Thấy gì đằng sau những đợt phát hành cổ phần thường?

TAI CHiNH DOANH NGHIEP ( So 3(56) - 2008 )

THAY CI DANG SAU NHUNC OdT

PHAT HANH CO PHAN THlTCfNG?

Vu Van Ninh

Nam 2007 li nam da ed rit

nhieu cdng ty cd phin

giri hd so xin phep phit

hinh ed phin thudng mdi tdi

Uy ban chirng khoan Nhi

nude. Chung ta khdng the phu

nhan y nghia vi tim quan

trgng ciia viec cac cdng ty ed

phin phit hinh cd phin

thudng de buy ddng vd'n dap

ling nhu cau vd'n diu tu vao cic

du in nhim muc dich sinh Idi

cho cic cd ddng ciia cdng ty

ndi rieng va ddng gdp vao sir

phit trien eiia nen kinh tequd'e

danndichung.

Tuy nhien, trong so dd ed

khdng it cic edng ty cd phin

thue hien phit hinh cd phan

thudng mdi khdng phii de diu

tu, mi nhim thuc hien mgt y

dd nao dd. Qua quan sit eiia

chiing tdi, ed nhieu trudng hgp

cac cdng ty phit hinh cd phin

thudng mdi de thuc hien y dd

kich gii cd phie'u tren thi

trudng nhim dem lai Igi icli

cho mgt bd phan ed ddng (nhi't

li cac ed ddng Idn). Dudi diy

la nhiing ghi nhan eiia chiing

tdi ve nhirng ly do cho viec

phit hanh ed phin:

Thit nhat: Phat hanh co

phan de vdn hda thang du

vdn nh^m tang vd'n dieu le.

Cd rit nhieu edng ty ed

phin khi phit hinh ed phin lin

diu de buy ddng vd'n, do gia

phit hinh cao hon menh gii

nen sd tien thu dugc se dugc

phin anh vao 2 khoin muc ben

phan ngudn vd'n. Cu the, phan

menh gii cd phan (hien nay

the o qu y din h l a

lO.OOOddng/eo phin) dugc

phin inb vio khoan muc vd'n

diu tu ciia ehii sd hiru, phin

chenh lech giira gia phit hanh

vdi menh gii dugc ggi li thing

du vd'n vi dugc phin inb vao

khoan muc thang du vd'n. Nhu

vay, cd the' thi'y toan bd vdn dau

tu CLia chii sd hiru vi thing du

vd'n li sd vd'n ddng gdp ciia co

ddng. Sd vdn niy se hinh thanh

nen tii sin de dua vao boat

ddng kinh doanh hay boat ddng

tai chinh. Tuy nhien sau mgt

thdi gian (Theo quy dinh tai

Thong tu 19/2003 ITT-ETC, ddi

vdi khoan chenh lech giUa gia

bdn vdi menh gia cd phie'u dugc

phat hanh de thUc hien cac du

dn dau tu thi cdng ty cd phan

chi dugc sic dung de bd sung

vdn dieu le sau 3 nam ke tic khi

dicdn dau tuddhodn thanh dua

vdo khai thac, sic dung. Ddi vdi

khoan chenh lech giua gia bdn

vdi menh gia cd phie'u dugc

phat hanh de ca cau lai ng, bd

sung vd'n kinh doanh thi cdng ty

cdphdn chi dugc sic dung debd

sung tdng vdn dieu le sau 1 nam

ke tic thdi diem ket thiic dm phat

hanh), cic cdng ty eo phin lai

xin phep phat hanh ed phin de

tang vdn dieu le bing cich vd'n

hda thing du vdn. Cich lim

nay da dinh lira dugc cac nha

diutu, vi:

- Thicnhd't: Phin Idn cac nha

diu tu deu cho ring viec edng

ty phat hanh cd phan de' tang vd'n

dieu le se tao ra tiem luc tii chinh

viing manh cho cdng ty.

- Thie hai: Nhieu cdng ty da

cdng bd thdng tin ring viec cdng

ty phit hanh co phin thudng mdi

nhim tang vd'n dieu le bing cich

chia thudng cd phieu cho cic cd

ddng hien him. Thuit ngir chia

thudng d diy da tao ra tam ly

phan khich cho cac ed ddng hien

hiru ndi rieng vi cac nha diu tu

ndi chung.

Ciu hdi dat ra la cdng ty da

li'y gi de chia thudng? Thuc ra la

lay vd'n cua cd ddng de' chia cho

cd ddng ma thdi. Cic nha diu tu

ein phai hieu ring, loi nhuan

dugc tao ra tir viec sir dung tii san

vao boat ddng kinh doanh chir

khdng phii Igi nhuan dugc tao ra

tir ngudn vd'n. Viec cac cdng ty

CO phin xin phat hanh co phin de

vd'n hda thing du vd'n thuc chat la

chuyen mgt khoin muc nguon

vd'n nay sang mgt khoan muc

n^udn vd'n khac, trong khi do

tdng ngudn vd'n khdng thay doi.

Nhu vay, tong gii tri tai sin ciia

cdng ty sau dot phit hinh co

phin nhim vd'n hda thing du vdn

vin khdng thay doi va duong

nhien Igi nhuan dugc tao ra tir tai

sin vin khdng ddi, duy chi cd sd

lugng CO phin thudng dang luu

hanh la tang len. Vay, xet ve ly

thuyet, vice phat hanh ed phin

thudng de chuyen thing du vdn

thanh vd'n dieu le cd le lam giam

gia CO phan mdi la hgp ly. Vi hai

ly do: (1) Cung c6 phie'u tang len,

(2) Gia tri so sach mgt c6 phieu

30> Tap chi nghien cCru Tai chinh ke' toan