I T H I T R U - O - N H T A I C H I N H
Ngdn hdng thirang mqi kinh doanh chirng k h o d n ,
Cdm hay khong cdm?
ThS. LE VAN HINH
Chi khi CO khiing hodng tdi chinh tiin te, ngu&i ta m&i nhdn ra rang linh vtic kinh doanh cita cdc ngdn hdng thuang mqi (NHTM) cdn dugc hqn che trong mot chiing miic nhd't dinh. Hien tqi, Du dn Ludt siia doi Ludt cdc to chiic tin dung (TCTD) Viet Nam citng dd dua ra dinh hu&ng hqn che TCTD cho vay chung khodn, bdt dgng sdn, cdng cu phdi sinh... Bdi viet ndy thdo ludn vi vdn di cdm hay khong cdm NHTM tham gia kinh doanh chiing khodn, bdt dgng sdn.
san:
Linh Hire Chij-ng khoan Bao hiem Bat dong san
Nhin ra the gidi
Nguyen tic cd dien nhit vl ngan hang tren the gicii nhin chung la NHTM d n dupe quan Iy than trpng vi mdt so ly do nbu ngudn vdn tin dung (tai chinh) dupc coi la mdt ngudn luc khan hiem ciia xa hdi; boat ddng ngan hang la boat ddng nhay cam va nlu cd dd va tbi gay tac ddng ngpai lai rit sau rdng din xa hdi... Nhimg gi dang dien ra dp tac ddng cua cude khiing hoang tai chinb ngan hang d My da va dang khing djnh lai cban ly dd. Vi nhiing ly do nay va n h i m bao dam he thdng ngan bang van hanh diing, tdt chiic nang cua nd la kenh din vdn va phan bd vdn mdt each hieu qua ttr khu vuc tilt kiem d i n khu vuc san xuit (diu tu) cua nin kinh te, he thdng luat phap cac nudc ve NHTM van ban che hit miic de eac NHTM d i u tu vap cac linh vuc dupc coi la mao hiem hay rili ro eao nhu d i u tu ehiing
khoan, d i u tu b i t ddng san...
Quan sat mdt each he thdng d cac nen kinb t l phat trien chp thiy, tuy thep muc dd phat tiien cua thi trucing va be thdng ngan hang, nang luc quan tri cua n i n kinh te (vi md va vi md) v l tai chinh, ngan hang ma cac ban che nay dupc ncM rdng mdt each phil hcpp.
Thep kinh ngbiem qudc te, cd ba Hnh vuc ma NHTM thucing tham gia vao dd la, chiing khoan, bao hiem, b i t ddng san (Bang 1). Cac qudc gia khac nhau ed miic dd ban che khae nhau dd'i vcii ba Iinh vuc tren.
Nghien ciiu v l van de ban che NHTM kinh doanh mao hiem da dupc trudng Dai Hpc Cambridge tiln banh nam 2006 tren ep sd lira chpn nglu nhien 152 qudc gia va vimg lanh tbd.
Kit qua diiu tia nbu sau:
• Vi miic do hqn che NHTM kinh doanh chirng khodn: Cbi cd 4 qudc gia cim hoan toan NHTM
Mota
NHTM cd thi tham gia kinh doanh chirng khoSn dudi hinh ihirc bdo lanh phSt hinh, mdi gidi chirng khodn, vd tSt cd cdc hoat ddng cila quy tupng h6.
NHTM tham gia kinh doanh bdo hidm dudi dang bdo Idnh, bdn bdo hilm NHTM Ihdm gia kinh doanh irfin linh vuc ddu iu bSt aOng sdn, phdt tifin b i t dOng sdn, qudn ly kinh dodnh bit flOng sdn
Nguon: Till Algels Govern. 2006 "Rethinking Bank Regulation" Cambridge 2006
kinh doanb chung khoan, 21 qudc gia ban che, 66 qudc gia cho phep thep kieu cd kiem s p a t / c i p phep; 61 qudc gia kbdng cam.
• Ve miic do hqn che NHTM kinh doanh bdt dong sdn: Cd tdi 48 qudc gia cim hpan toan NHTM kinb dpanh Iinh vuc nay, 36 qudc gia ban che, 37 qudc gia chp phep thep kilu cd kiem s o a t / c i p phep; 11 qudc gia khdng cim.
• Vi muc do hqn che NHTM kinh doanh bdo hiem: Cd tcM 39 qudc gia cim hoan toan NHTM kinh dpanh linh vuc nay, 53 qudc gia ban chi, 47 qudc gia chp phep thep kilu ed kiem s p a t / c i p phep; 14 qude gia khdng cim.
Ke't q u i diiu tra cting cho thiy, tuy thep mile dd phat tiien cua thj trudng tai chinh (TTTC), nang luc quan ly eua cp quan quin ly va ban than cac NHTM ma cd su khac nhau vl miic do ban che NHTM kinh dpanh vao cac Iinh vuc nay. Tai cac nin kinh te phat trien, mirc dp tudo hda cap hem b i n tai cac nudc kem phat triln.
Thuc te d Viet Nam De tra ldi cau hdi nay, chiing ta cin danh gia mirc dp phat trien cua Thj trudng tai chinh (TTTC) Viet Nam cung nhu
Tai chinh THANG 9/2009
mirc dd d l tdn thuemg ciia NHTM trpng nudc (kha nang chdng sd'c, mile dd rui rp vl ky ban tren bang tai san cua cac NHTM, kba nang quan ly rui ro...):
Vi muc lid phdt trien ciia TTTC: Cac chi sd phat trien tai chinh cila Viet Nam cbo tha'y TTTC Viet Nam la mpt thj trucing kba non tie. Ndi la npn tre bcri cac cbi sd miic dd Hen te hoa nin kinh te (M2/GDP); tin dung chp nen kinh t l (7oGDP); huy ddng vdn (%GDP) va tdng mile vdn hoa cua tbj trudng chiing khoan (%GDP) mdi nhay vpt vai nam gin day ma chua dupc ciing CO vl chat lucpng. Trpng khi dd, TTTC cac nudc tiong khu vuc da cd dd sau, dn djnh kha lau va di trucic Viet Nam vai thap ky. Miic dp da dang boa eiia he thdng tai chinh cua Viet Nam cung d muc thip va chu yeu vin la cac NHTM, trong dd cac NHTM Nha nudc ehiem da sd (70%
tdng tai san cua he thdng)...
Mu-c dp minh bach ciia thi trudng ciia TTTC Viet Nam ciing la vin d l dang quan tam. Thuc t l chp thiy, he thdng thdng tin tai chinh, nliit la cdng bd thdng tai chinh, cdn d muc dd tin cay kha tha'p. Ttr 2007 din nay, cd rat nhilu cdng ty vi pham che dp cdng bd thdng Hn; cham bap cap, sd lieu cdng bd trudc va sau kiem toan cd nhilu sai pham...
Thi trucmg chiing khoan thdi gian qua cung cd nhieu bien ddng Icin va nhung biln ddng nay da tao nen cac
"cii sd'c" tren bang can ddi tai san ciia nhilu td chiie tai chinh va NHTM bcii da diu tu qua nhilu vao chiing khoan.
Vi ndng lire chdng sd'c cua cdc NHTM: Hoat ddng trpng diiu kien thj tiucing cdn kem phat tiiln, quy md nhd... cac NHTM thudng phai duemg diu viM nhilu eii sde tii TTTC va nin kinh te (bao gdm ca nhiing thay ddi chinh sach). Diiu nay yeu ciu cac NHTM eiia Viet Nam phai cd he thdng chdng sd'c cting nhu vdn du Idn va he thdng quan ly riii ro thanh khoan that tdt. Nhimg diin biln tren thi trudng tiln te thdi gian qua ehp thiy, cac NHTM Viet Nam (nhit la NHTMCP nhd) da td ra rit d l tdn thuang tiudc cac cii sd'c.
Vi qudn tri riii ro tqi cdc NHTM:
Cau hdi dat ra la quin trj riii ro tai cae NHTM Viet Nam da du tdt cbo hoat dpng diu tu chiing khoan, bit ddng san, kinh doanh mao hilm...? Chua cd
nhilu can cu de cd thi tia Idi cau bdi tren la tdt. Khap sat spbd chp thiy, hien tai NHTM Viet Nam chua cd he thdng quan ly rui rp phii hcpp cho boat ddng cua mdt NHTM da nang trong dieu kien kinh t l thi trucing thuc su.
Trong dd, cu thi la chua cd he thdng quan ly Tai sin Np -Tai san ed (ALCO) hpac nlu ed thi hpat ddng cdn ban che, hoan toan hinh thiic.
Hiu nhu khdng cd NHTM nap d Viet Nam cd bd phan phan tich kinb te vi md (kl ca NHTM ldn) nhu HSBC, CityBank, UBS- nhtlng ngan hang nudc ngpai thudng xuyen dua ra cac bap cao vl kinb te Viet Nam.
Tang trudng qua nhanh so vcri nang luc quan ly cting la vin d l hien tai ciia cac NHTM Viet Nam. Thuc t l thdi gian qua cho thiy, tai san va du np, SP luipng chi nhanh cua cac NHTM Viet Nam tang nbanb qua miic, vucpt tim kiem soat ciia cac ngan hang. Theo sd lieu tdng hcpp toan nganh ngan hang, nam 2007, tang trucing tin dung cua he thdng len tdi 51,39% so vdi nam 2006, dac biet cd NHTM tang trudng tin dung len tdi 700% so vdi nam 2006. Cac NHTM ciing md chi nhanh tran lan (trpng nam cd NHTMCP tang tren duiii 100 chi nhanh)... Giiia nam 2009, khi NHNN khdng clie tang trucmg tin dung ca he thdng ducri miic 2570 so vcii nam 2008 thi da cd kha nhilu NHTM vucpt xa mile nay (udc tinh, ed ngan hang tang trudng tin dung 6 thang diu nam tren ducri 40% SP vcii diu nam 2009).
VD rili ro tren bdng cdn ddi (ngudn vdn vti cho vay): Hien tai, riii rp vl bang can ddi d cac NHTM Viet Nam dang la vin dl cin dupc quan tam. VI ngudn vdn, sd lieu diiu tia va udc tinh ciia nhdm cac nha khoa hpc cbi ra ring, bang can ddi tai san eiia NHTM Viet Nam hien nay la kha rui
rp. Hien tai, neu tinh trung binh, udc cd khpang 20% ngudn vdn huy ddng ciia NHTM cd ky ban tren 1 nam; ngudn cd ky han tren 2 nam udc chi chilm 8% tdng ngudn vdn cd ky ban tren 1 nam. Nhu vay, cd tiii khoang 807o tdng ngudn vdn huy ddng cua cac NHTM la vdn ngin han (duiM 1 nam). Ty trpng nay phin nap phan anh trinh dd phat triln ciia TTTC Viet Nam cdn d muc thip, cac cdng cu buy ddng vdn cdn nghep nan cua khu vuc ngan hang, mile dd tin nhiem cd phin ban che cua cdng chiing vap he thdng ngan bang, quan dilm ngan ban ciia nha dau tu/ngudi giri tiln khi moi trudng kinh te cdn nhilu bit trie...
Vl Sli dung vdn, so lieu diiu tra, khao sat va udc tinh cting cho thiy, cac NHTM thdi gian gin day da day manh cho vay trung va dai han. Tinh tiung binh toan he thdng NHTM, udc ty le cho vay trung va dai ban (tren 2 nam) len tdi tren ducri 50% tdng du np, Nhu vay, ngudn dl chp vay trung va dai ban chu yeu la ngudn ngin ban. Thep quy dinh trucic day, ty le td'i da dimg vdn ngan ban de chp vay trung va dai han ddi vcii cac NHTM la 407i., vcii cac TCTD khac la 307u (nam 2000, ty le nay chi la 257o, sau dd dp chinh sach ncM Idng tiln te nen da tang len) da tao diiu kien cho NHTM thuc hien chinh sach nay.
Trpng mdt thdi gian dai (trudc nam 2008), dudng nhu he thdng NHTM Viet Nam khdng vudng phai vin d l vl can ddi ky ban. Tuy nliien, ttr khi kinb te suy thoai (nam 2008), khu vuc NHTM Viet Nam lai bdc Id vin d l npi com la quan ly thanb khoan, biM sau thcii ky tang trucing tin dung qua ndng ma ngudn diu vao chil yeu la ngin han tai tia cho cac du- an trung va dai han, cd NHTMCP da ddc toan luc vao bit ddng san (theo
BlSU e o 1: TANG TRi/fifNQ T(N DUNG QUA NHljNG NAM GAN DAY (%)
Tai chinh THANC 9/2009 47
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ngudn tin khdng chinh thiic, trong nam 2007, cd NHTMCP da dat mile 707o tdng du np chp bat ddng sin).
Theo nhan djnh va danh gia cua gicri chuyen gia, vcii he thdng quan ly rui ro thanh khoan nhu hien nay, eac NHTM rit d l tdn thuang trudc cac cii sd'c ttr ben ngoai ma viec lay vdn ngin ban qua nhilu de cbo vay cac du an trung va dai han (cu the la d i u ea bit ddng san) la mdt su "cang - can" qua muc.
Thuc te cho thiy, khi Ngan hang Nha nudc (NHNN) thit chat chinh sach tiln te, mdt so NHTM da ngay lap tiic rcri vao Hnh tiang thieu thanh khpan va bieu hien cua nd la viec huy ddng vdn vcri mpi gia rdi qua dd tao nen trao luu "sieu lai suit"
(vap diu nam 2008), day lai suit tren thi trudng lien ngan hang len tcM 457o/nam. Ttr d i u nam din nay, (9/2009), khi huy ddng trai phieu dupe tang cudng, thi trudng tiln te thilu thanh khpan, ngay lap tiic, hang Ipat NHTM eiing da ed bieu hien thieu vdn, da budc phii tang lai suit len 10,57o/nam, gin bing trin ehp vay; hay dua nhau cd cac hinh tbiic khuyen mai rit ldn.
Ngan hang kinh doanh chwng khodn, bdt ddng sdn - cdm hay khdng cdm?
Du luan khdng quen nhiing nam 1997, khi khung khoang tai chinh tiln te tac ddng den NHTM trpng nude, mdt sd khdng it ngan hang da rpi vap tinh trang khd khan, mit kha nang thanh tpan vi chp vay bat ddng san... ViM thuc trang phat
trien cua TTTC Viet Nam, kha nang chdng sd'c, quan ly rili ro cua cac NHTM Viet Nam hien nay va cac bai hpc da cd, se rat dang Ip ngai cho he thdng nay khi tham gia sau rdng vao khu vuc chiing khoan, bat ddng san va cac boat ddng ngan hang rui ro khac. Tuy nhien, trong diiu kien cin thiic day TTTC va he thdng NHTM phat tiien thi viec cim cting se khdng tap nen mdt he thdng phap luat minh bach.
Kinh nghiem qudc te eho thiy, cac Ngan hang Trung uong bay cac ca quan quan ly tiln te thudng xay dung luat tien ca sd tao dieu kien ma it khi dting ttr ngii cim doan trpng luat Luat thucing dua ra yeu ciu du diiu kien vl mat ky thuat (quy dinh mile td'i thieu v l vdn, ve miie dd dting vdn ngin ban de chp vay trung va dai ban, dpi ngii quan ly rui ro thanh khoan, trang tbiet bi ky thuat,..) chp linh vuc klnh dpanh nganb hang nap dd.
Thep hucing nay, Uy Ban Basel cua ngan hang thanh toan Qudc Tl BIS cting cd rat nhilu khuyin cap v l cac diiu kien td'i thieu cua boat ddng ngan hang kinh dpanh chiing khoan, kinh dpanh ngpai hdi, kinh dpanh cac sin pham phai sinb...
Ve dinh hudng xay dung luat cac TCTD d Viet Nam, cd nhieu quan diem cho ring, vcii thuc trang hoat ddng, trinb dd thi trupng va nang lue quan ly eiia cic NHTM nhu hien nay thi cac hpat ddng d i u tu chiing khpan mang tinh ngan hang d i u tu chi nen d miic dd nhit dinh, thu hep han so vcM bien nay. Nhu vay, luat nen ban ehi cac NHTM kinh dpanh bat
ddng sin, chiing khpan thep cac bidn phap ky thuat rd rang, minh bach.
De tang cudng nang luc hoat ddng d i u tu (trong dd la nang luc quan ly rui ro) chp he thdng NHTM Viet Nam thi luat n§n quy djnh mang tinh diiu kien td'i thieu/hpac b i t bude ve thanh lap bd phan ALCO di kem vdi dpi ngU can bp cd nSng luc vl phan tich kinh te vi md va vi md. Theo dinh hudng dd, NHTM se vuan len va qua dd he thdng tai chinh se phat tiien ngay mdt tien bd hem.
Trpng thdi gian tiudc mat, khi cac NHTM chua cung cd duac quin ly rili ro hay chua dap ling dupc cae diiu kien ky thuat, cac hpat ddng dau tu chiing khoan mang tinh ngan hang d i u tu nen chuyen sang cho cac cdng ty quan ly quy boat ddng ddc lap. NHTM ehi dupe uy thac diu tu chiing khpan qua cdng ty quin ly quy d i u tu ehung khpan. NHTM mudn kinh dpanh vang, ngoai bdi (va cac sin pham ngpai hdi, vang phai sinh...) khac phai co dieu kien td'i thieu vl trang thiet bi vat chat, con ngudi cu the, he thdng quan ly rili rp (trpng do dac biet be thdng quin ly rui ro tdng the cua NHTM).
Gin day, ngay 10/8/2009, Thdng ddc NHNN da ban hanh Thdng tu sd 15/2009/TT- NHNN. Theo dd, ty le td'i da cua ngudn vdn ngin ban dupc Sli dung de chp vay trung ban va dai ban dd'i vdi cac NHTM la 307o; dd'i vcii cac edng ty tai chinh va cdng ty chp thue tai chinh la 307o; vdi quy tin dung nhan dan trung uemg la 20%. 'i kiln chuyen gia chp ring, quy dinh nay cd y nghia giim rili ro cho khu vuc NHTM va cting la giai phap that chat Hen te, giam tang trucing tin dung xudng miic 257o so viM nam 2008. Day cung la giai phap ban che NHTM cho vay b i t ddng san va chiing khoan qua miic, khi ndng luc kiem soat du npchp vay linh vuc nay dang gap khd khan truiic ma luc cua loai hmh kinh
doanb nay.. $
Tii chinh T H A N G 9/2009
