TAPCHiC6N6THI(0lNG
MOT SO GIAI PHAP HOACH DINH ccf CAU VON CUA CAC DOANH NGHIEP
NIEM YET TREN THI TRlTCfNG CHlfNG KHOAN VIET NAM
• NGUYIN THI THANH VINH
TOM TAT:
Hoaeh dinh ed ed'u vdn (CCV) la mdt trong eac nhidm vu tdi chinh quan trpng cua cdc doanh nghiep niem yd't (DNNY) tren thi trffdng chffng khoan (TTCK) Vidt Nam. Hoat dgng nay khdng ehi giup doanh nghidp quyet dinh nen huy ddng vd'n tff dau, ma cdn xac dinh each thffe phdn bo ngudn vd'n dd nhff the' nao dd' dat dffdc muc tidu to'i thidu hda chi phi vo'n va td'i da hda gia tri cua doanh nghiep. Trong pham vi bai vie't, tac gia tap trung nghidn effu, dd xud't mpt so' giai phap nhdm thffc hien tot boat ddng hoach dinh CCV cua cdc DNNY trdn TTCK VietNam hien nay.
TiJf khoa: Cd cdu vdn, doanh nghidp niem yet, thi tnfdng chffng khoan.
1. Crf ctfu v6'n cua doanh nghiep nidm yd*^!
CCV cua DNNY, hay cdn goi la ddn bay tdi chinh, la sff ke't hdp giffa vide sff dung vo'n nd va vd'n ehu sd hffu theo mpt ti Id nha't dinh de tai trd cho boat ddng san xud't - kinh doanh. He so' ddn bay tai chinh d mffe cao chffng to doanh nghidp sff dung nhidu nd vay va ngffdc lai. Mdt CCV hdp li phai dam bao sff hai hda gifla nd vay va vd'n chu sdhflu, sao cho chi phisff dung vd'n thd'p va rui ro cd the chd'p nhan dffdc, phu hdp vdi dieu kien kinh doanh cu the eua doanh nghiep.
Cac DNNY ed the thay ddi CCW hoac tai cau true lai ngudn vd'n bang nhieu each thffe khac nhau, nhff: phat hanh them cae chffng khoan
hoae vay them tff ben ngoai, bo sung them vdn tff ldi nhuan thu dffde de tang vd'n. Ngoai ra, doanh nghiep eung cd the tai ca'u true lai ngudn vd'n ma khdng lam thay doi qui md vd'n ciia doanh nghiep nhif vay them nd de mua lai cd phid'u, hoae phat hdnh them ed phie'u de hoan tra bdt nd vay. CCV eua DNNY phai dffdc xdy dffng trdn cdsd muc tieu cdban la td'i da hda gia tri tdi san ed ddng va eung ddng thdi la td'i da hda gia tri cua doanh nghidp. Gia tri cua doanh nghiep se td'i ffu khi chi phi vd'n binh qudn thap nhd't. Do vdy, muc tieu cd ban cua quye't dinh CCV la xae dinh du'dc each thffc tai trd cd chi phi vd'n thd'p nhd't, CCV td'i ifu la diem ma tai dd chi
276 Sd22-Thang 12/2019
TAI CHiNH-NGAN HANG-BAO HIEM
phi vd'n binh qudn thd'p nhd't vd gia tri doanh nghidp cao nha't.
Khi dieu chinh CCV cac DNNY ciu Iffu y cac vd'n dd sau Thii nhd't, sff dieu chinh CCV cua doanh nghiep lam thay ddi chi phi vd'n nhff the' nao'' Thd hai, tai diem CCV nao ehi phi vd'n eua doanh nghiep se toi thidu va gid tri doanh nghiep tdi da? Thd ba, gia tri eua doanh nghidp va gia ed phieu se bid'n ddng nhff thd'nao khi doanh nghidp dieu ehinh CCV ve mffe td'i ifu?.
CCV cua DNNY ph^n ldn phu thupe vao cac nhSn td' thupe ve doanh nghiep, nhtf- nguy ed pha san, kha nang sinh ldi, chd't Iffdng va eau true tdi san, ed hdi tang trffdng... Ngoai cac ye'u to' nay, dac trffng vd nganh vd ddc diem mdi trffdng kmh doanh con la nhflng ye'u to' dan dd'n sif khde biet ve CCV eua cac DNNY thudc cac nganh nghe, linh vffc khac nhau, hoat ddng d eae mdi trifdng kmh doanh khac nhau.
2. Thudn ldi va kho khan cua doanh nghiep niem yd't t r e n thi trffcfng chitng khoan Vidt Nam trong ho^ch dinh cd cdu vd'n
Hien nay, bd'i eanh kmh te da't nffde va xu hffdng hdi nhdp da va dang tao ndn nhffng didu kidn thudn ldi eho eae DNNY trong viee hoaeh dinh CCV. Cu thd la:
r/ii? nhd't, hien nay nen kinh td' Viet Nam vdn tid'p tue tang tru'dng manh me, binh quan khoang 6%/nam trong 30 nam qua va dffdc dff bao tid'p tuc duy tri d mffe tang trffdng eao de'n he't nam 2020;
cae chi tidu vd lam phdt, ty gia cung se theo chieu hffdng dn dinh. Day la dieu kien thudn ldi de cac DNNY md rdng hoat ddng san xud't - kinh doanh, qua dd thuc day tang trffdng ve mat bang gia ed phid'u keo theo mffe tang vd vd'n hda thi trifdng.
Thii hai, tie'n trinh ed phan hda, thoai vd'n tai doanh nghidp nhd nffde (DNNN) gan vdi nidm ye't tren TTCK tid'p tuc dddc Chinh phu ehu trong ddy manh trong thdi gian tdi. Trong giai doan 2017 - 2020, se cd hdn 400 DNNN thffc hidn thoai vo'n trong giai doan nay, qua do tao tidn de cho ngudn eung hang hda trdn TTCK.
Thii ba, viec tham gia va thffc thi eae FTA thd' he mdi nhff EVFTA, CPTPP se giup day manh hoat ddng san xua't - xua't khau cua cac DNNY;
khi cac cam ke't nay giup gd bd hang rao thue' quan dd'i vdi hdng hda, tam tang ed hdi giup hang hda trong mfdc tid'p cdn nhidu thi trifdng qude te' vdi cac dieu kien \iu dai hdn, giiip cae doanh nghidp kinh doanh md rpng thi trffdng, thuc day xud't khau. Tff dd, eo phid'u cua nhffng nganh nay se hd'p ddn hdn vdi nha dau tff, tao tien de cho sff tang trifdng va di ldn tich cffc eua TTCK.
Thii tu, earn ke't trong FTA thd' hd mdi bude eac DNNY phai ddi mdi, tai ed'u true, ap dung eac chuan mffe va thdng Id qud'c td' vd quan tri cdng ty, quan tri rui ro, cdng bd' thdng tin... de hoat ddng cd hidu qua hdn, nang cao nang lu'c eanh tranh. Ben eanh do, qua trinh cd ph^n hda DNNN, nhu cau dinh gid doanh nghiep, nhu eau phat hanh, tim ddi tae chie'n Iffdc, tim thi tru'dng mem ye't (trong nu'dc, mfdc ngodi) se la nhffng yd'u td' tang clu dd'i vdi djch vu cua cac cdng ty chffng khoan.
Thti ndm, cae hidp dmh FTA thd' he mdi difde ky kd't se md ra ed hdi cho Vidt Nam vd thu hut dau tff nffdc ngoai, bao gdra ca dau tff trffc tid'p vd dau tff gian tie'p nffdc ngoai thdng qua TTCK. Vdi cac ydu clu cam ke't ed dd md sau rdng tren nhieu Imh vffc, quan hd thffdng mai vd d^u td giffa Viet Nam vdi eae nffdc thdnh vien CPTPP hay cdc nddc thanh vidn EU se phat trien manh me, tff do thue day dong vd'n dau tff vdo Vidt Nam.
Bdn canh dd, cac ehinh sach mdi nhff Luat Dau tff, Ludt Doanh nghidp, Ludt Kinh doanh bd't ddng san... va sap tdi la Ludt Chffng khoan (sffa ddi), tie'p tuc tao didu kidn thudn ldi eho sff tham gia eua nha dau tff nffde ngoai tren TTCK Viet Nam.
Bdn canh nhffng mat thuan Idl, van edn tdn tai nhidu vd'n de bat cap gdy nhidu khd khan, trd ngai cho eae DNNY trong hoach djnh CCV.
Thd nhd'l, Nhd nu'dc vdn gifl vai trd quan ly quan trpng dd'i vdi cac DNNY. Hidn nay, cd khoang 42% DNNY tren thi trffdng ed ty le sd hffu cua nha nffde trdn 10%, trong dd 21% sd' doanh nghiep nha nffdc nam giff ed phan chi phd'i (tren 50%), 15% so' doanh nghidp nhd nffdc cd anh hffdng ldn (20%-50%) va 6% sd' doanh nghiep nha nffde gifl vai trd quan ly quan trong (tren 10%). Nhidu DNNY nha nffdc ed cd phan
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TAP CHi CONG THIfONG
chi phd'i vdn hoat ddng dffa trdn ldi the doanh nghidp nha nffdc, dffdc flu tidn vay vd'n dd dang hdn, vi thd'khdng ed ddng life dau tff vd'n hidu qua, tie't kidm chi phi. Nhieu doanh nghiep cd phan hda vdn dp dung phddng thffe, bidn phap va thdi quen td ehffe, quan ly nhff trffde vao didu hanh dd quan trj cdng ty mdi. Thffe td' dd anh hffdng khdng nhd de'n cdng tac hoach dinh chinh sach tai chinh tai eae DNNY.
Thti hai, hidn nay cac ngan hang thffdng mai nha nffde vdn chie'm trdn 50% thi phan tin dung, ddng vd'n tin dung phan ldn chay vdo cac doanh nghidp ldn, danh nhidu \S\i tien eho cac doanh nghiep cd md'i quan he to't vdi ngan hang, san pha'm tin dung chffa da dang. Trong khi thi trffdng tai chinh edn yd'u kem, sff phat tridn kinh td' eua nffdc ta chu yd'u du'a vao he thdng ngdn hdng, vide phdn bd tin dung chfla hop ly cua he thd'ng ngan hang ed anh hffdng khdng nhd tdi chinh sach tai trd vdn cua cae DNNY.
Thdba, vai trd cua eae nha dau tfftd ehffe trdn TTCK cdn ra't han chd', tham gia ehu ye'u la eae nha dau tff ca nhdn. Sff hidn dien cua cdc nha dau tff td chffe vdi chid'n Iffdc dau tff dai han ddng vai trd ra't quan trpng trong viec cung cd'p ngudn vd'n trung va dai han. Chie'n Iffde tff do hda tai ehinh da dffdc thffc thi thdng qua eac ehinh sach thu hiit sff tham gia cua nhd dau tff nffdc ngodi trdn TTCK. Tuy nhien, hien nay thi trffdng vdn cdn rat thie'u vang nhflng nha dau tfl td chffe quan trong nhff cdc cdng ty bao hiem nhdn thp, cac quy hflu tri, quy dau tff... Vi thd', vide phdn bd ngudn vd'n trong ndn kinh te' chu ye'u tap trung vao ngudn vd'n ngan ban, huy ddng ngudn vd'n dai han la va'n de khd khan trong dieu kidn hidn nay.
Thdtu, hanh lang phap Iy ehffa day du va vdn cdn nhidu vdn dd tdn tai, gay nen nhffng khd khan, vffdng md'c trong hoat ddng huy ddng vd'n.
Mdt so' quy dinh lidn quan cua Luat Doanh nghiep chu'a tao thudn ldi cho cd ddng, thanh vidn cdng ty thffe hien quyen khdi kien ngffdi quan ly trong trfldng hop can thie't; ehffa ed quy dinh day du, cu the va hdp ly ve chao ban cd phan rieng le dd'i vdi cdng ty co phan, gdy khd khan, thdm chi can trd viec huy ddng thdm vd'n.
md rdng kinh doanh eua khdng it doanh nghiep.
Cac quy dinh ve menh gia cd phid'u eua Luat Chffng khoan hien nay cdn gay khd khan eho boat ddng phat hdnh eua cac DNNY cd gia cd phid'u dffdi menh gid ..
Thd ndm, sff thie'u tinh chuan tdc trong qudn tri tdi ehinh tai eac DNNY anh hffdng dd'n quyd't dinh CCV. Cdng tac quan tri tai chinh trong cac doanb nghiep thffdng bi xem nhe, viec Iffa chon ngudn vo'n dap ffng nhu eau hoat ddng kinh doanh dffdc hinh thanh mdt each tff phat, khdng dffa tren nhflng nguydn ly cdban cua mdt chid'n Iffdc quan tri tai ehinh hidn dai, boat ddng dau tff tran lan kem hieu qua vao cac ITnh vffc khdng dffng sd trffdng vd chffe nang hoat ddng ed't Idi cua doanh nghiep nhff chffng khoan, bd't ddng san trd nen rd't phd bidn. Trdn thffe td', nhffng bd't cdp thupc ve npi bd doanh nghiep la nguyen nhdn chu ydu va quan trpng gay ndn nhffng khd khan, thach thffc trong edng tae hoaeh dinh CCV.
3. Giai phap hoach dinh ctf cS'u vd'n cua doanh nghidp nidm ye't trdn thi trifdng chffng khoan Vidt Nam hidn nay
Mot Id, cdc DNNY cdn chu dong thdnh lap bg phan chuyen trdch qudn tri nguon vd'n.
Quan trj ngudn vd'n Id hoat ddng vd ciing quan trpng dd'i vdi eae DNNY trong qua trinh trudc va sau khi xay dffng dfldc CCV muc tieu. Tuy nhien, phan ldn cae DNNY hidn nay chffa thanh ldp dflde mdt bp phdn chuyen trach ve linh vffc nay;
trach nhidm hoach dinh CCV cua doanh nghiep thffdng dffdc giao ludn cho ban giam dd'c. Sau khi CCV dffdc de ra khdng cd bd phdn nao chiu trach nhiem theo ddi vd ddnh gid, de kip thdi cd nhffng thay ddi phCi hpp. Vi vdy, de cd the xdy dffng va quan ly mdt CCV hidu qua, DNNY ndn dat ra mdt bd pbdn ehuyen trach de quan tn ngudn vdn.
Hoat ddng cua bd phdn quan tri vd'n phai lidn he chat che vdi eae bd phdn trffc tid'p san xud't, kinh doanh de cd the ndm bdt dffde dae didm tlnh hinh boat ddng eua doanh nghidp trong hidn tai va dmh hffdng phat trien tie'p theo. Sau khi da nam vflng nhu cau vd'n va cdn nhac tinh hinh hien tai cua doanh nghiep, bp pbdn quan tri ngudn vdn se tinh toan eae ngudn huy ddng vd'n ma doanh
278 So 22-Thang 12/2019
TAI GHJNH • NGAN HANG - BAO HIEM
nghidp ed the sff dung va chi phi huy ddng eua cae nguon dd. Bp phdn quan tri ngudn vd'n phai cd trach nhiem kid'n nghi nhffng dd xud't thay ddi ddi vdi ede ke'hoach hoat ddng nd'u ed sfl khdng ddng nhd't hay mau thudn giffa kha ndng huy ddng vdn va ke'hoaeh, chie'n Iffde phat trien cua doanh nghiep; dam bao tinh kha thi cua chie'n Iffdc va kha nang tdi chinh trong tffdng lai eua doanh nghidp. Sau khi CCV cua doanh nghidp trong thdi ky da dffdc thdng qua, bd phdn quan trj vd'n phai thifdng xuyen giam sat tinh hinh thffc bidn theo CCV cua doanh nghidp, kip thdi cd nhffng dieu chinh dd duy tri CCV khi cd nhffng thay ddi bd't thifdng ve kinh td' vT md vd trong hoat ddng san xud't - kinh doanh cua doanh nghidp.
Hai Id, da dang hda cdc hinh thdc huy dong vdn.
Mpt trong nhffng hinh thffc huy ddng vd'n quan trpng ma DNNY ndn khai thdc sff dung ehinh la trai phid'u doanh nghiep. Ddy la hinh thffe vay vo'n effe ky pho bid'n, tuy nhidn, td'c dd tang tru'dng va sd'tien huy ddng dffdc tff trai phid'u cua DNNY hau nhff la khdng ddng ke. Trong thdi gian tdi, eae DNNY, dae biet la nhffng doanh nghidp Idn tbffc sff ndn can nhac de'n vide huy dong vd'n bdng phat hanh trai phie'u. Vide phdt hanh trai phie'u cua eae DNNY nen dflde tie'n hanh mdt cdch rdng rai cdng khai, khdng ndn ehi gidi han trong sd' mdt vai nhd diu tff thdng thu'dng. Thdng tin ve cac loai trdi phie'u dffde phdt hanh nhff menh gia, thdi han, eae dieu kien lidn quan can dffde edng bd'trdn cdc phffdng tidn de mpi nha dau tflquan tdmcd the tim hieu. Dae bidt, eac DNNY ndn chu y gidi ibidu trai phie'u den cdc nha dau tff nffde ngoai. Nhidu nbd dau tff ntfdc ngodi, nhd't la nhflng nha dau tff Idn, chju dffdc rui ro, ra't ffa thieh trai phid'u doanb nghidp cua eac quo'c gia dang phat trien nhff Viet Nam vi tiem nang tang trffdng vdn khd cao, trong khi lai sud't cung hd'p ddn hdn so vdi eae quo'e gia phat tridn.
Dd'i vdi nhffng doanh nghiep ed quy md nhd, khd CO the phat hanh trai phie'u, ed thd cdn nhac tim dd'n nhffng quy dau tff hoae eae cdng ty dau tff mao hiem vi day la nhffng trung gian tai chinh
san sang cha'p nhdn mao bidm dau tff vao cae doanh nghiep nhd hoae eae doanh nghidp mdi thanh lap nd'u cdc dff an cua doanh nghidp du ha'p ddn. Dieu nay giup doanh nghiep da dang hda ed ca'u tai trd, han chd'rui ro va giam ehi phi tai trd.
Dd'i vdi cae doanh nghidp xua't nhap kha'u, can tan dung nhffng hinh thffe tdi trd thffdng mai qud'c td'dang dffdc nhieu ngan hang trong nffdc ap dung nhff: chie't kha'u thffdng phie'u, cam cd' gid'y td cd gia, cac loai thff tin dung (L/C), bao thanh toan...
Day la nhffng phfldng tidn vd cdng thudn ldi va hffu ich dd'i vdi cae doanh nghiep xud't nhdp khau, giup ban che' rui ro trong giao dieh va thanh toan qude te', ddng thdi giup cho doanh nghiep chu ddng tranh khdi nbffng thid'u hut tam thdi ve vd'n Iffff ddng trong qua trinh boat ddng kinh doanb.
Vi vdy, cac doanh nghiep xud't nhdp khau cua Viet Nam nen ehu ddng tim hieu ve nhffng hinh thffe tai trd thfldng mai qud'c te' nay va Iffa ehpn hinh thffe phu hdp eho minh, can Iffu y rang vdi quy md phat trien cua nganh xud't nhap khau tai Vidt Nam va td'c dd todn cau hda trong ITnh vffc xud't nhdp khau ndi chung, vide sff dung nhffng phfldng tien tai trd hay se Id mot xu hffdng ta't yd'u khdng tranh khdi. Vi vdy, eae doanh ngbiep ndn chu ddng lam quen va sff dung de tranh Idm vao thd' bi ddng khi tham gia vao cac boat ddng thffdng mai qud'c te' sau ndy.
Dd'i vdi ede doanh nghiep hoat ddng trong ITnh vffc san xua't, khai thae, xdy dffng... cd nhu eau ldn vd diu tff tdi san cd'dinh thi thud lai san se la mdt Iffa ehpn phii hdp. Ve ban ehd't, thud tdi san cung la mdt hinh thffe tin dung gid'ng eae ngdn hdng, nhffng la hinh thffc tin dung bang tai san. Chuyen mdn cua eae edng ty cho thud tai san trong ITnh vffe dau tff tai san se giup cac doanh nghidp tid't kidm dfldc thdi gian vd ea ehi phi khi mud'n vay vd'n de tang tai san ed djnh.
Ben canh da dang hda eac hinb thffc huy ddng vd'n, DNNY can xay dffng mang lffdi quan he tin dung vflng chac. De tao difng mang lffdi quan he tin dung td't, cd the de eff thdnh vidn hdi ddng quan tri tham gia vdo cae td ehffe dodn the, eac hiep hdi kinh doanh. Ngodi ra, doanh nghidp ndn tich effe, chu ddng tham gia eae didn dan, cac
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TAP CHI CONC THIfliNG
boat ddng xd hdi de tang them ed hdi md rdng quan he kinh doanh.
Ba Id, hodn linen cong lac ke todn, lap bdo cdo Idi chinh vd hoat dong cong bo thong tin cda doanh nghiep niem yet.
De nang cao kha nang tid'p cdn vdi cac ngudn vd'n bdn ngoai, DNNY can phaied cae bidn phap hoan thidn cdng tdc ke'toan, qui trinh lap bao cao tdi chinh, edng bd' thdng tin bao eao lai ehinh, dam bao thdng tin de'n dffdc vdi nha dau tfl mpt each kip thdi va cd dp tin eay cao. Theo do, DNNY can xdy dffng bd may kd'toan phu hdp vdi cd ca'u quan ly, ddng thdi ffng dung cdng nghd thdng tin trong quan ly, sff dung phan mem kd' todn de cap nhat dff lieu hang ngay. Ngodi cac thdng tin tren bao eao tai chinh theo mdu quy djnh cua Bp Tai ehinh, DNNY ndn edng bd' day du hdn mdt so' chi tidu "nhay cam" trdn thuye't minh bao cao tdi chinh. Thuyd't minh bao cao tdi chinh la I trong 4 bao eao tai chinh md DNNY pbai thffc hien edng bd'. Day thffc chd't la mot ban giai trinh eua doanh nghiep, gdm nhffng thdng tin bd sung vdi mue dieh lam rd va chi tie't hdn cdc thdng tin vd dff lieu ke' todn dd bi bd qua trong cac bao cdo tai chinh nhff Bang edn dd'i kd' loan va Bao cao kd't qua kinh doanh. Qua thdng tin bd sung trdn thuyd't minh bao cao tai ebinb, DNNY se dap ffng day du hdn tinh minh baeh ve thdng tin tren bao cao tai chinh, giup nha dau iff cd thdm nhieu thdng tin hflu ich trong vide dffa ra eac quyd't dinh cua minh. Ben eanh dd, cac DNNY can bdtri ngffdi edng bd'thdng tin chuydn trach hay bd phdn thff ky cdng ty, chiu trach nhiem kiem tra theo ddi vide edng bd' thdng tin eua doanh nghidp, han ehe' tlnh irang ngffdi edng bd'thdng tin la ngffdi kiem nhidm eae chffe danh
nhfl kd' toan trffdng, giam dd'c tdi chinh, thanh vien hdi ddng quan tri.
Bd'n Id, ndng cao chdt luang qudn tri doanh nghiep.
Quan trj td't gdp phan vdo phat trien ben vffng, cai thidn dffdc boat ddng va nang cao kha nang tid'p can cac ngudn vd'n tfl bdn ngodi cua cac DNNY. De hodn thien edng tde quan tn tai cic DNNY, can ndng cao hdn nffa nhdn tbffc vd tam quan trong eua eae thdng Id quan tri td't, chii trong hdn dd'n vd'n dd bao vd quydn cua cd ddng va cac ben lidn quan, tang cffdng cdng khai minh bach, bao dam trach nhidm cua hdi ddng quan tn trong gidm sat rui ro. Thie't lap mdt chuan mffe quan tri vd dieu hdnh phu hdp vdi ehuan mffe qud'c id', neu can thie't cd the nhd sff giup dd cua eac cdng ty tif van, cde ehuyen gia trong ITnh vffc nay.
Tang efldng vai trd eua ban kiem soat vd bo phdn kiem toan npi bo, ddy la cdng cu giup phat hien vd cai tie'n nhflng diem yd'u trong be thdng quan ly cua doanh nghiep. Cac thdnh vidn ciia ban kiem soat pbai la thanh vidn ddc lap cd cac pham eha't pbu hdp. Can tang cudng sff phd'i hdp giffa hdi ddng quan tri, ban kiem soat, giam ddc tdi ehinh va bd pbdn kd' toan trong vide ra cac quye't djnh lai chinb ndi chung, quye't djnh CCV ndi rieng. Tang cffdng vai trd eua giam dd'c tdi ehinh (CFO) trong quan tri doanh nghiep. CFO can phai dfla ra nhffng kid'n nghi mang linh ehien Iffde eho hgi ddng quan tri dffa trdn cac phan tich vd dif bao tai ehinh. Mud'n lam dfldc nhfl vdy, doi hdi bd phan ke' toan phai cung cd'p he thdng thdng tin tieh hdp dd Iflu trff, tbeo ddi, bdo eao hidu qua hoat ddng vd tlnh hinh tdi ehinh, he thd'ng kiem sodt ndi bp dam bao thflc hien luan thu va quan tri hidu qua va han ehe gian lan •
TAI LIEU THAM KHAO:
1. Vu Chi Dung (2017), Cdc hiip dmh thuang mai tu do thi' hi mdi - Cdc vd'n de ddt ra ddi vdi chi'nh sdch qudn ly vd gidm sdt thi trudng chdng khodn Viet Nam, Di tdi nghiin ciiu khoa hoc cua Uy ban ChUng khodn Nhd nUdc.
2. Ddm Vdn Hui (2005), "Bdn ve diiu kiin thii'l ldp ca cdu vdn muc tiiu cua doanh nghiep Viet Nam hien nay", Tap chi Kinh ti'phdt trien. sd 10.
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TAI CHlNH-NGAN HANG-lAO HIEM
3. Luu Thi Huang, Vii Duy Hdo (2007), Tdi chinh doanh nghiep, Nhd xudt bdn Dgi hgc Kinh lequdc ddn. Hd Ndi.
4. Nguyen Hdi Sdn (2005), Qudn Iri tdi chinh doanh nghiip. Nhd xudt bdn Tdi chinh.
5. Trdn Hdng San vd Tran Vii't Hodng (2008), "Ca cdu vdn vd hiiu qud hogt dong cua doanh nghiep ciia cdc cong ty niem yet tren Sd Giao dich chdng khodn thdnh pho Ho Chi Minh", Tap chi Phdt trien Kinh te, .sd 12(218)72008.
6. iJy ban Chting khodn Nhd nudc (2018), Bdo cdo linh hinh hogt dgng cua thi trudng chiing khodn tUndm 2000 di'n nay vd cdc gidi phdp, kie'n nghi gdi To tu vdn kinh te cda Thu tudng, thdng 12/2018, Hd Ndi.
Ngaynhan bai: 13/11/2019
Ngay phan bidn danh gia va su'a chffa: 23/11/2019 Ngay chap nh§n dang bai: 3/12/2019
Thong tin tdc gid:
ThS. NGUYEN THI THANH VINH
Trrftfng Dai hpc Kinh td'va Quan tri Kinh doanh - Dai hpc Thai Nguydn
SOME SOLUTIONS TO PLANNING CAPITAL STRUCTURE OF ENTERPRISES LISTED
ON VIETNAM'S STOCK MARKET
• MA. NGUYEN THI THANH VINH University of Economics a n d Business Administration,
Thai Nguyen University
ABSTRACT:
Capital structure planning is one of the important financial tasks of listed companies in Vietnam's stock market. This activity does not only help businesses decide v^'here to raise capital, but it also determines hov^' to allocate that capital to achieve the goal of minimizing capital costs and maximizing the value of the business. Within the scope of the article, the author focuses on researching, proposing a number of solutions to well implement capital structure planning activities of listed companies on Vietnam's stock market today.
Keywords: Capital structure, listed enterprises, stock market.
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