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iVIdt so van de ly luan va thLFC tien ve sap nhap va mua lai (IVI&A)
TS. VU ANH DUNG"
PCS. TS. PHIJNG XUAN NHA
M&A dd tra thdnh mpt chien luge phd bien dugc sit dung bai cdng ty de dgt dugc su tdng truang nhanh chdng vd tdng gid tri cho cd ddng. Cdc thuang vu M&A tren the giai cd xu the tdng khdng chi ve sd lugng md cdn gid tri cua moi thuang vu. Tgi Viet Nam, hogt dpng M&A cd the nhin nhdn Id khd mai me nhung day trien vgng. Thuc te cho thdy, mac du trong thai gian khung hodng kinh te ndm 2008 2009, sd luang cdc thucrng vu M&A a Viet Nam vdn tdng lien tuc. Bdi bdo chi ra su khdc biet ve khdi niem M&A tgi Viet Nam so vai qudc te. Dieu ndy se ddn tai nhiing khd khdn nhdt dinh cho viec thdng ke vd ban hdnh cdc chinh sdch vT md cung nhu thuc thi cdc quy dinh lien quan den hogt dpng M&A tgi Viet Nam. Them vdo do, thdng qua viec nhin lgi cdch thirc phdn loai M&A tren the giai, bdi bdo ciing dua ra hdm y cho viec dieu chinh phgm vi dinh nghia vd dp dung cdc khdi niem ve tap trung kinh te, thdng ITnh thi truang vd dgc quyen trong cdc quy dinh hien hdnh cua Viet Nam. O mpt khia cgnh khdc, bdi bdg ciing chi ra tinh khdi qudt vd chung chung cua quy trinh M&A dugc de cap trong cd ca sa ly ludn hien tgi vd thuc tien thdng qua viec so sdnh vai
r t
quy trinh M&A thuc te dang dugc dp dung tgi mpt cong ty nhu mpt tinh hudng nghien ciru. Dua vdo do, bdi bdo thdo ludn viec xdy dung mpt quy trinh M&A day du, chi det vd he thdng Id rdt cdn thiet vd se hint ich hon cho thuc den kinh doanh cua cdc doanh nghiep khi dp dung trong cdc thuang vu M&A. Mpt quy trinh M&A day dil vd chi det cung se hd trg tdt han cho viec xdc dinh hudmg nghien ciru chuyen sdu (vd tir do tdng sd lugng cdng trinh nghien ciru) vdo mdi pha rieng le cua quy trinh ndy gdp phdn tdng ty le thdnh cdng cua M&A.
1. Tdng quan M&A tren the gidi va Of Vift Nam (2010), ndm 2009 da ghi nhan khoang 15.000 Cho tdi nay, nin kinh t l thi gidi dang chiing thuong vu M&A toan cdu vdi ting gia tri dat tdi kiln Idn sdng thu 6 cua hoat dgng M&A g ^ 5.000 ty USD (xem Hinh 1). Tuy nhien, Idii (Mergerstat, 2010). Theo nhu hang s l lieu tdi sdng ndy bi dnh huong bdi khung hoang kinh tl chinh Thomson Financial Securities Data todn cdu lam cho s l thuang vy vd gid tri M&A tren the gidi gidm manh. Tuy nhien, boat dgng M&A dugc dy bdo se tang trd lai khi nin kinh
*, - Dai hoc QuIc gia Ha Npi ^^ ^^' P^VC (UNCTAD. 2010).
Mgt s6 v^n de ly lu$n va thyc tidn v^ sdp nh^p... VQ Anh Dung Phung Xuan Nh?
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Ngudn: Thomson Financial (2010)
Hoat ddng M&A tai Viet Nam bdt ddu dugc thye hien tu ndm 2000 (FPT Seeurities). Viet Nam dd ghi nhdn 18 vu M&A vdi tdng gid trj Id 61 trieu UDS tinh din ndm 2005, trong khi dd sd vu M&A todn qudc trong ndm 2006 Id 32 vdi tdng gid tri Id 245 trieu USD {ngudn: nhu tren).
Theo PrieeWaterHouse Coopers PWC (2009), tdng sd vy M&A ndm 2008 eUa Viet Nam da dat 146 vu vdi tdng gid tri tren 1 ty USD, gdp ba gid tri ede giao dieh dang ndy trong ndm 2006 (xem FTinh 2). Thyc te cho thdy, mac dU trong thdi gian khung hodng kinh te todn edu, sd
luong cac thircrnt' \ u \\&..\ d \'ict Nam \an tang liC'ii tuc .'>5.2"o nam 2008 \ a 77"o nam 200') (Ihco so lieu thdny kc cua P \ \ C \ 2009) tronu do cac \i\i\o dich cua cone t\ nirdc ngoai ludn chicm t> troug Krn. 40".. nam 2009 va 27.5" 0 nam 20 lo, 1 u> uhicii. hoat ddng M&A lai Vicl Nam hicii na\ da phan mo\ chi tap trung \ ao hinh thuc nuia ha_\ iilnrgng lai mot phan CO phan cua cac doi tac clur dura thirc sir la hinh thuc hop nhat ha\ nuia toan bo 100%
SO' huu giiia cac ben gidng nhir hoat dong M&.A qudc tc.
Hinh 2: M&AdrVi^tNam
M&A tai Viet Nam
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i S o t h u o n g vu Tong gid tri
Phon loai Mc*<.A theo tmh chat tlurciH) vu 2009, 2010
i A: DN nuoc ngoai i\iua DN nuoc ngoai
I B DN nuoc ngoai iiuia DN Vi^t Nam C: DN ViftNaiii mua DN nuoc ngoai
I 1): ON V . f l N o m .111.J DN V i v l N . i i l .
Ngudn: A VM (2011) va PWC (2009).
16 -NhOng vin di KINH T^ VA CHJNH TR! TH^ GIQI So 10(186) 2011
Vu Anh Dung - PhiJng Xuan Nha Mgt so vin de ly ludn va thyc tien ve sdp nhdp..
Cd thi ndi, hoat ddng M&A tai Viet Nam Id khd mdi me nhung ddy triln vgng vdi cdc ly do sau: i) Theo thing ke cua Bg Kl hoach vd Dau tu vd Phdng Thuang mai vd Cdng nghiep Viet Nam (VCCI) cho tdi thdi dilm thdng 2/2011, Viet Nam cd tren 500.000 doanh nghiep nhd vd vua, chiem tdi 98% s l lugng doanh nghiep vdi sd vdn dang ky Ien gdn 2.313.857 ty ding (tuong duong 121 ty USD). Cac chuyen gia dy dodn cd tdi 35% din 50% sl doanh nghiep cua Viet Nam trong vdng 6 den 10 ndm tdi cd the sdp nhdp hodc bi sdp nhdp vdi cdc ddi tdc. Vdi dp lyc canh tranh ngdy cdng manh, doanh nghiep cdn tao lgi the canh tranh mdi, hay khi CO hdi mdi xudt hien, doanh nghiep mudn md rgng kinh doanh, thay ddi hudng ddu tu...
Nhung yeu td ndy deu cd the Id dgng eo de thyc hien viecM&A. ii) Viec ed phdn hda cdc doanh nghiep nhd nudc dien ra manh ban vd sdu ban.
Ddy cGng Id tien de de thue ddy boat dgng M&A tai Viet Nam. iii) Tde do tang trudng GDP binh quan khd cao vd dn dinh, cdng vdi sd lugng doanh nghiep Viet Nam khdng ngung tang len vd Viet Nam ciing dat mye tieu thu hut ban niia cdc ngudn vdn nudc ngodi se Id cdc dilu kien tit dl boat dgng M&A tai Viet Nam ed tbl nhanh chdng phdt trien vd hinh thdnh nen mgt thi trudng M&A trong nhimg ndm tdi.
2. Ban chat va phan loai M&A Bdn chdt M&A
Viec phdn biet giua khdi niem "sdp nhdp"
(merger) vd "thdu tdm" hay "mua lai"
(acquisition) khd hep, dac biet khi cdc thudt ngu ndy dugc su dung mgt cdch ddng nghia hay cd cung y nghia. Tren thyc tl, "sap nhdp" khd Id khdc biet vdi "thdu tdm" mac du ddi khi sy phdn dinh rd rdng Id md nhat. Thudt ngu "sdp nhdp" bilu thi trang thai bdng nhau giua cdc cdng ty ddng y sap nhap dl hinh thdnh Ien mgt
cdng ty mdi. Trang thdi bdng nhau cd nghia rdng tdt cd cdc c l ddng ciia moi cdng ty se nhdn dugc khIi lugng c l phdn giing nhau trong cdng ty kit hgp mdi. Theo mgt cdch khdc thi "sdp nhdp" duge dinh nghTa Id viee "tdi t l chuc cdc tdi sdn vdo mgt t l chuc mdi" (Watson & Head, 2001, tr. 280). Nhin chung, hai cdng ty vdi quy md tuong ty cd xu thi nhdm tdi lan nhau trong mgt thuang vy "sdp nhdp" de trdnh tinh trang mgt cdng ty vugt trgi so vdi cdng ty kia.
Khdng giing vdi trang thdi bdng nhau trong
"sdp nhdp" "thdu tdm" thudng lien quan din viec mua lai mgt cdng ty nhd hon bdi mgt cdng ty ldn ban nhung ddi khi cQng theo chieu nguge lai. Cdc thuang vy "thdu tdm" thudng dugc cap vdn bdng tien mat, ng hode cd phieu cua dan vi di mua vd cd the dien ra theo hinh thuc mua lai ed phdn bode lgi tuc cd phieu cua doanh nghiep dugc nhdm tdi hodc viec mua lai tdt cd hay phdn ldn tdi sdn cua doanh nghiep ndy.
v l mat dia Iy, thudt ngu "sdp nhdp" vd "thau tdm" (hoac ggi chung Id M&A) eiing dugc phdn loai theo tieu ehi cdc thuang vy ngi dja hay quIc tl (IFR, 1989, tr. 17). Cdc thuang vy ngi dia thudng lien quan cde ben ed cung tu cdch thdnh vien mgt quIc gia trong khi cdc thuang vu xuyen qudc gia cd sy tham gia cua cdc cdng ty din tu cdc qudc gia khdc nhau (Shimizu et ah, 2004, tr. 309). Tuy nhien, cho du try sd chinh cua ben mua vd bj mua ddt d cdc qudc gia khdc nhau, sy phdn loai giira cdc thuang vu mua bdn sdp nhap ngi dja hay xuyen qudc gia ddi khi bj chdng eheo vd khd de thyc hien bdi vi cdc thuang vu nay thudng lien quan den cdc vdn de xuyen quoc gia khi hgp nhdt cdc co sd boat dgng dugc dat d cdc quoc gia khdc nhau (Child et ah, 2001, tr. 7 8).
Gidng nhu cdc thuang vy ngi dja, cdc thuang vy M&A xuyen qudc gia ciing dugc tdch ra
Mgt s6 vin d^ ly lugn vd thyc tien v^ sdp nh^p. VQ Anh Dung - Phung XuSn Nh?
thdnh 2 thudt ngir gom "sdp nhdp xuyen quoc gia" vd "thdu tdm xuyen qudc gia" (UNCTAD, 2000). Viec kit hgp tdi sdn vd sy boat dgng tir 2 cdng ty cd quIc tjch khdc nhau de hinh thdnh nen mgt thyc the phdp ly mdi dugc ggi Id "sdp nhdp xuyen qudc gia" Nguge lai, vige chuyen quyen sd hu-u cua tdi sdn vd cdc boat dgng tu mdt cdng ty dja phuang cho mgt cdng ty nude ngodi vd trd thdnh mgt chi nhdnh eua edng ty nudc ngodi duge eoi Id "thdu tdm xuyen qudc gia" (UNCTAD, 2000, tr. 99). M&A xuyen qude gia dang trd nen phd bien ban tren the gidi. Tuy nhien, hinh thuc "thdu tdm" dt hdn buc tranh M&A xuyen qudc gia vd chiem khodng tren 90% trong tdng sd cdc thuang vu xuyen qudc gia.
0 Viet Nam, Ludt Doanh nghiep ndm 2005 quy djnh, sdp nhdp Id viee mgt hodc mgt sl cdng ty ciing loai (sau ddy ggi Id cdng ty bj sap nhdp) cd the sdp nhdp vdo mgt cdng ty khdc (sau ddy ggi Id cdng ty nhdn sdp nhdp) bdng cdch chuyen todn bg tdi sdn, quyen, nghTa vy vd lgi ich hgp phdp sang cdng ty nhdn sdp nhdp, ddng thdi chdm dut sy tdn tai cua cdng ty bj sdp nhdp. Cdng ty bj sdp nhdp (cdng ty muc tieu) se chdm dut boat ddng sau dd. Trong khi dd, hgp nhdt Id viec hai hodc mgt sd cdng ty ciing loai (sau ddy ggi Id cdng ty bj hgp nhdt) cd tbl hgp nhdt thdnh mdt cdng ty mdi (sau ddy ggi Id edng ty hgp nhat) bdng cdch chuyin todn bg tdi sdn, quyen, nghTa vu vd Igi ich hgp phdp sang cdng ty hgp nhdt, ding thdi cham dut sy tin tai cua cdc cdng ty bj hop nhdt. Hai cdng ty bi hgp nhat se chdm dut boat dgng vd cdng ty mdi dugc thdnh lap. Nhu vdy, Viet Nam dang sir dung khdi niem M&A chua phii hgp vdi thong 1$
qudc te. O Viet Nam, khdi niem sdp nhap thudng dugc hiiu Id giing nhu thdu tdm hay hgp nhdt tuang ty nhu sdp nhap. Dilu nay se khd khdn cho viec thing ke vd ban hdnh cdc
chinh sdch vT mo lien quan din hoat dgng M&A tai Vi?t Nam. Vigc dilu chinh theo khdi ni?m quoc ll dd dugc chap nhan rgng rdi khong chi sO lao thudn Igi cho vi?c thdng ke tuang ding vdi thi gidi md cdn hudng tdi viec dua cdc thuang vu mua lai mgt phan (theo lieu chi vl thay doi quyen sd huu vd thay ddi cdng tdc van hdnh qudn ly) vdo pham vi djnh nghTa vd dp dung cua cdc quy djnh ve M&A.
Phdn logi M&A
Vi^c phdn loai M&A cung cd sy khac biet.
Vi du, cung cd hgc gid chi trich rang vi?c phan loai ddi khi thieu thyc te, khdng rd rdng va chi hiJu ich cho vi?c thdng ke (Howell, 1970). Tuy nhien, viec phdn loai Id cdn thiet trong cd thyc tien vd nghien curu.
Tir thdp nien 70 thudc the ky trudc, M&A da dugc phdn thdnh 5 loai gdm M&A theo chieu ngang (horizontal M&.A), M&A theo chieu doc (vertical M&A), M&A md rgng san pham (product extension M&A), M&A ma rgng thj trudng (market extension M&A), vd M&A thudn tuy Id ket khdi (pure conglomerate M&A) (Steiner, 1975). Trudc dd, \iec phan loai M&A cua Uy ban Thuang mai Lien bang My (Federal Trade Commission FTC) \a hgc gid Howell mang tinh chung hoa han vd dugc chap thuan rgng rai hom (Siaeey, 1966, tr. 33; Howell,
1970, tr. 67). Theo cdch phan loai nay, M&A gdm 3 loai Id M&A theo chieu ngang, chieu dgc vd kit khoi. M&A theo chilu ngang dien ra khi hai cong ty trong cimg mgt nganh cong nghiep thau tdm hodc sdp nhap vdd nhau (vi du nhu cong ty DaimlerBenz hgp nhdt vdi Chrysler trong nganh cong nghiep 6 to vao nam 1998).
M&A theo chieu dgc dien ra khi hai cong ty d cdc giai doan khdc nhau cua qud trinh sdn xuat vd chuoi cung ung ciia mgt san phdm thdu tdm hoac sdp nhap vai nhau. Dilu nay cd thi glm
18 -NhOng vin di KINH T^ VA C H I N H TRj IHt Gidl S6 10(186) 2011
Vu Anh DQng Phung Xuan Nha Mgt sd vdn d§ ly luan va thyc tien v6 sap nhap...
viec mua lai kenh phdn phli hodc nguIn cung cdp nguyen vdt lieu ddu vdo. M&A kit khIi dien ra khi cdc cdng ty trong cdc ngdnh khdc nhau thdu tdm hodc hgp nhdt (nhu trudng hgp cua cdng ty General Food vl thyc phdm mua lai hang bia Miller). Trong cdc trudng hgp ndy, sdn phdm vd ITnh virc kinh doanh eua cde ben thdu tdm/bj thdu tdm hay sdp nhdp hodn todn khdc biet nhau.
Gidng nhu vay, M&A xuyen quIe gia eUng dugc phdn loai ve mdt chuc ndng thdnh 3 loai gdm M&A xuyen qudc gia theo ehieu ngang.
M&A xuyen quIe gia theo chieu dgc vd M&A xuyen quIc gia kit klili (UNCTAD, 2000, tr.
101). Trong boat dgng M&A xuyen qude gia thi loai hinh M&A theo chieu dgc ehilm ehu yiu (tren 60%).
Viec phdn loai M&A cd nhiing hdm y nhdt djnh cho viec xdy dyng vd dieu ehinh chinh sdch phdp Iy ve tap trung kinh te, doanh nghiep cd vj tri thdng ITnh thj trudng vd doanh nghiep ddc quyin dugc quy djnh trong Ludt Canh tranh cua Viet Nam ban hdnh nam 2004, ddc biet ddi vdi loai hinh M&A theo chieu ngang. Ludt Canh tranh quy djnh sdp nhdp doanh nghiep", hgp nhdt doanh nghiep vd mua lai doanh nghiep Id 3 trong cdc hdnh vi tap trung kinh ke cua doanh nghiep. Trudng hgp tap trung kinh tl bj cam khi thj phdn kit hgp cua cdc doanh nghiep tham gia tap trung kinh tl chiem tren 50% tren thi trudng lien quan, trir mgt s l trudng hgp nhu mgt hodc nhilu ben tham gia tap trung kinh tl dang trong nguy co bj gidi the hodc Idm vdo tinh trang phd sdn hay viec tap trung kinh te cd tdc dyng ma rgng xudt khdu hodc gdp phdn phdt triln kinh tl xa hgi, tien bg ky thuat, cdng nghe. Khi cdc doanh nghiep tap trung kinh te cd thj phdn kit hgp tir 30% din 50% tren thj trudng lien quan thi dai dien hgp phdp cua cdc
doanh nghiep dd phdi thdng bdo cho co quan qudn ly canh tranh trudc khi tiln hdnh tap trung kinh tl. Trudng hgp thj phdn kit hgp ciia cdc doanh nghiep tham gia tap trung kinh te thdp ban 30% tren thj trudng lien quan bode trudng hgp doanh nghiep sau khi thyc hien tap trung kinh ll van thuge loai doanh nghiep nhd vd vua theo quy djnh cUa phdp ludt thi khdng phdi thdng bdo.
Ddi vdi trudng hgp thdng ITnh thj trudng, doanh nghiep dugc coi Id cd vj tri thdng ITnh thi trudng niu cd thj phdn tir 30% trd Ien tren thj trudng lien quan bode cd khd ndng gdy ban che canh tranh mgt cdch ddng ke. Khi dp dung cho nhdm doanh nghiep thi vj trf thdng ITnh thj trudng dugc xdc djnh ddi vdi hai doanh nghiep cd tdng thj phdn tir 50% trd Ien tren thj trudng lien quan bode ba doanh nghiep cd tdng thj phdn tir 65%) trd Ien tren thj trudng lien quan hode bdn doanh nghiep cd tdng thj phan tir 75%
trd len tren thj trudng lien quan. Trudng hgp doanh nghiep cd vj tri ddc quyen dugc xde djnh khi khdng cd doanh nghiep ndo canh tranh ve hdng hod, djeh vy md doanh nghiep dd kinh doanh tren thj trudng lien quan.
Tu thyc tl cd the thdy, cd ke hd md Ludt Canh tranh ndm 2004 cua Viet Nam chua quy djnh hay quy djnh chua rd. Cd the xet mgt khia canh eua trudng hgp sdp nhdp cua 2 cdng ty dugc phdm hdng ddu the gidi Glaxo Wellcome vd SmithKline Beecham trong mgt thuang vy trj gid 130 ty bdng Anh de tao ra hang duge phdm ldn thu hai tren the gidi GlaxoSmithKline pic (GSK) vdo thdng 12/2000 nhu mgt trudng hgp tham khdo vl vdn dl ndy (GSK, 2000). G SK dugc tao ra trong bdi cdnh khi ngdnh cdng nghiep dugc phdm dang canh tranh de hgp nhdt. Vi hai hang dugc phdm hgp nhdt cd nhieu sdn phdm trung lap vd cdc sdn phdm dd chiem ITnh phdn
MOt so vin de ly lu$n vd thyc tiln v l sdp nh$p... Vu Anh DQng Phung Xuan Nh?
Idn thj phdn, viee hgp nhdl danh muc san phdm cua hai hdng dd vdp phdi quy djnh phdp ly ddi vdi vdn de dgc quyen. De cd the sdp nhdp dugc, hg phdi gidi quyet vdn de triing Idp ve mgt sd sdn phdm vd thj trudng de dgn dudng phdp Iy cho thuong vu. Ngodi nhiing sdn pham dang kinh doanh tren thj Irudng vdi thi phan thdng ITnh can phai nliugng lai eho ben thir 3 thi ddng chu y cd mgt sd cd mgt sd sdn phdm dang trong qud trinh cdp phep ha> dang trong qud trinh phdt trien nhu sau:
• Kem bdi kc don ehdng vi rut Herpes qua dudng mieng (Prescription Topical Antiviral Crenies for Oral Herpes), thudng duge goj la cdm lanh: ddy Id thj trudng lap trung. Vdo thdi diem hgp nhdt, SB dd dugc co quan qudn Iy thudc vd thyc phdm cua My (FDA) phe ehudn sdn phdm Denavir trong khi GW dd dang ehilm ITnh thj trudng ehdu Au vdi sdn phdm Zovirex tbl kem. Zovirex ciing dang trong giai doan culi xin phe duyet dugc bdn tai My. Luc dd, GW da buy don xin phe duyet tai My eho Zovirex.
• Vac-xin phdng ngua vi rut Herpes (Prophylactic Herpes Vaccines) dl ngdn chdn sy Idy nhiem bdi vi nit HSV-1 vd 2: tai thdi diem sdp nhdp thi chua cd sdn phdm ndo cua loai ndy dang dugc bdn tren thi trudng. Tuy nhien, GW vd SB dudng nhu se trd thdnh 2 nhd cung img ddu tien tren thj trudng. Sdn phdm dang phdt triln cua SB ehilm uu tbl ban trong khi dd sdn phdm dang phdt triln cua GW thi kit hgp vdi viec sir dung cdng nghe DISC (Disabled Infectious Single Cycle) cua cong ty dugc phdm Cantab.
Khi xet nhirng tinh hulng tuong ty nhu hai trudng hgp tren vd niu xdy ra d Viet Nam thi diu ndm ngodi quy djnh ciia Luat Canh tranh cua Viet Nam vi diu khdng roi vdo trudng hgp dgc quyin, trudng hgp thing ITnh thj trudng hay
Irudng hgp phai xin ph6p hay thdng bdo cho co quan chu qudn cua Vigl Nam. Tuy nhien, tai thj trudng My thi de thuong vu hgp nhdt cd the dien ra vdi sy cho phdp cua Uy ban Thuang mai Lien bang cua My, GSK dd phdi dong y bdn lai Denavir (d thj trudng kem bdi ke dan ehing vi rut Herpes qua dudng mieng) cho cdng ty dugc phdm Novartis (vi Zovirex la thuong hieu todn cau chiem ITnh thi trudng ehdu Au vd ton lai cd dang kem vd dung djch tiem) vd dong y ehuyen giao viec phdt trien san pham cho Cantab sir dung cdng nghe DISC (d thj Irudng Vac-xin phdng ngira vi nit Herpes) (1 r c 2000). Khi bdn lai Denavir, GSK tiep tuc hodn thdnh thu tuc de dua ra thj trudng Zovirex the kem vd cd dung djch de tiem d My. Cdc trudng hgp nhu tren hodc tuong ty deu cd khd ndng xdy ra d Viet Nam nen viec dieu chinh Ludt Canh tranh de bao gom cac Irudng hgp nhu vdy Id edn thiet.
3. Quy trinh ciia thirong vu M&A
Nguge lai vdi \u the tdng trudmg ciia hoat ddng M&A, nhilu nhd nghien eim (Seth, 1990;
Hopkins, 1999; Brewis, 2000; Habeck et al., 2000) \a t l chiirc (A.T. Keame>, 1998: KPMG,
1999) da chi ra rdng phan ldm (tori 60%) cac thuang \ u M&A khong dem lai gid trj cho co dong vd cd the ndi rdng thdt bai. Mgt trong cac nguyen nhdn chinh la cac vdn dl ndy sinh trong cdc giai doan/pha cua quy trinh M&A ma cong ty phdi doi mdt (Child et al., 2001; A.T Kearney, 1988; Haspeslagh va Jemison, 1991).
Co so khoa hgc cQng chi ra sy thilu sdt vl sl lugng cdc nghien curu tap trung phan tich vd giai quyet cdc vdn de trong moi pha/giai doan cua quy trinh M&A nhu cd rdt it cdc nghien cuu tap trung vdo giai doan hgp nhdt (Shimizu et al., 2004; Child etal., 2001).
20 NhOng vin di KINH i t VA C H I N H TRj IHt G\Cf\ S6 10(186) 2011
VQ Anh Dung Phung Xuan Nha Mgt so vdn d l ly luan vd thyc tiln v l sdp nhap.
Vl mat ly ludn quy trinh dh thyc hien mdt thuang vu thdu tdm, sdp nhdp (ggi tdt Id quy trinh M&A) da dugc dl cap nhu sau:
• Quy trinh M&A gdm 4 giai doan chinh:
lap ke hoach chien luge, dilu tra vd lya chgn, ddm phdn, vd hgp nhdt (Howell, 1970).
• Quy trinh M&A gom 3 pha chinh: vien cdnh chiln luge vl viee lap kl hoaeh M&As.
phdn tich cde ddi tde. tiem ndng, va ede chiln luge hgp nhdt. Moi pha ndy glm mdt sl nhiem vy chi tiet eu the (Clemente va Greenspan,
1998).
• Quy trinh M&A nhu Id mdt quy trinh hgc hdi: Quy trinh ndy gdm 4 pha chinh - phdn loai vd lira chgn ddi tdc, trude khi hodn thdnh thuang vu M&A, ddm phdn, vd sau khi hodn thdnh thuang vy M&A. Cdc vdn de vd cdc gidi phdp ndy sinh trong mdi pha cung dugc bdn thdo (Very vd Schweiger, 2001).
• Quy trinh M&A gdm 5 giai doan: muc tieu tdi chinh vd chien luge, giai doan thuang vy, giai doan chuyen tiep, giai doan hgp nhdt vd ddnh gid, (Schweiger, 2002).
• Quy trinh M&A thdnh 3 giai doan chinh: lap ke hoaeh, thyc hien vd hgp nhdt. Mdi giai doan dugc bao gdm cdc nhiem vy cy the (Picot, 2002).
• Quy trinh M&A dugc cdu tnic thdnh 3 pha:
'planning', 'execution' vd 'implementation' (tam djch: kl hoach, hdnh dgng vd thyc hien) (Borghese vd Borgese, 2002).
Nhu vdy cd tbl thdy rdng, cdc quy trinh ndy thudng rdt vdn tdt vd dugc chia ra thdnh mdt vdi giai doan chinh vdi nhirng thudt ngii hodn todn khdc nhau vd thudrng rdt khd khan de doanh nghiep dp dyng, dac biet Id ddi vdi cdc doanh nghiep Viet Nam - khi khdi niem M&A vdn cdn chua dugc hieu mgt cdch todn dien - thi
cdn cd mdt hudng dan cu the chi tiet. Dieu ndy ciing dem lai nhirng khd khdn cho viec nghien CIIU sdu ban ve boat dgng M&A.
v l mat thyc lien, mdt so cdng ty tu vdn cung dua ra cdc quy trinh M&A rieng eua hg nhu sau:
• Quy Irinh M&A dugc dua ra bdi hang tu vdn Arthur Young gdm 8 budc: i) phdn cdng trdch nhiem tai edp do quan ly hoach dinh chinh sdch, ii) xdy dyng ke hoach M&A, iii) xdy dyng ede lieu chi eho M&A, iv) xde djnh ddi tdc tiem ndng de thye hien M&A, v) giao tiep vdi cdc ddi ldc tiem nang cho M&A, vi) nghien ciiu ddi tdc M&A, vii) ddm phdn vd viii) hgp nhdt (Bibler, 1989).
• Quy trinh M&A phdt trien bdi hang tu vdn A.T. Kearney gdm cdc giai doan: phdt trien chien luge, chgn lya ting cu vien, ddm phdn, hodn tdt thuang vy, vd hgp nhdt (Picot, 2002).
• FPT Seeurities (2008) ciing dua ra mdt quy trinh 3 bude thyc hien M&As - xdc djnh cde doanh nghiep mye tieu cho giao djch M&As, xdc djnh gid trj giao djch, vd ddm phdn giao ket vd thyc hien thda thudn hgp ddng giao djeh M&As. Tuy nhien, quy trinh ndy dugc tdng hgp lai tir ngudn tham khdo nudc ngodi nen khdng cd gid trj mdi vd khd Id co bdn.
Khi so sdnh vdi co sd Iy ludn khoa hge thi cd the thdy rang cdc quy trinh dua ra tir thyc tien (tu vdn) eung rdt chung chung vd khdi qudt gdm mdt vdi budc co bdn. De ddnh gid tinh cd the dp dyng dugc vd tinh phu hgp cua cde quy trinh ndy, viec so sdnh vdi mgt quy trinh M&A dien ra trong thyc te se giup ldm rd dieu ndy.
ABB Id cdng ty chuyen ve cdng nghe ty dgng hda vd ndng lugng vdi try sd chinh ddt lai Zurich (Thuy Sy). Hoat ddng kinh doanh cua cdng ty bao gdm 5 ITnh vyc: cdc sdn phdm ndng lugng; ty dgng hda vd cdc chuyen dgng rieng
Mdt sd vdn de ly luan va thyc tien ve sap nh§p... VQ Anh Dung Phung Xuan Nh?
re; cdc sdn pham bien the Ihap, ly ddng hda vc quy Irinh. Lich su eUa ABB xuyen sudt hon 120 nam bdt ddu lu euli ihc k> XIX vdi mgt be day thdnh lieh vl ddi mdi \ a dan dal ve cdng nghe trong nhilu nganh \a ITnh \uv. lai Vi^t Nam, ABB da thanh lap ehi nhanh \ao nam L)d3. Tru sd ehinh lai 1 la Ngi. ABB Vicl Nam ed c;ic van phdng tai Thanh phd lid Chi Minh. Da Nang, Vung Tau \a Bac Ninh.
Xu\en sudi lieh su phai trien cua minh. ABB da mua lai \'a hgp nhdl \di nhicu cdng ly tren loan the gidi. Tien than cua ABB la vice hgp nhai 2 edng l> ASHA \a BBC \ao nam 1988 de lao ra cdng t\ ABB \di doanh ihu xao thdi dicMii dd dat 17 l> USD \a luyen dung khoang
160.000 lao dgng Iren loan edu. Hang nam ABB lien lue ihirc hien cde thuong \'u thdu ldm de
pbdl liien Iheo ehieu sau vd dan md rdng ITnh VIIC kinh doanh nhu vice thau tdm cdng ly Venlyx (eung cap giai phdp ve phdn mem eho vice qudn Iri cac mang ludi vc ndng lugng) vao nam 2010, cdng ly Lnslo Bu.seh-.Faeger Oy (Phdn Lan) vdo nam 2009, cdng ly Kuhlman I'lectric Corporation vao ndm 2008. cdng ty Veelek I'leetronics (New Zealand) vdo nam 2008... Do boat dgng M&A Id mot trong cac boat dgng ihiidng xuyen ciia cdng ty nen ABB da xay dyng mgt quy irinh thdu tdm hay sap nhap dugc long hgp tu cac thuang vu ABB da Ihue hien. Bang dudi ddy mieu td cdc giai doan trong quy trinh M&A eua ABB trong dd ABB ehia quy trinh M&A eua minh thdnh 9 giai doan vd mdi giai doan cd cae ndi dung cdng viec luong img rdt cu the va ehi tiet.
Giai doan
Giai dogn 0
Giai dogn I
Giai dogn 2
Cac giai doan trong quy trinh thau torn hay sap nhap ciia ABB Nhiem vu chinh
Thanh tra; Ddu thdu ehinh thirc vd phe duyet ve quy dinh
Ket thue thuang vu; Uy ban chi dao vd gidm ddc dy dn; Cdc ke hoach dy kien
Hgp nhdl vd cdc sir kien giai doan sau ket thiic thuang vu
Cac hoat dong
Ddnh gid Iy do chien luge thau tdm
Ddnh gid cdng hudmg. tdi lieu minh chirng hda \ a ddnh gia
Thanh tra md rgng Phdn lieh rUi ro
- Chinh thirc nop don ddu thdu
Phe duyet cua Uy ban Chdng ddc quyen Ddng thuang vu
Thdnh lap Ban chi dao
- Chi djnh gidm doc hgp nhdt dy dn Thdng cdo bdo chi dy thdo
Ke hoach 100 ngdy dy thdo Kc hoach truyen thong dy thdo Ddnh gid sy phirc tap ciia hgp nhdt Ddnh gid cdc rdo cdn van hda
Ddnh gid kinh doanh vd cdc ldnh dao bg phdn chirc ndng
Thau tdm chinh
Cdc nhdm chuc ndng |
22 -NhOng vin di KINH i t VA CHINH TRj TH^ GIQI S6 10(186) 2011
VQ Anh Dung - Phung Xuan Nha Mdt s6 vdn d l ly luan va thyc tien v l sap nhdp...
Giai dogn 3
Giai dogn 4
Giai dogn 5
Giai dogn 6
Giai dogn 7
Giai dogn '8
Giai dogn 9
Ngdy 1: Budi hgp ban ddu;
Tap trung ngoai vi; Truyen thdng; Thdnh lap nhdm
Qudn ly chudi cung img, bat dgng sdn, nhdn sy, thue, phdp ly vd tdi chinh
Theo ddi kiem sodl kinh doanh; Theo ddi cdng hudng;
Tdi cdu true
Cdc nhdm nhiem vy ehiic nang
Cdc nhiem vy kinh doanh
Qudn trj dy dn hgp nhdt
Tdi lieu hda hdu thdu tdm
Ngudn nhdn lire ban ddu Cdc nhdm van hdnh
Djnh ngliTa trilt ly hgp nhdl - Budi hgp ban ddu ve ke hoach
Thdu tdm chinh Cdc nhdm ehue ndng Ngudn nhdn lyc ban ddu Cde nhdm van hdnh
Djnh nghTa triet ly hgp nhdt Budi hgp ban ddu ve ke hoach
Cde vdn de ve phdp Iy, thue vd tdi chinh Ngudn nhdn lyc
Bdt dgng sdn
Cdng nghe thdng tin - Qudn trj chudi cung ling - Qudn tri sdp nhdp
- Kiem sodt kinh doanh - Van hdnh kinh doanh - Duy Iri khdch hdng - Cdc gid trj cdng hudng
Tdi chinh Bdt ddng sdn Nhdn lyc
Cdc quyet djnh ve IT Qudn trj hgp nhdt Truyen thdng
Van hdnh kinh doanh Hgp nhdt cdu true Cdc ddi tde ve kenh Qudn trj hgp nhdt Van hdnh kinh doanh - Qudn trj hgp nhdt - Ddng/ket thiic dy dn
Giai do^n 0,1, 2: Pha tru&c thau torn Giai doan 6, 7: Pha hap nhdt Giai doan 3, 4, 5: Pha chuyin tiip Giai doan 8, 9: Pha thdng nhdt
' - - ,-,•.,.. = 7 7 . • , . - . . • „ . • • , . - - =
Nguon: Phdng vdn true dep vai ABB.
M0t so v^n d l ly lu$n vd thyc tiln v l sdp nh$p... VQ Anh DQng - Phung Xudn Nh^
Nhu vdy cd tbl thay rdng, khi so sdnh vdi cdc budc tren thyc te dien ra trong cdc thuang vu M&A cua ABB, cdc quy trinh da dugc de cap tir gdc do ly ludn (khoa hgc) vd thyc lien (cdc edng ty tu vdn) deu chung ehung vd thieu cu the. Do vdy, cde quy trinh dd khdng mang tinh hiiu ich vd Ung dyng eao de eae cdng ty cd the dp dyng khi tham gia vdo boat dgng M&A.
Them vdo dd, nhu da de cap, boat dgng M&A tai Viet Nam hien nay mdi chi da phdn lap trung vdo hinh thiic mua hay nhugng lai mdt phdn ed phdn cua cdc ddi tdc chii chua thyc sy Id hinh thuc hgp nhat hay mua lodn bg 100% sd hiru giira cdc ben gidng nhu boat dgng M&A quIe te. Trong nhumg trudng hgp nhu vdy thi quy trinh M&A don gidn hom nhieu so vdi thyc ll (vi du trong trudng hgp khi mgt thuang vu M&A dugc thyc hien thdng qua viec dau thau vd do mgt ben trung gian nhu ngdn hdng dau tu thyc hien thi quy trinh se phirc tap hom nhilu).
Do vdy, quy trinh M&A chi tilt trong cdc thuang vy nhu vdy ciing Id mdi me vd ehua duge thyc sy phdt trien bdi cdc doanh nghiep tai Viet Nam dan tdi viec doanh nghiep chdc chdn se gap phdi nhieu rui ro khi khdng tbl ludng trudc dugc niu thyc sy tham gia vdo M&A thay ddi quyen kiem sodt vd sd hum giiia 2 hay nhilu ben chua hi cd quan he dli tdc trudc giing nhu cua qudc te.
4. Mgt so ggi y chinh sach va kinh doanh Tir cdc thyc tl vl khdi niem vd phdn loai M&A neu tren thi cd tbl thay rdng cdch bilu vd quy djnh vl M&A cua Viet Nam Id cd khdc bi?t vdi nhirng thdng le dugc chdp nhdn rgng rdi tren thi gidi. Dilu ndy dan tdi viec da hodc khd ndng cd nhirng thuong vy M&A tai Viet Nam
chua dugc bao hdm hodc khong ndm trong pham vi dp dyng cua quy djnh hien hdnh. Dilu nay sO khd khdn cho vice thdng ke (ket qud va sd lieu khdc bi?t dan tdi viec sai lech ve cong tdc dy bdo) vd ban hdnh cdc chinh sdch vT mo cung nhu thyc thi cdc quy djnh lien quan din boat dgng M&A lai Viet Nam. Do vdy, khuyen nghj dugc dua ra Id viec dieu chinh theo khai niem quoc te dd dugc chdp nhdn rgng rdi la cdn thiet va dieu ndy se khdng chi tao thudn Igi cho viec Ihdng ke tuong ddng vdi the gidi md cdn hudmg ldi vi^c dua cdc thuomg vy M&A toan phdn hay mgt phdn (theo tieu chi ve thay dli quyen sd hihi vd thay ddi cdng tdc van hanh qudn Iy) vdo trong pham vi djnh nghTa va ap dung cua cdc quy djnh \ e M&A.
O gdc do ve quy trinh thi mgt thuang vu M&A thudng gdm nhieu giai doan (pha) vdi nhirng nhiem vu chi tiet vd Id trinh cu tbl. Tuan theo mgt quy trinh M&A day du vd chi tilt se giup cho cdc doanh nghiep trong nudc (vd quoc te) thyc hien cdc thuomg \u M&.A mgt each bai bdn hom, nhdn biet ddy du dugc cdc thach thiic trong tirng giai doan \ a tir dd tdng ty le thanh cdng cdc thuomg vu M&A. Mgt quy Uinh M&A day du ndy cung se giup tdng so lugng nghien cuu sdu hom vdo timg pha cua quy trinh dh thiic ddy cdc boat dgng M&A. Trudmg hgp phdn tich vl cdng ty ABB la mgt tinh huong tham khao hiiu ich tir gdc dg tilp c$n vl quy trinh M&A cho cd doanh nghiep vd khoa hgc. Viec md rgng nghien curu them cdc quy trinh/cdc budc thuc hi?n chi tiet trong nhihig thuomg vy M&A thyc hien bdi cdc cong ty tren thi giai la cdn thilt dl tir dd ting hgp nen dugc mgt quy trinh M&A todn dien vd ddy dii hom4
24 -NhOng vin di KINH T^ VA CHINH TRj IHt GIQI S6 10(186) 2011
VQ Anh Dung - Phung Xuan Nha Mgt sd vdn d l ly luan va thyc tiln v l sdp nhap...
Tai l i f u tham khao:
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4. Ludl Cgnh tranh sd 17/2004 (Jill I ngdy 14 ihdng 12 ndm 2004.
5. Ludl Doanh nghiep .vd 60/2005/QHl I ngdy 29/11/2005.
6. PrieeWaterHouse Coopers (2009), M&A a Viel Nam.
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Mdt so vin 6k ly lu$n vd thyc tiln v l sdp nh$p... VQ Anh DQng - Phung XuSn Nh^
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26 -NhOng vin di KINH T^ VA CHJNH TRj TH^ Gidi S6 10(186) 2011
