh tot ep, e ap ng th hieu cua th trung cac cong ty buoc phai ieu chnh cac ty so tai chnh muc tieu sat vi so lieu cua bnh quan nganh hn. ieu nay gay can tr trong viec m rong quy mo n. - Tnh mong va kem thanh khoan cua th trng th cap ve bat ong san cong ty tao ra s khong chac chan s thu hoi gia tr th trng. Th trng

bat ong san ong bang lam gia tr tai san co nh co xu hng giam thap, han che kha nang tiep nhan c cac khoan vay vi gia tr hp ly. - Th trng trai phieu cong ty con mc s khai, hau nh cac cong ty cha tiep can c nguon von trung va dai han thong qua phat hanh trai phieu cong ty . ieu nay, a va ang tao ra s mat can oi trong c cau tai tr, lam han che viec m rong quy mo n vay dai han. - S khong chac chan cua nen kinh te ang chuyen oi do tnh chat canh tranh ngay cang khoc liet a lam giam kha nang duy tr ty suat li nhuan dan en chi ph pha san se gia tang a lam giam li the cua vay n. - Cac nghiep vu va cong cu huy ong von hien ai cua th trng chng khoan phai sinh con rat nhieu han che, v vay viec ieu chnh cau truc von bang cach a dang hoa cac nguon tai tr la rat kho khan. 2.3.2.3 Nhng rao can xuat phat t chnh cac cong ty - Cau truc von kha n ieu trong c cau mot phan do trnh o quan tr cau truc von con nhieu han che. Hau het cac doanh nghiep cha tao ra c cac chng khoan ngoai lai, e huy ong von. Mat can oi trong c cau tai tr, ien hnh la n ngan han ln hn so vi n dai han. - Cac bat cap trong viec quan ly von lu ong, hang ton kho cha c lu chuyen nhanh, cac khoan phai thu con ong, phai tra ngui ban tang cao, trong khi cac cong ty phai duy tr ty so n muc tieu th viec gia tang n vay co tra lai suat nham toi u hoa cau truc von la ieu kho thc hien c. - Cac cong ty cha thc s gay an tng ve o tin cay, nang lc quan ly oi vi nha tai tr von. Ben canh o viec xay dng nh mc tn nhiem cua cac cong ty con la khai niem qua mi me. Chnh nhng ieu nay la nhng rao can giam thieu kha nang am phan nguon tai tr cua cac cong ty.

- Nhng cong ty ln hn co the oi mat t hn kha nang pha san bi v ho co the a dang hoa tot hn ( Wanner (1977), Titman and Wessels (1988)), do vay quy mo cang ln cang co khuynh hng vay n nhieu hn. Tuy nhien Viet Nam th quy mo cang ln th ty so n co xu hng giam, ieu nay do kha nang a dang hoa cua cac cong ty con nhieu bat cap. Tren ay la nhng rao can lam cho cac cong ty cha tan dung cac li the ve quy mo, tai san co nh, ty suat sinh li ong thi cha toi u hoa c cau truc von. KET LUAN CHNG 2 Ben canh nhng thanh tu at c nh th trng chng khoan ngay cang phat trien, vi quy mo nam sau cao hn nam trc. He thong luat phap ang c hoan thien. Toc o phat tang trng kinh te ang c duy tr mc cao. Viet Nam a gia nhap WTO m ra nhieu c hoi kinh doanh mi. Moi trng kinh doanh dan c cai thien theo hng thong thoang hn, tao nhieu thuan li hn cho cac doanh nghiep huy ong von. Tuy nhien, huy ong von va cau truc von cua cac cong ty co phan hien van con nhieu ton tai chu yeu nh : Th trng chng khoan co quy mo van con nho, cha tng xng vi tiem nang phat trien cua at nc, cha thc s la kenh huy ong von hu hieu cho cac cong ty co phan. Cac han che t he thong luat phap va cach thc ieu tiet v mo trong cai cach th trng tai chnh a han che dong von en vi cac cong ty. S thieu minh bach cua th trng tai chnh, cung vi nhng han che ve kien thc chng khoan trong cong chung. S yeu kem ve quan tr cong ty, lam han che kha nang tiep nhan von t ben ngoai Cau truc von cua cac cong ty c khao sat noi len nhng mat han che nh : Cau truc von kha b ong va cha tan dung c cac li the do quy mo,

tai san co nh, toc o tang trng, li nhuan mang lai trong viec m rong nguon tai tr. ieu nay xuat phat t nhng han che trong he thong luat khong tao ra tnh hieu lc trong cac hp ong n. Do th trng bat ong san cha tao ra vai tro thanh khoan cho cac tai san the chap. Th trng trai phieu cong ty con kha s khai Cac cong ty c quan sat cha toi u hoa c cau truc von, muc tieu cua cong ty van la tham dung von co phan e tao c mot hnh anh tai chnh tot oi vi nha au t. Cau truc von do vay la con rat bao thu va kha than trong , trong khi viec m rong quy mo n vay e toi u hoa cau truc von hien con bo ngo. Tnh mat can oi trong c cau tai tr ma cu the la vay dai han chiem ty trong thap xuat phat t cho yeu ve chien lt kinh doanh dai han, them vao o la cac cong ty cha the tiep can c viec huy ong von bang trai phieu do han che ve quy mo va s khat khe trong ieu kien niem yet

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GIAI PHAP NANG CAO HIEU QUA HUY ONG VON VA HOAN THIEN CAU TRUC VON CHO CAC CONG TY CO PHAN VIET NAM
3.1 GIAI PHAP NANG CAO HIEU QUA HUY ONG VON CHO CAC CONG TY CO PHAN VIET NAM 3.1.1 oi vi viec ieu hanh quan ly v mo T ong hoa quy trnh xet duyet van ban Nen thay oi quy trnh xet duyet van ban thu cong hien nay bang quy trnh xet duyet ien t. Nham am bao ieu hanh th trng chng khoan that linh hoat theo s thay oi cua xa hoi thc tai, va giai quyet nhng yeu cau at ra cua th trng chng khoan mot cach mem deo, nang ong cap nhat vi thc tien hn. Gia tang s phoi hp va ieu chnh chien lt phat trien th trng tai chnh Can phai co s thong nhat gia cac bo nganh trong viec xay dng chien lt phat trien th trng tai chnh vi nhng cam ket va lo trnh cu the nham tao ra moi trng thuan li hn cho cac cong ty huy ong von. Khong nen thu hep th trng t do nh nhng g ghi trong Quyet nh 898/Q BTC ngay 20/02/2006 M rong TTCK co to chc, thu hep th trng t do; phan au en nam 2010 tong gia tr von hoa TTCK co to chc at 10 15%GDP ma can phai phat trien song song th trng t do OTC va TTCK trong khuon kho cua mot he thong phap ly c hoan thien, nham a dang hoa kenh huy ong von cho cac cong ty. V hau het cac cong ty co phan Viet Nam eu co quy mo va va nho khong hoi u nhng ieu kien niem yet tren th trng tap trung, v vay neu thu hep th trng OTC se khong phat huy c noi lc cua nen

kinh te. Mat khac khi tao ieu kien cho th trng OTC phat trien can e ra quy che tao buc em e chuyen cac doanh nghiep phat trien t th trng OTC len th trng tap trung. Va nen coi ay la nguon quan trong tao hang cho th trng chng khoan tap trung. Can ban hanh cac quy nh m rong va kiem soat c viec s dung chng khoan lam vat the chap vay von ngan han tai Ngan hang nham bien cac dong von nho, le troi noi trong cong chung co the san sang tham gia TTCK vi t cach von trung va dai han, nhng khi can thiet co the hoac la ban lai qua OTC hoac la the chap vay ngan han tai NHTM Xay dng cac van ban hng dan thi hanh luat chng khoan Luat chng khoan a c Quoc hoi thong qua va co hieu lc t ngay 01/01/2007. Do vay cac c quan Chnh phu can khan trng xay dng cac van ban hng dan thi hanh nham a luat sm i vao thc tien cuoc song. Thc hien ra soat, bo sung cac van ban phap luat, phoi hp chat che vi cac c quan hu quan trong viec hoan thien cac van ban phap luat e giam thieu s mau thuan va chong cheo. u tien tao lap c s phap ly cho viec hoan thien cac chuan mc quan ly, giam sat va to chc he thong giam sat manh, phu hp vi thong le quoc te, ong thi chu trong cac quy nh ve s tham gia cua cac ben nc ngoai vao TTCK can sm c hoan chnh. Hnh thanh th trng chng khoan loai 2 e tao ieu kien cho cac cong ty co phan huy ong von can xem xet ni long cac ieu kien e c niem yet trai phieu va co phieu hien tai. Hoac cho hnh thanh th trng chng khoan loai 2, qua viec thanh lap mot khu giao dch th hai th trng giao dch chng khoan cho cac cong ty cha u ieu kien niem yet vi cac tieu chuan giam nhe. Tc la cho phep cac loai chng khoan cac cong ty khong u ieu kien neu tren ( von ieu le di 5ty ong)

c giao dch qua he thong thoa thuan vi cac ieu kien n gian hn chng khoan niem yet nham a dang hoa cac kenh huy ong von. anh gia tnh kha thi cua d an theo chuan mc quoc te nh mot tieu chuan niem yet Trong thi gian ti can chu trong vao viec anh gia hieu qua s dung von, tham nh tnh kha thi cua cac d an trong tng lai c tai tr bang cac nguon von huy ong nay bang nhng tieu chuan, chuan mc va thong le mang tnh quoc te. Nhng tieu chuan, chuan mc va thong le nay can sm c ban hanh nham giam thieu rui ro cho cac nha au t, am bao nguon von huy ong c s dung hieu qua. Thiet ngh, cac ieu kien nh von ieu le, kinh doanh co lai, so lng trai chu khong che hien tai nen c xem nh la thu tuc ban au, con tnh kha thi cua cac d an huy ong von cung nh hieu qua s dung von nen c xem nh ieu kien tien quyet e c thong qua viec chap nhan niem yet chng khoan. ieu chnh lai quyet nh khong che ty le han che co phan cua nha au t nc ngoai tien ti ban hanh quy che mi ve ban co phan va xac lap ty le co phan cho nha au t nc ngoai Luat doanh nghiep va Luat au t a xoa bo ty le han che co phan cua nha au t nc ngoai trong doanh nghiep Viet Nam, ch tr nhng nganh nghe kinh doanh co ieu kien la han che ty le gop von, tuy nhien cha co van ban nao se quy nh danh muc nganh nghe kinh doanh co ieu kien va ty le s hu co phan ap dung cho nha au t nc ngoai, cha co danh muc nay th cha the xac nh nhng nganh nghe con lai la khong han che ty le co phan cho nha au t nc ngoai. Do o, quy che ban co phan va xac lap ty le co phan cua nha au t nc ngoai trong cac nganh nghe kinh doanh co ieu kien cho doanh nghiep c thanh lap theo Luat doanh nghiep th nen la mot

van ban do Thu tng Chnh phu ban hanh. ieu nay hoan toan phu hp vi luat doanh nghiep va Luat au t, phu hp vi cam ket quoc te ve m ca th trng va hoi nhap. Trong khi ch i quy che mi th can sa oi lai ieu 1, Quyet nh 238/2005/ Q TTg cua Thu tng chnh phu To chc, ca nhan nc ngoai mua, ban chng khoan tren TTCK Viet Nam c nam gi toi a 49% tong so co phieu niem yet, ang ky giao dch cua mot to chc niem yet, ang ky giao dch tren TTGDCK. Can c sa oi lai la Toi a 100% . tr nhng nganh nghe kinh doanh co ieu kien. Nham thu hut von au t nc ngoai vao Viet Nam, m rong c hoi huy ong von cho cac cong ty co phan. Nang cao chat lng thong tin ke toan, kiem toan va tao lap quy trnh kiem soat Trong thi gian ti can tiep tuc nang cao chat lng thong tin qua viec ap dung cac chuan mc ke toan, kiem toan phu hp vi thong le quoc te. Nang cao chat lng kiem toan oc lap nen cho phep cac cong ty nc ngoai tham gia kiem toan cac cong ty niem yet. Ben canh o can phai co ngi kiem toan lai cac cong ty kiem toan, thong qua quy trnh giam sat lan nhau trong th trng tai chnh theo mo hnh : C quan kiem soat th 1 giam sat cac cong ty kiem toan, c quan kiem soat th 2 giam sat c quan th 1, c quan kiem soat th 3 giam sat c quan th 2 va cuoi cung c quan kiem soat quoc hoi co chc nang giam sat tat ca cac nha kiem toan ln. Cac cong ty niem yet tren th trng chng khoan bat buoc phai c kiem toan nh ky. Can quy nh ro cac yeu cau cong bo thong tin, cac tieu chuan ve trnh o nang lc cua ngi lap bao cao. Co cac quy nh x phat cu the, ro rang nghiem khac hn oi vi cac vi pham trong hoat ong cong bo thong tin, trach nhiem boi thng thiet hai cho nha au t trong trng hp vi pham cong bo thong tin

Che o u ai oi vi cong ty niem yet, nha au t co to chc e khuyen khch cac cong ty co phan niem yet chng khoan can cho phep s dung chng khoan cua cong ty niem yet lam phng tien at coc hay bao lanh thanh toan. Co che o u ai cong ty niem yet tren th trng chng khoan tiep can de dang vi ngan hang. Giam thue hanh chnh lien quan en viec phat hanh mua ban chng khoan. ong thi giam thue thu nhap doanh nghiep 5% oi vi cac nha au t co to chc e thu hut au t vao cac cong ty nhieu hn. 3.1.2 oi vi th trng Phat trien th trng tai chnh mot cach ong bo, vi mot c cau can oi gia th trng von ngan han, va th trng von trung dai han. Thi gian ti can tiep tuc phat trien th trng chng khoan nham tao ieu kien huy ong von mot cach tot nhat cho cac cong ty co phan qua cac giai phap sau : Quoc te hoa hoat ong phat hanh chng khoan Thc hien nguyen tac cua to chc cac uy ban chng khoan quoc te (IOSCO) trong hoat ong phat hanh chng khoan ( to chc phat hanh phai cong bo ay u cac thong tin quan trong oi vi viec ra quyet nh cua nha au t). Ve ieu kien chao ban chng khoan, ngoai viec phai ap ng cac ieu kien ve mc von va so nam kinh doanh co lai, to chc o phai cung cap ay u thong tin, phai co ban cao bach, bao cao tai chnh c kiem toan theo chuan mc va thong le quoc te. Tao tnh thanh khoan cho th trng th cap theo chuan mc quoc te Nham tao tnh thanh khoan cao trong th trng th cap can thc hien nhng bien phap nham tang tnh thanh khoan theo cac nguyen tac va chuan mc quoc te nh : Quy nh ty le ky quy va ky quy bang chng khoan; ap

dung giao dch lien tuc va giao dch trong ngay. Ben canh o can ay manh cong tac ao tao, tuyen truyen pho cap va nang cao kien thc cho cong chung cung nh cac oi tng tham gia TTCK nham tang cng s hieu biet va quang ba ve hnh anh TTCK ra cong chung. ong thi ay manh cong tac phat trien nguon nhan lc cho TTCK, bao gom ca cac chuyen gia ve quan ly danh muc au t, phan tch au t chng khoan. Trong cong tac ao tao can chu y ti viec xay dng va thc thi bo tieu chuan ao c nghe nghiep, tieu chuan ve ieu kien hanh nghe. ieu tiet au t cua dan chung qua viec nang cao hieu qua ieu hanh chnh sach tien te Nang cao hieu qua ieu hanh chnh sach tien te cua Ngan hang trung ng nham ieu tiet au t cua dan chung.V th trng tien te va th trng chng khoan nh hai bnh thong nhau trong s luan chuyen von, lam the nao e hai th trng nay chu s tac ong cua cong cu lai suat. Tc la khi lai suat ngan hang tang hoac giam se anh hng en gia chng khoan giam hoac tang, t o ieu tiet dong luan chuyen von t th trng chng khoan sang th trng tien te va ngc lai. Thi gian ti can duy tr chnh sach lai suat tien te on nh mi co the phat trien c th trng chng khoan, tao nhieu c hoi huy ong von mot cach de dang cho cac cong ty. Thu hut cac nha au t co to chc, nha au t chuyen nghiep Can thu hut cac nha au t co to chc, cac nha au t chuyen nghiep ac biet la cac quy au t v s hien dien cua cac nha au t nay se anh hng tch cc en s phat trien cua ca th trng. S gop mat cua cac nha au t co to chc khong ch gop phan tang cau va tnh thanh khoan cho th trng, ma quan trong hn, cac to chc nay se nh hng va xac lap gia tr th trng cua cac co phieu niem yet mot cach chuyen nghiep. Bang cach nay

se giam thieu nhng dao ong phi th trng tao ra bi nhng giao dch mang tnh au c, tang tnh on nh cho th trng. Vi vai tro la cac co ong co kinh nghiem, cac nha au t co to chc con gop phan cai thien thc tien quan tr cong ty tai cac cong ty niem yet, anh hng tch cc en li nhuan kinh doanh. e co the thu hut c cac nha au t co to chc thi gian ti can thuc ay tang trng kinh te, on nh chnh tr, tiep tuc hoan thien he thong phap ly, khuon kho quan ly th trng, phat trien quy mo th trng, xay dng va trien khai ap dung cac chuan mc quoc te ve quan tr va ieu hanh doanh nghiep, quan ly nha nc. Tang tnh minh bach cua th trng chng khoan va tai cac doanh nghiep co phan t nhan; ban hanh cac chnh sach khuyen khch hoat ong lau dai cua cac quy au t nc ngoai Xay dng chien lt phat trien cac to chc dch vu chng khoan Phat trien cac to chc dch vu chng khoan, lam the nao e cac to chc nay co the cung cap cho khach hang nhng dch vu co tnh canh tranh cao. Trong thi gian ti can m rong quy mo cua cac to chc dch vu chng khoan tren c s chu ong xay dng chien lt phat trien cac dch vu thch hp, m rong mang li khach hang. Tng bc t do hoa c che c che thu ph dch vu, ni long, tien ti t do hoa hoan toan theo c che th trng, loai bo cac khoan ph bat hp ly nham nang cao kha nang canh tranh va chat lng dch vu. Khuyen khch tham gia cua cac to chc dch vu chng khoan nc ngoai gop phan nang cao chat lng dch vu. Xay dng ha tang cho th trng von thong qua viec tao lap mo hnh nh mc tn nhiem, tien en minh bach hoa th trng. Can phai tao dng o tin cay cua cong ty v trc moi quyet nh tai tr von, cac nha tai tr thng chu y en o tin cay va uy tn cua cong ty. Ben canh viec nang cao hieu qua cua cong tac ke toan, kiem toan th viec xay

dng ha tang cho th trng von thong qua viec tao lap mo hnh nh mc tn nhiem la rat can thiet. Thi gian ti can co s hien dien cua cac cong ty nh mc tn nhiem nham d bo rao can ve thong tin gia cac nha au t va cac nha phat hanh chng khoan. nh mc tn nhiem ong vai tro la con dau chng nhan cho tnh minh bach cua thong tin, la viec anh gia rui ro tn dung hien dien trong mot chng khoan ca the, bao ham ca rui ro tam quoc gia, nganh hang en rui ro tng doanh nghiep. Ben canh viec thu hut cac to chc nh mc tn nhiem nh Moodys va Fitch Ratings hay Standards& Poors vao Viet Nam th cung can phat trien cac to chc nh mc tn nhiem noi a. nh mc tn nhiem khong ch s dung cho cac nha phat hanh ra th trng quoc te, ma con nhieu y ngha khac nh s dung trong cac hp ong dai han ky ket vi nc ngoai, s dung nh mot chuan mc so sanh vi oi thu, la dau chng nhan cho mot to chc co tnh minh bach tot. Tao lap xu hng ket noi chng khoan khu vc Tao lap mot xu hng ket noi chng khoan thong nhat co kha nang lien ket gia cac san giao dch chng khoan trong nc vi nhau va cac san giao dch chng khoan trong khu vc. Sap ti can co e an xay dng ha tang cong nghe chung cho th trng chng khoan Viet Nam. Cac cong ty chng khoan co the giao dch trc tuyen vi cac san giao dch va thong nhat theo 2 au moi trung tam giao dch chng khoan TP.HCM va Ha Noi. Thiet lap th trng von ASEAN Hien thc hoa muc tieu cua hp tac phat trien th trng von ASEAN la thu hep khoang cach phat trien th trng von gia cac thanh vien va at c s phat trien th trng co trat t trong khu vc. Thiet lap c mot th trng von ASEAN sau rong nh at c s hp tac va ket noi qua bien gii gia cac th trng von cua cac nc thanh vien ASEAN. Nham thc hien

muc tieu hp tac ket noi qua bien gii gia cac TTCK cua cac nc thanh vien ASEAN, cac lnh vc hp tac can phai c thc hien qua cac giai phap : Thiet lap he thong ao tao ve phat trien th trng von gia cac nc ASEAN. Hnh thanh cac thoa thuan chung ve th trng trai phieu va th trng co phieu. Lien ket cac he thong thanh toan va giao dch chng khoan. Hai hoa cac chuan mc, tieu chuan th trng von gia cac nc trong khu vc. Xay dng va phat trien th trng chng khoan phai sinh, th trng trai phieu chuyen biet Xay dng va phat trien th trng chng khoan phai sinh, trong o tap trung vao phat trien cac cong cu quyen chon, hp ong ky han, hp ong hoan oitien ti hoi nhap vi cac th trng chng khoan tien tien. M rong mo hnh cac cong ty chuyen kinh doanh ve quyen chon, hp ong ky han..Tao dng mot th trng trai phieu chuyen biet, m rong kenh huy ong von cho cac cong ty va va nho. Can tao ra c mc lai suat chuan, tac ong en cung cau trai phieu. Tiep tuc nang cao tiem lc tai chnh cua cac cong ty chng khoan cho phep ho tr th trng trai phieu. Phat trien ong bo th trng trai phieu chnh phu va th trng trai phieu cong ty. Thu hut nguon von nhan roi vao th trng chng khoan e thu hut nguon von tiet kiem trong dan chung au t vao chng khoan, can co nhng quy nh cho phep cac ca nhan, to chc c the chap tai san e vay von au t vao chng khoan. Bo tai chnh can thanh lap cac trung tam ao tao nghiep vu kinh doanh chng khoan vi s quy tu cua cac chuyen gia trong va ngoai nc cung ket hp vi cong nghe thc te, qua o giup pho cap kien thc chng khoan en vi cong chung.

Tao nhieu c hoi m rong th trng kinh doanh cho cac cong ty Bo thng mai, Bo ke hoach va au t can ay manh hoat ong xuc tien thng mai, xuc tien au t, chnh phu can ay manh cac dien an hp tac song phng va a phng ve kinh te thng mai nham tao nhieu c hoi cho cac doanh nghiep Viet Nam noi chung va cac cong ty co phan Viet Nam noi rieng m rong th trng nuc ngoai, m rong th phan. Qua o, tan dung c nhieu c hoi lam an mi, nang cao kha nang canh tranh va v the cua cac cong ty tren trng quoc te, tao ra cac trien vong phat trien, phat huy noi lc thong qua cac d an au t mi. 3.1.3 oi vi cac cong ty co phan Nang cao trnh o quan tr cong ty, ay manh hoat ong thon tn sat nhap cong ty Nang cao trnh o quan tr cong ty thong qua viec tham gia quan ly cua cac nha au t chuyen nghiep, quy au t, cac nha au t nc ngoai. Neu cac cong ty nho, cong ty lam an thua lo, sc canh tranh kem co the cho phep thon tn bi cac cong ty nc ngoai qua o nang cao c gia co phieu, va tan dung c cong nghe va trnh o quan ly tien tien. Ben canh o cac cong ty co the sat nhap lai tao ra cac tong cong ty co quy mo ln nham nang cao kha nang canh tranh va chat lng chng khoan. Lam mi hnh anh cong ty tren thng trng Can tao dng hnh anh ve nang lc cong ty thong qua viec chng minh cho nha au t ve kha nang quan ly, ky nang hoat ong, nang lc tai chnh cung nh s nhay ben trong kinh doanh. Ben canh cai thien cac he so chuan mc ve tai chnh can ap dung cac tieu chuan quan ly chat lng (chng nhan tieu chuan ISO, TQM,.) bi chung la nhng bieu hien ro rang nhat kha nang kinh doanh cua cong ty trong con mat cua cac nha au t. Tap trung vao

nang cao gia tr tai san am bao khi vay von, ben canh viec chng minh tnh hp phap cua tai san co nh hu hnh, thi gian ti can tap trung vao viec xac nh tnh hp phap cua tai san co nh vo hnh, nh gia tr thng hieu, th phan, kenh phan phoi....thong qua mot to chc chuyen nghiep nham tang kha nang huy ong von trong cong ty. Thay oi t duy va nhan thc ve th trng chng khoan Thay oi nhan thc cua cac cong ty co phan ve tnh tat yeu cua viec huy ong von thong qua th trng chng khoan la mot xu hng khach quan. La quy luat tat yeu cua cac cong ty co phan trong qua trnh toan cau hoa va t do hoa tai chnh. La yeu cau khach quan e cac cong ty ton tai va phat trien trong mot nen kinh te th trng canh tranh. V TTCK tao ieu kien cho cac cong ty co phan co c hoi huy ong von cho au t va nang cao uy tn, thng hieu va v the cua cong ty. Trong thi gian ti, can co chien lt cai thien trnh o quan tr cac cong ty co phan Viet Nam trong o bao gom ca viec thay oi cac nhan thc sai lam ve th trng chng khoan, xoa bo tam ly s set khi niem yet chng khoan cua mot so cong ty co phan hien nay, thay oi t duy quan ly theo hng nang ong, can am oi au vi thach thc. Co nh vay cac cong ty co phan mi hy vong gianh lay cac c hoi do hoi nhap kinh te quoc te tao ra va tan dung chung mot cach co hieu qua. Thanh lap cac tap oan mang tnh toan cau Viet Nam vi phan ln cac cong ty co phan co quy mo nho, khong co chien lt kinh doanh dai han, viec am bao ty suat sinh li la rat kho khan trong cuoc canh tranh ngay cang khoc liet hn do hoi nhap kinh te quoc te. Trong xu the o giai phap hp tac oan ket tao nen cac tap oan kinh te, tr thanh cac doanh nghiep toan cau la rat quan trong v o la quy luat tat yeu e nang cao kha nang canh tranh qua viec chia se th trng, nang cao gia tr

thng hieu, ac biet la kha nang tai chnh. Tao ra v the mi trong viec tiep nhan cac nguon von mi. Hoc cach lam an quoc te Trong xu the hoi nhap kinh te, cac cong ty can phai thay oi t duy quan ly, thay oi tap quan kinh doanh theo kieu gia nh, hoc cach lam an quoc te trong qua trnh hoi nhap qua viec tham gia cac hoi ch thng mai, hoc cach tiep th, tiep thu he thong ke toan, luat phap, tai chnh ngan hang cua quoc te mi co the hp tac tot trong kinh doanh. Trong tnh hnh mi, cac cong ty co phan ang chu sc ep phai cau truc lai, phai thu hut them nhng nguon lc mi, nang lc chuyen mi vao he thong mnh. Quan he gia Hoi ong quan tr vi cac co ong va cac ben lien quan ch thanh cong khi he thong quan tr cong ty c lanh manh va minh bach. Viec ap dung cac quy tac va thong le quoc te ve quan tr cong ty la mot yeu cau can phai tnh en. Tap trung au t vao cac chien lt kinh doanh dai han Neu cac cong ty co phan co chien lt kinh doanh dai han, co d an hay, co ke ke hoach tai tr cho cac chien lt kinh doanh, cac d an o mot cach minh bach, ro rang th viec huy ong von tr nen de dang hn rat nhieu. Do o, trong thi gian ti cac cong ty co phan Viet Nam can tap trung au t vao cac chien lt kinh doanh dai han, trong o chu trong vao viec phat trien nguon nhan lc, oi mi cong nghe va tm kiem cac d an au t mi. Tren ay la cac giai phap e nang cao hieu qua huy ong von cua cac cong ty co phan Viet Nam, tiep theo luan van se e cap en cac giai phap nham hoan thien cau truc von cho cac cong ty co phan Viet Nam trong thi gian ti.

3.2 GIAI PHAP HOAN THIEN CAU TRUC VON CHO CONG TY CO PHAN VIET NAM. 3.2.1 oi vi viec ieu hanh quan ly v mo Ban hanh luat the chap tai san Trong thi gian ti Viet Nam can ban hanh luat the chap tai san, nham am bao viec thu hoi n cua cac chu n, am bao s thu hoi tai san the chap cua nhng ngi i vay mot cach co hieu qua. Qua o, cac cong ty co phan co the tan dung li the nh quy mo tai san trong viec gia tang kha nang vay n. Thanh lap to chc nh gia tai san thong nhat Thanh lap mot to chc nh gia tai san cong ty thong nhat, co ay u nang lc nh gia tai san, ac biet la tai san co nh vo hnh. Qua o, nang cao gia tr tai san the chap cua cac cong ty, v theo thong le hien nay cac ngan hang khi nh gia tai san thng lay gia tr tai san khai bao khi ong thue, ph, le ph la gia rat lac hau gay kho khan trong viec gia tang quy mo tai tr. Hoan thien he thong luat bat ong san Hoan thien he thong luat lien quan en bat ong san nham tao ieu kien phat trien nang ong th trng bat ong san ac biet la th trng may moc thiet b, nha xng nham tao tnh thanh khoan cho bat ong san, qua o tao ra s chac chan trong viec thu hoi cac bat ong san theo gia th trng. Co nh vay mi tao nen tang vng chac cho cac cong ty gia tang quy mo von t ben ngoai. Phat trien mo hnh cac cong ty mua ban n, cong ty bao hiem chng khoan Tao ra nhieu mc o cho phep huy ong von bang trai phieu cong ty bang cac quy nh cu the. Thiet lap he thong luat tao ieu kien cho viec phat

trien cac cong ty mua ban n, cac cong ty bao hiem rui ro chng khoan, qua o, m ra vien canh sang lang hn cho cac cong ty co phan ieu chnh ty so n so sach en ty so n th trng mot cach de dang. Phat trien nghiep vu chng khoan hoa Can co nhng quy nh phat trien nghiep vu chng khoan hoa : Chu the phat hanh khong con la nhan to quyet nh chat lng chng khoan, ma kha nang sinh li cua cac tai san dung lam tai san am bao se quyet nh thu nhap va o an toan cua chng khoan phat hanh. Ket qua cua qua trnh chng khoan hoa la cac tai san co tnh thanh khoan kem thanh chng khoan mot loai hang hoa c giao dch tren th trng von. Tao ieu kien cho cac cong ty huy ong von tot hn. Nang cao vai tro cua hoi nghe nghiep trong viec ho tr vay von Nang cao vai tro cua hoi nghe nghiep ma cu the la hiep hoi doanh nghiep nen thanh lap hoi ong cung vi ngan hang tham nh d an, ho tr doanh nghiep vay von. Cac ngan hang nen cho doanh nghiep vay von neu d an kha thi vi ieu kien doanh nghiep phai co 50% tai san the chap, 50% con lai se la von cua ngan hang. Trng hp doanh nghiep va va nho cha co u 50% von vay ma d an co trien vong th hiep hoi doanh nghiep se rot von tham gia au t cho u yeu cau e ho tr doanh nghiep vay c von ngan hang e thc hien d an. Cho phep xay dng he so tnh oi gia th gia va menh gia trong bao cao tai chnh. He thong ke toan can cho phep xay dng mot he so tnh oi trong bao cao tai chnh nhat la bang can oi ke toan. He so tnh oi gia th gia va menh gia co phieu nham anh gia ung gia tr tai san cong ty qua o co the nang cao kha nang duy tr mot quy mo n cao hn gap nhieu lan nh hien nay.

V thc te ty so n hien nay tren th trng chng khoan Viet Nam ch la Tong n / Tong gia tr so sach cua tong tai san, the nhng Tong gia tr so sach cua tong tai san th nho hn rat nhieu lan so vi Tong gia tr tai san theo gia tr th trng. 3.2.2 oi vi th trng Thay oi nhan thc cua th trng ve tnh hnh tai chnh cua cong ty Thi gian ti can co cac chng trnh nham thay oi nhan thc cua th trng ve tnh hnh tai chnh cua cac cong ty. anh gia tnh hnh tai chnh ung khong the ch qua cac ty so tai chnh ma phai co cai nhn toan dien hn ve qua trnh hoat ong, ve thng hieu, ve kha nang va trien vong kinh doanh trong tng lai, quy mo cong ty va ac biet la nh mc tn nhiem, qua o, gia tang kha nang huy ong von cua cac cong ty trong thi gian ti. Tao moi trng tot cho viec quan tr nang ong cau truc von a dang hoa cac cong cu n, phat trien th trng trai phieu chuyen biet tren th trng tai chnh, tao thuan li hn cho viec a dang hoa nguon tai tr cua cong ty. Tao lap mot th trng tai chnh nang ong tien ti viec s dung cac quyen chon chng khoan, thc hien cac nghiep vu Abitrage cau truc tai chnh. Nang cao tnh nang ong cua cau truc tai chnh cong ty. Phat trien th trng bat ong san Phat trien th trng bat ong san cong ty tao ra s chac chan s thu hoi gia tr th trng. Th trng bat ong san soi ong lam gia tr tai san co nh co xu hng gia tang, nang cao kha nang tiep nhan c cac khoan vay vi gia tr tng ng. Kinh nghiem cac nc cho thay s phat trien cua th trng chng khoan co s ho tr cua th trng bat ong san.

Phat trien th trng bao hiem Phat trien th trng bao hiem, ac biet la bao hiem rui ro chng khoan nham gia tang o tin cay cho cac cong ty co phan. Ben canh o viec phat trien th trng bao hiem se tao von cho th trng chng khoan do s tai au t cua cac to chc bao hiem vao th trng von. M rong quy mo th trng chng khoan Tao ra tnh hieu qua cua th trng chng khoan bang cach gia tang quy mo th trng, t do hoa th trng. Phat trien th trng chng khoan phai sinh noi chung va th trng quyen chon noi rieng, qua o tao ra tnh linh hoat trong viec duy tr mot cau truc von nang ong cho cac cong ty bang cach thc hien cac nghiep vu mua ban quyen chon chng khoan, a dang hoa nguon tai tr, thc hien Abitrage chng khoan mot cach hieu qua. Phat trien cac nganh nghe Gia tang li the vay n qua viec giam thieu chi ph pha san bang viec phat trien cac nganh nghe, gia tang ty suat li nhuan theo nganh. Tao moi ieu kien hp tac cho cac cong ty trong nganh nghe, qua o giam thieu chi ph pha san cua cac cong ty. Thc te cho thay neu nganh nghe suy thoai th cac cong ty trong nganh se gap rat nhieu kho khan ve a dang hoa nguon tai tr do tam ly th trng. 3.2.3 oi vi cac cong ty co phan Nang cao trnh o quan tr cau truc von Nang cao trnh o quan tr cau truc von bang cach xay dng mo hnh d bao cau truc von gan vi trien vong kinh te trong mo hnh o cau truc von phai phan anh c cac ac iem cua nen kinh te, bao gom mc o hoat ong kinh doanh, trien vong phat trien cua th trng von, thue suat Cac ac tnh cua nganh kinh doanh bao gom cac bien ong thi vu, cac bien ong theo chu

ky, tnh chat canh tranh, giai oan chu ky tuoi tho, ieu tiet cua chnh phu va cac thong le Cac ac tnh cua doanh nghiep bao gom quy mo, xep hang tn nhiem, bao am quyen kiem soat. Cac cong ty co gang tao ra nhng chng khoan ngoai lai, gia tang tha thai tai chnh nham tao ap lc lam viec tot hn oi vi cac giam oc ieu hanh, ong thi phai a dang hoa c cau tai tr, ve thi gian ao han, ve chung loai qua o gia tang tnh linh hoat cua cau truc von va nang cao v the am phan vi cac nha tai tr trong tng lai. Quan tr von lu ong toan dien Ap dung mo hnh quan tr von lu ong toan dien (Total working capital management) v viec quan tr von lu ong tot co tac ong tch cc en can bang tai chnh va gia tang hieu qua cua viec m rong quy mo n vay. Cu the la cac cong ty tiep tuc gia tang so vong quay hang ton kho, ap dung mo hnh ton kho ung luc (Just in time) ; tao lap cac chuoi cung ng khep kn nham duy tr c mc ton kho toi thieu qua o giam thieu c khoan phai tra ngui ban. Neu giam thieu c khoan nay th kha nang gia tang quy mo n vay co lai suat se c nang cao qua o toi u hoa c cau truc von, nang cao gia tr th trng cua cong ty. Tan dung cac li the ve quy mo, tai san co nh, ty suat sinh li trong viec quan tr nang ong cau truc von Cau truc von luon luon phai c ieu chnh khi cac ty so P/E, EPS thay oi, nham duy tr va on nh c mc hoa von muc tieu. Mc o ieu chnh nay phu thuoc vao viec a dang hoa cac nguon tai tr. Ngha la a dang hoa cang nhieu th kha nang ieu chnh cang ln. Ben canh o tai san co nh, khau hao, ty suat li nhuan, quy mo cong ty cung tac ong en mc o ieu chnh nay. Mc o ieu chnh phan anh tnh nang ong va trnh o quan tr cau truc von cua cong ty co phan. Trong thi gian ti, cac cong ty co phan

Viet Nam can tan dung cac li the ve quy mo, tai san co nh, ty suat sinh li e nang ong hoa cau truc von. Chuyen oi c cau tai tr Cac cong ty co phan Viet Nam co ty trong n ngan han ln hn so vi n dai han. V vay, van e at ra la cac giam oc tai chnh can phai tnh toan xem thi iem nao e chuyen n ngan han sang n dai han trong cac giai oan phuc hoi sau ky suy thoai. Nham tan dung cac li the lai suat dai han thap khi d bao lam phat gia tang trong tng lai. Cac cong ty co phan co the ban cac khoan von vay ngan han cho cac quy uy thac au t ( cong ty quan ly quy), cac quy au t se chuyen cac khoan vay nay sang cho nha au t di dang cac trai phieu thu nhap dai han, nh o cac cong ty co phan co the hoan chuyen cac khoan n ngan han thanh cac khoan n dai han oi vi cac trai chu. Giup nang cao toc o quay vong von rui ro va chenh lech thi gian ao han cung c thao g. a dang hoa cong cu huy ong von va ro ngoai te trong cau truc von Can phai a dang hoa cac cong cu huy ong von, phat hanh cac ac quyen e thu hut von au t ong thi a dang hoa cac loai ngoai te trong cau truc von e giam thieu rui ro ty gia. Khong ngng tai cau truc tai chnh, cau truc von luon luon phai c ieu chnh e am bao tnh tng thch ngha la loai von co c phai nhat quan hay hoa hp vi loai tai san ang s dung; ngoai ra can am bao c kha nang ieu ong, tc la kha nang ieu chnh nguon von tang hay giam nham ap ng cac thay oi quan trong trong nhu cau von cua cong ty. a dang hoa trong kinh doanh

Trong thi gian ti cac cong ty can tan dung li the nh quy mo bang cach lien tuc a dang hoa nganh nghe kinh doanh, a dang hoa cac nguon tai tr, a dang hoa san pham dch vu, a dang hoa cac d an au t. Nham gia tang s a dang hoa trong cau truc von, giam thieu rui ro kinh doanh va rui ro tai chnh. Ben canh o, nen kinh te Viet Nam co sc tang trng ot pha trong giai oan chuyen oi, trong giai oan nay th ty so gia tren thu nhap co xu hng gia tang, do vay viec ban co phan thng e tan dung li ch tren moi co phan se toi thieu hoa so co phan can thiet can phai huy ong cho cac d an au t la mot trong nhng phng an can phai xem xet khi huy ong von . Tang quy mo n vay Trong thi ky hau WTO sap ti e hang hoa cua cac doanh nghiep Viet Nam co sc canh tranh ve gia, th ong Viet Nam co xu hng giam gia tr, lam phat va lai suat se tiep tuc gia tang nham duy tr va nang cao toc o tang trng kinh te. Vay cac cong ty co phan can tnh toan nham gia tang quy mo n vay e tan dung u the cua lai suat thap va toi u hoa cau truc von. Tuy nhien can phai tnh toan en kha nang ap ng viec tra lai va n goc cung nh cac ac iem rieng co cua tng cong ty. KET LUAN CHNG 3 Tren c s phan tch thc trang chng trc, trong chng nay luan van tap trung vao viec a ra cac giai phap nham nang cao hieu qua huy ong von va hoan thien cau truc von cho cac cong ty co phan. Nang cao hieu qua huy ong von cho cac cong ty khong the phu nhan vai tro cua cac chnh sach, luat phap trong viec tao moi trng thong thoang, thuan li va tao nhieu c hoi trong viec huy ong von. T khau t ong hoa quy trnh xet duyet van ban hanh chnh, cho en tnh kha thi cua cac van ban, cac che o u ai va tao lap ra cac tieu chuan va quy trnh kiem soattat ca

can phai c hoan thien. Ben canh o, mot th trng tai chnh phat trien mot cach ong bo se tao c hoi huy ong von tot hn, vi muc tieu o, Viet Nam can phat trien th trng chng khoan trong o chu trong en viec minh bach hoa th trng, hieu qua tac ong gia th trng tien te va th trng chng khoan. Tao tnh thanh khoan cho th trng, phat trien cac to chc dch vu chng khoan, phat trien th trng von ASEANe huy ong von tot oi moi cong ty phai phat huy noi lc nham nang cao nang lc huy ong von. Ben canh viec nang cao trnh o quan tr theo chuan mc va thong le quoc te can phai tap trung nhieu vao cac chien lt kinh doanh dai han e hoan thien cau truc von cho cac cong ty co phan Viet Nam trong thi gian ti can tao moi trng e viec quan tr cau truc von c hieu qua hn. Qua viec ban hanh luat the chap tai san, hoan thien luat bat ong san cho en viec phat trien mo hnh cac cong ty mua ban n, hay viec hnh thanh th trng trai phieu chuyen biet, th trng chng khoan phai sinh, thanh khoan hoa th trng bat ong san, phat trien th trng bao hiem.....se tao ieu kien cho cac cong ty quan tr cau truc von mot cach nang ong va gia tang quy mo tai tr. Phat huy noi lc cong ty thong qua viec nang cao hieu qua quan tr cau truc von; quan tr von lu ong toan dien; tan dung cac li the ve quy mo, tai san co nh va ty suat sinh li ; a dang hoa kinh doanh; a dang hoa nguon va cong cu tai tr; chuyen oi c cau tai tr va can tnh en gia tang quy mo n vay e toi u hoa cau truc von.

KET LUAN

Viec huy ong ong von cua cac cong ty co phan Viet Nam van con rat nhieu han che, huy ong von tap trung chu yeu vao n vay ngan hang. Viec chng khoan hoa nguon von la cha nhieu, ket cau nguon von con mat can oi va cha c a dang hoa, ty le phat hanh trai phieu cong ty huy ong von la rat thap. Cau truc von rat b ong, cac cong ty cha tan dung c cac li the ve tai san co nh, quy mo, ty suat sinh li trong viec m rong quy mo va a dang hoa nguon tai tr. Cau truc von cha uc toi u hoa, con tap trung nhieu vao viec tham dung von co phan. Qua phan tch thc trang va nhng rao can xuat phat t viec ieu hanh quan ly v mo, t th trng va chnh cac cong ty, luan van a e ra giai phap, hy vong se ong gop mot phan cong sc vao viec nang cao hieu qua huy ong von va hoan thien cau truc von cho cac cong ty co phan Viet Nam trong thi gian ti.

TAI LIEU THAM KHAO

Tieng Viet 1. Tran Ngoc Th, Nguyen Th Ngoc Trang, Phan Th Bch Nguyet, Nguyen Th Lien Hoa, Nguyen Th Uyen Uyen, Tai chnh doanh nghiep hien ai, ai Hoc Kinh Te TP.HCM, Khoa Tai Chnh Doanh Nghiep, Nha xuat ban thong ke(2005) 2. Tran Ngoc Th, Nguyen Ngoc nh, Nguyen Th Ngoc Trang, Nguyen Th Lien Hoa, Nguyen Khac Quoc Bao, Tai chnh quoc te, ai Hoc Kinh Te TP.HCM, Khoa Tai Chnh Doanh Nghiep, Nha xuat ban thong ke (2005). 3. Nguyen Thanh Tuyen, Nguyen ang Dn, Bui Kim Yen, Tran Th Thu Thuy, Vu Th Minh Hang, Th trng chng khoan, Trng ai Hoc Kinh Te, Khoa Tai Chnh Doanh Nghiep va Kinh Doanh Tien Te, Nha xuat ban thong ke (2005). 4. 5. Dng Hu Hanh, Quan tr tai chanh doanh nghiep hien ai, Nha xuat C quan cua Bo ke hoach va au t, au t chng khoan so 1(369) ngay Tieng Anh 1. 2. 3. 4. Eugene Nivorozhkin, The Dynamic of Capital Structure in Transition Hans Loof, Dynamic Optimal Capital Structure and Technological Change, Tim Blackshall, Capital structure Arbitrage Aprimer, Credit Derivatives Malcolm Barker, Jeffrey Wurgler, Maket timing and capital structure, Economies, Department of Economics, Gothernburg University. Institute for studier, Stockhom. Research LLC. Harvard Business school, Yale school of Management. ban thong ke. 1/1/2007; so 2(370) ngay 4/1/2007.

PHU LUC 1

Danh sach cac cong ty dung trong phan tch tnh nang ong cua cau truc von ( So lieu phan tch c lay t bao cao tai chnh cac nam 2003, 2004, 2005)
TN CNG TY CTY CP XNK THY SN AN GIANG CTY CP BNH KO BIN HA CTY CP HP H LONG CTY CP I L LIN HIP VN CHUYN CTY CP GIY HI PHNG CTY CP XNK KHNH HI CTY CP CH BIN HNG XUT KHU LONG AN CTY CP C IN LNH CTY CP CP V VT LIU VIN THNG CTY CP HP TC KINH T V XNK SAVIMEX CTY CP KHO VN V GIAO NHN NGOI THNG SI GN CTY CP NC GII KHT SI GN M CK AGF BBC CAN GMD HAP KHA LAF REE SAM SAV TMS TRI 2003 x x x x x x x x x x 2004 x x x x x x x x x x 2005 x x x x x x x x x x

Ghi chu : 1/ x : La co lay so lieu

2/

Bao cao tai chnh bao gom : Bang can oi ke toan; Bao cao ket qua kinh doanh

3/

Phan mem phan tch : EVIEWS 4.1

PHU LUC 2
Danh sach cac cong ty dung trong phan tch tnh toi u cua cau truc von ( So lieu phan tch c lay t bao cao tai chnh nam 2005)
STT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 TN CNG TY CTY CP BAO B BM SN CTY CP XNK THY SN AN GIANG CTY CP BNG BCH TUYT CTY CP NHA BNH MINH CTY CP B TNG CHU THI CTY CP HP H LONG CTY CP VT T XNG DU CTY CP HA AN CTY CP NHA NNG CTY CP SXKD&XNK BNH THNH CTY CP I L LIN HIP VN CHUYN CTY C PHN GIY HI PHNG CTY CP XY LP BU IN H NI CTY CP KINH CTY CP XNK KHNH HI CTY CP CH BIN HNG XUT KHU LONG AN CTY CP HNG HI H NI CTY CP GHCH NGI NH HIP CTY CP CH BIN THC PHM KINH MIN BC CTY CP C KH XNG DU CTY CP VN HA PHNG NAM CTY CP C IN LNH CTY CP CP V VT LIU VIN THNG CTY CP HP TC KINH T V XNK SAVIMEX CTY CP NHIN LIU SI GN CTY CP XNK SA GIANG CTY CP KHCH SN SI GN CTY CP VT T GING CY TRNG MIN NAM CTY C PHN KHO VN V GIAO NHN NGOI THNG SI GN CTY CP NC GII KHT SI GN CTY CP THY SN S 4 CTY CP VIN LIN CTY CP VINAFICO CTY CP SA VIT NAM CTY CP VIN THNG VTC CTY CP U T H TNG K THUT TP.HCM

Ghi chu : 1 /

Bao cao tai chnh bao gom : Bang can oi ke toan; Bao cao ket qua kinh doanh

2/

Phan mem phan tch : EVIEWS 4.1

PHU LUC 3
Bang phan phoi chuan

Z* 0,00 0,10 0,20 0,30 0,40 0,50 0,60 0,70 0,80 0,90 1,00 1,10 1,20 1,30 1,40 1,50 1,60 1,70 1,80 1,90 2,00 2,20 2,40 2,60 2,80 3,00 3,50 4,00 4,50 5,00

,00 ,5000 ,4602 ,4207 ,3821 ,3446 ,3085 ,2743 ,2420 ,2119 ,1841 ,1587 ,1357 ,1151 ,0968 ,0808 ,0668 ,0548 ,0446 ,0359 ,0287 ,0228 ,0139 ,0082 ,0047 ,0026 ,0013 ,0002 ,0000 ,0000 ,0000

,01 ,4960 ,4562 ,4168 ,3783 ,3409 ,3050 ,2709 ,2389 ,2090 ,1814 ,1562 ,1335 ,1131 ,0951 ,0793 ,0655 ,0537 ,0436 ,0351 ,0281 ,0222 ,0136 ,0080 ,0045 ,0025 ,0013 ,0002 ,0000 ,0000 ,0000

,02 ,4920 ,4522 ,4129 ,3745 ,3372 ,3015 ,2676 ,2358 ,2061 ,1788 ,1539 ,1314 ,1112 ,0934 ,0778 ,0643 ,0526 ,0427 ,0344 ,0274 ,0217 ,0132 ,0078 ,0044 ,0024 ,0013 ,0002 ,0000 ,0000 ,0000

,03 ,4880 ,4483 ,4090 ,3707 ,3336 ,2981 ,2643 ,2327 ,2033 ,1762 ,1515 ,1292 ,1093 ,0918 ,0764 ,0630 ,0516 ,0418 ,0336 ,0268 ,0212 ,0129 ,0075 ,0043 ,0023 ,0012 ,0002 ,0000 ,0000 ,0000

,04 ,4840 ,4443 ,4052 ,3669 ,3300 ,2946 ,2611 ,2296 ,2005 ,1736 ,1492 ,1271 ,1075 ,0901 ,0749 ,0618 ,0505 ,0409 ,0329 ,0262 ,0207 ,0125 ,0073 ,0041 ,0023 ,0012 ,0002 ,0000 ,0000 ,0000

,05 ,4801 ,4404 ,4013 ,3632 ,3264 ,2912 ,2578 ,2266 ,1977 ,1711 ,1469 ,1251 ,1056 ,0885 ,0735 ,0606 ,0495 ,0401 ,0322 ,0256 ,0202 ,0122 ,0071 ,0040 ,0022 ,0011 ,0002 ,0000 ,0000 ,0000

,06 ,4761 ,4364 ,3974 ,3594 ,3228 ,2877 ,2546 ,2236 ,1949 ,1685 ,1446 ,1230 ,1038 ,0869 ,0721 ,0594 ,0485 ,0392 ,0314 ,0250 ,0197 ,0119 ,0069 ,0039 ,0021 ,0011 ,0002 ,0000 ,0000 ,0000

,07 ,4721 ,4325 ,3936 ,3557 ,3192 ,2843 ,2514 ,2206 ,1922 ,1660 ,1423 ,1210 ,1020 ,0853 ,0708 ,0582 ,0475 ,0384 ,0307 ,0244 ,0192 ,0116 ,0068 ,0038 ,0021 ,0011 ,0002 ,0000 ,0000 ,0000

,08 ,4681 ,4286 ,3897 ,3520 ,3156 ,2810 ,2483 ,2177 ,1894 ,1635 ,1401 ,1190 ,1003 ,0838 ,0694 ,0571 ,0465 ,0375 ,0301 ,0239 ,0188 ,0113 ,0066 ,0037 ,0020 ,0010 ,0002 ,0000 ,0000 ,0000

,09 ,4641 ,4247 ,3859 ,3483 ,3121 ,2776 ,2451 ,2148 ,1867 ,1611 ,1379 ,1170 ,0985 ,0823 ,0681 ,0559 ,0455 ,0367 ,0294 ,0233 ,0183 ,0110 ,0064 ,0036 ,0019 ,0010 ,0002 ,0000 ,0000 ,0000

Ghi chu : Z* : La gia tr tuyet oi cua Z