NGHIEN CUU
Huy dong von co phan qua kenh tiep thi lien ket cho cac doanh nghiep co phan vua va nho
Nguy^ Thi Thuy Dung Triiong Dai hgc Giao thong Van tai
Viec huy ddng vd'n d l md rdng san xuit kinh doanh hoie d l ddi phd vdi khi nang mit khi ning thanh khoin ludn Ii mpt bii toin vdi cic doanh nghidp, dae bidt la cie doanh nghidp vfla vi nhd. Trong rit nhilu cich thuc de tang vdn, hinh thuc phil hinh cd philu cd Ipi the la cd lhl huy ddng dupe nhilu nguon vdn nhd dl tao thinh ngudn vdn dfl Idn. Tuy nhidn ehi phi d l phit hinh vi quing b i d l thu bflt d i u tu thdng qua cie cdng ty phit hinh ehuyen ngbi|p cflng khi cao. Vide tin dyng cie n l n ting kinh doanh v i tilp thj trdn meuig dang trd thanh mdt kdnh khi thi eho eic doanh nghiep vua vi nhd, dae bidt li tilp thi lidn kdt.Bii b i o sd di siu vl vific phan ti'ch vl tilp thj lidn ket,so sanh vl ehi phi so vdi phuang phip tmyln thd'ng v i ndu ra nhung nhupe diem eflng nhu giii phap cho kenh h6 trp huy ddng vd'n niy.
l.Mffflau
Nang cao kha nang huy ddng vd'n eho eic doanh nghidp vflg v i nhd thdng qua vide phit hanh ed philu se giup cho cic doanh nghidp hoat ddng hidu qui vi sudn sd hon. Phuang thfle phit banh ed philu tmyln thdng thdng qua cic nha phit hinh chuydn nghidp Ii lyg chon eflg nhilu doanh nghidp nhung nd eflng ddi bdi mpt lupng chi phi tuong dd'i Idn vi trong nhilu tmdng hpp, doanh nghiep van khdng huy ddng dupe lupng vd'n mong mudn. Dl giim ehi phi vi kilm soat ehi phi tdt hon vi ling khi nang tilp can cie nhi diu lu, eac doanh nghidp ed the lya ehpn hinh thflc tilp thi lien kit d l giii quylt khiu tiep can vdi cie nhi dau lu thay vi eic nhi phit hinh cd philu tmyln thdng.
2. Qui trinh phat hanh co phieu thong qua tiep thi lien ket duvc kien ngh[
2.1. Qui trinh phat hanh co phidu hien tai a) Quy trinh phit hanh ed philu hidn tai thdng qua eie nha phit hinh chuyen nghidp
* Budc 1 - Chuin bi diu gii
- Co quan quyet djnh eo phin hda/Bgn chi dgo ed phin hda xic dinh gii khdl didm cua cd phin dau gia.
- Cdng bo thdng Un vl doanh nghidp chuan bi to ehfle diu gii tdi thilu 20 ngay tiirdc ngay td chuc dau gii.
- Phdi hop vdi co quan Id ehfle dau gii thuydt trinh vl doanh nghidp eho nhi diu lu ndu can.
* Budc 2 - Thue hien diu gii
- Co quan td chuc diu gii tiln hinh nhin don ding ky mug vi tiln dat cpc efla nhi dau tu theo quy ehd diu gii.
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- Nhi diu tu bd philu tham dy diu gii bing eic hinh thuc: Bd philu tryc tilp tgi to ehfle tii ehinh tmng gian
* Bude 3 - Td chuc dau gia va xie dinh kdt qui diu gii
- Ca quan td ehfle d i u gii tiln hinh cie thu tyc bdc philu tham du dau gii v i nhip eac thdng tin vao phan mdm diu gii.
- Xic dinh kll qui diu gii theo nguydn lie lya chpn gii dat mua tfl cao xudng thip den khi du sl lupng ed phin chao bin. Tai mfle gii trflng thiu thip nhat, vdi trudng hpp cae nhi d i u tu eflng dat mfle gii bing nhau, nhung tdng sd ed phan cdn lai it hon tdng sd cd phin dang ky mua thi sd cd phin cua lung nhi diu lu dupe mua xie dinh nhu sau:
Sd ed phin nhi d i u tu duac mua = Sd c6 phin cdn lgi x (Sd ed phin timg nhi diu tu dang ky mua/Tdng sd co phin cic n h i dau tij ding ky mua)
- Lip cic bidn bin lidn quan d i n budi diu gia gfli cho eo quan quyll dinh ed phan boa. Ban chi dgo cd phan hda, doanh nghi|p vi eo quan to chuc diu gii - Cdng bd kll q u i diu gia ed phin va thu tiln mua ed phin.
* Budc 4 - Xu Iy eie tiudng hpp vi phgm quy chl diu gii
- Viec xfl ly e i c trudng hpp vi pham dupe thyc hien theo quy djnh cfla quy c h l diu gii.
- Nha d i u tu khdng dupe nhin tiln dat cpc neu vi phgm quy c h l diu gii.
* Budc 5 - Xu ly ddi vdi sd co phan khdng b i n hit trong d i u gii nlu cd
- Neu sd ed phin nhi d i u tu tu chdi mua nhd hon 30% long so cd phin chao bin thi Ban chi dao cd phin hda thyc hidn bin til'p cho eie n h i dau tu d i tham dy diu gii theo phuong thuc thda thuan vdi gii khdng thip hon gia diu thinh cdng binh quin efla cude diu gia.
- Nlu sd lupng cd phin nha dau tu trflng thau tfl chdi mua tfl 30% tong sd ed phan chio bin Ird Idn thi Ban chi dgo ed phin hda xem xet, quydt djnh td chuc bin dau gia tilp sd ed phin tfl ehoi mua (dau gii lin 2). Gii khdi dilm trong trudng hpp dau gii lin 2 niy khdng duoe thip hon gii diu thanb cdng thip nhit.
b) Chi phi phit hinh ed phidu hien taithdng qua eic nhi phit hinh ehuyen nghiep
Theo khio sit ddi vdi 140 doanh nghiep vua vi nhd d i thye hidn phat hanh co philu thdng qug eie td ehfle tai ehinh tmng gian ehuyen nghidp, chi phi phat hinh cao, chidm tfl 8% — 10% khoan vdn huy ddng.
Cac chi phi niy bao gdm: chi phi b i o lanh phit hinh, phi tu van phap luit, chi phi in in, phi kidm toin, chi phi niem yll...
Ngoii ra, hang nam cdn chiu them eic khoan chi phi khic nhu: kilm toin, chuin bi tai lieu ndp cho eo quan quan ly nha nude hay cdng bd thdng tin djnh ky.
Ben egnh dd, dd'i vdi mdt so doanh nghidp phit hinh ed philu ra cdng ehflng thit bai thi chi phi phit hinh nay chiem den 70-80% khoan vdn huy ddng dupe.
2.2 Dilm moi trong qua trinh phat hanh cd philu thdng qua tiep thi lien kit dupe kiln nghi
a) Quy trinh phit banh cd phid'u qua tiep thi lien kit duoc kiln nghj
Affiliate marketing (Tilp thj Hdn kit) la hinh thuc quing b i sin pham hoac dich vy efla Nhi eung e i p li cac edng ly cd sin phim, dieh vy mudn thdng qua cic trang mgng eflg eic ddi tic quang ba hang hda, dieh vy dd'n cie nha diu lu cudi eung. Cie ddi tic kidm tiln online nhin duoe khoin hoa hdng khi nhi diu tu thdng qua ddi tic vi tidn hanh diu lu vio cdng ty.
Advertiser: Duoc bill d i n la ngudi cd s i n phim/dich vy vi hp sin sang tri tiln eho ngudi quing b i sin phim efla hp bang cic kenh marketing online.
Publishers: Li c i nhin hoac cdng ty quang b i sin phim cfla Advertiser thdng qua mgng xa hdi, website hoac blog vi nhin hoa hdng tfl Advertiser
Affiliate network: Ddng vai trd Ii mdt ddi tie tmng gian kdt ndi nha cung cip sin phim vdi ngudi lam tilp thj lidn kit.
Affiliate network se cung e i p eic n l n ling ky thuit nhu Link quing eio, banner, thdng ke, quin ly ty 1|
nhip chudt, ty Id chuyin ddi, hoa hdng... Vi hp se la ngucri giii quylt tranh chip, thu tiln v i thanh toin hoa hong cho Publisher
Customer (Khieh hing): Ngudi true Ulp nhin thiy
quing cio cfla Publisher vi thyc hien mdt hinh ddng li tham gia mua ed phan cua cdng ly phit hinh.
Phit hinh co philu thdng qua tidp thi lien kit nghia l i thdng qua sy tiep thj efla nhflng nhi quing b i c i nhin don 11 vi ebi phin trim hoa hong cho eie n h i quing ba hen luong ed philu ban dupe thdng qua lung ca nhan hay don vj phin phdi don 11.
b) Uu didm khi xet d i n khia cgnh ehi phi d l phit hinh ed phidu qua tilp thi lidn kit dupe kiln nghj
- Cd dinh dupe ty Id ehi phi:Hinh thuc nay sd giup cie doanh nghidp mudn bin cd phin cfla minh co lhl cd dinh dupe ty Id ehi phi trdn tdng sd vdn huy ddng dupe vi phan tiln chi eho hoa hdng mdi gidi cho eie nha phin phd'i ehi phit sinh khi ed phin dupe b i n ra, tit c i e i e kdnh phin phdi khdng kit ndi tdi eic nha diu tu ddu khdng nhan duoc phin hoa hdng nao.
- Chi phi phit sinh ddng thdi vdi doanh thu: khi phil hanh theo phuong thflc tmyln thd'ng thi c i c ehi phi lien quan dd'n vide quang h i vl viec phit hanh cd phidu qua eic nhi phit hinh hay cie kdnh quang cio la chi phi chim, Ii chi phi ehie chin da mil khdng thi thu hdi du ed thu hflt dupe bao nhieu vd'n d i u tu, trong khi phit hinh qua tidp Ihi Udn kdt thi ehi phi chi phit sinh khi cd phin vdn dau tu chic chin dupe thu vl.
- Chi phi thip: do nln tang cdng nghe cao dupe phd eip khap noi, mdi ngudi diu ed thd lip mpt kenh quing b i cfla ridng minh mdt cich nhanh chdng don giin vi hoin toan mien phi nhu mgng xa hdi facebook bay Zalo,... nen vide tuyen dyng cie nha phan phd'i thcim gia mgng ludi trd nen rit don giin.
c) Nhupe didm efla qui trinh phit hinh cd phid'u thdng qua tilp thj lien kit dupe kidn nghj.
- Thdng tin thilu uy tin: Khi so sinh thdng thi cfla nha phin phdi vdi thdng tin tfl chinh cdng ty phil hanh ed phieu vi cic thdng lin tren thi trudng, ed thd ed nhilu thdng tin chua ehinh xac vi khdng khap nhau d i n d i n cie nhi diu tu khdng tin tudng vao n h i phin phdi vi ea edng ty.
- Nhi phin phd'i khdng thuyll phuc dupe n h i diu tu vl tridn vpng tuong lai. Cic nhi phan phd'i tiep cin dupe vdi nhilu nha diu tu nhd Id nhung khdng thuydt phyc dupe cie nhi diu tu rdt vd'n vio edng ty do chua thi lim hp eim thay dupe tiim nang phat triln cfla cdng ty d l dua ra quylt dinh phfl hop vol chidn lupe diu lu cua hp.
3. Phan tich nguyen nhan khien kenh phan phoi nay hoat dong kem hieu qua
3.1 Nguydn n h i n din d i n thong tin thilu uy tin -I- Cong ty dua ra eae thdng tin khdng rd rang va chi till din din eie nhi phin phdi hilu sai vi tmyln dat sai cic thdng tin vi chinh sich eflg edng ty. Vide ed thi dua ra thdng tin quing b i tfl phia edng ty li do chinh cic bd phan d edng ty chit lpc vi dua ra. Viee
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NGHIEN c u u
R E S E A R C H
cd dua rg duoc nhung thong tin ehinh xac, rd ring v i thuyet phue nhi diu tu hay khdng l i do ning lyc eflg bd phan quing ba cfla cdng ty.
-I- Cac nhi phan phd'i thidu hidu bidt ve Hnh vyc hp quing b i ndn hieu sai vl cdng ty vi dinh hudng cua cdng ty: ngudi phin phdi li nhung ngudi lim vide d cie linh vye vi nganh nghi khie nhau, vide quing b i cho ed philu cfla cdng ly ehi la mdt kdnh lim thdm cua hp, ehua k l hp se nhan quing ba eho rat nhilu edng ty khac nhau, vide hg ed nln ting kiln thflc ve lit e i eic ITnh vuc ma hp quang b i la didu khdng lhl.
3.2. Cac nguyen nhan d i n ddn vi^c cac nha phan phdi khdng thuydt phuc dupe nha dau tu
-I- Hilu biit efla nha phan phdi vl cdng ty khdng dfl d l tgo lin ludng cho eic nha diu tu: Do cie nhi phan phd'i khdng dua dupe cac tbdng tin chinh xae vl edng ly, dia vj cfla cdng ly trong nginh cung nhu each thuc cdng ty hogt dgng mdt each can kd nen nhieu nha d i u tu khdng thay dupe sy tin ludng d l dua ddng tiln cfla minh vao. Nlu cic thong tin dua ra hp ed thi tim thiy d nhung trang web tin ciy cfla chinh phfl lhl hp sd cd nilm tin vio cdng ty va n h i phin phd'i hon.
+ Kha. nang thuydt phye vl tridn vong cua cdng ty va viee diu tu vio cdng ly khdng dfl Ihuyet phyc cie nhi diu tu: Cie nhi dau lu ludn phii tinh toan den Ipi nhuin m i hp sd thu dupe tren moi ddng ed phin vdn hp dua vao cdng ly, dllu niy Iai dua tren triln vpng trong tuong Iai efla cdng ty, vide quing b i vl su phil trien cua cdng ty m i thilu di can cu bay cac sd lidu thdng ke phu hop se khdng kich thieh dupe cae nhi dau tu, cie cin efl dua ra eing ding tin cay thi kdt qui dy kiln se cing gin vdi kdt qui thye t l vi nlu dd la mdt triln vpng phit triln tdt thi se cd nhilu nhi diu tu tham gia.
4. Ket iuan va khuyen nghi
Nghidn eflu ehi ra ring, vdi diiu kidn phit triln cdng nghe thong lin nhu hidn nay thi viec quing b i thdng qua eic nhi phan phdi ridng Id vi phan phdi ty do CO thi coi la mdt kdnh huu hieu de cae doanh nghidp tilt kiem chi phi phit hinh ed philu, tuy nhien didu ein quan tim l i phii nang eao ehit lupng tu vin tu phia eic nhi phit hinh don 11
Tfl kdt qui nghidn cflu d i dupe thyc hien, d l gdp phan phil trien thi trudng, tic gia d l nghj eie giii phip sau:
(1) Tfl phia bp phin quing b i efla cdng ty, cie cdng ty dua ra cho eac nhi phin phdi phii that rd ring, chi tilt va bao quit dupe hdt cic khig canh cdt Idi lidn quan din vide hoat dpng, phit triln vi tiem ning efla edng ty trong luong lai
to
(2) Thay ddi ty Id hoa hdng tiieo lung c i p bic, dl thuc diy c i c nha phan phdi Um hidu v i thuyd't phuc cie nhi diu tu hidu qua hon, eie cdng ly ndn ting hoa hong eho e i c n h i phin phd'i theo hinh thfle luy lien dya trdn hidu q u i lim vi|c.
(3) VI phia nhi nude, ndn ed mdt kdnh phin phdi md cho tat c i cic doanh nghidp dang tai thdng tin va kdnh niy dupe eung cap mien phi nhung cd sy giim sit cfla nha nudc dd tang tinh uy tin cflng nhu Unh ehinh xae vl mat thong tin cho vi|e phat hanh cd phidu eua e i c cdng tyy.
Tai lieu tham khao Luat Doanh nghi|p 2014
Nghj dinh 163/2018/ND-CP quy djnh vl phit hinh trii philu doanh nghidp.