Chng 4: Th trng ti chnh

Kt cu chng
I. Tng quan v th trng ti chnh II. Phn loi th trng ti chnh III. Tng quan v th trng tin t IV. Tng quan v th trng vn

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I. Tng quan v th trng ti chnh

1. Khi nim th trng ti chnh a. nh ngha Th trng ti chnh l ni din ra cc hot ng mua bn, chuyn nhng quyn s dng cc khon vn gia cc ch th kinh t bng nhng cng c v bin php nht nh. b. c im -i tng mua bn: Quyn s dng vn -> cng c ti chnh -Gi c ca cc cng c ti chnh b chi phi bi cc quan h cung cu
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c. S cn thit khch quan ca th trng ti chnh

Th trng ti chnh ra i nhm gii quyt nhu cu ca cc ch th tha vn v thiu vn.

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Quy trnh dch chuyn vn

Markets

Surplus

Deficit

Intermediaries

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2. Vai tr ca th trng ti chnh

a. To nn cc knh dn vn c hiu qu b. To mi trng sinh li c. Phn nh tnh trng ca nn kinh t d. To c ch qun l ri ro

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a. To nn knh dn vn c hiu qu
Knh gin tip

Vn

Trung gian ti chnh

Vn

Vn

Ngi cho vay

Vn

Th trng ti chnh

Vn

Ngi i vay

Knh trc tip

b. To mi trng sinh li
- Tnh lng - m bo vic mua v bn cc cng c ti chnh c thc hin mt cch nhanh chng, hiu qu vi chi ph giao dch thp -Phn b hiu qu cc ngun vn -> tng nng sut v hiu qu cho nn kinh t

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c. Phn nh tnh trng ca nn kinh t

-Th trng ti chnh c coi l phong v biu ca nn kinh t -Th trng ti chnh phn nh c gi tr ca doanh nghip

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d. To c ch qun l ri ro
-Gip nh u t phn tn ri ro thng qua vic u t trn th trng ti chnh (portfolio diversification) - To tnh minh bch cho th trng -> gim thiu ri ro

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II. Phn loi th trng ti chnh

1. Theo c im thi hn ca dng vn a. Th trng tin t b. Th trng vn 2. Theo c im ca cng c huy ng vn a. Th trng n b. Th trng vn c phn c. Th trng phi sinh

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1. Theo c im thi hn ca dng vn

a. Th trng tin t b. Th trng vn

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a. Th trng tin t
- L th trng pht hnh v giao dch nhng chng khon n ngn hn (cng c n ngn hn) c thi hn thanh ton di mt nm - C hai loi th trng tin t ch yu: Th trng tin t m v th trng lin ngn hng Th trng tin t c tnh lng cao

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b. Th trng vn
L th trng mua bn cc chng khon di hn, c th l nhng chng khon c thi hn thanh ton trn mt nm. Trn th trng vn cng c ch yu l cc chng khon Th trng vn c th phn loi theo nhiu cch thc

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Th trng vn Phn loi Theo ngun gc ca vn:

-Th trng s cp (primary market)
L ni mua bn ln u cc cng c c pht hnh (l th trng pht hnh cc cng c ti chnh) Initial public offering (IPO) & Secondary offering

-Th trng th cp (secondary market)

L th trng mua i bn li cc chng khon c pht hnh trn th trng s cp

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Th trng vn Phn loi

Phn loi theo cch thc t chc: - Th trng tp trung (Centralized/ Organized Exchange) - Th trng phi tp trung (th trng OTC Over the Counter Exchange)

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2. Theo c im ca cng c huy ng

a. Th trng n (Debt markets) b. Th trng vn c phn (Equity markets) c. Th trng phi sinh (Derivative markets)

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a. Th trng n
- L th trng mua bn cc cng c vay n (debt instruments) hay cc chng khon n (debt securities) - Chng khon n l loi cng c ti chnh m theo ngi
pht hnh (ngi i vay) phi tr cho ngi gi cng c (ngi i vay) mt khon tin nht nh vo nhng khon thi gian u n cho n mt thi im nht nh (ngy o hn)

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b. Th trng vn c phn
- L th trng giao dch cc chng khon vn (equities)
- Chng khon vn l loi cng c ti chnh cho php ngi nm gi n c quyn s hu mt phn ti sn v quyn hng thu nhp rng ca ngi pht hnh

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c. Th trng phi sinh

-L ni giao dch cc ti sn ti chnh phi sinh -Ti sn phi sinh l ti sn c gi tr ph thuc gi tr ti sn gc (underlying assets) -Ti sn phi sinh c dng : phng v hoc u c

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III. Tng quan v th trng tin t

1. Cc ch th trn th trng tin t 2. Cc cng c ca th trng tin t

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1. Cc ch th trn th trng tin t

-Ngn hng Trung ng -Trung gian ti chnh

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2. Cc cng c trn th trng tin t

Tn phiu Kho bc (Treasury bills, T-bills) Chng ch tin gi c th chuyn nhng (NCDs) Thng phiu (Commercial Paper) Hi phiu c ngn hng chp nhn - Chp phiu ngn hng (Bankers Acceptance) e. Hp ng mua li (Repurchase Agreements - Repos) a. b. c. d.

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a. Tn phiu Kho bc
Tn phiu kho bc l cng c vay n ngn hn ca Chnh ph do Kho bc pht hnh -Ch th v mc ch pht hnh -K hn thanh ton -Phng thc pht hnh -c im li sut

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b. Chng ch tin gi c th chuyn nhng (NCDs)

-CDs l cng c vay n do NHTM pht hnh, cam kt tr li nh k cho khon tin gi v hon tr vn gc (mnh gi chng ch) cho ngi gi (ngi mua) theo gi mua ban u khi n hn thanh ton. - Chng ch tin gi c th chuyn nhng (NCDs) - Chng khon v danh, mnh gi ln - Thi hn thanh ton - Phng thc pht hnh -c im li sut
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c. Thng phiu
L nhng giy nhn n ngn hn do cc cng ty ln pht hnh vay vn ngn hn phc v cho hot ng sn xut kinh doanh. -Thi hn thanh ton -c im li sut -Phng thc pht hnh: + Hi phiu: l mt giy i n + K phiu: l mt giy cam kt tr n

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d. Chp phiu ngn hng

Hi phiu c ngn hng chp nhn l cc hi phiu k hn do cc cng ty pht hnh v c cc ngn hng m bo thanh ton bng cch ng du chp nhn ln t hi phiu

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Cc bc to lp chp phiu ngn hng

Purchase Order Shipment of Goods 4

Importer
5

Exporter

L/C Notification Shipping Documents & Time Draft

L/C Application 6 3 L/C

American Bank (Importers Bank)

Shipping Documents 7 & Time Draft Accepted

Japanese Bank (Exporters Bank)

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e. Hp ng mua li
Hp ng mua li l mt hp ng trong ngi i vay ng bn mt s chng khon chnh ph (thng l tn phiu kho bc) m ngi ny nm gi cho ngi cho vay v cam kt s mua li s chng khon vo mt thi im trong tng lai vi mt mc gi nht nh -Mc ch pht hnh -Thi hn thanh ton -c im li sut

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IV. Tng quan v th trng vn

1. Cc ch th trn th trng vn 2. Cc cng c ca th trng vn

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1. Cc ch th trn th trng vn
-Ngi pht hnh -Ngi u t -Ngi mi gii -Ngi to lp v iu tit th trng

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2. Cc cng c trn th trng vn

a. C phiu b. Tri phiu c. Cng c phi sinh

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a. C phiu (chng khon vn)

- C phiu l mt chng th hay bt ton ghi s chng nhn tri quyn (quyn hng li - claim) ca ngi nm gi c phiu i vi thu nhp v ti sn ca mt cng ty c phn -C phn C ng C phiu -Mnh gi Th gi - C hai loi c phiu c bn: C phiu thng v c phiu u i

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Phn bit c phiu thng v c phiu u i

C phiu thng

C phiu u i C nh

C tc
Quyn tham gia qun l Th t chia li

Do HQT quyt nh C

Khng Sau tri phiu v trc c phiu thng

Sau cng

b. Tri phiu
-Tri phiu l mt chng th xc nhn mt khon n ca ngi pht hnh i vi ngi nm gi tri phiu, trong cam kt s hon tr khon n km vi tin li trong mt thi hn nht nh

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b. Tri phiu Phn loi

Phn loi theo ch th pht hnh:
-Tri phiu Chnh ph -Tri phiu Doanh nghip

Phn loi theo cch thc tr li:

-Tri phiu zero-coupon -Tri phiu hon tr c nh -Tri phiu coupon -Tri phiu consols

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b. Mt s vn cn ch vi tri phiu
-Nguyn tc nh gi -Li sut th trng v Li sut coupon -Mnh gi v Th gi -T sut li tc thi k nm gi (holding period return) -Li sut o hn (yield to maturity YTM)

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c. Cc cng c phi sinh

Forwards/Futures Options: Call/ Put options Swaps

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Cu hi 1
Ti sn ti chnh c th l : a. Tri phiu b. Nguyn vt liu c. C phiu d. p n a v c e. p n a, b v c

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Cu hi 2:
Trn th trng tin t, ngi ta mua bn: a. Cc loi c phiu b. Tri phiu kho bc c. Tn phiu kho bc d. C a, b v c

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Cu hi 3
Th trng tin t: a. L th trng ti tr cho nhng thiu ht v phng tin thanh ton ca cc ch th kinh t b. L ni din ra cc giao dch v vn c thi hn t hai nm tr xung. c. C a v b

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Cu hi 4
Th trng vn: a. L th trng cung ng vn u t cho nn kinh t b. Lu chuyn cc khon vn c k hn s dng trn 1 nm c. C a v b

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Cu hi 5
Trn th trng vn, ngi ta mua bn: a. Tri phiu doanh nghip b. Chng ch tin gi c. Thng phiu d. C a, b v c

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Cu hi 6
Nhng c im no thuc v th trng s cp: a. L th trng mua bn ln u tin cc chng khon va mi pht hnh b. c t chc hot ng di hnh thc cc S giao dch c. C a v b

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Cu hi 7
Cng c no sau y c tnh lng v an ton cao nht: a. Chng ch tin gi b. Tn phiu kho bc c. Thng phiu d. Hp ng mua li

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Cu hi 8
c im no ng vi tri phiu: a. Li tri phiu ph thuc vo kt qu hot ng kinh doanh ca doanh nghip b. c hon tr vn gc khi o hn c. Thi hn hon tr vn thng t 5 nm tr ln d. p n b v c e. C a, b v c

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Cu hi 9
c im no sau y ng vi c phiu u i: a.C tc c thanh ton trc c phiu thng b.C thi hn hon tr tin gc c.C tc ph thuc vo kt qu kinh doanh d.p n a v c

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Cu hi 10
Khi c ng ca cng ty A bn c phiu ca cng ty trn th trng th cp th s tin cng ty A nhn c l: a.Hu ht s tin bn tr tin hoa hng b.Khng g c c.Tin hoa hng d.Mt t l tin nht nh i vi mi c phiu c giao dch trn th trng th cp

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