(^ So 6 (107)-2012 )
NQHieNCCfUTRAODdl
Kiem spat viec tang von khdng bang kl toan theo gia tri hop ly
Hi$n nay, d nude ta, tiij tiudng vin di phit biln theo xu hudng chung eua cic nude cd nln kinh tl phit tiiln tidn thl gidi. Thdi gian viia qua, cd rit nhilu du lu|n ve vi$c cl philu giiy cua nhilu cdng ty tren thi trudng chdng khoin hay v i ^ ting vin io d cic ngin hing thuong mgi nhim dip dng qui djnh eua Ngin hing Nhi nude vl y6u eiu rniie vin dilu l^ tii tiiilu ciia ngin hing tiiuong mgi. Thyc chat vi$c ting von cua cic cdng
^tren thj trudng chiing khoan vi cic ngin hing thuong mgi dien ra nhu thl nio? Tgi sao du lu§n tgi eho ring vin khdng ed thgt?
Cic nhi diu tu tr€n thj trudng chiing khoin thdi gian qua da len tilng rang, cd rat iihilu ci philu giiy dupe nigm yet tr6n thj trudng chiing khoin.
Cic ca quan kilm soit thj trudng chdng khoin cung da vio cuOe vi phit hipn ra cd mOt si cdng ty da dung mOt si chi€u thdc tang vin gii, ban diu da che mit dupe cic ea quan quin ly cilng nhu cie edng ty kiem toin de dua ei philu eda cdng ty minh niSm yet trSn sin giao djeh. Cac co philu giiy niy di dupe bin t r ^ thj trudng, giy thipt hgi Idn eho cic nhi diu tu.
C^ua nghi^ cuu thyc tl cic cdng ty niSm yit trong thdi gian vda qua, cic tii lipu tir cie co quan Idem soit thj trudng chiing khoin cho thiy ring, thu dogn
ting vin khing ciia cic edng ty dupe thyc hi§n nhu sau:
Dya vio qui djnh khdng cim ddng tiln ni$t ciia Nhi nude, cic cdng ty ting vin diu tu eda ehd sd hihi bing eieh thu tiln m$t vdi si tiln Idn, ed thl Bn din hing trim ty ding. Ngay sau dd, cic cdng ty niy da chi ngay tiln m$t diu tu vio cic cdng ty liSn kit, ci philu eiia eie edng ty chua nilm yIt tr6n thj tnidng chiing khoin. Thyc chit cic edng ty liSn kit vi cic edng ty cd CO phieu chua niSm yet niy li cie edng ty do eimg mdt ehd sd him vdi edng ty diu tu thinh 1^ ra. Nhilu cdng ty chl cd vd, khdng ed hogt dgng kinh doanh thyc sy. Bao cio tii ehinh ciia Cdng ty niy eiing khdng duge kiem soit ehgt che do cic qui djnh Idng 16o ci^ chl dO kl toin tii chinh bi^n hinh li: Khdng tinh dy phdng giim gii diu tu ei philu nlu cl philu dd khdng ed giao djeh trSn thj trudng. VI vgy, tren bio cio tii chinh cua cdng ty diu tu, gii tn cic khoin diu tu niy phin inh theo gii goe, tde li gii eda thdi dilm diu tu. Khoin diu tu niy dupe coi li mOt tii sin ciia doanh nghiep nhung gin nhu khdng ed gii tii.
Nhilu nhi diu tu trSn thj trudng khdng bilu FO cic qui djnh niy n€n da mua phii ehdn^ khoin giiy. Din Idii mdt sd doanh nghi$p bj mat thanh khoin ho$c bj CO quan einh sit dilu tra
Ths. Duwng Th| Thio CSng ty Kiim todn AAT phanh phui, nhi diu tu mdi gi|lt mhih tinh giie, nhung tiln di m^ thl khdng thl liy lgi dupe.
Nim 2011, khoing 25 ngin hing tiiuang mgi trong nude tiln hinh ting vin dilu Ip theo qui djnh eua Ngin hing Nhi nude (vin dilu 1| tii tiiilu dii vdi ngin hing thuang mgi li 3.000 ty VND), si vin dieu Ip ciia eie ngin hing di ting khoing 46.000 ty VND. Vdi qui djnh khi hgn chl vl vi$e cho ph6p diu tu vio ngin hing tgi Y\^i Nam, cic cd ddng la tl chdc nude ngoii vi nhdng ngudi ed lien quan ehi dupe nim giii khdng qui 15% vin dilu 1$ eiia mdt ngin hing thuang mgi Yi^i Nam (trudng hpp dgc bi$t thl khdng qui 20% nhung phii dupe Thu tudng Chinh phu phg duy$t), cic ei ddng li ti chdc trong nude chl dupe diu tu khdng qui 15% si vin dilu 1$
eiia mdt ngin hing, eie ei ddng li ei nhin khdng duge diu tu qui 5% si vin dilu Ip eiia mdt ngin hing.Vgy thi phan Idn si tik tix)ng 46.000 ty VND tii dau mi ed? Diy li mdt cau hdi rit khd tri Idi. Khi cic ngin hing cdng bl danh sich eie ci ddng eda mlnh, nhilu danh sieh ci ddng li cic tl chiic, ci nhin di bj du l u ^ nghi ngd, bdi ngudi ta khdng tin rang cie tl chdc, ei nhin dd cd till cd nhilu tiln din nhu vgy. De tri Idi eiu hdi tr6n, Ngin hing Nhi nude di tiln
T^p chi nghidn ciifu Tai chinh k^ toan ^ ^
NGHIEN COrU TRAO D 6 i C sde (107)-2012 )
hinh dilu tra vi da phit hi|n ra, mdt si ngin hing eiu kit vdi nhau thinh Igp cie cdng ty v | tinh, vl m$t phip ty, ngin hing vi cie edng ty niy dudng nhu khdng cd tiSn quan gl din nhau, li nhiing ci thl dOc l^p. Cic cdng ty niy phit hinh trii philu dudi nhilu hinh thdc: Trii philu vay ng, trii philu chuyin dii...
vi ngin hing ddng tiln huy ddng ciia khich hing vi vin di cd sin ciia mlnh mua trii philu ciia cic cdng ty niy. Cie cdng ty niy ddng tiln mua brii philu eda ngin hing gdp vin mua el phin ciia ngin hing khie. Vi vdng quay dupe l$p di t$p lgi dii vdi iihieu cdng ty vi nhilu ngin hing din din cac ngin hing deu tang dupe von, dudi hlnh thdc phit hinh them co phieu. Ket qui cua cic nghi^ vy niy sau khi hoin thinh li: Ting tii sin cua ngin hing ting 16n mgt khoin bing si trii philu hg mua ciia cic edng ty, tuong ung vdi si vin dilu l§ mi hg vda nh§n dupe td logt cic cdng ty khic.
Thye chit li bang vii dgng tic, ngin hing da bien tii sin huy ddng eiia khieh hing vio hogt dgng Ifinh doanh thinh vin diu tu cua chu sd hdu. Vin d diy dugc bilu li vin io, khdng cd thgt, bdi vi sau khi tine von, ngin hing khdng c6 nguon lye mgnh han, ehi sd hiiu mdt logt trii philu khdng bilt cd gii trj tren thj trudng hay khdng. Cic cd ddng mdi ciia ngan hing dupe sd him ci phieu, cic co philu niy ed thl mang bin tren thj trudng ehdng khoin dl chuyen thinh tiln nlu ngin hing dang li td chdc nidm yIt hoge eung cd thl bin d thj trudng OTC nlu ngan hing dd
chua phii li tl chiic niSm yIt vi thu ve dupe mOt khoin lgi Idn.
Cic nhi diu tu mua phii el philu niy di mua phii ei philu io mi khdng hi bilt, vl ngin hing vin dang hogt ddng vi khdng till ngiy mOt ngiy hai mi phi sin duge. Nhi diu tu di bj Ida trong md bdng bong eie giao djeh tii&t gii tiSn tiij tiudng, cho dii Ngin hing Nhi nude di cl ngin ngda cie hi$n tupng niy di ehing nita. Ngin hing Nlii nude khdng dd khi ning de ngin ch$n vi^c niy, vl cic giao dich dd khdng bi cim ti-6n thi trudng. Cic trii philu mi ngin hing sd hihi chi dupe giao djeh d tiij trudng OTC, hoin toin khdng cd giao djeh, n6n trong qui djnh eua vi|e l$p dy phdng cic khoin diu tu ehdng khoin, nlu eie el philu niy khdng cd giao djeh thl khdng xic djnh Dy phdng giim gii dau tu. Do vgy, gii trj diu tu cua cic trii phieu niy dupe phin inh tren bio cio tii chinh cua ngin hing diing bing gii goe, die li gii mi ngin hing bd tien ra mua trii philu.
Khi dd, nhi diu tu khdng bilt duge thyc chit gii tq trii philu ngin hing sd hihi li bao nhiSu.
Cd mOt edng cy kl toin ed thl gidp ngin eh$n dupe hi$n tupng trgn, gidp eho cic nhi quin ly khdng bj dau diu vi \ ^ quin ly hi^u qui, cic nhi diu tu khdng bj mit tiln oan, mOt si dii tiipng khdng till tiiu lpi bit chinh, dd ti ip dyng nguyen tie kl toin theo gii trj hpp ly. Khi Igp bio cio tii chinh, cic khoin diu tu vio cic cdng ty lign kit, ci philu khdng ed giao djeh trdn tiij trudng, cic trii philu ngan hing da diu tu dugc dinh gia theo gii trj hpp ly. Trii philu, cl
philu diu tu vio nhihig cdng ty khdng cd tilm lye tiiyc sy chl li hlnh tilde thl ein cd vio tinh hlnh thyc tl eda cdng ty dd dl dinh gii gii tii hpp ly. Hiu hit el philu, trii philu dd diu khdng ed gii trj ho$e ed thl gii tii li lit nhd, Khi dd, cic cdng ty vi cic ngin hing sS phii phin inh mdt khoin ll do diu tu el philu, trii philu trSn bio cio kit qui kinh doanh, lim giim vin ehu sd hihi. Lde dd, nhi diu tu sS nhin thiy dugc vin ehd sd hChi eiia cic cdng ty, cic ngin hing bj giim do kit qui kinh doanh giim din din ci philu khdng thl giii dupe gii hi|n thdi mi nd dang cd. Cic nhi diu tu cQng sS khdng tilp tyc diu tu trong io tudng cb bilt dupe tiiyc chit kit qui kinh doanh trong cic cdng ^ nidm yIt vi cic ng§n hing. Khi dd, eie cdng ty ni&n yIt ty mlnh chdn minh, cic eo quan quin ly sS khdng mit nhi^
cdng sde de ciuin ly thj trudng, Ngin hing Nhi nude chl cin qui djnh vin ehu sd hihi khdng tbqi hon 3.000 ty VND till sS d ^ bio dupe ngan hing hogt dOng vdi qui md theo mong muln.
Rd rang vdi cic phin tich tr€n diy, &p dyng kl toin theo gia tii hpp ky cd thl kilm soit dugc vi$c ting vin khing tgi cie doanh nghiOp. Nhung v i ^ cd sda dii cic qui djnh vl ip dyng kl toin tiieo gii trj hgp ly hay khdng edn tdy thude vio cic nhi quan ly vi myc tiSu phit triln eda nln kmh tl. Du lu§n vi cie nhi chuy^ mdn dang trdng ehd eie dOng thii thay dii ehinh sieh eita cic nhi lim lu^t, nhimg ngudi ginh trSn vai mhih trgng trieh dua ra cic qui djnh vi dilu fa^
nln kmh tl bing lugt phip.
2 ^ Tap chi nghidn ciifu Tai chinh k^ toan