Tgp chi KHKT Mo Dia chdt, sd29, 0112009 t 6 81 Hi'''' ''''J> KINH IE QUAN TRI KINH DOANH (trang 76 81) MOT SO V A N D E TAI CHINH TRONG C 6 PHAN HOA (CPH) CUA CAC DOANH NGHIEP TRONG TAP DOAN CONG NGHIEP THA[.]
Tgp chi KHKT Mo - Dia chdt, sd29, 0112009 t Hi' 6-81 'J> KINH I E QUAN TRI KINH DOANH (trang 76-81) MOT SO V A N D E TAI CHINH TRONG C PHAN HOA (CPH) CUA CAC DOANH NGHIEP TRONG TAP DOAN CONG NGHIEP THAN - KHOANG SAN VIET NAM (TKV) NGUYEN VAN BUCil, Trudng Dgi hoc Mo - Dia chdt Tom tit: Xir ly tdi chinh cd phdn hda cdc doanh nghiep 100% vdn nhd nude Id mpt vdn de rdt quan trgng, ed nhiiu khd khan vd phirc tgp nhimg nhdt thiit phdi ldm di tdi co cdu tdi sdn, tdi ca cdu tdi chinh nhdm ndng cao ndng luc cgnh tranh, gdp phdn vdo su phdt triin bin vimg cua doanh nghiep Bdi bdo neu lin thuc trgng xir ly tdi chinh cd phdn hda cdc cdng ty Tap doan Cdng nghiep Than - Khodng sdn Viet Nam, tir rut bdi hgc kinh nghiem tiin trinh cd phdn hda cdc doanh nghiep \ Dat van de vln dl tai chinh ciia doanh nghiep cd phan hda la van de trgng tam ciia viec cd phan hda cac doanh nghiep 100% vdn nha nude, nd anh hudng den viec cdng hay that bai cua cd phan hda Chinh phu trao quyen chu ddng cho doanh nghiep viec xir ly cac van de tai chinh doanh nghiep bang quy djnh dilu 13, Nghj djnh sd 109/2007 ND-CP, 26 thang nam 2007 la: "Cac doanh nghiep cd phan hda cd trach nhiem phdi hgp vdi cac ca quan lien quan chii dgng xu' ly theo tham quyen va quy djnh ciia phap luat nhung tdn tai ve tai chinh trudc xac djnh gia trj doanh nghiep cd phan hda va qua trinh cd phan hda Trudng hgp cd vudng mac hoac vugt qua tham quyen thi doanh nghiep cd phan hda phai kjp thdi bao cao vdi ca quan cd tham quyen xem xet, giai quyef Ndi dung cac van de tai chinh qua trinh cd phan hda doanh nghiep nha nude bao gom: - Xir ly ng, bao gdm ng phai thu va ng phai tra; - Dinh gia doanh nghiep; - Ban cd phan; - Chi phi qua trinh cd phln hda, bao gdm chi phi xir ly lao dgng ddi du va chi phi tien hanh cd phan hda doanh nghiep nha nude (DNNN) 76 Trong cac ndi dung tren khd khan va phiic tap nhat la xir ly ng, dac biet la ng xau va dinh gia doanh nghiep Thai gian djnh gia doanh nghiep chiem den 50% thai gian tien hanh co phan hda Thyc trang van de tai chinh co phan hda cac DNNN d" Tap doan TKV Tir nam 1999 den nam 2008, Tap doan TKV da hoan viec chuyen ddi phan Idn cac cdng ty sang hoat ddng theo Luat Doanh nghiep, dd cd phan hda 26 cdng ty va 26 cdng ty chau true thudc cdng ty eon, vdi sd vdn dem cd phan la 829 321 trd [2] Viec xir ly tai chinh ddi vdi cac don vj cd phan hda dugc Tap doan TKV thuc hien theo dung quy djnh hien hanh, cu the la: 2.1 Van dexuly no Viec xir ly ng la yeu cau cap thiet cd phan hda DNNN Cdng ng cua DNNN la mot trd ngai Idn, gay khd khan, ach tac, lam cham tien trinh CPH Xu' ly ng la mot vln de rat phirc tap nhung bat bude phai lam de day nhanh tien trinh CPH va lam lanh manh tai chinh cho doanh nghiep sau CPH Ddi vdi cac khoan ng phai thu, doanh nghiep tien hanh ddi chieu, xac nhan, phan loai va thu hdi cac khoan ng phai thu din han trudc CPH Ddi vdi cac khoan ng cd dii chiing cir xac djnh la cdng ng khdng ddi dugc thi diing ngudn du phdng dl bii dip, nlu thiiu thi phln ehenh lech dugc bii vao ket qua kinh doanh (neu cd lai) Neu cac phan tren khdng du bii dap thi phan cdn thieu dugc trir vao phan vdn nha nude tai doanh nghiep trudc CPH Ddi vdi cac khoan ng phai tra, doanh nghiep CPH huy ddng cac ngudn vdn hgp phap dl toan cac khoan ng den ban phai tra trudc CPH hoac thoa thuan vdi chu ng de xir ly hoac chuyen vdn gdp cd phan theo kit qua dau gia cdng ciia doanh nghiep 2.2 Ve dinh gid doanh nghiep Dinh gia doanh nghiep la van de quan trgng nhat, khd khan nhat va mat rat nhieu thdi gian qua trinh CPH Cd nhieu phuang phap djnh gia doanh nghiep, nhung cac doanh nghiep Tap doan TKV chii yeu sir dung phuang phap tai san ket hgp vdi phuong phap dau gia Trong giai doan tir nam 2004 trd ve trudc, Tap doan TKV chu yeu CPH nhQng doanh nghiep cd quy md nhd, boat ddng ITnh vuc phu trg cho san xuat than, nen chua cd cdng ty nao cd du dieu kien niem yet Tii' nam 2005 den Tap doan tien hanh CPH hau het cac md Id thien Idn nhu cdng ty Cd phan than Nui Beo, Cgc Sau, Cao Son, Deo Nai va ed phan thi diem cdng ty than ham Id la cdng ty than Mdng Duong va cdng ty than Ha Lam Viec xac djnh gia tri cac cdng ty dua vao hgp ddng thue td chuc tu van djnh gia theo sir chi djnh ciia Bg Cdng Thuong hoac Tap doan TKV Tap doan da chi dao cdng ty Cd phan than Nui Beo lam thu tuc niem yet tren san giao djch chirng khdan Ha Ndi vao 27 thang 12 nam 2006 Cac cdng ty Cd phan than Cgc Sau, Cao Son, Deo Nai, Ha Tu niem yet ed phieu vao nam 2007 Cac cdng ty Cd phan than Ha Lam, Mdng Duong niem yet vao nam 2009 Cac cdng ty khac Tap doan, neu dii dieu kien thi tien hanh dang ky giao djch tren thj trudng chirng khdan Gia trj thuc te ciia doanh nghiep CPH la gia tri toan bd tai san hien ed cua doanh nghiep tai thdi diem CPH, cd tinh din kha nang sinh ldi ciia doanh nghiep ma ngudi mua, ngudi ban cd phln dIu chip nhan dugc Cac can cir xac djnh gia trj thuc tl ciia doanh nghiep: - Sd lieu theo sd sach ke toan ciia doanh nghiep tai thdi diem xac djnh gia doanh nghiep: - Tai lieu kiem ke, phan loai va danh gia chat lugng tai san cua doanh nghiep tai thdi diem xac djnh gia trj doanh nghiep; - Gia thj trudng cua tai san tai thai diem td chirc djnh gia; - Gia trj quyen sir dung dat dugc giao, dugc thue va gia trj Igi the kinh doanh eiia doanh nghiep Hau het cac don vj thudc Tap doan TKV tien hanh CPH dIu dugc thuc hien hinh thirc thue dat, khdng cd bien ddng gi ve dat dai, khdng cd cac giao djch ve dat dai, tiep nhan nguyen trang dien tich dat da thue trudc tien hanh cd phan hda Tap doan chi dao cac doanh nghiep lam thu tuc chuyen giao cho dja phuong quan ly sd dien tich nha d tap the cua can bg cdng nhan vien, nhung hau het cac doanh nghiep deu khdng mudn chuyen giao Vi chuyen sang ca quan dja phuong quan ly nen viec sua chua nang cap nha d se bj han che, anh hudng tdi tinh than ngudi lao ddng Sau chuyen sang cdng ty cd phan, cac cdng ty van thuc hien theo hinh thiic thue dat va thuc hien nop tien thue dat cho ngan sach dja phuong Gia tinh tien thue dat phii hgp vdi gia thuc te tren thj trudng hang nam dja phuong cdng bd 2.3 Ve bdn dau gid co phdn lan dau Trong qua trinh thuc hien CPH doanh nghiep, Tap doan TKV da dua vao cac nghj djnh, thdng tu hudng dan quy trinh cd phan nhu ke hoach ban dau gia cd phan lan dau tai td chiic tai chinh trung gian hoac trung tam giao djch chiing khdan, ban cd phan uu dai cho ngudi lao dgng Ca cau cd phan lan dau ciia doanh nghiep cd phan va gia trj cd phan ban theo phuong thirc td chuc ban dau gia cd phan lan dau (phu lucl) Gia trj cd phan ban theo phuong thirc dau gia true tiep (phu luc 2) Trong 26 cdng ty ciia Tap doan da CPH cd don vj td chiic ban dau gia tai doanh nghiep, don vj thuc hien ban dau gia qua td chirc tai chinh trung gian va 11 dan vj thuc hien ban dau gia qua trung tam giao djch chirng khoan Ha Ngi [2] 77 Phu l u c l Co cau CO phan lan dau va gia tri co phan ban STT Tho'i dilm CPH V d n d i l u le ban d i u cua C o n g ty c d p h i n T e n C o n g ty c p h i n T6ng s6 (d) T6ng cong 1.324.679.576.106 C o n g ty c o n 1.019.304.837.535 Nha nufifc % Nguxrl lao dong % Ngoai doanh nghiep % S lao d o n g d§n ngoai % 01/01/2008 780 1999 Cong ty CP than Tay Nam Da Mai 6.531.837.535 65,36% 34,64% 0,00% 0,00% 2003 Cong ty CP T§u biSn TVN 1.837.000.000 85,90% 14,10% 0,00% 0,00% 83 2003 Cong ty CP Van tai va ODTM 16.000.000.000 70,62% 29,38% 0,00% 0,00% 750 2003 Cong ty CP than Mien trung 8.893.000.000 69,74% 30,26% 0,00% 0,00% 149 2004 Cong ty CP ttian Mien Nam 4.605.000.000 77,17% 22,83% 0,00% 0,00% 122 2004 Cong ty CP Du Ijch TVN 10.455.000.000 69,16% 29,89% 0,95% 0.00% 298 2004 Cong ty CP Oau tu' thu'ong mai dich vy 20.000.000.000 57,00% 40,61% 2,39% 0,00% 790 2004 Cong ty CP CBKD than Cam pha 8.378.000.000 64,30% 34,52% 1,18% 0,00% 249 2004 Cong t y C P X N K than TKV 20.000.000.000 59,00% 32,20% 8,80% 0,00% 247 10 2005 Cong ty CP Tin hpc Cong nghe MT 2.600.000.000 51,00% 21,00% 28,00% 0,00% 110 11 2005 Cong ty CP Giam dinh TKV 14.000.000.000 51,00% 29,00% 20,00% 0,00% 438 12 2005 Cong ty CP Tu' vSn (3§u tLf mo va CN 13 2005 Cong ty CP than Nui Beo- TKV 14 2006 Cong ty CP thiet bi dien TKV 15 2006 Cong ty CP than Coc Sau TKV 16 2006 Cong ty CP than Cao Son TKV 17 2006 Cong ty CP than Deo Nai TKV 18 2006 Cong ty CP than Ha Tu TKV 19 2006 Cong ty CP Kinh doanh Mien Bac TKV 20 2007 Cong ty CP than Mong Du-ong TKV 21 2007 Cong ty CP than Ha LSm TKV 22 2007 Cong ty CP C o dien Uong Bi - TKV 23 2007 24 8.000.000.000 51.00% 29,00% 20,00% 0,00% 375 60.000.000.000 51,00% 29,00% 0,00% 20,00% 2502 22.000.000.000 75,74% 19,89% 3,37% 0,00% 400 100.000.000.000 51,00% 29,00% 3,26% 16,74% 3768 100.000.000.000 51,00% 29,00% 4,24% 15,75% 3543 80.000.000.000 51,00% 29,00% 0,01% 19,99% 3487 91.000.000.000 51,00% 29,00% 4,24% 15,75% 4075 25.000.000.000 7,44% 29,00% 3,56% 0,00% 760 120.850.000.000 54,02% 29,00% 16,98% 0,00% 3976 93.000.000.000 57,45% 29,00% 13,55% 0,00% 3923 6.800.000.000 35,40% 64,60% Cong ty CP C o Mao Khe - TKV 8.155.000.000 36,39% 63,61% 2007 Cong ty CP Cong nghiep to TKV 27.000.000.000 36,01% 39,00% 12,49% 12,50% 753 25 2008 Cong ty CP Che tao may TKV 40.850.000.000 40,98% 39,00% 20,02% 0,00% 1313 26 2008 Cong ty CP than Vang Danh - TKV 123.340.000.000 51,14% 28,36% 20,50% 6601 30,00% 175 II Cong ty triPC t h u o c C o n g ty c o n 247 341 305.374.738.571 1999 Cong ty CP dau t xay du'ng than Npi dia 1.800.000.000 30,00% 40,00% 2004 Cong ty CP KD VTCT binh ap Ivc than Npi dja 2.200.000.000 51,00% 49,00% 110 2004 Cong ty CP SX & KD VTB than Npi dja 3.000.000.000 51,00% 49,00% 237 2007 Cong ty CP xj mang La Hien 100.000.000.000 51,00% 9,32% 39,68% 2007 Cong ty CP Khach san Thai Nguyen 6.000.000.000 51,00% 15,47% 33,53% 2004 Cong ty CP SX & T h u o n g mai Uong Bi 3.116.000.000 51,48% 48,52% 2006 Cong ty CP CO to Uong Bi 9.300.000.000 56,40% 32,00% 2007 Cong ty CP than Song H6ng 5.500.000.000 54,62% 16,31% 29,07% 2003 Cong ty CP khoan va DV KTKT mo 4.859.000.000 20,00% 71,02% 9,98% 10 2003 Cong ty CP Vat tu' Mo - Bja chSt 7.156.000.000 51,00% 40,17% 8,83% 79 11 2003 Cong ty CP Bia chSt va Khoang san 5.000.000.000 56,89% 30,06% 12,51% 555 12 2003 Cong ty CP phat tri^n khoang san 6.000.000.000 51,00% 49,00% 13 2005 Cong ty CP khoang san luyen kim Cao B j n g 42.000.000.000 51,89% 28,11% 20,00% 1477 14 2007 Cong ty CP Khoang san 11.000.000.000 51,00% 29,00% 20,00% 418 15 2002 Cong ty CP Ha Long 2.251.428.571 51,00% 39,00% 10,00% 110 16 2004 Cong ty CP Gach ngoi g6m XD My Xuan 2.168.000.000 87,57% 12,43% 927 66 157 350 100 338 17 2004 Cong ty CP Khoang san 4.845.000.000 2004 Cong ty CP Khoang chSt CN va CK 5.082.000.000 28,00% 26,50% 72,00% 73,50% 18 19 2004 Cong ty CP XNK Khoang san 3.981.000.000 40,00% 44,78% 15,22% 14 20 2005 Cong ty CP Da qui va Vang Yen Bai 4.111.000.000 31,70% 34,60% 33,70% 64 21 2005 Cong ty CP Da qui va Vang Ha Noi 10.007.000.000 40,25% 27,99% 31,76% 86 22 2005 Cong ty CP Da qui va Vang Lam D6ng 5.182.000.000 40,18% 22,50% 37,32% 86 23 2005 Cong ty CP Khoang san 3.681.000.000 20,00% 15,10% 64,90% 132 24 2005 Cong ty CP phat then Khoang san 13.684.000.000 30,00% 44,93% 25,07% 505 25 2008 Cong ty CP Kim loai mau Nghe Tinh 38.851.310.000 60,93% 16,21% 22,86% 26 2007 Cong ty CPDT Khoang san - 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