DIEN BAN TAI CHINH • TIEN TE - NGAN HANG t " , ^ ! i i m p p l
MUA BAN, SAP NHAP DOANH NGHIEP (M&A):
Con dudng de ca cau lai npf, sd huu va kien tao chien luoc phat trien moi - Mot goi y tot cho tai cau true NHTM Viet Ham
TS. NGUYEN D A I L A
•1
' ^ • W V B O i
C
ac m6 hinh tai caii tnic sd hiJu phd bie'n tren the gidi cho de'n nay bao gom: Sap nhap, hffp nhdt, mua lai, tap doan hda va/hoac suy cho Cling la sap nhap:1. Mo hinh tdi cdu true qua hinh thuc sdp nhdp: (Merger) la viec ket hpp hai hoac nhieu dinh che tdi chinh (DCTC) lai vdi nhau bdng each phat hanh cd phieu ciia DCTC chu ddng di sap nhap cho cdc cd dong cua DCTC khac vol mot ty le ndo do.
Tren the giof, hoat ddng mua ban, sap nhdp doanh nghiep (Metier &
Acquisition - M&A) da phat trien tir dau nhung n i m 40 cua t h ^ Icy XX, nhdm tao hang hoa thuc d^y thj tnrang chung khoan (TTCK) phat trien, khdng dinh la phuong thuc it ton kem nhat de ca hai ben ban va mua hay cac bdn sap nhap cung tim thdy loi ich Ion hon, nhanh hon va nhat la "thoat h i ^ m " trong dem t n i o r cua sir pha san.
trong no mot ham y ciia hoat dong hffp nhat (Consolidation) la viec thanh lap mpt td chiic mdi de tiep nhdn toan bo quyen va nghia vu cua cac td chuK tham gia boat dgng hop nhat.
O Viet Nam trong nhiing nam gan day, nhieu thuffng vu M&A khong nhUng da dupc the nghiem ma con rat thanh cong d khu vuc cac doanh nghiep, da nang cao vi the cho doanh nghiep ngay ca trong bdi canh kinh te dn dinh. Trong liic khd khan nhu thdi "hau suy thoai 2008" de'n nay va trudc nguy cff khiing hoang kinh td toan cau xuat phat t\i chau Au, tii Bdc Phi, Trung Dong van dang rinh rap, cac thuong vu M&A con duoc coi la tia sang d cudi dudng ham cho nhieu doanh nghiep d chinh cac qud'c gia gap nan cung nhu cac nudc khac trong khong gian kmh te' hgi nhdp c6 the thoat hiem trong gang td'c. Cdc ngan hang thUffng mai (NHTM) Viet Nam cung rat can coi dd la nhiJng bai hgc het siic bd ich 2. Md hinh tdi cdu true qua
hinh thuc mua Iqi:
(Acquisition) la viec mgt DCTC mua lai hau bet hoac mgt ty le dii ldn cd phan ciia DCTC muc tidu dd chiem quyen kiem soat DCTC do. Viec mua lai thudng dupc thanh toan bdng tien mat hoac bdng cd phie'u cua DCTC di mua lai va/hoac ket hpp ca hai.
3. Md hinh tdi cdu true sd' huu qua hinh thuc hop nhdt:
Thudt ngii M&A ciing chiia dung
37
Sd' 163 - Thing 5/2012 CHUNC KHOAN VliT NAM
rjjJirwIilirtM , , , 1 ^ p^,^ y^, CHINH - TIEN T | • NGAN HANG
trong bdi canh canh tranh ngay cang gay gdt nhu hipn nay.
Trudc khi ban den hoat ddng M&A trong nganh ngdn hdng, rat can diem lai cdc thUffng vu M&A noi chung da dien ra d nudc ta trong 5 ndm qua, ke tii khi TTCK Viet Nam "biing nd".
Nam 2005, Viet Nam mdi chi co 18 thuffng vu M&A vdi tdng tri gia 61 tneu USD thi nam 2008 da cd tdi 162 thuffng vu M&A, tri gia 1,12 ty USD. Nam 2009 tang len 295 thuffng vu M&A vdi tdng tri gia 1,14 ty USD. Nam 2010, sd thuotig vu M&A la 345 vdi tdng gia tri 1,75 ty USD. Sang nam 2011, lam phat tSng cao, Chinh phu dua ra hang loat bien phap manh nhdm kiem che' lam phat, on dinh kinh te' vi md... da khie'n boat ddng san xuat kinh doanh ciia doanh nghiep gap nhieu kho khan, tri tre. Nhimg Cling tli day, hoat ddng M&A lai dien ra soi dgng hffn.
Cho den nay, M&A da "phii song" vd ghi da'u an trong hau het cac linh vuc. Cuo'i nam 2010, Ngan hang Cong thuffng Viet Nam (Vietinbank) ban 10% cd phan cho Cdng ty Tai chinh quoc te (IFC), nang vdn didu le len 18.173 ty ddng vao thdi diem dd.
Du kien Vietinbank se ky hffp ddng ban cho Nova Scotia (ngdn hdng ciia Canada) 15% vao dau nam 2012 va ban them 5% vao nam 2014. Cling trong ndm 2010, Ngan hang Phat trien Me Kong (MDB) ban 15% cd phan cho Cdng ty Dau tu tai chinh FuUerton Financial Holdings thupc Tap dodn Temasek Holdings Pte.Ltd, Singapore.
Ngan hang Qud'c te (VIB) ban 15% cd phan cho Commonwealth Bank cua
Australia... "Dinh dam" nhdt la VM sap nh§p Cdng ty Dich vu Tiet ki0m Buu dipn (VPSC), thanh vien ciia Tdng Cdng ty Buu chinh Vigt Nam, vdo Ngdn hang Lien Vii'L, trd thanh NHTM cd phan Buu dipn - Lien Vipt vdi vdn dieu 1$ tren 5.650 ty ddng, tdng tai san tren 40.000 ty ddng va cd tdi 13.000 diem giao dich vao thang 7/2011. Vipc Hang hang khdng Qantas mua 307' cd phan ciia Pacific Airlines timg tieu tdn nhieu gid'y muc ciia bao chi. Thuong vu cua Cong ty bao hiem nhdn thp ldn thii hai Nhdt Ban - Daiichi - mua toan bp Cong ty Bao hiem nhan tho
tJLi 'TnCdc nhiXng kho khdn, hdt Sn cua nen kinh te nhu hien nay, M<^ co the giup cho nhieu doanh nghiep vd jfflTM vitat qua can bl c^c.rrj
Bao Minh (CMG) giiia luc thi trudng bao hiem nhdn tho ff Viet Nam dang rdt khd khfin va canh tranh gay gdt, cung khie'n nhieu nha dau tu phai suy ngdm.
Trong linh vUc cdng nghiep che bien, che tao ciing cd nhiing thuffng vu dang ghi nhan, dd la viec Tap doan Thdnh Cdng mua mdt sd doanh nghiep mia dudng, trong dd cd CtyCP Mia dudng Bourbon Tay Ninh vd'n ndi tieng mot thdi tli Tap dodn Bourbon (Phdp). Thuffng vu cua Tdng Cdng ty thep Viet Nam (VNSTEEL) bd ra 30 trieu USD
I de sd hiiu 85% cd phdn chi phm j nha may thep ma kdm, m^ mau ciia Lilama Ha Ndi, lap ra m^
phap nhdn mdi la Cdng ty co i phan (CtyCP) ton mg V N S T E E I
Thdng Long tai khu cdng nghi|p Quang Minh (Me Linh, Hd I ^ Cling gay nhieu chii y. Mdc dii co khd khdn ve vd'n va lai sudft 4 | ^ | rat cao nhung CtyCP da dp lat cao cap Vinaconex (Vicost(^|
vdn bd ra 300 ty ddng de mt^l^i toan bg phdn vdn gdp ciia ddi tac Australia va Vipt Nam trong lien doanh Slyte Stone. Mijc dich ciia lan sap nhap nay \i nhdm thdng nhdt hoat dong ciia cdng ty, trdnh canh tranh, ch6n ep lan nhau giiia hai cong ty thudng xay ra trong ciing mot linh vuc boat ddng. Mdi ddy nhat, du ludn va bao chi trong nudc dd tdn kha nhidu giay muc khi thi trudng xudt hien thong tin ve vu mua bdn, sap nhap giiia 2 ngan hang Id NHTM cd phan Sai Gdn - Ha Ngi (SHB)va NHTM cd phan Nhd Ha Noi (Habubank - HBB). Vd nhiing ddn dodn keo dai mdt thdng mdi qua dd tam khep lai khi de an sdp nhdp 2 ngan hang vua du^c Habubank chinh thiic cdng bo.
Theo Du thao tdm tfit De dn sap nhap HBB vdo SHB, viec sap nhdp giiia hai ngan hang se tao ra mpt ngan hang viing manh hffn vdi sd vd'n dieu le 9.000 tJ ddng, quy mo tdng tai san tren 100.000 ty ddng, hoat dong kMp cac tinh, thanh phd ldn trong cA nudc, cd sd luprng 500.000 khadj hang, vdi 5.000 nhan vien, co dia ban hoat ddng trong khu vifi:
Dong Duffng vdi cdc chi nhanh tai Lao va Campuchia; cd suhau I thuan manh me va cd khach hang hoat ddng trong nhitt^
38
CHUNGKHOAN VIETNAM So 163 - Thing 5/2012
DIEN DAN TAI CHINH - TIEN TE - NGAN HANG r »-^iTm:]|[]ffm
M & A g6p phfin tpo ra d l | n mgo m6l ciia doanh nghl§p vd cfiu Injc m6l cua ngn ktnh ti, Xnb Lam Vl I tiem ndng thong qua viec hpp tac, phat trie'n dua vao viec md rpng quy mo, linh vuc boat ddng.
Thl trudng M&A dang va se la xu the tait ye'u tai Viet Nam bdi nhieu ly do: phan dong doanh nghiep va NHTM Viet Nam cd quy mo viia va nhd va khong it trong sd dd cd "siic khde" qua yeu tren nhieu linh vuc: von, cong nghe, quan tri va thi trudng. Hg rat can cd doi tac de tang vdn, ddi mdi cong nghe va tai Cff ca'u he thdng quan tri.
Trudc nhiing khd khan, bat dn ciia nen kinh te nhu hien nay, M&A cd the' giiip cho nhieu doanh nghiep va NHTM vupt qua cffn bi cue. Mgt doanh nghiep hoat dpng kem hieu qua, gap ddi tdc thich hpp cd the cd duffc thuffng hieu ndi tie'ng, ndng cao gia tri va tang trudng nhanh. Ngupc lai, viec mua mot doanh nghiep cd sdn la sU dau tu it rui ro hon va mang lai Irfi nhuan nhanh hffn so vdi viec tao dung tli dau mgt doanh nghiep mdi. Vi the, M&A cdn la cdng cu de cac doanh nghiep tai cau tnic hoat ddng quan tri kinh doanh va vuot qua nhiing khd khan linh vuc cdt loi cho su phat trien
ciia nen kinh te . Nhu vdy, hau sap nhap HBB va SHB se hinh thanh nen mdt ngan hang kha ldn d Viet Nam, cd tdng vdn dieu le va tdng tai san tUffng duffng nhidu ngan hang ldn hien nay, nhu ACB, MB, Eximbank, Sacombank...
Ngoai nhiing thuong vu mua ban, sap nhap giUa doanh nghiep vdi doanh nghiep, cac quy dau tu nudc ngoai ciing da mua lai cd phan cua nhieu cong ty dang an nen lam ra ciia Viet Nam. Theo thong tm tii Didn dan M&A Viet Nam 2011, boat ddng M&A nam 2010 tang trudng 65% so vdi nam 2009, nhung hffn mpt mia (54%) la cac thuffng vu nhd co gia tri mdi vu dudi 5 tneu USD. Tuy nhien, ciing trong nam 2010, hoat ddng M&A tai Viet Nam cd nhieu chuyen bie'n mdi: 68,75% thuffng vu doanh nghiep Viet Nam ddng vai trd ben mua, trong khi nam trudc do chi dat 45%. Dilu nay cho tha'y doanh nghiep Vidt Nam da chii dgng hffn, da xem M&A nhu mpt cdng cu de gia tang cac thd manh va khai thac
hien tai. Mat khac, theo kinh nghiem td qud'c te, khi mua lai cac doanh nghiep gap khd khan, gia tri dau tu se tha'p hon. Neu cd phan hda (CPH) thudng phai
"danh bong" va/hoac cd'u tnic lai tai luc, nang luc qudn tri va nang gia tri thuffng hieu, cao bach trudc khi "len san", thi M&A lai dien ra theo hien trang, nhanh chdng va chdp thdi cff dua tren su hieu biet nghe nghiep, ddng thuan va/hodc khong cd con dudng khac tdt hffn. Chinh vi vay, M&A gop phan tao ra dien mao mdi ciia doanh nghiep va cau tnic mdi ciia nen kmh te nhanh hffn, "tiic thdi" hffn so vdi CPH. M&A do do con dupc hieu la thi trudng dua tren cac hdng boa tdt/hoac xau da cd sdn (gia ca M&A chii yeu dua vao gia sd sach vd theo thien chi nhd nhin thay Iffi ich va/hoac giai phap bat kha khang), trong do gdm ca nhiing "cd phan" da co sdn. Su kien chieu 06/12/2011 tai Tp.
HCM, Ngan hang Dau tu va Phat tnen Viet Nam (BIDV) da ky thda thuan hpp tac chien luffc toan dien vdi 3 NHTM cd phan nhd, yeu la: Ficombank, SCB va Tin Nghia Bank de dai dien phan vdn Nha nudc va lam tru cot hpp nhdt cac NHTM noi tren thanh mdt NHTM mdi ciing la mot vi du "ndng hdi" cho lgi ich cua cdc thuffng vu M&A.
Tuy nhin rd lgi ich, song tren thuc te', ty le khong thanh cdng cua cac thuffng vu M&A d nudc ta cdn kha ldn. Ngoai nhiing nguyen nhan ve van hda hffp tac ye'u kem, ve chii nghia ca nhdn, do ky, quyen luc... thi con co nguyen nhan chinh la Viet Nam van chua cd khung phap ly rieng cho hoat dgng M&A. Dieu nay
39
S6 163 - Thing 5/2012 CHUNG KHOAN VIET NAM
D I I N DAN TAI CHINH - TIEN TE - NGAN H A N G
dang gay khd khdn, liing tung cho ca Cff quan quan ly lan cdc doanh nghipp ndi chung vd hp thdng NHTM noi rieng. Vipc dinh gia la mdt thach dd khdng nhd ve nhiing tdi san phai thu, phai doi, nhat Id khi dinh lugfng cac gia tri vd hinh nhu yeu td con ngudi, tam nhin, muc tieu vd gia t n thuffng hieu trudc va sau khi
"ket hdn", hay cd phan hda...
Ngoai ra, hoat dgng M&A phiic tap va cdn kha mdi me ddi vdi Viet Nam, cac td chiic tham gia nhu td chiic dau tu, td chiic tu van, van phdng Luat su... cdn nhieu han che, it am hieu nghiep vu, ngudn nhan luc rdt mdng, thieu va yeu. Ngay cdc to chiic tu van hien nay ciing hau nhu chi mdi diing lai d viec xay
dung hd sff, ldm cac thii tuc , hanh chinh va/hodc sii diing quyen luc... cdn vipc tu van trudc va cac van de quan trj hdu M&A giiip cho doanh nghipp phdt i trien ben viing van cdn rdt han che'. Dii day la nhiing van de
"ndng" va rdt can cd Id trinh ; nhanh chong de khdc phuc, song dii sao tren cff sd nen tdng kinh nghipm qud'c te va thuc Uim trong nudc cung nhu nhiing Ipi ich dd dupc khai quat, cd the khdng dmh M&A va CPH doanh nghipp nha nudc la con dudng de Cff cd'u lai np, sd hiiu vd kien tao chien lupc phat trien mdi - Ndi hdm cua nd chinh la nhiing gpi y rdt tdt cho tai ca'u tnic cac doanh nghiep Viet Nam ndi chung va ' he thdng NHTM ndi rieng.
M O T s o NGUYEN TAG T i r T H A N "
CUA CAC T H U U N G V U M & A N H U SAU:
- Ben bj thdn tinh (hoac bj mua) khong the ti/ ci?u minh triidc ngu'dng CLfa cua SI/ suy thoai hoac phd sdn phai bdn tai san di de chuydn hu'dng dau t J
- Tat ca cac ben sap nhap hay du'dc tdch ra thdnh cdng ty con ddc Idp deu tim thay ldi ich Idn hdn trong mot khdng gian thj trUdng idn hdn.
- Hau het cac cudc sap nhap deu dien ra khi phdi CIAJ vdn tinh thd tdi chinh hoac cung nham md dUdng cho mdt chien lu'dc Idm dn ldn hdn, bdn vOng hdn.
- Ldi thd cua mpi cudc sdp nhdp hay tdp dodn hda djnh chd tdi chinh (DCTC) thudng nghidng vd phia DCTC ndo ndm cfi ph^n chi phdi.
- Sdp nhdp khdng phdi ILIC ndo cijng liu viet, song ndi chung dd Id con dffdng md cdc bdn cdng mudn vd/hoac cung phdi chon trong bdi cdnh cu the cua thj trudng.
- Hau het cdc cudc sdp nhdp deu dSn den gidm chi ph( vdn diku vdo va md rdng thj tru'dng kinh doanh d dau ra.
- Nhu'ng cuoc sdp nhdp vd chia tdch trong qud trinh tdp dodn hda ngdy cang xda di ranh gidi truydn thdng cua cdc loai BCTC khdc nhau.
- Chong lai sff suy thodi hodc ydu kdm cua cdc ben bdng viec tU nguydn dem toan bd cua "hdi mdn" cua minh gdp vdo mdt c^u true sd hau hinh thdnh DCTC mdi cung Id cdch d l "tii cUu l4y minh" trong tinh hudng mdi...
- Tai cau true sd hiiu la vlin de cua qud trinh "ti/ nd" trong quy ludt cua tfch tu va tap trung ta bdn, khdng ndn lam dung cdc "mdnh ldnh"
hdnh chinh.
^-'-'MifC tWu cuoiji cung cua tdt c&c^j thuang vu 1 hien phep "cpnggSj tri" thdnh kit quds nhu "nhdn lenSgi^
tri", tao ragidM~
mdi km hannhiki so vdi gid tri cuai Uing ben CQng'^
hqcloLrrj
Cd the ndi, muc tidu cam cung ciia tat ca cdc thuong v?
M&A Id bie'n phep "cgng gid ^ | thdnh ket qua nhu "nhan Idn gia tri", tao ra gia tri mdi ldn hom nhieu so vdi gia tri ciia tijaig bfin cpng sd hpc lai. Thanh cong'Ciia mpt thuffng vu M&A phy vdo viec cd dat dupc su gia dd hay khdng. Cd the ndi, nfii tao dupc mdi trudng phap ly tdt cho hoat ddng M&A phdt triln manh se tac dpng lan tda rat hipu qua tdi boat ddng san xuS^t kinh doanh cua doanh nghi£p, ciia he thd'ng NHTM, gdp ph&i quan trpng vdo viec tai cau triK nen kinh te' theo hudng thi trudng, minh bach vd phat trisH hipu qua cac ngudn luc ti^m ndng ciia nen kinh te' thi tnfdng Viet Nam. ®
N g u o n t h a m k h d o :
• TS. Ngiiy§n Ogi lui • Tflc dOng cuo (ft $ i * chff tiii chlnh nuft ngooi trong vigc thorn gia IS tSu tn)c sfr hdu cdc NHTM d nhOng nuCrc cfl nSn kinh i chuyfin d$ nfli chung muft^ Nam nfli riin^^j stf: KNH 05/NCKH-2008.
- Bdo chi trong vd ngodi nuflt.
CHUNG KHOAN VIET NAM S6163 - Thing 5/2012
