Chấm dứt tình trạng doanh nghiệp phát hành trái phiếu gấp hàng chục lần vốn chủ sở hữu

Với các quy định mới về phát hành trái phiếu doanh nghiệp tại Nghị định số 81/2020/NC-CP, hiện tượng một số doanh nghiệp phát hành vượt quá số vốn đăng ký, thậm chí vượt nhiều lần số vốn chủ sở hữu, cá biệt có trường hợp gấp đến 50-10 lần vốn chủ sở hữu sẽ được ngăn chặn.

Thị trường nóng, tiềm ẩn rủi ro

Từ cuối năm 2018, khi Nghị định số 163/2018/NĐ-CP (Nghị định 163) ra đời, thị trường trái phiếu doanh nghiệp (TPDN) đã có những bước phát triển nhảy vọt. Vốn hóa thị trường năm 2018 mới 9,01% GDP thì đến cuối năm 2019 đã là 10,85% GDP, tương đương khoảng 640.000 tỷ đồng. Riêng khối lượng TPDN phát hành trong năm 2019 đạt trên 332.000 tỷ đồng.

Trong 6 tháng đầu năm 2020, có đến 130 doanh nghiệp thực hiện chào bán trái phiếu, huy động tổng cộng 156.327 tỷ đồng thông qua 818 đợt phát hành (tăng khoảng 50% so với 6 tháng đầu năm 2019). Quy mô thị trường trái phiếu doanh nghiệp tăng trưởng bình quân 45%/năm giai đoạn từ 2017 đến hết tháng 6 năm 2020.

Theo TS. Cấn Văn Lực và nhóm tác giả Viện Đào tạo & Nghiên cứu BIDV, mặc dù những con số trên là tín hiệu tốt cho nền kinh tế và hệ thống tài chính, nhưng với mức tăng trưởng như vậy cho thấy dấu hiệu của sự phát triển “nóng”.

Cùng với đó, sự gia tăng đầu tư của các nhà đầu tư cá nhân (bao gồm cả những nhà đầu tư không có năng lực phân tích, đánh giá mà chỉ quan tâm đến lãi suất) sẽ dẫn đến rủi ro cho nhà đầu tư, doanh nghiệp phát hành và tính ổn định của thị trường.

Không những vậy, trên thị trường TPDN riêng lẻ cũng đã xuất hiện những méo mó khi có hiện tượng doanh nghiệp phát hành trái phiếu với khối lượng lớn gấp nhiều lần so với vốn chủ sở hữu, liên tục huy động thông qua chia nhỏ thành nhiều đợt phát hành và tăng mức lãi suất để thu hút nhà đầu tư cá nhân nhỏ, lẻ.

Quy định chặt chẽ hơn việc phát hành TPDN

Chính vì vậy, Chính phủ mới đây đã ban hành Nghị định số 81/2020/NĐ-CP (Nghị định 81) nhằm sửa đổi, bổ sung một số điều của Nghị định 163 về việc phát hành TPDN riêng lẻ theo hướng chặt chẽ, thận trọng hơn.

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