V A N D ^ HOM NAY ( So 07 (84)-2010 )
Co* che quan ly tai chinh Tap doan kinh te -
• • < i I
Bai hoc tir mot "thi diem" mo hinh
r
Tap doan kinh te
Ths. VU Thi Ngoc Lan*
"^k Tgdy 15-5-2006, Thu tudng Chinh phu cd Quyet dinh sd 103/QB-TTgphe duyet Be dn I ^ / thi diem hinh thdnh Tap dodn Kinh te Vinashin, tren ca sd td chirc lgi Tdng Cdng ty J. 1 Cdng nghiep Tdu thuy Viet Nam, ciing trong ndm 2006 mdt logt cdc Tap dodn kinh ti
khde cung ra ddi vdi md hinh tuang tu. Bdn ndm qua ben cgnh nhirng thdnh tuu md cdc Tap dodn dd dgt duac vd ddng gdp cho nen kinh te dgc biet qua giai dogn khung hodng ciia nin kinh te the gidi vua qua, md hinh Tap dodn kinh te ciing dd bpc Ip khd nhieu bdt cap trong do cd vdn de ca che qudn ly tdi chinh Tap dodn kinh te. dgc biet trong thdi gian gdn ddy du ludn quan tdm nhieu den cdu chuyen "Tdi ca cdu Tap dodn kinh ti Vinashin" vdi viec chuyin giao mpt sd du dn tir Tap dodn Vinashin sang mpt Tap dodn vd mpt Tdng cdng ty Nhd nudc khde Id Tap dodn Ddu khi Viet nam vd Tdng cdng ty Hdng hdi Viet nam. Viec tdi cdu tnic vd ca cdu lgi Doanh nghiep, hay chuyen mua bdn sap nhdp Doanh nghiep cdng Id chuyen binh thudng vd khd phd bien trong nen kinh ti thi trudng nhung chuyen ddng ndi d ddy Id viec tdi cdu tnic ndy Id dudng nhu Id mpt viec "khdng thi dirng" vd cd ngudn can tir sir "bi tdc"
trong viec tim gidi phdp ve tdi chinh cho tinh trgng hien thdi cua Tap dodn Vinashin, Hieu qud ciia viec tdi ca cdu ndy cdn cd thdi gian di kiim chung vd hiin nhien Id cdn phu thiipc rdt Idn vdo khd ndng cheo ldi vd trien khai tiip ciia 2 dan vi tiip nhdn, ciing nhu khd ndng ddi mdi vd hdi phuc ciia bdn thdn Vinashin sau khi ca cau lgi, tuy nhien phgm vi bdi viet ndy tdc gid khdng coy dinh disdu vdo phdn tich lai, hgi cua viec cacdu lgi Tap dodn Vinashin md mudn xudt phdt tu nguyen nhdn cua viec phdi "ca cdu lgi" mpt Tap dodn kinh ti Nhd nudc duac thdnh lap nhu mpt thi dlim cho md hinh Tap dodn kinh ti di nhin lgi mpt vdn di dgc biet cdt ldi trong md hinh Tap dodn kinh ti dd Id ca chi qudn ly Tdi chinh Tap dodn kinh ti.
Hai van de co ban trong CO che quan ly tai chinh Tap doan kinh te dudi gdc nhin tir bai hge Vinashin
Nhan thiic dSy du ring Tap doan kinh t l khdng phai la phap nhan, mdt doanh nghiep, nd khdng cd tu each phap nhan nen khdng thi cd
khai niem quy che tai chinh cua Tap doan, ma mgi thanh vien trong Tap doan ke ca Cdng ty me binh dang va dgc lap trong hoat ddng tai chinh theo quy che tai chinh rieng eiia minh phu hgp vdi phap luat va dieu le hoat dgng. Nhu vay thyc chat khi ban den tai chinh Tap doan la ban den co
che quan ly tai chinh, co che hoat ddng tai chinh cua Cdng ty me - doanh nghiep chi phdi cae hoat ddng trong dd cd hoat ddng tai chinh cua cac cdng ty con trong Tap doan va qua dd hinh thanh nen nen tai chinh eiia Tap doan. Sy ehi phdi hoat ddng tai chinh cua Cdng ty me ddi vdi cac Cdng
* Tdng Cdng ty Thdm dd vd Khai thdc Dau khi
0> T a p c h f n g h i e n cufu Tdi c h f n h k e ' t o d n
^07 (84)-2010 ) V A N Dfe HOM NAY
ty con trong Tap doan dugc thyc hien khdng phai blng cac quy djnh, cac menh lenh hanh chinh ma thdng qua dilu le va ca chi tai chinh cua cac cdng ty con va sy phdi hgp, kha nang hoat ddng va vai trd cua ngudi dai dien cdng ty me tai cae edng ty eon. Tuy nhien tren thyc te khdng han da dien ra nhu vay:
Van de dau tu va quan ly vdn dau tu cua cac Tap doan kinh te: Ve phap ly cdng ty me - Tap doan thyc hien viec dau tu thanh lap cac cdng ty con bao gdm cac Cdng ty 100%o vdn Tap doan, hay ed vdn chi phdi ciia Tap doan; tiep tuc dau Ur de phat trien san xuat kinh doanh vao nhiing cdng ty nay; va dau tu gdp vdn vao cac cdng ty lien ket va tang, giam vdn d cac cdng ty nay.
Thyc te d Viet Nam cho thay, cac Tap doan kinh te Nha nudc nhu Vinashin da duge trao quyen rat sau rdng, ngoai tiem luc ve tai san nhu dk dai, vdn...cac Tap doan cdn cd uu the dac biet nhd nhiing u-u quyen khac ma Nha nude trao cho cac Tap doan nhd vay viec dau tu ciia cae Tap doan cd uu the han nhieu so vdi cac doanh nghiep khac. Ciing vdi viec cd trong tay ngudn vdn dugc Nha nudc ho trg va huy dgng de dang tir car khoan vay cua Chinh phu (se de cap din trong phan sau), cdng ty me - Tap doan va cac ca cac edng ty con trong Tap doan
ciing se "tich eye" de tim cac dy an dau tu thuoc ITnh virc va ca khdng thude ITnh vyc hoat dgng ciia minh. Dieu nay tiem an nhiing nguy hiem va rui ro trong quan ly tai chinh.
Ddng thdi xu hudng "de" ra qua nhieu cae edng ty con, edng ty lien ket hoat ddng d dii mgi ITnh vyc ke ca nhung ITnh vyc hoan toan khdng dinh dang gi den ITnh vyc hoat ddng chinh eua Tap doan nhu trudng hgp Vinashin tai thdi diem khi tien hanh co can lai ed den 200 edng ty thanh vien hoat ddng d cac nganh nghe khac nhau tham tri ca kinh doanh d td, xe gan may. Nhu vay, mdt hien tugng cd the de dang nhan thay tai Vinashin ndi rieng va nhieu Tap doan ndi chung la viec dau tu vao cac ITnh vyc khdng phai la sd trudng thudng song hanh vdi tu tudng ed gang "tieu" cho
het tien ma theo ca che. minh cd the tan dung dugc. K I din, viec cac cdng ty con phinh to, da nganh nghe tat nhien se lam cho cdng tac quan tri ciia tap doan se khd khan hon, trong khi ma ddi ngii quan ly tai cac cdng ty con nhin chung chua chuyen nghiep vdi nghe quan trj tai chinh. Dieu nay cang lam tang riii ro ciia nhung dau tu ra ben ngoai tap doan.
Mat khac. vdi xu hudng thanh lap eae Tdng cdng ty, cdng ty eon tryc thude tap doan kinh te nha nudc mdt each tran lan, thi kha nang dau tu triing lap giiia cac Tdng cdng ty tryc thude rat de xay ra vi khi dd kha nang phan quyen cua eae tap doan kinh te nha nudc se khdng tranh khdi. Do dd, eae tap doan kinh te nha nude se ngay cang khd khan trong
T a p c h f n g h i e n cufu Tdi c h f n h k e ' t o d n
O
V A N D e HOM NAY ( Sd 07 (84)-2010 )
kiem soat tap trung. Dau tu triing lap la nguyen nhan cho cac "xung dot quyen lgi"
"canh tranh" xay ra trong ndi bg tap doan. Ngoai ra mdt van de dang quan tam nira la sy chi phdi ciia Cdng ty me trong cac quyet djnh dau tu eua cac Cdng ty con. Mac dii vdi tu each la nhirng don vj dgc lap, nhung tren thyc te haunhu cac quyet djnh dau tu Idn nhd ciia cac Cdng ty con ciia eae tap doan kinh te nha nudc lai le thude vao cac quyet djnh va y chi chu quan cua mot vai ca nhan trong ban lanh dao cac tap doan kinh te nha nudc, van tdn tai mdt sy khdng ro rang giiia vai trd ehii sd hiru dau tu va vai trd quan ly nha nudc dua den cho cac edng ty con cam giac de "bj can thiep" va thieu dgc lap, ty ehju trach nhiem trong cac quyet dinh dau tu.
Van de huy ddng va tai trg vdn cho cac dy an dau tu ciia Tap doan kinh te
Nhu tren da de cap den.
Cdng ty me - Tap doan vdi tham quyen dugc giao va cac hd trg dac biet tir Nha nude se kha thoai mai trong viec djnh dgat ngudn vdn dau tu ban dau vao cac dy an, cac cdng ty con 100%), hay cdng ty ma tap doan kinh te nha nudc cd vdn gdp chi phoi.
Ngay ca trong trudng hgp phai vay vdn, thi vdi tim cd
va uy tin, tap doan kinh te nha nudc van ed the de dang tim dugc cac ngudn vdn vay Idn, thdi han dai va vdi lai suat re. Viec mdt Tap doan kinh te dugc quyen sir dyng toan bd sd tien huy ddng duge tir phat hanh trai phieu qude te cua Chinh phii (ndi each khac Nha nude da giao toan bd sd tien cd dugc tir ganh nang ng Qudc gia - mdt loai vdn Nha nude cho Tap doan kinh te), cho thay sy huy ddng vdn qua "de dang" va
"thuan lgi" cua Vinashin de dau tu ma khdng vudng phai bat ky sy tham dinh khat khe theo thdng le eiia ngudi cho vay khi cung cap khoan tin dung, da khien cho Vinashin bd qua cac ty le an toan hoat ddng, cac ty le an toan ve tai chinh, duy tri mdt co cau vdn bat hgp ly ma he qua cua nd la Tap doan mat kha nang tra ng (den thdi diem trude khi CO cau lai tdng du ng eua Vinashin chiem tdi gan 90%
tdng tai san).
Mdt tinh trang van cdn kha phd bien dd la viec tham gia vdn vao cac dy an dau tu dien ra trong ndi bd tap doan: cdng ty me - tap doan dau tu vao cac edng ty con, cac cdng ty eon gdp vdn lan nhau, cac cdng ty con gdp vdn chung vdi edng ty me vao mdt dy an. Tinh trang nay dan den nhirng bat cap va khd khan trong quan ly
tai chinh eiia Tap doan, lam che khult hire tranh that ve tinh hinh tai chinh va hoat ddng cua Tap doan. Day ciing la nguy co dan den cac rui ro khd kiem soat ve tai chinh dac biet khi cd nhirng bien dgng cua thj trudng tai chinh - tien te lam cho viec huy ddng vdn cua cac cdng ty trong Tap doan trd nen khd khan. Ben canh do, can thiet phai cd ca che de cd thi kiem soat duge viec dau tu, gdp vdn eua cac cdng ty con.
Neu cac cdng ty con cd the dau tu tir cac quy tich liiy, thi ed the an tam. Tuy nhien tren thyc te, da ed tinh trang sir dyng nhiing khoan vay ngan han de dau tu vao nhieu dy an dau tu khac nhau va khdng kiem soat dugc miic do dau tu ciing nhu ddng vdn cua minh.
Nhu vay, sy khac biet rat Idn giiia ca che van hanh va hoat ddng dac biet la ca che quan ly tai chinh .ciia mdt Tap doan kinh te va mdt Tdng cdng ty Nha nudc cho thay khdng the chuyen ddi dan gian hay sat nhap mdt vai Tdng cdng ty Nha nudc nhu mdt phep edng dan gian de thanh Tap doan Kinh te.
Co che quan ly tai chinh cac Tap doan kinh te ndi rieng va md hinh Tap doan kinh te ndi chung la nhiing van de phiic tap va rat mdi ddi hdi phai cd sy nghien ciiu ty my va
7 2 > T a p c h f n g h i e n cufu Tdi c h f n h k e t o d n
SdJ)7 (84) - 2010 ) V A N D S HOM NAY
khoa hoc. Ddng thdi phai ddi n^di de xay dung dugc thi che quan ly vT md phu hgp vdi hoat dgng cua cac Tap doan kinh t l . Mat khac xay dyng Tap doan kinh te va xu ly cae van dl tai chinh cua Tap doan ngoai cac nguyen ly chung can luu y cdn phai dugc xem xet cy the phii hgp
vdi dac diem cua timg loai hinh Tap doan va phii hgp vdi md hinh va co che dieu hanh cua Cdng ty me.
Tai lieu tham khao
1. PGS. TS. Luu Thi Huang (chii bien), 2003, Gido trinh Tdi chinh Doanh nghiep, Nhd
xudt ban Thdng ke. Hd Npi 2. Cdng ty Kiem todn Viet Nam VACO, 2005, Tom tdt chudn muc ke todn Viet Nam, Hd Npi thdng 7/2005
3. RICHARD A.BREALEY and STEWART C. MYERS, Principle of Corporate Finance
NHAN BIET BAN CHAT VE...
(Tiep theo trang 29) va phat trien cua sy vat dd. CdnghTa la ban chat sy vat, hien tugng la khach quan, khdng phy thude vao y thirc ciia eon ngudi va cd mdi quan he ben vung. Ban chat cua hach toan ke toan ciing vay, nd la nhiing quan he can thanh thyc the chat lugng ciia ke toan, quyet djnh sy khac biet cua ke toan so vdi cac sy vat hien tugng khac. Nhung ddng thdi, theo triet hge, ban chat ciing dugc bgc Id qua nhimg hien tugng nhat djnh. Ban chat khac nhau se bdc Id thanh nhiing loai hien tugng khac nhau. Khi ban chat thay ddi thi hien tugng bieu hien nd cung thay ddi theo. Qua trinh nhan thuc ban chat sy vat la qua trinh tach dan ndi dung khach quan cua hien tugng ra khdi cai vd be ngoai, ngau nhien de tim ra nhiing cai bi che lap sau hien tugng. Mat khac, quan diem toan dien chan thyc ddi hdi chiing ta phai di tir tri thuc ve
nhieu mat, nhieu mdi lien he ciia sy vat den ehd khai quat nit ra cai ban chat chi phdi sy tdn tai va phat trienr ciia sy vat hien tugng dd. Qua trinh nhan thirc ban chat hach toan ke toan ciing khdng nam ngoai quy luat tat yeu nay.
Hach toan ke toan ciing vdi hach toan nghiep vu va hach toan thdng ke deu cd ciing ngudn gdc la hach toan.
Ca ba loai hach toan nay deu quan sat do ludng tinh toan va ghi chep eae hoat ddng kinh te nham thu nhan va cung cap nhiing thdng tin phyc vu cho cdng tac kiem tra, kiem soat va chi dao eae hoat ddng kinh t l dam bao cho qua trinh tai san xuat xa hdi dem lai hieu qua cao dap irng dugc nhu cau san xuat va ddi sdng xa hdi. Tuy nhien. hach toan ke toan cd nhimg khac biet so vdi hach toan nghiep vu, hach toan thdng ke ndi rieng va cac
mdn khoa hge khac ndi chung, bdc Id ban chat rieng cd ciia nd dugc the hien d ddi tugng, thude do, tinh chat thdng tin va phuong phap de thu nhan, xir ly va cung cap thdng tin.
Qua nhan thiic tren, ngudi viet ciing xin manh dan dua ra qua diem cua minh ve hach toan:
"Hgch todn ke todn Id mdt mdn khoa hpc thu nhdn, xu ly vd cung cap thdng tin ve tdi sdn, ngudn vdn, chi phi, thu nhdp vd ket qud ciia dan vj mpt cdch thudng xuyen, lien tuc vd cd he thdng dudi hinh thirc tien te, hien vgt vd thdi gian lao dpng nhdm kiem tra, gidm sdt todn bp tdi sdn vd cdc hogt ddng kinh te tdi chinh ciia dan vi dd ". Viec lam ndy giiip cho cdc ddi tuang sir dung thdng tin dua ra cdc quy el dinh. cdc gidi phdp kinh le dimg ddn thuc day sir phdi trien ciia timg dan vi vd todn hp nen kinh te qudc ddn.
Tap chf nghien cufu Tdi chfnh ke'todn
