Chinh viec ap dung khdng thdng nha't tieu ehuan phan nganh da lam eho ket qua phan nganh va cae so lieu do cac CTCK cdng bd rat khac nhau, gay khd khan cho nha dau tU trong viee lu[r]
(1)DAU Tir TAI CHINH * I I I
PHAN N G A N H C A C CONG TY NIEM YET
THl/C TRANG v A GIAI P H A P
ThS D a n g Thi Quynh A n h DH N g a n h a n g TP.HCM
T ren thi triidng chiing khodn (TTCK) ddi vdi cdc nhd ddu ca ngdn hgn thi viec xdc
dinh cd phieu thuge ngdnh ndo khong la dieu ddng quan tdm nhiing ddi vdi cdc nhd ddu tii theo triidng phdi phdn tich ccf bdn, viec ddnh gid tdng cd phieu phdi dgt moi tUOng quan vdi cdc cd phieu khde cung linh viic hogt dgng kinh doanh [2] Be thiic hi$n diigc hogt dgng ndy, cdn co mgt he thong phdn ngdnh cdc cong ty diigfc dp dung thdng nhdt tren todn TTCK ldm kim chi nam cho cdc hogt dgng phdn tich ddu tii
Phan nganh cae edng ty niem yet tren TTCK la boat dpng sap xep cac cdng ty theo tdng nhdm nganh, nganh va phan nganh nhd mpt he thdng nham phue vu eho viee kiem tra, phan tieh va danh gia boat dpng cua eae edng ty
Hoat dpng phan nganh eae edng ty niem yet ed y nghia quan trpng dinh budng chien lupc dau tU va thdng nha't thdng tin tren TTCK Viec sap xep, phan loai cac cdng ty niem yet vao tifng nganh cu the, xay dung sd lieu binh quan nganh thd'ng nhat
se gdp phan eung cap thdng tin dang tin cay eho cae nha dau tu ed td chdc va nha dau tu ca nhan tren t h i trudng Ngoai ra, eae sd giao dieh chdng khoan cd the ap dung ket qua phan nganh de hien thi ma cd phieu cae phien giao dieh theo tdng nganh giup cac nha dau tu d l dang theo ddi, so sanh dien bien gia cua cae cd phieu nganh de lua chpn dau tU vao ed phieu td't nhat
Tai cac TTCK tren the gidi, viee phan nganh eae edng ty niem yet dupe thue hien dUa tren tieu chuan phan nganh
cae to chdc cd uy tin xay dung Mpt so tieu chuan phan nganh phd bien dupe biet den tren the gidi nhU tieu chuan phan nganh ISIC (International Standard Classification of All Economic Activities) Uy ban Thdng ke Lien Hiep Qudc xay dung [6]; he thdng NAICS 2007 (The North American Industry Classification System) eua My [7]; tieu chuan ICB (Industry Classification Benchmark) FTSE Group va DowJones xay dung [8]; GICS (Global Industry Classification Standard) Morgan Stanley va Standard & Poor's xay dUng [5]
TAPOHirnngnah^
nganhang
PHIEU DAT BAO DAI HAN
To: T9P chi cdngnghe nganhang
36 T6n That Dam, Phiiiing Nguyin Thai Binh, Qu5n 1, TP Ho ChilVlinh
70C - S G Ban doc I<li6ng can
dan t e m
i dng nghe nganhang
(2)Tuy vao mdc dp va muc dich ap dung cac td chdc se lUa chpn tieu chuan phan nganh phu hpp Chang han nhU tieu chuan' ISIC va NAICS 2007 phu hpp cho mue dieh thd'ng ke kinh te, dap dng nhu cau sd lieu phue vu cho quan ly vi md cua Chinh phu Cdn tieu chuan ICB thudng dupc sd dung cho boat dpng phan nganh cac cdng ty niem yet tren TTCK vi cd ca'u true phan nganh rd rang, chi tie't d mdc dp hpp ly He thdng dd lieu eua ICB mang tinh toan eau gdm ho'n 60.000 edng ty va 65.000 sd giao dieh chdng khoan tren toan the gidi, chiem hern 65% tdng gia tri vd'n hda thi trudng toan the gidi, dd ICB dupe ap dung de phan nganh tai cae sd giao dieh chdng khoan ldn tren the gidi nhu NYSE, EURONEXT, NASDAQ Hien nay, boat dpng phan nganh cae edng ty niem yet tren TTCK Viet Nam chu yeu la mpt so' edng ty chdng khoan (CTCK) thUe hien, mac du boat dpng mdi chi bat dau td nam 2008 den nhUng da dat dupe mpt so' ket qua nha't dinh
Tieu chuan phan nganh dupc hau het cac CTCK ap dung ia ICB va day cung la tieu ehuan phan nganh phd bien tren the gidi Cae cdng ty niem yet dupe sap xe'p, p h a n loai t h a n h tdng nhdm nganh cu the Cac so' lieu ve so' lUpng cd phieu niem yet, gia tri vd'n hda thi trudng, doanh thu, lpi nhuan va cac ty sd tai ehinh eua tdng eong ty niem yet, tdng nganh dupe cae CTCK thUe hien tinh toan va edng bd' mpt each kha day du
Nguyen tac p h a n n g a n h dupe hau b e t cac CTCK ap dung la can ed vao hoat dpng k i n h doanh ehinh eua doanh nghiep dd ehi tieu doanh thu la yeu to' quyet dinh Theo dd, boat dpng kinh doanh nao mang lai doanh thu ldn nha't tdng doanh thu va chiem t r e n 50% doanh thu binh quan eua edng ty niem yet se dupe xem la boat dpng kinh doanh chinh cua cdng ty dd
Chang b a n n h u CTCK VNDireet la edng ty dau tien thUc hien p h a n n g a n h cac cong ty niem yet vdi bp ehi so' nganh, so' lieu dupe cung cap
k h a chi tie't vdi 10 linh vUe va 37 nganh Tiep theo la CTCK FPT (FPTS), CTCK Thanh phd Hd Chi Minh (HSC), CTCK Sacombank (SBS), CTCK Qude te (VIS) da thUc hien xay dung he thd'ng phan nganh r a t edng phu va ehi
T A P C H f Cdngnghe ngan hang
Toi dSng y dat mua Tap chf Cdng nghf Ngan hang
6 Icy (c6 so Xuan) (125.000d) X cu6n/ky l<y (I<h6ng c6 s6'Xuan) (lU.OOOd) X cu^n/lcy 12 icy {239.000d) X cu^nAy
TU thang: /201 d^n thang: /201
nganhang
HQ t6n chdc vu C6ng ty Oja chi : Di^n thoai : Email
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HiAifNG DAN BANG Ki
Cach 1: DSng kf tn/c ti^p t?i t6a soan
Cach 2: Ban dpc diln d l y du thBng tin vSo phifu d j t bSo vS gCfi dfn tda so^in
Tiln dang kji vui I6ng gili dfn t6a so?n qua:
- Duang biAi di#n (dich vg chuyin t i l n tai cSc buu cue) - chuyfn l<ho3n
CTK; Tn«ng D j i hgc NgSn hjng Thinh phtf Hi Chf Minh STK: 102010000080992
NH: Sd giao djch II NgSn hing COng thilimg TP.HCM
Cich 3: Bang k<f tai cic biAi cyc
(3)DAU Tl/TAI CHINH I I I
tie't, thuan lpi cho n h a dau tu viec theo ddi, lUa chpn phan tich nganh de dau tU Ben canh dd, toan bp cae sd lieu ve CP sd dd lieu nganh phan nganh, phan tieh tai ehinh cp ban cdng ty niem yet deu dupe cac CTCK eung cap mien phi cho nha dau tU Day la nd lUc rat ldn eua cac cdng ty vi de thUe hien dupe edng viec dd can phai cd nhieu nhan sU, tdn nhieu thdi gian va chi phi bd khdng nhd
Tuy nhien, bim canh nhdng ket qua dat dupc nhu tren vfin cd rat nhieu bat cap boat dpng phan nganh hien nay: (i) Hoat dpng phan nganh cac CTCK thue hien mpt each tu phat, theo quan diem rieng ma chUa ed eP quan quan ly nha nUdc dUa dinh hudng thdng nha't tren toan thi trudng; (ii) Mdi CTCK thUe hien phan nganh va tinh toan eae bp ehi sd nhdm nganh lua chpn eho minh nhCfng tieu ehuan
khac Chang ban nhu VNDireet, FPTS, VIS sii dung tieu chuan phan nganh ICB, cdn mpt vai cdng ty khae lai lua chpn phan nganh theo cae tieu ehuan khae nhu Vietstock chpn NAICS 2007, hoac mpt sd cdng ty khae ap dung he thdng phan nganh kinh te qudc dan VSIC 2007 cua Viet Nam; (iii) Gida cac CTCK ed sd dung cung tieu chuan phan nganh thi viee phan loai cac cdng ty niem yet vao tifng nganh eu the eung ed nhieu khac biet Trd mpt sd nganh nhu ngan hang, bao hiem, dien, nUdc, dupe pham, san xua't thue pham; sd lupng cac edng ty niem yet dupe sap xe'p kha gidng nhau, cdn lai nhiiCng nganh nhu cdng nghiep, dau khi, viin thdng, vat lieu CP ban khdng nhiing sd lUpng eae edng ty khong tUPng dUPng ma eae ty sd tai ehinh dupe tinh toan va edng bd cung hoan toan khae nhau, gay khd khan eho nha dau tU qua trinh lifa chpn ed phieu Chang han nhu theo tieu ehuan ICB
cac cdng ty cd boat dpng kinh doanh chu yeu la dau tU xay dung nha d, khu cong nghiep hoac van phdng cho thue xep vao nganh bat dpng san, dd mpt sd CTCK lai xep cac cdng ty vao nhdm nganh xay dung Cdng ty cd phan FPT, theo quan diem cua HSC, VNDireet xe'p vao nganh may tinh va cdng nghe phan mem nhung theo quan diem cua VIS xep vao tap doan da nganh, cdn theo SSI lai xe'p vao nganh cdng nghe thdng tin Chinh viec ap dung khdng thdng nha't tieu ehuan phan nganh da lam eho ket qua phan nganh va cae so lieu cac CTCK cdng bd rat khac nhau, gay khd khan cho nha dau tU viee lua chpn nganh, eung nhu phan tieh va lua ebon ed phieu; (iv) Nhieu CTCK nhu BSC, BVSC, SBS ehi thue hien phan nganh cae cdng ty niem yet ma chUa cung cap eae sd lieu ehi tiet ve tinh hinh boat dpng, tai ehinh cua cac edng ty tiftig nganh eung nhu tinh binh boat dpng chung cua toan nganh, xay dUng cae sd lieu binh quan nganh Cac eong ty khae nhu VIS, FPTS, HSC da cung cap cae sd lieu kha chi tiet ve tinh hinh hoat dpng eua timg cong ty niem yet cung nbu cae ty so binh quan nganh Tuy nhien, mdi edng ty xac dinh theo quan diem rieng cua minh, td dd dfin den tinh trang cung mpt cdng ty niem yet tai cung mpt thdi diem nhUng cac ty sd tai ehinh binh quan eua eung mpt nganh eung ed nhiing khae biet rat ldn
Mae du eung thupc mpt nganh nhung each gpi ten cua cae CTCK cung khac va sd lupng cdng ty eung nganh eung khdng khdp Chi tieu gia tri vd'n hda thi trudng theo VIS ehi tinh ty le %, edn eae eong ty khae lai tinh theo sd tuyet ddi Ty sd P/E binh quan nganh gida cac CTCK cung cd su chenh lech, ca biet ty so'
Cong nghengan hang
(4)cua BSC la sd am, cae edng ty khac deu tren 10 (Bang 1)
va sau kiem toan; thuyet minh bao cao tai chinh quy edn thie'u
B a n g 1: So s a n h so Ii?u b i n h q u a n n g a n h vat l i e u cd b a n
CTCK
VIS HSC BSC VNDIEECT
Ten ngjinh
Vat lieu CO ban Ngiven vat Keu Nguyen vat lieu V§t li^u ca biin
So cong ty
63 37 40 53
Gid tri vo'n la6a (ty dong)
7.3% 55-837 a a
61.808 P/E
11.91 13.38 -3.16 15.37
P/B
2.26 n.a -3.31 2.92
EPS
n a 3.295
n.a n a
ROA
10,30% 12,00% 15.-47% 9.48%
ROE
21.90% 18.20% 33.26% 19.02% Nguon: Tdng hap cua tdc gid td cdc trang lueb wwiv.vise.com.vn, ivww.vnds.com vn, www.bsc.coni.vn, www.hsc.coni.vn
Nguyen nhan cua thuc trang tren la do: (i) Chua ed td chdc du uy tin va tham quyen ddng vai tro dinh hudng eho boat dpng phan nganh cae cdng ty niem yet ap dung thd'ng nha't tren toan thi trudng Mac du HOSE da ed ehuan bi kha lau eho viec phan nganh va ddi bp chi sd nhdm nganh doanh nghiep niem yet nhien ket qua phan nganh thd nghiem dupe eong bd^ dau thang 12/2010 vfin gay nhieu tranh cai va chUa thuyet phue dupe thi trudng Theo quan diem va tieu ehi phan nganh eua HOSE, cac cdng ty niem yet dUpc phan vao mpt nganh cap nha't he thdng nganh kinh te Viet Nam (VSIC 2007) He thdng nganh kinh te dupe Tdng cue Thdng ke xay dUng tren cP sd ISIC phien ban 4.0 Trong dd hau het cac CTCK d Viet Nam hien deu phan nganh dua tren tieu chuan ICB; (ii) Chua eong bd' day du thdng tin td cac cdng ty niem yet Mae du 15/01/2010 Bp Tai ehinh da ban h a n h Thdng tu 09/2010/TT-BTC ve edng bd thdng tin tren TTCK, nhien tren thUc te cdn nhieu edng ty chUa nop bao cao tai chinh dung ban ma hinh thdc xd phat dd'i vdi cac edng ty mdi chi d mdc canh eao Hpn nda, chat lupng cac bao cao tai chinh cua nhieu edng ty niem yet edn mpt so' van de, cdn cd sU khac biet ldn gida bao eao tai chinh trudc
Cong nghe ngan hang
So 60'Thang 03/2011
sU minh bach hoac sp sai, tinh trang xin hoan, cham nop bao cao tai chinh quy diln kha phd bie'n
Vl vay, de khac phue thue trang tren can thUe hien eae giai phap sau:
• Uy ban Chdng khoan (UBCK) Nha nude ehinh la CP quan cd day du tham quyen va kha nang de thue hien viee UBCK Nha nude ed the lap trung tam thu thap, tdng hpp cP sd dd lieu cua cac cdng ty niem yet, td dd xay dUng mpt he thdng phan nganh theo mpt tieu chuan chung ap dung cho toan bp thi trUdng
Tieu chuan phan nganh UBCK Nha nudc nen ap dung la ICB ma khdng nen diing tieu ehuan VSIC 2007 la vi: (i) Hau he't cac
CTCK d Viet Nam deu bie't den tieu chufi!n va mpt sd cdng ty da ap dung tieu chuan de thuc hien phan nganh; (ii) Tieu chuan ICB vdi ca'u true dun gian, khdng qua phdc tap nhu ISIC nen ngudi khdng am hieu nhieu ve linh vUc thdng ke cung cd the d l dang hieu dupe, r a t thuan lpi eho viee ap dung tren TTCK Ngoai ra, ICB edn la tieu chuan phan nganh phd bien dupe ap dung tai nhieu TTCK ldn tren the gidi vdi he thd'ng CP sd dd lieu mang tinh toan cau; (iii) Trong tUPng lai TTCK Viet Nam hpi nhap vdi TTCK khu vUc va t r e n the gidi se cd cang nhieu nha dau tU nUdc ngoai t h a m gia va cac edng ty nude ngoai niem yet, vi vay viec phan nganh cac eong ty niem yet theo mpt tieu chuan dupc ap dung phd bien tren the gidi la r a t can thiet nham tao dieu kien thuan lpi khdng nhdng eho cac nha dau tu nude ngoai ma edn hd trp eae nha dau tu nude tham gia t r e n TTCK qude te
(5)DAU Tl/TAI CHINH li II
boat ddng eua tdng edng ty niem yet td dd mdi ed the phan loai cac cdng ty vao eae nganh phu hpp theo tieu ehuan ICB • UBCK Nha nudc nen yeu eau eae edng ty cham nop bao cao phai thUc hien nghiem, khdng dUa nhdng ly khong phu hpp de cham nop, gia ban Ddng thdi, UBCK Nha nude can dua nhdng ehe tai du manh n h a m ran de va ngan ngda sai pham eua cac doanh nghiep niem yet van de thUc hien nghia vu cdng bd thdng tin
Ngoai ra, can ed nhdng ehe tai manh de xuf ly nhdng edng ty cd' tinh edng bd' ke't qua kinh doanh sai lech, gay hieu lam eho nha dau tu Khi ed sU chenh lech ldn gida ket qua kinh doanh trUdc va sau dupe kiem toan, cae cdng ty can bi xd phat nghiem khac n h a m t r a n h gay thiet hai cho nha dau tU va anh hudng den gia cd phieu tren thi trudng
De thuc hien dupc cae giai phap neu tren, UBCK Nha nudc can dupe trao them quyen viee giam sat va dieu h a n h TTCK, t r a n h viee phu thupc qua mdc vao Bp Tai chinh nhu hien
Trong bdi canh TTCK nhu hien nay, cpng them nhOfng bien dpng manh cua tinh hinh kinh te VI md thi viec day nhanh tien dp hoat dpng phan nganh la can thiet, vda giup nha dau tu cd them cdng eu de theo ddi thi trudng, vda giup chpn lpc nhdng cd phieu tang trUdng tdt de dau tU Tranh tinh trang TTCK suy giam keo theo hang loat cae ed phieu khdng ke tdt xa'u cung bi giam diem theo, mac du ed nhieu nganh nghe chiu anh hudng td cae tae dpng VI md khdng dang ke nhu dupe pham, san xuat thUc pham, dien
Ngoai ra, viec thd'ng nha't tieu chuan va phuPng phap phan nganh edn giup HOSE va HNX sap xep cac edng ty niem yet theo nganh (thay vi theo thd tu a, b, c nhu hien nay) nham tao dieu kien thuan lpi cho viee theo ddi dien bien gia eae ed phieu cung nganh cua nha dau tu
Tdm lai, boat dpng phan nganh cac cdng ty niem yet tren TTCK Viet Nam mac du mdi dupe thue hien ho'n bai nam nbUng da dat dupe nhdng ket qua dang khieh le Tuy nhien, de boat dpng dupe thUe hien td't, gdp phan nang cao hieu qua boat dpng cua TTCK
can cd mdt td chdc xay dUng he thd'ng phan nganh chuan ap dung thdng nha't tren ca hai sd giao dich chdng khoan HNX va H O S E ' , dd chinh la UBCK Nha nUdc Ngoai ra, viec quy dinh cac edng ty niem yet phai eong bd' thdng tin ehinh xae, kip thdi khdng nhdng dam bao quyen lpi chinh dang eua nha dau tU, tao niem tin, gdp phan lam eho boat dpng cua TTCK cang minh bach, ben vdng ma cdn gidp cho boat dpng phan nganh cac edng ty dupc thuc hien nhanh chdng, d l dang va hieu qua hPn"
Tai lieu tham khao
l.Bd Tdi chinh (2010), Thdng tu 0912010ITT-BTC ngdy 15101/2010 hudng ddn ve viic cdng bd thdng tin tren TTCK
2 Trgng Nghia (2010) , Klii FPT duac xe'p vdo nhom bdn budn - bdn le, Thdi bdo Kinh tiViitNani, ngdy 2611212010 3 Bui Sudng (2008), Phdn ngdnh cdc cdng ty niem yet mdi di dugc nda dudng, Tap chi Ddu tu Chdng khodn, thdng 512008
4 Hdng Vdn (2010), Sdp xip cd phiiu theo nhom ngdnh: did sU chu dgng td hai Sd Giao dich Chdng khodn" Tap chi Ddu tu Chdng khodn, thdng 1112010 5 Morgan Stanley, Standard & Poor's (2006), Global Industry Classification Standard, August 2006
6 United Nations New York (2008), International Standard Industrial Classification of All economic activities (ISIC), Rev.4
7 The North American Industry Classification System Canada (2007), http: 11 www.statcan.gc ca subjects-sujets standard-norme / naics-scian 120071 index-indexe-eng.htm 8 FTSE Group & DowJones (2008), Industry Classification Benchmark, Industry structure and definitions 9 Cdc trang web: www.bsc.com.vn, www.bvsc.com.vn, www.hsx.vn, wivw hastc.gov.vn, www.hsc.com.vn, wwiv ssc.gov.vn, www.sbsc.com.vn, www vise.com.vn, www.vneconomy.vn, www vnds.com.vn, www.fpts.com.vn
Cong nghengan hang
ivww.vnds.com www.bsc.coni.vn, www.statcan.gc. www.bsc.com.vn, www.hsc.com.vn, www.sbsc.com.vn, www.vneconomy.vn,