MI QUAN H GIA CH S HU V NH QUN L DOANH NGHIP - XUNG T V GII PHP

Cng vi qu trnh c phn ha cc doanh nghip v s thng tr ca cc cng ty trch nhim hu hn, vn i din (agency problem) l mt vn ngy cng tr nn quan trng do s tch bit gia vic s hu v vic iu hnh hot ng ca doanh nghip. Vn ny c cc hc gi trn th gii quan tm t lu, tuy nhin gn y mi gy c s ch Vit Nam. Vy vn i din thc cht l g v liu c gii php no cho vn ny? L thuyt v i din Vn i din (agency problem), hay cn gi l vn ch s hu v ngi i din, lin quan ti hai i tng chnh. Ch s hu (principals) l ch ca cc ngun lc. Ngi i din (agents) l ngi c y quyn (c thu) ca ch s hu ngun lc v c ch s hu ngun lc trao mt s quyn qun l nht nh i vi ngun lc ca ngi ch s hu nhm phc v li ch ca ch s hu. C rt nhiu kiu quan h i din khc nhau, nhng ph bin hn c, xt trn lnh vc k ton, l mi quan h gia ch s hu doanh nghip (DN) v nh qun l DN, khi m ch s hu cho php nh qun l thay mt mnh iu hnh cc hot ng ca DN. i vi cc cng ty trch nhim hu hn v cng ty c phn, quan h i din dn ti s tch bit gia s hu DN v qun l DN, m s em n nhng thun li sau: - Vic chuyn nhng quyn s hu khng nh hng n hot ng kinh doanh ca DN - Thu c nhng nh qun l chuyn nghip m bo thc hin mc tiu ca DN Tuy nhin, vic tch bit trn li dn ti mt vn ni bt khc vn i din, hay cn gi l vn v xung t li ch gia nh qun l v cc ch s hu.

Xung t li ch gia ch s hu v nh qun l doanh nghip Xung t li ch gia nh qun l v cc ch s hu (c ng) ca doanh nghip c cp ln u tin bi Jensen v Meckling (1976), bt ngun t vic tch ri vic s hu DN v vic qun l DN. Mc tiu ca cc ch s hu l ti a ha gi tr doanh nghip, ngha l ti a ha gi tr th trng ca vn c phn DN. Cc nh qun l li hng n cc mc tiu trong ngn hn: tng doanh s, tng th phn, ti a ha li nhun, ... nhm tng mc lng, thng hay uy tn ca mnh i vi DN. Do vy, l thuyt v i din cho rng, nu c hai bn trong mi quan h ny (c ng v

ngi qun l cng ty) u mun ti a ha li ch ca mnh, th c c s tin rng ngi qun l cng ty s khng lun lun hnh ng v li ch tt nht cho ngi ch s hu, tc cc c ng. S tch bit vic s hu v iu hnh DN cn to ra hin tng thng tin khng cn xng, nh qun l c u th hn ch s hu v thng tin, nn d dng hnh ng t li, hn na vic gim st cc hnh ng ca ngi i din cng rt tn km, kh khn, phc tp. Vi v tr ca mnh, ngi qun l cng ty c cho l lun c xu hng t li v khng sing nng, mn cn, v c th tm kim cc li ch c nhn cho mnh ch khng phi cho cng ty.

Xung t li ch gia nh qun l v ch s hu DN biu hin : - Nh qun l c xu hng thch cc d n ngn hn hn cc d n di hn vi kh nng sinh li cao hn, bi cc d n ngn hn c th mang li kt qu nhanh chng v uy tn ca h cng s c tng cng nhanh hn. - Nh qun l c xu hng chn cc d n u t t ri ro, li nhun thp, v mt t l n thp gim xc sut b ph sn. - Nh qun l thng chu p lc rt ln trc cc c ng l phi hon thnh cc ch tiu kinh doanh, trong , quan trng nht l ch tiu v li nhun. Nu kt qu kinh doanh khng c nh mong mun, s xung t li ch nh trn c th l tc nhn dn n hnh vi qun tr li nhun ca nh qun l, a ra cc thng tin khng chnh xc v tnh hnh hot ng ca doanh nghip nh la cc c ng v cc bn lin quan.

Lm th no gn kt li ch nh qun l vi li ch ca DN? 1. Ch lng, thng gn lin vi quy m li nhun m nh qun l to ra cho doanh nghip nhm khuyn khch nh qun l n lc cao nht 2. Bin nh qun l tr thnh ng s hu (c ng) bng cc ch thng bng c phiu 3. Ch u i quyn mua c phiu cho nh qun l (Executive share option plans ESOPs) Theo bin php ny, nh qun l s c cp mt s lng quyn mua c phiu. Mi quyn cho php ngi nm gi c quyn sau mt ngy nht nh c th ng k mua c phiu ca cng ty mt mc gi c nh. Gi tr ca mt quyn chn s tng ln nu cng ty hot ng hiu qu v gi c phiu ca n tng ln. Do , cc nh qun l c ng c a ra quyt nh ng n lm tng gi tr ca cng ty hnh ng ng nht vi li ch ca cc c ng. 4. Tng cng cc bin php gim st hot ng ca nh qun l bng cch thit lp h thng

kim ton ni b, h thng x pht minh bch v nghim khc (thm ch c th sa thi hoc kin ra ta) i vi nhng nh qun l khng hon thnh trch nhim...

IBM c th l mt v d in hnh cho vic p dng kt hp cc bin php ni trn trong ch i ng ca mnh. Cc nh qun l ti IBM c hng mc i ng da trn kt qu hot ng ca tp on, bao gm 3 tiu ch: - Cng hin trong nm hin ti (Current Year Performance): bao gm lng v thng phn nh kt qu ca hot ng iu hnh trong vng 12 thng. - Cng hin trong di hn (Long-term Performance): ch thng di hn phn nh kt qu hot ng iu hnh trong vng t nht 3 nm, nhm m bo gi vng c kt qu hot ng kinh doanh hin ti ca tp on. - Cng hin trn i (Full career performance): cc khon lng thng tr chm, cc khon tch ly lng hu nhm mc ch gi chn cc nh iu hnh hin ti li IBM cho n cui s nghip ca mnh. Ch i ng ca IBM hng n kt qu hot ng trong di hn ca cc nh qun l, gn b cht ch vi mc tiu ti a ha gi tr doanh nghip ca cc ch s hu. iu ny c th hin t l th lao ca cc nh lnh o. V d i vi gim c iu hnh, lng cng chim 8%, thng hng nm chim 29%, cn li thng c phiu chim n 63% trong tng mc th lao. Chng ta c th nhn thy r cc chnh sch trn ca IBM trong bng th lao m ng S. Palmisano, Ch tch kim Tng gim c iu hng ca tp on IBM nhn c trong 3 nm t 2009 n 2011: Nm Th lao hng nm (USD) Th lao di hn (USD) Th lao cng hin trn i (USD) i ng khc (Bo him, chi ph du lch c nhn/gia nh...) Lng (Salary) Thng (Non-equity incentive plan compensation) Thng c phiu (Stock award) Thng quyn mua c phiu (Options award) Thay i trong gi tr thng tr chm Thay i trong gi tr lng hu 2011 1.800.000 6.500.000 14.307.565 0 2.293.870 5.283.183 1.614.300 2010 1.800.000 9.000.000 13.319.450 0 2.395.650 4.142.277 1.061.231 2009 1.800.000 4.750.000 13.517.401 0 1.241.929 1.912.577 1.091.888

Ngoi ra, tp on cng thit lp mt y ban kim ton (Audit Committee). Hng nm y ban ny u c tho lun vi cc kim ton vin ni b cng nh cc kim ton vin c lp ca Pricewaterhouse Cooper (PwC) v qu trnh bo co ti chnh cng nh h thng kim sot ni b ca tp on. iu ny gp phn gia tng tin cy ca cc thng tin ti chnh c cung cp cng nh kim sot tt hn cc hot ng ca Ban iu hnh tp on.

Ngun: - TS. Nguyn Ngc Thanh, Vn ch s hu v ngi i din Mt s gi v chnh sch cho Vit Nam http://www.hcmulaw.edu.vn/hcmulaw/index.php?option=com_content&view=article&id=323 %3Ahtvdvmvcplctvn&catid=110%3Actc20074&Itemid=110

- http://kiemtoan.com.vn/news/nghien-cuu/Hanh-vi-quan-tri-loi-nhuan-doi-voi-thong-tin-loinhuan-cong-bo-tren-BCTC-2843/ - IBM Notice of 2012 Annual Meeting and Proxy Statement