Hng ha trn TTCK v nh gi c phiu, tri phiu

T VN
1. Tnh cp thit ca vn nghin cu:
Trc yu cu i mi v pht trin kinh t ph hp vi xu hng hi nhp quc
t, th trng chng khon (TTCK) c xem l c trng c bn, l biu tng ca
nn kinh t hin i. Trn c s tham kho c chn lc kinh nghim v m hnh TTCK
trn th gii, Vit Nam quyt nh thnh lp TTCK vi nhng c th ring bit. S
ra i ca TTCK Vit Nam nm trong tin trnh pht trin nn kinh t th trng nh
hng x hi ch ngha ca ng v Nh nc. Trn thc t, TTCK m ra knh huy
ng vn trung, di hn mi cho Chnh ph, chnh quyn a phng, cc doanh nghip
cng nh em li tim nng, vn hi mi i vi cc nh u t. thm nhp vo
TTCK, iu cn quan tm l phi hiu r hng ha ca th trng ny v c th
trng iu trc tin l phi c hng ha v s bun bn hng ha. Do , hon
thin hn na TTCK th vn to hng ha v nng cao cht lng hng ha cho
TTCK phi c t ln hng u. Vi mt th trng cn nh b v non tr nh Vit
Nam, tng bc a TTCK thc s ln mt tm cao mi th i hi phi c s quan
tm rt ln bt u t vic ci thin s lng v cht lng hng ha trn TTCK. Vi
mong mun tm hiu TTCK v tm ra nhng bin php pht trin TTCK Vit Nam,
nhm chng ti quyt nh chn ti hng ha trn TTCK v nh gi c phiu, tri
phiu.
2. Mc tiu nghin cu:
Tng quan v TTCK:
Hng ha trn TTCK v hng ha trn TTCK Vit Nam:
nh gi c phiu, tri phiu:
Thc trng hng ha trn TTCK Vit Nam nhng nm gn y:
Ngun ti liu:

T 2 Ti Chnh Ngn Hng K10

Trang 1/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

MC LC
T VN ................................................................................................................1
CHNG 1: TNG QUAN TH TRNG CHNG KHON..............................4
1.1.S lc v TTCK:...............................................................................................................4
1.2.Vai tr v chc nng ca TTCK:........................................................................................5

CHNG 2: HNG HA TRN TTCK V

HNG HA TRN TTCK VIT NAM......................................................................6
2.1.Khi qut chung hng ha ca th trng chng khon:....................................................6
2.2.Cc loi hng ha trn TTCK:............................................................................................6
2.2.1.Chng khon vn:.......................................................................................................6
2.2.2.Chng khon n:........................................................................................................8
2.2.3.Chng khon phi sinh:..............................................................................................8
c im ca hng ha TTCK:.........................................................................................10
2.3.Cc loi hng ha trn TTCK vit nam:...........................................................................11
2.3.1.C phiu:...................................................................................................................12
2.3.2.Tri phiu chnh ph:................................................................................................13
2.3.3.Tri phiu cng ty:....................................................................................................14
2.3.4.Tri phiu c m bo:.............................................................................................14
2.3.5.Tri phiu khng c m bo:..................................................................................14
2.3.6.Tri phiu chuyn i:..............................................................................................15
2.3.7.Chng ch qu u t:...............................................................................................15

CHNG 3: NH GI C PHIU, TRI PHIU...............................................16

3.1.nh gi c phiu:.............................................................................................................16
3.1.1.Khi qut chung v nh gi c phiu:.....................................................................16
3.1.2.Vai tr ca vic nh gi c phiu:...........................................................................16
3.1.3.Phng php nh gi c phiu:...............................................................................17
3.2.nh gi tri phiu:...........................................................................................................19
3.2.1.Khi qut chung v nh gi tri phiu:....................................................................19
3.2.2.nh gi tri phiu:...................................................................................................20

CHNG 4: THC TRNG HNG HA TRN TTCK VIT NAM

NHNG NM GN Y V GII PHP..............................................................23
4.1.Thc trng hng ha trn TTCK Vit Nam nm 2012 v u nm 2013 :.......................23

T 2 Ti Chnh Ngn Hng K10

Trang 2/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

Nhn vo bng ta c th thy nhng thng cui nm c mt s tht gim c v
im s ln tnh thanh khon nguyn nhn dn n s tht gim ny r rng l do
kh khn ca nn kinh t, cc doanh nghip lm n thua l, ph sn v khi th
trng lin tc chm y th li gp phi mt s c kh quan trng, l s vic
ng Nguyn c Kin b bt, n gn nh nh tan tt c nim tin ca cc nh
u t trn th trng. y l nhng ngy en ti ca TTCK Vit Nam trong thi
im . Sau khi ng Kin b bt th li xut hin hng lot nhng tin n bt li
cho th trng, nhng tin n tht thit gy nh hng xu n tm l nh u t.
y l nhng l do chnh lm cho tnh thanh khon cng nh im s ca th
trng b st gim th thm.......................................................................................26
Th trng chng khon nm 2012 c tng cng 18 c phiu hy nim yt. C
nhiu nguyn nhn dn n vic hy nim yt ca doanh nghip nh vi phm
nghim trng v cng b thng tin nh SD3, SME, MCV; hy nim yt sp
nhp trong trng hp ca HBB sp nhp vo SHB v S64, SSS sp nhp vo
SD6; VMG 12 thng khng c giao dch; VIA khng iu kin l cng ty i
chng; VKP, AGC l ln 3 nm lin tip; CSG, TRI gii th, SVI hy nim yt
trn HNX chuyn qua HOSE. Ring MKP th nguyn nhn xut pht t cc
quy nh trong vn bn php lut v hn ch hot ng ca doanh nghip c vn
nc ngoi. Danh sch c phiu hy nim yt trong nm 2012:..............................26
4.2.Mt s gii php ci thin tnh hnh trn th trng chng khon:...................................30

KT LUN.................................................................................................................. 32

T 2 Ti Chnh Ngn Hng K10

Trang 3/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

CHNG 1: TNG QUAN TH TRNG CHNG KHON

1.1.

S lc v TTCK:

Th trng chng khon l lnh vc phong ph, a dng v rt phc tp; l ni

mua bn cc chng khon v thng c thc hin ch yu ti S giao dch chng
khon, mt phn cc cng ty mi gii (cng ty chng khon), v c th trng ch
en.
V mt hnh thc, th trng chng khon ch l
ni din ra cc hot ng trao i, mua bn, chuyn
nhng cc loi chng khon; qua thay i ch
th nm gi chng khon.
Th trng chng khon l ni din ra cc hot
ng giao dch mua bn cc loi chng khon. Vic
mua bn c tin hnh hai th trng s cp v
th cp. Do vy th trng chng khon l ni chng
khon c pht hnh v trao i.
Th trng s cp: ngi mua mua c chng khon ln u t nhng
ngi pht hnh.

Th trng th cp: ni din ra s mua i bn li cc chng khon c

pht hnh Th trng s cp.

V tr ca Th trng chng khon: Trong th trng Ti chnh c hai th trng
ln l:
Th trng Ti chnh ngn hn (Th trng tin t);
Th trng Ti chnh di hn (Th trng vn): bao gm Th trng tn
dng di hn (gm Th trng cho vay th chp v th trng cho thu ti
chnh); v Th trng chng khon.

T 2 Ti Chnh Ngn Hng K10

Trang 4/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

1.2.

Vai tr v chc nng ca TTCK:

Thc t pht trin kinh t cc nc trn th gii khng nh vai tr quan trng
ca TTCK :
Th nht, TTCK vi vic to ra cc cng c c tnh thanh khon cao, c th tch
t, tp trung v phn phi vn, chuyn thi hn ca vn ph hp vi yu cu pht trin
kinh t.
Th hai, TTCK gp phn thc hin ti phn phi cng bng hn, thng qua vic
buc cc tp on gia nh pht hnh chng khon ra cng chng, gii ta s tp trung
quyn lc kinh t ca cc tp on, song vn tp trung vn cho pht trin kinh t.
Th ba, TTCK to iu kin cho s tch bit gia s hu v qun l doanh nghip.
Th t, hiu qu ca quc t ha TTCK, vic m ca TTCK lm tng tnh cnh
tranh trn th trng quc t.
Th nm, TTCK to c hi cho chnh ph huy ng cc ngun ti chnh m khng
to p lc v lm pht, ng thi to cc cng c cho vic thc hin chnh sch ti
chnh tin t ca Chnh ph.
Th su, TTCK cung cp mt d bo v hiu qu chu k kinh doanh trong tng
lai.

T 2 Ti Chnh Ngn Hng K10

Trang 5/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

CHNG 2: HNG HA TRN TTCK V

HNG HA TRN TTCK VIT NAM
2.1.

Khi qut chung hng ha ca th trng chng khon:

Chng khon l hng ha vn, l hng ha tru tng, gi tr ca n khng lin

quan n gi tr hin vt m da vo tri quyn hp php mt li ch tng lai no ,
khng gi tr s dng.
Hng ha thng thng l hng ha vt cht tiu dng, chng khon l hng
ha vn ca hot ng sn xut.
Mua chng khon l mua gi tr tng lai vi nhng hi vng kim c s tin
ln hn nhng khng chc chn.
cc giy t mua bn c bo m, ngi mua phi nm vng cc thng tin v
chng khon v cc thng tin ny c m bo php lut.
Chng khon l hng ha c bit Hng ha vn l cng c huy ng vn t
ni tha sang ni thiu. Chng khon l nhn t c bn hnh thnh TTCK.
2.2.

Cc loi hng ha trn TTCK:

Trn TTCK bao gm nhiu loi hng ha, c th chia thnh 3 loi hng ha chnh
l: chng khon vn, chng khon n v chng khon phi sinh.
2.2.1.

Chng khon vn:

Chng khon vn l chng th xc nhn s gp vn v quyn s hu phn vn

gp v cc quyn hp php khc i vi t chc pht hnh. i din cho chng khon
vn l c phiu v chng ch qu u t.
i vi cng ty, vic pht hnh c phiu c li hn l vic pht hnh cc chng
ch n v cng ty nm gi tin m khng phi tr li theo thi gian hn nh. i vi
vic mua c phiu, cc c ng nm gi c phiu trong cng ty, c ngha l cc c
ng mi s chia quyn s hu i vi cc c ng u tin. C phiu l mt loi
chng khon vn c pht hnh di dng chng ch hoc bt ton ghi s, xc nhn

T 2 Ti Chnh Ngn Hng K10

Trang 6/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

quyn s hu v li ch hp php i vi ti sn hoc vn ca mt cng ty c phn. C
phiu l cng c ti chnh c thi hn thanh ton l v thi hn.
Trong lch s, loi c phiu ra i u tin l c phiu k danh - loi c phiu c
ghi tn ch s hu. n th k 19, vi u th chuyn nhng d dng, c phiu v
danh thay th gn nh hon ton c phiu k danh.
C phiu gm 2 loi chnh: c phiu thng v c phiu u i, gia chng c
nhng c im khc nhau. C phiu thng hay c phiu ph thng l mt loi chng
khon vn, khng k hn, tn ti cng vi s tn ti ca cng ty, li tc c phiu c
tr vo cui mi nm quyt ton - gi l c tc. c im ca c phiu thng l
cng d phn may ri vi cng ty, s lng c phiu cng nhiu th quyn s hu cng
ln. y l loi c phiu bao hm nhiu yu t ri ro, gi c phiu bin ng nhiu trn
th trng nhng loi c phiu ny thng c gi r hn c phiu u i. Nhng ngi
mua c phn ph thng c hy vng kim tin
khng nhng khon c tc c tr m cn
kh nng gi tr c phn s tng ln, h c
th bn c phn trn th trng vi gi cao hn
khon tin h mua. C phn ph thng hu
nh lc no cng c u th v thanh khon.
C phiu u i l loi chng khon lai
tp, c nhng c im va ging c phiu
thng, va ging tri phiu. C phiu u i cn c gi l c phiu c quyn - l
loi c phiu c hng nhng u tin hn so vi c phiu thng. C phiu u i
mang tnh ri ro t hn c phiu thng nn gi c phiu u i trn th trng khng
dao ng ln xung nh c phiu thng. Do , loi c phiu ny thch hp vi
nhng nh u t mong mun c thu nhp n nh. C phiu u i c li tc xc nh
ging nh tri phiu, c u tin chia phn cn li ca cng ty khi cng ty b ph sn
hoc gii th trc nhng ngi nm gi c phiu thng nhng sau nhng ngi nm
gi tri phiu. Do vy, c phiu u i ging nh mt loi tri phiu nh m khng

T 2 Ti Chnh Ngn Hng K10

Trang 7/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

c s bo m ca mt tri phiu, ng thi li khng c tnh hp dn ca mt c
phiu.
Tm li, vi nhng c trng ca mnh, c phiu to cho cng ty c phn
nhng u th tuyt diu: c kh nng huy ng, tp trung c mt khi lng vn
khng l cho s pht trin t nhng s vn l t trong dn chng. Nh c c phiu, vn
u t ca cc c ng khng b bt ng, h c th chuyn vn u t t lnh vc ny
sang lnh vc khc, t cng ty ny sang cng ty khc bng cch mua bn c phiu trn
TTCK th cp.
2.2.2.

Chng khon n:

Chng khon n, in hnh l tri phiu, tn phiu l mt loi chng khon quy
nh ngha v ca ngi pht hnh (ngi i vay) phi tr cho ngi ng tn s hu
chng khon (ngi cho vay) mt khon tin nht nh bao gm c gc v li trong
nhng khon thi gian c th.
Nhng c trng c bn ca tri phiu:
Mnh gi v li cung phiu: mnh gi ca mt cung phiu l s tin ghi trn b
mt tri phiu, n thi im thanh ton (o hn) ca tri phiu, t chc pht hnh
phi tr s tin cho ngi s hu hp php tri phiu. Li sut cung phiu l li
sut t chc pht hnh s tr cho ngi s hu tri phiu khi n hn thanh ton. Li
sut nhn mnh gi s cho li cung phiu. Thng thng, li sut cung phiu l li
sut danh ngha.
Thi gian o hn: thi gian o hn ca tri phiu l thi gian chm dt khon
n, t chc pht hnh s thu hi tri phiu bng cch hon tr gc v li cho ngi s
hu. Thi hn o hn ca tri phiu thng thng l di hn. Nu thi gian o hn
ca tri phiu cng di th mc bin ng gi ca tri phiu s cng ln.
2.2.3.

Chng khon phi sinh:

Chng khon phi sinh l cc cng c ti chnh c ngun gc t chng khon v

c quan h cht ch vi cc chng khon gc.

T 2 Ti Chnh Ngn Hng K10

Trang 8/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

C th phn loi chng khon phi sinh thnh cc loi nh sau:
Quyn mua trc hay cn gi l c quyn mua l mt quyn u i gn lin
vi mt loi c phiu ang lu hnh, do cng ty pht hnh ra c phiu huy ng
thm vn c phn, quyn mua trc cho php ngi s hu nhng c phn ang lu
hnh c mua mt s nht nh c phiu trong t pht hnh mi ca cng ty, ti mt
mc gi xc nh thp hn mc gi cho bn ra cng chng trong mt thi gian nht
nh.
Gi tr ca quyn mua trc c xc nh:
M=(P-E)/(N+1)
Trong :

P l th gi c phiu
E l gi u i ca chng quyn
N l nh mc s c phiu c mua mt c phiu mi

Chng kh hay cn gi l bo chng

phiu (cam kt bn) l mt loi chng khon
c pht hnh cng vi tri phiu hay c phiu
u i m ngi s hu n c quyn c mua
mt s lng chng khon nht nh ti mt mc
gi xc nh v trong mt thi hn nht nh.
Quyn ny c pht hnh trong trng hp t
chc li cc cng ty hoc khi cng ty pht hnh nhm mc tiu khuyn khch cc nh
u t tim nng mua cc loi tri phiu v c phiu u i c nhng iu kin km
thun li.
Gi tr ca chng kh = gi tr ni ti + gi tr thi gian
Trong : Gi tr ni ti = (gi c phn gi thc hin) * s c phn c mua
chng kh.
Hp ng k hn l mt tha thun gia ngi mua v ngi bn thc hin mt
giao dch hng ha mt thi im chc chn trong tng lai vi khi lng v mc
gi xc nh. Hp ng k hn khng trao i trn th trng, khng nh gi hng
ngy. Hp ng k hn khng phi theo tiu chun ca th trng ring bit, ngy thc
T 2 Ti Chnh Ngn Hng K10

Trang 9/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

hin hp ng c xc nh ty theo tng hp ng. Gi trong hp ng k hn l gi
giao hng ti thi im k kt hp ng. Hp ng k hn c nh u t s dng
tin hnh u c v bo h.
Hp ng tng lai l mt tha thun mua hoc bn mt ti sn vo thi im
chc chn trong tng lai vi mt mc gi xc nh. Chc nng c bn ca cc th
trng hp ng tng lai l cung cp mt c hi cho nhng ngi tham gia th trng
phng nga ri ro v nhng bin ng gi bt li v l cng c cho cc nh u c.
Cc hp ng tng lai da trn c s mt cng c ti chnh hay mt ch s ti chnh
c gi l hp ng tng lai ti chnh, bao gm hp ng tng lai ch s c phiu,
hp ng tng lai li sut, hp ng tng lai tin t.
c im ca hng ha TTCK:
Tnh thanh khon:
Tnh thanh khon ca mt loi chng khon cng nh ca mt ti sn l kh nng
chuyn chng thnh tin mt v khng b st gim v gi tr tin t ca chng. Vic
chuyn i phi nhanh chng v ph chuyn i y phi thp. Nh vy, nu chng
khon no c th d dng i thnh tin mt nhanh chng v ph chuyn i thp th s
c tnh thanh khon cao v ngc li.
Tnh thanh khon ca mt chng khon bin i theo s n nh gi ca n trn
th trng. V vy, ta c th ni tnh thanh khon ca tri phiu kho bc cao hn c
phiu ca mt cng ty v tri phiu kho bc rt d dng i ra tin mt vi mc ph tn
thp.
Tnh ri ro:
Mt chng khon c nhng ri ro l ngi s hu c th khng thu hi s tin
b ra mua n. C th chia ri ro thnh hai loi c bn sau:
Ri ro khng thanh ton: l ri ro xut pht t s ph sn ca cng ty pht hnh.
V vy, cc tri phiu kho bc, chng ch tin gi thng t chu ri ro khng thanh
ton hn so vi cc loi tri phiu hoc c phiu cng ty.

T 2 Ti Chnh Ngn Hng K10

Trang 10/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

Ri ro th trng: l ri ro lin quan n s bin ng gi ca th trng. Gi ca
cc loi c phiu, tri phiu trn th trng c th tng gim ph thuc vo nhiu nhn
t nh lm pht, tnh hnh kinh doanh ca cng ty, cc s kin bt thng, ...
Tnh sinh li
i vi cc chng khon ngn hn, li sut c tnh bng s tin kim c t
ti sn ny chia cho s tin b ra mua n. Thng li sut c tnh trn c s hng
nm v c gi l hoa li hin hnh.
i vi chng khon di hn, ngi ta p dng mt loi hoa li khc gi l li khi
o hn. Khi nim ny cp n nhng khon hay l trn vn c thc hin vo
lc chng khon o hn, cng chnh l lc mnh gi ca chng khon ny c
hon tr.
Cc c tnh trn ca chng khon c mi quan h tng h vi nhau, nhng
ngi mua chng khon thng chp nhn mc sinh li thp c c loi chng
khon c tnh thanh khon cao. Tnh ri ro v tnh thanh khon c mi quan h ngc
chiu nhau. Mt chng khon khi c tnh ri ro cao th tnh thanh khon thp v dn ti
tnh sinh li cao. Ngc li, i vi nhng chng khon c tnh thanh khon cao, ri ro
thp th tnh sinh li cng thp.
2.3.

Cc loi hng ha trn TTCK vit nam:

TTCK Vit Nam l knh huy ng vn tt nht cho s pht trin ca nn kinh t
thng qua cc cng c huy ng vn khc nhau. Trn cc TTCK pht trin hin nay,
c rt nhiu loi hng ha c giao dch, to nn ngun hng di do cho TTCK,
ng thi gip cho cng chng u t c nhiu c hi la chn loi chng khon ph
hp cho chnh mnh. Ngoi cc loi chng khon nh c phiu, tri phiu, chng ch
qu u t, TTCK ca cc nc cn giao dch cc loi chng khon phi sinh khc nh:
chng quyn (quyn mua), Bo chng phiu, hp ng quyn la chn v hp ng
tng lai. Tuy nhin do th trng chng khon Vit Nam mi ch ang trong giai on
tp dt nn ch giao dch mt s loi chng khon c bn.

T 2 Ti Chnh Ngn Hng K10

Trang 11/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

Cc loi chng khon c php lut Vit Nam qui nh: cc loi chng khon
trn th trng Vit Nam c qui nh trong nhiu vn bn php lut khc nhau ph
hp vi phm vi iu chnh v i tng iu chnh ca vn bn. Nhn chung cc loi
chng khon c qui nh trong Lut doanh nghip Vit Nam v thng t s
02/2001/TT-UBCK ngy 28/9/2001 hng dn chi tit Ngh nh 48/1998/N-CP bao
gm:
2.3.1.

C phiu:

C 2 loi c phiu:
C phiu ph thng (c phiu thng):
Theo Lut doanh nghip ban hnh nm 1999
qui nh khi nim, tnh cht v quyn ca c
phiu ph thng tng t nh qui nh c phiu
thng ca cc nc.
C phiu u i: Lut doanh nghip ca
Vit Nam qui nh c mt s im khc vi
thng l cc nc. Cc cng ty c phn Vit
Nam c th pht hnh 3 loi c phiu u i gm: C phn u i quyn biu quyt, c
phn u i c tc, c phn u i hon li.

C phn u i biu quyt: theo iu 52 v 55 ca Lut doanh nghip: l

c phn c s biu quyt nhiu hn so vi c phn thng (c phn ph thng); s

quyn biu quyt ca mi c phn u i v quyn biu quyt l bao nhiu l do iu l
cng ty qui nh. Ch c cc t chc c Chnh ph y quyn v cc c ng sng lp
mi c nm gi c phiu u i v quyn biu quyt; c ng sng lp ch c nm
gi c phiu u i v quyn biu quyt trong 3 nm u thnh lp cng ty (k t ngy
cng ty c cp giy chng nhn ng k kinh doanh ), sau thi hn ny s c phiu
u i tr thnh c phiu u i ph thng. C phiu u i khng c php chuyn
nhng, c hng mi quyn li ti chnh khc nh i vi c phiu ph thng.

T 2 Ti Chnh Ngn Hng K10

Trang 12/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

C phn u i c tc: theo iu 52 v 56 Lut doanh nghip c 2 loi

c phn u i c tc l c phn c tr c tc cao hn so vi mc c tc ca c phn

ph thng hoc mc n nh hng nm. C tc c chia hng nm bao gm c tc c
nh v c tc thng. C tc c nh khng ph thuc vo kt qu sn xut kinh
doanh ca cng ty. C ng c phn u i c tc c cc quyn nh c ng ph
thng, c u i v c tc v c nhn li vn c phn trc c ng ph thng
sau khi cng ty thanh ton ht cho ch n v c phn u i hon li khi thanh l
cng ty; nhng khng c quyn biu quyt, khng c quyn D i hi ng c ng,
khng c quyn c ngi vo Hi ng qun tr v Ban kim sot.

C phn u i hon li: theo iu 52 v 57 Lut doanh nghip th c

phn u i hon li l c phn s c cng ty hon li vn bt c khi no theo yu

cu ca ngi s hu hoc cc iu kin ghi trn t c phiu . C ng u i hon
li c hng cc quyn li ti chnh nh c ng c phn ph thng, nhng khng
c d i hi c ng, khng c quyn biu ng c, b phiu v biu quyt.
2.3.2.

Tri phiu chnh ph:

c Ngh nh 01/2000/N-CP qui nh gm:

Tn phiu kho bc: L loi tri phiu chnh ph c thi hn di 1 nm, pht hnh
vi mc ch b p thiu ht tm thi ca Ngn sch Nh nc v to thm cng c
cho th trng tin t.
Tri phiu kho bc: L loi tri phiu Chnh ph c thi hn t 1 nm tr ln
c pht hnh vi mc ch huy ng vn theo k hoch ca Ngn sch Nh nc
hng nm c Quc hi ph duyt.
Tri phiu u t: l loi tri phiu chnh ph c thi hn t 1 nm tr ln bao
gm cc loi sau:

Tri phiu huy ng vn cho tng cng trnh c th thuc din Ngn sch

Nh nc, nm trong k hoch u t c Chnh ph ph duyt nhng cha c

b tr vn Ngn sch trong nm k hoch.

T 2 Ti Chnh Ngn Hng K10

Trang 13/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

Tri phiu huy ng vn cho Qu h tr pht trin theo k hoch tn dng

u t pht trin hng nm c Chnh ph ph duyt.

2.3.3.

Tri phiu cng ty:

Do cc cng ty c phn, cc doanh nghip Nh nc, cng ty trch nhim hu hn

pht hnh vay vn trong cng chng u t, c qui nh trong thng t
02/2001/TT-UBCK ngy 28/9/2001 hng dn chi tit Ngh nh 48/1998/N-CP v
pht hnh c phiu v tri phiu ra cng chng, Lut doanh nghip, Lut cc t chc
tn dng
2.3.4.

Tri phiu c m bo:

Phn bit theo mc m bo, tri phiu c 2 loi: Tri phiu m bo ton b
gi tr v tri phiu m bo mt phn.
Phn bit theo phng thc m bo, c 3 loi: Tri phiu c bo lnh thanh
ton bi ngn sch nh nc; Tri phiu c bo lnh thanh ton bi mt t chc ti
chnh trung gian v tri phiu bo m bng ti sn ca t chc pht hnh hoc bng ti
sn ca mt nc th 3.
Ti sn dng m bo cho tri phiu c th l tri phiu chnh ph, tri phiu
ca cng ty khc c m bo thanh ton, quyn s dng t, nh v cng trnh gn
lin vi t, cc cng c sn xut. Ti sn dng bo m phi c bo him. m bo
bng giy t c gi, gi tr m bo phi bng tng gi tr tri phiu d nh pht hnh;
m bo bng t ai, ti sn th gi tr m bo phi bng 1,5 ln tng gi tr tri phiu
d nh pht hnh.
2.3.5.

Tri phiu khng c m bo:

L loi tri phiu c pht hnh bng uy tn ca t chc pht hnh, cng ty
khng phi a ra bt c mt lng gi tr no lm m bo cho t pht hnh. Tri
phiu ny thng do cc cng ty ln, c uy tn pht hnh.

T 2 Ti Chnh Ngn Hng K10

Trang 14/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

2.3.6.

Tri phiu chuyn i:

L tri phiu c kh nng chuyn i thnh c phiu thng theo nhng iu kin
c xc nh trc: iu kin chuyn i, thi hn chuyn i, t l chuyn i v
phng php tnh gi chuyn i.
2.3.7.

Chng ch qu u t:

c qui nh trong thng t s 02/2001/TT-UBCK ngy 28/9/2001 hng dn

chi tit Ngh nh s 48/1998/N-CP.
Chng ch qu u t l loi chng khon do cng ty qun l qu i din cho mt
qu u t chng khon pht hnh, xc nhn quyn hng li ca ngi u t i vi
Qu.
Trong thng t s 02/2001/TT-UBCK cng a ra nhng khi nim v quyn
mua c phn v chng quyn, tuy nhin hin nay trn th trng chng khon Vit
Nam cha cho php cc loi chng quyn ny c giao dch nh mt loi chng
khon trn th trng.

T 2 Ti Chnh Ngn Hng K10

Trang 15/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

CHNG 3: NH GI C PHIU, TRI PHIU

3.1.

nh gi c phiu:

3.1.1.

Khi qut chung v nh gi c phiu:

nh gi c phiu thc cht l qu trnh xc nh gi tr thc hay gi tr kinh t

doanh nghip. T xc nh gi tr ca c phn m i din cho n l c phiu.
3.1.2.

Vai tr ca vic nh gi c phiu:

Gc ch th pht hnh, thng qua vic xc nh gi c phiu, cc ch th pht

hnh c th nh ra c mc gi hp l nhm bo m ngi u t sn sng chp
nhn mc gi , ng thi doanh nghip cng khng b thua thit do c phiu b nh
gi thp.
i vi nh u t, c phiu l mt phng tin c kh nng thu li nhun cao,
nhng cng c th gp ri ro ln. i n quyt
nh u t ng n i hi phi c s la chn loi
c phiu m ngi u t c th chp nhn c.
Nu ri ro cng ln th yu cu li sut u t cng
cao v do gi c phiu cng thp. V l , ngi
u t cn phi tin hnh nh gi c phiu xc
nh mc gi v ri ro ca c phiu c ph hp
vi nhau v ph hp vi s thch ca ngi u t
hay khng.
i vi c quan qun l Nh nc, vic nm c cc phng php v k nng
nh gi c phiu s gip cho cc c quan ny nh gi c thc trng gi c cc ti
sn ti chnh trn th trng. T , c nhng chnh sch v bin php hp l iu
chnh th trng.
i vi cc cng ty chng khon: nh gi ng gp phn a ra quyt nh u
t ng n.

T 2 Ti Chnh Ngn Hng K10

Trang 16/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

Tm li, vic nh gi c phiu c th c nhn nhn t nhiu gc khc nhau
v c gi tr tng ng khc nhau. Song d nhn nhn di gc no, mi cch xc
nh gi tr c phiu bao gi cng lin quan n li ch ca ngi mua, bn trn th
trng.
3.1.3.

Phng php nh gi c phiu:

3.1.3.1.

nh gi c phiu theo phng php chit khu c tc

(Phng php DDM):

Cho ti nm n, chng ta c th nh gi c gi c phiu hin ti chnh l gi tr
quy v hin ti ca lung thu nhp c tc cho n nm n cng vi gi tr quy v hin ti
ca gi c phiu nm th n. Cng thc l:

D
(1+r )
1

D
(1+r )
2

+ ...... +

D
(1+r )
n

p
(1+r )
n

Li sut chit khu:

TH1: Cng ty ch pht hnh c phiu
r = rf + (rm + rf)
Trong : rf: li sut tn phiu phi ri ro
rm: li sut th trng.
: mc ri ro ca cng ty
TH2: Cng ty pht hnh c c phiu ln tri phiu th r chnh l chi ph s dng
vn bnh qun WACC
r = WACC = r e x

E
D
+ rd x
(1 t )
D+E
D+E

Trong :
re : chi ph s dng vn c phn
rd : chi ph s dng vn vay
E v D : khi lng vn c phn v vn vay tng ng.
t : thu sut thu thu nhp

T 2 Ti Chnh Ngn Hng K10

Trang 17/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

3.1.3.2.

Phng php nh gi c phiu theo t s P/E (Price-

Earnings ratio) v P/B (Price book value ratio):

nh gi c phiu s dng t s P/B:
Th gi mi c phiu
Tr gi ti sn ca mi c phiu
Gi mi c phiu = P/B x Tr gi ti sn ca mi c phiu
P/B

Phng php ny ch ra mc gi c phiu hin ti theo quan im tr gi ti sn ca c

phiu.
nh gi c phiu s dng t s P/E:
Th gi mi c phiu
EPS
Gi mi c phiu = P/E x Thu nhp ca mi c phiu
P/E

Phng php ny ch ra mc gi c phiu hin ti theo quan im li nhun ca c

phiu.
3.1.3.3.

nh gi da vo dng tin thun (FCF):

Dng tin thun vn c phn = dng tin hot ng sn xut kinh doanh vn u
t khon tr cho ch n
T sut sinh li trn mi c phiu:
Nu gi :

+ r: T sut li mong i trn c phiu thng.

+ D1 : Tin chia li trn c phiu nm 1.
+ P0 : Gi tr hin ti ca c phiu.
+ P1 : Gi bn c phiu c on vo cui nm 1.

Ta c cng thc:

P
P
D
R=
+
P P
1

T 2 Ti Chnh Ngn Hng K10

Trang 18/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

3.2.

nh gi tri phiu:
3.2.1.

Khi qut chung v nh gi tri phiu:

nh gi tri phiu tc l xc nh gi tr l thuyt ca tri phiu mt cch chnh

xc v cng bng. Gi tr ca tri phiu c nh bng cch xc nh hin gi ca ton
b thu nhp nhn c trong thi hn hiu lc ca TP.
c im: Vic nh gi tri phiu cn xc nh ba nhn t c bn:
Th nht l ln v thi
im ca nhng lung tin m
nh u t (NT) s nhn c:
c xc nh bi mnh gi, li
sut danh ngha, phng thc tr
gc v li cng nh k hn (s
nm cn li) ca tri phiu. Vi
nhng nhn t ny, c th tnh
c gi tr tri phiu hay gi tr hin ti ca nhng lung tin tng lai ca tri phiu.
Th hai, ngy o hn ca tri phiu.
Th ba, t l li tc yu cu ca nh u t.
nh gi tri phiu: dng thng thng tri phiu c mnh gi, thi hn v li
sut cung phiu xc nh, khng km theo cc iu kin c th chuyn i, c th mua
li hay bn li V vy xc nh c mc gi tri phiu cn phi thc hin cc
bc:
Bc 1: c lng ln v thi im ca nhng lung tin d tnh trong tng lai.
Bc 2: Xc nh t l li tc yu cu ca NT bng vic nh gi ri ro ca nhng
lung tin tng lai ca tri phiu. T l li tc yu cu ca NT l 7,5%/nm c
cho trc.
Bc 3: Tnh gi tr thc ca tri phiu l gi tr ca hin ti ca nhng thanh ton li
d tnh trong tng lai v gc c chit khu li t l li tc yu cu ca nh u t.

T 2 Ti Chnh Ngn Hng K10

Trang 19/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

3.2.2.

nh gi tri phiu:

3.2.2.1.

nh gi tri phiu thng thng:

Tri phiu thng thng c k hn v c hng li nh k, s tin li c tnh

trn li sut danh ngha v mnh gi ca tri phiu. C hai yu t ny u khng thay
i trong sut thi gian lu hnh nn s tin li coupon nh k l c nh.
Nu ta gi :
P: gi tri phiu.
n : s nm cn li cho n khi o hn.
C : s tin li coupon.
r : li sut chit khu .
F : mnh gi tri phiu.
Chng ta c gi ca tri phiu, bng hin gi ton b dng tin thu nhp t tri
phiu trong tng lai c xc nh nh sau :

P=

(1+r )

(1+r )

+ ..... +

(1+r )

(1+r )

Trong cng thc trn gi ca tri phiu l tng hin gi ca hai phn : phn li
nh k v phn vn gc.
Cng thc tng qut :
n

t =1

(1+r )

P =

(1+r )

Trng hp 1 : tr li nh k mt nm mt ln.
n
1

(
1
+
r
)

+ F (1+r )n
P =C

Trng hp 2 : tr li nh k 6 thng 1 ln
Thng thng, tri phiu c tr li nh k hng nm nhng chiu theo th
hiu ca nh u t, cc TTCK trn th gii cng pht hnh kh ph bin loi tri phiu

T 2 Ti Chnh Ngn Hng K10

Trang 20/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

tr li nh k na nm mt ln. Vic rt ngn chu k tr li s lm cho gi tri phiu
thay i mt cht.
2 n

r
1

(1+ )
C
2
P=
r
2

3.2.2.2.

F (1+ r )
2

2n

nh gi tri phiu khng tr li nh k :

Tri phiu zero Coupon khng tr li nh k cho nh u t, m ch tr vn gc

bng mnh gi cui k o hn. Do , dng tin nh u t nhn c trn tri phiu
trong tng lai ch l mt khon tin duy nht vn gc bng mnh gi c chit khu
v hin ti.

P=

(1+r )

nh hng ca li sut th trng n gi tri phiu : Trong cng thc nh gi

nu trn, chng ta thy gi tri phiu ph thuc vo s thay i ca cc nhn t.
F : mnh gi tri phiu.
C : s tin li coupon.
r : li sut chit khu.
n : s nm cn li cho n khi o hn
Trong 2 yu t F v C l khng thay i trong sut thi gian tri phiu lu
hnh. Trong khi 2 yu t r v n thng xuyn thay i theo thi gian v tnh hnh bin
ng li sut trn th trng. Nu cho 2 bin s ny thay i chng ta s thy c s
bin ng ca gi tri phiu v c th kt lun :

Khi li sut trn th trng bng li sut tri phiu th gi tri phiu bng

mnh gi ca n.

Khi li sut trn th trng cao hn li sut tri phiu th gi tri phiu

thp hn mnh gi ca n.

T 2 Ti Chnh Ngn Hng K10

Trang 21/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

Li sut gia tng lm cho gi tri phiu gim trong khi li sut gim s

lm cho gi tri phiu gia tng.

3.2.2.3.

nh gi tri phiu c li sut th ni :

Tri phiu c li sut th ni l loi tri phiu m li sut ca n c iu chnh

theo s thay i ca li sut th trng. c im ny m bo c quyn li ca
nh u t cng nh ca doanh nghip khi th trng ti chnh tin t khng n nh.
Thng thng c 6 thng 1 ln cn c vo li sut tin gi ngn hn ca ngn hng li
iu chnh li sut tri phiu cho ph hp. Li sut nh k ca mt tri phiu th ni
thng c ti n nh trn c s li sut th trng cng thm mt t l phn trm c
nh.
3.2.2.4.

nh gi tri phiu chuyn i :

Tri phiu c th chuyn i l loi tri phiu c th chuyn i thnh c phiu

thng ca cng ty vi gi ca c phiu c n nh trc gi l gi chuyn i. y
l loi tri phiu rt c a chung bi v khi gi c phiu tng cao trn th trng
ngi nm gi tri phiu ny s thc hin vic chuyn i v thu c nhng mn li
nhun do chnh lch gi.
Cch tnh gi chuyn i:
Gi chuyn i

Mnh gi ca tri phiu chuyn i

T l chuyn i
T l chuyn i l s c phiu c chuyn i ra t mt tri phiu.
T l chuyn i

T 2 Ti Chnh Ngn Hng K10

Mnh gi ca tri phiu chuyn i

Gi chuyn i

Trang 22/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

CHNG 4: THC TRNG HNG HA TRN TTCK VIT NAM

NHNG NM GN Y V GII PHP
4.1.

Thc trng hng ha trn TTCK Vit Nam nm 2012 v u

nm 2013 :
Nm 2012 c xem l mt nm y bin ng ca TTCK Vit Nam, nu nh
trong khong nm thng u nm th trng khi u y thun li th sau l mt
phin di suy gim c v im s ln tnh thanh khon trn c hai sn nim yt l HOSE
v HASTC. C th l HNX-Index lp y lch s mi, giao dch ton th trng c lc
ch 200 n 300 t ng trn mt phin. Mc d c hng lot cc chnh sch thay i
mang tnh tch cc nhm h tr thanh ton c ban hnh nhng trc nhng thch
thc chung ca nn kinh t v qu trnh ti c cu TTCK kin cho th trng ngy
mt xu i. C th k n mt s kh khn m th trng chng khon gp phi nh
vic hot ng sn xut kinh doanh ca cc doanh nghip b nh tr, hng tn kho tng
mc cao do h ly ca vic p dng chnh sch tht cht tin t trong thi gian kh
di, li sut c nhng thi im ln 30-40% khin cc doanh nghip khng chu ni chi
ph ti chnh. Bn cnh , mc vn ha ca th trng c tnh c hai sn l 720.000
t ng, trong HOSE chim n 87% gi tr cn sn HASTC ch chim 13% cn li,
iu ng ni y l sn H Ni mc vn ha ca th trng cn thp hn rt nhiu
so vi gi tr nim yt ban u, c th l c nhng c phiu bn di c mnh gi (72%
c phiu giao dch di mnh gi). iu ny th hin s kht khe, kh khn ca nn
kinh t nm 2012. H ly dn n l hng lot doanh nghip ph sn, c 21 doanh
nghip buc phi ri ri sn, bn cnh 438 doanh nghip trn 702 doanh nghip c
li nhun gim so vi nm 2011, huy ng vn nc ngoi gim ti 70%. C hn trm
cng ty chng khon m c ti 50% s cng ty b thua l trong 70% cng ty c l
ly k.

T 2 Ti Chnh Ngn Hng K10

Trang 23/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

Bng 1: Giao dch c phiu ti HSX nm 2012
VN-Index (im)

KLGD (c phiu)

GTGD (t ng)

Thng 1 350 - 387,97

558.565.239

8.773,935

Thng 2

1.172.702.869

17.750,258

Thng 3 427,95 - 441,03

1.934.170.895

29.419,598

Thng 4 445,77 - 473,77

1.763.776.216

27.594,970

Thng 5 472,46 - 429,20

1.945.429.171

31.433,087

Thng 6 428,80 - 422,37

1.396.976.112

23.450,182

Thng 7 419,30 - 414,48

920.296.483

13.779,334

Thng 8 412,55 - 396,02

952.698.321

15.499,051

Thng 9 402,08 - 392,57

764.514.311

12.223,286

Thng 10 386,55 - 388,42

871.153.070

12.142,861

Thng 11 387,95 - 377,82

638.724.860

10.150,441

Thng 12 379,27 - 413,73

1.061.552.448

14.664,074

390,67 - 423,64

T 2 Ti Chnh Ngn Hng K10

Trang 24/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

Bng 2: Giao dch c phiu ti HNX nm 2012
HNX-Index (im)

KLGD (c phiu)

GTGD (t ng)

Thng 1

56,79 - 60,59

353.956.934

2.861,61

Thng 2

60,47 - 68,68

1.172.717.294

9.565,60

Thng 3

69,58 - 72,20

2.077.826.382

20.052,75

Thng 4

74,49 - 79,86

1.643.473.673

16.752,42

Thng 5

79,35 - 74,07

1.574.168.069

16.598,99

Thng 6

74,36 - 71,07

887.592.898

8.905,79

Thng 7

70,09 - 69,19

833.381.150

7.720,96

Thng 8

68,70 - 61,43

872.583.778

9.036,73

Thng 9

61,65 - 55,47

519.800.898

4.312,68

Thng 10 54,27 - 53,02

645.707.974

4.437,48

Thng 11 52,66 - 51,05

522.179.157

3.095,98

Thng 12 51,04 - 57,09

1.034.929.152

6.338,47

T 2 Ti Chnh Ngn Hng K10

Trang 25/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

Nhn vo bng ta c th thy nhng thng cui nm c mt s tht gim c v
im s ln tnh thanh khon nguyn nhn dn n s tht gim ny r rng l do kh
khn ca nn kinh t, cc doanh nghip lm n thua l, ph sn v khi th trng lin
tc chm y th li gp phi mt s c kh quan trng, l s vic ng Nguyn c
Kin b bt, n gn nh nh tan tt c nim tin ca cc nh u t trn th trng.
y l nhng ngy en ti ca TTCK Vit Nam trong thi im . Sau khi ng Kin
b bt th li xut hin hng lot nhng tin n bt li cho th trng, nhng tin n tht
thit gy nh hng xu n tm l nh u t. y l nhng l do chnh lm cho tnh
thanh khon cng nh im s ca th trng b st gim th thm.
Th trng chng khon nm 2012 c tng cng 18 c phiu hy nim yt. C
nhiu nguyn nhn dn n vic hy nim yt ca doanh nghip nh vi phm nghim
trng v cng b thng tin nh SD3, SME, MCV; hy nim yt sp nhp trong
trng hp ca HBB sp nhp vo SHB v S64, SSS sp nhp vo SD6; VMG 12
thng khng c giao dch; VIA khng iu kin l cng ty i chng; VKP, AGC
l ln 3 nm lin tip; CSG, TRI gii th, SVI hy nim yt trn HNX chuyn qua
HOSE. Ring MKP th nguyn nhn xut pht t cc quy nh trong vn bn php lut
v hn ch hot ng ca doanh nghip c vn nc ngoi. Danh sch c phiu hy
nim yt trong nm 2012:

T 2 Ti Chnh Ngn Hng K10

Trang 26/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

V trong nm ch c 29 m chng khon nim yt mi trn c hai sn, trong c
1 m chuyn t HNX qua HOSE v 2 m t UPCOM. Ngoi ra, th trng cn ghi
nhn 4 m khc c chp thun nim yt nhng cha giao dch th b hy nim yt
l MED, VTE, HU4 v PSE. Cc doanh nghip nim yt nhiu nht vo thi im
chun nim yt mi ra i. Ch trong vng vi tun t cui thng 8 n u thng 9
c 13 doanh nghip c chp thun cho php cho bn c phn ra cng chng ln u.
29 doanh nghip nim yt mi cung ng ra th trng khi lng 2,26 triu n v,
trong GAS l doanh nghip nim yt nh m nht, khi lng c phiu nim yt
mi ln n 1,9 triu n v, chim 84% tng khi lng c phn ca 29 doanh nghip
mi nim yt trn sn.
Sang n nm 2013 th tnh hnh cha th khi sc: Hot ng kinh doanh vn kh
khn, doanh nghip thua l ko di dn n buc phi hu nim yt, bn cnh cng
c nhiu doanh nghip cho rng, cha phi lc thch hp nim yt c phiu do kh
nng huy ng vn trn sn thi im ny l kh bp bnh. Xt v phng din nhng
con s bo co th s doanh nghip ri sn giao dch chng khon t u nm n nay
xp x con s ca c nm 2012, s c phiu mi ln sn nh git, tnh hnh sn chng
khon ngy cng khan him hng ho mi c cht lng. Tnh n gia thng 5 c
18 c phiu hu nim yt (nh: Cng ty Hng Hi ng -DDM, Chng khon Sao
Vit-SVS, Hng Hi Si Gn-SHC, u t v pht trin Vinaconex-VCH), tng
ng con s ca c nm 2012, l nm c s doanh nghip hu nim yt cao k lc.
Trong khi , th trng ch c thm 7 c phiu mi ln sn, thp hn nhiu nu so vi
s 29 ca nm 2012, d con s nm 2012 gim n 50% so vi nm 2011. Hin hn
40 cng ty nm trong din cnh bo c bit ti sn HOSE, a s do kt qu kinh doanh
xu, s c phiu b hu nim yt s cn tng ln. Cng vi th s doanh nghip p
ng cc tiu chun ln sn ngy cng gim, trong khi cc doanh nghip lm n tt
khng mn m nim yt.
Tuy nhin bn cnh nhng kh khn bt li v s st gim ca TTCK th chng ta
cng c nhng bc tin mi. Trong 6 thng u nm nhn chung cng c nhng din
bin kh tch cc. C hai ch s gi tng hp VN-Index v HNX-Index u i ln mnh
T 2 Ti Chnh Ngn Hng K10

Trang 27/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

m. Tnh thanh khon ca th trng c ci thin ng k. Khi lng giao dch v
gi tr giao dch trn c hai sn u tng mnh. C th l: Trn Th trng c phiu vi
s h tr ca cc yu t v m, d cho nn kinh t vn cn phi i mt vi khng t
kh khn nhng 6 thng u nm 2013, cc cn cn v m dn tr nn cn bng v
c tnh n nh cao. iu ny c th hin qua nhiu mc tiu iu hnh v m m
Chnh ph kin nh theo ui bc u mang li kt qu tch cc nh: lm pht
c kim ch, mt bng li sut cho vay gim xung t 11 - 15%, t gi c bn n
nh, d tr ngoi hi tng kh. Bn cnh , nhiu chnh sch h tr nn kinh t c
Chnh ph ban hnh nh: Gi gii php h tr doanh nghip, khi thng th trng do
B Ti chnh xut; Chnh
ph quyt nh thnh lp
Cng ty Qun l ti sn ca
cc t chc tn dng Vit
Nam (VAMC); Gi tn dng
u i h tr th trng bt
ng sn tr gi 30.000 t
ng chnh thc c hiu
lc...Cc ch s th trng
cng c mc tng trng kh: Tt c nhng yu t trn gp phn tc ng tch cc
n tm l nh u t, to ng lc gip th trng chng khon khi sc trong 6 thng
u nm. Khi lng giao dch ton th trng tng khong hn 30% so vi cng k
nm trc, trong ring khi lng giao dch c phiu, chng ch qu c tng 12%.
Tnh n ngy 16/6/2013, ch s VN-Index t mc tng 216,6% so vi y ngy
24/2/2009 v tng 26,8% so vi thi im 6/1/2012. Ch s HNX-Index tng 35% so
vi ngy 9/1/2012, ngy lp y mi ca ch s ny. Tnh t u nm n nay, mc cao
nht ch s VN-Index t c l 524,56 im, xc lp vo ngy 10/6/2013 (khi lng
giao dch ln ti hn 94 triu c phiu, tng ng gn 1.661 t ng). S ln hng
ca th trng trong mt cc nh u t nc ngoi: Trong 6 thng u nm 2013, dng
vn ngoi chy vo th trng chng khon c din bin tch cc. Tng lng vn u
T 2 Ti Chnh Ngn Hng K10

Trang 28/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

t gin tip c t 160 triu USD, tng 30% so vi cng k nm ngoi. Nhiu nh u
t t chc ln ang xc tin cc hot ng gii ngn vo th trng chng khon
Vit Nam. Bi vy, trin vng thu ht thm dng vn ngoi ca th trng cn ln.
Hn th na theo s liu thng k n ngy 01/08/2013 ca Reuters cho thy Vit
Nam v Nht Bn l hai th trng chng khon c mc tng trng mnh nht Chu
trong nm 2013.
Th trng tri phiu: Trong 6 thng u nm, th trng tri phiu chnh ph tip
tc ghi nhn s tng trng n tng vi quy m pht hnh v giao dch gn bng c
nm 2012. Trn th trng tri phiu s cp din ra 117 phin u thu vi tng t l
trng thu ton th trng tng t 52% nm 2012 ln gn 69%. S Giao dch Chng
khon H Ni v Kho bc Nh nc huy ng thnh cng 115.000 t ng, tng
30% so vi cng k nm 2012. Trn th trng th cp, gi tr giao dch tri phiu
chnh ph bnh qun phin tng ng k, t hn 1.900 t ng (gp hn 2 ln so vi
nm 2012). Trong , c s giao dch tch cc ca cc nh u t nc ngoi vi tng
gi tr giao dch mua bn 6 thng u nm t hn 100.000 t ng, xp x 80% gi tr
giao dch ca khi ny trong c nm 2012...
Tuy nhin, k t thng 6/2013, k vng li nhun t knh tri phiu chnh ph
bt u gim khi li sut trn th trng tri phiu chnh ph lin tip h nhit. Li
sut tri phiu chnh ph k hn 2 v 3 nm gim xung 6,55 - 6,75%/nm, st vi
lm pht k vng khong hn 6% cho nm 2013.
Theo cc chuyn gia, vic th trng chng khon tng im trong 6 thng cui
nm l rt trin vng vi mt nn kinh t ang i ng hng. Dng vn ngoi vo
th trng chng khon l im ni bt trong thi gian ti. Dng vn ni c k vng
s l yu t chnh gip tng trng ca th trng chng khon. Cc nhm ngnh c
th nhn c nhiu s u i t cc chnh sch ca Chnh ph s l nhng nhm ngnh
c mc tng im mnh v n nh trn th trng nh nhm ngnh du kh ha cht,
xy dng c bn, hng tiu dng thit yu, thc phm, cao su sm lp v y t. cng
l cc nhm ngnh m nh u t nn lu khi u t vo th trng chng khon
thu li nhun cao.
T 2 Ti Chnh Ngn Hng K10

Trang 29/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

4.2.

Mt s gii php ci thin tnh hnh trn th trng chng khon:

V pha Chnh ph:

Tng cng gim st cng c tnh minh bch: Cc s giao dch chng khon l
i tng u tin cn c nh hng hot ng mt cch hiu qu bi, cng vi y
ban chng khon nh nc, y l c quan qun l trc tip mi i tng trn th
trng chng khon. Cht lng hot ng ca cc t chc kinh doanh chng khon
cng nh cht lng c phiu ca cc doanh nghip nim yt chu tc ng khng nh
t s qun l ca S giao dch.
Cn hon thin khung php l cho th trng chng khon hot ng. Hon chnh
cc vn bn quy nh v thu, ph, ch k ton, kim ton, ch qun l ngoi hi
i vi hot ng ca cc nh u t nc ngoi theo hng thng thong nhm
khuyn khch cc ch th tch cc tham gia th trng.
Tng thm chng loi, khi lng v nng cao cht lng hng ha cung cp cho
th trng chng khon. Trin khai chng ch lu k ton cu, cng tc ti cu trc th
trng tri phiu, a cc sn phm mi v tri phiu. Khuyn khch v to iu kin
cho cc doanhn nghip pht hnh tri phiu.
Cng c v nng cao nng lc hot ng ca cc cng ty chng khon. Tip tc
o to, o to li v gio dc o c ngh nghip cho cn b, nhn vin trong cc
cng ty chng khon. Pht trin mng li kinh doanh chng khon, a dng ha cc
hnh thc nhn lnh m bo cho nh u t mi ni u c th tham gia th
trng mt cch thun li vi chi ph giao dch thp. Tng bc hin i ha c s vt
cht k thut ca cc cng ty chng khon, tin ti ni mng trc tip gia cng ty
chng khon vi trung tm Giao dch chng khon. Trin khai mt s loi hnh bo
him (bo him trch nhim ngh nghip, bo him ti phm my tnh v gian ln in
t, bo him trch nhim gim c v vin chc.....) m bo s n nh trong hot
ng ca cng ty chng khon v to nim tin cho khch hng
To iu kin v khuyn khch thnh lp qu u t chng khon. Qu u t
c thnh lp khng ch to cu ni huy ng cc ngun vn tit kim nh l
trong cng chng m cn c vai tr ln trong vic gip nhng nh u t nh, to
T 2 Ti Chnh Ngn Hng K10

Trang 30/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

thi quen u t cho h. c bit qu u t cng s gp phn nh hng u t, l tc
nhn n nh th trng, qua nng cao tnh chuyn nghip trong u t chng khon.
V pha doanh nghip.
Nng cao nng lc ti chnh, o c ngh nghip: Nhng cng ty c t l an ton
ti chnh thp c nh du kim sot c bit gip nh u t hiu r hn tnh trng
ca nhng ni mnh chn mt gi vng. y l tin tt a cc t chc kinh
doanh chng khon ti mt nng lc ti chnh tt hn v l ch da chc chn cho cc
nh u t.
V pha cc nh u t.
Cn a dng ha cc loi hnh nh u t, ci thin cht lng nh u t. Hin
nay, cc nh u t trong nc cn thiu t chc, nh u t c nhn cn thiu kin
thc chuyn mn trong lnh vc chng khon c th t a ra quyt nh u t
ng n. Mng du t vo lnh vc ti chnh ca cc cng ty cn thiu tnh chuyn
nghip nn khi th trng chng khon lm vo khng hong, cc khon l ti chnh
ca doanh nghip nh hng xu ti kt qu kinh doanh chung, a n hu qu xu
mang tnh cht quay vng. Cc qu u t hot ng cn thiu hiu qu. Do vy, mc
tiu a dng ha cc loi hnh nh u t mang ngha then cht trong chin lc pht
trin th trng chng khon.

T 2 Ti Chnh Ngn Hng K10

Trang 31/32

Hng ha trn TTCK v nh gi c phiu, tri phiu

KT LUN
Ni tm li, TTCK Vit Nam l knh huy ng vn tt nht cho s pht trin ca
nn kinh t thng qua cc cng c huy ng vn khc nhau. Trn cc TTCK pht
trin hin nay, c rt nhiu loi hng ha c giao dch, to nn ngun hng di do
cho TTCK, ng thi gip cho cng chng u t c nhiu c hi la chn loi chng
khon ph hp cho chnh mnh. Ngoi cc loi chng khon nh c phiu, tri phiu,
chng ch qu u t, TTCK ca cc nc cn giao dch cc loi chng khon phi sinh
khc nh: chng quyn (quyn mua), Bo chng phiu, hp ng quyn la chn v
hp ng tng lai. Tuy nhin, do th trng chng khon Vit Nam mi ch ang
trong giai on tp dt nn ch giao dch mt s loi chng khon c bn. Trong giai
on hin nay, vn nh gi c phiu, tri phiu ngy cng ng vai tr quan trng,
khng nhng quan trng vi nh u t, m cn quan trng i vi cc c quan qun l
Nh nc hay cc doanh nghip chng khon, do , vic nm vng k thut nh gi
c phiu, tri phiu l yu cu thit yu. Gp phn a n thnh cng hay tht bi cho
cc ch th tham gia.

T 2 Ti Chnh Ngn Hng K10

Trang 32/32