nâng cao hiệu quả hoạt động tư vấn m&a tại công ty cổ phần chứng khoán bản việt
Bạn đang xem bản rút gọn của tài liệu. Xem và tải ngay bản đầy đủ của tài liệu tại đây (344.34 KB, 68 trang )
LỜI MỞ ĐẦU
Tính cấp thiết của đề tài: !"#
$%&'%()*#$%&*!+,!-%./01.(2
3,$%&!*4567892:;;<=&.=.>!
./?'%(.)%6!"@A!B)/%%#*!C=3D!EF5G?
)%(!HI+3)HIJ*%(!K%(.>!>!%(=LM*6
N%3O5=P-%Q!!=+3*)*%3/!0R!C
=LM*!-%!*!!=+3)!!!N=ST!%2!3O
*M=UVWM%'%(0
X>%2.>!!*%(SC$%E**=%#$%(!M
!MY4!K>!&.+&!!E*%('%(
!KSNG*=N$Z[%6S\4&)#$%%(3-
3O4$C2%!]4%&=%^.>!!K$C2SC_
E*%(`*$%=K4!+!M=%G%C%!a%C!%
]*$%E*4%2)_&6_3O!"!N4)3-/%
Q_3O/%4,*!+4=M=3D!Q$!%#
2/%4%&)%bQ$cI/%`*!!!M
$N! d!=K4)%(!.%6$&K%!)NS*M=
UVWK%%6!"!!E*%('%(=K)% T!)=
!^.!!d!M*=.>!!*!!E*%(0
Id!=3D! >!+%&4!!!N!d$*56!M
)%(!!!R!!.*M%E_!)e3N%%/%45C*.L43
)R=+343)R43)R%6&0000=L%b$%*M=3
)RUVWfD%g!*!!E*%(UVW%6S\)=gZ*
S=_!".I=hO%.2E*!*!N!d
$*0
Trần Văn Thích – Tài chính doanh nghiệp 50D 1
N!N\!3[$*[i\'%6-[%.3!N[%2:;;7!*
$[*Z\3=j)3-.6=3[N[=*3j!N!3[
$*[-\'%60*=N3)[UVW=j=3-!!N6[ 3[!![
*%6*=N!*%6!6[)%6[ *[!3
.%%6S\3*N[0
'%)*S[%3!%*3)[%!%[E*
%64!N!3[$*[i\'%6ZS6[=%!*=6%kl!*
%6S\*=N3)[UVW!\!N!3[$*[i\'%6m.
!6=63!!\%0
Mục đích và đối tượng nghiên cứuk!*%6S\*=N3)[
UVW
Phạm vi nghiên cứukN!N\!3[$*[i\'%632:;;n
=6[2:;<<
Kết cấu đề tài:*%+lHopUo\m)lq[Hm5*!*>!I
T%(hr!3-k
3-<k-\ -\.[.)6%6S\*=N3)[UVW!\!N
!3[$*[
3-:k>!M%6S\*M=3)RUVW!\!N!3[
$*[i\'%6
3-rks%\%[!*%6S\*=N3)[UVW!\!N
!3[$*[i\'%6
Ut!EB=L!Ta3E*M!&)#$%&d!>!&)O%%
%6!d65%)%&$N$G%Q%& K0
uv%!!C-0XNU%4!!!_)%6
N!N\!3[$*[i\'%6K%!)!!!_*
3)R%!]E*%(K%%60C-!N%*)!!
!_=L%g=F4M*=%#$%(TR=bZ!Kb*T!6
=#>!I!"w
Trần Văn Thích – Tài chính doanh nghiệp 50D 2
MỤC LỤC
Trần Văn Thích – Tài chính doanh nghiệp 50D 3
Chương 1: Cơ sở lý luận về hiệu quả hoạt động tư vấn M&A của công
ty chứng khoán
1.1 Khái quát về công ty chứng khoán
1.1.1 Khái niệm công ty chứng khoán
H_! x)%bq!*Rq%b.N
a.%#)/%!!q)QN%%/%!6%(0Z*S
=%b=+="4ay4z4BD)/% >%b!!"_
3O%(=3D!5*%*q!"sX0X{
'24sX0X'3-y|kN!d$*.=_
!&%!]%>!%(!!%()e6_3O!d
$*0
Z*N$[%%6$[!%N!d$*.}!d!$%
E*!d$*4!K3!!4!K)T%6*M=Z*!&
=M!*$%&4*M=Z*%R~!"•idq*
3/!![0
N!d$*!K!!!d!2!"3O%N%%/%43O%
!6)%6)3O%5C*.L!d$*0b,)%6!"
X,%*E_!4N!d$*!^C%%="Q=%#$%(E*
.I=_)C%=2$€$%E*!d$**X,%*E_!
!d$*0
•'%(Z*.I!d$* T7;‚:;;ƒ‚<<=%#„n6z
q=3D!}!d!E3/%d!!N!%(QM*t!!N
!}+Z*S=_!".IE*%(0
1.1.2 Đặc điểm của công ty chứng khoán
N!d$*!KR%#=t!3%6!"}!d!
=_!&%!]%6_3O!d$*0qN!….
Trần Văn Thích – Tài chính doanh nghiệp 50D 4
%4!!R!!E_!)e!6E>6!!!N!e!"
&6_3O)T=K.!}%&)%%&0N!d$*
!*M=4$%E*!*!]!NNS*M=>
E*!}%&)%%&0
N!d$**M=Z*%K6a!!-5C=K.
K6a!=M*=d!)K6a!%!]0
K6a!=M*=d!k
• N!d$*C%=C5C*>!)!N5f).D%]!!"
$!0
• q%E*!K$c24Ie4!K%+!%(0
• %6>!%(.(!"$!3/!$%>!%(.(!"!N
0
• K|)e5C*I!*$!4$N=3D!%&.!!N%)#
%$*C!"$!$%!3=3D!$!=h€)f)25C
9$%!K6!+!"!!!-SSC.€3/!0
• N!d$*$%>!%(%()e3)RC%!!RN
%=+="!*$!)%C%]!z)#!!"%*$!
!KbC%!_4=hO%y$N=3D!$P=_)#.D%
I!!$*C=+3y3)R0
• N!d$*$N=3D!~I5R!d$*CB.**
*%!!$*CB.*N3O!*E_!)e3)R!"0
• %6!R xEe!!N%%5=b5!d$*!*
!]4%(M%/%.D%]!!"$!0
• N!d$*$N=3D!%&!!*M=!Kb.!*
$!)!N!g%b.+)#%!C4%_)5C!R!"!d
$**t!!!*M=$!%(M%!*$!0
K6a!%!]k
• C5C*!!6!+)#)T4!-!R)T)6a!M!*45*!*
Z*S=_!"iq0C5C*h%!]*!$&$%
E*!d$*)/%$!0
Trần Văn Thích – Tài chính doanh nghiệp 50D 5
• N!d$*$N=3D!EB%#!"$!.h%
!]=b$%E*4*M%93OD T%#=KEBe!)e!*
%*E_!!"$!0
• N!d$*C%!5M!%#)!d$*!"$!
)/%% C!"0N!d$*$N=3D!EB!d$*
!"$!.)I&!R=b))T93OD=3D!$!
=h€5f)25C0
1.1.3 Vai trò của công ty chứng khoán
T%)/%_3O!d$*kqb%(%)%!]6
_3O!d$*0
- dRkH2].G!*!d$*0
- d%ksKM*.I_3O4%!d$*.E*_3O
S&=_4%6=b=3=3D!d!%!T%!B3O%)
3O%5C%NS!N!d$*)y$N=3D!>!%&
%)*S50
T%)/%=+3kNS!!*M=!"q3N%%/%4
3)R=+3` Y%g!!=+3!K)T43$N!KN%4)
$%&d!)#_3O%b=b=+3!K%(SC-0*%4)/%
_3O!d$*!5%&=4)%#"%* Y.!*
!!=+3T%#!N d!4O%%=b%bN%)S&
=_=+36)/%)%.%q Y.%C%b=3D!
Q!%]E*!!*M=y60
T%)/%}!d!kq=K)%Sy6_
3O!d$*4.%.%6$&%Q!)!+0T%)/%!!
!"b$!6_3O!d$*)%!"q=K
)%$!0
T%)/%!-SSC.€_3Okq=K)%!!RN
Trần Văn Thích – Tài chính doanh nghiệp 50D 6
%!*!!!-SSC.€_3O=b>!%(!!e!%6SC.€0
'%(!!!RN%)9.S=_!"(T.I)3.
6a!#%(!"q)qC%%5M!)!N$%
*M=0O!!N%q!!R!!!-SSC.€_
3O!KbSC.€=3D!Q)%*g4.^=*M45K~*
_3O0
1.1.4 Các dịch vụ cơ bản của công ty chứng khoán
J%!)!3[$*[
• UN%%-[%!3[$*[
UN%%/%!d$*.*M=%=M%E%(!*$!
%&5!d$*!*$!=b3,*h0Z*
=K4!N!d$*=M%E%(!*$!%&*M=%*
E_!M% ,%*E_!!d$*6_3-A)/%Sa!
$!C%!_**!%()#$&SC%*E_!!"
0
*M=N%%/%!d$*=3D!%bE>6Q!- ,k
- J*!!+$NC%.g!*!^t=3D!6!+!KN%
%/%0t!5%(4E*=t!=%b!"q)/%]!R!d$*.
*=t!5%(4N%%/%vR%(f!!RN%=EM!*!!
!"b%_3O3k=+34`9=K
!*%(SC!"%*E_!0
- J*S=_!"_3O4!+C%!K}!d!%%0')I
#N%%/%. C†!"_3O4=O%E*6!+!"_3O
)!N!g=+30
UN%%/%!d$*.#)K=3D!=C5C*)f.I4
N%%/%C%=3D!!R%R~#$%E*!d$*0
6q4*M=N%%/%!d$*$N!…=-+.
$%=b=3 C†‡E_!)e93O%5=&3O%
Trần Văn Thích – Tài chính doanh nghiệp 50D 7
K=%G%!!qC%!K!-!&}!d!4)I)=%^
!6)%6N%%/%2=)/%Q$c2)†!R& d!
=t!B0K.$c2#=MN%4$c2$%&$!4
$c2$%!N%`)/%2.>!.)%(!=!.I4!3O=.
)%(!!*4M*=3D! >%!I4!K$%&d!)!K=IE>=*v3/
5%&=!"_3O0
ˆ=O%f=d=%G%!"_3O4*M=N%%/%!K)%
& d!Sy0U*Q6a!!"q.6
a!%4Z*6a!!!%*E_!6_3O5a5!
C%=3D!>!%(S!!!NN%%/%!d$*4K%g!*
3O%)3O%5tF=b3-.3D%!C4$T%.3-
%*E_!)S=K6%!C5D.€R0'/%
6a!%4*M=N%%/%K+5C*)(=+34
%gy.>!y!! C†)E_!)e=d=3D!6!+y=t
0
Ut$!4N%%/%!d$*!K+Sy*)%(!
a$&!!=+3)/% >)I)%b!"q06q
!!=+3$Nb>!%&=t.(%*E_!5!d
$*C%NS!!q4!…!K!!q/%!K="=%#$%(
.€4%&$%(=3D!!%])9=C5C*%*E_!=3D!>!%(
*4!K4!]v!)!K%(SC0
>!%(%*E_!!*$!5*h!!!N
)%(! k
- U,%$*C%*E_!!*$!0
- I.(*t!5!d$*!"$!0N3O
%&.(C%!K=+="!!&T3k.*M%.(‰*t!5Š4L
!d$*4$T%.3D!d$*4%!d$*4 T%$*C!"
$!4.*M%.(4O%%>!%(.>!!".(0
Trần Văn Thích – Tài chính doanh nghiệp 50D 8
- q%b TE3!d$*) TE3%#!"$!k $%I
.(!"$!4qC%$%b TE3%#=T%)/%.() T
E3!d$*=T%)/%.(5!"$!=b)%(!*%*
E_!=3D!=C5C**0
- b.(=&X,%*E_!!d$*&..(45!d
$*%6&)>!%(M%d!%!K.D%R!*$!0!
.(=3D!>!%(=#=3D!%O%%6%&.(=bE{vx.€$%
!K!!!R.%6S=&!d$*0
- N5*$&SC%*E_!!*$!k $%=T%!%&%*E_!4
!!qN5*$&SC%*E_!!*$!5f)25C!I
R)* N 0iCv!I$&SC%*E_!h!!N%
3 k6=_!…$!4 T%$*C%*E_! T%(!"N%
%/%43!!!"!N%*E_!4+NC%*E_!‰.*M%.(4.*M%
!d$*4 T.3D)%!C4 T.3D)%$/41.(]4]4]
$!4 T%#*Š4%*E_!4*4-%>!%(0
- HI5*!*)*!!%*E_!!*$!k$%%*E_!=L
=3D!vx.€)*!*$!4K Y=3D!I)* } !!"
!N=bZ*Ez%%_%*E_!)]=3D!0
*M=N%%/%.*Q%()e!]!"q4OK
!!!N!d$*!K=3D!!!$*CE*$NG0'I
.&*=bg=3D!!%#$!)2!
%#E*=%#=K!e!)*!%&.3D!*M=N%
%/%!"9!N0
• 3)[=3!3[$*[
6_3O!KR%#.*M%E_!)e3)R43K%!
)%(!3)R.)%(!}!d!!6%(!K$%&d!!6N%g=F
Q!4}!d!$!$N)#%()e*t!$N!KO%
%=b)%(!=+3=3D!E%{N%!)%(SC-0
Trần Văn Thích – Tài chính doanh nghiệp 50D 9
3)R!d$*.E_!)e!!q!!R!*$!4
f%g$!%)ST%454%6&
!d$*6qE>66C]!6%(!"
fe!=]!]*h0
3)[=3!3[$*[.)%6!"q=3Q.O%
$6!*$!)#O%=%b5!d$*4.*M%!d
$*54O%%a%Q4!!E%{5%&!"_3O00=
3!*[6\$\*![![$%6[3)[!\![!!6%)=3S6[
=%=3 [ N[[!*%0
q%>!%(%()e3)R4!!!6)%63)R!+=C5C*
6a! k
- iC*=C]>!)$!S!"*M=3)R4€$%&3)R.
$&SC!"S]!4}D!!$*y!4.*%!!!)R=#
%6!d0
- qN=C5C*!a!!a)#%_!d$*4)%_!d$*
$NC%. T!T=_Ke!)*E%{5%&>!&!"_
3O4.€!"=+3)!!=%#$%($%&)|N$!0
- HNa!,$!!!€$%&3)R!"!…!K%_
$C*4y%S&=_=+3.!"$!4q$NC%!_
!%()#!!%(M%!"$!E**M=3)R0
- qN=3D!EeE‹O%!*$!5.*M%!d
$**=K)e!=]!%60
• H3$[!3[$*[
H3$€!d$*.)%(!I!d$*E*$!x%4
5C*SC!d$*!*$!)%g$!>!%(!!
S#!"=T%)/%!d$*43kS#5G%&?S#I.L%4
)TT!%%&?S#I!}%&3,4!}d!5f!}%&4!}
d!5f%#?S#!}%&6?S#!b=}%%
%&!b=}%000
Trần Văn Thích – Tài chính doanh nghiệp 50D 10
d$*=L=3D!.3$€ Y=3D!%I)*%$*C.3$€
!d$*=d6=+30q%!d$*=3D!%*E_!4%
$*C!"=+3 Y=3D!%2*t!%C$N!+C%*
O!d!…!d$*0
(T.3$€!d$*5*hH3$€!d$*
)!!)%6.3$€0)%6.3$€.!N!d$*4
3-M%*M=M%'%(=3D!15d$*
3/!!R%R!dI=2$€*M=.3$€!d$*)=3D!
Hq!RI,)%6.3$€0
b=C5C*S#.D%!"$!.3$€!d$*4)%6
.3$€C%,%$*C.3$€!d$*!%%&)SC.€!5%(
% C!*9$!0d$*.3$€!"$!M%
)%6.3$€.% C! ,Q!"$!)=3D!SC.€
!5%()/%% C!")%6.3$€0)%6.3$€$N=3D!
xEe!d$**%$*C.3$€!d$*!"$!
).D%]!!"56d5*t!).D%]!!"!])%6.3$€0
6a!.3$€!d$*k
- '%(!.3$€!d$*!"$!=3D!SC.€Z*%!Rk$!
.3$€!d$*M%)%6.3$€))%6.3$€%.3
$€!d$*!"$!M%Hq0
- )%6.3$€I.3$€!!!d$*!"$!)/%3
!!.3O%=3D!$!1S#>!%(!!%()e=2$€4
.3$€45B9)*!d$*0b.3$€!d$*4$!
C%$€D=h,%$*C.3$€!d$*)/%)%6
.3$€0
- HqI%.3$€!d$*9!!)%6.3$€)/%3!!.
3O%=3D!)%61S#>!%(!!%()e.%6S/%*M
==2$€4.3$€45B9)*!d$*0b%.3$€
Trần Văn Thích – Tài chính doanh nghiệp 50D 11
!d$*4)%6C%,%$*C.3$€!d$*=d6
)%6.3$€M%Hq0
%(.>!.3$€!d$*
- '%(!.3$€!d$*!K%(.>!$b9O%=%bHq>!%(M!
*6%$*C.3$€!d$*.%6S!")%6,M%
Hq0
- '%(!M!*4!b$*C!d$*5f5g*% }%Q!!
%$*C.3$€!d$*!")%6*t!$!.3$€M%
Hq!K%(.>!.€3=T%)/%!b%*!d$*)I!R)
=3D!.I9I0
- d$*!3=3D!%*E_!5$%!3=3D!HqM!*)*
%$*C!d$*%*E_!!")%60
• 3E*!3[$*[
>E*.)%(!q>%&!!%*E_!5!d$*
fe!=]!.D%I!*!]5f!]h)T!"
!N0*M=>E*!"q=3D!>!%(NS!-!&
%*E_!6XsJq*t!_3OA0M% T_3O)I
Z*!-!&$/%4*M=>E*!"q=3D!>!%(N
S*M=M*.I_3O0Hg!q=K)%.M*.I
_3O4a%Q T.3D!d$*R=_!" T.*M%
!d$*)>!%(5!d$*)/%!!$!=b
3,!6.(!%0%()e>E*=3D!%&=hO%!B
)/%*M=N%%/%6!KbEŒ=&%#v=.D%]!)/%$!
4E*=K.I!!3/!=#S=_z!!qC%3%6.(
$!3/!$%>!%(.(>E*!"!N0
• i\*.j[!3[$*[
Z*.I!d$*ƒ:‚:;<;‚<:liC*.L.)%(!
!$&)/%}!d!>!%(!!"e!3/!$%!*5
Trần Văn Thích – Tài chính doanh nghiệp 50D 12
!d$*4I+*5!d$*!"}!d!
=b5.M%*t! T!d$*!.M%!3=3D!
T%&!"}!d!*t!‹D}!d!T%
!d$*!N!gm
BZ*!!S=_$!)%(!5C*.L3O
>!%(Z**!!3-d! k
- iC*.L)/%!$&!a!!ak*=K}!d!5C*.L!$& Y
*5 T!d$*&$NT%&0
- iC*.L)/%!Ta!*RkZ*=K}!d!5C*.L$N!$&
5*5 T!d$*!$& Y!Ta& d!=b5!d
$*_3O0
- iC*.LZ*3-d!R!C*t!$Nk*3-d!}
!d!6!+}!d!5C*.L5 T.3D!d$*
R=_4&$NT%=3D!& Y"*5=D0
- iC*.LZ*3-d!T%%b‡T%=kZ*3-d!4}
!d!6!+}!d!5C*.L=3D!>E*!*5!d
$*=&d!T%=S=_‰d!+Š0&.3D!d$*5
=3D!=M1.(R-d! *5=D Y5_"5G0
- iC*.LZ*3-d!E>k.)%(!}!d!5C*.L!$& Y
.3O%!T%!B*t!!*5 T!}%&!"!!S#
$N=3D!>!%(0
*M=5C*.L4!!q=3D!*h5C*.L0*
h!Kb.!T=_4!Kb.Z*S=_%6!"9q0
J%!)=3
• 3)[!6\=N\%.*%%)!N\*[E*%6
b=}%.*M%E*%(.*Q%C%!-!R
.M%E*%(f=d6!+/%!" >%b4BD)/%
=%#$%(4*!C*9%%=*M%b!"E*%(0q%
Trần Văn Thích – Tài chính doanh nghiệp 50D 13
.*M%E*%(%(M%$N!BDQQ3O%!K
†S# YS&=_!b=}% d!$!0qb9$%
=3D!!R%R~$%E*/%!N=3D!!b=}%!REd >
hM%4E*%(!b=}%$&9*5S#)|)e!"
E*%(=3D!!b=}%0
J_!)e3)R.%6S=&!b=}%.*M%)!}+KE*
%(5*hk
- 3)RvE>.!}+K0
- •!=_%_E*%(0
- 3)RvE>3-!}+K0
- 3)R=R%!}+.+=+!N!g0
- 3)R !}+K0
- 3)R%!])%!Rg!!N0
• 3)[%66[)[!N\%6[!N![0
%#!…!-!R)T4!†K!!=%#$%(Z*=g%6!†4
v!=_%%6&4 *MC*h -%.%()>!%(!!"e!=2
$€%6&.*Q!N)%(!]=t!B!*4!+ >
%b )#%#.|)>!3*M=!"!N4_
3O)C3,!"!!&T.6!N!}+0q Y>!%(
!!%E!N)%(!k
- †*%!]E*%(BD)/%!!%6!†%6&00
- %%[!3[$*[%66[.=0
- HIh -)v%%R~iq=b%6&!d$*0
- >!%(!!"e!=3!}%&!]d!.6%*E_!6 0
• 3)[[!N\%6[%6.Z\
q%_3O!d$*!%#5R}4)%(!!!E*%(=L
*t! Y!}%&%6.Ž!*=+3!%&.3D!=.
v&/%0%#%gE*%(2h)T4}=_ CvR
$%E*!^3!K!-%5a)/%%#=T%!%#2/%`
Trần Văn Thích – Tài chính doanh nghiệp 50D 14
!}%&%6.Ž.)%(!E*%(!*5
!d$*!"*M)%R=_4N3O.!*!!
=+3!K}!d!4=+3!%&.3D!!K€=_a%Q!d
$*!!.E%3k!N5C*%b4Sc=+34./000
)/%Q=%#$%($!0
N!3[$*[.N\!3[!3)[!*E*%6vE3
3-[%6[!6\‰$T%.3D4!-!R43-d!4%!C4O%
=%bŠ4$%6\=N[%!%6[![!=%6$%6[.[)N\!3[!%6\$%3!
%6$6[*!=%6S\N[[0
• 3)[5[) [E*%6
q3)R!*E*%(!!3-d!%*E_!D.€R4
%&=%M!"E*%(e!%6NS)%(!
.I5*!*=%!%%&)#E*%()#*M=$%
E*4%!]0i6!M=K4q Y3)R!*E*%(
)#Q)R=#!+.3€*S5E*%(4!†5_
) *MC*%.%(e!)e!*!!%*E_!4I)E!- ,EQ
.%(N%!*$!4‹D$!=M=3D!!!6!†
!+%&Z*S=_!".I4)‹D$!!K
*R%*E_!Z*$&*M!=L=_ •0
J_!)e3)R.%6S=&!!E>5 IE*
%(
5*hk
- U5 IE*%(*)*%3/!0
- HI5*!*=%M.€E*%(0
- -!R!!%*E_!)%=D=h0
- 3)R) *MC*%.%(%*E_!45*h!!D=h5)
!!GI)/%!}=N0
Trần Văn Thích – Tài chính doanh nghiệp 50D 15
- H)%(!)/%!!!-S3/!!K†S#,3-)=_
3-=b%g$!=M=3D!!!%R~!+%&Z*S=_
!".I0
- 3)R=+3)T!}+*3/!)ST!&4%D)T0
- 3)R}!d!.M%E*%(0
1.2 Hiệu quả tư vấn M&A của công ty chứng khoán
1.2.1 Khái niệm hiệu quả tư vấn M&A của công ty chứng khoán
q[%%6)UVW
UVW=3D!)%&a5,%%9%&W.UZZ ‰ IŠ)
W!S% %%* ‰.M%Š0UVW.*M=%S#$%b *E*
%(45IE*%(‰y%!.E*%(ŠNS)%(!
,Q+*t!*5E*%(=K0
UVW‰ [).%ŠE3O3,!e9=3D!
!B4!B|)/%4%66>!&!g!K
Q=%b$!5%()!+%bz%Q I).M%k
XIk.d!$&D%!N3O!K!BSN4
TR!!}+0N5_ I!b*5% C4
S#4|)e).D%]!D !NI I4=hO%
!REd >hM%!"!N5_ I=b,!N/%0
U.M%k.d!$&D!N.M%*t!N]
!N$!4=t)*)_]!" ,Q/%0%63-)e
$N.=O%/%0
Ue!=]!!"UVW.M*E*%(!K%#%#.>!M
-)#)T4%!]E*!K#%&$%(!%]4.>!4_3O4$6
T%`f!Kb%b=b,E*%(E†=+
*_3O=%b0%6=N%$%e!=]!
!")%(!.M%=-%C!%.f.*M%=T%"!M$G%!!
Trần Văn Thích – Tài chính doanh nghiệp 50D 16
!-%0s%S#$%b *E*%(,d!=R=_!d$N
=-+!…. ,Q+)TK!}+!"E*%(
3!!=+3G4.Ž0')I4$%=+3=M=3D!d! ,
Q+)TK4!}+!"E*%(="=b%4S&=_
!!)R=#Sy!"E*%($%=K/%!Kb!*%=.
*M=UVW03D!.M%4$%=+3 ,Q+)TK4!}+
$N!*%.*M==+3N3O0
q[%%63)[UVW!\!N!3[$*[
3)RUVW.%g!!E*%(*%()%(!5)
I!!!N)!K46!- ,TR€$%&
%Q565)56=b=Z.M%%(SCT%3!*!C%560
*v3/%b)%I*!+4 >!
!MY4E*=K%#E*%('%(!K!+ I
)/%)/%!!E*%(3/!*%!K5#E*M=)
2.>!$%E*=bIEe)y!G%$%%(23,5#
)Q)!%&a*!0hO%!!K%#
E*%(3/!*%$%&!-%.2)I_3O
'%(Z*!!d!)%(SCRNSd!
IK0
• 3)RUVW5*h%E k
- •E>!%&.3D!4$%&).>!y=T%3D5[
IkNS!! T.%(4!!N%4!N!d$* Y
$%&43)R.>!y!!=T%3D IKBD!*E*
%(
- qC* )v!=_%_E*%(=b=3d!%D.€k
%b4EB!!3-v!=_D.€=bv!=_%_E*
%(9=K3)R=3d!%D.€R!*E*%(0
- 3)R.>!y3-d!5 I‰HiA4K4
Trần Văn Thích – Tài chính doanh nghiệp 50D 17
!b=}%!}%&`Š?
+ HiAkU.M%!}+Z*$%b)D=+!-.d!$T%
.3D!d$*G!"&5f)D3)/%e!=]!•./•4d!
.3D=5†!d$*=bK+./!}+!"!N
*t!,!" ,QER!"!N0
+ Kk.$%%(=3D! xEe=b!…!N!!a%Q
S#$%b *=T%)/%!N$!NSK*5*t!
1.( T.3D!}+*t!% C!"!Ne!%6="=b!Kb
$T!&*5!!S&=_!"!N=K0
9Q=%#$%(!"E*%($!!!!N!d
$* Y3)R!!3-$!BD)/%E*%(0
- 3)[!%%6[3-[UVW)![!\![.[.%6S0
• X>!+%&!"*M=3)RUVW
- T%)/%!N!d$*
*M=3)RUVW.*!!E_!)e!"!N!d
$*4KK+g!=†!N!d$*%b4$%E*
%(!K!+)#!!E_!)e3)R4!!!N!d$* Y!
!RE_!)e9=K Y]3)R4=%#%g!*!N!d$*
M*=3D!E*9*M=K+%g!*!NhM%)
%b0
*M=3)RUVW!K+!"!T‹D!!5I$!4
=b3!%(!!E_!)e3)R=%G% >$&D!"%#5I$!
*!N9=K Y%g!!*M=$!=Z.M%I)
!*$%%(!*)%6>!%(0
- T%)/%E*%(
*#$%&%(4E*%(hM%)%b
!+M*=3D!)_&)Q!a!6_3O0*M=3)RUVW
YD%gE*%(*!b=}%d! ,Q4!-!R.M%!R
Trần Văn Thích – Tài chính doanh nghiệp 50D 18
g!%!]0!!N!d$*)/% *M=3)R!6
%( Y%gE*%(%&!IE{E4!K4%(SC4%&
$%(=3D!!%])O%%!*E*%(0
- T%)/%#$%&
*M=3)R%!].!+!./!"!!
E*%(4!!!N!d$*%bT*M=3)R
UVW Y%g!!E*%(!K=3D!Q=N\%%b./*
*M=%!]4g!=† >%b!"!!!N9=K Yg!=†
#$%&!%b0
q[%%6%6S\*=N3)[UVW!\!N!3[$*[
%6S\3)[UVW.3-S * [%3j$6[S\==3-!3
-=N3)[UVW *)-[%!%%[5*\=6\3!%6-=N=*[0%6
S\=3-!=[%[E363-[!=* N[.3--=N3)[)%[%
!N!3[$*[=3-!3-=N3)[0N=3-!
%6-=N3)[!*[%[% [4\.6!N!!*%%6S\
*=N3)[!!*0
1.2.2 Các chỉ tiêu phản ánh hiệu quả hoạt động tư vấn M&A của công
ty chứng khoán
%6E%!)3)[!%6[N$N*\*N\E*
!\![!!N!3[$*[4)%6[ 3N%)[%6\!\![!
!N!3[$*[N![%6)%6S\*=N3)[4
*=*[3)[UVW!%6[N)%%[6[ 3[!S*0'%6!=[%[
%6S\3)[UVW!\![!!N!3[$*[NS![!!%\%6
k
s%[%-=N3)[UVW
%6S\=3-!=[%[S%[%!\3j-=N3)[UVW
!N!3[$*[3!%6!N0UN!N!3[$*[
Trần Văn Thích – Tài chính doanh nghiệp 50D 19
3!%6!%6-=N3)[!*[%[% [!!3[*\!N
3)[UVW!*[%6S\0
'/%Q3-)e./4!+C%!g€=&!!!%%&G4)&5G
S4=%!(!=3O4ISC!KbR./$%!RvC
0Hg!=K4E*%()9TO%%4)9R!N d!4$‘)y
.M%$N=M=3D!0
%[)%)E*%6 Zj!2[![$%j3-[!$%!*N\!3[!3
)[!*%=6\=\5\*3-) Zj!N43-)UVW!
[E*%6!\%!*3N\!3[!3)[%!4!*[=\%
=N)$%%60'%6!!*[=3-!*3j-=N3)[UVW [
!%[.!N!\![!N\!3[!3)[0
XN[.3--=N3)[UVW
U5 IE*%(=! N%=*-%
5N\%$%6[$*[$2).[2!*0[!!6%3-[!%[N\
%[%![!3-)UVW%[=6[[n2:;<<.:4ƒ7\XJ!*
[<4„.:;<;‰r’„3-)%%[<47„\XJŠ0XN[.3-![!3-
)UVW!j2ES![!20[!E*%6!*[v3--
[)*[.j=6\$%E*!*[%6S\-0
UNE*%6$%E**[=3-!=[%[.%6S\6[
E*%65[=3-!%64 N[.3--=N3)[!j.!%\
%6\[=3-!%6S\!\N\!3[!3)[0XN[.3--=N3)[
UVW!N!3[$*[=3-!%6!3[N\5N3)[
=*=N!*[%6S\0%\%6 N[.3-%[!N!3[$*[
=[%[N![!!6\-2.3!)%[!\%0
\.6!N!\![!-=N3)[UVW
%bE*%(5fUVW)9%&$%(!%]=+34O%
%4)9!KbIEe=3D!O%=%b43$NC%%!^
=3D!)R=#)a.R!-%0Jb=+3!*)%(!%bZ*N
Trần Văn Thích – Tài chính doanh nghiệp 50D 20
4E*%(!+C%!B%/%3)Rh%.M%]*4
]!4=%!-%0i6!M=K4NS3)R4y Y%b
2.>!%!]4"e!.€4=%!Cf=3D!%C%
TR*O%%aR0^S$3)R4E*
%(!+%b)#)R=#IUVW)/%!!)R=#SC_4)2K=b
D!N0
HD%&!"!!!N3)R.!K >%b5%&!6N 4.M%!K
=3D!!- ,EQ.%(!"E*%()/%E !!!$!
%#20y!^!].!+T%$&T%3O%$Ž54!^3.
D%E.%6(%QE*%(4!N%!]4!N$%b*4
!N.I4.%>!%(S$~$]0Q!N
!d$*!!!!!K.D%&$!.!Kbv&
h)T!*56*3OD$“%#=b=C5C*3-)e
!N0
qN\%5[$%N-=N3)[UVW!N!3[$*[
=j$%[=6!N0'%N.[E**=*[.%6S=6[[.[4%3-
=N\%4*2!%[E*%6!%[32.3!!\!N!3[
$*[-=N!*[6\5%\5*\Ej=6[!N!3[$*[$N
=3-!%[3)[0N[2.3!)-%%.%$N==3-!%6
S\3*=-%0
\.6!N!\-=N3)[UVW=3-!=[%[52 N[
.3--=N!N6N\ N[.3--=N0\ N[!j
E=6\=[%[=3-!%6S\3)[UVW!\!N!3[$*[0
%%E*%6UVW
!!6%$%&$P=_f)%(!E*%(
$!E{3EŒEaE*%6 I=&!N/%.a
%0s%%=*MI53/!=+ $%$&g!3-)e
Trần Văn Thích – Tài chính doanh nghiệp 50D 21
54 I4E*%(!+vZv~.M%!%&.3D!)$&*M!$%
E*=b=%#!…!*BD0
'R=#R!T UVW.M%f!],$!†5_3/!$%%&
54 I0|.93/!$%$€D=h54
E*%(C%!†5_).6$&*M!9%%=*MvZv~=T%
)/%!N a I?C%*M!=_!eb$&*M!I I
.Q)%(!0*%4)R=# >%Q.M%I IC%=3D!
=3=%#)*D=h50.!$&=T%)/% >!*!R
*!N=by6.)%(! UVW0 [S6[=%
%E*%6 UVW.=3-.N[%!\E*%6=*[)
[!%6!\N\!3[!3)[!%\E.%-\-=NUVW=j*[
3)%*!\N\!3[!3)[.$N*\*)%6!S6[=%=6[
%%E*%6 UVW0%[)%)3)[UVW!%\%6S\
3! 3$%E*%6$[!!*[=3-!N%%%!%[ [
\ UVW0
1.2.3 Các nhân tố ảnh hưởng đến hiệu quả hoạt động tư vấn M&A của
công ty chứng khoán
1.2.3.1 N[$[!S
UN%3-[.[k'%(.ST!%!…!K=C! C.L
=M*4y%*M=4)%!"!"b*#$%&=#=3D!=%#
!…5,%!!SM.I!eb.!!!] !4_=_4_
S&4N3000%(4!!E*%('%($%>!%(UVW
!…E>6$.€E!*!}+*4)%6&
!d$*kHIJ*%(:;;„4HI=+3:;;„4HI!M
:;;’)HI!d$*:;;ƒ4!3!K >!65%(0q[.[
!*UVW=E+*%(E*=K!hM%%#5R!I)!+=3D!
$a!e!0%#C3,>!%&/%*M=!"!N!d
$*4/%!!%()e=3D!~>!%(!"!N!^3S#
Trần Văn Thích – Tài chính doanh nghiệp 50D 22
M!"!N*!-!R}!d!0*M=3)RUVW!^35R
$‘!!*M=$!!"!N!d$*=#!_ >!%T%4SC
.€4% 4=%#!…!"!!SM.I0UN%3O.€
*%( Yg!=†-QT!=%b!^3]%(SC
!"*M=3)RUVW*!N!d$*0X>*%(!!
)25C.I4!!_=_4!!)25C3/EŒ%b%(
NS >TR%Q!!)25C.I4 >#EŽ*.%*M
*)25C3/EŒ%4 >!t!Y*!!_=_ Y.
!**M=3)RUVW,6%(SC-0
UN%3-$%6[k*-%5N\%$%6[$*[$24.j% [!*4%[E
5% %6[!2E*%6$*[$2*%6[!)-[%N)N[3%6
4E*%6 Zj!*[!%=6[3)[UVW0*3)[%
!%[E*%6!\![!!N!3[$*[%[E*%6[*
-j=3-!3j)3-[2[!!\%0'-[%%%$%6[3%6
!%[.!-N%!*![!3)[UVW0
J*%6k[!E*%6!%[.N$[!!\*=N
3)[%!%[E*%6*[%!)3)[UVW*[%%60J%!3
)[UVW Zj$N6\N%6[![!$[!E*%6$N!*[
*[%SZ%=6[3)[$%2![!$*[$2)3-[2[!0s%N[3
E*%6 \ [*[ Zj$N[%6\=3-!6[3-%%6
E$N 3\E*[=*[0
k*#$%&_3O43/!!…=K)%=%#
%&)|N6 >!M=b%_+!"!!E*%(E%{
R$a!%(0')I4*5T%!C%(46_3O!!
q!^E%{ >!M=K0K!,6a-E*_
3O!d$*.d!%b!*!"# CvR).3
NK0•3/!%(!K<;rN!d$*./G4
)/%$N]3)R%!]E*%(!^3!!!%
$!=M*6_3O!M$T!.%(0%#!^.
Trần Văn Thích – Tài chính doanh nghiệp 50D 23
*QTSyC3,/%.3D$! x
EeE%!)3)RUVW0
1.2.3.2 N[!\S
N.3!k.TS&=_C3,/%*M=$%
E*!"!N0J*y% >*M=!"!N4!!&T]
!%&.3D!S&=_$%E*!"!N=#E*!*3O%S&=_4
=%#0*M=3)RUVW!"&E>)*$C2$%&d!!"
3O%3)R053)R.3O%>!%&%)*S[3
)R!*$!4.3O%!d!! C†E_!)e=b3)R
!*$!4=!"!53)R!KC3,R./=&!R
.3D*M=3)R!"!N0J*=K)/%!!!N!d$*!K
=%^)%6!K=!6N )!K$%%(4=M*=d!
#%(000 Y.TRSyg!=†*M=3)RUVW
!K4=M%(SC!*4M*%#%!*!!E*%(09=K)_
&)]!"!N Y=3D!2.6)E+,}!d!3)R
=+!K!6N!*)%(SC./0')I!!!N!d
$*.N!!2!3O=*M*h.>!fg!=†
-Q!R.3D!"E_!)e3)R!\%0
%[ [![%6\!\!N!3[$*[k!] !%b!"
!N!d$*.TRSyC3,=&*5
*M=!"!N!d$*K%!)*M=3)RUVW
K%%60] !!NS&=_v&%b!"!N0
N3O4!!!N!d$*=3!] !%b
*t! TE_!)e*=K.&M!"!N3!^!K!N
%b*5*M=E_!)e!"0!]))I4!] !
!"!N3&*!!*M=!"K Y%b3&0
X>%b!"!!E_!)e.%6Sk!!*M=*!N!d
$*!^$N**=!.I)/%K!KT%.%6(
Trần Văn Thích – Tài chính doanh nghiệp 50D 24
R=_*=K4 >%b!"*M=!Kbg!=†*M
=$!%b4*M=!KbM*h$!!**M
=$%0
%[!\!Nk].&M!"!N4K.%6S=&$C
2!M!"!N0!N*!K]./$C2
g$!6_3O!*)3D!.M%4]!NR
$C2g$!.R0
Trần Văn Thích – Tài chính doanh nghiệp 50D 25
