BAU Tir TAI CHI'NH « < «
CHUfNG CHI Ll/U KY TOAN CAU (GDR) CONG CU HUY DONG VON MOfl TAI VIET NAM
ThS. Li Nggc Hdng
Tom tdt: Muc dich cda bdi nghiin cdu ndy Id nhdm khdi qudt mdt sd vdn de mang tinh ly ludn vd thUc tiin ve mdt cdng cu huy ddng vdn mdi xudt hiin tgi Viit Nam md trin thi gidi dd phdt triin rd't Idu ddi. Bdi nghiin cdu niu lin nhdng khdi niim ca bdn. nhilng lgi ich cung nhu ca chi phdt kdnh mdt cdng cu huy ddng vdn, ddng thdi ldm ro vai trd cua cdc chd thi cd liin quan. Mgt khdc, bdi bdo niu lin nhdng diiu kien ca bdn di phdt hdnh cdng cu huy ddng vd'n, tdp trung ddnh gid cdc dieu kiin ndy tgi thi trudng Viit Nam vd phdn tich mdt trudng hgp diin hinh ddi vdi mdt cdng ty niim yit trin Sd Giao dich Chdng khodn Tp. Ho Chi Minh. Td dd, dua ra nhitng kiin nghi dd'i vdi ca quan qudn ly nhd nUdc cung nhU dd'i vdi mdt sd chu thi cd liin quan di tgo diiu kiin phdt trien cdng cu huy ddng vd'n ndy trong tUang lai.
Tic khda: Chdng chi luu ky todn cdu (GDR), ngdn hdng luu kj.
D a t vd'n d e
Thi tradng chdng khodn (TTCK) Viet Nam din nay da p h a t t r i e n dadc 12 ndm. Mac du dd cd nhQng bade ti ^n ddng ke song cd the ndi cdc san phdm hay cdng cu huy dgng vdn daoc sd dung trdn t h i tradng con khd it. Trong nhQng ndm vQa qua, cdc doanh nghidp chu yeu buy dOng vd'n t h d n g qua k e n h phdt h d n h co phieu vd trdi phi^u trdn tbi tradng trong nQdc. Cd mot sd^ doanh nghidp p h a t h d n h trdi phie'u thdnh cdng t r e n t h i tradng qudc te', tuy nhidn
%i ladng ddt phdt b a n h n h a t h e cdn khd it vd mdc dd t h d n h cdng cung khd khidm ton. Gdn day TTCK Viet Nam da xuSit hidn t h e m m^t cdng cu huy dOng von mdi ma dadc ddnh gid Id khd t i l m n d n g trong thdi gian sdp tdi dd Id san pb^m buy ddng vdn t r e n thi tradng qu^c ti thdng qua vi$c phdt h d n h GDR.
GDR l a gi?
th^ chuydn nbadng va giao dich dadc tai mot TTCK ndo dd kbdng phai d My vd nd phdi dadc lau ky tai mot ngdn hang lau ky cua mpt qud'c gia. Nd ghi nhan quyen sd hQu va dai di^n cho mdt ladng co phi^u cua mpt cdng ty dadc niem yet tai mpt TTCK cua mpt quoc gia khdc. Ty le mdt GDR dai dien cho bao nhieu co phieu cua mpt cong ty se do cac ben thoa thuan.
GDR dadc giao dich mpt each t a do n h a cac loai chdng khodn khac hodc trdn sd giao dich chdng khodn t^p trung hodc trdn tbi tradng OTC vd thadng dadc sd dung d^ buy dgng vd'n trdn tbi tradng qudc td' (Deutsche Bank, 2012;
The Bank of New York Mellon, 2012).
Cor che phdt hdnh GDR
Cac chii t h e co l i e n q u a n t r o n g m g t ddt p h a t h a n h GDR
Chdng chi lau ky todn cau (Global depositary To chtic phdt hdnh: Bithgchi^nthknh cong receipt - GDR) Id mot loai gid'y chdng n h a n cd thUdng vu GDR thi to chdc phdt h d n h thUdng
Congnghe n g a n H d n g PV!
SfT 77 "Thdng 8/2012 H i
> » » DAUTlTTAICHfNH
phdi chudn bi vd thac hi^n nhQng cdng vi0c n h a sau: (i) Xdc dinh cdc muc tidu tdi chinh;
(ii) Chi dinh ngdn h d n g lau ky, ddn vi t a vd'n ludt, ngdn h d n g ddu ta, ddn vi kiem todn;
(iii) Quyd't dinh chadng t r i n h DR (Depositary Receipts) bao gom cd loai DR p h d t b d n h vd loai chdng khodn phdt h d n h ; (iv) Phdi d a t dadc sd chd'p thudn cua dai bOi cd ddng vd cdc cd quan nhd nQdc cd thdm quy^n v l cdc hd sd phdt h d n h cd lidn quan; (v) Cung cdp thdng tin tdi cbinh cho ddn vi ki^m todn; (vi) Phdi hdp vdi cdng ty t a vd'n phdt tri^n chadng t r i n h quan h§ nhd ddu td; (vii) Ldm vi§c vdi ngdn hdng lau ky v l chadng trinh DR vd cdc thay A6i t i l m ndng nd'u cd.
Vai trd cua ngdn hdng lttu ky: (i) Ta vdn cho to chdc phdt b d n h cd'u true chadng t r i n h DR bao gdm ea loai DR vd ty lg chuyen ddi DR vd cd phieu; (ii) Chi dinh t h d n h vidn lOu k^ d qud'c gia cua to chdc phdt h d n h trong tradng hop ngdn hdng lau ky khdng cd chi n h d n h d qud'c gia dd; (iii) Ho trd cdc ben cd lidn quan trong vide ddng ky DR; (iv) Phd'i hdp vdi ddn vi t a van ludt, cdc ngdn hdng ddu t a d^ dam bao r d n g cac bade t h a c thi phdi daoc hodn td't; (v) Thac hi^n edc cdng tde chudn bi vd phdt h d n h DR; (vi) Len danh sdch cdc nhd tao ldp t h i tradng; (vii) Thdng bdo vi^c thid't lap chadng t r i n h DR dd'n cdc nhd mdi gidi vd giao dich; (viii) Duy tri vi$c ddng ky sd hQu cua ngadi ndm giQ DR phuc vu n h a mdt ddn vi ddng iif vd dai 1^ chuyin nhadng; (ix) P h d t h d n h vd huy DR theo quy^t dinh cua nhQng ngadi ndm giQ DR; (x) Xd 1^ cdc h d n h d^ng doanh nghidp n h a thdng bdo t h a m da dai b$i cd ddng, thdng bdo n b § n vd chi trd cd tdc, cdc thdng bdo khdc tQ td chdc phdt hdnh; (xi) Hoat dgng n h a dai 1^ chi trd, xd ly vigc t h a n h todn cd tdc vd edc uy quyln khdc ddi vdi ngadi ndm giQ DR; (xii) Cung cap hd trcf qudn ly tdi khodn lidn tue cho to chdc phdt h d n h .
Vai tro ciia ngdn hdng ddu tul to chvCc bdo Idnh phdt hdnh: (i) T a vd'n ve loai chadng t r i n h DR p h d t b d n h vd sd giao dich hay thi t r a d n g nidm yet DR; (ii) T a van ve ty lg c6
phiS'u lau k^ so vdi co phid'u t h a d n g ; (iii) Gidp td chdc phdt h d n h chudn bi cdc bdo cdo nghidn cdu vd thdc ddy cdc chadng t r i n h DR den vdi nhd ddu td; (iv) Td vdn v l cdc chadng trinh roadshows, cdc buoi meeting n h a ddu t a vd nhd ddu t a muc tieu; (v) T a vdn cdc vdn d l ve thi t r a d n g vdn.
Vai trd cua cdng ty kiem todn: Cung gidng n h a trong mOt sd giao dich khdc, cdng ty kiem todn ddng vai trd quan t r o n g trong vi$c chuan bi bdo cdo tdi chinb cua td chdc phdt hdnh phu h<7p cdc chudn mac k d todn theo y6u cdu vd rd sodt lai cdc bdo cdo ddng k^ nidm yet bode bdn cdng bd t h d n g tin trade kbi ngp eho edc ed quan cd thdm quyen vd cung cdp cho cdc nhd ddu ta.
Vai trd cua dOn vi tU vdtn ludt: (i) Chudn bi da thdo thda thudn lau k^ vd n$p cdc bdo cdo ddng k^ nidm ydt cd lien quan cho uy ban chdng khodn d qudc gia ndi md GDR dddc niem yet; (ii) Qudn 1;^ sa tudn thu ludt chdng khodn vd cdc quy dinh cd lien quan d qud'c gia GDR daoc niem ydt.
Vai tro cua dtfn vi tU vd'n quan hg nhd ddu tU: (i) Xdy dang kd' hoach ddi b a n de ndng cao n h d n thdc v l chacmg t r i n h DR cua td chdc phdt h d n h tai qud'c gia md GDR dddc nidm ydt; (ii) Xdy dOng kd'hoach t r u y i n thong vd cdc tdi li$u cdng bd' t h d n g tin cho boat dOng khai tradng ldn ddu (roadshow vd cdc budi thuydt t r i n h cho cdc nhd ddu ta, xue tidn cac boat d0ng cho ngdy khai tradng, td chdc cdc budi meeting vdi cdc ed quan truyen thdng ve tdi cbinh); (iii) Phd'i hop vdi cdc nhdm truyen t h d n g dai chdng (PR) vd quang cdo eua td chdc phdt h d n h ldn cdc kd' hoach chddng trinh cu thd vd p h d t t r i l n h i n h a n h tai qudc gia GDR nidm yet.
Vai trd cua thdnh vien liiu k^: (i) Nhdn lau k^ cd phidu cua td chdc p h d t h d n h tai qudc gia cua td chdc phdt h d n h ; (ii) Xdc n h $ n vide lOu k^ cd phieu cd sd; (iii) N d m giQ cd phidu lau k^ trong tdi khodn lau k^ d qudc gia cOa
E congngh^ n g a n h a n g
Sd77«Thdng 8/2012
DAU lUlAI CHINH « < «
td chdc p h d t h d n h ; (iv) Thdng bdo edc s a kign doanh nghiep dadc cdng bd tai thi tradng cua td chdc p h a t h d n h vd cung cdp eho ngdn hdng luu ky cdc b a n copy ve dai hpi cd ddng, bdo cao thadng nien hodc nhQng t h d n g tin khdc lidn quan den cd ddng; (v) Chuydn cdc khodn chi trd cd tdc cua td chdc phdt h d n h cho ngdn hdng lOu ky; (vi) Cap n h d t cdc t h d n g tin thi tradng ndi dia ve cdc chinb sdch thue, cde vd'n dl ve phdp ly vd t h a n h todn.
Nhiing d i e u k i ^ n cc* b i n d d p h a t h a n h GDR Thdng thadng dd m^t doanh nghigp phdt bdnh GDR t b i cdn cd nhffng d i i u kign n h a sau: (i) Cd mdt cd sd phdp 1^ quy dinh chdt che v l hoat ddng phdt h d n h nay vd doanh nghidp phai ddp dng cdc dieu kign v l mdt phdt ly tai nade sd tai; (ii) Td chdc phdt hdnh phai la nhffng doanh nghigp boat ddng higu qua, cd tidng t a m , cd t r i n h d§ quan ly tdt, cd quy md vdn ldn vd mdc vdn hda t r e n TTCK thdng thadng toi thieu tQ vdi t r d m trieu USD trd Ien; (iii) Quy md p h d t h d n h cho mdt ddt phdt h d n h GDR de tdi trd cho cdc nhu cau vdn cua doanh nghigp t h a d n g khd ldn td'i thieu td vdi chuc trigu USD trd len; (iv) Cdc da dn dadc tdi trd bdng ngudn vdn ndy dadc ddnh gid Id k h a t h i vd ed hidu qua. (v) Cd td'i thieu mgt ngdn h a n g dau t a trong nadc vd mdt ngdn hang ddu t a nadc ngoai ddng vai trd Id t a vdn hodc bdo l a n h p h d t b a n h cho ddt phat h d n h GDR; (vi) Cd mdt ngdn h d n g lau ky ddng vai trd t a vdn, laii gifl chdng khodn vd p h d t h d n h GDR cho cac nhd dau tfl; (vii) Cd tdi thieu mdt ddn vi t a vdn luat trong nadc vd mdt ddn vi t a vdh ludt nadc ngodi de ddm bao cdc vdn de phdp ly dffdc tudn thu mdt cdch chat che;
(viii) Cd ddn vi kiem todn de rd sodt cdc bdo cdo tdi chinh, bdn cdng bd thong tin hay cdc thdng tin cd lidn quan khdc dd cung cap cho cdc cd quan hoac cdc n h a ddu tff; (ix) Cd it nhdt m$t ddn vi t a vdn quan he nhd ddu td dd xdc tidn ddt p h d t b a n h t h d n h cdng; (x) Mdc gid phdt h d n h chdng k h o a n thda m a n cdc ben cd lidn quan; (xi) Td chdc phdt h d n h cd khd ndng vd s i n long chi t r a chi phi cho mdt ddt
phdt hdnh GDR chidm khodng bdn 5% gid tri ddt phdt bdnh.
D a n h g i a d i d u k i ^ n p h a t h a n h G D R t r d n t h i trifcfng chuing k h o a n V i # t N a m Mdc dd vi$c phdt hdnh GDR mang lai n h i l u ldi ich cho td chdc phdt hdnh nhiftig diiu dd khdng ddng nghia vdi vigc doanh nghigp Vi^t Nam ndo cung dUdc phdt hdnh hay phdt hdnh thdnh cdng GDR. Dd phdt hdnh thdnh cdng GDR, doanh nghidp cdn phdi ddp dng nhffng dieu kign v l mdt phdp ly cung n h a thda m a n cdc ky vpng cua cdc ben cd lien quan trong ddt phdt hdnh bao gom td chdc phdt hdnh, ngdn hdng ddu ta, ngan hdng lou ky vd nhd dau tff.
Mdi ddy, Chinb phu da ban h d n h Nghi dinh sd 58/2012/ND-CP ngdy 20/7/2012 quy dinh chi tidt vd hadng ddn thi h d n h mdt sd dieu cua Ludt Chdng khodn va Ludt sda ddi, bd sung mdt sd diiu cua Ludt Chdng khodn (Nghi dinh 58) trong dd cd de cdp ddn vi$c phat hdnh GDR tai Dieu 29, nbUng chaa cd nhQng hadng ddn cu the tff Bp Tdi cbinh vd cdc cd quan khac cd lien quan. Mac du, Nghi dinh da cd de cap de'n viec giao cho Bd Tdi chinh hadng dan cu the viec phdt h d n h GDR, n h a n g lai khdng de cap thdi gian ndo ban hdnh. Bdi trong qud khd da tdng cd Nghi dinh dUdc ban b a n h nhiftig khong cd thdng t a hadng ddn da ldm b a n chd cdc boat ddng cua doanh nghidp trong mpt thdi gian ddi, didn hinh n h a Nghi dinh 01/2010/ND-CP ngdy 04/01/2010 cua Chinh phu ve chdo bdn cd phdn ridng le (nay da bi t h a y t h d bdi Nghi dinh 58). Ndu vi$c chdm t r i ban h d n h thdng t a hadng ddn phdt h a n h GDR lai dUdc tidp dien n h a tradng hdp cua Nghi dinh 01 thi vigc n a y se tiep tuc Id rdo can ddi vdi cdc doanh nghigp Viet Nam mudn phdt hdnh GDR vd cung Id h a n chd ddi vdi s a phdt tridn cua hoat ddng nay.
Mdt khdc, yeu cau ve quy md doanh nghidp, mdc do hi^u qua, thddng hi^u, t r i n h do qudn ly, mdc vdn hda, mdc vdn huy d$ng ldn chi phu hdp vdi cdc doanh nghigp cd ldn md cd t h e ndi Id ldn n h d t t r e n cdc san giao dich
nganhangM
'77•Thing 8/2012 U l Cdngngh«
Stf 77 •Thing
> » » DAU Tir TAI CHINH
chi}ng khoin t&p trung d Vi$t Nam hi$n nay. ki?n phSt hllnh GDR chi v4o khoing hon 20 Diiu nky 14 m«t thich thilc khdng nh6 d£ii doanh nghidp trong tSng BS hon 700 doanh vdi nhOng doanh nghidp c6 quy m6 khdng ldn nghidp niSm ylft, chie'm ty 1$ khoing 3% - m0t muon tham gia vdo thi trifdng niy mot cich ty 1§ qui nh6 (Bing 1).
chinh th6'ng. N6'u chi xem x^t ridng d miJc v6n
hda d ci hai sin giao dich churng khoin thi M^t diiu ki^n quan trong khic niJa l i gii hi$n nay cic doanh nghidp c6 thi c6 du diiu phit hinh chd'ng khoin phii thda man ky Bing
STT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 16 16 17 18 19 20 21
1: Danh sich doanh nghidp niem y£'t c6 v6'n h6a til 200 tri$u USD trd Un
Ma chijmg kho6n VCB CTO VIC MSN VNM BVH ACB EIB STB HAG MBB DPM F P T HPG SSI PVF PVD SQC KDC VCG FYS
Skn
HOSE HOSE HOSE HOSE HOSE HOSE HNX HOSE HOSE HOSE HOSE HOSE HOSE HOSE HOSE HOSE HOSE HNX HOSE HNX HNX
Ng&nh Ngfin h d n g Ngdn h d n g BS't d^ng sdn Th^c ph^m Thifc p h i m Bdo h i l m Ngdn h d n g Ngdn h d n g Ngdn h d n g Bdt d^ng s a n Ngdn h d n g H«a chft C6ng n g h | thdng t i n Th6p Tdi chinh Tdi chinh Ddu khf Khodng sdn Thi/c p h ^ Xdy diAig DSu k h i
S6 l u t ^ g c6 phi^u liAi h d n h 2.317.417.076 2.621.764.637 700.462.055 615 272.269 566.784.684 680.471.434 937.696.606 1.236.522.904 973.967.664 537.371.049 1.000.000.000 377.564.320 270.032.362 344.980.178 349.564.842 600.000.000 210.169.735 110.000.000 132.026.625 441.710.673 297.802.094
S 6 luting c6 phi^u luu h d n h t^f do
182.743.934 161.963.895 182.648.948 7.146.205 327.649.810 53.268.743 635.907.492 869.788.898 607.690.218 171.918.351 629.991.152 92.646.227 119.672.740 144.876.988 204.522.869 82.200.000 61.741.269 14.039.900 63.127.211 255.038.658 119.120.838
VSn hda (triSu VND)
63.728.970 54.008.143 63.686.347 50.239.046 49.464.837 27.627.140 24.098.800 23.227.831 22.696.060 15.637.498 13.800.000 13.742.977 12.745.527 7.866.548 7.096.166 7.080.000 7.040.351 6.930.000 6.030.176 4.505.449 4.437.251
Vifn h6a (tri^u VND)
3.049.232.996 2.584.121.697 2.563.892.211 2 403.782.116 2.366.738.607 1.321.872.738 1.153.062.641 1.111.379.454 1.081.160.708 748.205.623 660.287.081 657.668.720 609.833.861 376.342.012 339.529.488 338.756.981 336.858.905 331.578.947 240.678.292 216.571.716 212.308.670 Ghi chil: Gid c6phiiu ngay 011812012 vdtygiaudc tinh la 20.900 ddng/USD
Ngu6n: T6c gii tSng hap tH han 700 doanh nghiip niim yit trin hai sdn giao dfch chiing khodn Tp. H6 Chi Minh vd Hd N^
m ongngh^ ngan hang
Stf 77'Thang 8/2012
DAU Tt/TAI CHI'NH «<«
vong cua cac bdn ed lien quan. Mdc gid phdt hdnh md n g a n h d n g lau ky thadng ydu clu ddi vdi td chdc p h d t h a n h khdng phdi luc ndo cung Id mdc gid h a p d a n md ngaoc Iai thadng Id nhdng mdc gia "rd't khd chiu". Khdng phdi doanh nghigp ndo cung vui v^ vdi nhdng mdc gid md ngan h a n g lau ky dUa ra. Dde bi^t ddi vdi TTCK Vi^t Nam thadng dadc cdc nhd dau td nadc ngodi xem Id thi tradng so khai {frontier market) ndn mdc gid thadng phdi chidt khdu td 20-30% gid binh qudn cua mOt khodng thdi gian giao dich nhdt dinh {Sacombank, 2011). Ddy Id didu md cdc doanh nghidp Vi$t Nam cung thadng "ldn tdn" bdi mdc chidt khdu qua ldn vi d mgt khia eanh ndo dd, dieu ndy se ldm thi$t hai quyen loi cua nhd ddu td trong nUdc. O cdc thi trUdng nUdc ngodi thUdng khdng CO mdc chiet khd'u ndy tb^m chi m<»t sd' doanh nghigp cdn bdn d mdc gid phu trpi (premium price). Ngodi ra, do TTCK Vigt Nam trong thdi gian gdn ddy dien bien kbdng thudn loi, gid ca cdc cd phieu ndi chung bi sut gidm nghiem trgng, khdng p h a n dnh dung thuc t r a n g doanh nghiep. Neu chidt khd'u thdm 20-30% thi ldi ich thuc sa td vigc phdt h a n h trd ndn lu md do ngudn thu hoac t h d n g dU vdn neu cd td ddt phat h d n h khdng nhieu vd n b u t h e khdng mang Iai nhieu ldi ich cho cd ddng hign hdu nha mong dai.
Mat khdc, de mgt thuong vu phdt h d n h GDR thanh cdng cdn cd sU t h a m gia cua cdc ddn vi khdc nhu ngdn hdng lOu ky, n g a n hdng ddu tU, cong ty kidm toan, cdng ty lu^t vd cdng ty tU vdn quan he n h a dau ta. Do nghidp vu ndy cdn mdi me tai Vigt Nam n e n t a m thdi rieng ddi vdi ngdn hdng ddu tU ed sU t h a m gia cua yeu td trong nadc cdn lai cac ddn vi khdc d^u phdi thue t a nadc ngodi ke ca cdng ty tU vdn ludt.
Tuy nhidn, de p h d t h d n h GDR t h d n h cdng, khdng phai ddn vi nUdc ngodi ndo cung cd the tham gia vdo nhflng thUdng vu ndy md thadng Id nhflng ddn vi cd k i n h nghigm, cd tieng tdm, cd CO sd khdch h a n g rgng va dUdc tin nhigm cao. Ddi vdi t r o n g nUdc, Vidt Nam hi^n nay cd hdn 100 cdng ty chflng khodn trong dd cd khoang 40 cdng ty chdng khodn cd quy md
ldn (vdn didu lg tfl 300 ty ddng trd len) cd phdt trien chdc ndng tU vd'n tdi chinh doanb nghidp vd ngdn bdng ddu tU (UBCKNN, 2012) thi kbdng phdi cdng ty ndo cung cd ndng lUc dd t h a m gia cdc thUdng vu pbdt hdnh ndy ma thadng Id nhdng cdng ty cd thUdng hi§u mang tdm cd khu vUc vd qud'c td, cd quan h§ hop tdc chidn lUdc vdi cdc ngdn hdng ddu tu hodc cdc td chdc tdi chinh nUdc ngodi cd uy tin. Tai Vi§t Nam, sd lUdng cdc cdng ty ndy chi ddm trdn ddu ngdn tay.
Vdi nhflng didu kign pbdt bdnh GDR nhfl da phdn tich d t r e n cd the thd'y rdng sd lUdng doanh nghigp Vigt Nam ed du khd ndng de tbUc bign phdt h d n h GDR cdn qud it vd tai Vigt Nam nhflng cd sd vd didu ki^n dd phdt tridn hoat dgng phdt h d n h ndy cdn nhidu h a n chd vd sd khai.
P h d n t i c h t r i f d n g h d p d i e n h i n h p h d t h a n h GDR c u a C d n g t y Cd p l r d n H o a n g A n h G i a L a i (HAG)
Day la dot p h a t h a n h GDR didn hinh vd dau tien cua Viet Nam tbu hut sU chu y cua cdc n h a dau tU qudc te ve tbi trUdng Vi$t Nam ndi chung va cac doanh nghidp nidm yet ndi rieng. Tai thdi diem phdt h a n h , vdn hda cua HAG vdo khoang 600 trigu USD {HAG, 2010), quy md cua ddt phdt bdnh 60 tri^u USD dUOc bdn ehu ydu cho cdc nha dau tU My vd chdu Au. DR cua HAG dadc xem Id GDR vi hai thi trUdng mua chu yd'u den td Chdu Au, My va dUdc niem yd't d TTCK Ludn Ddn tai phdn khdc PSM (Profesional Securities Market), phdn khdc ndy cho phep vi0c dp dung cdc chudn mUc bdo cdo tdi cbinh de ddi hdn (Hd Qudc Tuan, 2011). Cdc dd'i tdc tham gia thUdng vu ndy bao gom ngdn hdng dau t a trong nadc Id Cdng ty Chdng khodn Ngdn hdng Sdi Gdn ThUdng Tin (BBS) vd Ngan hang Ddu tU Nudc ngodi (Elara Capital); Ngdn hang Luu ky DeutcheBank AG;
ddn vi t a vdn lu^t Mayer Brown vd Linklaters;
ddn vi kiem toan Id E&Y. Mdc gid dp dung cho ddt phdt h d n h nay Id mdc gid chidt khd'u 20% cua gid binh quan trong vdng mOt t h d n g
ngan hang H i
• 77 •Thdng 8/2012 U J C a n g n ^
Sd 77 •Thdng
» > » DAUTl/TAICHlNH
giao dich vd chi phi cbo todn bd giao dich ndy vdo k h o a n g bon 5% gid tri phdt h d n h . Dd thuc hi^n vi^c p h d t h d n h GDR, ddu tidn HAG ndp h6 sd xin phdp Uy ban Chdng khodn Nhd nudc p h d t h d n h ridng 1^ cho Ngdn h d n g LUu ky DeutcheBank AG. Sau dd, ngdn h d n g ndy sd dung Iddng cd pbidu ndy nbU mdt tdi sdn cd sd vd dd'i dng dd tidp tuc p b d t h d n h DR vd bdn cbo cdc nhd ddu ta. Thdng qua d(?t p h d t h d n h ndy, HAG da d a t nhflng Idi ich to ldn. Ddu tidn Id tbu vd mdt lugng t i l n m d t r d t ldn dd cdng ty cd thd tdi t r d cho cdc dU dn thuy di§n, cao su vd mdt sd' dfl dn khdc d nUdc ngodi dadc ddnh gid Id kbd t h i vd hi^u qud. Hai Id, h i n h dnh cua cdng ty tbUc sU da thu b u t dddc nhidu sU quan tdm eua gidi ddu t u My vd chdu Au. Didu ndy se gidp cho HAG dd ddng huy ddng thdm vdn t r o n g thdi gian du kidn sdp tdi {Hd Qudc Tud'n, 2011). Ngodi ra, sa t h d n h cdng cua HAG t r o n g vi^c p h d t h a n h GDR cdn gidp cho Vigt Nam thu v l m g t lUdng ngoai tg USD khd ldn giup t d n g t h e m ngudn eung USD t r o n g t i n h h i n h USD k h a n hiem, gdp p h a n giup cho Vi^t Nam cd thdm USD de d i i u t i e t ty gid. Tuy n h i e n , sU t h d n h cong cua HAG cd mdt chut lidu linh bdi le t a i thdi diem HAG quydt dinh p h d t h d n h GDR chfla cd mdt quy dinh phdp ly chudn mUc ndo cho p h e p hodc bUdng d i n cdc doanh nghidp Vigt Nam p h d t h d n h GDR vd dudng n h u cdc cd quan qudn ly dd thUc sU b d t ngd sau kbi HAG cdng bd t h d n g tin vd s a t h d n h cdng thUdng vu ndy. HAG da "trd mdt cdi gid n h e n h d n g " cbo sd "vUdt rdo" ndy bdng mOt khodn tien p h a t vdi chuc tri$u ddng cho ly do vi p h a m edng bd t h d n g t i n . Gid sd r d n g t h a d n g vu ndy k h d n g t h d n h cdng hodc t h d n h cdng nbUng gdy r a nhflng "hdu qud" ndo dd t h i mdc p h a t hodc h i n h thfle p h a t dd'i vdi HAG li^u cd nhe nhdng? Bdi le trade HAG da cd mdt sd doanh nghidp Vigt N a m ddp d n g cdc d i i u ki^n p h d t h d n h GDR n h u n g chUa n h d n dfldc s a "hdo h d n g " cua cdc cd quan qudn 1^ bdi chua cd quy d i n h p h d p ly cd lidn quan vd ho da "ng^m ngdi, dm dc" trUdc sd t h d n h cdng cua HAG.
Tuy nhidn, sU lidu linb vd t h d n h cdng cua HAG da md r a cd h^i mdi cbo cdc doanh nghidp Vi^t Nam du d i i u ki$n p h d t GDR t i e p tuc theo dudi muc tigu vddn ra t h d gidi bdi quyet dinh cbo phdp thi d i l m p h d t b d n h GDR cua Thtj tudng trong thdi gian gdn ddy {Pham Oanh, 2011) vd dddc cu t h d hda hdn tai Nghi dinh 58. N h u v^y, t h d n g qua t r a d n g hdp HAG cd thd thdy r d n g HAG ddp dng bdu hdt cdc diiu kiOn pbdt h d n h GDR ngoai trfl mOt d i i u ki§n trgng ydu Id tai thdi d i l m dd chaa cd quy dinh phdp 1^ cu t h e ndo d i i u chinh hoat dgng phdt h d n h ndy.
Kiin n g h i
GDR Id mOt cdng eu huy dOng vdn mdi xudt hi^n tai Vi$t Nam m a n g Iai n h i l u ldi ich to ldn cho doanh nghidp eung nbU cho nen kinh td trong vi^e thu h u t ngoai te tfl bdn ngodi.
Tuy nhien, sd lUdng doanh nghigp sd dung cdng cu ndy d l huy dgng vd'n cdn khd b a n chd (mdi chi cd trudng hdp cua HAG). Do v^y, de cdng cu ndy trd ndn phd bidn vd dUdc sd dung mgt cdcb cd higu qua trong tUdng lai thi can cd nhflng giai phdp dong bd tfl cde cap quan l^
cho d e n mdt sd chu t h d cd li€n quan. Sau ddy Id mgt sd gdi y:
Do'i v&i cdc cd quan qudn ly nhd ntidc: (i) Tidp tuc nghidn cdu bd sung, hodn thign cdc quy d i n h cd lidn quan dd'n h o a t dgng phdt h d n h GDR, d a m bdo vd h o d n t h i ^ n khung p h d p ly chudn mflc dd t a o cd sd phdp If vflng chdc eho d o a n h n g h i d p t h a m gia vdo t h i t r u d n g t d i c h i n h t h d gidi m d t cdch cd hi^u qua ddng t h d i d a m bdo su p h d t tridn I d n h m a n h vd an t o d n cua TTCK t r o n g nUdc;
(ii) N g h i d n cdu h o d n t h i ^ n quy e h d quan tri cdng t y t i d n tid'n cua t h d gidi d p dung b^t buOc cho cdc cdng t y nifim y d t t a i Vidt Nam dd t a o d i i u k i ^ n cho d o a n h n g h i d p Vidt Nam d d n d a t ddn s a c h u £ n mUc cua cdc thdng 1^ qudc td, t a o n i d m t i n cho edc n h d diu tfl nUdc ngodi; (iii) Bd sung, h o a n thign cdc chinh sdch p h d t t r i d n TTCK t h d n g qua vi§c tridn k h a i cd hi^u qua cdc bi$n phdp ky thudt
mm Q>ngngh« n g a n h a n g
U J Stf 77«Thang 8/2012
UAU IU TAI CHINH < « «
nh&m dam bao su p h d t trien Idnh m a n h , an todn vd higu qud cua TTCK, gdp p h i n thuc day gid tri vd'n hda cua thi trUdng cung n h a vd'n hda cua doanh nghidp niem yet dUdc gia tdng;
(iv) Hodn thign cdc quy dinh ve cdng bd' thong tin nham thuc ddy sfl cdng khai, minh bach vl thdng tin cua cdc doanh nghidp nidm yet dong thdi bd sung cdc quy dinh cdng bd thdng tin li&n quan den cdc bdo cdo tdi cbinh theo chudn mUc qud'c td phd hdp vdi cdc quy dinh Viet Nam nhdm sU tao sU de ddng cbo doanh nghigp trong vi$c chudn bi vd eho nhd ddu tu trong vigc ddnh gid cdc thdng tin tdi cbinh.
Doi v&i doanh nghifp trong nti&c: (i) Tflng budc xay dUng vd dp dung cdc b ^ thd'ng qudn tri cdng ty ti§n tidn cua t h d gidi dd'i vdi cdng ty dai chdng vd nidm ydt; (ii) Xdy dung vd phdt tridn thuong hi^u cdng ty mang tam cd qudc td de thu h u t sU chu y, quan tdm cua cdc nha dau tU nUde ngodi; {iii) Tdng cUdng ndng lUc tdi chinh vd hi$u qud hoat dOng cdng ty, md rgng quy md vd ndng cao ndng lUc quan Iy mang tam qud'c td; {iv) Tich cUc tim kiem nhflng Cd hgi kinh doanh mdi, phdt trien cac du dn kha thi cd tiem n d n g tdng trudng trong
ddi b a n . {v) Cdi tbi^n sU minh bach trong vigc cdng bd t h d n g tin, dp dung cdc chudn mUc qudc te trong vigc trinh bay cde bdo cdo tdi cbinh vd cd quan hg tdt vdi cdc td chdc tdi chinh trong nUdc vd qud'c td.
Do'i v&i td chdc tU vd'n la cdc ngdn hdng ddu tu trong nU&c: (i) Tifng bade ndng cao ndng lac hieu biet v l cdc sdn phdm dich vu cd li§n quan dd'n GDR dd cd thd cung cdp cho doanh nghidp mdt gdi gidi phdp todn di^n, cd hidu qud, phu hdp vdi dde diem tinb hinh cua doanh nghigp trong tdng thdi didm cu thd; (ii) Phd bidn vd marketing sdn pham dicb vu tdi chinh GDR ddn cdc doanh nghigp t h d n g qua cdc hinh thdc true tidp hay gidn tiep khdc nhau nhu Id cdc didn ddn, hgi thdo, td chdc chuyen de... de tao sU chuyen bien, thay ddi cdn bdn nhdn thdc cua cdc doanh nghiep trong viec sd dung cde cdng eu tdi chinh mang tam cd qudc td. (iii) Xdy dOng md'i quan bg chien lUdc vdi cdc to chdc tai chinh qudc td nhU Id cdc ngdn hang ddu tu, cdc ngan bang luu ky, edc quy ddu tU de tao md'i lien ket chdt che, chuygn nghi|p trong vide cung cap dich vu t a van, bdo lanh phdt bdnh mdt cdch ed h i | u qua vd nhanh chdng"
T a i Ii$u t h a m k h a o
1. Cdng ty C^ phdn Hodng Anh Gia Lai (2010). Bdo cdo cda H^i ddng Qudn tri vd cdc Bdo cdo Tai chinh H<;p nhdt ngdy 31/12/2010. http://www.hagl.com.vn/UBerFileB/file/download/tuan/HAG%20%E2%80%93%20BCTC%20Hop%20 nhat%20da%20kiem%20toan%20-%202010pdf
2. Deutsche Bank (2012). About DRs. https:/ /adr.db.com/drweb/pgJ}lJ}4_about_drs.html.
3.H4QudcTwin(2011}.LinsdnngoaibAngGDR:vitasdcdoanhnghi4pVi^tNam.http.//cafef.vn/20110331115145163CA31/
len-san-ngoai-bang-gdr-vua-suc-dn-viet-nam.chn.
4. London Stock Exchange (2009) Guide to Hating Depositary Receipts.
5. Pham Oanh (2011). GDR chtnh thdc dugc thifc hi&n thi diim. http://www.baomoi.com/Home/ChungKhoan/tinnhanh- chungkhoan.vn/GDR-chinh-thuc-duoc-lhuc-hten-thi-diem/6971113.epi.
6. Sacombank (2011). Bdn cdo bach 2011. http://www.sacombank.com.vn/nhadautu/Docs/BCB_STB.pdf.
7. The Bank of New York Mellon (2012). An Overview of Depositary Receipts, http://www.adrbnymellon.com/dr_edu_ba- sicsjand_b en efits.jsp.
8. ^y ban Chdng khodn Nhd nUdc (2012). Cdng ty chiing khodn. http://www.ssc.gov.vn/portal/page/portal/ubck/
csdlcty / 1320979?p_page=l.
cangngh^ n g a n hang H I
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