Chng 2

Mc Tiu Ti
Chnh v Qun Tr
Doanh Nghip C
Phn

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Cu hi tho lun
1. Cc bn li ch lin quan trong mt cng ty a quc
gia l ai ?
2. Mc tiu hot ng ca doanh nghip l g ?
3. Tiu ch nh gi kt qu hot ng ca doanh
nghip ?
4. cc cng ty c phn, ai l ch doanh nghip ? Ai l
ngi qun l doanh nghip ?
5. Cc mu thun li ch no trong cng ty c phn ?
6. Lm th no ngi qun l doanh nghip (ban
gim c) phc v li ch cho ch doanh nghip ?
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2-2

Ai Lm Ch Cng Ty?
Hu ht cc cng ty c to ra bi cc
doanh nhn l c nhn hoc mt nhm i
tc nh.
Trong c hai trng hp, h c th l thnh
vin ca mt gia nh.
Tuy nhin, theo thi gian, mt s doanh
nghip c th la chn tr thnh cng ty
i chng bng vic pht hnh c phiu
(IPO).
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2-3

Bng 2.1 Ai Lm Ch Cng Ty?

[Insert Exhibit 2.1]

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2-4

Tch Quyn S Hu Ra Khi Vic Qun L

S thay i quyn s hu t 100% t nhn
thnh c phiu c giao dch cng khai s
dn n vic mt cng ty c th c qun
l bi cc chuyn gia lm thu ch khng
phi l cc ng ch s hu.
iu ny lm pht sinh nhng xung t
gia vic s hu v qun l trong cc mc
tiu kinh doanh v ti chnh, c gi l
vn ngi i din.

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2-5

Mc Tiu Qun L
Ti a ha li ch c ng l mc tiu chi
phi ca gii qun l theo kiu Anh-M.
Trong phn cn li ca th gii, quan im
ny vn cn ng (mc d mc thp
hn mt s nc).
Trong th trng theo kiu Anh-M, mc
tiu ny l thc t, nhiu nc khc li
khng.

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2-6

Mc Tiu Qun L
C s khc bit c bn trong trit l doanh
nghip v nh u t trn ton cu.
Trong bi cnh nh vy, nhng chn l ph
qut ca ti chnh ph thuc ch yu vo
yu t vn ha.
M hnh ti a ha li ch c ng (SWM) - m
hnh theo kiu Anh-M
M hnh em li gi tr cho cc bn lin quan
(SCM) m hnh khng theo kiu Anh-M
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2-7

Ti a Ha Li ch C ng
Trong m hnh Ti a ha li ch c
ng(SWM), mt cng ty cn phi c gng
ti a ha li nhun cho cc c ng,
c o bng tng ca cc khon tng vn
v c tc, i vi mt mc ri ro nht
nh.
Ngoi ra, cng ty nn gim thiu mc
ri ro cho cc c ng i vi mt khon li
nhun nht nh.

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2-8

Ti a Ha Li ch C ng
M hnh SWM gi nh rng th trng
chng khon hot ng hiu qu.
Gi ca mt c phiu lun lun ng bi v
n nm bt tt c cc k vng li nhun
cng nh cm nhn ri ro ca nh u t,
v nhanh chng phn nh nhng thng tin
mi.
Th trng chng khon tr thnh ni cp
pht vn hiu qu cho nn kinh t v m.
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2-9

Ti a Ha Li ch C ng
M hnh SWM cng xem nh ngha ri ro ca
mnh nh l mt chn l ph qut.
Ri ro c nh ngha l mt nguy c pht sinh
khi c phiu ca mt cng ty c phn c thm
vo danh mc u t.
Do , ri ro khng c tnh h thng, hay cn gi
l ri ro hot ng, khng phi l mi bn tm i
vi cc nh u t (tr khi cng ty b ph sn) bi
v nhng ri ro dng ny c th c a dng ha.
Trong khi ri ro mang tnh h thng, hay ri
ro th trng, l nhng ri ro khng th loi b
c.

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2-10

Ti a Ha Li ch C ng
L thuyt ngi i din nghin cu vic cc c ng thc
y ngi qun l chp nhn cc quy nh ca m hnh
SWM.
T do s dng cc kha thng c phiu khuyn khch ngi
qun l c suy ngh v li ch gn hn vi c ng hn.
Nu ngi qun l i lch qu nhiu so vi cc mc tiu
SWM, ban gim c nn thay th h.
Nu ban gim c qu yu, th trng cng c th mang n
kt qu tng t thng qua hot ng tip qun.
Kt qu ny c thc hin thng qua quy tc b phiu ca
th trng theo kiu Anh-M.

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2-11

Ti a Ha Li ch C ng
Ti a ha gi tr di hn c th xung t vi ti
a ha gi tr ngn hn nh l kt qu ca h
thng khen thng tp trung vo kt qu hng
qu hoc ngn hn.
Hnh ng ngn hn c thc hin bi qun l
gy ra nhng ph hoi trong di hn th c gi
l ch ngha t bn thiu kin nhn.
Ch tranh lun chnh y l gii hn u t
ca cng ty (phi mt bao lu vic u t v
cc hot ng ca doanh nghip to ra thu nhp).

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2-12

Ti a Ha Li ch C ng
Ngc li vi ch ngha t bn thiu kin
nhn l ch ngha t bn kin nhn.
Ch ngha ny tp trung vo SWM trong
di hn.
Nhiu nh u t, chng hn nh Warren
Buffet, tp trung vo cc cng ty ch o
pht trin chm v chc, ch khng ch
trng vo cc lnh vc tng trng cao
nhng ri ro.
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2-13

M Hnh em Li Gi Tr cho Cc Bn
Lin Quan
Trong cc th trng khng theo kiu Anh-M,
cc c ng chi phi cng c gng ti a
ha li nhun di hn ca ngun vn ch s
hu.
Tuy nhin, h b hn ch bi cc bn lin quan
mnh m khc.
c bit, cc cng on lao ng mnh m
hn nhiu so vi cc ng nghip th trng
theo kiu Anh-M.
Ngoi ra, chnh ph can thip trn th trng
bo v cc nhm lin quan quan trng,
chng hn nh cng ng a phng, mi
trng v vic lm.
2-14

Copyright 2010 Pearson Prentice Hall. All rights reserved.

M Hnh em Li Gi Tr cho Cc Bn
Lin Quan
Cc m hnh SCM khng cp n tnh hiu qu
ca th trng chng khon.
S thiu hiu qu khng thc s quan trng, bi
v mc tiu ti chnh ca cng ty khng phi ch
hng n li ch ca c ng, m thay vo cc
mc tiu b rng buc bi cc bn lin quan khc.
Cc m hnh SCM gi nh rng cc c ng "trung
thnh" di hn - nhng ngi thng c quyn
kim sot nn tc ng n chin lc ca cng
ty, ch khng phi l nhng c nhn u t da
theo cc danh mc ch trng ch yu n ngn
hn.
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2-15

M Hnh em Li Gi Tr cho Cc Bn
Lin Quan
Cc m hnh SCM gi nh rng tng ri ro bao
gm ri ro hot ng v ri ro ti chnh l quan
trng. SWM ? ri ro h thng mi quan trng
l mt mc tiu c th ca cng ty to ra
thu nhp v c tc ngy cng tng mt cch vng
chc trong di hn v cng nhiu cng tt.
Trong trng hp ny, ri ro c o bi bin
ng ca th trng sn phm hn l s thay i
trong thu nhp v gi c phiu trong u t danh
mc.

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2-16

Mc Tiu Hot ng ca cc Cng Ty

a Quc Gia
Cng ty a quc gia phi xc nh cho mnh s
cn bng thch hp gia ba mc tiu hot ng ti
chnh ph bin:
ti a ha thu nhp hp nht sau thu;
gim thiu gnh nng thu ton cu ca cng ty;
xc nh chnh xc thu nhp ca cng ty, dng tin, v
cc qu sn c lin quan n quc gia v tin t.

Nhng mc tiu ny thng xuyn khng tng

thch. Bng chng l vic theo ui mc tiu ny
c th dn n kt qu t mong mun ca nhng
mc tiu cn li.

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2-17

Qun tr doanh nghip

Cu trc qun tr ca bt k cng ty no trong nc, quc t, hoc a quc gia - l
nn tng cho s tn ti ca n v ch
ny tr thnh tm im cho cc cuc
tranh lun chnh tr v kinh doanh trong
nhng nm qua.
Tht bi ln trong qun tr doanh nghip
t ra cc vn v o c v vn ha
ca vic hot ng kinh doanh.
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2-18

Qun tr doanh nghip

Mc tiu quan trng nht ca qun tr
doanh nghip lun l ti u li nhun cho
cc c ng.
t c mc tiu ny, cch thc qun
tr tt nn tp trung s ch ca hi ng
qun tr vo vic pht trin v thc hin
mt chin lc nhm m bo s tng
trng v ci thin gi tr vn ch s hu
ca cng ty.
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2-19

Qun tr doanh nghip

Cc tuyn ngn c chp nhn rng ri nht v
cc hot ng qun tr doanh nghip tt c
thnh lp bi OECD:
Khun kh qun tr doanh nghip c thit lp bo
v quyn ca c ng.
Khun kh qun tr doanh nghip cn m bo i x
cng bng vi tt c cc c ng.
Cc bn lin quan nn tham gia vo qun tr doanh
nghip.
Cng khai v minh bch l rt quan trng.
Hi ng qun tr cn c theo di v chu trch
nhim cho nhng g c qui nh trong iu l.

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2-20

Cu Trc Qun Tr Doanh Nghip

Hot ng v hnh vi ca mt tp on hin i
c hng dn v kim sot bi c lc lng bn
trong v cc lc lng bn ngoi.
Lc lng bn trong bao gm cn b ca cng ty
v hi ng qun tr l nhng ngi trc tip chu
trch nhim trong vic xc nh hng chin lc
v cng tc thc hin trong tng lai ca cng ty.
Lc lng bn ngoi bao gm th trng chng
khon m c phiu ca cng ty c giao dch,
cc nh phn tch trin vng u t ca cng ty v
cc c quan qun l nh nc.

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2-21

Bng 2.2 Cu Trc Qun Tr Doanh

Nghip

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2-22

Cu Trc Qun Tr Doanh Nghip

Hi ng qun tr l b phn chu trch
nhim php l v hot ng qun tr ca
cng ty.
Cc quan chc cao cp ca cng ty l
nhng ngi sng lp v cc gim c
hoch nh hng chin lc v hot ng
ca cng ty.

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2-23

Cu Trc Qun Tr Doanh Nghip

Th trng chng khon phn nh nh gi lin
tc ca th trng v nhng ha hn v hiu sut
ca cng ty.
Th trng n phn nh kh nng ca cng ty
trong vic tr n mt cch kp thi v hiu qu.
Kim ton vin v cc nh t vn php lut c
trch nhim cung cp cc kin chuyn nghip t
bn ngoi nh tnh hp php, s cng bng v
chnh xc ca cc bo co ti chnh ca cng ty.
Cc c quan lm lut ca nh nc m bo qu
trnh cng b thng tin hot ng ca doanh
nghip thng xuyn v c trt t nh u t
c th nh gi gi tr ca mt cng ty c chnh
xc nht.
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2-24

Bng 2.3 So Snh Ch Qun Tr Doanh

Nghip

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2-25

Tht Bi trong Qun Tr Doanh

Nghip
Tht bi trong qun tr doanh nghip ngy cng tr nn r
rng trong nhng nm gn y.
Trong mi trng hp, cc cng ty kim ton c uy tn b
l cc hnh vi vi phm hoc gim thiu chng, c l v mi
quan h c qua c li ca cng vic t vn hoc cc xung
t li ch khc.
Ngoi ra, cc nh phn tch chng khon cng ku gi cc
nh u t mua c phiu ca cc cng ty m h bit l rt
nguy him (hoc thm ch ph sn).
Bn thn gim c iu hnh vn phi chu trch nhim cho
vic qun l yu km nhng vn nhn c mc bi thng
qu ho phng trong khi ang ph hy cng ty.

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2-26

Ci Cch Qun Tr Doanh Nghip

Ti M v Vng quc Anh, mt vn ni cm trong
qun tr doanh nghip chnh lin quan n thuyt ngi
i din: vi vic s hu c phn ph bin rng ri, lm
th no mt cng ty c th hng s quan tm ca ban
gim c ti li ch cc c ng?

Bi v cc c ng l c nhn khng c cc ngun lc

hoc sc mnh theo di qun l, cc th trng M v
Anh da vo cc c quan lut php h tr trong cng
vic c gim st theo thuyt ngi i din.
cc nc khc ngoi M v Anh, c ng kim sot c
kh nng theo di qun l theo mt s cch cn tt hn
so vi cc nh qun l nh nc.

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2-27

o Lut Sarbanes-Oxley
o lut ny c thng qua bi Quc hi M, v c
k bi Tng thng George W. Bush trong nm 2002 v c
ba yu cu chnh:

CEO ca cc cng ty giao dch cng khai phi xc minh tnh

xc thc ca cc bo co ti chnh c cng b;
cc cng ty phi c y ban kim ton c kt hp t cc
gim c c lp;
cng ty khng cn c th to ra cc khon vay cho cc gim
c doanh nghip, v
Cc cng ty phi kim tra kim sot ni b ti chnh chng
li gian ln

Hnh pht c nu ra cho cc mc tht bi khc

nhau.
Hu ht cc iu khon thch hp cho tnh hnh nc M,
nhng mt s iu khon xung t vi thc tin cc
nc khc.

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2-28

Nhng Vn Khc ca Qun Tr

Doanh Nghip
Cu trc hi ng qun tr v vn khen
thng
Minh bch, k ton v kim ton
Quyn li ca c ng thiu s

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2-29

Mini-Case Questions: Governance

Failure at Enron
Which parts of the corporate governance system, internal
and external, do you believe failed Enron the most?
How do you think each of the individual stakeholders and
components of the corporate governance system should
have either prevented the problems at Enron or acted to
resolve the problems before they reached crisis
proportions?
If all publicly traded firms in the United States are
operating within the same basic corporate governance
system as Enron, why would some people believe this
was an isolated incident, and not an example of many
failures to come?

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2-30

Exhibit 2.4 Country Governance

Rankings 2008

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2-31

Exhibit 2.5 The Premium Paid for Voting

Shares: Accounting Standards

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2-32

Exhibit 2.6 The Premium Paid for

Voting Shares: Law Enforcement

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2-33

Exhibit 2.7 U.S. Director

Independence 2008

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2-34

Exhibit 2.8 Potential Responses to

Shareholder Dissatisfaction

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2-35

Exhibit 1 Enrons Actual Operating

Income

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2-36

1. Multinational firms and global assets/income. The differences across MNEs is striking. Using a sample of firms such as those
listed here, pull from firms' individual Web pages the proportions of their incomes that are earned outside of their country of
incorporation. (Note how Nestl calls itself a "transnational company.")
Walt Disney http://disney.go.com
Nestl S.A. http://www.nestle.com
Intel http://www.intel.com
Daimler-Benz http://www.daimlerchrysler.de
Mitsubishi Motors http://www.mitsubishi.com
Nokia http://www.nokia.com
Royal Dutch/Shell http://www.shell.com

Also note the way in which international business is now conducted via the Internet. Several of the above listed home pages allow
the user to choose the language of the presentation viewed.
2. Corporate governance. There is no hotter topic in business today than corporate governance. Use the following site to view recent
research, current events and news items, and other information related to the relationships between a business and its stakeholders.
Corporate Governance Net http://www.corpgov.net

3. Fortune Global 500. Fortune magazine is famous for its listing of the Fortune 500 firms in the global marketplace. Use Fortune's
Web site to find the most recent listing of which firms from which countries are in this distinguished club.
Fortune http://www.fortune.com/fortune
4. Financial Times. The Web site of the Financial Times, based in Londonthe global center of international financepovides a
wealth of information. After going to the home page, go to the Markets Data & Tools page, and examine recent stock market activity
around the globe. Note the similarity in movement on a daily basis among the world's major equity markets.
Financial Times http://www.ft.com
2-37
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