Chng 1: u t v tng quan v CK

1. Ri ro l g? Phn loi ri ro, cho v d? Ngi ta s dng nhng loi cng c no o

lng ri ro? Bnh lun nhng ri ro ny th trng VN?
2. Trnh by mi quan h gia thu nhp v ri ro ?
3. Cc ch th no tham gia vo TTCK v hot ng ca cc ch th ny trn ttck?
Bnh lun hot ng ca NHTM trn TTCK VN?
4. bnh lun v s tham gia ca nh u t t chc Vit Nam hin nay?
5. Vai tr ca th trng chng khon? Bnh lun th trng chng khon ging nh mt
sng bc?
6. khi nim ni dung phng php xc nh t l li tc yu cu ca nh u t? Bnh
lun v t l li tc yu cu ca cc nh u t VN hin nay?
Chng II: Chng khon
7. c trng ca CK? Bnh lun nhng c trng ca chng khon trn TTCK VN?
8. Bnh lun v nhng chng khon ang c giao dch trn TTCK HN v TTCK HCM v th
trng upom?
9. yu t no nh hng n gi c gi tr ca c phiu tri phiu? bnh lun v nhng
yu t trn TTCK VN?
10. trnh by vai tr c im ca th trng tri phiu c phiu.
11. So snh c phiu thng cp u i
Chng III: Cu trc th trng
12. khi nim th trng s cp th cp, mi quan h gia 2 th trng ny? Bnh lun
mi quan h ny trn th trng chng khon vn?
13. phn bit mc ch pht hnh tri phiu c phiu vi doanh nghip.
14. trnh by cc phng thc pht hnh tri phiu. bnh lun v cc phng thc pht
hnh tri phiu c phn, tri phiu doanh nghip vit nam
15. trnh by cc phng thc pht hnh c phiu. bnh lun cng ty c phn vn hin nay
vn cha tn dng c li th pht hnh c phiu?
16. ti sao trong n pht trin th trng chng khon n 2010 nhn mnh vn
ti cu trc th trng chng khon
Chng 5: s giao dch chng khon OTC
17. nhng c trng c bn ca s giao dch?
18. nhng c trng c bn ca OTC? Bnh lun OTC l th trng c phiu cng ngh, th
trng c phiu doanh nghip va v nh, th trng c phiu tng trng?
19. trnh by cc lnh c bn trong giao dch v kinh doanh chng khon. (khi nim,
c im, trng hp p dng lnh)
20. phng thc xc nh gi chng khon trn TTCK?
21. nh to lp th trng: khi nim vai tr hot ng li th v bt li?
22. so snh th trng tp trung v phi tp trung? Bnh lun v thc trng ca 2 th
trng ny trn th trng chng khon vn ?
23. so sanh khp lnh lin tc v khp lnh nh k cho v d?
24. nim yt: iu kin nim yt, th tc li th v bt li nim yt?
Chng 6: Cng ty chng khon
25. trnh by cc nhim v c bn v cng ty chng khon? Bnh lun v thc trng ca
cng ty chng khonVN hin nay?
26. bnh lun v hot ng mi gii ca cng ty chng khon vit nam hin nay?
27. bnh lun v hot ng t doanh ca cng ty chng khon vit nam hin nay?
28. bnh lun v bo lnh pht hnh ca cng ty chng khon vit nam hin nay?
29. bnh lun v hot ng t vn ca cng ty chng khon vit nam hin nay?
30. Cc cng ty chng khon hin nay vn cha mn m vi vic to lp to lp th
trng bnh lun?
Chng 7: h thng thng tin

31. khi u t vo chng khon nh u t cn bit thng tin g? Thng tin y ly t

ngun no? phn bit nh u t theo trng phi phn tch c bn v phn tch k
thut?
32. nh gi ca bn v tnh chnh xc ca cc ngun thng tin Vit nam?
33. trnh by din bin gi trn s giao dch thnh ph hcm trong thi gian qua?
34. . trnh by din bin gi trn s giao dch thnh ph h ni trong thi gian qua?
35. nhn nh ca bn v s tng trng chng khon vit nam trong thi gian ti?
36. trong d tho lut kinh t vn no c quan tm nht? ti sao? Kin ngh ca
bn
Cu 1: . Ri ro l g? Phn loi ri ro, cho v d? Ngi ta s dng nhng loi
cng c no o lng ri ro? Bnh lun nhng ri ro ny th trng VN?
Ri ro l g: Theo ngha chung nht ri ro c xem l mt bin c khng chc chn l
kh nng xy ra nhng bin c khng lng trc c. Trong ti chnh ri ro c nh
ngha l kh nng xy ra cc bin c khng lng trc. Khi xy ra cc bin c s lm
cho thu nhp thc t khc sai so vi thu nhp k vng hay thu nhp d tnh.
Phn loi ri ro: - ri ro h thng
- ri ro th trng : s bin ng gi chng
khon do phn ng ca nh u t
- ri ro li sut: s bt n ca gi chng khon do tc ng ca li sut
- ri ro sc mua: tc ng ca lm pht
- ri ro chnh tr tc ng bi bt n chnh tr
- ri ro phi h thng
- ri ro kinh doanh : s bin ng ca gi chng
khon do nhng thay i trong hot ng kinh doanh ca doanh nghip
- ri ro ti chnh lin quan n s dng n by ti chnh
- ri ro t gi lin quan n s thay i t gi
- ri ro thanh khon lin 67quan n iu kin giao dch
Cng c o lng ri ro
o lng ri ro bng phng sai lch chun, h s bta
Cng thc tnh ca phng sai v lch chun, h s beeta th c trong sch phn
tch c bn trang 148 va trong gio trnh chng khon trang 223
Bnh lun nhng ri ro trn th trng Vit Nam
Ri ro th trng
Ti cc nh ch ti chnh ln trn th gii nh Anh, M. Th trng chng khon tn
ti c trm nm, v th nh u t a phn c kin thc ti chnh tt, s nh u t nh
l khng nhiu m phn ln l cc qu u t, t chc ti chnh v th u t chng
khon c tnh by n khng cao. TTCK Vit Nam cn non tr, theo nh thng k th c
hn 80% nh u t trn th trng l nh u t nh l, phn ln trong l nhng
"PHree Rider"
Nhng phree rider chi chng khon theo m ng lm cho th trng ln
xung tht thng, mi cng c phn tch u khng c hiu qu, dn n nh u t c
kin thc vo th trng cng khng khc g 1 bc nng dn. iu ny lm tng ri ro
khng ng c, m ri ro cng cao th cng d gy nhm ln vi sng bc.
Nhn li th trng vi nm gn y:
+) Th trng chng khon VN trong nm 2006 c mc tng trng cao nht
khu vc chu Thi Bnh Dng (145%), thm ch cn ng trn th trng chng khon
Thng Hi vi mc tng trng 130%.
+) u nm 2007 vn tng 46%, cao nht th gii. (nh im ln ti 1170,67
im)
+) Na cui nm 2007 t nhin lao dc khng phanh, c nhng lc tt xung
st mc 200 im.

C nhiu nguyn nhn l gii iu ny, nhng l do chnh c cng nhn cho
n nay chnh l do nh hng ca tm l by n.
Ri ro li sut
Ri ro chnh tr
Vit nam c nh gi c ri ro chnh tr thp do th ch chnh tr n nh khng c du
hiu chin tranh tn gio v sc tc. S n nh v chnh tr l nhn t thc y tng
trng kinh t Vit nam trong thi gian qua
Ri ro phi h thng
Ri ro kinh doanh
Cu 2 : Mi quan h gia thu nhp v ri ro
V th c trong slide ca c
Cu 3. Cc ch th no tham gia vo TTCK v hot ng ca cc ch th ny
trn ttck?
Bnh lun hot ng ca NHTM trn TTCK VN?
Cc t chc v c nhn tham gia th trng chng khon c th c chia thnh cc
nhm sau: nh pht hnh, nh u t v cc t chc c lin quan n chng khon.
Nh pht hnh: Nh pht hnh l cc t chc thc hin huy ng vn thng qua th
trng chng khon. Nh pht hnh l ngi cung cp cc chng khon - hng ha ca
th trng chng khon. C th: + Chnh ph v chnh quyn a phng l nh pht
hnh cc tri phiu Chnh ph v tri phiu a phng. + Cng ty l nh pht hnh cc
c phiu v tri phiu cng ty. + Cc t chc ti chnh l nh pht hnh cc cng c ti
chnh nh cc tri phiu, chng ch th hng... phc v cho hot ng ca h.
Nh u t: Nh u t l nhng ngi thc s mua v bn chng khon trn th trng
chng khon, bao gm: + Cc nh u t c nhn. + Cc nh u t c t chc.
Cc t chc kinh doanh trn th trng chng khon: + Cng ty chng khon. + Qu u
t chng khon. + Cc trung gian ti chnh.
Cc t chc c lin quan n th trng chng khon: + C quan qun l Nh nc. +
Trung tm/S giao dch chng khon. + Hip hi cc nh kinh doanh chng khon. + T
chc lu k v thanh ton b tr chng khon. + Cng ty dch v my tnh chng khon.
+ Cc t chc ti tr chng khon. + Cng ty nh gi h s tn nhim...
Bnh lun hot ng ca ngn hng TM trn TTCK
1. S tham gia ca ngn hng thng mi trn th trng chng khon Vit Nam
Ti Vit Nam vic tham gia th trng chng khon ca cc nh ch ti chnh
trung gian cn kh khim tn c bit l ngn hng thng mi. Hot ng ca cc ngn
hng thng mi trn th trng chng khon ch yu do cc cng ty con trc thuc tin
hnh. Cng ty chng khon ca cc ngn hng thng mi c th hot ng vi cc
nghip v chnh nh: mi gii chng khon, bo lnh pht hnh, t doanh.
Hin nay Vit Nam c khong 105 cng ty chng khon c php hot ng trong
bao gm c 13 cng ty thuc ngn hng
a. Nghip v t doanh chng khon:
i tng t doanh thng tp trung vo tri phiu v c phiu nim yt. . Cng ty
chng khon t doanh nhiu c phiu l cng ty chng khon ACB. Nhng cng ty chng
khon t doanh nhiu tri phiu l cng ty chng khon Ngn hng NN&PTNT, cng ty
chng khon Ngn hng ngoi thng, cng ty chng khon Ngn hng cng thng,

cng ty chng khon ngn hng T&PT. S gia tng v gi tr tri phiu t doanh trong
thi gian gn y gp phn kch hot th trng th cp v tri phiu. C th nh hot
ng kinh doanh chng khon ca cng ty chng khon ngn hng u t v pht trin
(BSC) trong cc nm gn y c nhiu khi sc. Doanh thu t hot ng kinh doanh
chng khon v li u t qua cc nm 2006 n 2009 nh sau: v: triu ng
2006

2007

2008

2009

200 716

327 854

556 405

619 752

b.Nghip v t vn ti chnh v u t chng khon:

C 105 cng ty chng khon trong c 13 cng ty chng khon thuc ngn
hng thng mi hin nay u c cp php thc hin nghip v ny. Nhng ngy u
th trng mi i vo hot ng cc cng ty chng khon cng l nhng ch th gp
phn tuyn truyn, ph bin kin thc v chng khon v th trng chng khon cho
cng chng u t. n nay ngoi vic t vn u t trc tip cho khch hng, cung cp
min ph cc bo co giao dch nh k c phn tch, cc cng ty chng khon m
rng hnh thc t vn c t chc chuyn mn su hn nh: t vn pht hnh cho mt s
cng ty nim yt trn TTGDCK c nh pht hnh thm, t vn ti cu trc ti chnh, t
vn d n cho c doanh nghip trong v ngoi nc. c bit cc cng ty chng khon
tch cc tham gia mnh m vo tin trnh c phn ha bng vic t vn c phn ha,
nh gi doanh nghip, t chc bn u gi c phiu cng ty cho cng ty c phn. Nh
, doanh thu ca cc ngn hng thng mi t hot ng t vn cng tng ln ng k
qua cc nm tuy nhin hot ng ny khng em li ngun doanh thu chnh cho cc
ngn hng thng mi.
V d: Doanh thu v hot ng t vn chng khon ca cng ty BSC: vnd

Doanh thu

2008

2009

1.463.952.35
0

8.688.152.010

c. Nghip v bo lnh v pht hnh chng khon:

* Nghip v bo lnh pht hnh chng khon ca ngn hng thng mi l vic ngn
hng thng mi tin hnh nhng hot ng cn thit nhm gip cho t chc pht hnh
thc hin thnh cng vic cho bn c phiu ra cng chng. Vit Nam, bo lnh pht
hnh c thc hin theo mt trong hai phng thc sau:
Mua mt phn hay ton b s lng c phiu hoc tri phiu c php pht
hnh bn li.
Mua s c phiu hoc tri phiu cn li ca t pht hnh cha c phn phi
ht. y thc cht l mt dng ca phng thc cam kt chc chn, nhng t chc bo
lnh pht hnh cam kt mua phn chng khon cn li ca t pht hnh cha c
phn phi ht.
i vi th trng chng khon Vit Nam, bo lnh pht hnh chng khon c
coi l mt nghip v quan trng v l mt trong s 5 nghip v c cp giy php cho
hot ng ca cc cng ty chng khon thuc ngn hng thng mi. Thc t th cc
ngn hng thng mi mi ch trin khai hot ng nhiu trong vic bo lnh tri phiu
chnh ph c ri ro rt thp cn vic trin khai cc nghip v bo lnh pht hnh c
phiu ca cc cng ty c phn th cn rt nhiu hn ch. Vo cc nm u, hu nh cha
c cng ty no thc hin c bo lnh pht hnh c phiu. Trong nm 2001, ch c cng
ty IBS c doanh thu t nghip v ny. n 31/3/2003, c thm mt s cng ty chng

khon c doanh thu t hot ng ny ch yu tp trung mt s cng ty chng khon

nh: BVSC, VCBS, ARSC. Nhng n nhng nm gn y, nghip v bo lnh v pht
hnh chng khon mi c cc ngn hng thng mi trin khai hot ng v cng thu
c nhng khon doanh thu ng k.
1 s t bo lnh pht hnh tri phiu DN ca ccNHTM:
-11/2006: 11/2006: ABBANK bo lnh thnh cng 1000 t tri phiu ca EVN cng vi
ngn hng Deustch Bank v qu u t Vina Capital
-nm 2006: Ngn hng Quc t (VIB Bank) v Cng ty Chng khon Bo Vit s bo lnh
pht hnh tri phiu ca TCty in lc Vit Nam (EVN) vi tng gi tr bo lnh l 600 t
ng.
-ngy 16/07/2007: Cng ty chng khon Quc T Vit Nam (VIS) v Ngn hng Quc T
(VIB Bank) t chc l cng b pht hnh thnh cng 500 t ng tri phiu ca Cng ty
C phn u t h tng k thut TP.HCM
-5/2009: ngn hng cng thng bo lnh pht hnh thnh cng cho 700 t ng ca
KBC
Thnh t t c l thng 1/2007, tp ch Asia Money bnh chn ABBANK l nh pht
hnh tri phiu cng ty bn t tt nht chu .
Cc NHTM tham gia bo lnh pht hnh, i l pht hnh tri phiu Chnh ph, tri phiu
c Chnh ph bo lnh v tri phiu Chnh quyn a phng
1. Ngn hng Ngoi thng Vit Nam
3. Ngn hng Cng thng Vit Nam
4. Ngn hng u t pht trin Vit Nam
5. Ngn hng thng mi c phn pht trin nh Thnh ph H Ch Minh
6. Ngn hng thng mi c phn Si Gn Thng tn
7. Ngn hng thng mi c phn Phng Nam.
8. Ngn hng Nng nghip v Pht trin nng thn
* Hot ng pht hnh chng khon l mt hot ng kh pht trin ca ngn hng
thng mi trong thi gian qua. y l hot ng to hng ha ca ngn hng thng
mi trn th trng chng khon v huy ng vn ca ngn hng thng mi.
+ Nm 2007, nhiu ngn hng pht hnh tri phiu nh :ACB pht
hnh 2.250 t tri phiu thng, SCB l ngn hng u tin pht hnh 1000 t tri phiu
chuyn i , VCB pht hnh 1000t tri phiu chuyn i, BIDV pht hnh 3000 ng t
tri phiu. Tuy nhin, do th trng tri phiu cha pht trin, h thng php lut cha
cha nghim khc, mt s ngn hng thng mi pht hnh tri phiu ra cng chng
khng tun theo quy nh php lut, gy thit hi cho nh u t, thao tng th trng.V
d nh vic pht hnh tri phiu chuyn i ca Ngn hng Vietcombank. Tuy cha l
mt ngn hng c phn nhng VCB c php pht hnh tri phiu chuyn i, thi
gian chuyn i khng ni r, t l chuyn i khng c cng b. Hay nh vic ACB
pht hnh tri phiu chuyn i u nm 2008. C rt nhiu tranh ci xung quanh vic
nn iu chnh hay khng gi tham chiu c phiu ACB ngy cht quyn mua tri phiu
chuyn i. Cng vo thi im chuyn i chnh xc tri phiu thnh c phiu trong
khong 2008-2012 l mt khong trng rt ln c th gy thit hi cho nh u t.
+ Tnh ti thi im hin ti Vit nam c 39 ngn hng c phn. Tuy
nhin hin trn sn nim yt c 7 c phiu ca cc ngn hng, gm Ngn hng
chu (m ACB-HNX), Ngn hng Cng Thng (m CTG-HOSE), Ngn hng Xut nhp
khu (m EIB-HOSE), Ngn hng Si Gn H Ni (m SHB-HNX), Ngn hng Si Gn
Thng Tn (m STB-HOSE) v Ngn hng Ngoi thng (m VCB-HOSE), Ngn hng
Thng mi c phn Nam Vit (NVB : HNX). Cc ngn hng c phn cn li ch yu c
giao dch trn UpCOM. y l mt hn ch i vi cc ngn hng thng mi Vit Nam.
Vic tham gia trn cc s giao dch chnh thc s gip minh bch ho thng tin, va to

iu kin cho th trng chng khon trn cc s giao dch chnh thc m rng quy m
pht trin, va to c hi cho ngn hng tm kim ngun vn huy ng c d dng
hn. ACB, VCB, CTG, STB u l nhng m chng khon c nh u t quan tm v
giao dch vi gi th trng kh cao.
d. Nghip v mi gii chng khon:
L dch v do cng ty chng khon thuc ngn hng thng mi m trch
v c nhng u th nht nh so vi cc cng ty chng khon khc do hot ng ny
em li nhng li nhun t l ph giao dch hoc hoa hng giao dch rt ln
VD: Doanh thu t mi gii chng khon ca BSC qua cc nm:

Doanh
thu
Li
nhun

200
8
275
40
149
45

200
9
613
26
340
11

e. Hot ng lu k chng khon

Hot ng lu k chng khon l hot ng m cc cng ty chng khon c bit l
cc cng ty thuc ngn hng thng mi rt quan tm. Nhn chung, cc thnh vin lun
tm cch thu ht s khch hng vo lu k ti cng ty mnh ngy cng nhiu, song do
ngy cng nhiu thnh vin c cp php hot ng lu k nn din ra s cnh tranh
gia cc thnh vin. Mt vi cng ty chng khon thuc ngn hng thng mi khng
nh c v th ca mnh trn th trng nh: ngn hng Ngoi Thng Vit Nam
(VCBS), Ngn hng u t v pht trin. S thnh vin lu k ca Trung tm Lu k
chng khon l 122 thnh vin trong c 8 ngn hng lu k v 12 t chc m ti
khon trc tip (gm cc ngn hng thng mi l thnh vin c bit ca th trng tri
phiu chuyn bit).
ph. Thanh ton b tr qua NH ch nh thanh ton
Ngn hng u t v pht trin Vit Nam c U ban chng khon la chn
lm Ngn hng ch nh thanh ton. Hot ng thanh ton tin cho cc giao dch chng
khon ca Ngn hng ch nh thanh ton cho n nay c thc hin tt, khng c hin
tng vi phm nguyn tc thanh ton. H thng b tr thanh ton VN hot ng theo
2 cp, TTGDCK ch m ti khon cho thanh vin lu k, qun l v thc hin lu k, b
tr thanh ton theo thanh vin lu k cn cc thnh vin lu k qun l v cung cp
dch v lu k, b tr thanh ton chi tit cho nh u t. Trong hot ng thanh ton vic
chuyn giao chng khon din ra ti TTGDCK, cn thanh ton tin do ngn hng ch nh
thanh ton thc hin trn kt qu b tr ca TTGDCK. H thng thanh ton b tr chng
khon c nhng hn ch nh sau:
+ Cha t tnh ng b v hon thin v mt php l, cha to dng c cc
yu t th trng ng b.
+ Thiu c ch qun l vic in n v lu k chng khon thng nht v ph hp
vi thng l quc t.
+ Cc bin php khc phc li giao dch cha ch ng v hiu qu.
+ Nng lc ca h thng phn mm phc v cho cc hot ng b tr thanh
ton chng khon cha cao.

+ Kh nng khc phc ri ro thanh ton ca qu h tr thanh ton cha cao.

+ Cc bin php phng nga v khc phc ri ro cha hon ho.
2. Nguyn nhn thc trng
Mt iu d nhn ra vai tr ca ngn hng thng mi i vi s pht trin ca th
trng chng khon cn rt hn ch, cc ngn hng thng mi cha thc s vo cuc,
cng bt tay s chia nhng kh khn vi th trng chng khon nhm a th trng
chng khon pht trin. Cc hot ng ca ngn hng thng mi trn th trng chng
khon vn cn mang nhiu tnh cht thm d v tin hnh cc nghip v t ri ro, khng
i hi vn ln. Nguyn nhn ca nhng hn ch ny ch yu khng phi l cc ngn
hng khng thy c tim nng to ln ca th trng chng khon v vai tr ca mnh
trn th trng chng khon m xut pht t nhng hn ch, yu km v nng lc v
ngun lc bn trong ca cc ngn hng thng mi Vit Nam.
a. Th nht l Yu km v nng lc v cc ngun lc trong ngn hng thng mi
Vit Nam.
Nng lc ti chnh ca nhiu ngn hng Vit Nam cn yu, n qu hn cao,
nhiu ri ro. Vn t c ca cc ngn hng thng mi Nh nc cn thp. Ngn hng
Nng nghip v pht trin nng thn Agribank c tng ti sn 470.000 t ng; vn t
c 22.176 t ng (vn t c chim 4,71%), trong khi chun mc quc t l 8 %. Vn
t c ng vai tr quan trng vi hot ng ca ngn hng, va l ngun lc m bo
sc mnh ti chnh va m bo an ton trong hot ng kinh doanh ca 1 ngn hng.
Nu khng tng c vn mc cn thit th kh c th ni n vic ti tr hiu qu cho
nhng d n ln, khch hng ln. ng thi, khi khng c ngun lc th kh c th u
t cho cng ngh hin i, pht trin cc dch v ngn hng hin i, khng c kh nng
u t ti chnh, vn ra cnh tranh trn th trng ti chnh khu vc v th gii.
b. Th hai v Cng ngh ngn hng
Tuy vn hin i ha cng ngh ngn hng c quan tm v u t song
ch yu cng mi giai on th nghim v cng mi ch thc hin mt s ngn hng
ln, thuc khu vc th. Cn phn ln h thng ngn hng c trnh c gii thp,
cng ngh lc hu, mng li chi nhnh rng nhng hot ng km hiu qu. Cc t l
v chi ph nghip v v kh nng sinh li ca phn ln cc ngn hng thng mi m
c bit l cc ngn hng thng mi Nh nc u thua km cc ngn hng trong khu
vc.
c.Th 3 v Nng lc qun tr c bit l cc ngn hng thng mi Nh nc l rt thp.
Hin nay i ng lao ng ca cc ngn hng thng mi Vit Nam tng i ng v s
lng nhng trnh chuyn mn thp, nht l cc cn b qun l.
3. Gii php thc y hot ng ngn hng thng mi trn th trng chng khon ca
Vit Nam
a. V m:
* Hon thin c s php l:
Hon thin h thng lut php, cc b lut v th trng chng khon ngy
cng st vi thc t, ban hnh cc thong t h tr vic thc hin lut chng khon, to
khun kh php l khuyn khch ngn hng thng mi tham gia hoat ng chng
khon:
Ngy 29/6/2006 Quc Hi thng qua Lut Chng khon s 70/2006/QH11.Do ra
i mun hn th trng chng khon tp trung ti hn 5 nm nn b lut ny vn cha
bao qut ht c hot ng trn th trng chng khon, v vy nh nc ta vn tip

tc sa i, ban hnh thm mt s vn bn khc qui nh v hot ng trn th trng

chng khon nh: Ngh nh s 14/2007/N-CP,Quyt nh s 87/2007/Q-BTC ,thng t
43 /2010/TT-BTC.. Vi quan dim khuyn khch u t v huy ng vn, b lut to
iu kin thun li t chc, c nhn thuc mi thnh phn kinh t, cc tng lp nhn
dn tham gia u t v hot ng trn th trng chng khon nhm huy ng cc
ngun vn trung hn v di hn cho u t pht trin. ng thi, Nh nc c chnh
sch qun l, gim st bo m th trng chng khon hot ng cng bng, cng khai,
minh bch, an ton v hiu qu. Lut cng qui nh iu kin doanh nghip c php
cho bn c phiu, tri phiu v chng ch qu ra cng chng...
* Pht trin th trng chng khon:

B Ti chnh xc nh m hnh th trng chng khon l:

+ TTGDCK Tp HCM l th trng tp trung, pht trin thh S Giao

Dch Chng Khon c kh nng lin kt vi cc th trng trong khu vc;
+ TTGDCK H Ni l th trng giao dch cho cc doanh nghip va v
nh, pht trin thnh th trng phi tp trung ph hp vi quy m ca TTCK.

Bn cnh th trng chng khon chnh thc th ta y mnh th trng OTC

vi nng ct l hot ng ca cc ngn hng thng mi v cng ty chng khon. ng
thi, ta cng trin khai a trung tm lu k chng khon vo hot ng. Trung tm
lu k chng khon c lp ny s tp trung ho tt c hot ng lu k i vi cc
chng khon nim yt v ng k giao dch ca hai Trung tm giao dch ti H Ni v TP.
H Ch Minh, to iu kin thun li cho cc giao dch ngoi sn do cc ngn hng
thng mi, cng ty chng khon thc hin.

Thu ht mnh u t ca cc nh u t c nhn nh v pht trin dch v

qun l danh mc u t cho khch hng c nhn. Vi dch v ny, cc ngn hng
thng mi s thit k cc sn phm thu ht vn u t trong nc hoc lin kt
vi cc i tc nc ngoi bn cc sn phm qu u t ca nc ngoi (u t ra
nc ngoi)

To khun kh php l khuyn khch ngn hng thng mi tham gia hot
ng chng khon vic khuyn khch cc ngn hng thng mi tham gia hot ng
chng khon, c bit l hot ng c phiu s pht huy c cc th mnh ca cc
ngn hng thng mi.

M rng hot ng ca cng ty chng khon. Vic tng nng lc ti chnh

cng nh phm vi hot ng ca cc cng ty chng khon vi mc tiu tr thnh cc
ngn hng u t, sc bo lnh pht hnh v thc hin cc dch v u t chng
khon khng ch trong th trng Vit Nam m cn tin ti tham gia vo qu trnh pht
hnh tri phiu quc t ca Chnh ph v cc doanh nghip Vit Nam.

Hon thin h thng giao dch theo hng m bo s kt hp gia cc iu

kin sn c ca mi trng kinh t vi nhu cu ca cc i tng tim nng tham gia th
trng chng khon, trong tp trung vo cc yu t nh: Tnh n nh ca th trng;
tnh n gin; tnh thch nghi; tnh bo mt. Trong thi gian qua, mc d h thng gaio
dch ca TTGDCK c xy dng t cc ngun cung cp khc nhau nhng bc u
p ng c cc nhu cu giao dich chng khon trn th trng. Tuy nhin, h thng
giao dch hin ti s kh c th p ng c yu cu cho giao dch sp ti, i hi
chng ta cn phi thit k, xy dng h thng mang tnh ng b, c cng sut ln v
m bo c s tng thch gia cc h thng v c tnh m c th nng cp v kh
nng kt ni vi cc h thng khc t cng ty chng khon, trung tm lu k, trung tm
thanh ton ..., tng bc cho php ng dng cc giao dch trc tuyn trn TTCk, to

iu kin d dng v thun li cho nh u t trong vic tip cn cc phng giao dch
thng qua mng Internet; Mobile phne; phax; telex v.v.. Cn phi a h thng giao dch
t ng mi vo vn hnh, c th khp lnh lin tc hoc nh k. Kt ni mng din
rng vi cc cng ty chng khon thnh vin, p dng h thng ngng giao dch t ng
khi a h thng khp lnh lin tc vo hot ng.

Hin i ho h thng gim st th trng, xy dng h thng gim st t ng

kt ni vi cc h thng giao dch, cng b thng tin, lu k, thanh ton .Nng cp h
thng cng b thng tin, m bo c mt h thng cng b thng tin c th truyn pht
rng v truy cp d dng cho cc i tng tham gia th trng, c bit l cc nh u
t. M rng phm vi thng tin cn cng b trn c s xy dng c s d liu thng tin
y d bao gm thng tin giao dch trn th trng, thng tin v cc cng ty nim yt,
thng tin v cc t chc trung gian th trng v thng tin qun l th trng.

T ng ho mt bc h thng lu k, v thanh ton b tr chng khon. Thc

hin dch v lu k cho cc chng khon cha nim yt.; gim thi gian thanh ton; t
ng ho tng bc h thng lu k, thanh ton b tr; thc hin ni mng gia cc
thnh vin lu k v TTGDCK.
b. Vi m
* Tng cng tim lc ti chnh cho cc ngn hng thng mi:
+ thc hin nghip v:
- Mi gii chng khon cn vn iu l l : 25 t ng Vit Nam;
- T doanh chng khon: 100 t ng Vit Nam;
- Bo lnh pht hnh chng khon: 165 t ng Vit Nam;
- T vn u t chng khon: 10 t ng Vit Nam.
mt cng ty tham gia vo th trng chng khon th cn mt s vn ln, mt
khc ngn hng thng mi hot ng c hiu qu th phi phn tch ti chnh gia
hai lnh vc l ngn hng v chng khon. Hin nay theo quy nh ca Ngn hng Nh
nc th vn iu l ti thiu ca ngn hng thng mi phi l 3000 t ng trong
vn t c phi l 500 t ng. Nh vy mt ngn hng thng mi tham gia th
trng chng khon th cn huy ng s vn ln trong khi theo nh th: ch c mt s t
ngn hng thng mi ti lc tham gia th trng chng khon v kinh doanh hot
ng ngn hng.Nhng vn t c ca cc ngn hng chim t l nh trong tng ngun
v: nh ngn hng Agribank (mt trong nhng ngn hng ln ca nc ta) cng ch c
vn t c 22.176 t ng; tng ngun vn 434.331t ng trong khi , vn t c ng
vai tr quan trng i vi hot ng ca mt ngn hng, va l ngun lc m bo sc
mnh ti chnh va m bo an ton trong hot ng kinh doanh ca mt ngn hng.
Nu khng tng c vn mc cn thit th kh c th ni n vic ti tr hiu qu
cho nhng d n ln, khch hng ln. ng thi, khi khng c ngun lc th kh c th
u t cho cng ngh hin i, pht trin cc dch v ngn hng hin i, khng c kh
nng u t ti chnh, vn ra cnh tranh trn cc th trng ti chnh khu vc v th
gii. p ng cc chun mc quc t v vn, chnh ph quyt nh nng vn php
nh ca cc NHTM ln 5000 t ng vo nm 2012 v 10000 t ng vo nm
2015.ng thi nng vn iu l ca cc cng chng khon t 200 t ln 300 t ng.
* Nng cao trnh nhn s
+ o to i ng cn b, nhn vin tc nghip ti cc cng ty chng khon v
cng tc o to cp giy php hnh ngh chng khon c trnh v k nng ngh

nghip ngang tm vi c nc trong khu vc; m bo cht lng o to v thi tuyn

cp php hnh ngh ngang tm khu vc.
+ Nng cao cht lng o to i ng t vn u t chng khon: Ngoi
nhng kin thc nn tng v kinh t ti chnh, i ng ny cn c hiu bit su sc v k
nng phn tch chng khon v la chn danh mc u t chng khon, c kh nng tm
ti, khai thc, phn tch tng hp thng tin.
+ Cc cng ty chng khon nn phi hp vi TTNCKH& DDTCK c cc chuyn gia
ging dy i vi tng nghip v chuyn su, cng nh thng tin tnh hnh ca th
trng.
* Pht trin cng ngh ngn hng:
Hot ng chng khon l hot ng ht sc phc tp, i hi nhng cng ngh
v thit b hin i. pht huy c vai tr ca mnh trn th trng chng khon, cng
vi s i mi ton ngnh, h thng ngn hng khng th khng i mi cng ngh ca
minh nhm nng cao hiu qu hot ng v tng cng kh nng cnh tranh. Cc ngn
hng thng mi cn u t i mi cc c s vt cht nhm phc v cho cc hot ng
giao dch v thanh ton c nhanh chng v hiu qu, p dng cng ngh thng tin
tin tin vo trong mi lnh vc, mi hot ng ca ngn hng thng mi. Hin i ho
h thng htoong tin, ni mng gia cc cng ty chng khon vi TTGDCK v ngi u
t; pht trin h thng tc nghip tp trung cho cc cng ty chng khon hin i
ho h thng tc nghip trn c s tit kim chi ph, d dng chia s thng tin giupc ho
vic qun l c thun tin , nng cao chaat lng x l giao dch v d dng nng cp
trong tng lai.
* Nng cao cht lng hoat ng ca ngn hng thng mi:
Cc cng ty chng khon ca cc ngn hng thng mi cn phi pht huy hn
na vai tr cu ni trung gian ca mnh gia cc nh u t vi cc doanh nghip, gp
phn to knh huy ng vn mi thc s hiu qu cho nn kinh t thng qua vic y
mnh hn na nghip v mi gii v bo lnh pht hnh chng khon; nng cao cht
lng v m rng hn na t vn u t chng khon, tng cng tip xc vi c doanh
nghip di mi hnh thc nhm gii thiu kh nng huy ng vn qua knh th trng
chng khon cho cc doanh nghip; nng kh nng v tnh chuyn nghip cho cc cng
ty chng khon l mt i hi rt quan trng. Bn cnh , bng cch cung cp dch v
t vn CPH, t vn nim yt thc hin bo lnh pht hnh chng khon, c cng ty
chng khon se pht huy vai tr to c ch gi, giup c doanh nghip nh gi pht nh
hp l i vi cc chng khon trong t pht hnh v gip nh u t nh gi ng v
chnh xc v gi tr cc khon u t ca mnh bng cch d cng ty chng khon s
pht huy c vai tr to sn phm mi cho th trng. Cui cng, cng ty chng khon
cn quan tm hn na ti vic tng cng cu ni trung gian trong vic ci thin mi
trng kinh doanh, tng
cng tip cn vi khch hng tim nng, gp phn to nn vn ho u t, to thi
quen u t trn th trng chng khon cho nh u t, to thi quen v k nng s
dng dch v t vn u t thng qua vic xy dng hnh nh ca cng ty, to nim tin
v s tn nhim ca khch hng i vi c nhn ngi hnh ngh kinh doanh chng
khon v i vi chnh cng ty.
* Xy dng m hnh hoat ng ca ngn hng thng mi trn TTCK
Hin nay hu ht cc ngn hng hot ng trn th trng chng khon u
hot ng theo hnh thc a nng mt phn, l vic hnh thnh nn cc cng ty concng ty chng khon, hot ng c lp.M hnh ny c u im cc ngn hng c
kt hp kinh doanh ngn hng v kinh doanh chng khon, do tn dng c th

mnh v ti chnh, kinh nghim, mng li khch hng rng khp ca ngn hng. Bn
cnh , bi v c quy nh hot ng ring r gia hai hot ng trn cho nn hn ch
c ri ro nu c s bin ng ca mt trong hai th trng. c bit, m hnh ny ph
hp vi nc ta, khi m th trng chng khon ang trong qu trnh pht trin, cn c t
chc ti chnh lnh mnh tham gia vo th trng v khi h thng lut, kim sot cn
nhiu mt hn ch.
Cu 4: Bnh lun v s tham gia ca nh u t t chc Vit Nam
nh u t c t chc l cc nh ch u t, thng xuyn mua bn chng khon vi s
lng ln trn th trng. Mt s nh u t chuyn nghip chnh trn th trng chng
khon l cc ngn hng thng mi cng ty chng khon, cng ty u t, cng ty bo
him, qu tng h, qu lng hu v cc qu bo him x hi khc.u t thng qua
t chc u t c u im l c th a dng ha danh mc u t v cc quyt nh u
t cng c thc hin bi cc chuyn gia c chuyn mn v kinh nghim.
S lng cc t chc trung gian trn th trng chng khon tng t 7 cng ty chng
khon v 1 cng ty qun l qu ln 105 cng ty chng khon v 46 cng ty qun l qu
tnh n thi im ny.
Bn cnh , cc ngn hng, cng ty ti chnh, cng ty chng khon, cng ty qun l
qu, cc doanh nghip bo him, qu u t tham gia th trng gp phn hnh thnh
mt h thng cc nh u t chuyn nghip. Tnh n nay c 22 qu u t chng
khon, vi tng ti sn gn 72 nghn t ng.
Thi gian

Ti khon nh u t

Cng ty qun l qu

Cng ty

2000

2.908

2001

8.780

2002

13.607

2003

16.486

2004

21.600

2005

29.065

2006

110.652

18

2007

312.139

25

2008

531.428

43

2009

822.914

46

2010*

925.955

46

Tnh n 30/6/2010

Nh u t (NT) t chc ng vai tr quan trng trong qun tr doanh nghip, ng thi
l nn tng cho s pht trin ca th trng chng khon (TTCK) nhng nc ta, lc
lng ny cn qu mng. Pht trin lc lng nh u t t chc l xu th tt yu, ang
b "gm chn" bi rt nhiu ro cn.

Theo thng k, t trng gi tr giao dch hng ngy ca nh u t t chc (bao gm cc

qu u t, cng ty chng khon c mng t doanh... trong nc cng nh nc ngoi)
ch chim khong 15%, cn li 85% thuc v nh u t c nhn. T l ny gn nh
ngc li so vi TTCK ti cc nc pht trin khi nh u t t chc chim khong 8085% gi tr giao dch hng ngy.
TTCK Vit Nam c hn 9 nm hot ng.Mc d c hn 100 cng ty chng khon
ra i hot ng, khong 50 cng ty qun l qu trong nc hng trm t chc nh u
t nc ngoi nhng lc lng nh u t t chc vn cha t c yu cu, c bit l
nu so vi cc th trng chng khon quc t.
T dn n thc trng l s lng t chc u t qu nh b so vi lc lng nh u
t c nhn nn khng th ng vai tr l nhn t n nh cng nh dn dt th trng.
Hu qu l mi khi gp khng hong th trng thng c bin ng rt ln trong khi cc
iu kin kinh t v m vn bnh thng hoc nn kinh t khng gp nhiu kh khn nh
cc nc khc.
V vy, nhiu php nhn trong nc c hot ng u t chng khon phi tm cch
"lch" trnh phi ng thu cao nh giao tin cho c nhn kinh doanh chng khon
hay mua bn c phiu OTC th k gi mua cao, bn gi thp trong cc hp ng mua bn
vi c nhn nhm to thu nhp l hoc li t... Tuy nhin, nhng doanh nghip hot ng
bi bn, minh bch th khng th p dng cch thc hch ton nh trn v phi chu
thit thi.
Do cc nh u t thnh lp qu u t chng khon hoc cng ty chuyn u t chng
khon phi chu thu cao hn rt nhiu so vi c nhn v t chc nc ngoi nn h ch
mun u t theo hnh thc c nhn khng b thu thu cao, dn n hn ch s ra i
ca nh u t t chc kinh doanh chng khon.
Thi gian qua, nhng quy nh v iu kin cp php thnh lp cng ty chng khon,
cng ty qun l qu qu d dng dn n s lng cc cng ty ny ra i t, trong
c khng t cc cng ty quy m nh, nng lc qun l yu km, gp nhiu kh khn khi
th trng c bin ng, lm nh hng khng nh n s pht trin ca th trng vn
Vit Nam. V tnh trng c qu nhiu cng ty chng khon, cng ty qun l qu ra i
trong mt thi gian ngn, gy nh hng khng tt n s pht trin lnh mnh ca th
trng. Do , BTC yu cu b sung iu kin cp php thnh lp cng ty m bo
s pht trin bn vng ca th trng.
Vic c nhiu cc CTCK v khng phi cng ty no cng t hiu qu trong kinh doanh
nh hin nay l h lu ca vic chy ua theo sc nng ca th trng. Trong s nhn
bn t ny, khng thiu cng ty thiu thn mt nh vn, cng ngh, nhn lc... ra
i nhm mc ch chy theo tro lu chung. Do , kh khn hin nay chnh l thi
im thanh lc cc CTCK tm ra nhng n v thc s c tim lc, mang n cho nh
u t s yn tm v tnh chuyn nghip.
Cu 5 5. Vai tr ca th trng chng khon? Bnh lun th trng chng khon
ging nh mt sng bc?
Vai tr ca th trng chng khon (trong sch trang 29)
Bnh lun nhn nh: "Th trng chng khon Vit Nam nh 1 sng bc"
I) Phi khng nh rng th trng chng khon Vit Nam khng phi 1 sng bc
v bn cht u t chng khon khc xa nh bc:
- C phiu l 1 loi ti sn c bit, nm gi c phiu khng ch l nm gi ti
sn ca cng ty m cn c quyn nhn c c tc khi cng ty lm n c li. Vic nm
gi c phiu khc vi vic nm gi 1 ti sn thng thng. Trong khi ngi nhng
loi giy t trong nh bc thm ch khng c coi l ti sn.

-Tham gia u t c phiu lm tng s giu c ca ton b nn kinh t: Th

trng chng khon gm th trng s cp v th trng th cp, th trng s cp cung
cp cc loi chng khon cho th trng th cp, cc nh u t mua bn trao tay c
phiu trn th trng th cp to tnh thanh khon cho th trng s cp. Hai th trng
ny gip cho cc ch th pht hnh c th tip cn vi 1 knh huy ng vn hiu
qu, gi r, nh th h m rng sn xut, nng cao tng ti sn x hi.
(*)So snh th trng chng khon v sng bc:
- Nh u t vo th trng chng khon cn kin thc ti chnh su rng, tt
nhin thnh cng trong th trng ny, 1 iu rt quan trng cn phi c na l s
nhy cm, cn k chi bc th ch cn pheeling
- u t chng khon lm tng tng gi tr ti sn x hi, cn chi bc ch l s
lun chuyn tin t k thua sang ngi thng, tng gi tr ti sn x hi l khng i.
- Ri ro trong th trng chng khon l c c s kim sot, cn ri ro trong chi
bc hon ton khng c kh nng kim sot.
ng h u t: ng h u t l 1 trong nhng ch bo tt nht nhm d bo
s vn ng v iu kin ca th trng chng khon ni ring cng nh nn kinh t ni
chung. Bt k 1 th trng chng khon no, bt k 1 nn kinh t no trn th gii cng
u phi tri qua nhng chu k kinh t. Mi vng ng h i din cho 1 chu k kinh t.
Mt nh u t c kin thc, c kinh nghim khi bc vo th trng, d khng bit c
chnh xc nhng cng c th d on c TTCK ang khong my gi ca ng h,
da vo h s iu chnh danh mc u t cho ph hp.
V d th trng Vit Nam: nhn trn ng h, t 9 n 12 gi l giai on th
trng bng n, tng ng vi TTCKVN nm 2006 v 3 thng u nm 2007, khong t
12 gi n 3 gi l giai on th trng i xung, tng ng khong thi gian na cui
nm 2007 v nm 2008, t 3 gi n 6 gi l giai on th trng suy thoi tng ng
vi khong thi gian 2009, 2010, thc s chng ti cng khng bit chc l n nay th
trng thot khi suy thoi v ang i vo giai on hi phc cha.
mi ch l 1 trong rt nhiu v d cho thy vic c kh nng kim sot ri ro
ca th trng chng khon.
(*) Cc cng ty nim yt trn sn phi cng khai tnh hnh ti chnh,
kinh doanh => gim tiu cc trong kinh doanh
+) c nh u t nh gi cao, cc cng ty phi cnh tranh vi nhau
=> tng nng sut lao ng, nng cao i sng XH
II) Nguyn nhn gy ra nhm ln
a) Tm l by n ca nh u t Vit Nam:
Ti cc nh ch ti chnh ln trn th gii nh Anh, M. Th trng chng khon
tn ti c trm nm, v th nh u t a phn c kin thc ti chnh tt, s nh u
t nh l khng nhiu m phn ln l cc qu u t, t chc ti chnh v th u t
chng khon c tnh by n khng cao. TTCK Vit Nam cn non tr, theo nh thng k
th c hn 80% nh u t trn th trng l nh u t nh l, phn ln trong l
nhng "PHree Rider"
Nhng phree rider chi chng khon theo m ng lm cho th trng ln
xung tht thng, mi cng c phn tch u khng c hiu qu, dn n nh u t c
kin thc vo th trng cng khng khc g 1 bc nng dn. iu ny lm tng ri ro
khng ng c, m ri ro cng cao th cng d gy nhm ln vi sng bc.
Nhn li th trng vi nm gn y:

+) Th trng chng khon VN trong nm 2006 c mc tng trng cao nht

khu vc chu Thi Bnh Dng (145%), thm ch cn ng trn th trng chng khon
Thng Hi vi mc tng trng 130%.
+) u nm 2007 vn tng 46%, cao nht th gii. (nh im ln ti 1170,67
im)
+) Na cui nm 2007 t nhin lao dc khng phanh, c nhng lc tt xung
st mc 200 im.
C nhiu nguyn nhn l gii iu ny, nhng l do chnh c cng nhn cho
n nay chnh l do nh hng ca tm l by n.
b)Mt s sai lm nguy him khc:
Khng c k vng u t ring : Lng tham th ai cng c, nhng vn l phi
bit kim sot n, nhiu nh u t Vit khng bit kim sot lng tham. Khi ngoi h
u t vo th trng Vit Nam lun c k vng u t ring, h xc nh li nhun k
vng (VD: 15% trong vng 3 thng), t c li nhun l vng h s rt khi th trng
ngay, cn nh u t VN t c li nhun k vng ri, nhng thy th trng ang ln
vn u t tip mong ch c li nhun ln n 50%, 100%..., v khi th trng quay
u th tr tay khng kp, mt ht li nhun v c th thm ht c vn gc.
Quan tm ti li nhun nhng khng quan tm ti b sung kin thc : Thiu
kin thc trong bt k lnh vc g cng u gy nguy him, bc vo 1 nh ch ti chnh
phc tp bc nht nh th trng chng khon m khng c kin thc th ti tin ca
mnh ch lm mi cho k khc.
Tin rng "mnh khn ngoan nht". : y l 1 biu hin ca thiu kin thc, cng
nhng ngi thiu kin thc th cng tin rng mnh khn ngoan nht, iu ny dn n
ch quan trong iu chnh danh mc u t, khng nhng lm thit hi n mnh m cn
nh hng n ton th trng.
Cu 6: Bnh lun v t l li tc yu cu ca nh u t VN hin nay
I/ L thuyt
1.
Khi nim
T l li tc yu cu l t l li tc m cc nh u t yu cu phi c trn mt
ng vn u t sao cho b p nhng ri ro ca chng khon.
2.
Phng php xc nh
V mt l thuyt, mi nh u t yu cu mt t l li tc khc nhau i vi
tng loi chng khon c th. Tuy nhin gim c ti chnh ch quan tm n t l li tc
yu cu c biu hin bng gi c th trng ca chng khon cng ty. Ni cc khc, s
nht tr ca cc nh u t v mt t l li tc d tnh c phn nh trong gi c th
trng hin ti ca chng khon .
o lng t l li tc d tnh ca NT, chng ta phi tm t l chit khu m
lm cn bng gia gi tr thc ca tri phiu vi th gi ca n.
tm t l li tc d tnh cho mt tri phiu, s dng bng tnh gi tr hin ti
c thc hin bi phng php th v tm li.
Chng ta phi tip tc th nhng t l mi cho n khi tm thy t l chit khu
m ti , gi tr hin ti ca nhng khon li tc nhn c trong tng lai v gi tr o
hn ca tri phiu va ng bng gi tr th trng hin ti ca tri phiu. Nu t l d
tnh nm gia nhng t l trong bng gi tr hin ti, cn phi dng php ni suy
tm gi tr gia nhng t l ny.
3.
Y nghia
i vi t chc pht hnh: Vic xc nh t l li tc yu cu c ngha
quan trng trong vic hoch nh v thc thi chnh sch qun tr vn, chnh sch

u t bi t l ny l thng s quan trng trong vic xc nh li sut danh

ngha khi cng ty pht hnh tri phiu mi, ng thi cng l c s xc nh chi
ph vn i vi nh pht hnh.
i vi nh u t: Vic xc nh ng t l li tc yu cu khng ch gip
xc nh ng gi tr chng khon m cn gip h hoch nh v thc thi chnh
sch qun l danh mc u t.
i vi chnh ph: t l li tc yu cu ca nh u t l thng s quan
trng trong hoch nh v thc thi chnh sch ti chnh tin t.
II/ Bnh lun
Nh ta bit th trng chng khon VN l mt th trng cha ng nhiu ri
ro, cn nhiu hn ch nh: thong tin cha hon ho, gi trn th trng b thao tng, lm
gi, ngi u t chng khon theo tm l by n Do vy m chi chng khon
khng khc no nh bc, ri ro l rt cao. Th trng chng khon cha tht s hp
dn cc nh u t. Do vy m t l li tc yu cu ca nh u t l cao, th mi hp
dn dc nh u t.
Cu 7: bnh lun v c trng ca th trng chng khon VN
I/ L thuyt
c im ch yu ca Th trng chng khon:
- c c trng bi hnh thc ti chnh trc tip, ngi cn vn v ngi cung cp
vn u trc tip tham gia th trng, gia h khng c trung gian ti chnh;
- L th trng gn vi Th trng cnh tranh hon ho. Mi ngi u t do tham
gia vo th trng. Khng c s p t gi c trn th trng chng khon, m gi c
y c hnh thnh da trn quan h cung cu;
- V c bn l mt th trng lin tc, sau khi cc chng khon c pht hnh trn
th trng s cp, n c th c mua i bn li nhiu ln trn th trng th cp. Th
trng chng khon m bo cho cc nh u t c th chuyn chng khon ca h
thnh tin mt bt c lc no h mun.
II/ Bnh lun
TTCK Vit Nam l TT mi hnh thnh, vn ang giai on lm quen v h thng
lut l, v thc chp hnh, trnh nghip v. Tt c nhng vn ny lm cho TTCK
Vit Nam c nhng vn mi v khc cc nc. Cc nc c nn kinh t th trng
hon chnh, t thp ln cao, h thng lut l hnh thnh tng i r. Cn ta th chuyn
t nn kinh t k hoch tp trung sang, TTCK mi c hnh thnh v h thng lut l
cng ang hon chnh. S hiu bit ca ngi chi chng khon, ngi tham gia TTCK,
ngi iu hnh chng khon, ngi qun l h thng chng khon cng giai on
bc u. Tm li, TTCK ca Vit Nam ang bc l 4 nhc im ln:
- Th nht, Lut Chng khon ca ta c nhng im yu, c nhng im st, hoc c
nhng im cha ph hp gy ra ri ro, khng an ton cho h thng chng khon.
- Th hai, l s hiu bit ca ngi tham gia TTCK, ngi lm mi gii cho cc cng ty
chng khon v ngi qun l cha nhiu, s hc hi bn ngoi cha hon chnh, h
thng thng tin cung cp cho h khng c thng xuyn...Cho nn ti Vit Nam xy ra
hin tng tng chng nh nghch l l ngi hiu bit l thuyt, hiu v chng khon
nhiu nhng u t li hng. Nhng ngi khng hiu, i khi ch liu lnh chi theo kiu
by n c khi li trng. l mt iu khng lnh mnh ca TTCKVit Nam.
- Th ba, TTCK ca nc ngoi l TTCK cho ton dn tham gia chng khon, tc l ton
dn kinh doanh ng tin. ng tin ny trc y nm mi ngi mt t th nay thng
qua th trng to thnh mt khi u t cho cc d n, u t cho cc cng trnh.
Nhng TTCK ca Vit Nam khng mang dng dp nh th, m mang yu t u c, chp

git, anh n ht anh kia... cn ng vn vo c sn xut kinh doanh di hn,

phc v vn cho nn kinh t th ch mc thi.
- Th t, h thng thng tin ca chng ta khng hon chnh v cng khng cp nht. V
vy, ngi chi chng khon khng phi cn c vo thng tin c cng b cng khai
trn cc phng tin thng tin i chng, trn h s kim ton mt cch chnh thng m
thng u t theo kiu by n, da vo thng tin n thi... Thm na, cng khng
loi tr trng hp mt s nh u t li dng lm gi theo kiu cng ty Dc Vin ng
va ri. iu ny th hin nhng k h trong lut php, trong cch iu hnh khng cht
ch, kim tra khng y . c bit l trong cch dng cc h thng kim sot, v d
nh kim ton. ng l tt c nhng n v ln sn l phi kim ton. M kim ton nh
cc nc l c tnh php l rt cao. Nhng kim ton ca ta th t cng ty kim ton c
lp cng nh kim ton Nh nc tnh php l khng cao. V vic ca Dc Vin ng l
mt bi hc cnh tnh, mt thng ip phi nhn nhn nghim tc t ngi qun l, ngi
mi gii v ngi tham gia. S nghim tc y phi trn c s lut php, ch khng th
ni mm.

Cu 8: Bnh lun v nhng chng khon ang c giao dch ti s giao dch HN, TP
HCM, upcom
Cu 9: Bnh lun v nhng yu t nh hng n gi c, gi tr ca TP, Cp trn TTCK Vn.
I/ L thuyt
C th chia cc yu t c xc nh l c th tc ng n gi c phiu thnh
3 nhm: c bn, k thut v trng thi th trng.
1. Cc yu t c bn
Trn th trng, gi c phiu c xc nh da trn nn tng cc yu t c bn
l:
+ (1) tnh hnh li nhun (v d ch tiu thu nhp trn mi c phiu EPS)
+ (2) h s nh gi (v d h s gi trn thu nhp mi c phiu P/E). EPS l
thc o xc nh phn li nhun cng ty to ra trn mi c phiu.
V vy, khi mua mt c phiu no ngha l bn mua mt phn tng ng ca
dng li nhun cng ty c th to ra trong tng lai. y chnh l c s cho vic xc nh
P/E, hay P/E th hin mc gi bn sn sng tr cho mt phn ca dng li nhun c
hng trong tng lai t vic u t vo c phiu .
Mt phn ca dng li nhun c to ra ny s c chia di dng c tc hay
c phiu thng; phn cn li s c cng ty gi li ti u t m rng hot ng
sn xut kinh doanh. Dng li nhun tng lai l kt qu ca mc li nhun hin ti v t
l tng trng trong tng lai.
Cn lu rng, EPS l mt thc o ph bin, nhng ngoi ra cn c nhng
thc o k ton khc cng c s dng nh gi tnh hnh li nhun, v d nh c
tc trn mi c phiu hay dng tin trn mi c phiu. ng thi, bn thn EPS cng c
th c iu chnh theo nhng nguyn tc ti chnh nhm to ra nhng con s phn
nh chnh xc hn v tnh hnh li nhun ca cng ty.
i vi h s nh gi nh P/E, thc o ny c quyt nh bi t l tng
trng li nhun trong tng lai v t l chit khu c dng quy dng li nhun
trong tng lai v gi tr hin ti.
Ngha l mt cng ty c t l tng trng d kin cao s dn n h s nh gi
cao, nhng t l chit khu cao s khin cho h s nh gi thp. T l chit khu ph

thuc vo mc ri ro ca loi c phiu nhng yu t v m nh lm pht hay li

sut c bn trong nn kinh t.
2. Cc yu t k thut
Trn thc t, ngoi nhng yu t c bn (bn trong) k trn, mt s yu t k
thut (bn ngoi) cng c nhng tc ng n tnh hnh cung-cu ca mt loi c phiu
trn th trng. Mt s yu t ny nh hng mt cch gin tip n cc yu t c bn.
(1) Lm pht. Ngoi tc ng n h s nh gi i vi c phiu cp trn y, lm
pht cn l mt yu t k thut quan trng. Kt qu nghin cu thc chng cho thy
mc lm pht c mi quan h t l nghch vi h s nh gi c phiu. Tnh trng
gim pht trong nn kinh t nhn chung nh hng tiu cc n gi c phiu.
(2) Trin vng ca ngnh. Gi c phiu ca mt cng ty thng gn vi trin vng chung
ca nn kinh t v ca ngnh. C mt s nghin cu cho thy rng khng phi kt qu
hot ng ring l ca mt cng ty, m l s kt hp gia tnh trng chung ca nn kinh
t v trin vng ca mt ngnh l yu t chnh quyt nh mc gi c phiu ca mt
cng ty trong ngnh .
(3) Cc loi ti sn u t thay th. C phiu cng ty phi cnh tranh thu ht ngun vn
u t vi nhiu loi ti sn u t khc nhau trn th trng, v d nh tri phiu chnh
ph, bt ng sn, vng hay cc loi ngoi t.
(4) Cc giao dch bt thng: l vic mua hay bn c phiu xut pht t nhng l do
khc, khng da trn c s gi tr ni ti ca loi c phiu . Nhng giao dch ny bao
gm giao dch ca cc c ng ni b trong cng ty hay giao dch c phiu qu, thng
theo k hoch c cng b trc. Mc d nhng giao dch ny khng phi l cc du
hiu khng nh gi c phiu s ln hay xung nhng trong mt chng mc no c
th tc ng n cung-cu c phiu, do tc ng n gi c phiu.
(5) Tnh thanh khon ca mt loi c phiu phn nh mc quan tm ca cng chng
u t. Khi lng giao dch thng l mt thc o ca tnh thanh khon.
(6) Xu th gi. Thng thng, gi c phiu bin ng theo nhng xu th ngn hn. Khi
gi mt loi c phiu tng s hp dn ngi u t tham gia v tip tc tng gi. Ngc
li, iu tng t cng xy ra vi xu th gim gi. iu ng ni l nhng xu th ny ch
tr nn r rng khi nhn li nhng g qua, cn trn thc t kh c th xc nh c
nhng xu th .
(7) Nhn khu hc. T thc t cc nh u t tui trung nin thng u t di hn
vo cc loi c phiu cn ngi u t ln tui thng chuyn t c phiu sang cc loi
ti sn u t khc phc v cho ch ngh hu, cc nghin cu nhn khu hc cho
thy khi ngi trung nin chim t trng ln trong cng chng u t, sc cu i vi c
phiu cng cao hn v h s nh gi (P/E) cng cao hn.
3. Trng thi th trng
Trng thi th trng lin quan n trng thi tm l ca tng thnh vin tham
gia th trng. y c l l nhm cc yu t phc tp nht, v vai tr ht sc quan trng
ca chng c bit ti trong s bin ng gi c phiu trn th trng, nhng nhng
hiu bit v chng mi ch l bt u.
Mi ngi u t u c th a ra cc quyt nh u t c phiu ca mnh
trn c s cc yu t khc nhau. Nhng ngi u t ngn hn v cc nh giao dch
chng khon thng u tin cc yu t k thut. Ngi u t di hn ch trng n cc
yu t c bn, song cng nhn thy tm quan trng ca cc yu t k thut.
Cc yu t k thut v trng thi th trng thng quyt nh gi chng khon
trong ngn hn, nhng cc yu t c bn s quyt nh gi chng khon v di hn.

II/ Bnh lun

Mt iu d thy cc yu t nh hng quyt nh n s ln xung ca th
trng chng khon Vit Nam l: S lm gi ca cc i gia chng khon;thng tin
i chng mt chiu, thng tin va h khng kim chng, v thng tin bng bt khng
cng bng; tm l m ng.
C ba yu t trn quyt nh n 70-80% s ln xung ca th trng (yu t
ch quan), cn li ch di 30% l yu t pht trin kinh t khch quan. iu ny to
mt iu kin thun li cho s v vt ti tin t dn bun ngho n ti tin ca cc i
gia.
c mt s bi ca cc chuyn gia phn tch cho s i gim xung ca th
trng, cc cng ty ln nc ngoi lm n thua l, gi vng v gi du tng, S phn
tch ca cc chuyn gia mi u nghe c v 'honh trng'. Tuy nhin, n khng c lin
quan nhiu n s suy thoi ca th trng chng khon Vit Nam. L do l v:
- C bao nhiu cng ty lm n thua l M v cc nc trn th gii c s lm
n kinh t vi cc cng ty trong nc. iu c bn nh hng n th trng chng
khon trong nc l kt qu kinh doanh ca cc doanh nghip ang nim yt trn sn.
Chng no h cn lm n tt v ch c quan h g ng k vi cc cng ty lm n thua
l nc ngoi, th ci vic th trng ln xung nc ngoi gn nh khng c nh
hng ng k n th trng trong nc.
- Th trng trong nc hin nay cn qu nh b so vi cc th trng chng
khon khc nc ngoi, nn hiu ng 'bnh thng nhau" gn nh cha c.
- Thc t hin nay cho thy cc cng ty nim yt trn sn u ang lm n tt.
Th trng chng khon nu khng c yu t u c v thng tin trong sut th chc
chn l do yu t v kinh t v chnh tr. Hin nay c hai yu t trn trong nc u
kh n nh. Ch c l do g m vic lm n ca cc cng ty u kh n nh trong khi
th trng li ln xung tht thng.
Ti li c mt cch gii thch khc cho s to sng t thng 9-10 trong nm
2008 va qua. iu ny ch n gin l nhiu i gia gom c kha kh hng lc n
c coi l " khng hong". V to sng ln y hng. Khi y ht ri th li phi cho
xung. Khi gom xong thi li kch n ln. Ch n gin c th m gom c bao nhiu
tin ca dn bun ngho chi theo 'tm l m ng'.
Nhn nh ca ti thi im tip theo ca th trng:
Nm ngoi th trng leo dc mt pht t u 600 (t thng 10.2006) n
gn 1200 im (t thng 3). Sau tt xung di di cn 870 im (t thng 8). Xt
v mt quy m m ni, th t to sng va ri nh hn nhiu so vi t sng ko di t
nm ngoi. Mt khc b con bun trn sn cng trng thnh mt phn no qua
nhng din bin ca th trng. "Tm l m ng" chc chn phn no cung c
gim thiu. Do vy y ca th trng ln ny chc chn s vt xa ci mc va ri.
iu ny ch ra ci mc th trng hin nay l thi im thun li ci nh u c thc
hin 'tr c' ca mnh. Nu gi s th trng c chc thng mc ngng 1000 th n cng
d dng tr li ci mc ng ca n. Do vy xc sut l gn nh mc nh nht. vic
ca h gi ch cn chn mt hng no trong ci iu kin thun li ny.
Cu 10: vai tr ca th trng c phiu, tri phiu
*Th trng tri phiu
Th trng tri phiu l knh huy ng vn nhanh chng v hiu qu.
i vi Nh nc/Chnh Ph, ton b cc khon chi tiu khng l u trng ch vo cc
khon thu ca ngn sch (trong ch yu l ngun thu t thu), nhng ngn sch
khng chi, ngn sch Nh nc lun ng trc nguy c thm ht. Chnh ph rt cn

ngun ti chnh gii quyt nhu cu vn cho cc d n u t v b p thiu ht ngn

sch quc gia.
Th trng TPCP pht trin gip Chnh ph thc hin chnh sch tin t. Trn th
trng vn, tri phiu l mt hng ha quan trng, c bit l TPCP vi c tnh t ri ro
nht tr thnh hng ha ch o trn th trng, gp phn hnh thnh li sut trn th
trng.
- Th trng tri phiu pht trin lm cho th trng vn hon thin v a dng
hn.
- Th trng tri phiu gip Chnh ph thc thi c hiu qu chc nng qun l vi
m nn kinh t-x hi.
- Th trng tri phiu gp phn lm a dng ho cc sn phm ti chnh, cung
cp cho cc nh u t ngy cng nhiu la chn a dng ha danh mc
u t ph hp vi nhng khu v ri ro khc nhau.
*Th trng c phiu
- To ra th trng c tnh thanh khon cao, c th tch t v phn phi vn, gip cc
doanh nghip d dng huy ng ngun vn nhn ri trong th trng phc v sx, gip
DN trnh c cc khon vay c chi ph cao li chu s kim sot
- Gp phn thc hin vic ti phn phi cng bng hn, gii to s tp trung quyn lc
ca cc tp on
-To s tch bit gia s hu v qun l doanh nghip, nng cao hiu qu kinh doannh
- Tng tnh cnh tranh ca cc DN trn th trng trong nc v th trng quc t
- L ni cung cp cc d bo c chnh xc cao v chu k kinh doanh trong tng lai

Cu 11: So snh cp thng , cp u i:

Ging nhau:
Cng l ck vn k c k hn v k hon vn
Ng` nm gi cp l c ng ng s hu cng ty
Phn vn gp c xem nh gp vng vin k c rt li, khi cn h c th em bn
trn ttck ly li vn gp.
Khc nhau:
C phiu thng:
+ L loi ck xc nhn quyn v li ch hp php ca ng` s hu i vi 1 phn vn c
phn ca t chc pht hnh. L c phiu bt buc phi c ca mi cng ty c phn
+ c im: C tc k c nh, ph thuc vo: mc li nhun thu c hng nm ca
cng ty, chnh sch phn chia c tc ca cng ty
+ Th gi cp rt nhy cm trn th trg`, ph thuc vo: li nhun cng ty, quy lut
cung cu,
+ Ng` s hu cp c quyn c, biu quyt, nhn c tc, mua c phiu pht hnh
mi
+ T do mua bn chuyn nhng (ngoi tr mt s rng buc)
+ c nim yt, giao dch trn ttck
C phiu u i: l loi c phiu cho php ng` nm gi c phiu c hng 1 s u
i hn so vi c ng nm gi c phiu thng. V d nh:
+ c hng 1 mc c tc ring bit c tnh c nh hng nm d cng ty lm n c li
hay k (c phiu u i c tc). Tuy nhin khi li nhun ca cty tng ln th c tc c
phiu u i k v th m c tng theo.

+ c u tin chia li c phn trc c phiu thng (Ln cng ty thu c trc tin dng
tr tri tc, tip theo l tr c tc ca c phiu u i cui cng cn bn mi chia
cho cc c ng cp thng)
+ c u tin phn chia ti sn cn li ca cng ty khi thanh l, gii th.
Khc vs c phiu thg`, cp u i c th c or k c mnh gi. Chng hn 1 cp u i
mnh gi 100USD, t sut c tc l 4.5% s c hng 1 khon c tc c nh l
4.5USD. Cn nu cp u i k c mnh gi th c tc s c cty cng b n gin l
5USD/ c phiu
+ Tuy nhin c ng nm gi cp u i k c tham gia bu c, ng c vo hi ng
qun tr, tc l k c quyn tham gia qun l cty
Cu 12. khi nim th trng s cp th cp, mi quan h gia 2 th trng
ny? Bnh lun mi quan h ny trn th trng chng khon vn?
Th trng s cp: l ni mua bn cc ck ln u tin, l ni m cc nh pht hnh ck
bn ck cho cc nh u t
c im ca tt s cp:
+ Th hin mi quan h gia nh pht hnh v nh u t
+ Trn tt ny, vn t nh u t c chuyn sang cho nh pht hnh thong qa vc
nh u t mua ck mi, nh vn ca nh pht hnh tng ln.
Vai tr ca tt s cp: thc hin chc nng quan trng ca ttck huy ng vn
cho cc t chc pht hnh. TT s cp cn c kh nng thu gom mi ngun vn tit
kim ln nh ca dn c, li va c kh nng thu ht ngun vn to ln t nc
ngoi, cc ngun vn tm thi nhn ri t cc dn, cc t chcto ngun vn
khng l ti tr cho nn kinh t m cc phng thc khc k lm c. Nh , to ra
mi trg` cho cc dn huy ng vn sxkd, gip nh nc gii quyt vn thiu
ht ngn sch thng qa pht hnh ck.
Th trng th cp: l tt giao dik mua bn, trao i nhg ck c pht hnh nhm u
t kim li, di chuyn vn u t hay di chuyn ti sn xh
c im:
+ Th hin mi quan h gia cc nt vi nhau
+ Cc khon tin thu c do bn ck thuc v cc nt v cc nh kd ck m k thuc
v nh pht hnh do n k lm tng vn ca nh pht hnh
+ L 1 tt hot ng lin tc, cc nt c th mua bn ck nhiu ln trn tt th cp.
Chc nng:
+ Tt th cp lm tng tnh thanh khon ca ck
+ L ni xc nh gi ck cho tt s cp
Mi quan h gia tt s cp v tt th cp: v bn cht mqh gia tt s cp v tt th
cp l mqh ni ti bin chng. TT s cp to k, ng lc cho tt th cp. 2tt ny c mqh
mt thit, h tr ln nhau:
TT s cp l c s, tin cho tt th cp hot ng v pht trin v l ni
cung cp hang ha cho ttck. Nu k c tt s cp s k c hng ha trn tt th cp.
TT th cp k th ra i chng no cha c tt s cp rng ri, vng chc vi nhiu
loi ck hp dn nh t v cng chng n b vn u t ck. Tuy nhin, nu ch c
tt s cp m k c tt th cp th tt s cp cg k th tn ti v pht trin c v khi
cc ck pht hnh trn tt s cp s k c tip tc lu chuyn, cc nt k quan
tm n vc mua v nm gi ck ca t chc pht hnh. Vc xut hin tt th cp
to ra 1 ni ck pht hnh trn tt s cp c lu chuyn nhm thu ht s qan
tm ca cc nt nh to k, ng lc cho s pht trin ca tt s cp.
TT th cp to iu kin d dng chuyn cc ck thnh tin mt, lm tng
tnh lng ca ck khin chug c a chung hn v nh thl d dng hn cho cc

cng ty bn chg tt s cp. Vc tt th cp lm tng tnh lng ca ck pht hnh

gip gim ri roc ho cc nt. Cc nt s d dng hn trg vc sang lc, la chn,
thay i kt cu danh mc u t trn c s lm gim chi ph cho cc nh pht
hnh trg vc huy ng v s dng vn. Tng tnh lng ca ck to k cho vc chuyn
i thi hn ca vn ng thi to k cho vc phn phi vn 1 cch hiu q. N cn
to k tch bit gia quyn s hu v quyn qun l, lm c s cho vc tng hiu
q qun l dn.
TT th cp x gi ca ck c pht hnh trn tt s cp. TT th cp c sem l tt
nh gi cc cty. Nhg ng` mua ck tt s cp ch chp nhn thanh ton cho cty
pht hnh vi gi m h cho rng nt trn tt th cp s tng hn na. Gi ck tt
th cp cng cao th gi ck trn tt s cp cng cao, nh vy cng ty pht hnh s
pht trin c nhiu vn u t v ngc li.
Thng qa vc xc nh gi, tt th cp cung cp 1 danh mc chi ph vn tng
ng vs cc mc ri ro khc nhau ca tng phng n u t, to c s tham
chiu cho cc nh pht hnh cg nh nt trn tt s cp.

Bnh lun mi qh ny trn ttck VN

Vc pb tt s cp v th cp ch c ngha v mt l thuyt. Trn thc t h ca ttck VN k
th ch r ra u l tt s cp u l tt th cp bi v trg h ca ttck va din ra vic pht
hnh chng khon va din ra vic mua i bn li chng khon
Cu 13. phn bit mc ch pht hnh tri phiu c phiu vi doanh nghip.
M pht hnh c phiu:
B sung vn iu l nhm nng cao kh nng ti chnh ca cng ty
C cu li n vay ngn hn
Mc ch ca pht hnh tri phiu.
- Cc doanh nghip pht hnh tri phiu huy ng vn cho sn xut kinh doanh bn
cnh ngun vn i vay t ngn hng thng mi.
- Lm thay i c cu vn trung v di hn, gi mt t l nht nh gia vn n v vn
CSH.
- Li sut ca tri phiu nh hn li sut i vay ngn hng. ng thi khi pht hnh tri
phiu cng ty khng phi chu gim st kht khe tnh hnh s dng vn ca ngn hng.
Ngun vn ngn hng thng kh tip cn khi cc doanh nghip c quy m va v nh
vi cc rng buc v iu kin cho vay, trong khi ngun vn tri phiu di do vi tim
nng rt ln.
Cu 14. trnh by cc phng thc pht hnh tri phiu. bnh lun v cc
phng thc pht hnh tri phiu chnh ph, tri phiu doanh nghip vit
nam
Cc phng thc pht hnh tri phiu:
1.
Bo lnh pht hnh tri phiu
L vic t chc bo lnh gip t chc pht hnh thc hin cc th tc trc khi pht
hnh tri phiu ra th trng chng khan, phn phi tri phiu cho cc nh u t,
nhn mua tri phiu bn li hoc mua s tri phiu cn li cha phn phi ht trong
t pht hnh.

Bo lnh pht hnh bao gm c vic t vn ti chnh v phn phi chng

khon
T chc bo lnh c hng ph bo lnh hoc mt t l hoa hng nht nh
da trn s tin thu c
Cc loi tri phiu pht hnh theo phng thc bo lnh: Tri phiu kho bc, tri phiu
cng trnh trung ng, tri phiu u t, tri phiu c chnh ph bo lnh, tri phiu
chnh quyn a phng
2.
i l pht hnh tri phiu
i l pht hnh l vic t chc pht hnh y thc cho cc t chc khc thc hin bn
tri phiu cho cc nh u t. T chc nhn lm i l pht hnh c hung ph i l
pht hnh cn c theo khi lng tri phiu tiu th c, lng tri phiu tiu th
khng ht ca t pht hnh, i l c quyn han tr li cho t chc pht hnh
Cc loi tri phiu pht hnh theo phng thc i l bao gm: Tri phiu kho bc, tri
phiu c Chnh ph bo lnh, tri phiu Chnh quyn a phng.
3.

u thu pht hnh tri phiu: Ch th pht hnh bn chng khon ti tay nh
u t
Phng thc u thu tri phiu: T chc pht hnh tri phiu c la chn
cc phng thc u thu sau:
+ u thu trc tip ti doanh nghip pht hnh tri phiu.
+ u thu thng qua cc t chc ti chnh trung gian.
+ u thu thng qua Trung tm giao dch chng khon (S Giao dch chng khon).
- Nguyn tc u thu tri phiu
+ B mt v thng tin ca cc t chc, c nhn tham gia d thu.
+ Bo m s bnh ng gia cc t chc, c nhn tham gia u thu.
+ Cnh tranh v li sut gia cc t chc, c nhn tham gia u thu.
- Hnh thc u thu tri phiu
+ u thu cnh tranh li sut.
+ Kt hp gia u thu cnh tranh li sut vi u thu khng cnh tranh li sut.
T l tri phiu u thu khng cnh tranh li sut trong tng t u thu do
doanh nghip pht hnh quyt nh nhng ti a bng 30% tng khi lng tri phiu
thng bo pht hnh ca t u thu .
4.
Pht hnh tri phiu quc t
Bnh lun cc phng thc pht hnh TPCP, TPDN VN
Th trng tri phiu Vit nam mi hnh thnh cn cha a dng v ch th tham gia,
cc phng thc v cc cng c trn th trng tri phiu. y l mt th trng c tim
nng trong huy ng vn, nhng cha thc s pht trin. Phng thc pht hnh ch
yu l u thu tri phiu chnh ph nhng cn cha hon thin, t l thnh cng thp,
v cn nhiu hn ch.

Phng thc pht hnh TPCP:

Vit Nam, tri phiu chnh ph c pht hnh bi 3 ch th chnh l kho bc Nh
nc (KBNN), ngn hng pht trin Vit Nam (VDB) v ngn hng Nh nc vi hnh thc
u thu, bo lnh pht hnh hoc bn l qua h thng KBNN. Mc tiu ca tri phiu l
u t vo cc d n trng im, b p thm ht ngn sch v l cng c quan
trng trg vc iu hnh chnh sch ti kha v chnh sch tin t quc gia. Phng thc
u thu tri phiu c p dng ch yu do thi gian huy ng vn nhanh, li sut thp
hn cc phng thc khc thun li chon g` pht hnh cg nh ng` u t. ng thi
phng thc ny huy ng cc ngun trg x hi p ng chi u t pht trin kinh t
v b p thiu ht ngn sch nn, gp phn hn ch lm pht, y nhanh tc tng

trg kinh t. Hn na t chc u thu l phng thc ph hp vi nn kinh t th trng

ca nc ta hin nay- c ch th trg` c s qun l cht ch ca nh nc.
Tuy nhin tnh hnh pht hnh TPCP cn kh m m, hiu qu cha cao.
G 2000 2005 c sem l giai on hnh thnh v khi ng TTCK VN. Do tt mi o vo
hot ng nn vc tham gia u thu cn mang tnh thm d. Tng gi tr gi thu thnh
cng cn thp. Nm 2006 cng vs s bg n ca TTCK v th hin quyt nh
2276/Q_BTC ngy 20/6/2006 ca b ti chnh v tp trung u thu TPCP ti trung tm
giao dik ck h ni. GI tr TPCP trng thu nm 2006 khong 7.885t gp 3.3 ln so vs
2005. u nm 2007, KBNN pht hnh thnh cng TPCP theo l ln u tin c tng
khi lg tnh theo mnh gi l 1000 t ng, c pht hnh 3 t vo cc ngy 19/3/2007,
27/4/2007, 17/5/2007, c cng ngy n hn thanh ton l 19/3/2012, li sut thanh
ton hng nm 7,8%/nm. Tuy nhin n cui 2007 th khi lg TPCP pht hnh thnh
cng gim mt cch ng k. Vc u thu k thnh cng lm cho cc t pht hnh
TPCP k pht hnh c. Cng vs vic trin khai phng thc u thu TPCP qua TTGDCK,
BTC thc hin vc pht hnh TPCP theo phng thc bo lnh pht hnh k t 9/2000
2009: Theo B Ti chnh, trong nm 2009, nhu cu huy ng vn bng tri phiu chnh
ph cho ngn sch vo khong 200.000 t ng. Song, tng khi lng tri phiu chnh
ph pht hnh trong nm ch c khong 20.000 t ng, t 14% k hoch ra.
tnh chung trong nm 2009 c khong 70 t pht hnh bao gm tri phiu Kho bc Nh
nc, Ngn hng Pht trin, Ngn hng Chnh sch x hi v tri phiu TPHCM, tuy nhin
ch c khong 5.000 t ng tri phiu huy ng c trn tng s 71.400 t ng a ra
gi thu.
2010 Theo kho bc nh nc Vit Nam, 10 thng u nm 2010 c 54 t t chc
u thu, bo lnh pht hnh tri phiu vi s lng thnh vin tham gia kh ln.
Khi lng vn cn huy ng l 100000 t ng, cho n 10/2010 huy ng
c 67.6 %
Nh nc ch trng pht hnh tri phiu theo l ln, nhng ch c t 5-7 t
chc ln tham gia u thu vi s lng huy ng vn thp hn nhiu so vi k
hoch.
Nguyn nhn trc tip l li sut khng hp dn. Trong hu ht cc t pht hnh,
li sut trn m t chc pht hnh a ra u thp hn li sut thp nht m cc nh
thu ng k. Tnh trung bnh qua cc t pht hnh, mc chnh lnh ny l 0,88%/nm.
Trong khi ng nh li sut tri phiu chnh ph < li sut huy ng trn th trng, li
sut chun cc cng c n tham chiu
Bnh lun: - Cha hnh thnh c g` cong li sut TPCP trn th trg`
Cc phng thc pht hnh nh u thu qa NHNN, u thu qa SGDCK, bo
lnh pht hnh cn rt nhiu vn phi tip tc ngin ku, ci tin
TPCP nim yt, giao dch trn tt th cp cn t v s lg
Thiu vng cc nh kinh doanh tp chuyn ngip v nh to lp th trg`
TPCP tng bc c a dng v k hn nhg vn cn nhiu t vs cc loi k
hn, ls, ngy o hn khc nhau
Hin nay duy nht ch c Kho bc nn v ang phi hp vs SGDCK h ni
(HNX) v cc n v lien qan t chc c knh u thu TPCP theo l ln

Phng thc pht hnh TPDN:

Th trng tri phiu doanh nghip Vit Nam cn hn ch v khng phi bt c
doanh nghip no cng lm c. iu ny th hin qua trong nm 2008, ch c cha
n 10 t pht hnh tri phiu doanh nghip thnh cng. Nhng doanh nghip pht
hnh thnh cng t trc n nay u l cc cng ty quy m tng i ln v ln nh:
EVN, Vinacomin, Vinaconex, Tng cng ty Sng ... Nhng doanh nghip tng pht
hnh tri phiu chuyn i cng c quy m ln nh: ACB, VCB... Ni cch khc, th

trng tri phiu doanh nghip hu nh vng bng cc doanh nghip nh trong khi y
l cc i tng rt kht vn v chim s lng ln (500.000 DN vo nm 2010). . C
cu tri phiu doanh nghip trong th trng tri phiu Vit Nam cn rt khim tn ch
chng 10%, tri phiu chnh quyn a phng chim khong 10% trong khi tri phiu
chnh ph chim a s (80-83%). Cc nh u t ch yu mua v gi tri phiu ti khi
o hn, cc dch v lin quan hu nh cha c
Pht hnh tri phiu vi cc doanh nghip va v nh cn gp nhiu kh khn do vn
quy m v thng hiu ca doanh nghip, cha thu ht c s quan tm ca nh u
t. Vit nam tm l n theo kh ph bin, m khng c nhng chuyn gia chuyn
kinh doanh tri phiu, nn th trng tri phiu ch tp trung cc cng ty c quy m
ln. Ngun vn tri phiu di do, l mt th trng tim nng, c nhiu pht trin
trong huy ng vn nhng vn l iu khng h d dng vi tri phiu doanh nghip va
v nh.
C 2 trng hp l pht hnh ring l v pht hnh ra cng chng. Vi pht hnh ring
l, phng thc pht hnh ch gii hn 3 hnh thc l bo lnh pht hnh, i l pht
hnh v u thu m t chc bo lnh pht hnh, i l pht hnh phi tha mn nhng
tiu chun do B Ti chnh quy nh (hin vn cha c hng dn v cc tiu chun ny).
Quy nh ny ch ph hp vi nhng t pht hnh c gi tr ln ca nhng doanh nghip
ln, trng hp khc s l kh tn km. y l mt ro cn i vi vic pht hnh tri
phiu doanh nghip nh v va Vit Nam hin nay. Ph v l ph khi pht hnh tri
phiu doanh nghip ht hiu lc v c nhn xt l qu cao nn khng khuyn khch
doanh nghip la chn hnh thc pht hnh tri phiu
Cu 15. trnh by cc phng thc pht hnh c phiu. bnh lun cng ty c
phn vn hin nay vn cha tn dng c li th pht hnh c phiu?
Phng thc pht hnh c phiu: c 2 phng thc pht hnh c phiu. l pht
hnh ring l v pht hnh ra cng chng:
Pht hnh ring l: l vic cng ty pht hnh cho bn c phiu ca mnh trg
phm vi mt s ng` nht nh ( thng thg` l cho cc nh u t c t chc c
nh nm gi c phiu mt cch lu di) nh cng ty bo him, qu hu trvi
nhng iu kin hn ch ch k pht hnh rng ri ra cng chng.
Pht hnh c phiu ra cng chug: l vic pht hnh trg c phiu c th
chuyn nhng c bn rng ri ra cng chug cho 1 s lg ln ng` u t nht nh
( trg phi dnh 1 t l cho cc nh u t nh) v khi lg pht hnh phi t ti
mt mc nht nh.
2 phng thc pht hnh c phiu ra cng chng:
+ Pht hnh ln u ra cng chng (IPO): c phiu ca cty ln u tin c bn
rng ri cho cng chug u t. Bao gm: IPO s cp-c phn c bn ln u tin
cho cng chng nhm tng vn v IPO th cp c phn c bn t s c phn hin
hu.
+ Cho bn s cp: pht hnh c phiu b sung ca cng ty cho rng ri ra cng
chng
Bnh lun cty c phn VN vn cha tn dng c li th pht hnh cp:
VN theo lut dn 2005 c 4 loi hnh doanh nghip:
Cng ty TNHH
Cng ty c phn
Cng ty hp danh

Doanh nghip t nhn

Trong cc loi hnh doanh nghip trn, ch c cng ty c phn l c php huy ng vn
bng pht hnh c phiu v tri phiu, cng ty TNHH ch c php pht hnh tri phiu.
Nh vy cng ty c phn l loi hnh doanh nghip c u th trg vic huy ng vn bng
pht hnh chng khon.
Khi ttck VN pht trin, cc dn xem y l knh pht hnh cp huy ng vn hu hiu
nht
Thi gian qa c nhiu t pht hnh huy ng vn theo nhu cu pht trin ca dn, y l
biu hin tch cc v hiu lc hot ng ca ttck. Nhg ng thi cg c k t t pht
hnh tim n kh nng tranh th, tn dng ngun vn trc cc cn kht u t trn tt.
iu ny phn no dn n tnh trng s dng vn k g theo nhu cu pht trin, k
theo d n c th hay k hoch s dng vn c xc lp. Do vy, k vng ca nh u
t, mong i ca nn kinh t v ca tt cha c p g.
Vn, hnh lang php l cn rm r gy tr ngi i vi vc pht hnh c phiu (doanh
nghip s mt nhiu thi gian cho khu chun b v xt duyt h s), cc cng ty chng
khon vn do hn ch v kinh nghim, trnh chuyn mn nn cha ng vai tr tch
cc i vi vic t vn, bo lnh pht hnh cho cc cng ty. V pha cc cng ty, tt c
phiu cg nh tri phiu cng ty cn km pht trin do cc cng ty cha quen vs vc huy
ng vn qua vc pht hnh c phiu, tri phiu m vn da ch yu vo ngun vn vay
ngn hang, c bit l cc tng cng ty ln, cc dn nn do c kh nng tip cn cc
ngun vn vay ngn hang, vay u i. Cc n v ny cg thiu t chc nh mc tn
nhim gip cho vic xc nh tn nhim v lm tng tnh minh bch cho cc c phiu, tri
phiu pht hnhDo , cc cng ty c phn hin nay cn rt hn ch trg vc pht hnh
c phiu huy ng vn
Cu 16 : ti sao trong n pht trin th trng chng khon n 2010 nhn
mnh vn ti cu trc th trng chng khon?
Vi lch s trn 500 nm th trng chng khon (TTCK) th gii, 10 nm TTCK
ca ta ch nh l mt a tr s sinh. Nhng 10 nm u tin TTCK ca ta
c s pht trin thn k, vt xa nhng d tnh ban u ca nhiu ngi trong
cuc.
n nay ta c 2 s giao dch (SGD) v mt th trng UPCoM, vi gn 600 loi c phiu
nim yt, 105 cng ty chng khon (CTCK), trn 50 qu u t ca 46 cng ty qun l
qu, gn 1 triu ti khon giao dch trn c ba th trng, trong khong 25% l ca
ngi u t nc ngoi, vi gn 4.000 phin giao dch din ra an ton Nhng thnh
tch trn th trng th cp tc ng tch cc th trng pht hnh.
10 nm qua nhiu cng ty i chng, c bit l cc cng ty nim yt (CTNY) pht
hnh chng khon tng vn ln t hng chc, hng trm ln. Ring 2 nm 2008-2009
c 35.000 t ng gi tr c phiu (tnh theo mnh gi) c pht hnh ra cng chng,
gp phn lnh mnh ti chnh doanh nghip, thc y kinh t pht trin.
Ngoi nhng con s c th rt n tng , v phng din v m, s hnh thnh v pht
trin TTCK th hin nn kinh t ca ta v ang chuyn i nhanh chng sang c ch
th trng. Cc TTCK to ra nhng hnh nh trc quan sinh ng cho ngi VN. L
nhn t quan trng hnh thnh cu lc b ngn t v bc u to lp c mt nn
vn ha chng khon trong cng chng. Tuy nhin, nh vy khng c ngha TTCK ca ta
l mt nh ch ti chnh hon ho. 10 nm qua l thi k v hoang. Sau v hoang
l giai on tu chnh hon thin. y ban Chng khon nh nc (UBCKNN) t nhim
v trng tm nm 2010-2011 l ti cu trc th trng v hon thin c ch hot ng.
Mt trong nhng chnh sch tc ng mnh n TTCK l chnh sch ti kha (CSTK) v
chnh sch tin t (CSTT). i vi CSTT, trong c bit nhn mnh vic iu hnh
CSTT. Vi vic iu hnh CSTT theo hng ni lng hoc tht cht u tc ng khng

nh n tnh thanh khon trn TTCK. Ch vi mt bin php ca Ngn hng Nh nc

nhm chn chnh cng tc tn dng ca h thng ngn hng, ngay lp tc khi lng c
phiu giao dch c hai sn v gi c ca chng u gim mnh. Tnh trng ny ni ln
iu g? tin dng u t, kinh doanh chng khon ch yu l ngun no? Ti sao
TTCK li qu nhy cm theo s m rng hay thu hp tn dng ca cc ngn hng thng
mi (NHTM)? TTCK ti sao lun ln xung theo tin n? Nhn vo nhng bt cp ca th
trng s thy cn phi tip tc ti cu trc TTCK, TTCK phi ng ngha l knh huy
ng vn trung v di hn thit thc cho doanh nghip phc v cho sn xut, kinh doanh
v l knh ht vn nhn ri ca cc c nhn v cc t chc trong v ngoi nc. Nguyn
tc ti cu trc phi m bo s n nh ca h thng, theo xy dng v vn hnh c
hiu qu h thng th trng ti chnh (th trng tin t, TTCK, th trng tn dng, TTTP
Chnh ph), thc hin cc chun mc tt nht trong qun tr cng ty, chun mc k
ton v cng b thng tin.
Cu trc mt h thng th trng nh th no cho tt c cc loi chng khon u c
ni giao dch v vic giao dch c din ra cng khai, cng bng, minh bch, vi s
gim st c hiu qu ca Nh nc l mc tiu mi ca TTCK Vit Nam.

Cu 18 : Bnh lun OTC l th trng c phiu cng ngh, th trng c phiu

doanh nghip va v nh, th trng c phiu tng trng?
Th trng OTC( Over The Counter - Th trng giao dch qua quy) hay cn gi l th
trng phi tp trung, l th trng c t chc khng da vo mt mt bng giao dch
c nh nh th trng sn giao dch (th trng giao dch tp trung), m da vo mt h
thng vn hnh theo c ch cho gi cnh tranh v thng lng thng qua s tr gip
ca cc phng tin thng tin. Th trng OTC khng c mt khng gian giao dch tp
trung. Th trng ny thng c cc cng ty chng khon (CTCK) cng nhau duy tr,
vic giao dch v thng tin c da vo h thng in thoi v Internet vi s tr gip
ca cc thit b u cui.
Hng ho ca th trng OTC chnh l cc loi chng khon c php pht hnh v cha
iu kin nim yt trn s giao dch (SGD), ch yu l chng khon ca cc cng ty
va v nh, cng ty cng ngh cao, cng ty mi thnh lp nhng c tim nng pht trin
v.v
Khi xt v i tng v phng tin tham gia th trng ny ta c th nhn thy rng
:Cc ch th khi tham gia trn th trng ny cng c cng ngh tin tin th cng c li
th cnh tranh cng c c hi thu c li nhun cao, chnh bi l vi cc cng ty
cng ngh cao b thu ht bi OTC mt phn v iu kin tham gia d hn so vi th
trng tp trung mt phn chnh l li th do ngnh kinh doanh ca h. Hay ni cch
khc OTC c th coi l th trng c phiu cng ngh. C th thy r iu ny th
trng OTC M, chnh l th trng Nasdaq : c thnh lp nm 1971 bi Hip hi
nhng ngi bun bn chng khon Quc gia (NASD) v hin ang c iu hnh bi
Nasdaq Stock Market, Inc. Nasdaq l sn giao dch chng khon in t ln nht nc
M, vi khong 3.200 cng ty nim yt v s lng c phiu giao dch bnh qun nhiu
hn bt k sn giao dch khc M, k c NYSE. C gi tr vn ho th trng ng th 3
th gii (sau NYSE v Tokyo stock Exchange). Ch s Nasdaq c theo di nhiu nht i
vi cc cng ty hot ng trong lnh vc cng ngh.
Mt khc khi xt iu kin tham gia th trng cng nh i tng tham gia nhn thy
mt iu r rng l hu ht cc doanh nghip va v nh l nhng ch th chnh c mt
trn OTC . H l nhng doanh nghip khng p ng c nhng iu kin nim yt trn
sn giao dch tp trung ( vn iu l, v li nhun trong vng 2-3 nm phi dng)
nn huy ng vn nhanh chng phc v sn xut kinh doanh vic tm ti OTC l tt

yu m bo ngun ti tr cho cng ty. V cng v th m OTC cn c coi l th

trng c phiu doanh nghip va v nh.
Ngoi ra OTC cn c bit n nh l th trng ca c phiu tng trng. OTC ra i
sm nht trong lch s hnh thnh pht trin th trng chng khon ng vai tr nh
mt th trng th cp thc hin vai tr iu ha lu thng cc ngun vn lun tn ti
v pht trin song song vi th trng chng khon tp trung. Do vy chng khon giao
dch trn OTC mc d c th l nhng chng khon c php pht hnh v cha
iu kin nim yt trn s giao dch (SGD), ch yu l chng khon ca cc cng ty va
v nh, cng ty cng ngh cao, cng ty mi thnh lp nhng c tim nng pht trin
v.vVi c ch thng lng v tha thun gi l ch yu, cng vi vic s dng mng
my tnh rng giao dch thng tin, qun l v c ch thanh ton linh hot a dng th
giao dch trn OTC i khi c s si ng v tng trng mnh m hn c trn th trng
tp trung.
OTC c th c xem l th trng c phiu cng ngh, th trng c phiu doanh
nghip va v nh, th trng c phiu tng trng.
Cu 19. trnh by cc lnh c bn trong giao dch v kinh doanh chng khon.
(khi nim, c im, trng hp p dng lnh)
I. Trnh by v v d v cc lnh trong giao dch v kinh doanh
chng khon:
Trn cc th trng chng khon quc t, c rt nhiu cc loi lnh giao dch c
s dng. Tuy nhin trn thc t th phn ln cc lnh giao dch c nh u s dng l
lnh gii hn v lnh th trng.
1. Lnh th trng (market order)
a. Khi nim:
Lnh th trng l loi lnh m khi nh u t s dng th h sn sng chp nhn
mua hoc bn chng khon theo mc gi ca th trng hin ti v lnh lun c thc
hin. Lnh th trng cn c gi l lnh khng rng buc do mc gi c xc nh bi
quan h cung cu chng khon trn th trng chng khon.
b. Nguyn tc:
Khi nh u t nhp lnh mua (bn) chng khon s dng lnh th trng (MP) th
nguyn tc khp nh sau:
- Nu khng c lnh i ng th lnh b t chi.
- Nu c lnh i ng th xt gi tt nht (khi mua th xt gi bn thp nht cn khi
bn th xt gi mua cao nht) khp lnh.
- Nu khp cha ht MP th s xt gi tt k tip cho n khi ht khi lng lnh MP
hoc ht khi lng lnh i ng.
- Nu khi lng lnh MP vn cn theo nguyn tc trn v khng th tip tc khp
th lnh MP s c chuyn thnh lnh gii hn mua (bn) ti mc gi cao (thp) hn
mt bc gi so vi giao dch cui cng trc .
c. u im:
- Nng cao doanh s trn th trng, tng cng tnh thanh khon ca th trng.
- Thun tin cho nh u t v h ch cn a ra khi lng giao dch m khng cn
ch ra mc gi giao dch c th.
- c u tin thc hin trc cc giao dch khc.
- Nh u t v cc cng ty chng khon tit kim c cc chi ph do t gp phi
cc sai st hay phi sa lnh.
d. Nhc im:
- D gy ra s bin ng gi bt thng, nh hng n tnh n nh gi ca th
trng do lnh lun tim n kh nng c thc hin mt mc gi khng th d tnh
trc.

- Thng ch c p dng vi cc nh u t ln, chuyn nghip, c cc thng

tin lin quan n mua bn v xu hng vn ng ca gi, hay vi cc trng hp bn
chng khon v tm l ca ngi bn l mun bn nhanh theo gi th trng v i tng
ca cc lnh ny l cc chng nng , ngha l cc chng khon ang c s d tha
hay thiu ht tm thi.
- V d v lnh th trng:
S lnh c phiu ABC nh sau:
KL Mua
Gi mua
Gi bn
KL Bn
5000
MP
120
1000
121
2000
Kt qu khp lnh:
3000 c phiu c khp trong 1000 c phiu khp vi gi 120 v 2000 c phiu
c khp vi gi 121
- 2000 chuyn thnh lnh LO mua ti mc gi 122.
2. Lnh gii hn (limit order)
a. Khi nim:
L loi lnh giao dch m nh u t t lnh a ra mt mc gi mua hay bn c
th chp nhn c. Lnh gii hn mua ch ra mc gi cao nht m nh u t c th
mua cn lnh gii hn bn ch ra mc gi thp nht m nh u t c th bn.
Mt lnh gii hn thng thng khng c thc hin ngay, do nh u t phi
xc nh thi gian cho php n khi c lnh hy b. Trong khong thi gian lnh gii hn
cha c thc hin, nh u t c th thay i mc gii hn. Khi ht thi gian nh,
lnh cha c thc hin hoc thc hin cha s ht gi tr.
- V d v lnh gii hn: Gi s bn dng lnh gii hn mua 1000 c phiu HAG
vi mc gi gii hn l 75000 th nu c ngi bn vi gi thp hn hoc bng 75000
th lnh ca bn mi c th c khp cn nu ch c lnh bn HAG vi gi trn 75000
th lnh ca bn s khng c khp.
b. Phn loi:
- Lnh gii hn phin m ca (Limit-on-open-order)
y l mt loi lnh gii hn dng mua hoc bn mt loi c phiu ti phin
m ca th trng nu mc gi th trng tho mn cc iu kin gii hn. Loi lnh ny
ch c hiu lc trong phin giao dch u tin, sau n s khng cn hiu lc na.
Nhng nh u t tin rng gi m ca l mc gi thc hin tt nht thng mun t
lnh gii hn ti phin m ca.
V d: gi s bn l mt nh u t ang nm trong tay 1000 c phiu ca cng ty
ABC v mun bn chng vo phin m ca th trng, tuy nhin bn cng mun chc
chn rng bn s nhn c t nht l 50$ trn mi c phiu. Khi bn nn t lnh
gii hn ti phin m ca. Nu trong phin u tin ny, gi c phiu cao hn 50$, lnh
ca bn s c thc hin, nhng nu mc gi giao dch trn th trng thp hn 50$/cp,
lnh ca bn s b hu v bn s khng phi bn c phiu ca mnh vi mc gi thp
hn mong mun.
- Lnh gii hn phin ng ca:
y l mt dng lnh gii hn mua hoc bn mt loi c phiu ti mc gi ng
ca nu mc gi ny tt hn mc gi gii hn, nu khng p ng c cc iu kin
ny th lnh s b hu. Loi lnh ny l s m rng ca lnh phin ng ca th trng
(tc l lnh c thc hin ti mc gi ng ca). Do bng cch t lnh gii hn ti
phin ng ca, bn c th giao dch ti mc gi tt hn.
C nhiu nh u t u tin rng gi ng ca l gi tng i tt v khi lng
giao dch vo phin cui kh cao v thng thc hin giao dch thng qua lnh phin
ng ca (market-on-close order). Tuy nhin nu t lnh ny cc nh u t vn c

nguy c phi tin hnh cc giao dch ti mc gi m h khng mong mun. V th bng
vic t mt lnh gii hn ti phin ng ca, cc nh u t c th trnh c ri ro
ny.
V d: nu bn thc hin mt lnh mua gii hn ti phin ng ca, s lng l
100 c phiu ca cng ty ABC vi mc gi 52.05 $, mc gi vo cui ngy giao dch l
50$, nh vy lnh ca bn c th c thc hin, tuy nhin nu mc gi ny tng ti
54$ th lnh ca bn s b hu v bn s khng phi mua vi mc gi cao hn mong
mun.
c. u im:
Gip nh u t d tnh c mc li hoc l khi giao dch c thc hin
d. Nhc im:
- C th phi nhn ri ro do mt c hi u t, c bit l trong trng hp gi th
trng b xa mc gi gii hn (ngoi tm kim sot ca nh u t)
- Trong mt s trng hp, lnh gii hn khng c thc hin ngay c khi gi gii
hn c p ng v khng p ng c cc nguyn tc u tin trong khp lnh.
3. Lnh dng
a. Khi nim:
Lnh dng l loi lnh c bit m bo cho cc nh u t c th thu li nhun
ti mt mc nht nh (bo v li nhun) v phng chng ri ro trong trng hp gi
chng khon chuyn ng theo chiu ngc li.
b. c im:
- Trong lnh dng nh u t xc nh mt mc gi c th, gi gi l gi dng.
- Khi lnh c chuyn n nh mi gii, nu gi th trng cha t ti mc gi
dng th lnh cha c thc hin, ngi ta gi lnh ang trng thi Treo.
- Sau khi t lnh, nu gi th trng t ti mc qua mc gi dng th lnh dng s
tr thnh lnh th trng. Lnh dng tr thnh lnh th trng khi gi chng khon bng
hoc vt mc gi n nh trong lnh gi dng. Lnh dng thng c dng cho cc
nh u t chuyn nghip v khng c s bo m no cho gi thc hin s l gi dng.
Nh vy, lnh dng khc lnh gii hn ch, lnh gii hn m bo c thc hin vi
gi gii hn hoc tt hn.
c. Phn loi:
* Lnh dng bn
- Khi nim: l loi dng trong khch hng a ra mt mc gi dng bn
chng khon nu gi th trng bin ng gim t hoc thp hn mc gi dng th
ngay lp tc lnh c kch hot, nh mi gii phi bn chng khon ngay cho khch
hng
- c im: lun t gi thp hn gi th trng ca mt chng khon mun bn.
- p dng: lnh dng bn c s dng bo v li ch hay hn ch thua l
ca nh u t thc hin phng sch mua chng khon nm gi sau bn chng
khon thu li (mua trc bn sau)
VD: Khch hng mua 100 c phn vi gi 12 ngn ng/c phn. Sau mt thi gian
gi c phiu ny ln ti 20 ngn ng/c phn. Khch hng cha mun bn v ng ta cho
rng gi cn tng na. Nhng phng trng hp gi khng tng m li gim,
khch hng ny t lnh dng vi ngi i din cng ty chng khon bn vi gi 19
ngn ng/c phn chng hn. Nu thc t gi c phiu khng tng m li gim th
gi c phiu gim ti 19 ngn, ngi mi gii s bn cho ng ta
*Lnh dng mua
- Khi nim: l loi lnh trong khch hng a ra mt mc gi dng mua
chng khon.Nu gi th trng bin ng tng t hoc vt qua mc gi dng th ngay
lp tc c kch hot, nh mi gii phi mua chng khon vo ngay cho khch hng.
- c im: lun dt gi cao hn gi th trng ca chng khon cn mua.

- p dng: lnh ny c dng nhm bo v li ch hay hn ch s thua l ca

cc nh u t thc hin phng sch bn trc mua sau(kinh doanh bn khng) VD:
Chng hn khch hng vay ca cng ty chng khon mt s c phn v bn i vi gi 30
ngn ng/c phn vi hy vng gi c phiu gim xung ti 20 ngn ng/ c phn, ng
ta s mua tr. Nhng phng trng hp gi c phiu khng gim m li tng,
khch hng t mt lnh dng mua vi gi 35 ngn ng. Khi gi ln ti 35 ngn
ng, ngi mi gii s mua c phiu cho ng ta v ng ta gii hn s thua l ca
mnh mc 5 ngn ng / c phn.
d. Cc cch s dng lnh dng:
* S dng lnh dng c tnh cht bo v:
- Bo v tin li ca ngi kinh doanh trong thng v thc hin
Bo v tin li ca ngi bn trong thng v bn khng.
VD: ng B thy gi th trng ca c phiu acb l 100.000 ng/c phiu vo ngy
1/1. ng nhn nh n s gim mnh trong tng lai, nn n cng ty chng khon vay
2000 c phiu acb v ra lnh bn ngay, hi vng trong thi gian tng lai ti gi s h,
khi ng B s mua li tr cng ty chng khon. Gi s ti ngy 5/1 gi c phiu acb
h xung 82.000 ng, ng ta lnh cho cng ty chng khon mua 2000 c phiu acb
tr n. Nh vy, ng ta k vng li 18.000 ng do chnh lnh gi mua bn. Nhng
phng sau khi bn khng gi c phiu acb li khng h m li tng ln ng ra mt
lnh dng mua 110.000 ng. Ngha l nu gi ln th khi ln mc 110.000 ng lp
tc nh mi gii phi thc hin mua vo ti S giao dch khng l qu 10.000 ng/c
phiu.
* S dng lnh dng c tnh cht phng nga
- Phng nga thua l qu ln trong trng hp mua bn ngay.
- Phng nga thua l qu ln trong trng hp bn trc mua sau.
e. u nhc im:
- u im: ny l bn khng cn ngy no cng phi mt ti cc bin ng ca
c phiu.
- Nhc im: khi mc gi th trng t ti mc gi dng ra th lnh dng s tr
thnh lnh th trng, nhng mc gi m ti lnh c thc hin th c th khc rt
nhiu so vi mc gi dng ny bi v gi c thay i rt nhanh chng trong mt th
trng y bin ng nh hin nay. trnh cc ri ro c th gp phi i vi lnh dng
th c th a ra lnh hn hp (stop-limit order).
4. Lnh dng gii hn
Lnh dng gii hn l mt lnh kt hp c c tnh ca lnh gii hn (limit order)
v lnh dng (stop order). Lnh dng gii hn s c thc hin mt mc gi c th
sau khi gi th trng t ti mc gi dng (stop price). Khi m gi th trng t ti mc
gi dng (stop price) th lnh dng gii hn s tr thnh lnh gii hn mua hoc bn mt
loi c phiu ti mc gi gii hn hoc mc gi tt hn.
u im chnh ca lnh dng gii hn l bn c th kim sot mt cch chnh xc
lnh ca bn s c thc hin nh th no. Tuy nhin nhc im ca n cng ging
vi nhc im ca cc lnh gii hn khc l lnh ca bn s khng c thc hin
nu nh loi chng khon m bn nh mua hay bn khng t c ti mc gi gii hn
(limit price).
Lnh dng l lnh m ch c thc hin khi gi th trng ca chng khon t ti
mt mc nht nh. Lnh gii hn l lnh c thc hin mc gi c th hoc l tt
hn. Vi vic lin kt hai loi lnh ny th mc chnh xc trong thc hin cc giao dch
ca cc nh u t s cao hn. Nhng v lnh dng s ch c thc hin mc gi th
trng ngay sau khi gi th trng t ti mc gi dng (stop price) nn vn c kh nng
lnh ca bn s c thc hin khng theo mun v th trng thay i rt nhanh
chng. Lnh dng gii hn thng c p dng i vi c phiu c mua bn trn sn

giao dch hn l ti th trng OTC. Mt s nh mi gii s khng chp nhn thc hin
lnh dng gii hn vi mt s loi chng khon, c bit l chng khon trn th trng
OTC.
V d : gi s rng c phiu ca cng ty XYZ ang c mua bn vi mc gi l
30la/c phiu v c mt nh u t t lnh hn hp mua loi c phiu ny vi
mc gi dng l 35 la/c phiu v mc gi gii hn l 37 la/ c phiu. nu nh c
phiu ca cng ty ABC ln trn mc gi 35 la/cp th lnh ca bn s chuyn thnh
lnh gii hn. Chng no m mc gi ca c phiu ny trn th trng cn di mc 37
la/cp th lnh ca bn s c thc hin. Tuy nhin nu nh mc gi ny vt ngng
37 la/cp th lnh ca bn s khng c thc hin na.
5. Lnh m:
L lnh c hiu lc v hn. Vi lnh ny, nh u t yu cu nh mi gii mua
hoc bn chng khon ti mc gi c bit v lnh c gi tr thng xuyn cho ti khi hy
b.
6. Lnh sa i:
L lnh do nh u t a vo h thng sa i mt ni dung v lnh gc
t t trc (gi, khi lng, mua hay bn)lnh sa i ch c chp nhn khi lnh
gc cha c thc hin.
7. Lnh hy b:
L lnh do khch hng a vo h thng hy b lnh gc t trc. Lnh
hy b ch c thc hin khi lnh gc cha c thc hin.
II. Cc loi lnh c s dng trong giao dch chng khon Vit Nam hin
nay
Hin nay trn s giao dch chng khon H Ni ch s dng lnh gii hn (LO) cn
trn sn HoSE th s dng 3 loi lnh l lnh gii hn, lnh ATO v lnh ATC.
1. Lnh ATO :
Lnh ATO (lnh giao dch ti mc gi khp lnh xc nh gi m ca) l lnh t
mua hoc t bn chng khon ti mc gi m ca. Lnh ATO c u tin trc lnh
gii hn trong khi so khp lnh.
Lnh ATO c nhp vo h thng giao dch trong thi gian khp lnh nh k (hin
ti thi gian khp lnh nh k xc nh gi m ca l 8h30-8h45) xc nh gi m ca.
Lnh ny s t ng b hy b sau thi im xc nh gi m ca i vi lnh khng
c thc hin hoc phn lnh cn li cha c thc hin.
KL mua
Gi mua
Gi bn
KL bn
1.500
10.000 (3)
ATO
2.000 (2)
9.900 ng
1.000 (1)
Nh u t lu , khi t lnh ATO trn cc phiu lnh ti cng ty chng khon,
khng cn ghi gi c th m ghi ATO.
- V d: S lnh ca c phiu ABC c gi tham chiu 10.000 ng
(1),(2),(3): th t lnh c nhp vo h thng
Vi s lnh trn, lnh ATO d vo sau lnh (1) bn 1.000 c phiu ABC gi 9.900 ng,
nhng vn c u tin khp vi lnh mua 1.500 n v gi 10.000 ng. Lng d
bn 500 n v ca lnh ATO s t ng b hu b.
Gi s lnh ATO trn ch bn vi khi lng 500 n v th bn mua sau khi khp vn
cn tha 1.000 n v v lc ny lnh (1) mi c khp. Do lnh (1) vo h thng trc
nn c u tin gi tt v 1.000 n v s c khp vi gi 10.000 ng. Kh nng
mua c hoc bn c ca lnh ATO rt cao, nhng mc gi c th khng c li.

2. Lnh ATC
Lnh ATC (lnh giao dch ti mc gi khp lnh xc nh gi ng ca) l lnh t
mua hoc t bn chng khon ti mc gi ng ca. Lnh ATC c u tin trc lnh
gii hn trong khi so khp lnh.
Lnh ATC c nhp vo h thng giao dch trong thi gian khp lnh nh k
xc nh gi ng ca (10h30-10h45) . Lnh ATC s t ng b hy b sau thi im xc
nh gi ng ca i vi lnh khng c thc hin hoc phn lnh cn li cha c
thc hin.
Trn sn HoSE, trong t khp lnh nh k m ca (8h30-8.h45) th ch c lnh ATO
v LO. Tip n l thi gian khp lnh lin tc (8h45-10h30) th ch c lnh LO. t khp
lnh nh k ng ca (10h30-10h45) th ngoi lnh LO cn c thm lnh ATC.
Cu 20. phng thc xc nh gi chng khon trn TTCK?
Gio trnh 201, 202, 203, 204
Cu 21. nh to lp th trng: khi nim vai tr hot ng li th v bt li?
Nh to lp th trng l cc trung gian ti chnh (thng l cc cng ty chng khon)
yt gi mua, gi bn v s lng chng khon trn th trng. H sn sng thc hin
giao dch mua v bn chng khon vi cc mc gi v s lng yt. Cc trung gian ti
chnh thc hin cng vic to lp th trng vi 2 mc tiu ch yu: m bo tnh thanh
khon ca th trng v tm kim li nhun.
Nh to lp th trng thng thc hin 2 cng vic p ng cc lnh t pha nh u
t.
Th nht, nh to lp th trng c th ng vai tr i tc trong giao dch, c ngha l
nu lnh t n l lnh mua, nh to lp th trng s bn cc chng khon tng ng
c "trong kho" ca mnh. Cn nu lnh t n l lnh bn, nh to lp th trng s tin
hnh mua. Lnh mua hay bn m nh to lp th trng nhn c chnh l lnh p li
cc cho mua, cho bn m nh to lp th trng yt ra trn th trng. Trong cc
cho mua, cho bn ca nh to lp th trng, gi yt ra do yu cu cnh tranh nn
thng phi bm st vi tnh hnh th trng, khi lng yt ra tu theo phn tch ca
mnh, cn phi chu thm tc ng ca lut nh v khi lng nh nht phi m bo
giao dch i vi mi lnh yt ra. Thng thng, c th chuyn sang yt mc gi khc
hay tham gia vi mt loi chng khon khc, nh to lp th trng phi thc hin mt
giao dch vi s lng ti thiu theo quy nh, iu ny m bo tnh thanh khon m
mi giao dch to ra.
Th hai, trng hp lnh t mua n nhng nh to lp th trng khng c s
chng khon t mua, hoc lnh t bn n nhng nh to lp th trng khng kh
nng mua ton b th m bo giao dch, nh to lp th trng s phi tm mt
lnh i ng khc tho mn ton b hoc mt phn khi lng ca khch hng t ra.
tm lnh i ng, nh to lp th trng ny s phi tm n mt nh to lp th
trng khc. Nh to lp th trng kia c th trc tip mua hoc bn, hoc cng c th
chuyn tip mt lnh mua hoc bn ca mt nh u t khc m h nhn c sang
i ng.
Vai tr ca nh to lp th trng c th hin thng qua cc hot ng sau:
* Duy tr tnh linh hot ca th trng i vi mt loi chng khon khi chng khon
c pht hnh ra th trng.

* Tng kh nng thc hin giao dch mt loi chng khon c th sinh li do s cnh
tranh v gi c t ra gia cc nh to lp th trng khc nhau i vi cng loi chng
khon .
* Thu ht s quan tm ca nh u t ti loi chng khon .
* Tng tnh linh hot ca th trng i vi mt loi chng khon khi tng s lng cc
nh to lp th trng.
Cc chuyn gia cng c th tr thnh "nh to lp th trng" i vi mt loi chng
khon c th trong iu kin phi chu s kim sot cht ch. S kim sot ny s hn
ch cc sai phm nu h lm dng quyn hnh ca mnh.
Bn cnh , cc nh to lp th trng c xu hng cnh tranh vi nhau do lun c
nhiu nh to lp th trng i vi mt chng khon, do TTCK phi tp trung (OTC)
c nh gi l c kh nng t iu chnh tt hn TTCK tp trung.
C chuyn gia chng khon v nh to lp th trng u c tip cn vi cc thng tin
c bit do h thng xuyn tip cn trc tip vi cc thng tin trn s lnh, v vy h c
nhiu kh nng "r r" thng tin khi c s bin ng th trng. Nu khng b cm, cc
chuyn gia v nh to lp th trng c th s dng cc thng tin ny (bao gm cc
thng tin ni b) thc hin kinh doanh cho chnh h nhm thu li nhun. cng
chnh l l do ti sao nhng i tng ny b kim sot cht ch. Mt yu cu khc na
l h phi cng bng vi tt c cc nh u t, khng c php thin v bt c bn no.
Ngy nay, trn th gii c nhiu loi th trng nh th trng c phiu, th trng tri
phiu, th trng tng lai, th trng quyn chn... cng vi s h tr ca cc phng
thc giao dch a dng khng ngng thc y s pht trin ca h thng TTCK, gp
phn vo s cng bng, hiu qu v trt t i vi cc giao dch chng khon. V vy, vai
tr ca cc chuyn gia v nh to lp th trng lun c khng nh.
Li ch i vi nh to lp th trng
- Li ch thu c trc tip t cc giao dch: li ch ny phn nh r rng doanh thu m
nh to lp th trng nhn c. Nh trnh by phn trn, nh to lp th trng s
tin hnh giao dch vi khch hng, ng vai tr i ng hoc tm mt lnh i ng. Khi
trc tip giao dch, khon li m mt nh to lp th trng nhn c chnh l khong
chnh lch gia mc gi cho mua v cho bn.
Khi tm lnh i ng cho giao dch, nh to lp th trng s ng vai tr mi gii v
nhn ph mi gii t giao dch. S lng giao dch m nh to lp th trng thc hin
cng ln, kh nng to chnh lch cng cao th li nhun ca nh to lp th trng s
cng ln.
- Li ch t nhng u i v h tr ca nh nc: nng lc v vn ca cc t chc khi
tham gia vi vai tr to lp th trng lun l mt hn ch, c bit i vi th trng tri
phiu. Cc nh to lp th trng lun c nhu cu huy ng vn p ng cho cc giao
dch, nhu cu vn thng tu thuc vo khi lng giao dch trung bnh th trng, trong
khi thi gian l ngn hn do bn cht giao dch thng xuyn. y l nhng tiu ch rt
kh i vi mt t chc thng thng. Tuy nhin, nh nc thng c u i v ngun
huy ng, v li sut vi nh to lp th trng. y l mt li th rt ln i vi cc nh
to lp th trng.
- Li ch t vic tip cn thng tin: thng thng, nh to lp th trng c quyn truy
cp vo nhng h thng tin ring hn ch trong phm vi nht nh, m khng phi bt
k thnh vin no tham gia trn th trng cng c th tip cn c. Nhng ngun
thng tin ny cho php nh to lp th trng c th d bo tt nht tnh hnh th trng,

t c nhng phng n iu chnh gi, khi lng cc cho mua, cho bn, iu chnh
lng chng khon "trong kho", c lng vn cn thit C c thng tin, mi nh to
lp th trng s bit cch s dng tt nht ti a ho li ch ca mnh.
Bt li cha tm thy moi ngi t tm nha
Cu 22. so snh th trng tp trung v phi tp trung? Bnh lun v thc trng
ca 2 th trng ny trn th trng chng khon vn ?
So snh trang 106
Th trng phi tp trung OTC Vit Nam:
+Quy m th trng:
Theo kt qu iu tra ca Tng cc Thng k v thc trng doanh nghip nm 20012003, tnh n cui nm 2002, c nc c 2.829 cng ty c phn. Trong 557 cng ty
nh nc c c phn ho, 2.272 cng ty c phn khng c vn nh nc. Tng vn t
c ca cc doanh nghip ny l 20.937 t ng, gp 20 ln tng vn iu l v 10 ln
vn ho ca cc cng ty nin yt ti thi im . Tnh n thi im thng 6 nm 2005,
c nc c gn 2000 doanh nghip nh nc c phn ho v trn 3000 cng ty c phn.
Tng vn iu l ca cc cng ty ny hn hn rt nhiu ln khi lng vn ho trn th
trng chnh thc1. y chnh l ngun cung ca th trng OTC. Hay ni theo cch
ca mt s ngi thng ni l th trng OTC Vit Nam rt nhiu tim nng.
Khng phi c phiu ca tt c cc cng ty c phn u c mua bn, trao i thng
xuyn m ch c mt t trong s c giao dch. C nhng loi c phiu gn nh
khng bao gi c giao dch, nhng c nhng loi c phiu tuy cha c nim yt trn
th trng chnh thc trn sn, nhng chng c giao dch rt si ng nh c phiu
ca cc ngn hng c thng mi c phn Chu, Si Gn Thng Tn, Bnh ko Kinh
, Vinamilk. y chnh l nhng c phiu m cc nh u t c t chc, nht l cc qu
u t rt quan tm.
Th trng phi tp trung Vit Nam ang tn ti l mt thc th khch quan. Ch c th
ni rng hot ng ca th trng ny cn manh mn, ri rc, t chc ca th
trng ny cha c cht ch, cha c ngi to lp v dn dt th trng ch
khng th ni l Vit Nam cha c th trng OTC v Vit nam ang t mc tiu
xy dng n nm 2010 s c th trng ny nh mt s ngi thng ni.
Nhng kh khn v ri ro ca cc nh u t trn th trng OTC
Vi c ch mua bn nu trn, nht l vn thu thp v tip cn thng tin,
tin cy v cn c khi a ra cc quyt nh u t l rt thp. Do , ri ro
i vi cc nh u t trn th trng OTC l rt ln. Vic mua phi cc loi c
phiu dm ca nhng doanh nghip lm n thua l v mt l do g c nh bng ln
l iu hon ton c th xy ra. Trng hp mua phi nh vy, cc nh u t ch c mt
cch duy nht l chu mt tin m chng c mt c ch no bo v h Chnh nhng vn
nu trn hn ch s tham gia ca cc nh u t t do, hn ch hot ng ca th
trng phi tp trung. Cc nh u t t do thng ch tham gia u t vo cc cng ty
hot ng trong lnh vc m h c s trng. Vi con s hn 5.000 cng ty c phn m
ch c 26 cng ty nim yt chnh thc, v mt s lng tng t thng xuyn c a
tin trn cc th trng OTC qu l con s v cng khim tn - 0,1% s cng ty c phn
hin nay.
Mt khc, trn th trng OTC Vit Nam, cc giao dch din ra ri rc, khng
c s lin kt. Khng c bt c ai gim st hay chu trch nhim. Hay ni mt
cch khc l hin ti cha c nhng nh t chc th trng.
Ni chung vic mua bn, gao dch chng khon trn th trng phi chnh thc thng
din ra xung quanh nhng ngi bit r v doanh nghip . Trng hp nhng nh u
t mi tham gia vo l rt hn ch. y cng chnh l mt trong nhng nguyn nhn

chnh lm cho th trng OTC Vit Nam km si ng. T l u t vo c phiu chim

mt phn rt nh so vi t l tin gi ti cc t chc ti chnh.
iu kin pht trin th trng OTC Vit Nam
Th trng OTC hay bt k nn kinh t th trng no lun tn ti mt cch khch
quan. Tuy nhin, vn t ra i vi th trng OTC Vit Nam l vi nhng nn tng
nh trn, vic pht trin th trng OTC cng vi th trng chnh thc tr thnh mt
knh giao dch chnh cho nn kinh t l iu ht sc. th trng ny pht trin, nhng
vn sau cn c xem xt to ra mt nn tng cho th trng pht trin.
Cc nh t chc v to lp th trng
th trng pht trin lnh mnh, cn phi c cc nh t chc th trng. C nh
vy, mi to ra tnh thng nht v nhng nguyn tc chung cc nh u t tham gia. S
nhiu nc, cc nh t chc th trng thng l hip hi ca cc nh u t chng kho
lp nn, t chc hot ng v li ch ca cc nh u t ny (trng hp ca Hoa K, i
Loan). i vi Vit Nam, nh nc ang trin khai k hach xy dng th trng ph tp
trung. Chng ta cng xem xt hp di y v trung tm giao dch chng khon H Ni
v th trng phi tp trung Vit Nam.
*Th trng chng khon tp trung Vit Nam:
Th trng chng khon tp trung biu hin di hnh thc ch yu l cc s giao dch
chng khon : l th trng giao dch chng khon c thc hin ti 1 i im tp
trung gi l sn giao dch(trading phloor) hoc thng qua h thng my tnh.Cc chng
khon c nim yt ti s giao dch chng khon thng thng l chng khon ca cc
cng ty ln,c danh ting v tri qua th thch trn th trng v p ng c cc
tiu chun nim yt.Cc loi chng khon ny c gio dch theo nhng quy nh nht
nh v phng thc giao dch,thi gian v a im c th.
Vit Nam hin nay c 2 s giao dch chng khon l HOSE v HNX
HOSE:
-Thnh vin:
+C 69 cng ty t yu cu k thut kt ni giao dch trc tuyn vi HOSE.Trong 69
cng ty ny c 37 cng ty thc hin giao dch trc tuyn vi nh u t.
*u im ca giao dch trc tuyn:
Tc x l lnh nhanh,trong iu kin bnh thng c th ln n 85 lnh/giy. Cc
cng ty chng khon cng s khng cn i din nhn v nhp lnh do mnh chuyn ln
giao dch ti sn ca HOSE. Nh u t cng khng cn phi n sn ca cng ty chng
khon m c th nhp lnh qua mng hoc nhn tin t in thoi di ng.
Minh bch trong nhn,t lnh,hn ch ti a li giao dch,tng cng tnh thanh
khon,tng hiu qu trong giao dch chng khon.
-Nh u t:n cui nm 2007,s lng ti khon ln n 298.000 trong c trn
7.000 ti khon l ca nh u t nc ngoi. i vi hot ng giao dch, SGDCK
TP.HCM thc hin giao dch khp lnh lin tc t ngy 30/07/2007 v tng bc trin
khai giao dch nhp lnh t xa p ng vi tnh hnh th trng ang pht trin
-Kt qu giao dch:Tnh n 31/12/2007,c 507 chng khon c nim yt,trong
c 138 c phiu vi tng gi tr vn ha t 365 ngn t ng.c bit c 6 doanh
nghip c vn u t nc ngoi tham gia nim yt; 03 chng ch qu u t vi khi
lng 171,4 triu n v v 366 tri phiu cc loi.
-Tng khi lng giao dch:Tnh n ngy 31/12/2007, SGDCK TP.HCM thc hin
c 1699 phin giao dch vi khi lng khong 4.225 triu chng khon v ga tr
khong 384.452 t ng. Ring trong nm 2007, khi lng giao dch t khong gn
2.390 triu chng khon vi tng gi tr giao dch l 245.651 t ng. Bin ng gi c
phiu c phn nh r nt qua bin ng ch s VN INDEX. T mc 307,5 im vo cui
nm 2005, VN INDEX tng v t mc k lc 1.170,67 im trong phin 12/03/2007
HNX

Nm

200

2006

2007

2008

6
12

79
27

108
62

165
88

5
S CT NY
S CTCK TV

n
10/2009
238
97

+Tuy nhin bn cnh nhng thnh qu dt c th th trng chng khon tp trung

vit nam cn c nhng hn ch nh sau:
-C ch qun l s giao dch cn lng lo, cht lng kim tra kim sot nhng cng ty
nim yt trn s GDCK cn km nhiu cng ty nim yt tranh th pht hnh lm cho
cht lng c phiu nim yt c chiu hng gim st.
- Tnh trng lm gi, thao tng gi vi cc cng ngh bm, ht, th, x y, vi cc
k thut phao tin; cc k thut xut bn cc bo co phn tch khng nh mt cch
chc chn VN-Index s li v mc X hoc tng n mc Y c suy din ht sc ch
quan trong nhng thi im nhy cm, hoc da ra cc phn tch d bo v chnh sch
tin t thay cho c mt ngnh, c thc hin bi cc i li tu chuyn nghip ang
lm xi mn nghim trng lng tin ca nh u t.
- Tnh trng tu tin trong cng b thng tin, cng b thng tin chm, thiu chnh xc,
khng trung thc ang gy bc xc cho cng ng u t v ngy cng t ra nhiu
thch thc i vi c quan qun l.
-Tnh minh bch ca th trng cha c m bo
23. So snh khp lnh nh k, khp lnh lin tc.
a. Ging nhau:
C ch xc nh gi theo lnh
b. Khc nhau
STT Ch tiu so snh
Khp lnh lin tc
1
c im
Cc lnh mua v bn
c tch t ti thi
im nht inh ri mi
c khp vi nhau.
2
u im
- Phn nh tc thi gi
c trn th trng
nh u t c th kp
thi iu chnh cc
quyt nh u t tip
theo.
- Khi lng giao dch
ln, thi gian giao dch
nhanh, ph hp vi th
trng c khi lng
giao dch ln v si
ng
3
Nhc im
Ch to ra mc gi cho
mt giao dch in
hnh ch khng phi l
tp hp giao dch

Khp lnh nh k
Cc lnh mua v bn
c khp ngay khi
lnh c nhp vo
h thng.
- Phn nh quan h
cung cu ca th
trng.
- Ngn chn bin ng
ca gi.
- Gim sai st trong
thanh ton v giao
dch.

Khng phn nh c
tin tc tc thi ca th
trng
Hn ch c hi ca
nh u t

c. V d
Gi tham chiu ca mt c phiu AAA: 50.000 VN: vo t khp lnh nh k xc nh
gi mi ca c cc lnh t mua v bn c phiu AAA nh sau:

Lnh mua
Lnh bn
Khi lng
Gi
Khi lng
Gi
1000B
ATO
500D
ATO
600A
52.000
100E
51.000
300G
51.000
900C
50.500
200PH
50.000
Vo thi im khp lnh, h thng giao dch tnh ton gi khp lnh nh sau:
- Cng dn khi lng t mua v cho bn theo tng mc gi:
Cng dn khi lng t mua
Gi
t bn
Cng
dn
khi
t mua
lng cho bn
1000
1000B
ATO
500D
500+900+100=1.
500
1000+600
600A
52.000
500+900+100=1.
500
1000+600+300=1.900 300G
51.000
100E
500+900+100=1.
500
1000+600+300=1.900
50.500
900C
500+900=1.400
1000+600+300+200= 200PH
50.000
500
2100
Kt qu khp lnh: 1.500 c phiu AAA c khp ti mc gi 51.000 VN
Chi tit khp lnh nh sau: B-D (500), B-C (400), A-C (400), A-E (100)
V d 2: Khp lnh lin tc
Vo t khp lnh lin tuc, c phiu BBB c cc lnh t mua, t bn nh sau:
Lnh mua
Lnh bn
Khi lng
Gi
Khi lng
Gi
1000A
52.000
2000C
55.000
3000D
51.000
3000PH
53.500
1.500E
50.500
2000B
53.500
9000G
53.500
Lnh mi: Mua 10.000 cp BBB gi 54.000 VN
H thng thc hin khp ln ngay lp tc nh sau:
9000 c phiu ti mc gi 53.000VND
-

1000 c phiu ti mc gi 53.500 VND

S lnh sau nh sau:

Lnh mua
Khi lng
Gi
1000A
52.000
3000D
51.000
1.500E
50.500

Lnh bn
Khi lng
2000C
3000PH
1000B

Gi
55.000
53.500
53.500

Ghi ch th t thi gian c th hin theo th t ch ci A,B,C,D

24 nim yt: iu kin nim yt, th tc li th v bt li nim yt?
a. khi nim
Nim yt chng khon l vic a CK c tiu chun vo ng k giao dch ti TTCK tp
trung
b. Phn loi:

Nim yt ln u
Nim yt b xung
Thay i nim yt
Nim yt li
Nim yt ca sau
Nim yt mt phn hoc ton phn
c. iu kin i vi doanh nghip khi nim yt:
iu kin khi nim yt trn SGDCK HCM
- C vn iu ln gp ti thi im ng k nim yt t 80 t VN tr ln tnh theo gi
tr k ton.
- Hot ng kinh doanh hai nm lin trc nm ng k nim yt c li v khng c l ly
k tnh n nm ng k nim yt
- Khng c ni qu hn cha c d phng
- Cng khai mi khon n i vi cng ty ca nhng ngi c lin quan
- Ti thiu 20% c phiu c quyn biu quyt do t nht 100 c ng nm gi
- Thnh vin HQT, Ban KS, TG, PTG, KT trng phi cam kt nm gi 100% s c
phiu ang s hu trong vng 6 thng k t ngy nim yt v 50% s ny trong 6 thng
tip theo.
- H s ng k hp l
iu kin khi nim yt trn SGDCK H Ni
- C vn iu ln gp ti thi im ng k nim yt t 10 t VN tr ln tnh theo gi
tr k ton.
- Hot ng kinh doanh nm lin trc nm ng k nim yt c li, khng c n qu hn
trn 1 nm, hon thnh np thu (khng p dng vi doanh nghip cng ngh cao hoc
chuyn t doanh nghip 100% vn nc nh nc sang CTCP)
- C phiu c quyn biu quyt do t nht 100 c ng nm gi
- Thnh vin HQT, Ban KS, TG, PTG, KT trng phi cam kt nm gi 100% s c
phiu ang s hu trong vng 6 thng k t ngy nim yt v 50% s ny trong 6 thng
tip theo.
- H s ng k hp l
c. Th tc nim yt
th tc nim yt chung gm cc bc c bn sau
Bc 1: Np h s ng k nim yt ln SGDCK.
Bc 2: SGDCK tin hnh thm nh s b h s:
S giao dch chng khon thm nh h s c hp l hay khng, cn sai st v thiu st
g yu cu cng ty b xung, sa cha.
Bc 4: SGDCK ph chun nim yt:
Khi xt thy cng ty ng k nim yt p ng y cc iu kin v nim yt
chng khon, Hi ng qun tr SGDCK s ph chun cho chng khon c nim yt

chnh
thc
giao
dch
trn
SGDCK.
Bc 5: Khai trng nim yt:
Sau khi c ph chun nim yt, SGDCK s quy nh c th thi gian s nim yt v
mi ch tch hi ng qun tr, hi ng thnh vin v tng gim c, gim c iu
hnh ca cng ty nim yt nh ngy giao dch u tin trn SGDCK i vi chng
khon c ph chun cho php nim yt. y chnh l vic gip lnh o cng ty

nim yt hin din trc cng chng v nhn trch nhim php l ca cng ty c
nim yt.
Th tc chi tit ca S GDCKHN
Bc 1: Np h s ng k nim yt cho S GDCKHN: bao gm:
1.

Giy ng k nim yt c phiu;

2.

Quyt nh ca i hi ng c ng thng qua vic nim yt c phiu;

3.

S ng k c ng ca t chc ng k nim yt c lp trong thi hn mt

thng trc thi im np h s ng k nim yt;

4.

Bn co bch vi cc ni dung theo Mu bn Co Bch nim yt c phiu

ban hnh km theo Quyt nh s 13/2007/Q-BTC ngy 13/3/2007; v cc
quy nh khc v Bn co bch quy nh ti Quy ch Nim yt chng khon
ca S Giao dch Chng khon H Ni

5.

Cam kt ca c ng l thnh vin Hi ng qun tr, Ban Kim sot, Gim

c hoc Tng Gim c, Ph Gim c hoc Ph Tng Gim c v K ton
trng nm gi 100% s c phiu do mnh s hu trong thi gian 6 thng k t
ngy nim yt v 50% s c phiu ny trong thi gian 6 thng tip theo;

6.

Bo co ti chnh c kim ton ca nm lin trc nm nim yt v bo co

ti chnh (tnh t u nm n thi im nim yt) ca nm nim yt do t
chc nim yt t lp. Bo co ti chnh c kim ton phi p ng cc iu
kin quy nh ti Quy ch Nim yt chng khon ca S Giao dch chng
khon H Ni;

7.

iu l ca t chc nim yt vi cc ni dung theo iu l mu p dng cho

cc cng ty nim yt trn S Giao dch Chng khon ban hnh km theo
Quyt nh s 15/2007/Q-BTC ngy 19/3/2007;

8.

Quy ch qun tr cng ty ca t chc nim yt;

9.

Hp ng t vn nim yt (nu c);

10. Giy chng nhn ca Trung tm lu k chng khon v vic c phiu ca t

chc ng k lu k tp trung;
11. Cc giy t khc theo yu cu ca S giao dch Chng khon H Ni.
Bc 2: S GDCKHN kim tra s b h s v Cng b thng tin v vic nhn h s.
Bc 3: Trong thi hn 10 ngy lm vic k t ngy nhn c h s ng k nim yt,
SGDCKHN c cng vn tr li t chc ng k nim yt, hoc yu cu sa i, b sung
h s.
Bc 4: Sau khi nhn c b h s hp l, Hi ng thm nh nim yt ca SGDCKHN
tin hnh thm nh h s
Bc 5: Trong thi hn 30 ngy lm vic k t ngy nhn c h s, SGDCKHN quyt
nhchp thun hoc khng chp thun nim yt
-

Trng hp t chi, S s nu l do
Trng hp chp thun, S cp Quyt nh chp thun ng k nim
yt v cng b thng tin trn phng tin CBTT ca S

Bc 6: Trong thi hn 5 ngy lm vic k t khi cp quyt nh chp thun ng k

nim yt:

T chc KNY thc hin CBTT v vic nim yt trn 03 k lin tip ca 1 t bo
da phng ni t chc KNY c tr s chnh hoc Bn tin th trng chng khon
ca S

S thc hin bo co UBCKNN

Bc 7: Trong vng 90 ngy k t khi cp Quyt nh chp thun nim yt, t chc ng
k nim yt hon tt th tc a chng khon ln giao dch ti S, gm:
-

Np ph qun l nim yt cho S trong vng 5 ngy sau khi c cp Quyt

nh

Hon thin cc th tc chnh thc giao dch trn S gm:

+ Cht v lp danh sch c ng/ tri ch
+ Np s theo di c ng/tri ch theo ngy cht gn nht cho S
+ Gi cng vn ng k ngy chnh thc giao dch ti S

+ Phi hp vi S t chc l trao Quyt nh chp thun ng k nim yt v khai

trng giao dch.
d. Li th v bt li khi nim yt
Li th
- Tip cn knh huy ng vn di hn: khi tham gia nim yt c phiu trn TTCK, doanh
nghip c th huy ng vn mt cch nhanh chng, thun tin, d dng t vic pht
hnh c phiu da trn tnh thanh khon cao v uy tn ca doanh nghip c nim yt
trn th trng. Huy ng theo cch ny, doanh nghip khng phi thanh ton li vay
cng nh phi tr vn gc ging nh vic vay n, t s rt ch ng trong vic s
dng ngun vn huy ng c cho mc tiu v chin lc di hn ca mnh. y c
coi l yu t quan trng nht khi quyt nh nim yt c phiu trn TTCK.
- Khuych trng uy tn ca doanh nghip: c nim yt chng khon, doanh nghip
phi p ng c nhng iu kin cht ch v mt ti chnh, hiu qu sn xut - kinh
doanh cng nh c cu t chc... Do , nhng cng ty c nim yt trn th trng
thng l nhng cng ty c hot ng sn xut - kinh doanh tt. Thc t chng minh,
nim yt chng khon l mt trong nhng cch thc qung co tt cho doanh nghip, t
thun li cho hot ng kinh doanh, tm kim i tc
- To tnh thanh khon cho c phiu ca doanh nghip: khi doanh nghip nim yt trn
TTCK s gip cc c ng ca doanh nghip d dng chuyn nhng c phiu ang nm
gi, qua tng tnh hp dn ca c phiu.
- Gia tng gi tr th trng ca doanh nghip: xt v di hn, gi c phiu ca doanh
nghip nim yt u tng so vi mc gi ti thi im trc khi nim yt.
Bt li
- Chi ph nim yt kh tn km: chng khon c th nim yt c, doanh nghip
phi b ra rt nhiu khon chi ph nh hi hp, thu t vn, kim ton, chun b h s,
giy t, qung co...
- p lc i vi lnh o doanh nghip v kt qu hot ng sn xut - kinh doanh: t
chc nim yt lun phi chu p lc gim st ca x hi, p lc phi nng cao hiu qu
sn xut - kinh doanh nhm duy tr v tng gi c phiu trn TTCK v nhng ngi ng
u doanh nghip hin nhin s chu p lc ln nht.

- Quyn kim sot c th b e do: khi nim yt, vic giao dch chng khon khin c
cu c ng thng thay i, dn n s bin i v bt n nh trong qu trnh qun l
doanh nghip v c th e do n quyn kim sot ca cc c ng ln.
- Chu nhiu ngha v cng b thng tin v cc rng buc khc: khi nim yt chng
khon, doanh nghip phi cng b ra bn ngoi cc thng tin nh s lng chng khon
do cc nhn vt ch cht nm gi; thng tin v tnh hnh ti chnh, doanh thu, chi ph,
nh hng, chin lc pht trin... iu ny i hi ngun lc v ti chnh v con ngi.
Mt khc, chnh vic cng b ny i khi cng bt li cho doanh nghip, khi i th cnh
tranh nm c thng tin.

Cu 25. trnh by cc nhim v c bn v cng ty chng khon? Bnh lun v

thc trng ca cng ty chng khonVN hin nay?
1. V thun li:
+ Tip cn thng tin: vi vic internet ang ton cu ha hin nay cng vi cc chnh
sch cng b ng ti cc thng tin nhanh v sm, th cc cng ty chng khon ang c
li th vi vic c c hi tip cn cc ngun thng tin ng v y nht ca th
trng.
+ Nn kinh t ang phc hi:
- T u nm 2009 n nay, nn kinh t ang dn dn phc hi sau cn khng hong.
V hin ti ang trn pht trin tr li.
- Th trng chng khon cng dn dn c du hiu phc hi, c v tinh thn cho nh
u t.
+ Tr gip ca chnh ph:
V ti chnh: trc tnh hnh trn, nh nc thc hin cc bc tng cung tin
ca nn kinh t bng cch dung 10 000 t ng mua tn phiu. V nh , li
sut dng mc ph bin l 8%/nm.
V mt qun l
Cng tc qun l, gim st hot ng cc CTCK ca UBCKNN
Nm 2009 l nm ht sc kh khn i vi hot ng ca TTCK. Tuy nhin, hot ng
ca cc CTCK din ra kh sun s, khng c trng hp no b gii th, ph sn. l
mt thnh cng ht sc ln trong s n lc ca bn thn cc CTCK, s ng gp ca
cc thnh vin th trng v s ch o quyt lit ca c quan qun l l UBCKNN (di
s ch o ca B Ti chnh) c th hin trn cc mt sau:
Th nht, trc tnh hnh kh khn ca nm 2008 v nhng thng u nm 2009, nguy
c nhiu CTCK thua l ln, c th dn n v, ph sn, B Ti chnh ch o
UBCKNN thc hin nhiu gii php qun l cht hot ng ca CTCK nh r sot,
phn loi CTCK c ng x ph hp, yu cu cc cng ty bo co thng xuyn, trc
tip cng cc cng ty xy dng phng n chn chnh hot ng, yu cu cc cng ty
ti c cu, nng cao nng lc ti chnh hoc rt bt nghip v m bo tiu ch hot
ng theo quy nh. ng thi UBCKNN ch ng xy dng phng n x l nu CTCK
ph sn.
Th hai, thc thi Lut Chng khon, m bo yu cu vn php nh theo quy nh,
UBCKNN hng dn nhng CTCK khng vn nn rt nghip v hoc tng vn
tng nghip v, 35/35 CTCK rt nghip v cp php m bo theo quy nh.

Th ba, vi nhim v trng tm l tng cng cng tc qun l, gim st hot ng ca

cc CTCK, UBCKNN yu cu cc CTCK ch c thc hin cc nghip v kinh doanh
c UBCKNN cp php. i vi cc sn phm dch v ti chnh khc, yu cu CTCK
trc khi thc hin phi bo co UBCKNN phng n, quy trnh thc hin, cc bin php
qun tr ri ro v phi tun th quy nh ca php lut.
Th t, i vi trng hp nhng CTCK hot ng t chc giao dch chng khon OTC,
xt hnh thc giao dch c ri ro ca hot ng ny, UBCKNN yu cu CTCK ng ca
sn giao dch OTC. Vic ban hnh cc vn bn ny nhm ngn chn mt s hot ng
ca CTCK thc hin nghip v khng xin php UBCKNN trong khi cha c quy nh qun
l ri ro d gy tc ng khng tt cho hot ng ca th trng. i vi hot ng l i
l giao dch vng, UBCKNN yu cu cc CTCK chm dt hot ng sn giao dch vng.
Th nm, UBCKNN tng cng cng tc gim st, kim tra hot ng cc CTCK; qua
cng tc kim tra, gim st nh gi tnh hnh hot ng ca cc cng ty chng khon
c bin php chn chnh kp thi, x pht 11 CTCK vi phm quy nh v CK&TTCK.
Th su, v xy dng khung php l, chnh sch pht trin TTCK. Hin nay, UBCKNN
ang nghin cu xem xt, xy dng vn bn lin quan n hot ng giao dch mua bn
k hn (repo), giao dch k qu (margin) trnh cp c thm quyn xem xt quyt nh
theo tnh hnh pht trin th trng.
2. V kh khn:
Hin nay cc cng ty chng khon vn ang phi i mt vi rt nhiu kh
khn
Th nht: gi c phiu gim: vic ny l do nn kinh t sau khng hong, ang phc
hi nhng rt chm chp, nn khin cho gi ca cc c phiu cc cng ty gim mnh.
Vic gim gi ny tc ng rt ln n cc nh u t, c bit l vi th trng Vit
Nam, khi tm l by n trong vic chi chng khon vn cn ang tn ti kh ln trong
cng ng, khin cho cc nh u t hoang mang, khng cn tin tng vo th trng,
v h rt vn i u t sang cc hnh thc khc.
Th hai: Th trng chng khon Vit Nam cha pht trin:
+ Vit Nam, mt bng trnh ca cc nh u t cn thp
+Vic m ca, to c hi cho cc nh u t nc ngoi cha cao
+Mt s chnh sch cn cha c pht trin ht, gy 1 s kh khn v bt hp l.
+ Lng vn giao dch trn OTC ln v kh qun l
Th ba: Mt s kh khn khc:
+ Thc trng c s vt cht k thut ca Vit Nam cn cha cao, cha p ng c nhu
cu ca x hi.
+Ngun nhn lc c trnh cho cc cng ty chng khon cng cn ang t v yu.

Cu 26: bnh lun v hot ng mi gii ca cng ty chng khon vit nam
hin nay

Nghip v mi gii l mt trong nhng nghip v c bn ca cc cng ty chng khon.

Vi s xut hin ca 1 s lng ln cc cng ty chng khon, hot ng mi gii ck c
nhiu bin i so vi nhng ngy u.
u: _ s lng ngy cng tng ca cc ctck cho php cc nh u t c s a dng trong
la chn
_ S chuyn nghip ha trong hot ng mi gii ti nhiu cng ty chng khon
ang dn c nng cao theo hng gn vi m hnh ca cc th trng chng khon
pht trin.
_ mt s cty c s phn chia nhm khch hng nng cao cht lng t vn
Nhc:
_ Th phn mi gii nm ch yu cc cty ln v hot ng lu nm
_ Cng ty chng khon thuc ngn hng c u th hn so vi cng ty chng khon c
lp do tn dng cc ngun lc sn c, (2 trong 3 cty dn u th phn l cty chng
khon thuc NH)
_ Nghip v mi gii c phn chng li trong thi gian gn y, ng gp phn nh vo
tng doanh doanh
_ C kh nng xy ra nhng ri ro o c khi ctck s dng ti khon ca khch hng
t doanh
Cu 27. bnh lun v hot ng t doanh ca cng ty chng khon vit nam
hin nay?
T doanh ck lun l hot ng em li li nhun ch yu cho cc cng ty ck v cng
c ch trng trong thi gian gn y. Vi trnh chuyn mn v c s vt cht ngy
cng c nng cao, hiu qu ca hot ng t doanh ck ngy cng c tng mnh.
Trn th trng VN, ACBS l cty t doanh nhiu tri phiu nht, cn AGR l cty t doanh
lng tri phiu ln nht.
nhc im:
_ vn tn ti 1 s nhc im trong hot ng t doanh, nh khi ctck s dng ti khon
mi gii ca khch hng t doanh sinh li cho chnh mnh
_ th trng ck c nhng bin ng rt kh lng, v th nu khng c chin lc t
doanh hp l s rt d n thua l, khng m bo kh nng hot ng ca cty.
Cu 28. bnh lun v bo lnh pht hnh ca cng ty chng khon vit nam
hin nay
Bo lnh pht hnh l mt nghip v quan trng trn ttck, c bit i vi 1 ttck ang
pht trin nh VN. y cng l nghip v em li li nhun ln cho cc cty ck. Tuy
nhin VN hin nay, a phn cc cng ty chng khon mi ch trin khai hot ng
nhiu trong vic bo lnh tri phiu chnh ph do c ri ro thp, cn vic bo lnh
pht hnh c phiu ca cc ctcp th cn rt hn ch v ch tp trung bo lnh cc cty
ln. iu ny cng d hiu do s hn ch v thng tin cng nh tnh ri ro cn rt cao
trong ttck VN.
V thnh tu, 1/2007, ABBANK c tp ch Asia Money bnh chn l nh pht hnh tri
phiu cng ty bn t tt nht chu .
Cu 29. bnh lun v hot ng t vn ca cng ty chng khon vit nam hin
nay
y l hot ng em li con s doanh thu thp nht trong cc nghip v ca ctck
nhng cng ng thi l hot ng c nhng ng gp tch cc v r rt cho s pht
trin ca th trng chng khon VN. Xut pht t vic tuyn truyn, ph bin kin thc
cho cc nh u t trong nhng ngy u thnh lp, hot ng t vn ca cc ctck gi

y chuyn su hn rt nhiu: t vn pht hnh thm c phiu, t vn ti cu trc ti

chnhv tham gia mnh m vo qu trnh c phn ho qua cc hot ng nh t vn
c phn ho, nh gi doanh nghip.
ng ch thi gian gn y l vic cc ctck t vn pht hnh b sung c phiu cho cc
ngn hng TM nhm huy ng thm vn, m bo p ng vn iu l 3000 t.
31. khi u t vo chng khon nh u t cn bit thng tin g? Thng tin y
ly t ngun no? phn bit nh u t theo trng phi phn tch c bn v
phn tch ki thut?
a. Khi u t chng khon, nh u t cn bit thng tin g:
Thng tin v nn kinh t v s tng trng ca ngnh:
- Tc tng trng.
- S bin ng ca cc th trng lin quan nh tin t, vng, bt ng sn.
- S bin ng ca cc th trng vo Vit Nam v cc th trng quc t.
- Trin vng pht trin ca ngnh v nhng thch thc.
v.v.v
Thng tin v hot ng ca doanh nghip:
- Lch s pht trin ca cng ty, ngnh ngh
- Tnh hnh kinh doanh
- Tnh hnh ti chnh.
- C ng, ban lnh o cng ty v k hoch pht trin cng ty trong tng lai
Thng tin v giao dch:
- Gi
- Khi lng
- Ch s gi ca th trng
- Mua bn ca c ng ln, c ng ni b, nh u t nc ngoi.
.v.v
b. Ngun cung cp thng tin
Chng ta c th tm t nhiu ngun cung cp thng tin khc nhau nhng tu chung li
cc ngun ny c chia lm 3 ngun chnh:
- Ngun t cc c quan qun l nh nc: y ban chng khon, ngn hng nh nc, b
ti chnh
- Ngun t cng ty chng khon
- Cc ngun thng tin khc: Phng tin thng tin i chng, internet, cc t chc mua
bn thng tin, cc bi nghin cu ca cc t chc
c. Phn bit nh u t phn tch c bn v nh u t phn tch ki thut
STT Tiu ch
Trng phi phn tch c bn Trng phi phn tch k
thut
1
Phng php Phn tch c bn: L phng Phn tch k thut: bin ng
p dng
php phn tch yu t nn gi tm ra thi im v ck
tng t tc ng ti gi u t
tr ni ti ca c phiu trn
th trng
2
C s ca Lch s cng ty,Bng khai ti da trn phn tch cc th
phn tch
chnh, bin ng kinh t v bin ng gi phn tch cung
m nh hng ti gi chng cu m khng quan tm n
khon m khng quan tm v th ti chnh ca cng ty
ti tm l nh u t.
3

p dng

Trong phn tch di hn

Phn tch trong ngn hn v

trung hn

Cu 32. nh gi v tnh chnh xc ca cc ngun thng tin Vit Nam: Th

trng chng khon Vit Nam cng nh bt k th trng mi ni no trn th gii, hin
tng thng tin bt cn xng xy ra ph bin trn mi ngnh, lnh vc.

Ngoi cc thng tin bt buc theo lut nh phi cng b th cc doanh nghip
khng ch ng cung cp thng tin y , kp thi. c bit i vi cc cng ty c
c phiu giao dch trn th trng phi chnh thc (OTC), tnh trng ph bin l nh
u t hu nh m m v tnh hnh lm n, tnh hnh hot ng kinh doanh ca
cng ty. Cc thng tin tm c ch yu qua ngun tin ring, trn cc din n
chng khon hoc tin n

Doanh nghip cung cp thng tin khng cng bng i vi cc nh u t: u

tin cung cp thng tin cho cc nh u t chin lc, cc nh u t t chc m
khng cng b rng ri. n nay, mt hin tng ph bin cho thy cc cuc u
gi th ngi u gi thnh cng ch yu l cc nh u t t chc. Loi tr kh
nng cc nh u t t chc c kinh nghim, k nng phn tch v "trng vn"
hn th ngi ta cng nghi ng cc nh u t nhn c nhiu thng tin cht
lng hn so vi cc nh u t c th.

Vic tung tin n tht thit. Trong thi gian 8 nm hot ng ca th trng
chng khon, c khng t tin n nh hng n uy tn ca cc cng ty nim yt.
Cc tin ny thng c tung ra trn cc din n chng khon (phorum), trn cc
sn giao dch chng khon, hoc c truyn ming. Do nh u t cha c kinh
nghim, k nng kim chng ngun thng tin, ng thi do c ch thng tin ca
doanh nghip cn yu km, chm chp nn dn n gy tm l hoang mang cho
nh u t, nh hng n gi c c phiu trn th trng. Trong khi , cc quy
nh ca Nh nc v vic x pht i vi vic tung tin n trn th trng chng
khon vn cn trong giai on son tho. C ch pht hin i vi vic tung tin
n cng cha r rng.

Cc c quan truyn thng cung cp thng tin sai lch, khng y . y khng
phi l hin tng ph bin nhng khin cho cc nh u t chuyn nghip khng
my tin cy vo cht lng thng tin ca cc c quan bo ch. V d, thng tin v
SGIS "sp sn" do bo Tin phong in t ng ngy 12/1/20076. Thc cht l do
SGIS chia 3 c phiu thng cho 1 c phiu hin ti nn gi c phiu ca cng ty
gim tng ng t 728.000/CP xung cn 190.000/CP. Mt khc, v ni dung
thng tin do c quan truyn thng cung cp, ch yu vn l tin tc, din bin th
trng, cha c nhiu cc thng tin nhn nh phn tch mang tnh nh hng cho
nh u t v th trng.

Ngoi ra cn nhiu hin tng khc v vic mt s nh u t lm gi, to cung

cu o trn th trng khin cho gi c bin ng mnh. S thua thit thuc v cc
nh u t c nhn, khng c ngun tin ni b, khi mun mua th khng th no
tm c ngun mua do cc nh u t ln thu tm ton b, khi mun bn th
cng khng th no bn c do th trng bo ha...

Mc d n nay cha c nhng nghin cu nh lng nhng c th khi qut bc tranh

ton cnh tnh trng bt cn xng thng tin trn th trng chng khon Vit Nam kh
hn n. iu ny ph hp vi nh gi ca cc chuyn gia v tnh trng th trng
chng khon Vit Nam ang pht trin qu nng, khng phn nh thc cht gi tr ca
doanh nghip v cung cu th trng.

Cu 34 35 DIN BIN GI TRN HoSE V HNX

HoSE
HNX

QU I
1. DIN BIN
Trong qu 1/2010, th trng chng khon (TTCK) Vit Nam tip tc tri qua nhng thng
trm v ch thay i rt t so vi cui nm 2009. Ti phin giao dch ngy 31/3/2010,
TTCK Vit Nam c nhng din bin tri chiu.
Trong qu 1 din ra 2 t sng. t sng th nht kt thc vo ngy 07/01/2010 vi mc
nh ca VN-Index t c l 543.46 im, sau li su v mc 477.59 im vo ngy
22/01. t sng th 2, th trng phc hi ln 531.86 im vo ngy 15/03, sau li v
499.21 im vo ngy 31/03
Trn sn giao dch TP. H Ch Minh, Vn-index ng ca mc 499,24 im (gim 1,48
im so phin trc v tng 4,47 im so vi phin giao dch ngy 31/12/2009) vi
52.760.980 c phiu c khp lnh, t gi tr giao dch l 2.014,789 t ng.
Ti sn H Ni, Hn-index gim 3 phin lin tip v ng ca ti mc 160,55 im, gim
1,82 im so phin trc v gim 7,62 im so cui nm 2009, khi lng giao dch t
22,46 triu c phiu, gi tr giao dch t 750,44 t ng.
2. NGUYN NHN
Din bin TTCK qu 1/2010 phn nh tnh hnh tng t nh nhng nm trc, l thi
k ngh ngi ko di, cc doanh nghip ang quyt ton nm 2009 v xy dng k hoch
cho nm 2010. Ngoi ra, TTCK qu 1 nm nay cn chu tc ng ca nhng yu t khc.
C th l, ngoi tr GDP qu 1 tng 5,83% so cng k nm 2009, hu ht cc ch s kinh
t v m khc t thp, tng thu ngn sch nh nc ch t 20% d ton nm.
Gi u vo tng, kim ngch xut khu gim st, lm tng mc nhp siu, nh hng
n cn i ngoi t v d tr ngoi hi, trong khi t gi hi oi tng i n nh.
Lm pht trong 3 thng u nm ln ti 4,12% v p lc lm pht cn cao, trong khi
ch tiu Quc hi ra cho nm 2010 l 7 %. Lm pht cao nh hng n nhu cu sc
mua v hot ng sn xut kinh doanh ca khu vc doanh nghip. Hu qu l, nhu cu
vay vn t thp vi tng tn dng cho nn kinh t trong qu 1 ch tng 3,34%.
QU II
DIN BIN
Sau khi phc hi v t nh im vo phin giao dch ngy 6/5 vi Vn-index v Hn-index
ln lt l 549,25 im v 187,22 im, th trng chng khon (TTCK) Vit Nam bt u
xu hng gim v kt thc qu II khng my kh quan.
Kt thc phin giao dch ngy 30/6, ch s Vn-Index gim 13 phin lin tip v ng ca
mc 507,14 im, gim 9,52 im so phin giao dch trc , tng ln lt 7,9 im
v 12,37 im so vi phin giao dch ngy 31/03 v ngy 31/12/2009; ch s Hn-index
gim su ngay v dng li mc 158,81 im, gim 2,52 im so vi phin giao dch
trc , gim ln lt 1,74 im v 9,36 im so vi phin giao dch ngy 31/03 v
ngy 31/12/2009
cc c phiu tng mnh nht u l nhng penny-stock nim yt trn HNX. Gi tr giao
dch trn HNX tng vt v thm ch c nhng phin cn ln hn HoSE, ni c gi tr th
trng gp 4 ln
NGUYN NHN

t suy gim mnh ca th trng t thng 5 n nay c xem c nguyn nhn chnh l
do chnh sch tng cng an ton cho h thng ti chnh vi bng cch ban thnh Thng
t 13 ca NHNN. Ngoi ra, bin ng ca t gi v lm pht cng nh hng mnh n
tm l nh u t trn th trng chng khon.
Cng vi vic mt im mnh ca cc ch s chng khon, nhiu c phiu gim rt
mnh, thm ch gi ca nhiu c phiu thp hn mc y ca cc ch s th trng vo
tun cui cng ca thng 2 nm 2009, khi VN-Index t 235.5 im v HNX-Index t
78.06 im.
TTCK Vit Nam lnh xnh ch yu l do suy thoi kinh t ton cu nh hng xu n
tnh hnh hot ng ca cc doanh nghip, cc nh u t Vit Nam tch ly c mt
s kin thc v kinh nghim cn thit trong kinh doanh chng khon sau khi nm tri
nhng tht bi nng n.
Cng nh nhiu nc chu khc, kinh t Vit Nam ph thuc ng k vo xut khu. V
th, suy thoi kinh t ton cu gy kh khn cho nhiu doanh nghip, trong khi li
sut ngn hng vn cn cao, gi u vo tng cao v lo ngi lm pht trong nhng
thng u nm, nh hng xu n kt qu hot ng kinh doanh v din bin TTCK.
Mt yu t cn tnh n l vai tr ca cc nh u t nc ngoi, khi dng vn u t
gin tip t 800 triu USD trong su thng qua sau khi gim 500 triu USD vo nm
2009, nhng cng kh h tr nhiu cho TTCK
kinh t th gii cha kp phc hi sau khng hong phi i ph vi thm ht n cng
ti chu u
QU III
DIN BIN
Kt thc phin giao dch ngy 30/09/2010, VN-Index ng ca mc 454.52 im, mt
40.25 im so vi phin ng ca cui nm 2009, tng ng 8.14%. Trong khi ,
HNX-Index ng ca cui ngy 30/09/2010 mc 127.29 im, mt n 40.88 im so
vi u nm 2010, tng ng 24.31%, cao hn rt nhiu so vi VN-Index. y l thi
gian phc hi nh v gim im ca c 2 ch s
Sut trong thi gian qua, khi ngoi tng cng mua rng kh mnh nhng c phiu
nim yt trn sn, c bit l c phiu bluchips trn HoSE. Tng gi tr mua rng ca
khi ngoi tnh t u nm 2010 n ngy 11/10/2010 ln ti 10,229 t ng trn
HoSE v 609 t ng trn HNX. Gi tr mua rng ny ln gn gp i so vi nm 2009.
iu ny cho thy dng vn u t gin tip (PHPI) vn khng ngng vo VitNam.
NGUYN NHN
GDP: GDP qu III ca c nc tng trng 7,16%, mt im sng trong cc tin tc v m
c a ra trong thi gian va qua, GDP 9 thng ca c nc tng 6,25%, c nm kh
nng GDP c nc t 6,7%, cao hn ch tiu t ra u nm l 6,5%.
Lm pht: CPI thng 10 ca c nc tng 1,02% so vi nm trc tip tc to ra bt ng
i vi gii u t, v hu ht gii phn tch cho rng CPI thng 10 s nm trong khong
t 0,8 - 0,9% khi CPI TPHCM ch tng 0,45%.
Li sut: Tnh ti thi im gn nht 19/10, theo cng b ca Ngn hng Nh nc, li
sut huy ng c k hn 3 thng ph bin mc 8-11%/nm, trn 3 thng ph bin
mc 11 - 11,2%/nm. Li sut cho vay t 12,5% - 14,5% (k hn ngn), t 13,5% - 15,5%
(k hn trung v di hn).
Cu 35 : Nhng vn ang c quan tm trong d tho lut CK sa i.
Nu kin ngh ca bn v nhng vn .
1. NHNG VN ANG C QUAN TM TRONG D THO LUT CK SA I:

Lut Chng khon c Quc hi nc Cng ho x hi ch ngha Vit Nam thng qua
ngy 29/6/2006, c hiu lc thi hnh t 01/01/2007. Qua hn 3 nm thc hin, Lut
Chng khon to ra khun kh php l cao trong lnh vc chng khon v th trng
chng khon.Tuy nhin, sau mt thi gian pht trin, hot ng v chng khon v TTCK
khon c nhng bc pht trin mi, i hi phi b sung cc quy nh php lut cho
ph hp vi tnh hnh mi.D lut sa i b sung mt s iu ca Lut Chng khon d
kin c Quc hi xem xt thng qua vo cui nm nay s khc phc cc hn ch trn
y, hon thin hn khung kh php l cho th trng chng khon, p ng yu cu
thc t ca hot ng chng khon v TTCK cng nh xu th hi nhp vi th TTCK cc
nc v khu vc.
C 6 vn c tp trung sa i b sung trong d Lut, bao gm pht hnh
ra cng chng, pht hnh ring l, cng ty chng khon (CTCK), cng ty qun
l qu, cng b thng tin v x l vi phm hnh chnh
- V pht hnh ring l:
DN, t chc mun huy ng vn bng cch pht hnh ring l s phi ng k vi y
ban Chng khon Nh nc (UBCK). Tuy vy, Lut ch ch ti vi trng hp pht
hnh ca cc cng ty i chng, cn DN khng thuc din s thc hin theo Lut
Doanh nghip v Ngh nh 01/2009/N-CP v pht hnh ring l.

i vi pht hnh ra cng chng:

D tho Lut quy nh thm mt s nhm i tng c pht hnh theo phng
thc ny nh cng ty TNHH mt thnh vin chuyn i sang m hnh cng ty c
phn, cng ty nc ngoi cho bn chng khon trn th trng Vit Nam, cc DN
trong lnh vc c s h tng, cng ngh cao, ngn hng thc hin pht hnh ra
cng chng huy ng vn thnh lp DN.Lin quan n ni dung ny, c kin
cho rng, cc nh lm lut nn tnh n vic c yu cu ti thiu v quy m ca
t pht hnh ra cng chng, trnh trng hp xy ra khi c DN np h s huy
ng vn vn 2,7 t ng u t thang my cho ta nh vi gi pht hnh
10.050 ng/c phiu. Vi quy m nh th, DN c cn thit phi pht hnh ra i
chng hay nn tm n vay ngn hng?

Vi CTCK:
y l nhm ngnh kinh doanh c iu kin, trn th trng ch c CTCK mi c
hot ng 4 nghip v mi gii, t vn, t doanh v bo lnh pht hnh (ngoi tr
ngn hng thng mi c pht hnh, kinh doanh tri phiu). D tho Lut b
sung CTCK c thc hin thm nghip v qun l danh mc u t i vi cc c
nhn. Thc ra, y khng phi l nghip v hon ton mi vi cc CTCK, trc y
h c cung cp dch v ny cho NT, nhng phi tm ngng khi Lut Chng
khon c hiu lc. Lut cm, nhng nhu cu thc t c khin dch v ny tn ti
di hnh thc ngm v quyn li NT khng c m bo khi gia hai bn khng
c hp ng quy nh trch nhim y ca CTCK. Ngoi ra, d Lut cng yu
cu cc c quan hnh php b sung ch tiu an ton ti chnh ca cc CTCK v
trong trng hp CTCK mun cung cp dch v ti chnh khc phi c hng dn
ca Chnh ph v B Ti chnh (n c nh CTCK cung cp dch v sn vng).

Cng ty qun l qu:

c b sung thc hin nghip v t vn u t chng khon. Hin cng ty qun
l qu c chc nng qun l danh mc u t cho cc c nhn v t chc, khi thc
hin qun l vn h c th a ra thng tin NT la chn y thc vn cho cng
ty qun l qu u t. iu ny ng ngha vi vic cc cng ty qun l qu thc

hin nghip v t vn chng khon, a ni dung ny vo lut s gip th trng

minh bch hn khi c s cnh tranh gia CTCK v cng ty qun l qu.

Cng b thng tin trn TTCK:

c c th ha cc nhm i tng gm c t chc nim yt v cng ty i
chng. D tho Lut cng yu cu c quy nh r nhng ni dung phi cng b
nh k, bt thng v thng nht li cc phng tin cng b thng tin.

V ni dung x pht vi phm hnh chnh:

D tho Lut thng nht mc pht cao nht l 500 triu ng (ph hp vi quy
nh ca Php lnh X pht vi phm hnh chnh); b quy nh pht t 1 - 5 ln gi
tr khon li nhun thu c bt chnh.

Ngoi 6 vn trn, trong phin hp th 34 ca UB Thng v Quc hi ngy

16/9, cc B cng bn thm n 3 vn kh nhy cm vi nh qun l
TTCK lc ny. l a v php l ca y ban Chng khon Nh nc (UBCK);
gii php cho tnh trng thao tng, lm gi trn TTCK v c quan no s qun
l th trng UPCoM.

V a v php l ca UBCK, mt s kin cho rng, phm vi sa i, b sung

Lut vn cn hn hp, cha trit , do c mt s bt cp pht sinh cha c
gii quyt hoc gii quyt cha thu o. C th, theo Lut hin hnh, UBCK l c
quan trc thuc B Ti chnh, nn khng trnh khi b hn ch v thm quyn, do
khng th x l nhanh nhy nhng tnh hung pht sinh trn TTCK - mt th
trng c tnh phc tp v lun c nhng din bin, thay i rt nhanh v chu tc
ng ca nhiu yu t trong v ngoi nc. D tho sa i, b sung Lut li cha
cp n vn ny.
Tuy nhin, Thng trc y ban Kinh t cho rng, a v php l ca UBCK l mt
vn ln, c nh hng chi phi rt nhiu ni dung khc ca Lut, trong khi Lut
Chng khon mi c hiu lc thi hnh hn 3 nm, cn c thm thi gian tng
kt nh gi mt cch y . Hn na, Lut hin hnh cng trao kh nhiu
quyn hn cho UBCK, do vy c quan ny tn thnh cha sa i nhng quy nh
v a v php l ca UBCK trong ln sa i ny.

V vn thao tng, lm gi trn TTCK, Thng trc y ban Kinh t cho rng,
hin nay trn th trng c khng t hnh vi thao tng th trng, kim li bt
chnh, gy nh hng xu n li ch ca cc nh u t v s pht trin ca TTCK,
nhng cha c x l nghim khc. Chng hn, mt s nh u t cu kt thc
hin cc giao dch gi mo lm tng hoc gim gi mt s m chng khon,
qua u c kim li. Mt trong nhng l do cha ngn chn v x l c
cc hnh vi ny l do c quan qun l nh nc cha c cng c v thm quyn
xc minh bng chng gian ln. V vy, c quan ny ngh b sung quy nh:
"Cc t chc, c nhn lin quan c trch nhim cung cp thng tin, ti liu cho
UBCK theo quy nh ca Chnh ph UBCK thc hin chc nng thanh tra, gim
st v x l vi phm theo quy nh ca php lut".

V c s php l cho hot ng ca th trng UPCoM, ti iu 33, Lut Chng

khon quy nh: "S giao dch chng khon t chc th trng giao dch chng
khon cho chng khon ca t chc pht hnh iu kin nim yt ti S giao
dch chng khon. Trung tm giao dch chng khon t chc th trng giao dch
chng khon cho chng khon ca t chc pht hnh khng iu kin nim yt
ti S giao dch chng khon". Nh vy, khi Trung tm Giao dch chng khon H

Ni chuyn i thnh S Giao dch chng khon H Ni th vic qun l th trng

giao dch ca cng ty i chng cha nim yt (UPCoM) l khng ph hp vi quy
nh php lut hin hnh.
V vn ny, Thng trc y ban Kinh t cho rng, trong giai on ti, vic t
chc hot ng ca th trng UPCoM vn tht s cn thit, gp phn nng cao
hiu qu qun l v thu hp dn th trng giao dch khng chnh thc, do , c
quan ny ngh Ban son tho nghin cu, chnh sa quy nh v t chc th
trng giao dch chng khon bo m tnh thng nht, hp l ca h thng
php lut. C th, kin ngh sa i khon 1 v 2 iu 33 ca Lut Chng khon
hin hnh thnh 1 khon nh sau: "S giao dch chng khon, Trung tm giao dch
t chc th trng chng khon theo quy nh ca Chnh ph".
Ngoi 6 im c sa i trong d tho Lut Chng khon (ch yu l cc vn
mang tnh k thut), mt s vn m th trng mong sa nht nh a v php
l ca UBCK; phn bit r tiu chun gia cc loi th trng; gii php cho tnh
trng thao tng, lm gi ang din ra ngy cng tinh vi, ph bin cho n thi
im ny, vn cha c c cu tr li thuyt phc.
TTCK gn nh v cm vi ni dung sa Lut Chng khon, mt ni dung ng c
coi l quan trng bc nht trn TTCK ln ny
II/ XUT:

Minh bch thng tin phi c coi trng

Minh bch thng tin l yu t rt quan trng i vi thnh cng ca th trng
chng khon, v y l th trng lng tin. Do , cn c cng nhiu thng tin cng
tt, cng chi tit cng tt, cng to lng tin cng c hiu lc. V t tng ch o l
to ra s r rng cng khai minh bch th lm; ci g b buc qu th thi; khng
nn gy hong lon; tin n th nn b trit . Sa lut nn hi ha 4 yu t: cho
bn chng khon, qun tr cng ty, cng b thng tin v x l vi phm.

Cn c c ch phi hp vi ngnh t php

Hot ng ca thanh tra chng khon khng ging nh cc c quan iu tra hnh
s.Cn thit k c ch s dng mi quan h gia cc c quan t php v c quan
hnh chnh iu tra cc v vi phm trong th trng chng khon. Khi lut
khng cho php c quan hnh chnh iu tra th phi da vo c quan t php, da
vo lnh ca ta n thc hin. C th b sung thm quyn cho thanh tra chng
khon pht hin nhng cn c v quyn yu cu khi t, dng sc p ca c
quan t php nu cc bin php ca thanh tra cha .
Quy nh cc hnh vi b x pht khc phi bo m tnh minh bch v quy nh
hnh thc trong lut. Trong d tho lut quy nh mt s hnh vi, cn nhng hnh
vi cha quy nh th giao cho Chnh ph l mu thun.
S ra i, tn ti, tiu vong ca CTCK theo quy nh v tiu ch nhng d tho lut
sa i v hn ch s ra i ca CTCK cn chung chung, rng qu. S lng CTCK,
cng ty qun l qu phi theo quy lut th trng. Quy nh "phi c phng n
hot ng kinh doanh" l qu rng, c quan cp php kh xc nh th no l
chin lc pht trin, mc tiu pht trin kinh t - x hi, cn c tiu ch c th

hn na.

Lin kt th trng ASEAN

V lin kt th trng ASEAN, Vit Nam hin ang trin khai tham gia lin kt vi
th trng chng khon 6 nc, nhng gp vng mc lin quan n khung php
l do lut hin hnh cha quy nh. V vy, nn b sung c iu kin hi nhp
khu vc, bo m cam kt lin thng vo nm 2015, m ra kh nng hi nhp.
a v thanh tra ca U ban Chng khon Nh nc (UBCKNN) phi c nng ln,
v th trng chng khon va qua pht trin rt nhanh, mt tri rt nhiu, theo
quy nh hin hnh ch pht 50 - 70 triu ng th khng ng k. Hin chng ta
cha c cn c quy nh no phi hp vi c quan an ninh, iu tra, nn quy nh
cng c cho thanh tra ca UBCKNN x l c cc vi phm, hn ch bt cc tiu
cc.

Thc y cng ty i chng giao dch trn th trng

V qun l Nh nc, cng ty nim yt rt t so vi s lng cng ty i chng, dn
n cc giao dch chng khon trn th trng, k c trn th trng UPCOM, gy
kh khn cho c quan qun l Nh nc, ng thi khng bo m li ch chung
cho cc nh u t trong x hi. D tho lut iu chnh theo hng thc y cng
ty i chng giao dch trn th trng, nu iu kin th giao dch trn th trng
c t chc, nu cha iu kin th a ra cc iu kin thc hin mc tiu
ny.

Thnh lp nh ch ti chnh bo v quyn li nh u t

Cn b sung quy nh v nh ch ti chnh bo v quyn li cho nh u t
trong trng hp CTCK b gii th, ph sn hoc gp kh khn ln v ti chnh m
khng c kh nng bo ton mt phn vn ca nh u t.
Hin nay, trn th trng chng khon Vit Nam c hn 100 CTCK ang hot ng,
cn nhiu bt cp nh: phn tn ngun lc, cht lng cha t yu cu, cnh
tranh gay gt, khng lnh mnh, ri ro cao do cnh tranh v dch v s dng n
by ti chnh mc cho vay rt cao, dn n ri ro v vn v chng khon ca
CTCK, ng thi nh hng n s an ton v tin v c phiu ca cc nh u t.
Nh u t c nhn chim a s phn tng gi tr giao dch mua bn c phiu
chng khon hng ngy, kin thc cn hn ch, kh c kh nng nhn bit v tnh
hnh hot ng ca CTCK, cng nh kh c kh nng phn bit CTCK tt hay xu.
Vic thnh lp mt nh ch ti chnh bo v quyn li cho nh u t t vic hnh
thnh qu n b s to an tm cho cc nh u t chng khon, gim thiu
nhng ri ro khng mong mun xy ra i vi cc nh u t c nhn, s gp phn
pht trin bn vng th trng chng khon.
Kinh nghim quc t cho thy tng xy ra nhng v gii th, ph sn hay mt
kh nng thanh ton ca mt s CTCK dn n vic lm thit hi n ti sn ca
nh u t. V vy, vic thnh lp mt nh ch ti chnh bo v quyn li ca nh
u t l s cn thit khch quan, tng t nh bo him tin gi cho ngi gi
tin trong dch v ngn hng.

Cu 36. Nhn nh s tng trng ca th trng chng khon trong thi gian
ti

NHN NH S TNG TRNG TH TRNG CHNG KHON VIT NAM TRONG

THI GIAN TI
11 thng u nm tr nn bun t vi a s nh u t, ch s VN-Index i c
gn ht qung ng ca nm trong knh xu hng xung. Phin m ca nm
2010, ch s VN-Index mc 540 im, kt thc phin 30/11, VN-Index cn 446
im, mt 94 im.
Ngy 06/05, ch s ln cao nht vi 549 im v gim im thp nht ti ngy
25/08 khi ng ca ch s cn 423 im. Cc sng tng trng trong nm cng
yu t v thng din ra trong khong thi gian ngn t 1 tun n 1 thng vi
cng thp cn cc sng iu chnh li din ra vi cng mnh v thi gian
di hn.
Nh u t nm tri nhiu cm xc trong 11 thng u nm

Thanh khon gim ng k

Mc d lng c phiu nim yt (bao gm nhng c phiu mi nim yt v c

phiu pht hnh thm) 6 thng u nm bng lng b sung thm ca c nm
2009, nhng thanh khon ca th trng li khng c ci thin so vi nm 2009.
Thanh khon c xu hng gim t thng 7 tr li y, th hin nim tin ca nh
u t ang mt dn, mt lng tin chuyn qua cc knh u t khc c t
sut sinh li hp dn hn nh ngoi hi, vng hoc tin trong ti khon ch
i mt xu hng th trng tng mt cch r rng hn mi gia nhp.
Khi lng giao dch bnh qun mi phin ca c hai sn trong 11 thng t
khong 30.3 triu c phiu v gi tr bnh qun khong 1,018 t ng. Trong khi
con s ny trong nm 2009 l 42 triu c phiu v gi tr giao dch t 1,400 t
ng. Khi lng giao dch t thp k lc vo ngy 01/11 vi ch 18.02 triu c
phiu c chuyn nhng, v t im nh vo ngy 07/05 vi khi lng l
105.28 triu c phiu.

Khi ngoi y mnh mua rng

Mt im tch cc trong 11 thng l s gia tng ca nh u t nc ngoi

(NTNN). Thng tin t Trung tm Lu k Chng khon Vit Nam (VSD) cho bit,
tnh n ngy 30/11/2010, Trung tm cp m s giao dch chng khon cho
14,731NTNN, trong c 1,416 nh u t t chc v 13,315 nh u t c
nhn. Lin quan n hot ng v giao dch ca NTNN, mt s ngc nhin th v
l khi cc bo co ca cc t chc nc ngoi t ra kh bi quan v vn lm
pht, thm ht thng mi, lo ngi v chnh sch tin t ca Vit Nam th cng
l lc khi ngoi c 7 thng mua rng tnh ti ht thng 11.
Trong 11 thng u nm, cc NTNN mua 11,572 t ng.
Giao dch ca khi ngoi chim trung bnh khong 6-8% gi tr giao dch ton th
trng, h khng cn l kim ch nam nh hng cho th trng nh trong nm
2009 na. Khong thi gian gn y ng thi gi c phiu Bluechip c din
ra mt cch kh l liu. Vi ng thi mua rng lin tc trong 7 thng lin chng
t mt s k vng ca nh u t nc ngoi vo nn kinh t Vit Nam trong
tng lai gn.

V m cn nhiu bt n

Nm 2010 sp qua i, mt nm chng khon gn lin vi chnh sch tin t, s

tng trng tn dng kh khn ca nhng thng u nm hn ch dng tin

chy vo th trng chng khon. Tng chng con s tng trng lm pht 7% so
vi nm 2009 d dng t c khi 7 thng u nm CPI mi tng 4.84% v tng
trng tn dng mi c 12.97%. Nhng nhng thng cui nm lm pht tng
chng mt, thng 11 tng gn 2%, tng trng tn dng thng 9 ln n 4.25%.
Hin ti li sut cho vay tiu dng v sn sut ang mc kh cao, giao ng 15
20%. Nhiu ngn hng li c sn chi sau khi Nh nc pht hnh ra mt lng
tri phiu chnh ph khng l vi li sut hp dn. H mua tri phiu chnh ph
trn v mang th chp trn th trng m ly vn li sut thp hn cho vay
hng chnh lch li sut. V y l mng nhiu ngn hng ang hng ti trong
giai on kh khn ny. Vi li sut u ra cao, cng vi s khng mn m ca cc
ngn hng thng mi, n to lc cn cho dng tin vo th trng chng khon,
to nn mt th trng m m trong nhng thng u nm.
Trong ngn hn, vic li sut huy ng cao cng to ra yu t tch cc, gip thu
ht mt lng ngoi t rt ln chy vo trong nc nh chnh lch li sut VND ti
Vit Nam v li sut ca cc ng ngoi t ti cc nc. Li sut ca Vit Nam cao
gp 10 ln so vi li sut USD M, tng t vi ng Yn nht. V vy, nh u t
nc ngoi mang ngoi t vo Vit Nam u t gin tip qua cc knh chng
khon (mt nguyn nhn l gii cho ng thi mua rng nh u t nc ngoi
nhng thng gn y), tin gi ngn hng Vit Nam Nhng n cng tim n mt
ri ro v y l khon u t ngn hn, c tnh thanh khon cao nn khi c bin h
c th d dng rt tin ra khi h thng v lm xo trn th trng ngoi hi ca
Vit Nam.
Ni m nh mang tn 13
Thng t 13 c a ra vo thng 5/2010 vi thi hn p dng d kin vo ngy
01/10/2010. Vo thi im nh u t dng nh khng ti ni dung ca
thng t ny. Nhng cng n gn ngy p dng, n li l nguyn nhn chnh gy
nn mt t sng gim di v mnh trn th trng t gia thng 7 n gn cui
thng 8. Khng loi tr tc ng ca nhng nh to lp th trng mun t nc
theo ma, c tnh to mt tm l bi quan cho nh u t y th trng xung
su hn.
Sau khi thng t 19 a ra, b sung cho nhng bt cp ca thng t 13 gii ta
tm l ang b nng bi ci bng ca thng t 13. V nhng con s tch cc
c cng b nh GDP qu 3 tng 7.16%, chn thng u nm tng 6.52%, nhng
cng khng ci thin c xu hng gim vi gi tr giao dch o ut ca th
trng.
Vi l lc c phn ha doanh nghip nh nc ca chnh ph, ngn hng nh tng
vn iu l ln 3,000 t ng. Cng thm lng c phiu chia tch, pht hnh
thm ca cc doanh nghip ang nim yt to nn mt lng cung t trn th
trng. Trong khi , dng tin mi khng c b sung vo th trng, lng tin
t i hin ti ang c xu hng ri b th trng do khng c kh nng kim li
to nn mt bc tranh m m cho th trng chng khon Vit Nam nm 2010.
iu g s tc ng n th trng?
Mt s nhn nh v xu hng th trng t gi ti cui nm 2010. Trong nhng
yu t tch cc v tiu cc s tc ng ti th trng:
Nhng yu t tch cc s tc ng ti th trng trong thi gian ti:

- Nn kinh t th gii bc vo giai on phc hi sau cuc khng hong ti

chnh ton cu bt ngun t M. Nhng lc quan v trin vng kinh t th gii s
l c hch cho s tng trng ca th trng chng khon ton cu ni chung v th
trng chng khon Vit Nam ni ring.
- Vi mc tiu tng trng GDP 6,5%, Chnh ph thc hin nhiu gii php
kch thch nn kinh t trong 6 thng cui nm. Ngoi ra, vic mt bng li sut c
xu hng gim trong thi gian ti, cng vi vic thc y tng trng tn dng
bng VND l nhng tn hiu tch cc cho th trng vn v th trng chng khon.
- Th trng Vit Nam ang c nhc n nh l mt trong nhng im n
hp dn ca dng vn u t nc ngoi. Gii ngn vn u t trc tip (PHDI) lin
tc t nhng k lc mi. Bn cnh , dng vn u t gin tip (PHII) t
mc thng d 1,8 t USD trong 6 thng u nm (thay v thm ht 492 triu USD
cng k nm 2009) v nh u t nc ngoi vn lin tc c nhng phin mua
rng trn th trng chng khon Vit Nam.
- Yu t tch cc c t kt qu hot ng kinh doanh ca cc doanh nghip
nim yt. a s cc doanh nghip nim yt s c kt qu kinh doanh kh quan v
t k hoch trong nm 2010; c bit l mt s ngnh nh ti chnh, vt liu xy
dng, vn ti bin

Nhng yu t tiu cc s tc ng ti th trng trong thi gian ti:

- Th nht, tnh hnh n cng v suy thoi kinh t ti chu u, M v Nht, tng
trng kinh t ang trn chm li ti Trung Quc, c th gy nn nhiu bt n trn th
trng chng khon th gii, to tm l tiu cc ln th trng chng khon trong nc.
- Th hai, lng cung hng ha tng cao trong na sau ca nm trn th trng, cng
vi nhu cu nng vn ca nhiu ngn hng (3.000 t ng), trong khi lng tin vo th
trng vn cha c s ci thin r rt.
- Th ba, mt s quan ngi v cc vn ni ti ca kinh t Vit Nam nh tnh trng
thm ht mu dch vn cao gy sc p ln t gi, iu ny vn l quan ngi ca nh u
t nc ngoi.
- Ngoi ra cng cn k n mt s vn nh vn v t gi do tc ng cu USD
trong nc vo thi im cui nm ln cao. Lng c phiu pht hnh thm s tng
mnh vo thi im cui nm. Nh nc cn mt lng tin ln cu vn Vinashin.
Nhng knh u t thay th nh vng, USD ang hp dn nh u t
Th trng c kh nng phc hi vo thng 1/2011

Bo M khuyn nh u t mua chng khon Vit : Vit Nam l th trng ang

ni ln vi tc pht trin nhanh v TTCK ca VN l mt trong nhng th trng
r nht th gii, v vy cc NT vn nn mua CK Vit Nam.
Thng tin trn c ng trn bo Investment U ca M s ra mi y.
Bo trn khuyn cc nh u t nn mua chng khon tng hp Vit Nam
(MarketVectors Vietnam - VNM), loi chng khon bt u c giao dch ti th
trng chng khon New York vo thng 8/2009, vi 68% c u t tip vo cc
cng ty Vit Nam, s cn li vo cc cng ty trn ton th gii c hot ng kinh
doanh ln ti Vit Nam.
Bo dn li ng Bill Stoops, quan chc ph trch u t ca cng ty Dragon
Capital, khng nh: "Th trng Vit Nam h nhit nhng li nhun vn ang

tng" v nn kinh t Vit Nam c d bo l s pht trin vi tc nhanh th ba

ti chu , sau Trung Quc v n , v cc cng ty chng khon hy vng t t l
tng li nhun trung bnh l 27% mi c phiu.
Bo Investment U thnh lp vo nm 1999, c tr s ti bang Maryland, chuyn
cung cp cc bi vit v ti chnh v u t nhm a ra li khuyn v t cho cc
nh u t tin vo cc th trng chng khon.

Theo bo co, kinh t Vit Nam s tng trng tt trong nm 2011, t mc

7,6%. Ngoi ra, nm 2011 s l nm ca nhng ci cch c li cho th trng.
Chng hn, Chnh ph ang xem xt iu chnh mt s quy nh trn th trng
chng khon nh rt ngn thi gian hon tt giao dch T+2 thay cho T+3, nng t
l s hu ca nh u t nc ngoi, c th ln 69% (i vi cc lnh vc khng
thuc din chin lc).
Thm vo , yu t chnh tr n nh v th trng chng khon kh gim su so
vi hin ti