Chuyen muc: Tai chinh - Ngan hang - TAP CHI KINH Tfi & QUAN TRI KINH DOANH SO 12 (2020) CO CAU N G U 6 N V 6 N CUA CAC DOANH NGHlEP NHlTA VA BAO BI NIEM YET TREN THI TRlTOfNG CHlTNG KHOAN VIET NAM - THlTC TRANG VA GIAI PHAP
Mai Thanh Giang Tdm tat
Bdi viil thuc hien phdn tich thuc trang eo edu ngudn vdn cua 35 doanh nghiep ngdnh nhua vd bao bi niem yit lgi thi trucmg chimg khodn Viet Nam trong giai doan 2012 - 2018 Kit qud phdn tich ehi ra rang ca cdu ngudn vdn vdn ddm bdo khd ndng tu ehu tdi chinh eua doanh nghiep; ddm bdo su cdn bdng ldi ehinh trong hoat dgng kinh doanh vd ddm bdo su dn dmh, an todn trong hogt dong kmh doanh. Tuy nhiSn, ca cdu nguon vdn hiin tai ven viee duy tri khodn na ngdn han l&n, he sd na co xu hucmg gia tdng, phdn l&n phu thugc vdo cdc chu thi ben ngodi doanh nghiep se co tde ddng ldm gidm hieu qud kmh doanh ciia doanh nghiip vd ldm gia tdng rin ro tdi chinh cho doanh nghiep Tde gid di xudt ba gidi phdp nhdm hodn thiin eo cdu ngudn vdn cua doanh nghiep ngdnh nhua vd bao bi mim yit tai Viit Nam Tir khoa: Ca cdu ngudn von, doanh nghiep ngdnh nhua vd bao bi.
CAPITAL STRUCTURE OF LISTED PLASTIC AND PACKAGING ENTERPRISES IN STOCK MARKET VIETNAM - SITUATION AND SOLUTIONS 'The paper analyzes the current situation of capital structure of 35 listed plastic and packaging enterprises on VielNam's stock market in the period of 2012-2018 Analysis results show that the capital structure still ensures the ability of selffinaneing for owners of the enterprise; the financial balance, and the stability and safety in business activities However, the current capital structure with large short-term debts, increasing debt ratio, big dependence on entities outside the business, will reduce business efficiency and increase financial risks for businesses. The author proposes 3 solutions to improve the capital structure of listed plastic and packaging businesses in Vietnam.
Keywords: Capital structure, listed plastic and packaging enterprises JEL classification: G; G3; G31.
1. Dat van de
Trong nen kinh te tin trudng, doanh nghiep duac coi nhu mdt tai san, mdt loai hang hda cd kha nang sinh ldi va dem lai Iai ich eho nha dau tir Tuy nhien, ed rat nhieu yen to tac dpng den gia tri cua doanh nghiep bao gdm cac yeu to bgn trong va cae yeu to ben ngoai doanh nghiep.
Trong dd, ca cau nguon vdn la mdt yeu td rat quan trong tac ddng dgn gia tn cua doanh nghiep Nhan dinh nay dupc de cap dgn trong nghign ciiu ve ly thuyet va thuc nghigm khac nhau nhu nghign euu cua Jensen va Meckling (1976);
Myer (1977,1984); Cheng & Tzeng (2011), Allan & Arkan (2011), Ogbulu and Emeni (2012), Huan & Huang (2014), Long (2017), Ngoai ra, khi co cau ngudn vdn thay ddi cung se CO tac ddng dgn nil ro tai chinh, kha nang thanh toan va su can bang tai chinh cua doanh nghiep
Nganh cdng nghiep nhua va bao bi la nganh cong nghiep da cd su phat trien manh me, gdp phan quan trong trong qua trinh xay dung va phat tngn dat nudc Trong giai doan 2012 - 2018, nganh nhua va bao bi la mdt trong nhiing nganh CO toe dp tang trudng cao, binh quan hang nam dat tir 16%) - 18%. Tuy nhien, trong qua trinh phat trien, cac doanh nghiep nganh nhya va bao
bi gap phai nhung khd khan va ban che nhat dinh nhu quy md cac doanh nghiep trong nganh cdn nhd, phu thudc vao cac nganh san phara cuoi nhu thuc pham^ xay dung, thiet bi dien ttr, d td.
Muc dp nil ro kinh doanh cao (riii ro ve nguygn heu, rui ro vg mdi trudng. ,), ddi hdi cac doanh nghigp duy tri ca cau ngudn vdn vdi he sd no tang cao de doa den kha nang thanh toan ciia doanb nghigp, Mdt cau hdi dat ra, ca cau ngudn vdn ciia doanh nghigp nhua va bao bi mem yet hien nay nhu thg nao'^ Cd tac ddng den hieu qua kinh doanh, gia tn doanh nghigp khdng'' Do do, viec phan tich thuc trang co cau ngudn von cua cac doanh nghigp nganh nhya va bao bi niem yet tai Viet Nam se la can cii rat quan trong gnip nba quan tri ciia cac doanh nghiep nhua va bao bi xay dung ca cau nguon vdn hap ly nham tdi da hda giatn doanh nghigp,
2. Cff sd ly luan ve co cau ngudn von ciia doanh nghiep.
2.1. Khdi niim ca cdu ngudn vdn
N h ^ dap ling nhu cau vdn cho hoat ddng san xuat kmh doanh va d4u tu, doanh ngbiep cd thg huy ddng va sii dung nhigu ngudn vdn khac nhau Cd thg hieu, ngudn vdn eua doanh nghigp phan anh cac khoan von ma doanh nghiep huy
ddng va sir dung nham tao ra su tang them gia tri tai san cho doanh nghiep.
Hign na}', cd nhigu quan diem khac nhau vg CO cau ngudn ^'dn ciia doanh ngbiep tii}' theo gdc do nhin nhan Nguyen Minh Kieu (2006) cho r ^ g : Ca cau \'dn (capital stmcture) la quan he ve t\ trpng giiia np va vdn chu sd hihi. bao gdm vdn cd phan uu dai va vdn cd phan thudng trong tdng sd nguon vdn cua cdng Xy. Bui Van Van va Vii Van Ninh (2015) cho rang: Co cau ngudn vdn la thg hien ty trpng cua cac ngudn vdn trong tdng gia tri ngudn vdn ma doanb nghiep hu>' ddng, sii dung vao hoat dong kinh doanh. Khi xem xet co cau ngudn vdn ciia mdt doanh nghiep, ngudi ta chii trong dgn moi quan he giiia np phai tra va vdn chii sd hiiu trong ngudn vdn ciia doanh nghiep. Theo Ross va cong su (2002), "Ca cau ngudn vdn la sy kgt hpp giiia np phai tra va vdn chu sd biiu ma mdt DN sii dung de tai trp cua cac tai san cua DN, Ca can ngudn vdn tdi uu dat duac khi tdi da hoa gia tri DN". Nhu vay, cd the hieu "Ca cau ngudn vdn la mdi quan he giua cac ngudn von trong tong ngudn vdn ciia doanb ngbiep duac huy ddng va sii dung vao boat dpng kinh doanh nham muc tieu nhat dinh".
2.2. Phdn loai cacau nguon von
* Can cir theo quan he sd hiiu vdn, co cau ngudn vdn eiia doanh nghiep dugc thg hien thdng qua cac chi tieu sau
He sd ngudn vdn thudng xuv C 1 anh
He sd na pbai tra Ng phai tra Tong ngudn vdn Co cau ngudn vdn eiia doanh nghiep thudng dugc danh gia qua chi tieu he sd np phai tra, pban anh miic dd sir dung np phai tra trong tdng ngudn von ciia doanh nghigp, Mdt doanh nghiep cd he sd np phai tra cao se phu thuoc vao cac chii thg ben ngoai, khi dd miic dp dpc lap, tu chii ve mat tai chinh thap.
He sd vdn chii sd _ Von chii sd hiiu hiiu Tdng ngudn von
Doanh nghiep cd he so vdn chu sd hiiu cao (tren 50%o), tiic la ca cau ngudn vdn dupc tai trp chu }gu bdi ngudn von chu sd bun, chiing td miic do ddc lap ve mat tai chinh cao, nii ro tai chinh giam,
* Can cii theo thdi gian huy ddng va sii dung von, ca cau ngudn vdn cua doanh ngbiep duac thg bien thdng qua cac chi tieu sau:
He sd nguon vdn tam thdi: Pban anh trong mdt ddng vdn kinh doanh ma doanh nghiep dang sii dung cd bao nhigu ddng dugc hinh thanh tir ngudn vdn cd tinh chat ngan han.
He so ngudn vdn Ngudn von tam thdi tam thdi Tdng ngudn vdn
trong mdt ddng von kinh doanh ma u:.inh nghiep dang sii dung cd bao nhigu dong duoc hinh thanh tir ngudn vdn cd tinh chat dn dinh. ].'•.. d-ii
Nguoii \ dn thudng xuyen He sd ngudn vdn
thudng xuyen ^ , -„ „A„
^ ^ Tong nguon von Chi tigu he so nguon von tam thdi va he so ngudn vdn thudng xuygn phan anh co cau nguon vdn theo thdi gian huy dgng va su dung vdn. Nd phan anh mdi quan he giiia ngudn vdn vdi viec dau tu vao tai san, cho thay miic dp an toan trong kinh doanh va tinh trang tai chinh ciia doanh nghigp cd dupe dam bao viing chac khdng. Phan tich CO cau ngudn von theo thdi gian huy dgng va su dung vdn cho phep nba quan tri danh gia nii ro va kha nang sinh Idi trong quyet dinh ca cau nguon vdn cua doanh nghiep.
* Can cii theo pham vi hm' dpng vdn, ca cau ngudn vdn ciia doanh nghiep duac the hien thdng qua cac chi tigu sau:
He sd ngudn vdn bgn trong: Phan anh trong mdt ddng vdn kinh doanh ma doanh nghiep dang su dung cd bao nhieu ddng dupc tai trp tir cac ngudn vdn bgn trong doanh nghiep do ehinh boat dpng cua ban than doanh nghiep tao ra
, , . A i f. , . Ngudn vdn bgn He so nguon von ben
trong
trong Tdng ngudn vdn He sd ngudn vdn bgn ngoai: Phan anh trong mdt ddng vdn kinh doanh ma daanh nghiep dang su dung cd bao nhieu dong tai trg tii eac nguon vdn duac hu>- ddng tir ben ngoai doanh nghiep.
Ngudn vdn bgn ngoai
He sd ngudn vdn
bgn ngoai —~^ ^ j — Tong ngudn von Phan tich co cau ngudn vdn tbeo pham vi huy dgng vdn giiip nha quan tri doanh nghiep danh gia kha nang ty tai trg, kha nang huy dgng von ngoai smh ciing nhu ndi sinh; tir do can nhic lua chpn quyet dinh dau tu cung nhu chinh sach phan phdi Ipi nhuan hpp ly.
Nhu vay, cd the thay doanh ngbiep su dung bat ky nguon von nao ciiiig dgu cd nhiing digm Ipi vi bk lgi nhat djnh, Dg dua ra quyet djnh ve CO cki nguon von, doanh nghigp cEin su dung ket hgp cac ngudn vdn mdt each hgp ly; gifta ngudn vdn chii sd biiu ya np phai tra. giua nguon von ngan han va ngudn vdn dai ban gifra ngudn vdn ben trong va ngudn von ben ngc, h ^ dat muc tieu toi da hoa gia tri doanh ngi- -en ca sd tdi da hoa kha nang sinh Idi, tdi th -oa rui ro va cbi phi sir dung von.
Chuyen muc: Tai chinh - Ngan hang - TAP CHI KINH Tfi & QUAN TRI KINH DOANH SO 12 (2020) 3. Thijrc trang cff cau nguon von cua cac
doanh nghiSp nganh nhya va bao bi nigm ygt tai Viet Nam
3.1. Ngudn dii-Hiu nghiin cu-u
Tmh dgn thdi diem 31/12/2018, tren san giao djch ehiing khoan Vigt Nam cd 38 doanh nghigp thude nganh nhua va bao bi niem yet Tuy nhign, cac ma chirng khoan NHH, NSP va MCP khdng thu thap dugc du dii lieu bao cao tai Bdng 1: He sd ngphdi
chinh trong giai doan 2 0 1 2 - 2 0 1 8 nen loai khdi mau nghien cim. Nhu vay, mau nghien eiiu cdn lai 35 doanh nghiep (phu luc 1),
3.2. Thuc trang Cff cdu ngudn vdn 3.2.1. Co cdu nguon vdn theo quan he s&huu
Co cau ngudn von cila cac doanh nghiep nganh nhua va bao bi mem yet tai Viet Nam theo quan he sd huu duoc the hien qua bang sau:
trd theo cdc tieu chi phdn logi
Linh VU'C 2012 2013 Theo linh vvfc san xuat kinh doanh SXSP Bao bi 44,33 SXSPNhira 45.71 Theo quy mo tai san
Quy mo Nho 45,01 QuymoTB 45,76 QuymoLmi 49,14 Theo ty le stf huu nha nirf^c So hiiu tu nhan 42,48 So him nha nuac 58,09 Theo (lia diem niem yet
HOSE 44,21 HNX 48,58 UPCOM 40,53 Nganh N&BB 45,16
43,55 47,77 45,50 46,18 53,00 43,92 56,55 44,55 49,32 42,29 46,08
2014 41,89 48,94 41,31 46,37 54,78 43,97 56,50 44,52 48,57 43,63 46,12
2015 41,23 46,14 38,07 46,45 49,01 42,12 54,08 42,38 48,59 38,72 44,17
2016 42,28 48,01 37,67 47,57 52,25 43,97 54,19 45,31 51,45 36,93 45,72
2017 46,06 49,63 41,11 50,10 55,34 46,89 54,55 49,66 53,08 39,08 48,20
2018 47,16 49,54 38,41 50,83 55,20 47,62 53,27 51,79 53,65 37,61 48,59
BQ 43,79 47,96 41,01 47,61 52,67 44,43 55,32 46,06 50,46 39,83 46,29 A'guon.
Ca cau ngudn vdn cua eac doanh nghiep nganh Nhua va Bao bi cd su bien ddng Idn trong giai doan 2012 - 2018. He sd np phai tra cd xu hudng bien ddng tang Ign trong giai doan 2012 - 2018 vdi tde do tang binh quan hang nam la 1,23%. He sd na phai tra giam trong giai doan 2012-2015 va tang len trong giai doan 2015 - 2018 vdi ty le tang trudng binh quan cua mdi giai doan lan lugt la - 0,73% va 3,23%, Vdi xu hudng bien ddng nay, ca cau ngudn vdn cua doanh nghiep nhya va bao bi nam 2018 la 51%
vdn chii sd hiiu va 49%. np phai tra.
Trong CO cau np cua cac doanh nghiep, can cii theo thdi ban su dung np vay, vg quy md cac khoan np phai tra, no ngan ban va np dai han ciia cac doanh nghiep Nhya va Bao bi tang len trong giai doan 2012 - 2018, vdi tde dp tang trudng ng bmh quan hang nam lan luat la 22,39%; 19,08%;
Tinh loan cua tac gia tie BCTC cua cdc DN Nhua va BB va 35,51%). Trong dd, na ngSn han chiem ty trpng chii yeu trong ca cau np phai tra, vdi ty trpng binh quan dat 87,88% Nhdm cac doanh nghiep SXSP bao bi, cac doanh nghigp cd quy md nhd, cac doanh nghiep cd ty le SHNN dudi 50% va nhdm doanh nghiep nigm yet trgn san HNX cd ty trpng na ngan han trong ca cau ng phai tra la rat cao, Ian luat la 92,38%o, 96,48%o, 88,78%> va 89,60%o, Ngu can cii theo tinh chat cac khoan ng, trong giai doan 2012 - 2018, ty trgng ng vay binh quan dat 28,67% va cd xu hudng tang Ign tii miic 26,56%o nam 2012 Ign miic 31,37%o nam 2018, vdi toe do tang trudng dat 2,81%. Ty trpng np chiem dung binh quan dat 17,62%o va toe do tang trudng giam 1,28%
trong giai doan 2012 - 2018. Cac doanh nghiep nganh N&BB dang duy tri quy md na cd phi cao han quy md ng chiem dung.
61.07% 59.57% 5930% <^2.09%o 62.92% ^^.^^^^
2012 2013 2014
^m NVTT ' x / y ' NVTX
2015 2016 - H e s6 NVTT -
2017 2018 - H e so NVTX
Hinh 1: Caedu nguon vdn theo Ngudn:
3.2.2. Ca cdu ngudn vdn theo th&i gian huy ddng vd sir dung von
Qu}- md N V T X va N V T T dgu cd xu b u d n g tang len trong giai doan 2012 - 2 0 1 8 , vdi toe dp tang t r u o n g binh quan lan lugt la 18,24%i va 19,08%. Trong giai doan 2012 - 2 0 1 8 , cac doanh nghiep nganh n h u a v a bao bi du} tri c o cau ngudn vdn theo gdc do thdi gian hu}' ddng va sir dung vdn dn dinb, vdi c o cau N V T X la 60%o v a N V T T la 4 0 % . Tuy nhign, c o cau ngudn von theo thdi h a n h u y ddng va sii dung v d n dang cd xu h u d n g digu chinh tang d a n be sd N V T T va giam dan he sd N V T X trong giai doan 2 0 1 6 - 2 0 1 8 , CO cau ngudn vdn n a m 2018 dat \\ \e 4 1 , 8 2 % N V T T v a 58,18%, N V T X .
th&i gian huy ddng vd sie dung vdn
Tinh toan ciia tac gid lie BCTC cua cdc DNNhua vd BB 3.2 3. Co cdu ngudn von theo phgm vi huy dgng vdn
Hmh 2 cho tiiay, quy md NVBT va NVBN deu cd xu hudng tang len trong giai doan 2012 - 2018, vai tde dp tang trudng binh quan lan lugt ia 16,42%, va 19,02%. Quy md NVBN cd giatn Idn gap binh quan 4,23 Ian so vdi qu>" md NVBT, Xet ve ca cau, trong giai doan 2012 - 2018, cac doanh ngbiep nganh N&BB cd co cau ngudn vdn dn dinb, vdi co cau NVBN la 83,35%, va NVBT la 16,65%. Ngudn vdn bgn ngoai ciia cac doanb nghiep nganh N&BB chiem t>' trpng cao trong tdng ngudn vdn ciia doanh nghigp va cd xu hudng giam nhe trong giai doan 2012 - 2018.
1,000
300 200 100
84.41% 83,48% 83 43% 82.42% 82 42% 83 78% 83
^
^ '^ p f p
i r ^ - T 6 - ^ - i 6 - ^ n T ^ n T ^ - l ^ ^ - i ^
2013 2014 2015 2016 2017 2018
. N V B T ' / x / N V B N - H e s 6 N V B T - H - H e s6 NVBN
90.00%
80 00%
70.00%
60.00%
50 00%
40 00%
30 00%
20 00%
10.00%
0 00%
Hinh 2: Quy mo va CCNV theo pham vi huy dong vdn Nguon • Tinli lodn cua tac gia lu BCTC cim cdc D}
Chuyen muc: Tai chinh - Ngan hang - TAP CHI KINH Tfi & QUAN TRI KINH DOANH SO 12 (2020) 3.3. Banh gid vi cff cdu nguon von cua cdc
doanh nghiep ngdnh nhua vd bao bi 3 3.1 NhiiTig kit qud dgt duac
Thie nhdi co cau nguon von dam bao kha nang tu chii tai chinh cua doanh nghiep
Trong giai doan 2012 - 2018, nen kinh tg cd su phuc hoi vdi toe do tang trudng kinh te tang lien tue, thi trudng chiing khoan cd sy khdi sac, gia chiing khoan binh quan ciia nhdm doanh nghiep nganh N&BB deu tang len, dan den gia tn ngudn vdn chu sd hiJu theo gia tn thi trudng cua cac doanh nghiep N&BB tang len, he so vdn chii sd hiiu van chiem ty trong ldn hon he so np phai tra Dieu nay cho thay, ca cau ngudn von hien tai dam bao kha nang tu chu tai chinh cua doanh nghiep
Thie hai, eo cau ngudn vdn dam bao su can bang tai ehinh trong hoat ddng kmh doanh
Quy md NVTX va NVTT deu cd xu hudng tang Ign trong giai doan 2012 - 2018, vdi tde do tang trudng binh quan lan lugt la 18,24% va 19,08%), Tuy nhien, cac doanh nghiep nganh nhua va bao bi duy tri ca cdu ngudn vdn theo gdc do thdi gian huy ddng va sii dung vdn dn dinh, vdi ca eau NVTX la 60%, va NVTT la 40% Do dd, su can bang tai chinh ciia doanh nghiep N&BB van dupe dam bao.
Thie ba, ca cau ngudn vdn dam bao su dn dinh, an toan trong boat ddng kinh doanh Nguon vdn thudng xuyen mang tinh chat dai ban chiem ty trong Idn trong ca cau ngudn von Dieu nay phii hap vdi dac diera nganh nghe kinh doanh va dam bao su on dinh trong hoat dpng tai trg ciia doanh nghiep, qua dd dam bao su on dinh, an toan trong hoat ddng kmh doanh 3.3.2. Nhimg han chi
Mot Id, CO cau nguon von cd tac ddng lam giam hieu qua kinh doanh cua doanh nghiep.
Cac chi so BEP, ROA, ROE cua cac doanh nghigp N&BB cd xu hudng giam xudng trong giai doan 2012 - 2018. He so na phai tra cd xu hudng bien ddng tang len trong giai doan 2012 - 2018 vdi toe dp tang binh quan hang nam la 1,23%. Trong khi dd, ty suat smh ldi kinh te cua tai san (BEP) cd xu hudng bien ddng giam va thap han so vdi chi phi su dyng na vay (rdt) Dieu nay, lam cho ddn bay tai chinh cd tac ddng
khuech dai giam ty suat lot nhuan vdn chu sd hiiu (ROE),
Hai Id, co cau nguon vdn lam gia tang riii ro tai chinh cho doanh nghiep
Ca can ngudn von cua cac doanh nghigp nhua va bao bi cd su digu chinh theo hudng tang dan he sd na va giam he sd vdn chu sd hiiu trong giai doan 2012 - 2018. Ca cau ngudn vdn theo gia tri sd sach nam 2018 xoay quanh muc 49%, he so na va 51% he sd vdn chu sd hiiu, Trong ca cau ngudn vdn cua doanh nghiep nhua va bao bi, cac khoan na ngan han chiem ty trong cao, binh quan trong giai doan 2012 - 2018 dat 39,39%. Dong thai, cac khoan np cua doanh nghigp phan ldn la cac khoan np cd phi (28,67%) Dieu nay cbo thay vigc sii dung ngudn vdn vay np ngan ban se lam gia tang rui ro tai chinh cho doanh nghiep, tir do cd tae ddng lam giam gia tri doanh nghigp,
Ba Id^ CO cau ngudn vdn eua doanh nghigp phu thude Idn vao cac chu the bgn ngoai
Quy md NVBT va NVBN deu cd xu hudng tang len trong giai doan 2012 - 2018, vdi tde do tang trudng binh quan Ian luat la 16,42%, va I9,02%o, Xet vg CO cau, trong giai doan 2012 - 2018, cac doanh nghiep nganh N&BB cd co cau ngudn vdn theo pbam vi huy ddng on dinh, vdi ca c4u NVBN la 83,35%o va NVBT la 16,65%o, Nbu vay, ngudn von cua doanh nghiep N&BB phy thudc Idn vao cac chu the bgn ngoai, su bien ddng cua thi trudng chiing khoan, ngudn von ndi sinh thap, nang lue tu tai tra cbo tai san dai han khdng cao,
4. Mot so giai phap nham hoan thien cff cau nguon vdn cua doanh nghiep nganh nhifa va bao bi niSm yet tai Viet Nam
Thir nhdt, hoach dinh co cau ngudn vdn muc tieu eho cac doanh nghiep nganh nhua va bao bi nigm yet. Trong mdi giai doan phat trien, doanh nghiep can xac dmh nhiing muc tieu kinh doanh cy the phu hgp vdi dac diem cua doanh nghiep, tinh hinh kinh te - xa hdi d mdi giai doan. Hoach dinh ca cau ngudn vdn phai dya tren ca sd Iy luan cua ly thuyet danh doi giiia nii ro va lgi nhuan Sy ky vong loi nhuan Idn han trong tirong lai bang each gia tang he so na ciing se lam gia tang nii ro tai chinh cho doanh nghiep Khi rui ro tang Ign, gia CO phigu cd xu hudng giam va gia tri doanh
nghiep ciing cd xu hudng giam xudng, nhung su k\" vong Iai nhuan gia tang ciing lam gia trj doanh nghiep tang len. Do dd, ea cau ngudn von toi uu phai dam bao sir can bang giiia mi ro va lai nhuan, qua dd tdi da hda gia tri doanh nghiep
Thie hai, dieu chinh ea cau np tbeo budng tang na dai han, giam dan na ngan ban,
- Ddi vdi cac khoan ng chiem dung ngan han, Doanh nghiep cd thg du}- tri va phat tngn vdi toe dp binh quan 13,01%o nhu trong giai doan 2012 - 2018 Doanh nghiep can chu ddng cung cd, gia tang vi thg tin dung va tang cudng cac boat ddng dam phan, yeu cau nha cung cap md rpng chinh sach tm dung thuang mai hoac yeu cau kbacb hang phai thuc hign thanh toan trudc tign hang Idn hon, khi dd cho phep doanh nghiep giam cac khoan vay ngan han de tai trp cho nhu cau vdn ngan han, lam giam chi phi sir dung vdn vay.
- Ddi vdi np vay ngan han, vay np ngan ban la khoan np cd phi, do dd doanh nghiep nhua va bao bi can thyc hign giam cac khoan vay np ngan ban xudng, Doanh nghiep cd thg chu ddng tim hieu va md rdng cac kenh huy ddng vdn dai han dg bd sung, thay thg eho cac each thiic vay ng ngan ban tir ngan hang thuong mai.
- Gia tang cac khoan vay np dai ban, doanh nghiep nhya va bao bi cd the thuc hien cac giii phap eu the sau: (i) Phat hanh trai phieu doanb nghiep; (ii) Vaj' dai han tir ngan hang tiiuong mai hoac cac td chire tin dung, Cac doanh nghigp nganh nhua va bao bi cd thg sir dung tai san co dinh lam tai san dam bao cho cac khoan vay np dai han tir cac td chiic tin dung Tan dung nguon vdn dai ban thuc bien cac dy an md rpng, nang cao nang lyc san xuat kmh doanh se gdp pbSn thuc da}' su tang trudng ciia doanh nghigp nay;
(iii) Va>' dai ban thdng qua hinb thiic thug tai chmh. Day la binh thirc huy dong vdn dai han mang lai nhigu lgi ich cho doanh nghiep Cac doanh nghigp tiiigu von cd tiig lua chon giai phap
thue tai chinh, thay vi mua phuong tie ;. ;• r"OC thiet bi hay day ehu} gn san xuat
Thir ba, tang cudng ngudn vdn chu sd hiru nham nang cao ban nua he so vdn chi io hihi va kha nang tu chu tai chinh ciia doanb : ,.- -^P-
Trong nhirng nam gan day. viec duy tri ca cau ngudn vdn theo xu hudng giam dan he sd von chii sd hiin va tang dan hg sd no an chiia nhigu rid ro, miic dd ddc lap ve mat tai chinh giam. Do do, viec tang cudng ngudn vdn chii sd biiu, nang cao he sd vdn chu sd huu, kha nang tu chii tai chinh ciia cac doanh nghiep nganh N&BB la vk can thiet Mdt sd bien phap can tbiet nham gia tang he sd vdn chii sd hiiu nhu sau: Mot la, khai thac triet dg ngudn vdn ndi sinh bd sung nham gia tang vdn chit sd hiru. Hai la, lua chpn cac phuang an huy ddng vdn chii sd hiiu hieu qua Ben canh viec gia tang vdn chii sd hiiu tu lgi nhuan dg lai tai diu tu thdng qua dieu chinh chinh sach co tiic, cac doanh nghiep nganh N&BB can lya ebon cac phuang an huy ddng vdn chu sd hiru tir ben ngoai nhu phat hanh cd phieu rdng rai ra cdng chiing.
5. Kgt luan
Bai Viet nay nghign ciiu ca cau ngudn vdn cua cac doanh nghigp nganh nhua va bao bi mgm yet trong giai doan 2012-2018 trgn cac gdc dove quan he sd hiiu; thdi gian buy dpng va sir dung vdn; pham vi huy ddng vdn Kgt qua phan tich da chi ra duac nhirng diem tich eye va ban chg trong ea cau ngudn vdn ciia doanh nghigp, lam can cii cho phep tac gia dg xuat mgt sd giai phap hoan thien CO cau ngudn vdn cita doanh nghigp nganh nhya va bao bi nigm yet tai Viet Nam. Han chg cua bai viet chua chl ra dupc ea cau ngudn v6n muc tieu cua doanh nghiep la bao nhieu? Mdi quan he gitia ca can ngudn vdn vdi rui ro tai chmh, kha nang thanh toan, va gia trj doanh nghigp, Nhiing han che nay se duac tac gia b6 sung trong cac nghign eiiu tigp theo
Chuyen muc: Tai chmh - Ngan hang - TAP CHI KINIT T £ & Q U A N TRI KINH DOANH SO 12 (2020)
TAI LIEU THAM KHAO
[IJ. Altan & Arkan. (2011). Relationship Between Firm Value And Financial Structure, A Study On Finns In ISE Industnal Index, Journal of Business & Economics Research, 9(9), pp, 61 - 65
[2[ Cheng & Tzeng (2011), The Effect of Leverage on Finn Value and How The Finn Financial Quality Influence on This Effect, World Joumal ofManagement, 3(2), pp. 30-53
[3], Nguyen Huu Huan & Le Nguyen Quynh Huang (2014), "Cau tnic von va gia tri doanh nghiep Viet Nam", Tapchi Cdng nghi Ngdn hdng, 101, p p . 5 0 - 5 8 .
[3] Jensen & H.Meckling (1976). Theory of the firm Managenal behavior, agency costs and ownership structure. Journal of Financial Economies, 3(4), pp. 305-360.
[4]. Nguyen Minh Kieu (2006). Tdi chinh cioa«/z«g/i7ep, Nxb Thdng Ke, Ha Ndi,
[5] Vo Minh Long (2017), Tde ddng eiia edu true vdn den gid tri doanh nghiep cua cdc doanh nghiep cd phdn niem yit tren S& giao dieh chimg khodn Thdnh phd Hd Chi Minh, Luan an tien sT kmh te, Tmdng DH Ngan hang TP HCM, TP Ho Chi Mmh
[6], Myers. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(1977), pp.
147 -175,
[7]. Myers (1984) The Capital Structure Puzzle The Journal of Finance, No\. 39,^^0 3„ pp pp 575- 592
[8] Bill Van Van & Vii Van Nmh (2015) Gido trinh Tdi ehinh doanh nghiep,^xh Tax cyvmh^Ylal^oi.
[9] Ogbulu & Emam. (2012) Capital Structure and Firm Value, Empirical Evidence from Nigena", International.lournal of Business and Social Science, 3(19), pp 252 -261
[10], Stephen A Ross (2002) Fundamentals of Corporate Finance,'&\.an.da}:d'EAiX\on
Thong tin tac gia:
L Mai Thanh Giang
- Don Vl cong tac Trudng DH Kmh t^ & QTKD - Dia chi email maithanhgianglcll(g),gmail com
Ngay nhan bat 13/3/2020 Ngay nhSn ban siia 26/3/2020 Ng4y duyet dang 29/3/2020
