QUAN tY KINH TE
Chien lapc mua Iqi va sap nhqp c u a c a c doanh nghiep nhin tOf goc do chudi c u n g Crng
HUYNH THI THU S U O N G
; tiSu cua bdi viet Id nhdn dien cdc tdc dgng da chiiu cua M&A tiep can dUdi ly __ f thuyet chuoi. Bdi viet s^ diing phUctng phdp nghien cthi dinh tinh vdi ky thudt phong vd'n sdu chuyen gia trong hoat dgng M&A, ke't hdp vdi nguon dU lieu thU cap dUdc thd'ng ke trong giai dogn 2006-2017 vi M&A tgi Viit Nam theo ngdnh nghi, quy md, quoc gia. Ke't qud nghien cUu cho thay chien lUdc M&A tgi Viet Nam hUdng ve lien ket theo chieu dgc nham dgt dUOc cdc muc tieu kinh doanh cti the.
Tfl khoa: M&A, chie'n lUdc M&A, chuoi cung Ung 1. Gidi t h i e u
Viee xua't hien M&A trong tie'n trinh phat trie'n cua nen kinh te' la mdt dieu td't yeu, ben canh nhflng ich ldi ma hoat ddng nay ed the mang lai cho doanh nghiep va n i n kinh te', ma dien hinh la tao cd hdi de doanh nghiep thflc hien viec tai ca'u true toan dien doanh nghiep va sap xep lai cd ca!u cac t h a n h p h a n trong ndn kinh td', thi M&A cdn ed the gay r a nhflng tae ddng xa'u cho nen kinh te' va doanh nghiep (nhu xua't hien nhidu k h a nang doanh nghidp bi thau tdm bdi dd'i t h u canh tranh, hay xud't hien hien tfldng ddc quyen).
Tai Viet Nam, hoat ddng nay chi mdi xua't hidn trong thdi gian g^n day nhflng dang diln ra r^t ndng, vdi chie'n Ifldc van dung Uen ke't trong chuoi dpc va ngang nham vao 2 muc tieu chinh: (i) md rpng thi p h i n , t a n g quy md, giam thieu doi t h u canh tranh; (ii) da dang hda nganh nghe kinh doanh, kiem soat toan dien hoat ddng kinh doanh tfl k h a u cung flng den phan phd'i, tiet giam chi phi nhd tan dung sfl dung nguon Iflc t r e n toan bp chudi.
2. Cd sdf ly thuyet va phfldng p h a p n g h i e n ciJfu
2.1. Ca Sd ly thuyet
Mua lai la hoat ddng m u a lai mdt doanh nghiep (goi la doanh nghiep muc tieu) bdi mdt doanh nghiep khac. Mot vu mua lai
doanh nghiep cd t h e m a n g t i n h eha't la than thidn, nhflng cung cd t h e mang t i n h chat thu dieh. M u a lai m a n g t i n h ehlft t h a n thien la viec cac doanh nghiep ddng y tid'n hanh dam p h a n de ket hdp lai vdi nhau. Mua lai mang tinh cha't t h u dich la trfldng hdp doanh nghiep muc tieu (edng ty bi m u a lai) m i i n cfldng d^
edng ty khae m u a gianh quydn kiem soat dfi vdi doanh nghiep minh, hoac doanh nghiep bi mua khdng cd thdng t i n vd vu mua lai nay.
Mua lai thfldng do mdt doanh nghidp Idn mua lai doanh nghiep nhd hdn. Nhflng cung co trfldng hdp doanh nghiep nhd hdn gianh dfldc sfl diiu khien quan ly ddi vdi mdt doanh nghiep Idn hdn hoac mdt doanh nghiep co tie'ng lau ddi va gifl lai danh tid'ng dd cho doanh nghiep (Weston, 2005).
Sap n h a p dflde hidu la viee ket hdp gifla hai h a y nhieu doanh nghidp va cho ra ddi mpt p h a p n h a n mdi t h a y the' cho sfl bien ma't cua eac doanh nghiep cu, thfldng nham de thfle hidn muc tieu d i u tien la lam cho gia tri cua doanh nghiep Idn hdn so vdi khi hoat ddng rieng le. Tuy cd k h a c nhau, nhflng diem chung cua ea sap n h a p va mua lai la tao ra sfl edng hfldng, tao r a gia tri Idn hdn nhiiu so vdi gia t r i eua tflng b e n rieng le va chinh la da'u hieu cuoi cung cua sfl thanh cdng hay t h i t Huynh Thi Thu Suong, TS., Tnifmg dai hoc T^ chmh - Marketing.
26 NghiSn ciiu Kinh tdsd 9(434) - Thdng 9/2018
Chien lirac mua lai vd sip nhdp .
bai cua mdt thfldng vu M&A (Weston, 2005). C h i n h vi ldi ich e h u n g do n e n h a i t h u a t ngfl n a y dfldc sfl d u n g g i n kd't vdi n h a u va ed t h e dai dien eho n h a u .
Theo Vorst (2004), chudi cung flng khdng chi bao gdm n h a s a n xua't va n h a cung ca'p,
HINH 1. M o h i n h c h u o i c u n g flng t d n g q u a t
ma cdn cd hd thd'ng p h a n phd'i gdm cac n h a p h a n phd'i, n h a b a n le di cung vdi eac boat ddng nghien cflu p h a t t r i e n san ph^m mdi, m a r k e t i n g , b o a t ddng p h a n phd'i, tai ehinh va dich vu k h a e h h a n g de p h a n phd'i san p h a m de'n ngfldi t i e u dung.
Nh3 ,. Nti ban \ —•,•-'"' N{u6f liin itiR% " ^ ^
Ngudn: Vorst (2004).
J a m e s (2012) cho r a n g q u a n tri chudi cung flng n h a m mue dieh kiem t r a va q u a n ly m a n g Ifldi chudi cung flng n h a m tiet kiem chi phi va dich vu k h a c h h a n g td't hdn. Muc tieu q u a n t r p n g la n a n g cao k h a nang eanh t r a n h eua mdt cdng ty t r e n t h i trfldng toan e l u ba't cha'p cac Iflc Ifldng canh t r a n h gay gat va kip thdi t h a y doi n h u c i u eua k h a c h h a n g . Tac gia k h i n g dinh rang q u a n t r i chuoi cung flng la q u a n ly hoat ddng lien ket t r o n g dd ed sfl chuyen dich h a n g hda tfl nguyen lidu thd dd'n ngfldi tieu dung cudi cflng, duy t r i eae ldi t h e e a n h t r a n h . Cac hoat ddng n a y bao gdm q u a n ly he thd'ng, ngudn cung flng va m u a sdm, len lich san xua't, x^ ly' ddn h a n g , q u a n ly tdn kho, v a n ehuyen, kho b a i va dich vu k h a e h hang. Quan tri chudi cung flng eung bao gdm hdp tae gifla cac t h a n h vien trong chudi trong cac linh vflc nghien cflu m a r k e t i n g , khuye'n m a i , b a n h a n g , t h u t h a p t h d n g tin, n g h i e n eflu va p h a t trien, t h i e t ke san p h a m , q u a n ly hoat ddng p h a t t r i e n san p h ^ m , b o a t ddng s a n xua't, dich vu k h a c h h a n g .
Lien kd't doc va lien k i t n g a n g trong chudi la xu hfldng ta't yeu trong ba't k^
chuoi nao, n g a n h nao. Lien ke't doc la hdp tac gifla cac tac n h a n t r o n g chudi n h a m giam chi phi chuoi, tao dfldc sfl ddng t h u a n trong chuoi, t h d n g t i n t h i trfldng dflde chia se gifla eac tac n h d n trong chuoi vdi muc dich san xua't dap flng n h u e l u thi trfldng va dac biet niem t i n trong chudi ra't eao.
Lien ke't doe xay r a khi tdn t a i h a i hoac n h i i u hdn cac td chflc, chang b a n nhfl n h a san xua't, n h a p h a n phd'i, n h a chuydn ehd va n h a b a n le chia se t r a c h nhiem, ngudn Iflc va t h d n g tin n h a m p h u c vu cho cac td chflc cd lien q u a n tfldng tfl nhfl ngfldi tieu dung cudi cung. Lien ket n g a n g la hdp tac gifla eae tac n h a n trong cung mpt cdng doan n h a m giam chi phi va t a n g gia b a n san p h a m . Lien ke't n g a n g xay r a khi cd h a i hoac n h i i u hdn eae to chflc khdng lien q u a n va canh t r a n h n h a u , nhflng hdp tae vdi n h a u n h a m chia se eac thdng tin hoSc ngudn Iflc nhfl lien k e t cac t r u n g t a m p h a n phdi. Baekstrand (2007) cho r a n g ed nhieu tfl, cum tfl md t a ve sfl hdp tac (bang 1).
Nghien cuu Kmh tdsS9(484) • Thing 9/2018 27
Chien luofc mua lai ii sip nh$p ..
Thuat ngu QuanhS M6'i quan he Tuong tac Su tucmg tac C6ng tac
Su c6ng tic
Hop tac
Su hop tac
Kft't hop
Su k^t nd'i
Phu thu6c l ^ n h a u Su tich hop
Lifin minh
Quan hd ddi tac
Li£n doanh
Sdpnhflp Mua lai Giao dich
BANG 1: Cac t h u a t ngfl trong hdp t a c c h u d i c u n g ufng SI nghia
K^i n6i, ket hop m5i quan h&
Keft hop, ke't n6i, lien ke't, tuong quan Hanh dong cung nhau, hop tic Lifin he, giao dien, quan he, giao Uep Hop tac, lap nhom, lam viec ciing nhau Hiep hoi, m6i quan he, quan he do'i tac, lien minh, hop tac
C6ng t£c, tra giiip, h6 tro 15n nhau, h6 tro
Hop tac, hd tro, tro giiip, lam viec theo nh6m
Ket n6i, lien hd, lien ke't, doan ket, ke't hop, tham gia cting nhau
Gan k€u HSn k€l
B 6 sung, hd tro
Ke't hop, ddng hoa
Hidp hdi, hiep udc, Hdn minh, liSn hiep, nh6m
Lien doanh, lien ke't, doanh nghiep, tap doitn
Doanh nghiep, tap d o ^
Dung hop, tham gia, thting nha!t, su phdi hop
Mua, dich vu, mua lai
Thoa thuan, kinh doanh, vSn dg, hoat d6ng
Noi ham Muc tieu ciia hai nhom hudng de'n Ke't nfii hoac hen k^t; c i c didu kien lien quan D^ hanh d6ng v6i nhau; nhu hai tiic nhan tuong tac l3n nhau
Tuong hd, hanh dflng dfii ling hoac anh hucmg Lam viec ciing vdi nhiing ngu&i khiic dat duoc muc tifiu chung
Hanh dflng lam viec cCing v6i nhihig ngUcri khdc di dat duoc muc tieu chung
Lam viec cung nhau, dac biet l i cho mflt muc di'ch chung hoac loi ich chung
Hiep hfli nhflng ngucri chung len ich
M6t ngudi hpp nhfit vdi ngudi khac hoSc nhflng nguca khac trong mdt hanh dflng, doanh nghiep hoac kinh doanh; mdt dd'i tac hoac ddng nghiep
Mfli quan he kinh doanh cu th^ theo nhidu cdch khdc nhau, ca hai d^u anh hudng va bi anh hudng bdi cac bfln tuong tac c i c md'i quan he khdc
Hd tro, phu thudc, dua v&o nhau
Hanh ddng hoac qud trinh lao nen su t o ^ bd hoac dfing bo
Ket ndi loi ich gifla cac ben, cflng ty
Trang thai dupc lien k^t vdi mdt cdng su; mflt hiep hdi ciia hai hoac nhidu ngudi hon d^ tie'n h ^ h mflt kinh doanh
Vtfn ddu tu vao vific chia se y^u tfl' sd hflu doanh nghiep mdi
Hflip thu bdi mflt cflng ty ciia mdt hoac nhidu ngudi Ididc Hknh dflng mua lai
Thda thuan hoac thoa thu9n kinh doanh; trao d^i thucmg mai, y tudng, tidn, hang hoa
Ngaoit • Baekstrand (2007).
Theo Patrick (2016), tiiy theo khi'a canh cua tilng doanh nghiep, co nhiiu hinh thilc nghien ciiu ve hoat dong va dUa vao ca'u tnic sap nhap khac nhau. Xi) Sap nhap cung
28 NghlSn ahj Kinh tS si 9(484] - Thing 9/2018
Chien luge mua lai vd sdp nhap .
nganh (sap n h a p chieu ngang): didn r a ddi vdi h a i doanh nghidp cflng canh t r a n h true tidp va chia se cflng ddng san p h a m va thi trfldng. Sap n h a p theo chieu n g a n g gdm cd:
sap n h a p md rdng thi trfldng: didn r a dd'i vdi hai doanh nghiep b a n eflng loai san p h a m nhflng d nhflng t h i trfldng k h a e n h a u ve m a t dia ly; sap n h a p md rdng san p h a m : d i l n r a dd'i vdi hai doanh nghiep b a n nhflng san pham khac n h a u nhflng ed lien quan tdi n h a u trong cung mot thi trfldng; sap n h a p kieu td hdp/tap doan: trong trfldng hdp nay, hai doanh nghiep khdng cd cung linh vflc kinh doanh nhflng mud'n da dang hda boat ddng linh vflc kinh doanh da n g a n h nghe.
Ket qua tfl nhflng v u sap nhSp theo dang nay se dem lai cho ben sap n h a p cd hdi md rpng thi trfldng, ket hdp thfldng hieu, giam thieu chi phi cd' dinh, t a n g cfldng hieu qua cua hd thd'ng p h a n phdi va h a u c i n . (ii) Sap nhap khae n g a n h (sap n h a p chieu doc): dien ra ddi vdi eac doanh nghiep trong chuoi eung flng tfl k h a u cung flng d i u vao, san xua't va phan phdi. Sap n h a p doc dflde chia t h a n h hai nhdm: sap n h a p ve phia trflde khi mdt doanh nghidp mua lai doanh nghiep khach h a n g cua minh; sap n h a p vd phia sau (backward) khi mot doanh nghiep m u a lai n h a cung ca'p cua minh. Sap n h a p theo chieu doc dem lai cho doanh nghiep tie'n h a n h sap n h a p ldi the' ve dam bao va kiem soat cha't Ifldng ngudn hang hoac d i u r a san ph^m, giam chi phi trung gian, khdng ehe' ngudn h a n g hoac diu ra cua dd'i t h u canh t r a n h ;
Patrick (2015) cho rang, ddng Iflc de cac doanh nghiep thfle hien M&A gdm: (i) t h a m n h a p vao thi trfldng mdi: day la mdt ye'u td' quan trong khi mudn md rdng dia b a n kinh doanh, t h e m mdt ddng san p h ^ m hoac md rdng m a n g Ifldi p h a n phdi. (ii) Giam chi phi gia n h a p thi trfldng: d nhflng t h i trfldng cd sfl dieu tiet m a n h eua chinh phu, viee gia n h a p thi trfldng ddi hdi doanh nghiep phai dap flng nhieu dieu kien k h a t khe, hoac chi t h u a n ldi trong mot giai doan nha't dinh, nhflng doanh nghiep den sau chi ed t h e gia
n h a p thi trfldng dd t h d n g qua m u a lai nhflng doanh nghiep da hoat ddng t r e n thi trfldng. (iii) Giam bdt dd'i t h u canh t r a n h t r e n t h i trfldng: chac chan sd' ludng doanh nghiep cung canh t r a n h se giam sau M&A gifla cac doanh nghiep vdn la ddi t h u cua n h a u t r e n thUdng trfldng. (iv) Giam thieu chi phi va n a n g eao bieu qua: thdng qua M&A cae doanh nghiep cd t h e t a n g cfldng hieu qua kinh te' nhd quy md khi n h a n ddi thi p h i n , giam chi phi cd' dinh (tru sd, n h a xfldng), ehi phi n h a n cdng, h a u can, p h a n phdi. Cac doanh nghiep edn ed t h e bd sung cho n h a u ve ngudn Iflc va cac the' m a n h khac eua n h a u nhfl thfldng hieu, thdng tin, bi quye't, day chuyen edng nghe, ed sd khach hang, h a y t a n dung nhflng tai san ma moi ben chfla sfl dung het gia tri. (vi) Da dang hda va md rdng t h i trfldng: n h a m duy tri va p h a t trien ty le t h i p h a n nha't dinh qua do t a n g doanh t h u , td'i da hoa ldi n h u a n . (vii) Da dang hda san ph£m va chie'n Ifldc thfldng hieu: sfl dung chie'n Ifldc M&A dd da dang hda va p h a t trien thfldng hieu do mdi trfldng kinh doanh t h a y doi, k h u n g hoang kinh te' d a n de'n nhieu doanh nghiep gSp khd k h a n ve vdn (yd'u), t h i trfldng trong khi dd nhieu doanh nghiep da ddn d i u dfldc cd hdi va k h a t h a n h cdng (manh), kd't qua la doanh nghiep m a n h se m u a lai cac doanh nghiep ye'u de hien thflc hoa mue tieu da dang san p h i m va quang ba p h a t tridn thfldng hidu.
2.2. PhUdng phdp nghien ctiu Bai vidt sfl dung phudng p h a p nghien cflu dinh t i n h vdi ky t h u a t thd'ng ke, so sanh, p h a n tich va phdng va'n sau chuyen gia trong boat ddng M&A, cung nhfl cac CEO tfl cae tap doan trong va ngoai nfldc dang hoat ddng tai Viet Nam, ket hdp vdi ngudn dfl lieu thfl cKp dflde thd'ng ke trong giai doan 2007-2017 ve m u a lai va sap n h a p tai Viet Nam theo nganh nghe, quy md, qud'c gia. Ddi chieu vdi ly thuye't chudi trong p h a n tich chien Ifldc M&A da va dang dien r a tai Viet Nam hien nay, qua dd lam cd sd de p h a n tich n h a n dinh va dd xuat h a m y ehinh sach.
NghiSn ciru Kmh Idsd9(484) - Thdng 9/2018 2 9
Chien lifgic mua lai v i sip nhip .
3. Ket qua nghien cCfu
HINH 2- Ket qu^ hoat dong M&A tai Viet Nam theo gia tri va so thtfctag vu 2007-2017
700 S. 600
' » ^THlllilL
a S S a 8 8 8 8 8 8 8 S 8 8 o o S o S 3 o o o1
00
o
• • 1 Sff l>/«na C14 lr[ "^
9,00 8,00 -^
7,00 1 6,00 .J.
5,00 - 4,00 t 3,00 ; 2,00 i 1,00 ,g
ia
Ngudn: Thfl'ng ke cua IMMA, 2018.
Giao dich M&A cd gia tri tren 1 ty USD tang cao vao cac nam 1999, 2007, 2015.
Nguyen nhan cua Men tfldng nay la do chu ky kinh te eua nen kinh td t h d gidi trflde khi vlio ky nguyen 2000, giai doan hdi nhap va phuc hdi kinh te'. Tinh hinh M&A the' gidi cung tao nhflng ddt sdng lan tda de'n thi trfldng Viet Nam. Dac biet giai doan tfl 2016 de'n nay eac
thfldng vu M&A cd chieu hfldng tang manh khdng ehi la chie'n Ifldc t h a m nhap thi trudng nfldc ngoai eua cac t i p doan da quoc gia ma edn dien r a trong ehinh doanh nghiep ndi dia.
Dieu nay eho th^y M&A da thflc sfl trd thanh chien Ifldc cua h i u h e t cac doanh nghidp trong qua trinh tim kie'm thi trfldng, ban hang va suy de'n cflng la ldi n h u a n .
HINH 3: M&A t a i V i e t N a m t i n h d e n 31-12-2017 t h e o n g a n h ( c h i a t h e o so' thflcfng v u - h i n h t r a i v a c h i a t h e o g i a t r i - h i n h p h a i )
BA d^ng ( i n
^ N i n g l i i ^ n g
4
Nguon: ITitfng V.t ciia IMMA. 2018.
Tfl ke't qua trdn eho tha'y sd thfldng vu thflc hien M&A nhidu nha't thudc linh vflc cdng nghiep, ke den la vat lieu, eac m a t
h a n g tieu dflng ehu Iflc, cac san p h i m va dich vu tieu dung, ba't ddng san, dien va nang Ifldng. Tuy nhien, neu xet theo gia tri
30 Nghien ciiu Kinh tdsd 9(484} - Thdng 9,
Chien luoc mua lai vd sap nhap .
cua M&A eho tha'y, giai doan 2007-2017 chiem cao nha't thudc l i n h vflc t i e u d u n g , ba't ddng s a n , cdng n g h i e p , v a t lieu. Dac diem n a y cho tha'y, t h i t r u d n g Vidt N a m ra't tidm n a n g ve tieu d u n g v a ba't ddng s a n , do d a n sd' k h a ddng, t h u n h a p b i n h q u a n d i u ngfldi dang cd chidu hfldng gia t a n g , mdt sd l i n h vfle d a n g t r d t h a n h mue t i e u t i m k i e m ldi n h u a n - nhfl h a n g t i e u d u n g v a b a t ddng san. B a n cha't M&A d a n g dien r a t a i t h i trfldng Viet N a m c h u ye'u v a n la cac thfldng
v u m u a lai t h e o chieu n g a n g n h a m thflc h i e n chie'n Ifldc da d a n g hda m a t h a n g / s a n p h a m k i n h d o a n h h d n l a chfl t r o n g de'n thie't lap mdt chudi k h e p k i n tfl k h a u c u n g flng n g u y e n lieu d i u vao, s a n xua't va p h a n phd'i, bdi vi thflc t r a n g n g a n h edng nghiep p h u trd eua Viet N a m vd'n di cdn yd'u, m a n h mfln v a k h d n g ddng bd. Day c u n g la b a i t o a n d a t r a eho cae d o a n h n g h i e p Viet t r o n g q u a t r i n h td'i da hda t i n h e h u ddng t r o n g chid'n Ifldc k i n h d o a n h cua m i n h .
BANG 2: K e t q u a h o a t d o n g M&A t a i V i e t N a m t h e o t i n h c h a t Noi d u n g
Kido mua Tu6ng An
Shinhan Vidt Nam mua lai 65% mang ban le cua ANZ CJ Group thau t6m thuc phim Ciu Tre, Minh Dat Earth Chemical mua lai A My Gia
SCG mua lai VCM SCCC mua lai Holcim ViSt Nam
Aviva mua 5 0 % c6 phin VietinBank Aviva tii Vietinbank
Deasang Corp mua lai 99,99% Diic Viet V I B m u a l a i l O 0 % C B A
TTianh Thanh Cflng mua lai HAGL Sugar
Thaibcv mua Sabeco
Masan mua 1 phin Vissan, Vinacafe, Singha
Ben m u a Cflng ty C6
phdn Kido Shinhan
CJG Earth Chemical
SCG ' Holcim Vietnam Aviva
Deasang Corp
VIB TTianh Thanh
C6ng ThaiBev
(ruou)
Mas.san (thuc ph^m)
Ben b a n Cflng ty TNHH
Diu thuc vkt Tu&ng An
ANZ a u Tre. Minh
Dat My Gia
VCM SCCC
50% Vietinbank
99,99% Diic Viet
CBA HAGL Sabeco (bia) Vissan (thuc p h ^ ) . Vinacafe
(dd uCtng).
Singha (ThSi Lan)
Chien luoc Da dang hoa nganh ngh^
(sap nh^p theo chi^u doc) M 6 rflng quy mfl. thi tru6ng (sap nhap theo chiSu ngang) Da dang hoa nganh ngh^
(sap nh^p theo chi^u doc) M 6 rflng quy mfl, thi tnitmg (sap nhSp theo chiiu ngang) Da dang hoa nganh ngh£ ( s i p nhdp theo chidu doc) Met rflng quy mfl, thi tiUcmg (sap nhflp theo chiiu ngang) M 6 rflng quy mfl, thi tru6ng (sdp nhap theo chiiu ngang) Da dang hoa nganh nghi {s&p nhap theo chiiu doc) M 6 rflng quy mfl, thi tm6ng (sap nhap theo chiiu ngang) Md rflng quy mfl, thi tniftng (sap nhap theo chiiu ngang) Da dang hoa n g ^ h nghi (sap nhap theo chiiu doc) M d rflng thi trufmg kinh doanh thuc phim va d6 utfng ra khu vuc. v6i trong tam la cdc nude
"in-land ASEAN" (Vilt Nam, I h d i Lan, Mianma. Campuehia va Lao) v6i 250 triiu ngu6i tiiu dilng.
Tri gia (trieu USD)
40
n/a
13.4
80 156
38
32
n/a 58,3 5.000
n/a
Ngudn: X\i ly cua tac gia t& dO lieu bao cdo cua IMAA, 2017.
Nghien ciiu Kinh tdsd9(484) - Thdng 9/2018 31
Chien lirac mua lai v i sip nhdp .
M&A theo chieu doc dudc didn ra do cac n h a quan tri chien Ifldc n h a n thflc dfldc rling mot day ehuyen san p h i m hay dich vu hoan thien, kh6p kin se nang cao k h a nang canh tranh, cha't lUdng san p h i m va d i u r a cua doanh nghiep, dac biet la trong eac nganh cdng nghidp ban le, thflc p h i m , dd uong, giai tri, dich vu tai chinh. Cac doanh nghiep Thai Lan da t h a n h cdng r a t Idn trong vide t h a m nhap thi trfldng tieu dung Viet Nam qua con dfldng M&A giup doanh nghiep se cd cd hdi tiep nhan ngudn lao ddng cd ky nang td't va nhieu kinh nghiem. Ddng thdi, thdng qua viec M&A, doanh nghiep cd t h e tan dung cdng nghe hay ky t h u a t eua n h a u de tao ldi the' canh tranh. Ngoai ra, ngudn vd'n ddi dao eung la mot trong nhflng dieu kien t h u a n ldi de ho trang bi nhflng cdng nghe hidn dai phuc vu cho viec kinh doanh. Thfldng hieu cung la mdt yd'u td' quan trong tac ddng dd'n sfl thanh cdng cua 1 thfldng vu M&A. Ben mua phai tra mdt khoan chi phi tfldng dd'i Idn cho "thfldng hieu" la tai san khdng the hien tren bang cdn ddi ke toan cung nhfl tren bao eao tai ehinh. Dieu ma eae doanh nghidp di mua hfldng de'n chinh la nhflng khach h^ng lau nam, t r u n g t h a n h vdi mot thfldng hieu, nhflng mdi quan hd vdi cac dd'i tac chie'n Ifldc dfldc gay dung trong mdt thdi gian dai, tfl dd dat nen mdng eho viee xam nhap va banh trudng thi trfldng cua n h a n hieu nay. M&A cdn giup doanh nghiep dat dfldc hieu qua kinh doanh dfla vao quy md khi doanh nghiep cd the t h a m n h a p dfldc vao thi trfldng mdi, cd them day chuyen san pham mdi hay md rdng pham vi p h a n phd'i, md rdng chi nhanh, phdng giao dich, cac dfl an. Hdn nfla, quy md Idn cung giup giam thieu chi phi trong kinh doanh nhfl giam thieu sfl trung l i p trong mang ludi phan phdi, tiet kiem chi phi boat ddng va chi phi quan ly. Sau khi thflc hien M&A, hai ben cd thd khai thae dflde nhflng ldi the l i n nhau, tang thi phan, tan dung quan he khach hang, kha nang ban chdo san p h i m , dich vu, tfl dd gdp p h i n nang cao nang Iflc eanh t r a n h va tao ra cac cd hdi kinh doanh mdi.
Nghien cflu nay da t i e n h ^ n h phdng v^n 1 sd chuyen gia ve sap n h a p doc va ngang thi ddu dflde t r a ldi r a n g , p h u thudc p h i n Idn vao chid'n Ifldc cua ehinh doanh nghidp thflc hidn m u a va kd't hdp vdi thflc tien tinh hinh thi trfldng tai ben bi m u a cd tidm nang hay khdng, h a n h l a n g p h a p ly ro r a n g khdng, h?
thd'ng cdng nghiep p h u trd nhfl t h e nao, ha t i n g cd sd r a sao, gia tri edn lai (ca hflu hinh va vd hinh cua ehinh doanh nghidp dfldc mua). Thflc t i l n t a i t h i trfldng Viet Nam cho tha[y, sap n h a p theo chidu n g a n g dien ra ph5' bid'n hdn do he thd'ng phdi hdp tfl khau diu vao de'n tie'p can t h i trfldng v i n cdn kha m a n h mfln, rdi rac va n h i e u rui ro; chinh vi vay cae doanh nghiep m u a thfldng ho ehi tim kid'm each thflc md rdng t h i trfldng, quy mo, t a n dung ngudn Iflc san cd cua doanh nghiep bi mua. Trong khi dd sap n h a p theo chieu doc ed xu hfldng it hdn do ehfla cd sfl phat tridn ddng bd gifla eac k h a u , nganh hang.
Dieu nay d i n de'n m a t ra't nhieu cho phi cd hdi cho doanh nghiep thflc hien M&A vi phai chia se ngudn Iflc,
Bang 2 eho t h i y , mac dfl M&A nhflng chu yd'u la Aquitition tflc la m u a lai theo ki^u eflng nganh n h a m de t a n g sfle manh vd quy md, t a n dung thi trfldng tieu t h u tidm nSng va kenh phlin phdi cung nhfl mdt Ifldng khach h a n g s i n cd, khi do se phat huy toi da quy t i c ldi t h e k i n h t e theo quy md. Vd linh vflc t h u h u t M&A la n g a n h b a n le, bdi toe do t a n g trfldng va n h u c i u tieu dung cao cua thi trfldng. Vdi mot t h i trfldng trdn 90 trieu dan vdi dan sd t r e , cac thfldng vu trong linh viic hang tieu dung cung ra't dfldc quan tam. Cac thfldng vu nay ed t h e bao gdm chuyen nhfldng eae cdng ty sd hflu nhflng thfldng hieu dia phfldng lau ddi hoac mdi noi, kem theo dd la mdt t h i p h i n ddi vdi mot so' chung loai hang hda. Tuy nhien, sfl tbSm nhap vao thi trfldng tiem n a n g nay qua linh vflc M&A cd thd bi gidi han, do sd' Ifldng cae muc tieu co t h e dau tfl hoac m u a lai. Cae doanh nghifip cd t h e md rdng muc tieu sang eae chuoi ban le trong n g a n h hep, hoac d i u tfl eae md hinh thfldng m a i dien t\i. N g a n h thfle p h i m va do
32 Nghien ciiu Kinh tS'sd9(484) • Thdng 9/2018
Chien luac mua iai vd sdp nhap .
ud'ng tai Viet N a m vdi t a n g trfldng r i t m a n h va cd trien vong ra't Idn nhd eae h o a t ddng md rpng va ke't hdp de gia t a n g chudi gia tri trong n g a n h n a y cua cac doanh nghiep ndi dia t h d n g q u a M&A. Cae doanh nghidp n h u Sabeco va Habeco, h a y Vinamilk dang va se trd t h a n h muc tieu ha'p d i n cho cac t a p doan Idn tfl C h a u My, C h a u Au va N h a t B a n t h u c hien M&A. Trong linh vflc ndng nghiep xua't hidn l a n sdng nhflng n h a d i u tfl la'n s a n s a n g linh vflc ndng nghiep, sau giai doan d i u tfl, se cd sfl p h a n h o a gifla cac doanh nghiep trong n g a n h . Yi vay cac thfldng vu p h a t h a n h r i e n g le cho doi tac trong linh vfle ndng nghiep va ehuyen nhfldng gifla eac n h a d i u tfl se x u i t hien.
Ngoai ra, se cd sfl p h a t t r i e n t r o n g chudi gia tri, eac doanh nghiep khdng chi d i u tfl vao mang trong t r o t hoac c h a n nudi ma se ca linh vflc che' bie'n va p h a n phd'i, bao gdm ea ban le cae s a n p h i m ndng nghiep hfldng de'n thi trfldng Viet N a m va cac nfldc trong k h u vflc, cd nghia t h i e n ve xu hfldng k h e p kin theo hfldng sap n h a p doc. Mdt sd' t a p doan khac nhfl M a s s a n t h i chien Ifldc thd hidn rat ro khi thflc hien M&A, dd chinh l i khdng di m u a doanh t h u h a y ldi n h u a n , ma mua ndn t a n g phuc v u chie'n Ifldc c h u n g cua tap doan.
4. K e t l u a n v a h a m y c h i n h s a c h 4.1. Ket luqn
Nghien cflu ve hoat dong va b a n cha't eua M&A da va dang d i l n r a t a i Viet N a m cho thiy, tuy thudc vao q u a n diem muc tieu eua tflng loai h i n h doanh n g h i e p , tflng thdi didm va dfl bao t h i trfldng k h a c n h a u ma chie'n Ifldc M&A se theo chieu doc hoSc theo chieu ngang, mac du cho den hien t a i t h i sap n h a p theo chieu n g a n g v i n chie'm da so'.
Cae thfldng vu M&A t a i Viet N a m cho t h i y : xu hfldng sap n h a p theo ehieu n g a n g xay r a gifla nhflng doanh nghiep ed cflng linh vflc san x u i t , k i n h doanh, tfl dd tao r a mdt doanh nghiep cd sfle canh t r a n h cao, giam thieu ddi thu canh tranh, tiet kiem chi phi (Thanh Thanh Cdng, Aviva, Massan, Vingroup
m u a M a x i m a r t . . . ) ; sap n h a p theo chieu doc xay r a gifla cae doanh nghiep cung linh vflc k i n h doanh, nhflng k h a c n h a u ve phdn khuc thi trfldng (Kido, CJG, SCG...), vi sap n h a p dang nay se t a o r a gia tri thdng qua t a n dung k i n h nghiem va k h a n a n g cua cac doanh nghiep t r o n g mdt chudi n h a m tao r a gia t r i gia t a n g khdng chi cho doanh nghidp do ma cdn cho k h a e h h a n g muc tieu cua ho.
4.2. Hdmy chinh sdch
De thflc hien t h a n h edng cdc giao dich M&A thi eac doanh nghiep tuy theo p h a m vi, quy md va t i n h c h a t cua n g a n h nghe k i n h doanh c i n p h a t huy dfldc nhflng ldi t h e cua hoat ddng M&A. Tuy nhien, de cae hoat ddng M&A do doanh nghiep Viet N a m thfle hien cd ty le t h a n h cdng cao va n a n g cao gia tri gia t a n g cho cac thfldng vu M&A thi c i n t h a n t r o n g trong edng tac dinh gia, cu t h e c i n thflc hidn td't nhflng va'n dd sau:
(i) Cac doanh nghiep tfl t r a n g hi eho minh kid'n thflc ve boat ddng M&A, bo sung va dao tao ngudn n h a n Iflc c h i t Ifldng cao dap flng vide thfle hien cac thfldng vu M&A. Bdi ye'u to' cdt loi cua cac thfldng vu M&A la viec dinh gia doanh nghiep, da p h i n cae thfldng vu M&A khdng t h a n h cdng ddn tfl viee ngfldi b a n t r a gia qua eao so vdi gia t r i thfle te' cua doanh nghiep, vfldt mflc chi t r a cua ngfldi m u a hoac s a u khi da m u a thi lai lung t u n g trong vide q u a n ly mot he thong cd c i u td ehfle mdi nhfl t i n h hudng Tap doan Kinh Dd m u a lai cd phieu edng ty Tribeeo. (ii) Khi d a n h gia n a n g Iflc k i n h doanh cua mdt cdng ty, can can cfl t r e n ket q u a thflc t e va ngudn Iflc cua edng ty, khdng n e n sfl dung phfldng p h a p p h a n ti'ch tfldng dfldng khdng p h u hdp, eac giao dich t h a n h edng trflde dd khdng quye't dinh de'n sfl t h a n h cdng cac cua giao dich s a u . Khi ehuyen nhfldng kem Wall's, vdi eac ngudn Iflc dfldc chuyen nhfldng, Tap doan Kinh Dd r i t de t h a n h edng do t i n h hien dai, chuyen nghiep, nhflng vdi Cdng ty Tribeeo t h i hoan toan khac n e n se a n h hfldng den ket qua kinh doanh. (iii) C i n ke't hdp nhieu phfldng p h a p
NghiSn cdu Kinh tdsd9(484) • Tlidng 9/2018 33
Chien lUflfc mua lai vd sap nhdp .
de xac dinh gia tri cua doanh nghiep mue tieu, phan tich t i n h hud'ng kinh doanh de didu chinh va thfldng Ifldng de dat dflde gia m u a td't nhat. (iv) He thong p h a p luSt dieu chinh boat ddng M&A c i n thd'ng n h i t va cu t h e hdn trong cac van b a n quy p h a m phap luat./.
TAI LifiU THAM KHAO
1. Baekstrand J. (2007), Levels of Interaction in Sipply Chain Relations, Department of Industrial Engineering and ManagemenI, Thesis for The Degree of Licentiate of Engineering, School of Engineering, Jonkoping University.
2. James J.M. (2012). A New Introduction to Supply Chains and Supply Chain Management: Definitions and TTieories Perspective, Journal of Internatiional Business Research, Vol.5. No.l
3. Patrick A. G. (2012), Mergers. Acquisitions, and Corporate Restructurings. 6"" Edition, Wiley Corporate F&A. USA.
4. Patrick A. G. (2015), Horizontal Integration and M&A. Online book retreiced at:
https://doi.org/10.1002/9781119204374
5. IMAA: https:/^imaa-instimte.org/ vk MAP:
http://maf.vn/ [tray cap 2/4/2018]
6. Vorst V.J. (2004). Supply Chain Management:
theory and practices, Wageningen University &
Research. USA
7. Weston J.F. & Weaver S.C. (2005), Mergers and Acquisitions. Executive MBA Series, The McGraw Hill.
USA.
8. Bao cao hoat dflng M&A tai Vilt Nam:
http://mavietnamforam.com/sukien/10-nam-maf.html 9. Cue q u ^ ly canh tranh (2018),http://www.vca.gov.vn/NewsDetail.aspx?ID=1319
&CateID=l. tray cap 15/5/2018.
Ngiy nhan bai: 28-6-2018 Ngay nhan ban sua: 20-7-2016 Ngay duylt dang: 8-8-2018
34 Wg/i/gn cOu Kinh tSsd 9(484) • Thdng 9/20iB
