MC LCDANH MC K HIU VIT TT..............................................................4 LI M U..................................................................................................1 CHNG I: MT S VN L LUN V CTCPNY V CNG KHAI MINH BCH BCTC CA CTCPNY................................................1 I.TNG QUAN V CNG TY C PHN VIT NAM......................1 1.Khi nim, c im, vai tr ca CTCPNY........................................1 1.1. Khi nim cng ty c phn...............................................................1 1.1.1. Cng ty c phn:........................................................................1 1.1.2. Cng ty c phn nim yt..........................................................2 1.2. Vai tr ca cng ty nim yt.............................................................5 1.3. c im ca cc CTCPNY..............................................................5 2.Nim yt c phiu trn cc S giao dch Chng khon ca mt s nc............................................................................................................8 2.1. S giao dch Chng khon Thi Lan............................................8 2.2. S giao dch Chng khon Trung Quc.......................................9 3. Bi hc kinh nghim cho Vit Nam...................................................10 II. CNG KHAI V MINH BCH BCTC CA CC CNG TY C PHN NIM YT.....................................................................................11 1. H thng BCTC ca cc CTCPNY...................................................11 2. S cn thit phi cng khai v minh bch BCTC ca cc CTCPNY ..................................................................................................................14 3. Mt s quy nh v cng khai v minh bch BCTC........................16 3.1. Lp BCTC........................................................................................16 3.2. Hnh thc cng khai v minh bch BCTC....................................16 3.3.Nhng yu cu v cht lng i vi BCTC..................................17 4. Vai tr, ngha ca vic cng khai v minh bch BCTC...............20 III. KINH NGHIM CA MT S NC V CNG KHAI MINH BCH BCTC..............................................................................................22 1. Hot ng cng khai v minh bch BCTC ca cc CTCPNY M ..................................................................................................................23 2. Hot ng cng khai v minh bch cc thng tin trong BCTC ca cc CTCPNY Trung Quc. ...................................................................26 CHNG II. THC TRNG CNG KHAI V MINH BCH BCTC CA CC CNG TY C PHN NIM YT VIT NAM.................29 I. QU TRNH HNH THNH V PHT TRIN CA CC CNG TY C PHN NIM YT VIT NAM .............................................29 1. Th trng chng khon Vit Nam...................................................29 1.1. Khi nim th trng chng khon.............................................29

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1.2. Vi nt v TTCK Vit Nam...........................................................29 1.3. Vai tr TTCK i vi nn kinh t.................................................31 1.3.1. Huy ng vn u t cho nn kinh t......................................31 1.3.2. Cung cp mi trng u t cho cng chng..........................32 1.3.3. To tnh thanh khon cho cc chng khon............................32 1.3.4.nh gi hot ng ca doanh nghip......................................32 1.3.5. To mi trng gip Chnh ph thc hin cc chnh sch kinh t v m..............................................................................................32 2. Cc cng ty c phn nim yt Vit Nam...........................................33 2.1. Quy m nim yt ca cc CTCPNY Vit Nam ............................33 2.2. Vn iu l ca cc CTCPNY......................................................36 2.3.S lng cc CTCPNY..................................................................38 2.4. nh gi chung v kt qu hot ng kinh doanh ca cc cng ty nim yt trn TTCK Vit Nam.........................................................41 II. THC TRNG CNG KHAI V MINH BACH BCTC CA CNG TY C PHN NIM YT...........................................................47 1. Thc trng cng khai v minh bch BCTC.....................................47 2. nh gi v ch k ton, kim ton hin hnh...........................53 2.1. Ch k ton doanh nghip.........................................................53 2.2. Ch kim ton.............................................................................55 3. Hot ng qun tr cng ty cc CTCPNY Vit Nam...................56 III. NH GI V TNH HNH CNG KHAI V MINH BCH BCTC CA CC CNG TY C PHN NIM YT VIT NAM..58 1. Nhn xt chung...................................................................................58 2. Phn tch mt s nguyn nhn c bn ca nhng tn ti trn.......60 CHNG III. MT S GII PHP V KIN NGH ..........................64 I. CN C XUT KIN NGH ........................................................64 1. Yu cu ca vic hi nhp kinh t quc t.......................................64 2. nh hng ca Nh nc.................................................................66 3. Mt s thun li v kh khn ca cc cng ty nim yt v vn cng khai v minh bch BCTC.............................................................68 3.1 Nhng thun li............................................................................68 2.2. Nhng kh khn...........................................................................69 II. MT S KIN NGH V GII PHP.............................................70 1. Mt s kin ngh i vi Nh nc...................................................70 1.1. To mi trng kinh doanh minh bch ......................................72 1.2. Yu cu kim ton thng nin hoc nh k bt buc i vi cc CTCPNY Vit Nam........................................................................72 1.3. Phi c bin php thc y doanh nghip ln nim yt trn th trng chng khon ...........................................................................73

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1.4. Cc Trung tm giao dch chng khon cn phi hon thin hn na h thng v cc knh cung cp thng tin v cc cng ty nim yt n cc nh u t...............................................................................74 1.5. Cc Trung tm giao dch, S giao dch cn phi c gii php m bo tnh kp thi ca thng tin c cng b v bo mt thng tin m bo quyn li cho cc nh u t.....................................74 1.6. Xy dng c ch cng khai v minh bch thng tin .................74 1.7. Cn c mt t chc chuyn mn thc hin nh gi cht lng bn cng b thng tin ca cc CTNY.................................................76 2. Mt s gii php i vi CTCPNY ..................................................76 KT LUN....................................................................................................81 DANH MC TI LIU THAM KHO.......................................................1

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DANH MC K HIU VIT TT

BCTC CKNY CTCK CTNY CTCPNY HTTT KL CKNY SGDCK Tp. HCM TTCK TTCKVN TTGDCK HN UBCKNN

Bo co ti chnh Chng khon nim yt Cng ty chng khon Cng ty nim yt Cng ty c phn nim yt H thng thng tin Khi lng chng khon nim yt S giao dch Chng khon Thnh ph H Ch Minh Th trng chng khon Th trng chng khon Vit Nam Trung tm giao dch Chng khon H Ni y ban Chng khon Nh nc

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LI M U1. Tnh cp thit ca ti Trong giai on hin nay, ton cu ha v hi nhp kinh t quc t tr thnh xu hng tt yu ca tt c cc quc gia trn th gii. Trong bi cnh , ng v Nh nc ta a nn kinh t ch ng hi nhp nn kinh t khu vc v th gii. Khi Vit Nam tr thnh thnh vin ca T chc Thng mi th gii (WTO), vic to mt mi trng kinh doanh cng bng v minh bch l yu t v cng quan trng thu ht vn u t trong nc, trong khu vc v trn th gii. iu ny c th coi l iu kin tin quyt to nim tin cho cc nh u t. Mt trong nhng vn t ra l phi tp trung pht trin th trng ti chnh vi mc tiu hnh thnh th trng chng khon, mt th ch cao cp ca kinh t th trng, v pht trin kinh t, chng ta khng th dng li phng thc thu ht u t ngn hn thng qua h thng cc ngn hng thng mi v Kho bc Nh nc m phi to vn u t cho cng nghip ha, hin i ha t nc. Trc tnh hnh , ngy 20/7/2000, Trung tm Giao dch chng khon TP. H Ch Minh, th trng giao dch tp trung u tin ca Vit Nam i vo hot ng nh du s ra i ca th trng chng khon nc ta. Qua gn 8 nm hot ng, TTCK c nhiu khi sc, vic thu ht u t c nng cao. Tuy nhin, c rt nhiu nh u t trong nc ln nc ngoi, h vn cha dm mo him u t vo cc CTCPNY trn TTCK. Bi v, Vit Nam vic cng khai v minh bch BCTC l mt vn cn rt mi, cc CTCPNY vn cn rt nhiu b ng. Nhn thc c tm quan trng ca vn , em chn ti: Cng khai v minh bch BCTC ca cc CTCPNY Vit Nam-Thc trng v gii php lm ti nghin cu cho kha lun ca mnh.

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2. Mc ch nghin cu Th nht, h thng ha v lm r vn l lun v khi nim, c im cuar nim yt, vai tr, chc nng ca BCTC, ng thi a ra kinh nghim ca mt s nc trong vic cng khai v minh bch BCTC. Th hai, nh gi thc trng TTCK hot ng trong vng gn 8 nm qua, s lng, quy m, vn iu l, lnh vc hot ng ca cc CTCPNY, thc trng cng khai v minh bch BCTC ti cc doanh nghip ny. Qua phn tch nhng kh khn, tn ti trong cng tc trn. Th ba, xut cc gii php i vi Nh nc v doanh nghip nng cao tnh cng khai v minh bch BCTC. 3. i tng v phm vi nghin cu Kha lun tp trung vo vic cng khai v minh bch BCTC, thc trng ti Vit Nam, cng nh cc gii php, cc quy ch vn ny tr thnh mt vic bt buc vi cc doanh nghip. Do y l mt lnh vc rng ln v kh nng c hn nn phm vi nghin cu ca ti ch tp trung vo cc CTCPNY Vit Nam. 4. Phng php nghin cu Kha lun s dng cc phng php nghin cu duy vt bin chng, duy vt lch s, cc phng php khoa hc khc nh phng php thng k, so snh tng hp. 5. Kt cu ca kha lun Ngoi li m u, kt lun v danh mc ti liu tham kho, kha lun c kt cu thnh 3 chng nh sau: Chng I: Mt s vn l lun v CTCPNY v cng khai, minh bch BCTC ca cc CTCPNY. Chng II. Thc trng cng khai v minh bch BCTC ca cc CTCPNY Vit Nam.

Chng III: Mt gii php v xut i vi vn cng khai v minh bch BCTC ca cc CTCPNY Vit Nam. t c kt qu ngy hm nay, khng th thiu s hng dn nhit tnh ca c gio Ts. Trn Th Kim Anh, ngi quan tm hng dn, gip em hon thnh kha lun ny. Bi vy, em xin gi li cm n su sc ti c. Nhn dp ny, em cng xin gi li cm n n cc thy c gio trong trng du dt em trong sut nhng nm hc va qua.

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CHNG I: MT S VN L LUN V CTCPNY V CNG KHAI MINH BCH BCTC CA CTCPNYI. 1. TNG QUAN V CNG TY C PHN VIT NAM Khi nim, c im, vai tr ca CTCPNY

1.1. Khi nim cng ty c phn 1.1.1. Cng ty c phn: Theo Lut doanh nghip Vit Nam nm 2005 (iu 77) nh sau: - Cng ty c phn l doanh nghip, trong : Vn iu l c chia thnh nhiu phn bng nhau gi l c phn. C ng c th l t chc, c nhn, s lng c ng ti thiu l ba C ng chu trch nhim v cc khon n v ngha v ti sn khc C ng c quyn t do chuyn nhng c phn ca mnh cho

v khng hn ch s lng ti a. ca doanh nghip trong phm vi s vn gp vo doanh nghip. ngi khc, tr c phn u i biu quyt th khng c chuyn nhng v c phn ca c ng sng lp ch c chuyn nhng hn ch (theo khon 3 iu 81 v khon 5 iu 84). - Cng ty c phn c t cch php nhn k t ngy c cp Giy chng nhn ng k kinh doanh. - Cng ty c phn l quyn pht hnh chng khon cc loi huy ng vn. Nh vy, t nh ngha trn c th rt ra kt lun: Cng ty c phn l loi hnh c trng ca cng ty i vn, ngha l khi thnh lp v trong sut qu trnh hot ng cc thnh vin cng ty hon ton khng quan tm n nhn thn ngi gp vn m ch quan tm n phn vn gp ca h bi v i vi loi hnh cng ty ny t cch thnh vin cng ty v cc quyn ca c ng trong vic quyt nh cc vn lin quan n c cu t chc v hot ng ca cng ty c quy nh trc ht bi s lng cc c phiu ca cng ty m1

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ngi nm gi. Cng ty c phn c t cch php nhn c lp, mang tnh t chc cao, c cu trc vn phc tp. Cng ty c phn c quyn pht hnh chng khon ra cng chng. Vi tnh cht ny, cng ty c phn l hnh thc t chc c bit nng ng c th s dng huy ng vn thng qua cc giao dch trn th trng chng khon. 1.1.2. Cng ty c phn nim yt Trc ht hiu c CTCPNY, chng ta phi bit c c phiu nim yt l g? iu kin nim yt c phiu trn s giao dch l g? - Nim yt c phiu l vic a cc c phiu c iu kin vo giao dch ti s giao dch chng khon hoc trung tm giao dch chng khon. Nim yt l mt trong nhng hnh thc pht hnh c phiu ra cng chng. Hot ng nim yt gn lin vi th trng chng khon tp trung. Cc c phiu mun c nim yt trn s giao dch phi p ng c cc tiu chun ca s giao dch. Quy nh c th v iu kin nim yt ty thuc vo quy ch ca mi s giao dch. Cc ngn hng nim yt phi tun th nghim ngt quy trnh v nhng quy nh v vn cng khai ti chnh ca s giao dch ni c phiu ca cng ty c nim yt. - iu kin nim yt c phiu trn s giao dch: T chc pht hnh khi nim yt c phiu ti s giao dch chng khon, Trung tm giao dch chng khon phi p ng cc iu kin v vn, hot ng kinh doanh v kh nng ti chnh, s c ng hoc s ngi s hu c phiu. T chc pht hnh np h s nim yt phi chu trch nhim v tnh chnh xc, trung thc v y ca h s nim yt. T chc t vn nim yt, t chc kim ton c chp thun, ngi k bo co kim ton v bt c t chc, c nhn no xc nhn h s nim yt phi chu trch nhim trong phm vi lin quan n h s nim yt. Chnh ph quy nh iu kin, h s, th tc nim yt chng khon ti s giao dch chng khon. Trung tm giao dch chng khon v vic nim yt cinh Th Linh 2 Lp: A2 QTKD K43

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phiu ti S giao dch chng khon nc ngoi. Mc d, mi nc u c nhng quy nh v pht hnh v nim yt song nhng quy nh ny u da trn nhng c s nht nh, i vi TTCKVN vic nim yt c phiu phi tun th nghim ngt nhng iu kin ca B Ti chnh, do UBCKNN ban hnh. - iu kin i vi cng ty c phn c php nim yt: Theo thng t 59/ 2004/TT-BTC ca B Ti chnh hng dn v Nim yt c phiu v tri phiu trn th trng tp trung ban hnh ngy 18/6/2004, cc cng ty nu p ng c y nhng iu kin sau th hon ton c th lp h s nim yt chng khon ln s giao dch: L cng ty c phn c vn iu l gp ti thi im xin cp giy C tnh hnh ti chnh lnh mnh, trong khng c cc khon n phi php nim yt ti thiu t 05 t ng tr ln, tnh theo gi tr s sch; tr qu hn trn 01 nm; hon thnh cc ngha v ti chnh vi Nh nc v ngi lao ng trong cng ty. i vi t chc tn dng v t chc ti chnh phi ngn hng, tnh hnh ti chnh c nh gi theo quy nh ca c quan qun l chuyn ngnh. C li nhun sau thu trong 02 nm lin tc lin trc nm xin php nim yt l s dng, ng thi khng c l ly k tnh n thi im xin cp giy php nim yt. i vi doanh nghip thc hin chuyn i thnh cng ty c phn, thi gian 02 nm lin tc c li lin trc nm xin php nim yt l bao gm c thi gian trc khi chuyn i. i vi doanh nghip Nh nc c phn ha v nim yt ngay trn TTCK trong vng mt nm sau khi thc hin chuyn i, hot ng kinh doanh ca nm lin trc nm xin php phi c li. Cc c ng l thnh vin Hi ng qun tr, Ban gim c, Ban kim sot ca cng ty phi cam kt nm gi t nht 50% s c phiu do mnh s hu

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trong thi gian 3 nm, k t khi nim yt, khng tnh s c phiu thuc s hu Nh nc, do cc c nhn trn i din nm gi. Quy nh ny khng p dng vi cc cng ty nim yt theo quy nh trc y. Ti thiu 20% vn c phn ca cng ty do t nht 50 c ng ngoi t chc pht hnh nm gi. i vi cng ty c vn c phn t 100 t ng tr ln th t l ny ti thiu l 15% vn c phn. Nh vy, CTCPNY l g? V khi nim ny, theo sn giao dch Chng khon Lun n nh ngha: DNNY l cng ty c php nim yt chnh thc c phiu ca n trn sn giao dch chng khon Lun n. Trang u t ti chnh Lun n Malanta li vit: DNNY l cng ty m chng khon ca n c nim yt trn TTCK.Mt s khi nim khc nh sau: Mt cng ty c c hp ng vi s giao dch chng khon, m theo c phiu ca cng ty ny c quyn nim yt trn th trng ti chnh th gi l cng ty nim yt. www.promtheas.com/glassary.php DNNY l cng ty c phn m trong s chng khon ca n c t nht 1 loi c php cho giao dch trn TTCK. www.newpoland.com/financepolglasary.htm DNNY l nhng cng ty c iu kin a c phiu ra giao dch trn TTCK. (Cng ty chng khon Si Gn-HSC-HCM Securities Corparation). Nh vy, cc khi nim trn u thng nht ch : - DNNY l cc cng ty c phn - DNNY phi l cng ty c t nht mt loi chng khon ca mnh c nim yt chnh thc trn sn Giao dch chng khon. y cng l hai im khi qut ca mt DNNY. Tuy nhin, ty thuc vo lut php mi nc m yu cu v tiu chun vi mt doanh nghip c nim yt chnh thc trn sn giao dch chng khon s khc nhau. Vit Nam, sau khi Ngh nh 144/2003/N-CP ban hnh ni lng iu kin v vninh Th Linh 4 Lp: A2 QTKD K43

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ca cng ty c phn c nim yt ti thiu l 5 t VN thay cho mc c l 10 t VN th trong bn d tho ngh nh thi hnh mt s iu ca Lut chng khon 2006 nng mc ny ln 50 t VN. C th, iu 11 trong d tho a ra iu kin nim yt c phiu ti S GDCK l: Cng ty c phn c vn iu l gp ti thi im ng k nim yt t 50 t VN tr ln, tnh theo gi tr trn s k ton. Nu c thng qua th mc mi ny s cao gp 10 ln mc quy nh hin hnh. Cc iu kin i km nim yt c phiu l hot ng kinh doanh hai nm lin trc nm ng k nim yt c phiu phi c li v khng l ly k tnh n nm ng k nim yt. Ngoi ra, cc DN khng c cc khon n cha c d phng, phi cng khai mi khon n i vi thnh vin hi ng qun tr, ban gim c, c ng ln v nhng ngi c lin quan, ti thiu c 20% c phiu c quyn biu quyt ca cng ty do t nht 100 c ng khng phi l nh u t chuyn nghip nm gi. 1.2. Vai tr ca cng ty nim yt - CTCPNY l ngun cung cp hng ha ch yu trn th trng chng khon v to iu kin cho cc nh u t c nhiu s la chn kim li. - Quy m ca th trng chng khon ph thuc vo s lng CTCPNY v gi tr ca cc chng khon lu hnh. Khi doanh nghip hot ng tt th gi ca chng khon s cao v ngc li. 1.3. c im ca cc CTCPNY Mi trng th ch cho hot ng ca cc cng ty ang nim yt trn th trng chng khon Vit Nam c hai im ni bt sau: Th nht, Vit Nam l nc ang trong qu trnh chuyn i t nn kinh t tp trung sang nn kinh t th trng. Th hai, hu ht cc cng ty ang nim yt trn th trng chng khon Vit Nam c tin thn l cc cng ty nh nc, mc d c c phn ho nhng nh nc vn c c phn ti cc cng ty ny. iu ny khng kh hiu thy rng Vit Nam c cu trc th ch khc bit vi cc nc pht trininh Th Linh 5 Lp: A2 QTKD K43

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cng nh cc nc ang pht trin khc. V d, trong th gii ca Modigliani v Miller1, thu s khng c tc ng n quyt nh c cu vn ca cc cng ty trong nn kinh t ch huy. Bi v, nh nc va l ch cc cng ty, cc ngn hng v ng thi cng l ngi hng li t thu. Mt c im na rt d nhn thy khi tham gia TTCK, a c phiu ln nim yt trn cc S giao dch Chng khon v Trung tm giao dch chng khon ca cc cng ty c phn l phi i mt vi nhiu c hi v thch thc. Trc ht l c hi i vi cc CTCPNY ny: Th nht: Qung b tn tui. So vi cc cng ty c phn cha nim yt v cc doanh nghip khc, r rng l cc cng ty ny c li th hn rt nhiu trong vic qung b hnh nh, tn tui ca cng ty mnh. Hng ngy, hng gi trn cc S giao dch Chng khon cc thng tin v gi c phiu, v phin giao dch, c hng triu cc nh u t quan tm. Nh vy, d t hay nhiu, tn tui ca cc cng ty nim yt vn c bit nhiu hn. Hin nay, s lng cc cng ty nim yt trn S giao dch Chng khon TP. HCM v Trung tm giao dch Chng khon H Ni cha nhiu, ch khong 287 cng ty nim yt (tnh n ngy 16/5/2008). Do , vic nh tn cc cng ty ny cng khng kh khn i vi cc nh u t. Vic qung co hnh nh ca cng ty s tng kh nng thu ht ngun vn t bn ngoi, gip cng ty c iu kin m rng sn xut kinh doanh, tng li nhun. Th hai, Huy ng vn. Chnh c hi th nht li l tin , l nguyn nhn cc cng ty nim yt c c c hi th hai, l huy ng vn. Cc CTCPNY bt buc phi cng khai, minh bch cc thng tin trong bo co ti chnh, v th tin cy v cc ch s li nhun c tng cao hn rt nhiu. Cc nh u t sn sng tham gia trong knh huy ng vn ca cc cng ty

1

Hai nh kinh t ot gii thng Nobel, l nhng ngi t nn mng u tin cho l thuyt ti chnh doanh nghip hin i.

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nim yt ny. Cng khai v minh bch khin cho vic huy ng vn tr nn thun li v d dng hn. Th ba, Tit kim Thu. i vi cc CTCPNY, trong 02 nm k t khi ng k nim yt c phiu trn TTCK c gim 50% thu thu nhp doanh nghip. y l mt trong nhng u i ca y ban Chng khon Nh nc. Th t, Hot ng sn xut kinh doanh ca cng ty c cng khai v minh bch . hot ng c trn TTCK v cng l mt u im ca cc CTCPNY, l vic cng khai v minh bch mi thng tin. Tt c cc cng ty tham gia nim yt u phi cng khai tnh hnh ti chnh ca mnh. iu ny to nn mt mi trng cnh tranh lnh mnh. Cng ty no lm n hiu qu s thu ht u t, cng ty no thua l s b o thi theo quy lut kinh doanh tt yu. Do , khi tham gia vo TTCK, trnh b ph sn, cc CTCPNY phi n lc hot ng hiu qu. Cng vi nhng c hi l nhng thch thc lun i theo m cc CTCPNY phi i mt: Th nht: Cc bo co ti chnh phi c lp v np theo nh k. y cng chnh l mt p lc ln. Trong nhng nm gn y, hin tng xin gia hn vic np BCTC khng phi l him trn TTCK. Th hai, Ch ph cng b thng tin v chi ph nim yt. Chi ph nim yt ph thuc vo vn iu l ca cng ty. STT 1 2 3 4 Tn ph Nim yt di 10 t Nim yt 10 n di 50 t Nim yt t 50 t n di 100 t Nim yt t 100 t tr ln nh k thu Hng nm 5.000.000 10.000.000 15.000.000 20.000.000 Mc thu

Ngun: Quyt nh s 184/Q-UBCK ngy 17/3/2006

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Th ba, d b c ng ln thu tm. Quyn hn v ting ni ca cc c ng ln trong cc cng ty c phn l rt ln. Cc c ng ln ny thng c xu hng thn tnh v nh ot vic hot ng sn xut kinh doanh ca cng ty. Th t, ban lnh o cng ty chu nhiu p lc. Vic cng khai hot ng sn xut kinh doanh ca cng ty s gy rt nhiu p lc cho ban lnh o. Nht l trong trng hp lm n thua l, gi c phiu gim, TTCK st gim, hot ng khng hiu qu. p lc t cc c ng, cc nh u t l rt ln. Nh vy, mc d cn nhiu thch thc nhng nhng c hi m TTCK mang li thu ht rt nhiu cng ty xin giy php ng k c nim yt. C th thy rng s lng cc cng ty nim yt ngy cng tng trn TTCK, hot ng kinh doanh ngy cng pht trin, tnh trng l tht li gi hn ch i rt nhiu, iu ny to nim tin cho cc c ng, cc nh u t ca doanh nghip. 2.Nim yt c phiu trn cc S giao dch Chng khon ca mt s nc 2.1. S giao dch Chng khon Thi Lan SGDCK Thi Lan (SET) l mt t chc php nhn hot ng vi t cch khng v mc ch li nhun v chu s kim sot ca UBCK Thi Lan (SEC). SGDCK Thi Lan ra cc tiu ch nim yt cht ch. Tuy nhin chi ph cho vic nim yt y c cho l thp nht so vi chi ph bt k th trng no khc, ng thi c nhng chnh sch u i cho nhng cng ty xp vo loi c bit ( l nhng cng ty u t vo cc d n c s h tng v cc cng ty ln hot ng trong lnh vc cng nghip c bn khi tham gia vo th trng tin hnh nhng hot ng mang li li ch cho KT-XH). Ngoi ra, ty thuc lnh vc u t ca cng ty nim yt m SGD c nhng tiu ch khc nhau, nhng tt c cc cng ty nim yt trn SGD u phi l cng ty TNHH i chng.

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Lp: A2 QTKD K43

Kho lun tt nghip

Cc cng ty xin nim yt phi np h s theo di qu trnh hot ng trong vng 3 nm. i vi cng ty loi c bit, ban qun l cng ty phi kh nng v kinh nghim qun l trong lnh vc . Cc cng ty nim yt chng khon phi p ng c cc iu kin: phi c vn ng k ti thiu l 60 triu Baht (2,4 triu USD), tng s vn t nht l 500.000.000 Baht (20 triu USD), t nht 600 c ng nh s hu t nht 30% vn ng k, lm n c li t nht trong 3 nm gn y. Yu cu v li nhun rng p dng cho cc cng ty nim yt nh sau: Li nhun rng sau thu (p dng cho c cc hot ng tng hp) trong 3 nm lin phi t t nht 80 triu Baht trong nm mt ti thiu l 5 triu Baht, nm 2 ti thiu l 20 triu, nm 3 l 30 triu. 2.2. S giao dch Chng khon Trung Quc Ton b hot ng chng khon Trung Quc tp trung vo 2 S giao dch Chng khon l Thng Hi v Thm Quyn. SGDCK Thng Hi (SHSE) c thnh lp ngy 10/12/1980 v Thm Quyn l 3/7/1991. C hai u do chnh quyn Nh nc a phng qun l. Mt cng ty nim yt ti cc SGDCK phi m bo c cc iu kin tin quyt: Chuyn sang hnh thc s hu c phn. Ngoi ra cc cng ty phi p ng c mt s iu kin c th do SGDCK t ra nh : SGDCK Thng Hi quy nh tiu chun chnh i vi cc cng ty nh sau: phi ng k vi cc qun l Thng mi v Cng nghip Thng Hi, vn t c tng ng 250.000 USD, t nht c 2% trong tng khi lng c phiu pht hnh phi c bn ra cng chng, cng ty c t nht mt thnh vin ca SHSE bo lnh. c nim yt ti SGDCK Thm Quyn, cc cng ty phi p ng cc tiu chun sau: c tnh hnh ti chnh v kt qu kinh doanh tt, c ti sn rng khng di 1.25 triu USD, cng ty c s lng c ng ti thiu 800 ngi, t nht 25% tng khi lng pht hnh ra cng chng. C phiu pht hnh trn SGDCK Trung Quc c 4 loi: c phiu A (bng NDT bn cho ngi bn x), c phiu B (bng ngoi t bn cho ngi ncinh Th Linh 9 Lp: A2 QTKD K43

Kho lun tt nghip

ngoi), c phiu H (nim yt ti th trng Hong Kong) v c phiu N (nim yt ti th trng New York). 3. Bi hc kinh nghim cho Vit Nam Thnh lp c quan qun l Nh nc v TTCK: Thc t trn th trng cho thy, TTCK c th c hnh thnh t pht khng do Nh nc xy dng nhng n mt thi im no y, cc nc u thnh lp c quan qun l Nh nc. Nc no sm thnh lp c quan qun l Nh nc th th trng pht trin tt. Cc c quan qun l nh nc ny thng l cc c quan qun l c lp t di s qun l ca Quc hi hoc ca Chnh ph. Tng bc hon thin SGDCK Thnh lp v a mt SGDCK i vo hot ng khng c ngha l ngay t u c y chc nng, nghip v nh mt SGDCK hon chnh m ty thuc vo iu kin pht trin ca tng nc. Ban u c th thnh lp cc SGD quy m nh cho ph hp vi dung lng th trng trong iu kin hng ha cha nhiu, cng chng tham gia cha ng o, cha c iu kin, c s vt cht, vn hot ng cng nh kinh nghim qun l. Vic xy dng hai TTGDCK TP.HCM nm 2000 v nay i thnh SGDCK TP.HCM (2007) v a TTGDCK H Ni i vo hot ng nm 2005 trong bc i u ca TTCK VN l s vn dng sng to kinh nghim ca TTCK th gii vo iu kin c th ca Vit Nam. Cho php chng khon nc ngoi nim yt trn SGDCK Mt vn khc l cho php chng khon nc ngoi nim yt trn SGD. Khi mi hot ng, hu ht cc SGDCK Chu u hn ch, khng cho php chng khon nc ngoi nim yt trn SGDCK ca mnh. Tuy nhin, cc nc li khuyn khch cc cng ty nim yt trong nc nim yt chng khon trn cc SGDCK nc ngoi. Chnh sch ny nhm hn ch s tc ng bn ngoi vo TTCK v ng thi nhm tng cng huy ng vn choinh Th Linh 10 Lp: A2 QTKD K43

Kho lun tt nghip

nn kinh t trong nc nh trng hp ca Trung Quc. n mt trnh pht trin nht nh, cc gii hn trn c d b dn. SGDCK cc nc pht trin nh M, Nht Bn, Anh u m ca cho s tham gia nim yt chng khon nc ngoi. II. CNG KHAI V MINH BCH BCTC CA CC CNG TY C PHN NIM YT 1. H thng BCTC ca cc CTCPNY tm hiu BCTC ca cc CTCPNY th vic xem xt mt khi nim rng hn, tng qut hn-bo co k ton ca doanh nghip l iu cn thit. Bo co k ton l kt qu ca cng tc k ton trong mt k k ton, l ngun thng tin quan trng khng ch cho doanh nghip m cho nhiu i tng bn ngoi c quyn li trc tip hoc gin tip i vi hot ng ca doanh nghip. Cn c vo mc ch thng tin cng nh tnh php lnh ca thng tin c cung cp th bo co k ton ca doanh nghip c phn thnh: Bo co k ton qun tr v bo co k ton ti chnh. Bo co k ton qun tr l nhng bo co phc v cho yu cu qun tr v iu hnh hot ng sn xut kinh doanh ca nh qun l doanh nghip. Bo co k ton qun tr cung cp nhng thng tin cn thit cho nh qun l lp k hoch, nh gi v kim sot hot ng trong doanh nghip, n tn ti v li ch ca nh qun l. Loi bo co k ton th hai, l bo co ti chnh. Bo co ti chnh l mt h thng thng tin c x l bi h thng k ton ti chnh, nhm cung cp nhng thng tin ti chnh c ch cho cc i tng s dng a ra quyt nh kinh t. Trong h thng k ton doanh nghip Vit Nam, BCTC c xc nh l loi bo co tng hp v tnh hnh ti sn, ngun vn cng nh tnh hnh v kt qu kinh doanh ca doanh nghip trong mt thi k nht nh, c th hin thng qua cc ch tiu c mi lin h vi nhau do Nhinh Th Linh 11 Lp: A2 QTKD K43

Kho lun tt nghip

nc qui nh thng nht v mang tnh php lnh. N cung cp cho ngi s dng thy c bc tranh ton cnh v tnh hnh hot ng ca doanh nghip. Ngoi ra, bn cht ca BCTC cn c Vin kim ton vin cng chng Hoa k (AICPA) pht biu nh sau: H thng BCTC c lp nhm mc ch phc v cho vic xem xt nh k hoc bo co v qu trnh hot ng ca nh qun l, v tnh hnh u t trong kinh doanh v nhng kt qu t c trong thi k bo co. H thng BCTC phn nh s kt hp ca nhng s kin c ghi nhn, nhng nguyn tc k ton v nhng nh gi ca c nhn, m trong nhng nh gi v nguyn tc k ton c p dng c nh hng ch yu n vic ghi nhn cc s kin. Nhng nh gi ng n tu thuc vo kh nng v s trung thc ca ngi lp bo co, ng thi ph thuc vo s tun th i vi nhng nguyn tc k ton c chp nhn rng ri. Tm li, bn cht ca BCTC l phn nh cc s kin din ra trong qu kh trn c s cc nguyn tc k ton c tha nhn v nhng nh gi ca c nhn, nhm cung cp thng tin ti chnh cho cc i tng s dng thng tin ca doanh nghip. Mt mt do thng tin trnh by trn BCTC ch yu chu s chi phi bi nhng nh gi ca ngi lp BCTC, mt khc do c s tch bit gia s s hu v kh nng kim sot ca nhng ngi cung cp vn cho doanh nghip, nn BCTC phi c kim ton bi mt t chc kim ton c lp. Khc vi bo co k ton qun tr, mc tiu ca bo co ti chnh l cung cp thng tin hu ch v tnh hnh ti chnh (ti sn v ngun vn), kt qu hot ng ti chnh cng nh nhng thay i v tnh hnh ti chnh ca mt doanh nghip cho nhiu i tng s dng trong vic ra quyt nh kinh doanh. BCTC phc v cho yu cu qun l ca doanh nghip cng nh ca cc i tng bn ngoi. BCTC l bt buc, Nh nc quy nh thng nht v danh mc bo co, biu mu v h thng cc ch tiu, phng php lp, ni gi bo co v thi gian gi bo co (qu, nm).inh Th Linh 12 Lp: A2 QTKD K43

Kho lun tt nghip

Theo quyt nh s 167/2000/ Q-BTC ngy 25/10/2000 v ch bo co ti chnh doanh nghip v chun mc k ton s 21 v trnh by bo co ti chnh ban hnh v cng b theo quyt nh 234/2003/Q-BTC ngy 30/12/2003, p dng cho cc doanh nghip thuc mi lnh vc, mi thnh phn kinh t trong c nc trong p dng cho cc CTCPNY, h thng bo co ti chnh ca Vit Nam bao gm 4 biu mu bo co bt buc: - Bng cn i k ton - Kt qu hot ng kinh doanh - Lu chuyn tin t - Thuyt minh bo co ti chnh Trong : - Bng cn i k ton l BCTC c cc c im : (i) phn nh mt cch tng qut ton b ti sn doanh nghip theo mt h thng cc ch tiu c qui nh thng nht; (ii) phn nh tnh hnh ti sn theo hai cch phn loi : kt cu ti sn v ngun hnh thnh ti sn; (iii) phn nh ti sn di hnh thi gi tr (dng thc o bng tin); phn nh ti sn ti mt thi im c qui nh ( cui thng, cui qu, cui nm). Bng cn i k ton phi c lp theo mu qui nh, phn nh trung thc tnh hnh ti sn ca doanh nghip v phi np cho cc c quan c thm quyn theo ng thi hn qui nh. - Bo co kt qu kinh doanh l BCTC tng hp, phn nh tng qut tnh hnh v kt qu kinh doanh trong mt k k ton ca doanh nghip, chi tit theo hot ng kinh doanh thng thng v cc hot ng khc, tnh hnh thc hin ngha v vi nh nc, v thu v cc khon phi np khc. - Bo co lu chuyn tin t l bo co k ton tng hp tnh hnh lu chuyn tin t trong qu trnh hot ng ca doanh nghip. Bo co ny cho bit dng tin tng ln (i vo) v gim xung (i ra) lin quan n cc hot ng khc nhau cng nh cc nhn t tc ng n s tng, gim ca dng tin lu chuyn. Bo co lu chuyn tin t c tc dng quan trng trong vicinh Th Linh 13 Lp: A2 QTKD K43

Mu s B 01- DN Mu s B 02- DN Mu s B 03- DN Mu s B 09- DN

Kho lun tt nghip

phn tch v nh gi kh nng thanh ton, u t, to ra tin cng nh vic gii quyt cc mi quan h ti chnh trong doanh nghip. - Thuyt minh BCTC l mt b phn hp thnh h thng BCTC ca doanh nghip c lp gii thch v b sung thng tin v tnh hnh hot ng sn xut, kinh doanh, tnh hnh ti chnh ca doanh nghip trong k bo co m cc BCTC khc khng th trnh by r rng v chi tit c. S liu trn BCTC c trnh by phi m bo yu cu: s liu 2 nm i vi bng cn i k ton, i vi kt qu hot ng kinh doanh v bo co lu chuyn tin t th c s liu so snh gia k ny vi k trc v s lu k t u nm. i chiu vi hnh thc v ni dung BCTC ca Hoa k ta thy: Hoa k khng c bt k yu cu php l no lin quan ti ni dung v hnh thc ca cc BCTC ca cng ty ngoi tr cc cng ty c phn v mt s lnh vc c th. BCTC thng c son tho v trnh by da trn cc nguyn tc k ton chung c tha nhn (GAAP) vn c pht trin qua nhiu nm. Ngoi ra, U ban giao dch Chng khon M (SEC) thit lp nhng qui nh b sung i vi hnh thc v ni dung cc BCTC ca cc cng ty c phn. i chiu vi hnh thc v ni dung ca cc BCTC ca Lin minh Chu u (EU), th theo hng dn ca khi EU, yu cu BCTC phi bao gm bng cn i k ton, bo co lu chuyn tin t, bo co thu nhp v thuyt minh BCTC. C mt s yu cu v trnh by thng tin c gim bt i vi cc doanh nghip va v nh. Tm li, c th c nhng quy nh khc nhau v BCTC doanh nghip nhng nhn chung, cc BCTC doanh nghip phi cung cp mt ci nhn trung thc v hp l v ti sn, cng n, tnh hnh ti chnh v kt qu kinh doanh ca cng ty. 2. S cn thit phi cng khai v minh bch BCTC ca cc CTCPNYinh Th Linh 14 Lp: A2 QTKD K43

Kho lun tt nghip

X hi cng pht trin th nhu cu thng tin cng tr nn a dng v bc thit. Hin nay, thng tin c xem nh l mt yu t trc tip ca qu trnh sn xut, kinh doanh. Trong c ch th trng, cc BCTC c son tho v trnh by nhm p ng nhu cu v thng tin khc nhau ca ngi s dng. Cc BCTC phi a ra mt bc tranh r rng, hin thc v kt qu hot ng v tnh hnh ti chnh ca cng ty thc hin bn bo co. Vic quan trng l cung cp thng tin cho cc nh u t, nhng ngi ny c xem l i tng ch yu ca BCTC. Quan im ny c bit ng vi nhng quc gia c nhng th trng chng khon rng ln, coi trng vic nng cao kh nng ti chnh ca doanh nghip, li ch ca cc nh u t. Do khuynh hng ca s ha hp quc t, c thc y bi cc nhn t ca nn kinh t v m, nh l s xut hin ca th trng chung Chu u, s ton cu ha ca vic mua bn chng khon v s gia tng v quy m ca TTCK trn ton th gii, yu cu v vn cng khai v minh bch BCTC ca cc CTCPNY ngy cng tr nn cp thit hn bao gi ht. iu ny c li khng ch ring cc cng ty nim yt, cho cc nh u t m cn c li cho s pht trin ca quc gia, ca th gii, ph hp vi xu th pht trin ca thi i mi. Ngy nay, trong bi cnh nn kinh t th gii lin tc bin i, tnh hnh chnh tr ngy cng phc tp, nh hng khng nh ti xu hng pht trin kinh t-x hi. Thm vo , s cnh tranh ngy cng gay gt gia cc cng ty thu ht vn u t gy ra khng t kh khn cng nh ri ro cho cc nh u t trong vic la chn. Chnh v vy, vic cng khai v minh bch cc BCTC ca cc cng ty tham gia th trng l rt cn thit cho mt th trng hot ng trt t v c hiu qu, m bo mi trng kinh doanh an ton cho cc nh u t. Ngay t nhng nm 80 ca th k trc, do xu hng t do ha th trng ti chnh v th trng vn, cc th trng ti chnh ngy cng tr nn bt n khin vic c thm thng tin cng ng ngha vi vic m bo s n nh vinh Th Linh 15 Lp: A2 QTKD K43

Kho lun tt nghip

ti chnh. n thp nin 90, khi xu hng t do ha th trng ti chnh v vn dng cao, gy sc p i hi phi cung cp thng tin hu ch trong c khu vc ti chnh, ln khu vc t nhn, cc yu cu ti thiu v cng b thng tin gi y s l nh gi cht lng v dung lng thng tin cn cung cp cho cc i tng tham gia trn th trng v cng chng ni chung. Mt khi thng tin tr thnh yu t quan trng gip n nh th trng th hin nhin cht lng thng tin s c u tin cao . Bi vy, to ra sc cnh tranh cho chnh cng ty trong vic thu ht vn u t, cc doanh nghip s phi thc hin tt vic ci tin h thng thng tin ni b ca mnh to uy tn l t chc cung cp thng tin c cht lng. 3. Mt s quy nh v cng khai v minh bch BCTC 3.1. Lp BCTC Cn c vo iu 30 ca Lut K ton, th vic lp BCTC ca cc CTCPNY c quy nh nh sau: - n v k ton phi lp bo co ti chnh vo cui k k ton nm; trng hp php lut c quy nh lp bo co ti chnh theo k k ton khc th n v k ton phi lp theo k k ton . - Vic lp bo co ti chnh phi cn c vo s liu sau khi kha s k ton. n v k ton cp trn phi lp bo co ti chnh tng hp hoc bo co ti chnhp nht da trn bo co ti chnh ca cc n v k ton trong cng n v k ton cp trn. - Bo co ti chnh phi c lp ng ni dung, phng php v trnh by nht qun gia cc k k ton; trng hp bo co ti chnh trnh by khc nhau gia cc k k ton th phi thuyt minh r l do. - Bo co ti chnh phi c ngi lp, k ton trng v ngi i din theo php lut ca n v k ton k. Ngi k bo co ti chnh phi chu trch nhim v ni dung ca bo co. 3.2. Hnh thc cng khai v minh bch BCTCinh Th Linh 16 Lp: A2 QTKD K43

Kho lun tt nghip

Th nht, vic cng khai v minh bch cc thng tin trn BCTC c cc CTCPNY cng b trn cc n phm, cc trang thng tin in t ca doanh nghip. Hnh thc th hai m cc CTCPNY thng s dng, l thng bo bng vn bn. Th ba, cc Cng ty c phn nim yt cc thng tin trong BCTC ln cc TTGDCK v SGDCK. Th t, cng khai v minh bch BCTC bng cc hnh thc khc theo quy nh ca php lut. 3.3.Nhng yu cu v cht lng i vi BCTC Nhng yu cu c bn nhm m bo cht lng thng tin trn BCTC c nh hng chi phi n vic thit k, trnh by, cung cp thng tin v cng c dng lm tiu chun nh gi cht lng ca thng tin trn BCTC. Nhng yu cu bao gm: Thch hp, tin cy, d hiu v c th so snh. Thch hp hu dng vi ngi s dng, thng tin trn cc BCTC trc ht phi m bo yu cu thch hp. BCTC phi cung cp nhng thng tin ph hp vi mi quan tm ca ngi s dng, gip h tm hiu, nh gi c cc s kin, tnh hnh, kt qu , ang v s xy ra hoc iu chnh nhng nh gi trc y trn c s c th ra c cc quyt nh ph hp vi mc tiu theo ui ca mnh. Thng tin khng p ng v gp phn gii quyt c mi quan tm ca ngi s dng th n cng tr nn v ngha. Chng hn, nu ch p ng mc ch thu m khng p ng c nhu cu thng tin ca cc i tng khc th BCTC cng khng thu ht c s quan tm ca cc i tng ny. Tnh thch hp ca thng tin chu s tc ng ca chnh bn cht v tnh trng yu ca thng tin. Cc thng tin c coi l trng yu nu b st hoc xc nh sai nhng thng tin c th nh hng nghim trng ti quyt nh kinh t ca ngi s dng thng tin. Mc trng yu li tuinh Th Linh 17 Lp: A2 QTKD K43

Kho lun tt nghip

thuc vo mc ca khon mc hoc mc sai lm m trong hon cnh c bit no b b st hoc xc nh sai. Mt khc, thng tin qu ti c th lm nhiu thng tin, gy kh khn cho vic tch lc nhng chi tit thch hp cng nh cho vic gii thch. Tin cy Thch hp vi nhu cu thng tin ca ngi s dng nhng BCTC phi m bo s tin cy. Mc tin cy ca thng tin ph thuc vo tnh trung thc, khch quan, thn trng, y v s coi trng ni dung hn hnh thc php l trong x l thng tin. Trung thc, khch quan: Thng tin trong cc bn BCTC phi phn nh trung thc, khc quan trn c s tn trng s tht v cc nghip v v s kin kinh t pht sinh, ng thi phi tun th cc quy nh v nguyn tc ghi nhn, x l, tng hp v trnh by thng tin. Trn thc t, mt BCTC c nh gi l trung thc, khch quan khi n c lp trn c s tun th mi quy nh v k ton trong cc chun mc v ch k ton. Mi s thin v, xuyn tc, bp mo mt cch ch quan thng tin v cc nghip v v s kin kinh t pht sinh, v trnh by thng tin nhm t c kt qu theo mun ch quan u nh hng lm suy gim tnh khch quan ca thng tin. Tuy nhin nhng vn ny cng cn c xem xt trong phm vi nh hng ca tnh trng yu. Nu vic b st hoc xc nh sai nhng thng tin n mc c th nh hng nghim trng ti quyt nh kinh t ca ngi s dng th nhng thng tin y c coi l trng yu v s dn n kt qu l cc BCTC khng c xem l khch quan. Thn trng: lp BCTC, k ton khng phi ch x l mt cch khch quan cc giao dch, cc s kin kinh t xy ra m cn phi x l rt nhiu cc thng tin lin quan n cc s kin c th xy ra nhng khng chc chn nh kh nng kh i ca cc khon phi thu, kh nng gim gi ca hng tn kho, thi gian hot ng ca my mc thit b v.v. p ng yu cu tin cyinh Th Linh 18 Lp: A2 QTKD K43

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v thng tin i vi ngi s dng, khi thc hin cc c tnh k ton trn y phi m bo tnh thn trng, khng c nh gi qu cao i vi cc khon thu nhp, khng nh gi qu thp cc khon chi ph nhng cng khng nh gi qu ln cc khon d phng v.v, bi v nh vy s dn n xuyn tc s tht v vi phm tnh khch quan v tin cy ca thng tin. y : c tin cy, cc thng tin trong BCTC phi c trnh by y trong phm vi gii hn ca nhng vn trng yu v chi ph cho php. Nu v mt s b st, thiu ht v nhng thng tin m gy ra nhng sai lch dn n nhng nh gi, nhn xt, kt lun khng ng v doanh nghip th thng tin khng hu dng, khng ng tin cy v khng u . Tuy nhin, khuynh hng qu chi tit dn n BCTC b cng knh, thng tin b ri hoc lm l b mt thng tin, hoc khuynh hng qu tng hp, thiu chi tit, thiu nhng thng tin cn thit b sung dn n hiu sai, hiu khng y v tnh hnh v kt qu kinh doanh ca doanh nghip u l nhng khuynh hng khng dng vi tiu chun y ca thng tin. Coi trng ni dung hn l hnh thc: tin cy v hu dng, c bit trong nh gi hiu qu kinh t ca cc doanh nghip, thng tin BCTC phi ch trng n kha cnh kinh t ca cc s kin, cc giao dch, x l chng theo bn cht kinh t ch khng n thun l da vo danh ngha php l ca chng. Yu cu ny lm cho ngha kinh t ca thng tin c tn trng, gip cho vic phn tch, nh gi hiu qu kinh doanh ca doanh nghip ng theo bn cht kinh t ca giao dch v s kin kinh t. Tuy nhin, cc quc gia khc nhau v cc thi k khc nhau, s nhn thc, tha nhn v vn dng nhng yu cu ny cng c nhng c im khc nhau, ty thuc vo mc ch s dng k ton v quan nim gia k ton v thu. M rt coi trng yu cu ny, nhng Php yu cu ny li khng phi l mi quan tm ch yu. D hiu

inh Th Linh

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Tiu chun c bn th nht v cht lng m cc BCTC cn phi t c l thng tin do cc BCTC cung cp phi d hiu i vi ngi s dng. Thng tin qu kh s lm mi n lc trong nghin cu cng nh trong qu trnh thu thp, x l thng tin tr nn km ngha vi ngi s dng. Nhng tnh d hiu ca thng tin trn BCTC cng khng phi l lm cho mi i tng c th hiu c. Thng tin v nhng vn phc tp nhng c cn thit cho nhu cu a ra cc quyt nh kinh t ca ngi s dng thng tin cng khng v tnh d hiu m b loi ra khi BCTC. V vy, tnh d hiu cng i hi ngi s dng thng tin phi c kin thc nht nh v kinh t, kinh doanh v k ton. Tnh c th so snh Thng tin trong cc BCTC cn c trnh by mt cch thng nht gia cc thi k gip cho ngi s dng c th xc nh xu hng bin ng v tnh hnh ti chnh v kinh doanh ca doanh nghip. Ngi s dng c th so snh c cc BCTC ca doanh nghip vi cc doanh nghip khc, nh gi mi tng quan v tnh hnh ti chnh, kinh doanh. V vy vic xc nh, tnh ton v trnh by cc nh hng ti chnh ca giao dch v cc s kin phi c tin hnh mt cch nht qun gia k ny vi k khc trong phm vi mt doanh nghip v gia cc doanh nghip vi nhau. 4. Vai tr, ngha ca vic cng khai v minh bch BCTC H thng BCTC c mt ngha quan trng khng ch i vi doanh nghip m cn i vi i tng bn ngoi doanh nghip nh c quan qun l Nh nc, cc nh u t, ch n, nh qun l, kim ton vin c lp v cc i tng khc c lin quan. BCTC s dng Vit Nam v c bn c s tng ng vi chun mc k ton quc t (IAS), nhm tng hp trnh by mt cch tng qut, ton din tnh hnh sn xut, kinh doanh, nhng bin ng v tnh hnh ti chnh ca doanh nghip trong mt k k ton.

inh Th Linh

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Bn cnh , BCTC cung cp nhng thng tin cn thit phc v cho cc i tng khc nhau, c th l: i vi Nh nc: Cng khai v minh bch BCTC gip cho vic thc hin chc nng qun l v m ca nh nc i vi nn kinh t, gip cho cc c quan ti chnh Nh nc thc hin vic kim tra nh k hoc t xut i vi hot ng ca doanh nghip, ng thi lm c s cho vic tnh thu v cc khon phi np khc ca doanh nghip i vi ngn sch Nh nc. BCTC gip Nh nc c ci nhn c th, chnh xc v doanh nghip t c nh hng pht trin kinh t-x hi ph hp, to iu kin pht trin cho doanh nghip. Mt khc, BCTC gip Nh nc kim tra doanh nghip pht hin nhng sai st, gian ln kp thi, buc doanh nghip phi tun th lut php v thc hin ng ngha v np thu ca mnh. i vi nh qun l doanh nghip: BCTC c ngha quyt nh bi cc nh qun l thng cnh tranh vi nhau tm kim ngun vn, v c gng thuyt phc vi cc nh u t v cc ch n rng h s em li mc li nhun cao nht vi ri ro thp nht. thc hin c iu ny, cc nh qun l phi cng b cng khai cc thng tin trn BCTC nh k v hot ng ca doanh nghip. Mt khi BCTC c minh bch v cng khai, cc nh qun tr doanh nghip s c c hi tm kim nhng ngun vn u t m bo di hn, vi s lng nhiu hn. Trong iu kin hi nhp v cnh tranh gay gt hin nay, doanh nghip s kh c kh nng tn ti v pht trin nu khng c vn u t. Bi vy, BCTC c ngha v cng quan trng i vi s tn vong ca doanh nghip. Ngoi ra, nh qun l cn s dng BCTC tin hnh qun l, iu hnh hot ng sn xut kinh doanh ca doanh nghip mnh. i vi cc nh u t, cc ch n: Cng khai v minh bch BCTC s gip h ra cc quyt nh u t chnh xc v kh nng em li li nhun cao. Nhn chung, cc nh u t v cc ch n yu cu BCTC v hai l do: H cn cc thng tin ti chnh gim st, bt buc cc qun l phi thc hin theoinh Th Linh 21 Lp: A2 QTKD K43

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ng hp ng k kt v h cn cc thng tin ti chnh thc hin cc quyt nh u t, cho vay ca mnh. Vic kim ton BCTC s gip cho nh u t yn tm hn, khng s cc nh qun tr doanh nghip a ra cc thng tin sai lch hoc c th bp mo thng tin trong cc BCTC nhm mc ch tm kim ngun vn hot ng. Cc thng tin kinh t, ti chnh trong BCTC ch yu c s dng nh gi tnh hnh v kt qu hot ng sn xut kinh doanh, thc trng ti chnh ca doanh nghip trong k hot ng qua, gip cho vic kim tra, gim st tnh hnh s dng vn v kh nng huy ng ngun vn vo sn xut kinh doanh ca doanh nghip. Cc ch tiu, cc s liu trn cc BCTC l nhng c s quan trng tnh ra cc ch tiu kinh t khc, nhm nh gi hiu qu s dng vn, hiu qu ca qu trnh sn xut, kinh doanh ca doanh nghip. Ngoi ra, nhng thng tin ca BCTC cn l nhng cn c quan trng phn tch, nghin cu, pht hin nhng kh nng tim tng, l nhng cn c quan trng cho vic ra cc quyt nh v qun l, iu hnh hot ng sn xut, kinh doanh hoc u t vo cc doanh nghip ch s hu, cc nh u t, cc ch n hin ti v tng lai ca doanh nghip. III. KINH NGHIM CA MT S NC V CNG KHAI MINH BCH BCTC Ti TTCK cc nc pht trin nh M, EU, Nht Bn, Hn Quchot ng cng khai v minh bch BCTC ca cc CTCPNY i vo n nh t rt lu v hin nay, hot ng ny ti TTCK pht trin trnh cao v vn hnh theo nhng quy nh rt cht ch, to ra TTCK hot ng minh bch v c tin cy cao. Lut Chng khon cc nc ny c nhng iu khon v quy nh rt r rng v vic cng b thng tin. Vic nghin cu hot ng cng khai v minh bch cc thng tin trong BCTC cc nc M, Trung Quc s gip chng ta c c nhng bi hc kinh nghim qu gi, kp thi

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a ra nhng gii php c bn nhm hon thin, ci tin hot ng cng b thng tin ca TTCK Vit Nam. 1. Hot ng cng khai v minh bch BCTC ca cc CTCPNY M TTCK M c lch s pht trin hn 200 nm vi 14 s giao dch, thm ch c th trng phi tp trung OTC, khi lng giao dch thuc loi ln nht th gii. Tnh n nh v mt k thut ca n cho thy HTTT c t chc tt n mc no. HTTT ca TTCK M vn hnh tri chy l do n c t chc tt, c u t hp l v c s h tng. y ban Chng khon M l c quan qun l, gim st v lnh vc chng khon, thit lp c khung php lut thc s mnh v c hiu lc qun l TTCK ni chung v HTTT chng khon ni ring. Mi hot ng ca cc ch th tham gia trn TTCK nh s giao dch chng khon, cc cng ty nim yt, cng ty chng khonu phi tun theo nhng quy nh ca y ban trong quy ch cng b thng tin cng nh cc hot ng giao dch. Cng b thng tin mt cch cng khai v minh bch trn th trng s cp v th cp. Trn th trng s cp: cc CTCPNY phi cung cp nhng thng tin v tnh hnh ti chnh, cc hnh thc k ton v kim ton c chp nhn, p dng theo lut quc gia. Cc thng tin c th bao gm cc thng tin trong bng BCTC, cc thng tin ti chnh khc c kim ton bi t chc kim ton c lp (nh bng cn i ti sn, bo co thu nhp, s thay i v vn c phn, bo co lu chuyn tin t), cc ghi ch v bng lit k cc tiu chun mc k ton s dng. Trn th trng th cp: TTCK cc nc pht trin quy nh thng tin trn th trng th cp phi c cp nht thng xuyn v cung cp kp thi cho cng chng cc nh u t tham gia th trng bo v quyn v li ch hp php ca mnh. m bo nguyn tc ny, cc CTCPNY phi cung cp tt c thng tin c th nh hng ti quyt nh ca nh u t.inh Th Linh 23 Lp: A2 QTKD K43

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Mt s quy nh i vi cng khai v minh bch cc thng tin trn BCTC ca cc CTCPNY: Cng khai cc thng tin phi ng nht v ng thi: Nu cc CTCPNY nhiu ni, cc thng tin trn BCTC phi c cng b trn c s ng nht v ng thi tt c cc ni nim yt. Quy nh ny khng ph thuc vo ni m cng ty nim yt chnh, c ngha l cc thng tin cng b mt ni ngay khi cc thng tin cng b ni m theo quy nh, c th khng yu cu cng b nhng ni nim yt khc ca cng ty li yu cu. Nguyn tc ny p dng nhm tnh n cc yu t khc nhau v mi gi cng nh thi gian giao dch mi ni. V phng tin cng khai v minh bch thng tin: Ton b thng tin phi c cng b tc thi ra th trng bi cc phng tin cng b hiu qu v ng thi gian. Cng ty nim yt cng b thng tin phi p ng cc tiu chun nh thng tin trong BCTC phi c a ra mt cch cng bng, khng c nhm ln hay che du v c sai st. Cc cng ty nim yt c nhng rng buc rt cht ch. Ngoi vic chp hnh cc nguyn tc v cng khai v minh bch cc thng tin chung ca TTCK, h cn c s kim sot khc t cc nh u t. Chng hn, cc cng ty mun pht hnh c phiu ra cng chng vi s lng c ng ln, h phi lp v np bn thng co pht hnh. Cc nh u t c quyn khi kin cng ty, nu cng ty cng b bt c iu g sai s tht trong bn thng co pht hnh. Vn mng truyn thng cng c pht huy ti a ti TTCK M. Thng tin ti cc s giao dch lun thng sut, c th xa i ti a s chnh lch v gi v s lch pha v thng tin, do n c bo m bi h thng mng CORES vi cu hnh mnh v phn mm n nh, c th kt ni c vi cc TTCK ln khc trn ton th gii.inh Th Linh 24 Lp: A2 QTKD K43

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Ngoi ra, TTCK M, chng khon c pht trin cng bi mng li cc hng cung cp thng tin chuyn nghip, cc cng ty chuyn lm dch v t vn vi hn 80.000 khung mn hnh vi tnh khc nhau th hin bn tin chng khon ca hn 80.000 cng ty, cung cp cc s liu, phn tch chng khon n tng a phng M. Nhng cng ty ny ch phc v khch hng l hi vin ca cng ty, cho nn, c tham gia, ngi u t phi tr thnh hi vin thc s v phi cn mt chi ph cng rt ln. Trn thc t, cc nh u t mun u t ti M thng tp trung vo mt s chng trnh quan trng qua nhng knh ln l CNN, FINANCIAL TIMES Mc d, vic cng khai v minh bch BCTC ca cc CTCPNY M i vo n nh th nhng cng khng th chc chn hon ton rng tt c cc doanh nghip tham gia nim yt u thc hin tt hot ng ny. Tnh trng lm cc php bin ha i vi BCTC khng phi l chuyn him gp, c th l trng hp ca tp on ENRON (tp on ng th 7 ca M) cho ra i 3000 doanh nghip ma nhm giu mn n 22 t USD v trn thu ko theo nhng doanh nghip hng u th gii nh Microsoft, General electric, Xerol phi lp tc iu chnh hot ng k ton (cha k n s ph sn ca Worldcom v Sunbeam). ch l mt trong hng trm v b bi ti chnh. K t sau v ph sn ca tp on ny, vn minh bch trong cc BCTC cng tr nn bc xc hn bao gi ht. Ngy cng nhiu s kin cho thy cc doanh nghip thiu minh bch s khin cc nh u t thiu tin tng vo kh nng qun l ca cc nh qun tr doanh nghip. Trong trng hp xu nht, cc CTCPNY s phi i mt vi s khng hong nim tin ca cc c ng, t gy nh hng xu n th trng vn, tn dng v c phiu ca chnh doanh nghip . R rng l gi y cc doanh nghip hiu rng bn cnh nhng p lc ca vic minh bch cc BCTC cn c rt nhiu li ch cho chnh bn thn doanh nghip.

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2. Hot ng cng khai v minh bch cc thng tin trong BCTC ca cc CTCPNY Trung Quc. Th trng chng khon Trung Quc ra i rt mun 1981, v cho n u nhng nm 90 ca th k 20, pht trin khng my hiu qu. Do pht trin th trng t t pht ln c t chc, t khng tp trung n tp trung, nn TTCK Trung Quc hot ng lng lo. Trong thi gian u, hot ng cng khai v minh bch ca TTCK Trung Quc ht sc ln xn, cc thng tin gia hai s giao dch chng khon Thm Quyn v Thng Hi khng thng nht bi chng tun theo nhng quy nh ca a phng, mng truyn thng cha c ch trng v p dng cc giao dch th cng, mc d lc ngnh in ton c nhng ng dng rt hiu qu vo giao dch chng khon ca mt s TTCK trn th gii. Cng chnh v cha c c quan Nh nc qun l thng nht v chng khon nn cc quy ch, quy nh v cng khai v minh bch thng tin khng c coi trng. Do , cht lng thng tin trn th trng rt km, cc cng b thng tin ca cc cng ty nim yt, cng ty chng khon c tin cy thp. Kt qu l, TTCK Trung Quc pht trin mt cch chm chp, khng p ng c nhu cu c phn ha, khng y mnh vic thu ht vn t TTCK v gy lng ph thi gian. Ch t nm 1992 n nay, khi y ban Chng khon nh nc c thnh lp, TTCK Trung Quc mi dn i vo trt t. y ban Chng khon nh nc gi vai tr qun l v gim st cc hot ng thuc lnh vc chng khon. Cc cng ty nim yt, cng ty chng khon, s giao dch chng khon hot ng theo chun thng nht, c bit l quy ch v cng b thng tin trn th trng. Trung Quc, nhn thc rng, trong iu kin tin hc pht trin nh hin nay, cc TTCK cn c hin i ha. Cc S giao dch Thm Quyn v Thng Hi p dng giao dch t ng, a khi lng giao dch tng ln

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nhanh chng. Do , vic cng khai v minh bch cc thng tin trong BCTC cng ngy cng c cc nh u t quan tm. C rt nhiu l do gii thch cho s thiu chnh xc ca cc thng tin ti chnh c cng b. c th l mt s t cc cng ty dnh c cc nh u t a ra cc thng tin sai lch mc d vn tun theo nhng nhng chun mc thng thng qua mt lut php. Hin nay, cc nh u t c nhiu s la chn i vi cc c phiu ca cc cng ty khc nhau s gy ra sc p khin mt s cng ty mun a ra cc thng tin sai lch nhm hp dn cc nh u t. Mt khc, cc cng ty lun cm thy kh khn khi phi tun theo nhng chun mc k ton kh hiu v thay i lin tc. Ngoi ra, trn thc t c rt nhiu doanh nghip c tnh trng kinh doanh phc tp hn cc doanh nghip khc. Cc tp on kinh doanh ln thng c BCTC phc tp hn rt nhiu so vi cc CTCPNY quy m va v nh. Chnh v th m cc nh u t kh c th nh gi mt cch chnh xc tnh hnh ti chnh v iu ny nh hng n quyt nh ca h. Tuy nhin, nguyn nhn ca s km minh bch vn khng quan trng bng cch thc m doanh nghip cung cp thng tin cho cc nh u t thng qua BCTC. Nh u t khng th hiu c hoc khng tin tng vo cc bo co ti chnh, th khi hot ng kinh doanh ca doanh nghip s khng c nh gi ng v gi tr doanh nghip trong con mt cc nh u t s b gim xung. V s l v ch nu nh cc cng ty nim yt c BCTC hon ton minh bch nhng cc nh u t li khng th hiu c chng hoc thiu nhng kin thc chuyn mn thch hp nh gi. cp n li ch ca vic cng khai v minh bch BCTC, c rt nhiu bng chng cho thy, th trng lun nh gi cao nhng doanh nghip c cc nh u t v cc nh phn tch kinh t coi trng v tin tng. Nhng doanh nghip cng khai v minh bch ti chnh th lun dnh c tin tng ca nh u t. Nhng thng tin hu ch v ng tin cy ng ngha vi vicinh Th Linh 27 Lp: A2 QTKD K43

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t ri ro i vi cc nh u t v do s c chi ph vn thp hn, v tt nhin s c gi tr cao hn. im mu cht y l nhng doanh nghip no chu chia s thng tin hu ch v nhng ch s kinh doanh ca mnh th cc nh u t s coi trng hn nhng doanh nghip mun che du thng tin. C hai nguyn nhn l gii cho iu ny. Mt l, th trng lun cao gi tr ca nhng cng ty minh bch v cng khai thng tin v h cho rng u t vo nhng cng ty ny, ri ro s thp hn. Nguyn nhn th hai, theo cch ngh ca cc CTCPNY n nn lm ra, h lun mong mun cng b kt qu kinh doanh ca mnh, tt nhin cc BCTC ny l hon ton trung thc v h khng c g phi che du cc nh u t. Tm li, cc nh u t lun mong mun cc BCTC ca cc CTCPNY trn TTCK phi c cng khai v minh bch. C nh th, vic u t ca h mi c bo m, mc ri ro c th hon ton nm trong tm kim sot ca h. Thng qua BCTC, cn c th d bo c chin lc hay nh hng kinh doanh ca doanh nghip trong tng lai. Cng khai v minh bch ng ngha vi vic a ra nhng phn tch chnh xc, r rng, nhanh chng.

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CHNG II. THC TRNG CNG KHAI V MINH BCH BCTC CA CC CNG TY C PHN NIM YT VIT NAMI. QU TRNH HNH THNH V PHT TRIN CA CC CNG TY C PHN NIM YT VIT NAM 1. Th trng chng khon Vit Nam 1.1. Khi nim th trng chng khon Theo Lut chng khon Vit Nam (2006): Chng khon l bng chng xc nhn cc quyn v li ch hp php ca ngi s hu i vi ti sn hoc phn vn ca t chc pht hnh. Chng khon c t chc di hnh thc chng ch, bt ton ghi s hoc d liu in t v bao gm cc loi: c phiu, tri phiu, chng ch qu, quyn mua c phn, chng quyn, quyn chn mua, quyn chn bn, hp ng tng lai, nhm chng khon hoc ch s chng khon. Theo khi nim ca y Ban chng khon Nh nc, TTCK trong iu kin ca nn kinh t hin i c quan nim l ni din ra cc hot ng giao dch mua bn chng khon trung v di hn. Vic mua bn ny c tin hnh th trng s cp khi ngi mua mua c chng khon ln u t nhng ngi pht hnh, v nhng th trng th cp khi c s mua i bn li cc chng khon c pht hnh th trng s cp. Nh vy, xt v mt hnh thc, TTCK l ni din ra cc hot ng trao i, mua bn, chuyn nhng cc loi chng khon, qua thay i ch nm gi chng khon. 1.2. Vi nt v TTCK Vit Nam Thc hin ch trng xy dng v pht trin kinh t th trng, hnh thnh ng b cc loi th trng theo nh hng x hi ch ngha, ngay t nhng nm u thp k 90, Chnh ph ch o B Ti Chnh, Ngn hng Nh

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nc nghin cu n xy dng v pht trin th trng chng khon Vit Nam. Trn c s n ca cc B, ngnh, Chnh ph ban hnh Ngh nh s 75/1996/N- CP ngy 28/11/1996 v vic thnh lp y ban chng khon Nh nc v giao cho y ban chng khon Nh nc chun b cc iu kin cn thit cho vic ra i TTCK. Vic ra i TTCK Vit Nam c nh gi l mt trong nhng s kin ni bt trong nm 2000 v nhng thnh tu t c trong tin trnh ci cch i mi nn kinh t nc ta. Qua gn 8 nm hot ng, TTCK Vit Nam t nhng thnh tu nht nh, tnh n thng 6/2007 c hn 243.809 ti khon chng khon, tng 80 ln so vi nm u m ca th trng, trong c 4.400 ti khon ca nh u t nc ngoi, tng 7 ln so vi nm 2005 v 1,5 ln so vi nm 2006. V tng gi tr vn ha ca th trng c phiu nim yt t trn 300 t ng, tng ng 20 t USD v 31% GDP. Trong khi , nm 2006, tng gi tr vn ha ca th trng c phiu nim yt mi khong 14 t USD chim khong 22,7 % GDP2. S tham gia ca cc nh u t nc ngoi gp phn quan trng cho s tn ti v pht trin ca TTCK. K t ngy u khai trng, trung tm giao dich chng khon thnh ph H Ch Minh mi ch c 2 cng ty nim yt th n nay c 206 cng ty nim yt vi lng vn u t nc ngoi t gn 5 t USD. Trung tm giao dch chng khon H Ni c thnh lp v a h thng u gi c phn cc doanh nghip nh nc c phn ha vo hot ng. Vic u gi c phn ha mang li hiu qu thit thc, tng cng tnh cng khai, minh bch v gp phn xa b c ch c phn ha khp kn trong cc doanh nghip. Bn cnh , cng c mt lng kh ln tri phiu chnh ph c huy ng v nim yt trn TTCK vi tng gi tr t 29.000 t ng v s xut hin ca chng ch qu u t vi tng gi tr 300 t ng lm cho hng ha trn TTCK thm phn phong ph. Cho n nay c 13 cng ty chng khon, 4 cng ty qun l qu c2

Chng khon 6 thng u nm: ngt ngo lm, ng cay nhiu, 02/07/2007, www.laodong.com.vn

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thnh lp v hot ng trn TTCK. Ngun vn iu l ca cc cng ty chng khon ln ti trn 660 t ng, hot ng kinh doanh n nh hn sau mt s nm u kh khn, n nm 2004 cc cng ty chng khon u c li v thc hin trch qu d phng ti chnh tng vn iu l. Cng ty qun l qu thc hin huy ng vn trn TTCK v Qun l qu u t chng khon. Tuy nhin, bn cnh nhng kt qu kh quan nu trn, hot ng TTCK cn c nhiu kh khn, tn ti c th l: quy m th trng cn nh b ( vi 0,6% GDP th TTCK cha ng gp c nhiu cho tng trng v pht trin kinh t)3; c ch hot ng cha thc s hon chnh, cc vn bn php quy cn mc thp , cha bao trm c mi hot ng ca th trng; c s vt cht k thut u t cho TTCK c bit l h thng cng ngh thng tin cn trnh thp; nng lc trnh ca cn b, nhn vin cha p ng c vi yu cu pht trin li di ca th trng Mt khc, hu ht cc cng ty nim yt, ng k giao dch trn trung tm giao dch chng khon l doanh nghip nh ( 21/30 cng ty nim yt trn Trung tm giao dch chng khon thnh ph H Ch Minh c vn iu l di 50 t ng, trong , 10 cng ty c vn iu l di 20 t ng). a phn cc doanh nghip cn mang nng t tng c c ch bao cp, trng ch vo ngun vn u i, khng mun huy ng vn trn th trng. Vn cn khng t doanh nghip e ngi kim ton v cng b thng tin, cng khai ti chnh khi nim yt trn TTCK. iu ny cng l mt trong nhng nguyn nhn chnh gy cn tr i vi s pht trin th trng chng khon Vit Nam. 1.3. Vai tr TTCK i vi nn kinh t 1.3.1. Huy ng vn u t cho nn kinh t

3

y ban chng khon nh nc, bo co v hot ng th trng chng khon Vit Nam, 5 nm 2000-2005, www.mof.gov.vn

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Khi cc nh u t mua chng khon do cc cng ty pht hnh, s tin nhn ri ca h c a vo hot ng sn xut kinh doanh v qua gp phn m rng sn xut x hi. Thng qua TTCK, Chnh ph v chnh quyn cc a phng cng huy ng c cc ngun vn cho mc ch s dng v u t pht trin h tng kinh t, phc v cc nhu cu chung ca x hi. 1.3.2. Cung cp mi trng u t cho cng chng TTCK cung cp cho cng chng mt mi trng u t lnh mnh vi cc c hi la chn phong ph. Cc loi chng khon trn th trng rt khc nhau v tnh cht, thi hn v ri ro, cho php cc nh u t c th la chn loi hng ha ph hp vi kh nng, mc tiu v s thch ca mnh. 1.3.3. To tnh thanh khon cho cc chng khon Nh c TTCK, cc nh u t c th chuyn i cc chng khon h s hu thnh tin mt hoc cc chng khon khc khi h mun. Kh nng thanh khon l mt trong nhng c tnh hp dn ca chng khon i vi nh u t. y l yu t cho thy tnh linh hot, an ton ca vn u t. TTCK hot ng cng nng ng v c hiu qu th tnh thanh khon ca chng khon giao dch trn th trng cng cao. 1.3.4.nh gi hot ng ca doanh nghip Thng qua chng khon, hot ng ca cc doanh nghip c phn nh mt cch tng hp v chnh xc, gip cho vic nh gi v so snh hot ng ca doanh nghip c nhanh chng v thun tin, t to mi trng cnh tranh lnh mnh nhm nng cao hiu qu s dng vn, kch thch p dng cng ngh mi v ci tin sn phm. 1.3.5. To mi trng gip Chnh ph thc hin cc chnh sch kinh t v m. Cc ch bo ca th trng chng khon phn nh ng thi ca nn kinh t mt cch nhy bn v chnh xc. Gi chng khon tng ln cho thy u t ang m rng, nn kinh t tng trng ngc, ngc li gi chng khon gim s cho thy cc du hiu tiu cc ca nn kinh t. V th, TTCK cinh Th Linh 32 Lp: A2 QTKD K43

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gi l phong v biu ca nn kinh t v l mt cng c quan trng gip Chnh ph thc hin cc chnh sch kinh t v m. Thng qua TTCK, Chnh ph c th mua bn tri phiu Chnh ph to ngun thu b p thm ht ngn sch v qun l lm pht. Ngoi ra, Chnh ph cng c th s dng mt s chnh sch, bin php tc ng vo TTCK nhm nh hng u t m bo cho s pht trin cn i cho nn kinh t. 2. Cc cng ty c phn nim yt Vit Nam 2.1. Quy m nim yt ca cc CTCPNY Vit Nam Tri qua gn 8 nm hot ng, t mt th trng hot ng vi quy m nh, vi nhng bc pht trin vt bc ca mnh, TTGDCK Tp.HCM hi t y cc iu kin chuyn thnh SGDCK Tp. HCM v cng l iu tt yu khi nn kinh t Vit Nam pht trin, hi nhp vi nn kinh t th gii. Vo thi im ra i, s lng hng ha trn th trng cn t. Tuy nhin, vt qua nhng thch thc v kh khn , th trng tng bc khi sc to nn mt din mo mi v TTCKVN hon ton chuyn sang mt giai on ca s pht trin vt bc. Quy m nim yt trn SGDCK Tp. HCMTnh n ht ngy Ton th C phiu 120 22,68% 2.023.288,33 75,71% 20.232.283,27 26,27% Chng qu 2 0,38% 100.000,00 3,74% 1.000.000,00 1,32% 407 76,94% 549.246,87 20,55% 54.627.687 72,01% ch Tri phiu 20/10/2007 trng Tng CKNY 529 T trng (%) 100% KL CKNY 2.672.475,20 T trng (%) 100% Gi tr CKNY 75.859.970,27 (tr.) T trng (%) 100%

Ngun: http:// www.vse.org.vn Qua bng s liu trn, ta thy rng s c phiu c pht hnh ra ngoi th trng so vi tri phiu cn rt thp, chng t rng cc s lng cc CTCPNY so vi cc doanh nghip nh nc, cc doanh nghip cha c phn

inh Th Linh

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Lp: A2 QTKD K43

Kho lun tt nghip

ha l rt t. Tuy nhin, cc CTCPNY kh a dng v lnh vc hot ng, ngnh ngh kinh doanh nh ngn hng, ti chnh, thng mi, dch v, giao thng vn ti, xy dng v sn xut vt liu xy dng, hng tiu dng Trong nm 2007, TTGDCK H Ni a ra mc tiu l a 15-20 cng ty iu kin nim yt ln nim yt trn TTCK. V mc tiu ny c thc hin. Qui m nim yt trn TTGDCK HNCp nht ngy Ton th trng 251 1,752,161,973 72,539,158,470,000 C phiu 92 1,140,855,987 11,408,559,870,000 Tri phiu 159 611,350,986 61,130,598.600,000

5/10/2007 S CKNY Tng KL CKNY Tng GT CKNY

Ngun: http:// hastc.gov.vn Nhn li nm bng biu, c th thy iu rt ng phn khi l quy m ti sn H Ni tip tc tng mnh. Trong tng s 75 doanh nghip np h s nim yt c 28 cng ty c cp php nim yt mi, tm doanh nghip c chp thun v mt nguyn tc. Tnh n cui thng 12/2007, s cng ty nim yt ti sn l 111, vi tng gi tr nim yt t hn 13.145 t ng, gi tr vn ha t 128.871 t ng (gp 1,76 ln gi tr vn ha thi im cui nm 2006), tng ng 13% GDP. Lnh vc sn xut, kinh doanh ca cc cng ty nim yt ngy cng a dng, bao gm ngn hng, ti chnh, bo him, chng khon, thng mi, bt ng sn, khai khong, xy dng... Cc cng ty sau khi nim yt u c kt qu kinh doanh kh quan, doanh thu v li nhun tng, tn tui, hnh nh v cc sn phm dch v ca cng ty tr nn quen thuc i vi cng chng u t, to thun li cho doanh nghip trong sn xut, kinh doanh cng nh huy ng vn.

inh Th Linh

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Lp: A2 QTKD K43

Kho lun tt nghip

Th nht, trn hai sn, tnh n ht qu I/2008 c 288 cng ty nim yt v chng ch qu (sn TP.HCM 151, sn H Ni 137). Mc d tng kh so vi thi im khi mi hot ng cng nh mt s thi im trc y (cui nm 2006 c 193 CTCPNY, cui nm 2005 c 41 CTCPNY), nhng nu so s lng CTCPNY vi s lng cng ty c phn hin hu Vit Nam th chim cha c 3%. l mt t l rt thp. C hai vn t ra. Mt mt, cn y mnh c phn ha cc doanh nghip nh nc, cc doanh nghip c vn u t nc ngoi v pht trin mnh hn na s lng cng ty c phn khng c vn nh nc. Mt khc, cn thc y, to iu kin cho cc cng ty c phn thc hin nim yt trn sn chnh thc, v y l mt trong nhng ch bo quan trng khng ch phn nh quy m m cn phn nh c mc ph cp ca th trng chng khon Vit Nam. Th hai, tng khi lng c phiu nim yt t trn 5,5 t ng, cao gp hn 2 ln cui nm 2006 v gp 15 ln nm 2005. Th ba, tng gi tr vn ha th trng - mt trong nhng ch bo c tm quan trng hng u phn nh quy m th trng chng khon n cui nm 2007 t khong 491 nghn t ng (sn TP.HCM 361 nghn t ng, sn H Ni 130 nghn t ng). Th t, s lng cng ty nim yt tng ln, nhng cc "i gia" mi ch c lc c. Cc "i gia" nim yt c gi tr vn ha th trng t trn 1.000 t ng (tc t trn 62,5 triu USD) c hai sn mi t 70 (sn TP.HCM 53, sn H Ni 17), trong s t t 10 nghn t ng tr ln (tc trn 625 triu USD) mi c 12 (sn TP.HCM c 9, ng u l VNM trn 29,4 nghn t ng, tip n l STB gn 28,7 nghn t ng, DPM trn 27,5 nghn t, FPT trn 20,4 nghn t, SSI trn 19,8 nghn t, PPC trn 19 nghn t, PVD 16,3 nghn t, HPG trn 12,4 nghn t, VIC 12,4 nghn t; sn H Ni c 3, ng u - ng thi cng ng u c nc - l ACB gn 42,6 nghn t, tip n l KBC 17,8 nghn t, PVS trn 11,9 nghn t). Nh vy, cng ty niminh Th Linh 35 Lp: A2 QTKD K43

Kho lun tt nghip

yt gi tr vn ha th trng ln nht Vit Nam cho n nay t cha c 2,7 t USD v s cng ty nim yt t t 1 t USD tr ln hin mi c 10. Vn t ra l cn y nhanh tin c phn ha v a ln th trng nim yt cc "i gia" (tng vn sn xut kinh doanh theo s sch ca doanh nghip nh nc hin c 1.338,2 nghn t ng, nu c u gi th s gp nhiu ln con s ). Th nm, s nh u t trn th trng chng khon chnh thc hin c trn 307 nghn ti khon, mc d tng nhanh so vi cc thi im trc y, nhng so vi dn s th chim cha n 0,4%, thp rt xa so vi nhiu nc trong khu vc, chu v trn th gii (Trung Quc l 7%). ng lu , trong tng s nh u t, nu nh cc nc, nh u t t chc chim khong 70%, cn nh u t c nhn ch chim khong 30%, th trn th trng chng khon Vit Nam cc con s trn ngc li: s nh u t c nhn chim 70%, cc nh u t t chc ch chim 30%. Chnh t trng o ngc ny cng vi ngun vn cn ph thuc ln t ngun vay ngn hng ca cc nh u t c nhn, nn tnh u t theo phong tro cn kh nng; khi gi chng khon xung thng o o bn ra, khi gi ln li y mnh mua vo, va lm cho th trng d bin ng mnh m hu qu lm cho cc nh u t nh l d b thua l nng. 2.2. Vn iu l ca cc CTCPNY Theo Ngh nh 144/2003/N-CP Chnh ph va ban hnh, iu kin v vn iu l ca cng ty c phn nim yt c phiu ti thiu l 5 t ng, thay cho mc c l 10 t ng. Cng ty c phn c vn iu l ti thiu 5 t ng c th nim yt ti Trung tm Giao dch Chng khon TP.HCM. Tuy nhin, theo Ngh nh ny, DN nim yt c phiu ti trung tm giao dch chng khon TP.HCM hoc H Ni, s do U ban Chng khon Nh nc quyt nh. Mt s iu kin nim yt khc vn gi nguyn nh: cng ty c hot ng ti chnh lnh mnh v c li 2 nm tin tc trc khi nim yt; tiinh Th Linh 36 Lp: A2 QTKD K43

Kho lun tt nghip

thiu 20% vn c phn ca cng ty do t nht 50 c ng bn ngoi nm gi. Ring cng ty c phn c vn trn 100 t ng th t l ny l 15%. khuyn khch cc DN nh nc khi c phn ho a hng ngay ln sn, Chnh ph ni lng iu kin ''ch cn hot ng kinh doanh ca nm lin trc khi xin php nim yt phi c li'' thay v ''2 nm lin tip c li''. n nm 2007, Chnh ph ban hnh Ngh nh 14/2007/N-CP quy nh vn iu l ca cc CTCPNY trn SGDCK v TTGDCK nh sau: Tiu chun nim yt i vi cc cng ty nim yt trn SGDCK Tp.HCM: Mc vn iu l gp ti thiu l 80 t ng Vit Nam: So vi Ngh nh 144/2003/N-CP trc y, mc vn ny quy nh cao hn. Mc vn ny c quy nh trn c s kho st quy m vn hin nay ca cc DNVN ng thi tnh n yu cu nng cao dn cht lng ca cc CTCPNY trn SGDCK cho tng xng vi cc TTCK khu vc trong xu th hi nhp. Ngh nh 14 cng quy nh r ti khon 5 iu 134 Lut Chng khon, t chc mi ng k nim yt CK ti SGDCK TP.HCM phi p ng cc iu kin nim yt quy nh i vi SGDCK. i vi cc t chc nim yt ti SGDCK TP.HCM trc khi Ngh nh 14 c hiu lc, nu khng p ng cc iu kin nim yt ti SGDCK quy nh ti Ngh nh ny, th trong thi gian 2 nm k t ngy N 14 c hiu lc thi hnh phi iu chnh p ng iu kin nim yt, nu qu thi hn trn m khng p ng iu kin nim yt ti SGDCK th chuyn sang nim yt ti TTGDCK. Ti TTGDCK, mc vn iu l gp ti thiu l 10 t ng VN: V nim yt ti TTGDCK, iu 9, Ngh nh 14 quy nh, t chc nim yt ti TTGDCK phi c vn iu l thc gp ti thi im ng k nim yt t 10 t ng tr ln. Tri phiu chnh ph, tri phiu chnh ph bo lnh, tri phiu chnh quyn a phng c nim yt trn TTGDCK theo ngh ca t chc pht hnh. TTGDCK l ni giao dch tri phiu chnh ph, dn dn hnh thnh th trng chuyn bit giao dch tri phiu Chnh ph. i vi ccinh Th Linh 37 Lp: A2 QTKD K43

Kho lun tt nghip

Chng khon tiu chun nim yt m cha nim yt trn TTGDCK c giao dch ti Cng ty Chng khon v chuyn kt qu giao dch qua TTGDCK thanh ton thng qua trung tm lu k chng khon. Trn thc t, theo thng k s b ca SGDCK TP.HCM (HOSE), khong 50 CTCPNY, chim hn 30% tng doanh nghip ang nim yt trn sn ny, c vn iu l di 80 t ng. Cn TTGDCK H Ni, hin nay, s lng cc cng ty c vn iu l di 10 t ng l rt t, chim 12/139 s CTCPNY. Nh vy, sang nm 2008, vn iu l ca hu ht cc cng ty nim yt tng ln, nhiu cng ty c vn iu l hn 1000 t ng nh Ngn hng thng mi c phn Chu (ACB) (hn 2.630 t ng), cng ty c phn sa Vinamilk Vit Nam (VNM) Ni tm li, vn iu l ca cc CTCPNY trn SGDCK Tp.HCM v TTGDCK H Ni u tng ln, s lng cc cng ty c vn iu l t 1000 t tr ln tng ln, cng ty c vn iu l di 10 t chim mt t l nh, chng t rng quy m c m rng, hot ng sn xut kinh doanh pht trin, c nh th vn ca cc CTCPNY mi tng mt cch ng k nh th. 2.3.S lng cc CTCPNY TTCK ra i t nm 2000, khi th trng mi i vo hot ng, ch c hai c phiu c nim yt tc l c hai cng ty nim yt, giao dch ti TTGDCK TP.HCM vi tng gi tr vn nim yt l 270 t ng. n nm 2001, TTCK c 10 cng ty nim yt trn TTGDCK TP.HCM, theo thng k, n cui nm 2001, tng khi lng cc loi chng khon c a vo nim yt l 77.255.100 chng khon v tng gi tr nim yt l 3.372.955.200.000 ng. Nm 2002, 2003, s lng cc cng ty nim yt tng ln, tuy khng nhiu nhng cng phn nh c phn no s pht trin v quy m ca TTCK Vit Nam, nm 2002 l 20 cng ty, 2003 l 22 cng ty.inh Th Linh 38 Lp: A2 QTKD K43

Kho lun tt nghip

Tnh n ht nm 2004, c nc c gn 2.000 DN Nh nc c c phn ha v 26 cng ty nim yt chng khon. Tuy cn mi m, nhng nhng DN ny thu ht c hng ngn t ng t vn dn chng qua vic bn c phn, c phiu. Hoc u t ca cng chng vo cng tri quc gia (tri phiu chnh ph, tri phiu cng trnh, tri phiu a phng - do mt s tnh thnh ph pht hnh) trong nm 2004 c t gn 9.000 t ng. n cui nm 2005, TTCK c 45 cng ty nim yt v giao dch trn hai TTGDCK TP. HCM v H Ni vi tng gi tr vn ha th trng t gn 16.000 t ng t 2% GDP, t trn mc 250 triu USD. Tng hp s lng CTCPNY nm 2005 ca Vit Nam so vi Trung Quc, Singapore v MalaysiaTrung Quc TTCK Thng Hi CTNY Tng 876 876

Vit Nam TTGDCK TP. HCM 32 41 TTGDCK HN 9

Singapore SXG Main Board 492 663 171 646 SXG Sesdaq Main Board

Bursa Malaysia Second Board 268 1021 MESDAQ Market 107

Ngun: Singapore Exchange Securities Trading Limited December/2005 Qua bng trn, ta thy rng so vi cc nc trong khu vc v trn th gii, s lng cc cng ty nim yt Vit Nam thc s cn rt t, quy m nh. Sang nm 2006, theo thng k ca Vin nghin cu Qun l kinh t Trung ng, tnh n thng 5/2006 mi c 47 cng ty nim yt ti hai sn giao dch chng khon H Ni v TPHCM. Tng gi tr chng khon nim yt trn th trng ch hn 3% GDP (vo cui nm 2005). Nhng ch trong vng 7 thng

inh Th Linh

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Kho lun tt nghip

sau tnh n ngy 31/12/2006, c 193 CTCPNY. Ta cng c mt php so snh vi s lng cc cng ty nim yt ti Trung quc, Singapore v Malaysia nh sau: Tng hp s lng CTCPNY nm 2006 ca Vit Nam so vi Trung Quc, Singapore v Malaysia

Trung Quc TTCK Thng Hi Vit Nam Singapore SXG TTGDCK TP. HCM TTGDCK HN Main Boar d CTNY Tng 886 886 106 193 87 539 708 SXG Sesda q 169 Bursa Malaysia

Main Board

Second Board

MESDAQ Market

649

250 1072

128

Ngun: Singapore Exchange Securities Trading Limited-December/2005 Nh vy, r rng l, ch sau mt nm s lng CTCPNY trn cc TTGDCK tng t bin, t 41 cng ty vo cui nm 2005 n 193 cng ty nm 2006, tng gn gp 4 ln. Trong khi , S giao dch Chng khon Thng Hi (Trung Quc) ch thu ht thm 10 cng ty, cc S giao dch Chng khon Singapore v Malaysia cng ch tng 45 cng ty v 6 cng ty. iu ny chng t rng TTCK Vit Nam nm 2006 c nhng bc t ph mi. Vo phin giao dch ngy 19/7/2006 ch s VN-Index tng 218 im, t 466,19 im. Cng thi im ny ca nm 2005, ch s VN-Index t 248 im. Nm 2006 c coi l nm chng khon qua gn 8 nm hot ng. TTCK Vit Nam tip tc pht trin vo nm 2007. Vo nm ny, tng gi tr chng khon nim yt t 29.000 t ng v s xut hin ca chng ch qu u t vi tng gi tr 300 t ng lm cho hng ha trn TTCK thm40

inh Th Linh

Lp: A2 QTKD K43

Kho lun tt nghip

phn phong ph, s lng CTCPNY ln ti 249 cng ty, nh vy mc d Vit Nam cn rt non tr nhng pht trin vi tc nhanh. 6 thng u nm 2008, TTCK Vit Nam c v m m hn so vi nm 2007, nm 2006. Hin nay c 139 CTCPNY trn TTGDCK H Ni v 151 cng ty nim yt ti S giao dch Chng khon TP.HCM, nh vy trn TTCKVN c 300 cng ty, so vi Trung quc l 1512 CTCPNY th TTCK Vit Nam vn cn quy m nh, vn iu l cha cao, bn cnh nhng thnh cng t c vn cn nhiu bt cp v cng tc cng khai v minh bch BCTC ti cc CTCPNY ny. Hy vng rng trong tng lai khng xa, TTCKVN s pht trin cao v c cht v lng. Qua cc s liu thng k trn, ta c th quan st biu v s pht trin s lng cc CTCPNY Vit Nam trong vng 8 nm nh sau: Biu : S lng cc cng ty c phn nim yt qua cc nm 2000-2008

300 250 200 150 100 50 0 2000 2002 2004 2006 2008 Cng ty nim yt

Ngun: Tng cc thng k 2.4. nh gi chung v kt qu hot ng kinh doanh ca cc cng ty nim yt trn TTCK Vit Nam. Hu ht cc CTCPNY u tun th tt cc quy nh v cng b thng tin, ch bo co v duy tr, m bo iu kin nim yt. ng thi, hot ng

inh Th Linh

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Lp: A2 QTKD K43

Kho lun tt nghip

sn xut kinh doanh ca doanh nghip sau khi nim yt u t kt qu kh quan, th hin ch c doanh thu v li nhun khng ngng tng ln. i sng cn b, cng nhn vin c ci thin ng k, cng tc qun l iu hnh lun c coi trng. Bn cnh , tn tui, hnh nh doanh nghip ngy cng c m rng, qung b. Bn cnh nguyn nhn khch quan do tng trng cao ca nn kinh t Vit Nam trong my nm gn y, nguyn nhn ch yu cc CTCPNY t kt qu kinh doanh trn l do cc CTCPNY c nhng n lc ng k trong vic m rng th trng, a dng ha sn phm, ci tin phng thc, b my qun l v u t vo nhng lnh vc cng ngh cao nhm tng doanh thu v li nhun, s dng vn c hiu qu. Ngoi ra, vic tham gia nim yt c phiu trn TTGDCK cng to ra nhng thun li cho hot ng sn xut kinh doanh ca chnh cc CTCPNY, cng nh nhng u i v thu thu nhp doanh nghip, tng uy tn ca cng ty trn th trng. y ch l nh hng tch cc u tin ca ca TTCKVN ngoi chc nng chnh l knh huy ng vn cho doanh nghip. Kt thc qu II nm 2007, nhiu cng ty nim yt ti SGDCK TP.HCM t tc tng trng li nhun cao hn d on. S liu thng k ca bo co u t chng khon i vi 30 doanh nghip c gi tr ln nht cho kt qu n tng: 25/26 c mc tng trng li nhun l s dng so vi cng k nm 2006 (tr VSH). Trong 19/26 cng ty c mc tng trng trn 30%, 8/26 cng ty c mc tng trng cao trn 100%. Ba doanh nghip thuc nhm u tin nim yt trn TTCK l REE, SAM v GMD c mc tng trng ln lt l 62%, 59%, 43%. Bng tng trng li nhun ca 30 cng ty nim yt c mc vn ha ln nht trn SGDCK TP.HCM (n v: t ng)STT M CK Li nhun 6 Li nhun thng 2006 thng 2007 6 Hon thnh hoch 2007 k Tng trng

inh Th Linh

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Lp: A2 QTKD K43

Kho lun tt nghip 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 BMC BMP CII DHG DMC DRC FPT GMD HRC IFS IMP ITA KDC NKD PGC PPC PVD RAL REE SAM SJD SJS STB TAC TCR TDH TTP VIP VNM VSH 5,15 40,05 26,18 42,5 23,25 11,61 436,72 75,47 18,13 20,94 31,32 33,45 16,58 17,15 508,39 27,5 142,59 55,45 18,71 49,19 206,5 20,87 31,75 20,49 45,07 420,15 200,04 21,78 49,2 45,66 58,12 25,54 31,82 107,4 61,65 35,58 28,93 98,78 73,07 26,3 25,54 562,78 214,35 29,47 226,36 89,93 25,51 101,38 536,52 68,84 34,14 72,37 25,83 60,01 572,00 104,58 89% 98% 62% 53% 40% 51% 51% 46% 54% 0 33% 30% 30% 56% 92% 38% 59% 67% 34% 108% 139% 50% 74% 52% 57% 64% 42% 323% 23% 74% 37% 10% 174% 43% 28% 38% 215% 118% 43% 31% 11% 7% 59% 62% 36% 106% 160% 230% 128% 26% 33% 36% -48%

Ngun: u t chng khon s 63(431), ngy 6/8/2007,trang 15 Hu ht, trong s hn 200 CTCPNY, tnh n thi im 24/07/2007 u hot ng kinh doanh c hiu qu, thng qua cc SGDCK v TTGDCK, VN c mt lot cc CTCPNY u t c gi tr trn TTCK trn 1 t USD (ACB, FPT, PVD, VNM,).Bng danh sch 15 CTCPNY ln nht ti sn Tp.HCM v HNinh Th Linh 43 Lp: A2 QTKD K43

Kho lun tt nghip

M ACB BVS FPT GMD ITA KDC PPC PVD REE SAM SJS SSI STB VNM VSH

Tn cng ty Ngn hng Thng mi c phn Chu CTCP Chng khon Bo Vit CTCP pht trin v u t cng ngh FPT CTCP i l vn chuyn lin hip CTCP khu CN Tn To CTCP Kinh CTCP Nhit in Ph li CTCP khoan v DV khoan du kh CTCP c in lnh CTCP cp v vt liu vin thng CTCT u t v pht trin th v KCN Sng CTCP Chng khon Si Gn NHTMCP Si gn-Thng tn CTCP sa Vit Nam CTCP Thy in Vnh Sn- Sng Hinh

Sn nim yt HASTC HASTC HOSE HOSE HOSE HOSE HOSE HOSE HOSE HOSE HOSE HASTC HOSE HOSE HOSE

Mc vn ha (T ng) 31.094 6.249 25.814 6.279 8.75 8.244 18.759 17.626 8.303 6.829 10.600 10.948 27.02 30.852 7.375

Ngun: u t chng khon s 60(428)ngy 26/7/2007 Sang n qu I nm 2008, TTCK VN c rt nhiu bin ng, c rt nhiu cng ty lm n c li, nhng cng khng t cc cng ty phi iu chnh mc tiu li nhun, doanh thu trong nm nay, gim i rt nhiu so vi nm 2007. C th nh sau:Bng cc CTCPNY lm n c li trong qu I/2008STT 1 2 3 4 5 6 7 8 M CK VSH SFN SMC DMC PIT RAL VIS BHS Doanh thu qu I/2008 145 29,58 1.008 204,8 10,66 618,5 Li nhun qu I/2008 102 2 20,2 14,52 32,6 10,7 10,5 Tng trng (DT) 56,5% 89,7% 10,5% 174,15% 15,8% Tng trng (LN) 71,7% 94,34% 146,4% 58,7% 87,8% 78% 49,38%

inh Th Linh

44

Lp: A2 QTKD K43

Kho lun tt nghip 9 10 PVD ALT 762 48,7 220 3,1 25% 153%

168%

Ngun: http://involio.com/doanh-nghiep y ch l mt cht m sng trong khung cnh TTCK m m ca VN, rt nhiu cng ty thua l. i din cho cc cng ty thua l l REE (Cng ty c phn in lnh), sau y l kt qu hot ng kinh doanh ca REE Kt qu kinh doanh qu I/2008 l 110 t ngDin gi Doanh thu thun v bn hng v cung cp dch v Gi vn hng bn Li nhun gp Doanh thu hot ng ti chnh Chi ph ti chnh Li nhun trc thu Li nhun sau thuQu I/2008 278.9 -201.77 73.5 13.24 -165.34 -106.152 -110.7

Ngun: http://www.thv.vn/News/Detail Bc sang nm 2008, rt nhiu cng ty c phn gim mc tiu li nhun v doanh thu nh sau:Bng cc cng ty nim yt gim mc tiu li nhun nm 2008 STT M CK Mc tiu doanh vi 1 2 3 4 5 6 SSI PPC VIP BVS DPM SVC thu 2008 950 3.638 Gim 2007 (DT) 400 313 so Li vi gim so nm 2007(LN) 411 14 82 139 40 nm nhun 550 693,518 101 158 1.190 80

Ngun: http://www.kls.vn/ContentDelivery

Nh vy, trong qu I nm 2008 c hai xu hng trong k hoch li nhun l gim v tng r rt.45

inh Th Linh

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Nhm cng ty c k hoch li nhun gim so vi nm ngoi ch yu l cc cng ty thuc lnh vc chng khon, cng ty lin quan n u t ti chnh. Hai CTCK hng u l CTCK Si Gn (SSI) v Bo Vit (BVS) u c k hoch li nhun gim so vi nm trc. K hoch li nhun nm 2008 ca SSI ch bng phn na thc hin nm ngoi. Cn Bo Vit t k hoch l 158 t ng, thp hn mc thc hin 240 t ng ca nm 2007. Mt s CTCK khc lp k hoch li nhun t u nm d tnh phi iu chnh li k hoch li nhun theo chiu hng gim cho ph hp vi tnh hnh hin nay. Thi gian qua, mt s cng ty c dnh dng n u t ti chnh b nh hng bi s st gim ca TTCK. CTCP C in lnh REE, mc d trong ba thng u nm c li mng kinh doanh truyn thng l c in lnh cng trnh, nhng do phi trch lp qu d phng cho mng u t ti chnh nn bo co ti chnh qu I l hn 100 t ng Cng ty Savico c hot ng u t ti chnh v bt ng sn va phi iu chnh k hoch li nhun nm 2008 t 120 t ng xung 80 t ng. C phiu SAM cng b nh hng nng n bi Cng ty Cp v Vt liu vin thng c khon u t ti chnh kh ln vo cc cng ty khc v khi khi i chiu vi gi th trng, phn ln u b thua l, nh khon u t vo Alphanam. Trong lc nhm cng ty c lin quan n u t ti chnh, chng khon b nh hng nng n bi khng hong kinh t c quy m ton cu th nhm cc cng ty sn xut - kinh doanh nhng mt hng c bn, thit yu cho tiu dng li gi c mc li nhun khng thua km cng k nm ngoi. Theo thng k s b ca TCK, trong qu I/2008, nhm cng ty gi c li nhun n nh v c s tng trng phn nhiu l cc cng ty vn iu l di 50 t ng. a s doanh nghip sn xut pht hnh c phiu tng vn trong nm 2006 - 2007 u chuyn hng sang kinh doanh bt ng sn hoc u t ti chnh, bi lnh vc sn xut c bn khng kp hp th ngun vn t pht hnh v thng d vn, trong mt s cng ty u t vo bt ng sn,inh Th Linh 46 Lp: A2 QTKD K43

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nhng mc thn trng; mt s cng ty gi mt lng vn khng nh vo ngn hng sau khi huy ng t pht hnh c phiu. II. THC TRNG CNG KHAI V MINH BACH BCTC CA CNG TY C PHN NIM YT 1. Thc trng cng khai v minh bch BCTC i vi nc ta, th trng ti chnh ngy cng tr nn si ng, nht l khi Vit Nam chnh thc vn hnh nn kinh t th trng nh hng XHCN. S hnh thnh v pht trin th trng chng khon tuy cn mi m nhng hi t cc nh u t trong nc v nc ngoi. Nhng nm qua, ng v Nh nc ta thng xuyn quan tm vic khai thc ti a mi ngun lc ti chnh mi khu, mi cp ca h thng v coi va l mc tiu, va l ng lc pht trin t nc, c bit l cng c v pht trin khu vc ti chnh cng v ngn sch nh nc (NSNN). Tng cng h thng thu-chi NSNN trn nguyn tc thu ng, thu , chi tit kim, hp l, u tin cho u t pht trin phc v cng nghip ha, hin i ha, phn cp hp l gia ngn sch trung ng v ngn sch a phng, gia cc ngnh, cc cp...Coi ti chnh doanh nghip l nn tng ca nn ti chnh quc gia, l ng lc ca s tng trng kinh t nhanh v bn vng, trong ch trng xy dng v lm lnh mnh ha ti chnh DN quc doanh, c th l cc CTCPNY, t ch ch ti chnh, thng nht ch thu-chi v phn phi... i vi cc CTCPNY trn th trng chng khon, mc d c quy nh cng khai v minh bch BCTC, nhng cht lng cng khai v minh bch BCTC ca cc cng ty ny vn cha tht hon thin m cn tn ti rt nhiu vn bt cp. Tuy th trng chng khon hot ng c gn 8 nm v nhiu cng ty nim yt c thm nin l cng ty i chng, nhng lnh o cc cng ty nim yt vn mi m kinh doanh, ch cha thc s ch trng n vic thit lp cc mi quan h x hi, c bit l cc c ng-ngi ch thc s ca mnh.inh Th Linh 47 Lp: A2 QTKD K43

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Thng tin v cng ty nim yt hin hnh bao gm: Bn co bch, bo co ti chnh hng qu, hng nm (c kim ton) v cc thng tin mang tnh s kin lin quan n hot ng ca cng ty. Bn co bch c lp khi nim yt, c y thng tin v doanh nghip, tuy nhin bn co bch c thnh lp t khi ln sn hoc trc khi pht hnh thm c phiu, khin nhiu thng tin trn bn co bch n nay qu c. Thng tin ng trn Bn tin TTCKknh thng tin chnh thng trn TTCK- hin ch c a ra di dng cc s liu tm tt Bo co kt qu kinh doanh v Bng cn i k ton. c bit, Bn tin TTCK cha bao gi ng ti thuyt minh bo co ti chnh v bo co kim ton ti chnh ca kim ton vin ( gi tt l th kim ton). Cc thng tin trong Bng cn i k ton v Bo co kt qu kinh doanh thng ch phn nh cc s liu ti chnh trong khi li khng c thuyt minh BCTC khin nh u t gp nhiu kh khn trong vic phn tch v nh gi doanh nghip. C th minh ha cho iu ny thng qua vn cung cp thng tin v bt ng sn ca cc CTCPNY. Cc nh u t ht sc quan tm n thng tin v bt ng sn ca cng ty nim yt, bi h b tin u t vo cc cng ty ny nn rt mun bit r gi tr ti sn v hnh ( ch yu l gi tr quyn s dng t) thc t l bao nhiu h c c s nh gi chun xc gi tr v hnh ca cng ty trong khi ti sn v hnh thng khng th hin trn s sch k ton do kht hao ht hoc do c th ca ti sn m khng th hin trn s sch nh quyn s dng t Nhu cu thng tin v tnh hnh bt ng sn ca nh u t l hon ton chnh ng bi thc t trn BCTC ca cng ty nim yt ch th hin gi tr ti sn ny bng mt con s c th, ch khng din gii r xem cng ty l bao nhiu Ti sn bt ng sn ca cc cng ty nim yt nu c cng b y s c nh hng tt n gi chng khon. Ngoi ra, th kim ton cng l ti liu v cng quan trng, gip nh u t bit vic kim ton c thc hin theo chun mc kim ton no, c nhng khon phi thu, phi chi no kim ton vin khng xc nhn c, cc khoninh Th Linh 48 Lp: A2 QTKD K43

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l, li pht sinh no cha c phn nh vo BCTC Theo , phn no trong bo co ti chnh c kim ton chp nhn v phn no b loi tr. Chnh kin ca kim ton vin s gip ngi c xc nh c cch hch ton cc khon thu chi, l li ca cng ty nim yt l chun xc hay khng ng tin cy. Mt cng ty c li cao song kin kim ton li l loi tr th s khng th coi l tt c. Knh thng tin th hai l qua mng ca trung tm giao dch chng khon. Mc d a c nhiu thng tin hn nhng knh thng tin ny cng vn cha p ng c nhu cu th trng. Mng thng xuyn b trc trc khin cc nh u t rt kh truy cp thng tin v tn nhiu thi gian. Ngoi ra, vic ng ti BCTC ca mt cng ty nim yt thng khng tp trung trn mt file m ri rc nhiu file khc nhau, gy mt thi gian cho nhng ngi mun tm kim thng tin tng hp v mt cng ty nim yt. C trng hp mc thng tin a ra y nhng ni dung bn trong li thiu ( nh trng hp cng ty Savimex). Mt s cng ty nim yt a ra cc s liu trong bo co ti chnh khng thng nht, nh tng ti sn v tng n chnh lch nhau vi chc triu ng ( nh BCTC ca cng ty c phn c in lnh REE nm 2002, 2003) Mt bt cp trong vic cng khai v minh bch cc bo co ti chnh ca cc CTCPNY hin nay lin quan n vn bo mt thng tin, s bt bnh ng trong vic nhn v x l thng tin ca nh u t. Trc khi n c vi nh u t, thng tin phi i qua mt chng ng di. u tin, thng tin trong cc bo co ti chnh doanh nghip xut hin u tin ti Phng k ton, ni tng hp v bo co kt qu hot ng cho cng ty nim yt. Ngoi ban lnh o, cc thng tin ny cng c th c bit n bi mt s cn b Phng tin hc, ni ng dng cc phn mm hin i lu tr v x l thng tin. Tip theo , thng tin c chuytn n th trng giao dch chng khon. Nhng nhn vin ph trch ti y s c nhn thy nhng dng kt qu kinh doanh ( thng l cha kim ton) u tin ca cng tuinh Th Linh 49 Lp: A2 QTKD K43

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nim yt. Sau , thng tin s c trao ti tay nhn vin lm t bn tin TTCK, c tng hp li v gi cho cc cng ty chng khon ri mi n tay cc nh u t nhiu ngy sau khi cc thng tin v kt qu hot ng sn xut kinh doanh ca cc cng ty nim yt xut hin. Kh c th m bo c tnh bo mt ca thng tin khi n phi tri qua mt hnh trnh di nh vy nht l khi th trng chng khon Vit Nam vn cn mc s khai, cha c nhng quy nh r rng, cht ch trong vn bo mt thng tin. Liu rng cc nh u t c phi l ngi cui cng bit thng tin hay khng? Kh c th a ra cu tr li chnh xc. Rt c th trong thi gian i qua nhng khu trn, thng tin c khai thc trit n mc khi cng b ra, n chng c gi tr g. Mt v d minh ha cho iu ny l ngay trong phin giao dch ngy hm trc c ngi bn lin tc c phiu ca cng ty Bibica th n hm sau. Bn tin ca th trng giao dch chng khon mi cng b kt qu kinh doanh khng tt ca cng ty, li nhun c 3 qu khng t ni 50% k hoch nm. Mt bt cp khc na l s thiu chnh xc v khng y ca cc thng tin trong bo co ti chnh ca cc cng ty nim yt c cng b. Trng hp ca cng ty c phn Bnh ko Bin Ha (Bibica) l mt v d. Nhng nhp nhng li l ca Bibica khin mt s nh u t vn cn nghi ng v tnh trung thc trong bo co ti chnh nm 2002 ca cng ty. Bo co ti chnh cho thy, c nm 2002 Bibica l 5,4 t ng, trong khi bo co ti chnh 3 qu u nm rt kh quan, li 4,1 t ng. Theo bo co ny doanh s nm 2002 ca Bibica t 216,0 t ng, tng 29,3 t ( tng ng vi 15,71%) so vi nm trc . Tuy nhin, li nhun li b m 5,4 t, ngc du vi con s li 5,7 t ca nm 2001. l thng tin do Bibica cng b trong khi , Ban kim sot cng ty Bibica li a ra con s l l 12,3 t ng. Theo Ban kim sot, con s l pht sinh n di hai ti khon m cng ty a vo chi ph, bao gm: chi ph xy dng d dang ( 5,565 t ng) nhng thc cht l chiinh Th Linh 50 Lp: A2 QTKD K43

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ph hot ng ca nh my Bnh ko Bin ha 2 ti H Ni, s cn li ( 1,337 t) l do thay i phng php ghi nhn chi ph thc t vi doanh thu gim chi ph, tng li gi v gim l tht. Chnh nhng v vic nh th ny gy tm l nghi ng cho cc nh u t trn th trng. Ngoi ra, tnh trng chm np bo co ti chnh ca cc cng ty nim yt cng l vn nan gii hin nay. Thng tin c cng b kp thi ang l mt yu cu bc thit ca th trng. Nhiu nh u t t ra rt bc xc trc vic c n gn phn na s cng ty nim yt cng b thng tin chm so vi thi hn cng b thng tin theo quy ch cng b thng tin. Chuyn ba ln tht hn l bn ln gia hn np bo co ti chnh ca cng ty Bibica l mt v d. Ly l do cn phi tp trung hon tt quyt ton nm 2002, Bibica khng cng b kt qu kinh doanh qu I nm 2003 trc ngy 15 thng 4 nm 2003 nh quy nh. Bibica cng ha vi th trng giao dch chng khon l s cng b kt qu kinh doanh qu I v II nm 2003 vo dp cng b kt qu kinh doanh qu II nm 2003( tc l trc ngy 15 thng 7 nm 2003), nhng sau Bibica li tht hn v ha s cng b thng tin vo cui thng 7. Nhng ri ngy 29 thng 7, Bibica tip tc xin hon cng b thng tin 6 thng u nm n ngy 5 thng 8 nm 2003 v hon cng b thng tin qu I nm 2003 n ngy 25 thng 8 nm 2003. Chuyn ca nm 2002 qua i cha c bao lu, th Bibica tip tc gia hn, tht hn, ri tr hon vic np bo co ti chnh qu I v II nm 2003. Vic Bibica lin tc tht hn hay nh vic chm cng b thng tin ca Halong Canfoco lm gia tng s hoi nghi ca nh u t v hot ng ca cng ty nim yt. Gn 5 nm tham gia TTCK l thi gian di cc cng ty cng c cng tc i ngoi vi c ng ca mnh. V th, cho n lc ny, vic chm tr l li kh c th chp nhn. Hin nay, nh u t trn th trng chng khon Vit Nam ang rt thiu thng tin v cc CTCPNY, cc thng tin doanh nghip a ra nhiu khi cn thiu minh bch, thm ch nhiu ch doanh nghip a ra cc bo co tiinh Th Linh 51 Lp: A2 QTKD K43

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chnh xu hn ch s quan tm ca nh u c, to c hi cho mt s ngi mua thu tm doanh nghip. in hnh l trng hp ca cng ty INTIMEX, phin u gi c phn hi u thng 4/2007 ca doanh nghip ny din ra rt ln xn v thiu minh bch, ch c 10 ngi trng thu, trong ch yu l cc lnh o cp cao ca cng ty. Bn cnh , cc bn cng b thng tin v thng tin c gii thiu hoc gii p t ban lnh o doanh nghip vn cha p ng c nhu cu thng tin ca th trng, nhiu ni dung cn thit khng c cng b hoc cng b mt cch s si, khng r rng. V d nh trng hp c phn ha ca Tng cng ty Bo him Vit Nam (Bo Vit), tuy Bo Vit tun th quy trnh cng b thng tin ng quy nh, tc l t chc hp bo a thng tin ra cng chng, sau t chc hai cuc thuyt trnh c hi u t ti H Ni (17/5/2007) v thnh ph H Ch Minh (19/5/2007). Tuy nhin, mt s ni dung vn khng c a vo bn cng b thng tin. Th nht, Bo Vit l doanh nghip th im c Chnh ph v B Ti chnh cho php s dng khon tin thu c t c phn ha thay v np ht vo Ngn sch Nh nc nh trc y, nhng khon tin thu c s phn phi nh th no khng c cp n trong bn cng b thng tin ca Bo Vit. Trong khi , vn bn v vic x l s tin thu c t c phn ha Bo Vit (cng vn s 5857/BTC-BH) c ban hnh t ngy 3/5/2007, trc 6 ngy so vi ngy B Ti chnh ph duyt Bn cng b thng tin v gi khi im ca Bo Vit (ti quyt nh 1708/Q-BTC ngy 9/5/2007). Chnh v khng cng b chi tit quan trng ny nn nhiu nh u t khng r khon tin ny c phn phi nh th no, d y l vn ng c cng khai v n lin quan n vic lu chuyn hng nghn t ng ti Bo Vit. Thng tin thiu r rng th hai v gi khi im, tuy Bo Vit cng b gi khi im l 30.500 ng/ c phiu nhng khng nu phng php tnh ra thng s ny cng nh khng

inh Th Linh

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a thng tin v dng tin d bo v t l chit khu, gy bn khon cho cng chng u t. Mt v d khc v thiu minh bch trong cng b thng tin l trng hp pht hnh c phiu ca tp on taxi Mai Linh. Nhng thng tin c bn nh lng c phiu pht hnh, k hoch huy ng v v s dng trong tng giai on hu nh khng c cng b. Hn na, nhng thng tin s si m doanh nghip a ra trong mt thi gian di, lm cho cc nh u t ln ln gia c phiu ph thng v c phiu u i c tc, hay nhm ln gia c phiu ca cng ty m vi c phiu Mai Linh Nng v c phiu Mai Linh H Ni. Bn cnh , nhng thng tin v k hoch sn xut kinh doanh nhiu doanh nghip a ra trong bn co bch cn qu xa cch so vi thc t thc hin. Nguyn nhn chnh l cc doanh nghip cha nn np trong vic lp k hoch sn xut kinh doanh di hn v cha nhn thc y tm quan trng ca cc sthng tin cng b, coi cc thng tin nh mt phn cam kt ca cng ty vi cc nh u t. C th, nm 2002 ba cng ty khng thc hin c k hoch v doanh thu thun ra trong bn co bch l Hapoco ch t c 70,19%, Sacom t 78,24% v Ree t 90,1% so vi k hoch Qua thc trng nu trn, r rng l cn rt nhiu vn m cc cng ty c phn nim yt cn phi khc phc to nim tin ni cc nh u t. Cc cng ty khng nhng phi hot ng kinh doanh c hiu qu m cn phi to c ngun lc cnh tranh cho chnh mnh thng qua vic cng khai v minh bch cc bo co ti chnh. Vn tuy nan gii nhng vn khng phi l khng thc hin c nu doanh nghip mun ng vng trn th trng hin nay. 2. nh gi v ch k ton, kim ton hin hnh 2.1. Ch k ton doanh nghip

inh Th Linh

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Qua thc t nhng nm TTCK i vo hot ng va qua, h thng k ton ca Vit Nam hin hnh th hin tm quan trng v v c bn p ng c yu cu phn nh thc trng cc thng tin v tnh hnh ti chnh, hot ng sn xut kinh doanh ca cc CTCPNY trn TTCK. Thng qua h thng cc ti khon hch ton hin thi, cc khon doanh thu, chi ph, li nhun cng cc khon mc quan trng khc nh ti sn, ngun vn c phn nh minh bch, r rng v c thc hin cn i trn cc BCTC. Cch thc trnh by cc con s trn BCTC theo quy nh hin thi cng d hiu v khng yu cu, v i hi ngi c phi c kin thc chuyn mn su v cc lnh vc ny, do vy gip cc nh u t trn th trng c th t mnh phn tch v nm bt c tnh hnh hot ng sn xut kinh doanh ca cc CTCPNY, t c k hoch nng cao hiu qu s dng ngun vn u t ca mnh trn TTCK. ng thi, vi cc khon mc hch ton chi tit, h thng k ton hin hnh cng gip cho cc c quan c chc nng qun l, gim st hot ng ca cc CTCPNY trn TTCK nh UBCKNN v TTGDCK thc hin chc nng qun l ca mnh. Tuy nhin, bn cnh cc tc ng tch cc, h thng k ton hin hnh cng tn ti mt s vng mc i vi yu cu phn nh y v chnh xc cc thng tin v tnh hnh ti chnh, tnh hnh hot ng sn xut kinh doanh ca cc CTCPNY trn TTCK, do h thng k ton h