BQ GIAO D1)C VA DAO TAO TRlJONG DAI HQC KINH TE TP.HO CHI MINH DE TAl NGHIEN cUu KHOA HOC cAP CO SO T6 CHUC CHUONG TRINH QUAN TRJ RiJI RO TAl CHINH A ' T TRONG CONG TY PHI TAl CHINH TAl VIETNAM • • , ' Ma so de tai : cs - 2oo6- os CHU NHIEM DE TAl: PGS TS NGUYEN THI NGOC TRANG TP.HO CHi MINH Nam 2006 BQ GIAO Dl)C VA D~O TP,.O BQ GIAO Dl)C VA uAo TAO TRVONG DAI HOC KINH TE TP.HO CHi MINH DE TAI.NGHIEN clru KHOA HOC CAP CO SO T6 CHUC CHUONG TRiNH QUAN TRI RiJI RO TAl CHINH TRQNG C6NG TY PHI TAl CHINH TAl VIETNAM • • , ' Ma so de tai: cs - 2006 - os CHU NHIEM BE TAl: PGS TS NGUYEN THI NGOC TRANG Thanh vien ct~ tai: Giang vien HO QUOC TUAN TP.HO CHi MINH Nam 2006 MODAU Trong moi trubng kinh doanh hi~n d1;1i, cac doanh nghi~p cang phai d6i mi;it v6i nhung nii ro cac biSn d;'" 22/10/06 ~ < ~ ) , N 0 Ul I N 0 0\ l\.0 10 PHVLVC3 I>IEU TRA KHAO SAT VE NHAN THUC CUA DOANH NGHIEP VE VAN BE QUAN TRJ RUI RO TAl CHINH ~ANG sAN PHAM PHAI SINH VE cAc DOANH NGHI.¢P THAM GIA DIEU TRA Cu9c di€u tra da duqc thvc hi~n tren 34 doanh nghi~p a nhi€u nganh ngh€ khac v6i qui mo cling rfrt khac bi~t (c6 muc qui mo) M1,1c dich cua di~u tra ki€m chung l{li m9t each c1,1 th€ m9t s6 nh~n dinh v€ thvc tr{lng nh~n thuc va v~n dt,mg san phAm phai sinh d€ phong ngua rui ro tai chinh t{li Vi~t Nam va quan tr9ng nhfrt la danh gia muc d9 d6ng thu~n cua cac doanh nghi~p v6i nhfrng giai phap rna d€ tai neu ra, chu khong c6 y dinh kh~ng dinh hay bac b6 m9t ly thuy~t nao Biing Cdc doanh nghi~p tham gia cu{Jc ttiJu tra I Saigon Petro Cong ty nghi~p XangDdu Doanh Dung Djch vv Cong ty CP duai 50% v6n Nha nuac CP Tu vftn qui ho~;~ch va xay dt,rng Djch V\1 Cong ty CP duai 50% v6n Nha nu6c Cong ty f>inh May moe VP CongtyTNHH Cong ty Tiin Vi~t Phfinm€m Doanh nghi~p c6 v6n dfiu tu nuac ngoai Nha in Bao SGGP Xudt bim Doanh nghi~p Nha nu6c D~t D~t Doanh nghi~p Nha nuac Ca xang ddu Cong ty may Phm~ Vi~t Vi~t Nam di~n tho~;~i may Nha nuac Xangdfiu Dong TP Cong ty CP duai 50% v6n Nha nu&c Vi~n thong Doanh nghi~p Nha nu6c 10 Mercedez Benz 6to Doanh nghi~p c6 v6n dfiu tu nuac ngoai II Xiiy dt,rng Sai Gon Xiiy dt,rng Cong ty mt( - cong ty 12 CP Nha Thuang Cong ty CP duai 50% v6n Nha nuac 13 CP Nang duqc Thu6cBVTV Cty CP tren 50% NN 14 CP Kim Khi TP.HCM Kimkhi Cty CP tren 50% NN 15 TNHH Thanh Djch V\1 CongtyTNHH 16 Toyota to Doanh nghi~p c6 v6n ddu tu nuac ngoai 17 Vietland SSG Bdt d()ng san Doanh nghi~p c6 v6n ddu tu nu6c ngoai 18 Xudt khdu thuy san Vi~t Nam Xuftt khdu Doanh 19 Avon Myph~m Doanh nghi~p c6 v6n ddu tu nuac ngoai 20 Colgate Palmolive Hang tieu dung Doanh nghi~p c6 v6n dfiu tu nuac ngoai 21 P&G Hang tieu dung Doanh nghi~p c6 v6n dfiu tu nuac ngoai 22 PPG San Doanh nghi~p c6 v6n dfiu tu nuac ngoai 23 Cong ty ca 24 Betong Lafarge Betong Doanh nghi~p c6 v6n ddu tu nuac ngoai 25 D[ch vv Phu Nhu~n D[ch VI.J Cong tyTNHH 26 Ca giao thong Ca khi, d[ch vv Cong ty CP duai 50% v6n Nha nu6c Vi~t Vi~t Vi~t Nam H~;~nh Nam Nam Qu~n Kim khi, v~n m~;~i t*i Sai Gon v~n tai nghi~p Nha nuac Cong ty TNHH ll 27 CP Dfru tu va thuang m~i DIC Thuang 28 VTC Vi~n thong Cong ty CP du&i 50% v6n Nha nu&c 29 VDC2 Vi~n thong Doanh nghi~p Nha nu&c 30 Khai thac Tiin San Nhdt Hang khong Doanh nghi~p Nha nu&c 31 Buu Buu chinh Doanh nghi~p Nha nu&c 32 Cong ty Gift of Life Xudt khAu Cong tyTNHH 33 TNHH Hoang Lan Thuang 34 TNHH Gia Phat Van phong phAm di~n Sai Gon m~i m~i Cong ty CP du&i 50% v6n Nha nu&c CongtyTNHH Cong tyTNHH Bang CO' cliu ctic doanh nghifp tham gia iliJu tra phiin theo loq.i hinh Lo:;ti hinh Doanh nghi~p S6Im;rng Nha nu&c Cong ty c6 phdn tren 50% v6n Nha nu&c Cong ty c6 phdn du&i 50% v6n Nha nu&c Doanh nghi~p tu nhan Cong ty tnich nhi~m hfru h~n Doanh nghi~p c6 v6n ddu tu nu&c ngoai Khac 34 Tang c()ng Bang Qui mo cua ctic doanh nghi?p tham gia iliJu tra S6ltrQ'ng Tyl~% 10 29% Tir 10 cy d~n 50 cy 18% Tir 50 ty d~n 100 ty 21% Tren 100 ty 11 32% Qui mo Du&i 10 M6ng y ft; 3: £>6ng y; 4: £>6ng y nhi~u; 5: Holm toan ddng y Nguyen nhan Khong c6 khung phap ly qui djnh ro rang cho Mfrc d9 ddng y ho~t I I I I I 21 d('>ng cua san pham phai sinh Qui djnh h~ch toan, thu~ kh6ng hqp 1y, gay bAt lqi cho doanh nghi~p th1,rc hi~n San ph~m phai sinh rna ngan hang cung dp kh6ng dap ung nhu cAu Doanh nghi~p Vi~t Nam chua nh~n th(rc dAy du v6 lqi fch cua san phdm phfti sinh va khong c6 chinh sach phong ngira rui ro b~ng san phdm phai sinh Tam ly e ng~i trach nhi~m cua nhfrng nguai dung d~u doanh nghi~p va nhU·ng nguai ph\1 trach v~ tai chinh Nhfrng bi~n d('>ng lai suAt, tY gia kh6ng 16n nen doanh nghi~p chu quan, kh6ng cAn phong ngira Theo anh/chi, dau Ia nguyen nhan chinh(chi ch9n m()t nguyen nhan 16n nhfrt) khi~n doanh nghi~p c~a anh/chi g~p kh6 khan vi~c phOng ngira rui ro b~ng san phdm phfti sinh Anh/chi vui long cho bi~t mfrc d('> quan tr9ng d6i v6i tung giai phftp rna chinh phU dn uu tien thgc hi~n nh~m giup doanh nghi~p thu~n lqi sir d1:1ng san ph~m phai sinh de phong ngira rui ro 1: Hoan toan kh6ng quan trQng; 2: Quan tr9ng it; 3: Quan tr9ng; 4: Quan tr9ng kha nhi~u; 5: RAt quan tr9ng Giai phftp Mfrc d('> quan trQng Xay dgng khu6n kh6 phftp 1y ro rang cho ho~t d('>ng kinh doanh cac san phdm phfti sinh I Xay dgng qui djnh h~ch toan k~ toan va thu~ ro rang, thu~n lqi cho doanh nghi~p thgc hi~n phong ngira rui ro b~ng san phdm phai sinh I Nang cao nh~n thfrc va trinh d('> cua cac doanh nghi~p v~ vi~c (rng d1:1ng san ph~m phai sinh phOng ngira rui ro Nang cao nang lgc cung cfip, tu vAn va quan tri cua h~ th6ng ngan hang mang kinh doanh cac Cong C\1 phai sinh v6i m1,1c dfch giup doanh nghi~p phong ngira rui ro va kinh doanh kiem lai 22 Cac d€ xuAt khac cua cac anh/chi : ··············································································································································· ················································································································································ ···································································································································.············ ··············································································································································· Xin chan cam O'n S\f cqng tac ciia quy anh/chi va doanh nghi~p ... RlJI RO TAl CHiNH TRONG CONG TY PHI TAl CHINH 1.1 Riii ro tai chinh va qmin trj riii ro tai chinh cong ty phi tai chinh 1.1.1 Riii ro tai chinh ciia cong ty phi tai chinh H~u h~t dtc cong ty phi. .. riti ro tai chinh cong ty phi tai chinh 1.1 Riii ro tai chinh va qmin trj riii ro tai chinh d>ng ty phi tai chinh , '' , " '' 1 1 R m ro tal ch''nh cua cong ty p h''1 ta1 ch''nh '' ''·rot''... CHUONG TRINH QUAN TRJ RlJI RO TAl CHINH TRONG CONG TY PHI TAl CHINH T~I VI~T NAM 3.1KET QUA DIED TRA NH~N THUC CUA CONG TY PHI TAl CHINH T~I VItT NAM VE VAN DE QUAN TRJ RiJI RO TAl CHINH BANG SAN