Ging vin Nguyn Mnh H Khoa Ti chnh - Ngn hng

NI DUNG
Chng 1: Tng quan v TTCK Chng 2: Gi tr thi gian ca tin t Chng 3: C phiu v nh gi c phiu Chng 4: Tri phiu v nh gi tri phiu Chng 5: Li sut v ri ro Chng 6: Chng khon phi sinh

Ti liu tham kho

Gio trnh Nhng vn c bn v chng khon v th trng chng khon-UBCKNN Gio trnh Phn tch v u t chng khon - UBCKNN Lut chng khon 2006 Ngh nh 144 CP v chng khon v th trng chng khon website: ssc.gov.vn, vcbs.com.vn, bvsc.com.vn, bsc.com.vn.

CHNG I: TNG QUAN V TH TRNG CHNG KHON

Nhng ni dung chnh: - Tm hiu v th trng ti chnh v th trng chng khon. - Tm hiu cc chc nng, c ch hot ng ca th trng chng khon. - Nghin cu cc thnh vin tham gia vo th trng cng nh cc hng ha trn th trng chng khon.

Kt cu chng
I. Tng quan v th trng ti chnh II. Tng quan v th trng chng khon III. Cc ch th tham gia vo th trng chng khon IV. Hng ha trn TTCK V. Cc ch s trn th trng VI. Cc phng thc u t trn TTCK

I. Tng quan v th trng ti chnh

I.1. Khi nim

Th trng ti chnh l th trng trong

vn s c chuyn t nhng ngi hin

tha vn sang ngi thiu vn. (Minsky)

I. Tng quan v th trng ti chnh

I.1. Khi nim (tip) TTTC l ni m thng qua tt c cc hng kinh doanh, cc h gia nh v chnh ph trong nc hay ngoi nc c th tm kim, giao dch v k kt hp ng vay mn hay mua bn nhng chng ch s hu ti sn vi cc hng kinh doanh, cc h gia nh

v chnh ph trong nc hay ngoi nc khc.

I. Tng quan v th trng ti chnh

I. Tng quan v th trng ti chnh

I.2. Phn loi th trng ti chnh
TT cho vay di hn TT Vn TT tn dng thu mua TT chng khon TT phi tp trung (OTC) TT Ti chnh TT cho vay ngn hn TT tin t TT hi oi TT lin ngn hng S giao dch CK

II. Tng quan v th trng chng khon

II.1. Khi nim: Th trng chng khon l mt th trng m ngi ta mua bn, chuyn nhng, trao i chng khon nhm mc ch kim li

II. Tng quan v th trng chng khon

II.2. Chc nng ca TTCK:

Huy ng vn cho nn kinh t Cung cp mi trng u t cho cng chng.

To tnh thanh khon cho cc chng khon.

nh gi hot ng ca cc doanh nghip.

To mi trng cho Chnh Ph thc hin cc chnh

sch Kinh t v m.

II. Tng quan v th trng chng khon

II.3. Phn loi TTCK: 1. Cn c vo s lun chuyn cc ngun vn. 2. Cn c vo hng ha trn th trng.

3. Cn c vo phng thc hot ng ca

th trng.

II. Tng quan v th trng chng khon

Th trng s cp

Th trng s cp l ni duy nht m chng khon em li vn cho ngi pht hnh Gi chng khon trn th trng s cp (gi pht hnh) do t chc pht hnh quyt nh. Nhng ngi bn trn th trng s cp c xc nh thng l kho bc, ngn hng nh nc, cng ty pht hnh, tp on bo lnh pht hnh

Th trng th cp

Th trng th cp khng trc tip mang li vn cho ngi u t sn xut kinh doanh. Giao dch trn th trng th cp phn nh nguyn tc t do cnh tranh t do. Chng khon trn th trng th cp c th c mua bn nhiu ln

II. Tng quan v th trng chng khon

II. Tng quan v th trng chng khon

TTCK

TT tp trung (S Giao dch chng khon)

TT phi tp trung (th trng OTC)

Th trng tp trung (S Giao dch chng khon)

nh ngha: l th trng giao dch chng khon c thc hin ti 1

im tp trung gi l sn giao dch

c im: Thng qua trung gian Nim yt chng khon Giao dch chng khon theo nguyn tc u gi Cng khai ti chnh Giao nhn v thanh ton CK theo nguyn tc b tr Lu k chng khon ti sn giao dch

Th trng phi tp trung (Th trng OTC over the counter)

nh ngha: l th trng khng c trung tm giao dch tp trung, cc giao dch c thc hin thng qua mng li cc ngn hng v cc cng ty chng khon. c im: Nguyn tc giao dch: trc tip Xc lp gi c: tha thun

Chng khon: khng nim yt

Lu k: t do Thanh ton giao nhn: tha thun

III. Cc ch th tham gia vo TTCK

- Ch th pht hnh - Ch th u t - Cc t chc kinh doanh trn TTCK

- Cc t chc c lin quan n th trng

Cc ch th pht hnh
L cc t chc thc hin huy ng vn thng qua TTCK v l ngi cung cp cc chng khon, bao gm: Chnh ph v chnh quyn a phng tng ng pht hnh tri phiu chnh ph v tri phiu chnh quyn a phng Cng ty c th pht hnh tri phiu cng ty v c phiu Cc t chc ti chnh c th pht hnh tri phiu hoc cc

chng ch th hng (chng ch qu)phc v cho mc tiu

huy ng vn v ph hp vi dc th hot ng ca h theo Lut nh.

Cc ch th u t
L nhng ngi thc hin vic mua v bn trn TTCK nhm mc ch

kim li nhun, gm c:
Nh u t c nhn (Individual investors) C nhn v h gia nh c vn nhn ri u t di hn hoc kinh doanh CK Nh u t c t chc (Institutional Investors) Cc cng ty u t Cc cng ty bo him Cc qu lng hu v cc qu bo him x hi khc Cc cng ty ti chnh Cc ngn hng thng mi

Cc t chc kinh doanh trn TTCK

Cng ty chng khon: l mt nh ch ti chnh trung gian thc hin cc nghip v trn TTCK Theo Lut Chng khon 2006, cc cng ty chng

khon c thc hin nhng nghip v sau:

Mi gii chng khon T doanh chng khon Bo lnh pht hnh chng khon T vn u t chng khon

Cng ty chng khon

Cng ty Chng khon l cu ni gia: T chc pht hnh vi cc nh u t Gia cc nh u t vi cc nh u t Loi hnh php l: Cng ty TNHH Cng ty c phn Cng ty c vn nc ngoi Chi nhnh cng ty nc ngoi (Hin gi cha cho php cng ty 100% vn nc noi hot ng chng khon ).

iu kin thnh lp
Nghip v Quy nh c Quy nh mi 25 t VND Mi gii + t vn u 3 t VND t

T doanh
Bo lnh pht hnh Mi gii

12 t VND
22 t VND 3 t VND

100 t VND
165 t VND 15 t VND

T vn u t
Qun l danh mc vn u t T vn ti chnh lu k Tng cng

3 t VND
3 t VND 43 t VND

10 t VND

300 t VND

Cc t chc kinh doanh trn TTCK

Qu u t chng khon Ngn hng thng mi: Tham gia trc tip Thnh lp cng ty con c lp

Cc cng ty chng khon BIDV, ACB, VCB, ICB

Cc t chc c lin quan trn TTCK

C quan qun l Nh nc
S giao dch chng khon

Hip hi cc nh kinh doanh chng khon

T chc lu k v thanh ton b tr Cng ty nh gi h s tn nhim

C quan qun l v gim st hot ng trn th trng chng khon

C quan qun l v gim st hot ng trn th trng chng khon ra i nhm bo m cho cc nh u t v m bo cho th trng chng khon c thng sut, n nh v pht trin trong di hn Vit Nam, c quan ny l UBCKNN

Cc cng ty nh gi h s tn nhim (Credit rating agencies)

Chuyn cung cp dch v nh gi kh nng thanh ton cc khon gc v li ng hn i vi chng khon ca cc t chc pht hnh. Cc h s tn nhim c a ra thng gn vi mt t pht hnh chng khon.

IV. Cc loi hng ha trn TTCK

C phiu Tri phiu Chng ch qu

CK phi sinh CK c th chuyn i

VI. Cc phng thc u t chng khon

u gi c phn qua S giao dch Mua bn ti S Giao dch Mua bn trn th trng OTC

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Thng k v u gi 2006

u gi c phn qua S GD
Th tc tham gia u gi:

ng k tham gia u gi
Np tin t cc bng 10% gi khi im Lp phiu tham d u gi B phiu tham d u gi. Hn b phiu l 30 pht trc u gi Kt qu u gi do h thng cung cp Thanh ton sau chm nht sau 15 ngy v nhn li tin t cc sau 5 ngy nu khng trng gi.
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Kt qu u gi PVI 29/12/2006

 Kt qu u gi PVI 06/02/07

V d c th
Cng ty PVI S lng CP u gi 120.000 CP Gi khi im: 11.500 /cp

Nh u t

S lng

Gi t mua

A B C
D E

40000 60000 40000

10000 35000

20000 19000 18000

18000 11000

35

V d c th
Nh u t E t di mc gi khi im nn b loi.

Xt t trn xung:
Tng s c phn tch ly ca A v B l 100.000, cn tha 20.000 c phn cn bn 20.000 c phn s c chia cho 2 nh u t D v E theo t l s c phn t mua D c mua 20000 x 4/5 = 16000 cp

E c mua 20000 x 1/5 = 4000 cp

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u gi c phn qua S GD
Mc ch u gi u t di hn nu phn tch thy cng ty tt u c trc khi cng ty ln sn v chuyn sn a dng ha danh mc u t nhm gim ri

ro

37

u gi c phn qua S GD
Nhc im khi u gi
Th tc phc tp hn so vi mua chng khon ti SGD Tp HCM v H ni C phiu hp dn kh trng gi Thng tin sau khi u gi rt hn ch Tnh thanh khon khng cao

38

u gi c phn qua S GD
Lu khi u gi Tm hiu thng tin v t u gi Trnh vi phm quy ch ca t u thu (ghi nhm gi, t thp hn gi khi im) Xc nh gi mua ph hp, khng c mua bng mi gi

39

Mua bn trn HOSE

1. Thi gian giao dch
C phiu, chng ch qu 8h30 8h45 Khp lnh nh k Lnh gii hn, ATO

8h45 10h45 10h45 11h 8h30 11h Tri phiu 8h30 - 11h

Khp lnh lin tc Khp lnh nh k Giao dch tha thun

Giao dch tha thun

Lnh gii hn Lnh gii hn, ATC

Mua bn trn HOSE

Bin dao ng: +-5% Gi trn = gi tham chiu + (gi tham chiu x bin dao ng gi)

Gi sn = gi tham chiu (gi tham chiu x bin

dao ng gi)

Gi tham chiu ca HOSE l gi ng ca ca ngy

hm trc

Mua bn trn HOSE

0-50K: bc gi l 100 ng Bn ch c th t c phiu mc gi 20100, 20200, 20300, ch khng t c 20050

50K-100K: bc gi l 500 ng
Bn ch t c phiu 50500 ->51000

T 100K tr ln: bc gi l 1000 ng

PHNG THC GIAO DCH

Phng thc giao dch khp lnh Phng thc giao dch tha thun

Phng thc giao dch khp lnh

Khp lnh nh k
L phng thc giao dch c thc hin trn c s so khp cc lnh mua v lnh bn chng khon ti mt thi

im xc nh.

Khp lnh lin tc

L phng thc giao dch c thc hin trn c s so khp cc lnh mua v lnh bn chng khon ngay khi lnh c nhp vo h thng giao dch.

Khp lnh nh k ti HOSE

Cc loi lnh
Lnh gii hn (LTO), hiu lc trong ngy Lnh ti mc gi giao dch (ATO), hiu lc trong tng phin giao dch c php sa lnh nhp sai Khng c hy lnh trong cng mt phin Lnh ch c hiu lc trong ngy

45

Khp lnh nh k ti HOSE

Nguyn tc khp lnh
Lnh khp ti mc gi c khi lng giao dch ln nht (1) Nu c nhiu mc gi nh (1) trn th chn mc gi gn gi tham chiu nht (2) Nu c nhiu mc gi nh (2) th chn mc gi cao hn

46

C ch khp lnh
S lnh c phiu X, gi tham chiu 100 Mua 1000 (A) 500 (B) 300 (C) 200 (D) 1000 (E) Gi 102 101 100 99 ATO Bn 200 (F) 500 (G) 1000 (H) 700 (I) 500 (K)
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Trnh t thc hin lnh

Khi lng mua cng dn Gi Khi lng bn cng dn Khi lng khp lnh

1000 + 1000 = 2000

102

2400 + 500 = 2900

2000

1500 + 1000 = 2500

1800 + 1000 = 2800 2000 +1000 = 3000

101
100 99

2200 + 500 = 2700

1700 + 500 = 2200 700 + 500 = 1200

2500
2200 1200

48

V d v lnh gii hn LO
Khi lng mua Khi lng bn

Gi

1000
500 1000 1000 1500 2000

100
99 98 97 96 95

1000
1500 2000 1000 500 1000

Nguyn tc khp lnh lin tc

u tin v gi
- Lnh mua c mc gi cao hn c u tin thc hin trc; - Lnh bn c mc gi thp hn c u tin thc hin trc;

u tin v thi gian

- Trng hp cc lnh mua hoc lnh bn c cng mc gi th lnh nhp vo h thng giao dch trc s c u tin thc hin trc;

Cc loi lnh
Lnh gii hn (LO) Lnh th trng (MP) Lnh giao dch ti mc gi khp lnh xc nh gi m ca (ATO) Lnh giao dch ti mc gi khp lnh xc nh gi ng ca (ATC)

1. Lnh gii hn (LO)

(p trong khp lnh nh k v lin tc)

L lnh mua hoc lnh bn chng khon ti mt mc gi xc nh hoc tt hn Hiu lc ca lnh: k t khi lnh c nhp vo h thng giao dch cho n lc kt thc ngy giao dch hoc cho n khi lnh b hy b

V d v lnh gii hn LO
C phiu AAA Gi tham chiu: 99 S lnh nh sau: Kt qu khp lnh: -Gi khp 100- KL khp 2000 -3000 (F) t ng b hy

KL Mua
F 5000

Gi Mua
100

Gi bn
98

KL Bn
1000

100

1000

2. Lnh th trng (MP)

(p dng trong thi gian giao dch lin tc)

L lnh mua ti mc gi bn thp nht hoc lnh bn ti mc gi mua cao nht hin c trn th trng Nu sau khi so khp lnh theo nguyn tc trn m khi lng t lnh ca lnh MP vn cha thc hin ht th lnh MP s c xem l lnh mua ti mc gi bn cao hn hoc lnh bn ti mc gi mua thp hn tip theo hin c trn th trng Nu KL t lnh ca lnh MP vn cn theo nguyn tc trn v khng th tip tc khp th lnh MP s c chuyn thnh lnh LO mua (bn) ti mc gi cao (thp) hn mt bc gi so vi gi giao dch cui cng trc Khng nhp c khi khng c lnh i ng (No market price available).

V d v lnh MP
S lnh c phiu BBB nh sau:
KL Mua
5000

Gi mua

Gi bn 98

KL Bn 1000

MP

99

2000

Kt qu khp lnh: 5000 - 1000(98) - 2000(99) 2000 chuyn thnh lnh LO mua ti mc gi 99.5

V d v lnh MP
S lnh c phiu BBB nh sau:
KL Mua 2000 Gi mua 99.5 Gi bn KL Bn

Kt qu khp lnh: 5000 - 1000(98) - 2000(99) 2000 chuyn thnh lnh LO mua ti mc gi 99.5

V d v lnh MP
Khi lng mua (A) 1000 (B) 2000 Khi lng bn 1000 (C) 2600 (D)

Gi mua 135 134

Gi bn 137 MP

V d v lnh MP

KL Bn 1000 (3)

Gi bn 50.000

Gi mua MP

KL Mua 1000 (3)

2000 (2) 2000 (1)

51.000 52.000

3. Lnh Giao dch ti mc gi khp lnh

(p dng trong thi gian khp lnh nh k xc nh gi m ca - ATO)

L lnh mua hoc bn ti mc gi m ca. Lnh ATO u tin trc lnh gii hn khi so khp lnh. T ng hy b khi khp lnh nu lnh khng c thc hin hoc khng thc hin ht V d: s lnh CP CCC vi gi tham chiu 100

KL Mua

Gi mua

Gi bn

KL Bn

1500

100 (C)

ATO
99

1000 (B)
2000 (A)

Kt qu khp lnh: gi 100-KL 1500 C-B (1000); C-A (500): lnh ATO c u tin khp lnh trc lnh LO

3. Lnh Giao dch ti mc gi khp lnh

(p dng trong thi gian khp lnh nh k xc nh gi m ca - ATO)

L lnh mua hoc bn ti mc gi m ca. Lnh ATO u tin trc lnh gii hn khi so khp lnh. T ng hy b khi khp lnh nu lnh khng c thc hin hoc khng thc hin ht V d: s lnh CP CCC vi gi tham chiu 100

KL Mua

Gi mua

Gi bn

KL Bn

1500

100 (C)

ATO 99

2000 (B) 2000 (A)

Kt qu khp lnh: gi 100-KL 1500 (C-B) KL 500 ca lnh ATO t ng b hy

3. Lnh Giao dch ti mc gi khp lnh

(p dng trong thi gian khp lnh nh k xc nh gi m ca - ATO)

L lnh mua hoc bn ti mc gi m ca. Lnh ATO u tin trc lnh gii hn khi so khp lnh. T ng hy b khi khp lnh nu lnh khng c thc hin hoc khng thc hin ht V d: s lnh CP CCC vi gi tham chiu 100

KL Mua

Gi mua

Gi bn

KL Bn

99
Kt qu khp lnh: gi 100-KL 1500 (C-B) KL 500 ca lnh ATO t ng b hy

2000 (A)

Phng thc giao dch tha thun

L phng thc giao dch trong cc thnh vin t tho thun vi nhau v cc iu kin giao dch v c i din giao dch ca thnh vin nhp thng tin vo h thng giao dch ghi nhn.

Loi chng khon C phiu Chng ch qu Tri phiu

Khp lnh x x

Tha thun x x x

Phng thc giao dch tha thun c phiu, chng ch qu

Cc giao dch c thc hin theo l chn hoc l ln. Cc giao dch l chn c thc hin ti mc gi ng ca trong ngy giao dch hoc gi ng ca ca ngy giao dch gn nht trc . Giao dch l ln phi tun theo qui nh v bin gi trong ngy.

Mua bn trn HNX

Phng thc giao dch: Giao dch tha thun Giao dch khp lnh (khp lnh lin tc) Bc gi: 100 Bin dao ng: +-7%