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Bai vii't danh gia anh hiring cAa 06 phSn hda I6n hieu qua {(inh doanh tai cac doanh nghigp nha nirfic (DNNN) sau khi c6 phan hda. Tac gia chon hao cao tai chinh cua 43 DN la cac DNNN da thirc hi6n co phan hda va hign dang niem y^t Irgn san chiTng khoan. So sanh cac chJ tigu lai chinh cua DN tai thoii diem sau va trirdc khi c6 phgn hda cho thg'y cd mgt sS'thay ddi ve kha nang sinh ldi, cau true tai chinh, khi ngng thanh loan va higu qui siir dyng tai san. Kg't qui phan tich cho tha'y sir hS't cgp trong quin ly tai cgng ty c6 phin khi mgi trirdng kinh doanh thay doi. Kg't qui nghign cu'u nay cung din tdi mpt sg'kig'n nghj do'i vdi Chinh phu la tie'p tuc thiTc hign chddng trinh e6 phg'n hda va ca'n tap trung vao vifc giii quyg't cac to'n tai, h^n chg'vg' thay dg'i bfi may quin ly, t^o mgi trddng canh tranh khi theo dudi chddng trinh cd phan hda DNNN hign nay.
Tit khoa: co phan hoa, hieu qua liinh doanh, Viet Nam.
ErrECTS o r EQUITIZATION ON FINANCIAL PEDFOCMANCE OF VIETNAM STATE-
OWNED ENTEDPDISES
Suima^Y
Ttiis paper gives the assessment on the impact of equitization on business performance of slate-owned enterprises (SOEs) in Vietnam. The author has seiected 43 financial statements of SOEs which are being equitized and listed on the stoclc exchange. The comparison of financial indicators after and before equitization has indicated some changes in profitabiiity, financial structure, solvency and asset efficiency. The analysis results have shown the weakness of the management team of joint-stock companies when the business environment changes. The results of this study have also led to a number of recommendations for the Government to continue implementing equitization program and concentrate on addressing the limitations of changing management apparatus, creating a competitive environment when pursuing the equitization program at the present.
Keywords: equitization, business performance.
Stf can thiet va tong quan nghien ciifu
Sau chien tranh the gidi thif 2, chinh phu cac nUdc da thi/c hien nam giu' hau het tai san trong nen kinh te. Nhieu DN, t6 chijc thupc s6 hQu nha nu6c di/0c thanh l&p. Tuy nhien, c^c nghien ciiu tQ cuoi nhOng nam 70 cua the ky XX cho thay, hieu qua hoat dong cua cac don vj thupc ITnh vuc cong noi chung va DNNN noi rieng da bpc Ip nhOng diem yeu va hau quk la nhQng ngi/di nop thue khong nhan dapc nhQng djch vg cong c^n thiet (hoac co nhSn di/oc nhiJng chat lupng djch vu c6ng thap) (Osborne va Gaebler, 1992). De cai thien sM yeu kem ve hi§u qua hoat dong cOa ITnh vifc cong, nhieu quoc gia da thQc hien cac chinh sach khac nhau nhQ thue ngoai, thuong mai hda, cd phan hoa.,. Tuy nhien, co phan hoa la chQdng trinh dQpc ap dung pho bien khong chi 6 nhQng nQdc phat trien, ma ca d nhQng nQdc dang phat trien va kem phat trien.
Tai Viet Nam, so DNNN dQdc thanh lap ngay sau 1975 la rat Idn. Tuy nhien, tQPng tu cac quoc gia khac, nhieu DNNN hoat dpng khong thQc sQ hieu qua. Dai hpi Dang toan qud'c lan thQ VI da khdi xQdng SQ nghiep Doi mdi ma mpt trong nhQng not dung la tai cau true DNNN vdi chQPng trinh co phan hoa cac DNNN la chu dao. TQ dd den na^', Nha nQdc da kien tri tap trung tien hanh cong tac sSp xep, doi mdi DNNN, thQc hien cd phan hda cac DN nho va vQa, DN lam an kem hieu qu^, DN khong thupc nhOng nganh nghg chien iQdc Sau 20 nSm theo duoi chQPng trinh nay, chung ta da dat dupc nhQng ih^nh Wu nhat dinh, nhu. so IQdng DNNN i a giam tu 12 000 DM 'uonq
NGHIGN CLJU-TRRO eOl
con hdn 1.300 DN'. Cac so lieu thong ke hang nam da cho thay nhieu DNNN thdi ky hau co phan hda da co doanh thu tang, tong tai san, ldi nhuan tang, so ti^n nop ngan sach nha nudc cung da tang len.
Nhan xet ve chinh sach c6 phan hda cua Viet Nam, nhieu nha nghien cQu cho rang, chQdng trinh co phan hda ma Viet Nam ap dung la than trpng, dan dan va mang tinh npi bp. Giai thich cho nhQng diem khac biet nay, mpt sd hpc gia cho rang, chung ta con thieu kinh nghiem, he thong luat lien quan chQa day du va sQ non yeu cua thj trudng cliQng khoan Vi§t Nam (Vu Anh, 2005) va con do du vi sd lap lai sai lam nhU trudng hpp Nga va cac nudc XHCN trQdc kia (Sjoholm, 2006; Cam V. Kinh, 2014...).
Quan diem cho rang chung ta dang do dQ trong thi^c hien co phan hda la cd cd sd. Bdi sau mpt so nam theo duoi chQdng trinh co phan hda DNNN, chung ta mdi chuyen djch dQdc 15% von sd hQu nha nQdc trong cac DN sang cho khu vuc tQ nhan. Trong mot vai nam trd lai day, chQdng trinh co phan hda DNNN cdn cd xu hudng cham lai. Gi§i thfch ve sQ cham tri nay, nhieu tac gia da cho rang, co nhQng nguyen nhan chu quan va khach quan. Theo Bd Tai chinh, cd 9 nguyen nhan khach quan khien tien trinh co phan hdabj cham, nhQ kinhte toan cau va khu vQc trong thdi gian vQa qua cd nhieu bien ddng bat thQdng, thj trQdng chQng khoan giam sut, chinh sach tien te thSt chat va lai suat vay vd'n cao khien ldi nhuan DN gikm, viec ban co phan gap khd khan, hau het DN CO phan hda trong thdi gian nay cd quy md vQa hoac Idn cdn nhieu ton dpng ve tai chinh... Nguyen Bd trQdng Bp Tai chinh VQpng Dinh Hue cho rSng, ngoai cac ly do neu tren, cdn khong it nguyen nhan chu quan nhQ: viec lam dyng menh lenh hanh chinh cua cdng ty me vao ddn vj con gay mat Idng tin tQ nha dau tQ; quyen Ipi nha dau tU nhd \k ChQa dQdc bao dam... ciJng gdp phan lam dinh ddn tien trinh co phan hda^.
Ben canh dd, mpt so' nhan djnh mang tinh djnh tinh chQa dQpc kiem chQng thi cho rang, cd nhieu khd khan trong viec dinh gia DN (Bich Diep, 2012), xac djnh Unh VQC chien iQpc nha nQdc can nkm phan Idn quyen sd hOu, xay dQng Id trinh va thdi gian thQc hien (Vien Nhi, 2012), khd khan ve cd che va chinh sach (Bao IVIinh, 2012)...
NhQng nhan dinh nay la nhQng gpi y td't cho viec nghien cQu thQc nghiem nhlm xac djnh lieu co phan hda cd thuc SQ khd khan hay khdng, cd thuc sQ doi mdi hieu qua hoat dpng cija cac DNNN hay khdng...
Nham danh gia dinh IQdng ve anh hQdng cua chQdng trinh cd phan hda len hieu qua hoat ddng cua DNNN da co phan hda, chung toi thUc hien viec phan tich thQc nghiem cac nhdm chi tieu tai chinh va thQc hien so sanh giQa hai thdi diem: sau cd phan hda va trQdc co phan hda.
Dii' lien va phtftfng phap phan tich dtf lieu Di danh gia anh huSng cija viec co phan hoa DNNN den hieu qua kinh doanh cua DN, chung toi thQc hien thu thap diJ li§u tai chinh cDa 43 DNNN da cd phan hda trong 20 nam qua. Bao cao tai chinh da dQdc kiem to^n cua cac DN da cd phan hda va dang niem yet dQqfc tai ve tQ 2 san giao djch chiJfng khoan cua Vi§t Nam.
Chung tdi thQc hien viec phan tich bao cao tai chfnh cua cac DN nghien cQu theo cac nhom ch? tieu cd bSn, gom: 1-Kha nang sinh idi; 2-C§'u true tai chinh; 3-Hieu qua si!f dung tai san IQu ddng; 4- Kha nang thanh toan;
5-Hieu qua SLf dung von. Ket qua tinh toan tQng chf tieu theo ti^ng nhdm chi tieu neu tren dQdc tinh gia trj trung binh cdng theo 3 mdc thdi gian: nam trQdc khi cd phSn hda (t-l); nam cd ph^n hda (t=0); va nam sau cd phan hda (t+1). Ket qua tai chinh tgi nam sau khi cd phan hda dQdc so sanh vdi chinh nhQng chT tieu tai chfnh dd nhQng vao nam trQdc khi cd phan hoa. Ket qua tinh toan dQdc kiem dinh bang phan mem thdng ke (gom: Itilm djnh Shapiro-Wi[i< de kiem tra phan phdi chuan, kiem dinh Friedman de danh gia sQ thay doi qua cac nam va kiem djnh Wilcoxon Signed Rank de danh gia thay ddi theo cap) nham tang tinh khai quat hda ctia dQ lieu nghien cQu^.
Ket qua phan tich
Bing 1: torn tat sif thay doi cDa mdt so chi tieu tai chinh cO t)in
Tong tai s i n Tong doanh thu thuan Tong doanh thu va thu nhap thuan Tong chi phf Loi nhuan trudc thue Tong no phai tra Tdng von chu sd hOu Tai san co dinh
(t=0) VS (t-1) (%) 44,87 67,51 54,63 66,42 123,63 85,05 43,70 31,83
(t+1}vs (t=0) {%) 40,78 35,74 36,56 46,35 197,81 41,10 84,44 42,25
(tt2) VS (t+1)(%) 32,51 22,95 25,76 23,86 28,26 45,03 33,08 21,74
(t+2)vs (t.1)(%|
159,38 222,71 199,69 231,50 478,61 257,34 228,24 169,26 (Nguon- tac gia ti/phan tfch vi tdng hap td 43 DN)
DQa tren oac phan tich, chiing toi rut ra mot sd nhSn xet sau:
ThU nhat, sau khi DN thi/c hien viec cd ph^n hda, cac chi tieu tai chinh cho thay cd sii tang len ve tdng tai san, doanh thu thuan, ldi nhuan trade thu^, tdng tai san cd dinh, tang so nop ngan sach, tang von chfi sd hOu... Cau trijc nd va von chu sd hOfu sau cd ph^n hda da hdp ly hdn theo hudng tang vdn chu sS hQu vk giam von vay.
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Thd hai, kha nang sinh ldi tren doanh thu va thu nh|p thuan cd sy tang len sau khi DN thQc hien cd phan hoa. Ket quk tinh toan cho thay, sau khi cd phan hda, cac DNNN co cai thien dang ke doanh thu thuan ve ban hang va cung cap djch vu, tQ dd lam cho ldi nhu§n hoat dpng ban san pham, hang hda va djch vu thay ddi theo chieu hudng tich cQc. Cac DN co phan hda CO doanh thu thuan ve ban hang va cung cap dich vu tang, gia vdn hang ban khdng giam, doanh thu tai chinh va chi phi tai chinh tang nhQng chi phi tai chinh tang nhanh hdn doanh thu tai chinh. Ket qua phan tich cung cho thay, cac DN sau cd phan hda da kiem soat tdt hdn chi phf ban hang vachi phf quan ly DN.
ThU ba, vd qucin ly vdn luu dpng tai cac DNNN thdi ky hau cd phan hda, cac DN nghien cQu da cd sd lan thu nd ph^i thu it hdn trudc khi cd phan hda. Ndi each khac, cac DN da phai gia han thdi gian ban chiu cho khach hang. Sau khi co phan hda, cac DN cd phan da cd gang tri hoan tra nd ngQdi ban nhung bien phap ap dung chQa thuc sQ hieu qua vdi toan bd DN nghien cQu. Qua ket quli phan tich cung cho thay, sau khi cd phan hda, cac DN nghien cQu cd sd lan luan chuyen hang tdn kho binh quan nhanh hdn. Tuy nhien, xu hudng nay khdng thQc sQ ro rang trong sudt khoang thdi gian nghi§n cQu.
ThU tu, ket qua phan ti'ch tinh hinh va kha nang thanh toan nd ngan han tai cac DN nghien cQu cho thay, cac DN cd kha nang thanh toan hien hanh thap va chi tieu nay khdng thay ddi theo chieu hQdng tich cQc. Oieu nay cd nghTa rang, cac DN cd phan hda cd the gap khd khan trong viec thanh toan cac nd ngan han bang tien va cac khoan tQdng dQdng tien.
Thd nam, phan tich ve cau true tai chinh cua cac DN thdi ky hau cd phan hda cho thay, cac DI^J cd ty sua't nay tUdng ddi cao d giai doan trudc co phan hda.
Vi§c cd phan hda lam cho ty suat^nd tren vdn chu s6 hQu gi^m di trong giai doan hau cd phan hda. SQ thay ddi cau true nd va vdn ehu s6 hCfu din de'n ddn bay tai chinh thay ddi theo xu hQdng giam. Tuy nhien, cae DN ed ty sua't nd dai han tren vdn chij s6 hQu tQdng dd'i cao; cac DN ed nd ngan han chiem ty trong cao trong tong sd nd cija DN va ed cau nay khdng co sQ thay ddi ro ret sau khi cac DN chuyen ddi sd hQu.
ThU siu, phan tich ve hieu qua sD dung tai san tai cac DN sau khi cd phan hda cho thay. cac DN ed phan hoa co hieu qu^ sQ dung tai san ndi ehung tang.
Kdt c\uk phan tich cung cho thay, cac DN co phan hda CO hi^u sua't stf dgng tai san cd dinh tang nhQng mQc tang khdng ro rang sau khi thQc hien cd phan hda. Ket quk nghien cQu cung cho thay, hieu suat
SLt dung tai s^n ngan han khdng cao va chi ti§u nay khong cd sQ eai thien sau khi thUc hien co phan hda.
Viec SLf dung tai skn ngan han kem hieu quci xuat phat phan Idn tQ sd lan thu nd phai thu icem di, viec ban hang khdng nhanh hdn va DN phai dung tai skn ngan han de tra nd ngQdi ban sdm hdn.
Thd bay, eac nhan dmh va thQc te phan tfch ve hieu qua kinh doanh tai cae DN sau khi co phan hda cho tha'y, cae DN da cd ty sd lpi nhuan rdng tren tai s^n (ROA) va ty sd ldi nhuan rdng tren vdn chu sd hQu (ROE) tang len mpt each dang ke. ROE tang la do ROA tang trong khi ddn bay tai chfnh gan nhQ khdng ddi. ROA tang la do kha nang smh Idi tren doanh thu (ROS) tang, khi hieu suat sii dung tai san khdng doi.
Khi phan tich ve kha nang sinh Idi cua doanh thu, ket qua cho thay sQ kiem soat tdt hdn ve ehi phi ban hang va chi phi quan ly doanh nghiep. Do vay, sQ cki thien cua ROA va ROE xuat phat chu yeu tQ viec kiem soat tot hdn chi phf ban hang va chi phf quan ly DN.
Mpt so kien nghi
DQa tren kdt quk phan ti'ch, chung toi xin dQa ra mdt sd kien nghj, gicii phap cho cdng tac hoach djnh chinh sach vT md lien quan tdi chUdng trinh co ph^n hda DNNN nhQ sau:
ThU nha't, cd phan hda khdng phki la "lieu thudc"
chQa bach benh kem hieu qua cua eac DNNN. Tuy nhien, ket quk phan tieh dua ra bang chQng ve sQ hieu qua hdn cua cac ddn vj sau khi ed phan hda.
Vdi ke't qua phan tich nay, chung tdi xin kien nghj, Nha nQdc nen md rdng ddi tUdng dQdc cd phan hda, khdng nen gidi han d ddn vj nhd va kem hieu quci nhu da tQng thQc hien trong qua khQ. Viec md rdng ddi tQdng cd phan hda ra nhQng DN Idn va hoat dpng hieu qua hdn se lam tang hieu qua cua nen kinh te ndi Chung.
ThU hai, Chfnh phu nen trao quyen Idn hdn cho cac DN cd phan hoa, de ddi ngu quan ly trong DN cd quyen tu chu hdn trong viec kiem soat, dieu hanh DN cd hieu qua. Mac du sd IQdng DN thQc hien co phan hda da nhieu niiUng thuc te sd vdn nha nudc chuyen ddi sang khu vUc tu nhan mdi dat 15%. Do vay, khi dQdc trao quyen nhieu hdn, cac DN trQdc het se thay ddi dUdc bp may va tQ dd la phUdng thdc qu^n ly.
Ben canh dd, nhieu tac gia cho ring, viec Q\km ty le sd hOu cua Nha nUdc trong cac DN se iam gi^m chi phi giao djch (transaction cost) va tQ dd lam tang hi0u qua kinh doanh (Megginson va Netter, 2001). Nhidu nha nghien cQu trong nddc kien nghi, thay vi^duy tri phan sd hQu cao trong DN. Nha nudc nen kiem soat
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cac DN bang he thong luat phap va tinh thyc thi cDa he th6ng dd (NEU, 2007). Vi§c trao quyen gdm viec cho phep cac nha dau tU chien iQde dQdc phep tham gia vao viec quan ly, dieu hanh DN nham tao didu kien huy ddng von, sii dung dUdc nhQng ky nang qucin ly tien tien va cac cong ngh§ cao, dac biet la tQ cac nha dau tQ nQdc ngoai. Theo Luat sQ Pham Thanh Sdn, Trudng Van phdng Luat sQ Nam Ha Noi, viec tim kidm nha dku tQ chidn IQdc cho cac DN cd phan hoa ma Nha nQdc giQ cd phan chi phdi la dac biet khd khan. ThQe te nay mpt phan cd nguyen nhan tQ cd che va each thQc phan loai DNNN. Viee phan chia ddi tuong DN cd phan hda thanh nhidu loai (Nha nude nam giQ tren 75% cd phan, 65%, 50% va dQdi 50%) rat phQc tap va nha dau tQ nudc ngoai ludn co su e nggi ve quyen ki^m soat qua ldn eua Nha nQdc sau khi ed phan hda (Ngpc Phuc, 2014).
ThUba, Chinh phij nen tao san chdi binh dang cho cae DN thupc cac hinh thQc sd hQu khac nhau. Ket quk nay cung nhat quan vdi quan diem cCia nhieu tac gik trade day nghien cQu ve van de nay. Nhieu hpc gia nghien cQu ve Viet Nam cho rang, cac DN sau khi cd phan hda khdng edn dQdc hadng nhQng Qu dai Xis Nha nQdc gom: thue, vay vdn vdi lai suat uu dai hoac it bj ddi hdi nhQng yeu cau hay quy dinh khat khe, t3u l5... Viec dd bd nhQng rao c^n nay ehinh la mpt dieu kien kien quyet de tao ra mdi tradng canh tranh cdng bang d Viet Nam (Vu Anh, 2006).
ThU tu. chung tdi nha't tri vdi y kien cho rang, cd phan hda va canh tranh cd sU anh hudng taeh biet tdi hieu qu^ kinh doanh cija cac cdng ty cd phan (vi dy, Vinning va Board, 1992; IVlegginson and Netter, 2001). Tuy nhidn, tai Viet Nam, sau khi cd phan hda, nhieu DN khdng cd sy thay doi ve bp may va phQdng thQc qu^n ly, thieu vang nhQng nha dau tQ ehien IQdc vdi edng nghe tdt va trinh dd cao, thj trQdng chQng khoan kem phat trien, sy thye thi chQa eao cua he thdng luat... thi can thiet phai cd sQ eanh tranh giQa cae DN (Vu T.T. Anh, 2006). Nhieu hoc gia nghien cQu ve cd phan hda d Viet Nam tin rang, sy canh tranh ed the thay the cho sQ thieu vang nhOng quy djnh chat che cija the che thj trUdng, tao cd che khuyen khfch sy sang tao trong cac cdng ty cd phan, tang cd che giam sat eua chCi sd hQu va cac nha cung cap tfn dung, dam b^o su thQc thi eua he thdng luat... (Vu Anh, 2006).
ThU nSm. chung toi eung chia se quan diem vdi mdt sd nghien cQu ve khd khan trong giki quyet lao dong doi dU va chinh sach phan phdi cho ngadi lao
dong khi doanh nghiep thyc hiin cd phan hda. Ddi vdi lao dong doi du, du dQde giai quyet day du che dd theo quy djnh Nha nudc nhang nhOng ngudi lao dpng nay khdng d l kiem viec lam trong mpt thdi gian ngan, vi hau het lyc IUdng nay tay nghe yeu, trinh dd nang lyc han che, khong dap Ung dUdc nhu cau skn xuat kinh doanh hiSn tai cua doanh nghi§p va ngudi lao dpng vSn chju anh huSng cua mo hinh cu, tu duy va tac phong cu. Day la lo lang khong chi cOa ngudi lao dong, doanh nghiep cd phan hoa ma cdn cOa cac nha dau tu. Vi du, khi dieu tra ve su lo ngai cua cac nha dau tU nudc ngoai, cac nghien cUu chi ra sy lo lang cua cac nha dau tQ ngoai la v^n de giai quyet che dp chinh sach ddi vdi ngudi lao dong trong cae DNNN (Ngpc Phuc, 2014). De day nhanh tien trinh co phan hda, Nha nQdc eSn thi^t phai nghi§n cQu hoan thi§n khung phap ly lien quan: (1) Xay dQng chinh sach gan vdi quydn ldi ngUdi lao ddng nfiU: duyc mua cd phin Uu dai, hudng quy phuc ldi khen thudng cdn dQ tai thdi diem ed phan hoa edng bang cho ngUdi lao dpng; (2) Cd chinh sach kich cau lao ddng nhu ho trd vdn ban dau eho nhQng ngUdi kinh doanh nhd, phat trien cac ChUdng trinh tao cdng an viec lam cho ngQdi lao dpng, xuat kh^u lao dpng, chuyen djch lao ddng dQ thUa 6 doanh nghiep sau cd phan hoa sang khu vyc doanh nghiep vQa va nhd; (3) Ban hanh cac van b^n phap quy quy djnh cho cac doanh nghiep co phan de thyc hien eho dung quy dinh cija phap luat va didu hanh cdng ty dQde tdt, ddng thdi bao dkm dQdc quyen ldi cija ngadi lao dpng va eae ed ddng; (4) To chQc, hd trd tap huan, dao tao, bdi dadng cho ngudi lao dpng va can bp quan ly edng ty ve quyen cua cd ddng, cua cac cd quan quan ly trong cdng ty, trinh ty, thu tue thdng qua cac quyet dinh quan trpng cua cdng ty nham lam cho co dong nam dydc cac quy djnh phap ly, tranh tinh trang xung dot trong ndi bp cdng ty hoSc la chij "hinh thQc" eua cac cd ddng nho trong cong ty sau chuyen ddi do khdng hieu phap luat de d^m bao hieu qua hoat dpng cua cdng ty sau co phan hoa (tJguyIn Manh Thang, 2014). Rao ckn ve lao dpng doi du va phan phdi cho lao dpng khi dQdc gd b6, doanh nghiep se co phan hda nhanh, hieu qu^ kinh doanh cua doanh nghiep se tang va hi&u qua cua ndn kmh te ndi chung chac chdn se dUdc cki thien.
Thiy sau, Chinh phCi phai tap trung vao vi§c thay ddi bp may quan !y doanh nghiep sau cd phin hda.
Thyc te cho thay, nhieu nha quiin ly doanh nghidp nha nude khong muon rdi bo sy bao cap cCia Nh&
nUdc nen hg cd gang tri hoan thyc hi§n cd ph^n hoa. Ben canh dd, mpt sd doanh nghi§p bang ckc
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NGHITN CL/U-TRnO€)6l
each khac nhau ma sau khi cd phan hoa bd may qukn ly khong thay ddi. Do v§y, kha nang qu&n trj dieu fianh doanh nghiep khdng co sd thay ddi. Cac mdi quan he noi tai, cong nghe qukn ly va cac ngudn lyc khac v i n giQ nguygn. Va k^t qua la sau cd phan hda doanh nghiep v i n khdng lam an cd hieu qua hdn so vdi thdi ky trydc khi cd phdn hda. Dieu nay knh hydng tdi hieu qu^ cua ndn kinh te ndi ehung, va nd la "tam gydng xau" ckn trd qua trinh cd phan hoa. Viec thay ddi bo may quan ly 6 nhDng doanh nghidp nay la thyc sU can thiet dd thay doi hieu qua kinh doanh cCia doanh nghiep sau co phan hda.
Ben egnh cac kien nghj neu tren, nhflng ton tai khac cdn phki giki quy^t nha viec phan ioai, xac djnh loai doanh nghiep cd phan hoa, djnh gia doanh nghiep, chpn nha dau tU ehien lUdc, gia trj dat dai, gia ban cd phan... cung la nhflng rao can can thiet ph^i thao gd dd tien trinh cd phan hda dUdc thfle hi§n dQng tien dp.
Kat lu|n
Bai Viet t§p trung danh gia ^nh hudng cua viec CO phdn hda tdi hieu quci hoat dpng kinh doanh ciia ckc DNNN d Viet Nam thdng qua viec chpn mSu 43 DN, vdi sd lieu la bao cao tai chinh va phan tich qua 4 mdc thdi gian cd b^n: nam trade cd phan hda, nam thyc hi§n cd phdn hda, mpt nam sau khi co phdn hda va hai nam sau cd phdn hda. Cac phat hi§n cua ehung tdi nhat quan vdi nhflng nghien cQu trade dd cung nhu tim ra can nguyen cija nhQng thay ddi ve cac chi tieu tai chinh. DQa tren cac ket quk nay, chung tdi da dua ra mot sd kie'n nghj mang tfnh vT md lien quan de'n ehUdng trinh ed phan hda d Viet Nam vdi cac bang chQng cu the giup viec hogeh djnh chfnh sach lien quan den ehUdng trinh cd phdn hda d Viet Nam trong thdi gian tdi ^
Chu thich va lai liau tham khao
'http://vnexpress.net/gl/ltinh-doanh/2012/11/doanh-nghiep- nha-nuoc-lo-hang-chuc-nghin-ty-dong/
= http://ltinhdoanh.vnexpress.net/tin-tuc/quan-diem/nguyen- nhan-khien-tien-do-co-phan-hoa-cham-2732l80.html
^ Trong khufln kt\6 bai viet. tac gid I(h6ng trinh bay kel qua phSn tfch.
^Bao g6m: 1. Chi phf nghien cu'u va thu thap thong tin; 2. Chi phf th6a thu^n hflp dfing; 3. Chi phf kilm soat va thUc thi
1 Boubakri N. and Cosset J.C. (1998). The financial and operating performance of newly privatized firms- Evidence from developing countries. The Journal of Finance, vol, 53. iss 3.
2. Bich Di$p. 2012. CSphin hda DNNN: khd trinh bin rS tii
san, http7/vacod.vn/co-phan-hoa-doanh-nghiep-nha-nuoc-kho- lranh-ban-re-tai-san-d-7313.
3. Cam Van Kinh (2014), Gang cham co phan hoa, ckng thiet hai, http7fluoitre.vn/Kinh-te/594742/cang-cham-co-phan- hoa-cang-thiet-hai .him I,
4. D'souza J. va Megginson VJ.L. (1999), The financial and operating performance of privatized firms during the 1990s, The Joumal of Finance, vol.54, iss.4.
5. D6 Mai Thanh (2008), Nhin lai qui trinh c^ phin hda DNNN 3 nddc la, http://thongtinphapluatdansu.wordpress.
com/2008/09/14/1660/.
6 Megginson W.L.. Nash R.C. and Randenborgh M.V (1994), The financial and operating performance of newly privatized firms:
An international empirical analysis, The Journal of Finance, vol.49, iss.2.
7. Mikkelson W.H., Parlch M.M. and Shah K. (1997), Ownership and operating performance of companies that go public. Journal of Fin. Economics, vol. 44
8 Ngoc Phuc (2014). Doanh nghiep ngoai chcl gi d co phSn hoa? http://tinnhanhdiaoc vn/tin-luc/doanh-nghiep-ngoai-cho- gi-o-co-phan-hoa.
9. Nguyen Ha (2007), Co phin hda DNNN: Ng xiu li li/c dn cft/nh,http://www ncseif gov vn/sites/en/Pages/cophanhoadnnn- noxau-nd-9530,html.
10. Nguyen Mgnh ThSng (2014). Mot s6 v^n d^ g\k\ quy^t lao d5ng doi dir sau c6 phan hod. tin v^ ICf: http://congdoan, most gov.vn/trao-doi/bai-viet/188-mt-s-vn-gii-quyt-lao-ng-doi-d- sau-c-phn-hoa- html''slart=3
11- Pham DLfc Cudng (2009). Khi nSng smh ldi cda cic DNNN thdi ky hau niem yet - trudng h0p ciJa Vi$t Nam, T^p chi Kmh te va Phat tnin. so Dkc bigt, 11,2009, lr,25-29.
12. Thanh Thanh Lan (2012), DNNN l6 h^ng chijc nghin ty dong http://kinhdoanh,vnexpress.net/tin-tuc/vi-mo/doanh-nghiep- nha-nuoc-lo-hang-chuc-nghin-ty-dong-2724141 .html,
13. TU Hoang (2012), De dSf tai i<hdiddng cdphin hda DNNN.
http://www.vcci.com.vn/dau-tu-tai-chinh/20120625024737935/
de-dat-tai-khoi-dong-co-phan-hoa-dnnn,htm.
14, Cuong D, Pham (2009), Financial performance of privatized and listed SOEs in Vietnam, Lu$n An TS, Dai hoc Macquane. Australia
15, Sjoholm F. (2006), State owned enterprises and equitization in Vietnam, Working Paper 228, Stockholm school of Economics,
16, Vu TT, Anh (2006), Competition and privatization in Vietnam: Substitutes or complements? http,//www.gnps,ac.|p/
vietnam/VDFTokyo/Doc/2ndConf15Jul06/2EcoSession2VTTAn h.pdf
17. Wang X-, Xu L.C. and Zhu T (2004). State-owned enterprises going public: The case of China. Economics of Transition, vol, 12. iss.3,
18- Wei Z , D'Souza J . Varela O and Hassan K M. (2003), The financial and operating performance of China's newly privatized firms. Financial Management, vol. 32.
TopcH BHOA HOC 57 CONG NGHE VIET NAM
