{"id":799,"date":"2017-04-13T09:43:43","date_gmt":"2017-04-13T02:43:43","guid":{"rendered":"https:\/\/vuthanhnamduc.wordpress.com\/?p=799"},"modified":"2017-04-13T09:43:43","modified_gmt":"2017-04-13T02:43:43","slug":"business-law-ma-binh-luan-tu-goc-nhin-quan-tri","status":"publish","type":"post","link":"http:\/\/vuthanhnamduc.com\/index.php\/2017\/04\/13\/business-law-ma-binh-luan-tu-goc-nhin-quan-tri\/","title":{"rendered":"[Business Law: M&A] B\u00ccNH LU\u1eacN T\u1eea G\u00d3C NH\u00ccN QU\u1ea2N TR\u1eca"},"content":{"rendered":"

Lu\u1eadt v\u1ec1 mua b\u00e1n doanh nghi\u1ec7p – Ph\u1ea1m Duy Ngh\u0129a: b\u00ecnh lu\u1eadn ng\u1eafn t\u1eeb g\u00f3c nh\u00ecn qu\u1ea3n tr\u1ecb c\u00f4ng ty<\/strong><\/p>\n

PGS, TS. PH\u1ea0M DUY NGH\u0128A<\/a> \u2013 Khoa Lu\u1eadt, \u0110\u1ea1i h\u1ecdc Kinh t\u1ebf TP. HCM<\/strong><\/p>\n

Mua b\u00e1n v\u00e0 s\u00e1p nh\u1eadp c\u00f4ng ty (M&A) \u0111\u00e3 xu\u1ea5t hi\u1ec7n v\u00e0 c\u00f3 th\u1ec3 s\u1ebd tr\u1edf n\u00ean s\u00f4i \u0111\u1ed9ng h\u01a1n \u1edf n\u01b0\u1edbc ta, nh\u1ea5t l\u00e0 khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eeb Trung Hoa \u0111\u1ea1i l\u1ee5c r\u1ee7ng r\u1ec9nh ti\u1ec1n b\u1ea1c b\u1eaft \u0111\u1ea7u nh\u00f2m t\u1edbi c\u00e1c ngu\u1ed3n t\u00e0i nguy\u00ean v\u00e0 k\u00eanh ti\u00eau th\u1ee5 \u1edf Vi\u1ec7t Nam. Gi\u00fap t\u00e1i c\u1ea5u tr\u00fac doanh nghi\u1ec7p, l\u01b0u chuy\u1ec3n v\u1ed1n, mua b\u00e1n v\u00e0 s\u00e1p nh\u1eadp doanh nghi\u1ec7p c\u00f3 th\u1ec3 c\u00f3 l\u1ee3i cho n\u0103ng l\u1ef1c c\u1ea1nh tranh qu\u1ed1c gia.<\/strong><\/p>\n

\"M&amp;A_01\"<\/p>\n

V\u1ec1 chi ti\u1ebft, vi\u1ec7c mua b\u00e1n hay s\u00e1p nh\u1eadp th\u01b0\u1eddng g\u1ed3m nhi\u1ec1u c\u00f4ng \u0111o\u1ea1n, di\u1ec5n ra b\u1eb1ng nhi\u1ec1u c\u00e1ch, v\u1edbi s\u1ef1 tham gia c\u1ee7a nhi\u1ec1u l\u1ef1c l\u01b0\u1ee3ng chuy\u00ean gia, trong \u0111\u00f3 chuy\u00ean gia ph\u00e1p l\u00fd th\u01b0\u1eddng \u0111\u00f3ng nh\u1eefng vai tr\u00f2 l\u1edbn trong x\u00e1c \u0111\u1ecbnh doanh nghi\u1ec7p m\u1ee5c ti\u00eau, nh\u1eadn di\u1ec7n c\u00e1c y\u1ebfu t\u1ed1 t\u1ea1o n\u00ean gi\u00e1 th\u00e0nh, gi\u00fap th\u01b0\u01a1ng th\u1ea3o v\u00e0 thi\u1ebft k\u1ebf c\u00e1c h\u1ee3p \u0111\u1ed3ng c\u0169ng nh\u01b0 l\u00e0m th\u1ee7 t\u1ee5c n\u1ed9i b\u1ed9 trong c\u00f4ng ty mua c\u0169ng nh\u01b0 c\u00f4ng ty b\u00e1n v\u00e0 nh\u1eefng th\u1ee7 t\u1ee5c h\u00e0nh ch\u00ednh kh\u00e1c v\u1edbi c\u01a1 quan nh\u00e0 n\u01b0\u1edbc \u0111\u1ec3 ho\u00e0n t\u1ea5t vi\u1ec7c mua b\u00e1n. \u0110ang c\u00f3 m\u1ed9t cu\u1ed9c tranh lu\u1eadn trong gi\u1edbi l\u00e0m ch\u00ednh s\u00e1ch v\u1ec1 vi\u1ec7c li\u1ec7u n\u01b0\u1edbc ta c\u00f3 n\u00ean c\u00f3 m\u1ed9t \u0111\u1ea1o lu\u1eadt v\u1ec1 mua b\u00e1n c\u00f4ng ty hay kh\u00f4ng? \u0110\u1ec3 g\u00f3p ph\u1ea7n v\u00e0o cu\u1ed9c tranh lu\u1eadn \u0111\u00f3, b\u00e0i vi\u1ebft ng\u1eafn d\u01b0\u1edbi \u0111\u00e2y b\u01b0\u1edbc \u0111\u1ea7u t\u00ecm hi\u1ec3u v\u00e0 b\u00e0n lu\u1eadn v\u1ec1 m\u1ed9t s\u1ed1 kh\u00eda c\u1ea1nh ph\u00e1p l\u00fd c\u00f3 th\u1ec3 c\u1ea7n \u0111\u01b0\u1ee3c l\u01b0u t\u00e2m trong qu\u00e1 tr\u00ecnh mua b\u00e1n c\u00f4ng ty.<\/p>\n

\u0110\u1ed1i t\u01b0\u1ee3ng mua b\u00e1n<\/em><\/strong>: Tr\u00ean th\u1ef1c t\u1ebf, c\u00e1c lo\u1ea1i h\u00ecnh doanh nghi\u1ec7p \u0111\u1ec1u c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c mua b\u00e1n, th\u1eadm ch\u00ed c\u00e1c quy\u1ec1n l\u1ee3i trong c\u00e1c li\u00ean danh kh\u00f4ng h\u00ecnh th\u00e0nh n\u00ean ph\u00e1p nh\u00e2n c\u0169ng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c mua b\u00e1n. Tuy nhi\u00ean, lu\u1eadt ph\u00e1p kh\u00f4ng m\u1ea5y quan t\u00e2m \u0111\u1ebfn vi\u1ec7c mua b\u00e1n ki-\u1ed1t tr\u00ean ch\u1ee3 hay c\u1eeda h\u00e0ng c\u1ee7a m\u1ed9t ti\u1ec3u th\u01b0\u01a1ng, k\u1ec3 c\u1ea3 vi\u1ec7c mua l\u1ea1i doanh nghi\u1ec7p t\u01b0 nh\u00e2n (DNTN), ph\u1ea7n v\u1ed1n trong h\u1ee3p danh hay c\u00e1c c\u00f4ng ty tr\u00e1ch nhi\u1ec7m h\u1eefu h\u1ea1n (TNHH) t\u01b0 nh\u00e2n. V\u1ec1 c\u01a1 b\u1ea3n, quy\u1ec1n mua b\u00e1n thu\u1ed9c t\u1ef1 do kh\u1ebf \u01b0\u1edbc; thu\u1eadn mua v\u1eeba b\u00e1n, mi\u1ec5n l\u00e0 kh\u00f4ng c\u00f3 nh\u1eefng d\u1ea5u hi\u1ec7u l\u00e0m cho vi\u1ec7c mua b\u00e1n c\u00f3 nguy c\u01a1 tr\u1edf n\u00ean v\u00f4 hi\u1ec7u. S\u1ef1 quan t\u00e2m c\u1ee7a ng\u01b0\u1eddi l\u00e0m lu\u1eadt ch\u1ec9 t\u0103ng l\u00ean trong vi\u1ec7c mua b\u00e1n doanh nghi\u1ec7p nh\u00e0 n\u01b0\u1edbc (DNNN) \u2013 v\u00ec \u0111\u00f3 l\u00e0 b\u00e1n c\u1ee7a c\u00f4ng cho t\u01b0 nh\u00e2n; v\u00e0 mua b\u00e1n c\u00e1c c\u00f4ng ty c\u1ed5 ph\u1ea7n ho\u1eb7c vi\u1ec7c mua b\u00e1n t\u1ea1o n\u00ean s\u1ef1 l\u0169ng \u0111o\u1ea1n c\u1ee7a \u0111\u1ed9c quy\u1ec1n c\u1ea3n tr\u1edf c\u1ea1nh tranh b\u00ecnh th\u01b0\u1eddng. Th\u01b0\u1eddng th\u00ec lu\u1eadt ph\u00e1p kh\u00f4ng m\u1ea5y quan t\u00e2m \u0111\u1ebfn vi\u1ec7c mua b\u00e1n c\u00f4ng ty ph\u1ea3i di\u1ec5n ra nh\u01b0 th\u1ebf n\u00e0o \u2013 kh\u00f4ng Nh\u00e0 n\u01b0\u1edbc n\u00e0o c\u00f3 th\u1ec3 th\u00f4ng th\u00e1i h\u01a1n gi\u1edbi doanh nh\u00e2n, vi\u1ec7c t\u00ednh to\u00e1n mua b\u00e1n b\u1eb1ng c\u00e1ch n\u00e0o l\u00e0 t\u1ef1 do c\u1ee7a h\u1ecd. Nh\u00e0 n\u01b0\u1edbc ch\u1ec9 quan t\u00e2m \u0111\u1ec3 b\u1ea3o v\u1ec7 nh\u1eefng l\u1ee3i \u00edch nh\u1ea5t \u0111\u1ecbnh, v\u00ed d\u1ee5: (i) b\u1ea3o v\u1ec7 c\u1ea1nh tranh, (ii) b\u1ea3o v\u1ec7 doanh nghi\u1ec7p trong n\u01b0\u1edbc tr\u01b0\u1edbc nguy c\u01a1 b\u1ecb th\u00f4n t\u00ednh b\u1edfi c\u00e1c t\u1eadp \u0111o\u00e0n n\u01b0\u1edbc ngo\u00e0i, (iii) b\u1ea3o v\u1ec7 c\u00e1c c\u1ed5 \u0111\u00f4ng nh\u1ecf c\u00f3 th\u1ec3 b\u1ecb l\u1eeba g\u1ea1t qua c\u00e1c cu\u1ed9c mua b\u00e1n, (iv) b\u1ea3o v\u1ec7 ch\u1ee7 n\u1ee3 v\u00e0 ng\u01b0\u1eddi l\u00e0m c\u00f4ng trong c\u00f4ng ty.<\/p>\n

C\u01a1 s\u1edf ph\u00e1p l\u00fd<\/em><\/strong>: N\u1ebfu nh\u00ecn nh\u1eadn nh\u01b0 v\u1eady, vi\u1ec7c mua b\u00e1n c\u00f4ng ty c\u00f3 li\u00ean quan \u0111\u1ebfn nhi\u1ec1u l\u0129nh v\u1ef1c ph\u00e1p lu\u1eadt kh\u00e1c nhau, v\u00ed d\u1ee5: (i) c\u00e1c quy \u0111\u1ecbnh v\u1ec1 c\u1ed5 ph\u1ea7n ho\u00e1, cho thu\u00ea v\u00e0 kho\u00e1n kinh doanh DNNN, (ii) c\u00e1c quy \u0111\u1ecbnh c\u1ee7a ph\u00e1p lu\u1eadt \u0111\u1ea7u t\u01b0 \u2013 li\u00ean quan t\u1edbi nh\u1eefng \u0111i\u1ec1u ki\u1ec7n, b\u1ea3o h\u1ed9, th\u1ee7 t\u1ee5c v\u00e0 c\u00e1c h\u1ea1n ch\u1ebf hay khuy\u1ebfn kh\u00edch \u0111\u1ea7u t\u01b0, (iii) c\u00e1c quy \u0111\u1ecbnh li\u00ean quan \u0111\u1ebfn ph\u00e1p lu\u1eadt h\u1ee3p \u0111\u1ed3ng, (iv) c\u00e1c quy \u0111\u1ecbnh c\u1ee7a Lu\u1eadt Doanh nghi\u1ec7p \u2013 li\u00ean quan t\u1edbi th\u1ee7 t\u1ee5c \u0111\u0103ng k\u00fd l\u1ea1i, \u0111\u0103ng k\u00fd b\u1ed5 sung doanh nghi\u1ec7p v\u00e0 b\u1ea3o v\u1ec7 ch\u1ee7 n\u1ee3 ho\u1eb7c c\u1ed5 \u0111\u00f4ng trong qu\u1ea3n tr\u1ecb c\u00f4ng ty, (v) c\u00e1c quy \u0111\u1ecbnh c\u1ee7a Lu\u1eadt Ch\u1ee9ng kho\u00e1n \u2013 \u0111\u1eb7c bi\u1ec7t li\u00ean quan \u0111\u1ebfn ngh\u0129a v\u1ee5 minh b\u1ea1ch th\u00f4ng tin, b\u1ea3o v\u1ec7 c\u1ed5 \u0111\u00f4ng v\u00e0 gi\u00e1m s\u00e1t c\u1ee7a c\u01a1 quan nh\u00e0 n\u01b0\u1edbc khi c\u1ea7n thi\u1ebft, (vi) s\u1ef1 gi\u00e1m s\u00e1t c\u1ee7a c\u01a1 quan qu\u1ea3n l\u00fd c\u1ea1nh tranh. Khung kh\u1ed5 ph\u00e1p l\u00fd cho nh\u1eefng can thi\u1ec7p n\u00e0y c\u1ee7a Nh\u00e0 n\u01b0\u1edbc v\u00e0o ho\u1ea1t \u0111\u1ed9ng mua b\u00e1n doanh nghi\u1ec7p hi\u1ec7n nay \u0111\u00e3 t\u1ed3n t\u1ea1i r\u1ea3i r\u00e1c \u00edt nh\u1ea5t trong 04 \u0111\u1ea1o lu\u1eadt, bao g\u1ed3m: Lu\u1eadt \u0110\u1ea7u t\u01b0 2005, Lu\u1eadt Doanh nghi\u1ec7p 2005, Lu\u1eadt Ch\u1ee9ng kho\u00e1n 2006, Lu\u1eadt C\u1ea1nh tranh 2004. C\u01a1 s\u1edf chung cho t\u1ef1 do kh\u1ebf \u01b0\u1edbc c\u00f3 th\u1ec3 t\u00ecm th\u1ea5y trong B\u1ed9 lu\u1eadt D\u00e2n s\u1ef1 2005. Nh\u01b0 v\u1eady, cho r\u1eb1ng s\u1ed1 l\u01b0\u1ee3ng c\u00e1c v\u1ee5 s\u00e1p nh\u1eadp v\u00e0 mua b\u00e1n c\u00f4ng ty \u1edf Vi\u1ec7t Nam ch\u01b0a ph\u00e1t tri\u1ec3n do thi\u1ebfu khung kh\u1ed5 ph\u00e1p l\u00fd c\u0169ng ch\u1ec9 l\u00e0 m\u1ed9t \u00fd ki\u1ebfn. B\u1edfi th\u1ebf, g\u1ee3i \u00fd cho r\u1eb1ng c\u1ea7n c\u00f3 m\u1ed9t ngh\u1ecb \u0111\u1ecbnh c\u1ee7a Ch\u00ednh ph\u1ee7 ho\u1eb7c m\u1ed9t \u0111\u1ea1o lu\u1eadt ri\u00eang v\u1ec1 mua b\u00e1n s\u00e1t nh\u1eadp doanh nghi\u1ec7p, e r\u1eb1ng c\u00f2n kh\u00e1 thi\u1ebfu c\u01a1 s\u1edf. Tr\u00ean th\u1ef1c t\u1ebf, c\u00f3 cung s\u1ebd c\u00f3 c\u1ea7u, n\u1ebfu nhu c\u1ea7u mua v\u00e0 th\u00f4n t\u00ednh doanh nghi\u1ec7p xu\u1ea5t hi\u1ec7n, v\u00ed d\u1ee5 trong l\u0129nh v\u1ef1c ng\u00e2n h\u00e0ng v\u00e0 t\u00e0i ch\u00ednh, ch\u1ee9ng kho\u00e1n, kinh doanh kho\u00e1ng s\u1ea3n, vi\u1ec5n th\u00f4ng, s\u1ebd xu\u1ea5t hi\u1ec7n nh\u1eefng cu\u1ed9c t\u00e1i c\u1ea5u tr\u00fac quy m\u00f4 l\u1edbn. M\u00f4i tr\u01b0\u1eddng kinh doanh c\u1ee7a Vi\u1ec7t Nam ch\u01b0a th\u1ef1c s\u1ef1 ch\u00edn mu\u1ed3i cho s\u1ef1 ra \u0111\u1eddi c\u1ee7a nh\u1eefng c\u00f4ng ty l\u1edbn, th\u00ec mua b\u00e1n, s\u00e1p nh\u1eadp kh\u00f3 xu\u1ea5t hi\u1ec7n th\u00e0nh m\u1ed9t tr\u00e0o l\u01b0u.<\/p>\n

Quan t\u00e2m c\u1ee7a qu\u1ea3n tr\u1ecb c\u00f4ng ty<\/em><\/strong>: Mua b\u00e1n c\u00f4ng ty tr\u1edf th\u00e0nh m\u1ed9t m\u1ed1i quan t\u00e2m \u0111\u00e1ng k\u1ec3 trong qu\u1ea3n tr\u1ecb c\u00f4ng ty, nh\u1ea5t l\u00e0 khi th\u00f4ng tin v\u1ec1 v\u1ee5 mua b\u00e1n b\u1ecb r\u00f2 r\u1ec9 ra b\u00ean ngo\u00e0i, c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng r\u1ea5t tr\u00e1i chi\u1ec1u t\u1edbi t\u00e2m l\u00fd c\u00e1c c\u1ed5 \u0111\u00f4ng v\u00e0 t\u00e2m l\u00fd nh\u1eefng ng\u01b0\u1eddi l\u00e3nh \u0111\u1ea1o trong c\u00f4ng ty. \u0110\u01b0\u1ee3c thi\u1ebft k\u1ebf d\u01b0\u1edbi nhi\u1ec1u h\u00ecnh th\u1ee9c, mua b\u00e1n c\u00f4ng ty c\u00f3 th\u1ec3 di\u1ec5n ra v\u1edbi vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 ph\u1ea7n m\u1edbi, \u01b0u ti\u00ean b\u00e1n cho c\u00e1c c\u1ed5 \u0111\u00f4ng chi\u1ebfn l\u01b0\u1ee3c, t\u0103ng v\u1ed1n \u0111i\u1ec1u l\u1ec7, k\u00fd k\u1ebft c\u00e1c li\u00ean minh chi\u1ebfn l\u01b0\u1ee3c, s\u00e1p nh\u1eadp, tr\u1edf th\u00e0nh h\u1ec7 th\u1ed1ng \u0111\u1ea1i l\u00fd ph\u00e2n ph\u1ed1i hay bao ti\u00eau. V\u1ec1 b\u1ea3n ch\u1ea5t, mua c\u00f4ng ty l\u00e0 gi\u00e0nh l\u1ea5y quy\u1ec1n ki\u1ec3m so\u00e1t qu\u1ea3n l\u00fd n\u1ed9i b\u1ed9 trong c\u00f4ng ty m\u1ee5c ti\u00eau, d\u00f9 h\u00ecnh th\u1ee9c ki\u1ec3m so\u00e1t c\u00f3 th\u1ec3 r\u1ea5t kh\u00e1c nhau. N\u1ebfu m\u1ee5c \u0111\u00edch th\u00f4n t\u00ednh c\u00f4ng ty c\u00f3 d\u1ea5u hi\u1ec7u th\u00f9 \u0111\u1ecbch, v\u00ed d\u1ee5 nh\u1eb1m lo\u1ea1i b\u1ecf \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh, ch\u1ee7 \u00fd t\u1ea1o th\u00f4ng tin gi\u1ea3 \u0111\u1ec3 \u00e9p gi\u00e1 trong th\u01b0\u01a1ng th\u1ea3o\u2026 th\u00ec th\u01b0\u01a1ng v\u1ee5 mua b\u00e1n c\u00f4ng ty c\u1ea7n \u0111\u01b0\u1ee3c quan t\u00e2m h\u01a1n b\u1edfi c\u00e1c quy \u0111\u1ecbnh c\u1ee7a Lu\u1eadt C\u1ea1nh tranh v\u00e0 Lu\u1eadt Ch\u1ee9ng kho\u00e1n.<\/p>\n

B\u1ea3o v\u1ec7 c\u1ed5 \u0111\u00f4ng<\/em><\/strong>: Nguy\u00ean t\u1eafc \u0111\u00e1ng l\u01b0u t\u00e2m nh\u1ea5t trong qu\u1ea3n tr\u1ecb c\u00f4ng ty \u2013 \u0111\u00f3 l\u00e0 quy\u1ec1n c\u01a1 b\u1ea3n c\u1ee7a c\u00e1c c\u1ed5 \u0111\u00f4ng \u2013 nh\u1ea5t l\u00e0 c\u00e1c c\u1ed5 \u0111\u00f4ng ph\u1ed5 th\u00f4ng nh\u1ecf ph\u1ea3i \u0111\u01b0\u1ee3c \u0111\u1ea3m b\u1ea3o. Nh\u1eefng quy\u1ec1n \u1ea5y, v\u1ec1 c\u01a1 b\u1ea3n bao g\u1ed3m: (i) quy\u1ec1n \u0111\u01b0\u1ee3c c\u00f3 th\u00f4ng tin \u0111\u1ee7, \u0111\u00fang, k\u1ecbp th\u1eddi, (ii) quy\u1ec1n \u0111\u01b0\u1ee3c t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng c\u1ed5 ph\u1ea7n m\u00e0 kh\u00f4ng b\u1ecb l\u00e0m kh\u00f3 d\u1ec5 b\u1edfi th\u1ee7 t\u1ee5c chuy\u1ec3n nh\u01b0\u1ee3ng v\u00e0 \u0111\u0103ng k\u00fd c\u1ed5 phi\u1ebfu, (iii) quy\u1ec1n \u0111\u01b0\u1ee3c d\u1ef1 ph\u1ea7n mua c\u1ed5 phi\u1ebfu ph\u00e1t h\u00e0nh th\u00eam t\u01b0\u01a1ng \u1ee9ng v\u1edbi t\u1ef7 l\u1ec7 c\u1ed5 phi\u1ebfu \u0111ang n\u1eafm gi\u1eef v\u1edbi nh\u1eefng \u0111i\u1ec1u ki\u1ec7n th\u01b0\u01a1ng m\u1ea1i b\u00ecnh \u0111\u1eb3ng trong c\u00f9ng lo\u1ea1i c\u1ed5 ph\u1ea7n, (v) quy\u1ec1n \u0111\u01b0\u1ee3c d\u1ef1 h\u1ecdp ho\u1eb7c u\u1ef7 quy\u1ec1n d\u1ef1 h\u1ecdp c\u00e1c \u0111\u1ea1i h\u1ed9i c\u1ed5 \u0111\u00f4ng, (vi) quy\u1ec1n y\u00eau c\u1ea7u s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng c\u1ee5 gi\u00e1m s\u00e1t, th\u1eadm ch\u00ed kh\u1edfi ki\u1ec7n c\u00e1c l\u00e3nh \u0111\u1ea1o c\u00f4ng ty n\u1ebfu nh\u1eefng ng\u01b0\u1eddi n\u00e0y c\u00f3 d\u1ea5u hi\u1ec7u vi ph\u1ea1m ngh\u0129a v\u1ee5 c\u1ee7a ng\u01b0\u1eddi qu\u1ea3n l\u00fd c\u00f4ng ty. Trong c\u00e1c v\u1ee5 mua b\u00e1n c\u00f4ng ty th\u00f4ng qua ph\u00e1t h\u00e0nh th\u00eam c\u1ed5 ph\u1ea7n, c\u1ea7n l\u01b0u \u00fd gi\u00e1 v\u00e0 c\u00e1c \u0111i\u1ec1u ki\u1ec7n th\u01b0\u01a1ng m\u1ea1i khi ph\u00e1t h\u00e0nh th\u00eam c\u1ed5 ph\u1ea7n c\u1ea7n \u0111\u01b0\u1ee3c b\u00ecnh \u0111\u1eb3ng trong c\u00f9ng lo\u1ea1i c\u1ed5 ph\u1ea7n. Th\u00eam n\u1eefa, c\u00e1c quy \u0111\u1ecbnh v\u1ec1 c\u00f4ng b\u1ed1 th\u00f4ng tin v\u1ec1 chuy\u1ec3n nh\u01b0\u1ee3ng c\u1ed5 ph\u1ea7n theo Lu\u1eadt Ch\u1ee9ng kho\u00e1n 2006 ph\u1ea3i \u0111\u01b0\u1ee3c tu\u00e2n th\u1ee7. \u0110\u00e2y l\u00e0 \u0111i\u1ec3m r\u1ea5t then ch\u1ed1t, b\u1edfi thi\u1ebfu th\u00f4ng tin k\u1ecbp th\u1eddi th\u00ec n\u0103ng l\u1ef1c ph\u1ea3n \u1ee9ng c\u1ee7a c\u00e1c c\u1ed5 \u0111\u00f4ng nh\u1ecf h\u1ea7u nh\u01b0 r\u1ea5t th\u1ea5p. Quy\u1ec1n \u0111\u01b0\u1ee3c \u201cb\u1ecf phi\u1ebfu b\u1eb1ng ch\u00e2n\u201d \u2013 t\u1ee9c l\u00e0 r\u00fat kh\u1ecfi c\u00f4ng ty \u2013 c\u1ee7a c\u00e1c c\u1ed5 \u0111\u00f4ng nh\u1ecf h\u1ea7u nh\u01b0 kh\u00f3 th\u1ef1c hi\u1ec7n n\u1ebfu c\u00e1c thi\u1ebft ch\u1ebf gi\u00e1m s\u00e1t th\u00f4ng tin kh\u00f4ng ho\u1ea1t \u0111\u1ed9ng hi\u1ec7u qu\u1ea3.<\/p>\n

H\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb c\u00f3 \u0111\u1ee7 quy\u1ec1n v\u00e0 c\u00f3 tr\u00e1ch nhi\u1ec7m<\/em><\/strong>: Nguy\u00ean t\u1eafc l\u1edbn th\u1ee9 hai trong qu\u1ea3n tr\u1ecb c\u00f4ng ty l\u00e0 ban l\u00e3nh \u0111\u1ea1o, ch\u1ee7 y\u1ebfu bao g\u1ed3m c\u00e1c th\u00e0nh vi\u00ean h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb (H\u0110QT), ph\u1ea3i c\u00f3 \u0111\u1ee7 quy\u1ec1n v\u00e0 h\u00e0nh x\u1eed m\u1ed9t c\u00e1ch c\u00f3 tr\u00e1ch nhi\u1ec7m \u0111\u1ed1i v\u1edbi c\u00f4ng ty. \u0110i\u1ec1u \u1ea5y c\u00f3 ngh\u0129a r\u1eb1ng \u0111\u1ea1i h\u1ed9i c\u1ed5 \u0111\u00f4ng ch\u1ec9 n\u00ean l\u00e0 nh\u1eefng ng\u01b0\u1eddi b\u1ecf ti\u1ec1n \u0111\u1ea7u t\u01b0, vi\u1ec7c s\u1eed d\u1ee5ng ti\u1ec1n \u1ea5y nh\u01b0 th\u1ebf n\u00e0o n\u00ean d\u00e0nh ph\u1ea7n l\u1edbn cho H\u0110QT \u0111\u1ec1 xu\u1ea5t ho\u1eb7c quy\u1ebft \u0111\u1ecbnh. Trong mua b\u00e1n c\u00f4ng ty, \u0111i\u1ec1u n\u00e0y li\u00ean quan \u0111\u1ebfn vi\u1ec7c gi\u1eef b\u00ed m\u1eadt t\u00ecnh h\u00ecnh th\u01b0\u01a1ng th\u1ea3o v\u1edbi c\u00e1c \u0111\u1ed1i t\u00e1c l\u00e0 c\u00f4ng ty m\u1ee5c ti\u00eau. H\u1ed9i \u0111\u1ed3ng l\u00e0m vi\u1ec7c theo nguy\u00ean t\u1eafc m\u1ed7i ng\u01b0\u1eddi m\u1ed9t phi\u1ebfu, phe thi\u1ec3u s\u1ed1 c\u00f3 th\u1ec3 c\u1ea3n tr\u1edf \u0111a s\u1ed1 (ch\u1ec9 c\u1ea7n 2\/5 ng\u01b0\u1eddi ch\u1ed1ng l\u1ea1i l\u00e0 c\u00e1c ngh\u1ecb quy\u1ebft c\u1ee7a H\u0110QT kh\u00f4ng th\u1ec3 th\u00f4ng qua). C\u0169ng nh\u01b0 v\u1eady, c\u00e1c th\u00e0nh vi\u00ean ban ki\u1ec3m so\u00e1t \u0111\u1ec1u c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c tham d\u1ef1 c\u00e1c phi\u00ean h\u1ecdp c\u1ee7a H\u0110QT, \u0111\u1ec1u c\u00f3 quy\u1ec1n nh\u1eadn t\u00e0i li\u1ec7u v\u00e0 ph\u00e1t bi\u1ec3u \u2013 h\u1ecd ch\u1ec9 kh\u00f4ng c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft. N\u1ebfu c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua b\u00e1n doanh nghi\u1ec7p \u0111\u01b0\u1ee3c \u0111\u01b0a ra b\u00e0n lu\u1eadn \u1edf H\u0110QT th\u00ec nguy c\u01a1 r\u00f2 r\u1ec9 th\u00f4ng tin ch\u1eafc l\u00e0 r\u1ea5t l\u1edbn; n\u1ebfu \u1ea3nh h\u01b0\u1edfng c\u1ee7a th\u01b0\u01a1ng v\u1ee5 \u0111\u00f3 t\u1edbi c\u00e1c nh\u00f3m c\u1ed5 \u0111\u00f4ng kh\u00e1c nhau, th\u1eadm ch\u00ed \u0111\u1ed1i kh\u00e1ng nhau, th\u00ec t\u00e2m l\u00fd tranh ch\u1ea5p v\u1ec1 quy\u1ec1n l\u1ee3i gi\u1eefa c\u00e1c nh\u00f3m c\u1ed5 \u0111\u00f4ng c\u00f3 th\u1ec3 l\u00e0m cho nh\u1eefng phi\u00ean h\u1ecdp c\u1ee7a H\u0110QT ho\u1eb7c \u0111\u1ea1i h\u1ed9i c\u1ed5 \u0111\u00f4ng tr\u1edf n\u00ean c\u0103ng th\u1eb3ng. Nh\u1eefng \u0111i\u1ec1u n\u00e0y v\u1ec1 l\u00e2u d\u00e0i ch\u01b0a h\u1eb3n \u0111\u00e3 c\u00f3 l\u1ee3i cho c\u00f4ng ty v\u00e0 c\u00e1c c\u1ed5 \u0111\u00f4ng.<\/p>\n

Vai tr\u00f2 c\u1ee7a c\u00e1c quy ch\u1ebf n\u1ed9i b\u1ed9<\/em><\/strong>: T\u1eeb th\u1ef1c tr\u1ea1ng \u0111\u00f3, xu\u1ea5t hi\u1ec7n m\u1ed9t nhu c\u1ea7u l\u00e0m sao \u0111\u1ec3 c\u00e1c gi\u00e1m \u0111\u1ed1c v\u1eeba\u00a0\u0111\u1ee7 quy\u1ec1n t\u1ef1 do th\u01b0\u01a1ng th\u1ea3o v\u00e0 h\u00e0nh x\u1eed m\u1ed9t c\u00e1ch k\u00edn \u0111\u00e1o, kh\u00f4n ngoan; song c\u0169ng ph\u1ea3i c\u00f3 tr\u00e1ch nhi\u1ec7m v\u1edbi c\u00f4ng ty v\u00e0 kh\u00f4ng th\u1ec3 l\u1ea1m d\u1ee5ng v\u1ecb th\u1ebf c\u1ee7a m\u00ecnh \u0111\u1ec3 b\u00f3c l\u1ed9t c\u00f4ng ty. \u1ede c\u00e1c n\u01b0\u1edbc\u00a0kh\u00e1c, H\u0110QT d\u00e0nh kh\u00e1 nhi\u1ec1u th\u1eddi gian \u0111\u1ec3 th\u1ed1ng nh\u1ea5t v\u1ec1 c\u00e1c quy ch\u1ebf qu\u1ea3n l\u00fd n\u1ed9i b\u1ed9 (bylaw); trong khi c\u1ed5 \u0111\u00f4ng d\u00e0nh quy\u1ec1n ch\u1ec9 \u0111\u1ecbnh ki\u1ec3m to\u00e1n \u0111\u1ed9c l\u1eadp v\u00e0 quy\u1ec1n \u0111\u1ec1 xu\u1ea5t c\u00e1c th\u00e0nh vi\u00ean H\u0110QT kh\u00f4ng \u0111i\u1ec1u h\u00e0nh v\u00e0 \u0111\u1ed9c l\u1eadp (independent directors) nh\u1eb1m c\u00e2n b\u1eb1ng v\u00e0 ch\u1ebf \u01b0\u1edbc quy\u1ec1n l\u1ef1c trong c\u00f4ng ty. \u1ede Vi\u1ec7t Nam c\u00e1c c\u00f4ng ty \u0111\u00e3 c\u00f3 Th\u01b0 k\u00fd c\u00f4ng ty ho\u1eb7c Th\u01b0 k\u00fd H\u0110QT, nhi\u1ec1u c\u00f4ng ty c\u00f3 Ban ph\u00e1p ch\u1ebf v\u00e0 thu\u00ea nhi\u1ec1u c\u00f4ng ty lu\u1eadt t\u01b0 v\u1ea5n th\u01b0\u1eddng xuy\u00ean, song d\u01b0\u1eddng nh\u01b0 quy\u1ec1n l\u1ef1c v\u1eabn d\u1ed3n kh\u00e1 l\u1edbn cho c\u00e1c ch\u1ee9c danh Ch\u1ee7 t\u1ecbch H\u0110QT v\u00e0 TG\u0110 c\u00f4ng ty; c\u00e1c quy ch\u1ebf gi\u00e1m s\u00e1t n\u1ed9i b\u1ed9 \u0111\u1ed1i v\u1edbi hai ch\u1ee9c danh n\u00e0y ch\u01b0a th\u1eadt ph\u1ed5 bi\u1ebfn. Ban ki\u1ec3m so\u00e1t, n\u1ebfu l\u00e0 ng\u01b0\u1eddi l\u00e0m c\u00f4ng v\u00e0 h\u01b0\u1edfng l\u01b0\u01a1ng trong c\u00f4ng ty, th\u00ec kh\u1ea3 n\u0103ng gi\u00e1m s\u00e1t H\u0110QT r\u1ea5t th\u1ea5p.<\/p>\n

Kh\u00f4ng ch\u1ec9 thi\u1ebfu lu\u1eadt, thi\u1ebfu c\u1ea3 \u0111\u1ed9ng l\u1ef1c thi h\u00e0nh<\/em><\/strong>: C\u01a1 quan nh\u00e0 n\u01b0\u1edbc kh\u00f4ng n\u00ean qu\u00e1 b\u1eadn t\u00e2m v\u1edbi vi\u1ec7c h\u01b0\u1edbng d\u1eabn M&A ph\u1ea3i n\u00ean nh\u01b0 th\u1ebf n\u00e0o, qua bao nhi\u00eau b\u01b0\u1edbc, v\u1edbi nh\u1eefng th\u1ee7 t\u1ee5c g\u00ec v\u00e0 \u0111\u01b0\u1ee3c nh\u1eefng ai c\u1ea5p ph\u00e9p. C\u00e1c giao d\u1ecbch mua b\u00e1n c\u00f4ng ty v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 t\u1ef1 do kh\u1ebf \u01b0\u1edbc, \u0111\u00e3 l\u00e0 kh\u1ebf \u01b0\u1edbc th\u00ec c\u00e1c b\u00ean t\u1ef1 t\u00ecm th\u00f4ng tin, t\u1ef1 m\u1eb7c c\u1ea3 gi\u00e1 th\u00e0nh, t\u1ef1 lo l\u1ea5y th\u01b0\u01a1ng v\u1ee5. Ch\u1ec9 c\u00f3 \u0111i\u1ec1u c\u1ea7n x\u00e1c \u0111\u1ecbnh r\u00f5 th\u00e1i \u0111\u1ed9 c\u1ee7a Nh\u00e0 n\u01b0\u1edbc khi can thi\u1ec7p v\u00e0o nh\u1eefng th\u01b0\u01a1ng v\u1ee5 \u0111\u00f3.<\/p>\n

N\u1ebfu Nh\u00e0 n\u01b0\u1edbc quan t\u00e2m b\u1ea3o v\u1ec7 c\u1ed5 \u0111\u00f4ng nh\u1ecf \u2013 th\u00ec ph\u1ea3i ch\u00fa t\u00e2m v\u00e0o ch\u1ea5t l\u01b0\u1ee3ng, s\u1ef1 \u0111\u1ea7y \u0111\u1ee7 v\u00e0 k\u1ecbp th\u1eddi c\u1ee7a c\u00e1c th\u00f4ng tin m\u00e0 ban l\u00e3nh \u0111\u1ea1o c\u00f4ng ty ph\u1ea3i cung c\u1ea5p cho S\u1edf Giao d\u1ecbch ch\u1ee9ng kho\u00e1n ho\u1eb7c c\u01a1 quan nh\u00e0 n\u01b0\u1edbc. D\u00f9 \u0111\u00e3 \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh b\u1edfi Lu\u1eadt Ch\u1ee9ng kho\u00e1n 2006, song vi\u1ec7c th\u1ef1c thi c\u00f2n r\u1ea5t u\u1ec3 o\u1ea3i, ng\u01b0\u1eddi vi ph\u1ea1m kh\u00f4ng b\u1ecb x\u1eed ph\u1ea1t \u0111\u00fang m\u1ee9c v\u00e0 nghi\u00eam kh\u1eafc, s\u1ef1 coi th\u01b0\u1eddng v\u00e0 nh\u1eddn v\u1edbi ph\u00e1p lu\u1eadt kh\u00f3 tr\u00e1nh kh\u1ecfi (\u0111\u1ed1i chi\u1ebfu v\u1edbi n\u01b0\u1edbc ngo\u00e0i, kh\u00f4ng kh\u1ecfi ng\u1ea1c nhi\u00ean trong ph\u00e1p lu\u1eadt ch\u1ee9ng kho\u00e1n c\u1ee7a h\u1ecd c\u00f3 v\u00f4 s\u1ed1 t\u1ed9i danh n\u1ebfu vi ph\u1ea1m ngh\u0129a v\u1ee5 c\u00f4ng b\u1ed1 th\u00f4ng tin, tr\u1ed9m c\u1eafp c\u1ee7a c\u1ed5 \u0111\u00f4ng suy cho c\u00f9ng c\u0169ng l\u00e0 tr\u1ed9m c\u1eafp, th\u1eadm ch\u00ed \u1edf quy m\u00f4 l\u1edbn, t\u00e1c \u0111\u1ed9ng x\u1ea5u h\u01a1n r\u1ea5t nhi\u1ec1u cho x\u00e3 h\u1ed9i, trong khi m\u1ed9t v\u1ee5 tr\u1ed9m v\u1eb7t h\u01a1n 500.000 VN\u0110 \u0111\u00e3 c\u00f3 th\u1ec3 b\u1ecb x\u1eed l\u00fd h\u00ecnh s\u1ef1).<\/p>\n

N\u1ebfu nh\u00e0 n\u01b0\u1edbc quan t\u00e2m \u0111\u1ebfn b\u1ea3o v\u1ec7 c\u1ea1nh tranh \u2013 t\u1ee9c l\u00e0 b\u1ea3o v\u1ec7 ng\u01b0\u1eddi ti\u00eau d\u00f9ng v\u00e0 \u0111\u1ed9ng l\u1ef1c cho ph\u00e1t tri\u1ec3n kinh t\u1ebf, th\u00ec quy\u1ec1n l\u1ef1c (n\u0103ng l\u1ef1c, quy\u1ec1n \u0111i\u1ec1u tra, quy\u1ec1n truy x\u00e9t, quy\u1ec1n ban h\u00e0nh c\u00e1c ph\u00e1n quy\u1ebft c\u00f3 hi\u1ec7u l\u1ef1c nh\u01b0 b\u1ea3n \u00e1n) c\u1ee7a C\u1ee5c Qu\u1ea3n l\u00fd c\u1ea1nh tranh v\u00e0 H\u1ed9i \u0111\u1ed3ng C\u1ea1nh tranh ph\u1ea3i \u0111\u01b0\u1ee3c th\u1ef1c thi. \u0110i\u1ec1u n\u00e0y \u0111\u00e1ng ti\u1ebfc c\u00f2n r\u1ea5t \u00edt \u0111\u01b0\u1ee3c quan t\u00e2m; s\u1ef1 l\u0169ng \u0111o\u1ea1n c\u1ee7a \u0111\u1ed9c quy\u1ec1n c\u1ee7a c\u00e1c t\u1eadp \u0111o\u00e0n n\u01b0\u1edbc ngo\u00e0i v\u00e0 th\u1eadm ch\u00ed kh\u1ea3 n\u0103ng thao t\u00fang th\u1ecb tr\u01b0\u1eddng c\u1ee7a kh\u00f4ng \u00edt t\u1eadp \u0111o\u00e0n qu\u1ed1c doanh trong n\u01b0\u1edbc \u0111\u00e2u \u0111\u00f3 v\u1eabn c\u00f2n t\u1ed3n t\u1ea1i, th\u1eadm ch\u00ed \u0111\u1ed9c quy\u1ec1n c\u1ee7a DNNN c\u00f2n kh\u00f3 ch\u1ed1ng \u0111\u1ee1 h\u01a1n v\u00ec ch\u00fang \u0111\u01b0\u1ee3c h\u1eadu thu\u1eabn b\u1edfi Nh\u00e0 n\u01b0\u1edbc.<\/p>\n

N\u1ebfu Nh\u00e0 n\u01b0\u1edbc quan t\u00e2m b\u1ea3o v\u1ec7 c\u00e1c ch\u1ee7 n\u1ee3 v\u00e0 tr\u1eadt t\u1ef1 c\u00f4ng, th\u00ec ph\u1ea3i \u01b0u ti\u00ean x\u00e2y d\u1ef1ng m\u1ed9t h\u1ec7 th\u1ed1ng \u0111\u0103ng k\u00fd kinh doanh \u0111\u1ed9c l\u1eadp \u2013 chia s\u1ebb th\u00f4ng tin mang t\u00ednh qu\u1ed1c gia, kh\u00f4ng n\u00ean b\u1ecb c\u00e1t c\u1ee9 b\u1edfi c\u00e1c S\u1edf K\u1ebf ho\u1ea1ch v\u00e0 \u0110\u1ea7u t\u01b0 c\u00e1c t\u1ec9nh. C\u00f3 th\u1ec3 c\u1ea7n th\u1ea3o lu\u1eadn th\u00eam c\u00e1c th\u1ee7 t\u1ee5c h\u00e0nh ch\u00ednh c\u1ea7n thi\u1ebft \u0111\u1ec3 mua b\u00e1n c\u00f4ng ty n\u00ean \u0111\u01b0\u1ee3c gi\u1edbi h\u1ea1n b\u1edfi nh\u1eefng th\u1ee7 t\u1ee5c n\u00e0o v\u00e0 c\u00e1c th\u1ee7 t\u1ee5c \u1ea5y \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf v\u00ec l\u1ee3i \u00edch c\u1ee7a ai.<\/p>\n

Gi\u00e1m s\u00e1t t\u1ef1 do kh\u1ebf \u01b0\u1edbc \u2013 x\u00e2y d\u1ef1ng c\u00e1c thi\u1ebft ch\u1ebf \u0111\u00e1ng tin c\u1eady<\/em><\/strong>: Trong m\u1ed9t v\u1ee5 mua b\u00e1n c\u00f4ng ty, kh\u00f4ng ai gi\u00e1m s\u00e1t ban l\u00e3nh \u0111\u1ea1o t\u1ed1t h\u01a1n l\u00e0 ch\u00ednh c\u00e1c c\u1ed5 \u0111\u00f4ng; c\u1ea3m nh\u1eadn v\u1ec1 \u0111\u1ed9c quy\u1ec1n kh\u00f4ng ai nh\u1ea1y h\u01a1n l\u00e0 ng\u01b0\u1eddi ti\u00eau d\u00f9ng. N\u1ebfu mua b\u00e1n c\u00f4ng ty l\u00e0 t\u1ef1 do kh\u1ebf \u01b0\u1edbc \u2013 th\u00ec gi\u00e1m s\u00e1t h\u1ecd m\u1ea1nh nh\u1ea5t l\u00e0 t\u1eeb s\u1ee9c \u00e9p c\u1ee7a c\u00e1c c\u1ed5 \u0111\u00f4ng. Nh\u1eefng ng\u01b0\u1eddi \u1ea5y ph\u1ea3i \u0111\u01b0\u1ee3c \u0111\u1ea3m b\u1ea3o t\u1ed1 quy\u1ec1n, t\u1ee9c l\u00e0 quy\u1ec1n \u0111\u01b0\u1ee3c n\u1ea1i ra to\u00e0 \u00e1n khi c\u1ea7n thi\u1ebft \u0111\u1ec3 b\u1ea3o v\u1ec7 quy\u1ec1n l\u1ee3i c\u1ee7a m\u00ecnh. Th\u1ee7 t\u1ee5c n\u1ed9p \u0111\u01a1n, ngh\u0129a v\u1ee5 ch\u1ee9ng minh v\u00e0 hi\u1ec7u l\u1ef1c c\u1ee7a b\u1ea3n \u00e1n cho c\u00e1c c\u1ed5 \u0111\u00f4ng c\u00f9ng lo\u1ea1i (class action) ph\u1ea3i \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u01a1n gi\u1ea3n h\u01a1n cho c\u1ed5 \u0111\u00f4ng v\u00e0 d\u1ed3n ngh\u0129a v\u1ee5 g\u00e1nh ch\u1ecbu \u00e1n ph\u00ed c\u0169ng nh\u01b0 ngh\u0129a v\u1ee5 ch\u1ee9ng minh cho c\u00e1c gi\u00e1m \u0111\u1ed1c. Ch\u1ec9 khi \u1ea5y to\u00e0 \u00e1n m\u1edbi \u0111\u00e1ng tin c\u1eady h\u01a1n \u0111\u1ed1i v\u1edbi c\u00e1c c\u1ed5 \u0111\u00f4ng nh\u1ecf.<\/p>\n

N\u00f3i c\u00e1ch kh\u00e1c, ngo\u00e0i c\u00e1c th\u1ea3o lu\u1eadn \u0111\u1ec3 s\u1eeda ho\u1eb7c l\u00e0m th\u00eam lu\u1eadt cho ho\u1ea1t \u0111\u1ed9ng mua b\u00e1n c\u00f4ng ty, theo thi\u1ec3n ngh\u0129 c\u1ee7a ch\u00fang t\u00f4i, c\u0169ng n\u00ean ngh\u0129 t\u1edbi c\u00e1c\u00a0thi\u1ebft ch\u1ebf thi h\u00e0nh ph\u00e1p lu\u1eadt<\/em>\u00a0v\u00e0 b\u1eb1ng nh\u1eefng c\u1ea3i c\u00e1ch nh\u1ecf, c\u1ee5 th\u1ec3, t\u1eebng b\u01b0\u1edbc l\u00e0m cho c\u00e1c th\u1ec3 ch\u1ebf n\u00e0y \u0111\u1ed9c l\u1eadp, chuy\u00ean nghi\u1ec7p; gi\u00fap b\u1ea3o v\u1ec7 l\u1ee3i \u00edch c\u00f4ng c\u1ed9ng m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3 h\u01a1n<\/p>\n

Ngu\u1ed3n tin:\u00a0<\/strong>T\u1ea0P CH\u00cd NGHI\u00caN C\u1ee8U L\u1eacP PH\u00c1P \u0110I\u1ec6N T\u1eec<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Lu\u1eadt v\u1ec1 mua b\u00e1n doanh nghi\u1ec7p – Ph\u1ea1m Duy Ngh\u0129a: b\u00ecnh lu\u1eadn ng\u1eafn t\u1eeb g\u00f3c nh\u00ecn qu\u1ea3n tr\u1ecb c\u00f4ng ty PGS, TS. PH\u1ea0M DUY NGH\u0128A \u2013 Khoa Lu\u1eadt, \u0110\u1ea1i h\u1ecdc Kinh t\u1ebf TP. HCM Mua b\u00e1n v\u00e0 s\u00e1p nh\u1eadp c\u00f4ng ty (M&A) \u0111\u00e3 xu\u1ea5t hi\u1ec7n v\u00e0 c\u00f3 th\u1ec3 s\u1ebd tr\u1edf n\u00ean s\u00f4i \u0111\u1ed9ng h\u01a1n \u1edf…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[29,33,34],"tags":[226],"class_list":["post-799","post","type-post","status-publish","format-standard","hentry","category-doanh-nghiep","category-ma","category-phap-ly","tag-luat"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/vuthanhnamduc.com\/index.php\/wp-json\/wp\/v2\/posts\/799","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/vuthanhnamduc.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/vuthanhnamduc.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/vuthanhnamduc.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/vuthanhnamduc.com\/index.php\/wp-json\/wp\/v2\/comments?post=799"}],"version-history":[{"count":0,"href":"http:\/\/vuthanhnamduc.com\/index.php\/wp-json\/wp\/v2\/posts\/799\/revisions"}],"wp:attachment":[{"href":"http:\/\/vuthanhnamduc.com\/index.php\/wp-json\/wp\/v2\/media?parent=799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/vuthanhnamduc.com\/index.php\/wp-json\/wp\/v2\/categories?post=799"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/vuthanhnamduc.com\/index.php\/wp-json\/wp\/v2\/tags?post=799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}