KHOA HOC CdNG N G H t
y IVGHIEIM CliU XAY DIJIXIG PHUOIXIG AM XAG DflXIH GIA TR! DOAIMH l\lGHl£P TAI COIXIG TY TIMHH MTV
CAO S U EA H'LEO - DAK L A K
TrinHftuDdo^
T6MTAT
Cd phdn hda doanh nghiep nhd nii6c Id qud trinh chuyin ddi nhung doanh nghiep thu$c chii S'> huu nha nirdc sang loai hinh doanh nghiep cd nhilu chii sd huu, nham tang cudng kha nang huy d^ng vdn, ddi mdi cdng nghe, ddi mdi phuong thde qudn 1^, ndng cao hieu qud vd sue canh tranh ciia nin Idnh tl. Thuc tl cho thdy qud trinh cd phan h6a doanh nghiep nha nude trong thdi gian qua da dem lai nhihig thdnh cdng nhat dinh. Tuy nhien vi^c cd phlm h6a doanh nghiep nhd nude trong Enh vuc nfing lam nghiep hiSn nay vin cdn g^p nhilu khd khan va vudng mic. Mdt trong sd d6 la viec xdc dinh gid tri doanh nghiep, dac bi^t ddi vdi cdc cdng ty nong nghiep viec dinh gid doanh nghiep rat khd khan do tdi san ciia doanh nghiep gdn liln vdi vudn ciy vd dat, nhiing tdi sdn kh6 dinh gid chinh xdc theo cac each dinh gid phd biln hien nay. Xudt phdt tu nhung thuc tiln trSn ndi dung bai vilt ndy dl cdp din kit qua nghien cuu xdc dinh gid tri doanh nghiep tai Cdng ty TWHH MTV Cao su EaHleo -Ddk Ldk theo phuong phdp tai san va dua ra cdc phuong dn xdc dinh gid tri cda cdng ty: phuong dn 1 thufi ddt trd tiln hdng nam khdng dua gid tri dat vdo phuong dn dinh gid; phuang dn 2: thuS dat va giao ddt trd tiln mdt lan dua gid tri ddt vdo gid tri doanh nghiep. Dua trfin cdc phuong dn dinh gid da dl xuat m0t sd kiln nghi nhdm hoan thi^n hon phuong p h ^ xdc djnh gid tri doanh nghiep trong cic cdng ty ndng nghiep.
Til kh6a: JHc dinh gia tri doanh nghiep, Cdng ty TNHH MTV Cao su EalTIeo- Dak Uk.
I.DATVAVD^
TVong nhiing nam qua, nu6c ta dd tiln hdnh cd phdn hod (CPH) cac doanh nghi|p nhd nude trong tdt cd cdc nganh ciia nin kinh t l , qud trinh CPH da dat dupe nhiing thdnh c6ng nhdt dinh, nhilu doanh nghi&p nhd nu6e sau khi CPH hoat d6ng sdn xuat kinh doanh c6 hieu qua hon, bdo toan vd phdt triln dugc vdn san xuat, doi sdng ngudi lao dOng dupe ndng cao, d6ng g6p cho ngdn sdch ngay cdng nhilu.
Tuy nhifin, trong qud trinh dd vi6c xdc dinh gid tri doanh nghi|p chua dupe dinh gid diing, tai sdn nhd nude hi thdt thodt nhilu, qua tiinh CPH tiln hanh chdm nen hi|u qud ciia CPH chua cao. Vi|e xdc dinh gid tri doanh nghi&p nhd nude trong linh vuc ndng nghilp c6n gdp rdt nhilu khd khdn. Cho din nay qud trinh CPH cdc c6ng ty ndng nghi|p tiln hdnh rdt chdm vd vi|e xdc dinh gid trj cho cdc cdng ty nong nghilp thuc su c6n nhilu vudng mdc. Vi vdy vi|c nghien cihi xdc dinh gid tri doanh nghiep nhd nu6c trong Knh vuc ndng nghiep ldm ca so cho viec ed phdn hod cdc cdng (y ndng nghiep trong giai doan hi|n nay theo chu truong cua Chinh phii vd cua nganh Id hit sue quan trpng vd cdn tiiilt
Xuat phdt til tiiuc tiln nhu trln dd tiln hdnh nghien cuu phuang dn xdc dinh gid tri doanh nghiSp tai Cong ty TNHH MTV Cao su EaHleo - Ddk Lak.
2. MUC T B I VA PHUONG PHAP NGHfill Ctiu 2.1. Myc tieu nghiln c i ^ 2.1.1. Muc dSu tdng quit
Gdp phdn thiie ddy qud trinh c& phdn hda cde cdng ty nong nghiep theo chu truong ciia Ddng vd Chinh phii.
2.1.2. Muc tiSucuthS
+ Ddnh gid thuc trang phuang dn xdc dinh gid tq doanh nghiep ciia cdng ty thdi gian qua.
+ Nghien eiiu xdy dung phuang dn xdc djnh gid tri doanh nghiep cho cdng ty.
+ D l xudt mdt sd kiln nghi nhdm hodn tiii|n phuong phdp xdc dinh gid tri cho cdng ty ndng nghiep trong thdi gian tdi.
2.2. Phuong phdp nghiln cihi 2.2J. Phuong phip thu thip s6li$u + Thu thap sd heu, tdi Ii|u tii cdc bdo cdo thdng ke cua cdng ty.
' D^i hpc Ldm nghiep
N6NG NGHIIP VA PHAT min N6NG TH6N - KY 2 - THANG 9/20U
KHOA HQC CdNG NGH|
+ K l tiiiia cdc tdi Ueu cd liln quan d i n van d l nghiln ctiu: Cac van ban phdp ludt, nghi dinh vd quylt dinh eua Chinh phii va Bd, ngdnh Ufin quan;
cac nghien cuu cd lien quan den d l tai; edc bao cao, bdi bdo...
+ Phong vdn chuyen gia, cdn bd quan 1^^ va cdc hd gia dinh kinh doanh riing d l fliu thap va chia se Uiong tin.
2.2.2. Fhmmgphapxulj^sdliSu
+ Phuong phdp thdng k l kinh t l d l tdng hop, tinh todn cdc sd Hlu:
-Xdcdinhtyta-png (%).
- Tinh tdc dd phdt tiiln Hen hodn (%).
- Tinh tdc dd phdt triln binh quan (%).
+ Phuong phdp xdc dinh gia tri doanh nghiep:
- Phuong phdp tai san.
S-KfrquANGHfiycOu
Ddng thdi vdi su phdt triln nhanh chdng cua thi trudng tdi chinh, xu hirong todn cau hoa dang diln ra soi ddng d cdc cdp dd khac nhau, cung voi trao luu hop nhat, sdt nhdp, lien doanh, lien kit, tilp qudn...till xdc dinh gid tri doanh nghiep ngay cdng cd vai trd quan trpng trong nin kinh t l . Ket qua xdc dinh gia tri doanh nghiep cho thdy biic tranh tdng qudt vl gid tri thuc t l eiia doanh nghilp, Id co sd quan trpng phuc vu cho viec dua ra quylt dinh ddu Bdng 1. Tdng gid tr; tai sdn ciia
tu, liln doanh, liln kit, mua bdn doanh nghiep, thanh ly tdi san thudc sd hiiu nhd nude, d i n bii gidi phdng mat bdng, v.v...
Trong nhiing nam qua, Cdng ty TNHH MTV Cao su EaHleo ciing da tiln hanh xac dinh gid tri doanh nghiep d l phue vu cho qua trinh ddi mdi cong ty. Tuy nhien, qua trinh xac dinh cdn bdc Id mdt s6 han e h l , chua xdc dinh dupe gid tri cdc tai san ctia doanh nghiep mot each hap \f, cdng tac xdc dinh gia tri doanh nghilp hien nay con cd nhilu vdn d l bdt cJip, vdn chii yeu dua vdo bao cdo tdng k i t tdi san ciia cdng ty; mdt sd tdi san chua dupe xac dinh hode xdc dinh Ididng dung ldm cho tdi san nhd nude hi that thodt nhieu, do vay ket qua dat dupe khdng chinh xac vd chua ddng tin cay. Nhu vdy, nghiln cuu phuang an xdc dinh gia tri doanh nghiep la het sue can thilt v4 ed y nghla ca v l ly ludn ldn thuc tiln ddi vdi tiln trinh ddi mdi vd cd phdn hda DNNN d nude ta hien nay.
3.1. Tbijtc tr^uig xdc dinh gid tri cdc lo^i tdi sdn ciia Cdng ty TKHH MTV Cao su Ea Hleo
Cdng ty TNHH MTV Cao su Ea Hleo duoc chuyen ddi tir Cdng ty Cao su Ea ffleo tiieo Quyet dinh sd 109/QD-HDQTCSVN ngdy 04/5/2010 ciia Tap dodn Cdng nghiep Cao su Viet Nam. B^ tiln hanh chuyin ddi, cdng ty da tiln hdnh xdc dinh gia tri doanh nghilp tai thdi dilm thdng 04/2010 theo phuang phap tdi san. Kit qua xdc dinh dupe tdng hop theo bang 1.
cdng tyTNHH RTTVCao su Ea Hleo
DVT ddng TT
L
2 3 4 5
ChiUftu SiatriTSCDvaDTDH Gia tri tai san c6 dinh Gia tri d4u tu dM han GiatriTSLDvaBTNH Gia tri quy^n sir diing d^t Gia tri vu6n cay Gia tri loi the kinh doanh Wng
Nguy6ngi4 434.667.645.631 271.814.228.783 162.853.416.848 199.615.285.162
0 147.564.158.963
0 781.847.089.756
Gi4 tri c6n lai 369.545.474.588 206.692.057.740 162.853.416.848 199.615.285.162
0 105.557.295.499
0 674.718.055.249
Ty trong 00 54,77 30,63 24,14 29,58 0 15,64
0 100 (Ngudn: Phdng TM chlnh - Kg toin)
Qua so U«u bang 1 ta thiy, tdng gia tri cac loai tJi TSCD va DTDH chi^m ty trong cao nhSt (54,47)1), san ciJa Cong ty TNHH MTV Cao su Ea Hleo duoc C6ng ty da khdng xdc dinh gid tri quy^n su dyng dit x4c dinh 14 674.718.055.249 ddng. Trong do gia tri va gia tri loi t h i kinh "doanh.
12 NONG NGHIEP VA PHAT TRIEN N O N G THON - K^ 2 - THANG 9/201'!
KHOA HOC CdHO NGH|
Nhin chung cdng ty dd xac dinh gid tri edc loai tdi san doanh nghiep cua minh theo cac quy dinh cua Bd Tdi chinh Id hop ly. Gia tri cdn lai ctia tdi san dupe xdc dinh bdng nguyin gid trir di gia tri khdu hao theo ly le trich khdu hao hdng nam.
Ddi vdi gid tri vudn cdy eao su bdt dau tir nam 2010 cdng ty dd chuyin tii khdu hao theo phuong phdp dudng thang sang khdu hao vudn cdy cao su theo chu ky khai thac 20 ndm. Cong ty khdng can eii vdo gid tri cdn lai. Vi nlu cdn cii vdo gid tri cdn lai thi nhilu vudn cao su da khau hao hit, nhung tren thuc t l vudn cao su dd vdn cho ndng suat tdt, nhu t h i cd nghia Id vudn cay do vin cdn gid tri, md nlu dp dung theo phuong phdp gia tri cdn lai thi se khdng hpp I;^.
Bin canh nhiing uu dilm tren, cdng tdc xdc dinh gia tri cdc loai tdi san doanh nghiep tai cdng ty vdn cdn bdc Id mdt sd han cbl:
- Tir ndm 2010 cdng ty khdng xdy dung phuong dn xdc dinh gid tri doanh nghiep tai cdng ty md ehi theo doi su biln ddng cdc loai tdi san vd ngudn vdn ctia cdng ty.
- Viec sii dung phuang phdp tai san d l xdc dinh gia tri eiia cdng ty Id diing theo quy dinh nhd nude va hudng ddn cda Bd Tdi chinh, ddng thdi nd phii hpp vdi ddc dilm boat ddng sdn xudt kinh doanh cua cdng ty khi chuyin ddi hinh thiic doanh nghiep. Tuy nhien, viec xdc dinh gid tri tdi san Id hien vdt theo Thdng tu 202/2011/TT-BTC chi xac dinh gid tri nhiing tdi sdn md cdng ty tilp tuc sir dung. Viec cdng ty cd mdt sd loai TSCD dd khdu hao h i t tiiu hdi dii vdn vd hien nay vdn dang dupe sir dung, cdng ty xdc dinh vdo gid tri doanh nghiep cde loai tdi sdn nay Id bdng 0 Id chira hpp ly.
VI xdc dinh gid tri ddt: Tir nam 2010 v l tmde cdng ty dupe giao 4.770,92 ha ddt, nhung khi xdc dinh vdo gid tri doanh nghiep cdng ty khdng xdc dinh gid tri ddt vd coi nhu bdng 0 Id khdng diing.
VI xdc dinh gid h i vudn cdy: Cdy cao su ciia cdng ty dirpc phdn loai Id TSCD hiiu hinh, nguyen gid Id chi phi ti:dng chdm sde giai d o ^ kiln thilt co ban vd thue hien khdu hao, h?ch todn vdo chi phi san xudt kinh doanh theo phucmg phdp khdu hao tiieo
dudng thing, bdt ddu tii nam 2010 thuc hien khdu hao theo chu k^ khai thde 20 nam. Song, cdy cao su Id tdi san sinh hpc nen gid tri ctia cdy phu thudc rdt nhilu vdo eac ylu td nhir dien tieh ddt tr^og, dd tudi cua edy, he sd vi tri dia t^, h e sd v l ndng sudt, mdt eao...cdc dien tieh cao su khdc nhau se dupe trdng d edc khu dat cd dilu kien tu nhien, dat dai Midc nhau nen chi phi, ndng suat, san lupng ^-d nhilu ylu td khac se cd chenh lech ldn, ben canh dd gid cd thi trudng ddi vdi san pham cao su d l biln ddng, do vdy gid tri chenh lech nhau nhilu. Do dd, d l tinh ehinh xdc can tiln hdnh xdy dung cdc h e sd can thilt v l ndng sudt, chdt lirpng eao su, dilu kien ddt dai, ngudn nude, he sd trupt gia... d l tinh todn dupe ehinh xdc nguyen gid vd gid tri khdu hao hang ndm cho tung dien tieh eao su. Mat Wide, khi xdc dinh gid tri vudn cay edng ty khdng xac dinh gid tri thanh 1^^
vudn cay dang kinh doanh, chua tinh rieng gid tri vudn cdy xdy dung ca ban vdo gid tri vudn cdy Id khdng hpp ly.
VI xac dinh gid tri lpi t h i doanh nghiep: cdng ty khdng xac dinh gid tri lpi t h i kinh doanh ciia minh vdo tdng gid tii thuc t l ctia cdng ty vd coi nhu bang 0.
3.2. Xdy d\fng phuong dn xdc dinh gid tri doanh nghilp nhd nude t^ii C6ng ty TNHH MTV Cao su Ea Hleo
Hien nay, theo cdc van ban phdp ly thi cd hai phuong phap xdc dinh gid tri doanh nghiep dirpc su dung rdng rai vd phd biln nhdt, dd Id phuong phdp tai san va phuong phdp ddng tiln chilt khdu. Do ddc dilm cdng ty Id cdng ty ndng nghi|p nen chiing tdi tiln hdnh xay dung phuong dn xac dinh gid tri doanh nghiep cua cdng ty theo phuong phdp tdi sdn.
Tlieo nhu phdn tich d trdn, gid tri vudn cdy Idu ndm dupe coi nhu mdt TSCD hiiu hinh, gid trj quyln sii dung dat vd gid tri lpi t h i kinh doanh dupe xem Id TSCD vd hinh ciia doanh nghiep. Tuy nhien, gid tri vudn cdy va gid tri quyln sir dung ddt chilm ty trpng ldn va ed phirong phdp xdc dinh rieng neatdch thdnh mdt mue ridng d l d l theo ddi. Do vdy, tdng gid tri thue t l cua doanh nghiep tinh theo cdng thiic:
Tdng gid tii thite t l eua doanh nghilp
Gid tri thuc t l TSCD vd DTDH
Gid tii tiiuc t l TSID vd DTNH
Gid tii vudn edy
Gia tii quyln sii + dung ddt
Gid hi lpi till kinh doanh ciiaDN
N 6 N G NGHlfP VA PHAT TRIEN N O N G THON - KY 2 - THANG 9/2014
K H O A HOC CdNG N G H £
Trong dd: Gid tii tiiuc t l TSCD vd DTDH; gia tii Ihuc t l TSIB vd DTNH xac dinh theo bdo cao tdi san ciia cdng ty. Gia tri vudn cdy dupe xdc dinh nhu sau:
* Xac dinh gii tri vudn cAy cao su xay dung ca ban G(xdcb):
Trudc h i t xac dinh gia tri vudn cay ciia tudi i Gi(xdeb) = Dt(xdcb) x Sidt x HSi(xdcb) Trong do: + Gi(xdcb): Id gia tri vudn cay eao su xdy dung co ban tudi i; + Dt(xdcb): Dien tieh vudA cay xdy dung ca ban; + Sidt la suat dau tu ndng ngbidp cua vudn cay xdy dung ca ban tudi i; + HSi(xdeb) = Hpi x Hdi x Hki: la he sd phan loai thuc t l vudn edy eao su xdy dung ca ban tudi i, vdi: Hpi = Hmdi X Hvti: Id he sd phdn loai vudn cay eao su.
Hmdi: Id he sd mdt dd vudn cdy. Hvti: la he sd h i vdng binh quan than cay cao su. Hdi: la he sd phan loai ddt. Hki: He sd vi tri dia ly (khoang each tir vudn cao su tdi nhd may che bien).
Gid tri vudn cay xay dung ca ban G(xdcb) = 2:Gi(xdeb)
* Xie dinh gii tri vuun ciy cao su kinh doanh G(kd):
Gia tii tiiuc t l vudn cay eao su kinh doanh, dupe xac dinh cho timg dien tieh (ha) ciia vudn cay theo tudi (i),cu thi:
Gid tri thuc t l vudn cay (ha) tudi i Gi(kd) = (Gia tri cdn lai da dieu chinh eua vudn cay cao su tudi i x He sd phdn loai tiiuc t l eua vudn cay tudi i HSi(kd) ) + Gia tri hien tai cua gid tri thanh ly vudn cay eao su dang kinh doanh tudi i.
Trong do:
+ Gid tri cdn lai da dilu chinh cua vudn cdy eao su tudi 1 = Nguyen gia vudn edy da dupe danh gia lai - Gia tri da khau hao luy k l d i n thdi diem xac dinh gid tri doanh nghiep,
+ He sd phdn loai thuc te vudn cay:
HSi(kd) =Hpix Hdi x Hki xHci.
Voi: Hpi: He sd phdn loai vudn cay eao su (Hpi) = He sd mat dd vudn cay (Hmdi) x HI sd nang suat (Hnsi). Hci: la he sd chu Id khai thac.
+ Gid tri hien tai ciia gia tri thanh ly vudn cdy cao su dang kinh doanh:
Gid tri hien tai ciia gid tri thanh ly B
vudn cdy cao su (l+j-)fc«iri)
Voi: B = Gid tri thanh ly/cdy x Sd cay eao su thyc
^ flianh ly/1 ha x dien tich thanh ty. Gid tri thanh ly/edy: Dirpc xac dinh theo phuang phdp binh quan gia quyln cua nam xdc dinh gid tri doanh nghiep, theo eong thiic:
Tdng doanh tiiu tiianh ly 1 ha vudn cdy Gia tri binh quan nam xdc dinh gia tri doanh f thanh = nghiep ly/cdy Tdng sd cdy thanh ly 1 ha binh qudn
trong nam
+ Sd cdy cao su thuc t l thanh 1^: La sd edy cao su thuc te thanh ly ciia vudn cay eao su tinh gia th6i dilm hien tai xac dinh gia tii doanh nghiep.
- r: Ldi suat cua trai philu Chinh phii cd ky ban 05 nam do Bp Tdi chinh cdng bd tai thdi dilm gan nhdt vdi thdi diem xac dinh gid tri doanh nghiep.
- i: Dd tudi thuc te cua vudn cdy cao su.
- m: la sd nam xay dung ca ban vudn cdy (7 nam).
n: la thdi gian khai tiiac vudn cdy cao su (20 nam).
Gia tri vudn edy kinh doanh G(kd) = ^Gi (kd)
* Tong gia tri vudn cay cao su de tinh gii tri doanh nghiep:
Gia tri vudn cay cao su d l tfnh gid tri doanh nghiep (G) = Gia tri vudn cdy xay dijmg eo ban G(xdcb) + Gid tri vudn cdy cao su kinh doanh G(kd).
- Gia tri quyln su dung ddt dupe xdc dinh theo khung gia ddt cua dia phuong tai thdi dilm dinh gii dat eho doanh nghiep. Cu thd xac dinh can a i vao;
Quyet dinh sd 23/QD-TTg ngdy 15/4/2011 cua Thu tudng Chinh phu v l viec phe duyet hang dat tinh thul su dung ddt ndng nghiep tai tinh Dak lik;
Quyet dinh sd 37/2010/QD-UBND ngdy 31/12/2010 ciia UBND tinh Dak Lak v l ban hdnh gid cde lo?i d^t ti-en dia ban tinh va Quylt dinh sd 04/2011/QB- UBND ngay 20/01/2011 ciia UBND tinh Dak Lak v^
ban hanh ty le % d l xdc dinh don gid thul dat ti-ln dia ban tinh.
- Gid tri lpi t h i kinh doanh cua DN xdc dinh tfieo Thdng til sd 202/2011/Tr-BTC cua Bd Tai chinh, quy dinh v l phuong phdp xdc dinh gid hi lpi till kinh doanh.
NONG NGHIEP VA PHAT TRIEN NONG THON - KY 2 - THANG 9/20U
KHOA HOC C 6 H G N G H £
Gid tii Ipi till kinh doanh ciia doanh nghilp
Lai suat ciia trdi phieu Chinh phii cd Ity h^n 5 ndm do Bd Tai chinh edng bd tgi thdi diem gan nhdt vdi thdi dilm xdc dinh gid tri doanh n ^ l p Gia tri phdn vdn
nhd nude theo sd k l toan tai x thdi dilm dinh gid
Ttr k i t qud tinh toan theo phuang phap tdi san vd cdng thiic tren, chiing tdi tap hpp vd xdy drnig dupe cac phirang an xdc dinh gid tri doanh nghidp theo phuong phdp tai san cua Cdng ty TNHH MTV Cao su Ea Hleo tai tiidi dilm ngdy 31/12/2013 nhu sau:
Bdng 2. Tdng gid toi doanh nghiep cua Cdng tyTNHH MTV Cao su Ea Hleo Ty sudt Ipi nhuan sau
thul trdn vdn chii sd hihi binh quan 3 nam - trudc thdi diem xdc dinh gid tri doanh nghiep
Phuong d n l
Cdng ty chpn hinh thiie thue ddt tra tiln hang nam, tdng gid tri doanh nghiep ciia oJng ty dupe xdc dinh tdng hop trong bang 2.
_BVT:B6ng TT
1
I i i 5
Chiueu Gia trtTSCBva DTDH Gia tri tai san cd dinh Gia tri d^u tu djii han Gia tri T S I B v a DTNH Gia tri quy^n stt dung dat Gia tri vudn cay Gia tri loi thd kinh doanh rdng
GiA trj x ^ dinh dia cdngty 369.545.474.588 206.692.057.740 162.853.416.848 199.615.285.162
0 105.557.295.499
0 674.718.055.249
Gii tli theo phuong ^ 1 274.222.472.941 111.359.056.093 162.853.416.848 199.615.285.162
0 390.691.532.375
52.107.773.536 916.637.064.014
Chdnh l$ch -95.323.001.647 -95.323.001.647
0 0 0 285.134.236.876
52.107.773.536 241.919.008.765 (Ngudn: Tdng hop k^t qua nghien cim tinh toin)
Phuong dn 2 Cdng ty chpn hinh thiic giao ddt hode thue dat tra tiln mdt ldn tiii tdng gid tri doanh nghiep xdc dinh tdng hpp trong bilu 03 sau:
Bdng 3. Tdng gid tri doanh nghi|p ciia Cdng tyTNHH MTV Cao su Ea Hleo
BVT:DSng TV
1
2 3 4 5
Chi tidu Gii tri TSCD v4 DTDH Gii tri tai san cd dinh Gia tri diu tu dai han Gii tri TSODvi DTNH Gii tri quydn su dung dat Gii tri vudn ciy Gii tri loi thd kinh doanh rdng
Gii tri xie dinh ciia cdngty 369.545.474.588 206.692.057740 162.853.416848 199.615.285.162
0 105.557.295.499
0 674.718.055.249
Gii tri theo phuong i n 2 274.222.472.941 111.369.056.093 162.853.416.848 199.615.285.162 827.316.242.000 390.691.532.375 52.107.773.536 1.743.953.306.014
Chdnh Idch -95.323.001.647 -95.323.001.647
0 0 827.316.242.000 285.134.236.876 52.107.773.536 1.069.235.250.765 (NguSn: TSnghgpkStqua tinh toin)
Kit qud tinh toan cho thdy: N l u cdng ty thue hi|n theo phuang dn 1 tiiue ddt tra tien hdng nam thi khdng phdi cOng gid tn quyln sir dung dat vao gia tri doanh nghilp, ndn gid tii doanh nghiep ciia cdng ty khdng qud ldn, khdng dnh hudng din vdn dau tu ban ddu. Vd nlu cdng ty CPH thi d l ddng hon vi gid tri doanh nghi|p khdng qud ldn, thudn lpi cho vi|c ban cd phdn vd cd philu; cdng ty duoc hudng lpi do dupe
giam sd tiln tiiud ddt hdng ndm Id 3.554.873.524 ddng. Tuy nhidn, gid tri doanh nghidp ciia cdng ty khdng Idn nen thu hang ciia cdng ty khdng cao, do dd khd khan trong viec Ihay ddi bd mdy qudn-ly, quyln loi va vi t h i ciia cdng ty khdng dupe ndng cao;
mat khdc khdng dupe cdp bia dd quyln su dung ddt nen vile giao dich vay vdn, t h i c h ^ khd khdn hon.
N 6 N G NGHI?P V A PHAT T R I I N N 6 N G THON - KY 2 - THANG 9/2014
KHOA HOC C 6 N G N G H £
Nlu cdng ty chpn phuong an 2 giao ddt hoac thud ddt trd tiln mdt Ian thi gid tri doanh nghiep cua cdng ty rdt ldn, n i n thay ddi thii hang doanh nghiep cua cdng ty, thudn lpi trong vi&; thay ddi hp mdy quan ly, quyln lpi va vi t h i eua cdng ty dupe nang eao; Cdng ty dupe cdp bia do quyln sii dung dat ndn cd t h i t h i chap d l vay vdn, cdng tac giao dich vay vdn, till chap dd ddng hon. Tuy nhien, n l u ehpn phuang an nay Ihi gid tri doanh nghiep ldn din d i n vdn dilu Id ldn, ddc bidt Id doanh nghiep ndng lam n g h i ^ khi thu nhdp cua ngudi lao ddng thap n l u cdng ty CPH thi khd khan hon trong viec bdn co phdn va cd philu.
Nhu vdy cd the k i t luan cdng ty ndn dp dung theo hinh thiic thud dat trd tien hdng nam d l khdng phdi tinh gid tri quyln su dung ddt vao gid toi tai san cua cdng ty khi xdc dinh gia tri doanh nghiep. Cdn nlu cdng ty lua chpn hinh thiie giao dat hoac thud dat trd tiln mdt lan thi edng ty phdi trd mdt khoan tiln rdt ldn, vupt qua kha nang tdi chinh cua edng ty.
Nlu cdng gid tri quyln su dung ddt vdo gid tri doanh nghiep thi viec CPH doanh nghidp rat khd khan do gid tri doanh nghilp rat ldn, dae biet la ddi vdi edc cdng ty ndng lam nghiep. Ddng thdi, vdi dac diem la cdng ty cao su cd didn tieh vudn cdy cao su kinh doanh va xdy dung eo ban khd ldn, nang suat, san luong hang nam cao va cd xu hudng tang ldn, k i t qua boat ddng sdn xuat kinh doanh va kha nang tai chinh khd tdt, thi edng ty hodn toan cd kha nang tra dupe sd tiln thud ddt hdng ndm trdn.
3.3. D l xudt mdt sd kiln ngh; nhdm hodn thidn phuang p h ^ xdc dinh gid tri doanh nghidp
3.3.1. JG^ nghi ddi vdi Nha nude
- Gid tii doanh nghidp dupe xdc dinh hpp ly se dam bdo lpi ich ciia nhd dau tu vd lgi ich eiia Nhd nude. Nhung nhilu y kiln cho rang viee xac dinh gia toi doanh nghidp hidn nay vdn cdn mang tinh chii quan, hdnh chinh, tiulu su hd trp ciia ca quan tu vdn chuydn mdn. Mac du da cd nhilu van ban hudng ddn d l xdc dinh gid tri doanh nghiep khi ehuyen DNNN thanh cdc loai hinh cdng ty cd phdn nhung den nay vdn d6 ndy vdn chua rd rang. Vi vay, Nhd nude can cu t h i hda cde vdn ban hudng ddn v l dinh gia doanh nghidp d l ldm co sd cho dp dung dinh gia doanh nghidp cd phan hda.
- Ddi vdi phuong phap xac dinh gid tri doanh nghilp theo phuang phdp tai san theo quy dinh ciia Nghi dinh 59/20011/ND-CP tiii cac cdng ty ndng ldm nghiep dii cd chpn hinh Ihuc thul hay giao dat
d i u phai ndp tiln gia tri quyln su diuig dat cho ngdn sach nha nude. Ddy la mpt quy dinh md cdc cdng ly ndng ldm nghidp khd cd till thuc hiln dupe vi gid hi quyln su dung dat tiieo khung gia hidn nay cua cdc dia phuang dp dung tinh todn eho cdc edng ty Id r&
ldn vupt xa kha nang tdi chinh cua cdc cdng ty. Vi vay, theo y kiln d l nghi cua chiing tdi cdc cdng ty ndng ldm nghidp khi chuyin sang cdng ty cd phdn thi gia tri quyln su diing dat la phan vdn gdp cua Nhd nude vdo doanh nghidp, Nhd nude nam giii cd phan chi phdi khdng bdn cho cdc ddi tupng mua cd phieu khac. Cac dia phuong ciing ndn nghidn ciiu xdc dinh lai khung gid dat de xdc dinh gid tri quyln s6 dung ddt ctia cdc cdng ty ndng ldm nghilp khdng nen qud eao nhu hidn nay. Gia ddt d l xdc dinh gid tri quyln su dung ddt vdo gia tri doanh nghidp cd phdn Id gid dat do UBND cap tinh quy dinh sdt vdi gia chuyin nhuong quyln sir dting dat thuc t l trln thi tnrdng trong dieu kien binh thudng. Khung gid ddt quy dinh cho ddt ndng lam nghilp ndn tinh theo dan gid cho mdt hecta khdng ndn tinh theo m ^ nhu hien nay.
3.3.2 msh nghi ddi vdi Cdng ty TNHH MTV CaosuEaH'Ieo
' VI xac dinh gid toi TSCD vd DTDH: Khi xAc dinh gid tri edc tdi san ndy d l tinh vdo gid tri doanh nghiep can danh gia chdt lupng tdi san thuc t l vd cdn cii vao gid thi trudng cua tai san mua mdi tuong duong d l cd till danh gid chinh xac gia tri cua ehiing.
- VI xdc dinh gia tri quyln sir dung dat: Cdn cii tiieo Nghi dinh 59/2011/ND-CP vd Thdng tir 202/2011/Tr-BTC thi ddi vdi doanh nghidp sir dung dat dupe Nhd nude cho thue tra tiln hdng nam thi khdng tinh gid tri quyln sii dung ddt vdo gid tri doanh nghidp. Nhin vdo logic thdng thudng vd cdc quy dinh hidn hdnh ciia ludt phdp, dilu ndy hodn todn diing. Nhimg ddi vdi bat cii doanh nghilp nio su dung ddt duoc Nha nude cho thud ciing i^y, tiln thud ddt theo gid quy dinh cua Nhd nude thudng nhd han nhilu gia thud thuc t l tren tiii trudng. Gid sii cdng ty tiiuc hien tra tiln t h u l ddt hdng ndm tfieo quy dinh thi tdng gid tri tiln t h u l ddt ndy ciing nhi hon rat nhilu so vdi gid tri thuc t l ciia ddt dai theo gid chuyin nhuong quyln su dung trdn thi tiirdng.
Trong khi dd, cac doanh nghi|p hoat ddng toong linh vuc ndng, ldm, ngu nghidp diln tich ddt rdt ldn, v ^ sii dung dat dai vd hudng lpi tii vide sir di;uig ddt nhu cac trudng hpp thue ddt tra tiln m^t ldn hay giao ddt Vi vdy, chiing tdi d l xudt trong trudng hpp nlu cdng
16 NONG NGHIEP VA PHAT TRIEN NONG T H 6 N - KY 2 - THANG 9/2014
KHOA HOC CONG N G H l
ty xdc dinh gid tri doanh nghidp d l CPH thi vdn tinh gid tri dat vao gid tri doanh nghilp vd dua vdo gid tri d l CPH nhung phdn vdn ndy khdng bdn cho cdc cd ddng, ddy Id phdn vdn gdp ciia Nhd nude vdo doanh nghilp vd phdn vdn gdp ndy khdng ndn chia cd tie.
- VI cdeh xdc dinh gid tri vudn cdy: Cdy cao su la tai san sinh hpc ndn gid tri cua cdy phu thupc rat nhilu vdo cdc ylu td tu nhidn, eae didn tich cao su khdc nhau se dupe trdng d cac khu ddt cd dilu kidn tu nhien, ddt dai khdc nhau nen chi phi, ndng suat, sdn lirpng vd nhilu ylu td khac se cd chdnh Idch ldn, bin canh dd gid ca thi tnrdng ddi vdi sdn phdm cao su de biln ddng do vdy gia tri chdnh Idch nhau nhilu. Do dd, ehiing tdi d l xuat cdng ty can tien hdnh xdy dung cdc he sd can thilt v l ndng sudt, mat dd, chdt lupng cao su, dilu kidn ddt dai, ngudn nude, h | sd trupt gid... d l tinh todn dupe chinh xac nguydn gid vd gid tri khdu hao hang nam cho timg dien tieh cao su.
Xdc dinh gid tri doanh nghiep hien nay Id mpt boat ddng khd phd biln vd Id budc quan trpng trong qud trinh hinh thdnh tht trudng chimg khoan eua nude ta. Gid tri doanh nghidp duoc xac dinh hpp ly cho thdy biic tranh tdng qudt vl gia tri thuc t l ciia doanh
nghiep, se bao dam lpi ich ciia nhd dau tu vd lpi ich eua Nha nude.
Tiii LEU IHAM KHU
1. Bd Tai chinh (2003). Quyet dinh sd 206/2003/QB-BTC ve ban hinh che do quan ly. su dung vi trich khdu hao TSCD trong doanh nghiSp.
2. Chinh phii (2004). Nghi dinh Chinh phu sd 188/2004/ND - CP vS phuong phip xie dinh gii dit vi khung gii dc loai dit
3. Chinh phii (2007). Nghi dmh Chinh phu sd 109/2007/lW - CP v4 viec chuySn doanh ngbi€p 1009S vdn nha nuoc thinh cong ty cSphin.
4. Chinh phii (2007). Nghi dinh Chinh phu sd 123/2007/NB - CP vi sua ddi bdsung 1 sddiSu cua Nghi dinh sd 188/2004/NB - CP vS phuong phap xie dinh gii ddt vi khung gii cic Ioai ddt
5. Chinh phii (2011). Nghi dinh Chinh phu sd 59/2011/ND - CP ve chuyin doanh nghidp 100% vdn nhi nude thinh cdng ty cophan.
6. Cdng ty TNHH MTV Cao su EAHLEO. Bdo cdo tdng k i t tai san 2010-2013.
7. Qudc hdi (2003). LuitDdt dai. NXB Chinh tri Qudc gia, Ha Ndi.
8. Qudc hdi (2005). Luit Doanh nghi€p NXB Chinh toi Qude gia, Hd Ndi.
DETERMINING THE PLAN FOR EVALUATING VALUE OF E A H L E O - D A K L A K RUBBER LIMITED COMPANY
Tran Huu Dao Summary
Equitization of state-owned company is a process of transforming the ownership of a enterprise from one to many owners, in order to improve the ability of mobilizing capital, innovating technology, altering management method, improving business efficiency and competition of economy. The facts have shown that equitization process of Vietnam has gained remarkable success. However, equitization of state-owned companies have &ced difficulties and hinders. One of them is hard to measure the real value of companies, especially with forestry enterprises because the property of these companies include forest and land which are difficult to determine the value base on common methods. In order to solve these problems, the content of this article focuses on determining the valuation of EAHLEO-DAKLAK RUBBER Limited Company, basing on property method. The result of the research is divided into two cases: The first one is hiring land with annual payment so the value of land is not including on company value. The second one is hirmg land or transferring the right of using land, paying money in one time, thus the value of land is put into company value. Another purpose of the research is to propose some solutions for improving the valuation method in agriculture companies.
Keywords: Evaluating the value of company, EAHLEO-DAKLAK RUBBER Limited Company.
Ngudi phdn bi|n: TS. Duong Ngpc Thi Ngdy nhdn bdi: 8/8/2014 Ngdy tiidng qua phdn bi|n: 8/9/2014 Ngdy duy^t ddng: 15/9/2014
NdNG NGHlfP VA PHAT TRI^N N 6 N G THON - KY 2 - THANG 9/2014
