Giải pháp nâng cao hiệu quả huy động vốn và hoàn thiện cấu trúc vốn cho các công ty cổ phần Việt Nam

8/4/2019 Gii php nng cao hiu qu huy ng vn v hon thin cu trc vn cho cc cng ty c phn Vit Nam

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BO GIAO DUC VA AO TAOTRNG AI HOC KINH TE TP.HO CH M

------o0o------

NGUYEN VIET HUAN

GIAI PHAP NANG CAO HIEU QUAONG VON VA HOAN THIEN CA

CHO CAC CONG TY CO PHAN VIE

Chuyen nganh : KINH TE TAI CHNH NGAMa so : 60.31.12

LUAN VAN THAC S KINH TE

Ngi hng dan khoa hoc : TS NGUYEN TAN HOAN

TP.HO CH MINH NAM 2006


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MUC LUC

M AUCHNG 1:LY LUAN C BAN VE CONG TY CO ONG VON VA CAU TRUC VON CUA CON

1.1 CONG TY CO PHAN......................................................................................1.1.1 nh ngha cong ty co phan ...........................................1.1.2 ac iem ve to chc....................................................1.1.3 ac iem ve nguon von................................................

1.2 HUY ONG VON CUA CONG TY CO PHAN..............................................31.2.1 Khai niem ve huy ong von ........................................

1.2.2 Cac cong cu huy ong von chu yeu..........................1.2.3 Cac phng thc huy ong von.....................................1.2.4 Cac hnh thc huy ong von ..........................................1.2.5 Th trng tai chnh..........................................................

1.3 CAU TRUC VON......................................................................................... 1.3.1 Khai niem cau truc von ...............................................

1.3.2 Khai niem cau truc von toi u ....................................1.3.3 S tac ong cua chnh sach n en gia tr doanh ng 1.3.4 Cac gia nh trong phan tch cau truc von................1.3.5 Tnh nang ong cua cau truc von ..............................1.3.6 Xac nh mot cau truc von toi u thong qua pha

EPS..............................................................................................................


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1.4 KINH NGHIEM HUY ONG VON VA CAU TRUC VNC TREN THE GII.................................................................................

1.4.1 Huy ong von .....................................................................1.4.2 Cau truc von.....................................................................

CHNG 2: THC TRANG HUY ONG VON VA CAVON CUA CAC CONG TY CO PHAN VIET NAM 2.1 THC TRANG HUY ONG VON CUA CAC CONG

VIET NAM...................................................................................................... 2.1.1 Huy ong von tren th trng tap trung.........................2.1.2 Huy ong von tren th trng t do ................................

2.2 THC TRANG CAU TRUC VON CUA CAC CONVIET NAM......................................................................................................

2.2.1 anh gia tnh nang ong cua cau truc von ................

2.2.2 S tac ong cua li nhuan, tai san co nh, khau tai san cong ty len ty so n...................................................2.2.3 anh gia tnh chat toi u cua cau truc von ................

2.3 NHNG RAO CAN TRONG VIEC HUY ONG VONVON CUA CAC CONG TY CO PHAN VIET NAM........................................35

2.3.1 Nhng rao can trong viec huy ong von............................................36 2.3.2 Nhng rao can trong viec hoach nh cau truc von ...

CHNG 3: GIAI PHAP NANG CAO HIEU QUA HUVON VA HOAN THIEN CAU TRUC VON CHO CACO PHAN VIET NAM


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3.1 GIAI PHAP NANG CAO HIEU QUA HUY ONG VCONG TY CO PHAN VIET NAM.................................................................... 48

3.1.1 oi vi viec ieu hanh quan ly v mo....................3.1.2 oi vi th trng ............................................................3.1.3 oi vi cac cong ty co phan .......................................

3.2. GIAI PHAP HOAN THIEN CAU TRUC VON CHO PHAN VIET NAM............................................................................................

3.2.1 oi vi ieu hanh quan ly v mo .............................3.2.2 oi vi th trng ............................................................3.2.3 oi vi cac cong ty co phan........................................

KET LUANTAI LIEU THAM KHAO PHU LUC


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DANH MUC CAC CH VIET TATT viet tat Viet ay u

DNNN Doanh nghiep nha nc

EBIT Earning Before Interest and Tax( Lai trc lai vay va thue)

EPS Earning Per Share

(Thu nhap tren moi co phan)OTC Over The Counter Maket

(Th trng khong tap trung)

PM Processing Manager(Trung tam x ly thong tin)

P/E Price/ Earning

(Ch so gia/ thu nhap)TTGDCK Trung tam giao dch chng kho

TTCK Th trng chng khoan

UBCKNN Uy ban chng khoan nha n

WACC Weighted Average Capital Cost(Chi ph s dung von bnh quan


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DANH MUC CAC BANG

BANG 2.1 : S TAC ONG CUA KHOANG CACH, TOTRNG, VA QUY MO CONG TY LEN TOC O IEU

BANG 2.2 : S TAC ONG CUA KHAU HAO, TAI SANMO VA LI NHUAN CONG TY LEN TY SO N.. ........

BANG 2.3 : CAC TY SO TAI CHNH.......................................

BANG 2.4 : THONG KE CONG TY CO CHI PH S DUNPHAN > CHI PH S DUNG VON VAY SAU THUE...............

BANG 2.5 : THONG KE CONG TY T THAM DUNG N V

BANG 2.6 : PHAN TCH EBIT EPS...............................................


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M AU

1. S CAN THIET CUA E TAIHuy ong von hieu qua se gop phan a en thanh cong

nh au t. Quan tr nang ong cau truc von se at c catoi u hoa dong tien. Toi u hoa cau truc von se gop pha

sinh li, gia tang gia tr doanh nghiep qua viec toi thieu hoa cvon bnh quan.Trong nen kinh te th trng, e ton tai va phat trien ben v

doanh nghiep phai khong ngng nang cao kha nang canh tranhe nang cao nang lc tai chnh va trnh o quan tr von tr ntrong. e thc hien thanh cong s menh tren, yeu cau cap th

doanh nghiep la phai huy ong c von mot cach hieu quaquan tr cau truc von mot cach nang ong va xay dng u. ac biet trong tien trnh hoi nhap kinh te quoc te ngay canay, cac doanh nghiep noi chung va cac cong ty co phan Vieta va ang oi mat vi s canh tranh ngay cang khoc liet hvay, van e hieu qua huy ong von, nang ong hoa va toi

nham mang lai s phat trien ben vng oi vi cac cong ty congay cang tr nen cap thiet. V nhng ly do tren toi chon Giai phap nang cao hieu qua huy ong von va hoan thien cau truc von cho cac cong ty

phan Viet Namlam luan van thac sy kinh te nham ong gop mosc vao cong cuoc phat trien cac cong ty co phan Viet Nammi.


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2. MUC CH NGHIEN CUTren c s nghien cu nhng ly luan c ban ve cong t

ong von, cau truc von cua cong ty co phan. Luan van tapphan tch, anh gia thc trang huy ong von va cau truc vonco phan Viet Nam, qua o, e ra mot so giai phap mi nhaviec nang cao hieu qua huy ong von va hoan thien cau tructy co phan Viet Nam trong thi gian ti.3. OI TNG NGHIEN CU

La tnh hnh s dung cac cong cu huy ong von nh : Pphieu, trai phieu, vay n t cac ngan hang, cac to chc tn dty co phan. Khao sat va anh gia tnh nang ong va tnh tovon cua cac cong ty nay trong thi gian qua.4. PHAM VI NGHIEN CU

Luan van nghien cu van e huy ong von cua cac coViet Nam tnh en 31/12/2006, trong o nhan manh en kha canvon thong qua phat hanh trai phieu va co phieu cong ty. Nhcau truc von c chon mau t 36 cong ty co phan Viet Namtren th trng chng khoan vi so lieu bao cao tai chnh tnh5. PHNG PHAP NGHIEN CU

Bang phng phap phan tch thong ke ket hp vi phanluan van se khac hoa nhng kha canh chnh trong bc tranh hcua cac cong ty co phan Viet Nam. ong thi anh gia tnh ntoi u trong cau truc von cua 36 cong ty co phan Viet Nam anth trng chng khoan, qua o e ra giai phap a neu trong cu.


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5. KET CAU CUA LUAN VANNgoai phan m au, ket luan, luan van gom 3 chng :Chng 1 : Ly luan c ban cong ty co phan, huy ong von

von cua cong ty co phan.Chng 2 : Thc trang huy ong von va cau truc von cua

co phan Viet Nam.Chng 3 : Giai phap nang cao hieu qua huy ong von va

cau truc von cho cac cong ty co phan Viet Nam


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CHNG 1

LY LUAN C BAN VE CONG TY CO PHANVON VA CAU TRUC VON CUA CONG TY

1.1 CONG TY CO PHAN1.1.1 nh ngha cong ty co phan

Cong ty co phan la mot to chc kinh doanh do nhieu cathuoc nhieu thanh phan kinh te t nguyen gop von kinh doanhNgi mua co phieu c goi la co ong, nhan giay chng nhgoi la co phieu.1.1.2 ac iem ve to chc

Mot cong ty neu c thanh lap di dang cong ty co pnang thu hut c rat nhieu cac nha au t ma trong nhng nha au t ch nam gi mot co phan tr gia rat t

Mac du co ong la nhng ngi ang nam gi quyen sphan nhng ho khong han se la ngi trc tiep quan ltham gia quan ly trc tiep th nhng co ong nay se bomot hoi ong quan tr. Mot trong so thanh vien hoi onkiem nhiem chc danh quan ly cao nhat la Tong Giam

danh Tong Giam oc co the do hoi ong quan tr la choben ngoai khong phai la co ong cua cong ty.

S tach biet gia quyen s hu va quyen quan ly a hnh cong ty co phan mot thi gian hoat ong c xem vien. Tham ch ngay ca khi cac nha quan ly t nhiem hoava b thay the th cong ty co phan van ton tai.


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Cac co ong gop von ch chu trach nhiem hu han trengha la cac co ong se khong chu trach nhiem ca nngha vu tai chnh cua cong ty. Trong trng hp cong ty csan th cac co ong ch mat phan von gop ban au cua

Mac du cong ty co phan c s hu bi cac co ong than cong ty se c tach biet hoan toan ve mat phap long nay. ieu nay c da tren cac ieu khoan cua bty. Ban ieu le se c thiet lap luc cong ty mi batnham muc ch to chc hoat ong cua cong ty ma theo nhieu co phan c phat hanh, so lng cac thanh vientr can thiet

1.1.3 ac iem ve nguon vonTheo quyet nh 15/2006/Q BTC ngay 20/03/2006 cua Bo

tai chnh nguon von cua cong ty co phan co nhng ac iem- N phai tra :La cac khoan n phat sinh trong hoat ong san doanh ma cong ty phai tra, phai thanh toan cho cac chu n, khoan :

N ngan han : La cac khoan n ma thi gian tra n trnam bao gom cac khoan : Vay ngan han; n dai han en

tra ngi ban; thue va cac khoan phai nop Nha nc; ong; chi ph phai tra; phai tra noi bo; thanh toan theo tiexay dng; phai tra phai nop khac

N dai han : La cac khoan n ma thi gian tra n tregom cac khoan : Vay dai han; n dai han; trai phieu phky quy, ky cc dai han; thue thu nhap hoan lai phai tr

cap mat viec lam; d phong phai tra


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- Nguon von chu s hu :La so von do cac co ong au t gop vc hnh thanh t ket qua kinh doanh, bao gom cac khoan :

Nguon von kinh doanh, bao gom : Von au t cua chu stien hoac tai san do cac co ong gop co phan tnh theo mphieu a phat hanh; thang d von co phan : La so chmenh gia va gia phat hanh; von khac : La so von bo sau thue hoac c tang bieu, vien tr.

Co phieu quy : La co phieu do cong ty phat hanh va chnh cong ty phat hanh, nhng no khong b huy bo va shanh tr lai. Cac co phieu quy do cong ty nam gi khotc, khong co quyen bau c hay tham gia chia phan tai sagiai the. Khi chia co tc cho cac co phan, cac co phiecong ty nam gi c coi la co phieu cha ban.

Chenh lech anh gia lai tai san; chenh lech ty gia hoiphat trien; quy d phong tai chnh; cac quy khac thuoc li nhuan sau thue cha phan phoi; quy khen thng, phuvon au t xay dng c ban

1.2 HUY ONG VON CUA CONG TY CO PHAN1.2.1 Khai niem ve huy ong von

Huy ong von cua cong ty co phan la hoat ong tao vonhanh cac loai giay t co gia c goi la tai san tai chnh ( fcac chng khoan ( securities) e tai tr cho nhu cau von au Cac tai san tai chnh khong ch bao gom cac khoan vay n ngbao gom cac co phieu, trai phieu va cac loai chng khoan k


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1.2.2 Cong cu huy ong von chu yeuCong cu huy ong von chu yeu ma luan van e cap e

phieu, co phieu thng, co phieu u ai.Trai phieu (Bonds)- Khai niem :Trai phieu la mot hp ong n dai han c ky the phat hanh va ngi cho vay, am bao mot s chi tra lhoan lai von goc cho ngi cam trai phieu thi iem ao - ac iem :+ c hng lai co nh.+ c thu hoi von goc bang menh gia trai phieu thi ie+ Khi cong ty b giai the, ngi cam trai phieu c u tien ong.Co phieu thng (Common stock)

- Khai niem :La giay xac nhan quyen s hu cua co ong, ophan can c vao phan von gop qua viec mua co phan. Ngc goi la co ong, nhan giay chng nhan co phan c go- ac iem :+ Rui ro nhieu : ac iem nay gan vi rui ro trong kinh doanh c+ Li nhuan cao : Khi cong ty lam an phat at co ong cung

nhuan cao hn nhieu so vi cac loai chng khoan co lai suat c+ Gia ca bien ong : Gia co phieu bien ong rat nhanh nhay nhieu nhan to nhng nhan to c ban la co tc va gia tr th t


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Co phieu u ai (Preferred stocks)- Khai niem :La loai co phieu co quyen nhan thu nhap co nh nhat nh, li tc cua no khong bien ong theo li nhuan cocong ty, du nhieu hay t, trc het phai trch ra e tra li tc co phieu u ai, con lai bao nhieu mi em chia theo co phangi co co phieu thng.- ac iem :+ Co tc co phieu u ai khac vi co phieu thng : Neu nphieu thng phu thuoc vao ket qua san xuat kinh doanh th cu ai c an nh theo mot ty le co nh tren menh gia. ( G+ Von gop vnh vien: Ngi mua co phieu u ai c xem lcong ty. Do o, phan von gop qua viec mua co phieu la vnh vhoan tra. ( Giong co phieu)

1.2.3 Cac phng thc huy ong vonNoi chung, trong nen kinh te th trng, co hai phng th

von la : huy ong von gian tiep va huy ong von trc tiep- Phng thc huy ong von gian tiep :Phng thc nay c thc hiethong qua cac nh che tai chnh trung gian. Bi vay, s xuat hang la mot bc tien quan trong trong qua trnh giao lu von. N

vai tro trung gian gia ngi co von va ngi can von bantien gi roi cho vay. Ngan hang cung cac to chc tn dung kqua trnh giao lu von c phat trien nhanh chong. Nhng vtrien cua nen kinh te th trng, phng thc huy ong von gqua ngan hang boc lo nhieu han che ve ieu kien, thu tuc, ttn dung va hn the na la s n ieu trong phng thc au

von.


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- Phng thc huy ong von trc tiep :Ket qua cua qua trnh huy ong a hnh thanh mot phng thc huy ong von c a chuong ai ngay nay, o la phng thc huy ong von trc tiep. Ngucua phng thc nay la ngi can von ( chnh phu hoac doanhhanh cac loai giay t co gia chng nhan chu quyen ve cacdung gan lien vi nhng ac quyen ma ngi mua no thu h 1.2.4 Cac hnh thc huy ong von- Phat hanh co phieu lan au :Viec huy ong von cho mot cong ty cobang cach phat hanh co phieu ban co phan cho cac co onong von de dang va thuan li hn so vi viec vay von ngamn cua dan chung. Phat hanh co phieu lan au la t phhuy ong von au tien cua cong ty ke t khi thanh lap. Lucthng phat hanh co phieu thng va co phieu u ai.

- Vay von t cac cac ngan hang,to chc tn dung, hay cac cTrongqua trnh kinh doanh, cac cong ty co phan co the vay von tai ccac to chc tn dung hay cac ca nhan, tuy nhien, n v phaiieu kien, thu tuc, thi han va han mc tn dung cua ngan htn dung. - Phat hanh co phieu bo sung :Sau khi a huy ong von kinh doanh bang

phat hanh co phieu au tien, neu cong ty hoat ong co hieusan xuat, oi mi cong nghe, thiet b th cong ty co the tancach huy ong co ong ong gop thong qua viec phat hanh co - Phat hanh trai phieu cong ty :Thong thng cac cong ty thc hien von bang cach phat hanh trai phieu cong ty e phuc vu cho trung va dai han.


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Huy ong von cua cong ty co phan du di phng thcnao chu yeu eu c thc hien tren th trng tai chnh.1.2.5 Th trng tai chnh

Khai niem th trng tai chnhTh trng tai chnh la th trng trong o cac loai von n

han, dai han, vi c che hoat ong cua th trng, c chuyesang ni thieu e ap ng cac nhu cau phat trien nen kinh ni gap g gia nhng ben co nguon von d tha vi nhns dung chung

Cau truc cua th trng tai chnhCan c vao phng thc tai tr th trng tai chnh chi

phan o la : th trng tien te va th trng von- Th trng tien te :La mot bo phan cua th trng tai chnh, th

ch mua ban cac giay n ngan han co thi han di mot namth trng tien te bao gom tn phieu kho bac, cac loai thng phchng ch tien gi, cac khe c cho vay- Th trng von :Co chc nang cung cap von au t trung va dacac chu the trong nen kinh te t chnh quyen trung ng, chnphng cho en cac doanh nghiep thuoc cac thanh phan kinh te

muc tieu phat trien kinh te xa hoi, m rong san xuat kinh doaTh trng von tai cac quoc gia phat trien thng bao gom :+ Th trng thue mua tai chnh :La th trng cung cap tn dung trungdai han cho cac doanh nghiep qua hnh thc tai tr cho thue tai+ Th trng the chap :Cung cap tn dung dai han cho doanh nghieieu kien phai co the chap.


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+ Th trng chng khoan(TTCK):Theo ngha rong c goi la th trvon. ay cac giay n trung han, dai han, va cac co phieu+ Th trng hoi oai :La th trng dien ra cac hoat ong giao dban cac loai ngoai te, cac phng tien thanh toan co gia tr ngla ni hnh thanh ty gia hoi oai theo quan he cung cau.

Phan loai th trng chng khoanCan c vao tnh chat phat hanh hay lu hanh chng kho

chng khoan c chia lam 2 cap :- Th trng s cap hay th trng phat hanh :La th trng dien ra hoaong chao ban ra cong chung lan au tien mot loai chng phu hay doanh nghiep. Thong thng viec phat hanh chng chung c s tr giup cua cac to chc tai chnh trung gian nhkhoan, cong ty tai chnh, ngan hang thng mai, ngan hang au

- Th trng th cap hay th trng lu hanh :La th trng dien ra hoaong chuyen nhng quyen s hu chng khoan t tay nha nha au t khac, tren th trng nay cac nha au t co the khoan rat nhieu lan.

Can c vao tnh chat phap ly cua hnh thc to chc thth trng chng khoan tap trung va th trng chng khoan k

-Th trng chng khoan tap trung (Organized Maket) :La th trng coa iem cu the, thi gian lam viec xac nh, co tru s rievien c ch nh, thanh vien phai co v tr thanh vien hayvien. Cho ngoi thanh vien ai dien cho quyen thng mai cua thng trng. La ni cac nha moi gii kinh doanh chng kho


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+ rE : Chi ph s dung von t thu nhap gi lai+ rNE: Chi ph s dung von t phat hanh mi co phan thng)

( WD+ WP + WE = 1)- Cau truc von toi u :La mot hon hp n dai han, co phan u phan thng cho phep toi thieu hoa chi ph s dung von bnh nghiep. Vi mot cau truc von co chi ph s dung von bnh quhoa, tong gia tr chng khoan cua doanh nghiep c toi a htruc von co chi ph s dung von toi thieu c goi la cau tru 1.3.3 S tac ong cua chnh sach n en gia tr doanh nghiep

Khai niem ve th trng von bat hoan hao :Th trng von bat hoanhao la th trng khong thoa man c cac ieu kien cua thhao.

Cac ieu kien ve th trng von hoan hao :

- Khong co cac chi ph giao dch khi mua va ban chng khoan.- Co u so ngi mua va ngi ban trong th trng, v vay kau t rieng le nao co mot anh hng ln oi vi gia ca c- Co san thong tin lien quan cho tat ca cac nha au t va kho- Tat ca cac nha au t co the vay hay cho vay vi cung lai su- Tat ca cac nha au t eu hp ly va co cac ky vong on

cua mot doanh nghiep.- Cac doanh nghiep hoat ong di cac ieu kien tng t se rui ro kinh doanh.

Quan iem truyen thong ve cau truc von toi u :Quan iem truyen thong cho rang viec vay n se toi a ho

cua ong chu nen ty suat sinh li d kien t tai san rA thay oi hay ty suat sinh


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li d kien t mot danh muc tat ca cac chng khoan cua coty suat nay thng c goi la chi ph s dung von bnh quan

rA= [D/(D + E) x rD]+[E/(D + E)x rE](D : N ; E : Von co phan)

Quan iem truyen thong cho rang : toi thieu hoa rA tng ng vi toia hoa gia tr doanh nghiep, va nh vay se ton tai mot cau tru

Tysuat

sinhli

Ty le n cao hay thap co the at c neu quy mo u mn phi rui ro, neu vt qua ty le n nao o luc o rDkhong thang ma se conglen, v rui ro tang co phan ph rui ro cong vao lai suat ban a

lai suat vay va tai o rAcung tang len. Tai iem B tren o th se tochi ph s dung von bnh quan tng ng vi toi a hoa gnghiep.

Nh vay trong th trng bat hoan hao th chnh sach vayong en gia tr doanh nghiep. Chnh cac bat hoan hao a lan ton kem hn va do o co ton tai mot cau truc von toi

s dung von c toi thieu hoa.

B

rE

rA

rD

Ty so D/E co thetoi u hoa rA

D/E


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1.3.4 Cac gia nh trong phan tch cau truc von- Chnh sach cua doanh nghiep c gi nguyen khong o

tac ong cua cac thay oi trong cau truc von oi vi gia trgia tr cua co phan thng.

- Viec au t do doanh nghiep thc hien khong lam thay otra n the chap cua doanh nghiep.1.3.5 Tnh nang ong cua cau truc von1.3.5.1 Toc o ieu chnh ( it)

Tnh nang ong cua cau truc von the hien qua toc o ieso sach ve ty so n th trng. Toc o ieu chnh c cong thc sau :

Lit Lit-1= it (L*it Lit-1) it= C + C1x Distant + C2x Growtht + C3 x Sizet

- it : Toc o ieu chnh t ty so n so sach en ty so nhien tnh nang ong cua cau truc von. I I trong khoang [0;1]. Neu toc it =1ieu chnh toi u, ieu nay noi len rang trong th trng bat oi cua cau truc von quan sat gia hai thi ky a at c i. S bat hoan hao cua th trng a tao ra gia tr cho cacchnh cau truc von ve mc toi u. Khi gia chng khoan ta

trng th cac cong ty phai ban hoac mua lai co phan e toi Hieu qua cua ieu chnh c c ai dien bi gii han it1 the hien mot s ieu chnh mc can thiet. S ieu chnh qua nay phan anh nhng thay trong nen kinh te.


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Trong o :

- Lit = N cuoi nam t / Tong nguon von cuoi nam t : Ty so n s- Lit-1 = N cuoi nam t -1 / Tong nguon von cuoi nam t - 1: Ty so1.- L*it = N theo so sach cuoi nam t / ( Von chu s hu cuoi nadoanh theo so sach cuoi nam t + Von kinh doanh theo gia th trt) : Ty so n th trng.- Distan

t=I L*

it L

it-1I : Khoang cach t ty so n th trng nam t

so sach nam t -1.- Growtht = (Tong tai san nam t Tong tai san nam t -1)/ Tong 1 : Toc o tang trng nam t.- Sizet = Tong tai san nam t : Quy mo cong ty nam t.Ghi chu :

+ Distan :Neu co moi quan he nghch bien gia Distan va it tc la khoangcach en muc tieu khong ong vai tro quan trong va ngc lacac cong ty khong giao ong nhieu qua thi gian. Cac cong ty ty so n muc tieu theo s thay oi cua gia chng khoan.+ Growth :Neu toc o tang trng cang ln th toc o ieu ctruc von muc tieu cang nhanh v nhng cong ty trang trng c

de dang thay oi cau truc tai chnh bang viec a dang hoa ngu+ Size :Quy mo c gia nh la ong bien vi toc o ieu ccong ty ln co the de dang hn nhng cong ty nho trong viecvon bang viec phat hanh n hay von co phan v nhng thonsang hn ve nhng cong ty ln,bat can xng thong tin t hn tot hn cong ty nho.


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1.3.5.2 S tac ong cua khau hao, tai san co nh, quy monhuan len ty so nS tac ong c the hien trong cong thc hoi quy sau :

Lit= C + C1x Deprt + C2x Fixt + C3 x Sizet + C4 x ProtTrong o :

- Deprt = Khau hao luy ke nam t / Tong tai san nam t : Khau ha- Fixt = Tai san co nh nam t / Tong tai san nam t : Tai san co- Size

t= Tong tai san nam t : Quy mo cong ty

- Prot = Li nhuan rong nam t/ Tong tai san nam t : Li nhuan.Ghi chu :

+ Depr(khau hao) :Mot s khuyen khch viec vay n la li the tathue lai suat, li the nay se b giam neu co s hien dien khong phai do n o la khau hao. Khau hao c d bao la

nghch bien vi ty so n, tc la khau hao cang tang th cohng s dung t n, do ho khong can phai vay n ma van atam chan thue.+ Fix (Tai san co nh) :Mot ty le cao cua tai san co nh/ tong tgia tang kha nang the chap. Tam quan trong cua viec the chatrng hp nhng cong ty mi thanh lap va khong co moi

vi cac nha tai tr. Nhng quan iem nay a khang nh raong bien gia tai san co nh va ty so n khi ma he thonu e tao lap tnh hieu lc cua cac hp ong n va tnh thatrng bat ong san cong ty tao ra s chac chan trong viec thtrng. Cuoi cung, la s tai tr dai han tren th trng u gia thi gian ao han va tai san c tai tr.


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+ Size: (Quy mo cong ty) :Wanner (1977), Titman and Wessels (1988)) chorang nhng cong ty ln hn co the oi mat t hn kha nang pco the a dang hoa tot hn do o co moi quan he ong bien ty va ty so n.+ Pro (Li nhuan): S khong chac chan ve kinh te cang cao cuaang chuyen oi, co the giam li the cua n. Them vao o lmat i bi chi ph pha san. Giam thap chi ph pha san co thecua n dan en gia tang on bay t nhat la oi vi cac cocao.1.3.6 Xac nh mot cau truc von toi u thong qua phan tch E

Phan tch EBIT-EPS va ly thuyet cau truc von toi u codoanh nghiep quyet nh mot cau truc von thch hp. Sau aybc trong viec lap cac quyet nh cau truc von.(EBIT : Lai vay; EPS : Thu nhap tren moi co phan)Bc 1 :Tnh toan mc EBIT d kien sau khi m rong hoat ongBc 2 :c lng tnh kha bien cua mc li nhuan kinh doanh ).Da tren thanh qua qua kh cua cong ty qua nhieu chu ky kinlai trc thue va lai vay c phan phoi chuan hay t nhat Trong o va EBIT trung bnh c tnh theo cac cong thc sau :

i = 1

n

EBITi

EBITtrung bnh=

(EBITi- EBIT trung bnh)2

n - 1 =

( i : Nam th i,n : So nam quan sat)


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Bc 3 :Tnh toan iem hoa von EBIT gia hai phng an tai trmi hay duy tr cau truc von 100% von co phan. Phng trnh xhoa von EBIT c viet nh sau :

NE

EBIThoa von(1 T)

EPS = =

(EBIThoa von R)(1 T)

NDE

R Ne

(NE- NDE)=

EBIThoavon

( R : Lai vay, N E : So lng co phan khi khong co vay n, N DE : So lng co

phan khi co vay n )

Bc 4 :Phan tch cac c lng nay trong boi canh rui ro masang chap nhan. e xac nh xac suat ma EBIT thap hn EBvan s dung cong thc sau :

EBIT hoa von ( + EBIT hoa

=Z1

R ( + EBIT hoa von)

=Z2

Can c vao bang phan phoi chuan cua bien Z1 e xac EBIT thap hn EBIT hoa von. Qua o co the anh gia c khon bay tai chnh cua cong ty. Tiep theo can xac nh xac scong ty qua cong thc Z2, tng t can c vao bang phan pho

Z2 e xac nh xac suat ma EBIT thap hn chi tra lai oi hoNeu mot trong hai th nghiem (Z1 hoac Z2 ) hoac ca hai

(Z1 va Z2) cho thay cau truc von hien tai co mc o rui ronhan c, cac giam oc tai chnh se phai lap lai phan tch nthap hn va ngc lai.

Bc 5 :Xem xet cac chng c th trng e xac nh cau

xuat co qua rui ro khong.


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Tren ay la nhng ly luan c ban ve cau truc von va lien lien quan, tiep theo luan van xin c e cap en nhng khuy ong von va cau truc von cho cac cong ty co phan cuathe gii.1.4 KINH NGHIEM VE HUY ONG VON VA CAU TRCAC CONG TY CO PHAN CUA MOT SO NC TRE 1.4.1 Huy ong von

Nham tao ieu kien cho cac cong ty co phan huy ong vomot so nc chau A a chu trong phat trien th trng vonchng khoan ong vai tro ac biet quan trong. Thc tien phatai mot so th trng chng khoan cac nc chau A nghiem quy bau nh sau:

Moi trng phap ly la nhan to ac biet quan trong co

nh en s phat trien. ien hnh nh Han Quoc, luat phap nmanh phat trien th trng von, trong o ac biet chu y ekhuyen khch cua Nha nc en cac doanh nghiep niem yet chng khoan. Vi quan iem ieu hanh th trng chng khoatheo s thay oi cua xa hoi thc tai, can c vao o e ieu kho phap ly nham giai quyet nhng yeu cau at ra cua th tr

va tranh c nhng khuon kho cng nhac, b ong khong ptien.

Tai Trung Quoc, mot nc lang gieng vi Viet Nam, t1990, 1991 Chnh phu nc nay a soan thao Luat ve chng klap c quan nha nc ve th trng chng khoan. Ben canh con e ra nhieu chnh sach khac nhau tac ong trc tiep en

khoan nh chnh sach u ai, t nhan hoa doanh nghiep, khuye


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nha au t nc ngoai cung nh cac doanh nghiep niem yet chng khoan.

Kinh nghiem to chc s giao dch chng khoan va th trm ca cua Thai Lan, Han Quoc, Trung Quoc la rat quy bchng khoan cua Han Quoc la cong ty co phan vi s tham S giao dch chng khoan Thai Lan la cong ty co phan niephieu cua mnh. S giao dch chng khoan Thng Hai la to100% von Nha nc vi muc tieu la ho tr ban au cua Song phuc vu dch vu th trng. Kinh nghiem cua cac nc rang, ngay t au viec giao dch cac chng khoan cha niem thc te. Tuy nhien, ch at en trnh o kinh te nhat nh th trchng khoan mi c hnh thanh. V vay, co the thanh lap mth hai th trng giao dch chng khoan cho cac cong ty ch

niem yet vi cac tieu chuan giam nhe.Qua trnh m ca th trng chng khoan c ap dunchau A cung la kinh nghiem tot mang lai hai li ch : S gikhoan thu c nhieu ph giao dch hn, nh tang hoat ong giaooi tac nc ngoai. Viec lu thong nguon von, co tac dung dung tiem nang von trong va ngoai nc.

Cac nc co th trng chng khoan phat trien chQuoc, Nhat Ban, Thai Lan, Trung Quoc eu a ap dung hasach khuyen khch cac cong ty niem yet S giao dch chngphep s dung chng khoan cua cong ty niem yet lam phngbao lanh thanh toan vi doanh nghiep thuoc s hu nha nai cong ty niem yet tren th trng chng khoan tiep can d

hang. Giam thue hanh chnh lien quan en viec phat hanh m


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khoan. Hien ai hoa cac s giao dch chng khoan qua viec dung cong nghe thong tin tien tien.1.4.2 Cau truc von

Thc tien hoach nh cau truc von cua cac quoc gia trenlai cac bai hoc kinh nghiem nh sau :

Hoach nh cau truc von phai gan ket vi cac d baokinh te. Khi nen kinh te tang trng, mot d bao ve lai vay tgia tang viec s dung n so vi cac loai von khac xet t quaHieu theo mot ngha nao o, li ch t thue thu nhap doanh nphep cac doanh nghiep mot so quoc gia nh My, c. Covon co phan thng cao hn so vi cac nc khac. Co the chtai chnh ln hn mien la nen kinh te duy tr c tnh on nhnghiep kinh doanh ap ng c cac khoan chi tra n vay.

Trien vong cua th trng von cung la tieu thc trong vcau truc von. Cac cong ty co khuynh hng gia tang on baneu d bao rang von vay se tr nen qua ton kem. Mot dgiam co the khuyen khch cac cong ty tam hoan viec vay tientr mot v the de ieu ong nham hng li cua tien vay re h

Cac ac iem cua nganh kinh doanh co tac ong va pha

von cua cac cong ty theo nganh nghe. Mot so nghien cu cvon gia cac nganh cong nghiep khac nhau rat nhieu. My90, ty le n dai han bnh quan trong nganh xe hi vao khoan 4cua nganh nha hang la 49%, nganh phan phoi kh thien nhiien la 50% va may tnh la 21%. Ty le n cua cac cong ty xoay quanh ty le n nganh.


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Quy mo doanh nghiep cung tac ong en cau truc von, carat nho phai tuy thuoc ang ke vao von cua cac chu s hsan cua mnh. V quy mo nho rat kho tiep can va vay ckhong co cac tiep can vi nhieu loai von khac nhau, cac dthng co mot v the mac ca tng oi kem khi tm kiem von

Nhng nghien cu cua Kester tm thay rang cac doanh nghili cao, cang co khuynh hng s dung t n. Nghien cuNivorozhkin trong luan an mang ten Cau truc von nang ong ckinh te ang chuyen oi a chng minh rang khi Tai san co tang len 1% th Ty so n giam 0.334% Cong hoa Czech va1.026% Bulgaria. Va khi Li nhuan/Tong tai san tang len 1%giam 3.487% Cong hoa Czech va Ty so nay giam 1.684% vay cac doanh nghiep cang co nhieu tai san co nh hu

khuynh hng s dung t n nhng nen kinh te ang chuyen KET LUAN CHNG 1Chng nay tap trung vao viec khai quat nhng ly luan

ty co phan, huy ong von va cau truc von cua cong ty co phmanh en cac khai niem lien quan en huy ong von cua cnh : Nguon von cua cong ty co phan, khai niem ve huy o

cong cu huy ong von chu yeu nh : Trai phieu, co phieu thai.

Khai niem ve phng thc huy ong von trc tiep va phong von gian tiep. Khai niem ve cac hnh thc huy ong voco phieu lan au; Vay von t cac ngan hang, to chc tn nhan; phat hanh co phieu bo sung; phat hanh trai phieu cong

la cac khai niem th trng tai chnh va cau truc cua th tr


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chu yeu dien ra hoat ong huy ong von ,trong o ac biet th trng chng khoan.

Phan quan trong tiep theo can c nhan manh o la caphan nay, luan van tap trung vao viec lam ro cac khai niemcau truc von toi u; s tac ong cua chnh sach n en giae cap en cac gia nh trong phan tch cau truc von. Cac knang ong cua cau truc von. Tiep theo la, quy trnh 5 bc tromot cau truc von toi u thong qua phan tch EBIT EPS.

Phan cuoi cung trong chng nay ma luan van e cap nghiem ve huy ong von va cau truc von cho cac cong ty conc tren the gii ma ien hnh la Thai Lan, Han Quoc, TrBan, Ba Lan, My., o la nhng kinh nghiem ma luan van tr tham khao cao cho Viet Nam trong thi gian ti.


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CHNG 2

THC TRANG HUY ONG VON VA CAU TONCUA CAC CONG TY CO PHAN VIET

2.1. THC TRANG HUY ONG VON CUA CAC CONG VIET NAM2.1.1 Huy ong von tren th trng tap trung2.1.1.1 Hoat ong phat hanh trai phieu

Huy ong von thong qua phat hanh trai phieu cong ty con

che. Hau het cac doanh nghiep eu thay viec huy ong trai prat nhieu so vi vay von ngan hang. The nhng, tnh en cuoitong gia tr trai phieu cong ty phat hanh tren th trng mity ong, trong o chu yeu la trai phieu cua khoi doanh nghieTong Cong ty Dau kh (300 ty ong), Tong Cong ty Song aTong Cong ty ien lc Viet Nam (200 ty ong), Tong Cong ty

tau thuy (1.000 ty ong).Quy mo th trng trai phieu Viet Nam con qua nho, vi

ch bang 7% GDP, con so nay cac nc lan can nh TrungMalaysia la 62%. D n nho lai keo theo c cau bat hp ly vphieu chnh phu, trai phieu cong ty ch chiem 2%, trong khi mala nen tang cua th trng trai phieu. Ben canh o thi han co en 50% trai phieu phat hanh co thi han 5 nam.2.1.1.2 Hoat ong giao dch trai phieu

S nho be ve quy mo cua hoat ong phat hanh dan ti hoat ong giao dch. Hoat ong giao dch chu yeu tap trung vchnh phu. Tuy nhien ngay ca chnh cac giao dch nay cung coTheo so lieu thong ke nam 2002, khoi lng giao dch bnh qua


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trai phieu/ phien va gia tr giao dch la 15.057.000 ong/phien2003 tong gia tr trai phieu chnh phu niem yet la 5.561 ty gia tr giao dch ch la 336,523 ty ong chiem 6,5% so vi tophieu niem yet.

Tom lai, viec huy ong von thong qua phat hanh trai phiety co phan viet nam la rat han che . Vay co the noi rang cvan cha c tan dung mot cach co hieu qua trong viec huycac cong ty co phan Viet Nam.2.1.1.3 Hoat ong phat hanh co phieu

Mac du co nhng tien bo vt bac so vi nam trc, tuyphat hanh co phieu e huy ong von cung con rat han che en 29/12/2006 tong gia tr th trng cua cac cong ty niem at chng 13,75 ty USD, trong khi o gia tr cac cong ty niem

lang gieng Thai lan len en 138 ty USD. Hien ch mi co 1quan ly giao dch chnh thc trong so hn 5000 cong ty co phatham gia vao th trng chng khoan la mot con so rat nho cua nen kinh te.2.1.1.4 Hoat ong giao ch co phieu

Tnh hnh giao dch co phieu mac du a c cai thien nh

thap. Tong gia tr giao dch co phieu trong nam 2001 la 1.01trong khi tong gia tr giao dch nam 2002 la 961,82 ty ong . Trokhoi lng giao dch van cha c cai thien. Tnh en het thalng giao dch co phieu trong tng phien van kha nho, gia phieu trong nhieu phien mc di 1 ty ong. Trong 3 tha12/2006) tr lai ay tong gia tr co phieu Viet Nam giao dch


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at 8,7 trieu USD, qua nho be so vi 18 ty USD trong phientien cua san Tokyo.2.1.2 Huy ong von tren th trng t do2.1.2.1 Hoat ong phat hanh

Hoat ong phat hanh trai phieu con rat s khai, ch co mochnh, tn dung thc hien phat hanh trai phieu ra cong chung nchnh quoc te Viet Nam (VILC) thong qua ngan hang Cong tha phat hanh 20 ty ong trai phieu thi han 2 nam vao nathuat phat hanh con nhieu han che nen cac trai phieu nay hoa va khong c giao dch tren th trng chng khoan. Mdoanh nghiep nha nc nh Tong Cong ty ien lc, Tong Cong. Co y nh huy ong von cho cac d an ln thong qua phasong ch mi dng lai mc nghien cu.

Hoat ong phat hanh co phieu, chu yeu tap trung vao canha nc a co phan hoa. Tuy nhien, qua trnh ban co phancac nha au t cung con co mot so iem han che, ac biehanh chng khoan ra cong chung. Viec ban co phan nhieu khbo tren cac phng tien thong tin ai chung ma chu yeu condoanh nghiep hoac tai tru s doanh nghiep hay ch cong bo tre

nganh nen t oi tng tiep nhan c thong tin. ieu nay daphan s hu bi cac nha au t cong chung thap.2.1.2.2 Hoat ong giao dch

Hien nay, chng khoan cua cac cong ty cha tham gia niemdch tai Trung tam giao dch chng khoan Thanh pho Ho Ch chuyen nhng, mua ban tren th trng t do. ay la th tr

to chc, hnh thc hoat ong cua th trng t do thong thn


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moi gii t do, cha c cap phep hanh nghe cua c quadung cac phng tien yet gia tren mang internet hoac mua bana iem khac nhau. Hau het chng khoan cua hang ngan donc a co phan hoa va cong ty co phan a va ang chanh chu yeu tren th trng t do. Hoat ong giao dch nh tredo Viet Nam nh vay la cha c minh bach ve thong tin, ruthuoc ve cac nha au t .

Tom lai, viec huy ong von cua cac cong ty co phan Vietrng t do van con gap rat nhieu kho khan. Va do vay vietrng t do nham tao ieu kien huy ong von hieu qua cho cthi gian ti la rat can thiet.2.2 THC TRANG CAU TRUC VON CUA CAC CONVIET NAM2.2.1 anh gia tnh nang ong cua cau truc von

Tnh nang ong trong cau truc von the hien qua toc o iso n so sach en ty so n th trng. Tuy nhien so lieu khaco phan tieu bieu co anh hng ln tren th trng chngtrong thi qua cho thay cau truc tai chnh cua ho la rat b oieu chnh ty so n so sach tien en ty so n th trng ra

BANG 2.1 : S TAC ONG CUA KHOANG CACTANG TRNG VA QUY MO CONG TY LEN TOC

2003 2004 2005Variable Coefficient Stadard

erroVariable Coefficient Standar

erroVariable Coefficient Standar

erroToc o ieu chnh

(Trung bnh : (0,49))Toc o ieu chnh

(Trung bnh : (0,58))Toc o ieu chnh(Trung bnh: 0,175)

InterceptDistanGrowthSize

0,8967,909

(3,179)(0,001)

1,1766,0092,8080,003


(1,419)7,834

(0,314)(0,000)

1,3954,9891,1870,002


(0,367)2,633

(0,212)(0,000)

0,3531,6970,3160,000

2R = 43,6% R

2= 55,3% R

2= 45,2%

( Nguon : So lieu tnh toan t cac bao cao tai chnh cua 10 cong ty co pha

Nam theo danh sach nh kem ph lc1)


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O TH 2.1

.12

.16

.20

.24

.28

.32

.36

- .4 -.3 -.2 -.1 .0 .1 .2 .3 .4 .5

Toc do dieu chinh

K

h

o

a

n

g

c a

c h

2005

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

- .4 -.3 - .2 - .1 .0 .1 . 2 .3 .4 .5

Toc do dieu chinh

T o c

d o

t a n g

t r u o n g

2005

0

200

400

600

800

1000

-.4 -.3 -.2 -.1 .0 .1 .2 .3 .4 .5

Toc do dieu chinh

Q

u y

m

o c

o n g

t y

2005

T o c

d o

t a n g

t r u o n g

Q u y m o c o n g

t y

K h o a n g c a c

h

That vay, Vi mc y ngha (R) theo tng nam va co khac, Bang 2.1 cho thay : Toc o ieu chnh trung bnh cua cacu the la giai oan 2003 2005 toc o ieu chnh trung bnh 2003 :(0,49); nam 2004 : (0.58); nam 2005 : 0,175 la rat thap. Tcham thay oi cau truc von nham tan dung dong tien e tai

Mat tch cc cua cac cong ty phan tch la khi khoang catnh theo gia tr th trng va ty so n tnh theo gia tr so sacho ieu chnh cang tang, cu the la : Khi khoang cach tang 1chnh tang 7,909% nam 2003; 7,834% nam 2004; 2,633% nam 200noi len rang cac cong ty co phan co s ieu chnh ty so nxay ra.

Tuy nhien, Mat han che the hien qua viec toc o tang trcong ty cang tang th toc o ieu chnh lai cang giam, cu ttang trng tang 1% th toc o ieu chnh giam 3,179% nam 2

nam 2004 va giam 0,212 nam 2005. Cac so lieu nay cho thay c


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tan dung c li the cua toc o tang trng trong viec nangcau truc tai chnh. Neu toc o tang trng cang ln th toc cau truc von muc tieu cang nhanh v nhng cong ty tang trthay de dang thay oi cau truc von bang viec a dang hoa no cho thay viec a dang hoa nguon tai tr cua cac cong ty nhan che.

Quy mo cong ty hau nh khong anh hng g en toc o ty so n trong giai oan 2003 2005. Cu the la, neu quy mo tana th toc o ieu chnh van la (0,00**) . ieu nay the hienco phan Viet Nam cha tan dung li the nh quy mo trong vieso n nham nam bat cac c hoi au t. V quy mo c gia vi toc o ieu chnh do nhng cong ty ln co the de dangnho trong viec thay oi cau truc von bang viec phat hanh n

bi nhng thong tin th luon san sang hn hay bat can xng thdang hoa tot hn cong ty nho.Nhn chung, cau truc von cua cac cong ty co phan c p

b ong, cac cong ty cha tan dung c cac li the ve quy mtang trng e ieu chnh cau truc von sat vi cau truc vnham tan dung cac c hoi au t co hieu qua do gia chng

mang lai.2.2.2 S tac ong cua li nhuan, tai san co nh, khau haosan cong ty len ty so n

Cau truc von cha tan dung c li the ve quy mo connh, va ty suat sinh li. Neu quy mo tai san cang tang, taitang, ty suat sinh li cang tang th cac cong ty co nhieu li th


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phan n. ieu nay ham y rang viec vay n cua cac cong thn. Tuy nhien cac phan tch lai cho thay co khuynh hng ng

BANG 2.2 S TAC ONG CUA KHAU HAO, TAI SQUY MO VA LI NHUAN CONG TY LEN TY S2003 2004 2005

Variable Coefficient Stadarderro

Variable Coefficient Standarerro

Variable Coefficient Standarerro

Ty so n (Lit) Ty so n (Lit) Ty so n ( LCDepr

FixSizePro

0,795(0,429)

(0,140)(0,000)(1,673)

0,0660,120

0,173(0,000)(0,300)

CDepr

FixSizePro

0,916(0,354)

(0,527)(0,000)(1,950)

0,0420,077

0,1140,0000,236

CDepr

FixSizePro

0,724(0,111)

(0,199)(0,000)(1,920)

0,0570,122

0,177(0,000)0,333

R2= 59% R2= 79% R2= 54%(Nguon : So lieu c tnh toan t cac bao cao tai chnh cua 36 cong ty

phan Viet Nam theo danh sach nh kem phu luc1 ) That vay, vi mc y ngha (R) tng nam, va co nh ca

Bang 2.2 cho thay : Neu Khau hao luy ke / Tong tai san ( Dep) ta

so n (Lit) giam 0,429% nam 2003; 0,354 nam 2004; 0,111 namnay cho thay tam chan thue (khau hao) cang tang th cac cohng giam thieu ty so n, cac cong ty thien ve s dung tahao hn la tam chan thue lai suat do vay n - cau truc von kha

Ben canh o, neu Tai san co nh/ Tong tai san (Fix) tan (Lit) giam 0,140% nam 2003; 0,527% nam 2004; 0,199% namvay cac cong ty van cha tan dung het kha nang the chap tn.

Mat khac, neu Quy mo (size) tang 1% th ty so n van lacac nam 2003; 2004; 2005 nh vay hau nh quy mo tai san vahng g en ty so n.


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2.2.3 anh gia tnh chat toi u cua cau truc von

Tom lai, khi li nhuan tang th de dang tao c niem tintai tr, tai san co nh tang th gia tang kha nang the chap, gia tang kha nang a dang hoa nguon tai tr qua o giam thsan, o la cac li the e gia tang quy mo n. Tuy nhien, quthay cac cong ty co phan Viet Nam cha tan dung het cac li

Cuoi cung, neu Li nhuan rong/ Tong tai san (Pro) tang (Lit) giam 1,673% nam 2003; 1,950% nam 2004; 1,920% nam 2005minh chng rang khi li nhuan rong cang tang th cac conghng s dung t n.

Cac cong ty co phan Viet Nam c khao sat kha than s dung mot cau truc von co t n hn von chu s hu. Betr cha c a dang hoa ve c cau. N ngan han chiem ty tr

vi n dai han.

0%10%20%30%40%50%60%

Von chu shu/ Tong tai

san

N ngan han /Tong tai san

N dai han /Tong tai san

Vay ngan han / Tong tai san

Vay dai haTong tai

n /san

29

O TH 2.2


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BANG 2.3 : CAC TY SO TAI CHNH

18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 15% 22% 47% 71% 30% 36% 63% 44% 19% 6% 14% 26% 53% 52% 55%0% 4% 29% 18% 5% 23% 29% 21% 0% 0% 0% 0% 18% 13% 3% 0% 20% 0% 2% 8% 0% 4% 10% 5% 0% 0% 2% 1% 0% 3% 0% 18% 0% 2% 5% 0% 4% 10% 5% 0% 0% 2% 0% 0% 3% 84% 55% 42% 27% 61% 61% 33% 46% 76% 93% 84% 72% 41% 48% 41%16% 45% 58% 73% 39% 39% 67% 54% 24% 7% 16% 28% 59% 52% 59%0% 51% 81% 79% 21% 50% 173% 130% 9% 0% 0% 3% 18% 13% 5% 12% 18% 13% 13% 14% 16% 16% 17% 12% 9% 15% 15% 15% 12% 12%12% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12%8,6% 8,6% 8,6% 8,6% 8,6% 8,6% 8,6% 8,6% 8,6% 8,6% 8,6% 8,6% 8,6% 8,6% 8,6% 8,6% 8,6

( Nguon : So lieu tnh toan t cac bao cao tai chnh cua 36 cong ty co phan V

kem phu luc 2)

Ch tiu 1 2 3 4 5 6 7 8 9 10 11 12

N ngn hn / tng ti sn 17% 53% 20% 27% 65% 28% 32% 7% 38% 32% 23% 3Vay ngn hn/ tng ti sn 0% 25% 5% 1% 18% 3% 23% 2% 0% 13% 0% 4%N di hn / tng ti sn 0% 4% 15% 4% 9% 12% 7% 0% 4% 0% 0% 27%Vay di hn / tng ti sn 0% 4% 15% 4% 9% 12% 7% 0% 0% 0% 0% 27%Vn ch s hu / tng ti sn 83% 40% 64% 69% 25% 60% 60% 90% 57% 67% 75% 4N/ tng ti sn 17% 60% 36% 31% 75% 40% 40% 10% 43% 32% 25% 5Vay / vn c phn 0% 171% 36% 13% 196% 30% 74% 5% 0% 30% 0% 9Chi ph s dng vn c phn( r E ) 15% 18% 24% 17% 15% 10% 17% 20% 13% 16% 24% 2Chi phi s dng vn vay ( r D ) 12% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12% 1Chi phi s dng vn vay sauthu (r*D = r D x (1 28%)) 8,6% 8,6% 8,6% 8,6% 8,6%

8,6%

8,6%

8,6%

8,6% 8,6%

8,6%

8,6%

8,6%


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31

That vay, o th 2.2 va Bang 2.3 cho thay : N / Tong tai sacac cong ty la 45% trong khi Von chu s hu / Tong tai san trN ngan han / Tong tai san trung bnh la 37% trong khi N dai ha

trung bnh ch co 6%. Vay ngan han/ Tong tai san trung bnh la Vay dai han/ Tong tai san trung bnh ch co 6%.

Mot kha canh quan trong hn la cau truc von cua cac cong Nam cha c toi u hoa. Tc la cha toi thieu hoa c chi pbnh quan nham toi a hoa gia tr cong ty. Thc trang nay se qua cac phan tch di ay :

O TH 2.3

0%50%

100%150%200%

250%300%350%

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35

Vay / Vn cphn

Chi ph sdng vn cp

Chi phi sdng vn vay

+ o th 2.3 va Bang 2.3 cho thay : Chi ph s dung von c

bnh la 16% cao hn Chi ph s dung von vay sau thue trung bnh la8,6%).


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32

So lng cong ty co chi ph s dung von co phan ln hn von vay c the hien trong Bang 2.4.

BANG 2.4 : THONG KE CONG TY CO CHI PH DUNPHAN > CHI PH S DUNG VON VAY SAU THUE

Ch tieu Tong so rE>r*DSo lng ( cong ty) Ty le(%)

So lng cong ty 36 36 100%

( Nguon : So lieu trong bang nay c tnh toan t Bang 2.3)

+ Bang 2.4, cho thay : 100% cac cong ty c khao sat ngauchi ph s dung von co phan ln hn chi ph s dung von vay sau

+ Bang 2.3, ch ra rang : Ty le Vay/ Von co phan trung bnnhien con so nay khong phan anh c thc chat van e v mole vay cao a bnh quan hoa th trng.

BANG 2.5 : THONG KE CONG TY T THAM DUNGCh tieu Tong so Vay < Von co phan

So lng ( cong ty) Ty le(%)

So lng cong ty 36 23 64

( Nguon : So lieu trong bang nay c tnh toan t Bang 2.3) + Thc vay, Bang 2.5 a chng to rang : co en 64% (23/3

c quan sat co n vay thap hn von co phan.Tom lai: Trong ieu kien chi ph s dung von co phan ln h

dung von vay, viec cac cong ty tham dung von co phan se khocau truc von, v cha toi thieu hoa c chi ph s dung von bnh

Tuy nhien, lieu cac cong ty co nen m rong quy mo vay nlam ro trong phan phan tch EBIT EPS :


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33


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Trong Bang 2.6, So lieu khao sat 36 cong ty co phan eu (1), tc xac suat e EBIT < EBIT hoa von la 15,87% ( di mThem vao o cac so lieu Z2 hau het cac cong ty eu chEBIT< Lai vay eu tien en 0,0***.( theo Bang phan phoi chuaphu luc 3). Vay, cac ket qua tren a chng minh rang, viec cvay n them la rat co li trong viec giam thieu chi ph s duna hoa gia tr doanh nghiep vi rui ro la hoan toan co the ch

Nguon von tai tr hau het cac cong ty co phan khao ngan han chiem ty trong ln hn vay dai han, n ngan han chihn n dai han. ieu nay noi len phan nao tnh kem ben vtai chnh va cac cong ty cha tap trung nhieu vao ke hoach khan. Theo ket qua eu tra cua Uy ban chng khoan nha nc (UBCKNN), cadoanh nghiep eu mong muon co mot phng thc huy ong von mi e c

thien tnh hnh tai chnh va ap ng c cac hoat ong kinh doanh. Tuy nhiennhieu doanh nghiep cha xac nh ro phng an kinh doanh cung nh nhu cau

von ngan han van la chu yeu. O TH 2.2

0%

20%

40%

60%

80%

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47

Vay ngn hn/Tng ti sn

Vay di hn /Tng ti sn

Nngn hn /Tng ti sn

Ndi hn /Tng ti sn

o th 2.2 cho thay : Ty le n ngan han/ Tong tai san

Tong tai san, Vay ngan han/ Tong tai san > Vay dai han/ To


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vay co the noi hau het cac cong ty cha chu trong au t vokinh doanh dai han.

Tom lai, cac phan tch tren a cho thay cac cong ty co psat cha tan dung c li the ve tai san, li nhuan, quy mokhong tan dung c cac tac ong hu ch cua cau truc voqua. Ben canh o cau truc von con mat can oi, cha at trong c cau tai tr cung nh tnh ben vng can thiet.2.3 NHNG RAO CAN TRONG VIEC HUY ONG VONVON CUA CAC CONG TY CO PHAN VIET NAMNhng rao can tac ong en viec huy ong von cua cac

Viet Nam ma luan van e cap, c mo ta theo hnh ve

Huy ongvon

Nhng rao cant chnh cac

cong ty co phan

Nhng rao canxuat phat th

trng

Nhng rao canxuat t viecieu hanh,

quan ly v mo


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2.3.1 Nhng rao can trong viec huy ong von2.3.1.1 Nhng rao can xuat phat t viec ieu hanh, quan ly

Viec huy ong von cua cac cong ty co phan Viet Nam chieu qua do gap phai nhng rao can t viec ieu hanh, quanh sau:

- Trong ieu hanh, he thong tai chnh b chia cat, th trNgan hang Nha nc quan ly, th trng bao hiem do Bo tath trng chng khoan do Uy ban Chng khoan nha nc gnganh cha co s thong nhat trong xay dng chien lt phat tai chnh noi chung, gay nen nhieu bat cap lam han che viecvon trong nen kinh te mot cach hieu qua. Gay ra s tr tre cuchnh lam suy yeu tnh nang ong trong viec huy ong von cua

- Thc te viec ban hanh cac van ban ve chng khoan va

a vng cho Uy ban chng khoan nha nc la c quankhong c ban hanh cac van ban phap luat, ma phai trnhChnh phu. ieu nay a tao ra s tr tre trong bo may, ma bangay 05/07/2006, Van phong Chnh phu a uy quyen cho Bo hanh 2 quyet nh ve chng khoan va TTCK ( Quyet nh 50,th trng can nhng bien phap nhanh chong, linh hoat th ca U

trng eu phai ch i.- Chnh sach quan ly v mo ve phat trien th trng tai c

rang, mac du a co nhng chuyen bien mang tnh tch cc nmang lai cha cao. Nhng vng mac t c che chnh sach cuavi viec phat hanh chng khoan ra cong chung, ieu kien pchan han nh : ieu kien e doanh nghiep c phat hanh t

TTCK, cong ty phai co von ieu le t 10 ty ong tr len


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trong vong 2 nam gan nhat, ong thi t nhat phai co 50 trai cdoanh nghiep niem yet co phieu tren TTCK, la doanh nghiep pu 3 ieu kien chnh : Von ieu le phai at mc 5 ty ong trlai trong 2 nam gan nhat va co toi thieu 50 co ong ben ngo20% co phieu; ong thi, cac thanh vien HQT, ban giam ophai nam gi 50% so co phieu trong thi gian 3 nam ke tieu 8, ngh nh 144/2003/ N CP, 28/11/2003). Va nh vay, conh rang vi nhng ieu kien o, th hau nh cac cong ty khkien e phat hanh trai phieu va tham gia niem yet co phiehuy ong von mot cach de dang.

- Chien lt phat trien th trng von cua Chnh phu conMac du Chnh phu a the hien quyet tam phat trien th trViet Nam ( qua Quyet nh so 163/2003/Q TTg, ngay 05/08/20

cac muc tieu chien lt nh a tong gia tr th trng chn3% GDP vao nam 2005 va 10 15%GDP vao nam 2010), nhng nh phap ly hien hanh cung nh nhng bien phap trien khainhat vi chien lut nay. V du nh, theo van ban Nha nc phan hoa ( Ch th so 01 Chnh phu thang 01 nam 2003), Nha ngi t nhat 51% co phan oi vi cac Doanh nghiep nha nu

phan hoa co von tren 5 ty ong va san xuat kinh doanh co so gan 2.000 DNNN nam trong ke hoach co phan hoa, se co ma co ong t nhan c chiem phan a so trong cac cong ty

- Hien nay, van ban khong che co phan nc ngoai theo nh 238/2005/Q TTg cua Thu tng chnh phu quy nh trancua cac cong ty trong nc ma ma cac nha au t nc ngoa

mc 30 49, a va ang han che nguon von au t gian ti


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chng khoan oi vi cac cong ty co phan Viet Nam. i ngtrng keu goi au t, xuc tien au t nc ngoai vao Viet Nhn la mat i c hoi thay oi cach ieu hanh doanh nghiep. ieche kha nang huy ong von cua cac cong ty.

- C che, chnh sach e tao moi trng kinh doanh bnh abach cho tat ca cac doanh nghiep van con co nhng han chehe thong ke toan con nhieu bat cap, ky luat tai chnh lonnghiep noi chung khong bat buoc phai kiem toan va cong khmoi trng kinh doanh khong sm c cai tao ong bo th viau t vao chng khoan la rat kho khan. Do vay,viec huy onhieu kho khan hn.2.3.1.2 Nhng rao can xuat phat t th trng

Huy ong von cua cac Cong ty co phan kem hieu qua co

nhan t pha th trng, ien hnh la :- Th trng tai chnh cha phat trien ong bo ve c cau, c

ve trnh o gia cac bo phan hp thanh. Cac hoat ong trechnh nc ta mi ch tap trung vao th trng von ngan haso hoat ong huy ong va cho vay tn dung thong thng qua cCha nhieu cac hoat ong tren th trng von dai han. T

khoan con trong giai oan khi ong. Sau 6 nam hoat ong ttrng chng khoan cha thc s la kenh huy ong von hu hty noi chung. Th trng th cap cha phat trien keo theo strng s cap. Mat bang lai suat hien nay khoang 10,8%/ namcua cac co ong hien tai khoan 16% nam, o la so ky vohuy ong von tren th trng chng khoan la kha at va k


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- Th trng th cap hoat ong tram lang, kem soi okhoan cua th trng khong cao la nguyen nhan sau xa dan ekem cua th trng s cap trong thi gian gan ay. Them vao thong tin cua cac doanh nghiep niem yet trong mot so trng hthc, anh mat long tin cua cong chung au t oi vi th thnh la khoan lo bat ng cua Cong ty C ien lanh REE va bnam 2001 cua Cong ty Banh keo Bien Hoa en nay con treo lau t con hoai nghi ve tnh chnh xac cua cac bao cao tai chkinh doanh cua cong ty niem yet ). Pham vi hoat ong cua th tcon nho hep, tao ra s han che ve tnh thanh khoan cho chng ap cho th trng s cap phat trien. Mot khi th trng s cacung cap hang hoa cho th trng th cap, mat khac th trtrien se tao ieu kien cho viec huy ong von thuan li va hie

- Th trng tien te va th trng chng khoan co moi lvi nhau. Khi lai suat tren th trng tien te tang len, khi thnong len, th th trng chng khoan cung soi ong. Tuy nhiemc o tac ong qua lai gia th trng tien te va th trViet Nam con cha ro net do th trng tien te van ang conquy mo TTCK con kha nho ( Tong gia tr von hoa th trng

chiem khoang 0,83% tong von huy ong va khoang 0,80% toncua he thong ngan hang). Nam 2004, mac du gia tr giao dccao nhng tong gia tr tham gia trai phieu cua cac ngan hang thgom ca bao lanh va au thau) chiem 1,28% tong von huy tong von cho vay cua he thong ngan hang nen tac ong cuong ngan hang con rat han che.


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- Nhng han che noi tai cua nen kinh te, TTCK Viet Nam tren nen tang cua mot nen kinh te ang phat trien; tuoi icon qua non tre la nguyen nhan tao ra nhng bc i cham Viet Nam. Nhng han che ve s hieu biet cua cong chungkhoan cong ty, trnh o tac nghiep cua cac cong ty chng khniem yet, bao lanh phat hanh, t van, moi gii chng khoanhng rao can oi vi viec huy ong von cua cac cong ty.

- C s ha tang cong nghe ky thuat trong giao dch chng nhieu bat cap. Trong o van e gay tr ngai nhat oi vi TTCK Viet Nam hien nay chnh la van e ket noi va ng duthong tin cha c thong suot vi nhau qua mot ket noi duy ngiao dch chng khoan cha ap ng c mot cach hu hieu dch t xa. Nguyen nhan la do tnh trang au t na vi thie

ngay t ban au. Tai Trung tam giao dch chng khoan (TT GDCTrung tam x ly thong tin (PM) ang s dung do mot cong ty tdng xuat phat t yeu cau cua trung tam. PM nay co nang cho phep trung tam lam viec vi 50 cong ty chng khoan thnhien, PM nay ang boc lo han che ln ve quy trnh nghiep phep nhap lenh tai san ch cha ho tr giao dch t xa. Do kin

hep nen trung tam thieu he thong mang WAN hoan chnh e cong ty chng khoan thanh vien. Con tai thanh pho Ho Ch ln lai nam cho, he thong PM x ly lenh ( cua Thai Lamc quoc te nhng lai khong c ho tr e ieu chnh cho pcau Viet Nam.

- Thieu vang s tham gia tch cc cua nhng nha au t to

trng, nhng nha au t co phieu tren TTCK Viet Nam hau


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mang tnh au c hn la au t, nha au t chien lt con rat knay a tao ra nhng mam mong bat on cua th trng gia tacac cong ty trong viec huy ong von. Nhng nha au t to ccung nh nc ngoai cha tham gia nhieu vao mua co phieu cuniem yet, mot phan la do tnh kem hap dan cua cac co phienhng cung mot phan do nhng kho khan, phc tap lien quan phap ly. Nhng kho khan o la khung phap ly ve bao veong thieu so cha ay u, thieu chuan cac chuan mc ve bach thong tin, cac quy nh cha ro rang ve che o thue oquy au t nc ngoai, cac han che ve han mc au t cuangoai.

- Con rat nhieu van e bat cap tren th trng trai phiecha tao c lai suat chuan do lai suat tren th trng tien te

ung quan he cung cau von, so thanh vien tham gia au thau ieu hanh lai suat trung thau theo lai suat ch ao. ong thcap co he thong c s ha tang, lu ky, thanh toan bu tr chcong ty chng khoan co tiem lc tai chnh yeu, nen kha nangtrai phieu la rat han che, cha thiet lap c th trng giao rieng cho trai phieu.Tnh ong bo cua th trng trai phieu

kha nang tap trung va phan bo nguon lc tai chnh qua th trhieu qua, con co s khap khieng gia c cau va ky han huydung von. S phoi hp gia cac kenh huy ong von cha ong2.3.1.3 Nhng rao can xuat phat t chnh cac cong ty

- Rao can ln gay kho khan trong huy ong von la, haucong ty co phan Viet Nam con nho ( Theo Bo Ke hoach va

nghiep va va nho chiem 96% trong tong so gan 250.000 doan


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ky hoat ong theo luat doanh nghiep). ieu quan trong hn nquan tr cong ty con yeu, cha tao ra c o tin cay can thic hnh anh tot oi vi nha au t. Bao cao cua kiem tobo lan au vao 17/08/2006, a tiet lo nhng yeu kem tram trthong tai cac doanh nghiep ngoai quoc doanh nh : cach quatheo kieu cong ty gia nh hay theo thuan tien van la mo htrong ln . ay la mo hnh c cho la phu hp vi thoi qungi Viet Nam. Gay kho khan trong viec tiep can cac nguycap cao cua cac nc kinh te phat trien.

- So lng va chat lng chng khoan niem yet con nhiehn 6 nam hoat ong cua th trng chng khoan, vi 193 Cova thi iem hien tai, tat ca cac cong ty niem yet hau het co quy mo va va nho vi so von khoang vai chuc ty o

hut oi vi cac nha au t. Ban than cac cong ty cung co ntn tren thng trng, nen cha tao dng c long tin oi vi ac biet la cac nha au t chien lt.

- Ben canh o, nhan thc cua cac cong ty co phan ve lvon qua th trng von con m ho. Huy ong von bang co phu tien hang au cua ho. Phan ln cac cong ty van con ta

nhu cau von ngan han do cha tap trung vao cac phng an khan. Theo ket qua ieu tra cua UBCKNN, hau nh khong co nao phat hanh trai phieu va lien quan vi nc ngoai 60,9%c hoi hien huy ong von cho san xuat kinh doanh chu yeu bngan hang. Trong khi o, so doanh nghiep co huy ong von bco phieu chiem 54,8% so doanh nghiep c ieu tra, chu yeu

co phan nha nc. Ngoai ra, co 38,3% so doanh nghiep co h


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cong nhan vien. 38,3% so doanh nghiep huy ong t cac nguoban chu, s dung von cua oi tac.

- Tam ly lo ngai ve minh bach tai chnh, s cong khai thominh bach tai chnh va cong khai thong tin nh la mot ghanh nacac cong ty niem yet. Ben canh o mot so cong ty con e ngcong bo thong tin khi niem yet tren th trng chng khoan. Bs mat quyen kiem soat, mot so lng ln cac cong ty cha chuan ve von e niem yet chng khoan. Mot kha canh khacthau tom cung la rao can trong huy ong von cua cac cong

Tren ay la nhng rao can tao ra s kho khan cho cac cohuy ong von, tiep theo luan van xin i vao phan tch nhng viec hoach nh cau truc von .2.3.2 Nhng rao can trong viec hoach nh cau truc von

2.3.2.1 Nhng rao can xuat phat t quan ly v mo- S khong hieu qua cua he thong luat phap ma cu th

cha co he thong luat the chap tai san a lam can tr viong n co hieu lc. Trong trng hp v n, s thu hoi taiton kem va rat mat thi gian. Mat khac ieu nay dan en ctang oi vi cac nha cho vay.

- Cac quy nh ve nh gia tai san con nhieu bat cap nhnh vo hnh, phan ln gia tr tai san co nh c nh gia cth trng, cu the la cac ngan hang khi nh gia tai san thevao gia ong thue, ph, le ph la gia rat lac hau. Thu tuc vkho khan nh han mc tn dung, co s khong che ty le vayhang. a lam cho cac cong ty co quy mo tai san co nh l

hng s dung t n.


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- Mot so quy nh ve quan ly th trng bat ong san gan ay ma noi bat la ngh nh 181 cam phan lo ban necho th trng nay tram lang. T nam 2003 en nay th trncua Viet Nam nam sau lanh hn nam trc . Theo so lieu tho2003 giao dch a oc thanh cong giam 28%, nam 2004 giam 56giam 78% tnh mong va kem thanh khoan cua th trng th casan cong ty tao ra s khong chac chan s thu hoi gia tr th tkhong khuyen khch cac cong ty cung nh cac nha tai tr von

- Cac ieu kien niem yet trai phieu con qua cao, hau hephan co quy mo va va nho, khong u kha nang phat hanong nguon von vay dai han tren th trng chng khoan. Vitrng oi vi cac cong ty con nhieu bat cap, van e bat ccon rat ln, khien cac cong ty co khuynh hng tai tr nguo

khi co li nhuan ngay cang cao. Hay khong co moi quan he onhuan va ty so n.2.3.2.2 Nhng rao can xuat phat t th trng

- Th trng luon anh gia kha nang, trien vong phat trico phan qua rat nhieu kha canh nh thng hieu, th phan, ty suP/E, EPS, toc o tang trng va ac biet la cac ty so tai

tao ap lc buoc cac cong ty canh tranh nhau ve viec tao hnh aep, e ap ng th hieu cua th trung cac cong ty buoc phty so tai chnh muc tieu sat vi so lieu cua bnh quan ngagay can tr trong viec m rong quy mo n.

- Tnh mong va kem thanh khoan cua th trng th casan cong ty tao ra s khong chac chan s thu hoi gia tr th tr


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bat ong san ong bang lam gia tr tai san co nh co xuhan che kha nang tiep nhan c cac khoan vay vi gia tr h

- Th trng trai phieu cong ty con mc s khai, hau ncha tiep can c nguon von trung va dai han thong qua phatcong ty . ieu nay, a va ang tao ra s mat can oi trong c han che viec m rong quy mo n vay dai han.

- S khong chac chan cua nen kinh te ang chuyen oicanh tranh ngay cang khoc liet a lam giam kha nang duy tr dan en chi ph pha san se gia tang a lam giam li the cua

- Cac nghiep vu va cong cu huy ong von hien ai cua tkhoan phai sinh con rat nhieu han che, v vay viec ieu chbang cach a dang hoa cac nguon tai tr la rat kho khan.2.3.2.3 Nhng rao can xuat phat t chnh cac cong ty

- Cau truc von kha n ieu trong c cau mot phan do trncau truc von con nhieu han che. Hau het cac doanh nghiep cac chng khoan ngoai lai, e huy ong von. Mat can oi tronien hnh la n ngan han ln hn so vi n dai han.

- Cac bat cap trong viec quan ly von lu ong, hang tonlu chuyen nhanh, cac khoan phai thu con ong, phai tra

cao, trong khi cac cong ty phai duy tr ty so n muc tieu th vievay co tra lai suat nham toi u hoa cau truc von la ieu kh

- Cac cong ty cha thc s gay an tng ve o tin cay, naoi vi nha tai tr von. Ben canh o viec xay dng nh mcac cong ty con la khai niem qua mi me. Chnh nhng iecan giam thieu kha nang am phan nguon tai tr cua cac co


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- Nhng cong ty ln hn co the oi mat t hn kha nangho co the a dang hoa tot hn ( Wanner (1977), Titman and Wessedo vay quy mo cang ln cang co khuynh hng vay n nhieu hViet Nam th quy mo cang ln th ty so n co xu hng giamnang a dang hoa cua cac cong ty con nhieu bat cap.

Tren ay la nhng rao can lam cho cac cong ty cha tathe ve quy mo, tai san co nh, ty suat sinh li ong thi chcau truc von.KET LUAN CHNG 2

Ben canh nhng thanh tu at c nh th trng chngcang phat trien, vi quy mo nam sau cao hn nam trc. He tang c hoan thien. Toc o phat tang trng kinh te ang mc cao. Viet Nam a gia nhap WTO m ra nhieu c hoi kinh

Moi trng kinh doanh dan c cai thien theo hng thong thoangnhieu thuan li hn cho cac doanh nghiep huy ong von. Tuy nhivon va cau truc von cua cac cong ty co phan hien van coyeu nh :

Th trng chng khoan co quy mo van con nho, cha ttiem nang phat trien cua at nc, cha thc s la kenh hu

hieu cho cac cong ty co phan. Cac han che t he thong luat ieu tiet v mo trong cai cach th trng tai chnh a han chvi cac cong ty. S thieu minh bach cua th trng tai chnh, han che ve kien thc chng khoan trong cong chung. S yeucong ty, lam han che kha nang tiep nhan von t ben ngoai

Cau truc von cua cac cong ty c khao sat noi len nh

nh : Cau truc von kha b ong va cha tan dung c cac l


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tai san co nh, toc o tang trng, li nhuan mang lai tronnguon tai tr. ieu nay xuat phat t nhng han che trong hetao ra tnh hieu lc trong cac hp ong n. Do th trng bat tao ra vai tro thanh khoan cho cac tai san the chap. Th trngty con kha s khai

Cac cong ty c quan sat cha toi u hoa c cau truc cua cong ty van la tham dung von co phan e tao c mottot oi vi nha au t. Cau truc von do vay la con rat batrong , trong khi viec m rong quy mo n vay e toi u hoa cacon bo ngo. Tnh mat can oi trong c cau tai tr ma cu thchiem ty trong thap xuat phat t cho yeu ve chien lt kinthem vao o la cac cong ty cha the tiep can c viec huytrai phieu do han che ve quy mo va s khat khe trong ieu kie


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CHNG 3

GIAI PHAP NANG CAO HIEU QUA HUY VA HOAN THIEN CAU TRUC VON CHO C

CO PHAN VIET NAM3.1 GIAI PHAP NANG CAO HIEU QUA HUY ONG VCONG TY CO PHAN VIET NAM3.1.1 oi vi viec ieu hanh quan ly v mo

T ong hoa quy trnh xet duyet van banNen thay oi quy trnh xet duyet van ban thu cong hien

trnh xet duyet ien t. Nham am bao ieu hanh th trnglinh hoat theo s thay oi cua xa hoi thc tai, va giai quyet nhra cua th trng chng khoan mot cach mem deo, nang othc tien hn.

Gia tang s phoi hp va ieu chnh chien lt phat trietai chnhCan phai co s thong nhat gia cac bo nganh trong viec

lt phat trien th trng tai chnh vi nhng cam ket va lo ttao ra moi trng thuan li hn cho cac cong ty huy ong von. hep th trng t do nh nhng g ghi trong Quyet nh 898/Q

20/02/2006 M rong TTCK co to chc, thu hep th trng t do; phan aen nam 2010 tong gia tr von hoa TTCK co to chc at 10 15%GDPmacan phai phat trien song song th trng t do OTC va TTCK trcua mot he thong phap ly c hoan thien, nham a dang hovon cho cac cong ty. V hau het cac cong ty co phan Viet Namva va nho khong hoi u nhng ieu kien niem yet tren th

v vay neu thu hep th trng OTC se khong phat huy c n


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kinh te. Mat khac khi tao ieu kien cho th trng OTC phat tquy che tao buc em e chuyen cac doanh nghiep phat trieOTC len th trng tap trung. Va nen coi ay la nguon quan tcho th trng chng khoan tap trung. Can ban hanh cac quy kiem soat c viec s dung chng khoan lam vat the chap tai Ngan hang nham bien cac dong von nho, le troi noi trothe san sang tham gia TTCK vi t cach von trung va dai hanthiet co the hoac la ban lai qua OTC hoac la the chap vaNHTM

Xay dng cac van ban hng dan thi hanh luat chng kLuat chng khoan a c Quoc hoi thong qua va co h

01/01/2007. Do vay cac c quan Chnh phu can khan trng xay dban hng dan thi hanh nham a luat sm i vao thc tien

hien ra soat, bo sung cac van ban phap luat, phoi hp chaquan hu quan trong viec hoan thien cac van ban phap luat mau thuan va chong cheo. u tien tao lap c s phap ly chocac chuan mc quan ly, giam sat va to chc he thong giamvi thong le quoc te, ong thi chu trong cac quy nh ve sben nc ngoai vao TTCK can sm c hoan chnh.

Hnh thanh th trng chng khoan loai 2e tao ieu kien cho cac cong ty co phan huy ong vo

ni long cac ieu kien e c niem yet trai phieu va co pcho hnh thanh th trng chng khoan loai 2, qua viec thanh ladch th hai th trng giao dch chng khoan cho cac cong kien niem yet vi cac tieu chuan giam nhe. Tc la cho phe

khoan cac cong ty khong u ieu kien neu tren ( von ieu


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c giao dch qua he thong thoa thuan vi cac ieu kien nkhoan niem yet nham a dang hoa cac kenh huy ong von.

anh gia tnh kha thi cua d an theo chuan mc quoc tieu chuan niem yet

Trong thi gian ti can chu trong vao viec anh gia hievon, tham nh tnh kha thi cua cac d an trong tng lai c tnguon von huy ong nay bang nhng tieu chuan, chuan mc vtnh quoc te. Nhng tieu chuan, chuan mc va thong le nay chanh nham giam thieu rui ro cho cac nha au t, am baoong c s dung hieu qua. Thiet ngh, cac ieu kien nh vdoanh co lai, so lng trai chu khong che hien tai nen tuc ban au, con tnh kha thi cua cac d an huy ong von cus dung von nen c xem nh ieu kien tien quyet e c

chap nhan niem yet chng khoan. ieu chnh lai quyet nh khong che ty le han che co

au t nc ngoai tien ti ban hanh quy che mi ve ban clap ty le co phan cho nha au t nc ngoai

Luat doanh nghiep va Luat au t a xoa bo ty le han nha au t nc ngoai trong doanh nghiep Viet Nam, ch tr

nghe kinh doanh co ieu kien la han che ty le gop von, tuy nban nao se quy nh danh muc nganh nghe kinh doanh co ieus hu co phan ap dung cho nha au t nc ngoai, cha cocha the xac nh nhng nganh nghe con lai la khong han chcho nha au t nc ngoai. Do o, quy che ban co phan vaphan cua nha au t nc ngoai trong cac nganh nghe kinh

kien cho doanh nghiep c thanh lap theo Luat doanh nghiep th


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van ban do Thu tng Chnh phu ban hanh. ieu nay hoan toluat doanh nghiep va Luat au t, phu hp vi cam ket quoc ttrng va hoi nhap. Trong khi ch i quy che mi th can sQuyet nh 238/2005/ Q TTg cua Thu tng chnh phu To nc ngoai mua, ban chng khoan tren TTCK Viet Nam c 49% tong so co phieu niem yet, ang ky giao dch cua mot tang ky giao dch tren TTGDCK. Can c sa oi lai la Toi a 100% .tr nhng nganh nghe kinh doanh co ieu kien.Nham thu hut von au tnc ngoai vao Viet Nam, m rong c hoi huy ong von chophan.

Nang cao chat lng thong tin ke toan, kiem toan va trnh kiem soat

Trong thi gian ti can tiep tuc nang cao chat lng thon

ap dung cac chuan mc ke toan, kiem toan phu hp vi tNang cao chat lng kiem toan oc lap nen cho phep cac cotham gia kiem toan cac cong ty niem yet. Ben canh o cankiem toan lai cac cong ty kiem toan, thong qua quy trnh giatrong th trng tai chnh theo mo hnh : C quan kiem soat th 1cong ty kiem toan, c quan kiem soat th 2 giam sat c quan

kiem soat th 3 giam sat c quan th 2 va cuoi cung c quanhoi co chc nang giam sat tat ca cac nha kiem toan ln. Ctren th trng chng khoan bat buoc phai c kiem toan nh ro cac yeu cau cong bo thong tin, cac tieu chuan ve trnngi lap bao cao. Co cac quy nh x phat cu the, ro ranoi vi cac vi pham trong hoat ong cong bo thong tin, tra

thng thiet hai cho nha au t trong trng hp vi pham cong b


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Che o u ai oi vi cong ty niem yet, nha au t coe khuyen khch cac cong ty co phan niem yet chng k

phep s dung chng khoan cua cong ty niem yet lam phngbao lanh thanh toan. Co che o u ai cong ty niem yet trenkhoan tiep can de dang vi ngan hang. Giam thue hanh chviec phat hanh mua ban chng khoan. ong thi giam thuenghiep 5% oi vi cac nha au t co to chc e thu hut aunhieu hn.3.1.2 oi vi th trng

Phat trien th trng tai chnh mot cach ong bo, vi mogia th trng von ngan han, va th trng von trung dai hacan tiep tuc phat trien th trng chng khoan nham tao ievon mot cach tot nhat cho cac cong ty co phan qua cac giai p

Quoc te hoa hoat ong phat hanh chng khoanThc hien nguyen tac cua to chc cac uy ban chng k

(IOSCO) trong hoat ong phat hanh chng khoan ( to chc pcong bo ay u cac thong tin quan trong oi vi viec ra quyau t). Ve ieu kien chao ban chng khoan, ngoai viec phieu kien ve mc von va so nam kinh doanh co lai, to ch

ay u thong tin, phai co ban cao bach, bao cao tai chnh chuan mc va thong le quoc te.

Tao tnh thanh khoan cho th trng th cap theo chuan mte Nham tao tnh thanh khoan cao trong th trng th cap ca

nhng bien phap nham tang tnh thanh khoan theo cac nguyen

mc quoc te nh : Quy nh ty le ky quy va ky quy bang


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dung giao dch lien tuc va giao dch trong ngay. Ben canh ocong tac ao tao, tuyen truyen pho cap va nang cao kien thcung nh cac oi tng tham gia TTCK nham tang cng squang ba ve hnh anh TTCK ra cong chung. ong thi ay phat trien nguon nhan lc cho TTCK, bao gom ca cac chuyendanh muc au t, phan tch au t chng khoan. Trong cong tachu y ti viec xay dng va thc thi bo tieu chuan ao cchuan ve ieu kien hanh nghe.

ieu tiet au t cua dan chung qua viec nang cao hieu qhanh chnh sach tien te

Nang cao hieu qua ieu hanh chnh sach tien te cua Ngang nham ieu tiet au t cua dan chung.V th trng tien chng khoan nh hai bnh thong nhau trong s luan chuyen von

e hai th trng nay chu s tac ong cua cong cu lai suat. ngan hang tang hoac giam se anh hng en gia chng ktang, t o ieu tiet dong luan chuyen von t th trng chtrng tien te va ngc lai. Thi gian ti can duy tr chnh sacon nh mi co the phat trien c th trng chng khoanhuy ong von mot cach de dang cho cac cong ty.

Thu hut cac nha au t co to chc, nha au t chuyen Can thu hut cac nha au t co to chc, cac nha au t

ac biet la cac quy au t v s hien dien cua cac nha ahng tch cc en s phat trien cua ca th trng. S gop au t co to chc khong ch gop phan tang cau va tnh thatrng, ma quan trong hn, cac to chc nay se nh hng v

th trng cua cac co phieu niem yet mot cach chuyen nghie


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se giam thieu nhng dao ong phi th trng tao ra bi nhmang tnh au c, tang tnh on nh cho th trng. Vi vai tro lco kinh nghiem, cac nha au t co to chc con gop phan cquan tr cong ty tai cac cong ty niem yet, anh hng tch ckinh doanh. e co the thu hut c cac nha au t co to chthuc ay tang trng kinh te, on nh chnh tr, tiep tuc hoanphap ly, khuon kho quan ly th trng, phat trien quy mo thva trien khai ap dung cac chuan mc quoc te ve quan tr vanghiep, quan ly nha nc. Tang tnh minh bach cua th trngtai cac doanh nghiep co phan t nhan; ban hanh cac chnh sachoat ong lau dai cua cac quy au t nc ngoai

Xay dng chien lt phat trien cac to chc dch vu chPhat trien cac to chc dch vu chng khoan, lam the na

nay co the cung cap cho khach hang nhng dch vu co tnh Trong thi gian ti can m rong quy mo cua cac to chc dctren c s chu ong xay dng chien lt phat trien cac dch rong mang li khach hang. Tng bc t do hoa c che c vu, ni long, tien ti t do hoa hoan toan theo c che th trkhoan ph bat hp ly nham nang cao kha nang canh tranh va

vu. Khuyen khch tham gia cua cac to chc dch vu chng khogop phan nang cao chat lng dch vu.

Xay dng ha tang cho th trng von thong qua viec thnh nh mc tn nhiem, tien en minh bach hoa th trng.

Can phai tao dng o tin cay cua cong ty v trc moi quvon, cac nha tai tr thng chu y en o tin cay va uy tn

canh viec nang cao hieu qua cua cong tac ke toan, kiem to


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dng ha tang cho th trng von thong qua viec tao lap mo hnhiem la rat can thiet. Thi gian ti can co s hien dien cumc tn nhiem nham d bo rao can ve thong tin gia cac nnha phat hanh chng khoan. nh mc tn nhiem ong vai chng nhan cho tnh minh bach cua thong tin, la viec anh giahien dien trong mot chng khoan ca the, bao ham ca rui ronganh hang en rui ro tng doanh nghiep. Ben canh viec thu hnh mc tn nhiem nh Moodys va Fitch Ratings hay Standards& Viet Nam th cung can phat trien cac to chc nh mc tn nhimc tn nhiem khong ch s dung cho cac nha phat hanh ra thma con nhieu y ngha khac nh s dung trong cac hp ong dnc ngoai, s dung nh mot chuan mc so sanh vi oi thnhan cho mot to chc co tnh minh bach tot.

Tao lap xu hng ket noi chng khoan khu vcTao lap mot xu hng ket noi chng khoan thong nhat cket gia cac san giao dch chng khoan trong nc vi nhau dch chng khoan trong khu vc. Sap ti can co e an xay dnghe chung cho th trng chng khoan Viet Nam. Cac cong tyco the giao dch trc tuyen vi cac san giao dch va thong nha

trung tam giao dch chng khoan TP.HCM va Ha Noi. Thiet lap th trng von ASEANHien thc hoa muc tieu cua hp tac phat trien th tr

la thu hep khoang cach phat trien th trng von gia cac tc s phat trien th trng co trat t trong khu vc. Thiet latrng von ASEAN sau rong nh at c s hp tac va ket

gia cac th trng von cua cac nc thanh vien ASEAN.


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muc tieu hp tac ket noi qua bien gii gia cac TTCK cuavien ASEAN, cac lnh vc hp tac can phai c thc hien quThiet lap he thong ao tao ve phat trien th trng von giaHnh thanh cac thoa thuan chung ve th trng trai phieu vaphieu. Lien ket cac he thong thanh toan va giao dch chng cac chuan mc, tieu chuan th trng von gia cac nc trong

Xay dng va phat trien th trng chng khoan phatrng trai phieu chuyen biet

Xay dng va phat trien th trng chng khoan phai sintrung vao phat trien cac cong cu quyen chon, hp ong kyhoan oitien ti hoi nhap vi cac th trng chng khoamo hnh cac cong ty chuyen kinh doanh ve quyen chon, hhan..Tao dng mot th trng trai phieu chuyen biet, m ro

von cho cac cong ty va va nho. Can tao ra c mc lai suaen cung cau trai phieu. Tiep tuc nang cao tiem lc tai chnh chng khoan cho phep ho tr th trng trai phieu. Phat tritrng trai phieu chnh phu va th trng trai phieu cong ty.

Thu hut nguon von nhan roi vao th trng chng khoae thu hut nguon von tiet kiem trong dan chung au

khoan, can co nhng quy nh cho phep cac ca nhan, to chtai san e vay von au t vao chng khoan. Bo tai chnh ctrung tam ao tao nghiep vu kinh doanh chng khoan vi s qchuyen gia trong va ngoai nc cung ket hp vi cong nghegiup pho cap kien thc chng khoan en vi cong chung.


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Tao nhieu c hoi m rong th trng kinh doanh cho cac cBo thng mai, Bo ke hoach va au t can ay manh h

tien thng mai, xuc tien au t, chnh phu can ay manh catac song phng va a phng ve kinh te thng mai nham tao ncho cac doanh nghiep Viet Nam noi chung va cac cong ty co pnoi rieng m rong th trng nuc ngoai, m rong th phanc nhieu c hoi lam an mi, nang cao kha nang canh trancac cong ty tren trng quoc te, tao ra cac trien vong phat trlc thong qua cac d an au t mi.3.1.3 oi vi cac cong ty co phan

Nang cao trnh o quan tr cong ty, ay manh hoat ongsat nhap cong ty

Nang cao trnh o quan tr cong ty thong qua viec tham gia

cac nha au t chuyen nghiep, quy au t, cac nha au t ncac cong ty nho, cong ty lam an thua lo, sc canh tranh kem thon tn bi cac cong ty nc ngoai qua o nang cao c giadung c cong nghe va trnh o quan ly tien tien. Ben canco the sat nhap lai tao ra cac tong cong ty co quy mo ln nhnang canh tranh va chat lng chng khoan.

Lam mi hnh anh cong ty tren thng trngCan tao dng hnh anh ve nang lc cong ty thong qua

minh cho nha au t ve kha nang quan ly, ky nang hoat ochnh cung nh s nhay ben trong kinh doanh. Ben canh cai thiechuan mc ve tai chnh can ap dung cac tieu chuan quan ly nhan tieu chuan ISO, TQM,.) bi chung la nhng bieu hien

nang kinh doanh cua cong ty trong con mat cua cac nha au t


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nang cao gia tr tai san am bao khi vay von, ben canh viechp phap cua tai san co nh hu hnh, thi gian ti can tapnh tnh hp phap cua tai san co nh vo hnh, nh gia tr tphan, kenh phan phoi....thong qua mot to chc chuyen nghiepnang huy ong von trong cong ty.

Thay oi t duy va nhan thc ve th trng chng khoanThay oi nhan thc cua cac cong ty co phan ve tnh ta

huy ong von thong qua th trng chng khoan la mot xu hLa quy luat tat yeu cua cac cong ty co phan trong qua trnh todo hoa tai chnh. La yeu cau khach quan e cac cong ty ton trong mot nen kinh te th trng canh tranh. V TTCK tao ieu cong ty co phan co c hoi huy ong von cho au t va nang chieu va v the cua cong ty. Trong thi gian ti, can co chie

trnh o quan tr cac cong ty co phan Viet Nam trong o bao gooi cac nhan thc sai lam ve th trng chng khoan, xoa boniem yet chng khoan cua mot so cong ty co phan hien nayquan ly theo hng nang ong, can am oi au vi thach tcac cong ty co phan mi hy vong gianh lay cac c hoi do hquoc te tao ra va tan dung chung mot cach co hieu qua.

Thanh lap cac tap oan mang tnh toan cauViet Nam vi phan ln cac cong ty co phan co quy mo

chien lt kinh doanh dai han, viec am bao ty suat sinh li trong cuoc canh tranh ngay cang khoc liet hn do hoi nhap kinTrong xu the o giai phap hp tac oan ket tao nen cac tapthanh cac doanh nghiep toan cau la rat quan trong v o la qu

nang cao kha nang canh tranh qua viec chia se th trng, na


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thng hieu, ac biet la kha nang tai chnh. Tao ra v the mnhan cac nguon von mi.

Hoc cach lam an quoc te Trong xu the hoi nhap kinh te, cac cong ty can phai tha

quan ly, thay oi tap quan kinh doanh theo kieu gia nh, hoc quoc te trong qua trnh hoi nhap qua viec tham gia cac hoi chhoc cach tiep th, tiep thu he thong ke toan, luat phap, tai cua quoc te mi co the hp tac tot trong kinh doanh. Trong tncong ty co phan ang chu sc ep phai cau truc lai, phai thunguon lc mi, nang lc chuyen mi vao he thong mnh. Quong quan tr vi cac co ong va cac ben lien quan ch tthong quan tr cong ty c lanh manh va minh bach. Viequy tac va thong le quoc te ve quan tr cong ty la mot yeu

en. Tap trung au t vao cac chien lt kinh doanh dai hanNeu cac cong ty co phan co chien lt kinh doanh dai h

hay, co ke ke hoach tai tr cho cac chien lt kinh doanh, caccach minh bach, ro rang th viec huy ong von tr nen de daDo o, trong thi gian ti cac cong ty co phan Viet Nam can

vao cac chien lt kinh doanh dai han, trong o chu trong vaonguon nhan lc, oi mi cong nghe va tm kiem cac d an

Tren ay la cac giai phap e nang cao hieu qua huy ocong ty co phan Viet Nam, tiep theo luan van se e cap enham hoan thien cau truc von cho cac cong ty co phan Viegian ti.


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3.2 GIAI PHAP HOAN THIEN CAU TRUC VON CHOPHAN VIET NAM.3.2.1 oi vi viec ieu hanh quan ly v mo

Ban hanh luat the chap tai sanTrong thi gian ti Viet Nam can ban hanh luat the chap t

am bao viec thu hoi n cua cac chu n, am bao s thu hocua nhng ngi i vay mot cach co hieu qua. Qua o, cac cthe tan dung li the nh quy mo tai san trong viec gia tang kh

Thanh lap to chc nh gia tai san thong nhatThanh lap mot to chc nh gia tai san cong ty thong

nang lc nh gia tai san, ac biet la tai san co nh vo hngia tr tai san the chap cua cac cong ty, v theo thong le hihang khi nh gia tai san thng lay gia tr tai san khai bao

le ph la gia rat lac hau gay kho khan trong viec gia tang quy Hoan thien he thong luat bat ong sanHoan thien he thong luat lien quan en bat ong san nha

phat trien nang ong th trng bat ong san ac biet la ththiet b, nha xng nham tao tnh thanh khoan cho bat ong sas chac chan trong viec thu hoi cac bat ong san theo gia th

vay mi tao nen tang vng chac cho cac cong ty gia tang quyngoai.

Phat trien mo hnh cac cong ty mua ban n, cong ty chng khoan

Tao ra nhieu mc o cho phep huy ong von bang trai pbang cac quy nh cu the. Thiet lap he thong luat tao ieu ki


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trien cac cong ty mua ban n, cac cong ty bao hiem rui ro cho, m ra vien canh sang lang hn cho cac cong ty co phan n so sach en ty so n th trng mot cach de dang.

Phat trien nghiep vu chng khoan hoaCan co nhng quy nh phat trien nghiep vu chng khoa

phat hanh khong con la nhan to quyet nh chat lng chnang sinh li cua cac tai san dung lam tai san am bao seva o an toan cua chng khoan phat hanh. Ket qua cua quahoa la cac tai san co tnh thanh khoan kem thanh chng khang hoa c giao dch tren th trng von. Tao ieu kien chuy ong von tot hn.

Nang cao vai tro cua hoi nghe nghiep trong viec ho tr vNang cao vai tro cua hoi nghe nghiep ma cu the la h

nghiep nen thanh lap hoi ong cung vi ngan hang tham doanh nghiep vay von. Cac ngan hang nen cho doanh nghiep vaan kha thi vi ieu ki

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