CAU TRUC

TAI CHNH
CHUYEN E 3

04/11/15

Noi dung nghien cu

Cau truc tai chnh
La chon cau truc Tai chnh
Cac khuynh hng tai tr
Co phan hoa DNNN

04/11/15

Cau truc tai chnh

Xem xet bang can oi cua mot
doanh nghiep
Tai san

1.
2.

Tai san lu ong

Tai san co nh

N va von

1.
2.
3.
4.

N thng xuyen
( ngan han)
N dai han
Von co phan (ieu
le)
Li nhuan

Can phan biet:

Cau truc tai chnh la s hon hp gia n va von

Cau truc von la s hon hp gia n dai han va

von s hu chu + li nhuan
04/11/15

Cau truc tai chnh

Nhan xet:
Cu truc von va cau truc tai
chnh lech nhau ve n ngan han.
Cac khoan n ngan han
(Spontaneous liabilities) nay sinh trong
qua trnh kinh doanh, gom:
Cac khoan Acruals (Lng,
BHXH)
Cac khoan phai tra c hnh
thanh trong chu ky hoan
chuyen tien
4
04/11/15

Cau truc tai chnh

Cau truc von:

C cau n dai han:
Vay dai han t cac nh che
tai chnh
Phat hanh trai phieu (bonds)
tren th trng von
C cau von s hu:
Huy ong von co phan
thong qua ban co phieu
thong thng (common stock) co phieu u ai (Preferred
04/11/15
stock) tren th trng chng 5

Cau truc tai chnh

ac iem n va von trong cau truc von cua doanh
nghiep

Von co phan

Phan phoi co nh
u tien thanh toan
cao nhat
Giam tr thue
Ky han co nh
Khong kiem soat
quan ly

1.

Phan phoi theo co

tc
u tien thanh toan
thap nhat
Khong giam tr
thue
Khong xac nh
thi gian
Kiem soat quan ly

1.
2.
3.
4.
5.

2.
3.
4.
5.

04/11/15

La chon cau truc tai chnh

Mot cong ty co the tai tr cho mot

d an mi theo cac cach:
Vay n
Huy ong co phan va t tai
tr
T tai tr co u iem khong phan
tan quyen kiem soat cong ty nhng
co gii han nhat nh. Tuy nhien, tai
tr co phan t ben ngoai va ben
trong co cung chung chi ph.
S tai tr von cua cong ty can ket
hp gia n va von.
Cau truc von co anh hng en
gia tr cong ty. Lieu co la chon
7
04/11/15
mot
cau truc von toi u cho mot

TNH TT YU PHI XY DNG CU

TRC VN HP L
L do:
Hu nh thay i trong cu trc vn s a n c s thay
i gi th trng ca DN
Li ch t tm chn thu t n a n gi tr DN tng, t
nht l thi im chi ph kit qu ti chnh tng lm b tr
li th ca n
Cu trc vn hp l trong tng giai on kinh doanh mang
li li th cnh tranh tt cho DN
Khi nh qun tr ti chnh quyt nh thay i cu trc vn
DN song song cc thng tin quan trng ca DN s c
truyn ra th trng
Thit lp cu trc vn ti u m bo kh nng thanh ton,

t c hiu qu s dng vn cao cn gip DN c kh

nng vay vn pht trin u t.
04/11/15

La chon cau truc tai chnh

Trong ieu kien th trng hoan hao - Quan

iem cua Modigliani-Miller :

Khong co kinh te quy mo. Khong co

ca nhan nao tren th trng co the
chi phoi en gia ca.
Trong ieu kien nh nhau tat ca cac
oi tng eu co ieu kien cho vay
mn von nh nhau.
Khong co s phan biet ve thue.
Tat ca cac loai hnh tai chnh eu
ong nhat.
Khong co chi ph thong tin, chi ph giao
dch
va chi ph v n.
9
04/11/15

La chon cau truc tai chnh

Modigliani-Miller:

Trong moi trng th trng

hoan hao, c cau von (n
nhieu hay von nhieu) khong co
hng en gia tr cua
Gi tr anh
CP
Gi tr n
30%
doanh nghiep.
30%
Gi tr n Gi tr CP
70%
70%
04/11/15

10

La chon cau truc tai chnh

Modigliani-Miller:

Khuynh hng cac DN la chon

n e tai tr:

Chnh

sach ieu tiet thue thu

nhap cua chnh phu anh
hng en c cau von cua
cong ty.
Ty le vay n tang tao ra la
chan thue TN cho doanh
nghiep (Tax -shield).

04/11/15

11

La chon cau truc tai chnh

Modigliani-Miller Theorem cho rang:

Trong mot nen kinh te t do canh

tranh thue (In a Competitive Tax-Free
Economy): S hon hp tai tr la
khong thch hp (the financing mix is
irrelevant)
Chng minh:
Co the xem xet 2 cong ty: giong
nhau ve lu chuyen tien va mc sinh
li. Gia s:
Cong ty A la khong co on can
12
04/11/15
n. V vay, gia tr co phan cua

Mot nha au t vi chnh sach au t

nh sau:
Ch tiu
N
Vn c phn
Gi tr DN
EBIT
Chi ph li vay (10%)
EAT
Sut sinh li yu cu vn CSH
Gi tr trng vn CSH
Gi tr th trng ca n
Gi tr th trng ca DN
04/11/15

Cng ty A
0
1.000
1.000
100
0
100
10%
1.000 (100/10%)
0
1.000 (=1.000+0)

Cng ty B
200
800
1.000
100
20
80
10%
800 (80/10%)
200
1.000 (=800+200)
13

La chon cau truc tai chnh

Nhan xet:

Neu khong co chenh lech

gia, th gia tr 2 cong ty phai
la nh nhau

04/11/15

14

La chon cau truc tai chnh

Modigliani-Miller Theorem
Trng hp DN tng ng nhau c

gi tr DN khc nhau. Th trng hon

ho khng c chi ph giao dch, cc nh
u t s khng cho DN hng li
bng cch tng n. Cc c ng c th
thay i cu trc vn CSH N ca
ring h m khng tn chi ph nhn
cng mt mc li nhun
04/11/15

15

Mot nha au t vi chnh sach au

t nh sau
Ch tiu
N
Vn c phn
Gi tr DN
EBIT
Chi ph li vay (10%)
EAT
Sut sinh li yu cu vn CSH
Gi tr trng vn CSH
Gi tr th trng ca n
Gi tr th trng ca DN
04/11/15

Cng ty A
0
1.000
1.000
120
0
120
12%
1.000 (120/12%)
0
1.000 (=1.000+0)

Cng ty B
200
800
1.000
120
20
100
12,5%
800 (80/12,5%)
200
1.000 (=800+200)
16

Vi v d trn nu l thuyt MM khng ng th:

Gi tr DN B cao hn DN A: DN B s dng n by n nn t sut

sinh li t cp l 12,5% cao hn DN A 12%

Nu trn th trng gi CP ca DN B cao hn DN A th cc nh u
t s:

Bn cp DN B hng gi cao
Mua cp DNA xc lp n by ti chnh cho ring mnh
Gi cp DNA v DNB l 10$, nh u t vay 10$ v b ra 40$ mua 5
cp A gi 50$ ( to n by ti chnh nh DN B)

T sut sinh li cp A
12%

Li nhun u t vo A
5x10$x12% =6$

Li vay
10$x10% = 1$

Li nhun rng ca nh u t
6$ - 1$ = 5$

T sut sinh li nh u t
5$/40$ = 12,5%
04/11/15

17

Kt lun
Bng cch xy dng n by ti chnh cho

ring mnh nh u t to ra mt t sut

sinh li ging DNB
Cho nn, CP B khng th bn cao hn CP A
v gi th trng ca DNB cng khng th gia
tng khi DN c s dng n by ti chnh
Nh vy, gi th trng ca mt doanh
nghip c lp vi cu trc vn ca DN
trong cc th trng vn hon ho khng thu
thu nhp doanh nghip
04/11/15

18

La chon cau truc tai chnh

Modigliani-Miller Theorem
Trong mi trng c thu thu nhp doanh nghip, ti tr

n c mt li th quan trng to ra tm chn v thu ,

li nhun ca c ng trnh c thu
Ch tiu
Li nhun trc thu v li vay
Li tr cho tri ch 10%
Li nhun trc thu
Thu TNDN 25%
Li nhun rng cho c ng
Tng li nhun cho tri ch v c ng
Tm chn thu

04/11/15

Cng ty A

Cng ty B

1.000
1.000
0
100
1.000
900
250
225
750
675
0+750=750 100+675=775
0
25

19

La chon cau truc tai chnh

Modigliani-Miller Theorem
Tuy nhin, mt tm chn thu lm gia tng gi tr

doanh nghip th mt chi ph kit qu ti chnh cng

xut hin l gim gi tr doanh nghip

Kit qu ti chnh xy ra khi doanh nghip khng th

thc hin hoc gp nhiu kh khn khi thanh ton li
vay cho ch n.
Khi doanh nghip tng n th cc ch n nh gi mc
ri ro DN tng v i mc li sut cho vay cao.
Tnh hung xu nht, ch n ngng khng cho vay,
DN mt c hi u t khi gnh thm mt khon chi
ph c hi.
Kit qu ti chnh lm cho DN thu hp quy m, thanh l
bt ti sn tr n gi thp hn gi th trng l pht
sinh them mt khon chi ph.
04/11/15

20

Kt lun:
Theo MM trong mi trng c thu th cu
trc vn s nh hng n gi tr doanh
nghip v chi ph s dng vn

04/11/15

21

La chon cau truc tai chnh

L thuyt li nhun hot ng rng (The net

operating income approach)

Gi nh:
Mi trng khng c thu
Th trng ti chnh hon ho
DN chia ton b li nhun cho ch s hu,
tc tng c tc bng khng

Cho rng: chi ph s dng vn bnh qun v

gi tr DN khng i khi cu trc vn thay i

04/11/15

22

L thuyt li nhun hot ng rng

Ch tiu
N vay
Vn ch s hu
Gi tr DN
Li vay
Li nhun hot ng
ROA
ROE

Trng hp 1
200
800
1.000
10%
120
12%
12,5%

Trng hp 2
500
500
1.000
10%
120
12%
14%

DN tng mc s dng n th t sut li nhun trn vn c phn tng (ROE)

Li nhun trn ti sn khng i (ROA)
Gi tr DN khng
i khi thay i cu trc vn
23
04/11/15

Chi ph s
dng vn

Chi ph s dng vn CSH

WACC

Chi ph s dng n
H s n
04/11/15

24

La chon cau truc tai chnh

(Thong tin bat can xng)

Th trng khong co u thong tin

e phan biet DN tot va xau. Trong
boi canh o, DN tot lai kho huy
ong von tren TTCK.

Gia s tren TTCK co 3 DN:

DN A : Gia CK la 100 USD

DN B : Gia CK 80 USD
DN C : Gia CK 50 USD
Doanh nghiep nao
04/11/15
nghiep nao xau ?

tot

doanh
25

La chon cau truc tai chnh

(Thong tin bat can xng)

Vi tam ly thch chon gia re hn,

nen th trng co khuyng hng u
chuong doanh nghiep B va doanh
nghiep C hn doanh nghiep A. Cho nen
doanh nghiep B va C rat de huy ong
von.

Tham ch doanh nghiep C co nang

gia len 60 USD van co the ban c
chng khoan.

Mac du doanh nghiep A thc te la

26
04/11/15
tot nhng do th trng khong phan

La chon cau truc tai chnh

(Thong tin bat can xng)

Vay n phat ra tn hieu ve chat

lng kinh doanh cua doanh
nghiep.

Vay n co li: (1) chi ph vay tnh

vao chi ph kinh doanh co s chia
se kinh te vi nha nc; (2)
doanh nghiep khong b chi phoi
quyen quan ly.

Vay n oi hoi doanh nghiep

phai tra lai nh ky, tao sc
ep buoc doanh nghiep hoat
ong
phai co hieu qua e
27
04/11/15
khong b pha san. Vay n ong

La chon cau truc tai chnh

(Thong tin bat can xng)

DN xau de tiep th trng von

trong viec phat hanh co phieu
huy ong von.

Phat hanh co phieu khong gay

ra ap lc tra co tc cho cac co
ong. Tuy vay, ieu nay co the
lam nay sinh rui ro ao c t
pha ngi quan ly .

Can
co c che khac phuc van
28
04/11/15

La chon cau truc tai chnh

(Thong tin bat can xng)

Theo ly thuyet huy ong von

theo trnh t:

Trc het can tao von t co

Ke en, vay n ngan hang .
Sau o, phat hanh trai phieu,
trai phieu co kha nang chuyen
oi, va

Cuoi cung phat hanh co phieu.

04/11/15

29

La chon cau truc tai chnh

(Thong tin bat can xng)

Di goc o cua cong tac quan

tr tai chnh :

Vay n khang nh mc o tn
nhiem/ gia tr doanh nghiep.

Tuy vay, doanh nghiep cang vay n,

th rui ro v n (pha san) cang cao.
Cac chi ph v n:

Chi ph trc tiep: chi ph quan ly va

luat phap

Chi
ph gian tiep: uy tn, mat khach
30
04/11/15

La chon cau truc tai chnh

(Thong tin bat can xng)

Trong quan tr tai chnh : Xac nh c cau von

toi u (Optimal capital structure):

Theo l thuyt cu trc vn ti u cho rng DN s dng mt t l n

ph hp cho php DN ti thiu ha chi ph s dng vn bnh qun ng
thi ti a ha gi tr DN

C cau von toi u la c cau von ma tai

o chi ph von trung bnh theo trong so
mc toi thieu, qua o toi a hoa gia tr
cong ty.

EBIT (1 T )
v
ka
04/11/15

31

La chon cau truc tai chnh

(Thong tin bat can xng)

Trong o:
EBIT (Earnings before interest and
taxes)
T : Taxes
EBIT x (1- T)= Li nhuan sau
thue oi vi n va von co
phan.
ka : Chi ph von trung bnh theo
trong so
32
04/11/15
Neu EBIT la hang so th gia

(b)
Gia
tr

EBIT (1 T )
v
ka

Ks = chi ph co phan
Chi
(a) ph
hang
nam
%

Ka = chi ph s dung vn
Kd = chi ph n

Cau truc toi u

04/11/15

WACC

N/ tong tai san

33

NGUYN TC XY DNG CU TRC VN

CHO DOANG NGHIP
Nguyn tc tng thch (t phng nga): nguyn tc

ny cho rng loi vn s dng tng thch i vi

tnh cht ca ti sn c ti tr, hay loi vn c
c phi nht qun hay hi ha vi loi ti sn hot
ng m doanh nghip ang s dng.

Ti sn c nh, ti sn lu ng thng xuyn ti tr

bng ngun vn thng xuyn di hnh thc n di
hn hay vn c phn thng.
Ti sn lu ng tm thi ti tr bng n ngn hn c
th ni rng hay thu hp theo cc dao ng tng ng
trong ti sn
04/11/15

34

NGUYN TC XY DNG CU TRC VN

CHO DOANG NGHIP
Ti sn

N ngn hn

N di hn
v vn ch s hu

04/11/15

Thi gian

35

NGUYN TC XY DNG CU TRC VN

CHO DOANG NGHIP
Nguyn tc cn bng ti chnh: ngun ti tr cho mt

ti sn c th trong mt thi gian khng thp hn

thi gian chuyn ha ca ti sn y
Da trn nguyn tc ny DN xy dng cng c o
lng vn lun chuyn:
Vn lun chuyn = [vn ch s hu + n di hn] Ti sn di hn
Vn lun chuyn ln hn hoc bng khng cho

thy
ngun vn di hn ln hn hoc bng ti sn di hn
kh nng ti chnh ca DN tt, tnh thanh khon
cao.
Vn lun chuyn nh hn khng, cho thy DN dng
ngun vn ngn hn ti tr cho ti sn di hn
ti chnh khng an ton DN ang i u vi ri ro mt
kh nng thanh ton.
04/11/15

36

NGUYN TC XY DNG CU TRC VN

CHO DOANG NGHIP
Nguyn tc gi tr th trng ca doanh nghip: vic

s dng n by ti chnh lm tng ri ro, khi ri ro

tng thm vt qu t sut sinh li DN s lm vo
tnh trng kit qu ti chnh v ngay khi c khi t
sut sinh li gia tng vt qua im ha vn EBIT
lm cho thu nhp mi c phn EPS tng th DN vn
cha yn tm chn cu trc vn nghing v n.
S dng n lm tng ri ro, b p ri ro gia
tng ny nh u t trn th trng s phn ng
bng cch n nh mt t s gi thu nhp P/E thp
v kt qu l gi c phn s gim d EPS c tng.
04/11/15

37

NGUYN TC XY DNG CU TRC VN

CHO DOANG NGHIP
Nguyn tc s dng chnh sch ti tr linh

hot: tng kh nng ti tr linh hot tc l

kh nng iu chnh ngun vn tng hay
gim nhu cu vn trong tng gia on.
Doanh nghip tng kh nng ti tr linh hot
bng vic xy dng nhiu phng n m khi
cn m rng hay thu hp tng vn s dng

04/11/15

38

NGUYN TC XY DNG CU TRC VN

CHO DOANG NGHIP
Nguyn tc thi im thch hp: da trn c

s ti thiu ha chi ph s dng vn. L

nguyn tc gn lin vi chu k sng ca
doanh nghip. Trong giai on khi u
ngun vn ch lc l vn ch s hu; giai
on tng trng ngun vn quan trng l
vn c phn, thu nhp gi li v c th s
dng mt phn ti tr n; giai on thnh
vng DN c th s dng v khai thch ti
a li ch ca n by ti chnh
04/11/15

39

Moi trng ben ngoai anh hng en cau

truc von va gia tr cong ty

Hoat ong kinh doanh doanh nghiep

au vao

X ly

-Nguyen vat lieu

-Khau hao
-Chi ph s dung von

au ra

-San lng
- Thu nhap

Lu chuyen tien

04/11/15

Gia tr doanh nghiep

40

Moi trng ben ngoai

Ty le tang trng kinh te: anh

gia qua % thay oi GDP
Khi d oan ty le tang trng cao,
ngi quan ly tai chnh tang
cng huy ong von e au t
m rong cac d an au t va
ngc lai.
Lai suat:
Lai suat thay oi co the anh
hng en gia tr cong ty.
Anh hng vay mn von ( chi ph
von)
41
04/11/15
Lam
phat

C CHE TAI TR
Tai chnh gian
tiep
Ngi tiet
kiem
Ho gia nh
Doanh
nghiep
Chnh phu
Nc
ngoai

04/11/15

Cac to
chc
trung
gian tai
chnh
Th
trn
g
tai
chnh
Tai chnh trc
tiep

Ngi vay
tien
Ho gia nh
Doanh
nghiep
Chnh phu
Nc ngoai

42

on can tai chnh oi vi mot so cong ty My

1993
Company
Name
AT&T
Boeing
Boston
Edison
John Deere
Delta Air
Lines
Disney
General
Motors
HewlettPackard
McDonalds
3M
Philip
Morris
04/11/15
Raytheon
Safeway

Debt

Debt

Debt + Mkt
Equity
20%
15
49
40
53
9
61
13
15
6
27
9
55
27
14

Total Book Assets

29%
13
42
37
32
20
37
17
31
12
35
12
53
26
36
43

KHUYNH HNG TAI TR

Theo Mishkin( 2004), cau truc tai

chnh nen kinh te My

04/11/15

44

KHUYNH HNG TAI TR

Theo Mishkin( 2004), cau truc tai chnh

nen kinh te My, c, Nhat (1976-1996)

04/11/15

45

KHUYNH HNG TAI TR

Mishkin cho rang:

Co phieu khong

phai la nguon tai tr

ben ngoai quan trong cho cac doanh nghiep
Phat hanh cac chng khoan n va co
phan khong phai la cach c ban e cac
doanh nghiep tai tr von.
Tai tr gian tiep lien quan en hoat ong
cua cac trung gian tai chnh la quan trong
gap nhieu lan so vi tai tr trc tiep
Ngan hang nguon tai tr ben ngoai quan
trong oi vi doanh nghiep
He thong tai chnh la trong so khu vc tai
chnh
nen
04/11/15c quy nh chat che nhat trong 46
kinh te.

KHUYNH HNG TAI TR

Mishkin cho rang:

Ch co nhng cong ty hoat

ong tot, ln de dang tiep
can th trng chng khoan e
tai tr von.
Ky quy/tai san am bao la
mot ac iem pho bien cua
hp ong n oi vi cac ho
gia nh va doanh nghiep.
Hp ong n la mot tai lieu
phap
ly rat phc tap, kiem
47
04/11/15

KHUYNH HNG TAI TR

Theo Mishkin:

Chi ph giao dch va thong tin

anh hng en cau truc tai
chnh .

Chi ph giao dch gom: thi gian,

tien bac
Nhng ngi tiet kiem nho rat
kho tiep can en th trng
chng khoan e au t.
S ton tai cac trung gian tai
48
04/11/15
chnh tao ra kinh te quy mo giup

KHUYNH HNG TAI TR

Theo Mishkin:

Thong tin bat can xng anh hng cau

truc tai chnh (Nghien cu tnh huong cua

cong ty Enron va cong ty kiem toan

Endersen)

Thong tin bat can xng vi 2 van e c ban:

La chon oi nghch: Nhng ngi co mc

tn nhiem xau rat tch cc i tm kiem cac
khoan n va a ra cac au ra khong
thuyet phuc. Bi v thong tin bat can xng
nen ngi cho vay cung khong muon cho
vay, tham ch th trng co tn dung tot.
Rui ro ao c: Quan iem cua ngi cho
vay khong muon ngi i vay s dung tien
vay vao nhng d an co rui ro cao, nhng
bi v rui ro ao c nen ngi i vay49co
04/11/15
the khong tra c n. Quyet nh la

KHUYNH HNG TAI TR

Rui ro ao c va van e la chon

von va vay
Van e ngi quan ly nhan
vien (Principal agent problem) trong
hp ong von co phan.
Rui ro ao c lam cho nhng co
ong gop von t khong quan tam
en ket qua hoat ong cua cong
ty, hoac co nhng hanh ong v
ky.
Van e rui ro ao c co the
khong
xay ra neu nh ngi quan
50
04/11/15

KHUYNH HNG TAI TR

Nhom cac nc ang chuyen

oi
Doanh nghiep huy ong von
chu yeu da vao vay ngan
hang.
Gan ay tam quan trong cua
th trng chng khoan co
tang len cac nc ang
chuyen oi.
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51

KHUYNH HNG TAI TR

Nhan nh chung

Ngan hang chiem u the trong

he thong tai chnh chnh thc
hau het cac nc.

Quy mo th trng chng khoan

so vi ngan hang co xu hng
tang len theo trnh o phat trien
kinh te .
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52

KHUYNH HNG TAI TR

Lap luan ung ho c che tai

tr qua TTCK:
Nham manh th trng cung cap cac
dch vu tai chnh chu yeu, kch thch
s oi mi va tang trng dai han

Cung cap nhieu cong cu quan ly

rui ro (thong tin minh bach, tieu
chuan giao dch, nien yet chng
khoan).
Khong gii han quy mo tai tr
von cho cac cong ty .
Lien
04/11/15ket va gia tang tiem lc 53

KHUYNH HNG TAI TR

Cau truc von khac nhau

moi nen kinh te:

Khac nhau ve chnh sach thue

Khac nhau ve chnh sach bao
ho au t
Khac nhau ve tnh long cua
th trng ( o sau tai chnh)
Khac nhau ve quy nh cua
chnh phu
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54

KHUYNH HNG TAI TR

Ben canh viec da vao von ben

ngoai (t ngan hang va th trng
chng khoan), doanh nghiep con da
vao von t co.

cac nc ang phat trien,

doanh nghiep da nhieu vao von
t co va c kiem soat, quan
ly di dang cac tap oan gia
nh.

cac nen kinh te ong A, 55

tai
04/11/15

C cau kiem soat cac cong ty niem yet

mot so nc 1996
T l % tng
s DN

S hu rng
ri

Gia nh
kim sot

S hu nh
nc

S hu bi t
chc ti chnh

S hu bi doanh
nghip khc

Hng Kng

7.0

66.7

1.4

5.2

19.8

Indonesia

5.1

71.5

8.2

2.0

13.2

Nht Bn

79.8

9.7

0.8

6.5

3.2

Hn quc

43.2

48.4

1.6

0.7

6.1

Malaysia

10.3

67.2

13.4

2.3

6.7

Philippines

19.2

44.6

2.1

7.5

26.7

5.4

55.4

23.5

4.1

11.5

i Loan

26.2

48.2

2.8

5.3

17.4

Thi Lan

6.6

61.6

8.0

8.6

15.3

Singapore

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56

DOANH NGHIEP NHA NC

S hnh thanh DNNN:

Bat nguon s yeu kem cua th trng
Lam nen tang cho kinh te xa hoi chu
nghia
Trao lu quoc hu cac doanh nghiep t
thanh DNNN:
Nc Nga (1917-1920) va cac ong Au
cu (1945-1949)
Cac nc the gii th 3 gianh oc
lap xay dng XHCN vao nhng nam 60,
70.
Cac nc TBCN: Y (1903-1912), (19531960); Anh (1945-1951), (1971-1977)
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57

DOANH NGHIEP NHA NC

Ty trong DNNN trong GDP

(Trc nam 1990)
Lien bang xo viet cu
Trung quoc
Hungary
Phap
Y
Anh
Tay Ban Nha
My
Viet nam
04/11/15

96%
73,6%
65,2%
16,5%
14%
10,7%
4,1%
1,3%
80%
58

T NHAN HOA DNNN

Ly do ve he thong:
S yeu kem cua DNNN
Gia tang tnh canh tranh cua th
trng
Ly do chnh tr:
Phat trien nen dan chu
On nh xa hoi va chnh tr ( khac
phuc oc quyen va yeu kem)
He t tng cua cac nha cam

quyen

Thay oi the che cu bang the che

mi theo y o cua cac nha cam
59
04/11/15
quyen.

T NHAN HOA DNNN

T nhan hoa la viec chuyen nhng lai

tai san trong cac doanh nghiep nha

nc cho khu vc t di nhieu hnh thc
khac nhau
Co phan hoa nam trong tien trnh t
nhan hoa bang cach chia von cua
doanh nghiep nha nc thanh nhng
bang nhau va phat hanh di dang co
phieu.

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60

T NHAN HOA DNNN

DNNN
n s hu

Loi hnh doanh nghip

a s hu

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61

T NHAN HOA DNNN

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62

CO PHAN HOA DNNN

Thc trang viet nam:

CPH khi xng t nhng nam 90. Sau

hn 15 nam co hoa DNNN, en nay ca
nc sap xep, chuyen oi c 4760
DN, trong o 3365 DN c co phan.
Theo anh gia cua Bo Tai chnh, tien
o co phan hoa con cham, viec a
danh hoa s hu trong cong ty co
phan con han che, nhieu vu tranh
chap keo dai, cha giai quyet, bat
cap trong c che quan ly at ai, c
che tai chnh va ca van e xac nh
gia tr DN khi co phan
63
04/11/15
anh gia toc o cham