Cdng ty cd phan hoac cdng ty trach nhiem huu ban mudn chao ban trai phieu ra cdng chiing can dam bao cac dieu kien ma Luat chung khoan quy dinh, dd la: Doanh nghiep cd miic vdn die[r]
(1)( Sd 09 (86)-2010 ) TAI CHINH DOANH NGHIEP
Phat hanh trai phieu de huy dong von Ca hoi cho doanh nghiep Viet Nam
i;nc ufc'i TS Nguyen Thi Hoai Le
nrj 1.1
7^ lau trin the gidi, trdi phiiu Id cdng cu hdn hiiu giup cdc doanh nghiep huy ddng nguon tdi trq trung vd ddi hqn cho qud trinh tdng trudng vd phdt trien Ddy Id ngudn tdi trq quan trqng bin cqnh ngudn vdn chu sd huu, nd dem lqi nhiing lqi thi cho doanh nghiep:
- Gia tang tac ddng tfch cue cua ddn bay tai chinh: viec sii dung hieu qua vdn vay se lam gia tang lai rdng va muc sinh Idi cua vdn chii sd huu, ROE, cd ddng cd the gia tang manh Igi nhuan ma khdng phai bd them vdn dau tu EPS gia tang la nhan td quan trgng lam tang sue hap dan cua cd phieu Cd the thay rd tac ddng nay qua cdng thuc:
nhap doanh nghiep • • r r Neu doanh nghiep dam bao ROA > r tbi se cd tac ddng duang ciia ddn bay tai chfnh, lam khuyeeh dai ROE
- Doanh nghiep gia tang dugc quy md boat ddng ma khdng chia se quyen sd hftu va quyen kiem soat doanh nghiep: khac vdi huy ddng vdn bang phat hanh cd phieu lam tang
ROE = ROA + —(ROA-r) D
JT-(1-0%
Trong do: ROE: Mire sinh ldi cua vdn chu sd hftu
P : Lgi nhuan sau thue ciia doanh nghiep !'9^ !
E : Vdn chu sd hiiu binh quan
D : Tdng ng binh quan ciia doanh nghiep
ROA: Miic sinh ldi ciia tai san
r : Lai suat vay vdn t : Thue suat thue thu
them cd ddng, phat hanh trai phieu chi la gia tang vdn vay, doanh nghiep cd nghTa vu phai tra gdc va lai diing ban song lai khdng bi siic ep ve tra cd tiic, khdng chia se quyen sd hixu va quyen kiem soat Mat khac, dgt phat hanh trai phieu thanh edng, nhat la trai phieu dai ban se giup doanh nghiep cd mdt ngudn tai trg ben vftng, lau dai
- Cbi phf su dyng vdn thap: so vdi buy ddng vdn bang each phat hanh cd phieu, huy
ddng vdn bang phat hanh trai phieu cbi phf thudng thap ban Mat khac, lai vay tra cho trai chu dugc tinh vao chi phi kinh doanh, dd dugc tru kbi tfnh thu nhap chiu thue So vdi cd tiic tra cho cd ddng dugc lay tu lgi nhuan sau thue, khdng dugc tfnh tru kbi tfnh thu nhap chiu thue
- Chia se nii ro: cac chii ng mua trai phieu se trd ngudi chia se riii ro vdi cac cd ddng, vi cdng ty cd vay ng den dau tbi cd ddng cung cbi chju trach nhiem hftu ban phan vdn ddng gdp Ddng thdi, vay dugc ng nhung lai khdng phai chiu sy kiem soat ciia ngan hang nhu so vdi hinh thiic vay vdn tii' ngan hang
- Da dang hda ngudn tai trg cho doanh nghiep: trai phieu cd rat nhieu dang, nhu
trai phieu chuyen ddi, trai phieu mua lai, trai phieu cd quyen mua cd phieu, trai phieu tra lai trudc cd the giup da dang hda ngudn buy ddng va
(2)TAI CHINH DOANH NGHIEP ( Sd 09 (86) - 2010 )
giiip doanh nghiep linh boat vay ng, tra ng va tai cau triic cac khoan ng Gan day trai phieu chuyen ddi dugc nhieu doanh nghiep Viet nam quan tam vi lai suat vay vdn thudng thap han lai vay ngan bang, ddng thdi lai hoan duge thdi diem lam loang gia cd phieu sang nhftng nam sau ma tinh binh tai chinb cua doanh nghiep da cai thien nhieu
- Sy tham gia vao tbi trudng trai phieu ciia cac doanh nghiep Viet Nam: boi canh thi trudng chirng khoan cdn non tre, thi trudng trai phieu chiem ty trgng nhd, chi khoang 17% GDP thi thi trudng trai phieu doanh nghiep cd nhieu ban che la dieu khdng tranh khdi Hien nay, trai phieu doanh nghiep chi chiem khoang 10% tbi trudng trai phieu, cdn 90%o la trai phieu chfnh phii
vay ngan bang gap nhilu khd khan thi nhieu doanh nghiep da phat hanh cdng cac dgt trai phieu vdi tdng sd vdn buy ddng dugc rat ldn Them vao do, sau kbi that bai tren tbi trudng cd phieu, cac nba dau tu nhat la cac nba dau tu ldn dang can nhac lai tfnh hap dan eiia trai phieu dac tfnh nii ro thap Dieu cho thay ca hdi vay vdn trung va dai han dang md cho cac doanh nghiep Viet Nam de dap iing nhu cau phat trien
Chi tinh rieng tu dau nam den nay, sd vdn doanh nghiep huy ddng dugc phat hanh trai phieu vao khoang 20 ngan ty ddng Loai trai phieu va quy md trai phieu dugc lya chgn phat banh cung kha da dang Ddi tygng nba dau tu ma cac dgt phat banh tren nham den cung phong phii, khdng chi phat hanh cdng chung cd
md ldn phat banh trai phieu vdi lai suit tha ndi, dl hip dan nha dau tu lo sg sy bien ddng lai suit va lam phat nhu tap doan Sdng Da phat banh 1.500 ti ddng, tap doan Dien lye phat banh 2.000 ti ddng; Vietinbank phat banh 3.000 ti dong Mdt sd cdng ty phat hanh trai phieu cd dam bao bang tai san hoac nhung nam sau tha ndi lai suat nbu Vincom phat hanh 1.000 ti ddng trai phieu cd tai san dam bao la dy an khu tu giac Eden d quan 1, lai suat 16%/nam, dugc tha ndi tu nam thii hai trd di Cdn Hda Phat (HPG) phat hanh 800 ti ddng, menh gia trai phieu ti ddng, ky ban ba nam Lai suat 14,5%) cho nam dau, eac nam sau tha ndi lai suat HPG su dyng tien thu dugc de thyc hien dy an bat ddng san tai Ha Ndi va bd sung ngudn vdn kinh doanh Tdng cdng ty cd phan khoang san Na Ri (KSS)
Dd thi I: Quy md tbi trudng trai phieu so vdi Dd thi 2: Ty trgng trai phieu chinh phu va GDP mdt sd nudc trai phieu doanh nghiep mdt sd nudc
Trung Quuc | ' 153o/„ ,
Han Quoc ( 'i4i'J!«Jin9»y
Singapore | |74«A
Malaysia ^iim^K^»M^^^M^i^mSW?SMP,7%
• Vi?tNam ^ ^ M %
0% 20% 40% 60% 60% 100% 12 3%
100% n 80% 60% 40% 20% 0%
MS
30% 33%
37% 30%
50% M%
56%
jtV
49% 35%
35%
Vi?t Nam Thai Lan Malaysia Singapore Han QuAc Trung f i Quoc DTrai phieu chinh phu DTrai phieu doanh nghidp
Tuy nhien, thdi gian gan day da cbii'ng kien mdt budc tien trien mdi, kbi ma cac binh thuc vay vdn khac nbu vay qua phat hanh cd phieu hay
nhftng dgt phat hanh rieng le, phat banh chi cho cd ddng hien hftu, quy dau tu hay ngan bang Mdt sd doanh nghiep quy
phat hanh 350 ti ddng trai phieu chuyen ddi vdi lai suat 8%, UNI phat hanh 50 ti dong, ALP phat banh 100 ti dong, TMS
100 ti ddng, VFC 150 ti dong
(3)( Sd 09 (86)-2010 ) TAI CHINH DOANH NGHIEP
HUT 200 ti dong vdi thai ban phd biln dudi bai nam, lai suit 8-10%/nam
Lam gi de doanh nghiep Viet Nam co the huy dgng vdn
bhng phat hanh trai phieu?
' Xet tren gdc doanh nghiep, de buy ddng vdn bang phat hanh trai phieu can can nhac cac van de sau:
- Trudc tien, nbu bat ky dgt buy ddng vdn nao doanh nghiep can can nhac ve bieu qua su dung vdn, neu vdn vay dugc su dung khdng cd bieu qua ROE se syt giam manh de dan tinh hinh tai chfnh doanh nghiep khd khan, tham cbi la vd ng Doanh nghiep cung can tfnh den sy dn djnh cua doanh thu va lgi nhuan, neu doanh thu va lgi nhuan tuang lai dugc dy doan la khdng dn dinh thi khdng nen vay vdn bang phat banh trai phieu, nhftng thdi diem syt giam doanh thu se lam doanh nghiep suy giam kha nang toan manh ' •
- Can nhac cau tnic vdn: huy ddng them vdn se lam thay ddi cau true vdn ciia doanh nghiep, phat banh trai phieu se gia tang he sd ng, ket qua la thi trudng se tang muc danh gia rui ro cua doanh nghiep, se yeu cau miic sinh ldi cao ban ddi vdi ca cd phieu va trai phieu cua doanh nghiep, dd, cbi phf su dung vdn se tang len
- Chuan bi va hoan thien
cac thil tuc cho dgt phat hanh: Tiiy thudc dgt phat hanh trai phieu la phat banh rieng le bay phat hanh cdng chiing ma thil tiic cd sy khac Neu phat hanh rieng le se tuan theo Nghi dinh 52/2006/ ND-CP 19/5/2006 ciia
cbinb phu, cdn phat hanh cdng chiing thi van ban dieu chinh la Luat chirng khoan Cdng ty cd phan hoac cdng ty trach nhiem huu ban mudn chao ban trai phieu cdng chiing can dam bao cac dieu kien ma Luat chung khoan quy dinh, dd la: Doanh nghiep cd miic vdn dieu le da gdp tai thdi diem dang ky chao ban tir mudi ty ddng Viet Nam trd len tinh theo gia tri ghi tren sd ke toan; Hoat ddng kinh doanh ciia nam lien trudc nam dang ky chao ban phai cd lai, ddng thdi khdng cd Id luy ke tfnh den nam dang ky chao ban, khdng cd cac khoan ng phai tra qua han tren mdt nam; Cd phuong an phat hanh, phuang an sir dyng va tra ng vdn thu dugc tu dgt chao ban dugc Hdi ddng quan tri hoac Hdi ddng vien hoac Chii sd hftu cdng ty thdng qua; Cd cam ket thyc hien nghTa vy ciia td chiic phat banh ddi vdi nba dau tu ve dieu kien phat banh, toan, bao dam quyen va lgi ich hgp phap cua nba dau tu va cac dieu kien khac Chi cd cdng ty cd phan da cd kl hoach
thdng qua phuang an chuyen ddi mdi duge phep phat hanh trai phieu chuyen ddi Cdng ty phai gui bd sa dang ky chao ban len UBCKNN dl dang ky chao ban trai phieu cdng chiing va phai dugc UBCKNN cho phep
Mot so giai phap
- Phat trien dn dinh nen kinh te vT md, tao thi trudng tai chfnh tien te dn dinh va lanh manh Can nhac va phdi hgp bai hda giu'a cbinb sach tien te va chfnh sach tai khda Thyc te thdi gian qua cho thay, hai chinb sach kinh te vT md can ban cd tac ddng rat manh den thi trudng chiing khoan ndi chung va thi trudng trai phieu ndi rieng Dieu kien kinh te vi md dn dinh se tao mat bang lai suat hgp ly de tbi trudng cac cdng cy ng phat trien
- Xay dyng dudng cong lai suat chuan de cac doanh nghiep lay dd la ca sd dinh gia trai phieu doanh nghiep Mudn vay can ca cau lai ma trai phieu chfnh phu (bien dang cd tren 500 ma giao dich), xay dyng cac ky ban chuan, khdi lugng chuan cho mdi lan phat banh, chuan hda buy ddng vdn phat banh trai phieu chinh phii Dan tung budc ty hda lai suat de lai suat trai phieu chinh phu dugc binh dya tren quan he cung cau ve vdn
- Thiic day boat ddng va
(Xem tie'p trang 14)
(4)TAI CHINH VI MO ( So 09 (86) - 2010 )
tranh hoai nghi thac mac, gay biic xiic khdng can thiet
Nam 2009, dieu kien nen kinh te ca nude va dia phuang gap nhieu khd khan Song, ket thuc nien ngan sach nam 2009, tdng thu NSNN eua huyen Hung Ha van thyc hien 368 ty 332 trieu ddng, vugt miic dy toan tinh giao Thu tren dia ban vugt 128% va tang 49% so vdi cimg ky Tinh trang ng dgng thue cua cac doanh nghiep giam han Cac khoan thu phf, le phf, thu chuyen quyen sii' dyng dat, thu khac dugc cac td chuc bam sat ngudn thu, tang cudng cdng tac thu nen giam that thu tren ITnh vyc Huyen chi dao quyet liet cdng tac cai each hanh chfnh, giam cac thu
tuc khdng can thiet, tao dilu kien cho cac xa, thi tran, dan vi dy toan chu ddng dieu hanh ngan sach theo dy toan dugc duyet, gdp phan tich eye de cac don vi hoan nhiem vu
Ben canh nhii'ng ket qua dat dugc nhu da neu tren, qua trinh thyc hien Luat Ngan sach Nha nudc bdc Id nhiing van de dang quan tam la:
- Bd Tai chfnh da phan cap quan ly, tao dieu kien thuan lgi cho viec quan ly, dieu hanh ngan sach d ea sd Song, can phan cap manh ban niia ve quan ly dau tu ndng nghiep, ndng thdn cho cap huyen, xa Hien nay, vdn dau tu cho ndng nghiep, ndng thdn cdn rat
ban chl, chii yeu Sd Ndng nghiep vaphat trien ndng thdn quan ly, dau tu dan den tien thuc hien eac dy an cham, hieu qua vdn dau tu thap
- Chfnh sach tien luang ciia can bd cdng chiic cdn nhieu bat cap, thap han nhieu so vdi doanh nghiep Viec xep luang tdi thieu nhu hien chua bii dap du ty le trugt gia, chua xem xet bet eac bat hgp ly ve he sd luang cua mdt sd nganh Dac biet la phy cap cho Trudng thdn hien qua thap Trong khdi lugng cdng viec nhieu, phtrc tap, dia ban rdng ( Trudng thdn loai 386.000 dong/ thang, loai 339.000 ddng/ thang, loai 293.000 ddng/ thang)./
Phat hanh trai phieii de (Tiep theo trang 40)
nang cao tfnh khoan cho thj trudng trai phieu ndi chung va thi trudng trai phieu doanh nghiep ndi rieng De dat muc tieu can cd cac bien phap sau:
+ Thiic day boat ddng danh gia he sd tin nhiem va dua quy djnh bat budc phai danh gia he sd tfn nhiem ddi vdi cac dgt phat hanh trai phieu doanh nghiep edng chung Dan hinh mii'c bu rui ro cho tung bac he sd tfn nhiem
+ Cho phep cae ngan hanh thuang mai ed the sii' dung trai phieii chfnh phu va
mdt sd loai trai phieu doanh nghiep ed he sd tfn nhiem cao lam tai san de giri tai NHNN theo quy dinh ve ty le dy trd
b a t b u d c • ' i
+ Cd quy dinh va hudng dan ciia Ngan hang Nha nude de md rdng ban niia phat hanh, giao dich giay td cd gia ciia cac doanh nghiep cd uy tfn tren thi trudng md ; ( ,
+ Xay dyng mau hgp ddng giao dich trai phieu chuan phu hgp thdng le qudc te de thiic day giao dich minh bach, tao dieu kien cho giao dich khdi lugng ldn va giao dich tren thj trudng tap trung
+ Phat trien he thdng cac td chuc tham gia thi trudng: xay dyng he thdng cac td chiic cd trinh cdng nghe cao, tiem lye tai chfnh manh, ngudn nhan lye chat lugng cao va cd quy trinh quan ly rui ro dau tu trai phieu chuyen nghiep
+ Tung budc phat trien thi trudng san pham phai sinh trai phieu, tao cdng cy phdng ngiia riii ro cho ca nha phat hanh va nha dau tu trai phieu, dong thdi tao ca hdi kinh doanh, che bien riii ro cho cac ben tham gia thi trudng