• CPH la mpt djnh hudng chien lupc dung d i n tren eon dudng ddi mdi va hpi nhap eiia nen kinh te nude ta vi nd da huy dpng vdn cho dau tu chieu sau, ddi mdi edng nghe, nang lire san x[r]
(1)Hoi nghj KHCN 2000 "Nganh Dau Viet Nam tru'dc them the ky 21'
MkH DE CO P H A N HOA VA THAM GIA THj TRLTCJNG CHONG K H O A N CUA TONG CONG TY DAU KHI VIET NAM
TS Nguyen Tien Dung KS Nguyen Xuan San Tong cong ty Dau Viet Nam TOM T A T
Chii truang lap thi trugng chdng khoan va co phan hda doanh nghiep cd mdt vai trd rat quan trgng qua thnh doi mdi quin ly nen kinh te nude nha Vi vay viec thuc hien ehu truang la mdt nhu cau tat yeu de xay dung Tong cdng ty Dau Viet Nam trd mot tap doan kinh te manh
Trong bai nay, cac van de sau day se duge de cap: 1 Xay dung he thdng cae edng ty co phan dau 2 Cae kinh nghiem co phan hda a Viet Nam
3 Nhirng viec can lam de day nhanh co phan hOa va lap thi trudng chung khoan Nganh Dau Viet Nam, mdt bd phan quan trgng cua thi trugng chung khoan va ngoai nuOc
Trong nhieu nam xay dung va phat trie'n dat nude he thdng doanh nghiep Nha nude (DNNN) da gdp phan to Idn vao phat then kinh te xa hpi Song, trudc yeu eau eiia giai doan phat the'n mdi, nen kinh te chuyen sang phat then theo ea che thj trudng, nhung mat yeu kem ciia DNNN cung bpc Id rd ret, nhat la tinh trang hoat ddng kem hieu qua, nang lire canh tranh yeu, su ddng gdp eho ngan sach Nha nude chua tuong xdng vdi phan dau tu ciia Nha nude eho nd cung nhu vdi tiem lire eua DNNN
Van de cang trd nen can thie't va quan trpng han thdi dai khoa hpc edng nghe va san xuat mang tinh toan eau hoa, mudn phat then kinh te, thue hien edng nghiep hoa, hien dai hoa dat nude, chung ta phai hdi nhap vao xu the phat then chung eua nen kinh te the gidi, song hoan canh nen kinh te ciia chiing ta hien cdn ed nhieu yeu td bat lpi, dd la: ed die'm xuat phat thap; vdn it, edng nghe lac hau; nang luc quan ly dieu hanh nen kinh te va sdc canh tranh edn yeu, v.v Cae doanh nghiep nude bi dat mdi trudng canh tranh qudc te gay g i t mang tinh sdng edn De' tieh cue tham gia vao dudng hpi nhap, khdng cdn dudng nao khae la cac doanh nghiep phai vudn len, nang cao hieu qua hoat dpng Vi vay khan trupng ddi mdi DNNN - bp phan dau tau trpng yeu cua nen kinh te nude ta hien la mdt ddi hdi ed tinh bit bude
Ra ddi thj trudng chdng khoan (TTCK) va cd phan hoa doanh nghiep Nha nude (CPH DNNN) la dot pha khau eho qua thnh ddi mdi quan ly nen kinh te nude ta Su cdng va phat the'n ciia TTCK Viet Nam phu thupe vao mpt yeu td rat quan trpng dd la tien trinh CPH DNNN - tien trinh tao cac hang hoa du tieu chua'n va chat lupng eho hoat dpng eua thj trudng chdng khoan
1 Sir tham gia hoat dong tren thj tru'dng chiTng khoan cua Tong cong ty Dau Viet Nam (PV) khong chi giCr mot vj tri quan doi vdi tien trinh phat trien TTCK cua dat nirdc ma no la mot doi hoi tat yeu dam bao thirc hien thang loi chien lUdc dau tU' phat trie'n tang tdc cua PV thanh mot tap doan kinh te manh cua Viet Nam d dau the ky 21
(2)• PV mudn xay dung va phat then mdt tap doan kinh te manh thi TTCK dupe xem la mdt kenh quan trpng nhim thu hut vdn dau tu true tiep eua xa hdi bao gdm ea ngudn dau tu va ngoai nude thdng qua viec phat hanh va luu thdng cd phieu, trai phieu eiia PV va eae dan vj vien tren thj trudng Nhung khdng ehi the, vdi sdc manh tai chinh ciia minh, chiing ta phai xac djnh muc tieu hoat ddng eua PV tren thj trudng chdng khoan khdng ehi ddn thuin d gdc dp thu xep vd'n ma phai dupe khang djnh la mpt linh vuc kinh doanh sinh lpi quan trpng ciia Tap doan dau ehien lupc kinh doanh Nhu vay, TTCK vUa la kenh thu hut vdn cho dau tu phat trie'n, vUa la thj trudng tiem nang eiia hoat dpng kinh doanh vdn eiia PV, tao sue manh tdng hpp dam bao kha nang tai chinh eho chien lupc dau tu phat then tang tdc cua dau Viet Nam Chung ta se tu danh mat minh neu nhu dieu khdng trd mdt dieu tam niem chien lupc phat then eua PV thdi ky mdi
• Mat khae, su hinh phat then va tinh dn djnh cua TTCK tUng nude gin lien vdi tiem nang sue manh va vj the eua cac tap doan kinh te Idn dupe niem yet d dd Tiem nang tai ehinh va vj the kinh doanh cua PV nude va qudc te can dupe xem nhu la mot nhan td gdp phan tao nen su dn djnh va tinh hap dan ciia thj trudng chdng khoan Viet Nam, dac biet la giai doan dau thj trudng ehUng khoan Viet Nam mdi dupe ddi
2 Xay dimg he thong cac cong ty co phan dau la yeu cau khaeh quan viec xay dimg Tap doan dau Viet Nam
Vdi ehien lupc xay dung tap doan kinh te dau da nganh va da sd hdu ma PV giif vai trd ehii dao, he thdng cac cdng ty cd phan se la mdt bp phan quan trpng
Trong tinh chat da nganh, da chde nang cua mpt tap doan kinh te ed nhung chde nang ehii yeu va trpng yeu ddi hdi phai tap trung dau tu, ddng thdi cdn nhung chde nang ho trp va djch vu ed vai trd het sdc quan trpng viec hd trp eho cac hoat ddng ehinh va gia tang hieu qua hoat dpng ciia PV cung nhu dem lai ldi ich chung eho nen kinh te qudc dan ma nhu cau ve vdn dau tu khdng nhd Khdng the dan trai ngudn vdn tu tieh luy edn rat han che cung nhu lam dung ngudn vd'n vay tin dung lam gia tang qua mdc ty le np/vdn chii sd hdu eiia PV len tren mdc an toan eho phep de dam bao nhu eau dau tu ciia tat ea cac muc tieu Vi le dd, viec CPH va gpi vdn cd phan cho dau tu phat then Tap doan Diu cung nhu viee dau tu tham gia ed phin eae doanh nghiep khae theo muc tieu eua minh la mdt ddi hdi tat yeu
c d phan hoa mdt bd phan cae doanh nghiep ciia PV vUa la de' tao them ngudn vdn eho dau tu vUa la sutao san pham ed sdc thu hut cao cho thj trudng chdng khoan de' tiep tue tao cac ngudn vd'n bd sung khdng ehi cho ITnh vue doanh nghiep cd phan hoa, ma edn tap trung dua them vdn eho cac Unh vue dau tu trpng yeu
Trong dieu kien thie'u vdn, mudn day manh sutang trudng thi viee thu hut cae doanh nghiep khae vao minh thdng qua sap nhap, tham gia cd phan lan la mdt each lam nhanh nhat va phai thua nhan rd rang vda ed kha nang dap dng nhanh ve ngudn vdn, vUa la quan diem chia xe, hd trp ciia Nganh Dau ddi vdi sir phat trien eiia nen kinh te Oay la phuang thde heng eua PV viec sd dung vj the tai ehinh va kinh doanh eiia minh de thuc hien chii truang eua Oang, Nha nude ve CPH, ddi mdi DNNN va xay dung PV Tap doan Dau
3 Ket qua va bai hoc ve CPH DNNN d Viet Nam
(3)Hoi nghj KHCN 2000 "Nganh Dau Viet Nam trifdc them theky 21'
cac doanh nghiep ma Nha nude khong can nam 100% von, can lap ke hoach CPH de tao dgng luc phat then, thiic day lam an co hieu qua Sda doi, bo sung cac quy dinh, kien toan to chde chi dao CPH cae cap Thi diem viec ban cophan cho ngudi nude ngoaf
Chii truang eiia Oang va Nha nude ve cdng tae CPH cang dupe eu the hoa ea ve muc tieu va giai phap, de danh gia van t i t ket qua thuc hien ehii truang CPH DNNN tu nam 1990 de'n ed the phan chia CPH giai doan: giai doan thi diem, giai doan thuc hien va giai doan md rpng thuc day CPH a Giai doan thi diem CPH (tu nam 1990 den nam 1996)
Tiep theo nhung ddi mdi viee s i p xep lai DNNN, ddi mdi ea che quan ly, thuc hien quyen tu ehii kinh doanh ciia DN, 10/5/1990 Chinh phii ban hanh Quyet dinh 143 - HOBT, dd ehu truang thi die'm chuyen mpt sd DNNN Cdng ty Co phan (CTCP) Thdi gian dupe xac djnh la cai mde de nude ta bude vao giai doan thi die'm CPH Trong dd ehii yeu thi die'm CPH ddi vdi cae DN vda va nhd, edn eae DN Idn va DN quan trpng eiia nen kinh te qudc dan thi chua ap dung, viee thue hien CPH thue hien tren ea sd dang ky tu nguyen ciia eae DN Dua vao danh sach dang ky cua cac dan vj, Chinh phii quyet djnh chpn mpt sd doanh nghiep thue hien thi diem CPH
Tinh de'n het nam 1995 sau han nam thuc hien ea nude ehi cd DNNN dupe chuyen CTCP dd la: Cdng ty dai ly lien hiep van ehuye'n thupe Cdng ty phat then hang hai, Cdng ty ea dien lanh thudc Sd edng nghiep Thanh phd Hd Chi Minh, Nha may giay Hiep An thupe Bd Cdng nghiep nhe, Xi nghiep thde an chan nudi thudc Bp Ndng nghiep va Xi nghiep che bie'n hang xuat khau Long An
Nam DN da ehuye'n sang CTCP deu la nhung DNNN quy md vda va nhd, ehii yeu mang tinh djch vu, kinh doanh ITnh vuc khdng quan trpng Oen dau nam 1996, chua ed du dieu kien de' tdng ket toan dien, nhung nhin chung eae DNNN ehuye'n sang CTCP bude dau hoat ddng dat ket qua tdt
b Giai doan thi/c hien CPH (tu 5/1996 den 6/1998)
Qua nam thuc hien thi die'm, ket qua edn it, nhung da ed nhdng kinh nghiep ban dau cho viec md rpng CPH thdi gian tiep theo Chinh phu ban hanh Nghj djnh 28/CP 7/5/1996 ve chuyen mdt sd DNNN CTCP thay cho Quyet djnh 202/CT (nam 1992) vdi cac quy djnh cu the, ro rang, day dii han Nghi quyet Oai hdi dai bieu toan qudc lin thu VIII ciia Oang (thang 6/1996) neu phuang hudng ehi dao: 'Tong ket kinh nghiem hoan chinh khudn kho phap ly de then khai tich cue va vung chac viec CPH DNNN nham tao them dgng tuc mdi quan ly, huy dgng them von theo yeu cau phat trien va dieu chinh ca cau DNNN' Day la mdc danh dau ehuye'n CPH DNNN tU giai doan thi diem sang giai doan thue hien
Npi dung eua Nghj dinh 28/CP la: Tat ca cac DNNN nim dien Nha nude khdng can tiep tue nim giu 100% vdn d i u tu deu dupe phep CPH de ehuye'n CTCP
CPH dupe tien hanh theo hinh thde:
• Giu nguyen gia tri hien ed eua DN va phat hanh them cd phieu theo quy djnh nham thu hut them vd'n de' phat trien;
• Ban mdt phan gia trj hien ed ciia DN;
• Tach mpt bp phan eiia DN dii dieu kien de CPH
(4)Viec then khai CPH theo Nghj djnh 28/CP da giai toa dupe mdt sd vudng mie gap phai giai doan thi die'm nhu van de tiep tue vay vd'n tai ngan hang, giam thue lpi tdc 50% hai nam ke td chuyen sang hoat dpng theo luat cdng ty, khdng phai xet nhu giai doan trudc Cae quy djnh ve muc dieh, yeu eau, ddi tuang va phuang thde tien hanh CPH, che dp ddi vdi doanh nghiep va ngudi lao ddng doanh nghiep CPH dupe the hien mpt each cd he thdng
Song song vdi bd sung, dua cac ehinh sach cu the' nhim thuc day CPH edng tae tuyen truyen, hudng dan dupe tang eudng Ngay 4/4/1997, Bp Chinh trj thdng bao sd 63/TB/TW, yeu eiu eae cap uy Oang va ehinh quyen phai quan thet va tuyen truyen, giai thich nhan dan ehu truang, ehinh sach eua Oang va nhan manh CPH phai xuat phat tuyeu cau phat trien cua DNNN, nham huy dgng them von cua ca ben liin ben ngoai DN de dau tu ma rong nganh nghe, hien dai hoa cong nghe, tao them viec lam, phan cong lai lao dgng, tang kha nang canh tranh, tang tich luy cho DN, dong gop cho ngan sach va thu nhap cho ngudi lao dgng; lam cho tiem luc cua Nha nude tang len; dam bao vai trd tam chu va tinh nang dgng, sang tao cua ngudi lao dgng quan ly DN
Can ed vao ehu truang, chinh sach mdi ve CPH ca nude da dang ky hdn 200 DNNN thuc hien CPH chie'm 3% sd DNNN Tinh de'n thang 6/1998, viee thue hien Nghi djnh 28/CP da chuyen dupe 25 DNNN CTCP Vdi 25 DNNN da ehuye'n sang CPH giai doan cho thay dien CPH bude dau dupe md rpng c Giai doan md rong thiic day CPH (td 7/1998 den nay)
Sau hai nam thue hien Nghj djnh 28/CP, tU kinh nghiem thue te, de' day nhanh tien trinh CPH, 29/6/1998 Chinh phii ban hanh Nghj djnh 44/1998/NO-CP ve CPH DNNN thay the eho cac Nghi djnh va Quyet djnh trudc day Cung vdi chi thj ve sip xep lai DNNN eua Thii tudng Chinh phii, Nghj djnh da khic phue mdt sd diem cdn tdn tai Nghj djnh trudc, thay ddi mdt each can ban ca che chinh sach CPH hien hanh theo hudng md rdng uu dai, tao them thuan lpi, dPn gian hoa cac thu tuc, dam bao chinh sach xa hpi thoa dang ddi vdi ngudi lao dpng nham day nhanh tien trinh CPH DNNN
NhQng ddi mdi quan trpng ciia Nghj dinh la :
• Doi tirong CPH: Chinh phii quy djnh rd loai DN ma Nha nude can giu 100% vdn, loai DNNN dupe phep CPH, loai DNNN giued phan ehi phdi
• Do! tirong mua cd phan: Ngoai cac ddi tupng da quy djnh cac Nghj djnh trudc md rpng them ban cd phan eho ngudi Viet Nam djnh cu d nude ngoai va ngudi nude ngoai djnh cu lau dai d Viet Nam Md rpng mdc khdng che mua cd phan, viec md rpng nham huy dpng rdng rai vdn nhan roi DN, ngoai xa hdi, dae biet la khuyen khich eae nha dau tu chien lupc vao CTCP
• Ve xac djnh gia doanh nghiep: Trudc day qua ba cdng doan DN - Kie'm toan - Ca quan Nha nude, Ca quan Nha nude (dai dien eho ngudi ban) va lanh dao DN dai dien cho ngudi mua cung djnh gia • Qui trinh CPH: Xac djnh lai cae khau ciia CPH va quy djnh thdi gian hoan ciia mdi khau edng
viee dam bao toan bd tien trinh CPH mpt DNNN khdng qua thang
• NhQhg iru dai ciia Nha nirdc doi vdi ngirdi lao dong DNNN CPH: Oupe mua cd phan uu dai vdi muc giam gia 30%, tra cham tien mua ed phan uu dai 10 nam, nam dau dupe hoan tra
(5)Hoi nghj KHCN 2000 "Nganh Dau Viet Nam trifdc them theky 21'
Bao cao ket qua hoat ddng ciia 50 doanh nghiep da cd phan hda han mdt nam cho thay hau het deu cd ehuye'n bien tieh cue, toan dien, ke ea nhung DN trudc CPH thua Id Doanh thu binh quan hang nam tang tren 25%, cd mpt sd tang tren 50% Oie'n hinh la Cdng ty ca dien lanh doanh thu nam 1999 dat 353 ty ddng so vdi trudc CPH la 78 ty ddng, Cdng ty Cd phan dai ly van chuyen dat 163 ty ddng so vdi 16 ty ddng
Sd lupng lao ddng khdng bj giam ma edn tang binh quan hang nam 10%, cd cdng ty tang 20% Vi du Cdng ty che bie'n hang xuat khau Long An tU 900 lao dpng len 1280 lao dpng, Cdng ty ed phan dai ly lien hiep van chuyen tu 85 ngudi len 350 ngudi
Thu nhap ciia ngudi lao dpng tang binh quan hang nam 20% (ehua ke' thu nhap tU cd tuc) Oien hinh la Cdng ty ed phan dai ly lien hiep van ehuye'n, trudc CPH thu nhap binh quan 1,1 theu ddng / ngudi / thang dat 4,4 theu ddng / ngudi / thang, Cdng ty cd phan Che bie'n thde an gia sue tU 524.000 ddng len
1,3 theu ddng, v.v
Lpi nhuan trudc thue hang nam tang binh quan tren 26% Cd nhieu edng ty lpi nhuan tang gap 2-3 lan so vdi trudc CPH CTCP Oai ly lien hiep van chuyen lai tang tu 4,1 ty ddng len 37 ty ddng, CTCP Ca dien lanh lai tang tU 8,8 ty ddng len 34 ty ddng
Nop ngan sach tang binh quan hang nam tren 30%, mpt sd cdng ty dat gip ddi so vdi trudc CPH Nam 1998, CTCP Ca dien lanh nop Ngan sach 68 ty ddng so vdi trudc CPH la 3,7 ty ddng, CTCP Oai ly lien hiep van chuyen nop ngan sach 40 ty ddng so vdi 5,1 ty ddng trudc CPH
Vdn dieu le (bao gdm tich luy tU lpi nhuan, phat hanh them ed phieu) tang binh quan tren 25% / nam, ed mpt sd cdng ty tang han lan
Lai cd tdc dat cao han lai tiet kiem, binh quan dat 1,2% / thang, ed mpt sd edng ty dat 2% / thang nhu CTCP sua ehua va ddng mdi tau thuyen Binh Ojnh dat 26% / nam
TU tinh hinh thue tien edng tae CPH DNNN d nude ta nhumg nam vUa qua ed the rut mdt sd ket luan sau:
• CPH la mpt djnh hudng chien lupc dung d i n tren eon dudng ddi mdi va hpi nhap eiia nen kinh te nude ta vi nd da huy dpng vdn cho dau tu chieu sau, ddi mdi edng nghe, nang lire san xuat eho cac CTCP nen nang suit, hieu qua va lpi nhuan eiia cae DN eao han trudc, thich nghi nhanh chdng vdi ca che thj trudng, ngudi lao dpng da gin dupe ket qua hoat dpng san xuat kinh doanh eiia minh vdi lpi ich ciia ban than, eiia doanh nghiep, ddng thdi dupe tao dieu kien lam chii doanh nghiep, tUng bude han che dupe eae yeu kem ciia ca che quan ly DNNN
• Chi ed mpt y thde quyet tam tren cP sd nhan thde dung dan ve y nghia, muc tieu chung va muc tieu cu the' ve CPH thi van de CPH mdi dupe trie'n khai nhanh va cd hieu qua
Day cung la nhung bai hpc eho edng tac trie'n khai CPH tai PV thdi gian tdi
4 NhCfng viec can lam cua PV de day nhanh CPH thdi gian tdi
(6)nhung dd khdng phai la nhung khd khan khdng the khie phue, neu khdng ndi nd nim kha nang xu ly cua PV Su bai, nhanh hay eham eiia edng tae CPH trudc het la d nhan thue va quyet tam eiia chinh chung ta
• Muc tieu chung viec xay dung he thdng cae edng ty cd phan eiia PV la huy dpng tdi da ngudn npi lire xa hdi ma dae biet va trudc het la tap the can bd edng nhan vien Nganh Dau ke' ca nhung ngudi da nghi viee de' dau tu phat then va dd can phai:
r Chuye'n nhanh cac dan vi hoat dpng linh vuc djch vu dau va kinh doanh cac san pham dau sang hoat ddng theo md hinh CTCP ma dd Tdng edng ty Dau Viet Nam giu cd phan chi phdi, cac dan vj mdi se lap cac Iinh vuc thi can lap tu dau la edng tycd phan
r Co ehuang trinh va day manh viee dau tu vdn vao cac CTCP hoat dpng cac ITnh vuc lien quan de'n muc tieu chien luac phat trien nganh Dau khi, de' sdm dua hoat ddng cua cac edng ty vao quy dao ciia Tap doan Dau Viet Nam Cach lam vda cd kha nang dap ung nhanh ve ngudn vd'n, vda la quan diem chia xe, hd trp ciia Nganh Diu ddi vdi su phat then cua nen kinh te Day la phuang thde rieng eiia PV viec sd dung vj the tai ehinh, va kinh doanh ciia minh de' thue hien ehii truang eiia Oang, Nha nude ve CPH, ddi mdi DNNN, va xay dung PV Tap doan Dau
• Oe day manh trie'n khai thuc hien chii trudng CPH DNNN d PV thdi gian tdi can tien hanh mpt sd cdng viec sau:
> Bd may ehi dao CPH phai la chuyen trach, cd dii quyen luc, nang luc ehi dao, dupe giao muc tieu, tien dp thue hien chuang trinh CPH mpt each eu the'
> Day manh viec tuyen truyen, giai thich lam eho ngudi lao ddng thay rd lpi ich eua hp va kha nang then vpng ciia DN ehuye'n sang hoat ddng theo CTCP Lam eho mpi ngudi hieu rd hon ve ban chit, eau triic ciia CTCP va kha nang thich dng eiia nd ea che thj trudng thi day ed le cung la each tuyen truyen ed sue thuyet phue nhat cho viec trie'n khai thue hien ehii truang CPH DNNN Lam cho ngudi lao dpng hieu dupe ring viec chuyen tU DNNN sang hoat dpng theo CTCP hp dupe gi va mat cai gi