1990
•CONOMIC CevElOPI^Nl ffEvltW
NGHIEN Cufu & TRAO DOI
1123 11601 0.118 t66L +
1.662LJ
THI TRl/dNG
•
| T CHLTNG KHOAN
I H : NGOAI CHO CAC
^mHElGHlEP VIET NAM
— — — —— , ^ ^
TS. LE THI LANH* & ThS. N G U Y I N TH! TAM"
^
Tom tat
Lua chgn thi trudng la bUde di quan trgng trong tien trinh doanh nghiep niem yet ra nUdc ngoai. Cac sd giao dich ldn tren the gidi dang nd life ldi cud'n doanh nghiep nUdc ngoai de'n niem yet, mgt sd doanh nghiep lifa chgn thi trUdng chdng khoan New York, London, Frankfurt, mdt so khac lai thieh thi trUdng chau A. Vay sU khae biet tf day la gi? Va ldi khuyen nao danh cho doanh nghiep VN?
Nen tang lifa chgn thi trUdng da dugc due ke't qua mgt so cdng trinh nghien cdu: Saudagaran va Biddle (1995), lifa chgn thi trUdng cung khu vUc dia ly, sif quan trgng cua t h a n h vien trong nhdm nganh cdng nghiep, ed thi trudng xua't khau tai nUdc mudn niem yet, t a m quan trgng cua qudc gia mud'n niem yet ddi vdi thi trudng ngi dia va mdc do minh bach tai chinh d thi trudng mudn niem yet: Gray and Roberts (1997), cdng ty niem yet tren thi trUdng London den td qudc gia cd ty le vdn hoa thi trUdng chdng khoan so vdi GDP cao, mdc do dau tu ngi dia cao. Dd la nhdng cdng ty ldn, sU phat trien eua thi trUdng chdng khoan quan trgng dd'i vdi hg va cd nhu cau vl vdn cao:
Robert b. Durand va Ann Tarea (2005), cdng ty nude ngoai niem yet tren Nyse va Nasdaq la cdng ty ldn d thi trUdng ngi dia, cd ddn bay tai chinh tha'p va doanh thu d nude ngoai nhilu, lgi nhuan eao. Nhdng cong ty niem yet d thi trudng khac la cdng ty khdng the thda man hgp nha't bao cao theo Form 20-F reconciliation qui dinh trong bao cao thudng niem cua SEC. Day la rao can ra't ldn
Phat trien kinh te - Thang Tam nam 2010
ddi vdi qud'c gia khdng ed he thdng ke toan tUong tu nhu My: Liu, Kang (2007), cdng ty Trung Qudc chgn thi trUdng cd kha nang hap d i n nha dau tu cd td chdc nude ngoai, thi trUdng danh tie'ng va duge qudc te n h a n dang, cd kha nang huy dgng vdn, ty le PE cao, quan ly tdt cua nha nUde.
1. Cac tieu chuan niem yet vao cac tiij triArng tieu bieu tren tiie gi6i
Kinh nghiem ve niem yet ra nUde ngoai tif Trung Qudc eho tha'y niem yet nude ngoai la chinh sach quan trgng cho doanh nghiep Trung Qudc cai each lai cdng ty va md cda ra vdi the gidi ben ngoai. Trung Qud'c so sanh sd lugng IPO ra nUdc ngoai vdi eae cdng ty trong khu vUc lan can nhU Nhat, H a n Qud'c, Dai Loan de p h a t t r i l n hoat dgng niem yet ngoai hon nUa. Cdng ty ldn thuoc sd hdu nha nudc ca'u true lai tai ehinh trUde khi niem yet nUde ngoai bdng viec loai bd tai san khdng hieu qua, giam bdt ganh nang chi phi ehung nhu cdt giam n h a n cdng lam viec khdng hieu qua. Chinh phu Trung Qudc lUa chgn dng vien la cdng ty k h a t vdn, nhdng nganh duge ehinh phu Uu tien hd trg nhu hoa dau, thep, nganh xay dung dudng cao tdc, v.v.. Sau 10 n a m lien tue thay ddi va dng dung md hinh mdi, Trung Qudc da dua he thdng ke toan gan vdi phUtfng Tay va dugc danh gia la tieu chuan eao hon N h a t (Paul Shel- don Foote, June Zhu, 2003). Nha nude td chdc chuong trinh dao tao eho chu tich hgi ddng quan tri, giam dd'e dilu h a n h va thu ky hdi ddng ve niem yet nUde ngoai.
' TrUdng Dai hpc Kinh te TP.HCM
" Cty TNHH Can hp vUdn phd VN
NGHIEN CLTU & TRAO DOI
Niem yet ra nude ngodi la hoat dgng day khd khan va gian nan nhung lgi ieh nd mang lai eung khdng kem. DNVN khi niem yet d cac thi trUdng ldn tren the gidi se cd co hgi tiep can ngudn vd'n tu nhilu nha dau tu qud'c te, danh tieng se dugc nhan ra bdi khaeh hang va dd'i tae chie'n luge, tang tinh thanh khoan cho chdng khoan. Qian Suan, Wilson H.S Tong, Yujun Wu (2007): Niem yet ngoai chiu sif giam sat nghiem ngat cua nha dau tu va dgi ngu quan ly cua cdng ty hg nen bat buge phai tap trung vao muc tieu phat trien dai han. Vl the, trong giai doan ngan han sau niem yet, thudng khdng the hien sif cai thien Itfi nhuan ngay lap tdc. Cdng ty niem yet ngoai ed khuynh hudng canh tranh hon va tao ra nhdng gia tri kinh te that sif cho nha dau tU. Bernardo Bor- tolotti, Marcella Fantini vd Carlo Scarpa (2000):
Niem yet ngoai giup doanh nghiep cd co hgi quang ba doanh nghiep minh, tao mdi quan he lien ke't vdi nln kinh te the gidi va dung each nay de danh tieng sif nhan bie't td khaeh hang nUdc ngodi. An- derson va Tychon (1993): Niem yet ra nUde ngoai kich thich nhdng budn ban giao dich thi trudng trong nude vi vdi nhd dau tu day la tin hieu eua sif hoat dgng hieu qua va trien vgng tUong lai. Cd dong va nhdng ngUdi quan ly (ngudi sd dung vd'n) thudng cd thdng tin ba't can xdng nen viee niem yet ra nude ngodi d thi trudng cd mdi trudng thdng tin to't htfn, eg che giam sat td't hgn, thi trudng trudng thdnh hun se ra't cd lgi cho cd ddng trong viec giam sat hoat dgng suf dung vd'n. Vay khi niem yet ra nUde ngoai, ngudi dugc Itfi cung chinh la cae cd dong hien tai.
Theo sd lieu dieu tra nam 2009 cua td chdc City of London vl chi so' binh chgn trong tai chinh toan cau, London dfin dau, ke den la New York, Hdng Kdng va Singapore. Theo bao cao dilu tra cua Z/
Yen Group, City of London nam 2009, trong eac linh VLfc eanh tranh (mdi trudng kinh doanh, kha nang xam nhap thi trUdng, ctf sd ha tang, quan ly quy, ngan hdng, bao hiem) ddng dau la London, thd hai la New York, ba la Hdng Kdng va bd'n la Singapore. Rieng hai linh vifc quan ly cua chinh phu va cdc dich vu chuyen gia tu va'n, London va New York gid nguyen vi tri, Singapore vugt hang, ddng thd ba vd Hdng Kong ddng thd tu.
2. NJiuThg lfi fch vd bIft iqri cic doanh nghi$p VN g|p phii khi nidm yS% d cic sin trSn thi^gidi
2.1 Lai ich
10,000.000 8.000.000 6,000,000 4.000.000 2,000.000 0
Vdn hod thj tnPdTig cdc sdn nam 2008 (OVTtii$u USD)
•
3,208.934
2.396.344
^^—m ' • » ' = • ' " 1.328.768
1 1 r^^B .^^m 264,974
Nyse Nasdaq LSE HongKong Singapore Euronexl
(US)
So IU(?ng cong ty niem yet tren cac san nam 2008
Nyse Nasdaq LSE HongKong Singapore Euronext (US)
So \ilt)ng cong ty ni/6c ngoai niem yet nam 2008
312
1
Nyse Nasdaq LSE HongKong Singapore Euronexl
(US)
Hinh 1. Quy mo cac thj trUdng chdng khoan nam 2008 Ngudn: World Federation of Exchanges (WFE), 2008
Ddi vai sdn Nyse, Nasdaq vd London
Doanh nghiep niem yet t r e n san Nyse hay Nasdaq se ed ctf hgi xam nhap vdo thi trUdng vdn so' mgt the gidi vdi sif da dang cac nhd dau tU qudc te. Day la thi trUdng ed tinh thanh khoan cao va chi phi sd dung vd'n tha'p. Vi chdng khoan niem yet ed cha't lugng gan l i l n vdi rui ro tha'p, do dd, nha dau tu d l dang chap n h a n chinh sach tra ed tdc tha'p va dl huy dgng cho nhdng lan sau. Nyse ldn nha't the gidi v l qui md vd'n hoa thi trudng.
Phat trien kinh te - Thang Tam nam 2010 ^
NGHIEN Ctfu & TRAO DOI
Bang 1. Mot sdthi trUdng tieu bieu cho mdi chau luc vdi cac tieu chuan niem yet
Singapore Hdng Kdng Main Board Thoii mgt trong ba tieu chuan s a u :
Tieu chuan 1: Thu nhap tfL/dc thue 3 nam gan nhat, it nhat 7,5 trieu S G D . Thu nhap truoc thue m6i 3 nam. it nhat 1 trieu S G D / nam
Tieu chua'n 2: Thu nhap trudc thue it nhat 10 trieu S G D cho 1 hay 2 nam gan nhat.
Tieu chuan 3; Khong co yeu cau ve loi nhuan nhUng von hoa thi trucfng toi thieu 80 trieu SGD.
Tieu chuan 1 : it nhat ldi n h u a n trUdc thue 3 nam gan nhat 50 trieu H K D (nam g a n nhat it nhat 20 trieu H K D , 30 trieu HKD cho 2 nam trudc dd)
Tieu chuS'n 2: 500 trieu H K D doanh thu cho nam tai chinh gan nhat.
Tieu chuan 3: Ddng tien luy ke 3 nam gan nhat, it nhat 100 trieu H K D .
New York Nasdaq Global Select Market
Tieu chua'n 1 : Thu nhap trudc thue 3 nam gan nhat
10 trieu USD.
Thu nhap trudc thue trong 2 nam gan nhat, tdi thieu 2 trieu U S D / n a m .
Thu nhap trUdc thue nam t h d 3 phai dUdng.
Tieu chuan 2; Thu nhap trudc thue 3 nam gan nhat 12 trieu USD.
Thu nhap trudc thue trong nam g a n nhat, tdi thieu 5 trieu USD.
Thu nhap trudc thue, trudc nam gan nhat, ldi thie'u 2 trieu USD.
Tieu chuan 3: Ddng tien luy ke 3 nam gan nhat it nhait 25 trieu USD, doanh thu nam gan nhat it nhat 100 trieu USD.
Tieu chuan 1 : Thu nhap trudc thue 3 nam g a n nha't >= 11 trieu U S D .
Thu nhap trUdc thue trong 2 nam gan nhat >=
2,2 trieu U S D / n a m .
Tieu chua'n 2: Ddng tien luy ke cho 3 nam gan nhat >= 27.5 trieu USD, mdi 3 nam gan nhat d e u dUdng.
Doanh thu nam tai chinh trudc d d >= 110 trieu U S D .
V d n hoa thi trudng trung binh 12 thang gan nhat
>= 550 trieu USD.
Tieu chuan 3:
V d n hoa thi trudng trung binh 12 thang g a n nhat
>= 850 trieu USD, va doanh thu nam g a n nhat it nhat 90 trieu U S D .
London Main Market
- it nhat 3 nam h o ^ l ddng kinh doanh ddc iap va cd doanh thu.
- Bao cao tai chinh kiem toan khdng qua 6 thang ke td ngay an hanh ban cao b a c h .
- 7 5 % hoat ddng kinh doanh phai dUdc hd trqi bdi doanh thu kiem dUdc tC/ qua k h d , diJ trang trai trong 3 nam tai chinh.
- Gdng ty phai dang thi/c hien hoat ddng kinh doanh dpc lap bang hoat ddng kinh doanh chinh cua minh.
- Cdng ty phai chdng minh cd du vdn luu ddng cho nhu cau hien tai va cho it nhat 12 thang tdi.
- Cdng ty phai cd kha nang hoat ddng kinh doanh mdt each ddc lap ddi vdi nhdng co ddng kie'm soat sd hi/u hon 3 0 % cd phieu.
Von hoa thj tri/6ng tdi thieu Tieu chuan 3:
Von hoa thi trudng toi thieu 80 trieu SGD
Tieu chuan 1 : 200 trieu HKD
Tieu chua'n 2: 2 ty HKD Tieu chua'n 3: 4 ty H K D .
So lUdng cd phieu tdi thieu do cong chung n l m giiJ tai the Von hoa thi trudng <= 300 trieu
S G D . 2 5 % . Von hoa thi trudng >= 300 trieu
SGD. 12%-20%.
V d n hoa thi trudng <= 10 ty H K D . 2 5 % .
Vdn hoa thi trudng >= 10 ty H K D , 1 0 % - 1 5 % .
Tieu chua'n 2: 500 trieu USD
Tieu chua'n 3: 750 trieu USD
t\ die'm niem yet 1.100.000 cd phieu, va 40 trieu USD gia thi trudng cOa cd phieu.
Tieu chua'n 2: 550 trieu USD nam trudc d d Tieu chua'n 3: 850 trieu USD nam trUdc d d .
1.250.000 cd phieu, va 45 trieu USD gia thj trudng ciJa c d p h i e u .
£ 700.000
2 5 %
s d lUdng cd ddng tdi thieu
1 Tieu chua'n 1, 2: Tdi thieu 300 CO ddng.
Tieu chuan 3: Tdi thie'u 1.000
C d dong nam giQ c Hoac 2.200 CO ddn thang 100.000 cd p Hoac 500 CO ddng thang 1.000.000 cd
d phieu Id chan : 400 g va giao dich binh quan 1
hieu.
va giao dich binh quan 1 phieu.
Gia thj trudng tdi thieu/ l e d phieu tai thdi diem niem yet
N/A 1 N/A US$4
Gd ddng nSm giiJ cd phieu Id c h i n : 450 Hoac c d tdng s d c d ddng 2.200.
US$4
N/A
N/A Tieu chuan ke toan
G A A P : SG. US, IAS | G A A P ; HK, UK, US, IAS s d lUdng tdi thieu thanh vien dgc lap trong hgi ddng quAn ft nhat 1/3 cho tat ca cac
cdng ty, cdng ty nudc ngoai phai cd it nhat 2 giam ddc cu tr(j tai Singapore.
It nhat la 3, it nhat mdt trong sd CO bang cap c h u y e n mdn thich l<e toan, hay chuyen gia quan 1 chinh.
US GAAP tri ho phai hop hay M a i
Da SO la giam ddc ddc lap
US G A A P
Da s d la giam ddc ddc lap
G A A P : UK. US, IAS
Mdt nila la giam ddc ddc lap
%
Nguon tdng hpp tU: The listed company manual- 103 Minimum Numerical Standards Non-U.S. Companies Equity Listings Distribution - Nyse; Nasdaq Listing Information, Listing Guides & Resources, January 2010; United Kingdom Listing Authority listing rules , 2005; Basic Listing Requirements for Equities ( Hong Kong Exchanges and Clearing Limited); Listing Manual - SGX Singapore, March 2009.
Phat trien l<inh te - Thang Tam nam 2010
NGHIEN CI?U & TRAO DOI
Nasdaq la thi trudng giao dich dien td ldn nhd't the gidi danh cho nhdng cdng ty cdng nghe eao, cd tinh dot phd, ntfi cd nhd dau tU hieu thau dao nha't vl linh vUe cdng nghe cao. O day cung cd dich vu phap ly td't, nhdng nhd phan tich ldn nha't the gidi bao gdm Citigroup, Deutsche Bank, Gold- man Sachs, JPMorgan, Macquarie, Merrill Lynch, Morgan Stanley, UBS. Su cd mat cua cac phuong tien truyen thdng tdi chinh qud'c te nhU Bloomberg, The Wall Street Journal, The Finan- cial Times, CNN cd the truyin tai mgt cdch tuyet vdi hinh anh cdng ty, anh hddng thi trUdng ed phieu va vi the canh tranh cua cdng ty, gdp phan tao ra sdc bat niem tin dd'i vdi cac ben lien quan.
Cac ba't Itfi di kem dd la ehi phi niem yet tren Nyse va Nasdaq thudc hdng eao nha't so vdi cdc thi trudng khde tren the gidi. Cae san nay ehi chap nhan tieu chuan ke toan US GAAP va khdng chap nhan cac tieu chuan khac, ke ca IAS. Hai thi trudng nay cd tieu chuan niem yet cao nhat the gidi, dac biet la d thi trudng Nasdaq. Doanh nghiep phai tuan thu cae qui dinh nghiem ngat vl quan tri cdng ty. Bien phap che tai nghiem khac va nang n l hon ddi vdi ngudi ky cdc bao eao cong bd cho nha dau tU. Thi trudng xa xdi vl mat dia ly va khde nhau v l mui gid so vdi VN ldm hao ton them ngudn life so vdi cac thi trudng khde.
London la thi trudng chdng khoan ldn nha't vd la trung tam tai chinh cua khu viJc chau Au, noi tap trung sd lugng ngan hang nhieu nhat tren the gidi. Cac tieu chuan niem yet tren London khdng qua khat khe nhu Nyse va Nasdaq nhung van ed nhdng tieu chi dam bao sdc khoe tai ehinh cua cong ty (Bang 1). Chi phi niem yet tren London re hon so vdi New York nhUng vdn dat hon so vdi cac thi trudng tai cac chau luc khac. Cung gid'ng New York, thi trudng London ba't lgi vdi VN vl khoang each dia ly vd khac mui gid.
Bdi vdi sdn Hdng Kdng vd Singapore
Day la hai trung t a m tai chinh cua khu vUe chau A, gan VN vl m a t dia ly, van hoa cung khdng ma'y khac biet ed phi niem yet tha'p hon neu so vdi New York va London va phi niem yet tai Singapore re hon tai Hdng Kdng. Gan day hg nang tieu chuan niem yet len va cd chgn lge hgc hoi kinh nghiem tU phuong Tay. Hg han hoan tiep ddn cdng ty nUde ngoai den niem yet, dac biet la Singapore. Cd ehinh saeh Uu dai thue d hai qudc gia ndy, thue thu nhap doanh nghiep tha'p, Sin- gapore chi 17%, Hdng Kdng 16,5% CVN 25%), thue
tren lai vd'n miin, thue nhd thau td cd tdc miin, thue thu nhap cd nhan td'i da td 15-20%....Tuy vay, qui md nhd htfn so vdi cae dd'i thu eanh tranh tam cd khac.
2.2 Nhdng kho khdn cho cdc doanh nghiep VN khi tham gia thi trii&ng
Doanh nghiep "VN can quan tam khi lifa chgn thi trudng.
DN'VN niem yet tren thi trUdng nude ngoai se gap khd k h a n ve van de quan tri cdng ty. Thi trudng New York va London dat nang tinh dgc lap cua thanh vien HDQT. Thanh vien ddc lap khdng ed lgi ich vat chat dd'i vdi cdng ty, khdng dilu hdnh, khdng phai la cd ddng da sd. Nyse va Nas- daq qui dinh dai da so thdnh vien trong HDQT la nhdng giam dd'e ddc lap, vdi London eon so' ndy hon mdt nda. Chu tich HDQT va giam dd'e dilu hdnh la hai ngddi khac nhau va qui dinh rd quyen han va trach nhiem gida hai ngddi nay bang van ban. Cac qui dinh thi trUdng vd nha dau tu deu rat chu trgng de'n hieu qua hoat ddng cua HDQT.
Rieng My, dao luat Sarbanes Oxley ra ddi nam 2002 sau sif sup dd eua nhdng cdng ty nhU Enron,Worldeom, luat nay eung cd lai qui dinh vl trach nhiem cua ngUdi ky cac bao cdo tai chinh va trach nhiem nha quan ly doanh nghiep ddi vdi thdng tin cdng bd' eho cd ddng, ve trdch nhiem cua HDQT trong viec t h a n h lap va dam bao hieu qua hoat ddng eua he thd'ng kiem sodt ndi bg. Kem theo bao cao dinh ky la xac nhan bdng van ban cua giam ddc dilu hdnh va giam ddc tai chinh rdng cac bao cao da dugc tuan thu day du eac qui dinh. Viec khdng tuan thu hay ed tinh vi pham se d i n den cac mdc do che tai, phat t i l n td 1.000.000 USD de'n 5.000.000 USD va phat tu td 10 nam den 20 nam. London qui dinh mgt chu tieh HDQT khdng kiem qua hai nhiem ky, sau 5 nam phai ddi kiem toan vien. Trong khi doanh nghiep "VN da sd chu tich HDQT kiem tdng giam ddc va thanh vien HDQT thudng la ed ddng da sd.
Cae qui dinh khat khe tUOng tU cua New York va London duge ndi long ho'n d thi trUdng Hdng Kdng vd Singapore. Hdng Kdng qui dinh HDQT cd it nha't 3 thdnh vien dgc lap, trong do it nhat 1 ngUdi cd bang cap chuyen mdn. Singapore qui dinh it nha't 1/3 la t h a n h vien ddc lap, va cd it nha't 2 thdnh vien dgc lap phai cU trd tai Singa- pore (doanh nghiep "VN nen can nhac qui dinh nay). London va Singapore ban hdnh quy tac quan tri cdng ty dugc ap dung ma sd ggi la "comply &
Phat trien l<inli te - T h a n g Tam nam 2010
4
m NGHIEN CI?U & TRAO DOI
explain" tam dich la tuan thu va giai thieh. Cdng ty khdng tuan thu qui tdc nao phai dUa ra ldi giai thieh.
Doanh nghiep "VN edn gap khd khdn vl yeu cau minh bach thdng tin d mdc do chi tie't eao. Cdc thi trudng ldn qui dinh doanh nghiep cdng khai tu danh gia cae rui ro. Danh gia vl he thd'ng kiem sodt ngi bg, cdng khai yeu kem, danh gia v l hieu qua hoat dgng cua HDQT. P h a n tich, danh gia vl dilu kien tai ehinh, ke't qua hoat dgng kinh doanh, tac dgng eua ehung dd'i vdi sif Udc doan doanh thu, Itfi nhuan, ddng t i l n , kha nang phat trien eua doanh nghiep. Cdng khai viec sd dung sd t i l n huy dgng. Khi mgt kiem toan vien dgc lap bi sa thai, hg dUtfc quyin cho y kien n h a n xet tai cugc hgp dai hdi ddng ed ddng thudng nien gan nha't. Ta't ca yeu eau ndy xua't phat td nhu cau cua cac nha dau tu tinh vi t r e n thi trUdng va sif ddi hoi dugc ddi xd cdng bang gida cac cd ddng vdi nhau.
Ngodi ra, DNVN cdn gap mgt so' trd ngai khae nhu hang lang phap ly cho hoat ddng niem yet ra nude ngoai chUa day du, rd rdng, hien thdi chi cd luat chdng khodn va Nghi dinh 14 qui dinh r a t chung chung v l niem yet ra nUde ngoai. Tieu chuan ke toan "VN cdn nhilu han che so vdi thdng le qudc te, ngudn nhan life cho hoat ddng niem yet ra hudc ngodi ehUa cd.
3. Cac khuyen nghj Bdi vdi nlid ldm luat
- Hoan thien hdnh lang phap ly lien quan hoat ddng niem yet ra nude ngodi.
Nha nude can ban hdnh qui dinh, hudng dSn cu the hon nda hoat dgng lien quan niem yet ra nude ngoai. Chang han vl ty le nam gid cua ngudi nude ngodi dd'i vdi cdc cdng ty ed chdng khoan niem yet tai nude ngodi, phan dinh rd ty le nay ddi vdi niem yet nude ngodi va ty le nam gid cua ngudi nude ngodi d trong nude, cac qui dinh trong trudng hgp cd xung dot lgi ich eua nha dau tu trong nude va nUdc ngodi eua cdng ty cd chdng khoan niem yet ra nude ngoai nhU quyin mua ban chdng khodn, chinh sach chia cd tdc de bdo dam cdng bang gida nha dau tU trong va ngoai nUdc.
Hudng giai quyet dd'i vdi trudng hop bdo cao lai Id theo tieu chuan "VN va qud'c te cd sif khae nhau thi can eU tren sd lai nao de chia cd tdc cho ed ddng trong va ngoai nude ma vSn dam bao sif cdng bang. Ddi vdi chdng khoan niem yet nudc ngodi.
can qui dinh rd va'n d l dang ky, lUu ky, thanh toan bu trd ma hien nay "VN chUa cd quy dinh ndy.
Dilu ehinh chuan mUc ke toan phu htfp thdng le qudc te.
- Nha nudc can qui dinh ve cdng bd thdng tin d mde do bao vS nha dau tU cao.
Nha nude nen nang cao cha't lugng viec cdng bd' thdng tin. Nen qui dinh ve cdng bd bao cao dinh ky, thdng tin chi tiet tren ban cao bach va bao cao thudng nien v l cac ye'u td rui ro cua cdng ty niem yet. Cdc rui ro nay nen dugc neu chi tiet, cu the va ed ctf sd chd khdng neu ehung chung, can phan tich mdc do anh hudng eua rui ro nay de'n hieu qua hoat dgng cua cdng ty. Chuyen trach nhiem p h a n tich thdng tin tai chinh vl phia doanh nghiep de tang tinh trung thifc eua thong tin tai ehinh ma doanh nghiep cung cap, chd khdng chi neu ra rdi de dd va bd ngd cho nhd dau tu. Cae thdng tin cdng bd' nen n h a n manh vao nhdng thdng tin dinh hudng tuong lai, phan khuc ehi phi, va hieu qua. Doanh nghiep nen giai thich them thdng tin ddi vdi cae nganh cdng nghiep dac thu neu dd \a nganh ma nha dau tu khd hieu ne'u khdng cd chuyen mdn trong linh vUe dd va nhdng thdng tin nhay cam dd'i vdi lgi ieh eua ed ddng thieu so.
Bdi vdi doanh nghiep
- Nang cao mdc do am hieu cua doanh nghiep ve hoat dgng niem yet ra nUde ngodi.
Doanh nghiep can xac dinh rd muc dich, kha ndng eua doanh nghiep va qui md niem yet de lUa chgn thi trUdng phu htfp. Hieu rd dac diem cua thi trudng dich de'n nUdc ngoai se gdp phan thanh cdng trong viec lUa chgn. Quan trgng hgn nda la chgn nha tU van phu hgp, nha tU van hieu rd vl thi trudng va cd cdng ty hg tU van da niem yet thdnh cdng.
- Doanh nghiep nen hUdng tdi eai thien he thd'ng quan tri cdng ty.
Cai thien tinh ddc lap eua HDQT bang each thue t h a n h vien HDQT ed du n a n g life, chuyen mdn. Xay dUng qui trinh danh gia hieu qua hoat ddng HDQT bang viee tra ldi bang cau hdi danh gia, viee ndy cd the nhd sif trg gidp eua chuyen gia tu van ddc lap td ben ngodi ne'u tha'y can thie't.
Dao tao t h a n h vien HDQT vl niem yet ngoai va quan tri cdng ty theo cac chuan mUc tien bg bang each phd'i hgp dao tao vdi eac sd giao dich ldn tren the gidi duge thdng qua cae kenh nhu so giao dich
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Pliat trien kinh te - Thang Tam nam 2010NGHIEN CI?U & TRAO D O I
trong nudc, cdng ty chdng khoan, ngan hang...
Thiet lap uy, ban giam sat thay mat HDQT nhU uy ban bau ed, uy ban kiem toan, uy ban lUOng thudng. Xay dung van hoa giai trinh trach nhiem trong doanh nghiep de ed thai do san sang vdi va'n dl minh bach thdng tin.
Nhu vay, doanh nghiep nen xac dinh nhdng dilu duge va ma't theo nguyen tdc lgi Ich cao - chi phi cao (dd'i ngUtfc lgi ieh tha'p - chi phi tha'p) trong viee lUa chgn thi trUdng, td dd xdc dinh thi trudng ndo la phu htfp. Chang han doanh nghiep can len san My de tim nha dau tu td't nha't, de doanh nghiep cd dUtfc danh tie'ng la doanh nghiep da niem yet d san so' mgt the gidi, hay doanh nghiep mud'n md rgng san pham sang thi trudng rgng ldn ndy. Hoac doanh nghiep cho rang khdng nen sang My vi chi phi qua cao va doanh nghiep chua cd kha nang eanh tranh tren thi trudng nay nen sang London van Id thi trUdng tai chinh cd thanh khoan rat td't nhung chi phi re hon d My.
Hay quan diem cho rang niem yet gan vl dia lyy, khu vifc cung mui gid se d l ddng hgn ma van la thi trudng danh tieng nhU Hdng Kdng hay cac qui dinh ndi long hon va chinh sach khuyen khich cua chinh phu d nUde tie'p ddn nhU Singapore*
TAI LIEU THAM KHAO
Le Van Te, N g u y i n Van Ha, N g u y i n OSc Sinh (2007), Thi trudng chUng khoan tai VN, NXB Thdng Ke.
Luat chdng khoan (2006),
http://www.eluat.eom/luat_chung_khoan_so_70_2006_
qh11 .htm, truy xua't 10/10/2009.
Nghi dinh 14/2007/ND-CP (2007), Quy dinh chi tiet thi hanh mdt sd dieu cua Luat Chdng khoan,
http://esdl.thutuehanhchinh.vn, truy xuat ngay 13/10/2009.
Quyet dinh 12/QD-BTC (2007), Quy che quan trj cdng ty ap dung eho cdng ty niem yet tren Sd Giao dich Chdng khoan,
http://portal.mof.gov.vn/portal/page/portal/mof_vn/vbpq Anderson, R. and P. Tychon (1993), "Competition among European financial markets: the case of cross- listed Belgian equities", Revue de la Banque.
Bernardo Bortolotti, Marcella Fantini and Carlo Scarpa (2000), Why do Governments Sell Privatised Companies Abroad?, Working Paper Number 293.
Clare Roberts, Pauline Weetman, Paul Gordon (2002), International Financial Accounting, second edi- tion. London : Financial Times Prentice Hall.
Gray S.J and Roberts, C B (1997) " Foreign com- pany listings on The London Stock Exchange : Listing pattern and Influential Factors", in Cooke, T.E and Nobes, C.W (eds). The development of Accounting in an internationai context. London : Routledge.
HongKong Exchanges and Clearing Limited - HKEX (1998), Basic Listing Requirements for Equities, http://www.hkex.com.hk/eng/listlng/listreq_pro/listreq/e quities.htm, truy xuat 10/01/2010.
Liu Wei, Kang Xing-Hua (2007) "Study on Chinese companies' perception on overseas public listing", Chi- nese Business Review Vol. 6, No.6 .
Nasdaq (2010), Listing standards and fees, http://www.nasdaq.com/about/nasdaq_listing_req_fees.
pdf, truy xuat 10/10/2009.
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Phat t r i e n k i n h te - T i i a n g Tam nam 2010
