de cuong dinh gia m&a

8/8/2019 de cuong dinh gia m&a

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MC LCTRANG BA PH

LI CAM OAN

MC LCDANH MC CC T VIT TT

DANH MC CC BNG S LIU V BIU (HNH)

PHN M U

CHNG 1: TNG QUAN V HOT NG SP NHP, HP NHT

01

1.1 CC KHI NIM................................................................................ 01

1.1.1 Sp nhp............................................................................................... 011.1.2 Hp nht............................................................................................... 01

1.1.3 Mua li................................................................................................. 01

1.1.4 Phn bit sp nhp v hp nht............................................................ 02

1.1.5 Phn bit mua li ton b v sp nhp.................................................. 03

1.2 CC PHNG THC THC HIN M&A....................................... 04

1.2.1 Cho thu.............................................................................................. 04

1.2.2 Li ko c ng bt mn...................................................................... 051.2.3 Thng lng t nguyn...................................................................... 05

1.2.4 Thu gom c phiu trn th trng chng khon.................................... 06

1.2.5 Mua li ti sn ..................................................................................... 06

1.3 CC HNH THC M&A.................................................................... 06

1.3.1 Phn loi da trn hnh thc lin kt.................................................... 06

1.3.2 Phn loi da trn phm vi lnh th..................................................... 07

1.3.3 Phn loi da trn chin lc mua li................................................... 081.4 TC NG CA M&A...................................................................... 08

1.4.1 Tc ng tch cc Li ch ca M&A................................................. 08

1.4.2 Tc ng tiu cc................................................................................. 10

1.5 CC NI DUNG CA QU TRNH M&A....................................... 11

1.5.1 Lp k hoch chin lc v xc nh mc tiu ca M&A.................... 11

V MUA LI NGN HNG.......................................................................


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2.2.4.1 Tc ng tch cc 41

2.2.4.2 Tc ng tiu cc. 42

2.3 NG C CA HOT NG M&A NGN HNG TI

VIT NAM..................................................................................................... 43

2.3.1 Ngn hng Vit Nam pht trin v s lng nhng cht lngcha cao........................................................................................................... 43

2.3.2 Ngn hng nh kh ng vng trc xu th hi nhp.......................... 45

2.3.3 iu kin thnh lp ngn hng mi rt kht khe.................................. 47

2.3.4 Ch o v s hng dn h tr ca Chnh ph v Ngn hng

nh nc........................................... 48

2.3.5 Tm nhn chin lc ca cc tp on ti chnh ngn hng nc

ngoi................................................................................................................ 492.3.6 Tnh hnh khng hong ti chnh th gii............................................. 50

2.4 MI TRNG THC T NH HNG N M&A NGN HNG

TI VIT NAM 51

2.4.1 Cc t chc t vn v h tr hot ng M&A ti Vit Nam................ 51

2.4.2 Mi trng kinh doanh v mi trng php l Vit Nam.................... 54

2.4.2.1 Mi trng kinh doanh........................................................................ 54

2.4.2.2 Mi trng php l............................................................................... 552.4.3 Tnh minh bch..................................................................................... 60

2.4.4 Yu t con ngi v ngun nhn lc.................................................... 61

2.5 M&A NGN HNG VIT NAM: THI C - THUN LI - KH

KHN - THCH THC 62

2.5.1 Thi c - Thun li....................................... 62

2.5.2 Kh khn - Thch thc.............................. 63

KT LUN CHNG 2................................................................................ 64CHNG 3: GII PHP CHO H THNG NGN HNG THNG

MI VIT NAM TRC XU TH SP NHP, HP NHT V

66

3.1 I VI NGN HNG NH NC V CC C QUAN

QUN L 66

MUA LI


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3.1.1 Tng cng hot ng truyn thng v M&A...................................... 66

3.1.2 Hon thin khung php l v M&A...................................................... 67

3.1.3 Pht trin knh kim sot thng tin cng nh tnh minh bch ca

thng tin trong hot ng M&A...................................................................... 71

3.1.4 To iu kin h tr cho cc t chc t vn M&A............................... 713.1.5 Xy dng v pht trin ngun nhn lc cho th trng M&A............. 73

3.2 I VI CC NGN HNG THNH VIN.................................... 74

3.2.1 Giai on trc v trong qu trnh thc hin M&A.............................. 74

3.2.2 Giai on sau khi kt thc qu trnh M&A........................................... 78

KT LUN CHNG 3................................................................................ 80

KT LUN CHUNG...................................................................................... 80

TI LIU THAM KHOPH LC 1

PH LC 2


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DANH MC CC T VIT TT

HQT : Hi ng qun trM&A : Sp nhp v mua li (Merges & Acquisitions)

NH : Ngn hng

NHNN : Ngn hng nh nc

NHTM : Ngn hng thng mi

NHTMCP : Ngn hng thng mi c phn

PwC : Cng ty kim ton PricewaterhouseCoopers

TMCP : Thng mi c phn

TP.HCM : Thnh ph H Ch Minh

WTO : T chc thng mi th gii (World Trade Organization)


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Bng 1.1: Hai trng hp hp nht thnh cng ca ngn hng M vo thp nin

80..................................................................................................... 23

Bng 2.1: Nhng thng v mua bn ngn hng ln nht th gii trong giai on

1998-2007........................................................................................ 27

Bng 2.2: S lng v gi tr giao dch ca hot ng M&A ti Vit Nam t

2005 n 07/2009............................................................................. 28

Bng 2.3: Mt s thng v M&A gia ngn hng nng thn v ngn hng ln

th ti Vit Nam giai on 1999 2004.................................... 30

Bng 2.4: Cc th

ng v

M&A gi

a ngn hng n

i v nh

u t

n

c ngoi. 31Bng 2.5: Mt s thng v mua bn gia cc ngn hng trong nc t nm

2005 n 2008.................................................................................. 38

Bng 2.6: S lng ngn hng thng mi ti Vit Nam (tnh n 06/2009)..... 44

Hnh 2.1 T l phn trm cc gi tr mua bn theo cc ngnh ngh - mc tiu

M&A ti Vit Nam........................................................................... 28

Hnh 2.2 Gi tr v s lng thng v M&A ca 14 nc trong khu vc....... 29

DANH MC CC BNG

DANH MC CC HNH


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PHN MU

1. Tnh thit thc ca tiTrong tin trnh pht trin kinh t, vic lin kt, sp nhp, hp nht cc

doanh nghip hnh thnh nhng doanh nghip ln mnh hn l xu hng

ph bin tt yu, nht l trong qu trnh hi nhp kinh t ton cu nh hin nay.

Xu th ny sm mun cng s trthnh ln sng mnh mlt qua tt c cc

nn kinh t trn th gii v n c d bo sbng pht trong tng lai gn.

Trn th gii, cc hot ng mua bn, sp nhp c hnh thnh rt

sm v ph bin cc nc c nn kinh t thtrng vi s cnh tranh quyt

lit gia cc cng ty vi nhau, ng thi cng to ra xu th tp trung li thng nht, tp hp ngun lc ti chnh, cng ngh, nhn lc, thng hiu...

Ti Vit Nam, vn ny c cp cch y hn 10 nm, nhu cu

bn v mua doanh nghip ngy cng tng cng vi xu hng hnh thnh cc tp

on kinh doanh, u t cho gia cc doanh nghip bo hiu mt tn hiu

tt cho nn kinh t, lm tng sc cnh tranh ca cc doanh nghip Vit Nam.

Hn na, y cng l mt lnh vc kh mi mVit Nam nn thu ht c s

quan tm u t ca cc nh u t nc ngoi.V d cn kh mi m nhng nc ta c nhng thng v nh

m bi s kt hp ca nhng thng hiu c tn tui, v tr trn thtrng,

ch yu thuc l nh vc chng khon, bo him, ti chnh, ngn hng, dch v.

Theo d bo ca cc chuyn gia, ln sng sp nhp, hp nht v mua li trn th

trng ti chnh s din ra nhanh hn so vi don trc y v ssi ng

hn trong ngnh ngn hng v chng khon.

Cng chnh v s mi m, s khai, si ng v nng bng ca vn ny

nn ti chn ti Gii php cho h thng ngn hng thng mi Vit Nam

trc xu th sp nhp, hp nht v mua li lm lun vn tt nghip cao hc.

2. Mc ch ca lun vnMc ch ca lun vn l nghin cu v sp nhp, hp nht v mua li


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ngn hng t gi mt s gii php i vi cc c quan qun l, Ngn

hng nh nc v cc ngn hng thnh vin tham gia vo vic mua bn, sp

nhp nhm tn dng c ngoi lc ng thi pht huy ht ni lc cc ngn

hng thnh vin c ththam gia vo sn chi sp nhp, hp nht v mua li

mt cch vng vng, ttin, t c nhiu kt qu tt trong lnh vc ny trc

thi k hi nhp, gp phn gip cho th trng ti chnh Vit Nam ngy cng

pht trin hn.

3. i tng v phm vi nghin cu:i tng v phm vi nghin cu ca lun vn l hot ng sp nhp,

hp nht v mua li ca cc ngn hng thng mi Vit Nam v cc vn c

lin quan.

4. Phng php nghin cuLun vn ny c nghin cu da trn phng php h thng, tng

hp, phn tch, so snh, d bo, thng k, kt hp vi nn tng kin thc kinh t

hc, ti chnh ngn hng.... h thng ha l lun, nu ln nhng ni dung

c bn v sp nhp, hp nht v mua li ngn hng, cng vi thc trng v cc

gii php cho vn ny.

5. B cc ca lun vnLun vn gm ba phn chnh:

- Chng 1: Nhng vn l lun c bn v sp nhp, hp nht v mua li.

- Chng 2: Thc trng v hot ng sp nhp, hp nht v mua li ngn hng

ti Vit Nam.

- Chng 3: Gii php cho h thng ngn hng thng mi Vit Nam trc xu

th sp nhp, hp nht v mua li.

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