Mua ban sap nhap cdng ty: ^ Nguyen nhan that bai va giai phap de thanh cdng
TS. NGUYEN VIET KHOI
Sir phd biin ciia hogt ddng mua bdn sdp nhdp cdng ty (M&A) tren thi gidi vd nhirng khdi sdc tgi thj trudng Viet Nam trong thdi gian qua cho thdy tdm quan trgng cm phuang thdc ddu tu ndy trong mdi trudng kinh doanh hien dgi. Viec tim hieu, phdn
tich nguyen nhdn thdt bai trong hoat dong M&A vd nhimg tdc^ ddng hdu M&A de tir do dua ra nhiing gai md cho hogt ddng M&A a Viet Nam la vdn di cd tinh thdi su va thuc tiin. Bdi viit ndy se tdng kit nhiing ly do ddn tdi that bai cua hogt ddng M&A ndi chung, ddnh gid nhiing tdc dgng ciia chung vd di xudt cdc gidi phdp giup hogt ddng M&A Viet Nam trdnh duac thdt bgi vd dat duac thdnh cong trong tuang lai
Tu: khod: M&A Viet Nam, thdt bgi M&A, thi truang M&A Viet Nam, dnh hudng M&A, thdnh cdng M&A.
1. Cac nguyen nhan that bai pho bien trong boat dong M&A
1.1. Suxung dot ve van Itda
Trong cac thuong vu M&A, dac biet la eac thuang vu M&A xuyen bien gidi (Cross-border M&A) ludn tdn tai nhung xung dot "ngam" ve van hda. Chinh nhimg khac biet vd van hda can trd su thanh cdng cua cac thuang vu M&A giua cac cdng ty den tu nhimg qudc gia khac nhau.
Tuy nhien, khi trien khai cac thuong vu mua ban va hgp nhat doanh nghiep, eac ben tham gia khdng may quan tam tdi sir khac biet van hda nay va khien eho hoat dgng M&A that bai. Su that, vide sap nhap hai edng ty vdi nhau khdng khac gi hoat ddng sap nhap ciia hai nen van hda.
Khi mua ban va sap nhap, nhung chidn luge sai lam trong viec hgp nhat hay dung boa van hda hoan loan khien thuang vu M&A that bai hoac khien nhung nhan su tai gidi rdi khdi cdng ty.
Sir khdng tuang xung ve van boa cd the tdn tai d nhirng van de sau: Quan ly (ca nhan, tap trung
•'Truong Dai hgc Kinh ti - Dai hoc Qu6c gia Ha Noi
hda, kidu each, lam viec theo nhdm, phan quydn, sir than thidn); Quydn luc (ca nhdn dua ra quyet dinh hay quyet dinh cd su ddng thuan cua mgi ngudi); Chd do luong thudng (dua tren nang lue hay dua tren su trung thdnh)... Neu lanh dao cua cac cdng ty tham gia ho^t ddng M&A nhan thdc dugc didu nay va len kd hoach giam bdt xung dot van hda thi kha nang that bai trong cac thuang vu M&A se cd dugc giam thieu.
1.2. Su- lac quan thdi qud cua lanh dao va nhiing ky vpng phi thirc te
M&A thdt bai cd thd bdt ngudn tu nhung ky vgng phi thuc td ma lanh dao doanh nghiep dua ra. Hg vach ra qua nhieu nhiem vu, mue dich cho M&A nhung khong danh gid diing muc do kha thi cua chiing. Mgt thuang vu M&A thanh edng khi ca hai ben deu dat duge nhimg muc dich va cung cd lgi sau khi thuong vu ket thiic.
Tuy nhidn, kd hoach eua lanh dao ddi khi khdng mang lai lgi ich cho cac cd ddng bdi nhftng kho khan tdn tai trudc va sau khi thuc hidn M&A.
Dae biet, cac khd khan hau M&A ludn khien mue dich cudi cung cua bdn thau tdm khdng
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Nguydn Vigt Khdi Mua ban sap nhdp cdng ty: Nguyen nhan that bai...
tbdnh hi$n thuc. Trong vdn de nay, trach nhiem thudc ve cae lanh dao edng ty, nhung ngudi khdi xudng thuc hidn mua ban va sap nhap doanh nghidp. Ban lanh dao cdng ty la nhung ngudi dd xudt M&A vdi mong mudn mang lai lgi ich cho edng ty, gia tang quydn luc va lgi ich ban than. Lanh dao cdng ty thudng ky vgng sau khi thuc hien M&A, cdng ty mdi se Idn han ve doanh sd, nhan vidn, he thdng chi nhanh, thuang hieu, vi the so sanh vdi cac cdng ty eung ngdnh va eac cdng ty trong chudi cung ung...
Hon the nua, vi the cua lanh dao cdng ty hau M&A Cling duge dd cao hem. Chinh vi vay, nhieu lanh dao cdng ty cd gang tim each loi keo cd ddng, thuyet phuc hdi ddng quan tri thuc hien tai CO edu edng ty vdi hang loat muc tieu va ke hoach dinh sdn cho M&A. Chyih su lac quan thai qua va nhiing ky vgng dugc xay dung trdn can cu phi thuc te da khien cac thuang vu M&A that bai.
1.3. Thong tin bdt doi xung
Quyet dinh mua ban hay sap nhap trong mgt thuang vu thudng duge dua ra ddc lap bdi cac ben lien quan dua trdn eac gia thuyet dugc xay dung bdi thdng tin cdng bd ra cdng chiing.
Thirc te, nhung gia thuyet duge xay dung trdn nhung thdng tin bat ddi xung nay khien cac thuang vu khdng dat dugc du tinh ban dau. Vi du nhu cdng ty di thdn tinh khdng thay dugc nhimg kho khan tai chinh that sir cua cdng ty muc tidu hay nhung chi phi tai cau triic bi qudn lang hoac bi danh gia thap trong khi viec ket hgp hai thuc the, hai he thdng quan ly thudng rdt tdn kem. Day chinh la ly do tai sao nhieu thuang vu hoan tdt thu tuc M&A mdi phat hien ra cac van de ngi bg (skeleton in closet) nam ngoai du tinh ban ddu. Nguydn nhan chinh la su bat ddi xdng thdng tin da han che kha nang du doan ciia ca 2 ben. Didu nay khidn nhirng^ phat sinh ngoai du kien xay ra va dan den that bai trong vide dem lai gia tri tang cho cd dong hau mua ban va sap nhap.
1.4. Bo nhiem nhdn strcap qudn ly Hoat ddng M&A ludn gap khd khan khi cac nhan su cdp quan ly ngdi lai vdi nhau. Cap lanh dao thudng khd tim dugc tieng noi chung khi td chuc lai nhan su. Ndu cap lanh dao khdng manh md, nhidt tinh, cdng tam thi viec tai cdu tnic hau M&A cd thd that bai. Nhung quyet djnh nhd nhat
d cap quan ly ndu khdng phu hgp vdi tdm nhin va gia tri ciia cdng ty mdi tiii kha ndng thanh edng ciia mdt thuang vu M&A cang thap. Sir ddng thuan gifta cac lanh dao cung la yeu td quan trgng.
Viec phdn bd quyen luc bat binh dang khdng ehi anh hudng den rieng cap lanh dao ma cdn khien toan bd edng ty boat ddng kem hidu qua. Vi du, mgt nhan su cap quan ly d cdng ty thdn tinh dugc bd nhiem cd nang luc va pham chat yeu kem hon nhan vien cua cdng ty bi sap nhap se lam anh hudng tdi niem tin va ddng lire cua toan bd cdng ty mdi. Va that bai cua thuang vu M&A la hoan toan CO the xay ra trong trudng hgp nay.
1.5. T/iieu kien thuc ve M&A
Nhieu doanh nghiep co ke hoach di thdn tinh cac doanh nghiep khac nhung ban than lai khdng dugc trang bi nhung kien thuc ve M&A nen dd bi red vao nhung cam bay da dugc giang trudc ciia cac ddi thu. Viec thieu kien thuc va kinh nghiem cung khidn cdng ty tham gia boat dgng M&A bi phu thudc vao nhiJng ngudi mdi gidi, ddn ddn chien luge M&A khdng theo y chu quan, gay ra thdt bai cho nhung budc di dai han cung nhu nhimg hoat ddng hau _M&A.
Ngoai ra, viec thidu hieu biet ve M&A khien cdng ty khdng chu trgng vao cac bien phap quan tri nii ro vdn dugc su dung hieu qua trong M&A. Qua trinh ra soat (Due-D, Due Diligence) gdm ra scat ve phap ly (legal due diligence) va ra scat tai chinh (finance due diligence) ciing khdng dugc thuc hien ddy dii, din den tac dgng tieu cue, khien cho thuang vu M&A that bai.
2. Nhirng anh h u d n g tieu cue sau that bai cua M&A
2.1. Tdi chinh suy kiet
Trong qua trinh thuc hien mgt thucmg vu M&A, ca ben mua va ben ban deu phai chuan bj nhung ngudn kinh phi dap ling cho^ qua trinh thuong lugng thda thuan. Dac biet, ve phi mua, hg se phai bo ra mgt so tien Idn de mua lai. Neu thuong vu that bai va ben mua chua thu hdi dugc lgi ich gi thi nguy ca dan den suy kiet tai chinh va dua den pha san ciia doanh nghidp mdi (hau M&A) hoan toan co the xay ra. Dieu nay khdng chi anh hudng den ben mua, ben ban (chdm ddt sir tdn tai ciia ca hai), ma cdn anh hudng tdi cd dong va nhihig chii ng. Tham chi, viec khdng lim hidu ky luang ddi phuang trudc
NhOng vin di KINH T t vA CHINH TR! TH^ GIOI So 5(217) 2
Mua ban sap nhgp cdng ty: Nguyen nhan that bai. Nguyin Viet Khd[
khi sap nhap va mua lai se khidn cac doanh nghiep phai ganh chiu nhiing cbi phi khdng ngd tdi nhu cac khoan ng tdn dgng trudc khi sap nhdp.
Ket qua thuang vu M&A cd kha nang khidn eho doanh nghiep them liin sau vao that bai vdi nhung khd khan khdng bao trude. Chu ng cho eac doanh nghiep vay tien thuc hien thuang vu co kha nang khdng dugc thanh toan ng va mat trang do dau tu that bai. Cae dinh chd tai chinh sat canh cung cac thuang vu, khdng nhimg bi anh hudng ve tdi chinh ma cdn bi anh hudng ddn uy tin.
2.2. Gid tri doanh nghiep bi suy gidm Muc tieu Idn nhat ciia mgt thuang vu mua ban, sap nhap la mang lai mgt gia tri cao ban cho cd ddng, ddng thdi day eilng chinh la thudc do su thanh cdng hay that bai cua mdt thuang vu M&A. Mgt thuang vu that bai, khdng chi tdn tidn bac, thdi gian, cdng sue ciia ca ben mua va ben ban ma con lam cho gia tri doanh nghiep, gia tri cd ddng sut giam nghiem trgng. Khi doanh nghidp ben mua lien hanh di mua mgt doanh nghiep khac, that bai khdng chi ndm d viec su thda thuan khdng dat dugc muc dich ciia ca hai, ma la nhihig van de phat sinh sau do. Nhung khd khan nay sinh hau M&A khdng the ludng trudc, va viec kinh doanh khdng thuan lgi khidn gia tri doanh nghiep sut giam, cd phieu rdi gia, cd ddng mat niem lin, muc tieu ban dau sup dd.
2.3. Hieu ung ddy chuyen
Khi cac lap doan Idn thuc hien hoat ddng M&A, su thanh cdng hay that bai cua nhiing thuang vu M&A khdng chi anh hudng tdi ban than tap doan do ma anh hudng tdi cae ben Iham gia. Anh hudng day chuyen nay cdn dugc dir bao khdng chi bdi cac cdng ty thirc hien thuang vu mua ban sap nhap ma can dugc xem xet ky luong kich ban nii ro bdi cac ben cd lien ddi.
3. Giai phap cho mgt thuong vu M&A thanh cong
3.1. Muc tieu cda thuoTig vu M&A Cdng ty di didn tinh can phai xac djnh muc do phii hgp giiia cdng ty ho va cdng ty muc tidu. Khi cdng ly muc tieu qua Idn so vdi cdng ty thdn tinh, kha nang thdt bai se kha cao, cau chuyen ca nho nudt ca idn can dugc linh toan ky. Viec didu hanh mgt cdng ty Idn se la mgi trd ngai ddi vdi ben
thdn tinh, gay ra nhidu khd khan dong edng tac quan ly. Han niia, nhung thuang vu nhu thd nay thudng di kem vdi nhiing khoan ng kha Idn, do do, rui ro ciia thuang vu cOng gia tang.
3.2. Gidi quyit vdn de hau M&A Ndu cdng vide ra soat, dinh gid doanh nghiep la quan trgng dd dua ra duge mdt mue gia giao djch phu hgp eho M&A thi viec xu ly eac van dd hau M&A la mgt dieu het sue quan trgng va dnh hudng Idn ddn gia tri ky vgng dat duge sau khi sap nhdp. Nhidu van de lien quan hau M&A can dugc ban ky bdi chung cd dnh hudng Ion ddn gid tri ky vgng cua cdng ty mdi nhu: i) Lira chgn loai hinh kd toan phu hgp, khdng gay ra nhiing tin hieu va tac dgng xdu den ed ddng, den eac nhd dau tu va cdc chu ng cua edng ty;
ii) Kdt hgp van boa cdng ty ludn phdc tap nhat.
De xu ly van de nay, doi hdi su khdn khdo, lmh boat, nd lue het minh cua lanh dao mdi nhdm xay dung van boa chung ban Id cd gang thich nghi van hod mgt ben vdi ben edn lai.
3.3. Nang cao hiiu qua rd sodt vd dinh gia trong M&A
Ra soat va dinh gia cdng ty can dugc xem xet ky luang dd giiip ca ben thdn tinh vd ben muc lieu cd duge didm can bang ve gia tri hihi hinh va vd hinh. Cdng ty can than trgng khi danh gia nhiing con sd va nhiing phuang an gia djnh.
Trudc khi phan tich cac sd lieu, can xem xet ky ludng nhiing nguyen nhan khai quat va chidn iugc dan den vide mua lai. Can danh gia diing ddn long the tinh hinh, tun ra diem yeu, diem manh, phat hien ra nhimg kich ban khdng dang tin cay, lap luan nhiing mat trai ciia vdn dd. Ben canh dd, can sii dung phuang phap danh gia khach quan va cd nguyen tac. Lanh dao cap cao can kidn tri, quyet doan dd c6 phan tich khach quan vd ket qua nghien ciiu, tham chi sdn sang tu bd thuang vu neu thay nii ro. Da sd cae thuang vu thanh cdng den tu viec nhin nhan, danh gia muc tieu Iren nhieu goc canh khac nhau.
Khi tien hanh dinh gia cdng ly, ed ben ban vd mua khdng nen su dung duy nhdt mdt phuang phap dinh gia. Khdng cd mdt phuang phap dinh gia nao chinh xac hay hop ly tuydt ddi, cung khdng CO phuong phap djnh gia nao hgp ly cho
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NguySn Vl$t Khoi Mua bdn sdp nhdp cdng ty: Nguydn nhdn t h ^ bgi...
tit cd cdc doanh nghiep. Moi phucmg p h ^ dinh gid deu cd uu vd nhugc dilm rieng va chi phu hgp vdi mgt vai cdng ty hay trong mdt vdi linh v\ic nhdt dinh. Do dd, ndn su dung nhidu phuong phdp dinh gid doanh nghidp d l cd thd xdc dinh gid tri cuoi cdng thdng qua ma tran dinh gid. Ma trdn kdt qud ^nh gid se giup cdc bdn xem xe^ bii trii lan nhau, dua ra mdt mtic gia hgp 1^, thuydt phuc dd cd kdt cue thdnh cdng.
3.4. Thudng xuyin xem x^t ddnh gid ddi ngu qu&n i^, bp mdy qudn trf
Sau khi thuc hidn M&A, can fliudng xuyen xem xet, ddnh gid chinh sdch qudn tri cua cdng ty trong vifc bd tri ngudi Idnh dao^ phdn chia cdng vide, chinh sdch khen thudng, chinh sdch &6ng nhdt nhftng quy dinh vdn vdn hda tai cdng ty. Cdn thudng xuydn xem xdt, ddnh gid kdt qua thuc hidn kl hoach dd vaeh ra. Thdng qua xem xet va ddnh gid kdt qi}d ki hoach ban dku, lanh dao cdng ty se xdc dinh duge nbOng sai I3m dd didu chinh ddi ngu qudn ly, bd may nhan sy kjp thdi.
3.5. Hpi nhdp vdn hda hau M&A Trudc bdt k^' thuang vy M&A nao, ddc biet la nhttng thuang vu M&A xuydn bidn gidi, cde ben tham gia c ^ xem xdt kf ydu td van hda, tdc phong Idm vi?c cua cdc bdn. Trudc khi sap nh|ip, edc bdn c ^ ddnh gid ehinh xdc yeu td nay vd dua ra cdc phuang dn du phdng trude khi dua ra quyit dinh. Mdt sd dieu can luu y nhu phdi ddnh gid dugc nhung ydu td mdm nhu phong cdch qudn I3?, thdi quen kinh doanh, thdm chi Id ngi quy dn m§c cua cdng ty muc tieu. Cdc bdn tham gia cdn hinh dung dugc bde tranh vdn hod h$u M&A vd cdc gid tri, thai do, nidm tin di xdc djnh hudng di vdn hod edng ty. Vide
khdo sdt toan didn van hda eua cd 2 ben dd tun ra nhung net tuang ddng vd khdc bidt la vd cung can thidt de cd nhdng chidn luge rd rang cho cdng ty mdi hdu M&A.
3.6. Phong ngira rui ro thiiu thdng tin Trong qua trmh thuc hidn M&A, cac kenh thdng tin can thiet cho thuang vu cAn duge cung cap ^ y - du nhdt, chi tidt nhit. Mu6n dat dugc ^eu my, edng ty cdn thuc hien qud trinh ra soat chi tidt (Due diligence). Hoat d^ng ra sodt phd bien cd 3 hinh thiic: rd soat chi tidt ve thuang mai, ra soat chi tidt vd tai chinh vd ra sodt chi tidt vd phdp ly. Dd hoEit ddng rd soat chi tidt dat hieu qua cao nhdt, cdng ty thdn tinh cdn cd he thdng trung gian du manh va ehuydn nghidp dd cd bdn bdo cdo rd sodt ddng tin c^y nhdt. Ngoai ra, cdc ea quan qudn ly can ban hdnh van bdn quy dinh ve viec cdng bd thdng tin cdng ty ndi ehxmg, chu khdng ridng ddi vdi cdng ty d§i chiing. Cac loai thdng tin C£in cdng bd cdng khai phd bidn hidn nay Id: bdo edo kdt qud ho^t ddng sdn xudt kinh doanh, ngudn vdn, can tnic vdn eda cdng ty, cde bien dgng Idn trong boat dOng sdn xudt, kinh doanh... Kenh cung cdp thdng tin edng ty ed thd duge ca quan qudn 1^ thyc hi^n nhu mgt dang dich vu cd thu phi, nhdm dam bdo tinh xdc thyc vd minh bach cua thdng tin. Dieu nay sd giiip cho cac ben tham gia giao djch thu nhdp dugc thdng tin td hai ngudn chinh thdng, doanh nghifp hi thdn tinh vd ea quan qudn ly. Cdc doanh nghi?p ciing edn cap nhdt thdng tin thudng de cd dugc h | thdng thdng tin theo tidu chudn, giiip qua trinh rd sodt tidt kidm thdi gian vd chi phi. Doanh nghidp can hidu vide cung cdp thdng tin la ed nghia vy vd quydn lgi, gjup cd ty tdng uy tin tren thi trudng*
Tdi li^u tham khao:
1. Cartwright, Susan, and Cary L. Cooper (1996): Managing Mergers. Acquisitions and Strategic Alliances. 2nd ed. Wobum, MA: Butterworth - Heinemann.
Cooper, Cary L., and Alan Gregory (eds) (2000): Advances in Mergers and Acquisitions, Vol. 1. New York: JAI Press.
Forbes online (2012): Why Half of All M&A Deals Fail, and What You Can Do About It, 19/02.
Stahl, Gunter, and Mark E. Mendenhall (eds) (2005): Mergers and Acquisitions.
Stanford, CA: Stanford University Press.
Yaakov Weber, Christina Oberg, Shlomo Tarba (2014): The M&A Paradox: Factors of Success and Failure in Mergers and Acquisitions, 16/01.
NhOng vin di KINH TC V A CHiNH TR] T H 6 Gidl S6 5(217) 2014 -
