TAP GHJ CONG THIftflilG
KINH NGHIEM MUA BAN VA SAP NHAP CUA CAC DOANH NGHIEP Of MOT SO
QUOC GIA TREN THE GlOfI
• TRAN TH! NGOC ANH
TOM TAT:
Trdi qua hPn mot thdp ky de'n nay, nhffng Ian sdng mua ban va sap nhap (M&A) tten the' gidi khdng ngffng gia tdng ve cd sd' Iffpng vd gid tri cua cdc thffdng vu cung nhff sff da dang ve ngdnh nghe,lTnhvffcnhffkhd'inganhtaichinhnganhdng, xdy dffng va ba't ddng san, cdng nghiep, ndng Iffpng, cong nghe, thffcpham, vien thdng... Trffdc thffc te'tren, viec nghien cffu kinh nghiem phat ttiln hoat ddng M&A cua cdc nffdc trdn thd' gidi Id v6 cung hffu ich. Nhffng kinh nghiem nay se la ngudn tff heu quy gia va bai hoc bd ich cho cac ben tham gia vao hoal ddng mua bdn, sap nhap tai Viet Nam. Vi ly do do, tac gid chpn de tai "Kinh nghiem mua ban va sap nhap cua cac doanh nghiep d mdt sd' qud'c gia tren the' gidi",
TiJf khoa: kinh nghiem mua ban va sap nhap, cac doanh nghiep tren thd' gidi, ,
I. Bai hpc kinh nghidm cho Viet Nam td hai nen kinh te' dgc trffng la Hoa Ky va Trung Qud'c
/ . Bdi hgc kinh nghiem tUHoa Ky 1.1. Bdi hoc ve xdy dtfng khung phdp ly hodn chinh
Sff hodn chinh trong khung phap ly vd hoat dong M&A doanh nghiep tai Hoa Ky khdng phai dffpc xay dffng ngay tff dau md dd trai qua hang tram nam bd' sung, cap nhdt theo nhffng thdng tram cua nen kinh te', Sau mdi mdt dpi sdng, mot thffdng vu cd sffc anh hffdng, he thd'ng phap ludt cua Hoa Ky lai tim each dieu chfnh khung phap ly sao hd trd nhieu nhd't hoat ddng M&A doanh nghiep didn ra that sudn se. Tai Viet Nam, cho de'n nay chung ta da hoc hdi dffde tff Hoa Ky kha
nhieu khi xdy dffng dffpc mot bd khung phdp Iy cd ban hoan chinh cho hoat ddng M&A doanh nghiep. Viet Nam da sffa ddi va ban hanh mdi nhieu bd luat quan trpng nhff: Luat Dau tff, Ludt Doanh nghiep, Ludt Canh tranh... kem theo dd la hdng loat cdc chinh sach cai thien mdi trffdng kinh doanh va ndng cao nang Iffc canh tranh cua doanh nghiep vd cua qud'c gia. Song mffc dd cu the nhff tai Hoa Ky thi chffa. Ly do chu ye'u vi cac thffdng vu dien ra tai Viet Nam cd quy md con khiem td'n, it thffdng vu cd gia tri thffc sff ldn va cdch thffc xay dffng ludt cua chung la cdn khac vdi Hoa Ky.
1.2. Bdi hoc xdy dUng nen kinh te cgnh tranh Ro rang viec so sdnh vdi nen kinh te'the gidi Id khap kbiing, xong khdng the phu nhan boat
220 So 7-Thong 4/2019
KINH DOANH
ddng M&A doanh nghiep tai Hoa Ky cd the tie'n hanh thudn ldi ngoai .sff hd trd tff khung phdp ly ro rdng, tffdng dd'i day du cdn cd sff bd trd tff mdt nen kinh le' iff do, mot thj trffdng tai chinh minh bach, canh tranh va hieu qua, day la bai hoc kinh nghiem sdu sac cho Viet Nam trong tie'n trinh hdi nhap kinh te' qud'c te' sdu rdng md ra mpt khdng gian mdi chu ddng vd binh ddng vdi nhffng cd hpi M&A cho cd cac nha dau tff nffdc ngodi vd npi dia,
2. Bdi hgc kinh nghiem td Trung Qudc 2.1. Co phdn hoa cdc doanh nghiep SOE
Hoat ddng M&A doanh nghiep tai Trung Qud'c phdt trien bdi nhieu ye'u to' thudn Idi xud't phatca tff phia ban than nen kinh te'Trung Qudc vd cac chinh sach cua chinh phii Trung Qud'c. Ve phia chinh phil Trung Qud'c, hoat ddng M&A doanh nghiep cung dffde lao ra't nhieu dieu kien thuan Idi. Dac biet ke Iff nam 2001 khi Trung Qud'c chinh thffc gia nhap WTO, vdi nhffng cam ket v^ linh vffc tai chinh, ba't dong san, cd sd ha tang, la nhffng Imh vffc tiem nang hffa hen se mang lai nhieu cd hdi cho boat ddng M&A doanh nghiep phat trien. Mdt trong nhffng diem md'u chdt cua cuoc each mang kinh te tai Trung Qudc do chinh la chinh sdch cd phan hda SOE. Ddy cung Id bdi hoc sau sac cho Vidt Nam trong giai doan tai cd ca'u, co phan hda cac doanh nghiep nhd nffdc de phat trien ben vffng.
2.2. Thu hlit vdn ddu lUnUdc ngodi Trong nhflng nam vffa qua, chinh phu Trung Qud'c da dffa ra nhieu chinh sach nhdm thu hiit vdn FDL Cd the ndi nguon vd'n FDI ddng vai trd quan trpng giup cdc nffdc dang phat trien cd the tien bd vd hda nhdp vao nen kinh le' thi trffdng nhanh hdn. Khi nen kinh te' phdt trien vdi Iffdng FDI ddi dao, dieu nay se la mot trong nhffng dpng Iffc quan trpng de thiic day ihi trffdng M&A doanh nghiep, 6 Viet Nam, ke iff khi chinh thffc gia nhdp td chffc thffdng mai the' gidi WTO va cdc hiep dinh thffdng mai FTA, tich cffc day manh hdi nhdp kinh te qud'c te vdi chinh sach md cffa, thu hut vd'n dau tff nffdc ngoai, khdng nhflng cdc nha dau tff trong nffdc ma cac nha dau tff nffdc ngodi tai Viet Nam ludn dffde sff quan lam vd tao dieu kien thudn ldi cua chinh phu thffc hidn ke hoach
dau tff ciia minh. Cho de'n nay, dffdi nhflng dieu ludt mdi, quan diem nen kinh te hdi nhdp, cai thien mdi trffdng kinh doanh vd ndng cao nang lffe canh ttanh qud'c gia Id hanh dong cam ke't vffng ben cua chinh phu Viet Nam dd'i vdi cac dd'i tac qud'c te, trong dd viec lim hieu vd tham gia boat ddng M&A doanh nghiep noi len nhff mdt hinh thffc mdi vd chiem li trgng ngdy cdng cao trong tdng Iffdng vd'n FDI trong giai doan ndy.
II. Mpt so' giai phap thiic day hoat ddng M&A cac doanh nghiep d Viet Nam
i. Kien todn he thd'ng ludt dieu chinh hogt dong M&A
Xu hffdng M&A cua cdc doanh nghiep d Viet Nam trong thdi gian ldi dffde dff doan se rd't sdi dong. Mot mdi trffdng kinh te' - chinh tri - xd hdi dn dinh va mdt mdi irffdng phap ly ddng bd, lanh manh se tao dilu kien thuan Idi cho hoal ddng kinh doanh ndi chung va boat dpng M&A doanh nghiep ndi ridng phat trien ben vffng.
Hien nay, cdc van ban phdp ludt dieu chinh trffc tie'p boat ddng mua lai vd sdp nhap danh cho cdc doanh nghidp chffa rd rdng, vi the qud trinh thffc hien thffdng vu mua lai vd sap nhap didn ra gap nhieu khd khan. Cdc doanh nghiep mud'n thffc hien M&A phai nop bd sd xin phep va chd xem xet tra ldi bang van ban cua cd quan cd tham quyen. Do dd, cdc cd quan quan Iy nhd nffdc, trong dd, Uy ban Chffng khoan Nha nffdc can thuc day nhanh qua trinh soan thao cac van ban phap ly lien quan de'n boat ddng M&A doanh nghiep de dam bao Idi ich cho cdc doanh nghiep, iff do thuc day sff hdp tdc va tang nang Iffc canh tranh trong nffdc khi bi cdc cdng ty tdi chinh nffdc ngodi mua lai.
Hdn nffa, cac hinh thffc M&A d Viet Nam kha ddn gian. Do dd, Nha nffdc can tao dieu kien de da dang hda cac hinh thffc hoal ddng, gdp phan lam phong phu them ngudn cung cau cho th;
trffdng M&A Viet Nam. Sff kiem soat cua nhd nffdc dd'i vdi thi ttffdng M&A la rd'l can thie't nham ban che nhflng lieu cffc do ddc quyen mang lai cho nen kinh te' va ngffdi tidu dung. Dong thdi, viec xac dinh thi phan sau mua lai, sap nhdp cd nhieu cdch tinh vdi nhieu ke't qua khac nhau.
Chinh vl vdy, Nhd nffdc can phai quy dmh each
So 7 - T h a n g 4/2019 221
TAP cni CONG THKltNG
tinh cu the, nen chang tinh thi phan theo phffdng phdp rieng le tffng dich vu, bdi vi trong nhieu trffdng hdp each ndy cho ke't qua chinh xdc hdn, nhdm trdnh trffdng hdp doanh nghiep Idi dung cdch tinh de gay nen tinh trang ddc quyen.
Nhd nffdc ndi chung vd Uy ban Chffng khodn Nhd nffdc ndi rieng cung nen quy dinh cu the cac giao dich M&A bi ca'm trong van ban phdp luat.
Tdm lai, ludt phdp vd cdc chinh sdch cho boat ddng M&A nen dffde thie't kd' theo hffdng hd trd cho sff phdt trien thi trffdng M&A, phat huy ldi ich cung nhff ban che'nhflng tac ddng xa'u do nd mang lai, Dong thdi, khung phdp ly cho M&A phai cd lam nhin ddi han, trdnh sff chdng cheo vd phdi dat dffde dp thdng thodng, phu hdp vdi thdng .e qud'c te'.
2. Tien hdnh dong bo cdc bUdc giao dich nham dgt hieu qua trong hogt diing M&A
Hoat ddng M&A doanh nghiep chi mang lai hieu qua neu dffde thffc hien cd ke' hoach va trinh Iff rd rdng, dffdi sff kiem soat va quan ly bao qudt cua cac nha quan Iy. Trffdc khi quye't dinh thffc hien M&A, mdt doanh nghiep khac doanh nghiep can phai xac dinh dffde phffdng thffc, chie'n iffdc sdp nhdp phii hdp vd cd Idi nha't cho minh. Doanh nghidp cd the M&A de lang vd'n, md rdng hoat ddng sdn xua't kinh doanh, cung cd the giam dd'i thu canh tranh khi tie'n hanh sap nhap cdc doanh nghiep cung ngdnh,..
Cbu ddng tim kie'm dd'i tac dem ndng phu hdp vdi nhu cau va chie'n Iffdc kmh doanh cua cdng ty minh. Qua trinh thd'm dinh bao gdm nhieu bffdc phffc lap, ddi hdi sff tham gia thffdng xuyen ciia mot bo phdn phu trdch M&A doanh nghiep chuyen nghiep de ttanh cac hdnh vi gian Ian, thie'u minh bach khi tham gia vao hoat ddng mua ban vd sdp sap doanh nghiep.
3. Tdng cUdng kiem sodt thdng tin vd tinh minh bgch cua thong tin
Trong bd't cff boat ddng kinh doanh ndo, ke ca ttong ITnh vffc M&A, doanh nghiSpdeu can dffde xay dffng kenh kie'm soat thdng tin vd linh minh bach cu the'. Bdi trong hoat ddng M&A cdc thong lin ve thi trffdng gia ca, thffdng bieu, thi phan, quan tri Id ra't can thie't cho ca hai ben dd'i tffdng.
Ne'u thdng tin khdng chinh xic thi cd the gdy
nhiiu thiet hai cho ca ben mua va ben ban, ddng thdi anh hffdng de'n cdc thi trffdng khac. Keo theo hieu ffng day chuyen ne'u mdt vu M&A Idn didn ra khdng thdnh cdng bode cd ye'u to' Iffa dd'i thi hau qua vd ciing Idn cho nen kinh te', cd the' lam cho cd' phie'u, tra i phie'u, tinh hinh boat ddng kinh doanh, ddu tff cua doanh nghiep dd vd cdc doanh nghiep lien quan anh hffdng theo.
4. Phdt trien cdc to chdc tU vdn M&A Nguyen tac thffc hien cac giao dich M&A doanh nghiep Id dffa tren sff tbda thudn ddng y cua hai ben dd'i tdc vd cd ngffdi trd giup cua cdng ty tff va'n. Do dd, Nhd nffdc cdn chu trong de khuye'n khich cac chu the phdt trie'n hdn nffa, ttd thdnh cdc td' chffc tff va'n M&A chuyen nghiep, cd ndng Iffc va dao dffc nghe nghiep. Tinh chuyen nghiep cua cac cdng ly tff va^n the Men 6 nhflng diem nhff: Cd du ngudn nhan Iffc cd trinh dfl chuyen mdn cao, cd kha ndng cung cap cdc dich vu cd lidn quan dd'n boat dong M&A: mdi gidi giao dich, dinh gid doanh nghidp, tff vd'n vl ITnh vffc tdi chinh, luat, mdi trffdng... hd trd doanh nghiep lap ke' hoach thffc hien cac thffdng vu M&A, tham gia ciing doanh nghiep de dam phdn trffc de'p vdi phia dd'i tdc; giup doanh nghiep phan tich, danh gia hoat ddng cua thffdng vu M&A, iii dd phdt hien va dffa ra giai phdp phdng ngira nhflng riii ro cd the xay ra khi tham gia vao thffdng vu.
5. Phdt trien nguon nhdn lUc cho thi trUdng M&A
Thi irffdng M&A doanh nghiep tai Vidt Nam ngdy cdng trd nen phat tnen vd hdi nhap. Cac thffdng vu M&A thanh cdng khdng chi dd'i mat vdi cac va'n de ve tdi chinh, ke' toan, thue', mdi trffdng van hda doanh nghiep.., md cdn phu thuoc vdo ndng Iffc chuyen sdu cua tang Idp nhan Iffc ve da dang cdc hnh vff khac nhau nhff luat phap, thffdng hieu, tai chinh... Do do, can cd nhffng chffdng trinh ke' hoach dao tao de cd dffde ddi ngii chuyen gia td't, nhffng ngffdi mdi gidi, tff va'n cho cd ben mua, ben ban, ddng thdi la ngffdi cung cd'p thdng tin minh bach nhd't ve thi trffdng.
Do'i vdi cdc chuyen gia, cdc nha lam ludt cd the cho hp di hoc tap kinh nghiem d nffdc ngoai, ndi cd thi trffdng M&A Idu ddi va phat trien •
222 So 7-Thang4/2019
KINH DOANH
TAI LIEU THAM KHAO:
; ThS. NguySn Trung Diing (2016), "Mdt sSgiai phdp tang tinh hieu qud dgi vdi qud trinh M&A ngdn hdng tai
Viet Nam", Tap chi Ngdn hdng. So 1/thdng 5, Tr26-2S ' 2. ThS^ Tang Binh San (2014), "Th, trudng mua bdn. sdp nhdp ta, VlltNam: 10 ndm vd nhiing cbuyH'n bie'n manh
me , Tap ch, Doanh nghiep vd Thuang mgi. truy cgp ngdy 1/8/2017, til: http://www dntm.vn/index.pbp/news/Nhan-
<t'nh-Du-bao/Thi-tniong^inua'ban-sap^nhap-tal-Vlet-Nain-I0-nain-va-,ihung-chuyen-ble,i-manh-ine-S9S4/
3. ThS Trinh Thi Than Lan vd ThS. NguySn Thiiy Linh (2010). "M&A vd tdc ddng ciia ySu to'vdn boa" Tap chi Khoa hgc DHQGHN. Kinh ti vd Kinh dodnb 25, Tr 256 -261.
4. TS Vu Anh DUng vd PGS. TS Phling Xudn Nha (2011), "Md, sg vin dS ly ludn vd thuc liSn vi sdp nhdp vd mua Igi", NhSng vdn de kinh te vd chinh tr, the gidi. So 10, TrlS - 26.
5. NguySn Manh Thai (2009). "Phd, trie'n Ihl trudng mua bdn sdp nhdp- Hudng di mdi cho Viet Nam", ludn viin Ihgc sy, Dal hoc Kinh te Thdnh pho Ho Chi Minh.
Ngay nhan bai: 25/3/2019
Ngay phan bien danh gia va su'a chOa: 4/4/2019 Ngay chap nhan dang bai: 14/4/2019
Thong tin tac gia:
ThS, TRAN THI NGOC ANH
Khoa Tai chinh Ngan hang - Trifcfng D^i hoc Kinh tg' Ky thu^t Cong nghifp
MERGERS AND ACQUISITIONS EXPERIENCE OF ENTERPRISES IN SOME COUNTRIES
AROUND THE WORLD
Master. TRAN THI NGOC ANH Faculty of Finance - Banking University of Economics - Technoiogy for industries
TOM TAT:
Over the past decade, mergers and acquisitions (M&A) activities in the world have continuously increased in terms of the number and the value of deals. The M&A activites have also spread to various indusuies and fields such as finance and banking, construction and real estate, manufacturing, energy, technology, food, telecommunications sectors. Given this fact, it is important for Vietnam to gain M&A experience from countries around the world.
Keywords: Mergers and acquisitions experience, entreprises in the world.
So7-Ttidng4/2019 223