Thị trường vốn mạo hiểm kinh nghiệm quốc tế và những gợi ý cho việt nam

DAI HOC QUOC GIA HA NOI KHOA KINH T l THI TRUdNG VtiN MAO HI^M IllHI QUtfC T I VA NHONG GOI i CHO VI|T NAM Ma so: QK 03- 02 Ho va ten chu tri: T.S Trail THj Thai Ha CarI bo phoi hop nghien ctfu: Th.S Bui Truong Giang CN Nguyin Thi Thanh Hirong / " l i ! n M i J CliW i [so 01/^.3^ Ha noi, thang nam 2004 • I MUC LUC Trang Loi ma dau Chirong Ban chat cua von mao hiem- Co che van hanh ciia thj truang von mao hiem 1.1 Ban chat cua von mao hiem 1.2 Ca che van hanh cua thi truang von mao hie'm Ca che din von Dac diem cua cac hang von mao hiem Cac kenh thoat von Dat gia cho cac khoan dau tu von mao hiem 1.3 Mot mo hinh ly thuyet ve moi quan he thi truang von mao hiem - thi truang c6 phieu Tam quan ciia viec thoat von cua quy mao hiem Su san CO cua kenh thoat EPO: hap ddng ngam doi vai quyen kiem soat tuang lai B^ng chumg tu cac nuac khac 18 18 22 24 29 Chuang Kinh nghiem quoc te viec xay dimg va phat trien thj trucmg von mao hiem 2.1 Thuc ti^n xay dung va phat trien thi truang von mao hiem a mot so thi truang tieu bieu Thi truang von mao hiem My Thi truang von mao hiem chau Au Thi trucmg von mao hiem mot so nuac Chau A 2.2 Nhung dieu kien tien de can thiet cho cong cua von mao hiem - Mot so nhan xet riit tu kinh nghiem quoc te Chuang Mot so goi y cho sir hinh thi truang von mao hiem d Viet Nam 3.1 Danh gia nhung dieu kien ca ban cho su hinh thi truang von mao hiem a Viet Nam 3.2 Mot so dc xuat chfnh sach 30 33 38 45 47 47 47 83 97 ^56 162 162 173 Ket luan 182 Danh muc tai lieu tham khao 183 Ldi M DAU Bao trum len nhiing n6 luc cua chinh phu va cac doanh nghiep Viet Nam nham ngan chan sir tut hau cua nen kinh te va khSc phuc khoang each vcd cac nen kinh te dang phat tridn tren the gidd va khu vue, la mot cSu hoi Idn: lam the nao di tien nhanh, du6i kip, di tat, don ddu? Mot nghich ly da hcfn mot Ian duae neu len la: Nang lire sang tao cua ngucfi Viet Nam khong qua thua kem cac nude khac; tien cua dau tu cho cong cuoc tang truang cung khong qua it; song toe tang imang cua nen kinh te ehua dat duae nhu mong muon cung nhu chua dung v6i tiem nang ciia no, lai cang khong du de xoa bo hay tham chi chi de nit ngSn khoang each vdi cac nen kinh te dang phat tri^n, it nhat la cimg khu vue Trong do, U'ong ba thap nien vira qua, dac biet la hai thap nien gan day, the gidi da chiJng kien mot sir thay d6i cue ky to Idn tang trudng kinh te ciia mot so quoc gia, dac biet la nude My Dd khong ehi la van de tdc tang trudng, ma quan hon la chuyen bien ve chat luong, la cai thuc te phan Idn tang trudng duoc tao tij' gia tri cua mot thii tai san mdi la tai san tri thirc, va nen kinh te dai cong nghiep dang dan ehuyen sang nen kinh te tri thiie My la quoc gia di dau viee bien nhung y tudng sang tao cua cai, vdi nhung ten tuoi gSn lien vdi cong cong nghe va thuong trudng, trd nhiitig bieu tuong cua khdi luong va tdc tao cua cai dd, nhu Intel, DEC, Apple, Microsoft, Sun Microsystems, FedEx, Geneteeh, Netscape, v.v Sau My, cd the ke tdi cong ciia Dai Loan, Israel, hay Vuong quoc Anh Tlianh qua dd gan lien vdi mot phuong thirc tai trg doe dao duoc goi la von mao hiem Ndi mot each ng^n gon, dd la mot loai von dugc dau tu de nuoi duong, phat trien nhimg y ludng ed tiem nang tao nhung san pham mdi, nhung cong nghe mdi hay tham ehf la nhung nganh mdi, cho tdi tiem nang dd trd hien thire, thuyet phuc dugc thi tmdng, tiie la ed the dugc thuong mai hoa de thu Igi ihuan Von mao hiem dugc coi la ba da cua cua cai mdt thdi dai mdi Khac vdi nhung kenh tai trg truyen thdng nhu ngSn hang hay thi trudng chumg khoan, thi trudng von mao h\im giiip giai quyet nhiing khd khan ma cac doanh nghiep mdi Lron.c linh \arc cong nghe eao thudng gap phai d giai doan khdi dong, nhu la tinh khong eh^c chdn, nhung khoang thong tin, tai san mem va cac dieu kien thi t uoiig De giam thieu dugc rui ro g ^ vdi nhung dac tinh nay, va dem lai xac suSt eao nhat cho su cong cua nhung du an dugc tai trg, von mao hiem phai cd not che van hanh rat dac biet va phai dugc quan ly mot each chuyen nghiep Cd the' ndi mot each khai quat rSng cong ciia qua trinh phu thuoc mot each quyet dinh vao viec thiet lap va thuc hien co che dd !ui iiap din bdi cong cua nude My, rat nhieu quoc gia, phat trien cung nhu dang phat tiien, da ed gdng nghien ciin va ap dung kinh nghiem cua My vdi hy voap se chep dugc cong dd vao nude minh Tuy nhien, ca vdi mot so nude phat liien, nhu cac nude Chau Au, Nhat Ban hay Han Quoc ma vdi ho tien kliong phai la van de Idn, thi cong dat dugc ciing chi d mot miic han che Vay la van dd cau hoi: Dau la ly giai thich cong cua My, cua Dai f xjait, va nhung miic khac nhau, ciia cac nude khac? j''mig ly cd th^ nhan thay kha ro rang su lira chgn chmh sach cua chfoh phiX each thiet ke cac mo hinh l6 chiic va vSn hanh ddng von, each xu ly cac quan he Igi ich giua cac ben tham g;ia thj trudng O tSng sSu hon, nhung ly nSm dac trung van hda cua mdi dan toe, dugc the hien mot phln qua he thdng phap luat, qua ling xu cua cong dong kinh doanh, cua tirng ca nhan v.v Muc lieu cua de tai "Thi trudng von mao hi^m - Kinh nghiem quoc te va nhung fig\ y r]jj Viet Nam" la phan tfch ban chat tdng quat cua von mao hiem ciing vdi nluTrnp dac Uimg rat rieng cua qua trinh hinh phat trien thi trudng von mao •, ^i quoc gia, dd cd My, Chau Au va mdt s6 nude ChSu A, tir dd lam ro nguyen nhan cua cdng va chua that cdng timg trudng hgp Tren co sd dd, de tai danh gia cac dieu kien c ^ thiet de hinh thi trudng von mao hiem d Viet Nam, va dua mot sd de xu^t chmh sach nham day nhanh qua trinh nhu la mot phuong thiic dem lai tdc mdi, chat lugng mdi cho tang trudng kinh te cua Viet Nam Toan bg ngi dung tren day cua de tai dugc thS' hien ba ehuong: Chirong Ban chat cua von mao hi^'m va co che van hanh cua thi trudng von mao hi^m ChUong Kinh nghiem quoc te viec xay dung va phat trien thi trudng von mao hiem Chirotig Mot sd ggi y cho sir hinh va phat tri^n thi trudng von mao hidm Viet Nam CHUONG MOT • BAN CHAT CCIA VON MAO HI^M CO CHE VAN HANH COA THI TRl/CJNG VON MAO HliM ] , ! ' ma cac nha diu tir doi hoi Hieu duoc nhung hieu ling la budc quan thii hai de hieu nhimg rao can tai trg ma nhung cong ty tre, co ham lircmg cong nghe eao, dang phai doi mat N • •» V A {'^i ^AJI mem, Gia tri cua tat ca cac cdng t}^ phu thdc vao nhung tai san ma cong ty cd dugc hien tai va nhirng co hoi ddu tu ma nd cd th^' thuc hien tuong lai Tai san cd hdm cd dang hoac la nhung tai san ciing, vat cha't, nhu nha xudng, may mde, hoac la nhung tai san mem, vd hinh, nhu la bang phat minh sang chfi', thuong hieu hay la nang lire cua tap th^ nhan vien cua cdng t)^ ddi dugc ggi la ngudn von ngudi Tinh san cd ciia tai trg va nhirng dieu kien theo dd tai trg dugc dam bao phu thuoc nhieu vao ban cha't ciia cac tai san ciia cdng ty H i san ciing ndi chung la di danh gia hon tai san mem, vi the nhiing cdng ty cd tai san Cling thudng ed nhieu lira chgn tai trg hon la nhiing cdng ty cm cd tai san merp Nhiing tai san ciing nha't ed nhiing thi trudng thii cap sdi ddng cho viec ban lai, khien cho gia tri cua mot tai san dugc xac dinh mot each di dang Vi du gia tri cua bat dong san ed the dugc danh gia bang each nhin vao nhiing toa nha hay iihia.^ 10 dat tuong tu mdi dugc mua ban gan day Cac ngan hang, cac cdng ty thue mua va nhiing ngudi cho vay khac cung cSip tai trg dua tren nhiing quy tac don gia( nhy ddi vdi tai san ciing, chi edn quan tam tdi viec ho cd the thu hoi dugc bao nliiei? ti.^n neu ho phai ban di ta't ca nhirng tai san ciing ciia cdng ty Da sd cac n/;^ h^ rg hay nhirng ngudi cho vay tai chinh deu sir dung nhiing cdng thiic chat che de xac dinh sd tien ma ho cd th^' cho vay tdi mot cdng ty cu ihi, nhung cdng itiurc dua tren tai san vat cha't cua mot cdng ty hon la gia tri liim nang cua nd Nhung lai san mem hiem ed dugc nhiing thj trudng nang ddng niem yet gia tri :'^ 'hung Moi mot lai san mem diu la doc nha't, nen nhin vao gia tri ciia mdt L ii ;, , li,^> minh mdi dugc ban se khong c6 dugc nhi^u thdng tin ve gia tri ciia rn.;^i Ydii^ phat minh khac \T gia tri cua mdt tai san mim la khd ude tinh, nen 171 chon cf lai nudc ngoai lam viec; cd the hg da ve nudc nhung khong tim dugc c6ng tac thfch hgp nen phai di, hoac hg lam viec cho cac cong ty nudc neoai cr Viet Nam hoac tim each nudc ngoai lam viec Dai bd phan sd la nhimg ngudi cd trinh khoa hgc, cdng nghe va quan ly cao, co uy tfn tren the gidi Gia tri cdng viec va cac cdng trinh cua hg dugc nudc ngoai hudng thu Tmh hinh cd nhieu nguyen nhan, ca tij: phfa ca nhan lan nha nudc, lich sir \ a hien tai day, chiing tdi chi mudn de cap tdi loai nguyen nhan lien quan tdi che dai ngd va tao dieu kien lam viec cho ddi ngu cac nha khoa hoc va ky su cha't lugng cao Che luong bong cdn qua nhieu bat hgp ly khong khuyen khfch dugc tiem nang sang tao ciia hg Ben canh do, dieu kien vat chat va kinh phf cho hoat ddng khoa hgc va cdng nghe (nghien ciiu, giang day va trien khai ijmg dung) ciia dai da sd cac co sd nudc cdn rat han che, kem theo che quan ly khoa hgc chua that sir thdng thoang va hgp ly, da khien cho nhieu trf thiJc dugc dao tao va dao tao lai d nudc ngoai e ngai trd ve lam vice cho dat nudc Ngoai ra, mac dCi cd nhieu chii truong, chfnh sach de cao vai tro ca nhan hoat ddng khoa hgc va cdng nghe, phat huy tai nang, nhung nhieu co quan, don vi van ap dung nhiing co che khen che, thudng phat, binh bau danh hieu khong hgp ly, khdng tao dugc ddng luc khuyen khfch ddi vdi mot ddi tugng CO nhirng doi hdi kha dac thii nhu vay 3.1.4 Thj trucmg tai chinh Cho tdi nay, bd phan chu ye'u dam nhan chirc nang cua he thdng tai chfnh Viet Nam la he thd'ng ngan hang Cac the che khac, nhu cac trung gian tai chfnh phi ngan hang va thi trudng chiing khoan cdn rat tho so va nho be hoat dong tren mot quy mo hep Hien nay, he thdng cac ngan hang thuong mai dang qua trinh tai co cau, tang them sire manh de' co the hoi nhap vdi khu \ uc va the gidi Quyet dinh chfnh sach mdi day ve viec co phan hoa cac ngan hang thuong mai qu6'c doanh cho thay quyet tam ldn cua chinh phu irong viec chuyen hudng hcnit ddng cOa he thdng ngan hang theo dinh hudng thi trudng Day la mdt tin hicu tdt v6 su phat trien ciia khu vuc kinh te tunhan Ben canh he thdng ngan hang, cho tdi nay, thi trudng chumg khoan d Viet Nam da ddi va hoat ddng dugc gin bdn nam Cho du cdn qua mdi me ddi vdi cac doanh nghiep va cdng chiing dau tu, kenh dan vdn da budc d^u giup hinh mot tu mdi ve tai trg va dau tu vdn Tuy nhien, dang luu y d day la ne'u thi trudng churng khoan Viet Nam ndi chung cdn rat so khai, thi ndi rieng, tren thi trudng phat hanh cd phieu cong chiing Iham chi cdn chua dien mgi cu6c "tap dugt*' nao theo dung quy trinh chfnh thdng cua nd I.y rai d(tn gian la gin nhu ta't ca cac cong ty cd phdn ciia Vict Nam deu "trd cdng ty dai ^ chung" ("going public") theo nhirng dudng khac, dd chu yeu la san ph^m ciia qua trinh cd phan hda cac doanh nghiep nha nirdc, chu chua tiigl cong ty nao di theo dudng thdng qua khau trung gian bao lanh phat hanh Ddng thdi sd nhiJng cong ty niem yet Ircn Trung tam giao dich Thanh phd Hd Chi Minh bdn nam qua cung chi mdi cd doi trudng hgp phat hanh bd sung vdn Muc dfch nghien curu khien chiing toi khong dd cap sau tdi ly ciia llnh hinh nay, ma chi mudn danh gia thuc trang dd dudi gdc la mdt Ird ngai cho su hinh va phat trien ciia thi trudng vdn mao hicm Trong nhirng phan tren, chung ta da tha'y rang su ton lai ciia mdt thi trudng churng khoan nang dong, dac biet la mot thi trudng IPO vdi nhiJng chuyen gia diy nam kinh nghiem vice hd trg cac doanh nghiep chao ban cd phie'u cdng chiing, la mot dieu kien quan trgng mang tfnh quyet dinh ddi vdi cong ciia thi trudng vdn mao hiem Khi su phat trien cua doanh nghiep khdi ddng da dat tdi chin mudi can thiet khien cho su cd mat ciia hang vdn mao hicm trd nen kem hieu qua, thi viec thoat vdn mao hiem la ta't yeu xet tren mgi gdc Igi feh ciia cac ben tham gia Thoat vdn iheo phuofng thurc IPO, ben canh ini diem la mot phuctng an cho phep ngudi khdi nghiep tri dugc quydn sd huu ciia minh d mirc thda dang, cdn la mgi lua chon dem lai sU danh gia khiich quan va diing dAn nhfit ddi vdi gia tri ciia cong ly nhan dilu tu Ke't qua 17: I f ' dat dugc la nhd vao luc lugng chuyen gia tren thi trudng IPO co du nans luc tham djnh gia tri va cd mang ludi tie'p thi du uy tin de co the' thuyet phuc thi trudng Trong trudng hgp thi trudng IPO cdn chua phat trien nhu d Viei Nam, thi nhiing phuong an thoat vdn khac, cung so khai khong kem, neu dugc lira chgn, se rat khd dap iing nhirng lgi ich day dii ciia cac ben tham gia Trinh phat trien so khai cua thj trudng chiimg khoan la mot trd ngai cho su hinh thj trudng vdn mao hiem ve phuong dien no chua co dii cac cong cu can thiet va nhiing quy dinh phap ly di kem vdi chiing de van hanh loai vdn dac thii Vi du, loai cdng cu chuyen ddi (cd phie'u uu dai co the chuyen d6i, tuang duong vdi cac quyen chgn mua co phie'u phd thong) la loai cong cu thong dung de van hanh vdn mao hiem Tren nhiing thi trudng phat trien, each thirc cac luat dieu chinh, viec phat hanh va danh thue tren loai quyen lira chon se quy dinh viec cac nha quan ly cd sSn Idng tir bd su bao dam ciia nhimg cong ty ldn de chap nhan riii ro lam viec cho mot doanh nghiep mdi hay khong My, ciia cai tfch luy dugc tir cac quyen lua chgn cd phieu chi bi danh thue lgi vdn CO phie'u dugc ban ra, dd d nhieu nudc chau Au (trong co Phap va Dd'c) cac quyen lua chgn bj danh thue thu nhap thudng xuyen tir chung dugc cap ra, cho du nhiing ngudi lam cdng co the chi thu dugc tien tir nhirng cdng cu sau nhieu nam O Viet Nam, nhung cong cu nhu the tuong doi xa la, tijf thie't ke cua cdng cu cho tdi cac quyen va nghia vu (thue') cua ngudi phat hanh va nam giir nd 3.2 Mot so 0e xuat chinh sach cho su phat trien cua thj truong vdn mao hiem d Viet nam C) bat ky qudc gia nao, chfnh phu ludn dong mot vai tro quan trong ^u phat then ciia vdn mao hie'm La mot bo phan ciia thi trudng tai chinh thi trudng vdn mao hiem cQng ddi hdi mdt mdi trudng kinh te vT mo on dinh dong iicn on dinh, lam phat thap, kiem che duoc tham nhung - nhung qua cua mot chfnh sach vT md tdt Ben canh do, vdn mao hiem la mot hinh thai the che het sire nhay cam, ban chat rui ro cao cOa cac khoan dau tu cua nd VI the chfnh phu phai dam bao rang cac chinh sach dua se lao dugc nhirng khuyen khfch ciing chieu, gan ket lgi feh ciia ca ba ddi tugng tham gia vao thi trudng nay, la nhirng ngudi dau tu (nhirng ngudi cd vdn), nhirng ngudi khdi nghiep (cd y tudng va tiem nang lgi nhuan) va nhirng nha tu ban mao hie'm (cd hieu biet ve cong nghe ciing vdi ky nang quan tri vdn) / Tiep tuc cdi thien mdi trudng kinh doanh de nd thuc su trd mdi trUdng khuyen khich, nudi dudng vd hicn thuc hda nhiing y tudng sdng tgo cdng nghe vd kinh doanh Mot sd va'n dc ndi len la: Thir nha't, can tiep tuc tach biet va phan biet rd vice diiu tu, td chuc san xua't kinh doanh va vice quan ly nha nudc Vice nhat quan ddi mdi tu duy, nhat la tu kinh te phii hgp vdi the che kinh te thi trirdng va hoi nhap kinh te qudc te vfin dang la va'n dc thdi su d nude la lliu hai, can dam bao tfnh ddng bg giira quyen tu do, tu chii kinh doanh va the che' kinh te thi trudng Trong giai doan phat Iridn hicn ciia nin kinh te, tu hda quyen kinh doanh, tudo hda gia nhap thi Iruimg mdi la dieu kien cin nhung chua du de huy dong va phat huy het ngudn luc hicn co, tan dung c(\c ca hoi phat tv\in va giai quyet dugc vAn de ca cAu viing va cof cau nganh nghe ciia (jiia ' trinh phat trien Cac giai phap nhu hinh ddng bg cac yen td ciia Ihi trirdng, nhAl la thi trirdng cac yeu id san xuat, di doi vdi md rong quy mo "Ihi trirdng hda" nen kinh te, nhu xAy dung ke't cAu lAng, cung cA'p thong tin, hd trg phat trien va nAng cao nang luc ciia cac tac nhAn thi trudng, sc gdp phAn hien thirc hda quyen tu kinh doanh Rd rang la doanh nghiep ndi chung, dac biet la doanh nghiep khdi nghiep, sc khong the phat trien nd ro dugc didu kien thieu thdn nhirng dich vu ca ban nhu dudng sa, dien, cung nhu nhirng ca sd vAt chA'l vc may tfnh, vien thdng Cac yeu td ddc quyen, nguyen nhAn dAn Idi lang phf, Iham nhung, dAy gia Ihanh ciia nhung dfiu vao ca ban Icn cao, la cac yeu to can Ird sir ihinh vucmg ciia khu virc kinh doanh 175 Thii ba, phai dam bao tinh dong bd ciia he thd'ng phap luat Luat Doanh nghiep mdi chua dii de giai quyet het cac rao can dd'i vdi sir ton tai va phat trien cua doanh nghiep Hieu lire cua Luat Doanh nghiep dang bi han che dang ke' bdi su khong dong bo, khdng thd'ng nhat, khdng cdn phii hgp cua cac quy dinh nhu phap luat ve quyen sir dung dat, phap luat ve huy dong vdn, phap luat ve lao d6ng, phap luat ve thue, each tfnh thue va thu thue, phap luat ve canh tranh phap luat ve quyen sd hiru trf tue Ddi vdi doanh nghiep mdi va dac biet la nhOng doanh nghiep cd tiem nang nhan vdn mao hiem, thi dieu dac biet quan la phai co Luat Pha san Kinh nghiem qud'c te cho tha'y, he thd'ng phap ly, bieu hien tap trung d Luat Pha san, la mot he thd'ng "khdng than thien vdi ng" (debtor-unfriendly), ihi hieu ung can trd dd'i vdi hoat ddng khdi nghiep, chap nhan rui ro la rat ldn Dien hinh cho kieu he thd'ng la d cac nudc chau Au Vf du d Phap he thdng phap ly co nhung dieu' khoan cung ran cho viec pha san, nhimg khoan phat nang ne danh cho cac giam dd'c va hoi ddng quan tri ciia nhimg cdng ty bi pha san, va doi bat hg phai chiu trach nhiem ca nhan ve nh&ng khoan ng cua cong ty Vi ty le that bai ciia cac doanh nghiep d thdi ky khdi dong la rat cao, nen nhimg quy dinh phap ly tao mdt mdi quan ngai thuc sir cho ngudi khdi nghiep cac nha nghien ciiu cung nhu cac nha tu ban mao hiem Trai lai, he thdng phap ly ciia My khoan dung hem nhieu Luat Pha san cho phep cac nha quan tri doanh nghiep pha san dugc nop hd so trinh bay mdt phuong an tai co cau cong ty Cac giam dd'c va vien hoi ddng quan tri khong phai chiu trach nhiem ve cac khoan ng trii' phi hg mac tdi liia dao hoac vd trach nhiem Mot he thdng nhu vay cho phep nhung ngudi khgi nghiep va nha tu ban mao hiem co the' nhanh chong trie'n khai hoat dons kinh doanh mdi d Viet Nam giai doan hinh va hoan thien khung khd phap ly cho kinh te thi trudng, co le van de duoc dat theo ca hai hudng Mot mat, phai co khuon kho phap ly \a co che cudng che thiJc Ihi nd mot each hieu qua ddi vdi cac quan he tin dung, loai ho duoc linh trang lam diing, chay tra ng Ddng thdi moi trudng phap ly cQng nhu du luan xa hdi cung nen tao dieu kien cho nhirng ngudi pha san "chfnh dang" co ca hdi tao lap lai cac hoat dong kinh doanh cua minh Nhimg yeu to hd trg sc gdp phin sdm lam hinh nen "van hda khdi nghiep" cdng dong kinh doanh Viet Nam Cung dang chu trgng khdng kem dudi giac hinh thi trudng von mao hi^m la van de thiet lap mot he thdng bao ve manh cdc quyen ddi vdi tdi san so hihi tri tue (bang sang che phat minh va ban quyen) Ddi vdi nhieu ngudi khdi nghiep thi quyen sd hiru trf tuc la tai san nhat cua hg Cac bien phap bao vc mdt each huu hieu quyen sd hiru trf tue mot mat khuyen khfch dugc vice dau tu vao cac tai san vo hinh - dien hinh cho khu vuc cong nghe, va mat khac cd the giup bao dam dugc cho khoan d^u tu qua viec cung cap tai san the cha'p trudng hgp vd ng Viet Nam cung la nudc cd xep hang thap ITnh vuc bao ve quyen sd hiru trf tue Trong thdi gian 1996-2000, sd lugng don dang ky sang che'va giai phap hiJu feh ciia ngudi Viet Nam tdng sd don dang ky chi dao ddng khoang 2,5% - 7,2% va tdng sd van bAiig doc quyen sang che va giai phap hiru feh cA'p cho ngudi Vict Nam la khoang hon 30 cho mdi loai) Thuc thi va xa phat vi pham quyen sd huu trf tuc chua nghiem; hien iirgng danh cAp, bat chudc va chup rA'l phd bien; khuon khd phap ly khong dAy dij gAy khd khan cho vice xac dinh ngudi dugc hudng quydn tac gia, v.v Day sc la mot trd ngai ldn ddi vdi muc lieu phat trien thi trudng vdn mao hicm Bao ve quyen sd hiru trf tue ciing la mdt ndi dung cot ldi ciia mdi trudng phap ly ddi vdi hoat dong chuyen giao cong nghe, chuyen giao Iri thuc, tuc la hoat ddng ciia thi trudng khoa hgc cong nghe, mot thi trudng tao nhirng didu kien hd trg ciin thiet cho thi trudng vdn mao hicm Tliir tu, tao lap mdi trudng phap ly thuan Igi phai di ciing vdi didu kien trg giuf doanh nghiep, nhA't la ddi vdi doanh nghiep vira va nhd CAn cd trg giup tfch cue nhieu mat ciia Nha nudc, nhat la ddi vdi nhirng loai hinh doanh nghiep rAt dac biet, thuoc llnh vuc cdng nghe cao Phai tao dugc ca che huy dong dvtac su than gia ciia cac to chuc xa hoi nhu hiep hoi, cac trirdng dai hgc, vien nghien curu, ca< 177 t6 chiic tu va'n vao hd trg khdi nghiep va phat trien doanh nghiep Su h6 trg ben ngoai chi cd hieu qua, phat huy dugc tac dung nhu mong mudn doanh nghiep dugc td churc theo loai hinh hien dai vdi khudn kho phap ly ro rang, dugc quan ly mot each minh bach, tuan thu phap luat, tdn trgng va tuan thii cac chuan mUc dao diic, van hda kinh doanh Nu6i duong va phat trien nguon y tudng nhieu trien vgng, cdc doanh nhdn khdi nghiep hoac cdc hang co tiem ndng lan, xi'cng ddng duae ddu tu Dieu kien dn tang cho su xuat hien nhirng y tudng va su sang tao bao gom nhUng he thdng giao due va phat minh van hanh tdt, nhung cau triic khuyen khfch thfch hgp va nhung rao can thap dd'i vdi tu each doanh nhan khdi nghiep CO the anh hudng tfch cue tdi thai chap nhan rui ro va vdi tu each doanh nhan khdi nghiep, va chuye'n nhirng y tudng nhung the nghiem mao hie'm CO kha nang thu lgi nhuan Vai tro ciia chfnh phii mot lan nua la v6 cijng quan Cac bien phap tac ddng tdi ben cau bao gdm: - Khuyen khfch lap cac doanh nghiep va khfch le doanh nhan khdi nghiep nham tri nhu cau vdn mao hiem, nhat la gidi cac nha khoa hgc va ky sir cac trudng dai hgc Kieu can thiep nham kich thfch cac hoat dong kinh doanh dira tren cdng nghe ma ngudn gdc cua nd la co sd ly thuyet tir cac trudng dai hgc Neu nhirng ngudi cd du tri thiic chuyen sau ve ky thuat lai co kha nang khoi dong doanh nghiep mdi, thi cac y tudng hay phat minh mdi se dugc chuyen cac san pham mdi vdi mot ty le cao hon Kha nang thu hiii dugc nguon nhan lire tdi nhirng co sd kinh doanh mdi, tuc la quyet dinh co tu bo mot viec lam dn dinh va lap mot doanh nghiep mdi hay khong, bi khdng che bdi thi trirdng lao ddng va chfnh sach thue Luat lao dong linh hoat va cac kho?n '.r^nhini trf cd the chuye'n nhugng de dang se giiip thuc day tfnh luu dong cua !a>; dong Thie't ke mdt he thd'ng thue danh uu dai thue lgi vdn nhu da de cap d uen CO tac dong tfch cue tdi quyet dinh trie'n khai mot doanh nghiep mdi - D^u tu cho giao due va nghien euu phat trien (R&D) se gop phan lao nhu c^u ve vdn mao hie'm trona tuong lai Trudc het he thong guio due thong va xa hdi cung nen lao dieu kien cho nhirng ngudi pha san "chfnh dang" cd cO hgi tao lap lai cac hoat dong kinh doanh ciia minh Nhung yeu id hd trg sc gdp phan sdm lam hinh nen "van hda khdi nghiep" cdng dong kinh doanh Viet Nam Cung dang chu trgng khdng kem dudi giac hinh ihanh ihi trudng vdn mao hi^m la van de thiet lap mot he thdng bao ve manh cdc quyen ddi vdi tai san so » hihi tri tue (bang sang die phat minh va ban quyen) Ddi vdi nhieu ngudi khdi nghiep thi quyen sd huu trf tue la tai san nhat ciia hg Cac bien phap bao ve mdt each huu hieu quydn sd huu trf tue mot mat khuyen khich dugc viec dau lu vao cac tai san v6 hinh - dien hinh cho khu vuc cong nghe, va mat khac cd the giiip bao dam dugc cho khoan dau tu qua vice cung cap lai san the chA'p trudng hgp vo ng Viet Nam cung la nudc cd xep hang thap ITnh vuc bao ve quyen sd hiru trf tue Trong thdi gian 1996-2000, sd lucfng don dang ky sang che' va giai phap hiru feh ciia ngudi Vict Nam tdng sd dau danji ky chi dao ddng khoang 2,5% - 1.2% va tdng sd van bAng doc quydn sang che va giai phap hiJu feh cA'p cho ngudi Viet Nam la khoang hon 30 che mdi loni) Thuc thi va xir phai vi pham quyen sd hiTu trf tuc chua nghiem; hien argng danh cAp, bAl chudc va chup rA'l phd bien; khuon khd phap ly khong dAy dii gay khd khAn cho vice xac dinh ngudi dugc hudng quyen tac gia, v.v DAy sc la nigt trd ngai Idn ddi vdi muc lieu phat trien ihi trudng vdn mao hiem Bao ve quyen sd hiai trf tue cung la mdt ngi dung cot Idi ciia moi trudng phap ly ddi vdi hoat dong chuyen giao cong nghe, chuyen giao tri thurc, tire la hoat dgiig ciia thi trudng khoa hgc cong nghe, mot ihi Iruong tao nhirng dieu kien hd trg cAn thie't cho thi trudng vdn mao hicm Tliu tu, tao lap mdi trudng phap ly thuan Igi phai di ciing vdi didu kien trg giup doanh nghiep, nhAl la ddi vdi doanh nghiep vira va nhd CAn cd trg giiip tfch cue nhieu mat ciia Nha nudc, nhat la ddi vdi nhirng hnii hinh doanh nghiep rAt dac bieu thuoc llnh vuc cong nghe cao Phai tao dugc co che huy dong duae su tham gia ciia ciic id chuc xa hgi nhu hiep hgi, cac tnrdng dai hgc, vien nghien ciiru, cac 177 td churc tu va'n vao hd trg khdi nghiep va phat trie'n doanh nghiep Su h6 trg ben ngoai chi cd hieu qua, phat huy dugc tac dung nhu mong mudn doanh nghiep dugc to chuc theo loai hinh hien dai vdi khuon kho phap ly ro rang, dugc quan ly mot each minh bach, tuan thii phap luat, tdn trgng va tuan thu cac chuan muc dao diic, van hda kinh doanh Nudi dudng va phat trien nguon y tudng nhieu trien vgng, cdc doanh nhdn khdi nghiep hoac cdc hang co tiem ndng ldn, xung ddng duae ddu tu Diiu kien n^n tang cho su xuat hien nhirng y tudng va su sang tao bao gom nhung he thdng giao due va phat minh van hanh tdt, nhirng cau true khuyen khfch thfch hgp va nhung rao can tha'p dd'i vdi tu each doanh nhan khdi nghiep cd the anh hudng tfch cue tdi thai chap nhan rui ro va vdi tu each doanh nhan khdi nghiep, va chuye'n nhirng y tudng nhirng the' nghiem mao hiem CO kha nang thu lgi nhuan Vai trd cua chfnh phu mot lan nua la v6 ciing quan trgng Cac bien phap tac ddng tdi ben cau bao gom: - Khuye'n khfch lap cac doanh nghiep va khfch le doanh nhan khdi nghiep, nham tri nhu cau vd'n mao hiem, nhat la gidi cac nha khoa hgc va ky su d cac trudng dai hgc Kieu can thiep nham kfch thfch cac hoat dong kinh doanh dua tren cdng nghe ma ngudn gdc ciia nd la co sd ly thuyet tir cac trudng dai hgc Neu nhirng ngudi cd du tri thirc chuyen sau ve ky thuat lai co kha nang khdi dong doanh nghiep mdi, thi cac y tudng hay phat minh mdi se dugc chuye'n cac san pham mdi vdi mdt ty le cao hon Kha nang thu hut dugc ngu6n nhan lire tdi nhung co sd kinh doanh mdi, tuc la quyet dinh co tir bo mot viec lam on dinh va lap mdt doanh nghiep mdi hay khong, bi khdng che bdi ihi trudng lao ddng va chfnh sach thue Luat lao dong linh hoat va cac khopn i.r^nhuu trf cd the chuye'n nhugng de dang se giup thiic day tfnh luu dong cua law dong Thie't ke mdt he thdng thue danh uu dai thue Igi vdn nhu da dc cap d ircn CO tac ddng tfch cue tdi quyet dinh trien khai mot doanh nghiep mdi - Dau tu cho giao due va nghien cim phat trien (R&D) e g()p phan lao nhu cau ve vdn mao hie'm trona tuong lai Trudc het he thdng guio due phO ihong \a dao tao dai hgc cua Vict Nam cAn dugc danh gia Iai va xay dung theo chuan qudc te Da cd qua nhieu y kien binh luan ve ITnh vuc ma lai la thuc trang he thdng ciia chiing ta hien khd cd the tao nhirng the he can bg khoa hgc cong nghe cd nang lire sang tao ngang tam khu vuc va qudc te Day la mot giai phap dai han song vo cung burc xuc Nhirng cong nghe mdi cd xu hudng md nhirng thi trudng mdi va nhiing co hgi mdi cho lgi nhuan, lam giau cho ca cac nha tu ban mao hiem ca nhan va dinh che, cung nhu cac doanh nhan khdi nghiep Ddi lai, ludng vdn mao hiem cac nha cung cap tai trg se giiip viec tiep tuc nghien curu nhiing cdng nghe mdi Chi tieu R&D cao cho thay mot sd lugng Idn cac doanh nhAn khdi nghiep tiem nang cd nhirng y tudng mdi day trien vgng Bien sd R&D cung cd the chura dung ve tiem nang cac hieu ung ben cau ciia cac hang cdng nghe cao Do dd tang chi lieu R&D sc lao mot hieu irng tuong tu ddi vdi tdng cilu Tuy nhien, each cA'p phat ngudn ngan sach cho cac hoat ddng nghien curu phat trien nhu hien nay, nhu phfin tren da phAn tfch, khong the tao dugc ddng luc manh me, giai phdng sii'c sang tao, nAng cao chA't lugng, hieu qua ciia boat dong R&D Cac giai phap tao dong lire loai boat dong la xoa bd co che bao cap, xAy dung chfnh sach dai ngg theo ket qua nghien cun Ngudn ngAn sach danh cho khoa hgc cong nghe can dugc dau tu tap trung de xay dung nhiing phdng thf nghiem trgng diem qudc gia, cac khu cong nghe cao Kinh phf cho hoat dong nghien euu phat trien phai dugc phan bd theo phuong thuc tang cudng tfnh canh Iranh thong qua dau thau, tuyen chgn va giam sal de kip thdi \d ly CO dau hieu co hgi hoac kem hieu qua Ben canh can sdm chuyen cac to chirc khoa hgc cong nghe nghien ciin ung dung sang che IU chii, IU trang trai, boat dong theo co che thi trudng Didu dd moi mat lao cAu ve vdn mao hie'm; mat khac, ciing vdi mot loat bien phap khac lac dong tdi cung, cau hang hda khoa hgc cong nghe, nd giup cho thi liirong khoa hoc cong nghe dAn dan hinh thanh, tao mgi co che dc giiip cho nhung ben iham gia vao thi Irudng vdn mao hie'm cd them thong tin, dd them 179 can ciJ de tham dinh va danh gia cac y tudng cung nhu nhung san pham cong nghe mdi Phat trie'n thi trudng khoa hgc cdng nghe cung doi hdi phai tao mot Cd che mdi sir dung mdt each c6 hieu qua nang luc sang tao ciia cac nha khoa hoc cdng nghe tai nang Day cung la mdt sd nhung giai phap dai han de' nu6i dudng ngudn nhu cdu ve vd'n mao hiem - Chfnh phii cd the hd trg cac cong ty khdi nghiep bang each giiip tao nhirng cd che' thoat vd'n hieu qua, nhu la cac thi trudng cd phieu cho nhung cdng ty tre, ye'u td rat quan trgng de cd dugc mdt nganh vdn mao hiem nang dong, bdi cac thi trudng lam tang tfnh long va cho phep thuc hien cac khoan lgi vdn day CO hai khfa canh phai dugc lam rd Mdt mat, de tao nhung chuyen gia gioi linh vuc IPO, cdn phai chii ddng xay dung mdt moi irudng kinh doanh thiic day cac doanh nghiep huy dong vd'n tren thi trudng chirng khoan theo cac chfnh sach kinh te' vi md phai dam bao dem lai nhung co hdi kinh doanh tdt cho doanh nghiep Mat khac, chfnh phu phai kien quyet cat bo bao cap vdn, khuye'n khfch cac doanh nghiep chii ddng tim kie'm ngu6n vdn dai han tren thi trudng chiing khoan Mdt thi trudng IPO hoat ddng tdt, no se tao dgi ngQ chuyen gia gidi chuyen mdn de dam bao dugc cong vice giiip dua nhirng cdng ty nhd cd vdn mao hiem hd trg trd nhirng cdng ty dai chiing - Tao nhimg "long ap kinh doanh", cac co quan nha nudc hoac khu vuc tu nhan true tiep sd him, nham khuyen khfch tu each doanh nhan khdi nghiep thong qua viec cung cap mdt sir ket hgp nao ve van phong va cac dich vu ke toan va phap luat va nhimg phan khac nira ciia "co sd tang cong ty lien dung" Day la mdi trudng hdi tu day dii nhimg dieu kien can thiet cho doanh nghiep khdi nghiep (sir gan gui vdi thi trudng vdi cac irudng dai hgc tri thuc chuyen sau san cd cdng dong su cam ket ciia cac nha chiic irach dia phuong ) Tfnh hgp ly ciia viec thiet lap nhirng long ap la no cung cap su h6 trg ve quan ly cho cac doanh nghiep khdi dong de tranh nhung thai bai c() nguyen nhan la quan ly tdi Mot cong ty tre duoc du doan la se rdi khoi long ap sau mdt vai nam rat quan trgng ban ddu Cac long ap kinh doanh mang 80 lai nhirng lgi the chfnh la true tiep tao viec lam, dem lai mot sii'c manh nhan viec dua cac doanh nghiep va tai san mang tfnh bo sung cho gan T.hau e mat dia ly, va cudi cimg la su hd trg tai chinh va mdi lien he vdi cac r tu ban ca nhan dang ilm kiem cac muc tieu dau tu Thung lung Silicon la mgi du Thanh cong ve kieu long ap Khi tap trung cdng ddng kinh doanh va c hinh lai gAn nhau, nd khuyen khfch dugc hoat ddng theo mang va chia se ca iUoiig, dd cac cong ty nho dugc lgi ti^ nhiing chuyen gia chung quanh va ca tir kha nang sir dung nhiing san pham mdi nhat doanh nghiep ciia Cac cong vien khoa hoc va cdng nghe cung cd nhieu diem chung vdi nhiing Id an kinh doanh Diem khac la cac cong vien khoa hgc cdng nghe tap tru nhieu hon vao nghien ciin co ban va ft hon vao viec thuong mai hda cac j phAm nghien cun 'i V' san cd mot sd lugng du cdc chuyen gia vdi sU tinh thdng cdn thie't tre rdc nghiep vu dinh gid, cdp vdn vd trg giiip cdc hang cd riii ro cao, ddc biei nhitng nganh hoac nhirng cdng nghe dang hinh -j-^^ Duong nhien, yeu td trudc het la san phAm cua thi trudng, ddng thdi la tha luu ciia he thdng giao due va dao tao, va chinh phii cd the tac ddng tdi ca phuong dien Nhirng cong ty \dn mao hiem doc lap se uu viet han v hinli dgi ngu chuyen gia \'di cac ky nang ke tren, so vdi nhung hang \ mao liiem hoat dong vdi tu each la mdt hang phu thuoc cua mdt cdng ty kh tai chfnh hay phi lai chinh Ly la d chd vdi tu each la 1MHHH|P, ho p! thuvet phuc dugc cac nha dAu tu bd vdn cho hg va sir ^ ^ ^ ^ ^ ^ ^ B o cho ( doanh nghiep khdi nghiep, bAng chfnh ket qua hoat^^^^^^^^^HMHjft^ qua vice cung cap gia tri gia lang cho cac hang nhi tic ihu hui \dn nhu ihe se buoc doi ngu chuyen 2: na\ phai hinh ihanh va trudng ihanh tfch luy ky TUN nhicn dc hinh ihanh dugc doi ngu chu\'e nchc (ha> la c6 diroc nioi mang ludi cac q cung cap dugc nhiing y kien tu van thdm dinh cac du an nhan dau tu), viia co dii uy tfn di mdt mat thuye't phuc dugc cac nha dau tu cam ket vdn, mat khac lai thuyet phuc dugc cac doanh nhan khdi nghiep tin cay trao gui su nghiep ciia hg, khdng phai la viec mot sdm mdt chieu Cd the khac phuc die'm bang each m&i goi cac hang vdn mao hiem nudc ngoai dau tu vao cac du an ciia Viet Nam, phai ke tdi phuong an thu hiit cac chuyen gia la Viet kieu Dieu defn lugt nd lai ddi hdi phai cd nhirng dieu kien day du, ddng bg ve phap ly va thuc thi phap luat cac linh vuc tai chinh - ngan hang, dau tu nudc ngoai v.v 182 KET LUAN Kinh nghiem ciia cac qudc gia qua trinh hinh va phat trien thi trudng \6n mao hiem cho thay vdn mao hiem la phuong thiic dau tu tao tdc va chat lugng mdi ciia tang trudng Vdn mao hiem cd nhiing tac ddng tich cue va to ldn ddi vdi timg cdng ty (hd trg tai chinh va phi tai chinh de lam gia tang gia tri c6ng ty), va ddi vdi nen kinh te ciia ti^g dia phuong va cua ca qudc gia (qua viec tao viee lam, tao nhirng nganh cung cap nhung loai dich vu chuyen mdn cao, kich thfch ddi mdi va tang nhanh GDP v.v) Do dd, vdn mao hiem la sir lira chon dang gia va kha thi cho nhung qudc gia dang phat trien ma nhiing lien de ban dau la kha thuan lgi, nhu Viet Nam Mac dil tinh chat so khai ciia nen kinh te thi trudng Viet Nam dang tao nhieu tra ngai cho viec xay dung mot thi trudng bac cao nhu thi trudng vdn mao hiem, song chiing ta cung khdng nen vi ndi am anh dd ma suy giam quyet tam lua chon mot dudng, mot each thiic lam giau uu viet cho cac ca nhan cung nhu cho ca nen kinh te Chiing tdi mudn nhan manh rSng, chfnh tai xuat phat diem sa khai nay, Viet Nam lai cd mot lgi the can ban cua mot nen kinh te di sau: dua tren sir diic ket kinh nghiem cdng va chua that cdng ciia nhung nudc di trudc, chiing ta cd the chii ddng tao mdi trudng cho van hanh cua vdn mao hiem: thiet ke til diu mdt khudn khd phap ly thich hgp, mot lo trinh va nhirng lira chon cu the thich hgp, tranh dugc nhung cai bay da dugc nhan dien So vai nhieu qudc gia khac (cac nudc Chau Au va mot sd nudc Chau A) ma van hoa kinh doanh ciia hg da dugc dinh hinh lau nam theo mot kieu nao va rat kho thay ddi de tao mot mdi trudng thuan lgi hon cho vdn mao hiem van hanh ihi se khong phai la qua ldi ndi rang lgi the ciia Viel Nam la dang ke Va'n de lai la quyet tam hanh ddng! 83 DANH MUC TAI LIEU THAM KHAO The Government ASEAN Venture Capitalist: The Long-iom Impact of the SBIR Program Josh Lemer 1996 The Venture Capital Revolution - Paul A Gompers; Josh Lemer 12001 I What drives Venture Capital Fundrising? Paw/^ Gompers; Josh Lemer 1998 Assessing the Contribution of venture capital innovation - Samuel Kortum; Josh Lemer Financing Innovative Firms through Venture Capital - European Investmen Bank -2001 Does Veture Capital Require an Active Stock Market? Ronald J Gilson; Bernard Black 1999 Venture Capitalists: The Coaches of Sillicon Valley - Thomass Hellmann 1999 Information Technology, Venture Capital and the Stock Market - Ajit Singh; Alaka Singh ans Bruce Weisse 2001 International Venture Capital: the Role of start-up Financing in the United State, Europe and Asia - Jeffrey D Nuechterlein /O.Nothing Venture, Nothing Gained? Lee W McKnight; Jesse Park.r 72001 ilThe Money of Invention - Paul A Gompers; Josh Lemer i2.Scattering Geese: The Venture Capital Industries on East Asia A Report to the World bank Martin kenney; Kyonghee Han; Shoko Tanaka 22002 /•^•Supply of Venture Capital by European Governments - Sophie Mamgart; Christof Beuselinck 8-2001