{"id":32302,"date":"2011-03-31T09:27:00","date_gmt":"2011-03-31T02:27:00","guid":{"rendered":"https:\/\/anvilaw.com\/vi\/?p=32302"},"modified":"2022-07-07T09:29:51","modified_gmt":"2022-07-07T02:29:51","slug":"183-co-phieu-re-khien-ma-bung-no","status":"publish","type":"post","link":"https:\/\/anvilaw.com\/vi\/183-co-phieu-re-khien-ma-bung-no\/","title":{"rendered":"183. C\u1ed5 phi\u1ebfu r\u1ebb khi\u1ebfn M&A b\u00f9ng n\u1ed5?"},"content":{"rendered":"(VBF) – T\u00ednh \u0111\u1ebfn ng\u00e0y 29\/3, P\/E c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n \u0111ang \u1edf m\u1ee9c th\u1ea5p 8.33 l\u1ea7n c\u00f2n P\/B l\u00e0 1.49 l\u1ea7n, th\u1ea5p h\u01a1n nhi\u1ec1u n\u1ebfu so v\u1edbi m\u1ee9c \u0111\u00e1y v\u00e0o ng\u00e0y 24\/2\/2009 (P\/E \u1edf m\u1ee9c11.46 l\u1ea7n, P\/B l\u00e0 1.19 l\u1ea7n). H\u01a1n n\u1eefa, g\u1ea7n 170 m\u00e3 ch\u1ee9ng kho\u00e1n hi\u1ec7n c\u00f3 gi\u00e1 th\u1ea5p h\u01a1n 10.000 \u0111\u1ed3ng. Gi\u00e1 c\u1ed5 phi\u1ebfu qu\u00e1 r\u1ebb nh\u01b0 v\u1eady \u0111\u00e3 t\u1ea1o thu\u1eadn l\u1ee3i r\u1ea5t l\u1edbn cho ho\u1ea1t \u0111\u1ed9ng th\u00e2u t\u00f3m doanh nghi\u1ec7p c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 l\u1edbn b\u1eb1ng c\u00e1ch mua gom c\u1ed5 phi\u1ebfu tr\u00ean s\u00e0n. C\u00f3 th\u1ec3, n\u0103m 2011 s\u1ebd l\u00e0 n\u0103m b\u00f9ng n\u1ed5 c\u00e1c h\u1ecdat \u0111\u1ed9ng mua b\u00e1n s\u00e1p nh\u1eadp doanh nghi\u1ec7p (M&A).<\/strong><\/p>\n

<\/strong>Nh\u1eefng v\u1ee5 M&A l\u1edbn<\/strong>
\n<\/strong>
\nN\u0103m 2010, to\u00e0n th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng ki\u1ebfn 287 v\u1ee5 s\u00e1p nh\u1eadp mua b\u00e1n doanh nghi\u1ec7p l\u1edbn nh\u1ecf, chi\u1ebfm t\u1edbi 1.09 t\u1ec9 USD. N\u1ebfu nh\u01b0 n\u0103m 2009, ho\u1ea1t \u0111\u1ed9ng mua b\u00e1n s\u00e1p nh\u1eadp doanh nghi\u1ec7p v\u1eabn c\u00f2n th\u01b0a th\u1edbt, th\u00ec n\u0103m 2010, m\u1ee9c t\u0103ng tr\u01b0\u1edfng \u1ea5n t\u01b0\u1ee3ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng n\u00e0y \u0111\u00e3 l\u00ean t\u1edbi 71%.<\/p>\n

D\u1ec5 d\u00e0ng k\u1ec3 \u0111\u1ebfn nhi\u1ec1u v\u1ee5 M&A th\u00e0nh c\u00f4ng, nh\u01b0 \u0111\u1ea1i gia ng\u00e0nh vi\u1ec5n th\u00f4ng Viettel \u0111\u00e3 m\u1ea1nh tay chi 700 t\u1ec9 \u0111\u1ed3ng mua 35 tri\u1ec7u CP c\u1ee7a Vinaconex (VCG) v\u1edbi gi\u00e1 20.000\u0111\/CP n\u0103m 2009, g\u1ea7n g\u1ea5p \u0111\u00f4i gi\u00e1 CP c\u1ee7a Vinaconex tr\u00ean s\u00e0n HaSTC t\u1ea1i th\u1eddi \u0111i\u1ec3m \u0111\u00f3. Tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n, doanh nghi\u1ec7p c\u00f3 2 m\u00e3 ni\u00eam y\u1ebft l\u00e0 HT1, HT2 c\u0169ng c\u00f3 k\u1ebft qu\u1ea3 s\u00e1p nh\u1eadp th\u00e0nh c\u00f4ng. Nhi\u1ec1u doanh nghi\u1ec7p \u0111\u00e3 ch\u00e0o mua c\u00f4ng khai c\u1ed5 phi\u1ec3u nh\u01b0\u00a0 HVG ch\u00e0o mua c\u00f4ng khai c\u1ed5 phi\u1ebfu c\u1ee7a AGF, PNJ ch\u00e0o mua c\u00f4ng khai SFC\u2026<\/p>\n

Vi\u1ec7c ho\u00e0n t\u1ea5t gia t\u0103ng c\u1ed5 ph\u1ea7n t\u1ea1i B\u1ea3o Vi\u1ec7t (BVH) c\u1ee7a m\u1ed9t T\u1eadp \u0111o\u00e0n B\u1ea3o hi\u1ec3m v\u00e0 d\u1ecbch v\u1ee5 t\u00e0i ch\u00ednh l\u1edbn nh\u1ea5t Vi\u1ec7t Nam l\u00e0 HSBC. Theo \u0111\u00f3, \u0111\u1ea7u th\u00e1ng 2\/2011, HSBC c\u00f4ng b\u1ed1 \u0111\u00e3 t\u0103ng t\u1ef7 l\u1ec7 c\u1ed5 ph\u1ea7n n\u1eafm gi\u1eef t\u1ea1i T\u1eadp \u0111o\u00e0n B\u1ea3o Vi\u1ec7t, t\u1eeb m\u1ee9c 10% hi\u1ec7n nay l\u00ean 18% th\u00f4ng qua vi\u1ec7c mua 53,6 tri\u1ec7u c\u1ed5 ph\u1ea7n m\u1edbi v\u1edbi tr\u1ecb gi\u00e1 l\u00ean t\u1edbi 101,8 tri\u1ec7u USD. Ho\u1ea1t \u0111\u1ed9ng th\u00e0nh c\u00f4ng n\u00e0y \u0111\u00e3 gi\u00fap HSBC n\u00e2ng cao v\u1ecb th\u1ebf c\u1ee7a m\u00ecnh t\u1ea1i th\u1ecb tr\u01b0\u1eddng tr\u1ecdng t\u00e2m ch\u00e2u \u00c1, c\u1ee7ng c\u1ed1 tham v\u1ecdng tr\u1edf th\u00e0nh nh\u00e0 b\u1ea3o hi\u1ec3m h\u00e0ng \u0111\u1ea7u tr\u00ean to\u00e0n c\u1ea7u c\u1ee7a m\u00ecnh. V\u1ec1 ph\u00eda B\u1ea3o Vi\u1ec7t, c\u1ed1 phi\u1ebfu BVH c\u1ee7a t\u1eadp \u0111o\u00e0n n\u00e0y li\u00ean t\u1ee5c t\u0103ng gi\u00e1 v\u00e0 c\u00f3 l\u00fac \u0111\u00e3 ch\u1ea1m t\u1edbi m\u1ee9c gi\u00e1 h\u01a1n 100.000 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu.<\/p>\n

Tuy nhi\u00ean, kh\u00f4ng ph\u1ea3i phi v\u1ee5 M&A n\u00e0o c\u0169ng th\u00e0nh c\u00f4ng. KDC \u0111\u00e3 ph\u1ea3i tr\u1ea3 m\u1ed9t b\u00e0i h\u1ecdc \u0111\u1eaft gi\u00e1 khi \u00e2m th\u1ea7m th\u00e2u t\u00f3m TRI. N\u0103m 2009, TRI l\u00e0 doanh nghi\u1ec7p hi\u1ebfm hoi tr\u00ean s\u00e0n b\u1ecb l\u1ed7 2 n\u0103m li\u00ean ti\u1ebfp v\u00e0 ph\u1ea3i t\u1ea1m ng\u01b0ng giao d\u1ecbch.<\/p>\n

Khi gi\u00e1 c\u1ed5 phi\u1ebfu \u0111ang \u1edf m\u1ee9c th\u1ea5p, vi\u1ec7c c\u00e1c c\u1ed5 \u0111\u00f4ng l\u1edbn v\u00e0 c\u1ed5 \u0111\u00f4ng n\u1ed9i b\u1ed9 \u0111ua nhau b\u00e1n ra c\u0169ng l\u00e0 c\u01a1 h\u1ed9i cho ng\u01b0\u1eddi kh\u00e1c mua l\u1ea1i. D\u1ec5 d\u00e0ng th\u1ea5y \u0111\u01b0\u1ee3c r\u1eb1ng khi 1 ho\u1ea1t \u0111\u1ed9ng M&A tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c c\u00f4ng khai th\u00ec gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng b\u1ecb b\u1ecb th\u00e2u t\u00f3m s\u1ebd t\u0103ng, g\u00e2y n\u00ean t\u00ecnh tr\u1ea1ng t\u0103ng n\u00f3ng c\u1ed5 phi\u1ebfu.
\n
\n<\/strong>Th\u00e2u t\u00f3m kh\u00f4ng ph\u1ea3i d\u1ec5<\/strong><\/p>\n

Nhi\u1ec1u chuy\u00ean gia kinh t\u1ebf cho r\u1eb1ng, nhu c\u1ea7u mua b\u00e1n, s\u00e1p nh\u1eadp s\u1ebd ng\u00e0y m\u1ed9t l\u1edbn h\u01a1n trong qu\u00e1 tr\u00ecnh h\u1ed9i nh\u1eadp v\u1edbi nhi\u1ec1u \u201c\u0111\u1ea1i gia\u201d t\u00e0i ch\u00ednh n\u01b0\u1edbc ngo\u00e0i \u0111\u1ea7u t\u01b0 v\u00e0o TTCK nh\u01b0 hi\u1ec7n nay. Tuy nhi\u00ean, \u0111\u1ec3 c\u00f3 m\u1ed9t th\u1ecb tr\u01b0\u1eddng M&A ph\u00e1t tri\u1ec3n m\u1ea1nh m\u1ebd theo \u0111\u00fang chu\u1ea9n m\u1ef1c qu\u1ed1c t\u1ebf th\u00ec kh\u00f4ng ph\u1ea3i d\u1ec5.<\/p>\n

Tr\u1edf l\u1ea1i v\u1ee5 M&A \u0111i\u1ec3n h\u00ecnh c\u1ee7a Viettel v\u00e0 Vinaconex, n\u1ebfu mua \u0111\u00fang gi\u00e1 c\u1ed5 phi\u1ebfu VCG v\u00e0o th\u1eddi \u0111i\u1ec3m \u0111\u00f3 tr\u00ean s\u00e0n ch\u1ee9ng kho\u00e1n th\u00ec Viettel c\u00f3 th\u1ec3 ti\u1ebft ki\u1ec7m \u0111\u01b0\u1ee3c g\u1ea7n 300 t\u1ef7 \u0111\u1ed3ng, g\u1ea7n 50% to\u00e0n b\u1ed9 chi ph\u00ed c\u1ee7a cu\u1ed9c mua b\u00e1n n\u00e0y. Tuy nhi\u00ean, vi\u1ec7c mua gom kh\u1ed1i l\u01b0\u1ee3ng t\u1edbi 35 tri\u1ec7u CP tr\u00ean s\u00e0n v\u1edbi m\u1ee9c gi\u00e1 xung quanh 10.000\u0111\/CP t\u1ed1n nhi\u1ec1u th\u1eddi gian m\u00e0 l\u1ea1i kh\u00f3 kh\u1ea3 thi v\u00ec TTCK r\u1ea5t nh\u1ea1y c\u1ea3m, s\u1ee9c c\u1ea7u l\u1edbn c\u00f3 th\u1ec3 \u0111\u1ea9y gi\u00e1 c\u1ed5 phi\u1ebfu l\u00ean cao do nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf l\u1ebb n\u00e2ng gi\u00e1 li\u00ean t\u1ee5c. V\u1edbi vi\u1ec7c nhi\u1ec1u c\u1ed5 phi\u1ebfu tr\u00ean s\u00e0n CKVN \u0111\u1eb7c bi\u1ec7t l\u00e0 s\u00e0n HNX c\u00f3 thanh kho\u1ea3n r\u1ea5t th\u1ea5p nh\u01b0 hi\u1ec7n nay th\u00ec vi\u1ec7c mua m\u1ed9t l\u01b0\u1ee3ng l\u1edbn c\u1ed5 phi\u1ebfu \u0111\u1ee7 \u0111\u1ec3 qu\u00e1 tr\u00ecnh M&A di\u1ec5n ra su\u00f4n s\u1ebb l\u1ea1i tr\u1edf n\u00ean r\u1ea5t kh\u00f3.<\/p>\n

\u00d4ng Tr\u01b0\u01a1ng Thanh \u0110\u1ee9c \u2013 Gi\u00e1m \u0111\u1ed1c C\u00f4ng ty Lu\u1eadt ANVI chia s\u1ebb, \u0111\u1eb7c th\u00f9 c\u1ee7a nhi\u1ec1u doanh nghi\u1ec7p Vi\u1ec7t Nam l\u00e0 kh\u1ea3 n\u0103ng qu\u1ea3n tr\u1ecb c\u00f2n h\u1ea1n ch\u1ebf, c\u00e1c doanh nghi\u1ec7p c\u00f3 v\u1ed1n l\u1edbn ch\u01b0a nhi\u1ec1u. H\u01a1n n\u1eefa, v\u0103n h\u00f3a gi\u1eefa c\u00e1c c\u00f4ng ty M&A kh\u00e1c bi\u1ec7t c\u00f3 th\u1ec3 d\u1eabn t\u1edbi t\u00ecnh tr\u1ea1ng c\u00e1c c\u00f4ng ty kh\u00f4ng h\u1ee3p t\u00e1c v\u1edbi nhau, g\u00e2y kh\u00f3 cho nhau n\u00ean ho\u1ea1t \u0111\u1ed9ng mua b\u00e1n, s\u00e1p nh\u1eadp kh\u00f3 m\u00e0 th\u00e0nh c\u00f4ng \u0111\u01b0\u1ee3c.<\/em>
\n<\/em>
\nM&A ch\u1ee9a \u0111\u1ef1ng r\u1ea5t nhi\u1ec1u r\u1ee7i ro,c\u00e1c doanh nghi\u1ec7p tham gia th\u1ecb tr\u01b0\u1eddng n\u00e0y ph\u1ea3i c\u00f3 ki\u1ebfn th\u1ee9c v\u00e0 kinh nghi\u1ec7m \u0111\u1ee7 \u0111\u1ec3 l\u1ef1a ch\u1ecdn \u0111\u1ed1i t\u00e1c. M\u1eb7t kh\u00e1c, nh\u1eefng ch\u1ee7 th\u1ec3 \u0111\u00f3ng vai tr\u00f2 m\u00f4i gi\u1edbi doanh nghi\u1ec7p ph\u1ea3i \u0111\u1ee7 ti\u00eau chu\u1ea9n \u0111\u1ec3 t\u01b0 v\u1ea5n cho doanh nghi\u1ec7p, h\u1ea1n ch\u1ebf r\u1ee7i ro, \u00f4ng \u0110\u1ee9c cho bi\u1ebft.<\/em>
\n<\/em>
\nC\u00f2n Lu\u1eadt s\u01b0 Nguy\u1ec5n H\u1ed3ng B\u00e1ch c\u00f4ng ty Lu\u1eadt H\u1ed3ng B\u00e1ch v\u00e0 C\u1ed9ng s\u1ef1 l\u1ea1i cho r\u1eb1ng, th\u1ecb tr\u01b0\u1eddng M&A thi\u1ebfu m\u1ed9t h\u00e0nh lang ph\u00e1p l\u00fd \u0111\u1ec3 ph\u00e1t tri\u1ec3n: \u201cLu\u1eadt c\u00f2n r\u1ea5t chung chung, ch\u01b0a c\u00f3 nh\u1eefng ch\u1ebf t\u00e0i h\u01b0\u1edbng d\u1eabn cho ho\u1ea1t \u0111\u1ed9ng n\u00e0y. M\u1eb7c d\u00f9 \u0111\u00e3 c\u00f3 nh\u1eefng v\u0103n b\u1ea3n ph\u00e1p l\u00fd ch\u00ednh nh\u01b0 Lu\u1eadt Ch\u1ee9ng kho\u00e1n, Lu\u1eadt Doanh nghi\u1ec7p, Lu\u1eadt \u0110\u1ea7u t\u01b0, Lu\u1eadt C\u1ea1nh tranh\u2026Tuy nhi\u00ean, c\u01a1 s\u1edf ph\u00e1p l\u00fd cho ho\u1ea1t \u0111\u1ed9ng n\u00e0y c\u00f2n r\u1ea5t s\u01a1 s\u00e0i, t\u1ed3n t\u1ea1i nhi\u1ec1u kho\u1ea3ng tr\u1ed1ng ph\u00e1p l\u00fd cho ho\u1ea1t \u0111\u1ed9ng M&A.\u201d
\n
\n<\/em>Theo \u00d4ng Tr\u01b0\u01a1ng Thanh \u0110\u1ee9c: \u201cNg\u00e0y 3\/3\/2010 \u0111\u00e3 ban h\u00e0nh Th\u00f4ng t\u01b0 s\u1ed1 194 quy \u0111\u1ecbnh v\u1ec1 v\u1ea5n \u0111\u1ec1 M&A. Tuy nhi\u00ean quy \u0111\u1ecbnh n\u00e0y v\u1eabn ch\u01b0a ph\u00f9 h\u1ee3p v\u00ec Lu\u1eadt ch\u1ec9 \u0111\u1ec1 c\u1eadp \u0111\u1ebfn kh\u00eda c\u1ea1nh ch\u1ed1ng \u0111\u1ed9c quy\u1ec1n, ch\u1ed1ng th\u00e2u t\u00f3m m\u00e0 ch\u01b0a \u0111\u1ec1 c\u1eadp \u0111\u1ebfn nh\u1eefng h\u00ecnh th\u1ee9c th\u00e2u t\u00f3m nh\u01b0 th\u00e2u t\u00f3m qua th\u1eeba k\u1ebf\u2026\u201d<\/em>
\n<\/em>
\nKhi m\u00e0 c\u00e1c c\u1ed5 \u0111\u00f4ng n\u1ed9i b\u1ed9, c\u1ed5 \u0111\u00f4ng l\u1edbn \u0111ua nhau b\u00e1n ra c\u1ed5 ph\u1ea7n c\u1ee7a m\u00ecnh v\u1edbi m\u1ee5c \u0111\u00edch \u201cl\u01b0\u1edbt s\u00f3ng\u201d, nhi\u1ec1u r\u1ee7i ro c\u0169ng \u0111ang ch\u1edd \u0111\u00f3n h\u1ecd v\u00ec khung ph\u00e1p l\u00fd cho ho\u1ea1t \u0111\u1ed9ng mua b\u00e1n s\u00e1p nh\u1eadp doanh nghi\u1ec7p c\u1ee7a Vi\u1ec7t Nam c\u00f2n ch\u01b0a \u0111\u1ea7y \u0111\u1ee7 th\u00ec s\u1ebd c\u00f3 nhi\u1ec1u h\u00e0nh \u0111\u1ed9ng \u00e2m th\u1ea7m th\u00e2u t\u00f3m m\u00e0 doanh nghi\u1ec7p b\u1ecb mua kh\u00f3 bi\u1ebft \u0111\u1ec3 \u0111\u1ed1i ph\u00f3, \u00f4ng \u0110\u1ee9c ph\u00e2n t\u00edch.<\/p>\n

H\u01b0\u01a1ng Ly<\/em><\/strong><\/p>\n

————————————————————————-<\/p>\n

Vietnam Business Forum (VCCI) <\/em>Th\u1ee9 n\u0103m, 31\/03\/2011 <\/em><\/p>\n

http:\/\/vccinews.vn\/?page=detail&folder=185&Id=3557<\/a><\/em><\/p>\n

—————————-<\/p>\n

T\u1ef1 d\u01b0ng l\u1ea5y \u1edf \u0111\u00e2u \u0111\u01b0a l\u00ean.\u00a0 \u201cNg\u00e0y 3\/3\/2010 \u0111\u00e3 ban h\u00e0nh Th\u00f4ng t\u01b0 s\u1ed1 194 quy \u0111\u1ecbnh v\u1ec1 v\u1ea5n \u0111\u1ec1 M&A\u201d, trong khi \u0111\u00f3 l\u00e0 Th\u00f4ng t\u01b0 s\u1ed1 194\/2009\/TT-BTC ng\u00e0y 02-10-2009 c\u1ee7a B\u1ed9 tr\u01b0\u1edfng B\u1ed9 T\u00e0i ch\u00ednh H\u01b0\u1edbng d\u1eabn ch\u00e0o mua c\u00f4ng khai c\u1ed5 phi\u1ebfu c\u00f4ng ty \u0111\u1ea1i ch\u00fang, ch\u1ee9ng ch\u1ec9 k\u00fd qu\u1ef9 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n \u0111\u1ea1i ch\u00fang d\u1ea1ng \u0111\u00f3ng .<\/em>","protected":false},"excerpt":{"rendered":"

(VBF) – T\u00ednh \u0111\u1ebfn ng\u00e0y 29\/3, P\/E c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n \u0111ang \u1edf m\u1ee9c th\u1ea5p 8.33 l\u1ea7n c\u00f2n P\/B l\u00e0 1.49 l\u1ea7n, th\u1ea5p h\u01a1n nhi\u1ec1u n\u1ebfu so v\u1edbi m\u1ee9c \u0111\u00e1y v\u00e0o ng\u00e0y 24\/2\/2009 (P\/E \u1edf m\u1ee9c11.46 l\u1ea7n, P\/B l\u00e0 1.19 l\u1ea7n). H\u01a1n n\u1eefa, g\u1ea7n 170 m\u00e3 ch\u1ee9ng kho\u00e1n hi\u1ec7n c\u00f3 gi\u00e1 th\u1ea5p h\u01a1n 10.000 […]<\/p>\n","protected":false},"author":1,"featured_media":32303,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17,26],"tags":[],"class_list":["post-32302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binh-luan-gop-y","category-legal-media"],"acf":[],"yoast_head":"\n183. 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