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9\(ghiin cHu • Trao d^VAI TRO CUA NGAN HANG DAU T j TRONG MUA BAN VA SAP NHAP
ThS. BtJI TUA'N THANH''"
ThS. VX/dNG VIMH THANG'""
^ T gay nay, vdl sg tg do hda tfii chfnh tgi
^ k l nhieu qude gia, md hinh ngfin hfing i . aL d i u tfl (NHDT) phfit trien phflc tgp vfi da dgng. NHDT ed nhieu logi hinh rifing bift, thge hifin mpt hay tofin bd nghifp vg dau tfl.
Vdi vai trd tfl v l n mua bfin (acquisition), sap nhgp (merger) doanh nghiep (M&A) NHDT la md hlnh mang ddng dap cua md hinh NHDT chuyfin sfiu, cd vai trd dfing k l vdi cfic thUdng vy M&A trfin the gidi. Hay ndi each khfie, M&A Ifi mdt trong nhOng san pham tu van eao efi'p cua NHDT nham giflp khfich hfing trien khai hifu qua vifc mua bfin/sfip nhfp; giflp khach hang doanh nghifp (DN) md rdng hogt ddng san xuat - kinh doanh, phat trien thUdng hieu vfi kfinh phan phfi'i;
tfing cfldng danh myc sfin phlm, dich vy cfla minh, tgo ra Idi t h l cgnh tranh tren thj trfldng.
Ddi vdi eac glao djch tfl v l n M&A, khoan phi thfldng dao ddng trong khoang 1-1,5% gifi tri giao djch. Gifi trj giao djeh cang Idn thl ti If phan tram phf eang thip. Mang djch vy nay cd mflc dp rfli ro thip va trong mpi trfldng hpp
''I Bg Khoa hgc va Cdng nghe '"' Ngfin hang TMCP Ky thfldng Viet Nam
thanh bgi cfla giao djch thl NHDT d i u mang v l khoan phi nhlt djnh. Chinh vi vfy, mang tfl van tai chlnh DN khdng ch? la san chdi cCia cac NHDT, ma edn la cfla cac cdng ty tfl vln tai chlnh Idn trfin the gidi, nhU cdc cdng ty kiem toan. Djch vy tU van dau tfl dflpc coi la gia trj edt 161 eua mpt NHDT.
1. Khai quat ve Ngfin hang dau tU Ngan hang d i u tU (investment bank) la djnh chfi' trung gian tai chfnh cung cap djch vy tai chlnh tren phgm vi rdng, da dgng. Cfic djch vy tai chfnh ma to chfle nay eung d p bao gdm: bdo Ifinh phat hanh, ddng vai trd ddn vi trung gian gifla td ehflc phdt hanh chflng khoan vdi cdng chung d i u tu; hd trd va thflc day eac thUdng vy M&A, hogt dpng tai td ehflc DN va ddng vai trd mdi gidi cho cdc giao djeh cua khach hang td chfle Idn.
cac NHDT ed chfle nang tfl v l n cho DN hoac qudc gla v l chifi'n Iflpc tai ehfnh, hogt ddng M&A bfin cgnh vifc huy dpng vd'n (cd phieu va nd) tfl thj trfldng vdn todn e l u (thdng qua d c nha d i u tfl qud'c te).
Trude nfim 2011, md hinh NHDT d Viet Nam chfla phat trien, vl da phln cac DN Viet Nam chua s i n sang huy dfing vdn tfl cac thj trUdng qud'c t l (do chUa dap flng dflpc eac tifiu chuan qudc t l v l quan tri DN). Bfin cgnh Khoa hoc chinh Irj - So 6/2016
| * H a m flange:
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^^V theo moi 1 * ^ 0 hoc cti
Hjjhien aiu - Trao doi
dd, nhOng nam trfldc day, thj trfldng vd'n ngi dja cd tinh thanh khoan eao, DN khdng phai tim de'n ngudn vd'n nfldc ngoai, nen cung khdng c l n dfi'n mfi hinh NHDT. Vi vay, NHDT la khai nifm kha mdi tgi Vifit Nam, song da xuat hifn mpt sd cdng ty chflng khoan va edng ty quan ly quy vdi mdt sd hogt ddng phfii thai theo hudng eae nghifip vy cfla NHDT, Ddng thdl, mpt sd ngan hang thfldng mgi Idn dang trong qua trinh ehuyen ddi sang md hinh tfp doan tai ehfnh hay ngan hang tdng hpp, trong dd cd chfl trpng d l y mgnh phfit trien mang NHDT. Cy the Ifi mft sd cdng ty diu ngfinh chflng khofin, tieu bieu lfi Cdng ty Chflng khofin Sfii Gdn (SSI) cung da dua ra chifi'n lupc phat trien theo md hinh nay;
cfic ngan hang qude doanh Idn sau ed phan hda, nhfl Ngfin hang Ngogi thfldng Viet Nam (Vietcombank), Ngfin hfing Cdng thfldng Vifit Nam (Vietinbank) cung djnh hfldng phfit tnen mgnh mang NHDT de hinh thfinh md hinh ngfin hfing tdng hdp. Tuy nhifin, eac nghifp vu tfl v l n NHDT tgi Vift Nam mdi tdn tai d dang rat sd khai va chua hinh thanh md hlnh NHDT ddc lap vdi day dfl ehflc nfing vd'n cd cua nd. Hifin nay, theo yfiu d u hdi nhfip eua nln kinh te', d Vift Nam da va dang hinh thfinh NHDT theo 4 eon dudng: (1) Cae edng ty tfii chfnh trong nudeed xu hfldng thfle hifin eac nghifp vg NHDT lifin ke't hpp tfic vdi cae NHDT qudc te de dupe dfin dfit ve each hinh thfinh va hpc tap kinh nghiem eua hp. Viet Nam Capital Partners diln hinh eho md hinh nay vfi budc d i u mang lai hieu qua kinh te eao; (2) Cfic NHDT qud'c te' tai Viet Nam se thfinh Ifp chi nhanh ia cac cdng ty con chuyen thye hifn cac nghiep vy cua NHDT, nhfl Ngan hang HSBC, Citibank, ANZ, Standard chartered; (3) cac edng ty chflng khoan tai Vift Nam dang ed xu hfldng chuyen ddi theo md hinh NHDT. Tinh den nay, phfldng hfldng nfiy dUdc xem Ifi giai phap kha thi 'nhfi't, nhung cfic cdng ty c l n hoan thien ed eau bd may theo md hinh NHDT nham d-j', Ung ve Khoo hoc chinh trj - So 6/2016
cfic ngudn iflc cfin thie't; (4) Cfic ngfin hang tdng hpp kieu Anh vdi ngfin hang thfldng mai sd hflu cdng ty eon tai Viet Nam,
Hien nay, cfic edng ty chflng khofin vfi ngfin hfing tdng hpp la 2 md hinh chlnh thflc hien hogt ddng cua NHDT tai Viet Nam. Cfi hai logi hinh to chfle nfiy deu hogt dpng vdi tfl each phap nhfin nhfl nhau tren thj trfldng vdn, Hoat ddng kinh doanh cfla ca hai loai hlnh cdng ty ehflng khoan ke trfin deu ma't cfin bfing, vdi cd cau doanh thu khdng on djnh va chUa phat tnen dflpc cfic logi hlnh dieh vy ed ban cua NHDT la mdi gidi vfi bao lanh phfit hanh (the hifin d ty trpng doanh thu thfi'p cfla cae dich vy tren). Hogt ddng mdi gidi va bao ianh phat hfinh kem phat trien tgi cae cdng ty chflng khoan thudc ngan hfing thypng mgi cho tha'y, mac du eac td chfle nay hogt ddng theo md hinh ngfin hang tdng hgp, tuy nhien eac ngan hang thddng mai chfla tan dyng dflpc ldi the kinh te' theo pham vi de phat tnen cfic djch vu NHDT eua minh. Ngudn thu chu yeu cua ca hai loai hinh nfiy den tfl hogt ddng dau tu gdp vdn vfi cac hoat ddng khac. cac hogt ddng khfie chu ye'u la repo vfi gfli tien, cho vay chflng khofin chiem ty trgng Idn trong bang cfin dd'i tai san cung nhfl ket qua kinh doanh, Dieu nay the hien nang luc hgn che' eua cfic cdng ty chflng khofin khi chua sfl dyng he't sd vdn de ty kinh doanh chflng khofin. Nhin ehung, sU thfl nghiem NHDT vfla qua d Viet Nam cd the ehfla dflng thdi diem vfi chfla thanh cdng, nhflng khdng cd nghTa la tfl bd md hinh nay.
2. Hogt dpng M&A va vai trd cua NHDT Vdi sfl gia tfing ap iye eanh tranh trong cac DN va xu hudng tofin cau hda, cfic cdng ty dang tham gia nhieu hdn treng Ifnh vflc M&A, Nhieu edng ty dang tim kiem cd hdi va ngudn iye tai chlnh de md rdng qui md san xua't - kinh doanh vfi hg sfl dyng cac NHDT de dypc tu van ve cfic muc tieu hogc nhflng ngfldi mua tiem nang. Dieu nay ddi hdi eae NHDT can cd dfinh gifi day du vfi de nghj
X^hiin aiu 'Trao dSi.
chien thuft phfl hpp cho bfin thufi hp. Lfi nhflng ehuyen gia trong san xufi't vfi xfl ly thdng tin, NHDT sfl dyng ehuyen mdn de thu thgp thdng tin, phfin tfch dfinh gifi nhlm xfic djnh cfic gia trj eua ddi tfic sfip nhfp tilm nang trong hpp ddng, eung nhu nhulng rfli ro trong giao dich d l dfla ra nhflng tuvan ehfnh xfic vfi phfl hdp.
Vai trd cua NHDT dd'i vdi cfic vy sfip nhfp va mua/bfin rdi vfio mdt trong hai bfin:
dgi difin bfin bfin hoge dgi difin ngfldi mua.
Khi dd, NHDT ddng vai trd la cd van eho ben thufi va hp se cd traeh nhifm sau:
- Tim kilm nhflng edng ty mua/ban tilm nang;
-Tich cgc tim hilu eae mye tieu dfi d l ra;
- Xfic djnh gifi trj Ipi fch dg kien eua viee muaA)fin;
- Dfim phfin vdi cfic cdng ty myc tifiu de thifi't Ifp cac dieu khoan cfla thda thufn;
- Dgt dflpc thda thufn M&A.
Cfic NHDT ddng vai trd quan trpng trong M&A theo nhilu cfich:
- Cfic NHDT Ifi nhflng nhfi to ehflc ehinh cfla qufi trinh M&A;
- Giflp cfic cdng ty nhfn chuyln nhfldng de chdng Igi cfic ky thuft thfl djch cfla cfic edng ty chuyln nhupng bang cfich giup hp trong vifc phfit triln chien thuft phdng thu;
- Thie't Ifp gia tri hpp ly cho cfic edng ty tham gia vfio cfic giao djeh;
- Giflp cfic cdng ty chuyln nhflpng huy dfng vdn bang cfich bfin c l phln hof c thdng qua vay np;
- Dfii khi hp lam cho cfic khoan d i u tfl vfio cd philu cua mdt trong hai bfin chuyln nhupng hogc nhfin chuyen nhflpng edng ty ed kha nfing hpp nhat.
Cd the thfi'y, eac thUdng vy M&A Ifi nhflng hogt ddng tfch IQy Ipi nhufn dang ke cho cac NHDT.
Pham vi cua cac djch vu tfl vfi'n M&A dflde cung d p bdi cfic NHDT thudng lien quan d i n cfic khia eanh khac nhau cfla vifc
mua/bfin cfic cdng ty va tai san cdng ty, nhi/
djnh gia DN, thUdng IUdng gifi ca vfi cfi'u trilc cfla cfic giao djch, thu tyc va thue hifin giao djch. NHDT cung cung cap nhflng van bfin xfic nhan tinh cdng blng cua mpt glao djch, Cy t h l :
ThQ nhdt, dlnh gia
Mdt trong nhflng vai trd chlnh cfla NHDT trong vg sfip nhfp va mua lgi la vifc thiet lap gia trj hpp ly eho cac edng ty tham gla vao cac giao djch. NHDT la nhOng chuyfin gia tinh toan nhflng gi mdt ON cd gia trj. Hp cung ed the dy doan dupc sg thay ddi gifi trj cua DN trong nhOng boi d n h khde nhau (dilu gi xay ra vdi cac gia tri cfla mdt cdng ty trong mdt sd hoan eanh khae nhau va nhii'ng gi, nhflng tiem nang se cd y nghTa v l mat tai chfnh). Cfic NHDT se xfiy dgng mfi hinh tai chfnh d l n l m b i t cac thanh phan tai chinh quan trpng nhat cd the finh hudng dfi'n gifi trj tdng t h l eua mdt cdng ty. NhQng md hlnh nfiy, tfly thudc vfio giao djch de xufi't, cd the rat phflc tap vdi cdc biln dge biet dupc bo sung cho cac khu vflc dgc biet (ehlng hgn, cd nhflng yeu td tfii ehfnh khfie nhau d l xem xet trong cac ffnh vflc khfie nhau, qudc gia va cfic thj trudng khi dg dofin hoac do Ifldng gifi trj cua mdt cdng ty).
Do cd chuyfin mfin trong djnh gifi DN, NHDT cung cd t h l cung cap eac djch vy tgi eac cd hdi cho khach hang cfla hp. Ching hgn, khi thgc hien danh gifi v l mpt DN tilm nang muc tifiu nfio dd, n l u thfi'y gifi trj thj trfldng hogc gifi trj cd phan cfla DN tren thj trUdng Id thip hdn so vdi gia tn thgc sy cua DN, NHDT cd t h l tao dieu kien sfip nhgp hogc mua Igi DN myc tifiu nay eho khdch hang cua minh, ddng thdi v l n mang v l cd hfi Idi nhufn dang k l .
ThQ hai, ngQdi mua va ban Khfing chi dya vao vifc ngUdi mua va ngfldi bdn tilp c f n minh, NHDT cGng se giao djch blng each nghifin cflu thi trUdng va tifi'p can cac cdng ty vdi nhflng y tfldng chifi'n Iflpc Khoo hoc chfnh trj - Sd 6/2016
^hiin aiu - Trao ddi
^avaci;
HtW*'
^ifll^'
c f l a minh (vt d y : hp c d t h l c h o rfing hai edng ty s d p n h f p , h o a c m p t e d n g ty m u a Igi h o f e ban c h o m p t c f i n g ty khfie). Mdt N H D T dgi difin c h o mfit n g u d i b a n t i l m nang c d khfi nfing c a o d l h o a n tfi't m d t giao djch (vfi do dd nd dupe tra tien) h d n lfi m d t N H D T dgi d i f n eho bfin t h f i u t d m t i l m n a n g . D g i d i f n ngudi ban la logi giao djch tU v a n dfldc tgo ra bdi mpt c d n g ty khi n d tifi'p c a n mgt N H D T va yfiu cau hp tim m p t n g f l d i m u a tofin bd hogc mpt p h l n tfii s a n c f l a c d n g ty. Ndi e h u n g , viee tim k i l m m d t ngfldi m u a b a o g d m : vifi't mdt tai lieu ban h a n g chi tifi't v a s a u d d lien Ige vdi ngfldi m u a chifi'n Iflpc, tdi chfnh t i l m n f i n g .
ThQ ba, cung cap tii chlnh Vific m u a m d t c d n g ty se c l n n g u d n tfii chlnh nhfi't djnh. Tfly c h p n cd sfin cho mdt cdng ty c d nhu d u huy d d n g v d n bao gdm CO p h i l u bfin ra hogc nfing cao v d n vay. D ie u nfiy m f t l l n n f l a c d t h e c l n d e n vai trd quan trpng eua N H D T . T r o n g thflc t l , mdt trong nhflng vai trd chlnh c f l a N H D T la gidi thieu ehflng khofin m d i ra thj t r f l d n g . N H D T khdng ehf ed the xfic djnh dflpc gifi td't nha't cho cac chflng khofin m d i , eho vay v d n theo djnh gia cdng ty, kiem tra thj t r f l d n g , ma edn cd the tim mua eho n h f l n g m y e t i e u m d i . Do d d , cfic NHDT khi t h y c h i f n cfic c h f l e nang cfla ca ngfldi mua v d ngfldi b a n dUpe gpi la cfic nha hogch djnh thj t r f l d n g .
3. Hogt d g n g cua N H D T t r e n t h e g i d i va d V i f t N a m
N h i l u tai l i f u n g h i f i n cflu dfi cho thay, NHDT tgo ra gifi trj t a n g t h e m eho nhflng thfldng v g M & A . B o w e r s va Miller (1990) xem xet m d i quan he gifla ipi nhuan tfl c d phie'u c f l a m d t c d n g ty mua lgi va viec Ifla chpn N H D T de xac dinh xem lieu cac N H D T dflng d i u ed tao ra giao dich td't hdn ve gia trj. Hg p h a n loai cfic N H D T dflng dau n h u la:
First B o s t o n , G o l d m a n Sachs, Merrill Lynch, M o r g a n Stanley vfi Salomon Brothers. Bao efio cho thfi'y t d n g thu nhgp c f l a DN idn hdn khi m d t trong hai D N m y c tifiu hoge thfiu tdm K h o a h o c c h i n h t r j - S o 6/2016
s f l d y n g mdt N H D T dflng d a u . K i t qua dd eho tha'y, tam quan trpng c u a ed v a n uy tin trong cfic thfldng vy n h f l v a y .
Nghifin c f l u c u a Hunter va Walker (1990) eho thfi'y, Ipi n h u a n tfl viec hdp nhfi't lien quan tieh cflc vdi le phi tra eho cfic N H D T . Tuy n h i e n , McLaughlin (1990, 1992) bfio eao r a n g , mdt s d dac diem trong cfic h p p d d n g eua cfic N H D T cd the tgo ra xung dot Ipi Ich gifla mdt N H D T vfi khfich hfing c u a minh; cho thfi'y tiem nang c u a mdt cude xung dot ve ipi ich gifla cac c d va'n va khach hang trong efie thfldng vy M & A .
Trong thfip ky gan day, cac ten tudi quen thudc trong n h d m cfic ngfin hang idn bad gdm cac N H D T dde lap, nhu Goldman Sachs, Merrill Lynch, Morgan Stanley, Lehman Brothers va Bear Stearns (My);
cfic n g a n hang tong hpp, nhU Citigroup, J.P, Morgan Chase (My), Credit Suisse, UBS (Thuy Sy) va Deutsche Bank (Dflc), Tuy nhien, cudc khung hoang tin dung cua My va lan rdng thanh cude khflng hoang tai chinh toan eau (2007 - 2009) da lam thay dci can ban bflc tranh N H D T , xda bd eac ten tudi Idn, nhu Bear Sterns (bj J,P. Morgan Chase m u a lai), Merrill Lynch (sfip nhap vdi Bank ot America) vfi Lehman Brothers (pha san), 02 dai gia c d n iai la Goldman Sachs vfi Morgan Stanley phai c h u y e n sang ngan hang tdng hpp vdi s y tie'p nhan vd'n tfl chinh phu, mdt logt cac N H D T khac budc phfii phfi san, bj thau tdm hoge sap nhap. hay chju nhgn vd'n cflu trd tfl chi'nh phu de thye hifin tai cd cau va dudi s y kiem soat eua Bd Tai chlnh.
Ben c a n h G o l d m a n Sachs, cac thfldng vu M&A tren the gidi cdn dfldc tu v a n bdi:
J P M d r g a n , Morgan Stanley, Bank of America va City Bank. T h e o s d lieu thd'ng ke cfla http://vt/vt/Vi'.statista.com/, tat ca eae NHDT hd trp trong cac giao djeh cd gifi tri khoang 600 - 700 ty USD trong nam 2 0 1 4 . Ve s d Iflpng giao dich ky ke't trong nam 2014: Goldman Sachs (378 giao dich), PwC (365), K P M G
•J<lghien a/u - 'i rao J
(324) vfi Morgan Stanley (285), Ngfinh cdng nghf truyen thdng va vifin thdng la nganh thu hflt dupc gia trj eao nhat cua cac glao djch M&A tren the gidi trong nam 2014. Cac gia tri cfla giao djch dfldc ky k i t trong ITnh vyc nay Ifin tdi 168,2 ty USD. Bfin eanh dd Id 2 nganh dfldc, y te, cdng nghf sinh hpc (114,9 ty USD) va nganh nfing Iflpng khai thac md (104,6 ty USD).
Nam 2014, Ngan hang Goldman Sachs d i n d i u trong cac thfldng vy M&A, vdi cac giao djch tri gia 704,4 ty USD, trong dd ngdnh nang Ifldng, khai thac md la 318,1 ty USD.
Trong dd, giao djch M&A Idn nhlt tgi Hoa Ky trong nam 2014 la vifc mua Igi cfla Time Warner Cable Inc bdi tap doan Comcast vfio thfing 2, vdi trj gifi 68,5 trifiu USD.
Rd rfing, cfic NHDT dang ngay d n g ddng vai trd quan trpng trong cac thfldng vg M&A tren the gidi.
6 VietNam, mge dfl tfl van M&A dang Ifi
"manh da'rrdng md vfi day tiem nang, nhung khdng phai to ehflc, ca nhfin nao cung ed t h l nlm bit dupe ed hdi va hifin thflc hda cP hdi thfinh gifi trj. Hifin nay, d Viet Nam chfla cd mfit NHDT that sfl, tuy nhien cd nhflng quy dau tfl, edng ty chflng khoan, ngfin hfing thfldng mai, cdng ty tfl van cd mfing nghifip vu NHDT ve tfl van M&A. Trong qufi trinh hogt dpng, cfic thfldng vg M&A cd nhQng thu$n Itfi nhat dinh:
ThQ nhdt, sy tang trUdng ndng cua nen kinh t l dfin den cgnh tranh ngfiy cfing khde lift, nhilu DN nhd cd xu hfldng lifin k i t vdi nhau d l cung tdn tgi va phfit triln hoac ban cho eac DN Idn. Dfiy la sU thufn ldi cbo cac DN manh va cd du tai chfnh de mua Igi cac DN nhd.
ThQ hai, Vift Nam gia nhfp WTO cd nhieu chfnh sdch md cfla va flu daf v l thue nfin cac nha d i u tfl nfldc ngodi danh gia cao cd hfii dau tfl tgi Viet Nam va M&A la bfldc d i u lifin d l tiep can thj trfldng Vifit Nam.
ThQ ba, sg cgnh tranh khien cho DN
phai md rdng quy md bSng each mua ban, sfip nhfip d l huy dpng vdn vfi cfic tiem lijc khfie nham tang nfing lgc cgnh tranh tren thUdng trfldng.
Tuy nhien, tU v l n M&A vfin cdn nhilu khd khfin; quy djnh cua phfip Iufit v l M&A chfla hoan thien, cflng vdi thdng tin bit cfin xflng trfin thj trudng Viet Nam khiln cho vifc djnh gifi DN trong cfic thfldng vy M&A gSp nhilu khd khan. Hdn nQa, ban thfin DN cdn thieu kien thflc ve nghifp vy M&A. Mpt so cdng ty edn chUa biet gi nhieu ve cfic quy dau tu, chua hieu cac t h l thflc d i u tfl, each tfnh toan chien lUdc dai hgn» Chinh vi thieu kien thfle nen hp gap phai khdng It nhflng bat Ipi khi thgc hifin M&A. Cuoi cflng, hoat dpng cfla bfin trung gian cdn kem hieu qua' Hau het hogt dpng M&A ddi hoi phai cd sU tham gia cua cac nhd tu van, mdi gidi, Iuat su, ngfin hfing. Tuy nhifin, do cd nhflng han che ve hf thdng Iuat, tfnh chuyfin nghifp, ed sd dfl lieu thdng tin... nfin cfic ddn vj nay ehua the trd thanh trung gian thiet lap mot
"thj trudng" d l cac bfin mua - ban gap nhau.
Do cac cdng ty tu van M&A cua Vift Nam cdn thieu va yeu nfin tl If thfinh cfing giao djch mua/bfin DN cdn thip.
Ket l u f n .
Tilm nfing Idn vfi djnh hfldng phfit ^ I n dung dan cua cac to ehflc tfn dyng, cfic ngan hang thUdng mgi trong vifc chuyln ddl hogt ddng theo djnh hfldng cac nghifp vu cua NHDT se mang den cd hdi rat Idn ddi vdi vifc hinh thanh hf thdng NHDT chinh thflc d Viet Nam trong tUdng Iai khdng xa. Ddng thdi, vdi nhflng nghifip vy chfnh, NHOT neu dflpc hinh thdnh se cd t h l dap flng dfldc cac nhu elu elp thie't cua thj trfldng tdi ehfnh, gifii quylt dUde cdc v l n d l ma cac ngfin hang thUcmg mgi khd cd t h l giai quyet, gdp phan thflc dly kinh t l tai chlnh dat nUdc phat trien ben vflng hdn. Do dd, he thdng NHDT dn djnh Id cln thie't, dfing de d i u tu phfit trien ddi vdi Vift Nam hifn nayO
Khoa hoc chfnh tri - So 6/2016 ' ':\v. t e-:
^^'fdi phap I.
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T A I L I ^ U T H A M K H A O 1 . H. M. B o w e r s and R. E. Miller, 1990. C h o i c e of investment banker and shareholder's w e a l t h of firms involved in acquisitions. Financial M a n a g e m e n L Winter:34-44.
2. M c L a u g h l i n , R.M., 1990. Investment- banking contracts in tender offers: A n
empirical analysis. Journal of Financial E c o n o m i c s 28, 2 0 9 - 2 3 2
3. McLaughlin, P.M., 1992. Does the form of compensation matter? Investment banker fee contracts in tender offers. Journal of Financial Economics 32, 2 2 3 - 2 6 0 .
4. http://www.statista.com/.
5. http://tapchitaichinh.vn/
HOAN THIEN HE THONG PHAP LUAT.
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K h o a h o c c h f n h trj - So 6/2016
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N h f l v a y , de hdat ddng nghe thuat bieu dIen di v a o ne ne'p, Nha nfldc can chu ddng xay d f l n g , hoan thien va thi hanh cae van ban quy phap phap luat nham tgo hanh lang phap ly, tao dieu kien eho cac hoat ddng bieu d i l n nghe thuat trong va ngoai nfldc.
Q u a d d , khang dinh tam quan trgng cua edng tae q u a n ly nha nflde tren ITnh vUc vfin hda ndi c h u n g , ITnh vflc nghe thuat bieu dien ndi r i e n g Q
