Tm hiu chng khon - Kin thc cn bn (K 1)

Bi 1: Khi qut v th trng chng khon I.Th trng chng khon l g? Th trng chng khon l mt th trng m ni ngi ta mua bn, chuyn nhng, trao i chng khon nhm mc ch kim li. Tuy nhin, c th l TTCK tp trung hoc phi tp trung. Tnh tp trung y l mun ni n vic cc giao dch c t chc tp trung theo mt a im vt cht. Hnh thi in hnh ca TTCK tp trung l S giao dch chng khon ( Stock exchange). Ti S giao dch chng khon (SGDCK), cc giao dch c tp trung ti mt a im; cc lnh c chuyn ti sn giao dch v tham gia vo qu trnh ghp lnh hnh thnh nn gi giao dch. TTCK phi tp trung cn gi l th trng OTC (over the counter). Trn th trng OTC, cc giao dch c tin hnh qua mng li cc cng ty chng khon phn tn trn khp quc gia v c ni vi nhau bng mng in t. Gi trn th trng ny c hnh thnh theo phng thc tho thun. II.Chc nng ca TTCK 1. Huy ng vn u t cho nn kinh t: Khi cc nh u t mua chng khon do cc cng ty pht hnh, s tin nhn ri ca h c a vo hot ng sn xut kinh doanh v qua gp phn m rng sn xut x hi. Thng qua TTCK, Chnh ph v chnh quyn cc a phng cng huy ng c cc ngun vn cho mc ch s dng v u t pht trin h tng kinh t, phc v cc nhu cu chung ca x hi. 2. Cung cp mi trng u t cho cng chng TTCK cung cp cho cng chng mt mi trng u t lnh mnh vi cc c hi la chn phong ph. Cc loi chng khon trn th trng rt khc nhau v tnh cht, thi hn v ri ro, cho php cc nh u t c th la chn loi hng ho ph hp vi kh nng, mc tiu v s thch ca mnh. 3. To tnh thanh khon cho cc chng khon Nh c TTCK cc nh u t c th chuyn i cc chng khon h s hu thnh tin mt hoc cc loi chng khon khc khi h mun. Kh nng thanh khon l mt trong nhng c tnh hp dn ca chng khon i vi ngi u t. y l yu t cho thy tnh linh hot, an ton ca vn u t. TTCK hot ng cng nng ng v c hiu qu th tnh thanh khon ca cc chng khon giao dch trn th trng cng cao.

4. nh gi hot ng ca doanh nghip Thng qua chng khon, hot ng ca cc doanh nghip c phn nh mt cch tng hp v chnh xc, gip cho vic nh gi v so snh hot ng ca doanh nghip c nhanh chng v thun tin, t cng to ra mt mi trng cnh tranh lnh mnh nhm nng cao hiu qu s dng vn, kch thch p dng cng ngh mi, ci tin sn phm. 5. To mi trng gip Chnh ph thc hin cc chnh sch kinh t v m Cc ch bo ca TTCK phn nh ng thi ca nn kinh t mt cch nhy bn v chnh xc. Gi cc chng khon tng ln cho thy u t ang m rng, nn kinh t tng trng; ngc li gi chng khon gim s cho thy cc du hiu tiu cc ca nn kinh t. V th, TTCK c gi l phong v biu ca nn kinh t v l mt cng c quan trng gip Chnh ph thc hin cc chnh sch kinh t v m. Thng qua TTCK, Chnh ph c th mua v bn tri phiu Chnh ph to ra ngun thu b p thm ht ngn sch v qun l lm pht. Ngoi ra, Chnh ph cng c th s dng mt s chnh sch, bin php tc ng vo TTCK nhm nh hng u t m bo cho s pht trin cn i ca nn kinh t. III. C cu TTCK: xt v s lu thng ca chng khon trn th trng, TTCK c hai loi: 1. Th trng s cp: L th trng mua bn cc chng khon mi pht hnh. Trn th trng ny, vn t nh u t s c chuyn sang nh pht hnh thng qua vic nh u t mua cc chng khon mi pht hnh. 2. Th trng th cp: L ni giao dch cc chng khon c pht hnh trn th trng s cp.Th trng th cp m bo tnh thanh khon cho cc chng khon pht hnh. IV. Cc nguyn tc hot ng ca TTCK: 1. Nguyn tc cnh tranh: Theo nguyn tc ny, gi c trn TTCK phn nh quan h cung cu v chng khon v th hin tng quan cnh tranh gia cc cng ty. Trn th trng s cp, cc nh pht hnh cnh tranh vi nhau bn chng khon ca mnh cho cc nh u t, 2. Nguyn tc cng bng: Cng bng c ngha l mi ngi tham gia th trng u phi tun th nhng qui nh chung, c bnh ng trong vic chia s thng tin v trong vic gnh chu cc hnh thc x pht nu vi phm vo nhng qui nh .

3. Nguyn tc cng khai: Chng khon l loi hng ho tru tng nn TTCK phi c xy dng trn c s h thng cng b thng tin tt. Theo lut nh, cc t chc pht hnh c ngha v phi cung cp thng tin y theo ch thng xuyn v t xut thng qua cc phng tin thng tin i chng, S giao dch, cc cng ty chng khon v cc t chc c lin quan. 4. Nguyn tc trung gian: Nguyn tc ny c ngha l cc giao dch chng khon c thc hin thng qua t chc trung gian l cc cng ty chng khon. Trn th trng s cp, cc nh u t khng mua trc tip ca nh pht hnh m mua t cc nh bo lnh pht hnh. Trn th trng th cp, thng qua cc nghip v mi gii, kinh doanh, cc cng ty chng khon mua, bn chng khon gip cc khch hng, hoc kt ni cc khch hng vi nhau qua vic thc hin cc giao dch mua bn chng khon trn ti khon ca mnh. 5. Nguyn tc tp trung: Cc giao dch chng khon ch din ra trn s giao dch v trn th trng OTC di s kim tra gim st ca c quan qun l nh nc v cc t chc t qun. V. Cc thnh phn tham gia TTCK

1. Nh pht hnh: L cc t chc thc hin huy ng vn thng qua TTCK di hnh thc pht hnh cc chng khon. 2. Nh u t: L nhng ngi thc s mua v bn chng khon trn TTCK. Nh u t c th c chia thnh 2 loi: - Nh u t c nhn: l nhng ngi c vn nhn ri tm thi, tham gia mua bn trn TTCK vi mc ch kim li. - 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. Cc nh ch ny c th tn ti di cc hnh thc sau: cng ty u t, cng ty bo him, Qu lng hu, cng ty ti chnh, ngn hng thng mi v cc cng ty chng khon. 3. Cc cng ty chng khon: L nhng cng ty hot ng trong lnh vc chng khon, c th m nhn mt hoc

nhiu trong s cc nghip v chnh l mi gii, qun l qu u t, bo lnh pht hnh, t vn u t chng khon v t doanh. 4. Cc t chc c lin quan n TTCK: - U ban chng khon Nh nc: l c quan thuc Chnh ph thc hin chc nng qun l nh nc i vi TTCK Vit nam. - S giao dch chng khon: l c quan thc hin vn hnh th trng v ban hnh nhng quyt nh iu chnh cc hot ng giao dch chng khon trn S ph hp vi cc quy nh ca lut php v UBCK. - Cng ty dch v my tnh chng khon: l t chc ph tr, phc v cc giao dch chng khon. - Cng ty nh gi h s tn nhim: l cng ty chuyn cung cp dch v nh gi nng lc thanh ton cc khon vn gc v li ng thi hn v theo nhng iu khon cam kt ca cng ty pht hnh i vi mt t pht hnh c th. Bi 2: Gii thiu v C phiu I. Khi nim C phiu: Khi mt cng ty gi vn, s vn cn gi c chia thnh nhiu phn nh bng nhau gi l c phn. Ngi mua c phn gi l c ng. C ng c cp mt giy chng nhn s hu c phn gi l c phiu v ch c cng ty c phn mi pht hnh c phiu. Nh vy, c phiu chnh l mt chng th chng minh quyn s hu ca mt c ng i vi mt cng ty c phn v c ng l ngi c c phn th hin bng c phiu. Thng thng hin nay cc cng ty c phn thng pht hnh 02 dng c phiu: C phiu thng v c phiu u i: Cc c ng s hu c phiu thng thng c quyn hn v trch nhim i vi cng ty nh: c chia c tc theo kt qu kinh doanh; c quyn bu c, ng c vo b my qun tr v kim sat cng ty; V phi chu trch nhim v s thua l hoc ph sn tng ng vi phn vn gp ca mnh. Cc c ng s hu c phiu u i cng l hnh thc u t vn c phn nh c phiu thng thng nhng quyn hn v trch nhim hn ch nh: li tc c nh; khng c quyn bu c, ng c..v.v. II. Tc dng ca vic pht hnh C phiu: i vi Cng ty pht hnh: Vic pht hnh C phiu s gip cho Cng ty c th huy ng vn khi thnh lp hoc m rng kinh doanh. Ngun vn huy ng ny khng cu thnh mt khon n m cng ty phi c trch nhim hon tr cng nh p lc v kh nng cn i thanh khon ca cng ty s gim rt nhiu, trong khi s dng cc phng thc khc nh pht hnh tri phiu cng ty, vay n t cc t chc tn dng ...th hon ton ngc li. Tuy nhin, mi phng thc huy ng u c nhng u nhc im ring v nh qun l cng ty phi cn nhc, la chn ty tng thi im v da trn nhng c th cng nh chin lc kinh doanh ca cng ty

quyt nh phng thc p dng thch hp. i vi nh u t C phiu: Cc nh u t trn th trng sn sng mua C phiu c cng ty pht hnh. Giy chng nhn s hu c phn c pht hnh di dng chng th c gi v c xc nh thng qua vic chuyn dch, mua bn chng trn th trng chng khon gia cc ch th u t v c php lut bo v. Mt khc, ngi mua c phiu ngh rng ng vn h u t c cc nh qun l cng ty s dng c hiu qu, to ra nhiu li nhun hoc nh gi hot ng cng nh tim nng pht trin, sinh li ca cng ty d nh u t l cao, v ng nhin h s c hng mt phn t nhng thnh qu thng qua vic thanh ton c tc cho cc c ng, ng thi gi tr c phn s hu cng s gia tng trn c s thc ti v trin vng pht trin ca cng ty mnh chn. Thng thng, kh nng sinh li, thu hi vn u t c phiu t l thun vi gi c giao dch c phiu trn th trng Bi 3: Gii thiu tri phiu 1. Khi nim: Tri phiu l mt loi chng khon quy nh ngha v ca ngi pht hnh (ngi vay tin) phi tr cho ngi nm gi chng khon (ngi cho vay) mt khon tin xc nh, thng l trong nhng khong thi gian c th, v phi hon tr khon cho vay ban u khi n o hn. 2. c im: a. Mt tri phiu thng thng c ba c trng chnh: + Mnh gi. + Li sut nh k (coupon) + Thi hn. b. Tri phiu th hin quan h ch n con n gia ngi pht hnh v ngi u t . Pht hnh tri phiu l i vay vn. Mua tri phiu l cho ngi pht hnh vay vn v nh vy, tri ch l ch n ca ngi pht hnh. L ch n, ngi nm gi tri phiu (tri ch) c quyn i cc khon thanh ton theo cam kt v khi lng v thi hn, song khng c quyn tham gia vo nhng vn ca bn pht hnh. c. Li sut ca cc tri phiu rt khc nhau, c quy nh bi cc yu t: Cung cu vn trn th trng tn dng. Lng cung cu vn li tu thuc vo chu k kinh t, ng thi chnh sch ca ngn hng trung ng, mc thm ht ngn sch ca chnh ph v phng thc ti tr thm ht . Mc ri ro ca mi nh pht hnh v ca tng t pht hnh. Cu trc ri ro ca li sut s quy nh li sut ca mi tri phiu. Ri ro cng ln, li sut cng cao. Thi gian o hn ca tri phiu. Nu cc tri phiu c mc ri ro nh nhau, nhn chung thi gian o hn cng di th li sut cng cao. 3. Phn loi tri phiu.

3.1. Cn c vo vic c ghi danh hay khng: - Tri phiu v danh: l tri phiu khng mang tn tri ch, c trn chng ch cng nh trn s sch ca ngi pht hnh. Nhng phiu tr li nh theo t chng ch, v khi n hn tr li, ngi gi tri phiu ch vic x ra v mang ti ngn hng nhn li. Khi tri phiu o hn, ngi nm gi n mang chng ch ti ngn hng nhn li khon cho vay. - Tri phiu ghi danh: l loi tri phiu c ghi tn v a ch ca tri ch, trn chng ch v trn s ca ngi pht hnh. Hnh thc ghi danh c th ch thc hin cho phn vn gc, cng c th l ghi danh ton b, c gc ln li. Dng ghi danh ton b m ang ngy cng ph bin l hnh thc ghi s. Tri phiu ghi s hon ton khng c dng vt cht, quyn s hu c xc nhn bng vic lu gi tn v a ch ca ch s hu trn my tnh. 3.2. Cn c vo i tng pht hnh tri phiu : Tri phiu chnh ph: l nhng tri phiu do chnh ph pht hnh nhm mc ch b p thm ht ngn sch, ti tr cho cc cng trnh cng ch, hoc lm cng c iu tit tin t. Tri phiu chnh ph l loi chng khon khng c ri ro thanh ton v cng l loi tri phiu c tnh thanh khon cao. Do c im , li sut ca tri phiu chnh ph c xem l li sut chun lm cn c n nh li sut ca cc cng c n khc c cng k hn. Tri phiu cng trnh: l loi tri phiu c pht hnh huy ng vn cho nhng mc ch c th, thng l xy dung nhng cng trnh c s h tng hay cng trnh phc li cng cng. Tri phiu ny c th do chnh ph trung ng hoc chnh quyn a phng pht hnh. Tri phiu cng ty: l cc tri phiu do cc cng ty pht hnh vay vn di hn. Tri phiu cng ty c c im chung sau: Tri ch c tr li nh k v tr gc khi o hn, song khng c tham d vo cc quyt nh ca cng ty. Nhng cng c loi tri phiu khng c tr li nh k, ngi mua c mua di mnh gi v khi o hn c nhn li mnh gi. Khi cng ty gii th hoc thanh l, tri phiu c u tin thanh ton trc cc c phiu. C nhng iu kin c th km theo, hoc nhiu hnh thc m bo cho khon vay. Tri phiu cng ty bao gm nhng loi sau: Tri phiu c m bo: l tri phiu c m bo bng nhng ti sn th chp c th, thng l bt ng sn v cc thit b. Ngi nm gi tri phiu ny c bo v mt mc cao trong trng hp cng ty ph sn, v h c quyn i n i vi mt ti sn c th. Tri phiu khng bo m: Tri phiu tn chp khng c m bo bng ti sn m c m bo bng tn chp ca cng ty. Nu cng ty b ph sn, nhng tri ch ca tri phiu ny c gii quyt quyn li sau cc tri ch c bo m, nhng trc c ng.

Cc tri phiu tn chp c th chuyn i cho php tri ch c quyn chuyn tri phiu thnh c phiu thng ca cng ty pht hnh. Tu theo quy nh, vic chuyn i c th c tin hnh vo bt c thi im no, hoc ch vo nhng thi im c th xc nh. Ngoi nhng c im trn, mi t tri phiu c pht hnh c th c gn km theo nhng c tnh ring khc na nhm p ng nhu cu c th ca mt bn no . C th l: - Tri phiu c th mua li cho php ngi pht hnh mua li chng khon trc khi o hn khi thy cn thit. c tnh ny c li cho ngi pht hnh song li bt li cho ngi u t, nn loi tri phiu ny c th c li sut cao hn so vi nhng tri phiu khc c cng thi hn. - Tri phiu c th bn li: cho php ngi nm gi tri phiu c quyn bn li tri phiu cho bn pht hnh trc khi tri phiu o hn. Quyn ch ng trong trng hp ny thuc v nh u t, do li sut ca tri phiu ny c th thp hn so vi nhng tri phiu khc c cng thi hn. - Tri phiu c th chuyn i cho php ngi nm gi n c th chuyn i tri phiu thnh c phiu thng, tc l thay i t cch t ngi ch n tr thnh ngi ch s hu ca cng ty. Loi tri phiu ny thuc vo nhm hng ho chng khon c th chuyn i c cp ti di y. 4. Li ch ca u t qua tri phiu: - D lm n thua l, cng ty vn phi tr tin li, khng ct gim hoc b nh c phiu. Nu cng ty ngng hot ng, thanh l ti sn, tri ch c tr tin trc ngi c c phn u i v c phn thng thng. Nhng nu cng ty c li nhun cao, cng ty c th chia thm c tc cho ngi c c phn, th tri ch vn ch c hng mc nh. - Tri phiu c loi c min thu thu nhp (tri phiu Chnh ph, tri phiu chnh quyn a phng). i vi nhng ngi c thu nhp cao, mua tri phiu trn vn c li. - Tri phiu trn th trng th cp c gi ln xung i nghch vi li sut th trng. Nu bit tnh ton phn tch thc hin mua bn th vn c li. 5. Bt li khi u t tri phiu: - Khi nhn c tin li phi lo u t s tin v rt t cng ty c chng trnh ti u t tin li tri phiu. Trong khi , nhiu cng ty c chng trnh ti u t c tc. C ng c th mua thm c phn c min s ph, v c khi cn c mua c phn vi gi r hn gi th trng. - Gi tri phiu cng ty cng bin ng kh mnh trn th trng: khi li sut th trng ln cao hn li sut tri phiu th gi tri phiu s h. Khi c quan nh gi xp loi doanh nghip, nh gi cng ty pht hnh t loi AAA(3A) xung AA(2A) hoc xung BBB(3B) th gi tri phiu cng s b h. Hoc khi c s mt mt th trng, v n th gi tri phiu cng s b h.V gi tri phiu cng s gim i khi c t ngi mua. 6. Khi u t tri phiu cn ch g?

Trc khi mua tri phiu cn tm hiu hai iu: chiu hng ln xung ca li sut v uy tn ca cng ty pht hnh. Nn mua tri phiu lc li sut ang thi im cao nht v ang trn gim dn. V nn mua tri phiu di hn c th c hng li sut cao trong mt thi gian di. Ngc li, lc li sut ang mc thp nht v bt u tng, nn bn tri phiu di hn i mua vo tri phiu trung hn. Bi 4: Chng khon c th chuyn i 1. Khi nim: Chng khon c th chuyn i l nhng chng khon cho php ngi nm gi n, tu theo la chn v trong nhng iu kin nht nh c th i n thnh mt chng khon khc. Nhng loi chng khon c th chuyn i thnh c phiu thng ph bin l: - C phiu u i. - Tri phiu. 2. Mc ch ca vic pht hnh v u t vo chng khon chuyn i: Pht hnh chng khon c th chuyn i l nhm huy ng thm vn vo nhng thi im cha thch hp cho vic pht hnh c phiu thng. Vic pht hnh chng khon c th chuyn i cng c th nhm mc ch tng thm tnh hp dn cho t pht hnh, nht l khi th trng tri phiu v c phiu u i ang xung gi. 3. Li ch ca tri phiu chuyn i: * i vi bn pht hnh: do vic ngi u t s c hng quyn chuyn i tri phiu ny ra c phiu thng khi n hn, nn: + Nu l tri phiu: bn pht hnh s bn tri phiu ra vi li sut thp. + Nu l c phiu u i: bn pht hnh s cho bn vi gi cao. Khi cc chng khon c chuyn i, nh pht hnh cn c li v loi b c cc khon c nh phi tr, ng thi tng thm s lng c ng ca cng ty, mt ch bo c li cho danh ting ca cng ty. * i vi ngi u t: + Chng khon c th chuyn i c sc hp dn ch chng kt hp c tnh an ton ca tri phiu (thu nhp c nh) vi tnh c th u c ca c phiu thng. + Chng khon c th chuyn i cho php nh u t c th c bo him trc tnh trng lm pht. Tuy nhin, nhng li ch ca vic thc hin chuyn i tu thuc nhiu vo gi chuyn i, t l chuyn i, v tng quan gi gia cng c c th chuyn i vi nhng cng c m chng c th chuyn i thnh. l nhng yu t thng

khng nm trong tm kim sot ca ngi u t. V d 1: mt tri phiu c mnh gi l 1.000.000 ng; nu c 50.000 ng c i ly mt c phn ca c phiu thng, th gi chuyn i l 50.000 ng; h s chuyn i l 1.000.000 ng: 50.000 ng = 20 (c phn). V d 2: Gi s tri phiu trn ang c gi l 1.045.000 ng ; c chuyn thnh 100 c phn ca mt c phiu thng. Gi tng ng chuyn i l 1.045.000 ng:100 = 10.450 ng. iu c ngha l gi tr trng ca c phiu t nht phi bng 10.045 ng th vic nm gi tri phiu v chuyn i n thnh c phiu mi c coi l tng ng v mt gi tr. Nu gi th trng ca c phiu cao hn gi tng ng chuyn i th vic chuyn i s em li mt phn li nhun. Trn thc t rt c th gi c phiu khng ln ti mc m ngi nm gi tri phiu c th chuyn i tri phiu thu li nhun. Bi 5: Cc cng c phi sinh I. Khi nim: Cng c phi sinh l nhng cng c c pht hnh trn c s nhng cng c c nh c phiu, tri phiu nhm nhiu mc tiu khc nhau nh phn tn ri ro, bo v li nhun hoc to li nhun. II. Cc loi cng c phi sinh: 1. Quyn la chn (Option) a. Khi nim: Quyn la chn l mt cng c cho php ngi nm gi n c mua (nu l quyn chn mua) hoc bn (nu l quyn chn bn) mt khi lng nht nh hng ho vi mt mc gi xc nh, v trong mt thi gian nht nh. Cc hng ho c s ny c th l c phiu, ch s c phiu, tri phiu, ch s tri phiu, thng phm, ng tin hay hp ng tng lai. b. Nhng yu t cu thnh mt quyn la chn - Tn ca hng ho c s v khi lng c mua theo quyn. - Loi quyn (chn mua hay chn bn). - Thi hn ca quyn. - Mc gi thc hin theo quyn. c. Nhng mc gi lin quan ti mt quyn la chn l: - Gi th trng hin hnh ca loi hng ho c s. - Gi hng ho c s thc hin theo quyn. - Gi quyn la chn.

i vi quyn chn mua, nu gi thc hin thp hn gi hin hnh ca chng khon c s, th quyn c gi l ang c tin (in the money), tc l ngi c quyn c th c li t vic thc hin quyn. Nu gi thc hin bng vi gi th trng, quyn ang trng thi ho vn ( at the money), v nu cao hn, gi l ang mt tin (out of money). i vi quyn chn bn th ngc li, ngi thc hin quyn s c li nu gi bn thc hin quyn cao hn gi th trng ca hng ho c s v s b mt tin nu gi thc hin quyn thp hn gi th trng ca hng ho c s. Gi tr m ngi nm gi quyn la chn s nhn c bng cch thc hin quyn c gi l gi tr ni ti (intrinsic value). Nu quyn trng thi b mt tin, gi tr ni ti bng 0. Gi th trng ca mt quyn thng t nht l bng gi tr ni ti. Gi bn quyn c gi l phn ph tri, chnh lch gia gi bn quyn vi gi tr ni ti (trong trng hp quyn ang c tin) c gi l phn ph tri gi tr theo thi gian. Ni cch khc, khi : Gi tr theo thi gian ca quyn chn mua = Gi quyn - (gi th trng - gi thc hin). V d 1: Gi ca mt quyn chn mua XYZ l 400.000 ng, gi th trng ca XYZ l 42.000 ng. Ngi gi quyn c th chim ly 200.000 ngay tc th bng cch thc hin quyn, tc l mua 100 c phn ( mc gi c quyn n nh) vi tng chi ph 4.000.000 ng, cng theo mc gi thc hin theo quyn l 40.000 mt c phn; sau bn ngay vi gi th trng, thu v 4.200.000 . Gi tr ni ti ca quyn l 200.000 . Mc ph tri gi tr theo thi gian = gi quyn gi tr ni ti = 400.000 200.000 = 200.000 Ngi mua vn sn sng tr phn ph tri cho cc quyn la chn v h nhn c nhiu li ch t mt quyn la chn. d. ng dng ca quyn la chn: Quyn la chn cho php nh u t thu c t l % li tc trn vn u t cao nht. V d 2: Gi s th trng hin nay ca c phiu XYZ l 42.000 VND/c phn, v bn d on sau na nm na, gi c phiu XYZ s tng mnh, ln ti 50.000 VND. Gi s cc quyn la chn c lin quan n giao dch c phiu XYZ c nim yt, bn c th mua mt quyn chn mua c phiu XYZ vi gi 40.000 VND/c phn. Trong vng 6 thng gi c phiu XYZ tng ln 50.000 VND/c phn. Bn c th buc ngi bn giao 100 c phn XYZ cho bn vi gi 40.000 VND/c phn, sau bn chng ra th trng vi gi 50.000 ng. Nhu vy bn to ra mt li nhun ng k. Trn thc t bn thu c li nhun 60.000 ng trn khon u t 40.000 ng, vy li sut l 150%, trong khong thi gian l 6 thng. Quyn la chn c s dng bo v li nhun V d 3: Vi XYZ ang c gi th trng l 44.000 ng, ngi s hu 100 c phn

XYZ bn mt quyn chn mua XYZ 44.000 vi gi quyn l 400.000 ng. Nu gi th trng ca XYZ gim xung 40.000 ng, ngi bn s c bo v trc khon thua l nh c 40.000 ng nhn c t vic bn quyn chn. Nu XYZ tip tc gim gi th ng nhin ngi bn s mt tin. Nh vy khon thu 40.000 ng t vic bn quyn la chn to ra mt s bo v c b i vi tnh trng st gi. Nu trong 6 thng ti gi XYZ vn gi nguyn, quyn s khng c thc hin. Khon thu ph tri 40.000 ng l mt thu nhp b sung trn tng u t. 2. Quyn mua trc (right) Quyn mua trc l mt quyn la chn mua c thi hn rt ngn, c khi ch vi tun. Quyn ny c pht hnh khi cc cng ty tng vn bng cch pht hnh thm cc c phiu thng. Quyn cho php mt c ng mua c phiu mi pht hnh vi mc gi n nh trong mt khong thi gian xc nh. Loi quyn ny thng c pht hnh theo tng t, mi c phiu ang lu hnh c km theo mt quyn. S quyn cn mua mt c phiu mi c quy nh tu theo tng t pht hnh mi. Gi c phiu ghi trn quyn thng l thp hn gi hin hnh ca c phiu. Gi ca quyn tnh bng chnh lch gia gi th trng hin hnh ca c phn ang lu hnh v gi mua c phn mi theo quyn, chia cho s lng quyn cn c mua mt c phn mi. V d: c phiu bn theo quyn (gi thc hin) l 800.000 ng/c phn, nhng c gi th trng l 1.000.000 ng, nu c 10 quyn c mua mt c phn mi th gi ca quyn c xc nh theo cng thc Vr = P0 - Pn/r Trong : Vr l gi tr ca mt quyn, P0 l gi th trng ca c phiu ang lu hnh, Pn l gi thc hin c phiu mi v r l s quyn cn c mua mt c phiu mi. Vy, gi quyn y l Vr = (1.000.000 800.000)/10 = 20.000 ng. Nu khng mun thc hin quyn, c ng thng c th bn quyn trn th trng trong thi gian quyn cha ht hn. Gi quyn c th ln xung trong khong thi gian cho bn, tu thuc bin ng gi th trng ca c phiu. 3. Chng quyn (warrants) Chng quyn l quyn cho php mua mt s c phn xc nh ca mt c phiu, vi mt gi xc nh, trong mt thi hn nht nh. Quyn ny c pht hnh khi tin hnh t chc li cc cng ty, hoc khi cng ty mun khuyn khch cc nh u t tim nng mua nhng tri phiu hay c phiu u i nhng c nhng iu kin km thun li. chp nhn nhng iu kin , nh u t c c mt la chn i vi s ln gi c th xy ra ca c phiu thng. c im: Khc vi quyn mua trc, chng quyn c thi hn di hn, do cng ty pht hnh cng c c s pht hnh ng thi vi cng c c s. Khc vi quyn la chn

(option), khi chng quyn c thc hin, n to thnh dng tin vo cho cng ty v tng thm lng c phiu lu hnh trn th trng. Chng quyn c th c giao dch tch ri vi tri phiu hay c phiu m n i km. Cc iu kin ca chng quyn c ghi r trn t chng ch: s c phiu c mua theo mi chng quyn (thngl 1:1); gi thc hin cho mi c phiu; ti thi im chng quyn c pht hnh, gi ny bao gi cng cao hn gi th trng ca c phiu c s, v gi c th c nh, c th c tng ln nh k; v thi hn ca quyn, a s trng hp l 5 n 10 nm. 4.Hp ng k hn Hp dng k hn l mt tho thun trong mt ngi mua v mt ngi bn chp thun thc hin mt giao dch hng ho vi khi lng xc nh, ti mt thi im xc nh trong tng lai vi mt mc gi c n nh vo ngy hm nay. Hng ho y c th l bt k th hng ho no; t nng sn, cc ng tin, cho ti cc chng khon. Theo hp ng ny th ch c hai bn tham gia vo vic k kt, gi c do hai bn t tho thun vi nhau, da theo nhng c tnh mang tnh cc nhn. Gi hng ho trn th trng giao ngay vo thi im giao nhn hng ho c th thay , tng ln hoc gim xung so vi mc gi k kt trong hp ng. Khi , mt trong hai bn mua v bn s b thit hi do cam kt mt mc gi thp hn (bn bn) hoc cao hn (bn mua) theo gi th trng. Nh vy bng vic tham gia vo mt hp ng k hn, c hai bn u gii hn c ri ro tim nng cng nh hn ch li nhun tim nng ca mnh. V ch c hai bn tham gia vo hp ng, cho nn mi bn u ph thuc duy nht vo bn kia trong vic thc hin hp ng. Khi c thay i gi c trn th trng giao ngay, ri ro thanh ton s tng ln khi mt trong hai bn khng thc hin hp ng. Ngoi ra, v mc gi t ra mang tnh c nhn v ch quan nn rt c th khng chnh xc. 5. Hp ng tng lai Hp ng tng lai, nh c tnh linh hot ca n, khc phc c nhng nhc im ca hp ng k hn, v thng c xem l mt cch thc tt hn ro chn ri ro trong kinh doanh. Nhng im khc bit cn bn ca hp ng tng lai so vi hp ng k hn l: 1. Nim yt trn s giao dch Mt giao dch hp ng tng lai ni chung c x l trn mt S giao dch. im ny cho php gi c c hnh thnh hp l hn, do cc bn mua bn c cung cp thng tin y v cng khai. 2. Xo b ri ro tn dng.

Trong cc giao dch hp ng tng lai c nim yt trn s giao dch, c hai bn bn v mua u khng bao gi bit v i tc giao dch ca mnh. Cng ty thanh ton b tr s phc v nh mt trung gian trong tt c cc giao dch. Ngi bn bn cho cng ty thanh ton b tr, v ngi mua cng mua qua cng ty thanh ton b tr. Nu mt trong hai bn khng thc hin c hp ng th vn khng nh hng g n bn kia. 3.Tiu chun ho. Cc hp ng k hn c th c tho ra vi mt hng ho bt k, khi lng, cht lng, thi gian giao hng bt k, theo tho thun chung gia hai bn bn, mua. Tuy nhin, cc hp ng tng lai nim yt trn s giao dch i hi vic giao nhn mt khi lng c th ca mt hng ho c th p ng cc tiu chun cht lng ti thiu, theo mt thi hn c n nh trc. 4. iu chnh vic nh gi theo mc gi th trng (Marking to market). Trong cc hp ng k hn, cc khon l, li ch c tr khi hp ng n hn. Vi mt hp ng tng lai, bt k mn li no cng c giao nhn hng ngy. C th l nu gi ca hng ho c s bin ng khc vi gi tho thun (gi thc hin hp ng) th bn b thit hi do s thay i gi ny phi tr tin cho bn c li t s thay i gi . Trn thc t, v khng bn no bit v i tc ca mnh trong giao dch, nn nhng ngi thua u tr tin cho cng ty thanh ton b tr, v cng ty ny s tr tin cho nhng ngi thng. Bi 6: Th trng s cp I. Khi nim, chc nng: 1. Khi nim th trng s cp: Th trng s cp l ni din ra qu trnh mua bn ln u cc chng khon mi pht hnh. Th trng s cp cn c gi l th trng cp mt hay th trng pht hnh. 2. Chc nng ca th trng s cp Th trng s cp thc hin chc nng quan trng nht ca th trng chng khon, l huy ng vn cho u t.Th trng s cp va c kh nng thu gom mi ngun vn tit kim ln nh ca tng h dn c, va c kh nng thu ht ngun vn to ln t nc ngoi; cc ngun vn tm thi nhn ri t cc doanh nghip, cc t chc ti chnh, chnh ph to thnh mt ngun vn khng l ti tr cho nn kinh t, m cc phng thc khc khng th lm c. Nh vy, th trng s cp to ra mi trng cho cc doanh nghip gi vn m rng sn xut kinh doanh, gip Nh nc gii quyt vn thiu ht ngn sch

thng qua vic pht hnh tri phiu, c thm vn xy dung c s h tng. N cng trc tip ci thin mc sng ca ngi tiu ding bng cch gip h chn thi im cho vic mua sm ca mnh tt hn. II. Cc phng php pht hnh chng khon: C 2 phng php pht hnh chng khon trn th trng s cp. l pht hnh ring l v pht hnh ra cng chng. 1. Pht hnh ring l Pht hnh ring l l qu trnh trong chng khon c bn trong phm vi mt s ngi nht nh (thng thng l cho cc nh u t c t chc), vi nhng iu kin (khi lng pht hnh) hn ch. Vic pht hnh chng khon ring l thng thng chu s iu chnh ca Lut cng ty. Chng khon pht hnh theo phng thc ny khng phI l i tng giao dch ti S giao dch chng khon. 2. Pht hnh ra cng chng Pht hnh ra cng chng l qu trnh trong chng khon c bn rng ri ra cng chng, cho mt s lng ln ngi u t, trong tng lng pht hnh phi ginh mt t l nht nh cho cc nh u t nh v khi lng pht hnh phi t c mt mc nht nh. Nhng cng ty pht hnh chng khon ra cng chng c gi l cc cng ty i chng. C s khc nhau gia pht hnh c phiu v pht hnh tri phiu ra cng chng: * Pht hnh c phiu ra cng chng c thc hin theo mt trong hai hnh thc sau: - Pht hnh ln u ra cng chng (IPO): l vic pht hnh trong c phiu ca cng ty ln u tin c bn rng ri cho cng chng u t. - Cho bn s cp (phn phi s cp): l t pht hnh c phiu b sung ca cng ty i chng cho rng ri cng chng u t. * Pht hnh tri phiu ra cng chng c thc hin bng mt hnh thc duy nht, l cho bn s cp (phn phi s cp). Vic pht hnh chng khon ra cng chng phi chu s chi phi ca php lut v chng khon v phi c c quan qun l nh nc v chng khon cp php. Nhng cng ty pht hnh chng khon ra cng chng phi thc hin mt ch bo co, cng b thng tin cng khai v chu s gim st ring theo qui nh ca php lut chng khon. Vit Nam, vic pht hnh chng khon ra cng chng nim yt ti Trung tm giao dch chng khon phi tun theo cc qui nh ti Ngh nh 48/1998/N-CP

ngy 11/7/1998 ca Chnh ph v chng khon v th trng chng khon. Ngh nh ny qui nh vic pht hnh chng khon ra cng chng nim yt ti th trng giao dch tp trung phi c U ban chng khon cp php tr vic pht hnh tri phiu Chnh ph. Cc chng khon ny sau khi c pht hnh ra cng chng s c nim yt ti Trung tm giao dch chng khon. Mc ch ca vic phn bit hai hnh thc pht hnh (pht hnh ring l v pht hnh ra cng chng nh trn l nhm c cc bin php bo v cho cng chng u t, nht l nhng nh u t nh khng hiu bit nhiu v lnh vc chng khon. Nhm mc ch ny, c php pht hnh ra cng chng, t chc pht hnh phi l nhng cng ty lm n c cht lng cao, hot ng sn xut kinh doanh c hiu qu, p ng c cc iu kin do c quan qun l nh nc v chng khon (U ban chng khon nh nc) qui nh. Bi 7: Pht hnh CK ln u ra cng chng (IPO) Nh cp phn trc, khi nim pht hnh ln u ra cng chng (IPO) ch c hiu i vi vic pht hnh c phiu. Do vy sau y, chng ta s ch yu cp n vic pht hnh c phiu ln u ra cng chng. 1. iu kin pht hnh chng khon ln u ra cng chng: Mi nc c nhng qui nh ring cho vic pht hnh chng khon ln u ra cng chng. Tuy nhin, pht hnh chng khon ra cng chng thng thng t chc pht hnh phi m bo nm iu kin c bn sau: - V qui m vn: t chc pht hnh phi p ng c yu cu v vn iu l ti thiu ban u, v sau khi pht hnh phi t c mt t l phn trm nht nh v vn c phn do cng chng nm gi v s lng cng chng tham gia. - V tnh lin tc ca hot ng sn xut kinh doanh: cng ty c thnh lp v hot ng trong vng mt thi gian nht nh (thng khong t 3 n 5 nm). - V i ng qun l cng ty: cng ty phi c i ng qun l tt, c nng lc v trnh qun l cc hot ng sn xut, kinh doanh ca cng ty. - V hiu qu sn xut kinh doanh: cng ty phi lm n c li vi mc li nhun khng thp hn mc qui nh v trong mt s nm lin tc nht nh (thng t 2-3 nm). - V tnh kh thi ca d n: cng ty phi c d n kh thi trong vic s dng ngun vn huy ng c. Tuy nhin, cc nc ang pht trin thng cho php mt s trng hp ngoi l, tc l c nhng doanh nghip s c min gim mt s iu kin nu trn, v d: doanh nghip hot ng trong lnh vc cng ch, h tng c s c th c min gim iu kin v hiu qu sn xut kinh doanh.

 Vit Nam, theo qui nh ca Ngh nh 48/1998/-N-CP v chng khon v th trng chng khon v Thng t 01/1998/TT-UBCK hng dn Ngh nh 48/1998/-N-CP, t chc pht hnh pht hnh c phiu ln u ra cng chng phi p ng c cc iu kin sau: - Mc vn iu l ti thiu l 10 t ng Vit Nam; - Hot ng kinh doanh c li trong 2 nm lin tc gn nht; - Thnh vin Hi ng qun tr v Gim c (Tng gim c) c kinh nghim qun l kinh doanh. - C phng n kh thi v vic s dng vn thu c t t pht hnh c phiu. - Ti thiu 20% vn c phn ca t chc pht hnh phi c bn cho trn 100 ngi u t ngoi t chc pht hnh; trng hp vn c phn ca t chc pht hnh t 100 t ng tr ln th t l ti thiu ny l 15% vn c phn ca t chc pht hnh. - C ng sng lp phi nm gi t nht 20% vn c phn ca t chc pht hnh v phi nm gi mc ny ti thiu 3 nm k t ngy kt thc t pht hnh. - Trng hp c phiu pht hnh c tng gi tr theo mnh gi vt 10 t ng th phi c t chc bo lnh pht hnh. 2. Nhng im thun li v bt li khi pht hnh chng khon ra cng chng. a. Nhng im thun li - Pht hnh chng khon ra cng chng s to ra hnh nh p v s ni ting ca cng ty, nh vy cng ty s d dng hn v tn t chi ph hn trong vic huy ng vn qua pht hnh tri phiu, c phiu nhng ln sau. Thm vo , khch hng v nh cung ng ca cng ty thng cng s tr thnh c ng ca cng ty v do vy cng ty s rt c li trong vic mua nguyn liu v tiu th sn phm. - Pht hnh chng khon ra cng chng s lm tng gi tr ti sn rng, gip cng ty c c ngun vn ln v c th vay vn ca ngn hng vi li sut u i hn cng nh cc iu khon v ti sn cm c s t phin h hn. V d nh cc c phiu ca cc cng ty i chng d dng c chp nhn l ti sn cm c cho cc khon vay ngn hng. Ngoi ra, vic pht hnh chng khon ra cng chng cng gip cng ty tr thnh mt ng c vin hp dn hn i vi cc cng ty nc ngoi vi t cch lm i tc lin doanh. - Pht hnh chng khon ra cng chng gip cng ty c th thu ht v duy tr i ng nhn vin gii bi v khi cho bn chng khon ra cng chng, cng ty bao gi cng dnh mt t l chng khon nht nh bn cho nhn vin ca mnh. Vi quyn mua c phiu, nhn vin ca cng ty s tr thnh c ng, v c hng li trn vn thay v thu nhp thng thng. iu ny lm cho nhn vin ca cng ty lm vic c hiu qu hn v coi s thnh bi ca cng ty thc s l thnh bi ca mnh. - Pht hnh chng khon ra cng chng, cng ty c c hi tt xy dng mt h thng qun l chuyn nghip cng nh xy dng c mt chin lc pht trin r rng. Cng ty cng d dng hn trong vic tm ngi thay th, nh m to ra c tnh lin tc trong qun l. Bn cnh , s hin din ca cc u vin qun tr

khng trc tip tham gia iu hnh cng ty cng gip tng cng kim tra v cn i trong qun l v iu hnh cng ty. - Pht hnh chng khon ra cng chng lm tng cht lng v chnh xc ca cc bo co ca cng ty bi v cc bo co ca cng ty phi c lp theo cc tiu chun chung do c quan qun l qui nh. Chnh iu ny lm cho vic nh gi v so snh kt qu hot ng ca cng ty c thc hin d dng v chnh xc hn. b. Nhng im bt li - Pht hnh c phiu ra cng chng lm phn tn quyn s hu v c th lm mt quyn kim sot cng ty ca cc c ng sng lp do hot ng thn tn cng ty. Bn cnh , c cu v quyn s hu ca cng ty lun lun b bin ng do chu nh hng ca cc giao dch c phiu hng ngy. - Chi ph pht hnh chng khon ra cng chng cao, thng chim t 8-10% khon vn huy ng, bao gm cc chi ph bo lnh pht hnh, ph t vn php lut, chi ph in n, ph kim ton, chi ph nim yt Ngoi ra, hng nm cng ty cng phI chu thm cc khon chi ph ph nh chi ph kim ton cc bo co ti chnh , chi ph cho vic chun b ti liu np cho c quan qun l nh nc v chng khon v chi ph cng b thng tin nh k. - Cng ty pht hnh chng khon ra cng chng phi tun th mt ch cng b thng tin rng ri, nghim ngt v chu s gim st cht ch hn so vi cc cng ty khc. Hn na, vic cng b cc thng tin v doanh thu, li nhun, v tr cnh tranh, phng thc hot ng, cc hp ng nguyn liu, cng nh nguy c b r r thng tin mt ra ngoi c th a cng ty vo v tr cnh tranh bt li. - i ng cn b qun l cng ty phi chu trch nhim ln hn trc cng chng. Ngoi ra, do qui nh ca php lut, vic chuyn nhng vn c phn ca h thng b hn ch. Bi 8: Quy trnh pht hnh chng khon ln u ra cng chng Thng thng vic pht hnh chng khon ln u ra cng chng c thc hin theo cc bc sau: - T chc i hi c ng xin kin chp thun ca i hi c ng v vic pht hnh chng khon ra cng chng, ng thi thng nht mc ch huy ng vn; s lng vn cn huy ng; chng loi v s lng chng khon d nh pht hnh; c cu vn pht hnh d tnh phn phi cho cc i tng: Hi ng qun tr, c ng hin ti, ngi lao ng trong doanh nghip, ngi bn ngoi doanh nghip, ngi nc ngoi - Hi ng qun tr ra quyt nh thnh lp ban chun b cho vic xin php pht hnh chng khon ra cng chng. Chc nng ch yu ca ban chun b l chun b cc h s xin php pht hnh np ln c quan qun l nh nc v chng khon

v th trng chng khon; la chn t chc bo lnh pht hnh (nu cn), cng ty kim ton v t chc t vn v cng vi cc t chc ny xy dng phng n pht hnh v d tho bn co bch cung cp cho cc nh u t. - Ban chun b la chn ngi ng u t hp bo lnh pht hnh. Trong phn ln cc trng hp pht hnh chng khon ln u ra cng chng, m bo s thnh cng ca t pht hnh th t chc pht hnh phi chn ra c mt t chc bo lnh pht hnh. T chc bo lnh pht hnh vi uy tn v mng li rng ln ca mnh s gip cho vic phn phi chng khon ca t chc pht hnh din ra mt cch sun s. Chnh v vy, khi tin hnh pht hnh chng khon ra cng chng th vic la chn t chc bo lnh pht hnh c ngha rt quan trng, v mang tnh quyt nh n s thnh bi ca t pht hnh. - Ngi ng u t hp bo lnh pht hnh la chn cc thnh vin khc ca t hp. Trong trng hp khi lng chng khon pht hnh l qu ln, vt qu kh nng ca mt t chc bo lnh pht hnh th t chc bo lnh pht hnh chnh (t chc bo lnh c la chn) s ng ra la chn cc thnh vin khc cng vi mnh tin hnh bo lnh cho ton b t pht hnh. - Ban chun b cng vi t hp bo lnh pht hnh, cng ty kim ton v t chc t vn tin hnh nh gi chng khon pht hnh. nh gi chng khon l khu kh khn nht v phc tp nht khi tin hnh pht hnh chng khon ra cng chng. Nu nh gi chng khon qu cao th s kh khn trong vic bn chng khon, cn nu nh gi chng khon qu thp th s lm thit hi cho t chc pht hnh. V th, vic nh gi chng khon mt cch hp l sao cho ngi mua v ngi bn u chp nhn c l ht sc quan trng v cn phi c phi hp ca t chc bo lnh, cng ty kim ton v t chc t vn ca cng ty. - Chnh thc thnh lp t hp bo lnh pht hnh v k hp ng bo lnh pht hnh vi t chc pht hnh. - Cng ty kim ton xc nhn cc bo co ti chnh trong h s xin php pht hnh. - T chc pht hnh np h s ln U ban chng khon. Thng thng t chc pht hnh s c tr li v vic cp hay t chi cp giy php trong mt thi hn nht nh k t ngy np h s xin php pht hnh y v hp l. Trong thi gian ch U ban chng khon Nh nc xem xt h s, t chc pht hnh c th s dng ni dung trong bn co bch s b thm d th trng. - Sau khi c cp php pht hnh, t chc pht hnh phi ra thng bo pht hnh trn cc phng tin thng tin i chng, ng thi cng b ra cng chng bn co bch chnh thc v vic thc hin vic phn phi chng khon trong mt thi gian nht nh k t khi c cp giy php. Thi hn phn phi c qui nh khc nhau i vi mi nc. Vit nam, theo qui nh ti Ngh nh 48/Chnh ph v chng khon v th trng chng khon th thi hn ny l 90 ngy, trong trng hp xt thy hp l v cn thit, U ban chng khon nh nc c th gia hn thm.

- Tin hnh ng k, lu gi, chuyn giao v thanh ton chng khon sau khi kt thc t phn phi chng khon. - Sau khi hon thnh vic phn phi chng khon, t chc pht hnh cng vi t chc bo lnh pht hnh phi bo co kt qu t pht hnh cho U ban chng khon v tin hnh ng k vn vi c quan c thm quyn. - Trng hp t chc pht hnh c iu kin nim yt th c th lm n xin nim yt gi ln U ban chng khon v S giao dch chng khon ni cng ty nim yt. Bi 9: Bo lnh pht hnh a. Khi nim: Bo lnh pht hnh l qu trnh mt cng ty chng khon gip t chc pht hnh thc hin cc th tc trc v sau khi cho bn chng khon nh nh gi chng khon, chun b h s xin php pht hnh chng khon, phn phi chng khon v bnh n gi chng khon trong giai on u. Thng thng, pht hnh chng khon ra cng chng, t chc pht hnh cn phi c c s bo lnh ca mt cng ty nh, v s lng pht hnh khng ln, th ch cn c mt t chc bo lnh pht hnh. Nu l mt cng ty ln, v s lng chng khon pht hnh vt qu kh nng ca mt t chc bo lnh th cn phi c mt t hp bo lnh pht hnh, bao gm mt hoc mt t chc bo lnh chnh v mt s t chc bo lnh pht hnh thnh vin. Cc t chc bo lnh pht hnh c hng ph bo lnh hoc mt t l hoa hng nht nh trn s tin thu c t t pht hnh. Ph bo lnh pht hnh l mc chnh lch gia gi bn chng khon cho ngi u t v s tin t chc pht hnh nhn c. V d: nu cng chng mua chng khon phi tr 20.000 mt c phiu, trong khi cng ty pht hnh nhn 18.000 mt c phiu th tin ph bo lnh pht hnh l 2.000 mt c phiu. Ph bo lnh hoc hoa hng bo lnh cao hay thp l tu thuc vo tnh cht ca t pht hnh (ln hay nh, thun li hay kh khn). Ni chung, nu t pht hnh l t pht hnh chng khon ln u ra cng chng th mc ph hoc hoa hng phi cao hn ln phn phi s cp. i vi tri phiu, ph bo lnh hoc hoa hng ph thuc vo li sut tri phiu

Chng 1: T chc v hot ng ca th trng th cp Sau khi chng khon mi c pht hnh trn th trng s cp, chng s c giao dch trn th trng th cp. Khc vi th trng s cp, tin bn chng khon trn th trng th cp thuc v cc nh u t v nh kinh doanh ch khng thuc v cc cng ty pht hnh chng khon. Xt v phng thc t chc v giao dch, th trng chng khon bao gm 3 loi: S giao dch chng khon, Th trng phi tp trung (OTC), v th trng th 3. - Th trng tp trung (S giao dch chng khon): l th trng trong vic giao dch mua bn chng khon c thc hin ti mt a im tp trung gi l sn giao dch (trading floor). Cc chng khon c nim yt ti S giao dch thng thng l chng khon ca nhng cng ty ln, c danh ting, qua th thch ca th trng. Phng thc giao dch ti S giao dch l phng thc u gi, trong cc lnh mua, bn c ghp vi nhau hnh thnh gi c cnh tranh tt nht. - Th trng phi tp trung (OTC): l th trng trong vic giao dch mua bn chng khon khng din ra ti mt a im tp trung m thng qua h thng computer ni mng gia cc thnh vin ca th trng. Cc chng khon c giao dch trn th trng phi tp trung l chng khon ca cc cng ty va v nh. Phng thc giao dch ti th trng OTC l phng thc tho thun, gi c chng khon c xc nh trn c s tho thun gia cc thnh vin ca th trng. - Th trng th 3: l th trng, trong hot ng giao dch mua bn chng khon khng c thc hin thng qua h thng u gi ca cc S giao dch v h thng computer ca th trng OTC. I. S giao dch chng khon 1. Hnh thc s hu ca S giao dch S giao dch chng khon l mt t chc c t cch php nhn c thnh lp theo quy nh ca php lut. Lch s pht trin S giao dch chng khon cc nc v ang tri qua cc hnh thc s hu sau y: - Hnh thc s hu thnh vin: S giao dch chng khon do cc thnh vin l cng ty chng khon s hu, c t chc nh mt cng ty trch nhim hu hn, c Hi ng qun tr m thnh phn a s do cc cng ty chng khon thnh vin c ra. VD: S giao dch chng khon Hn Quc, Newyork, Tokyo, ThiLan. - Hnh thc cng ty c phn: S giao dch chng khon c t chc di hnh thc cng ty c phn c bit do cc cng ty chng khon thnh vin, ngn hng, cng ty ti chnh, bo him s hu vi mc tiu l li nhun theo qui nh ca Lut cng ty. VD: c, Malaysia, London, Hongkong- Hnh thc s hu nh nc: S giao dch chng khon do Nh nc s hu (phn ln hoc ton b) nh trng hp S giao dch chng khon Warsawar, Istabul, Vit Nam Trong cc hnh thc trn, hnh thc s hu thnh vin l ph bin nht. Hnh thc ny cho php S giao dch chng khon c quyn t qun mc nht nh, nng cao c tnh hiu qu v s nhanh nhy trong vn qun l hn l hnh thc s hu nh nc. Tuy nhin, trong nhng

hon cnh lch s nht nh, vic Chnh ph nm quyn s hu v qun l S giao dch s cho php ngn nga s ln xn, khng cng bng khi hnh thc s hu thnh vin cha c bo v bng h thng php l y v r rng. V d nh trng hp ca Hn Quc, S giao dch chng khon c thnh lp t nm 1956 nhng n nm 1963 b v phi ng ca 57 ngy do cc thnh vin s hu S giao dch chng khon gy ln xn trong th trng; sau Nh nc phi ng ra nm quyn s hu S giao dch chng khon trong thi gian kh di t nm 1963 n 1988. Chng 2: M hnh t chc ca S giao dch a. Hi ng qun tr: Hi ng qun tr bao gm cc i din l nhng ngi c lin quan trc tip hoc gin tip n th trng chng khon. Ni chung, thnh vin Hi ng qun tr gm i din ca cc cng ty chng khon thnh vin, v mt s ngi bn ngoi nh i din cc cng ty c chng khon nim yt, cc t chc cng nghip, cc nh chuyn mn v i din ca Chnh ph. b. Cc v chc nng: Thng thng cc S giao dch chng khon cc nc c khong 20 30 V chc nng. Tuy nhin, trong giai on u, cc s c mc ti thiu khong 7 v chc nng nh sau: - Cc V chuyn mn: V giao dch; V nim yt; V kinh doanh. - Cc V ph tr: V cng ngh tin hc; V nghin cu v pht trin; V k ton; Vn phng. 3. Thnh vin S giao dch chng khon: Thnh vin S giao dch chng khon l cc cng ty chng khon c U ban chng khon cp giy php hot ng v c S giao dch chng khon chp nhn l thnh vin ca S giao dch chng khon. a. Tiu chun tr thnh thnh vin: Cc S giao dch chng khon khc nhau c nhng tiu chun khc nhau trong vic kt np thnh vin. S khc nhau ny do trnh pht trin th trng qui nh. Di y l mt s tiu chun chnh trong vic kt np thnh vin. - Yu cu v ti chnh: Cc ch tiu v vn c ng, vn iu l, v tng ti sn c l nhng ch tiu ch yu thng c s dng khi xem xt kt np thnh vin. Vn c ng l tng ti sn c tr ti sn n ca cng ty. Vn c ng bao gm vn c phn, thng d vn v cc khon li nhun gi li. Ti M, vn c ng quy nh ti thiu l 250.000 USD, Thi Lan l 200 triu Baht. Ngoi ra, t l n trn vn c ng v thu nhp trn c phiu cng l nhng ch tiu hay c tnh n khi xt kt np thnh vin. Thng thng t l n trn vn c ng khng c vt qu 1,5 ln v thu nhp trn c phiu phi t mt t l nht nh trong vng 2-3 nm. - Tiu chun v nhn s:

Cng ty chng khon thnh vin phi c i ng cn b kinh doanh c trnh , c hiu bit trong kinh doanh chng khon v t cch o c tt. - C s vt cht k thut: Cng ty xin lm thnh vin phi c a im v trang thit b in t cn thit cho qu trnh nhn lnh, xc nhn kt qu giao dch v h thng bng in t. b. Quyn hn v trch nhim ca thnh vin: Tu theo hnh thc s hu ca S giao dch chng khon, thnh vin c cc quyn hn sau y: - Quyn b phiu quyt nh cc vn quan trng ca S giao dch chng khon. - Quyn c giao dch ti S giao dch chng khon. - Quyn c nhn cc dch v do S giao dch chng khon cung cp. - Quyn bu i biu i din cho thnh vin ti Hi ng qun tr. Ngoi cc quyn hn trn, cc thnh vin phi c trch nhim tun th cc quy nh ca S giao dch chng khon, phi thc hin ch bo co nh k v bo co bt thng theo quy nh. Chng 3: H thng giao dch Hot ng giao dch mua bn chng khon c khi u bng vic t lnh mua bn ti Vn phng giao dch ca Cng ty chng khon t ti cc a im khc nhau trong c nc. Trc khi t lnh, khch hng phi lm th tc m ti khon ti Cng ty chng khon. Lnh ca khch hng c chuyn t Vn phng cng ty chng khon n ngi i din ca cng ty ti sn giao dch ca S giao dch chng khon. Cc lnh mua bn c u gi vi nhau. Kt qu giao dch s c thng bo li cho cng ty chng khon v khch hng ca cng ty. Nhng lnh c thc hin s chuyn sang h thng thanh ton v lu k chng khon lm cc th tc thanh ton chuyn giao chng khon v tin. Khch hng <---> Cng ty CK <---> S giao dch CK

I. M ti khon: Trc khi t lnh, khch hng m ti khon ti cng ty chng khon. Vic m ti khon phi c thc hin trn c s hp ng gia khch hng v cng ty chng khon. 1. Cc thng tin lin quan n ti khon Khi m ti khon, khch hng phi cung cp cc thng tin sau cho cng ty chng khon: - Tn y - a ch thng tr. - S in thoi - S chng minh th. - Cc thng tin khc nh s ti khon ti ngn hng, s ti khon chng khon ti cng ty chng khon khc (nu c), thu nhp v kin thc v th trng chng khon. - Khi c bt k s thay i no lin quan n cc thng tin trn, khch hng phi thng bo ngay cho cng ty chng khon.

2. Loi ti khon: - Ti khon lu k: Hu ht ti khon ca khch hng l ti khon lu k. Khch hng mua v bn chng khon thng qua ti khon ny trn c s giao ngay. Nu khch hng khng thc hin c vic thanh ton vo ngy thanh ton quy nh, cng ty chng khon c quyn bn chng khon c trn ti khon ly tin thanh ton. - Ti khon k qu: Khch hng c th s dng ti khon ny vay tin hoc chng khon ca cng ty chng khon. - Ti khon u thc: L ti khon qua khch hng u thc cho nh mi gii quyn mua v bn chng khon m khng cn thng bo hoc c s ng ca khch hng. 3. Bo co ti khon Hng thng, cng ty chng khon phi gi cho khch hng bn bo co v tnh trng ti khon ca khch hng. Bo co phi ghi r mi s thay i trn ti khon. Chng 4: t lnh v loi lnh 1. t lnh Khi khch hng mun giao dch, h phi t lnh bng mt trong cc hnh thc sau y: - t lnh trc tip ti phng lnh ca cng ty chng khon. - t lnh qua in thoi. - Qua mng vi tnh ni mng trc tip vi phng lnh ca cng ty chng khon. Ni dung ca mu lnh gm cc thng tin sau: - Lnh l Mua hay Bn, c in sn vi mu khc nhau. - S lng. - Tn chng khon, m s loi chng khon. - Tn ca khch hng v m s. - Ngy gi t lnh. - Thi gian c hiu lc ca lnh. 2. Loi lnh a. Lnh th trng (Market order) Ngi ra lnh chp nhn mua, bn theo gi hin hnh trn th trng. b. Lnh gii hn (Limit order): i vi vic cho bn, gi gii hn l gi thp nht sn sng bn. i vi vic cho mua, l gi cao nht sn sng mua. c. Lnh dng (Stop order) Lnh dng bn: 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: Lnh ny thng c dng trong trng hp bn khng gii hn s thua l. 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. Mt lnh dng mua c a ra trn mc gi th trng hin hnh cn mt lnh dng bn c a ra thp hn gi th trng hin hnh.. Cc loi lnh khc: cc loi lnh c a ra nhm nhng mc ch nht nh - Lnh gii hn dng (stop limit): cng ging nh mt lnh dng nhng n s chuyn thnh mt lnh gii hn ch khng chuyn thnh mt lnh th trng khi t ti im dng. - Lnh thc hin ton b hay hu b (Fill or Kill): loi lnh ny c thc hin ngay ton b hoc hu b. - Lnh thc hin ngay hoc hu b (Immediate or cancel IOC): lnh c thc hin ngay mt phn no , phn cn li b hu b. - Lnh ton b hoc khng (All or None, AON): vi mt thi hn cho trc, chng hn mt ngy, lnh phi c thc hin ton b, nu khng khch hng s khng chp nhn vic thc hin . Chng 5: nh gi trn S giao dch: a. u gi nh k v u gi lin tc u gi nh k l h thng trong cc lnh mua v lnh bn c tch t li trong mt khong thi gian nht nh, sau mi c ghp vi nhau hnh thnh mt mc gi duy nht ti im c khi lng mua v bn ln nht c thc hin. u gi lin tc l h thng trong cc lnh mua v lnh bn lin tc c ghp vi nhau nu c th. u gi nh k c u im l cho php hnh thnh gi c tt nht trn c s khi lng mua bn ln c tch t li. u gi nh k thch hp vi th trng c khi lng giao dch nh; n cho php gim bt s bin ng qu mc ca gi c. Tuy nhin, vic u gi lin tc li thch hp vi th trng c khi lng giao dch ln. N cho php hnh thnh gi c tc thi p ng c nhng thay i thng xuyn v thng tin trn th trng. Thng thng cc nc c th trng chng khon pht trin u p dng c phng thc u gi nh k v u gi lin tc. Mi ngy giao dch c th c 1 hoc 2 phin giao dch (bui sng v bui chiu). Vo u gi phin giao dch bui sng, ngi ta xc nh gi m ca theo phng thc u gi nh k. Sau vic giao dch c thc hin theo phng thc u gi lin tc. Cui ngy giao dch, ngi ta li xc nh gi ng ca theo phng thc u gi nh k. b. Nguyn tc ghp lnh - Gi mua cao hn gi c bn v gi bn thp hn gi c bn s c thc hin trc.

- Phn b t bn c khi lng t sang bn c khi lng nhiu. - Nu sau khi khp lnh c nhiu mc gi cng tho mn th ly mc gi gn vi gi ng ca ca ngy hm trc hay mc gi ca ngay phin giao dch trc . c. Cc nguyn tc u tin trong vic so khp lnh - Nguyn tc c bn u tin c p dng l nguyn tc u tin v gi. Theo nguyn tc ny, cc lnh c gi tt nht (cho mua cao nht v cho bn thp nht) c u tin thc hin trc. Ngoi nguyn tc c bn trn y, nhng nguyn tc ph sau y s c p dng: - Nguyn tc u tin v thi gian: trong nhng lnh c cng mc gi, lnh no n trc s c u tin thc hin trc. - u tin v khch hng: c hai loi khch hng l khch hng c nhn v khch hng l nh u t c t chc nh cng ty chng khon, qu u tSGDCK thng p dng quy tc u tin khch hng l c nhn trc khch hng l nh u t c t chc. - u tin v khi lng: lnh no c khi lng ln hn s c u tin phn phi trc. - u tin ngu nhin : theo nguyn tc ny, ngi ta ch p dng u tin v gi. Sau cc lnh khi a vo h thng s c my tnh sp xp mt cch ngu nhin. Chng 6: Giao dch c bit 1. Giao dch khi Nhng giao dch c khi lng ln (s c phiu v tr gi ln) c gi l l ln. Thng thng nhng giao dch c khi lng ln c giao dch theo cch thc ring gi l giao dch khi. C hai cch giao dch l: - T chc u thu. - Thng lng da trn gi ng ca. 2. Giao dch l l L l l nhng l khi t 1 ti 9 c phiu (trng hp l chn 10 c phiu) 1 ti 99 c phiu (trng hp l chn 100 c phiu) 1 ti 999 c phiu (trng hp l chn 1.000 c phiu). Gi giao dch l l thng c xc nh trn c s quyt nh ca Cng ty mi gii cn c vo gi ng ca ca ngy giao dch hm trc. Vic giao dch l l c thc hin ti cng ty chng khon v trong giao dch l l, cng ty mi gii thng thu ph cao hn. 3. Giao dch chng khon khng c c tc nh k, theo quyt nh ca Hi ng qun tr, cng ty c phn c th tr c tc bng tin hoc c phiu. Nhng c ng c danh sch vo ngy ng k cui cng s c nhn c tc. Nhng c ng s hu chng khon t sau ngy kho s s khng c nhn c tc. Nu ngy thanh ton l T+3 th chng khon khng c c tc s nh sau: 27/12 28/12 29/12 30/12 31/12

Ngy c c tc ex-divident Ngy ng k Ngy kho s cui cng (khng c c tc) Vo ngy chng khon khng c c tc, gi tham chiu s bng gi ng ca ngy hm trc tr i c tc. - Trng hp tr c tc bng c phiu Gi tham chiu = Gi ng ca ngy hm trc / 1 + t l tr c tc bng c phiu - Trng hp tr c tc bng tin v bng c phiu Gi tham chiu = Gi ng ca ngy hm trc c tc bng tin/ 1+ t l tr c tc bng c phiu 4. Giao dch khng hng quyn mua c phiu mi Cng ty c phn thng u tin cho c ng hin ti quyn t mua c phiu trong trng hp pht hnh chng khon tng vn. Tng t nh vic nhn c tc, nhng c ng c danh sch vo ngy ng k cui cng s c hng quyn ny. Nh vy, nu ngy thanh ton l T+3 th ngy giao dch c phiu khng c hng quyn t mua s nh sau: 27/12 28/12 29/12 30/12 31/12 Ngy c c tc ex-divident Ngy ng k Ngy kho s cui cng (khng c c tc) Chng 7: Giao dch chng khon ngn qu Chng khon ngn qu l phn chng khon do cng ty pht hnh mua li chnh chng khon do mnh pht hnh ra nhm chng li vic b thu tm, hp nht hoc hn ch gi chng khon b gim mnh. Vic mua li chng khon phi chu s qun l cht ch ca s giao dch chng khon (SGDCK). Cng ty pht hnh m mt ti khon ti 1 cng ty chng khon ch nh. Mt ngy trc ngy giao dch cng ty phi trnh cho SGD n xin mua chng khon (trnh by r s lng v gi t mua). S lng khng c qu 10% c phiu lu hnh. Lnh phi t trc khi m ca th trng v ch c t lnh mt ln trong mt ngy. Vic mua li ch c thc hin trong phm vi 3 thng v trong vng 6 thng khng c bn li chng khon ra th trng k t ngy mua li. Gi t mua chng khon ngn qu khng c vt qu gi ng ca ngy hm trc trong mt t l nht nh. Chng 8: Giao dch k qu - Mua k qu: l vic khch hng vay tin ca cng ty chng khon mua chng khon. Vi phng thc mua k qu, khch hng c th tng lng li nhun c thu trn mt tng u t nht nh, v cng ty chng khon th thu c ph hoa hng do vic thc hin mt khi lng dch v ln hn, ng thi cng thu tin li trn tin cho khch hng vay. Loi giao dch ny c thc hin trn ti khon bo chng. V d: Bn d on c phiu thng ABC vi gi hin thi l 15.000 ng mt c phiu, s tng gi trong vng 1 nm, ln 30.000 ng. Vi s tin bn c l 1.500.000 ng, bn c th mua 100 c phiu ABC, nm gi trong mt nm v bn ra thu v 3.000.000 ng, t mc li tc trn

u t l 100%. Tuy nhin, bn cng c th thc hin vic k qu bng cch tr 50% tng gi mua, 50% cn li s vay ti cng ty chng khon, ni bn m ti khon k qu. Trong trng hp ny, bn c th u t 3.000.000 ng v mua 200 c phiu. Nu d on ca bn l ng, gi th trng ca c phiu ABC tng ln 30.000 ng trong vng 1 nm, bn c th bn c phiu ra v thu v 6.000.000 ng. Tt nhin, trong s 6.000.000 ng thu v ny bn phi tr li 1.500.000 vay ca cng ty chng khon, v tin li ca khon vay , gi s vi li sut 10% mt nm: 6.000.000 1.500.000 150.000 = 4.350.000 (ng) Li nhun ca bn s l chnh lch gia con s u t ban u 1.5 triu, tc l bng 2.850.000 ng, li tc so vi u t l 190%. Vy mua k qu lm tng t l li nhun ca bn ln ng k. Tuy nhin, mua k qu cng nh con dao hai li. Nu c phiu ln gi, bn s c li ng k, nhng nu c phiu gim gi, khon l ca bn cng tng ln. Ngay c khi c phiu vn gi nguyn mc gi, bn cng vn thua l, bi s li phi tr cho s tin vay trong sut thi gian k qu c ln dn ln. V hn na, khng phi chng khon no cng c php giao dch theo mc ny. Mc k qu ban u c thc hin theo lut nh, v d nh lut M l 50%. Sau , nu gi th trng ca c phiu thay i, t l ca s d k qu ca khch hng so vi s d n c th gim xung nhng khng xung thp hn 25% nu tt xung qu ngng ny, cng ty chng khon c th yu cu khch hng t thm tin k qu. Ht tm chng v th trng th cp, tktung s gii p nhng thc mc ca member. Rt mong nhn c nhiu kin ng gp ca cc c gi quan tm n giao dch tin t.

Bi 11: Chm sc cc khon u t

Tm hiu v quyt nh u t vo th trng chng khon l nhng vic lm phc tp. Chm sc mi vic khi u t ri li d dng hn. Mi ngi c nhng cch khc nhau qun l cc khon u t ca mnh. Sau y chng ti s gii thiu s qua v nhng cng vic m cc nh u t nn lm: I. Lp s sch theo di: 1. Lu gi tt c cc hp ng theo th t ngy thng. y l tp h s y v danh mc u t bn theo di v tnh ton cc khon thu phi np (i vi nh u t l t chc). Hy kim tra chi tit tng hp ng xem c chnh xc hay khng. 2. Ghi nhn y , chi tit v cc khon c tc hay tin li nhn c. 3. Nu vn cn nm gi cc chng ch c phiu, th cc chng ch ny phi c ct gi an ton nhng d tm thy, phng khi cn bn ngay.

4. Bn s cn n mt phng php no bm st tin trin ca cc khon u t thc hin. Phng php ny c th di dng mt biu th cng ghi r tn cng s lng chng khon ang nm gi, gi mua vo, gi c vo cc thi im nh gi sau . Lng thng tin ny s lm nn tng cho mt h thng theo di hon ho nhng loi chng khon m bn theo st. Nu bn mun c mt phng php tinh vi hn, cc cng ty chng khon s c nhng phn mm in ton gip bn cp nht gi c v v biu thnh tch ca danh mc u t trn my tnh c nhn ca bn. 5. Nu cng vic ca bn vn qu bn rn, tt nht bn nn nh n dch v qun l danh mc u t ca cc cng ty chng khon. Cc cng ty chng khon s thng xuyn cung cp cc bo co v tnh hnh cc khon u t ca bn. (Bn c th tm hiu thm v dch v ny ti VCBS, lin h theo s in thoi: 9343137- my l: 2002). II. Thu thp thng tin: Nh u t mun ch thn nghin cu u t phi tinh lc t nhiu ngun thng tin khc nhau. 1. Bo ch cung cp rt nhiu loi t liu, t cc thng tin v gi c v cc c im ca tng cng ty c bit cho n cc cng trnh phn tch v cc bi bo v chin lc u t trong tng khu vc kinh doanh. 2. Phng tin pht sng truyn thng i chng bao qut rt nhiu tin tc, c bit phi k n l cc trang thi s trn TV v gi c cp nht Th trng chng khon v cc bi tm lc tin tc ti chnh. 3. Internet ngy cng c s dng rng ri gip cho tnh hnh tip cn thng tin ca cc nh u t nhn ln gp bi: cc cng ty m bn mun u t vo cng c cc trang web ring; cc cng ty chng khon ni bn m ti khon giao dch c th cung cp thng tin thng xuyn qua a ch e-mail. 4. Cc bn tin ngy t trung tm giao dch chng khon. 5. Cc bn tin ngy v tin tun km theo cc bi phn tch v th trng chng khon c cung cp bi cc cng ty chng khon. 6. Cui cng l loi thng tin cn bn nht bo co tnh hnh hot ng t cc cng ty nim yt.

Tm hiu chng khon - Kin thc cn bn (K 4)

Thursday, March 20, 2008 3:23:13 AM Chng khon Bi 12: H thng thng tin th trng chng khon Chng 1: Ch s gi c phiu: a. Khi nim:

Ch s gi c phiu l thng tin th hin gi chng khon bnh qun hin ti so vi gi bnh qun thi k gc chn. Gi bnh qun thi k gc thng c ly l 100 hoc 1.000. Khi thng bo v th trng chng khon nh ch s gi chng khon Hn Quc KOSPI ngy 9/1/1998 l 440.78 im cng ch ng ni v ch s gi c phiu ca ngy ny so vi gc chn l ngy 4/1/1980 vi gi gc l 100. So snh gi tr ch s gia 2 thi im khc nhau ta c mc bin i gi gia 2 thi im . Nu tr gi ch s KOSPI ngy 10/1/1998 l 445.28 th c ngha l th trng Hn Quc c du hiu phc hi vi ch s KOSPI tng 5.5 im trong ngy 10/1/1998. Nu em s ny so vi gi ng ca hm trc v nhn vi 100 th ta c s bin i theo % ( (5.5/440.78) x 100 = 1.25%). Ch s ga c phiu c coi l phong v biu th hin tnh hnh hot ng ca th trng chng khon. y l thng tin rt quan trong i vi hot ng ca th trng, i vi nh u t v nh gi kinh t. Tt c cc th trng chng khon u xy dng h thng ch s gi c phiu cho ring mnh. Ch s gi c phiu c tnh cho: - Tng c phiu v c thng bo trn bo ch. - Tt c c phiu thuc th trng ca mt quc gia, nh ch s gi Hangseng ca Hng Kng; ch s gi c phiu tng hp ca Hn Quc (KOSPI) - Tng ngnh, nhm ngnh, nh ch s gi c phiu ngnh cng nghip ca M (DJIA) - Th trng quc t nh ch s Hangseng Chu (HSAI), ch s Dow Joness quc t (DJWSI) Mt s ch tiu sau cng thng c thng k, tng hp i vi ch s gi v thng bo rng ri: ch s gi ngy , ngy so vi ngy trc , so vi u nm; ch s gi cao nht, thp nht trong nm, s c phiu c ch s tng trong k v gim trong k v phn tch bin ng theo ngnh b. Mt s ch s gi chng khon thng c thng bo trn cc phng tin thng tin i chng. * Cc ch s ca Nht Bn: - Ch s NIKKEI 225: l ch s tng hp c phiu vi quyn s gi c ca 225 c phiu thuc s giao dch chng khon Tokyo v 250 c phiu thuc s giao dch Osaka. Ch s ny do Thi bo kinh t Nht tnh v cng b (Thi bo NIKKEI). Ch s ny cn c gi l ch s NIKKEI Dow v phng php tnh ca n nh phng php tnh cc ch s DowJones. - Ch s TOPIX: ch s ny tnh cho tt c chng khon nim yt quan trng ca th trng chng khon Tokyo. Thi im gc l 4/1/1968 vi gi tr gc l 100. * Cc ch s ca Anh: - Ch s FT-30: l ch s gi ca 30 c phiu cng nghip hng u ca th trng chng khon London. Ch s ny c cng b tng gi mt k t 10 gi sng n 3 gi chiu v vo lc ng ca s giao dch chng khon London. Thi gian gc l nm 1935 vi tr gi gc l 100. - Ch s FT-100: l ch s gi ca 100 c phiu hng u ti S giao dch chng khon London. Ngy gc l 3/1/1984 vi tr gi gc l 1.000. Chng 2: Cc loi ch s ca M 1. Ch s Dow Jones: L ch s gi chng khon, phn nh s bin ng bnh qun ca gi chng khon thuc th

trng chng khon Newyork, mt th trng ln nht th gii. Ch s Dow Jones ni chung hin nay l ch s gi chung ca 65 chng khon i din, thuc nhm hng u (Blue chip) trong cc chng khon c nim yt ti S giao dch chng khon Newyork. N bao hm 3 ch s thuc 3 nhm ngnh: Cng nghip DJIA (Dow Jones Industrial Average), Vn ti DJTA (Dow Jones Transportation Average) v Dch v DJUA (Dow Jones Utilities Average). 2. Ch s DJIA : L ch s lu i nht M do ng Charles H.Dow cng vi cng ty mang tn ng thu thp gi ng ca ca chng khon tnh ra v cng b trn Wall Street Journal t nm 1896. Bt u cng ty ch tnh gi bnh qun s hc ca 12 c phiu. Ngy tnh u tin l ngy 26/5/1896 vi mc gi bnh qun ngy ny l 40.94$. Nm 1916 m rng ra 20 c phiu v nm 1928 tng ln 30 c phiu v gi s lng ny cho n ngy nay. Trong qu trnh thng xuyn c s thay i cc cng ty trong nhm Top 30. Mi khi c cng ty chng t l khng thuc tiu chun Top 30 ca cc c phiu Blue Chip na th s c cng ty khc chim v th thay th. Cng ty duy nht cn li n nay k t u l cng ty General Electric. Ch s DJTA c cng b u tin vo ngy 26/10/1896 v cho n 2/1/1970 vn mang tn ch s cng nghip ng st, v thi gian ny vn ti ng st l ch yu. Ch s DJTA bao gm 20 c phiu ca 20 cng ty vn ti i din cho ngnh ng st, ng thu v hng khng c nim yt ti S giao dch chng khon New York. Ch s ngnh phc v cng cng (DJUA): c cng b trn t bo Wall Street t thng 1 nm 1929. Ch s ny c tnh t gi ng ca chng khon ca 15 cng ty ln nht trong ngnh kh t v in. Tuy ch c 65 c phiu nhng khi lng giao dch ca chng chim n hn 3/4 khi lng giao dch ca TTCK New York, bi vy ch s Dow Jones thng phn nh ng xu th bin ng gi ca th trng chng khon M. Ch s gi chng khon ni chung, ch s Dow Jones ni ring c coi l phong v biu, hay l nhit k o tnh trng sc kho ca nn kinh t, x hi. Thng thng nn kinh t tng trng th ch s tng v ngc li. Tuy nhin, gi chng khon ni ring, gi ca th trng ni chung u l tng hp ca hng lot yu t nh: cc yu t kinh t v m, cc yu t ca mi trng u t... nht l yu t tm l ca ngi u t. Nhiu khi mi ch c du hiu tng trng ca nn kinh t (m thc s cha c) l mc lc quan ca nh u t c th rt cao v h ua nhau i mua chng khon, y gi ln cao. Ngc li, c khi tnh hnh cha n ni ti t, nhng mi ngi hong ht bn tng bn tho chng khon lm gi gim ti t. V d: Ngay khi Bill Clinton cng nhn ngi tnh Lewinsky th ch s Dow Jones gim ngay 200 im.

Tm hiu chng khon - Kin thc cn bn (K 5)

Thursday, March 20, 2008 3:27:14 AM Chng khon Bi 13: Cc h s hot ng Cc h s hot ng xc nh tc m mt cng ty c th to ra c tin mt nu c nhu cu pht sinh. R rng l mt cng ty c kh nng chuyn i hng d tr v cc khon phi thu thnh tin mt nhanh hn s c tc huy ng tin mt nhanh hn. Cc h s sau y v vic tnh ton

c thit lp da trn gi nh rng mt nm c 360 ngy. a. H s thu hi n trung bnh: Vic tm ra k thu hi n bn hng trung bnh ca mt cng ty s cho bn bit cng ty phi mt bao lu chuyn cc khon phi thu thnh tin mt. Lu rng doanh s bn thu tin ngay c loi khi tng doanh thu. Cc khon phi thu K thu hi n trung bnh = ------------------Doanh s bn chu hng nm/ 360 ngy V d: Nu bng cn i k ton ca mt cng ty cho bit s liu ca cc khon phi thu l $700.000 v bo co thu nhp ca n cho bit doanh s bn chu l $5.500.000, th: $700.000 K thu hi n trung bnh = --------------------- = 45.8 ngy. $5.500.000 / 360 ngy Cng nh cc h s khc, k thu hi n trung bnh phi c xem xt trong mi lin h vi cc thng tin khc. Nu chnh sch ca cng ty l bn chu cho khch hng trong vng 38 ngy th thi hn 45.8 ngy cho thy l cng ty gp kh khn trong vic thu hi n ng hn v cn xem xt li chnh sch bn chu ca mnh. Ngc li, nu chnh sch thng thng ca cng ty l n nh thi hn thu hi n l 55 ngy, th thi hn trung bnh 45.8 ngy cho thy chnh sch thu hi n ca cng ty l c hiu qu. Cn ch l h s thu hi n trung bnh ch l mt s trung bnh v c th dn n s hiu nhm. V d, xem xt cng ty A v b, c cng gi tr cc khon phi thu nhng c thi biu thu hi n khc nhau. Cng ty A % n thu hi c trong 10 ngy| 10 % n thu hi c trong 30 ngy| 30 % n thu hi c trong 60 ngy| 60 Cng ty B % n thu hi c trong 10 ngy| 60 % n thu hi c trong 30 ngy| 30 % n thu hi c trong 60 ngy| 10 Bng trn cho thy t l cc khon phi thu ca hai cng ty thu hi c trong mi thi hn. R rng, cng ty B vo v tr tt hn v 60% cc khon phi thu ca cng ty ny c thu trong vng 10 ngy, so vi mc ch l 10% ca cng ty A. Nu cng ty A v cng ty B c chung mt s lng khch hng v cng mt lng cc khon phi thu th thi hn thu hi n trung bnh ca hai cng ty ny s ging nhau. Nhng vic phn b cc k thu hi n li l yu t khng c cp n trong h s, r rng iu ny khin cho cng ty B c li th hn nu ch nhn trn bng h s thu hi n trung bnh.

Bi 14: H s thanh ton trung bnh i lp vi cc khon phi thu l cc khon phi tr. tm ra thi hn thanh ton trung bnh i vi cc khon phi thu, ta chia cc khon phi tr cho tin mua hng chu mi nm Cc khon phi tr Thi hn thanh ton trung bnh = -----------------------Tin mua hng chu hng nm / 360 ngy Tuy nhin, tin mua hng chu hng nm khng c cp trong mt bo co ti chnh. c c s liu ny, phi d tnh t l gi tr hng ho c mua chu. V d : tnh ton thi hn thanh ton trung bnh. Gi nh rng s liu cc khon phi tr ca cng ty l 275.000 USD. Nu gi mua hng l 3.000.000 USD v d tnh l 80% hng ho ny c mua chu th thi hn thanh ton trung bnh l bao nhiu? S tin mua chu hng nm s l 2.400.000 USD (3.000.000 x 0.80). By gi, thi hn thanh ton trung bnh i vi cc khon phi tr c th c tnh nh sau: $275.000 Thi hn thanh ton trung bnh = --------------- = 41.3 ngy 0.80 x $3.000.000 /360ngy Thi hn thanh ton trung bnh (i vi cc khon phi tr) ca cng ty l 41.3 ngy. Bt k thi hn no ngn hn c ngha l ngi bn dnh cho cng ty mt khon chit khu hoc ngi bn cho rng cng ty ang trong tnh trng ri ro cao nn a ra cc iu khon cht ch hn v thi hn thanh ton n. Bt k thi hn no di hn cng c ngha l cng ty nhn c cc iu khon tn dng u i, hay cng ty l mt ngi tr chm, tc l cng ty ang s dng nhng ngi cung cp nguyn liu nh mt ngun ti tr. Ngi bn, ni chung bao gi cng mun nhn c tin cng sm cng tt, thng tnh ton h s ny nhm bit c bao lu th h c th thu hi tin ca mnh t cng ty. Do vic thanh ton chm thng c li cho cng ty, nn nh qun l - ngi kim sot vic thanh ton c nhim v phi lm cn bng hai thi cc li ch gia nh cung cp v cng ty. Nu thi hn thanh ton trung bnh ca ngnh vt qu h s ca cng ty, th nh qun l c th tm ra l do ti sao vic mua chu ca cng ty li b hn ch v phi lm g c c thi hn mua chu di hn t nhng nh cung cp. Bi 15: H s hng lu kho T l doanh s hng bn trn hng lu kho l quan trng i vi cng ty bi v hng lu kho l loi ti sn t lu hot nht trong cc ti sn lu ng. V cng ty phi dng mt lng vn duy tr hng lu kho nn cng ty s c li khi bn hng cng nhanh cng tt lng hng ny gii phng tin mt cho cc mc ch s dng khc. Ga tr hng bn tnh theo gi mua H s hng lu kho= ----------------------------------------Gi tr hng lu kho trung bnh V d: H s hng lu kho Nu gi tr hng ho bn hng nm ca mt cng ty l $ 3.000.000 (tnh theo gi mua) v gi tr hng lu kho trung bnh l $ 300.000, th t l hng bn trn hng lu kho ca cng ty ny s l 10 ln.

$3.000.000 H s hng lu kho = -------------- = 10 ln $300.000 S liu ny phi c so snh vi h s trung bnh ca ngnh trc khi a ra bt k mt bnh lun no, v cc h s trung bnh ca tng ngnh khc nhau rt ln.. Cc cng ty bn hng ho d hng, nh rau ti thng c t l hng bn trn hng lu kho rt cao, trong khi con s ny mt cng ty sn xut n ng s thp hn nhiu. Tuy nhin nu h s ca mt cng ty thp hn h s trung bnh ca ngnh, th nh qun l cn kim tra xem ti sao hng lu kho li lun chuyn chm qu nh vy. Cn thn trng khi xem xt hng bn trn hng lu kho. T l hng bn trn hng lu kho cao khng phi bao gi cng c ngha l vic bn hng ca cng ty c hiu qu. H s hng bn trn hng lu kho c th rt cao khi cng ty lin tc ht hng d tr v cng ty khng sn xut hoc khng mua hng ho. Trong trng hp ny, h s cao thc t li cho thy vic lp k hoch hay vic qun l hng d tr ti. Do , tr khi nghin cu k chnh sch v hng lu kho ca mt cng ty, vic s dng ch ring h s ny cha th cung cp thng tin v kh nng huy ng tin mt ca cng ty Bi 16: Tnh trng n ca cng ty I. H s thu nhp tr li nh k. Vic tm xem mt cng ty c th thc hin tr li n mc no cng rt quan trng. t c mc ch ny, bn c th s dng h s thu nhp tr li nh k. h s ny nh gi kh nng s dng thu nhp hot ng (thu nhp trc thu v li - EBIT) tr li ca mt cng ty. H s ny cho bit mt cng ty c kh nng p ng c ngha v tr n li ca n n mc no. R rng, h s thu nhp tr li nh k cng cao th kh nng thanh ton li ca cng ty cho cc ch n ca mnh cng ln. EBIT H s thu nhp tr li nh k = ----------------------------Chi ph tr li hng nm V d: Nu EBIT l 8.000.000 USD v chi ph tin n li hng nm l 3.000.000 USD:8.000.000 H s thu nhp tr li nh k = ------------------- = 2,67 3.000.000 Ni cch khc, thu nhp cao gp 2,7 ln chi ph tr li. T l tr li thp cho thy mt tnh trng nguy him, suy gim trong hot ng kinh t c th lm gim EBIT xung di mc n li m cng ty ny c hn ch bi thc t EBIT khng phi l ngun duy nht thanh ton li. Cc cng ty cng c th to ra ngun tin mt t khu hao v c th s dng ngun vn tr n li. Nhng g m mt cng ty cn phi t ti l to ra mt an ton hp l, bo m kh nng thanh ton cho cc ch n ca mnh. Ch ring h s thu nhp tr li nh k th cha nh gi mt cng ty v h s ny cha cp n cc khon thanh ton c nh khc nh tin n gc, chi ph tin thu v chi ph c tc u i. II. H s trang tri chung. gii quyt vn c lin quan n h s thu nhp tr li nh k, c th tnh ton h s trang tri chung: Cc ngun thu tin mt H s trang tri chung = ----------------------------------------------------------------------------

+++ Tt c chi ph trong mu s ca h s ny l c nh v u phi c cn nhc. r rng, mt cng ty v cc nh u t ca cng ty mun c h s trang tri chung cao nht, nhng iu ny ph thuc mt phn vo kh nng sinh li ca cng ty. Khi cc h s n ln qu mc, cng ty c th nhn thy chi ph vn ca mnh tng ln. Gi tr cc c phiu ca cng ty cng c th gim xung tng ng vi mc ri ro ca cng ty tng ln. Do , cc nh qun l ti chnh phi thn trng trnh tnh trng n trm trng trong c cu vn ca mnh. Cc ngun d liu quan trng ca ngnh c th tm thy trong cc bo co ti chnh hng qu t u ban Chng khon v cc ngnh sn xut, bn l, khai thc m. Bn cng c th tham chiu cc bo co ca cc t chc nh mc tn nhim c cc s liu tng hp tng t

Tm hiu chng khon - Kin thc cn bn (K 6)

Thursday, March 20, 2008 3:31:07 AM Chng khon Bi 17: Cc h s v kh nng sinh li Cc nh u t, cc c ng v cc nh qun l ti chnh c bit ch ti kh nng sinh li ca cc cng ty. Vic phn tch li nhun c th bt u bng vic nghin cu cch thc mt cng ty s dng c cu vn. Cc nh qun l gii s dng c hiu qu ti sn ca mnh. Thng qua vic tng hiu qu sn xut, cc cng ty c th gim hoc kim sot c cc chi ph. T l li nhun do bt k mt cng ty no t c l quan trng nu cc nh qun l ca cng ty mong mun thu ht vn v thc hin vic ti tr thnh cng cho s pht trin ca cng ty. Nu t l li nhn ca mt cng ty tt xung di mc c th chp nhn c, th P/E (gi trn thu nhp) v gi tr cc c phiu ca cng ty gim xung - iu gii thch ti sao vic nh gi kh nng sinh li li c bit quan trng i vi mt cng ty. Chng 1. H s tng li nhun. H s tng li nhun cho bit mc hiu qu khi s dng nguyn liu v lao ng trong quy trnh sn xut ca ban qun l mt cng ty. Doanh s - Tr gi hng bn tnh theo gi mua H s tng li nhun = ---------------------------Doanh s bn V d: H s tng li nhun Nu mt cng ty c doanh s bn l 1.000.000 USD v gi tr hng bn tnh theo gi mua ln ti 600.000 USD, th h s tng li nhun ca cng ty s l: $1.000.000 - $600.000 H s tng li nhun = ------------------------------$1.000.000 Khi chi ph lao ng v chi ph nguyn vt liu tng nhanh, h s tng li nhun chc chn s gim xung, tr khi cng ty c th chuyn cc chi ph ny cho khch hng ca mnh di hnh thc nng gi bn sn phm. Mt cch tm xem cc chi ph ny c qu cao khng l so snh h

s tng li nhun ca mt cng ty vi h s ca cc cng ty tng ng. Nu h s tng li nhun ca cc cng ty i th cnh tranh cao hn, th cng ty cn phi thc hin mt bin php no c c s kim sot tt hn i vi chi ph lao ng v nguyn liu. Chng 2: H s li nhun hot ng H s li nhun hot ng cho bit Ban qun l ca mt cng ty thnh cng n mc no trong vic to ra li nhun t hot ng ca cng ty. EBIT Mc li hot ng = -------------------Doanh thu T s ca h s ny l thu nhp trc thu v li hay chnh l thu nhp tnh c sau khi ly doanh thu tr tr gi hng bn tnh theo gi mua v cc chi ph hot ng (EBIT). V d: H s li nhun hot ng Nu EBIT ln ti 200.000 USD trong khi doanh thu l 1.000.000 USD th mc li hot ng l: $200.000 H s li nhun hot ng = ------------------$1.000.000 H s ny l mt thc o n gin nhm xc nh on by hot ng m mt cng ty t c trong vic thc hin hot ng kinh doanh ca mnh. H s bin li nhun hot ng cho bit mt la doanh thu c th to ra bao nhiu EBIT. H s li nhun hot ng cao c ngha l qun l chi ph c hiu qu hay ngha l doanh thu tng nhanh hn chi ph hot ng. Cc nh qun l cn phi tm ra cc nguyn nhn khin h s li nhun hot ng cao hay thp t h c th xc nh xem cng ty hot ng c hiu qu hay khng, hoc xem gi bn sn phm tng nhanh hn hay chm hn chi ph vn. Chng 3: H s li nhun rng H s li nhun rng l h s t mi giai on kinh doanh. Ni cch khc y, l t s so snh li nhun rng vi doanh s bn. Li nhun rng Mc li rng= -----------------Doanh s V d: h s li nhun rng Nu li nhun sau thu ca mt cng ty l 100.000 USD v doanh thu ca n l 1.000.000 USD. 100.000 USD H s li nhun rng =---------------------- = 10% 1.000.000 USD Mt s cng ty c mc li nhun rng hn 20%, v mt s khc c ch t khong t 3% n 5%. H s li nhun rng gia cc ngnh khc nhau l khc nhau. Thng thng, cc cng ty c qun l tt t c mc li nhun rng tng i cao hn v cc cng ty ny qun l cc ngun vn ca mnh c hiu qu hn. Xt t gc nh u t, mt cng ty s vo tnh trng thun li s c mc li nhun rng cao hn li nhun rng trung bnh ca ngnh v nu c th, c mc li nhun lin tc tng. Ngoi ra, mt cng ty cng gim chi ph ca mnh mt cch hiu qu- bt k doanh s no th mc li nhun rng ca n cng cao

Chng 4: H s thu nhp trn c phn. H s thu nhp trn c phn (ROE - return on equity) l thc o t sut li nhun ca cc c ng. Nh phn tch chng khon, cng nh cc c ng, c bit quan tm n h s ny. Ni chung h s thu nhp trn c phn cng cao th cc c phiu cng hp dn. H s ny l mt cch nh gi kh nng sinh li v cc t sut li nhun ca cng ty khi so snh vi h s thu nhp trn c phn ca cc c phiu khc. H s ny c th c tnh nh sau: Li nhun rng sau thu ROE=------------------------------------------------------Vn c ng hay gi tr ti sn rng hu hnh Chng 5: H s thu nhp trn u t (ROI) H s thu nhp trn u t (ROI - return on investment) c cng ty Du Pont pht trin cho mc ch s dng ring, nhng ngy nay n c rt nhiu cng ty ln s dng nh l mt cch thc tin li xc nh tng th cc nh hng ca cc bin li nhun doanh thu tng ti sn. Thu nhp rng Doanh s bn Thu nhp rng ROI=------------------- x ------------------ = -------------------Doanh s bn Tng ti sn Tng ti sn Mc ch ca cng thc ny l so snh cch thc to li nhun ca mt cng ty, v cch thc cng ty s dng ti sn to doanh thu. Nu ti sn c s dng c hiu qu, th thu nhp (v ROI) s cao, v nu ngc li, thu nhp v ROI s thp.

Tm hiu chng khon - Kin thc cn bn (K 7)

Thursday, March 20, 2008 3:36:22 AM Chng khon Bi 18: S dng cc h s phn tch Mi h s cp cc bi trc ch cung cp mt s thng tin v mc hiu qu trong hot ng ca mt cng ty. Tuy nhin, nh cc bn bit, vic phn tch ti chnh c bit c ngha khi bn c mt s chun mc c th so snh vi cc h s ca mt cng ty, bn khng ch mun xem kh nng sinh li, kh nng thanh ton, tnh trng n v cc mi lin h hot ng ca mt sng ty l cao hay thp, v cc yu t ny ang c ci thin hay xu i, m bn cn mun xc nh mc hiu qu hot ng ca cng ty so vi cc i th cnh tranh khc, so vi ngnh hay so vi cng ty hot ng tt nht cng ngnh. Mc d nh qun l ca mt cng ty c th tnh ton cc h s ca cc cng ty khc, nhng cc thng tin ny c sn t cc ngun cng khai, chng hn nh: Nin gim cc h s ti chnh cng nghip v kinh doanh, cc h s kinh doanh ch yu, cc trang ti chnh cng ty ca cc c quan nh mc tn nhim... Cc ngun ny cung cp cc h s ca tng cng ty v ngnh c th dng so snh. Ngi ta c th so snh nhng h s ti chnh chun ny vi cc h s ca mt cng ty no xem xem liu chng khc nhau hay tng t.

Bn c th thy ngay l cc con s trong bng cho thy rng vi thi k 7 nm, s tin trin trong kh nng thanh ton v sinh li ca cng ty ln hn kh nng thanh ton v sinh li ca ca ton ngnh cng nghip m cng ty ny hot ng. H s thu nhp tr li nh k ca cng ty gim, mt phn do t l n trn vn c phn tng mnh, nhng vn ln hn mc trung bnh ca ngnh. Hn na, bn c th thy ngay rng ni chung kh nng thanh ton v sinh li cng nh kh nng tr n li ln hn cc cng ty cng ngnh. C mt im km hp dn l bin ng trong n by ti chnh ca cng ty (n trn vn c phn), h s ny ln n 45% v vo thi im nm 1995 cao hn hn mc trung bnh ca ngnh. Yu t ny cho thy rng trong tng lai cng ty nn pht hnh c phiu hn l tri phiu nhm gi h s n trn vn tng ng vi mc hp l ca ngnh. Bng 5 cng cho thy mc du t l tng trng ca cng ty tng ng vi mc trong ton ngnh nhng t l gi trn thu nhp (P/E) li cao hn, ch yu l kh nng thanh ton cng nh danh ting ca cng ty vt tri so vi ton ngnh. Tuy nhin, t l nh i ri ro li nhun ca cng ty vo nm 1988 tng ng mc ton ngnh nh thy trong h s ng bin thin. Cc nnh u t hin nhin nhn thy s tng trng trong t l n trn vn l ng bo ng, do vy, t l gi trn thu nhp (P/E) gim t 10,5 nm 1988 xung 10,0 nm 1995, trong khi t l P/E ca ngnh khng thay i trong cng k. Vic chi tit ho cc h s nh trong bng 5 gip cc cng ty ch ra c nhng im yu v im mnh trong hot ng cu mnh. Nh vy, vic phn tch cc h s cung cp cho cc nh qun l nhng cng c ci thin v pht trin hot ng ca cng ty. Hn ch ca vic phn tch h s. Cc h s ti chnh ch cung cp mt phn thng tin cn thit nh gi hot ng v hiu qu chung ca mt cng ty. Cc yu t thng k khc nh ri ro, cn c tnh n c c mt bc tranh ton cnh v tnh hnh ti chnh ca mt cng ty. Ngoi ra, vic so snh cc h s c th dn n sai lm mt s php tnh. mt cng ty c th thng qua cc chun mc k ton mi, tc l cng ty ny chuyn t cch nh gi hng d tr FIFO : first in first out (nhp trc xut trc) sang LIFO : last in first out (nhp sau xut trc). Cng ty c th i t phng php khu hao trc tuyn sang phng php khu hao tng tc. Thng qua vic st nhp, cng ty c th c xc nh thuc ngnh cng nghip mi. Tng t, gi tr ti sn ca cng ty c th c khai cha ng gi tr do lm pht cao. Mt vi s liu ngnh c th cng sai lch, c bit nu cc s liu trung bnh c tnh n nhiu cng ty nh, yu v ti chnh. Bn cng cn thn trng nh gi loi n m cng ty bn ang nghin cu phi gnh chu. nu cc khon vn c huy ng bng pht hnh tri phiu chuyn i n hn thanh ton hoc

c chuyn i sm, th vic gii thch h s D/E s khc vi khi n th hin bng cc t tri phiu sc li sut c nh. Tng t, mt s cng ty c th huy ng vn u t ca mnh bn cc khon thu ngn hn. Do , mt s h s ti chnh s c cng b khng chnh xc do kt qu ca c cu ti chnh ny. iu ny c bit ng i vi h s thu nhp trn u t ROI (return on investment). Cng nn thn trng khi s dng cc d liu c cng b, v cc s liu ngnh i khi ch th hin cho cc cng ty hot ng tt nht v c tnh hnh ti chnh kh quan. Ngoi ra, vic phn loi cc cng ty c th thnh mt ngnh l rt kh khn, v hu ht cc cng ty u c dy chuyn sn xut khc nhau. Vn ny c th lm sai lch so snh cc h s ca cng ty vi cc h s ca ngnh. Ngoi ra, cng nn d chng vi cc cng ty tm cch thao tng nhng con s ca mnh bng cch bn ti sn ca mnh hay nhng th thut i vi chi ph thay th. Mc d nghip v k ton c ci tin nhm gii quyt cc vn ny, nhng c nhiu cch gii thch v phng php khc nhau trong vic lp cc bo co ti chnh c th che du im mnh hay im yu thc t ca mt cng ty. Do vy, khi thc hin phn tch cc bo co ti chnh v cc h s ti chnh, cn phi bit rng cc nh phn tch v cc nh qun l c th a ra cc gii thch khc nhau. Tm li, cn thn trng khi phn tch mt cng ty da trn c s cc h s ti chnh. Phi tnh n cc hn ch c lin quan n cc h s ny./. Bi 19 : Bng cn i k ton A-PHN N. Phn n cho bit cc khon n ca cng ty. Mt s khon n ny phi c thanh ton trong mt thi gian ngn (N ngn hn) trong khi mt s cc khon n khc phi c hon tr trong nhiu nm (n di hn). N ngn hn N ngn hn l cc khon n di mt nm. Chng c xc nh bi t phi tr thng c dng di y: Cc khon phi tr: S tin m mt cng ty mua chu hng ho v dch v ang cn n. Cc khon khon vay ngn hn phi tr: Khon vay ngn hn t cc ngn hng v cc t chc ti chnh. C tc phi tr: Tin c tc c tuyn b nhng cha tr. Cc khon thu phi np: S tin m cng ty cn n Chnh ph. Li phi tr: S tin li cng ty n i vi cc khon vay n di hn. N di hn: N di hn l khon n c thi hn t mt nm tr ln m cng ty phi tr. V d tri phiu v cc khon vay n di hn ca ngn hng. V d: N di hn Giy n 9% hn 2015: $300.000 =>Giy n 9% hn 2015: $300.000 PHN VN CA CC C NG Phn vn ca cc c ng th hin cc gi tr thc ca cng ty. N ch ra mc quan tm v s hu ca cc c ng. Bng di y phn bit cc loi c phiu khc nhau:

C phiu u i phn nh trn bng tng kt ti sn da trn mnh gi. Thng mnh gi ca c phiu u i l $100. Trong mt s trng hp, c tc ca cc c phiu u i c tnh bng t l phn trm so vi mnh gi. Trong v d trn, c tc hng nm cho c phiu u i l $6 ($100 x 6%) C phiu thng c phn nh trong bng tng kt ti sn da trn mnh gi ca cc c phiu thng ca cng ty. Mnh gi ch s dng cho mc ch ghi s sch. Mnh gi c phiu thng khng nh hng n ga th trng ca c phiu. Gi th trng ca c phiu phn nh yu t cung cu ca c phiu cng nh trnh qun tr cng ty v kh nng to ra li nhun. Thng d v vn l s tin cc c ng tr theo mnh gi cho cc c phiu cng ty bn cho cng chng. N cng c xem nh l vn gp. N khng bao gm vn m cng ty nhn c t li nhun kinh doanh. Thu nhp gi li th hin li nhun rng c dnh li s dng cho tng lai. C tc thng c tr t thu nhp gi li ./.