Quản trị công ty đại chúng và niêm yết tại Việt Nam

^ ^ TA' f^H'MH nOANH NGHIEP

Qudn Iri cong ty ctqi chung

vd niem yet tqi Viet Nam

TS. LE MINH TOAN - ThS. LE MINH THANG

Hoc vien Cong nglie Buu chinh ViSn tiidng

Su phdt trien cua TTCK Viet Nam khien cdc cdng ty dqi chung ndi chung vd

cdng ty niem yet ndi rieng da vd dang khdng dinh dugc vai trd cua minh trong

nen kinh te. Theo Uy ban Chung khodn Nhd nuoc (UBCKNN), tinh den ngdy

4/5/2010, tong gid tri vdn hod tren TTCK Viet Nam dat 740.433 ty ddng (bdng

45% GDP ndm 2009, tuong duong khodng 39 ty USD). Hien tai cd khodng

2.000 cdng ty dtii chung tqi Viet Nam vd gdn 600 DN da niem yet tren 2 sdn

chung khodn. Chinh vi vdy, viec qudn tri cdng ty(QTCT) dqi chung vd niem yet

la mot vdn de men vd rdt quan trong...

Tqi sao qudn tri cong

ty Iqi quan trqng?

Dpi vdi nhung qudc gia cd

nin kinh te tbi trudng mdi ndi

nhu Viet Nam, viec tang

cudng QTCT cd the phuc vu

cho rat nhiiu muc dich chinb

sach cdng quan trpng. QTCT

tdt se giam thieu khi nang tdn

thuong trudc cac bien ddng

khdng mong mudn, ciing cd

quyin sd hiiu, giim chi phi

giao dich va chi phi vdn, tao

diiu kien cbo TTCK phat

trien. Mdt khudn khd QTCT

yeu kem se lam giam miic dd

tin tudng ciia cac nha dau tu

(NDT), kim bam su phat trien

lanh manh ciia ci chii the nin

kinh te ndi chung.

QTCT tdt cd y nghia quan

trpng trpng viec thiic day tang

trudng kinb te lanh manh, tao

ra mdt Ipat cic md'i quan be

giira ban giam ddc, Hdi ddng

quin tri (HDQT), cac cd ddng

va cac ben cd quyin lpi lien

quan tap nen dinh budng va

su kiem spat cdng ty. Mdi

quan be nay dupe xac dinh

mdt phin bdi luat phap, lich

su, van hda ciia qudc gia noi

cdng ty dat tru sd. QTCT tdt

thiic day boat ddng, tang

cudng kbi nang tiep can cua

cdng ty vdi cac ngudn vdn

ben ngoai d muc chi phi thap,

gdp phin giim thieu riii ro

kinh doanh, tang cudng dau

tu va phat trien bin viing.

Ngupc lai, mdt khudn khd

QTCT yeu kem se lam giim

dd tin tudng ciia cac NDT,

khdng ddn nhan dupe ngudn

vd'n tir ben ngoai, giam gia tri

kinb te ciia cdng ty va cd the

din tdi cic nguy ca pha sin

hoac bi thdn tinh, sap nhap,

lam tang riii ro dd'i vdi he

thd'ng kinh te qud'c gia. Nhu

vay, viec hoan thien va tang

cudng be thd'ng QTCT ddng

vai trd vd ciing quan trpng.

Ddi vdi cac NDT, QTCT se

gdp phin Cling c6 quyen sd

hiru, giim thieu cac cbi phi

giao dich, chi phi vd'n va ddng

nghia vdi viec diu tu cd hieu

qua.

6 nhiiu nudc tren the gidi.

van di QTCT dupe dae biet

cpi trpng ke tir kbi diin ra

cudc khiing hoing tai chinh

tai chau A nam 1997 va su sup

dd ciia bang loat cac cdng ty

niem yet (CTNY) tai cac nudc

phat trien nhu Enron, Tyco,

Adelphia va WorldCom (My);

HIH va One. Tel (Uc) v.v...

QTCT khdng cbi thu hiit su

quan tam va cbii y ciia cac

nudc, ma edn nhan dupe su

quan tam nghien ciiu ciia

Ngan hang The gidi (WB),

Chuong trinh phat trien Lien

Hop qudc (UNDP) va Td chiic

Hpp tac va Phat trien Kinh te

(OECD).

Td cbiic cac nudc phat

trien (Grpup of Seven-G7) cdn

ban banh Bd nguyen

tic/Diiu le tdt nbat vi QTCT

va ke tpan. Bdi vay, QTCT

hieu qua (good corporate

governance) dupe coi nhu

nhan td ca ban cbo phat trien

kinh te va dang trd thanh mdt

muc tieu tai ta't ci cac qud'c

gia.

Hien nay, WB la td chiic

22 THANG 9/2010 Tai Chinh