{"id":1347,"date":"2021-04-13T16:40:36","date_gmt":"2021-04-13T16:40:36","guid":{"rendered":"https:\/\/mb668s.com\/cam-nang-7mb66-xoc-dia\/?p=1347"},"modified":"2026-03-30T09:40:51","modified_gmt":"2026-03-30T02:40:51","slug":"holding-company-la-gi-uu-nhuoc-diem-cua-holding-company","status":"publish","type":"post","link":"https:\/\/mb668s.com\/cam-nang-7mb66-xoc-dia\/kien-thuc-kinh-te\/holding-company-la-gi-uu-nhuoc-diem-cua-holding-company","title":{"rendered":"Holding Company l\u00e0 g\u00ec? \u01afu nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a Holding Company"},"content":{"rendered":"\n

Holding Company l\u00e0 g\u00ec<\/strong> m\u00e0 tr\u1edf th\u00e0nh m\u1ed9t trong nh\u1eefng m\u00f4 h\u00ecnh c\u00f4ng ty ho\u1ea1t \u0111\u1ed9ng hi\u1ec7u qu\u1ea3 ph\u1ed5 bi\u1ebfn \u1edf nhi\u1ec1u qu\u1ed1c gia tr\u00ean th\u1ebf gi\u1edbi? \u0110\u1eb7c tr\u01b0ng c\u1ee7a n\u00f3 nh\u01b0 th\u1ebf n\u00e0o v\u00e0 \u01b0u nh\u01b0\u1ee3c \u0111i\u1ec3m ra sao? H\u00e3y c\u00f9ng t\u00ecm hi\u1ec3u v\u1ec1 m\u00f4 h\u00ecnh n\u00e0y qua n\u1ed9i dung sau \u0111\u00e2y nh\u00e9.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n
T\u1ed5ng quan v\u1ec1 Holding Company (C\u00f4ng ty M\u1eb9 \u2013 C\u00f4ng ty N\u1eafm gi\u1eef)<\/strong>

\u2013 Holding Company (C\u00f4ng ty n\u1eafm gi\u1eef c\u1ed5 ph\u1ea7n) l\u00e0 doanh nghi\u1ec7p s\u1edf h\u1eefu \u0111\u1ee7 c\u1ed5 ph\u1ea7n ki\u1ec3m so\u00e1t (th\u01b0\u1eddng tr\u00ean 50%) c\u1ee7a c\u00e1c c\u00f4ng ty con (subsidiaries) \u0111\u1ec3 chi ph\u1ed1i ho\u1ea1t \u0111\u1ed9ng c\u1ee7a ch\u00fang.<\/p>

\u2013 T\u1ea1i Vi\u1ec7t Nam, m\u00f4 h\u00ecnh Holding Company \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh b\u1edfi Lu\u1eadt Doanh nghi\u1ec7p 2020 (\u0110i\u1ec1u 195\u2013197) v\u1edbi kh\u00e1i ni\u1ec7m “C\u00f4ng ty m\u1eb9 \u2013 C\u00f4ng ty con”.<\/p>

\u2013 Holding Company thu\u1ea7n t\u00fay (Pure Holding) ch\u1ec9 n\u1eafm gi\u1eef c\u1ed5 ph\u1ea7n, kh\u00f4ng tr\u1ef1c ti\u1ebfp s\u1ea3n xu\u1ea5t kinh doanh; trong khi Mixed Holding v\u1eeba n\u1eafm gi\u1eef c\u1ed5 ph\u1ea7n v\u1eeba t\u1ef1 ho\u1ea1t \u0111\u1ed9ng kinh doanh.<\/p>

\u2013 C\u00e1c t\u1eadp \u0111o\u00e0n l\u1edbn t\u1ea1i Vi\u1ec7t Nam nh\u01b0 Vingroup, Masan Group, FPT Corporation \u0111\u1ec1u v\u1eadn h\u00e0nh theo c\u1ea5u tr\u00fac holding company \u0111\u1ec3 qu\u1ea3n l\u00fd \u0111a ng\u00e0nh hi\u1ec7u qu\u1ea3.<\/p><\/div>\n\n\n

Holding Company l\u00e0 g\u00ec?\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/h2>\n

C\u00f3 th\u1ec3 b\u1ea1n \u0111\u00e3 t\u1eebng nghe v\u1ec1 Holding Company, nh\u01b0ng b\u1ea1n \u0111\u00e3 hi\u1ec3u b\u1ea3n ch\u1ea5t kh\u00e1i ni\u1ec7m n\u00e0y l\u00e0 g\u00ec ch\u01b0a?<\/p>\n

Thu\u1eadt ng\u1eef Holding Company trong ti\u1ebfng Anh \u0111\u01b0\u1ee3c d\u1ecbch sang ti\u1ebfng Vi\u1ec7t l\u00e0 \u201cC\u00f4ng ty n\u1eafm gi\u1eef\u201d.<\/p>\n

X\u00e9t v\u1ec1 b\u1ea3n ch\u1ea5t, c\u00f4ng ty Holding (hay Holding Company) l\u00e0 m\u1ed9t m\u00f4 h\u00ecnh c\u00f4ng ty m\u1eb9 d\u01b0\u1edbi h\u00ecnh th\u1ee9c t\u1eadp \u0111o\u00e0n hay c\u00f4ng ty tr\u00e1ch nhi\u1ec7m h\u1eefu h\u1ea1n. C\u00f4ng ty Holding s\u1edf h\u1eefu \u0111\u1ee7 s\u1ed1 c\u1ed5 phi\u1ebfu c\u1ea7n thi\u1ebft \u0111\u1ec3 n\u1eafm trong tay quy\u1ec1n bi\u1ec3u quy\u1ebft \u1edf m\u1ed9t c\u00f4ng ty kh\u00e1c (g\u1ecdi l\u00e0 c\u00f4ng ty con). C\u00e1c c\u00f4ng ty con n\u00e0y c\u00f3 th\u1ec3 ho\u00e0n to\u00e0n thu\u1ed9c quy\u1ec1n s\u1edf h\u1eefu c\u1ee7a c\u00f4ng ty Holding ho\u1eb7c do c\u00f4ng ty Holding g\u00f3p v\u1ed1n \u0111\u1ea7u t\u01b0.<\/p>\n

Tr\u00ean th\u1ef1c t\u1ebf c\u00f4ng ty Holding c\u00f3 quy\u1ec1n ki\u1ec3m so\u00e1t c\u00e1c ch\u00ednh s\u00e1ch v\u00e0 gi\u00e1m s\u00e1t c\u00e1c quy\u1ebft \u0111\u1ecbnh qu\u1ea3n l\u00ed c\u1ee7a c\u00f4ng ty con.\u00a0Tuy nhi\u00ean, c\u00f4ng ty Holding s\u1ebd kh\u00f4ng can d\u1ef1 v\u00e0o c\u00e1c chi\u1ebfn l\u01b0\u1ee3c v\u00e0 c\u00e1ch th\u1ee9c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00e1c c\u00f4ng ty con. Hay n\u00f3i c\u00e1ch kh\u00e1c, n\u00f3 ch\u1ec9 duy tr\u00ec vai tr\u00f2 ch\u00ednh l\u00e0 gi\u00e1m s\u00e1t m\u00e0 th\u00f4i.<\/p>\n\n\n
Ti\u00eau ch\u00ed so s\u00e1nh<\/th>Pure Holding Company<\/th>Mixed Holding Company<\/th>Operating Company (C\u00f4ng ty v\u1eadn h\u00e0nh thu\u1ea7n t\u00fay)<\/th><\/tr><\/thead>
Ho\u1ea1t \u0111\u1ed9ng kinh doanh tr\u1ef1c ti\u1ebfp<\/td>Kh\u00f4ng<\/td>C\u00f3 (song song n\u1eafm gi\u1eef c\u1ed5 ph\u1ea7n)<\/td>C\u00f3 (to\u00e0n b\u1ed9)<\/td><\/tr>
Ngu\u1ed3n thu nh\u1eadp ch\u00ednh<\/td>C\u1ed5 t\u1ee9c, l\u00e3i v\u1ed1n (capital gain)<\/td>C\u1ed5 t\u1ee9c + doanh thu kinh doanh<\/td>Doanh thu t\u1eeb s\u1ea3n ph\u1ea9m\/d\u1ecbch v\u1ee5<\/td><\/tr>
M\u1ee9c \u0111\u1ed9 ki\u1ec3m so\u00e1t c\u00f4ng ty con<\/td>Gi\u00e1n ti\u1ebfp (qua s\u1edf h\u1eefu c\u1ed5 ph\u1ea7n)<\/td>Tr\u1ef1c ti\u1ebfp v\u00e0 gi\u00e1n ti\u1ebfp<\/td>Kh\u00f4ng \u00e1p d\u1ee5ng<\/td><\/tr>
V\u00ed d\u1ee5 t\u1ea1i Vi\u1ec7t Nam<\/td>Masan Group Corporation (MSN)<\/td>FPT Corporation (FPT)<\/td>H\u00f2a Ph\u00e1t Steel (HPG) \u2013 tr\u01b0\u1edbc IPO m\u1ea3ng ph\u1ee5<\/td><\/tr>
\u01afu \u0111i\u1ec3m ch\u00ednh<\/td>Linh ho\u1ea1t M&A, t\u1ed1i \u01b0u thu\u1ebf<\/td>\u0110a d\u1ea1ng ngu\u1ed3n thu, ki\u1ec3m so\u00e1t t\u1ed1t h\u01a1n<\/td>\u0110\u01a1n gi\u1ea3n, minh b\u1ea1ch qu\u1ea3n tr\u1ecb<\/td><\/tr><\/tbody><\/table>\n\n\n\n

L\u00e0m vi\u1ec7c trong m\u00f4i tr\u01b0\u1eddng t\u1eadp \u0111o\u00e0n theo m\u00f4 h\u00ecnh holding \u0111\u00f2i h\u1ecfi t\u01b0 duy qu\u1ea3n tr\u1ecb v\u00e0 n\u0103ng l\u1ef1c l\u00e3nh \u0111\u1ea1o v\u01b0\u1ee3t tr\u1ed9i \u2014 xem ngay c\u00e1c v\u1ecb tr\u00ed tuy\u1ec3n d\u1ee5ng Qu\u1ea3n l\u00fd \u2013 \u0110i\u1ec1u h\u00e0nh<\/a> t\u1ea1i c\u00e1c t\u1eadp \u0111o\u00e0n \u0111ang tuy\u1ec3n tr\u00ean CareerLink \u0111\u1ec3 \u0111\u1ecbnh h\u01b0\u1edbng ph\u00e1t tri\u1ec3n s\u1ef1 nghi\u1ec7p ph\u00f9 h\u1ee3p.<\/p>\n\n\n

B\u1ea3n ch\u1ea5t c\u1ee7a Holding Company l\u00e0 g\u00ec?<\/strong><\/h2>\n

C\u00f3 th\u1ec3 n\u00f3i b\u1ea3n ch\u1ea5t ch\u00ednh c\u1ee7a m\u1ed9t Holding Company l\u00e0 l\u00e0m ch\u1ee7 c\u1ed5 ph\u1ea7n c\u1ee7a nh\u1eefng c\u00f4ng ty kh\u00e1c. C\u00f4ng ty Holding t\u1ed3n t\u1ea1i ch\u1ec9 v\u1edbi m\u1ee5c \u0111\u00edch duy nh\u1ea5t l\u00e0 n\u1eafm gi\u1eef c\u1ed5 ph\u1ea7n v\u00e0 ki\u1ec3m so\u00e1t c\u00e1c c\u00f4ng ty kh\u00e1c ch\u1ee9 kh\u00f4ng ch\u1ecbu tr\u00e1ch nhi\u1ec7m v\u1ec1 s\u1ea3n xu\u1ea5t, ph\u00e2n ph\u1ed1i hay cung c\u1ea5p b\u1ea5t k\u1ef3 h\u00e0ng h\u00f3a, d\u1ecbch v\u1ee5 n\u00e0o. M\u1eb7t kh\u00e1c, c\u00e1c c\u00f4ng ty Holding c\u0169ng c\u00f3 th\u1ec3 s\u1edf h\u1eefu t\u00e0i s\u1ea3n nh\u01b0 b\u1eb1ng s\u00e1ng ch\u1ebf, nh\u00e3n hi\u1ec7u, b\u1ea5t \u0111\u1ed9ng s\u1ea3n, c\u1ed5 phi\u1ebfu…<\/p>\n

M\u1ed9t c\u00f4ng ty con c\u00f3 100% v\u1ed1n do c\u00f4ng ty Holding \u0111\u1ea7u t\u01b0 v\u00e0 n\u1eafm gi\u1eef, ki\u1ec3m so\u00e1t \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 \u201cc\u00f4ng ty con s\u1edf h\u1eefu ho\u00e0n to\u00e0n\u201d. C\u00f4ng ty Holding c\u00f3 quy\u1ec1n thu\u00ea ho\u1eb7c sa th\u1ea3i qu\u1ea3n l\u00fd c\u1ee7a c\u00e1c c\u00f4ng ty con b\u1ea5t c\u1ee9 l\u00fac n\u00e0o. C\u00e1c ch\u1ee7 s\u1edf h\u1eefu c\u1ea7n ph\u1ea3i ch\u00fa \u00fd v\u00e0 \u0111\u1ea3m b\u1ea3o r\u1eb1ng c\u00f4ng ty con c\u1ee7a h\u1ecd \u0111ang ho\u1ea1t \u0111\u1ed9ng hi\u1ec7u qu\u1ea3 v\u00e0 t\u1ed1i \u01b0u nh\u1ea5t.<\/p>\n

\n

Holding company kh\u00f4ng tham gia v\u00e0o vi\u1ec7c mua v\u00e0 b\u00e1n b\u1ea5t k\u1ef3 s\u1ea3n ph\u1ea9m v\u00e0 d\u1ecbch v\u1ee5 n\u00e0o. Thay v\u00e0o \u0111\u00f3, n\u00f3 \u0111\u01b0\u1ee3c th\u00e0nh l\u1eadp \u0111\u1ec3 ki\u1ec3m so\u00e1t m\u1ed9t ho\u1eb7c nhi\u1ec1u c\u00f4ng ty.<\/strong><\/em><\/p>\n<\/blockquote>\n

Ph\u00e2n lo\u1ea1i Holding Company<\/strong><\/p>\n

C\u00f3 3 lo\u1ea1i ph\u1ed5 bi\u1ebfn hi\u1ec7n nay, \u0111\u00f3 l\u00e0:<\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Operating Holding Company – c\u00f4ng ty Holding v\u1ec1 kinh doanh: Lo\u1ea1i c\u00f4ng ty n\u00e0y ngo\u00e0i vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u1ed1n c\u00f2n c\u00f3 th\u1ec3 tham gia tr\u1ef1c ti\u1ebfp v\u00e0o ho\u1ea1t \u0111\u1ed9ng s\u1ea3n xu\u1ea5t kinh doanh c\u1ee7a c\u00e1c c\u00f4ng ty con<\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Investment Holding Company – c\u00f4ng ty Holding v\u1ec1 \u0111\u1ea7u t\u01b0: L\u00e0 lo\u1ea1i h\u00ecnh c\u00f4ng ty m\u1eb9 ch\u1ec9 chuy\u00ean v\u1ec1 \u0111\u1ea7u t\u01b0, thu\u1ea7n t\u00fay n\u1eafm v\u1ed1n v\u00e0 ki\u1ebfm l\u1ee3i nhu\u1eadn t\u1eeb vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u1ed1n.<\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Management Holding Company – c\u00f4ng ty Holding v\u1ec1 qu\u1ea3n l\u00fd \u0111i\u1ec1u h\u00e0nh: L\u00e0 lo\u1ea1i h\u00ecnh c\u00f4ng ty m\u1eb9 \u0111\u1ea1t l\u1ee3i nhu\u1eadn t\u1eeb l\u1ee3i nhu\u1eadn c\u00f4ng ty con, c\u00f3 th\u1ec3 tr\u1ef1c ti\u1ebfp can thi\u1ec7p v\u00e0o c\u00e1c giao d\u1ecbch c\u1ee7a c\u00f4ng ty con.<\/p>\n\n\n

R\u1ee7i ro v\u00e0 h\u1ea1n ch\u1ebf c\u1ea7n l\u01b0u \u00fd c\u1ee7a Holding Company<\/strong>

\u2013 C\u1ea5u tr\u00fac holding t\u1ea1o ra l\u1edbp qu\u1ea3n l\u00fd ph\u1ee9c t\u1ea1p, c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn ch\u1eadm tr\u1ec5 trong ra quy\u1ebft \u0111\u1ecbnh v\u00e0 t\u0103ng chi ph\u00ed qu\u1ea3n tr\u1ecb (overhead costs) cho to\u00e0n h\u1ec7 th\u1ed1ng.<\/p>

\u2013 R\u1ee7i ro “Tunnel Effect” (\u0111\u01b0\u1eddng h\u1ea7m): C\u00f4ng ty m\u1eb9 c\u00f3 th\u1ec3 \u0111i\u1ec1u chuy\u1ec3n t\u00e0i s\u1ea3n ho\u1eb7c l\u1ee3i nhu\u1eadn t\u1eeb c\u00f4ng ty con sang tay c\u1ed5 \u0111\u00f4ng l\u1edbn, g\u00e2y thi\u1ec7t h\u1ea1i cho c\u1ed5 \u0111\u00f4ng thi\u1ec3u s\u1ed1 (minority shareholders) \u2014 \u0111\u00e2y l\u00e0 v\u1ea5n \u0111\u1ec1 qu\u1ea3n tr\u1ecb c\u00f4ng ty nghi\u00eam tr\u1ecdng.<\/p>

\u2013 Thu\u1ebf \u0111\u00e1nh hai l\u1ea7n (double taxation) l\u00e0 th\u00e1ch th\u1ee9c t\u1ea1i nhi\u1ec1u qu\u1ed1c gia: l\u1ee3i nhu\u1eadn b\u1ecb \u0111\u00e1nh thu\u1ebf TNDN \u1edf c\u1ea5p c\u00f4ng ty con, sau \u0111\u00f3 c\u1ed5 t\u1ee9c chuy\u1ec3n l\u00ean holding l\u1ea1i b\u1ecb \u0111\u00e1nh thu\u1ebf ti\u1ebfp \u2014 c\u1ea7n t\u01b0 v\u1ea5n ph\u00e1p l\u00fd v\u00e0 thu\u1ebf k\u1ef9 l\u01b0\u1ee1ng khi thi\u1ebft l\u1eadp c\u1ea5u tr\u00fac.<\/p>

\u2013 Theo Lu\u1eadt C\u1ea1nh tranh 2018 (\u0110i\u1ec1u 30), t\u1eadp trung kinh t\u1ebf qua mua l\u1ea1i d\u1eabn \u0111\u1ebfn th\u1ecb ph\u1ea7n k\u1ebft h\u1ee3p t\u1eeb 50% tr\u1edf l\u00ean ph\u1ea3i th\u00f4ng b\u00e1o \u0111\u1ebfn \u1ee6y ban C\u1ea1nh tranh Qu\u1ed1c gia (UBCTQG).<\/p><\/div>\n\n\n\n

Trong c\u1ea5u tr\u00fac holding, c\u00e1c giao d\u1ecbch gi\u1eefa c\u00f4ng ty m\u1eb9 v\u00e0 c\u00f4ng ty con th\u01b0\u1eddng li\u00ean quan \u0111\u1ebfn b\u1ed9 ph\u1eadn back office x\u1eed l\u00fd t\u00e0i ch\u00ednh v\u00e0 ph\u00e1p l\u00fd n\u1ed9i b\u1ed9 \u2014 t\u00ecm hi\u1ec3u vai tr\u00f2 n\u00e0y t\u1ea1i b\u00e0i Back Office l\u00e0 g\u00ec? T\u1ea7m quan tr\u1ecdng v\u00e0 c\u00e1c v\u1ecb tr\u00ed li\u00ean quan<\/a> \u0111\u1ec3 hi\u1ec3u to\u00e0n di\u1ec7n h\u01a1n v\u1ec1 b\u1ed9 m\u00e1y v\u1eadn h\u00e0nh t\u1eadp \u0111o\u00e0n.<\/p>\n\n\n

L\u1ee3i \u00edch c\u1ee7a Holding Company l\u00e0 g\u00ec?<\/strong><\/h2>\n

L\u1ee3i \u00edch l\u1edbn nh\u1ea5t c\u1ee7a Holding Company ph\u1ea3i k\u1ec3 \u0111\u1ebfn ch\u00ednh l\u00e0 h\u01b0\u1edfng l\u1ee3i nh\u1edd \u0111\u01b0\u1ee3c b\u1ea3o v\u1ec7 kh\u1ecfi thua l\u1ed7. Ngh\u0129a l\u00e0 n\u1ebfu m\u1ed9t c\u00f4ng ty con b\u1ecb ph\u00e1 s\u1ea3n, c\u00f4ng ty Holding c\u00f3 th\u1ec3 b\u1ecb l\u1ed7 v\u1ed1n v\u00e0 gi\u1ea3m gi\u00e1 tr\u1ecb th\u1eb7ng d\u01b0, th\u1ebf nh\u01b0ng c\u00e1c ch\u1ee7 n\u1ee3 c\u1ee7a c\u00f4ng ty con b\u1ecb ph\u00e1 s\u1ea3n kh\u00f4ng c\u00f3 quy\u1ec1n h\u1ee3p ph\u00e1p \u0111\u1ec3 y\u00eau c\u1ea7u c\u00f4ng ty Holding thanh to\u00e1n kho\u1ea3n vay.<\/p>\n

Ch\u00ednh v\u00ec v\u1eady, c\u00f3 th\u1ec3 n\u00f3i \u0111\u00e2y l\u00e0 m\u00f4 h\u00ecnh c\u00f4ng ty t\u1ed1i \u01b0u hi\u1ec7n nay, v\u1eeba gi\u1eef \u0111\u01b0\u1ee3c c\u1ed5 ph\u1ea7n, v\u1ed1n v\u00e0 t\u00e0i s\u1ea3n, v\u1eeba ch\u1ecbu \u00edt thi\u1ec7t h\u1ea1i nh\u1ea5t khi x\u1ea3y ra r\u1ee7i ro. Xu\u1ea5t ph\u00e1t t\u1eeb l\u1ee3i \u00edch \u0111\u00f3, c\u00e1c c\u00f4ng ty l\u1edbn c\u00f3 th\u1ec3 t\u1ef1 t\u00e1ch ra v\u00e0 c\u1ea5u tr\u00fac th\u00e0nh m\u1ed9t c\u00f4ng ty Holding nh\u01b0 m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c b\u1ea3o v\u1ec7 t\u00e0i s\u1ea3n, song song \u0111\u00f3 t\u1ea1o ra c\u00e1c c\u00f4ng ty con cho m\u1ed7i ng\u00e0nh ngh\u1ec1 kinh doanh c\u1ee7a m\u00ecnh.\u00a0<\/p>\n

Ch\u1eb3ng h\u1ea1n nh\u01b0, m\u1ed9t c\u00f4ng ty m\u1eb9 chuy\u00ean v\u1ec1 kinh doanh c\u00e1c m\u1eb7t h\u00e0ng th\u1ef1c ph\u1ea9m ch\u1ee9c n\u0103ng c\u00f3 th\u1ec3 t\u00e1ch ra c\u00e1c c\u00f4ng ty con nh\u01b0: C\u00f4ng ty s\u1edf h\u1eefu v\u1ec1 m\u00e1y m\u00f3c v\u00e0 trang thi\u1ebft b\u1ecb s\u1ea3n xu\u1ea5t, C\u00f4ng ty s\u1edf h\u1eefu v\u1ec1 th\u01b0\u01a1ng hi\u1ec7u v\u00e0 nh\u00e3n hi\u1ec7u s\u1ea3n ph\u1ea9m, C\u00f4ng ty s\u1edf h\u1eefu v\u00e0 v\u1eadn h\u00e0nh c\u00e1c v\u1ea5n \u0111\u1ec1 nh\u01b0\u1ee3ng quy\u1ec1n th\u01b0\u01a1ng m\u1ea1i, C\u00f4ng ty s\u1edf h\u1eefu b\u1ea5t \u0111\u1ed9ng s\u1ea3n… Sau \u0111\u00f3 c\u00f4ng ty m\u1eb9 s\u1ebd \u0111\u0103ng k\u00fd tr\u1edf th\u00e0nh Hodling Company.<\/p>\n

M\u1ee5c \u0111\u00edch c\u1ee7a chi\u1ebfn thu\u1eadt th\u00e0nh l\u1eadp Holding Company l\u00e0 g\u00ec? \u0110\u00f3 l\u00e0 gi\u00fap cho c\u00f4ng ty m\u1eb9 h\u1ea1n ch\u1ebf \u0111\u01b0\u1ee3c r\u1ee7i ro v\u1ec1 tr\u00e1ch nhi\u1ec7m t\u00e0i ch\u00ednh v\u00e0 ph\u00e1p l\u00ed. \u0110\u1ed3ng th\u1eddi n\u00f3 c\u0169ng gi\u00fap gi\u1ea3m b\u1edbt ngh\u0129a v\u1ee5 thu\u1ebf chung c\u1ee7a m\u1ed9t t\u1eadp \u0111o\u00e0n l\u1edbn b\u1eb1ng c\u00e1ch chia nh\u1ecf m\u1ed9t s\u1ed1 b\u1ed9 ph\u1eadn nh\u1ea5t \u0111\u1ecbnh t\u1ea1i c\u00e1c l\u0129nh v\u1ef1c kinh doanh c\u00f3 m\u1ee9c thu\u1ebf su\u1ea5t th\u1ea5p h\u01a1n.<\/p>\n

\u01afu \u0111i\u1ec3m v\u00e0 h\u1ea1n ch\u1ebf c\u1ee7a m\u00f4 h\u00ecnh Holding Company<\/strong><\/h2>\n

\u01afu \u0111i\u1ec3m c\u1ee7a Holding Company<\/strong><\/h3>\n

\u01afu \u0111i\u1ec3m c\u1ee7a Holding Company l\u00e0 g\u00ec m\u00e0 c\u00f3 nhi\u1ec1u ch\u1ee7 doanh nghi\u1ec7p theo \u0111u\u1ed5i lo\u1ea1i h\u00ecnh n\u00e0y \u0111\u1ebfn v\u1eady? C\u00f3 th\u1ec3 k\u1ec3 \u0111\u1ebfn m\u1ed9t v\u00e0i th\u1ebf m\u1ea1nh n\u1ed5i b\u1eadt c\u1ee7a m\u00f4 h\u00ecnh c\u00f4ng ty Holding nh\u01b0 sau:<\/p>\n

– Danh t\u00ednh ch\u1ee7 s\u1edf h\u1eefu c\u00f4ng ty Holding \u0111\u01b0\u1ee3c gi\u1eef k\u00edn, kh\u00f4ng \u0111\u01b0\u1ee3c bi\u1ebft \u0111\u1ebfn nhi\u1ec1u v\u00e0 kh\u00f4ng truy\u1ec1n b\u00e1 trong gi\u1edbi truy\u1ec1n th\u00f4ng.<\/p>\n

– Vi\u1ec7c chuy\u1ec3n nh\u01b0\u1ee3ng t\u00e0i s\u1ea3n cho c\u00e1c th\u00e0nh vi\u00ean s\u1ebd d\u1ec5 d\u00e0ng h\u01a1n \u0111\u1ed1i v\u1edbi ng\u01b0\u1eddi n\u1eafm gi\u1eef s\u1ed1 c\u1ed5 ph\u1ea7n l\u1edbn \u1edf nhi\u1ec1u m\u1ea3ng kh\u00e1c nhau. Thay v\u00ec ch\u1ec9 \u0111\u01b0\u1ee3c chuy\u1ec3n nh\u01b0\u1ee3ng t\u1eebng ph\u1ea7n, ch\u1ee7 s\u1edf h\u1eefu c\u00f3 th\u1ec3 chuy\u1ec3n nh\u01b0\u1ee3ng to\u00e0n ph\u1ea7n v\u1ed1n (ho\u1eb7c c\u1ed5 ph\u1ea7n) d\u01b0\u1edbi danh ngh\u0129a c\u00f4ng ty Holding sang r\u1ea5t nhanh ch\u00f3ng v\u00e0 d\u1ec5 d\u00e0ng.<\/p>\n

– C\u1eaft gi\u1ea3m \u0111\u01b0\u1ee3c chi ph\u00ed n\u1ed9p thu\u1ebf nh\u1edd chia nh\u1ecf quy m\u00f4 c\u00f4ng ty, \u0111\u1eb7t c\u00f4ng ty con t\u1ea1i c\u00e1c khu v\u1ef1c c\u00f3 thu\u1ebf su\u1ea5t th\u1ea5p h\u01a1n.<\/p>\n

– Vi\u1ec7c chia c\u00e1c c\u00f4ng ty con th\u00e0nh nhi\u1ec1u l\u0129nh v\u1ef1c kh\u00e1c nhau gi\u00fap d\u1ec5 d\u00e0ng thu h\u00fat v\u1ed1n \u0111\u1ea7u t\u01b0. B\u1edfi v\u00ec h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ec9 ch\u00fa \u00fd \u0111\u1ebfn m\u1ed9t l\u0129nh v\u1ef1c nh\u1ea5t \u0111\u1ecbnh m\u00e0 h\u1ecd quan t\u00e2m.<\/p>\n

– Ch\u1ee7 s\u1edf h\u1eefu c\u00f3 th\u1ec3 d\u1ef1a v\u00e0o k\u1ebft qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00e1c c\u00f4ng ty con \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 nhu c\u1ea7u thi\u1ebft y\u1ebfu c\u1ee7a th\u1ecb tr\u01b0\u1eddng, \u0111i\u1ec1u ch\u1ec9nh v\u1ed1n \u0111\u1ea7u t\u01b0. Ch\u1eb3ng h\u1ea1n ch\u1ee7 s\u1edf h\u1eefu c\u00f3 th\u1ec3 thu h\u1ed3i ho\u1eb7c c\u1eaft gi\u1ea3m v\u1ed1n \u201cr\u00f3t\u201d v\u00e0o nh\u1eefng c\u00f4ng ty ho\u1ea1t \u0111\u1ed9ng k\u00e9m, b\u00e3o h\u00f2a \u0111\u1ec3 chuy\u1ec3n sang \u0111\u1ea7u t\u01b0 \u0111\u1ea9y m\u1ea1nh c\u00e1c c\u00f4ng ty c\u00f3 ti\u1ec1m n\u0103ng ph\u00e1t tri\u1ec3n.<\/p>\n

– Chi ph\u00ed doanh nghi\u1ec7p \u0111\u01b0\u1ee3c t\u1ed1i \u01b0u h\u00f3a b\u1eb1ng c\u00e1ch th\u1ef1c hi\u1ec7n cho vay gi\u1eefa c\u00e1c c\u00f4ng ty con v\u1edbi nhau, chuy\u1ec3n d\u1ecbch v\u1ed1n v\u00e0 l\u1ee3i nhu\u1eadn.<\/p>\n

– Tr\u00e1nh \u0111\u01b0\u1ee3c r\u1ee7i ro b\u1ecb \u0111\u1ed5 v\u1ee1 theo d\u00e2y chuy\u1ec1n. Khi m\u1ed9t c\u00f4ng ty con c\u00f3 nguy c\u01a1 ph\u00e1 s\u1ea3n s\u1ebd ch\u1ec9 l\u00e0m gi\u1ea3m gi\u00e1 tr\u1ecb ho\u1eb7c l\u1ed7 v\u1ed1n \u1edf c\u00f4ng ty Holding m\u00e0 th\u00f4i. N\u00f3 s\u1ebd kh\u00f4ng g\u00e2y \u1ea3nh h\u01b0\u1edfng l\u1edbn \u0111\u1ebfn m\u1ee9c khi\u1ebfn c\u1ea3 chu\u1ed7i c\u00f4ng ty \u0111\u1ec1u b\u1ecb s\u1ee5p \u0111\u1ed5. \u0110i\u1ec1u n\u00e0y \u0111\u01b0\u1ee3c xem l\u00e0 m\u1ed9t c\u00e1ch t\u1ef1 v\u1ec7 c\u1ee7a c\u00e1c c\u00f4ng ty c\u00f3 quy m\u00f4 t\u1ea7m c\u1ee1.<\/p>\n

H\u1ea1n ch\u1ebf c\u1ee7a m\u00f4 h\u00ecnh Holding Company<\/strong><\/h3>\n

H\u1ea1n ch\u1ebf l\u1edbn nh\u1ea5t c\u1ee7a m\u00f4 h\u00ecnh Holding Company c\u00f3 l\u1ebd l\u00e0 xung \u0111\u1ed9t l\u1ee3i \u00edch gi\u1eefa c\u00e1c c\u1ed5\u00a0\u0111\u00f4ng \u1edf c\u00f4ng ty Holding c\u0169ng nh\u01b0 \u1edf c\u00e1c c\u00f4ng ty con, t\u1ea1o th\u00e0nh m\u00e2u thu\u1eabn n\u1ed9i b\u1ed9. Vi\u1ec7c ph\u00e2n chia l\u1ee3i nhu\u1eadn gi\u1eefa c\u00e1c c\u1ed5 \u0111\u00f4ng ch\u1eafc ch\u1eafn s\u1ebd c\u00f3 s\u1ef1 kh\u00e1c bi\u1ec7t v\u00e0 d\u1ec5 g\u00e2y n\u00ean m\u00e2u thu\u1eabn gi\u1eefa c\u00f4ng ty con v\u1edbi c\u00f4ng ty Holding. Tuy nhi\u00ean, b\u00ean Holding s\u1ebd th\u01b0\u1eddng \u201cth\u1eafng th\u1ebf\u201d v\u00ec s\u1edf h\u1eefu nhi\u1ec1u c\u1ed5 ph\u1ea7n v\u00e0 c\u00f3 quy\u1ec1n qu\u1ea3n l\u00fd, ki\u1ec3m so\u00e1t c\u00e1c c\u00f4ng ty con.<\/p>\n\n\n

L\u1eddi khuy\u00ean khi l\u00e0m vi\u1ec7c trong h\u1ec7 th\u1ed1ng Holding Company<\/strong>

\u2013 Hi\u1ec3u r\u00f5 v\u1ecb tr\u00ed c\u1ee7a \u0111\u01a1n v\u1ecb b\u1ea1n trong c\u1ea5u tr\u00fac t\u1eadp \u0111o\u00e0n (subsidiary, associate, joint venture) \u0111\u1ec3 n\u1eafm \u0111\u00fang quy\u1ec1n h\u1ea1n ra quy\u1ebft \u0111\u1ecbnh v\u00e0 c\u01a1 ch\u1ebf b\u00e1o c\u00e1o l\u00ean holding.<\/p>

\u2013 C\u00e1c v\u1ecb tr\u00ed qu\u1ea3n l\u00fd c\u1ea5p cao trong holding company th\u01b0\u1eddng y\u00eau c\u1ea7u n\u0103ng l\u1ef1c M&A (mua b\u00e1n s\u00e1p nh\u1eadp), l\u1eadp k\u1ebf ho\u1ea1ch chi\u1ebfn l\u01b0\u1ee3c t\u1eadp \u0111o\u00e0n v\u00e0 \u0111\u1ecdc hi\u1ec3u B\u00e1o c\u00e1o t\u00e0i ch\u00ednh h\u1ee3p nh\u1ea5t (Consolidated Financial Statements).<\/p>

\u2013 N\u1ebfu b\u1ea1n \u0111ang nh\u1eafm t\u1edbi s\u1ef1 nghi\u1ec7p trong l\u0129nh v\u1ef1c qu\u1ea3n tr\u1ecb t\u1eadp \u0111o\u00e0n ho\u1eb7c \u0111\u1ea7u t\u01b0 t\u01b0 nh\u00e2n (Private Equity), n\u00ean trang b\u1ecb th\u00eam ch\u1ee9ng ch\u1ec9 CFA (Chartered Financial Analyst) ho\u1eb7c CPA \u00dac\/ACCA \u0111\u1ec3 t\u0103ng t\u00ednh c\u1ea1nh tranh.<\/p>

\u2013 Theo d\u00f5i c\u00e1c th\u00f4ng b\u00e1o M&A c\u1ee7a c\u00e1c holding l\u1edbn nh\u01b0 Vingroup, Masan, KIDO Group tr\u00ean c\u1ed5ng th\u00f4ng tin HoSE\/HNX l\u00e0 c\u00e1ch th\u1ef1c h\u00e0nh t\u1ed1t \u0111\u1ec3 hi\u1ec3u m\u00f4 h\u00ecnh n\u00e0y trong th\u1ef1c t\u1ebf.<\/p><\/div>\n\n\n

Tr\u00ean \u0111\u00e2y l\u00e0 nh\u1eefng n\u1ed9i dung xoay quanh kh\u00e1i ni\u1ec7m Holding Company l\u00e0 g\u00ec. Tuy r\u1eb1ng m\u00f4 h\u00ecnh n\u00e0y v\u1eabn c\u00f2n t\u1ed3n t\u1ea1i m\u1ed9t v\u00e0i khuy\u1ebft \u0111i\u1ec3m, song ch\u00fang ta kh\u00f4ng th\u1ec3 ph\u1ee7 nh\u1eadn l\u1ee3i \u00edch v\u00e0 nh\u1eefng \u01b0u \u0111i\u1ec3m tuy\u1ec7t v\u1eddi m\u00e0 n\u00f3 mang l\u1ea1i. Hy v\u1ecdng b\u00e0i vi\u1ebft n\u00e0y \u0111\u00e3 cung c\u1ea5p cho b\u1ea1n \u0111\u1ecdc nh\u1eefng th\u00f4ng tin c\u1ea7n thi\u1ebft v\u1ec1 Holding Company, mang \u0111\u1ebfn c\u00e1i nh\u00ecn r\u00f5 r\u00e0ng, kh\u00e1ch quan h\u01a1n v\u00e0 bao qu\u00e1t h\u01a1n v\u1ec1 m\u00f4 h\u00ecnh doanh nghi\u1ec7p n\u00e0y. Qua \u0111\u00f3 c\u00f3 th\u1ec3 x\u00e2y d\u1ee5ng cho m\u00ecnh ki\u1ebfn th\u1ee9c n\u1ec1n t\u1ea3ng c\u0169ng nh\u01b0 \u0111\u1ecbnh h\u01b0\u1edbng kinh doanh trong t\u01b0\u01a1ng lai.<\/p>\n

Pha L\u00ea<\/strong><\/p>\n

<\/p>","protected":false},"excerpt":{"rendered":"

Holding Company l\u00e0 g\u00ec m\u00e0 tr\u1edf th\u00e0nh m\u1ed9t trong nh\u1eefng m\u00f4 h\u00ecnh c\u00f4ng ty ho\u1ea1t \u0111\u1ed9ng hi\u1ec7u qu\u1ea3 ph\u1ed5 bi\u1ebfn \u1edf nhi\u1ec1u qu\u1ed1c gia tr\u00ean …<\/p>\n","protected":false},"author":58,"featured_media":15774,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-1347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kien-thuc-kinh-te"],"_links":{"self":[{"href":"https:\/\/mb668s.com\/cam-nang-7mb66-xoc-dia\/wp-json\/wp\/v2\/posts\/1347","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mb668s.com\/cam-nang-7mb66-xoc-dia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mb668s.com\/cam-nang-7mb66-xoc-dia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mb668s.com\/cam-nang-7mb66-xoc-dia\/wp-json\/wp\/v2\/users\/58"}],"replies":[{"embeddable":true,"href":"https:\/\/mb668s.com\/cam-nang-7mb66-xoc-dia\/wp-json\/wp\/v2\/comments?post=1347"}],"version-history":[{"count":11,"href":"https:\/\/mb668s.com\/cam-nang-7mb66-xoc-dia\/wp-json\/wp\/v2\/posts\/1347\/revisions"}],"predecessor-version":[{"id":15776,"href":"https:\/\/mb668s.com\/cam-nang-7mb66-xoc-dia\/wp-json\/wp\/v2\/posts\/1347\/revisions\/15776"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mb668s.com\/cam-nang-7mb66-xoc-dia\/wp-json\/wp\/v2\/media\/15774"}],"wp:attachment":[{"href":"https:\/\/mb668s.com\/cam-nang-7mb66-xoc-dia\/wp-json\/wp\/v2\/media?parent=1347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mb668s.com\/cam-nang-7mb66-xoc-dia\/wp-json\/wp\/v2\/categories?post=1347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mb668s.com\/cam-nang-7mb66-xoc-dia\/wp-json\/wp\/v2\/tags?post=1347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}