TAI CHiniH-niGAni HANG-BAO HIEM
TAC DONG CUA QUA TRINH
HdP NHAT TRONG LINH VUC NGAN HANG DEN HOAT DONG CHO VAY DOI VCfl
DOANH NGHIEP NHO VA VITA
TAI VIET NAM
• DUdNG TAN KHOA
TOM TAT:
Doanii ngliiep nlid va vHa (DNVVN) thiTdng ehid'm ty trong cao nhat trong tong so' cac doanh nghidp (DN) dang hoat dong tai nhieu quoc gia trdn the' gidi. Khdng gid'ng nhu" cac doanh nghiep Idn, DNNVV thiTdng phu thudc chu yeu vao ngudn vd'n vay ngSn hang de phuc vu cho qua trinh san xuat kinh doanh. Qua trinh lu'dc khao tai Hdu cho thay, cac ngan hang nhd thu'dng cd xu hu'dng cho vay DNNVV nhieu hdn va cac ngan hang Idn thu'dng cd xu hifdng cho vay DN Idn nhieu hdn. Trong bai viet nay, tac gia tie'n hanh nghien cdu tac ddng cua qua trinh hdp nhSt trong ITnh viTc ngan hang den hoat dong cho vay dd'i vdi DNNVV tai Vidt Nam. Ke't qua nghien cdu cho thay, cac ngSn hang hdp nha't 2 nam sau khi qua trinh M&A hoan thanh, da giam ty trong cho vay ddi vdi cac DNNVV trong tong danh muc cho vay cua ngan hang va Sli sut giam nay la cd y nghTa thd'ng ke. Tren ccf sd ket qua nghien cdu dat du'dc, bai vie't dUa ra mdt so'ham y chinh sach nham nang cao kha nang tiep can vd'n cho cac DNNVV Viet Nam thdi ky hau hdp nha't cua hd thd'ng ngan hang Viet Nam.
Tu'khda: Hdp nha't ngan hang, mua ban va sap nhap ngan hang, DNNVV, cho vay dd'i vdi DNNVV. hoat dpng cho vay cua ngan hang.
1. Liftfc khao tai lidu
Ciic DNNVV tai nhieu qud'c gia, vdi nhdng i3ac diem vd'n cd nhif ihie'u minh bach ve thdng tin doanh nghiep, md hinh quan tri ye'u kem, thie'u tai san dam bao, dodd thu'dng khd huy dong vd'n tren thi tru'dng tai chinh bSngcach phat hanh trai phie'u hoac co phie'u Cac doanh nghiep (DN) Idn,
so vdi DNNVV, thi tifdng ddi de dang huy ddng vd'n cho viec kinh doanh bang ca hai each pho bie'n la phat hiinh chd'ng khoan va vay NHTM.
Nhu' vay, trong khi cac DN Idn it phu thudc vao he thd'ng NHTM, cac DNNVV lai phu thuoc chu ye'u vao ngudn vd'n vay ngan hang va do dd ra't nhay cam vdi cac ddt tai cd ca'u he thd'ng cua
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TAP GHi CONG THIflfNG
nganh Ngan hang. Tai Viet Nam, ke tii' sau cudc khung hoang tai chinh toan cau nam 2008 va khung hoang nd xa'u nam 2012 de'n nay da chdng kien qua trinh tai cd ca'u cua nganh Ngan hang didn ra manh me bang nhdng thifdng vu M&A giiTa cac NHTM. Vay qua trinh tai cd cau thdng con difdng mua ban va sap nhap nay cd anh hu'dng nhu' the nao den ngudn vd'n vay ca'p cho cac DNNVV tai Viet Nam?
Tren the'gidi, nhieu nghien cdu ve ITnh vtfe nay da chi ra rang, qua trinh M&A giffa nhifng NHTM vdi nhau se tao ra cac NHTM hop nha't cd quy md Idn hdn, md hinh hoat ddng kinh doanh tinh vi va phiJc tap hdn. Tuy nhien, cac NHTM hdp nhat thdi ky hau M&A cd xu hu'dng giam cho vay dd'i vdi cac DNNVV. Ly do la cac NHTM vdi quy mo tdng tai san khac nhau se ap dung nhu'ng ky thuat cho vay khac nhau trong boat dong cap tin dung cua minh NgSn hang Idn thu'dng cd the' manh trong ky thuat cho vay "hard information lending" va do dd thifdng lifa chon phan khuc khach hang doanh nghiep Idn - nhiTng doanh nghiep cd tinh minh bach cao trong nen kinh te. Ngifdc lai, cac ngan hang nhd hdn lai cd ldi the' trong ky thuat cho vay "soft information lending" hay "relationship lending"
va do dd thu'dng tie'p can cho vay nhdm DNNVV - nhffng doanh nghiep kem minh bach hdn so vdi DN Idn. Vi vay, khi NHTM gia tang quy md, dac biet la gia tang quy md mdt each nhanh chdng Ihdng qua qua trinh M&A vdi cac NHTM khac, thi se thay ddi ky thuat cho vay va dSn de'n phan khuc DNNVV trd nen kem ha'p dSn hdn Irong chie'n lifdc mdi cua cac NHTM thdi ky hau M&A.
Berger va Udell (1996) tie'n hanh nghien cdu dff lieu cho vay tai cac NHTM My va da phat hidn bang chd'ng cho thay, khi cac ngan hang trd nen Idn hdn ve quy md td'ng tai san, hp da giam ty trong cho vay dd'i vdi cac DNNVV. Nguyen nhan cd the giai thich cho hien tifdng nay la khi cac ngan hang gia tang quy md thi md hinh kinh doanh cua ngan hang se dffdc bd sung them nhieu bd phan tao dieu kien cho ngan hang phat trien san pham va dich vu mdi vdi ty suS't sinh ldi cao hdn de cung ffng cho thi trffdng. Vi vay, phan khuc khach hang DNNVV - phan khuc td'n kem
nhieu chi phi hdn cho cdng tac Iham dinh va giam sat, se dffdc cac NHTM thu hep.
Trong nghien cffu cua minh vao nam 1998, Rosengren da ket luan rang phan Idn cac NHTM tie'n hanh M&A deu giam ty trpng cho vay dd'i vdi cac DNNVV. Sif sut giam nay du'dc Rosen- gren ly giai la do sau qua trinh hdp nha't, nhffng ngan hang ben mua (ben nam quyen dieu hanh mdi) hit dau tie'n hanh tai ca'u true danh muc cho vay cua ngan hang muc tieu (ngan hang bi sap nhap), thay ddi nhieu dieu khoan trong hdp ddng cho vay dd'i vdi cac khach hang cu cua ngan hang muc tidu, tie'n hanh tai tham dinh lai cac khoan vay hiSn hu'u cua nhffng DNNVV ma ngan hang muc tidu da ca'p trffdc dd. Tat ca nhffng hanh ddng nay da lam ma't di mot Iffdng khach hang DNNVV tru'dc kia tai ngan hang muc tieu, dSn de'n lam giam ty trong cho vay dd'i vdi DNNVV tai ngan hang hdp nha't ndi chung thdi ky hau M&A.
Degryse va cac cgng sff (2011) tie'n hinh nghien cffu tac ddng cua qua trinh M&A giffa cac NHTM den boat ddng cho vay dd'i vdi DNNVV tai Bl. Nhdm tac gia phat hien bang chffng cho tha'y hau he't cac DNNVV la nhffng doanh nghiep chi vay tai mot NHTM duy nha't. Do dd, nhffng DNNVV dang vay vd'n tai ngan hang bj thau tdm cd kha niing cao la se khdng dffdc tiep tuc cho vay khi ngan hang bgn mua tie'n hanh tai ca'u triic ngan hang hdp nha't. Ke't qua chung la sau qua trinh M&A, kha nang tie'p can vo'n cua cac DNNVV giam so vdi vdi trffdc khi cac NHTM tien hanh M&A.
2. Thi/c trang hoat dong cho vay dd'i vdi DNNVV tai cac NHTM Viet Nam tham gia hoat dpng M&A
Kinh nghiem quo'c te'da cho tha'y sau qua trinh hdp nha't, cac NHTM thtfdng thu hep ty trpng cho vay dd'l vdi cac DNNVV trong danh muc cho vay cua minh. Vay hien tifdng nay cd dien ra tai Viet Nam hay khdng?
Do phan Idn cac DNNVV cua Viet Nam deu tap trung d khu vffc kmh te tif nhan, ma chu ye'u la cac loai doanh nghiep nhif cdng ty trach nhiera hffu han (TNHH) tu^ nhan, doanh nghigp tif nhan (DNTN) va Hdp tac xa (HTX) va lien hiep HTX.
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TAI CHiNH-NGAN HANG BAO HIEM
Vi vay trong bal vid't nay tac gia sff dung bie'n quan sat la bie'n ty trong cho vay dd'i vdi tffng loai hinh doanh nghiep de tid'n hanh nghidn cffu tac dong cua qua trinh M&A de'n hoat ddng cho vay dd'l vdi DNNVV tai Viet Nam trong giai doan vffa qua.
Dff lieu ve cac thffdng vu M&A trong ITnh vifc nganhang Viet Nam tff nam 2008 de'n 2015 dffdc thu thap thong qua cd sd dff lieu cua Thompson Reuters. Dff lieu ve danh muc cho vay cua cac NHTM tien hanh M&A du'dc thu thap tff bao cao tai chinh da kiem toan cua cac NHTM. Khoang ihdi gian nghien cffu la 3 nam dffdc tinh tff I nam trffdc khi M&A cho de'n 2 nam sau khi qua trinh M&A hoan ta't. Chi tie't ve cac ve cac thffdng vu M&A trong ITnh vffc ngan hang tai Viet Nam trong thdi gian qua va dinh nghTa ve bie'n quan sat dffdc md ta cu the nhff Bang I.
Trong dd:
^ i= I, 2, 3, ...
>^ Cac gia tri I, 2, 3,.. tu'dng ffng vdi cac loai hinh khach hang doanh nghiep nhff: cdng ty TNHH tu- nhan; cdng ty cd phan; doanh nghiep tff nhan; hdp tac xa va lien hiep hdp tac xa.
Ngoai ra, cac loai hinh doanh nghiep thudc khu vffc kinh te'nha nu'dc va khu vffc kinh td'cd vd'n dau tif nu'dc ngoai cung dffdc tinii toan vi bao cao,
Ty trong cho vay theo tffng loai hinh khach hang DN tai nhffng ngan hang tie'n hanh M&A se lan lifdt dffdc tinh toan cho cac nam' (nam -1), (nam +1), va (nam -1-2). Sff khac biet giffa cac (nam -nl) va (nam -1); (nam +2) va (nam -1) se difdc tinh toan. Kiem dinh thd'ng ke t-statisdc sau dd difdc thffc hien de danh gia tac ddng cua M&A de'n hoat dpng cho vay cua cac DNNVV.
Bang 1. Cdc thiidng vu mua ban va sap nhqp trong he thdng NHTM Viet Nam STT
1.
2,
3, 4.
5,
6
7, 8, 9,
Ngan hang bSn mua (Bidder bank)
NH TMCP Sai Gon
NH TMCP Sai Gdn Ha Noi
NH TMCP Phat trien TP,HCM NH TMCP Viet Nam Thinh Vuqng NH TMCP Ky Thuang
Ngan hang TMCP Dau tu va Phat rrien Viet Nam
Ngan hang TMCP Hang Hai NH TMCP Sai Gon Thuong Tin NH TMCP QuaniJoi
Ngan hang muc tieu (Target Bank) NH TMCP De nhat »a NH TMCP Viet Nam Tin NghTa
NH TMCP Phat trien nha Ha Noi - Habubank
NH TMCP Bai A
Cong ty Tai chinh Than Khoang san Cong ty Tai chinh Hoa chat Viet Nam NH TMCP Phat tnen Nha dong bang song CQu Long
NH TMCP Phat trien Me Kong NH TMCP Phuong Nam Cong ty Tai chinh Song Da JSC
Nam
2012
2012
2013 2014 2014
2016
2015 2015 2015 Ngudn: Thompson Reuters Md id bie'n sd'quan sdt
Ty trgng cho vay doanh nghidp, Difngf cho vay dd'i vdi Ioai hinh doanh nghigp;
Tong dff nd cho vay
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IAP CHi CONG THlflfNt
Bang 2. Thay do! trong ty trong ctio vay theo do! tifdng khdeh hdng doanh nghiep tqi cdc ngan hdng fien hdnh H/I&A til (ndm -1) den (ndm +2)
Nam-1 Nam 1 Nam 2 Thay ddi nam [1 :-1] Thay ddi nam [2:-1J Khu VUC doanh nghi$p Nha nudc
DN Nha nudc Cty TNHH Nha nudc CTCP Nha nudc kiem soat Tong cong
3.24%
2,56%
3,33%
9 12%
2,07%
2 73%
2 29%
7,09%
1.85%
1,94%
1,96%
5,76%
-1,17%*
0,18%
-1 04%*
-2,03%
-1,39%*
•0,61%
-1,37%**
-3,36%"
Khu vac hinh tetu nhan Cty TNHH tu nhan Cty cd phan DNtunhan HTX va lien hiep HTX Tdng cong
24,08%
28 64%
2,11%
0,18%
55,01%
20,83%
25,85%
1,34%
0,09%
48,11%
18 95%
28 00%
0 88%
0,06%
47,90%
-3 25%
-2 79%
-0,78%
-0,08%
-6,90%"
-5,13%"
-0.64%
-1.23%
-0.12%
-7.11%*
Khu vile CO von dau tu nudc ngoai DN cd vd'n dau tu
nudc ngoai Tb'ng c$ng
0 61% 0,76%
0,76%
C). C). CO y nghia thong lie tai cac mile do tin ca 1 02%
1,02%
y5%vaiO%
0,15%
0,15%
0,41%
0,41%
Ngudn: Bdo cdo tdi chinh dd kiem lodn ciia cdc NHTM tie'n hanh M&A
Bang 2 tie'n hanh phan tich ty trong du" nd cho vay theo dd'i tu'dng khach hang doanh nghiep thudc khu vffc kinh le tu" nhan (tren tdng dif nO cho vay) tai cac ngan hang hop nha't thdi ky hau M&A. Nam 0 dffdc dinh nghTa la nam hoan tat qua trinh hdp nha't giffa cac ngan hang tham gia M&A, (nam -1) la nam Men trffdc nam thffdng vu M&A dffdc hoan thanh, (nam +2) la 2 nam sau ke tff ngay thifdng vu M&A dffdc hoan thanh. Tong ty trong cho vay danh cho DN thudc khu vffc kinh te tff nhan phan anh mffc dp cho vay dd'i vdi cac DNNVV, bdi vi hien nay phan Idn cac DNNVV deu tap trung d khu vffc cdng ty TNHH tff nhan, DN tu" nhan, va thanh
phan kmh te tap the nhu' HTX va lien hiep HTX.
Do dd, sU bien ddng trong ty trong dff nd nay se phan anh tac ddng cua qua trinh M&A de'n hoat ddng cho vay dd'l vdi DNNVV tai nhffng NHTM hdp nha't thdi ky hau M&A.
Ke't qua trong Bang 2 cho tha'y, nhin chung, tai cac ngan hang hdp nhat thdi ky hau M&Acd sff sut giam dang ke, cd y nghTa thd'ng ke, trong ty trgng cho vay dd'l vdi DNNVV. Cu the vao thdi diem 1 nam tru'dc khi M&A (nam -I), tong ty trong cho vay dd'i vdi DN thudc khu vffc kinh te tff nhan chie'm 55,01% trong td'ng danh muc cho vay cua cac NHTM tham gia M&A. Tuy
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TAI CHiNH-NGAN HANG-BAD HIEM
nhien, sau I nam ke tff ngay hoan thanh qua trinh hdp nha't (nam +1), ty le nay da giam ve mffc 48,11% tdng danh muc cho vay, tffc giam 6,90%
va mffc Slit giam nay la cd y nghia tho'ng ke tai 5%. Tffdng tff, vao cud'i (nam+2), ty trong dff nd cho vay dd'i vdi DN thudc khd'i tff nhSn chi cdn 47,90%, tffc la giam de'n 7,11% so vdi (nam -1) va mffc giam nay cung cd y nghia thd'ng ke d mffc 10%.
Ne'u xet theo tffng loai hinh DN trong khu vifc kinh te tff nhan, ta cd the tha'y rang ty trong cho vay danh cho tat ca cac loai hinh DN thudc khd'i nay deu giam so vdi trffdc khi thu'dng vu M&A dffdc hoan thanh. Cu the, ty trong cho vay dd'i vdi cac cdng ty TNHH tff nhan la giam manh nha't vao cud'i (nam +2), giam 5,13% so vdi (nam -1) va sff sut giam n^y la cd y nghia thd'ng ke d mffc 5%. Ngoai ra, ty trpng cho vay dd'l vdi cac loai hinh DN khac trong khd'i tff nh§n bao gdm: cdng ty CO phan, DN tff nhan, va HTX va lien hiep HTX deu giam l^n Iffdt la 0,64%, 1,23% va 0,12
% vao cud'i (nam +2) so vdi (nam-1). Cac ke't qua nghien cffu vffa neu tren la phil hdp va cung co' cac ket qua nghien cffu cua Berger va Udell (1996), Rosengren (1998), va Degryse va cac cong sff (2011) phat hidn dx((3c trong cAc nghien cffu trffdc dSy ve chu de tac ddng cua qua trinh M&A trong ITnh vffc ngan hang de'n boat ddng cho vay dd'i vdi DNNVV khi nhffng nha nghien cffu nay ciing tim thS'y bang chffng vl sff suy giam trong hoat ddng cho vay dd'i vdi DNNVV trong thdi ky hau hdp nbS't.
3. Mot sd'ham y chinh sach nham nang cao kha nang tie'p can vd'n cua cac DNNVV trong thdi ky hau hdp nha't cua hd thd'ng NHTM Viet Nam
Hidn tffdng sut giam boat dong cho vay dd'i vdi cac DNNVV khi quy md ngan hang gia tang sau qua trinh hdp nha't cac NHTM la hien tffdng xay ra d nhieu thi trffdng va vdi nhffng phan tich nhif tren, cd bang chffng cho tha'y Viet Nam cung khdng phai ngoai le. Cac NHTM theo le tff nhien se ngay cang Idn hdn ve quy mo, boat ddng da dang hdn trong nhieu phan khuc thi trffdng mdi, phat trid'n nhieu dich vu tai chinh ngan hang mdi v^ do dd it nhieu giam dan hoat ddng cho vay dd'i
vdi cac DNNVV vd'n cd chi phi hoat dong cao.
Mat khac, qua trinh M&A trong ITnh vffc ngan hang trong thdi gian tdi nhieu kha nang se cdn tie'p dien khi ngay cang cd nhieu dinh che' tai chinh qud'c te mong mud'n gia nhap thi trffdng tai chinh Viet Nam thdng qua con difdng mua lai va sap nhap. Qua trinh nay ta't yd'u se hinh thanh nhffng NHTM co quy md ngay cang Idn hdn, do do, de giam thieu nhffng tac dpng de'n khS nang tie'p can vd'n cua nhffng DNNVV trong xu hu'dng nay. chung ta can:
• Ve phia cdquan qudn ly nhd nUdc Thd nhat, can duy tri va phat trien mot he thd'ng cac To chffc tin dung da dang ve loai hinh va quy md, bao gom. cac NHTM, cac dinh che' tai chinh phi ngan hang, va dac biet la he thd'ng cac quy tin dung nhan din de cung ffng vd'n cho cac DNNVV. Nang cao nang lffc chuyen mdn cua be thd'ng quy tin dung nhan dan, tff dd cd the khai thac dtfdc ldi the am hieu dia phffdng, am hieu thanh vien cua quy tin dung nhan dan de dap ffng day du va kip thdi nhu can vo'n cho cac DN nhd va DN sieu nhd.
Thd hai, c^n nghien cffu va tao dieu kiSn cho sif phat trien cua nhffng Ioai hinh dinh che tai chinh trung gian mdi nhff Ngan hang dlu tff, Quy dau tff mao hiem, Quy dau tff DNNVV. Cdc DNNVV khdng nen di keo dai tinh trang chi phu thudc vo'n vao he thd'ng NHTM. Cac nha quan Iy can cd cbinh sach de khdi thdng nhffng ddng vd'n tff ndi kbac ngoai he thdng NHTM va hifdng chiing
"chay" vao qua trinh san xua't kinh doanh cua DNNVV. Bang each phat tnen cac loai hinh dinh che tai chinh trung gian ndu trfin, chiing ta se tao dieu kidn ke't nd'i trffc tie'p nhffng y tu'dng kmh doanh ciia DNNVV vdi cac nha dau tu tren thi trffdng tai chinh - nhffng ngu'di sfng sang chap nban rui ro, tff do giai quye't bai toan vd'n cho cac DNNVV.
Thi^ ba. cd chinh sach ifu dai vl ngudn vdn, tao ngudn vd'n neng de hd trd cac DNNVV. Cu the cd the nghien cffu hinh thanh quy Startup qud'c gia di tai trd cho cac DNNVV khi cac DN nay chffng minh dffdc sff hieu qua va kha thi cua phffdng an san xud't kinh doanh trong nhffng ITnh vffc mdi va dot pha.
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Thiitu. tuyen truyen va nang cao nhan thffc ve viec minh bach thdng tin cho cac DNNVV. Pho'i bdp vdi hiep hpi DNNVV Viet Nam de to chffc cac budi tuyen truyen, dao tao va khuye'n khich DNNVV tffng bffdc cdng bo' thdng tin theo mo hinh cac cdng ty dal chung. Van de minh bach thdng tin dffdc cai thien se la tien de quan trong giffp cd quan quan ly nba nffdc tffng birdc phat trien thi Irffdng trai phie'u doanh nghiep, iff dd da dang hda cac kenh dan vd'n cho DNNVV.
Thd nam, cac cd quan quan ly Nha nffdc can tiep tuc thiic day vide dffa Luat Hd trd DNNVV dl vao ddi sd'ng thffc tien. Can day nhanh qua trinh cu the hoa cac hinh thffc hd trd DNNVV nhff: hd trd tie'p can tin dung ngan hang, ifu dai thue' sua't thue' thu nhap DN, hd trd tif van ve che' dp ke toan, hd trd chi phi dao tao quan ly doanh nghiep vii chuyen doi md hinh kinb doanh, . Nhffng hinb thffc hd trd nay trong ngan ban cd the gay ap life giam thu ngan sach nh^ nffdc. Tuy
nhien, nhffng giai phap vffa neu se gdp phan giup cac DNNVV gia tang tich !uy, tai dau tu", phat trien hoat dpng san xuat kinh doanh mdt each ben vffng va tffddcd the gia tang ddng gdp thue cho ngan sach nha nifdc trong dai ban.
•:• Ve bdn thdn cdc DNNVV
Mpt trong nhffng nhifdc diem Idn nhat lam cho cac DNNVV khd phat hanh chffng khoan de huy ddng vd'n la va'n de minh bach thong tin. Cac nha dau tif tren thi trifdng tai chinh se khdng the mua chffng khoan do DNNVV phat hanh kbi hp khdng cd day dii thdng tin can tbie't phuc vu cho vide quan tri rui ro. Do dd, ban than cdc DNNVV phai thay ddi tff duy quan ly. thay doi md hinh hoat dpng, tie'n hanh minh bach thdng tin cua doanh nghiep cho thi trffdng de khai thac cac ngudn vd'n nhan rdi tren thi tru'dng tai chinh va tien tdi giam dan sff phu thudc vao he thd'ng NHTM trong van de huy ddng vd'n •
TAI LIEU THAM KHAO:
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IL, pp. 559-627
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227-251.
4. Peek, J and Rosengren, E S. (1998) "Bank consolidation and small business lending: li\ noi just bank size that matters". Journal of Banking and Finance, Vol 22.pp. 799-820.
5. Vera, D and Onji. K. (2010). "Changes in the banking system and small business lending". Small Business Economics, Vol. 34. No. 3. pp. 293-308.
0. Degryse. H., Masschelein, N. and Mitchell, J., (2011). "Staying. Dropping or Switching: The impacts of bank mergers on small firms" Review of Financial Studies. Voi 24. No. 4, pp. 1102-1140.
7. Uchida. H.. Udell. G.F. and Yaniori. N (2012) "Loan officers and relaiionship lending to SMEs". Journal of Financial Intermediation. Vol 21. No. 1. pp. 97-122
8. Website cua Ngdn hang Nhd nudc Viel Nam.
9 Website cda cdc NHTMCP tham gia qua irinh M&A.
204 So 13-Thang 7/2019
Ngay nhjn bai: 13/6/2019
Ngay phan bi^n danh gia va su'a chiJa: 23/6/2019 Ngay chS'p nhan dang bai: 3/7/2019
Tliong tin tdc gid:
ThS. DlfCfNG TAN KHOA
Trifofng Dai hoc Kinh 14' TP. H 6 Chi Minh
l A l CHiNH-NGAN HANG-BAO HIEM
THE EFFECT OF BANK MERGERS AND ACQUISITIONS ON LENDING TO SMALL AND MEDIUM - SIZED
ENTERPRISES IN VIETNAM
• Master. DUONG TAN KHOA University of Economics Ho Chi IVIinti City
ABSTRACT:
Small and medium-sized firm.s (SMEs) usually account for the largest poilion of firms in many countries. Unlike large firms, SMEs mainly depend on loans to finance for their businesses. It shows that small banlcs tend to lend more to SMEs while large banics tend to lend more to large companies. This study is to analyze the unpad of mergers and acquisitions (M&A) ir Vietnam's banking system on lending activities to SMEs, The study found that the consolidated banks' proportion of loan to SMEs after 2 years of M&A decreases, rising concerns about credit supply for SMEs. Based on the study's result, authors propose policy implications to mitigate the post-merger limitation of SMEs' credit access.
Keywords: Bank consolidation, mergers and acquisitions in banking sector, SMEs, lending to SMEs, bank lending activities.
So 13-Ttidng 7/2019 205
