TAI CHINH DOANH NGHIEP ( Sgn (112)-2012 y
Huy dong von cua doanh nghiep nho va vu"a trong giai doan hien nay
Nhiing ndm qua, cdc doanh nghipp nhd vd vda (DNNVV) phdt tnen mgnh mc, chilm hem 97% sd doanh nghipp (DN) cd nude. Cdc DNNVV ddng vai yd quan trgng Irong tao cdng dn vipc lam, ldng thu nhgp cho ngudi lao dOng, giup huy dOng cdc nguon lyc xa hOi cho ddu lu phdt yien, xda ddi, gidm nghdo d dja phuang, hd trg tich eye cho sy phdt trien cda DN ldn, nhung yong vdi nam yd lgi ddy cdc DNNVV dang sdng thoi thdp yong vipc chd vd tidp cgn vdn va dieu ndy da Idm dnh hudng khdng nhd din ndn kinh te. Vdy ddu Id nhimg gidi phdp thyc sy trong viOe tiido gd cung nhu giup cac DNNVV yong viec huy dgng vd tidp can vdn;
Vai trd cua doanh nghiOp nhd va vua hipn nay
DNNVV Id khu vyc tiiu hut tich cyc vd cd khd ndng huy ddng cdc ngudn vdn, ngudn lyc eua xa hpi cho ddu ta phat triln;
nd ddng gdp khdng nhd vdo viOc tdng trudng kinh t l vd tang gid yj xudt khdu cda ed nude. Ngodi ra, DNNW gdp phdn dap dng nhu cdu v l hdng tidu dung cho xa hgi, sdn xudt cdc sdn phdm hdng cdng nghipp, thd cdng my nghO vd duy yi, phdt huy ngdnh nghi truyin tiidng; gdp phdn gidi quyet viOc 1dm, tang thu nhgp, tiiyc hiOn Chiln luge xda
ddi gidm nghdo; gdp phdn thyc biOn chuyin djch co cdu kinh Id Ihco hudng cdng nghipp hda, hiOn dgi hoa. DNNVV la bO phdn can thilt trong qua trinh lidn kcl sdn xudl cua cdc doanh nghiOp l(^. tgp dodn ldn; gdp phdn ddo tgo, bdi dudng doanh nhdn - ngudn nhan lyc quan trgng cho phdt tnen kinh tl-xd hgi.
CJ ViOt Nam, cung nhu d nhieu nude khdc trdn loan thd gidi, cdc DNNVV hogt dOng yong mdi tmdng chfnh sdcb vd phap ty thich h(;:^ se ddng mOl vai yd rdt quan ygng yong viOc thdc ddy sy phdt tridn kinh l l - xd hgi cua ddt nude. DNNVVed tam quan ygng khdng nhd viOc phdt yiln kinh tl:
* Cdc DNNVV cd thl san xuat nhieu logi hdng hod ddp dng nhu cau tieu dung dong nude vd cac logi mdy mdc, Uiilt bi, cdng cy vd cdc linh kiOn cdn tiiidt cho edc ngdnh cdng nghiOp sdn xudt hdng tidu dung vd cdc nganh thu cdng nghiOp.
Nbilu DNNVV tgo ra cdng dn, viOc 1dm cho sd Iugng ldn ngudi lao dOng. 6 nhiing nude khdc, cdc DNNVV Id mOt yong nhiing ngudn tgo ra nhieu viOc Idm nhat vd ndng dOng nhdt. Rd rdng ddy Id mOt nhan td quan ygng ddi vdi ngudi chua
T h s . Nguyen Thj T h d y Minh cd vipc Idm d cdc khu dd thi hodc nhiing ngudi song d cdc vimg ndng thdn dang tim kilm viOc 1dm. Cdc ca hOi tdng them viOc Idm sd mang lgi lgi ich cho tdt cd mgi ngudi, kd cd nhimg ngudi dang that nghiOp.
• Cdc DNNVV cd till phdt trien vd su dyng hiOu qud cdc ngudn tdi chinh dugc huy dgng trong nude vd cdc ngudn nguyen lipu, vgt liOu hodc cdc sdn phdm trung gian cd sdn yong nude.
• Cac D N N W cd till ddng gdp vdo nd lyc phdn bd cdc ngdnh cdng nghipp den nhieu viing ddn cu khac nhau, nhd dd gidm bdt dugc tdiodng cdch phat triln giua cdc khu vyc khdc nhau vd tgo ra duge sy phdt yiln cdn ddi giua cdc vdng khdc nhau ticn todn qudc.
• C d c D N N W cd till bdyg cho cdc ngdnh cdng nghiOp 1<^
cung cap ddu vdo eho cac ngdnh nay vd tgo sy cgnh yanh can thilt de day mgnh qud trinh phdt bidn vd nang cao linh cgnh tranh tren toan qudc.
* Cdc DNNVV ddng gdp ddng k l vdo viOc duy tri vd phat trien cdc ngdnh nghe thu cdng tiuyin thdng nhdm san xudt cdc logi hdng hod mang bdn sac vdn hod dan tOe.
HiOn nay, cdc DNNVV d ViOt Nam chua thyc sy phdt
|Q> Tap chi nghidn cuTu Tai chinh k^ toan
( sg 11 (112).2012 )
TAI CHINH DOANH NGHIEP y i l n dung vdi tilm ndng vdn cd
cda nd. Ly do cd thd Id nhimg khd khdn trong vipc tiln hdnh cac hogt dOng kinh doanh, Id sy thidu vdng mgt khung phap ly hodn chinh va hem tdt cd chinh Id tiiilu vdng cdc bipn phdp tiiich hgp d l kich thfch vd hd trg vd tidp can ngudn vdn cua DNNVV.
Khd khdn ciia DNNVV trong viOc tiep c^n ngudn vdu
Trong nam 2012 nhilu doanh nghipp ludn d yong tinh ygng thilu hyt vdn. C) ddy trd nggi xudt phdt lu nhimg khd khan cda nen kinh t l cung nhu nhiing ylu kdm lu chinh ban than cdc doanh nghipp nhu:
Quy md vdn chu s& hiru thdp:
Theo thdng kd mdi nhat cua Tdng cue Thdng kd, ca nude cd tren 500.000 DN dang ky hogt dOng, yong dd DNNVV chilm tdi 97% ddng gdp 47% GDP, 40% ngdn sach nhd nude vd tgo ra gdn mgt IriOu viOc Idm mdi nam. Phdn Idn cdc DN dugc tgo ra td vdn rieng cda chd DN, vdn gdp cija ban be, cd ddng. Trdn cd nude, sd DNNVV cd vdn ty cd dudi 1 ty ddng hiOn chilm
41,80%, sd DN cd vdn tu I din 5 ty ddng chidm 37,03%, sd DN cd vdn tu 5 den 10 ty ddng chilm khodng 8,15%. Tinh dung binh mgt doanh nghiOp hiOn nay cd khodng 3,6 ly ddng vdn chu sd huu, ddp dng kliodng 5% den 10% vdn ludn chuyin cua khdi ndy.
Khu vyc DN tu nhdn cd ty 10 Igi nhu§n trdn vdn chu sd hiiu tdng td 4,4% nam 2000 len 7,1 % ndm 2008, trong khi con sd ndy cda DNNN Id tu 7,9% len 12,4% va DN cd vdn ddu tu nude ngodi FDI) Id td 19,8% ldn 23,9%. Muc edi ihiOn ty Ip lgi nhudn yen tdng ldi sdn cd cda khu vyc DN tu nhan ciing tiidp hon 2 khu vyc DN cdn lgi: ty Ip lgi nhudn ydn tdng tdi sdn cua khu vyc DN tu nhdn lang td 1,63% trong nam 2000 len 1,76% vao nam 2008, so vdi mdc td 2,35% len 3,38% cua DNNN vd td 8,97% Idn 9,55%
cda khu vyc DN FDP.
Kdt qua tren cho thdy quy md vdn nhd, ndng lyc kem cung vdi tdc dO lang tmdng chgm, lgi nhugn d l lai cho tdi ddu m khdng nhilu da dan den nhiing khd tdidn cho DNNVV trong
vide chuyen sang kinh doanh quy md Idn.
Khd tiep can ngudn von vay tir cdc ngdn hdng thuang mgi:
Doi vdi vide bdo Idnh tin dyng cho DNNVV, mgc du Thu tudng Chinh phu, Bg Tdi chinh, Ngan hdng Nhd nude Vipt Nam da ban hdnh eac quylt dinh tidn quan vipc thdnh tap vd hogt dOng ciia Quy, song theo ddnh gid ciia BO tdi Chinh den nay cd rat it dia phuang ban hdnh quyet dinh thdnh tap quy, hon nua, cdc ket qud cdn rdt hgn chl do gap nhidu khd khan. Vdi quy md vdn nhd le neu tren, de dap dng nhu cdu vdn sdn xudt kinh doanh, udc tinh 80% lugng vdn cung ling cho DNNVV dugc ydng dgi tu kenh tin dung ngdn hang. Trdn thyc Id, nhu cdu nay dugc dap dng rdt hgn chd. Theo dieu ya vl thyc ygng D N N W cda Cyc phdt tridn DN (Bp KH&DT), cd din 75% D N N W mudn lim von bang hinh thdc vay ngan hdng nhimg chi cd 32,38% DN cd khd nang tilp cgn ngudn vdn ndy, 35,24% Idid d i p cdn vd 32,38% khdng till tilp can dugc. Dilu ndy dugc ly gidi mOt phdn do:
' To chuc nghien ciJni d ^ lap Economica (UNDP) dS phan lich so li^u tong dieu Ira DN tir nam 2001 den nam 2009, de dua ra cac danh gia nhanh vl chit lining phdt trien cua khu vuc kinh te tu nhan d Vi^l Nam sau 10 nam thirc thi Lu9t DN.
^ Theo thing kd cua BO ICH&DT, d^n cuoi quj* [11/2011, tin d|^g ddi v6i ITnh v^c san xuat tang khoang 13,52%, trong d6 tin d^ng ndng nghiep, nong thdn tdng 30,5%; tin dyng xuit khdu ling 31,77%; tin d^ing phi sdn xuat giam 16,95%, trong d6 dir n^ cho vay dg ddu tu, kinh doanh chung khoto giam 43,3%, du n? cho vay de ddu tu kinh doanh bai dgng san giam 10,1%, du ng cho vay tieu diing gidm 23,12%, du np cho vay ddi v6i cdc DNNVV giam 16%. NHTM tuy da ndi rgng canh cua cho DNNVV qua hinh thiJrc cho vay theo d\r dn kinh doanh nhung vay tin chip vSn con hfin chl. Doi vdi cdc khoan vay trung va dai h^, cdc ngan hdng quy dinh miJtc vdn cho DN vay c&n cii tren co so cfhgnh l^ch giQa tdng nhu cau vdn can thiet, hgp ly cua di; dn vdi vdn huy dgng khdc, vdn ty cd tham gia du dn dau tu cua DN tdi thilu phai 6 miic 30%. Tuy nhien, ngay cd khi ddp ihig dugc dieu kign d^u ti£n ndy, khdng phdi du an nao cung dugc vay vdn vi theo quylt dinh sd 03/2011/Q£>- TTg ban hdnh Quy che bdo lanh cho DNNW vay vdn t9i NHTM thl cdc DN IhuOc lofii "siSu nhd" khong thuOc diOn dugc bao lanh, ma phAn ldn cdc DNNVV hi$n t?ii l^i thugc dign ndy.
Tap chi nghien ctihi Tai chinh k^ toan ^ v
TAI CHfNH DOANH NGHIEP ( Sg 11 (112)-2012 )
Chinh sdch tin dyng ciia cdc ngan hang thuang mgi (NHTM) ldn chua thyc sy quan lam den khu vyc DNNVV. Dii trong thdi gian qua mOt sd NHTM da chu dpng hd trg cdc DNNVV tiong vii;c lgp dy dn sdn xudt kinh doanli dii tieu chudn vay von ngdn hdng nhung thyc ll cho thay DNNVV thudng dugc vay vdn lu cdc NHTM cd phdn nhieu hem Id td NHTM qudc doanh. Hon nda, Uiyc hipn chinh sdch tiln tp tiidl chgt, cdc NHTM hiOn nay buOc phdi gidi hgn cho vay pbi sdn xuat khdng qud 20%
long du ng vdo thdi dilm 31/I2/20II vddi kemvdi viOc ndng muc yich lgp dy phdng rui ro doi vdi bat dOng sdn vd cho vay the chdp vdng ldn 250%, ddng thdi kidn quylt chi tdi edp vdn cho cdc nhu cdu cu thd Id sdn xudt vat chdt (bdng xudt khdu, ndng sdn, ndng nghiOp, DNNW...) tiieo dinh hudng uu tidn eua Chmh phu. Dilu ndy dan den vide tiep can vdn vay ngan bdng cda cdc D N N W da khd lgi cdng khd hem.^
- Ben cgnh dd phdn ldn cdc DN biOn dang phai di vay vdi lai suat qud cao. Thdi gian qua, NHNN da cd khdng che mdc Idi suat huy dgng khdng vugt qud 14% nhung lgi khdng khdng chl Idi sudt cho vay Idm cho lai sudt tiln vay qud eao, phd biln hi 22
din 24%, cd biOl len din 28%/ndm. Vdi mdc ldi sudt vay ndy vd Igm phdt ban 18% nhu trong nSm 2011, DN phdi dgt ty 10 sinh ldi trdn 33% mdi du khd ndng bdo loan vdn. Tuy nhidn, dicu ndy ndm ngodi khd ndng cua rdt nhieu DN, ddc bipt Id DNNVV.
Von vay tir cho thui tdi chinh (CTTC) thdp:
CTTC dugc xem Id mOt phuang thdc tin dyng tmng vd ddi hgn rdt can thill cho cdc DNNVV. Theo mOt cuOc khdo sdt gdn day cda Cyc phdt triln doanh nghiOp, BO K I hogch vd Ddu tu ddi vdi 1.000 DN tiiuOc cdc thdnh phdn khdc nhau thi ban 70% sd DN dugc hdi trd ldi rang hg bilt rat it vd chua bao gid tim bilu, su dyng dich vy CTTC; gdn 20% hodn todn khdng bill v l dicb vy ndy, thgm chi cd DN hiiu CTTC nhu hogt dOng mua tra gdp, nhilu DN chua hidu ro bdn chdt edp tin dyng cua dich vy CTTC, chua thdy ro duge biOu qud, Igi ieh tu dich vy CTTC mang Igi vd hdu hit cdc DNNVV dIu chua su dyng ngudn vdn ndy. Khi cd nhu cdu v l vdn d l ddi mdi cdng nghp, mua sdm mdy mdc tiiilt hi, cdc DNNVV van tim din edc NHTM m$c dd thd tyc rdt chdt che vd dieu kiOn d l vay khd khdn ban nhilu.
Hgn che ngudn tdi trpr tit cdc quy ddu tu mgo hiim:
Mdc du hiOn nay nhilu quy dau lu mgo hilm coi th) tmdng vdn nude la Id th) tmdng uu tidn sd mOt dh ddu m trong thdi gian tdi nhung hogt dgng cua cdc quy cQng nhu logi hinh ddu tu mdi ndy vdn cdn nbilu gidi ban ddi vdi cdc DNNVV, xudt phdt tu nhimg nguyen nhdn nhu:
- Cdc DN chua cd sy chudn bi tdt trong viOc tilp cgn ddng von mgo hiem do chua cd nhgn thdc dung ddn vd thdu ddo vl vdn mgo hiem cung nhu cdcb thdc tilp can cd biOu qud ddng vdn ndy.
- Mdi trudng tdnh doanh cdn tdn tgi mgt sd ylu td bdt Igi nhu:
Cdn phdn biOt ddi xd vdi khu vyc DN m nhan; ca sd phdp ly cho quy dau m mgo hiem chua hodn thiOn; chua cd mgt thi trudng Idioa hgc cdng nghO phdt yidn ddng tdm; vdn de bdo hg tdi sdn sd hiiu tri mO chua du mgnh, thj trudng chiing khodn chua phdt trien day du vd khdng dong bO, quy md thi tivdng cdn kha nhd, tfnh thanh khodn chua cao.
- Hdu hit edc nhd qudn ty cao cap ddu Id ngudi nude ngodi. Khd ndng tgn dyng ca hOi bj hgn c h l l>di khdng cd cac nhd chuydn mdn ViOt Nam trong dgi ngu cdc chuyen gia qudn ly.
Ngodi ra, cdc chuydn gia dilu
^L^^"! ^tt 1 ? " ! ""^^ " ^ . ^ ° ' ^ ?° '^'^ '^'' ^°°''* ^ ^ ^ P*^ *=*>'" '^' ^"^^ '=»'° ^«y t^n >8%/nfi". trong khi chi khoang 20% cd ihl chiu dugc muc ISi suit ndy Cd khodng 5% sd DN dang di vay vdi lai suit tren 21% trong khi dd 100% DN Uiangdinh lai sual hgp ly dr thdi diem hi?n t^i Id dudi 17-18%. Cd tdi 17% s6 DN khi vay vdn ngan hdng vIn phdi trd muc luZ r , ? , T . " TZ^'- ^^^^ ^^ "^^ P*^ ' ^ *^"' -""^ "'* P^*'" '™"g binh Id 5.44%. Day la hg lyy tir vi^c m§t sd NHTM da lach Mt huy dOng vdn vdi muc 17.5- 18%/nam vd buOc phdi cho vay vdi mdc lai suit cao hon vd khodn lai suit tdng ihem nay dugc ngiiy irang dudi hinh thiic "lg phf".
T9P chi nghidn cuTu Tdi chinh k6 toan
( Sd'll (112)-2012 ) T A I CHINH DOANH NGHIEP
hdnh cdc quy Vipt Nam ed kinh nghidm rdt it vc vdn mgo hiem.
Td nhiing phdn tich trdn c6 the thdy viOc tim ngudn vdn cho hogt dOng sdn xudt kinh doanh cda DNNVV dang gap rat nhieu khd tdidn. Ndu nhiing tdid tdidn nay tdidng dugc giai quylt kjp thdi yong thdi gian ngdn thi tinh ygng sdn xudt, kinh doanh se bi dinh yO kdo ddi; ng qud hgn vd thilu khd ndng thanh todn tdng ten dan ddn nguy e a nhilu DNNVV bj phd sdn.
Gidi phdp cho vipc huy dOng vdn ciia DNNVV:
Hipn nay viOc huy dOng vd sd dyng nguon von yong nude cdn nhidu hgn ehe, nhung nd ddng vai trd rat quan ygng uong vide phan bd lgi ngudn vdn dau tu yong todn xd hOi theo hudng thu hep tdiodng cdch giua cdc khu vyc. v d n ddu m yong nude chd ydu Id ngudn vdn tu ngdn sdch nhd nude vd mgt phdn vdn huy dOng tii yong dan. Gidi phdp buy dgng vdn d Vipt nam yong giai dogn biOn nay:
Thd nhdt, cdn ddi mdi thl chl v l vdn. Tdi ca cau lgi cdc NHTM d l cung edp vdn vd cdc dich vy ngdn hang hiOu qud ban cho edc DN ndi chung vd DNNVV ndi ridng. Theo dd ddy nhanh thdnh ldp Quy bdo tdnh tin dyng, sua ddi quy c h l thdnh l ^ vd hogt dgng theo hudng cd chgn Igc vd khd thi hem nhdm tgo sy k i t ndi tiimg gian giiia ngdn hdng vd DN.
Thd hai, ddi mdi tiie c h l cho vay cua cdc NHTM. Nhd
nude ndn cho phep edc ngan bdng dugc chu dpng vd tinh hogt hon yong vipc cung dng vdn. Tu dd, tuy theo ldng khdch hdng, timg yudng hgp md ngdn hdng cd the tang hay gidm cdc dieu kiOn cho vay nhu tdi sdn the chap, lai sudt uu dai, ty 10 vdn ^r c6 cda DN tham gia ddi ung yong phuang dn vay. Nhu vgy, DN se cd nhieu khd ndng huy dOng dugc nguon vdn vay theo nhu cdu sdn xuat kinh doanh cda minh.
T h u ba, giup cho cdc ngdn hdng ed them dieu kiOn cung ling vdn cho DNNVV, Nha nude nen c6 chinh sdch uu ddi v l Idi sudt tdi edp vdn cho cdc NHTM phyc vy tdt eho DNNVV, cac ngdn hdng cd ty Ip du ng cao ddi vdi Idiu vyc D N N W
Thd tu, ban hdnh cdc chinh sdch khuyin khich cho ngan hdng, cdc td chdc cung ung vdn khdc yong cdc hogt dOng cda minh nhu midn, gidm thul thu nhdp DN, cho phdp cdc td chdc dugc huy dOng vdn td cdc ngudn vdn yong vd ngodi nude, cdi cdch thu lye hdnh chuih, phdp ly d l thu hdt ddu m nude ngodi vdo Iinh vyc ndy.
Thd ndm, hd trg ddo tgo cho DN cd khd ndng thdnh Igp dugc nhimg k l hogch kinh doanh cd tinh khd thi de thuylt phyc edc ngdn hdng cho vay vdn; khuyin khfch edc DN ciing gdp vdn hinh flidnh edc quy ty gidp nhau. V l phia ngdn hdng, Nhd nude can nghien cdu dp dung chinh sdch uu dai, bdo ddm
Igi nhugn md cdc NHTM thu dugc td khodn vay cda cac khdch hdng Id D N N W
Tdi UOu tham khdo:
Cdc Bdo cdo cua Hi?p hgi DNNVV vi kit qud thyrc hipn Kit lugn so 02- Kl/TWcua Bg Chinh tri vd Nghi quyet so 11/NQ-CP Ciia Chinh phu.
2011:
Bdo cdo tdng kit tinh hinh thifC hiin ki hogch phdt triin DNNVV 5 ndm (2006-2010), Cgc phdt triin DN, Bg KH&DT
Bdi viet "Thdt chat tien te vd cu sdc ldi sudt doi v&i DN", TS. Td Anh Duang. Vien Kinh ti Viit Nam.
"Chinh phu nin mua na de cim doanh nghi$p vd ngdn hdng"- T.S. Nguyin Dgi Lai
Thim khung qudn vdn nhd nuac tgi doanh nghiep- Vdn Truang'23/05/2012.
http://vneconomy. vn/20120523 010651796P0C6/them~khung- quan-von-nha-nuoc-tai-doanh- nghiep.htm.
"Qudn ly vdn nhd nu&c tgi doanh nghiep: Ba van dephdi ddi mgt"- Hiing Thanh - 25/08/2009.http://www.bao- moi.com/Home/KinhTe/tinnhan hchungkhoan. vn/Quan-ly-von- nha-nuoc-tai-doanh-nghiep- Ba-van-de-phai-doi- mat/3123116.epi
Tap chi nghien cufu Tai chinh k^ toan ^ 3 ,
