PHAT TRKN ml TRUONG v d ^
HOAT OONG MUA BAN VA SAP NHAP DOANH NGHIEP
• •
TRONG BOI CANH KHO KHAN VE TAI CHINH
GS.TS. Pham Quang Trung Dqi hgc Kinh fS Qudc dan
Mua ban va sap nhap doanh nghi&p (MSA) da va dang ngay cang phat trien manh me tren the gidi cun^ nhud Viet Nam. Nam 2011, trong boi canh kho khSn treri thj tn/dng tai chinh, nhieu tai san giam gia manh tao co hoi idn cho hoat dong MSA. Vdi tinh CO hgi va nhOmg Igi feh h^p dan nen lioat dgng MSA dugc xem'nhir mot ITnh vuc dau tu dac thu va co hieu qua cao, dac biet la trong cac thdi ky khCtng hoing kinh te va cac bien dgng hau khdng hoang. Bai viet hudng trgng tam vao mdt so' van de kho khan va bit cap doi vdi hoat ddng MSA d nudc ta va de xuit mgt so' giai phap nham iam thuan igi hoa cho suphat triin cda MSA d Viet Nam trong giai doan mdi.
1
. Cd hoi tang cirdng M&A d ^ Viet Nam trong boi canh khd khan ve tai chinhNam 2011, trong bdi canh khd khan tren thj tn/dng tai chfnh toan cau, tlij trirdng tai chfnh va nen kinh te Viet Nam tiep tuc phai di/dng dau vdi sir bat dn va nhieu thach thirc, dac biet la tinh trang lam phat cao, nhieu doanh nghidp thieu vdn va cang thing ve thanh khoan. Thirc hien Nghi quyet sd 11/NQ-CP ngay 24/2/2011 ciia Chinh phO, "ve nhOmg giai phap ChQ yeu tap trung kiem che lam phat, 6n dinh kinh te vT md, dam bio an sinh xa hdr, tir Qu^ 1/2011 Ngan hang Nha nirPc Viet Nam thi/c thi chinh sach tieh te chat cliat de kiem soat lani phat; dong" thdi Chfnh phO cung tang cirdng kiem soat, cat giam dau ti/
cdng va chi tieu ngan sach de gdp phan chong lam phat.
Trong bdi canh bat ibl cCia thi tn/dng tai chinh, nhieu cong ty gap khd khan ve von, chi phf vd'n vay tang cao bat thu'dng trong khi chi'nh ban than cac ngan hang thi/ong mai cung dang phai huy dong von v6i lai su^t cao tcr 14%/nam de'n 18%/nam. ca biet c6 trirdng hdp lai sulft huy dong cao tdi 19%/nami.
Nhu mpt he qua mang tinh quy luat, trong nam 2011, khi thj tri/dng tai chi'nh khd khan, thi^ trirdng chi/ng khoan sut giam circ ky manh, lam phat va mat bang lai suat dang cao th] day chfnh la giai doan bijng nd cac hoat dpng miia ban, sap nhap doanh nghiep. Cac thi/dng vu M&A dien ra nhir nhumg hoat dpng dau tU dac thii vira mang tfnh giai phap tai CO cau tai chfnh, loai bo cac doanh nghiep "d'm ye'u", visa thuc day tang cudng nang li/c canh tranh c(!ia cac doanh nghiep de ton tai va phat trien.
Mua ban va sap nhap doanh nghiep {tieng Anh ia Mergers and Acquisitions- MSA) da trd thanh hien tUdng kinh te-tai chfnh phd bie'n va c6 vai trd quan trpng trong qua trinh hinh thanh nhCrng tap doan Idn tren the gidi. Tuy nhien, 6 Viet Nam cac hoat dpng mua ban, sap nhap doanh nghiep cdn la hien tirdng tu'dng ddi mdi, chua thpt sir phd bien. Cho tdi khoang nam 2000 thi nhiJfng thu'dng vu M&A dau tien da bat dau xucit hien va thu hut si/ quan tam tren thj tri/dng tai chi'nh nhi/ la mpt trong nhufng kenh dau ti/
dac biet, mang tfnh cd hpi va la san pham cCia moi tri/dng canh tranh.
Trong nhufng nam gan day, hoat dpng M&A tai Viet Nam ngay cang phat then va tie'p tuc gia tang ca ve so thi/dng vu va tdng tri gia cac thi/dng vil mua ban, sap nhap doanh nghiep. Gia tri giao dich M&A tai Viet Nam nam 2010 dat 1,7 t^ USD, vdi tren 345 thUdng vu, tang 65% so vdi nam 2009.2 s d thUdng vu M&A va gia trj cac hdp ddng mua ban, sap hhap cCia nam 2009 la 295vuva 1,11^ do la My.
Theo bao cao phan tfch ciia PwC, Viet Nam la nudc dang phat triln cd si/ gia tang nhanh chdng cac hoat dpng M&A trong 10 nam qua va dUdc xem la ni/dc cd tdc dd phat trien M&A nhanh nhat trong khu vi/c chau A - Thai Binh DUdng.' Nam 2005 Viet, Nam ghi nhan 18 thUdng vu M&A vdi tdng gia tri 61 trieii USD; nam 2006 da tang len tdi 38 vu, tdng gia tri 299 trieu USD; nam 2007 tahp gan gap 3 lan vdi 113 vu, tong gia trj giao djch 1,753 ty USD, rieng 6 thang cudi nam 2007, tdng gia tri M&A la hdn 1 {^ USD.
Hoat dpng mua ban, sap nhap cong ty viia mang ti'nh chat gidng cac giao djch dau ti/
(investment), vCra cd nhiJmg tfnh chat cCia giao djch thUdng mai (trading). Mat khac, M&A
HflTTRieNTHITRl/ONGVON
^^^^i&.
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Bkng 1: Mpt so thi/dng vu mua ban, sap nhap gin day d Viet Nam Nim2011 2011 2011 2010
2010
2010 2010
2010
2010
Ben ban
Cong ty CP ChCrng khoan Vincom
Cdng ty Djch vu tiet kiem Buu dien
Cdng ty CP Dadng Ninh Hda
Cty CP Dau ti/ BDS va thi/dng mai Thang Long
Ngan hang TMCP Qudc te(VIB)
Cdng ty CP Xi mang Ha Tien 2
Cdng ty CP Chufng khoan Dau khf (PSI)
Cdng ty CP Chi/ng khoan Gia Quyen (EPS)
Cdng ty CP Click and Phone
Ben mua
Cdng ty CP Tap doan Xuan Thanh Ngan hang TMCP Lien Viet
Cdng ty CP Thanh Thanh Cdng (TTC) Cdng ty CP dau ti/
PT dd thi & Khu CN Song Da Commonweath of Australia (CBA) Cty Xi mang Ha Tien 1
Cdng ty CP Nikko Cordial (NB) Cdng ty Chufng khoan va DT Han Qud'c
Golden Bridge Nguon: T6ng
LTnh virc kinh doanh
Chufng khoan Ngan hang, Dich
vu tai chinh Thi/c pham, mi'a
dl/dng Bat dpng san va
xay dung Ngan hang
Vat lieu xay di/ng Chufng khoan
Chufng khoan
Chufng khoan
Gia trj thirdng VU, Ty le sd
hufu 75% vdn dieu le 100% Sap nhap 4.131.000 CP, (51%) 60% vdn dieu le 15%
(se mua 20%) 100% sap nhap 14,9%
(133,71:^
ddng) 49% vdn dieu le
49% vdn dieu le
hgp cCia tac gia - (5/2011) ludn song hanh vdi viec tai ca'u
true cdng ty (corporate restructuring) cho nen loai giao dich nay cd tfnh phufe tap va dad thij, khac vdi viec miia ban cac hang hoa thdng thirdng.
Hoat dpng M&A dien ra d hau het cac nganh trong nen kinh te nhUhg vdi cac mufc 66 khac nhau do dac diem rieng cCia mdi nganh. Nganh ngan hang la ndi cd nhieu tiem nang cho boat dpng mua ban, sap nhap va cd the hufa hen si/ sdi dpng ye M&A trong ti/dng lai.
Co the neu vf du ) ban 17,8%
cd phieu cho 16 ddi tac chien li/dc trong dd cd Ngan hang ACB, Tap doan Kinh Dd, Tdng Cdng ty Cd phan Tai chfnh Dau khi (PVFC),... vdi kim ngach khoang 248 trieu USD.
Mpt thi/drig vu mua ban khac la trudng hdp Ngan hang TMCP Ky thi/dng^(Techcom- bank) ban 10% cd phan cho Tap doan HSBC vdi tri gia
17,3 trieu USD, sau dd HSBC tang sd hi/u them 5%. Ngan hang TMCP Xua't nhap khau Viet Nam (Eximbank) da ban 15% cd phan cho Tap doan Sumitomo Mitsui (Nhat Ban) vdi tri gia 225 trieu USD, Ngan hang TMCP Nha Ha Ndi (Habubank) ban 10% cd phan cho Deutsche Bank AG (Dure).
Thang 4- 2010, Ngan hang Commonweath Bank of Aus- tralia (CBA) da thoa thuan mua 15% cd phieu cCia NgSn hang TMCP Qudc te VIB va se nang mi/c sd hufU len 20% neu di/dc Chfnh phCi cho phep.
Theo du doan, vdi tinh hinh tai chi'nh^ khd khan, dac biet khi gia cd phie'u nhieu hgan hang xudng qua thap thi mpt sd vu mua ban cd phan kh^c trong ITnh vi/c ngan hang se tiep tuc dien fa va lam thay ddi bi/c tranh he thd'ng ngan hang thUdng niai trong ti/dng lai.
Trong nganh chOng khoan, da diin ra vu chuyen nhirpng
cd phan ciia Cdng ty Cd phan Chufng khoan Hirdng Viet ban hdn 48% vdn dieu le cho Mor- gan Stanley (Singapore) Hold- ings Pte; Cdng ty Co phan Chufng khoan Click and Phone chuyen nhi/dng 49% vdn dieu le cho Cdng ty Golden Bridge ciia Han Qudc, Cdng ty Cd phan Chufng khoan Viet Nam da ban 49% quyen sd hufu cho Ngan hang RHB Malaysia.
Trong nganh cdng nghi&p thuc pliam, mpt thi/dng vu M&A ndi tidng la viec Cdng ty Kinh Dd da mua lai kem Wall's va da thu di/dc thanh cdng dang ke trong thi tn/dng kem an cCia Kinh Dd vdi mufc ldi nhuan cao. Kinh Dd cung dang^thi/c hien viec sap nhpp hai td hdp cdhg tycon KDC va NKD trd thanh mpt doanh nghiep duy nhat nham muc tieu tang sC/c manh canh tranh ciia tap doan.
Trong ITnh vuc hang khong
thj cd yu Quatas mua lai 30%
CO phan cCia Pacific Airiines (PA) va dan tdi viec tai cd c^u cong ty nay trong bdi canh PA dufng tri/dc nguy cd vd nd.
Thi/dng vu thau tdm cOa Quantas cung da giup giai quyet khCing hoang tai chinh cCia PA de hinh thanh mdt doanh nghiep mdi ve chat
Su phong phd, da dang cda M&A dang ngay cang tang.
Gan day, trong nganh thu^ san Viet Nam, mpt tri/dng hdp chaojnua cdng khai dau tidn da dien ra. Cdng ty CP Hung Vi/dng chao mua cd phan cCia Cdng ty CP che bien thu^ san Agifish An Giang (AGF). Mac dij gap mpt sd khd khan ban dau ve thii tuc phap 1^' do ti'nh chat mdi ciia thUdng vu, nhimg cudi ciing Cdng ty Hiing VUdng da mua thanh cdng 6.568.466 cd phieu AGF.
chiem 51,03% tdng sd co phieu dang luu hanh ciia AGF va trd thanh cdng ty me cCia AGF ti^cudi thang 3- 20103.
Cdng ty cd phan Hiing VUdng da tien hanh thuong vtj chao mua cdng khai cd phieii dau tien tren Sd giao dich chufng khoan nen da thu hiit sir quan tam ciia ca gidi kinh doanh cung nhi/ cac chuyen gia phap luat; day cdn la mpt loai hinh giao djch M&A chi/a cd tienje d Viet Nam va lam Ip ro khoang trdng trong cac vah ban phap quy hien hanh ve chao mua cdng khai.
Trong dieu kien khiing hoang hoac khd khan ve tai chjnh, cac doanh nghiep cd the thuc hien tai ca'u triic tai chfnh thdng qua su thoai v6n diu tu. Hoat dpng ngi/dc lai ciia dau tu la su thoai yon diu tu. Chting ta cung can quan tam de'n viec thoai vdn dau ti/
(disinvestment) ciia cac cdng ty vl day la hoat dpng ngi/pc lai boat ddng mua cdng ty va cung dien ra gan lien vdi cac giao dich M&A. Ching han, trong ham 2010, Ngin hang ANZ bat dau cong bd thi/c hien thoai vdn cCia minh tai Ngin hang Saeombank
PHflT TRieN THi TRUONG V<
(STB). Hien tai. ANZ dang nam giur 10% cd phan tai STB va Ngan hang ANZ cung da di/pc Ngan hang Nha nu'dc cho phep thanh lap chi nhanh ngan hang 100% vdn nudc ngoai tai Viet Nam. Viec thoai vdn cOa cac chii the \a nham cac muc tieu khac nhau trong dd cd viec tai cd cau tai chi'nh, dieu chinh danh muc dau ti/
(portfolio) hoac do dieu chinh chien lUdc cdng ty.
2. Nhumg khd khan va han che do'i vdi boat dpng M&Ad Viet Nam
Qua khao sat cac vu mua ban va sap nhap doanh nghiep trong thdi gian qua d nudc ta cd the thay rang hoat dpng nay cdn gap mpt sd khd khan va trd ngai nhir sau:
ThU nhit: Cac van bin phap iy lien quan den MSA. Cac giao dich M&A bao ham viec mua, ban hoac tai ca'u triic nhumg loai hang hoa dac biet - dd la cac thi/c the kinh te.
nhiimg cdng ty va nhiimg co phan cOa chiing. Do dd, trong mot sd trudng hpp, cac chii t h i tham gia M&A cdn rat liing tiing vi gap mpt sd van de ve phap 1^ va thii tuc hanh chfnh.
Theo quy dinh hien hanh, gidi ban sd hufU tdi da ciia nha dau tu ni/dc ngoai trong doanh nghiep niem yet hien la 49%.
Gidi han nay la can thie't de bao ve cac cdng ty trong ni/dc tri/dc kha nang de bi cac cdng ty ni/dc ngoai thdn tfnh. Tuy nhien, nhieu y kie'n cho rang nen xem xet va quy dinh linh boat hdn ddi vdi cac loai hinh cdng ty khac nhau, trong cac ITnh vi/c khac nhau. Theo cam ke't WTO va tat Nghj djnh 139 thi nha dau ti/ nudc ngoai di/dc sd hufu tdi 99% doanh nghiep trong ITnh vi/c phan phdi theo Ip trinh md cCira. Nhung tren thi/c te, sd Ke hoach va Dau tu cac tinh, thanh phd v i n phai xin y kien cOa Bp Cdng Thi/dn^ trong cac tri/dng hdp cu the diln ra M&A. C i c tri/dng hdp sap nhap ma thj phan ctia doanh nghiep lien
'd9
quan chiem tren 30% thi phai' cd van ban cho phep cCia Cue quan ly canh tranh. Trong cic tri/dng hdp dd, viec xac ^ n h thi phan cOa doanh nghiep tham gia cung la mdt cdhg viec phai dUdc tfnh toan chinh xac.
Viec quy dinh loai tien te si!lr dung trong mua bah, sap nhap doanh nghiep cung can dUdc xac dinh ro mpt each thdhg nha't la VND, vang hoac ngoai te. CIJ the la trong tai Dieu 59 Luat Doanh nghiep va Nghi dinh 109, Thdng ti/ 03 can cd SL/ thdng nhat ve viec SIJT dung VND lam ddng tieh giao dich trong boat dpng M&A, tuy nhien, tri/dng hdp lien quan den vang hoac ngoai te thi cung can dupc hi/dng " dan each thufc thi/c hien va xif 1^
cac phat sinh.
ThU hai: Tam iyphin khang va sunghi nghd la mpt van de gay nhieu khd khan cho boat dpng M&A bdi vi phfa cdng ty bi mua thudng cd hieu umg tam ly khdng thuan ldi hoac hieu img cam thay cdng ty ci!ia minh "bi thdn tfnh" Theo phan umg mpt each tu nhien, ngudi ta khdng mudn cdng ty ciia minh bj mpt ngudi khac mua va thdn tinh. Hieu img tam ly
"bj thdn tmh" cd the dan den nhumg ^han t ^ g tu ve thai qua hoac bat hpp tac trohg mpt bp phan can bp quan Yj, trong ngi/di lao dpng va cac cd ddng ciia doanh nghiep. Cac trudng hdp tren the gidi cung thudng cho thay rang tam ly "phan khang" la kha phd bien. Mpt sd cd ddng Idn ciia cdnp ty bi mua lai cdn cd the cd cam giac lo ngai vi bj mat quyen kiem soat cdng ty hoac quyen sd hufu cd nguy cd bi pha loang (dilution). Cac cdng ty cd phan cd kinh nghiem thudng phai du phdng mpt chien lugc chong thdn tinh (anti-takeover) dUdc the hien ngay trong dieu le cdng ty va trong hoat ddng kiem soat cd ddng. Cdng ty muc tieu cd the cd nhiJmg phan umg va sti tti ve thdng qua hang loat bien phap ngan
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HflT TRieiM THi TRUONG VON
ngC/a neu nhi/ dd la mdt vu M&A khdng than thieh v l khdng dupc ddng thuan.
Tri/dng hdp Cdng ty CP Di/dc Viin Ddng thi/c hien thdn tfhh Cong ty CP Di/pc Ha Tay da that bai va ben di mua (Di/dc Viin Ddng] da lam vao tinh trang be bdi nghiem trong khi thi/dng vu hoan toan that bail
Trong nganh cdng nghiep xi-mang, viec sap nhap khd khan giOfa Cdng ty CP Ha Tien 1 (HTI) va Cdng ty CP Ha Tien^ 2 (HT2) la mpt vi du minh chufhg cho cac phan (tng tieu cue thupc loai nay. Ban dau, rat nhieu cd ddng lo ngai va khdng ddng tinh phUdng an sap nhap ke ca til 2 phfa. Tuy nhien^thi/dng vu bi/dc dau da cd the VUdt qua dUdc nhiJmg khd khah tam ty. Ngay 05/05/2010, HT2 thi/c hien hOy niem yet tu nguyen de thuc hien chuyeh ddi co phieu, niem yet bd sung cd phieu phat hanh de chuyen ddi phuc VU viec sap nhap CTCP xi mang Ha Tien 2 vao CTCP xi mang Ha Tien 1 vdi t^ le chuyen ddi la 1:1, turc la 01 cd phieu HT2 se dUdc ddi thanh 01 cd phieu jHTI. Day goi la si/
sap nhap ddi ngang do thi g i i cCia HTI va HT2 xap xi bang nhau tren thi tri/dng tai thdi diem sap nhip. Sau vu sap nhap nay HT2 "bie'n mat", chl cdn tdn tai mpt ten gpi ma HTI dUdc giao dich treh Sd giao djch chtjmg khoan Thanh phd Hd Chl Minh. Tren thi/c te, sau sap nhap hinh thanh'mpt thi/c the kinh t e - mpt cdng ty mdi duy nhat vdi ca'u tnic mdi di/dc tao ra.
Ne'u hai ben lam tdt cdng viec chuan bj ve tam ly va to chijrc thi trohg nhieu tri/dng hdp, do nhan thufc dUdc cac ldi ich tUdng lai sau khi hoan thanh M&A nen cac cd ddng rat iing hp phi/dng an mua ban, sap nhap va si; thanh cdng se cao hdn.
ThU ba: Ky thuat dmh gia doanh nghidp va cac tai sin cOa doanh nghidp chua thong nhit. Cac phi/d'ng phap dinh
gia tai san va ky thuat ^mh gia cd vai trd rat quan trpng ddi vdi cac thuong vu mua ban, sap nhap doanh nghiep. Trong tat ca cac vu {i/I&A, cac ben tfjam gia deu riiudn xijr ly tdt nhat van de djnh gia doanh nghiep va cac tai san cOa doanh nghiep. Hien nay, viec dinh gia doanh nghiep cdn thieu va yeu ca ve quy trinh ky thuat, phi/gng phap dinh gia va c i c chuan mi/c trong qua trinh dinh gia. Chfnh vi vay. cd khi hai ben thdng ^ h a t ve viec thuc hien M&A nhung hai b i n cd khac biet quan diem qua Idn ve dinh gia d i n den khdng gap nhau trong mii'c gia di/dc di/a ra. Trong nhieu tri/dhg hdp ben mua khdng the chap nhan dUdc mijfc gia ma ben ban dua "ra; trong khi dd. ben ban thi cho rang gia dat ra la hpp \^. Nhieu tri/dng hdp dinh gia doanh nghiep, niac dii ciing sit dung hidt phi/ong phap dinh gia P/E hhung cac cdng ty ti/ van hay cdng ty chumg khoan lai di/a ra nhiimg ket qua ra't khac nhau; nguyen nhan la^do viec siHr dung cac thdng sd khac nhau trong qua trinh djnh gia tai san.
3. Giai phap thuc day M&A va tai cd cau tai chmh cua doanh nghiep
ThU nhit: De tao dieu kien thuan ldi hdn cho cac giao djch mua ban, sap nhap dien ra mpt each trdi chay va cd hieu qua, can xay di^ng mpt he thdng van ban phap quy hoah chinh hdn va chi tiet hdn cho ITnh VUc M&A. Hien nay, khi tien hanh mpt thuong vu M&A thi thi/dng phai tham chieu cac luat nhi/ Luat doanh nghiep, Luat Dan su, Luat Dau ti/, Luat Canh tranh,... va ngay ca td hdp cac luat nay cung chi/a chac da dieu chmh tron ven cac van de phat sinh. Do dd, can tidp tuc ra soat lai he thdng dao luat cd lien quan v l bo sung, holn thien cac quy dinh can thiet, tad dieu kien cho cac giao dich M&A diin "ra thuan Idi^vdi chi phi giao dich thap nhat. Cac quy dinh liiat
phap dieu chinh quan he M&A cung phai phu hdp vdi cac quy
<^nh cCia WTO ma Viet Nam d l cam ket. Can dinh nghTa ro nhi/ the nao la mpt doanh nghiep dau ti/ nudc hgoai khi tham gia vao thi/dng vu M&A vdi t l / each ben mua hole ben ban; khi dd che tai ap dung cho doanh nghiep cd vdn dau tl/ ni/dc ngoai trong thi/dng vu M&A se tranh dUdc nhumg vudng mac.
ThU hai: Can thdng tin day dli hdn ve y nghTa va cac tac dpng ctia viec mua ban, sap nhap doanh nghiep de cdng chting nhan thijrc diing ve M&A. Ve mat nhan thufc va quan niem, cac ben tham gia- dii la chti dpng hay bi dpng deu can hieu ro xu the tat yeu cCia M&A trong mpt nen kinh te thj trirdng ngay cang canh tranh hdn va hpi nhap qudc te sau sac hdn. Ddi vdi nhieu doanh nghiep, dau ti/ ddng vdn thpng qiia boat dpng M&A cd^the coi la con di/dng phat trien nhanh nha't va cd hieu qua cao. Tuy nhien, cung can hieu rang day la ITnh vuc phufe tap va chura dung rCii ro nhat djnh ddi vdi n h i dau ti/ - ben di mua, do dd can xac dinh mure do nil ro cd the chap nhan di/dc tri/dc khi thuc hien thi/dng vij M&A. Mat khac, ddi vdi ben di/dc mua hay "bi sap nhap" thi cung can chii ddng nhan tjitjrc di/dc sti can thiet phai tien hanh thi/dhg vu trong nhumg bdi canh nha't dinh.
Viec "bi sap nhap" khdng hoan toan mang y hghTa tieu cue, trai lai, dd cd the la phi/dhg thure tdt nhat de duy tri sti tdn tai ciia doanh nghiep trong nhieu tri/dng hdp. Tri/dng hdp ciia Ngan hang" Chase khi sip nhap vdi ngi/di khdng Id JP Morgan de trd thanh tap doan JP Morgan Chase la mdt con dl/dng de tdn tai va phat" trien.
Cac doanh_ nghiep Viet Nam cung can s i n sang ddi phd vdi nguy cd bi thdn tmh bdi nhQng cdng ty ni/dc ngoai cd tiem li/c Idn manh.
ThUba: Can sdm hoan thien
Kinbte<ll)at trien
PHflT TRieN.THi TRCfONG v d ^
va ap dung cac phuong phap dinh gia doanh nghiep phii hpp vdi cac tnidng hop M&A trong bdi canh kinh te dang thay ddi rat nhanh. Si/thay doi nhanh tren thj tn/dng lam cho cac tieu chuah, thi/dc do d i bi lac hau.
Van de djnh gia ludn ludn tdn tai nhi/ l l mpt trong nhOng khd i<han Idn nhat trong qua trinh mua ban, sap nhap doanh nghiep. Sti khdng thdhg nhat ve phUOng phap, tieu chf va npi dung xac djnh gia tri doanh nghiep lam cho cac beh khdng the thdng nhat di/dc va thUdng vu M&A cd the khdng thanh cdhg. Hien nay, ti/ kinh nghiem ciia cac ni/dc tren the gidi cd the ap dung 4 phi/dng phap dinh gia doanh nghiep, bao gdm: phi/dng phap so sanh t^ suat P/E, phi/dng phap ddng tien chiet kha'u (Dis- counted cashflows), phi/dng phap chi phi thay the (Replacement cost), phi/dng phap ty su^t gia tri tren doanh thu (EV/Sales).
Vi moi phi/dng phap deu cd i/u diem va nhi/dc diem rieng va phli hdp vdi c i c tri/dng hdp khac nhau, do dd nen liia chpn phuong phap thfch hdp hole
sit dung |^dng hop cac phi/dng phap de dinh gia doanh nghiep. Cac td chijrc nghe nghiep nhi/ Hdi Ke toan vien hanh nghe Viet Nam, Hiep hdi dau tl/ tai chfnh (VAFI)," Hiep hpi ngan hang va Bp Tai chfhh nen phd'i hdp trong viec xay di^ng cac tai lieu nghiep vu ve xac dinh gia tfj doanh nghiep trong cac tn/dng hdp M&A. "
ThU tu: Can tang cudng marketing ndi bd va truyen thdng trirdc khi tien hanh mpt thUdng vu mua ban, sap nhap doanh nghiep. Cac chCi the tham gia M&A can chti y hinh thanh tam ly ddng thuan, tranh cac phan (tng tieu ciic va cac hieu umg ve van hoa doanh nghiep khi tai cau triic cdng ty.
Yeu td tam ly cd anh hi/dng Idn trong ca 3 giai doan tn/dc, trong va sau qua trinh mua ban, sap nhap doanh nghiep, tham chi trd thanh thach thtJc Idn nhat lam that bai mpt vu M&A tren thiic te. theo" cac chuyen gia phan tfch, nguyen nhan sau xa cOa cac true trac chCi yeu la do xung dpt v i n hoa cdng ty va si/ khac biet ve he thdng quan ly giura 2 cdng ty. Nhieu tap doan Jdn da phai thtic hien nhumg no Itic cai td
Idn de cac he thdng cu cd the hda nhap trd thanh mpt he thdng ddng nhat sau q u i trinh sap nhap.
ThU nSm: Ting cudng vai trd cung cip thdng tin cQa cac sd giao djch chUng Idioan tao dieu kien minh bach hda cic thi/ong^vtj M&A." Thj to/dng niem yet la ndi cd nhieu tiem nang dien ra cac thUdng vu M&A, nhat la khi gia cd phieii giam siit manh nhu thdi ky tii cudi nam 2010 den dau nam 2011. Can tang ci/dng cung cap thdng tin va tfnh cdng khai ciia ITnh viic mua ban, sap nhap doanh nghiep d nudc ta.
Hien nay, cac thdng tin ve doanh nghiep chao ban, chao mua ya cac thi/dng vu M&A cdn rat thieu va khdng rd rang.
Khi thi jrudng giao dich M&A phat trien den mpt mufc do cao hpn va rpng Idh hdn thf nhu cau thdng tin cang trd nen cap thiet. Can hinh thanh mot cd che cung cap thdng tin day dCi va hieu qua cho thi trudng M&A ciing vdi cac tieu chuan ve tai chmh va cac thii tuc phap ly ho trp cho boat dphg mua ban_, sap nhap doanii nghiep dien ra dting phap luat va cd hieu qua.n
1. Mdc dll hien nay Ngan hang Nha nudc quy dinh tran lai su^t huy dpng la 14% nhung tren thi/c t^ nhi^u ngan hang van thoa thuan ngam vdi khaeh hang lai suat huy dpng eao tdi 17,5%, 18% tham chf 19%/nam vdi ky han ngin (chCi yeu ky han 3 thang).
2 Nguon: TS. Nguyen Anh Tu^n, Tdng Bien t§p Bao Oau tu (5/2011).
3 Thong tin ehi tiet ve thUdng vu chao mua edng khai dau tien tren san HOSE nay nhu sau:
Td ehiire chao mua: Cdng ty ed phan Hiing Vuong (HVG)
Vdn di^u le: 599.999.930.000 dong. To ehde bi mua: Cong ty CP Xuat nh§p khiu Thuy sah /\n Giang (AGF).
Thdi ban chao mua: tii 13/02/2010 den 20/03/2010
Ty le nam giOr CP cQa HVG ddi vdi AGF trudc khi chao mua: 21,92%.
Ty l§ nim giOr CP ciia HVG ddi vdi AGF sau khi chao mua: 51,03%.
Tai lieu tham khao:
1) Website Chfnh phQ: vmw.Chinhphu.vn (5-2011)
2)B^o ciio cQa PricewaterhouseCoopers (PwC) ve I^SA - Sap nh$p va Mua l?i, Thang 10-2009.
3) Bio cio cQa Cdng ty CP Hung Vuang v6 chao mua cdng khai, Dau tu Chdng khoin, thing 4, 2010.
4) ThOng tin tCf www.vib.com.vn, thing 4-2010.
5) Website: thdng 5/2011
