Nghin Cu & Trao i

Vn ti sn m bo ti cc ngn hng thng mi Vit Nam hin nay

H Thin Thanh & TS. Nguyn Ch c

thuyt v thng tin bt cn xng (information asymmetry) ln u tin c cp n bi George Akerlof trong The Market for Lemons: Quality Uncertainty and the Market Mechanismvo nm 1970. Theo , thng tin bt cn xng xy ra khi m ngi bn sn phm bit nhiu thng tin hn ngi mua sn phm. Sau , l thuyt ny khng nh c tm quan trng ca n trong nn kinh t hc hin i bng gii Nobel kinh t 2001 c trao cho 3 nh kinh t hc ngi M nghin cu v l thuyt ny l George Akerlof, Michael Spence v Joseph Stiglitz. L thuyt ny nu ra hu qu tt yu ca thng tin bt cn xng l vic to ra s la chn bt li (adverse selection) v ri ro o c (moral hazard). Bng vic da trn c s nn tng ca nhng vn v thng tin bt cn xng cng vi cc gii php v c ch sng lc (screening) v c ch pht tn hiu (signaling), ti sn m bo (TSB) xut hin trong c s a ra quyt nh tn dng nh l mt gii php cho vn thng tin bt cn xng nh hng n hot ng tn dng, ng thi TSB cng gi vai tr l cng c sng lc loi khch hng, hn ch tn tht khi xy ra ri ro tn dng, ngn nga ri ro o c. T kho: Thng tin bt cn xng, ti sn m bo, hot ng tn dng, ri ro tn dng, ngn hng thng mi VN.
1. S cn thit ca nghin cu

Nghip v tn dng l mt trong nhng hot ng ch yu em li ngun li nhun cho cc NHTM, ngn hng s cp tn dng cho khch hng l cc t chc, c nhn di hnh thc: cho vay, chit khu, ti chit khu cng c chuyn nhng v giy t c gi khc, bo lnh, bao thanh ton,... Vic cp tn dng c da trn c s lng tin, s uy tn, hiu qu ca phng n kinh doanh. Th nhng, vi s thiu ht v thng tin trn th trng kinh t VN gy khng t tr ngi cho cc ngn hng khi thc hin quy trnh tn dng. Hin tng thng tin bt cn xng l mt tt yu, kh trnh khi trong cc giao dch kinh t v hin nhin c nh

hng rt ln i vi hot ng tn dng ti cc Ngn hng thng mi (NHTM) VN. Do , hn ch mt phn nh hng ca hin tng thng tin bt cn xng, mt phng php c in ang c p dng l: Ti sn m bo.
2. nh hng ca thng tin bt cn xng n hot ng tn dng

Hot ng tn dng ni chung hayhot ng cho vay ni ring u da trn c s lng tin do s phi chp nhn mt ri ro mang tnh tt yu, khng th loi tr hon ton l ri ro tn dng. Chnh v th, cc ngn hng a ra cc quy trnh nghim ngt cho vic cp cc

khon vay1. Quyt nh cho vay ca cc NHTM hin nay da trn cc c s sau: - H s php l, mc tn nhim ca khch hng, - Nng lc ti chnh, - Tnh hiu qu ca d n vay vn, - TSB vn vay. Theo , vn v TSB cng l mt trong cc yu t gp phn nn quyt nh cho vay. Nhng trong hot ng tn dng, vn thng tin bt cn xng xy ra khi m ngn hng lun l ngi c t thng tin hn khch hng i vay v d n u t, v khch hng, v mc ch s dng vn vay c
1. Tc gi ly cho vay lm i din cho hot ng tn dng v tnh cht ph bin ca hnh thc ny.

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cp. H qu tt yu ca thng tin bt cn xng l s la chn bt li v tm l li. 2.1. S la chn bt li Vn v s la chn bt li xy ra trc khi ngn hng v ngi i vay k kt hp ng tn dng. Khi nhn h s vay vn ca khch hng, cc ngn hng phi thu thp thng tin c lin quan n khch hng v khon vay sau tin hnh thm nh a ra quyt nh C nn cho khch hng vay hay khng? Trong khu thm nh ny, vic thng tin bt cn xng nh hng n cc c s ra quyt nh cp tn dng ni trn s dn n s la chn bt li cho pha ngn hng v gy ra ri ro cho quyt nh cho vay ca ngn hng. 2.1.1. Mc tn nhim ca khch hng: Vic nh gi mc tn nhim ca khch hng l vn kh khn cho cc ngn hng khi m cc yu t c bn ca tiu ch ny l mi quan h di hn, uy tnh, thng hiu, trnh , nng lc qun l ca khch hng, Cc ngn hng ch yu da vo lch s quan h ca khch hng vi ngn hng, cn vi khch hng mi th vic nh gi da vo kin ch quan ca cn b tn dng khi tip xc vi khch hng hoc t cc thng tin thu thp c t khch hng c quan h vi khch hng mi ny, bn cnh cc thng tin c ly t Trung tm Thng tin Tn dng ca NHNN (CIC). Do y l cc tiu ch v hnh nn vic nh gi l rt kh cho ngn hng, mt khc do VN cn thiu cc t chc xp hng tn nhim c lp nn vic nh gi xp loi khch hng, nh gi cng ty cng tr nn ch quan. 2.1.2. Nng lc ti chnh: Vic nh gi nng lc ti chnh ca khch hng ch yu da vo cc bo co ti chnh (BCTC) ca khch hng. Trn thc t th cc BCTC ca cc doanh nghip VN cha tin cy, nht l i vi cc doanh nghip t nhn va v nh. Mc d cc BCTC c ngn hng i hi l phi c kim ton nhng tin cy ca vic kim ton cn cha cao v thc t hot ng ny da trn trnh v nng lc cng nh o c ngh nghip ca cc cng ty kim ton, kim ton vin. Do , BCTC ca khch hng cung cp cha tht s phn nh ng nng lc ti chnh ca khch hng v s dn n vn s la chn bt li cho cc ngn hng khi a ra quyt nh cho vay. 2.1.3. Tnh hiu qu ca vn vay: y chnh l du hiu quan trng nht trong vic xt duyt c nn cho khch hng vay vn hay khng, l ngun tr n chnh ca khch hng. Mun nh gi hiu qu ca d n vay vn cn b thm nh s phi tin hnh thm nh cc yu t v th trng, k thut, cng ngh, ngun nhn lc, ti chnh, Nhng trong thc t th vic thm nh d n trong mt mi trng thiu thn thng tin ang l mt tr ngi ln cho cc cn b thm nh. Cc thng tin hin nay c ly s dng thng l cc s liu thu thp t cc ngun thng tin khng chnh thc, qua Internet vi tnh h thng v chnh xc khng cao. Vic thiu cc thng tin xc nh cc thng s u vo, u ra ca d n, nht l vic xc nh v th trng tiu th sn phm, th trng cung cp nguyn vt liu u vo, s dn n vic nh gi khng chnh xc tnh kh thi ca phng n, d n kinh doanh, m y li l iu tin quyt trong vic thm nh mt d n vay vn. Ngoi ra, vic nh gi hiu qu ca d n cn da vo phn phn tch ti chnh ca d n. Trong , 2 tiu chun thng dng nht nh gi d n chnh l gi tr hin ti rng (NPV), v sut thu hi vn ni b (IRR). Th nhng hu nh khi khch hng np h s xin vay vn th cc s liu v ti chnh c tnh u rt p, thng s NPV lun dng v IRR lun ln hn ngng yu cu. Do khch hng c che du mt s thng tin v d n nhm lm bng phn tch ti chnh ca d n c ngn hng nh gi cao hn, v nu cn b thm nh khng trnh cng nh khng thng tin trong qu trnh thm nh th s la chn bt li l mt tt yu s xy ra cho pha ngn hng. 2.2. Ri ro o c Ri ro o c trong hot ng tn dng ca cc NHTM n t pha bn i vay ch yu th hin hnh vi bn i vay s dng vn vay khng ng vi mc ch cam kt trong hp ng tn dng. Nguyn nhn chnh l do mt hp ng tn dng ch i hi bn vay thanh ton mt s tin c nh quy nh trc v cho php h hng tt c phn li nhun cn li. Do s khin nhng khch hng i vay ny sinh mun nhn nhng d n u t c nhiu ri ro hn so vi mong mun ca ngn hng v nhng d n u t c ri ro cao mt khi thnh cng th s mang li ngun li nhun rt cao cho bn i vay. Ngoi ra, cng chnh do thi quen s dng tin mt ca nn kinh t cng lm tng s kh khn cho cng tc kim tra, gim st ca ngn hng v vic khch hng s dng ng mc ch ca khon

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vay. Chnh v th cng to ng c cho ri ro o c xy ra. Mt khi ri ro o c ny xy ra m ngn hng khng kim sot c th xc sut ngn hng s phi i mt vi ri ro tn dng l rt cao.
3. Vn v ti sn m bo

Vi cc vn nu trn, mt khi ngn hng khng th nhn vo nhng gi tr v hnh nh uy tn, thng hiu,v khng tin tng vo cc BCTC ca doanh nghip do s khng minh bch ca thng tin cn cao th vic n gin nht cho cc ngn hng chnh l dng TSB nh mt iu kin thit yu. Thng thng cc ngn hng nhn thy c 2 vai tr ca TSB: Th nht, ngun tr n ph gip ngn hng gim thiu tn tht mt khi khch hng khng cn kh nng thc hin cc ngha v tr n; th hai, gip nng cao thin ch tr n ca khch hng, ngn chn ri ro o c t pha khch hng v nu khch hng khng tr c n ng ngha vi vic b mt i TSB. Nhng cn mt vai tr khc na ca TSB cng rt hiu qu trong vic gip ngn hng nh gi, sng lc ra nhng khch hng tt, chnh l vic da vo thin ch ca khch hng v vic c mun t nguyn a ra TSB cho khon vay hay khng. Xavier Freixas, Jean-Charles Rochet (2008) trong Microeconomics of Banking a ra c s khoa hc cho vic xem TSB nh mt cng c sng lc nhng khch hng i vay. Khi mt d n u t thnh cng s em li mt khon li nhun = y v khi d n tht bi = 0. Tham s ri ro biu th cho xc sut tht bi ca d n u t. n gin ha vn

, chng ta ch chia khch hng i vay thnh 2 loi: c ri ro thp, L, v c ri ro cao, H (vi L<H). T l k (k = L, H) l t l loi khch hng vay trn tng tt c khch hng vay. Trong mt hp ng tn dng, ngn hng c th a ra ngh v TSB C v khon hon tr R (Ck, Rk) vi k = L, H. Nu d n tht bi, = 0 th ngn hng c th thanh l TSB, khi ngi vay s mt Ck, v ngn hng s nhn c Ck (vi < 1 do vic phi tn chi ph cho vic thanh l ti sn). Mc khc, nu d n thnh cng, = y th ngn hng s nhn c khon hon tr Rk v ngi vay s nhn c khon li nhun (y - Rk). Trong trng hp nu tt c cc quyn thng thuyt u tp trung trong tay ngn hng, ngn hng s a ra mt hp ng vi rng buc: (1 - k)(y - Rk) - k Ck = Uk (k = L, H) Vi Uk: l li ch ca ngi i vay Ta c m hnh sau:

Nu khng th quan st c bi ngn hng th hp ng s khng c s khc nhau v TSB (C = 0), c hai loi khch hng vay u s khng nh mnh l khch hng c ri ro thp v chn hp ng N. Khi khon hon tr trung bnh m ngn hng nhn c l (1 - )RL, vi RL l khon hon tr ti a ca khch hng vay c ri ro thp. RL = y - UL/(1- L ) Vi = L L + H H Trong trng hp ny, khch hng c ri ro cao s s dng mt thng tin vay mn bi v li ch m h k vng t c s cao hn do h ch phi tr cho ngn hng khon RL (nh hn thc t khon RH = y - UH/(1- H) m h phi tr trong trng hp nu vng mt loi khch hng c ri ro thp). Do , ngn hng mun khch hng c ri ro cao tr khon RH nn ngay lp tc a ra mt bn hp ng khc c thit k c bit cho khch hng c ri ro thp v i hi mt TSB l C v mt khon hon tr R sao cho: (1 - H)(y - RH) (1 - H)(y R) - HC, v (1 - L)(y - R) - LC UL

Ngun: Xavier Freixas, Jean-Charles Rochet, Microeconomics of Banking

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hng tn nhim. Cc NHTM nn u t vo vn tuyn dng v nng cao trnh ca nhn vin tn dng, thm vo l vic p dng cng ngh k thut, pht trin h thng thng tin tn dng ni b c mt kho d liu lu tr h s cn thit phc v cho qu trnh sng lc h s vay, khch hng vay trong quy trnh tn dng. Cui cng l cc doanh nghip cn nhn thc r tnh trng thng tin bt cn xng nh hng trn th trng, t phi bit pht tn hiucho cc ngn hng bit thng qua cc hnh thc khc nhau nh: hp tc cung cp tt c thng tin ngn hng yu cu, nim yt chng khon trn th trng, xy dng thng hiu doanh nghip,l
TI LIU THAM KHO Auronen, L. (2003), Asymmetry Information: Theory and Applications. George A. Akerlof (1970), The Market for Lemons: Quality Uncertainty and the Market Mechanism, The Quarterly Journal of Economics 84(3), pp. 488-500. Hunh Th Du (2005), Ti sao ti sn m bo l yu t quan trng trong quyt nh cp tn dng ca cc t chc tn dng VN?, Tp ch Ngn hng, (s 2), tr. 35-38. Hunh Th Du, Nguyn Minh Kiu, Nguyn Trng Hoi (2005), Thng tin bt cn xng trong hot ng tn dng ti VN, Chng trnh Ging dy Kinh t Fulbright. Joseph E. Stiglitz (1975), The Theory of Screening, Education and the Distribution of Income, The American Economics Review, vol.65, no.3, pp. 283-300. Michael Spence (1973), Job Market Signaling, The Quarterly Journal of Economics 87(3),pp. 355-374. Nguyn Xun Trng (2006), Thng tin bt cn xng trong hot ng tn dng ca Ngn hng thng mi VN, Tp ch Khoa hc v o to ngn hng, (s 52), tr. 33-40. Xavier Freixas, Jean-Charles Rochet (2008), Microeconomics of Banking, 2nd edition, pp.153-155.

Ta s cUM UP nn khch hng c ri ro cao s thch chn hp ng M hn l hp ng P = (C, R), v khch hng c ri ro thp cng chp nhn hp ng mi do li ch m hp ng mi mang li cao hn. Vai tr ca TSB s th hin ch chnh l vic cho php s t la chn gia 2 loi khch hng. Khch hng s la chn gia 2 loi hp ng da trn vic tr li nh th no cho cu hi: Bn c mun t cc bng mt TSB C cho vic chc chn d n u t s khng tht bi v bn s c gim li sut?. Ch nhng khch hng c ri ro thp mi chp nhn nh cc nh th do h nm r tnh hnh ri ro ca chnh bn thn v thy rng vic vay c m bo em li nhiu li nhun hn khi d n thnh cng. V d nh vic chn gia hp ng M, Q theo m hnh trn,ngn hng s c th phn bit hai loi khch hng da theo hp ng h chn. Nu khch hng chn hp ng M, th ta c th phn loi khch hng ny vo nhm c ri ro cao v ngc li nu khch hng chn Q.
4. Kt lun

Tm li, c s a ra quyt

nh cho cp tn dng th nhm iu kin cn l h s php l, mc tn nhim ca khch hng, nng lc ti chnh, tnh hiu qu ca phng n, d n kinh doanh; cn TSB ch l iu kin b sung nhm gip sng lc nhm khch hng i vay, gim thiu ri ro tn dng, ngn nga cc ri ro o c xy ra v nng cao trch nhim, ngha v tr n ca khch hng vay. V nguyn l th TSB ch l th yu, th nhng thc t hin nay ti VN ang cho thy: chnh cc ngn hng ang bin ci th yu tr thnh mt iu kin rt quan trng trong cc quyt nh tn dng. Nu vic ny tip tc din ra th phi chng NHTM ti VN chnh l cc tim cm khng l? Vn ct li cn phi gii quyt hin nay chnh l vic minh bch thng tin trn th trng, hn ch thng tin bt cn xng, m iu ny cn phi c s hp tc gia Nh nc, cc NHTM v cc khch hng. Bn cnh vic hon thin v sit cht cc quy nh v cung cp v minh bch thng tin i vi cc doanh nghip, Nh nc cn khuyn khch vic thnh lp cc t chc kinh doanh v vic thu thp, cung cp, phn tch thng tin th trng v cc t chc xp

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