Phát hành trái phiếu để huy động vốn - Cơ hội cho doanh nghiệp Việt Nam

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<i>( Sd 09 (86)-2010 ) </i>

<b>_{TAI CHINH DOANH NGHIEP}</b>

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

<i>^ lau trin the gidi, trdi phiiu Id cdng cu hdn hiiu giup cdc doanh nghiep huy ddng </i>

<i>nguon tdi trq trung vd ddi hqn cho qud trinh tdng trudng vd phdt trien. Ddy Id ngudn </i>

<i>tdi trq quan trqng bin cqnh ngudn vdn chu sd huu, nd dem lqi nhiing lqi thi cho </i>

<i>doanh nghiep: </i>

<i>- Gia tang tac ddng tfch </i>

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 =

<i>ROA + —(ROA-r) </i>

<i>D </i>

<b></b>

<b>JT-(1-0% </b>

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 tuy 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, do 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 thanh

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 trong

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

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<b>TAI CHINH DOANH NGHIEP </b> <i>( Sd 09 (86) - 2010 ) </i>

giiip doanh nghiep linh boat
trong 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 khi 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: trong
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 thanh 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 do dac tfnh nii
ro thap. Dieu nay cho thay ca
hdi vay vdn trung va dai han
dang md ra 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 do 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 ra 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 1 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/„
<b>, </b>

Han Quoc ( 'i4i'J!«Jin9»y

Singapore | |74ôA

<i>Malaysia ^iim^K^ằM^^^M^i^mSW?SMP,7% </i>

<i>ã </i>

Vi?tNam ^ ^ M 1 7 %

0% 20% 40% 60% 60% 100% 12 3%

100% n
80%
60%
40%
20%
0%

<b>MS </b>

30%
33%

37%
30%

50%
<b>M% </b>

<b>56% </b>

jtV.

<b>49% </b>
<b>35% </b>

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.

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<i>( Sd 09 (86)-2010 ) </i> <b>_{TAI CHINH DOANH NGHIEP}</b>

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

<i>bhng phat hanh trai phieu? </i>

' Xet tren gdc do 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 trong
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
thanh 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, do 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 ra cdng chiing
ma thil tiic cd sy khac nhau.
Neu phat hanh rieng le se
tuan theo Nghi dinh 52/2006/
ND-CP ngay 19/5/2006 ciia

cbinb phu, cdn phat hanh ra
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 ra 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 thanh 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, thanh toan, bao
dam quyen va lgi ich hgp
phap cua nba dau tu va cac
dieu kien khac. Chi cd cdng
ty cd phan khi 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
ra 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 nay 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
ra 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 do hda lai suat de
lai suat trai phieu chinh phu
dugc binh thanh dya tren quan
he cung cau ve vdn.

- Thiic day boat ddng va

<i>(Xem tie'p trang 14) </i>

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<b>TAI CHINH VI MO </b> <i>( So 09 (86) - 2010 ) </i>

tranh hoai nghi thac mac, gay
biic xiic khdng can thiet.

Nam 2009, trong dieu
kien nen kinh te ca nude va
dia phuang gap nhieu khd
khan. Song, ket thuc nien do
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 nay. 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 thanh
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 do Sd Ndng
nghiep vaphat trien ndng thdn
quan ly, dau tu... dan den tien
do 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 nay
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 nay qua
thap. Trong khi khdi lugng
cdng viec nhieu, phtrc tap, dia
ban rdng ( Trudng thdn loai 1
386.000 dong/ thang, loai 2
339.000 ddng/ thang, loai 3
293.000 ddng/ thang)./

<b>Phat hanh trai phieii de... </b>

<i>(Tiep theo trang 40) </i>

nang cao tfnh thanh khoan cho
thj trudng trai phieu ndi chung
va thi trudng trai phieu doanh
nghiep ndi rieng. De dat muc
tieu nay 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 ra edng
chung. Dan hinh thanh 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 do 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.

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