Gii thch thut ng: Chng khon? Mi gii? u t?...

Ngh nh 48/1998/N-CP ngy 11-7-98 dnh nguyn c iu 2, Chng I gii thch cc thut ng v chng khon v th trng chng khon. Trong Ngh nh ny, cc t ng di y c hiu nh sau : 1. Chng khon l chng ch hoc bt ton ghi s, xc nhn cc quyn v li ch hp php ca ngi s hu chng khon i vi ti sn hoc vn ca t chc pht hnh. Chng khon bao gm : a. C phiu ; b. Tri phiu ; c. Chng ch qu u t ; d. Cc loi chng khon khc. 2. Pht hnh chng khon ra cng chng l vic cho bn chng khon c th chuyn nhng c theo cc iu kin quy nh. 3. T chc pht hnh l php nhn c pht hnh chng khon ra cng chng theo quy nh ca Ngh nh ny. 4. Bn co bch l bn thng bo ca t chc pht hnh trnh by tnh hnh ti chnh, hot ng kinh doanh v k hoch s dng s tin thu c t vic pht hnh nhm gip cng chng nh gi v a ra cc quyt nh mua chng khon. 5. Nim yt chng khon l vic cho php cc chng khon c tiu chun c giao dch ti th trng giao dch tp trung. 6. Mi gii chng khon l hot ng trung gian hoc i din mua, bn chng khon cho khch hng hng hoa hng. 7. T doanh l vic cng ty chng khon mua v bn chng khon cho chnh mnh. 8. Phn phi chng khon l vic bn chng khon thng qua i l hoc bo lnh pht hnh trn c s hp ng.

9. Bo lnh pht hnh l vic t chc bo lnh gip t chc pht hnh thc hin cc th tc trc khi cho bn chng khon, nhn mua chng khon ca t chc pht hnh bn li, hoc mua s chng khon cn li cha c phn phi ht. 10. Giao dch chng khon l vic mua, bn chng khon trn th trng giao dch tp trung. 11. T vn u t chng khon l cc hot ng phn tch, a ra khuyn ngh lin quan n chng khon, hoc cng b v pht hnh cc bo co phn tch c lin quan n chng khon. 12. Qun l danh mc u t l hot ng qun l vn ca khch hng thng qua vic mua, bn v nm gi cc chng khon v quyn li ca khch hng. 13. Cng ty chng khon l cng ty c phn, cng ty trch nhim hu hn c php thc hin mt hoc mt s loi hnh kinh doanh chng khon. 14. Vn kh dng l tin mt v ti sn lu ng c kh nng chuyn i thnh tin mt trong mt thi hn nht nh. 15. Qu u t chng khon l qu hnh thnh t vn gp ca ngi u t c y thc cho cng ty qun l qu qun l v u t ti thiu 60% gi tr ti sn ca qu vo chng khon. 16. Lu k chng khon l vic lu gi, bo qun chng khon ca khch hng v gip khch hng thc hin cc quyn ca mnh i vi chng khon. 17. ng k chng khon l vic ghi nhn quyn s hu, cc quyn khc v ngha v lin quan ca ngi nm gi chng khon bng mt h thng thng tin lu gi trong cc ti khon lu k chng khon. 18. Ti khon lu k chng khon l ti khon s dng hch ton vic gi, rt hoc chuyn nhng chng khon ; hch ton vic giao v nhn chng khon. 19. Th trng giao dch tp trung l a im hoc h thng thng tin, ti cc chng khon c mua, bn hoc l ni tham kho thc hin cc giao dch chng khon.

20. Ngi c lin quan l c nhn hoc t chc c quan h vi nhau trong cc trng hp di y : a. Cng ty m v cng ty con nu c ; b. Cng ty v nhng ngi qun l cng ty ; c. Nhm ngi tha thun bng hp ng cng phi hp thu tm cng ty hoc chi phi vic ra quyt nh ca cng ty ; d. B m, v chng, con, anh ch em rut. 21. Ngi hnh ngh kinh doanh chng khon l c nhn c y ban Chng khon Nh nc cp giy php tham gia cc hot ng kinh doanh chng khon. 22. Ngi u t l ngi s hu chng khon, ngi mua hoc d kin mua chng khon cho mnh. 23. Ngi nm gi chng khon l c nhn, t chc ang kim sot chng khon. Ngi nm gi c th l ch s hu chng khon hoc l ngi i din cho ch s hu. 24. i din ngi s hu tri phiu l php nhn c y quyn nm gi tri phiu v i din cho quyn li ca ch s hu tri phiu. 25. C ng thiu s l ngi nm gi di 1% c phiu c quyn biu quyt ca t chc pht hnh. 26. C ng ln l ngi nm gi t 5% tr ln c phiu c quyn biu quyt ca t chc pht hnh c v hiu gi c phiu Trn cc nht bo ln nc ngoi u c nhng trang dnh ring cho vic lit k gi c th trng c phiu. Nu khng quen li vit tt tit kim ch, rt kh hiu cn k nhng trang ny. Ngy xa khi cha c mng vi tnh, cc th trng chng khon hot ng nh vo ticker tape, l di bng in chi tit gi c ln xung ca cc c phiu chnh. Ngy nay, ticker tape bin mt, thay vo l the computerized quote

machine, mt mn hnh vi tnh ni mng c th cung cp mi chi tit cn thit cho ngi mua chng khon. Nhng dy thng tin trn mn hnh vn c gi l tape. Trn mn hnh thng c k hiu c phiu ca mt cng ty v d GM l hng General Mortors. GM L - 721/4 B 723/8 A 721/2 O 721/2 H 721/2 L 721/4 C 73 NC -3/4 V149 T1017

Cc t L last trade l gi giao dch gn y nht vi k hiu + l cao hn gi ca giao dch trc , cn - l thp hn. B current bid price l gi mua trong khi A current ask price l gi bn. O, H, L opening, high, low cho gi m ca, gi cao nht v gi thp nht. C closing price cho bit gi ng ca hm trc. NC net price change cho bit chnh lch gia gi hin nay so vi gi ng ca hm trc. V v T volumetime ch s lng ang giao dch v thi im phin giao dch trc . Chuyn t k hiu cho cng ty c mt im th v. Cc mu t I, O, Q v W khng c dng ng ring mt mnh v I, O qu ging con s, Q dnh ring cho cc cng ty ph sn. Sau k hiu cng ty c th c k hiu Pr ch lng c phiu ang mua bn l loi c phiu u i preferred stock. Chuyn ticker tape c mt giai thoi l th. Khi Charles Lindbergh ln u tin bay vt i Ty Dng tr v, vo ngy 13-6-1927, ngi ta dng 750.000 cn Anh cc ticker tape c x ra thnh nhng di bng nm xung ng cho mng ng. Th trng New York thi , sau khi c din vn ca tng chin cng ca Lindbergh kt thc bng cu: Before you go, will you provide us with a new street - cleaning department to clean up the mess ? Ngoi ra, cn nh gi c phiu c ghi thnh phn s cho nn 81/2 l 8,5 USD; 81/4 bng 8,25 USD. Trong phn nim yt c phiu thng c nhng t 52 Weeks Hi Lo l ni highest and lowest prices of the stock are shown for the last 52 weeks. T Div dividend l s c tc ngi mua c phiu c tnh c chia cho nm

. K tip l percent yield l t sut li tc, ngha l c tc chia cho gi ng ca, tnh bng phn trm. V d Cng ty Harris k hiu HRS c c phiu gi cao nht v thp nht trong 52 tun qua l 40,13 USD v 22 USD thay i 181/8 im hay gn bng 45%, c tc mi c phiu nm nay l 1,12 USD, t l c tc trn gi l 3,6% tc l ly c tc 1,12 USD chia cho gi ng ca 307/8 c 0,036 hay t l li 3,6%. T PE trong ct tip vit tt t price-earnings ratio l t sut gi c- li nhun, t l gia gi c phiu v li nhun hng nm ca cng ty trn mi c phiu - the relationship between the price of one share of stocks and the annual earnings of the company. i vi trng hp ca Cng ty Harris c th din t : The price of a Harris share is 11 times the companys earning per share for the most recent four quarters. Vol 100s volume of sales in hun-dreds ch s lng c phiu mua bn trong ngy hm trc nhn cho 100 tc l hm qua 41.700 c phiu Cng ty Harris c giao dch. Nu trc con s c mu t Z th l con s mua bn tht, khng nhn ln 100. Net change so snh gi ng ca hm so vi hm trc. Cui cng s khc bit gia gi cao nht v gi thp nht c gi l spread. Spread cn l s khc bit gia gi mua v gi bn bid and ask prices. Chng ta bit ngi mi gii chng khon l stockbrokers hay brokers. Nhng bn thn nhn vin cc cng ty mi gii ghi trn danh thip bng nhng t khc nhau nh financial consultant, institutional salesman, securities salesperson, account executive, investment executive, portfolio salesman. Chng ta nn ch dch chc danh ca h cho ng Chng khon, c phiu v tri phiu Thut ng th trng chng khon c nhiu, thng rt kh hiu d bng ting Anh hay dch ra ting Vit nhng, may mn thay, ch nhng ngi chuyn ngnh mi dng. V d khi phn tch cc dng ri ro khi tham gia vo mt th trng chng khon, ngi ta lit k nhiu hnh thc ri ro trong c translation risk. Mi nghe qua tng u l nhng bt trc do bt ng ngn ng, dch sai cc ti liu hay phn on sai cc lnh mua bn. Nhng gii chuyn mn hiu rt r translation risk l "a form of currency risk associated with the valuation of balance sheet assets and liabilities between financial reporting dates". Nh vy translation y l s khc bit thi im bo co ti chnh dn n nh gi khc nhau.

L nhng ngi dn bnh thng s c kh nng tham gia mua bn ti cc trung tm giao dch chng khon trong tng lai, chng ta ch gii hn vo nhng t cn bn thng dng trn th trng ny. T thng gp nht l stock. Ting M gi c phiu l stock ; cn ting Anh gi l share. Tuy nhin tn gi cc th trng chng khon Anh, M v nhiu nc khc na vn dng t stock nn chng ta d b ln ln. Stock hay share represents ownership in a company and the right to receive a share in the profits of that company. Trong khi tri phiu bond l giy n m ni pht hnh cam kt tr km li sut sau mt thi gian. Hin nay c nhng loi tri phiu nh T-bonds treasury bonds - tri phiu kho bc; corporate bonds tri phiu cng ty ; bank bonds tri phiu ngn hng hay infrastructure bonds tri phiu cng trnh. Cc loi stock, bond gi chung bng t securities chng khon - dng s nhiu. V vy y ban Chng khon Quc gia c dch thnh State Securities Commission SSC. Cn Trung tm Giao dch Chng khon l Securities Transaction Centers s chun b cho mt th trng chng khon A Stock Exchange trong tng lai. Mt th trng chng khon i lc cn c gi l mt bourse. Cc cng ty c phn mun tham gia vo th trng chng khon phi ng k c nim yt gi l listing. Cho nn mt listed company l mt cng ty c tn trn th trng chng khon. Ngi dn mun mua c phiu ca cc cng ty ny phi thng qua cc cng ty giao dch chng khon gi l securities companies, c mt i ng stockbrokers l nhng ngi mi gii chng khon. Mt trong nhng vn ca th trng chng khon nc ta l qu thiu cc listed companies ; v ngay c cc cng ty va c phn ha cha chc hi iu kin c nim yt. "It is hard to spot more than three or four companies that might be in a position to list on the market". Chun b cho mt th trng chng khon Vit Nam, SSC cho bit n c nhng c im v d nh : "Total foreign holdings in any one listed firm are likely to be capped at 30 percent." To be capped at 30% l gii hn ti a ln n 30%. Th trng ny cng ban short selling on its pilot stock markets to avoid speculation. Short selling l bn cc c phiu mnh khng nm v on trc gi s h. V d bn khng c trong tay c phiu no ca Microsoft nhng on trc cc v kin s lm c phiu cng ty ny st gi, bn bn mt triu c phiu ny vi gi hm nay sau khi ng k mua mt

triu c phiu ny vi gi s tr vo tun sau. Inside trading l mua bn c phiu da vo thng tin ni gin cng b cm. Cc c im khc c th k ra nh sau Cc bn c th i chiu vi phn ting Vit trn cc bi chuyn cng s ny : - A company or bank that wishes to list must have registered capital of 10 billion dong $770,000 and have been profitable for the last two years. - At least 20 percent of a company listed shares must be held by more s than 100 investors outside that issuing firm. - Securities companies authorised to trade are commercial banks and big corporations. - SSC inspectors must report big changes in stock prices. Bnh lun v cc bc chun b ca Vit Nam lin quan n th trng chng khon, cc quan st vin nc ngoi cho bit : "With a stock market Vietnam will start to appear on more fund managers radar screens around the world". Cc qu u t s ch hn ; "The fact that the decree has actually been approved will damp some of the cynicism". Ngh nh ra i s gip nhiu nh u t tin tng hn. Cc nh u t trong nc cng c th tin rng th trng ny s thc y qu trnh c phn ha going public gip nhiu cng ty ln u tin pht hnh c phn ra cng chng initial public offering. Ni tip chuyn chng khon Tun trc c nhiu bn hi thm v chuyn th trng chng khan vi nhiu cu i kh su vo chuyn chuyn mn. Bn Khnh Tm hi lu k chng khan ting Anh l g. Vic mua bn chng khan khng nh nhiu bn hnh dung l n quy trao tin v nhn v chng khon ; phi dng mt dch v gi l custody service the storing and safekeeping of securities together with maintaining accurate records of their ownership nhm lu gi, bo qun chng khon cng vi vic ghi nhn quyn s hu bng h thng thng tin lu tr trong ti khon lu k chng khon. Ngy nay dch v lu k ny bao trm nhiu th trng ca nhiu nc. Nu khng c ti khon lu k chng khon, th tng tng lm sao

gii quyt khi lng hng t -la M tr gi chng khon lun chuyn hng ngy. Bn Thanh Tng cho bit cc bn tin nc ngoi vit v th trng chng khon Vit Nam cho rng giai on u ch yu s l over-the-counter trading v hi ngha ca cm t ny. Bn Anh, over-the-counter market OTC l mt th trng trao i c phiu ca nhng cng ty cha c nim yt chnh thc trn th trng chng khan, vic mua bn din ra trc tip gia ngi pht hnh v ngi mua ch khng qua th trng chnh thc. Cc nh bnh lun ni vy v thi gian u s c rt t cng ty c phn hi iu kin c nim yt chnh thc. Tuy nhin over-the-counter c dng vi ngha th trng chng khon nc ta giai on u s ch yu l trao i tri phiu theo dng tin trao cho mc. Trong ngnh dc, overthe-counter ch loi thuc thng thng bn trc tip khng cn toa bc s. Bn Trn Th L hi ting Anh c t bn co bch nh trong Ngh nh 48 hay khng ? Prospectus - a document provided by the issuing companies giving detailed terms and conditions of a new stock offering l mt ti liu khng th thiu c nu cng ty pht hnh mun bn c phiu ra cng chng. Lu rng "Any statement by experts in a prospectus must be published with the approval of these experts and there are substantial penalties for making false statements in a prospectus". Bn Ng Thanh Hi thc mc v sao khng thy lit k t debentures. Debentures thc cht l mt giy n, trong nu r khi no ni pht hnh s tr vi nhng iu khon no N linh ng hn bonds. V d nh mt trng hc mun xy dng thm mt c s mi c th pht hnh debentures m ngi mua c th dng n cn tr vo hc ph phi tr cho con em h. Bn Thnh Ng cho bit trong cc ti liu ni v mt s qu u t thng thy t open-ended companies. y l cc cng ty c phn c quyn nng vn u t bng cch pht hnh thm c phiu. T ny thng dng cho cc qu u t chng khon mutual fund - ting M ; v unit trust - ting Anh. Cn closed-end company l "investment company with a fixed capital structure with a fixed number of shares outstanding which are traded in the secondary market". Loi tr nhng cu hi mang tnh k thut, chng ta xem tip mt s t dng trong cc bi bo miu t th trng chng khon tng lai ca Vit

Nam. "Equitised companies are too small to list and would be hard-pressed to produce audited accounts". Hard-pressed l gp kh khn ch khng phi l b thc bch. Cc cng ty c phn ha quy m nh khng iu kim nim yt v kh lng cung cp tnh hnh ti chnh c kim ton xc nhn. "The lessons from the world markets and the regional markets have made us more cautious in our steps and that also covers the means for foreign participation". Phn sau ca cu pht biu ny mang s cn trng bao hm c chuyn xc lp c ch cho nh u t nc ngoi tham gia. c bo chng ta thng thy cc stock index share index. y chnh l "an index number based on the prices of a particular parcel of shares supposed to be representative and intended as a guide to overall market fluctuations". Ty theo th trng m ch s ny l tr gi bnh qun chng khon ca mt s cng ty tiu biu, cho bit sc khe ca th trng . Nhng ch s quen thuc c Dow Jones Index, Financial Times Industrial Ordinary Share Index, Nikkei 225 Average. Th no l ngi "u c" chng khon? Speculator TTCK khng mua gom chng khon, to khan him gi to, lm cho n ln gi nh th trng hng ha. Gi chng khon ln hay xung l do c t hay nhiu ngi mua. Khc bit v nim Nhiu sch v v bi bo ta cnh bo v ngi u c speculator trong th trng chng khon TTCK. Gn y, c kin ngh rng trong cc cuc hi tho c tnh cch quc t cn thuyt phc cc nc sa lut chng khon theo hng cm bn khng v hn ch mnh m u c. Chng ta trn trng nhng kin ny v s quan tm i vi nn kinh t, tuy nhin v mt khoa hc, cn tm xem quan nim v ngi u c TTCK ca cc nc pht trin l th no hiu cho ng v h khi ta lp TTCK. Thng chng ta ngh v ngi u c nh l mt ngi to ra s khan him gi to mua vt hng ha nhm bn li, thu li bt chnh. Ta cng thng gii thch s tng gi hng l do u c. l quan nim v ngi u c th trng hng ha m ni c nhng khi cung khng cu. Tri li, cc nc pht trin, hng ha khng h khan him, cung vt xa cu, nn nu hiu speculator ca h nh trong bi cnh kinh t ca ta th

r rng l sai. Hn na, nu ly in hnh George Soros trong th trng ngoi t h ho chng speculator trong TTCK l nguy him cho tin ca TTCK. Ti sao vy? Gc gc ca ngi u c Ngi u c cc nc pht trin xut hin u tin ti th trng hng ha la, bp, c-ph ni c s dng hp ng forward contract bn by gi - sau ny giao ; hp ng cho hng s n. Bn nh th khng phi l bn non, v bn non bt ngun t vic nh sn xut thiu vn. forward contract, cm tin, ngi ta ch tr cho nhau t 5-10% tr gi mn hng. Cch mua bn ny ch xut hin khi sn xut pht trin, nng sn v nguyn liu tha ma ; nh sn xut phi tm cch em bn sang nhng khu vc xa xi khc. Khi y ri ro kinh doanh thu khng chi s xy ra ; v khng kim sot c gi c do thi gian bn di, cung cu c th thay i; v ni giao hng rt xa m gi c c khi khc. Khi bn bn b ri ro th bn mua cng b ly ; ngi ny s phi tr gi nguyn liu cao trong khi gi bn sn phm phi thp. Do mi lo chung ny, c hai cng tm cch khc phc v h ngh ra hp ng hng s n. Loi hp ng ny thnh hnh M t nhng nm 1830 tr i. Hai bn cam kt s giao v nhn mt mt hng no vo hai, ba thng na, vi mt gi c x xch vi thi gi. Tuy nhin, vo lc giao hng, do thi gian k lu, cha chc mn hng c cht lng nh tha thun, hoc ngi mua c th khng cn ng vi ci gi trc do mc cung hin c. Vn c ri ro d c hp ng ! C hai cn phi ht ri ro i hedge. H s ri ro, nn c gi l hedger ngi ht ri ro. Nhng ai s nhn ri ro cho h y? May mn thay ! Khi s lng forward contract gia tng s c nhiu thi gian giao hng khc nhau. Hn na v vic chuyn ch v tn tr hng ha t nhin s c tp trung v mt ni trung chuyn M l Chicago v ni tr thnh ch. c nhiu ngi mun ht hi ro, nn do b nhn b tnh, c ngi li thch chi vi ri ro kim tin. Loi ngi thch may ri ny xut hin v c gi l speculator. V ch phi tr mt phn nh ca gi mua, nn nhng ngi speculator mua bn vi nhau cc forward contract kim li trc khi hp ng kia n hn giao hng. Ai m nm hp ng n hn th s li hay l khi gi nguyn thy gia ngi sn xut v tiu th thc s cao hn hay thp hn gi h mua t ng nghip. S lng hp ng y ln, v - theo tnh ton - ch c 5% ca s forward contract l c giao hng tht s, s cn li c thanh l, b tr gia cc speculator trn th trng nn ri ro ca ngi sn xut v tiu th thc

khng cn na. Do , phi c ngi thch may ri th ngi mun ht ri ro mi ht i c. Cho mc ch ny, dn dn cc nh bun hp nhau li, chn chnh forward contract, tiu chun ha hng ha, v bin n thnh hp ng giao hng trong tng lai future contract. Nh c future contract, ngi hedger chuyn ri ro kinh doanh sang ngi speculator. Ri ro c ngi gnh, chi ph kinh doanh ca hedger nh tnh ton c ; gi hng tr nn r hn so vi khi cha tnh ton c th d trc kia phi s phn trm cho vic g cao ; vy l ngi tiu dng c hng li. l cch m nn kinh t th trng bnh n gi c cho ngi tiu th ; ging nh trong thi bao cp ta c y ban vt gi thc hin cng mc ch. Tuy nhin, cch lm c khc ; h s dng cc ngi thch may ri cho tranh nhau m ci h thch. Trong ng ngha ca n speculate l tnh ton, quyt nh v chu ri ro. Ngi nng dn quyt nh nm nay trng la Nng Hng m cha bit s li l th no th cng l speculate. Ngi speculator khc ngi nh bc ; v sau khi con xc xc c xc ri, ngi nh bc c quyn chn b tin hay khng, vo qu bu hay con cp ; v h c th trnh ci thua nu mun. Tri li, speculator khng trnh c, phi nhn ci g h quyt. Cc hedger v sau ny l cc cng ty v cc ngn hng, h cng u mun trnh ri ro ; v h khng phi chnh ph lp ra nhng th trng future khc t nhng nm sau 1970. Th trng cho ngoi t s giao foreign currencies futures dnh cho nhng ai s phi tr tin bng ngoi t trong vi thng na m s ng tin ln hay xung ; th trng li sut s tr interest rates futures cho nhng ai ang vay n m s li sut thay i ; thm ch th trng stock index futures dnh cho ai qun l qu u t m s chng khon xung gi theo c khi. Hedger cn speculator. Nh c speculator m cng ty cc loi mi tnh c chuyn iu phi ri ro risk management qua cc th trng future hot ng 24/24 gi mi ngy trn th gii. Ngi u c trong TTCK Trong TTCK gi mua bn c nh bng cch u gi sn giao dch v bng cch mc c bn giao dch. ni sau, ngi lm gi l ngi mi gii loi market maker to mua bn hay to th trng. Speculator TTCK khng mua gom chng khon, to khan him gi to, lm cho n ln gi nh th trng hng ha. Gi chng khon ln hay xung l do c t hay nhiu ngi mua. Ti sao h mua li l mt yu t tm l. Thng khi

thy gi xung ngi ta mua vo, khi gi ln th bn ra. l cch n li thng tnh ca nhng ngi u t bnh thng. T ngi u t bnh thng tr thnh speculator rt d. N ty vo cch ra lnh mua bn, v vo vic tr tin c cng ty hay ngi mi gii ng . S khc bit chnh gia hai loi ngi ny l tm l dm chi vi may ri nm trong gi c ca chng khon hay khng. Bi vy, trong din tin bnh thng nu, ngi speculator lm ngc li. H c hng trong tay mua trc kia vi gi thp nay bn ra khi thy gi ln kim li; nh th l lm cho s cung chng khon tng khin gi tt xung. Khi ngh gi s cn xung, ang 5 USD chng hn, h s vay hng ca cng ty mi gii bn. Lc gi xung n 3 USD, h mua vo tr n. Vy l khi gi xung h mua vo, lm cho mc cu tng, gip gi ln li. Trong c hai trng hp h gp phn bnh thng ha gi c. Ri ro ca h l khi mua vo tr n m gi ln l l. Cho nn, c ch ca TTCK cng nhn h l ngi lm gim bin ng gi c ca chng khon ; ci ri ro cho ngi u t nh khi v s m bn i th c ngi mua ; v do tnh thch may ri nn h mua chng khon ca cc cng ty nh mi ra, hay mi phc hi gip cc cng ty ny c vn khi khi u. Ngi thch may ri theo di din tin ca gi c hnh ng ch khng to ra gi c. H khng lm gi. Gi s h mua vt chng khon, to khan him gi to, y cho gi ln v bn i thu li bt chnh, nhng nu khng bn c th sao ? Chng khon c hng ngn loi, n u c him, li khng phi l thc go m bo rng ln n gi no ngi ta cng phi mua. V th, lut php cc nc pht trin cm lm gi manipulate ch khng cm speculate n y ta thy, dch speculator l ngi u c gy hiu lm mt cch tai hi. C th do hiu ngi u c theo Lut Hnh s ca ta, nn Lut Chng khon cm bn khng ; v c nhn xt nh l may mn i sau v nhn ra ci o ca u c. Chng ta ch lut s nh ngha chi tit hn v vic bn khng. Nhng nu hiu bn khng l khng s hu chng khon vo lc giao dch m bn nh quy nh hin nay th vic y khng bao gi c trn thc t. Bi l mt ngi mua chng khon tr tin th bao gi h cng i hng ngay. Nu khng, ngy hm sau chng khon ln gi m h khng c hng trong tay bn th mt dp kim li ? Thnh ra ty cch giao dch vi cng ty hay ngi mi gii ch khng phi vi ngi mua bn chng khon l i tc ca mnh ; ngi u t s nhn c tin

 t ngi mi gii khi bn, nu khi mua h tr tin. y l lut ca th trng. Ngi mi gii phi lun lun tr cho ngi mi gii bn kia. Nu ngi u t khng tr hng hay tin, tc l c cho tr tin theo nh mc margin account th h n ngi mi gii ca h, v ngi sau ny phi ng tin hay hng tr cho bn kia. Nh vy l khng c chuyn nh u t bn khng m ch c vic h mn hng bn. T khi mn hng n khi tr hng cho ngi mi gii l mt khong cch, v n to ra mt thi gian s giao hay s n ging nh trong hp ng forward hay hp ng future trong ch hng ha. Nu hai hp ng kia ngi bn ch tr cho ngi mua 5-10% gi bn, th speculator phi tr li cho ngi mi gii trong thi gian vay ; khi n hn phi mua hng tr n. Khi vay chng khon 5 USD, thi gian vay l ba tun, trong nhng ngy speculator hy vng gi xung cn 3 USD mua vo tr n ; nhng nu hng ln 6 USD th cng phi mua tr. Ri hay may ca h nm ch chng khon xung 3 USD hay ln 6 USD. Nh th th c phi l bn khng khng, lut ca ta cha quy nh nu gii thch cht ch. TTCK ca ngi ta chp nhn cch ny l lc no ch cng c nhiu v mua bn, nh kh nng thanh ton tin bc cao tnh thanh khon cao, v thu ht c nhiu ngi, ng ngi th chi ph gim thi gian, tin bc, s mong i v li c thm ngi na. Hn na quy nh v mua chu hng ca mi gii bn cng c gii hn, tin nm trong ti khon st qu 25% tr gi tng s chng khon s hu th ngi vay phi chm thm tin vo. Ngoi ra, c mn hng nh th th, theo nguyn tc chn mt gi vng, ch nhng ngi c uy tn c th thch mi c cng ty mi gii cho vay. Tm li, nu qu thc lut ca ta s coi vay mn chng khon bn l bn khng th chng ta xa b ngi thch ri may. Khng c h th khng ai - nht l cc nh u t nh - s ht ri ro i c. No s c ai mua ? TTCK ca ta khi y c nguy c ch c ton ngi bn. Xin thnh lp cng ty chng khon nh th no? Xin thnh lp cng ty chng khon nh th no? Sng 21-7-98 ti H Ni, 10 ngy sau khi Th tng Chnh ph k ban hnh Ngh nh 48/CP, y ban Chng khon Nh nc SSC triu tp hi ngh vi Tng gim c cc Tng cng ty bn v vic pht hnh tri phiu, c phiu v thnh lp cng ty chng khon. Di y TBKTSG lc ghi nhng

thng tin mi nht v pht hnh chng khon ra cng chng v quy trnh cp giy php hot ng cho cng ty chng khon. Pht hnh chng khon 1. iu kin pht hnh : Vn iu l ti thiu 10 t ng ; kinh doanh c li hai nm gn nht; c phng n kh thi v vic s dng vn thu c t pht hnh ; thnh vin hi ng qun tr ; ban gim c c kh nng, kinh nghim trong lnh vc kinh doanh ; ti thiu 20% vn c phn phi c bn cho trn 100 ngi u t bn ngoi nu vn c phn t 100 t ng tr ln th t l l 15% ; c ng sng lp nm gi t nht 20% vn c phn trong thi gian ti thiu ba nm ; gi tr c phiu pht hnh t 10 t ng tr ln phi c t chc bo lnh pht hnh. 2. H s xin pht hnh c phiu : Gm chn ti liu : n xin pht hnh giy ng k kinh doanh - iu l cng ty - ngh quyt i hi c ng chp thun vic pht hnh c phiu - bn co bch - danh sch v s yu l lch thnh vin hi ng qun tr v ban gim c - bo co ti chnh hai nm lin tc gn nht - bin bn xc nh gi tr doanh nghip ca c quan c thm quyn nu l doanh nghip nh nc c phn ha - cam kt bo lnh pht hnh nu c. 3. Cp giy php : SSC xt duyt h s trong vng 45 ngy k t ngy nhn h s. T chc pht hnh np l ph cp php bng 0,02% gi tr chng khon pht hnh, nhng ti a l 50 triu ng. 4. Cho bn chng khon : trc khi bn phi cng b vic pht hnh trong vng nm ngy khi c giy php trn 5 s bo ngy ca mt t bo Trung ng, mt bo a phng v bn tin chnh thc ca th trng chng khon. Pht hnh c phiu theo hai phng thc : qua i l pht hnh hoc qua t chc bo lnh pht hnh. Vic phn phi chng khon ch c tin hnh trong vng 90 ngy k t ngy giy php pht hnh c hiu lc. Ht 90 ngy m cha bn ht chng khon phi xin SSC gia hn. Khng c bn chng khon thp hn mnh gi v phi dnh t nht 25 ngy ngi u t ng k mua. u tin cho ngi u t c nhn.

5. ng k chng khon : Sau khi hon tt pht hnh phi thc hin th tc ng k chng khon vi SSC, ng thi gi n xin nim yt chng khon th trng giao dch chng khon v np l ph nim yt ln u. Trong vng by ngy SSC s hon tt th tc nim yt chng khon. Quy trnh cp giy php hot ng cho cng ty chng khon 1. i tng cp php : Cc cng ty c phn, trch nhim hu hn theo quy nh ti iu 30, Ngh nh 48/CP. Cc t chc tn dng, cng ty bo him, tng cng ty mun kinh doanh chng khon phi lp cng ty c phn hoc trch nhim hu hn c lp. Cc t chc nc ngoi mun kinh doanh chng khon phi lp lin doanh vi i tc Vit Nam. Bn nc ngoi tham gia lin doanh phi l cc t chc kinh doanh chng khon ang hot ng hp php ti cc nc t chc ny ng tr s chnh. 2. Th tc xin cp php : Cng ty chng khon np h s xin cp php cho SSC. SSC xem xt cp php trong 90 ngy. Sau khi c cp php, cng ty chng khon phi tin hnh ng k kinh doanh theo php lut hin hnh. 3. H s xin cp php : i vi cng ty chng khon Vit Nam : - n xin cp php - giy php thnh lp do c quan nh nc c thm quyn cp - l lch tm tt ca thnh vin hi ng qun tr v ban gim c - giy php hnh ngh chng khon ca thnh vin ban gim c v nhn vin - bn thuyt trnh v c s vt cht k thut v phng tin phc v cho vic kinh doanh chng khon ca cng ty - d kin ngun vn v phng n kinh doanh trong 12 thng u. i vi lin doanh : ngoi cc giy t trn cn phi b sung : - iu l ca bn nc ngoi tham gia lin doanh - giy php hot ng ti nguyn x ca bn nc ngoi - danh sch ngi nc ngoi lm vic cho lin doanh - hp ng lin doanh - bng tng kt ti sn, bo co thu nhp, bo co tnh hnh hot ng kinh doanh ca mi bn lin doanh trong ba nm gn nht. Cc giy t ny phi c xc nhn cng chng hp php ca ni nc ngoi tham gia lin doanh ng tr s chnh v c cng chng Vit Nam xc nhn bn dch ting Vit.

4. L ph cp php, cng b giy php : Cng ty chng khon np l ph cp php bng 0,2% vn php nh. Chuyn ton b vn iu l vo ti khon phong ta khng c hng li sut ti ngn hng do SSC ch nh. S tin ny c gii ta khi cng ty khai trng hot ng. Trc khai trng, cng ty chng khon cng b trong nm s lin tip vic thnh lp v giy php hot ng trn mt t bo ngy Trung ng, mt t bo ngy a phng.

Cn phn loi chng khon trc khi nhp cuc Chng khon l giy t c gi tr kinh t hay ni cch khc l cng c ti chnh c gi tr tng ng nh tin mt v c mua bn hoc chuyn nhng. Chng khon l mt loi hng ha rt tiu biu trong c ch kinh t th trng t do. TBKTSG xin gii thiu bi vit ca tc gi L Trng Nhi, mt chuyn vin c kinh nghim hot ng trong th trng chng khon M. Trong mi th trng chng khon cc loi chng khon c nhng phm cht khc nhau. Ti cc th trng chng khon ca M, gii kinh doanh v u t chng khon phn ra bn loi hng chnh v mi loi c mt phm cht khc nhau nh sau: Loi hng ha c phiu - vn c phn C phiu phm cht cao - blue chips : T lng blue chips m ch nhng c phiu ca cc cng ty ln, c nh hng trong nn kinh t, c nhng phm cht nht nh v th trng v qun l, mnh gi mi c phn tng i cao t 100.000 - 2 triu ng v gi c khng b dao ng mnh. S lng mua bn cc loi c phiu ny chim mt t trng kh ln trong mi phin giao dch, c c tnh chuyn thnh tin mt nhanh chng. Mc ri ro tng i thp v trung bnh. C phiu phm cht thp - penny stocks : T penny stocks m ch nhng c phiu ca cc cng ty nh cha c tim nng pht trin ln, hoc mi thnh lp ang tm ch ng trong th trng, hoc thuc loi kh tt nhng b s c v a n hu qu ti hoc gn nh ph sn ; thng thng mnh

gi mi c phn rt thp 9.000 ng hoc cao t 10.000-30.000 ng. Mc ri ro tng i cao. Hng ha tri phiu - vn n Tri phiu chnh ph : Chnh ph trung ng thng qua ngn kh hoc cc chnh quyn cc thnh ph ln pht hnh tri phiu ti tr cho ngn sch hoc cho mt d n cng ch no . Ri ro rt thp v ngi u t thng c hng nhng u i v thu. Mnh gi mi tri phiu thng l 10 triu ng. Gi c dao ng v gn cht theo ch s li sut trn th trng. Tri phiu loi ny cn c gi l fixed income bond - tri phiu c li nhun c nh. Tri phiu cng ty : Cc cng ty pht hnh tri phiu ti tr cc d n pht trin hoc chng trnh bnh trng. Ty bi cnh, cc cng ty chn pht hnh tri phiu ng ph vi nhng tnh hnh bt li cho s sng cn ca cng ty, i khi c gi l junk bonds - tri phiu c ri ro cao. Mc li sut cao hn ca chnh ph v ri ro tng i cao. Mua chng khon chnh l mt s chuyn dng t tit kim sang u t. Th trng chng khon m cho tt c mi ngi c ngun tit kim hoc c kh nng tit kim v mun u t. Tuy nhin u t chng khon cng nh bt c mt cuc u t no khc cng c nhng ri ro. C t nht 14 loi ri ro c th nhn nh c trong quyt nh mua chng khon. C mt quy lut chung trong tt c cc cuc u t l ri ro cng cao th li nhun cng cao. Tm li yu t ri ro s khng ch ngi tit kim theo ba dng : ngi u t, mua chng khon theo ngha u t thc s v khng chu ri ro cao mua chng khon blue chips hoc tri phiu chnh ph ; ngi u c, chp nhn v tnh ton vi ri ro, chn thi im v thi gian di khng quan trng - mua bn loi chng khon gi c dao ng nhiu, penny stocks hoc cc junk bonds ; ngi mua bn, tm li nhun nhanh bng s chnh lch gi c bt k loi chng khon no trong th trng, v mua qua bn li nhiu ln. Bi I: Th trng chng khon l g? Th trng chng khon TTCK v s vn hnh ca n l nhng vn cn xa l khng ch vi ngi dn m c vi khng t doanh nhn ca chng ta.

Nhm gip bn c tm hiu mt cch c h thng v TTCK, Thi bo Kinh t Si Gn nh Lut s Nguyn Ngc Bch, tng nghin cu vn ny ti trng i hc New York M nm 1992 ph trch lot bi ny. Cch tm hiu y s i t gc ln ngn, ngha l t cng chng n cng ty, sang ngn hng ri n TTCK. Lot bi gm hai phn : phn 1 s gm by bi ni v TTCK l g. Phn 2 ni v s vn hnh th no. Trong khi trnh by, tc gi c lin h thc t, cc danh t chuyn mn xut hin ln u s c in m. Cc t v TTCK c ly t D tho Php lnh v chng khon v Th trng chng khon ca Vit Nam. Ngi tiu th cng l ngi u t L nam hay n chng ta u cn cm n, o mc, v nhiu th khc gi l hng ha. Hng ha phi c ch to ra. Ngi lm ra chng c gi l nh sn xut hay doanh nhn hay doanh nghip. Doanh nhn cung ng sn phm v chng ta l ngi tiu th. mua hng, ta phi i lm c tin, gi l li tc hay thu nhp. Mua sm cho hm nay, ta cn phi dnh t thu nhp phng cho ngy mai, nh au yu, l tit kim. Tin tit kim chng ta c th cho ngi khc s dng bng cch cho vay, hoc hn vn. Nu ta a tin cho doanh nhn dng tc l chng ta u t, v vi s tin ca ta doanh nhn s lm cho s ti sn hin c c tng thm. Doanh nhn v ta cn c nhau. Doanh nhn sn xut, ta mua hng ca h ri u t vo h v h s sn xut nhiu hn cho ta v con chu ta. V vy, l ngi tiu th nhng cng c khi chng ta l ngi u t. Nhng ngi nh ta rt ng to nn mt thnh phn trong nn kinh t gi l cng chng. Doanh nhn lc no cng cn tin Doanh nhn lun lun cn tin ca ngi u t. Bi v, doanh nhn phi b tin ca chnh mnh ra, gi l vn, trong hai giai on. Lc u, mua sm nh ca, my mc, xe c c cng c sn xut. Nhng th ny dng vi nm mi hng, nn tin b ra mua chng c gi l vn c nh. V sau, doanh nhn tip tc b tin mua nguyn liu, thu thy th, tr in nc lm ra sn phm ; tin ny gi l vn lu ng. T lc b tin mua, ri lm ra sn phm, em bn i n khi thu tin v bao gi cng phi mt mt thi

gian. Th d, lm ci bnh chng th mt hai ba ngy ; nhng sn xut mt ci my cy phi mt vi thng mi bn c. Thi gian gi l vng quay vn. Doanh nhn c th c vn lu ng cho vng quay u ; nhng cho vng th hai, th ba h phi i vay vn lu ng duy tr sn xut. Vng quay cng di th cng phi vay nhiu. Vy, l do th nht khin doanh nhn lun phi vay n l v c vng quay vn m h li khng th ngng sn xut c. Vn i theo vng trn, ht vng mi sang vng khc ; trong khi sn xut i theo ng thng. Tin thu v, gi l doanh thu, s gip doanh nhn trang tri bn th : 1 ly li vn lu ng ; 2 tr thu ; 3 dnh mt khon cn tr theo t l ca vn c nh sau ny cn mua sm chng li c, gi l khu hao ti sn c nh ; 4 thng cho mnh v cng sc b ra. Khon tin 3 v 4 gi l li tc thun, hay sau thu hay li tc doanh nghip. Doanh nhn tr n xong th c th vay vn lu ng tip ; gi l vn vay hay tn dng ngn hn, ngha l phi tr trong vng mt nm l ti a. By gi v hng bn chy, doanh nhn thy cn tng mc sn xut, mun c thm hng phi c thm my mc mi, gi l u t m rng. Li tc thun khng u t m rng. Doanh nhn bt buc phi i vay. y l l do th hai ti sao h phi i vay. Tin vay cho u t m rng ch c th tr t t bng li tc thun, v nu c bao nhiu li tc thun m em tr n ht th khng cn tin cho vn lu ng hay thay th my mc c. V th, vn vay cho u t m rng phi l vn trung hn, tr trong vng t 3-5 nm, hay vn di hn, t nm nm tr ln. Doanh nhn cng cn vn nhiu th phi i vay hay gi vn nhiu. Ty s vn n nh, h c th l mt cng ty c phn, l hnh thc gom vn cao nht hin nay. Trong lot bi ny, ty mch cu vn cc t doanh nhn, doanh nghip hay cng ty c dng ln ln, nhng ch chung v cng ty. C s trao i gia doanh nghip v cng chng : n b ri ro kinh doanh Doanh nhn cn vn ngn, vn di, nhng hng lm ra c th khng bn c, b hng, b mt... Hng mt th khng c doanh thu. Cho nn cng vic lm n ca doanh nhn lun lun c ri ro, gi l ri ro kinh doanh. Ri ro ny nm hai ch l thi gian thu tin v v kh nng tin b mt. Cng chng u t vo doanh nhn th cng phi chu ri ro kinh doanh. Mun li ko h, doanh nhn phi ha hn. Li ha l nu ai giao tin cho vay hay hn vn, th s c n b cho ri ro kia v cho vic phi nhn

n nhn tiu by gi. Mc n b s bng mt khon chnh lch gia s tin giao by gi v tr sau ny tnh theo phn trm trn s tin c giao lc u, gi l li sut. Li sut l ci gi m doanh nhn phi tr mua tin ca ngi u t. Cc nh kinh t coi s giao dch gia hai ngi l mt s trao i trade. T c s y, mt nguyn tc c t ra cho s trao i da trn l cng bng l nu ri ro mt tin cao th li sut s cao ; thi gian tr s tin gc di th li sut cng cao ; vic nhn n nhn tiu c tnh chung vo li sut y nhng b ty thuc vo vic doanh nhn c d tm c mt ngi u t khc hay khng. Li sut tiu biu cho ri ro kinh doanh v l ci gi mua bn tin. S ha gii ci tri ngc v li ch gia doanh nhn v nh u t Do nguyn tc v li sut, s trao i gia doanh nhn v nh u t lun lun l mt s ging co gia hai li ch khc nhau. Ngi u t mun li sut cao, thu tin sm. Doanh nhn li mun li sut thp, m lu mi tr tin ; nht l nhng ngi thc hin nhng d n ln. l i hi cc oan ca mi bn. Gii quyt mu thun ny l cng trnh ca loi ngi ko di qua nhiu th k v bng hai cch chnh. Cch u l hai bn trao i vi nhau qua trung gian l th trng tin t ; ch yu do cc ngn hng thng mi v t chc tn dng thc hin. Cch sau l qua th trng ti chnh, tc th trng chng khon TTCK. Khong cch xut hin ca hai phng thc ny kh di. Th d M, ngn hng u tin xut hin nm 1781 Bank of North America cn th trng chng khon New York ra i nm 1863. S d nh vy l v cc yu t hnh thnh phi i ng b vi nhau v i t thp ln cao. Chng hn, mun c TTCK, doanh nhn phi lm n li li, mun u t m rng hay u t vo nhng d n ln lm ng s ; lc y h mi cn thm vn nhiu. V pha ngi u t, h cng phi c thu nhp cao, c nhiu tin dnh. Ri tnh hnh kinh t chung phi pht trin, lut php phi m mang. Khi c cc yu t chun b ny th h thng ti chnh lm trung gian phi c phng tin v k thut tng ng gip cng chng v doanh nhn trao i vi nhau c. TTCK l mt bc pht trin cao hn ca th trng tin t. N vn dng cc cng ngh ring ca n, n khp vi cc k thut ca th trng tin t v ca cc doanh nghip thu ht tin tit kim ca cng chng ri a

cho doanh nghip. V khi lm nh th, n ng thi ha gii c i hi cc oan ca hai bn, nhiu hn tt c cc phng thc c trc . Ton cnh v th trng chng khon Cho n nay, chng ta cha cp n chnh quyn, v vai tr ca chnh quyn trong s khuyn khch v bo v cc hot ng tit kim v u t. Vai tr ca chnh quyn rt quan trng. Chnh quyn iu ha khi lng tin t trong th trng tin t, tng gim li sut s tin kia khng bao gi qu tha hay thiu so vi s hng doanh nhn lm ra. Trong TTCK, chnh quyn thit lp v duy tr hot ng ca n, bo m cho hot ng ca n din ra trong s trong sng, thanh lim v o c. V ln mt bc nh ton cnh cho TTCK, ta c bn vng trn ng tm. Tm im l chnh quyn. Vng 1 nh nht, trong cng, l doanh nghip. Vng 2 l th trng tin t. Vng 3 l TTCK. V vng 4 l cng chng. Hai vng lm tr ct cho nn kinh t ca mt nc l 1 v 4. Thot u, nhng ngi hai vng kia trao i vi nhau qua vng 2. Pht trin hn ln, h trao i thm vi nhau qua vng 3. K sau: Bi II - em tin dnh i du t Bi II: Cng chng c tin dnh em i u t Gp vn v cho vay Trong x hi con ngi sng vi nhau, con ngi gip nhau v tinh thn v trao i vi nhau thnh qu cng vic ca mnh. S trao i to nn s chuyn mn ha, cn gi l phn cng lao ng. Nh chuyn mn ha con ngi lm ra nhiu ca ci hn l ci m mnh dng. Vy c d tha. sng th ai cng lo cho ngy mai, no mnh, no con ci, do , phi dnh. y l tit kim. C tin tit kim th ai cng mun n sinh si. V ch c hai cch : ly s tin ng ra lm n, bun bn ; hoc a cho ngi khc. Ngi tnh chuyn lm n lu di s lp mt c s sn xut. l u t. Ngi u t, trong a s trng hp, bao gi cng c hng li tc t s tin b ra. l s n b v nhn n nhn tiu, b cng sc, v chu ri ro kinh doanh. Mt mt cng cao th s n b cng nhiu. Nhng ngi ny l doanh nhn. Li tc doanh nhn hng thng l t 20% tr ln cho ngnh sn xut, cao hn na cho ngnh mua bn ; ring ngnh ti chnh thng phi hn 30%. Mc li tc c tnh theo hng

nm da trn s so snh chi ph b ra v doanh thu ly v. Doanh nhn l ngi c c phiu lu, li c tri cho cp mt nhn ra cc c hi c th kim tin. V v th h l ngi ti ba. Nhng ai khng ti ba m cng mun tin dnh sinh li th - nghe li ha ca doanh nhn - a tin cho doanh nhn, gi l hn vn cui nm c chia li, s tin a vo s ly v mi mi nm sau khi doanh nghip gii th. l s hn vn, hay u t bng cch gp vn. Khi hn vn th c nm khng c chia g nu doanh nghip lm n khng c li hay h quyt nh khng chia li. Tin chia li do gp vn gi l c tc. C nhiu ngi ngi cch hn vn. H mun tin a ra thng no cng phi c li v, v bao lu nht nh ly li s gc. Do h cho doanh nghip vay. Tin cho vay phi c ti sn bo m s tr n. T c cch vay c ti sn th chp hay khng. l u t bng cch cho vay. Cho vay th khng s mt tin nn li c hng s khng cao nh khi gp vn. Gp vn hay cho doanh nghip vay gi l ti tr. Ti tr l mt s trao i. Ngi u t v doanh nhn l hai tr ct cho s pht trin kinh t ca mt nc. Cng chng a tin cho doanh nhn ngi ny lm cho sn xut gia tng. Nh s gia tng y ai cng c cng n vic lm, v li tc ca nhiu ngi ln cao ; c li tc cao ngi ta dnh nhiu hn khin cho u t s cao hn. ng lc cho ci vng ny l s mong mun c giu c hn v v lo cho ngy mai. Tuy nhin, cho vng quay gia hai bn c d dng, t tn km v nhanh chng th phi c mt ngi lm trung gian. Ngi trung gian l ngn hng thng mi v t chc tn dng cn gi l h thng ti chnh. S cn thit ca mt ngi trung gian Khi cng chng l mt s ng trao i vi doanh nhn cng l mt s ng, th c hai bn cn n mt ngi trung gian. y l mt din tin t nhin. Trc ht, khi hai bn trao i th s tin i v s rt ln, khng ai mt mnh ct gi c, o chch li thm ngay ; vy phi c mt ni an ton ct gi. Mt ni no ct gi nhiu tin ca nhiu ngi th - v s tin li ca c ba - h s ng thay mt ngi ny a tin cho ngi kia. l h qu ca vic ct gi. C ngi khc ng ra a tin i, ly tin v cho mnh ; bt mt vic lnh knh, nn ai cng thch. Vy phi tr cho ni ct gi v thanh ton kia mt khon tin nh cho ph dch v hay tin hoa hng. V ni kia c c hai bn nhn nhn l trung gian. l cc ngn hng thng mi. T hnh thc ny sang hnh thc khc, lc u ch yu

p ng i hi ca khch hng, ngn hng xut hin trong nhng hnh thc v khun kh hot ng khc nhau to nn h thng ti chnh. H thng ti chnh s phc v cng chng v doanh nhn trong nhiu lnh vc ngoi vic ct tin v thanh ton. Th d, v pha cng chng, khi cho vay hay gp vn vo doanh nghip h cn bit cc thng tin. Nu gp vn h phi xem doanh nghip lm n ra sao. Cho vay cng phi bit h tr n c khng; c kh nng chuyn i ti sn thnh tin mt nhanh chng v t hao ht khng ; gi l thanh khon liquidity. Sau , phi k vi doanh nghip hp ng v gp vn, v cho vay. Cng chng khng c chuyn mn lm nhng vic trn v phi nh ngi trung gian. H thng ti chnh vi chuyn mn v phng tin ca mnh s lm thay cho cng chng. V pha doanh nghip, tin ca cng chng s gip h to ra sn phm. Nhng khi c hng trong tay, h s lo hng mt, ri gi c c th ln xung. Gip doanh nhn thot khi cc lo ngi ny, y cng l cng vic ca h thng ti chnh. H thng ny hot ng theo cc nguyn tc ta s cp trong mt bi ti. Trong bi ny chng ta ch ghi nhn mt im quan trng l tin bc hay l vn u t vo nn kinh t ca mt nc phi do nhng ngi tiu th c mt mc li tc cao ng gp bng cch a vo h thng ti chnh. ng lc thc y h l hai th. Mt, khi giu t nhin s lo ngy mai, s nhiu th. Hai, khi dnh th mun ng tin sinh si ny n. Phi c h vo trng thi v tm trng nh th th cng ty mi c ch gi vn. Nhng lm c, th cng ty cng phi do ngi ti ba nm gi tr xong n. Cng ty l mt nh ch pht trin theo mt qu trnh di lm sao gi c nhiu vn nht. V l ti ca bi sau. Bi III: Cng ty c phn - qu trnh tch t vn Cng ty c phn l mt t chc c th gom vn ca nhiu ngi u t nht. Qu trnh hnh thnh ca n, khi c lut php cng nhn v bo v, l mt qu trnh ca loi ngi tm cch tp trung t bn. T vn gp ca mt ngi ln n vn gp ca vi ngi ng A mt lng n, c gia nh. H hng ng c nhiu ngi lm ngh mc. Khi gt hi trn mnh t cha m li, ng ao c sao khng phi gnh gng. Mt hm ln huyn, ng thy ci xe ct kt ti t. V nh ng cht ny ra sng kin lm xe ko bng g. Ko nh hn y, ng ngh. Tnh ton tin dnh ng quyt nh lm xe ko. Dn ci sn, mua g v, sm

dng c... ng sn xut xe, v t tn cho c s ca mnh l Sao Mai. Xe lm ra bn rt chy. Khi b vn v sn xut nh ng th c s Sao Mai c hnh thc gi l lm ch mt mnh sole propriety. Vit Nam gi l doanh nghip t nhn. Xe ng lm tt, nhng cng c mt chic ang i ngon lnh th v bnh gy cng. Ngi ko xe b gy chn, hng trn xe ri xung bn. Ch xe bt ng A n. Xe do c s ch ra nhng ng lm ch n cho nn ng vi Sao Mai l mt. ng phi n, v gi nh v sao mc n ln qu, tin ca Sao Mai khng tr, ng phi ni v bn chic nhn, bo con bn ci xe. Tin phi n kia vt qu s ti sn ca Sao Mai v n lun vo tin ca gia nh ng, nn trch nhim ca ng c gi l trch nhim v hn. Trch nhim c t ra v trt t ca x hi, ai c li th phi n. Gi nh chuyn khng xy ra, v nm sau ng A quyt nh tng s xe sn xut. Mun vy phi c thm mt bng v dng c, ngha l phi c thm vn. y l u t m rng. ng bn sang r ng B l anh em ct cho v C l ngi em r gp vn. Hai ngi kia ng ngay. H gp vn vo, ri k cng ny, ngi vic kia, Sao Mai lm thm c nhiu xe. Nu xe lm ra m c gy tai nn cho ngi dng, th nn nhn c th bt ba ng phi chung nhau n, nu khng tm ra ba m ch thy c mt ngi thi th ngi ny phi gnh ht. Trch nhim ca c ba ngi vn l v gii hn. V c thm ngi gp vn nhng tnh trch nhim vn v hn nn Sao Mai bin thnh mt c s hp danh partnership. Coi nh chuyn n bi khng xy ra, v ng em r bng mt hm nu sng kin thay bnh g bng bnh cao su cho n va nh va bn. Sng kin hay nhng phi gi thm vn mua cao su v khun. ng A bn n ngi ch rut mi gp vn. ng c suy tnh li hi, ngh n ci trch nhim v gii hn, c lnh ngi, s rng c khi ang nh m cng b bt v ; c bn lc u. Ba anh em ng A thy l ca c ng. H bn vi nhau v bng lng ng A giao hn vi c rng, nu c gp vn nhng khng tham d vo vic iu khin c s th nu c chuyn g xy ra, cng lm c ch mt s tin gp m thi, h s khng cho ai ti nh bt v c. l tnh trch nhim hu hn dnh cho ngi gp vn. ng c bng lng, chng nhng th li r hai c con gi ln anh b ca c ln cng b vn vo. By gi, Sao Mai c vn nhiu hn xa v c by ngi gp vn. Ba ngi trc tip iu khin, bn ngi na ch gp vn. Ba ngi trc s chu trch nhim v gii hn, cn bn ngi chu trch nhim gii hn. Sao Mai by gi tr thnh mt c s gi l hp t limited partnership.

n y ta thy Sao Mai pht trin qua ba bc. Bc sau gip n c vn nhiu hn trc v r c nhiu ngi hn. Vy khi lm n th n s to ln t t, nhng n phi : 1 c ngi c ti lm n hay ; 2 c nhiu ngi gp vn ; 3 vn s c nhiu nu ngi gp chu trch nhim gii hn. Ci th ba s thc y ci th hai to iu kin cho ci th nht. Qu trnh gp vn l mt s suy tnh li hi cho mnh v l mt s mt gi vng. Bi IV: Cch gi vn ca cng ty c phn S khc bit v cch gi vn ca cng ty trong lut ca cc nc Trong lut ca Vit Nam v ca Php, vic gi vn ca cng ty c quy nh ngay t khi n c thnh lp. Lut ra loi trch nhim hu hn nu gi vn ring t, v c phn nu gi vn cng chng. Ranh gii gi vn c nh. Mun i cch gi vn phi i hnh thc cng ty. Lut ca M lm khc. N khng nh loi hnh cng ty lc u m cho cng ty trong qu trnh hot ng s chn cch gi vn. V t cch gi vn cng ty c mt loi hnh. Nu chn cch gi vn ring t th cng ty khng phi ng k vi y ban giao dch chng khon - UBGDCK Securities Exchange Commission v cng ty s l loi closely held corporation . Nu gi vn ca cng chng th phi ng k, v lc n l mt public corporation i chng. Nh nu t bi u, cch gi vn trnh by y l cch lm ca cng ty M. Chng ta bit tn gi ca cc loi vn theo mc ch s dng c nh, lu ng v theo thi gian s dng ngn, trung, di hn. Cng ty c th vay vn ngn v trung hn th trng tin t. y ta s xem cch cng ty gi vn di hn m v th to nn TTCK. Gi vn di hn bng cch pht hnh c phiu Khi thnh lp, ngay bn chng th lp hi articles of association nhng ngi sng lp cng ty n nh s vn ca cng ty l bao nhiu, chia ra bao nhiu phn bng nhau, gi l c phn. Khi c phn bn i th ngi mua nhn c bin nhn tr tin gi l c phiu v h tr thnh c ng. Tnh ton gi vn cch no l vic gii bi ton vn gi c nhiu nhng ch chia quyn qun tr t . C ng c ba quyn l qun tr cng ty, chia li v sau ny c chia ti sn cn li. B tin ra, chp nhn li n l chu, c ng thng mun c qun tr cng ty. Tri li ngi lp ra cng ty li khng mun quyn qun tr ca mnh b chia x cho nhiu ngi.

C phn l cch thc gii quyt vn kia. Cng ty bn c phn gi vn, ging nh bn mt vin ko da. mc pht trin thp, cng ty ch c ko da lm theo hai hnh, vung c tn ngi lm ch v trn khng tn ai. Loi vung khng c chuyn cho ai c tn khc, gi l c phiu k danh ; loi trn chuyn cho ai cng c, c phiu v danh. Chuyn nhng c phn d dng cng l mt cch thu ht ngi mua. n mc pht trin cao hn, ngi lp cng ty nh vo tnh ham li ca c ng. H ghi trong chng th lp hi l s bn c phiu c u cho c ng no khng i quyn qun tr cng ty. c u l c u tin chia li. u tin th c th xp loi nn h chia ra cc loi : th no cng ly c tc cumulative, mc ly iu chnh theo li sut adjustable rate preferred, c th chuyn thnh c phiu thng auction rate preferred... Mc ch ca v by t ny l d d b nhn b tnh, kiu nh ngoi ko da ra cn c thm ko sa, ko chanh. l c phn hay c phiu c u. Cng ty, nh th, s c hai loi c phn chnh bn l thng v c u ; ring loi c u li c nhiu th. Chng th lp hi s ghi cng ty pht hnh bao nhiu c phn thng v c u gi s vn nh. S c phn th phi ghi ngay, nhng c phn c u c th ghi lc u hay sau ny khi tng vn. Thng thng cng ty nh mt s vn cao, nhng khng bn ht c phiu m ch sau ny khi cn tin s bn tip ; khi y c th bn c gi cao hn gi c d bn trong chn ring t. Do c s phn bit gia vn c quyn huy ng authorized capital v vn thu tin paid up capital. huy ng vn, cng ty s bn c phiu cho c ng ty theo s tin cn c. Nu nh bn cho cng chng, trc khi bn cng ty phi ng k c phiu vi UBGDCK ; gi l nim yt chng khon trn TTCK ; lc c phiu c thm mt tn mi l chng khon. Nu ch bn cho vi ngi th khng phi ng k c phiu. Ty theo tnh hnh ti chnh ca cng ty, nu lm n khm kh, cng ty s mua li s c phiu c u em v ct gi, gi l treasury stock . S cn nm trong tay c ng s gi l outstanding share . Sau khi gi vn ln u, nhng ln sau, mun tng vn, cng ty bn nt s c phiu hy cn gi li lc u, hay pht hnh mt t c phiu mi, gi l pht hnh mi. Loi no, bao nhiu th do hi ng qun tr cng ty quyt nh. C mi ln pht hnh m mun bn cho cng chng th li phi lm th tc nim yt nh ln u. iu ny khc vi khi vay tin ngn hng. lm th tc ln u, ln sau ch k li. Do vy, ph tn huy ng vn trn TTCK cao hn l khi i vay ngn hng.

Bin php khuyn khch c ng v nhn vin ca cng ty Nu bn chng khon trn TTCK ri, mi ln pht hnh mi, cng ty t ra ba cch d kh c ng hin c hay thng cho nhn vin cao cp ca mnh. Cch th nht l pht stock option cho nhn vin. Khi cm n, nhn vin c quyn mua hay bn mt s chng khon ca cng ty theo mt gi nh trc khi ht hn vo mt ngy no . Stock option c th l mt call option cho h quyn mua, hay mt put option cho h quyn bn. Vi gi nh, ngi nm call option c li khi gi chng khon ca cng ty tng trn TTCK vo lc n hn mua, th c mua vi gi c. Nu gi chng khon xung th ngi c"put option" c li v c bn cho cng ty vi gi nh cao hn gi hin thi. Phn thng cho h nm s chnh lch gi. Loi d kh th hai l n nh rights quyn cho ngi nm c phiu thng thng. C rights h c quyn mua mt s c phiu thng thng mi pht hnh vi mt gi n nh, nu mua trc mt ngy no thng l mt nm. n ngy ht hn m gi chng khon ca cng ty ln th h c li v c mua vi gi c. Loi th ba la "stock warrant" dnh cho nhng ai c c phn c u, hay c tri phiu. Ai c n s c mua chng khon ca cng ty vi gi nh trc mt ngy ht hn no . Khi y nu gi ln th h c li. Nhng cch d kh ny ging nh l giy bc bc ko da hay ko chanh khuyn khch ngi nh gp thm vn. y chng ta ch tp trung vo vic huy ng vn nn khng cp n nhng vn khc ca cng ty. nm vng, ta s tm tt nh sau. M c phiu pht ra thu v nh th c l v cng ty c ch ng v vn, khng ai qun l vn ca h. Lut php ca M coi s vn ng k l ti sn tr n khi cng ty ph sn. Vn phi phc v kinh doanh, nn trong hn mc vn ng k vi chnh quyn, cng ty c quyn tng hay gim mt cch linh hot s vn y ; c sao th tr li vi ch n sau ny. c vn di hn lc u, hay tng vn sau ny ; cng ty bn cc loi c phiu thng v c u. Nu nhng th ny ch bn cho mt nhm nh, gm nhng ngi thn quen, th h khng phi ng k UBGDCK. Nu bn cho cng chng th phi ng k. Trong nhng ln tng vn sau, cng ty c th n nh cc loi warrants, options v rights, v nhng th ny cng c bn ra th trng. D bn cho cng chng hay bn trong ch ring t, th cng ty vn phi lm n li li ; nu khng th chng c tin chia li hay tr li cho c ng.

Bi V: Ngi trung gian gia cng chng v cng ty Cc t chc tn dng c kh nng cung cp vn di hn Cng ty bo him hng ha nhn tin hng thng, hay cho mi thng v nhng c khi chng phi n cho ai. Vy h phi ngh cch dng tin lm sao n sinh li. Qu hu bng nhn tin hng thng ca mt thanh nin nm nay 25 tui ri mi sau ny khi anh ta 60 tui mi phi tr dn. Vy phi lm cch no cho ng tin gp hng thng kia ny n. Cch hay nht l cho cng ty vay v cng ty l ci my to li tc ; hn na tin khng cn ly v ngay nn c th cho vay di hn nh doanh nhn mun. y chnh l mm mng s khi nhng tin quyt to nn th trng chng khon. Nhng u t vo cc cng ty khng phi d ; nh h tiu ht tin ca mnh th lm sao. Bi th ngi ta lp ra qu tng tr mutual fund, m lut ca ta gi l qu u t tp th gip ni gi qu hu bng u t. Qu tp th kia do cc cng ty chng khon securities company, bo him hay nhng cng ty chuyn mn khc gi l cng ty u t investment company iu hnh. Nhng cng ty ny c tin nhiu li c th cho vay lu di nn c gi l cc i gia u t institutional investors. Chnh n giai on ny nhu cu v vn di hn ca cng ty mi c th c p ng mt cch t nguyn. Cng ngh s dng trong hot ng ca h thng ti chnh Khi lm trung gian, h thng ti chnh lm cho cc s trao i gia cng chng v doanh nhn c thun tin v nhanh chng ; ng thi lm gim cc ri ro nm trong cc hot ng . S d c nh th v h thng s dng v phi hp bn cng ngh. Mt, l s y nhim delegation. Ngn hng thay mt ngi ny tr tin cho ngi kia. S y nhim lm cho chi ph v giao dch gim i v mt ngi c th lm thay cho nhiu ngi. Hn na, n lm cho cng vic m nhn tr nn chuyn mn, v th m hu hiu hn. Ngoi ra, ly vic cho vay lm v d, khi c nhiu tin trong tay ngn hng thay mt cho cc ch n th ngn hng s c li th thng thuyt vi con n. Tt nhin s y nhim i ngi c giao phi c uy tn v chu trch nhim v vic lm ca mnh. Ngn hng ng ra cho vay m khng i c th phi n cho ngi k thc vn l ch n.

Hai, em uy tn ra lm thay credit substitution. Ngn hng cp tn dng th bo m tr tin cho ngi bn thay cho ngi mua hng l mt v d. Li ha kia lm khch hng tin tng v ngn hng c uy tn. Ba, ngn hng c tin tng khng ch v uy tn ca mnh m cn v kh nng thu gom ti sn ca rt nhiu ngi vo tay mnh pooling. Nh , h c th ly ci nhn ri ca s ng phc v ci cp bch ca mt s nh. Cui cng, khi nm trong tay mnh cc yu cu khc nhau ca mt s ng ngi c nhng i hi khc nhau, h thng ti chnh c th b qua, st li, ly ci ny p vo ci kia netting ; nh gim c s lng cng vic phi lm so vi khi phi lm ring l, v lm cho cc yu cu u c tha mn. C th thy ci li ny khi ba bn ngi n ln nhau m cn n cho nhau b tr. Cng ngh ny s c s dng trong th trng chng khon. Nu ngn hng cha thc hin cc cng ngh , th - nh a em sinh sau - th trng chng khon cng khng lm c, v khng c kinh nghim v tp tc i trc hng dn. Lin h thc t Vit Nam T nm 1990, chng ta c h thng ngn hng thng mi hot ng theo cc chc nng ca ngn hng truyn thng nh nu. Chng ta cng c cng ty ti chnh, nhiu cng ty bo him v c cng ty bo him x hi. Nhng ni ny c th l nhng i gia u t nu lut thnh lp cho php u t vo cng ty thay v gi tin vo kho bc. Nhn chung, cc tc nghip ngn hng chng ta cha pht trin lm, vic thanh ton bng sc l mt th d. Ngoi ra, h thng ngn hng cha thu ht c ht tit kim ca cng chng.

Bi VI: Chun b i ln th trng chng khon Vai tr ca lut php Chng ta xem qua tnh cht v hot ng ca ba vng 1cng ty, 4 cng chng v 2 h thng ti chnh, hay ngi trung gian. Thot u, hot

ng ca cc vng ny do cc iu kin v kinh t v tm l thc y. Nhng v sau m rng v tr nn bn vng, chng phi c lut php h tr. y, chng ta s ni rt ngn v vai tr ca lut php. Lut php phi gi cho hot ng cc vng 1, 2 v 4 c bn vng v p ng mong i ca nhng ngi c lin quan. Ch nh th th sau ny TTCK mi hot ng c v n cng phi da trn nn tng php l ca nhng ci c trc. TTCK phc tp hn th trng tin t v chng khon tng trng cho li ha, gi tr ca n v hnh ty ngi cm tin vo n nhiu hay t. N khng phi l tin mt hay hng ha m l mt t giy ca nim tin c mua i bn li. Nu th trng tin t, s trao i gia cng chng v cc cng ty phi l mt quan h da trn lut v vay n v bo m tr n ; hoc vic pht hnh c phn v nhng quyn li khi s hu c phn l do lut cng ty quy nh th TTCK cng i hi y nh vy, ngoi nhng lut ca chnh n v cho n. Ni chung, TTCK v th trng tin t ch l trung gian. Mun lm trung gian, chng phi n nh v phc v c hiu qu. c c nhng tnh cht ny chng phi nh n chnh quyn. Chng hn, cho nh u t a tin cho ngn hng ri ngn hng cho doanh nghip vay, th vng giao dch ny phi lm li cho c ba ngi. Ci li ch c khi gi c trao i c tnh cnh tranh, cc gi sn sn vi nhau, mi bn phi lun lun phn u ri cng hng ci tt nht. Khng ai c c quyn c th a mt gi no ln qu cao hay h qu thp ; v nh th l lm mt tnh cnh tranh ca gi c, a n c quyn ; m c quyn l cho mt ngi no c quyn c quyn li bing, khin cho nhng ngi khc phi chu chc h v lm cho s trao i b tc nghn. Ngoi ra, khi c nhiu ngi tham d th ph tn giao dch phi thp, nu khng th s rt tn km cho mi ngi. Mun th, cc n v nm trong h thng ti chnh phi c khuyn khch kt hp hay hi nhp v cng vic li vi nhau. Bng lut php, thu kha, v s cng ch thi hnh, chnh quyn s to nn nhng iu kin cho cc yu cu kia c p ng. Nn ti chnh dao ng s nguy him cho x hi. n kh xy ra chnh ph phi c lut l ngn nga. Chng hn ngn hng khng mt kh nng thanh ton, lut khng cho php ngn hng liu lnh chp nhn ri ro khng c cho mt khch hng vay qu10% vn t c v qu d tr hay chnh quyn lp ra qu bnh n gi, mt t chc bo m tin k thc...

Cui cng, chnh quyn cng phi bo v ngi tiu th. Trong bun bn, gi c cao hay thp ty thuc vo chuyn hai bn bit v nhau nhiu hay t. Nu ch mt bn c thng tin th bn kia s b p, v c th b la. Chnh ph phi, th d, ra nhng quy nh buc bn c u th trng ra mi thng tin. l ti sao c th tc ng k v nim yt chng khon trc khi chng c php bn. S chn la ca ngi u t v doanh nghip Cng chng vng 4 v doanh nghip vng 1, v li ch ca chnh mnh, phi trao i vi nhau. u tin, vic trao i c thc hin qua vng 2 th trng tin t. Tuy vy, i vi doanh nhn, th trng ny c nhng gii hn. Bi th khi li tc chung ca cng chng ln cao, c nhng t chc nm trong vng 2 tch ra thnh vng 3. Vng 3 c kh nng nhn vn t nguyn t vng 4 ri giao di hn cho vng 1. Khi iu ny xy ra, th vng 4 v 1 trao i vi nhau qua vng 3 v to nn TTCK. D c nh vy th vng 2 vn cn quan trng v n vn l ch s nhn tin k thc ca vng 4, em cho vng 1 vay ngn hn ; v n gip cho vic thanh ton tin bc gia ba vng kia c nhanh chng. Chng ta c th hnh dung nhng iu trn r hn qua hnh sau : hnh dung s trao i ca cng chng vi cc doanh nghip qua hai ngi trung gian l vng 2 v 3 theo mt cch khc, ta c th ly mt trn ca mt ng h lm v d. S 12 trn mt ng h l cng chng. S 6, l cc doanh nghip. S 3, l th trng tin t. S 9, l TTCK. Th trng tin t xut hin khi s 12 trao i vi s 6 qua s 3. TTCK c mt khi s 12 trao i vi s 6 qua s 9. Vn cho u t i t s 12 n s 6 m i qua chic cu c trng ti 3 tn th s khng nhiu nh khi chng c ch qua bng cu 9 tn. 3 vi 9 khc nhau thi gian s dng vn v s lng vn cung cp. Trn bnh din v m, vn u t khng nm s 3 hay 9, hai ni ny ch l nhng ch c uy tn, nn c s 12 trao tin sinh li li cho h. Ngi thc s lm ra li li, ci my to li tc, l cng ty, l s 6, tc ci vng 1. Vy ta c hnh v sau : Khi cha c TTCK, mt ngi u t mua c phn mt cng ty quen bit v thnh c ng th h l ngi u t trc tip nhng bng c phn. Nu khng lm nh th, h c th b tin vo mt ngn hng ni ny cho cng ty vay ; h thnh ch n ca ngn hng v l ngi u t gin tip vo cng ty. Khi TTCK, nu mua chng khon, ngi u t khng h

quen bit cng ty, tuy vy h cng l ngi u t trc tip nhng bng chng khon. Hai ngi u t trc tip khc nhau ch l ngi u ngi vng 1, h mong c tc tr ngy cng cao. Ngi sau li vng 4, h c th va mong c tc tr ngy cng cao, qua gi ca chng khon h nm trong tay cng tng ; nh th l c hai mi li. Ngoi ra, nu snh si trong vic mua bn, h c th lm giu bng cch mua i bn li chng khon, m khng mong c tr c tc cao. Bng so snh di y cho thy cc s li hi i vi cng ty l ngi vay tin, vi ngi mua chng khon tc l ngi u t trc tip, v ngi u t gin tip tc l ngi cho cng ty vay tin qua ngn hng c hai u l ch n ca cng ty khi ba ngi ny trao i vi nhau qua vng 2 v vng 3. Cc s li hi ny l nhng th cng ty phi xem xt khi mun huy ng vn t vng no. Bi VII: Ct ty ca th trng chng khon C ch vn hnh Th trng chng khon TTCK lm trung gian gia cng chng vng 4 vi cng ty vng 1. Hai vng ny lc lc tri chiu nhau ; v cng chng c t tin, mun kim li cao, li cn mun rt vn ra bt c lc no ; trong khi y cng ty mun vn vo nhiu m li lu. bi u chng ta ni y l hai i hi cc oan. Vai tr ca TTCK l ha gii hai ci cc oan y ; ngha l n lm cho hai vng kia vn gn vi nhau d lc lc tri chiu nhau. Xin qu v tng tng ra mt ci bc n vng bi. N c hai vng ln nh phi khng ? Nhng cc vin bi gia c thay bng mt lp keo dy, do ging nh ko cao su chewing gum nhai lu. Lp keo l TTCK. Chng ta s ni v cht keo kia, tc TTCK vn hnh th no, trong phn hai ca lot bi ny. Tuy nhin cn phi nhn mnh rng, cht keo khng th lm hai vng kia dnh mi nu bn thn hai ci vng khng c mt ci g chung lm im ni kt. im chung l tin li hay li m ngi u t i hi th cng ty phi p ng cho c qua vic kinh doanh ca mnh. Tin cng ging nh nc, n chy vo ch trng. Cng ty phi l ch trng th nc mi chy vo. l iu kin tin quyt cho s tn ti ca mt TTCK.

V mt v m, TTCK khng c vn cung cp cho cng ty. N ch h tr cng ty theo tinh thn anh hy t gip trc, ri tri s gip sau. Sau khi ngi u tin l cng ty bo lnh pht hnh chng khon tr ht tin mua chng khon m cng ty bn ra th TTCK lm xong vic giao vn di hn cho cng ty. N khng lm g khc cho cng ty na. Cng ty cng khng phi tr li, tr vn cho TTCK, nh phi lm vi ngn hng. Vic ng k v nim yt chng khon cng ty lm vi c quan chnh quyn qun l s giao dch chng khon v vi S Giao dch chng khon l ni qun l ci ch, ch khng phi vi TTCK. V vy, cng ty phi t lm n m tr li, tr li cho nhng ngi hay s mua chng khon ca h. Trong s cng vic ca mnh, TTCK phc v cng ty khong 10%, cn phc v nhng ngi mua chng khon n 90%. Vic phc v sau gm hai cng tc chnh : 1 lm sao cho h c th kim li t vic mua bn chng khon trn th trng ; v 2 cho h rt tin ra lc no cng c. Cch duy nht m TTCK lm thc hin tt hai cng tc kia, l lm sao cho c tht nhiu ngi tham gia vo n, cng ng cng tt. ng ngi mua t s bn d, vy l c s mua bn kim li. Nhiu ngi mi sn sng vo th ngi c bn chng khon cho h, nh vy l rt ra lc no cng c. TTCK cng khng bo m cho ngi u t l c mua bn chng khon s c li, hay cho vay TTCK l c li cao. Nhng th ny ty thuc vo cc cng ty bn chng khon v hot ng ca h, v ty cch ngi u t t mua bn nh th no. Cch lm ca TTCK l s dng mt s cng ngh : 1 gi mua bn s l mt gi cng bng fair, mt bn khng th bt cht bn kia v nm nhiu thng tin hn ; 2 c sn thanh khon, tc l lc no cng c tin mt thanh ton hay l ngi bn hay mua chng khon d nhiu hay t th cng khng b dm gi hay tng gi v khng c sn tin mt ; 3 chi ph cho vic mua bn thp ; 4 vic thanh ton tin nong gia mt s rt ng ngi din ra nhanh chng v thun tin v 5 mi giao dch din ra trong s thanh lim v trong sng. Bn yu t u c tnh thng mi hay vt cht, cn yu t cui l tinh thn ; v tt c u nhm phc v ngi u t. T cch ca ngi mua bn chng khon Khi pht hnh chng khon, cng ty s n nh mt gi bn ban u c ghi trn chng khon, gi l mnh gi. Mnh gi s ln hay xung thnh gi thc t lc mua hay bn gi l thc gi. Thc gi thay i ty theo ngi mun mua hay bn chng khon thy cng ty tr c tc hay tin li ra sao nm trc tr bao nhiu, nm nay c th s tr bao nhiu v ty vo s

nh gi ca h v trin vng kinh doanh ca cng ty sn phm s bn chy khng. Hai yu t ny t l thun vi nhau nhng li to ra hai loi ngi mua bn khc nhau. Ngi no mua hay bn chng khon m da trn trin vng kinh doanh tng lai ca cng ty th ngi mong kim li t chnh vic mua bn ; v h l ngi u c speculator hay ngi kinh doanh chng khon. Ngi u c TTCK khc hn ngi u c th trng hng ha, h cn thit cho TTCK, chng ta s xem v h bi 18. Cn ngi no ch mua chng khon mong hng c tc hay tin li u n, th ngi l ngi u t bo th hay ngi nui chng khon. D l ngi u c hay ngi bo th th c hai u l ngi u t. Nu ngi bo th khng bn chng khon i th h ngi vng 1, cn ngi u c th lun lun vng 4. V tr ca h c th thay i t vng n sang vng kia, ty theo cch h ra lnh cho cng ty mi gii mua bn chng khon ca mt cng ty nh th no. Bi VIII: Lai lch ca TTCK New York Th trng chng khon TTCK l cch ni vn v cho mt ci ch. N l g ta bit. Trong phn hai ny, chng ta xem n vn hnh th no. Phn hai: Khi ni n TTCK New York, ngi ta thng hnh dung tr s ca New York Stock Exchange NYSE - S Giao dch chng khon New York. c ba khu mua bn chng khon, gi l cc sn giao dch m ci sn ln nht du khch thng c dn n xem l mt khu gn nh vung khong 40 m mi chiu v cao khong 25 m, trong c 14 quy hnh mng nga trading posts bn cc loi chng khon khc nhau ty theo cng ty v loi hng. NYSE l mt trong nhng ni mua bn chng khon nhiu nht th gii. Nm 1900, khi tr s hin thi c xy xong, th v rui nm trn su ct tr kiu Crin Corinthian mt trc tr s phn tam gic ging u hi cn nh, ngi ta p mt bc ph iu trong c cc m hnh tng trng cho nng nghip, hm m, khoa hc, cng nghip v pht minh l nhng ngun gc to nn s giu c ca nc M. iu ng ch l tng cao nht ng gia bc ph iu l tng ca mt ngi n b tng trng cho s lim chnh, bn cnh b l hai ngi n ng nh hn, mt ngi nhn v mt ngi ghi s cc sn phm c ngi khc a cho b ta. S lim chnh l lut php chi phi cc quy nh ca TTCK New York lm cho nhng iu tt p s n vi th trng ny. l quan nim ca

nhng ngi ch xng bc ph iu. TTCK v S Giao dch New York c mt lch s di tri qua nhng thi k chnh nh sau. Thu ban u 1790-1792 T nm 1790, chnh quyn Lin bang M pht hnh tri phiu chnh ph cng tri - public stock ln n 80 triu USD ti tr cho cc d n ca nh nc. Cng tri khi bn cho nhng ngi mua u tin to nn th trng s cp primary market ; lc nhng ngi ny bn li cho nhiu ngi khc th s mua bn y to nn th trng th cp secondary market. Cng lc vi chnh ph bn cng tri, cc cng ty bo him v ngn hng cng bn c phiu. Vic bun bn din ra nhiu ni nhng New York l nhn nhp nht. V bn bn khng ra mt nn vic bn cho cng chng do cc ngi mi gii broker thc hin. T broker c dng t khong nm 1622, lc u n ch nhng ngi bn ru nho l, ngi phi ph break ci ai thng g chit ru. i vo t chc 1792-1817 Khi cng tri c mua bn trn ng ph th c nhiu ngi, nhiu gii tham gia nhng mi gii lm mt cch khc nhau theo sng kin ca h nn rt ln xn. V th, ngy 17-5-1792, 24 ngi mi gii mua bn nhiu nht New York cng nhau k mt hp ng cam kt ngn chn s c quyn mua bn cng tri ca nhng ngi bn u gi. H ng khng tranh nhau u gi, ly hoa hng t khi mua bn, v tn trng quyn li ca nhau. Sau khi ngi Anh thua trong cuc chin duy tr thuc a, New York tr thnh trung tm thng mi v cng quc t. Nhiu ngn hng v cng ty bo him c lp nn TTCK ngy cng nhn nhp. Nhiu loi chng khon c hai, ba t chc khc nhau bn. n ngy 8-3-1817 cc ngi mi gii hp nhau li, nh ra k hn gp nhau v lp nn S Chng khon v Giao dch New York New York Stock & Exchange Board - NYS&EB, t 40 ph Wall Street v hot ng theo nhng tp tc nh Paris, London v Amsterdam. NYS&EB l mt hi t nhn, cung cp cc phng tin v t ra ni quy cho vic mua bn chng khon. Hi ra nhng quy nh chi tit v vic mua bn, mc hoa hng v s cam kt giao hng. Hi cm k kt cc hp ng ma khng lm thng tn s lim chnh ca mnh v ca th trng. Mun thnh hi vin, ng vin phi c hi vin c gii thiu v phi qua b phiu chp nhn. gi gn uy tn, hot ng

ca hi vin, t li ni n trang phc u c quy nh cht ch v c hnh pht. Pht trin hot ng 1817-1884 Sau cuc ni chin, cuc chin tranh vi Mexico, vic tm thy vng California v pht minh ra in tn trong nhng nm t 1842-1853 ; hot ng thng mi New York ngy cng pht trin. TTCK cng m rng theo. NYS&EB chnh thc ha vic nim yt listing chng khon nh l mt th tc cc cng ty chng t c phiu ca h c iu kin mua bn. Trc khi c nhng th tc ny, nhng cng ty no c s chuyn nhng chng khon New York th chng khon ca h c th c hi vin ca NYS&EB t mua hay bn ty theo thch ca nhng ngi ny. Th k gi s s ghi vic chuyn nhng ca ngi c v vit c phiu cho ngi mi. Nm 1853, NYS&EB buc cc cng ty mun cho c phiu c nim yt phi cng b s vn, s c phiu v ngn qu c xc nhn. Nc M tip tc pht trin, ng xe la c ni t ng sang ty, TTCK New York l ni lm trung gian cung cp ti chnh cho nhng cng trnh y, v bn thn n cng m rng theo. S hi vin t 533 tng ln 1.060 vo nm 1868. t lu sau, NYS&EB nhp chung vi mt t chc khc chuyn bn cng tri, n i tn thnh New York Stock Exchange NYSE, l ci tn tn ti cho n ngy nay. Vic iu hnh NYSE do mt y ban ph trch. Nhiu tp tc, ting lng s dng gia cc hi vin sn bn chng khon c lp v tr thnh truyn thng. Th d, n v l ca mt -la c chia lm tm khc hay phn, thay v 10 n v, mi khc l 0,125 thay v 0,100 ; cch phn chia ny l do tp tc trong vic chia ct bc m ra. Trong ting Anh ngi ta vit l 1/8 ; th d 301/8, tc l 30,125 y, cho gn, chng ta dng hai s l cho nn s trn l 30,12. Hay t "ball" ch gi c ln, t "bear" ch gi c xung. Vn phng ca cc ngi mi gii tuy m rng cho cng chng, nhng h ch nhn lnh t mua bn chng khon ca nhng ai quen thuc, hay c gii thiu cn thn ; v c bit chc v ti khon ngn hng cng tinh thn trch nhim i vi tin bc ca nhng ngi ny. Vo thi chnh uy tn ca ngi mua bn quyt nh vic h c tham gia TTCK hay khng. Mi sau ny, sau khi dn chng c trnh hc vn cao, li tc nhiu v bit nhiu hn v chng khon, vic mua bn chng khon mi tr nn rng ri. Pht trin lut l 1844-1934

NYSE cng c nhiu ngi tham d hn khi in tn do Morse pht minh c a vo sn giao dch nm 1844, lin lc lin lc a c ni nm 1866, in thoi c t nm 1878 v bng bo gi c chng khon stock ticker c pht minh vo nm 1867. D vy, cho n nm 1890, hot ng ca th trng vn ch do mt nhm nh ti phit chi phi. H lm ma lm gi trn th trng. Lut cng ty lc cha cht ch lm nn xy ra nhng chuyn la o, nh ti sn cng ty chng c bao nhiu m bn c phiu vi gi cao. Vo nm 1867, c vi tay ni ting nh James Fisk Jr., Jay Gould lm vic ny. ngn chn, NYSE buc cc chng khon c nim yt phi c ng k mt c quan nh ngn hng. Trch nhim ca ngi ng k l bo m chng khon chuyn nhng c ghi vo s, v s chng khon giao cho ngi mua phi ngang vi s b hy v bn ; v s chng khon ln u phi nm trong phm vi s vn cng ty c php gi authorized capital. Ngoi ra, n xin nim yt cng c mt ban ring kim tra cht ch trc khi y ban iu hnh chp nhn. Hon chnh t 1934 tr i Vi nhng quy nh ni b nh th nhm bo m uy tn ca mnh, NYSE tri qua nhng giai on thng trm ca ch ngha t bn ni chung v ca nc M ni ring vo cui th k 19 sang u th k 20, ri th chin th nht, cuc khng hong kinh t t nm 1929-1933 v th chin th hai. T t, hot ng ca NYSE c chnh quyn h tr v c cng c. H thng ngn hng d tr lin bang c lp nm 1914, ri y ban Giao dch chng khon ra i nm 1934 ph trch ng k chng khon. ng thi NYSE t mt "hi t nhn mang trn mnh qu nhiu li ch chung" tr thnh mt t chc hot ng quy c c ch tch hng lng, mt hi ng iu hnh bao gm nhiu i din nhng ngi mi gii, v mt b phn nhn vin hnh chnh hng lng qun l hot ng ca sn giao dch nh thy ngy nay. Vy, chng ta phn bit y hai t chc nhng c ba cp bc khc nhau. Mt l Securities and Exchange Commission SEC, gi l y ban Giao dch chng khon l mt c quan chnh ph qun l vic pht hnh, mua bn chng khon. Th hai, New York Stock Exchange NYSE gi l S Giao dch chng khon, l mt hi t nhn m vai tr ca n nu trn. Th ba, NYSE qun l mt sn giao dch trading floor, v chnh l ci ch.

D tho php lnh v chng khon ca ta cng d tr hai t chc : y ban Chng khon Nh nc v S Giao dch chng khon. Bi IX: Nguyn tc t chc v iu hnh th trng chng khon Mt ci ch c t chc Nh cp trong cc bi trc, th trng l mt "ci ch". mc pht trin thp, ch l mt ni tp trung hng ha cc loi, v k bn ngi mua gp nhau. mc pht trin cao hn, nh cc siu th "mart", ch khng c ngi bn. mc cao hn na ch l ni din ra s trao i. ngi mua hay bn khng xut hin m giao dch vi nhau qua nhng ngi mi gii. Ch bn chng khon thuc loi ny. Ni y, hng l cc chng khon c trao i ; nhng chng thc s li ch l nhng con s i km vi tn cng ty. iu ny gip ngi mua k bn, vo bt c lc no, cng c th thay i v tr, khi mua chng khon, khi bn n i. V ngi ny l nhng nh u t hay cng chng nh ta bit. Ngi u t mua v bn hng, nhng hng ca h l hng mua li. Ngi bn thc s l cc cng ty c phn. Nhng nhng cng ty ny chng cn dnh dng g vo vic bun bn. Ch bn chng khon c rt ng ngi mua, k bn, bi th, n c t chc rt quy c v c gi l "mt ci ch c t chc cao" highly organized market. Cc loi ch Bnh thng, ch hng ha, ta c ch u mi v ch bn l l nhng ch phn loi theo s lng hng bn bn bun, bn l ; c ch trong nh lng, ch bn ngoi nh lng l nhng ch phn chia theo phm cht hng bn ; ri c ch bn lng thc, ch bn cy cnh l nhng ch phn theo mt hng. TTCK cng c nhng loi ch ging nh th ch khc l n c t chc cao. Ch bn theo s lng hng bn Chng khon thot u do cng ty a ra ; khi ng k vi y ban giao dch chng khon th h c php bn. Cng ty s bn cho mt ni mua s cho tin khi a bn cng nh lc ly tin v. Cng ty "mua s" l cng ty

bo lnh pht hnh chng khon. S mua bn gia hai ni ny to nn th trng s cp, ging nh ch u mi. Khi cng ty "mua s" em bn l chng khon cho cng chng, th hai ngi ny to ra mt th trng th hai, gi l th trng th cp, ging nh ch bn l. Hai th trng ny n thng vi nhau mi to nn TTCK. Nu ch c ch s cp khng thi, nh ta hin nay, th cha c TTCK. Ch bn theo phm cht hng ha Cng ty bn chng khon c ci to, ci nh ; cho nn chng khon ca h cng c phn loi theo sc mnh ca cng ty. Chng khon ca cc cng ty ln, hi mt s iu kin no , s c bn mt khu vc rng ri, ph x ng ngi, gi l cc sn giao dch, nh m t bi 8. D tho Php lnh chng khon ca ta gi l "th trng giao dch tp trung" ; cho ngn gn v ty mch vn, chng ta s dch l ch bn trn sn hay sn giao dch. Cc t ny u ch chung mt ch l "trading floor". Chng khon ca cc cng ty khng hi nhng iu kin i hi kia s c bn mt ni khc gi l bn "qua cc quy" over-the-counter trading - OTC ; c th tn chnh thc ca n ta s l "th trng giao dch khng tp trung", y chng ta dch l "ch bn trn bn" hay "bn giao dch" ta khng gi l quy khng b ln vi quy ch trn sn. Ch trn bn, khng c ngi qua k li, m ch l cc vn phng ca cc ngi mi gii t ti nhiu ni trong nc. H cng nh khch hng giao dch vi nhau qua in thoi. Phn loi theo tnh cht mn hng Huy ng vn th khng ch cng ty mi lm, m c chnh quyn cc cp cng lm na. So vi cng ty, kh nng tr n ca chnh quyn chc chn hn, do cc rng buc v tr n dnh cho cng ty khng c p dng cho chnh quyn. V th, cng tri ca chnh quyn c bn mt ch khc, thng l cc ngn hng thng mi. S vic ny to ra mt ch ring bn cng tri do chnh quyn pht hnh. S phn loi cc ch nh trn ct cho d hiu. Trn thc t, cc loi ch kia hot ng an xen vi nhau to nn mt TTCK. V ct ty ca mt ci ch l s trao i, nn u c trao i l c ch m khng nht thit phi

c mt a im chung cho k mua ngi bn ; bi th "ci bn" cng l mt "ci ch". Nguyn tc hot ng ca ch Th trng s cp phi gii quyt tt c cc vn ca vic vay n v hn vn ; l nhng th lun lun c ri ro. Mun trnh ri ro, ngi ta phi thu thp tin tc, k hp ng vi cc con n, v kim sot s thc hin hp ng . Vic ny s do mt cng ty hay ngi bo lnh pht hnh chng khon underwriter lm. H s tho lun vi cc cng ty mun bn chng khon v cc iu kin ca hp ng. Khi hp ng c thc hin th cc cng ty c y nhim trustee kim sot vic con n thc hin hp ng. Ch th cp bn chng khon l ni cng ty bo lnh pht hnh bn li chng khon cho cng chng. Ch ny - nh bit - do cc ngi mi gii lp. V nhng ngi ny chng ta s cp bi XIII. Ch th cp phi thc hin ba chc nng. Mt l, khai m, hay xc nh mt gi cng bng fair cho vic mua hay bn chng khon. Hai l, gip cho vic mua bn theo cc gi kia c din ra nhanh chng d dng ; tc l to ra thanh khon. Ba l, gip cho vic giao dch t tn km. Xc nh mt gi cng bng Chng khon tiu biu cho li ha ca cng ty pht hnh l h s tr li s tin nhn cng vi li li sau ny. Gi tr ca li ha ty thuc vo s mong i ca ngi b tin ra v vo s nh gi cc ri ro lin quan n s tr n. Hai ci ny li b chi phi bi cc thng tin c sn nhng ch nht nh bo ch, c s, ni mua bn v bi kt lun m ngi b tin rt ra t cc thng tin y. Cng mt thng tin, nhng nhng ngi khc nhau s c nhng kt lun cho mnh khc nhau. Mt gi c cng bng cho chng khon l mt ph tn thp nht m nhng ngi hiu bit thng tin sn sng tr khi mua bn chng khon. Mt ph tn thp nht cho ngi bn l s tin cao nht h i c. Cn ph tn thp nht cho ngi mua li l s tin nh nht m h s phi tr. Khai m ci gi kia l mt din trnh lm gi hay to gi. mi loi th trng din trnh khc nhau. To ra hay c sn thanh khon

T "thanh khon" nghe kh hiu. y, cho d nh, c th ni mt th trng c kh nng to thanh khon l ni m bt c ai cng c th mua bn nhanh chng m khng b thua thit. Th d, khi bn mun bn chng khon ca mt cng ty, mt ni no, vo bt c lc no, theo ci gi cng bng, m ni c th mua ri tr tin cho bn ngay th l mt th trng c thanh khon cao. Nu phi lu bn mi bn c hay phi "lt tay" mi bn c th ni khng c thanh khon hay thanh khon thp. c thanh khon, TTCK s p dng cng ngh b qua st li thanh ton b tr. S tin nhn t ngi mua s c ly ra tr cho ngi bn. Nu s ngi bn cao hn s ngi mua khin c s mt thng bng v thanh khon, th TTCK cng phi c kh nng ging nh ngn hng b p s chnh lch kia. Cc cng ngh ca ngn hng, m chng ta bit qua bi V, cng c dng trong TTCK. Gim chi ph giao dch Ct li ca TTCK l s trao i. Mun trao i phi c s ng v iu kin mua bn. V s thc hin ci ng tc l s thc hin v ri thanh ton. Khi lm hai vic sau th cng c tn km v ri ro th d, ngi bn nhn bn nhng khng giao hng khin ngi mua phi i tm hng thay th ; ngi mua khng tr tin lm ngi bn kt vn.... Chi ph thc hin phi thp th bun bn mi d dng ; nh TTCK mi thc hin c cc chc nng ca n. Mun th, th trng phi c t chc ngha l c bn c tnh sau : Hn ch gia nhp v c ni quy hot ng Ngi mua bn chng khon c th ln n hng trm hng ngn mi ngy. Mt s ng nh th giao dch vi nhau th phi bit nhau v phi tin rng nhng ngi m h giao dch l nhng ngi ng tin cy. Nu khng, th ai cng s b "su tra l lch" trc khi tham gia. Nu vic xy ra, ta s thy ngay l khng c mua bn na. Mt cch trnh tnh trng ny l chn lc gii hn s gia nhp. Trong TTCK, ch c nhng ngi c php mi c vo ch trn sn. l nhng ngi mi gii. Tt c nhng ngi khc ch c th mua bn vi nhau qua nhng ngi ny. tr thnh ngi mi gii, ng s phi hi mt s iu kin v vn ling, tiu chun k ton chuyn mn v o c. V cho cht ch hn, cc hi vin phi t ra ni quy hnh ngh ; nhng ai vi phm s b pht tin hay b sa thi.

Nh nhng bin php trn, nn khi ngi u t ra lnh mua bn, h mi dm tin tng ngi mnh giao dch v iu ny lm cho chi ph gim nhiu. Nim tin lm gim bt giy t v tn km. Tiu chun ha Vic giao dch ch phi c tiu chun ha v n gin ha. Th d, cc chng khon c xp theo tng l 100 hay 1.000 c phn ; ri c nhng th tc thng nht v chuyn giao hng v thanh ton tin. S tiu chun ha lm cho vic mua bn c n gin. Ngi mua v bn ch cn ng vi nhau v gi hng v s lng ; tt c cc vn khc ca vic mua bn th hai bn bit, khng cn phi bn bc na. Tiu chun ha cn lm gim cc trng hp hai bn hiu khc nhau v tnh cht ca s giao dch. Gii quyt tranh chp D to ra nhng tp tc trn th tranh chp cng vn xy ra. Gii quyt chuyn s mt thi gi v tin bc. Ch c t chc s gim chi ph kia bng cch ra mt khun kh cho vic gii quyt tranh chp. Gii quyt ring t vi nhau s r hn nhiu so vi vic a nhau ra ta. Bo m thi hnh Giao dch cch no th cng c nhng rc ri khng lng trc c ; l ri ro, v chng rt khc nhau. Mua bn th bao gi cng c hai ngi, nu ch a ra cc bin php bo v mt ngi th vic mua bn tr nn tn km v ngi kia cng phi tm cch chng . gim bt chi ph , th trng c t chc s bo m rng cc s giao dch c ng th cng s c thc hin. Lm c nh th th khi hai bn mua bn ng v mt v vic ri th c hai u bit chc vic y s c thc hin. l nhng nguyn tc chung m cc th trng c t chc p dng. Thc hin chng cch no th mi th trng s lm khc nhau. Bi X: Lut php iu chnh th trng chng khon Quy nh ca lut php

Chng khon khc vi phn ln cc hng ha khc m cng chng mua bn. T thn n, chng khon khng c gi tr ; n tiu biu cho mt "quyn li nm trong mt ci khc". Gi tr ca tri phiu ty thuc vo iu kin v tin bc ca con n m h ha khi a ra bn. Gi tr ca c phiu ty thuc vo kh nng sinh li hay trin vng ca cng ty pht hnh n ; gi th trng ca n ty thuc vo vic c bao nhiu ngi khc sn sng tr tin mua n da trn s nh gi cc trin vng y. Bn thn chng khon khng c gi tr nh tin hay vng bc ; nim tin - mt th v hnh ngi ta t vo lm n c gi tr. duy tr nim tin kia, chng khon i hi phi c nhng lut l ring iu chnh hay chi phi vic mua bn chng, v lut l ny khc vi cc lut l v mua bn cc hng ha thng thng. Hng ha, phn ln, c lm ra, phn phi, s dng hay tiu dng. Lut l t cho chng nhm bo v ngi tiu dng cui cng chng li cc mn hng nguy him, qung co sai lc, gi c c tnh bc lt... Lut l cho chng khon th khc hn. Cc vn m lut iu chnh Th nht, chng khon c in ra v c k tn, n c to ra, chng khng h i qua mt qu trnh sn xut no ; li c th c pht hnh trn lan, v hu nh khng c gi c, v chng c g bn trong. N ch tng trng cho mt quyn li nm trong mt ci khc. Mi quan tm ln lao ca lut l v chng khon l phi bo m rng khi chng khon c em ra mi mc cng chng mua, th nhng ngi ny c c mt s hiu bit ng v "ci g khc" l g, v quyn li m n em li qua t chng khon l bao nhiu. V vy c lut l v ng k pht hnh vi y ban giao dch chng khon v v nim yt vi s giao dch chng khon. Th hai, ngi mua khng th em chng khon ra i ly c kiu, tm kh v lai rai. Chng l mt loi vt c gi c trao i th trng th cp theo nhng gi i thay. Nhng v mua bn trong th trng th cp vt xa v s ln v lng so vi khi a ra bn trn th trng s cp. Mi quan tm th hai ca lut l, do l, bo m c mt ngun thng tin lin tc v cng ty pht hnh chng khon, bng cch buc cng ty phi bo co b tc, c ba thng mt ln thng bo cho nhng ngi nm chng khon ca cng ty, mi khi nhng ngi ny c yu cu n bu bn, hay phi quyt nh v s chng khon nm trong tay nh khi cng ty nh pht hnh thm, tch i c phn stock split...

Th ba, v vic mua bn chng khon rt nhy cm vi cc tp tc, cch thc lm n c tnh lng gt, khuynh o, nn cc lut l v chng khon u c cc iu khon trng pht s gian di, la o ca ni pht hnh. Nhng iu khon ny c gii thch rt rng khng ch ngn cn cc hnh vi la o m cn c nhng hnh vi to ra bt cng. Th d, ngi mua bn chng khon m c nm tin ni b insider trading b pht v do u th v thng tin kia h s mua bn li li nhiu hn so vi ngi u t bnh thng ; hay l mt ngi c vn v u t m mua chng khon trc khi cho kin v n, ri em bn i sau khi gi ca n tng do tc ng ca li khuyn hay kin ca mnh scalping th cng b pht ; hoc l ngi mi gii khi c khch hng tin tng giao ph vic mua bn chng khon m mua i bn li chng khon nhiu ln ct n hoa hng khng lu tm n kh nng ti chnh v mc ch u t ca khch hng churning th cng b pht. Th t, v c c mt b my ln mua v bn chng khon cho cc ngi u t do nhng ngi mi gii thc hin, lut l chng khon phi quy nh hot ng ca nhng ngi sau bo m h s khng li dng li th v kinh nghim v v c hi mua bn hn hn ca h m n thng vi nhau qua mt hay n chn ca cng chng vn khng chuyn nghip. C th k vi vic nh lut buc mi gii ch bn trn bn phi c ti thiu 5.000 USD vn rng net capital, tc l vn tr n d khng mua bn chng khon no v phi c 25.000 USD khi giao dch ; hoc lut bo v ngi u t bng cch lp mt cng ty bo him ri buc cc cng ty mi gii phi ng tin vo hng nm. Cui cng, lut l chng khon a ra cc loi hnh pht m chnh quyn c th p dng cho nhng ai vi phm cc iu b cm, k c vic dnh cho nhng ai b thit hi v nhng vi phm kia c n tin. Hn na, ta n cn gii thch to nn cc trch nhim bi thng tin bc trong nhng trng hp m lut khng nu ra r rng. Bi XI: Hng bn ch - cc loi chng khon Chng khon bn trn ch s cp hay th cp l c phiu hay tri phiu cc loi m cng ty huy ng vn pht hnh sau khi ng k vi y ban giao dch chng khon. iu ny chng ta bit. y chng ta s i chi tit hn v cc loi chng khon bn trn cc ch m trc kia cha c cp.

C phiu thng thng C phiu ny cho c ng ba quyn qun tr, chia li, ly vn v khi gii th. Tuy nhin, ty theo tng cng ty, vic qun tr c th hin qua quyn b phiu hay quyt nh c th khc nhau; th d c phn hng A cho quyn quyt nh nhiu vn ca cng ty hn l hng B. Nhn t v tr ca ngi mua chng khon, c phiu thng thng c xp loi ty theo tnh trng ln mnh ca cng ty hay s phn ng ca cc sn phm ca cng ty i vi cc chu k kinh t. Trn c s c s phn loi chng khon ca cc cng ty ln mnh r rng established growth stock; loi cn ang ni ln emerging growth stock; loi c gi di 5 USD mt t penny stock; v loi ch bn cho nhng ngi tht giu, v ngi ny cam kt bng vn bn l s khng bn li cho ai letter stock. Chng khon phn loi da trn s phn ng trc chu k kinh t c chia ra : loi m cng vic kinh doanh khng b nh hng mnh d tnh hnh kinh t c th no i na defensive stock nh chng khon ca cc cng ty dc phm, in nc ; loi b ty thuc vo chu k kinh t chung cyclical stock, nh ca cc cng ty xy dng, hay sn xut hng lu hao mn. Loi sau s tr c tc cao khi nn kinh t ln, v ngc li. V vy gi ca n cng thay i tng ng. Cn mt loi na l khi nn kinh t cng xung th gi n cng cao counter cyclical stock nh xng du. C phiu c phn loi nh trn gip cho nh u t chn la khi mun bn, mt s phn loi theo li ch ca h. C phiu c u C phiu ny c nhiu loi nhng nhng loi chnh l : - Loi cho c ng c hng c tc bo m ; ngha l nu nm ngoi khng c chia c tc th nm nay s c ly c c tc ca nm ngoi ln ca nm nay v c ly trc cc c ng thng cumulative preferred c th dch l c phiu tch ly. Trong trng hp ny, c ng thng cn li c bao nhiu tin th chia by nhiu. V th c phiu c gi l c u hay u tin.

- Loi cho php iu chnh c tc, c tc nhn c mi k thay i theo s thay i ca mt li sut no dng lm tiu chun adjustable rate preferred gi l c phiu c u c li iu chnh. - Loi cho iu chnh c tc theo li sut ngn hn lnh 49 ngy mt ln money market preferred, gi l c phiu c u tin t. Loi cho iu chnh c tc theo li sut do cng ty pht hnh n nh ly mi 49 ngy auction rate preferred. - Loi cho chuyn i thnh c phiu thng thng theo mt t l no convertible preferred, c phiu c u kh hon. Nhn chung, cng ngy c phiu c u cng c dnh cho nhng tnh cht gn ging nh tri phiu. V trong mi tnh cht, n l mt s phi hp nhiu tnh cht khc nhau cho ph hp vi s mong mun ca nh u t. Ngoi c phiu ra, hng bn trn th trng chng khon cn c rights, warrants v options m c cp trong bi IV. Cc loi tri phiu Nh bit, tri phiu l mt t giy n. Ngi cm n c hng u mt s tin li v sau mt thi gian no c ly tin gc v. Tin gc c tr li l mnh gi ca tri phiu. Thng thng tri phiu hay c mt phn gi l "coupon" tem phiu ging nh mt phiu gn vo n. Mi ln ly li, ngi ch n s ct mt ming. Loi tri phiu c tem nh th c gi l tri phiu c ghi tn ch n bearer bonds, v ngy nay, loi ny rt ph bin. Tri phiu M c th do cng ty a ra qua cc cng ty bo lnh pht hnh, ri c bn ch trn bn hay, nu cng ty c iu kin, ch trn sn. Cch cng ty pht hnh tri phiu chng ta bit qua bi IV. Tri phiu cng c th do chnh ph lin bang hay cc tiu bang pht hnh, gi l cng tri. Cc ni ny pht hnh qua cc ngn hng thng mi. Tin tc v mua bn tri phiu t c a ln bo v n khng b nh hng bi trin vng v hot ng kinh doanh ca cng ty, ch nhn ly li u u, nhng s lng tri phiu tnh theo tr gi tin bc, chng cao gp bao nhiu ln so vi c phiu. Ging nh c phiu c u, tri phiu t thay i v gi c, nn n c xp vo loi chng khon u t investment type securities.

Tri phiu c nhng tn khc nhau ty theo thi hn tr n. Tri phiu c k hn mt nm gi l "bills", t 1-10 nm gi l "notes", t 10 nm tr ln gi l "bonds". Theo quyn li ch n c hng, tri phiu c chia ra nhiu loi. Tri phiu khng c ti sn bo m gi l "debenture", ngi ch n tin vo uy tn ca con n ; nu c ti sn bo m th gi l "mortgage-backed bonds". Cng l tri phiu c, nhng c loi cho ch n ny ly n v trc ch n khc ; ci no ch cho ly sau c tn l "subordinated bond" tri phiu ly sau. V hng li, tri phiu cho hng li sut iu chnh gi l "floatingrate bonds" tri phiu li sut th ni. C ci cho chuyn i thnh c phiu gi l "convertible bonds" tri phiu kh hon. Loi ch tr li khi mn n o hn gi l "zero-coupon-bond" tri phiu khng tem phiu ; khi mua loi ny ngi mua tr tin thp hn nhiu so vi gi ghi trn phiu, n khi o hn li c nhn s nh ghi trn phiu, cng thm tin li tch gp n khi y. Loi tri phiu ny mi ra i gn y. Ch n ln con n u thch. Ch n c th mua c nhiu vi s tin hin c ; con n khng phi lo tr li hng thng cho n khi o hn. Ngoi ra cn c loi tri phiu m con n c quyn tr n ly v gi l "callable bonds" tri phiu chuc li c. Vi loi ny, sau khi bn vi nm cng ty vay n c th ly li bng cch tr tin gc cho ch n. Cng ty s lm nh th khi li sut xung ly ci c v ri pht hnh ci mi c li sut thp hn. Bi XII: a hng ln ch: ng k pht hnh chng khon Th tc giy t Nh chng ta bit, mun bn chng khon cho cng chng, cng ty phi c php ca y ban Giao dch chng khon UBGDCK. i v mt giy t cng ty phi lm ba loi chnh. Th nht, son tho v ng v cc vn kin c bn gia cng ty pht hnh chng khon CTPH vi cng ty hay ngi bo lnh pht hnh chng khon CTBL vi s gip ca cc nh t vn ca h. Cc vn kin ny gm bn thng co pht hnh prospectus, n xin ng k, hp ng bo lnh pht hnh underwriting agreement v cc vn kin ph thm khc. Hp ng bo lnh l s ng c bn v vic bn v mua chng khon vo mt ngy no , sau khi hi mt s iu kin, vi mt gi nht nh. Nu c nhiu ngi cng bo lnh pht hnh, h phi ng vi nhau v phn mnh ph trch v s tin c chia.

Th hai, xc minh nhng g c vit. Vic ny bao gm ni chuyn vi cc thnh vin trong ban gim c CTPH, c cc bin bn hp hnh, hp ng, giy php v cc vn kin khc c lin quan. Ph trch vic ny l lut s, nhng h thng gii hn trch nhim ca h vo vic ch ra nhng sai st. Trong lc , cc k ton v kim ton vin kim tra cc bn tho v bo co ti chnh theo cc th thc v tiu chun ngh nghip. Cui cng, cc vn kin trn phi c np UBGDCK xem xt. CTPH phi tr li cc thc mc ca y ban v tu chnh cc vn kin nh c yu cu. Thi gian lm nhng vic trn phi ba thng tr ln v ph tn cng cao. Ngi hay cng ty bo lnh pht hnh CTPH i tm mt ngn hng u t ni ny lm CTBL, v tho lun vi h v cc iu khon. i vi cc cng ty nh, CTBL s tho lun ; nhng vi cc cng ty ln th cc ngn hng u t tranh nhau bo lnh pht hnh. Vi cc cng ty nh, CTBL s bn chng khon trn cn bn "c gng ti a" best efforts. Trch nhim ca CTBL ch l c gng bn s chng khon ; ri ro khng bn c vn nm vi CTPH, v CTBL hng tin hoa hng cho nhng g bn c. Nu s ngi mua chng khon khng ng, CTPH c quyn rt li ton b s chng khon, nu h c ra iu kin "bn cho ht, khng th thi" all or none. Trong trng hp ny, khi thy t ngi mua, CTBL s thu chng khon v, ai mua cng c quyn hon li v i CTBL tr tin. Ngc li, vi cch bo lnh trn l bo lnh chc chn firm commitment ch dnh cho cc cng ty ln v c uy tn. Khi ny, CTBL mua ht s chng khon c pht hnh sau bn i vi gi cao hn mt cht, ly li t chnh lch gi c. ngha ca s ng k vi UBGDCK Vn kin np cho UBGDCK buc phi "ni ht mi th" tell it all v CTPH. mun bn chng khon cho cng chng th phi ni ht v mnh, k c nhng iu nh : - Bn ci g, s lng bao nhiu ? - nh dng s tin thu c lm g ?

- Tnh trng hay ngha v np thu ca cng ty ra sao ? - K hoch d phng trong trng hp khng t c k hoch d tr khi huy ng c vn ? - Cng ty hin c ang b kin tng g khng ? - Doanh thu v chi ph - li l. Theo lut, nhng g cn giu gim trong nhng li cng b trn s b pht theo lut hnh, tin pht v mt dn s s cn nng hn. Bn cng b phi i cho n khi c UBGDCK chp nhn mi c ph bin cho cng chng h t mua. Trc khi , bn y phi c ghi bng ch l cha c UBGDCK chp nhn. UBGDCK c th khng "chp thun" cc iu cng b. H c th hi i hi li hay yu cu cng ty pht hnh lm sng t. Sau khi tt c cc thng tin phi cng b theo lut nh c ni ht th bn cng b mi c y ban chp nhn. Thi gian xem xt l 20 ngy ; nhng c mi ln b hi thm th thi gian kia li c tnh li t u. Khi chp nhn, y ban ch xc nh rng cc iu cng b ph hp vi cc i hi ca lut php. y ban khng xc nhn l CTPH c qun l tt, trin vng thnh cng cao, hay chng khon s ln gi. Cc iu ny dnh cho ngi mua chng khon quyt nh. Nu y ban t chi th c ngha l thng tin cng b cha ph hp vi yu cu ca lut php. Cc dn xp trong khi ch i quyt nh ca UBGDCK Trong thi gian ang xem xt, CTBL s lm mt s vic : - Th nht, thm d trong s khch hng quen thuc ca mnh v ni v chng khon sp c bn ; nhng khng c cho bn hay t mua. Thng tin thu thp trong dp ny s cho bit trin vng bn c chng khon ra sao. - Th hai, CTBL r nhng ng nghip khc cng tham gia, gi l thnh lp tp on syndicate bo lnh vic pht hnh. CTBL ng ra dn xp bn bc v tha thun vic bn, chia li vi nhau ra sao. Ngoi ra, nu chng khon c d nh bn cc a phng khc th phi lm th tc ng k vi cc chnh quyn a phng lin h.

- Th ba, nh ngy c tp on hp gii quyt cho xong cc vn cn vng mc quanh vic bn bao nhiu v hng th no. - Th t, nh gi th trng cho chng khon s pht hnh. Khi lm, cc CTBL hi 1 CTPH c lm n li li khng 2 s cu i vi chng khon s ra sao v 3 tnh hnh chung mua chng khon th trng hin thi mnh hay yu. Vic nh gi rt gay go, v CTPH mun gi cao, trong khi CTBL phi tnh mt gi no c th bn c m cn c li cho mnh. - Cui cng, cc CTBL k vi nhau hp ng bo lnh v hp ng mua bn vi CTPH ri np chng cho UBGDCK nh h s b tc. Bi XVI: Ra lnh mua bn chng khon Cc lnh mua hay bn Phi hp nm yu t l cch tr tin, cch mua bn, c chng khon trong tay hay khng, s ln xung ca gi c theo thi gian, v thi gian hiu lc ca lnh mua bn; bn c th chn cc lnh mua bn khc nhau khi thy gi s ln xung nh th no . Vy l bn c th chn cch mua bn d hay kh. Th d, l dn mi tham gia TTCK cha c kinh nghim, bn s nghe li khuyn ca Cng ty mi gii CTMG bn hay mua, cch ny l d nht, bn s mua hay bn theo cch "mua bn theo thi gi" market order, ngha l gi th trng c sao th mua hay bn nh vy. Lnh bn ra cho CTMG s l : "Bn hay mua cho ti 100 c phn ca cng ty ABC, vi gi hi nht m ng c th mc c". V sau, c kinh nghim hn, on c gi ln hay xung, bt u mun kim li khi mua bn, bn s chn mt trong nhng cch mua bn kh hn nm trong bn loi "lnh c nh gi" limit order l : 1. Mua c ra gi buy limit order 2. Bn c ra gi sell limit order 3. Bn khi gi tt xung n mc n nh sell stop order 4. Mua khi gi ln n mc n nh buy stop order

Mc ch ca bn lnh ny l gip bn kim li v gim l khi mua bn. Lnh 1 v 4 dnh cho ngi cha c chng khon trong tay. Hai lnh kia dnh cho ngi c chng khon. Mua c ra gi Bn dng lnh ny khi khng c chng khon trong tay m ngh l gi s xung ri ln. Th d, chng khon ca cng ty ABC hin ang l 35 USD mt c phn. Bn cha c ci no, nhng on l gi s xung 32 USD trong vng mt, hai tun na, ri sau ln li. Mun th li, bn bn in thoi cho CTMG rng : "Mua cho ti 1.000 c phn ca ABC khi no n gi 32 USD ; c ch cho n gi , bao gi ti bo ngng th thi". Phn sau ca cu ni l hiu lc thi gian ca lnh bn ra. Vy, khi gi c phn ca ABC xung 32 USD th ngi mi gii s mua cho bn. Ci ri ca lnh ny l nu gi khng xung n mc th bn s khng mua c. Khng ai ra lnh "mua c ra gi" m li cho gi cao hn thi gi, v chng khon s c mua ngay. Bn c ra gi Tri vi trng hp trn, bn c chng khon trong tay v mun bn n i khi ngh n s ln gi. Th d, ang c 100 c phn ca cng ty XYZ, gi hin nay ca n l 37 USD mi c phn ; on l trong vi ngy na n c th ln n 40 USD ; mun c c hi kim li, bn gi CTMG v bo : "Bn cho ti 100 c phn ca XYZ khi gi ln 39 USD ; c ch bn cho n khi ti bo thi". Khi gi ln n 39 USD ngi mi gii s bn. Nu khng ti gi th bn s khng bn c. Ci kh ca vic mua bn c ra gi l nh c ci gi no m khng cch xa gi th trng qu. Bn khi gi tt xung n mc n nh Bn ang cm chng khon ca cng ty ABC, n ang ln gi vn vt. Tun trc, lc mua 200 c phn, mi ci gi c 35 USD. Tun ny n ln 50 USD. T nhin bn li 15 USD x 200 = 3.000 USD. Ht sy ! m mn tin to kiu , bn s lo gi n xung. Vy bn s phng bng cch gi cho CTMG : "Lc no gi ca ABC xung 49 USD th bn i cho ti". Nu gi xung 49 USD th chng khon ca bn s c bn. Bn gii hn s mt mt ca mnh trong 200 USD, mi c phn mt mt ng. Mua khi gi ln n mc n nh

Lnh ny ch c dng khi bn mn hng giao sell short. Nh bit, khi mn hng bn th bn cu cho gi c xung mi. Chng hn, khi gi c phn ca XYZ l 50 USD, bn mn 100 ci bn. By gi gi kia tt cn 34 USD. Vy bn ang c li 1.600 USD. Li to nn bn s l nu gi s ln li. Bn s che chn cho mnh bng cch gi CTMG : "Lc no gi n ln li l 35 USD th mua cho ti 100 phn". Khi gi ln n mc ngi mi gii s mua. Lc y so vi mc li hin nay, bn ch l 100 USD ; tc l cn li 1.500 USD. Tt nhin nu gi khng ln li 35 USD th lnh s khng c thc hin. Nu th li cng hay, v cc lnh c nh gi nhm bo m s li bn ang c khi gi c ln xung tri ngc vi s mong i ca bn. Mua theo cch ny cng c ci nguy l khi m c nhiu ngi cng n nh ci gi bn nh, th vo lc c gi , nhiu ngi cng mua khin gi vt ln ; lnh vn c thc hin nhng khng chc l bn mua c vi ci gi kia m phi cao hn. u tin thi hnh lnh Lnh c ci n trc ci n sau, lc khng c vn ; nhng nu chng n cng mt lc th ngi mi gii phi c cch gii quyt. Cch l : - Khi hai lnh c gi tr mua hay bn bng nhau, th ci no n trc s c thi hnh trc. - Khi hai ci n cng mt lc m ngang gi nhau, th ci no c s lng mua bn ln hn s c lm. - Nu c hai ging nhau v mi mt, lc ngi mi gii s chn bng cch tung ng xu sp nga. Thng thng s lng t mua phi theo tng l 100 c phn mt ln, gi l mua bn theo l chn round numbers. Nu mua t hn, t 1-99 l mua theo l l odd lot. Khi mua bn theo l l, bn phi tr thm ph sai bit ngoi tin hoa hng cho ngi mi gii ph trch mua bn l. Hiu lc thi gian ca lnh Khi nhn lnh, ngi mi gii s ngng thi hnh theo hn k sau :

- C hiu lc cho n cui tun good through the week - C hiu lc cho n cui thng good through the month - C hiu lc cho n khi bo thi good til canceled Nu bn khng nh mt trong cc thi gian trn, lnh s ht hiu lc vo cui phin mua bn mi ngy. Khi mua bn xong, ngi u t s thanh ton giao hng v thu tin nu bn, tr tin nu mua vi cc CTMG. Thi gian thanh ton l nm ngy sau khi giao dch. Cc CTMG c by ngy thanh ton vi nhau. Mua bn ni gin v "Bc tng Trung Hoa" Trong th trng chng khon TTCK s cng khai thng tin v tnh hnh sc khe ca doanh nghip pht hnh v cc giao dch mua bn chng khon tr thnh mt tp qun bt buc. iu ny ch c ngha v gi tr khi no n c thc hin km theo mt l cng bnh. S cng bnh v trung thc th hin kh nng cc mua bn din ra trong bi cnh sao cho cng chng tham gia u c c hi nh nhau v thng tin. Nhng thng tin cn cng khai phi c ph bin y v trung thc, theo cch mi ngi u t s c cng mt iu kin tip cn. Trong khi , s r r cc thng tin cha cng b hoc b gii hn s to cc bt cng ng ngi nht trong TTCK : l hot ng mua bn ni gin insider trading. Mua bn ni gin Nhng thng tin phe ta phc v cho mua bn ni gin c gi bng nhiu cch khc nhau nh: thng tin bn trong inside information, thng tin hn ch non-public hoc thng tin kn confidential. D bt c dng no, nhng thng tin nh th c khoanh li trong mt phm vi hp v gm cc tin tc khng c, cha c hoc cha sn sng cng b ng lot ra cng chng. Nhng ngi lm vic trong phi qun trit v tun th nhng nguyn tc lut l nghim minh. Ngi ta c th o c cc tin tc n lu c dng trong mt giao dch ni gin bng cch xem xt phng php c dng cng b thng tin, xc nh thi im mua bn c thc hin... ri so snh vi thi im m

mi ngi cng cng c thng tin . V nguyn tc, bt c ai c trong tay hoc bit mt thng tin cha c php cng khai m vn quan h giao dch u b xem l vi phm php lut v s lm n ngay thng. Hot ng mua bn da vo cc thng tin bn trong thng i km cc giao dch khng bnh thng hoc c quy m ln nhm thu li bt chnh hoc trnh mt s thua l nng. Nm 1986, TTCK M a ra nh sng mt v mua bn ni gin ln. Dennis Levine, mt chuyn vin ph trch v sp-nhp-v-s-hu mergerand-acquisitions thuc Cng ty Drexel Burnham Lambert, s dng thng tin ni b thc hin cc giao dch thu gn 13 triu USD li nhun, lin tc trong vng su nm. y ban Chng khon M c y chng c v cc v mua bn m Levine thc hin t nm 1980. Hot ng ny thng qua cc ti khon b mt ca mt chi nhnh ngn hng Thy S t ti qun o Bahamas mt thuc a t tr ca Anh, gn bang Florida, M. Mt nhn vin ca chi nhnh c xc nh l m nhn thc hin cc giao dch cho Levine bng cc ti khon mua bn chng khon ca ngn hng ny t ti M. Levine dnh lu vo cc mua bn tiu cc nh vy vi c thy 54 cng ty, gm c c phiu ln cc hp ng v quyn chn options. Tuy nhin, i tng vi phm khng ch l ngi bn trong m c khi l ngi bn ngoi tit l mt thng tin h nghe c rt tnh c. Bc tng Trung Hoa Mua bn ni gin l mt hot ng phi php, s lng on, thao tng, mc ngoc, bt cng... lm nhim th trng. Nguyn nhn chnh vn l cc nhn s bn trong, m iu 70, Chng 8 ca Ngh nh 48 v chng khon v TTCK ca Vit Nam gi chung l nhng ngi c lin quan. Trong TTCK, vic ngn chn r r thng tin khng n gin dng li cc iu cm m cn th hin bi hng lot cc bin php trin khai khc, nh cng b cc th tc gim st ni b mt cch c th v bt buc, thm quyn thanh tra v iu tra ca y ban Chng khon quc gia... c bit, cng tc t chc cc k thut qun l, x l thng tin ni b c gii chc trch ca TTCK v cc cng ty chng khon ch trng hng u. Khi nim v Bc tng Trung Hoa c ph bin rng ri v p dng tch cc trong TTCK l vy. tng Bc tng Trung Hoa c pht trin t bc rm ngn tm ca ngi Trung Hoa. Ngy nay, c ti liu cn gi l hc thuyt v Bc

tng Trung Hoa Chinese Wall Doctrine. Hy kho st bc rm tre c th ngay ca ngi Vit Nam s dng. Bc rm ny c treo ni trang trng v phn bit mt khng gian cn bo v, phn lp nhng ranh gii c tnh chc nng. N tn mt khng gian ln thnh khu vc dnh ring, ng thi li c tc dng gii hn cc mng m lt khc nhau, n hin ngha tn ti, n np. Tuy nhin, s bi tr nh vy li khng chia ct qu ng phm vi mt khng gian, d lm ngt ngt, m n vn to c cm gic l mt thc th thng nht v gn b. Trong TTCK, khi nim Bc tng Trung Hoa ni ln cc bin php c tnh cng c nhm ngn chn s lan truyn thng tin kn gia cc b phn trong cng mt cng ty. Nhng b phn hoc chi nhnh ca mt cng ty mi gii v kinh doanh chng khon c iu kin giao tip vi cc thng tin ni b quan trng - nh b phn php l, phn b trung gian huy ng vn u t v cc nh phn tch chng khon khc nhau - khng c ph bin thng tin m mnh c thuc loi ny cho bt c ai c th ly suy din khai thc mua bn kim li hoc n l. Bc tng tng tng ny c thit lp bt buc gia b phn ph trch trung gian huy ng vn u t investment banking - v cc b phn kinh doanh v bn l chng khon. Bc tng Trung Hoa do vy l mt bc tng c l, c dng ln bng cc bin php qun l, cc quy ch, th tc c hiu lc mnh nh mt cng c nhm cch ly hng thng tin theo v bo v ngun thng tin cn gi kn. N lun c tun tra duy tu theo mt ch chm sc c bit. Trong nhng TTCK pht trin, cc lut l ch nh v cc phn tch v hnh vi mua bn ni gin c a ra mt cch chi tit n cc hnh vi mch nc hoc cc mi quan h, lin h cng vic,... cng c m t r rng. Tuy nhin, phi sng u khp cc vng m l cng vic ht sc kh khn v cao c ca s nghip xy dng mt TTCK lnh mnh. Nh u t, anh l ai...? Cn n o mt cht trc khi l c ng C l cn phi ni tht sm rng khi mua c phn cng ty hoc ti th trng chng khon TTCK l ta b vn ra lm n ch khng phi b ng hay gi tit kim. Chuyn tng n gin nh th m hin nay - v bit u s cn lu na - nhiu cng ty c phn ha ang phi nhc u... Bi cnh

c th l nhng ngi lao ng, tay lm hm nhai, ki cp nhng ng bc dnh dm kh khn i mua c phn cng ty. Cng c th l nhng ngi kh hn, ch v suy ngh qu n gin nn inh ninh rng s hu cng ty ri l bnh lm, c ti k l c bnh m... Nhng c trng hp ti my k m chng thy bnh m ! Cng ty va c phn ha xong th khng hong khu vc p n. Kt qu cn i m, nh phi cn vo ui m tn ti, ly li u m chia ? Bc bch qu qu v y bn c phn i. Li gp ch, chp nhn bn l cng khng phi d tm c ngi mua. Th l tn mt gic m ?... Cha chc. Hy i y... T bit mnh Nu ta tm qun TTCK - hoc gi s c ch th trng ny cn lu mi thnh hin thc - th hnh ng mua c phn chng khc no mt quyt nh hn hp kinh doanh. Do phi tnh ti yu t li n l chu. Liu cm gp mm hoc lng sc mnh l iu cn thit. Mua c phn l tham gia vo loi hnh hot ng kinh t th ba ca th trng - loi th nht l t doanh sole proprietorship; loi th hai l hp danh partnership v loi th ba l cng ty hp vn corporation. l mt loi hnh lm n di hi v y bin ng, c khi bt trc khng chng. Quyn nh ot ca ngi tham gia sau khi b ng vn vo c khi ch cn mt phn triu hay nh hn. iu ny gn ng ngha vi kh nng b l thuc hay mt quyn t ch - cho n khi no cha c mt TTCK hu hiu. S chng qu ng nu ni mua c phn cng ty l mong khm kh hn ch khng phi kim sng. Vy th phi bit mnh l ai ? Lm bui sng ong go bui chiu, nui con nh m gi, chun b cho mt chng trnh i hc, sp lp gia nh, xy nh, v hu... nay mai s cn mt khon tin nht nh, th hy cn nhc trc khi mua c phn. Ngoi tr trng hp u i cp khng, vic gim gi vi chc phn trm cng ng nn vi, ng vi... i khi hng chuyn ngay ch tic ca r ny. Vic mua hng gim gi c th chng c ngha g nu ch v do ta b cun vo ch khng phi do mt qu trnh tnh ton v quyt nh. Nhu cu no mua loi Tin u t vo c phn phi l tin d ca . l mn tin cn thit phi c qun l mt cch hiu qu kim ca sinh li. Lng tin ny khng dng cho cc nhu cu sinh sng c bn v cng khng nm trong k hoch s dng ngn hn. Th trng tm l vng vng v mt kh nng nhn thc

ti thiu v kinh t l nhng yu cu cn thit. Bi v khng th c chuyn bt n khi c mt s tr tr hoc thm ch mt trng xy ra. Nu ta khng c nh vy th tt nht nn chn mt cch u t khc da vo th th - t va va cho ti gn nh chc c - l mua c phn u i, mua tri phiu nh nc, tri phiu th, tri phiu cng ty hoc gi tit kim. Cch u t sau an ton hn, bo m ti k l c li chi dng v nh c thi gian ly vn ra. Ngoi tr c phn u i th khng c v y l dng dn thn vo sn chi nhng cn th cng khng chu thng thua m ch mun ly xu. y quy lut th trng th hin rt r, ri ro t nhn c li t v ngc li. Ri ro trong u t khng nn c hiu theo ngha liu thng thng, m phi c quan nim l s suy tnh xa hoc, d hiu hn, chnh l s mo him. Ring trong TTCK, mt nguyn tc hnh x bt buc, m cc thnh vin chuyn nghip phi tun th, l phi iu tra tht k lng tnh trng nhn thn, tnh hnh ti chnh, nhu cu ca ngi u t trc khi m ti khon cho h mua chng khon. Nh mi gii v kinh doanh chng khon no khng trng ra c bng chng l mnh thc hnh tn ty th tc ny s b truy cu trch nhim trc php lut. Thuc bi ri ro Gi l u t ngha l chi tr chi tr tu. Nhng thi thng, khi say sa ngh n chin thng ngi ta d ri vo trng thi mt cnh gic. H qun rng ti thao lc ca h, hoc ngay c ca cc chuyn gia c vn cho h, c th b v hiu bt c lc no ti hng chc ca i, v nu ri ro xut hin th ch nguy. Tt hn ngi u t cn nm lng cng nhiu ri ro sau y cng tt. Nhng ri ro c im mt gm: ri ro lm pht lm gim gi mt chng khon. Ri ro b ct vn do tai ha p n cho doanh nghip pht hnh. Ri ro v chn sai do hi ht ch quan hoc thng tin sai lch. Ri ro sai thi im bn hoc mua bt li cc ngng bin ng. Ri ro v li sut xy ra khi li sut th trng tng lm gi tri phiu gim. Ri ro th trng bin ng c th xy n vi ngi u t ngn hn. Ri ro v ti chnh do bn thn doanh nghip pht hnh lm n tht bi. Ri ro v kh nng thanh khon do khng bn c chng khon ti thi im theo mnh. Ri ro php ch l s bt li tc ng ln gi chng khon khi c s thay i v lut l. Nu c dp chng ta s tm hiu k hn. Ngoi ra cn c

loi ri ro do nh hng dy chuyn v ly lan nh khng hong, s km hiu qu c hu ca th trng... cng cn bit n. Mt thc t c tnh c kt l mua c phiu ca cng ty vo thi im TTCK chun b ra i - v d thi im hin nay ti Vit Nam - thng rt d thng. Bi v trong giai on ny chng khon t, trong khi lng cu chng khon s gia tng lin tc trong mt thi gian nht nh. Tuy nhin ngi mua phi sc cm c trong mt thi gian c th di. Nhng bin ng bt li on k cha phi l chiu hng xc quyt ca mt loi c phiu no . Nh phn tch loi ri ro do chn sai thi im - v d cn tin bn qu sm - c th gy thit hi ng k. Vy ta tm mn nim khc ca dn xe v von minh ha : c bc n v sng l vy. Mua c phn l mt hot ng u t trc tip. l kt qu ca mt chui tm hiu, cn nhc v suy tnh, gm c ng tc s li ti mnh. Khng nn quyt nh nh i mua trng ct. Ai mun cho khe th i gi tit kim. Hoc c mu u t m ght suy ngh rc ri qu th nn nh n cc nh phn tch v c vn u t. V hy th, ngay trong t c phn ha ny, qu v tham kho xem s quyt nh th no c dp s dng nhng ng tin cn t m hi ca mnh mt cch hiu qu nht. Th no l ngi "u c" chng khon? Speculator TTCK khng mua gom chng khon, to khan him gi to, lm cho n ln gi nh th trng hng ha. Gi chng khon ln hay xung l do c t hay nhiu ngi mua. Khc bit v nim Nhiu sch v v bi bo ta cnh bo v ngi u c speculator trong th trng chng khon TTCK. Gn y, c kin ngh rng trong cc cuc hi tho c tnh cch quc t cn thuyt phc cc nc sa lut chng khon theo hng cm bn khng v hn ch mnh m u c. Chng ta trn trng nhng kin ny v s quan tm i vi nn kinh t, tuy nhin v mt khoa hc, cn tm xem quan nim v ngi u c TTCK ca cc nc pht trin l th no hiu cho ng v h khi ta lp TTCK. Thng chng ta ngh v ngi u c nh l mt ngi to ra s khan him gi to mua vt hng ha nhm bn li, thu li bt chnh. Ta cng thng gii thch s tng gi hng l do u c. l quan nim v ngi

u c th trng hng ha m ni c nhng khi cung khng cu. Tri li, cc nc pht trin, hng ha khng h khan him, cung vt xa cu, nn nu hiu speculator ca h nh trong bi cnh kinh t ca ta th r rng l sai. Hn na, nu ly in hnh George Soros trong th trng ngoi t h ho chng speculator trong TTCK l nguy him cho tin ca TTCK. Ti sao vy ? Gc gc ca ngi u c Ngi u c cc nc pht trin xut hin u tin ti th trng hng ha la, bp, c-ph ni c s dng hp ng forward contract bn by gi - sau ny giao ; hp ng cho hng s n. Bn nh th khng phi l bn non, v bn non bt ngun t vic nh sn xut thiu vn. forward contract, cm tin, ngi ta ch tr cho nhau t 5-10% tr gi mn hng. Cch mua bn ny ch xut hin khi sn xut pht trin, nng sn v nguyn liu tha ma ; nh sn xut phi tm cch em bn sang nhng khu vc xa xi khc. Khi y ri ro kinh doanh thu khng chi s xy ra ; v khng kim sot c gi c do thi gian bn di, cung cu c th thay i; v ni giao hng rt xa m gi c c khi khc. Khi bn bn b ri ro th bn mua cng b ly ; ngi ny s phi tr gi nguyn liu cao trong khi gi bn sn phm phi thp. Do mi lo chung ny, c hai cng tm cch khc phc v h ngh ra hp ng hng s n. Loi hp ng ny thnh hnh M t nhng nm 1830 tr i. Hai bn cam kt s giao v nhn mt mt hng no vo hai, ba thng na, vi mt gi c x xch vi thi gi. Tuy nhin, vo lc giao hng, do thi gian k lu, cha chc mn hng c cht lng nh tha thun, hoc ngi mua c th khng cn ng vi ci gi trc do mc cung hin c. Vn c ri ro d c hp ng ! C hai cn phi ht ri ro i hedge. H s ri ro, nn c gi l hedger ngi ht ri ro. Nhng ai s nhn ri ro cho h y? May mn thay ! Khi s lng forward contract gia tng s c nhiu thi gian giao hng khc nhau. Hn na v vic chuyn ch v tn tr hng ha t nhin s c tp trung v mt ni trung chuyn M l Chicago v ni tr thnh ch. c nhiu ngi mun ht hi ro, nn do b nhn b tnh, c ngi li thch chi vi ri ro kim tin. Loi ngi thch may ri ny xut hin v c gi l speculator. V ch phi tr mt phn nh ca gi mua, nn nhng ngi speculator mua bn vi nhau cc forward contract kim li trc khi hp ng kia n hn giao hng. Ai m nm hp ng n hn th s li hay l khi gi nguyn thy gia ngi sn xut v tiu th thc s cao hn hay thp hn gi h mua t ng nghip. S

lng hp ng y ln, v - theo tnh ton - ch c 5% ca s forward contract l c giao hng tht s, s cn li c thanh l, b tr gia cc speculator trn th trng nn ri ro ca ngi sn xut v tiu th thc khng cn na. Do , phi c ngi thch may ri th ngi mun ht ri ro mi ht i c. Cho mc ch ny, dn dn cc nh bun hp nhau li, chn chnh forward contract, tiu chun ha hng ha, v bin n thnh hp ng giao hng trong tng lai future contract. Nh c future contract, ngi hedger chuyn ri ro kinh doanh sang ngi speculator. Ri ro c ngi gnh, chi ph kinh doanh ca hedger nh tnh ton c ; gi hng tr nn r hn so vi khi cha tnh ton c th d trc kia phi s phn trm cho vic g cao ; vy l ngi tiu dng c hng li. l cch m nn kinh t th trng bnh n gi c cho ngi tiu th ; ging nh trong thi bao cp ta c y ban vt gi thc hin cng mc ch. Tuy nhin, cch lm c khc ; h s dng cc ngi thch may ri cho tranh nhau m ci h thch. Trong ng ngha ca n speculate l tnh ton, quyt nh v chu ri ro. Ngi nng dn quyt nh nm nay trng la Nng Hng m cha bit s li l th no th cng l speculate. Ngi speculator khc ngi nh bc ; v sau khi con xc xc c xc ri, ngi nh bc c quyn chn b tin hay khng, vo qu bu hay con cp ; v h c th trnh ci thua nu mun. Tri li, speculator khng trnh c, phi nhn ci g h quyt. Cc hedger v sau ny l cc cng ty v cc ngn hng, h cng u mun trnh ri ro ; v h khng phi chnh ph lp ra nhng th trng future khc t nhng nm sau 1970. Th trng cho ngoi t s giao foreign currencies futures dnh cho nhng ai s phi tr tin bng ngoi t trong vi thng na m s ng tin ln hay xung ; th trng li sut s tr interest rates futures cho nhng ai ang vay n m s li sut thay i ; thm ch th trng stock index futures dnh cho ai qun l qu u t m s chng khon xung gi theo c khi. Hedger cn speculator. Nh c speculator m cng ty cc loi mi tnh c chuyn iu phi ri ro risk management qua cc th trng future hot ng 24/24 gi mi ngy trn th gii. Ngi u c trong TTCK Trong TTCK gi mua bn c nh bng cch u gi sn giao dch v bng cch mc c bn giao dch. ni sau, ngi lm gi l ngi mi gii loi market maker to mua bn hay to th trng. Speculator

TTCK khng mua gom chng khon, to khan him gi to, lm cho n ln gi nh th trng hng ha. Gi chng khon ln hay xung l do c t hay nhiu ngi mua. Ti sao h mua li l mt yu t tm l. Thng khi thy gi xung ngi ta mua vo, khi gi ln th bn ra. l cch n li thng tnh ca nhng ngi u t bnh thng. T ngi u t bnh thng tr thnh speculator rt d. N ty vo cch ra lnh mua bn, v vo vic tr tin c cng ty hay ngi mi gii ng . S khc bit chnh gia hai loi ngi ny l tm l dm chi vi may ri nm trong gi c ca chng khon hay khng. Bi vy, trong din tin bnh thng nu, ngi speculator lm ngc li. H c hng trong tay mua trc kia vi gi thp nay bn ra khi thy gi ln kim li; nh th l lm cho s cung chng khon tng khin gi tt xung. Khi ngh gi s cn xung, ang 5 USD chng hn, h s vay hng ca cng ty mi gii bn. Lc gi xung n 3 USD, h mua vo tr n. Vy l khi gi xung h mua vo, lm cho mc cu tng, gip gi ln li. Trong c hai trng hp h gp phn bnh thng ha gi c. Ri ro ca h l khi mua vo tr n m gi ln l l. Cho nn, c ch ca TTCK cng nhn h l ngi lm gim bin ng gi c ca chng khon ; ci ri ro cho ngi u t nh khi v s m bn i th c ngi mua ; v do tnh thch may ri nn h mua chng khon ca cc cng ty nh mi ra, hay mi phc hi gip cc cng ty ny c vn khi khi u. Ngi thch may ri theo di din tin ca gi c hnh ng ch khng to ra gi c. H khng lm gi. Gi s h mua vt chng khon, to khan him gi to, y cho gi ln v bn i thu li bt chnh, nhng nu khng bn c th sao ? Chng khon c hng ngn loi, n u c him, li khng phi l thc go m bo rng ln n gi no ngi ta cng phi mua. V th, lut php cc nc pht trin cm lm gi manipulate ch khng cm speculate n y ta thy, dch speculator l ngi u c gy hiu lm mt cch tai hi. C th do hiu ngi u c theo Lut Hnh s ca ta, nn Lut Chng khon cm bn khng ; v c nhn xt nh l may mn i sau v nhn ra ci o ca u c. Chng ta ch lut s nh ngha chi tit hn v vic bn khng. Nhng nu hiu bn khng l khng s hu chng khon vo lc giao dch m bn nh quy nh hin nay th vic y khng bao gi c trn thc t. Bi l mt ngi mua chng khon tr tin th bao gi h cng i hng ngay. Nu khng, ngy hm sau chng khon ln gi m

h khng c hng trong tay bn th mt dp kim li ? Thnh ra ty cch giao dch vi cng ty hay ngi mi gii ch khng phi vi ngi mua bn chng khon l i tc ca mnh ; ngi u t s nhn c tin t ngi mi gii khi bn, nu khi mua h tr tin. y l lut ca th trng. Ngi mi gii phi lun lun tr cho ngi mi gii bn kia. Nu ngi u t khng tr hng hay tin, tc l c cho tr tin theo nh mc margin account th h n ngi mi gii ca h, v ngi sau ny phi ng tin hay hng tr cho bn kia. Nh vy l khng c chuyn nh u t bn khng m ch c vic h mn hng bn. T khi mn hng n khi tr hng cho ngi mi gii l mt khong cch, v n to ra mt thi gian s giao hay s n ging nh trong hp ng forward hay hp ng future trong ch hng ha. Nu hai hp ng kia ngi bn ch tr cho ngi mua 5-10% gi bn, th speculator phi tr li cho ngi mi gii trong thi gian vay ; khi n hn phi mua hng tr n. Khi vay chng khon 5 USD, thi gian vay l ba tun, trong nhng ngy speculator hy vng gi xung cn 3 USD mua vo tr n ; nhng nu hng ln 6 USD th cng phi mua tr. Ri hay may ca h nm ch chng khon xung 3 USD hay ln 6 USD. Nh th th c phi l bn khng khng, lut ca ta cha quy nh nu gii thch cht ch. TTCK ca ngi ta chp nhn cch ny l lc no ch cng c nhiu v mua bn, nh kh nng thanh ton tin bc cao tnh thanh khon cao, v thu ht c nhiu ngi, ng ngi th chi ph gim thi gian, tin bc, s mong i v li c thm ngi na. Hn na quy nh v mua chu hng ca mi gii bn cng c gii hn, tin nm trong ti khon st qu 25% tr gi tng s chng khon s hu th ngi vay phi chm thm tin vo. Ngoi ra, c mn hng nh th th, theo nguyn tc chn mt gi vng, ch nhng ngi c uy tn c th thch mi c cng ty mi gii cho vay. Tm li, nu qu thc lut ca ta s coi vay mn chng khon bn l bn khng th chng ta xa b ngi thch ri may. Khng c h th khng ai - nht l cc nh u t nh - s ht ri ro i c. No s c ai mua ? TTCK ca ta khi y c nguy c ch c ton ngi bn.

Xem "kinh thnh" ca gii kinh doanh

T lu, t Financial Times vit tt l FT - Thi bo Ti chnh London c gi l kinh thnh ca gii kinh doanh u M v nhiu nc khc. Bn c ca FT coi y l mn n hng ngy khng th thiu v n c nhiu tin bi st do, nhn nh sc so nht v cc cng ty tham gia ba th trng ti chnh hng u l London, New York v Tokyo. Hn na, FT cn c nhiu thng tin v thi s th gii v cc lnh vc kinh doanh m i vi th trng chng khon l nguyn liu lm n. Bo xut bn hng triu bn in cng lc nhiu nc vi mt kiu dng chung v mt loi giy thng nht - mu gch non c o. Vit Nam, Xunhasaba c nhp FT, bn l 4 USD/t. Tuy nhin, bo ch t Hng Kng v n TPHCM tr vi gi l t. Mun c nhanh v r, gi bn c th dng n Internet. Hin FT m ti hai t bo in t, trong t bo m c a ch www.ft.com. y l website ng ti ton b thng tin xut hin trn t FT hng ngy. truy cp thng tin, bn phi ng k s dng v nhn mt m ring, do vy mi ln mun vo c ft.com phi chu kh g phm ng k tn, ch i i cht. C l v th, FT cho ra t bo con, truy cp khng cn ng k, thng tin tp trung vo nhu cu ca nh kinh doanh tri phiu, c phiu chng khon v ngoi t, cng nh nhng ngi c ng vn mun u t. Website nhanh hn ny c tn l www. ftquicken.co.uk. Trn FT nhanh hn, c nm khu vc truy cp, th hin r tnh tin nghi cho doanh nhn. Khu vc u tin bao gm thng tin mi v cc lnh vc : Investments cc d n u t mi, tin cc cng ty, Mortgages, gi th chp, cm c, Tax Centre lm sao tnh ton mc chu thu c li nht cho kinh doanh, Savings & Loans u li sut tit kim v cho vay c n nht, Pensions cc qu hu bng, Currency Markets t gi hi oi. Ring v ngoi t, cn c ct gip tnh ton i t ng bc ny sang ng bc khc 17 loi, cha c ng Vit Nam ! nh l mt my tnh b ti. Phn truy cp quan trng k n l Top Stories chuyn hng u bao gm, cc bi bo thng tin mi nht v cc vn , cc chiu hng bin i trn cc th trng chng khon, chnh sch ti chnh ca nh nc, chnh sch cc ngn hng, ... k c nhng phn tch mang tnh c kt kinh nghim, cnh bo cho ngi kinh doanh ti chnh. Bn cnh phn ny l phn chuyn v ch s cc chng khon ch yu ca 9 th trng u M. Cc ch s ny a ln mng chm 20 pht so vi din bin th trng nn ch c tnh cch tham kho. Cn mun c ch s cng lc, d nhin bn phi t mua trc tip, kh nhiu tin ca FT v cc hng thng tn nh Dow Jones, Reuters....

Trn FT nhanh hn, c phn lin kt vi cc website tin tc kinh doanh khc l ITN, Business Day Interactive, CNBC Europe v FT.com. Ngoi ra, cn c phn t mua sch ti chnh kinh doanh t Amazon.com. Th vo mt s website chuyn v chng khon v th trng ti chnh: www.stockmaster.com pawws.secapl.com www.quote.com www.techstocks.com

n by cho cng tc c phn ha Sau nhiu ch i, cui cng th vn php l mi chi phi cc hot ng c phn ha doanh nghip nh nc DNNN cng c ban hnh vo cui thng 6 va qua. Vi s ra i ca Ngh nh 64/2002/N-CP v chuyn doanh nghip nh nc thnh cng ty c phn thay th Ngh nh 44/1998/N-CP, nhiu ngi t nim tin c phn ha DNNN s c sc bt trong thi gian ti. Theo nh gi ca gii chuyn mn, kt qu c phn ha DNNN 6 thng u nm 2002 l qu km. S liu thng k cho thy, n ht thng 6 nm 2002, mi c 90 DNNN thc hin chuyn i, trong c 79 doanh nghip c phn ha. S chm tr ca c phn ha trong 6 thng u nm nay mt phn c gii thch bi nhng e ngi qua bi hc nhn tin ca mt s doanh nghip c phn ha trc. Chng hn, khu xc nh gi tr doanh nghip lun l trng tm gy trc tr khi tin hnh chuyn i. Trc y, gi tr doanh nghip c xc nh qua Hi ng nh gi doanh nghip do c quan ti chnh thnh lp th hin nhiu nhc im. Thc t xy ra nhiu trng hp gi tr doanh nghip c xc nh qu chnh lch vi gi tr tht dn n hai thi cc. Thi cc th nht l gi tr doanh nghip b nh gi qu cao khin cho vic bn c phn rt kh khn, lay lt, ko di ti hng nm tri cng khng bn ht c. Thi cc th hai l gi tr doanh

nghip b nh gi qu thp lm cho nhiu nh "t bn" bn ngoi tm cch tun tin vo mua c phiu, dn n tranh chp, kin tng ko di, ni b lm cho doanh nghip b bi, mt on kt... Ngh nh 64 va ban hnh a ra nhiu phng thc mi st thc v hiu qu hn. ng Phm nh Son, Cc trng Cc Ti chnh Doanh nghip, B Ti chnh cho bit, vic xc nh gi tr doanh nghip theo phng php mi s c tnh trn nguyn tc kh nng sinh li ca doanh nghip v ngi bn, ngi mua u chp nhn c. i vi gi tr quyn s dng t, trc mt vn p dng chnh sch thu t v giao t. Theo , y ban nhn dn cc tnh, thnh ph s tnh gi thu t cho doanh nghip trn c s gi thu t phi hp l vi gi t trn cng a bn. Ngoi ra, gi tr thng hiu, gi tr kh nng sinh li ca ti sn cng l nhng yu t s c a vo gi tr doanh nghip khi c phn ha khi Ngh nh 64 c hiu lc. Thc t, nhng quy nh mi trong Ngh nh 64 th hin nhiu u vit hn so vi Ngh nh 44 trc y. Tuy nhin, khi c ngh bnh lun v tc ng thc y c phn ha DNNN ca Ngh nh mi, nhiu chuyn gia vn cho rng, iu ny l cha r rng. Trao i vi bo u t Chng khon, mt chuyn gia ca Ban ch o i mi v Pht trin doanh nghip Trung ng cho rng, im mu cht vn l t tng trong cc b, ngnh. Theo ng, cho d chnh sch mi c nhng thay i thng thong n bao nhiu, nhng nu c quan ch qun vn cn c tnh nu ko gi li doanh nghip thnh vin th kh m ni n chuyn hiu qu c. C phiu ngn qu nh hng n hot ng u t nh th no? Theo quy nh ca y ban Chng khon Nh nc UBCKNN, c phiu ngn qu l s c phiu pht hnh v c mua li trn th trng bi chnh t chc pht hnh. Do vy, th s c phiu cn li khng bn c sau mt t pht hnh khng c coi l c phiu qu. Nh chng ta bit, vo u nm 2002, Cng ty Hapaco thnh cng khi bn c ton b 1 triu c phiu d nh pht hnh thm. Tuy nhin, nu gi s, s lng c phiu HAP c ng k mua ch l 900.000 c phiu, th 100.000 c phiu cn li Cng ty khng pht hnh c s khng c tnh lm c phiu ngn qu. Mt s im ng lu v c phiu ngn qu v giao dch c phiu ngn qu + C phiu ngn qu khng c tnh l c phiu ang lu hnh ca cng ty

pht hnh v s c ti lu hnh khi cng ty bn ra Tng s c phiu lu hnh bng s c phiu pht hnh - s c phiu ngn qu s gim i khi cng ty mua li c phiu lm c phiu ngn qu v s tng ln khi cng ty bn ra ti pht hnh c phiu ngn qu do s c phiu ngn qu gim. S lng c phiu lu hnh thay i, s c nh hng ti tng lng cung trn th trng v do , s nh hng ti gi c phiu. + C phiu ngn qu khng c chia c tc v ngi nm gi c phiu ny khng c nhng quyn nh khi nm gi cc c phiu khc Lng tin cng ty dng chi tr c tc ch c chia cho s c phiu lu hnh ch khng chia cho s c phiu ngn qu. Ngoi ra, cng ty khng c hng mt s quyn khc khi nm gi c phiu ngn qu nh quyn biu quyt hay c bit l quyn c chia thm c phiu mi pht hnh. Mi y, UBCKNN chnh thc chp thun v nguyn tc cho php REE pht hnh thm 7,5 triu c phiu cho cc c ng hin ti. C th ni rng, chnh sch ny s khng c p dng vi s c phiu ngn qu. Tuy nhin, mt vn t ra l vi t l chia thm 2:1 v tng s c phiu lu hnh nh hn 15 triu c phiu do REE c c phiu ngn qu th s c phiu pht hnh thm, v nguyn tc, phi t hn s 7,5 triu c phiu nh c chp thun. y l mt trng hp c bit, nn vic x l nhng c phiu cn tha ny sau khi chia thm vn l mt vn b ng. + Giao dch c phiu ngn qu lm thay i gi tr s sch ca cng ty: Khi cng ty mua li c phiu ang lu hnh, ngun vn ch s hu s gim mt lng bng gi tr c phiu tnh theo gi mua vo. Ni cch khc, tng gi tr s sch ca cng ty s gim i. Ngc li, khi ti pht hnh c phiu ngn qu, gi tr s sch ca cng ty s tng ln. Mt khc, khi cng ty bn ra ti pht hnh c phiu ngn qu, chnh lch gia gi ti pht hnh v gi mua li c ghi vo khon mc thng d vn c phn, l mt phn ca vn ch s hu, do nh hng ti gi tr s sch ca cng ty, nhng khng c hch ton vo kt qu kinh doanh l, li ca cng ty. Trc y, khi cha c hng dn ca B Ti chnh, nhiu cng ty coi giao dch ny l mt hot ng ti chnh. + Ch s gi ca th trng thay i khi c giao dch ca t chc pht hnh Lng c phiu lu hnh ca cng ty thay i khi c giao dch c phiu ngn qu, dn ti th gi ca cng ty v do tng gi tr ca ton th trng cng thay i. V l thuyt, cn phi tnh li ch s gi ca ton th trng. Tuy nhin, hin nay Vit Nam vic tnh li ch s gi VN-Index khi c giao dch c phiu ngn qu cha c thc hin. V sao cng ty mua mua li c phiu lm c phiu ngn qu?

Trng hp 1: Cng ty c mt lng tin nhn ri m cha c k hoch u t hiu qu Thay v tr c tc cho cc c ng, cng ty mua li c phiu pht hnh lm s lng c phiu ang lu hnh gim, dn n t l sinh li trn mi c phiu EPS= li nhun rng - c tc u i/s c phiu ang lu hnh s tng ln nu cng ty vn duy tr tt hot ng kinh doanh v do , s c li cho cc c ng hin hu. Ngoi ra, v pha cc nh qun l cng ty, h cng k vng vo vic gi c phiu s tng ln trong tng lai khi mua li c phiu lm c phiu ngn qu. Tuy nhin, cng cn phi lu rng, vic mua li c phiu pht hnh lm gim lng tin v do lm gim c hi u t m rng sn xut kinh doanh ca cng ty. iu ny c th s nh hng ti kh nng sinh li ca cng ty trong thi gian ti. Trng hp 2: Theo cc nh qun l cng ty, c phiu ca cng ty ang b nh gi thp Vic cng ty mua li c phiu s lm gim lng cung, do thng c nh hng tt ti bin ng gi c phiu trn th trng. y l cch can thip ca mt s cng ty khi gi c phiu ang gim. Trng hp ny tng din ra Vit Nam trong thi k gi cc c phiu c chiu hng i xung, cht lng mua st gim. Nhng lnh t mua c phiu ca chnh t chc pht hnh lm cho giao dch trn th trng si ng hn, ng thi gip gi c phiu khng xung dc nhanh. V sao cng ty pht hnh bn ra c phiu ngn qu? Cng ty cn thm vn m rng sn xut kinh doanh. Do , vic ti gi pht hnh c cao hn gi mua li hay khng, v nguyn tc khng nh hng ti quyt nh bn ra ca cng ty. y cng l gii php kh ph bin gip cc cng ty nim yt trn th trng Vit Nam c thm vn u t vo cc d n kinh doanh mi REE vi d n E-Town, Bibica vi vic xy dng thm Nh my Sn xut bnh ko ti H Ni.... Giao dch c phiu ngn qu thng c nh hng ng k ti gi c phiu trn th trng. Nu cc cng ty nim yt t do can thip vo gi c phiu thng qua vic mua bn c phiu ngn qu s lm gim kh nng t iu tit ca th trng. ADB xut l trnh pht trin TTCK Vit Nam

Cc chuyn gia ca Ngn hng pht trin chu ADB va c mt bn nghin cu xut l trnh pht trin th trng chng khon TTCK Vit Nam. Theo l trnh ny, cc chuyn gia ADB cho rng, sau nm 2010, TTCK Vit Nam c th tr thnh trung tm ti chnh Tiu vng M Kng. n ny c ng Gyutaeg Oh, Trng on t vn ADB, trnh by ti cuc hi tho va qua ti H Ni. Mt s chuyn gia ca y ban Chng khon Nh nc UBCKNN cng a ra kin xung quanh vic pht trin th trng ti y. Phng hng nghin cu n ny ca ADB c tng hp t thc tin TTCK Vit Nam, kt hp vi cc nc c iu kin tng ng nh Trung Quc, Hn Quc... tm ra phng thc u vit nht cho l trnh pht trin TTCK Vit Nam. Theo ng Gyutaeg Oh, quy m TTCK ca Vit Nam cn qu nh b, nhng vn cn nhiu tim nng pht trin. Hin nay, TTCK ca Vit Nam mi thu ht c 0,1 t USD vn u t, trong khi mt s nc khc nh Iran cng thu ht c ti 5,9 t USD vo TTCK hoc New Zealan l 18,2 t USD. th trng Vit Nam, tri phiu giao dch qu thp, tri phiu cng ty cng cn rt th s v khng c th trng cho cc sn phm phi sinh. Trong n v l trnh pht trin TTCK Vit Nam, ng Oh a ra 3 giai on pht trin, 12 mc tiu v 120 kin ngh c th. on t vn ADB cho rng, n nm 2010, khi GDP ca Vit Nam t c khong 65 t USD th quy m vn trong TTCK phi t 19,5 t USD, chim khong 30% GDP. n giai on sau nm 2010, TTCK Vit Nam phi tr thnh trung tm ti chnh ca Tiu vng M Kng. Vai tr ca Chnh ph i vi TTCK c nhm nghin cu nh gi cao vi 3 vai tr ch yu l ngi bo v, ngi to iu kin v ngi h tr cho th trng. c bit, i vi th trng ang pht trin th vai tr ngi bo v cn phi c cao, bi lc ny th trng vn cn nh hp nn cha th thc hin tt cc chc nng. "Chnh ph phi thc hin vai tr tch cc v cng bng, nu Chnh ph khng a ra c cc chnh sch hiu qu, th h kh c th qun l tt c th trng", ng Oh ni. Theo nhm nghin cu, cn thit lp Ban Pht trin th trng vn vi v Ch tch l mt ph th tng v thnh vin l i din cc b ngnh lin quan nh UBCKNN, B Ti chnh, Ngn hng Nh nc, B K hoch v u t... Ngoi ra, tin ti, Vit Nam cn c cng ty nh mc tn nhim, gip UBCKNN v cc i tng tham gia c th nh gi th trng mt cch ton din hn. V m hnh t chc ca TTCK Vit Nam, do quy m th trng ca Vit Nam khng ln, nn ch thit lp mt S giao dch chng khon vi 4 b phn l Trung tm Giao dch H Ni, Trung tm Giao dch TP. H Ch

Minh, th trng tri phiu v th trng cc sn phm phi sinh. Ngoi S giao dch cn c 2 chi nhnh l Trung tm Thanh ton b tr v Trung tm Cng ngh thng tin. Theo cc chuyn gia ADB, Vit Nam cng cn phi thnh lp Hip hi ngnh chng khon vi cc thnh vin thuc tt c cc lnh vc hot ng trong ngnh chng khon. Hip hi ny s hot ng nh mt c quan qun l tt c cc thnh vin. Ngoi ra, trong ni dung n pht trin th trng th Vit Nam vn nn tch bit r hot ng ca ngn hng thng mi vi hot ng ca cc cng ty chng khon.

120 kin ngh pht trin TTCK Vit Nam ADB xut 120 kin ngh c th pht trin th trng chng khon Vit Nam. Cc bin php tng cung chng khon nim yt 1 p dng cc bin php khuyn khch cc cng ty mi nim yt trn th trng. 2 Tht cht mi quan h gia c phn ha v nim yt 3 p dng cc bin php i x u i trong vay vn ngn hng i vi cng ty nim yt. 4 Khai trng Trung tm Giao dch H Ni lm th trng cho cc doanh nghip va v nh. 5 Cho php cc cng ty lin doanh tr thnh cng ty c phn. 6 Xem xt chp nhn vic nim yt bt buc. 7 Khuyn khch cc cng ty nim yt tin hnh cho bn quyn mua c phiu di hn. 8 Xy dng c ch ng k trc. 9 a dng ha chng khon giao dch trn th trng chng khon. 10 Thc hin phn phi c phiu ca cc doanh nghip c phn ha thng qua s dng cc phng tin ca Trung tm giao dch Chng khon. Cc bin php khai thc cu chng khon

11 Thnh lp cc cng ty qun l qu u t chng khon. 12 Thnh lp mt cng ty ti chnh chng khon. 13 Pht trin cc k hoch bn c phiu cho doanh nghip. 14 Xy dng chng trnh tit kim chng khon. 15 Khuyn khch cc nh u t t chc tham gia tch cc hn vo th trng chng khon. 16 Cp php cho cc cng ty t vn u t. 17 Thnh lp qu bnh n th trng c phiu. 18 Xy dng cc k hoch c phiu nhn dn. Cc bin php tng cng khun kh php l 19 Thng qua Lut Chng khon. 20 M rng phm vi chng khon. 21 Tch bit hot ng cho bn ra cng chng vi hot ng nim yt. 22 Xc nh c ch bo co cng ty. 23 Cho php giao dch trn th trng OTC i vi cc chng khon pht hnh qua cho bn. 24 Ni lng cc yu cu i vi cc thnh vin th trng l cc cng ty chng khon. 25 Ni lng cc quy nh trong ngnh chng khon. 26 Khuyn khch s tham gia ca bn nc ngoi u t vo cc cng ty chng khon. 27 Tht cht cc quy nh v giao dch khng cng bng. 28 Xc nh r hn cc quy nh v qun l v t vn u t. 29 Tng cng cng tc qun tr cng ty. Bin php tng cng kt cu th trng 30 Tng thi gian giao dch. 31 Khai trng sn giao dch mi. 32 Khuyn khch ph bin thng tin th trng. 33 Chp thun giao dch qua Internet. 34 Xy dng c ch giao dch khi lng ln c hiu qu hn. 35 Chp nhn lnh th trng. 36 M rng bin gi. 37 Cho php giao dch i vi ti khon mua bo chng. 38 Cho php hot ng bn khng v vay chng khon. Bin php xy dng h thng thanh ton b tr

39 Xy dng mt c quan c lp cho hot ng thanh ton b tr. 40 Tin hnh cc bin php chng ri ro thanh ton. 41 Cng c h thng lu k tp trung. 42 Nng cao vai tr ca Trung tm ng k chng khon. 43 Khuyn khch chng khon phi vt cht. 44 Bo v quyn biu quyt ca ngi hng li. 45 Thit lp h thng m ISIN. 46 Ni lng hn ch u t vi nh u t nc ngoi. 47 Chp nhn hnh thc chng ch chng khon thng nht. 48 Cho php nim yt danh ngha trn c s hn ch nht nh. Cc bin php pht trin th trng tri phiu 49 Thnh lp c quan nh gi mc tn nhim. 50 p dng tiu chun bt buc v mc tn nhim. 51 Xy dng mt c ch ng k i vi cc t pht hnh tri phiu cng ty. 52 Thc hin ch cng b thng tin y i vi cc t pht hnh tri phiu cng ty. 53 Thng qua mt vn bn php lut v chng khon ha nhm xy dng c mt khun kh cho cc chng khon c bo m bng ti sn. 54 p dng c ch xc nh theo gi th trng vi tt c cc t chc ti chnh. 55 Thc hin mt chng trnh tng cng pht hnh tri phiu chnh ph. 56 p dng h thng nh giao dch chnh. 57 Thit lp h thng th trng Repo-tha thun mua li. 58 Cho php vay v cho vay tri phiu. 59 Thnh lp th trng tng lai v quyn chn i vi tri phiu chnh ph. 60 Cho php bn khng tri phiu. 61 Thit lp h thng giao dch gia cc nh mi gii. 62 Tin hnh mt chng trnh tng cng s lng cc thnh vin th trng tri phiu. 63 a tri phiu cng ty vo giao dch trn th trng OTC. 64. p dng h thng thanh tan khi giao hng. 65. Cho php thnh lp cc qu chng khon. Cc bin php cng c ngnh chng khon 66 Khuyn khch cc cng ty chng khon tin hnh ci t. 67 M rng phm vi kinh doanh ca cc cng ty chng khon.

68 Tng cng nng lc ti chnh ca cc cng ty chng khon. 69 Cng c nguyn tc bo mt ca cc cng ty chng khon. 70 Ni lng cc quy nh v hn ch m chi nhnh ca cc cng ty chng khon. 71 To iu kin thun li cho hot ng giao dch qua mng. 72 Pht trin h thng kt ni tp trung cho cc cng ty chng khon. 73 Tng cng hn na vic p dng cc bin php u i thu cho cc cng ty chng khon. 74 Thng qua lut iu chinh cc cng ty ti chnh c phn. 75 T do ho ngnh chng khon i vi nh u t nc ngoi. Cc bin php m bo cc nguyn tc qun l c bn 76 Tch trung tm giao dch chng khon ra khi y ban Chng khon Nh nc. 77 Xy dng cc hip hi ngnh di hnh thc cc t chc t qun. 78 Thc hin cc n lc nhm to lp mt c ch cp php n gin v h thng quy nh php lut iu chnh lnh vc chng khon v giao dch tng lai. 79 y ban Chng khon Nh nc a ra mt chng trnh tng hp thc thi mt h thng quy nh da trn din bin th trng. 80 p dng cc bin php nhm tng cng tnh minh bch, tin cy v tnh c lp trong hot ng qun l. 81 p dng cc bin php tng cng hiu qu ca hot ng cng ch thc thi. 82 Xy dng mt c ch thch hp cho qun l ri ro h thng. 83 Thc hin qun l bnh ng i vi mi thnh vin ca th trng vn thng qua cc quy nh v chc nng. Cc bin php tng cng nng lc 84 y ban Chng khon Nh nc pht trin Trung tm o to v nghin cu nghip v chng khon thnh mt trung tm o to nghin cu ch yu ca th trng vn. 85. To iu kin thun li cho hot ng kim tra cp php, o to v gio dc. 86. Tng cng kim tra cp php i vi cc chuyn gia tc nghip trn th trng. 87 Cng c k nng ca cc c quan qun l bao gm cc c quan qun l ch cht v cc t chc t qun. 88 Tng cng hot ng gio dc v bo v ngi u t thng qua cc chng trnh tuyn truyn ph bin kin thc.

89 Thnh lp hip hi cc cng ty nim yt Vit Nam. 90 Khuyn khch vn ha khng ngng cng c k nng v nghin cu thng qua cc chng trnh o to chuyn mn lin tc. 91 Tng cng o to k nng cho th trng vn thng qua vic phi hp vi cc trng i hc trong vic xy dng cc chng trnh ging dy. Cc bin php pht trin t chc th trng 92 Khai trng Trung tm giao dch H Ni cho cc doanh nghip va v nh. 93 Tch hai trung tm giao dch ra hot ng c lp. 94 Pht trin hai trung tm giao dch thnh s giao dch chng khon. 95 Xy dng mt sn giao dch thng thng kt ni gia hai trung tm giao dch. 96 Thit lp mt s giao dch chng khon Vit Nam duy nht trn c s cng c cc trung tm giao dch. 97 a dng ha c cu s hu s giao dch chng khon Vit Nam thnh mt t chc li nhun c nim yt trn th trng chng khon. 98 Cn c mt h thng s giao dch duy nht iu chnh cc th trng cng c ti chnh v cng c phi sinh. 99 Thit lp mt t chc thanh ton b tr duy nht. 100 Thit lp mt t chc lu k chng khon tp trung. 101 Thnh lp Trung tm cng ngh thng tin chng khon Vit Nam. 102 Ph dch v c nh thu mt mc thch hp. 103 To lp kh nng c lp v ti chnh ca y ban Chng khon. 104 Thnh lp Ban Pht trin th trng vn nhm tng cng phi hp v chnh sch gia cc b, ngnh. Cc bin php tng cng hot ng qun l u t 105 Cp php cho cc cng ty qun l qu au t v cho php thnh lp qu u t chng khon. 106 Cho php cc qu u t t nhn u t n 100% ti sn ca qu vo cc cng ty khng nim yt. 107 Cho php thnh lp cc qu th trng tin t di hnh thc qu u t chng khon c qun l bi cc cng ty qun l qu. 108 Cho php thnh lp cc chng trnh u t tp th di hnh thc cng ty. 109 Cng nhn vai tr ca cc i l phn phi. 110 Xy dng mt khun kh php l cho vic cp php v qun l cc hnh thc qu u t tp th di dng mt vn bn hay ngh inh.

112 y ban Chng khon Nh nc cng nhn tnh t qun trong hot ng u t nhm b sung vo khun kh qun l ca y ban Chng khon Nh nc. 113 R sot cc bin php u i, bao gm u i thu nhm khuyn khch u t vo cc qu u t tp th. 114 Tng cng cng c c s h tng bao gm t chc nh gi qu, t chc nh gi tri phiu c lp, c quan nh gi mc tn nhim. 115 N lc cng c nhn thc ca ngi u t v hot ng u t vo qu. 116 Cho php thnh lp cc qu tn thc vn u t mo him c th u t n 100% ti sn vo cc cng ty khng nim yt, ng thi cp php cho cc cng ty qun l qu tn thc vn ri ro. 117 Cho php s tham gia tch cc hn ca bn nc ngoi vo lnh vc qun l ri ro. 118 y mnh u t ln nhau gia cc doanh nghip thuc khu vc nh nc v khu vc t nhn, nhm tng cng s tham gia ca khu vc t nhn trong vic s dng cc qu ca nh nc dnh cho vn ban u. 119 Tng cng s tham gia ca cc nh u t c t chc trong nc vo cc qu u t mo him. 120 y ban Chng khon Nh nc phi hp vi cc c quan qun l thu, cc thnh vin tham gia vo lnh vc ny v c quan iu phi Trung ng ngnh chng khon tin hnh ra sot khun kh quy nh v thu i vi lnh vc qu u t mo him. Quy tc th trng chng khon ca Schabacker - ng qu c tin - ng xoay s qu nhiu chuyn i - ng dn ton b s trng ca mnh trong mt r - ng chp nhn khuyt d mt cch m qung - ng b tri buc mt cch my mc - Hy k hoch trc - hnh ng sau - Hy xc nh t tng c th u t sai

- Hy gii hn thit hi v sng hnh phc, du mnh ang trong mi trng chng khon. i iu v c phiu Th gi c phiu s tng trong giai on thnh vng ca chu k thng trm kinh t. C th khi : - Cc yu t sn xut c tn dng trit - u t t nhn gia tng - Gi tng thu nhp ca ton nn kinh t - Thu nhp quc dn tng v - Mc tng tiu dng b khng ch, mc tch lu vn c khuyn khch. Th gi c phiu s gim trong giai on suy thoi ca chu k thng trm kinh t. Khi : - u t t nhn chng li v gim mnh - Doanh li ca doanh nghip b suy gim ko theo - S lng doanh nghip ph sn ngy cng tng - Lng tht nghip cao, tin tch lu gim mnh - i hi cc Ngn hng phi tng cng cp vn, do - Mc li sut tin gi tng gy lung vn chy t th trng vn sang th trng tin t - Cht lng c phiu c xc nh trn c s ch s nh gi kh nng ti chnh - tc ch s Cash-flow trn ml c phiu.

Tng quan th gi v ch s Cash-flow cng nh bao nhiu th c phiu cng c trin vng by nhiu. - C tc l ng c khuyn khch u c, l gia v ca bt sp; nu tra t th nht m tra nhiu th cht. - Khi nh hng u c c phiu khng nn da vo c tc c phn b, v ch l "tuyt ri chiu qua". Nn coi trng d on doanh li trong tng lai v kinh doanh chng khon khng phi l hot ng cho th hin ti. Nn hay khng nn? Khi no pht hnh TPCP ra th trng vn quc t "Nn hay khng nn pht hnh tri phiu chnh ph TPCP ra th trng vn quc t" l cu hi ang c d lun x hi quan tm. Mt trong nhng l do m nhiu chuyn gia cho l khng nn pht hnh TPCP ra th trng vn quc t l, hin nay, ngun vn ca t chc, c nhn trong nc cn kh nhiu, thay v huy ng vn nc ngoi cn tn dng ngay ngun vn trong nc. Bi nu li sut th trng c xung, th vic tr li cao hn cho t chc, c nhn trong nc cng l "lt sng xung nia". Tuy nhin, theo quan im ca B Ti chnh, bo o mc tng trng GDP 7,0 - 7,5% trong giai on 2001 - 2005 th nhu cu u t vn ti thiu ca ton x hi phi l 60 t USD. Trong khon tin khng l ny, nu huy ng ti a th ngun vn trong nc, vn u t trc tip nc ngoi, vn h tr pht trin chnh thc ODA, vn u t gin tip ca t chc, c nhn nc ngoi v ngi Vit Nam nc ngoi cng ch t c 30 - 40 t USD. Nh vy, s tin cn li 20 - 30 t USD s phi trng cy vo ngun vn vay tn dng thng mi hoc vay di dng c Chnh ph bo lnh. Song trn thc t, vic vay tn dng thng mi nhiu nm qua cho thy, khi tip cn vi ngun vn ny, ngi i vay b rng buc vo nhiu iu kin m khng phi lc no Chnh ph cng c th p ng c. Bn cnh , i vi vic tip cn ngun vn tn dng thng mi, ngi i vay hon ton th ng v khng phi lc no cng vay c. V vy, B Ti chnh cho rng, nu huy ng vn quc t thng qua pht hnh TPCP th khng nhng tip cn c vi ngun vn mi, m cn khc phc c nhng hn ch trn. Hn na, vic pht hnh TPCP ra th trng vn quc t c Chnh ph quy nh kh c th ti Ngh nh

23/1995/N-CP v vic pht hnh tri phiu quc t. V, gn y ti mt s Ngh quyt ca Quc hi cng nh Chnh ph bn v vic a dng ha cc ngun vn huy ng trong v ngoi nc, trong c vic pht hnh TPCP ra th trng vn quc t. Mi y, b L Th Bng Tm, Th trng B Ti chnh thng bo rng, ch trng thc hin Ngh nh 23/1995/N-CP c Chnh ph giao cho B Ti chnh v cc b c lin quan nghin cu tin hnh th im pht hnh TPCP ngay t u nm 2002. Nhng do y l hnh thc huy ng vn rt phc tp, nn hn 8 thng qua, B Ti chnh tin hnh tip cn cc nh u t, mi cc cng ty nh gi h s tn nhim nh gi hiu qu nn kinh t, tm hiu cc nh t vn bo lnh, t vn lut, i l pht hnh... v quan trng hn, theo b Tm l "phi nghin cu xem vic a TPCP ra th trng quc t vo thi im no c li nht". S thn trng trn l hon ton hp l, song liu th trng vn quc t c chp nhn tri phiu ca Chnh ph Vit Nam pht hnh? B Tm cho rng, vi iu kin hin nay, th trng vn quc t hon ton c th chp nhn tri phiu ca Chnh ph Vit Nam pht hnh. L do m b Tm a ra chng minh l, ngy 12 thng 6 nm 2002, Cng ty nh gi H s tn nhim quc t Fitch Anh xp h s tn nhim ca kinh t Vit Nam l BB- v BB H s tn nhim tch cc. Trc ngy 28 thng 5 nm 2002, Cng ty nh gi h s tn nhim quc t khc l Standard & Poor?s M cng xp h s tn nhim cc khon vay di hn bng ngoi t ca Vit Nam mc BB- v BB H s trin vng v n nh. Mc d khng cng b chnh thc thi im pht hnh TPCP ra th trng vn quc t, nhng b Tm cho bit, mi khu cho vic pht hnh chun b xong. Th trng ti chnh v s phn loi 1.1. Khi nim Th trng ti chnh Th trng ti chnh l th trng trong ngun ti chnh c chuyn t ngi c vn d tha sang ngi thiu vn. Th trng ti chnh l tng ho cc mi quan h cung cu v vn. Chc nng c bn nht ca th trng ti chnh l dn vn t ngi d tha vn ti ngi cn vn, ngoi ra n cn th hin chc nng gim st thng qua s vn ng ca cc ngun ti chnh.

1.2. Phn loi th trng ti chnh Da vo cc tiu thc khc nhau ta c th phn loi th trng ti chnh nh sau: 1.2.1. Da vo cch thc huy ng vn trn th trng ti chnh trn c s s dng cc cng c ti chnh ta c th trng n v th trng c phn. a Th trng n - Cng c n ngn hn: l cng c n c thi gian o hn t 1 nm tr xung - Cng c n trung hn: l cng c n c thi gian o hn t 1 nm ti 10 nm - Cng c n di hn: l cng c n c thi gian o hn trn 10 nm. b Th trng c phn L th trng trong ngi cn vn huy ng vn bng cch pht hnh cc c phiu. Cc c phiu ny l quyn c chia phn trn li rng v ti sn ca cc cng ty pht hnh c phiu. 1.2.2. Da vo vic mua bn chng khon ln u chng khon mi v mua bn chng khon sau khi pht hnh ln u ngi ta chia lm th trng cp 1 v th trng cp 2. a Th trng cp 1 th trng s cp: l th trng ti chnh trong nhng pht hnh mi ca chng khon c t chc pht hnh bn cho ngi mua u tin.

b Th trng cp 2 th trng th cp: l th trng ti chnh ni din ra cc hot ng mua bn li cc chng khon c pht hnh trn th trng cp 1. Da vo phng thc giao dch trn th trng ti chnh, th trng cp 2 c chia lm 2 loi: S giao dch v th trng phi tp trung. 1.2.3. Cn c vo bn cht, chc nng v phng thc hot ng ca cc ch th ti chnh v cc cng c ti chnh giao dch trn , h thng ti chnh c phn lm 3 th trng c bn: Th trng tin t, th trng hi oi v th trng vn. a Th trng tin t: Th trng tin t l th trng pht hnh v mua bn li cc cng c ti chnh ngn hn, thng thng di 1 nm nh tn phiu kho bc, khon vay ngn hn gia cc ngn hng, tho thun mua li, chng ch tin gi, thng phiu, ... b Th trng hi oi: Tng t nh th trng tin t, th trng hi oi l ni giao dch cc cng c ti chnh tng i ngn hn, nhng chng c nh gi bng cc loi ng tin khc nhau, v th trng hi oi cng ch c cc giao dch gia cc ng tin khc nhau mi c thc hin. c Th trng vn Th trng chng khon: Th trng vn l th trng pht hnh v mua bn li cc cng c ti chnh c k hn trn 1 nm hay chnh l ni gii quyt quan h cung-cu v vn di hn. Ba loi th trng trn hnh thnh h thng th trng ti chnh. Hot ng ca mi th trng c nh hng, tc ng ti cc th trng kia. Th trng

tin t v Th trng vn mun hot ng c hiu qu v phi trin th phi c Th trng hi oi, ngc li hai th trng kia pht trin v m rng s thc y th trng hi oi hot ng si ng hn. Ngoi ra, s phi trin ca Th trng tin t l c s cho s pht trin ca th trng chng khon, cng nh mt Th trng chng khon pht trin to iu kin cho Th trng tin t pht trin ln theo. 1.3. Vai tr ca nh nc trn cc th trng ti chnh Nh nc c chc nng qun l v iu tit mi mt hot ng ca nn kinh t trong th trng ti chnh l mt b phn rt quan trng. ng thi, trong qu trnh vn ng, bn thn th trng ti chnh cng t ra yu cu c s qun l v gim st ca nh nc. Trong mi loi th trng ti chnh khc nhau, nh nc th hin vai tr ca mnh bng cc bin php v cng c khc nhau. Ni chung, s tc ng ca nh nc vo th trng ti chnh th hin trn 3 mt c bn sau: 1 Nh nc to mi trng php l cho s hnh thnh v hot ng ca th trng ti chnh 2 Nh nc to ra mi trng kinh t cho s hnh thnh v pht trin ca th trng ti chnh 3 Nh nc gim st cc hot ng ca th trng ti chnh. Th trng chng khon: S lc lch s ra i v pht trin 1.1. Khi nim: Th trng chng khon l mt b phn ca th trng ti chnh m ti din ra vic mua bn cc cng c ti chnh di hn. 1.2. S lc lch s ra i v pht trin Th trng chng khon ban u pht trin mt cch t pht v rt s khai, xut pht t mt s cn thit n l ca bui ban u. Vo gia th k 15

ti nhng thnh ph trung tm bun bn phng Ty, cc thng gia thng t tp ti cc qun c ph trao i vic mua bn trao i cc vt phm hng ho. Lc u ch mt nhm nh, dn dn sau tng dn v hnh thnh mt khu ch ring. Cui th k 15, thun tin hn cho vic lm n, khu ch tr thnh "th trng" vi vic h thng nht cc quy c v dn dn cc quy c c sa i hon chnh thnh nhng quy tc c gi tr bt buc chung cho mi thnh vin tham gia " th trng". Phin ch ring u tin c din ra vo nm 1453 ti mt l im ca gia nh Vanber Bruges B, ti c mt bng hiu hnh ba ti da vi mt ting Php l "Bourse" tc l "mu dch th trng" hay cn gi l "S giao dch". Vo nm 1547, thnh ph Bruges B mt i s phn thnh do eo bin Even b ct lp nn mu dch th trng y b sp v c chuyn qua th trn Auvers B, y th trng pht trin rt nhanh v gia th k 16 mt quan chc i thn ca Anh quc n quan st v v thit lp mt mu dch th trng ti London Anh, ni m sau ny c gi l S giao dch chng khon London. Cc mu dch th trng khc cng ln lt c thnh lp ti Php, c v Bc u. S pht trin ca th trng ngy cng pht trin c v lng v cht vi s thnh vin tham gia ng o v nhiu ni dung khc nhau. V vy theo tnh cht t nhin n li c phn ra thnh nhiu th trng khc nhau nh: Th trng giao dch hng ho, th trng hi oi, th trng giao dch cc hp ng tng lai v th trng chng khon... vi c tnh ring ca tng th trng thun li cho giao dch ca ngi tham gia trong .

Qu trnh cc giao dch chng khon din ra v hnh thnh nh vy mt cch t pht cng tng t Php, H Lan, cc nc Bc u, cc nc Ty u v Bc M. Cc phng thc giao dch ban u c din ra s khai ngay c khi ngoi tri vi nhng k hiu giao dch bng tay v c th k nhn lnh ca khch hng. M cho n nm 1921, khu ch ny c chuyn t ngoi tri vo trong nh, S giao dch chng khon chnh thc c thnh lp. Ngy nay, theo s pht trin ca cng ngh khoa hc k thut, cc phng thc giao dch cc S giao dch chng khon cng c ci tin dn theo tc v khi lng yu cu nhm em li hiu qu v cht lng cho giao dch, cc S giao dch dn dn s dng my vi tnh truyn cc lnh t hng v chuyn dn t giao dch th cng kt hp \/i my vi tnh sang s dng hon ton h thng giao dch in t thay cho th cng trc kia. Lch s pht trin cc th trng chng khon Th gii tri qua mt s pht trin thng trm lc ln, lc xung, vo nhng nm 1875-1913, th trng chng khon Th gii pht trin huy hong cng vi s tng trng ca nn kinh t Th gii lc , nhng ri n "ngy th nm en ti " tc ngy 29/10/1929 lm cho th trng chng khon Ty, Bc u v Nht bn khng hong mt lng tin. Cho mi ti chin tranh th gii th 2 kt thc, cc th trng chng khon cng hi phc dn v pht trin mnh v ri cho n nm 1987 mt ln na lm cho cc th trng chng khon. Th gii in o vi "ngy th hai en ti" do h thng thanh ton km ci khng m ng c yu cu ca giao dch, st gi chng khon gh gm, mt lng tin v phn ng dy chuyn m hu qu ca n cn nng hn cuc khng hong nm 1929. Theo quy lut t nhin, sau gn hai nm mt lng tin, th trng chng khon Th gii li i vo giai on n nh v

pht trin n ngy nay. C mi ln khng hong nh vy, gi chng khon ca tt c cc th trng chng khon trn Th gii st kinh khng tuy mi khu vc v mi nc nhng mc khc nhau gy ra s ngng tr cho th trng chng khon ton cu v cng nh hng trc tip ti nn kinh t mi nc. Cho n nay, phn ln cc nc trn Th gii c khong trn 160 S giao dch chng khon phn tn khp cc chu lc bao gm c cc nc trong khu vc ng nam pht trin vo nhng nm 1960 -1970 vo cc nc ng u nh Balan, Hunggari, Sc, Nga, v Chu nh Trung quc vo nhng nm 1980 - u nm 1990. Lch s hnh thnh v pht trin ca th trng chng khon trn Th gii cho thy thi gian u, th trng hnh thnh mt cch t pht, i tng tham gia ch yu l cc nh u c, dn dn v sau mi c s tham gia ngy cng ng o ca cng chng. Khi th trng bt u xut hin s trc trc v bt n, chnh ph buc phi can thip bng cch thnh lp cc c quan qun l nhm bo v quyn li ca cng chng u t v sau dn dn h thng php l cng bt u c ban hnh. Kinh nghim i vi nhng th trng mi hnh thnh v sau ny cho thy th trng sau khi thit lp ch c th hot ng c hiu qu, n nh v nhanh chng nu c s chun b chu o v mi mt v hng ho, lut php, con ngi, b my qun l v c bit s gim st v qun l nghim ngt ca Nh nc. Song cng c mt s th trng chng khon c s trc trc ngay t ban u nh th trng chng khon Thi Lan, Innsia, hot ng tr tr mt thi gian di do thiu hng ho v do khng c quan tm ng mc, th trng chng khon Philippine km hiu qu do thiu s ch o v qun l thng nht hot ng ca 2 S giao dch chng khon Makita v Manila, th

trng chng khon Balan, Hungari gp trc trc do vic ch o gi c qu cao hoc qu thp, C th ni, Th trng chng khon l mt nh ch ti chnh khng th thiu c trong i sng kinh t ca nhng nc theo c ch th trng v nht l nhng nc ang pht trin ang cn thu ht lung vn ln di hn cho nn kinh t quc dn. Th trng Chng khon - Tng quan 1. Chng khon Hng ho ca th trng Chng khon l bng chng di hnh thc giy t hay ghi trn h thng in t xc nhn quyn s hu hay quyn ch n hp php c th chuyn nhng ca ngi s hu chng khon i vi vn ti sn v cc li ch khc ca ngi pht hnh. 1.1. Hai loi chng khon ch yu Chng khon c chia lm hai loi chnh: c phiu v tri phiu. Vi s pht trin ngy cng cao ca cng ngh chng khon v hnh thc pht hnh, ngy nay khi nim v chng khon c s thay i, n khng ch l mt chng t hin vt di hnh thc giy t m cn c th c th hin trn h thng in t. C phiu: L mt loi chng t di hnh thc giy t hay ghi trn h thng in t do cc cng ty c phn pht hnh xc nhn quyn s hu hp php ca ngi c c phiu i vi ti sn ca ngi pht hnh. Tri phiu: Tri phiu l mt loi chng t chng nhn quyn i n gc v li ca tri ch i vi ngi pht hnh, n c th di hnh thc giy t hay c ghi

trn h thng in t do cc cng ty, t chc hay Chnh ph trung ng, a phng pht hnh. So snh c phiu v tri phiu Mt cng ty c nhiu cch huy ng vn, c th vay vn ngn hng hoc pht hnh c phiu hay tri phiu. C phiu hay tri phiu c th bao gm nhiu loi khc nhau, tuy nhin nhng im khc nhau c bn gia c phiu v tri phiu c phn bit nh sau: a Xt v pha cc nh u t: C phiu Khng c m bo Gi c bin ng c hon tr sau cng trong s ti sn cn li Tri phiu Ni chung c m bo

Vn gc gi tr ban u Th t hon tr tin khi Cty b ph sn Thi im hon tr vn gc

c u tin trong cc hnh thc vay n thng thng Ch khi Cty b gii th hoc Thi im hon tr c ph sn. xc nh vo lc pht hnh Quyn tham gia Vi mi c phn l mt Tr khi Cty b ph sn, vo qun l Cng phiu bu, c ng c th khng c tham gia ty tham gia vo cc quyt vo qun l Cty nh ca Cty ti i hi c ng b Xt v pha cc nh kinh doanh: C phiu Tri phiu Sau khi pht hnh khng b Phi chun b tin hon tr yu cu mua li do l khi tri phiu o hn khong tin vn an ton Tin c tc do i hi c D vic kinh doanh ca

Vn gc

Hot ng kinh

doanh ca Cng ty

Tham gia vo qun l kinh doanh

ng quyt nh. Do vy, Cty nh th no th vn trng hp hot ng kinh phi tr li v vn gc theo doanh ca Cty khng n cc iu kin c quy nh, khng nht thit cng nh khi pht hnh. ty phi chia tin c tc. C quan ra quyt nh cao Tri ch khng c tham nht Cty l i hi c ng. gia vo qun l Cty Tr Thng thng c qu na trng hp Cty ph sn, s phiu ng th quyt tuy nhin trn thc t nh c thng qua. khng th b qua kin ca ngi gi tri phiu.

Theo mc gim dn ca kh nng thanh ton v mc tng dn ca ri ro, trt t cc loi chng khon c xp loi nh sau: Cc chng khon n ngn hn tn phiu kho bc. Tri phiu chnh ph Tri phiu cng ty C phiu u i C phiu thng.

Xut pht t trt t thanh ton khi doanh nghip b ph sn th tri phiu s c x l trc. Khi cng ty trong qu trnh thanh l th trt t thanh ton c xp nh sau: Ph gii quyt ph sn, lng cng nhn vin. Tr thu Thanh ton n, trong : N ngn hn N di hn C ng:

C phiu u i C phiu thng 1.2. Phn loi c phiu v tri phiu 1.2.1. C phiu Khi mt cng ty ng k pht hnh, n s c trao thm quyn pht hnh mt s c phn nht nh. Hu ht cc cng ty pht hnh c phn t hn so vi con s c giao thm quyn nhm duy tr mt lng chng khon nht nh s dng trong tng lai. Cc c phiu c pht hnh: L s lng cc chng khon thc s c bn ra. C phn cha c bn ra hoc cha c lu hnh gi l cc chng khon cha c pht hnh. C tc l mt phn li nhun ca cng ty chia cho c ng t l vi s c phiu ca h. C tc thng c cng b hng nm v tr theo qu. Mt cng ty c th cng b tr c tc bng tin mt, bng c phiu hay bng ti sn. ph hp vi tm l ca ngi u t, ngi ta chia c phiu ra mt s loi nh sau: a C phiu thng C phiu thng th hin quyn s hu c b phiu ca mt cng ty c phn. Mi c phiu thng th hin quyn li s hu ca c ng trong cng ty. S lng c phiu m c ng nm cng nhiu, quyn li s hu ca anh ta trong cng ty cng ln. i khi, mt cng ty c phn c th pht hnh phiu loi c phiu thng khc nhau nh loi A v B. Hai loi ny c mt s im khc nhau. Mt loi c phiu c th c quyn b phiu bu Hi ng qun tr cn loi kia th

khng. Hoc khi cng ty tr c tc cho c ng, mt loi c th nhn c c tc ln hn loi kia. Ngoi ra, nu cng ty b thanh l th mt loi c th nhn c phn ti sn nhiu hn loi kia. Cc quyn ca c ng c c phiu thng: Ngi s hu c phiu thng thng thng c hng mt s quyn li nht nh nh sau: Quyn b phiu bu HQT. Quyn nhn c tc theo cng b ca HQT. Quyn chuyn nhng s hu c phiu. Quyn b phiu cho cc vn c nh hng n ton b cng ty Quyn kim tra s sch ca cng ty Quyn c chia ti sn khi cng ty thanh l hay gii th

Mnh gi ca c phiu thng: Hu ht cc cng ty c phn n nh mnh gi cho mi c phiu thng v mnh gi thng c in trn t c phiu. Mnh gi c phiu khng lin quan n gi th trng ca c phiu . Mnh gi th hin tm quan trng duy nht ca n vo thi im c phn ln u tin c pht hnh. Gi th trng ca c phiu thng Khi c phiu bn ra cng chng, gi ca n c xc nh bi gi m cc nh u t mua n; gi ny c coi l gi th trng hay gi tr th trng; n ph thuc vo s tin tng ca ngi u t vi cng ty pht hnh. Trn thc t, gi th trng ca c phiu khng phi do cng ty n nh v cng khng phi do mt ngi no khc quyt nh. Gi th trng ca c phiu c xc nh bi gi thp nht m ngi bn sn sng bn n v gi cao nht m ngi mua sn sng mua n. b C phiu u i

C phiu u i cng th hin quyn li s hu trong mt cng ty. N c gi l c phiu u i v nhng c ng nm loi c phiu ny c hng mt s u i hn so vi nhng c ng thng. Nhng c ng u i c th c quyn nhn c tc trc c ng thng hay c quyn u tin c nhn ti sn trong trng hp cng ty b gii th. Tuy nhin, khng ging vi cc c ng thng, cc c ng u i thng khng c b phiu bu ra HQT v quyn hng li tc c phn b gii hn theo mt s lng nht nh. Mnh gi ca c phiu u i Ging nh c phiu thng, c phiu u i c th c mnh gi hoc khng c mnh gi, y mnh gi cng c mi lin quan n gi th trng. Nu mt c phiu u i c mnh gi th c tc s c tnh da vo mnh gi . Nu c phiu u i khng c mnh gi th c tc s c cng b bng mt s la no trn mi c phiu m cng ty pht hnh n nh. Cc loi c phiu u i: Nu mt cng ty c phn pht hnh nhiu sri c phiu u i, h c th ch nh mt loi l u i th nht, loi kia l u i th hai. Hoc h cng c th phn bit cc c phiu u i thng qua s u tin ca n i vi vic hng li tc c phn. C phiu u i tham d v khng tham d chia phn C phiu u i khng tham d chia phn l loi ch c hng li c phn u i ngoi ra khng c hng thm bt c phn li nhun no. Ngc li, c phiu u i tham d chia phn th c ng c hng mt phn li tc ph tri theo quy nh khi cng ty lm n c li cao. C phiu u i tch lu v khng tch lu

C tc trn c phiu u i cng c th c tch lu hoc khng tch lu. Mt c phiu u i c tch lu c ngha l nu c tc khng c cng b tr trong mt nm no th c tc ny s c tch lu hay cng dn. C tc gp ny phi c tr trc khi cng b tr c tc cho cc c phiu thng. Mt khc, nu c tc khng c tch lu v cng ty b qua c tc ca mt nm no th c tc khng phi cng thm trc khi c tc thanh ton cho nhng c phiu thng. C phiu u i c th chuyn i L loi c phiu u i c quyn chuyn sang mt loi chng khon khc ca chnh cng ty . Cng thc thc hin vic chuyn i c phiu u i c th chuyn i sang c phiu thng do cng ty quy nh ti thi im c phiu u i c th chuyn i c pht hnh. Chng khon ngn qu: V nhiu l do, cng ty mua v nhng c phn m h pht hnh. Cc c phn c pht hnh m hin ti do cng ty s hu c gi l cc chng khon ngn qu, n khng c quyn b phiu v khng c nhn c tc. Chng khon tri ni: L tng s cc chng khon c phi hnh tr i s chng khon c cng ty mua li chng khon ngn qu. Cc chng khon tri ni c quyn nhn c tc v c quyn b phiu. 1.2.2. Tri phiu c im ca tri phiu: Mnh gi: Trn b mt ca tri phiu, thng cng b s tin m ngi pht hnh cam kt tr cho ngi c tri phiu. S tin ny gi l mnh gi ca tri phiu.

Ngy o hn: Ngy o hn cng c ghi trn b mt tri phiu. y l ngy ngi pht hnh s thanh ton mnh gi cho ngi c tri phiu. K hn ca tri phiu rt a dng, c th ln ti 30 nm hay hn na. Li sut: Li sut c cng b theo t l phn trm vi mnh gi tri phiu. Mc d li sut c tnh theo hng nm nhng n c thanh ton na nm mt ln. Phn bit theo tiu thc ngi pht hnh, c hai loi tri phiu l tri phiu cng ty v tri phiu Chnh ph Tri phiu cng ty Tri phiu v danh Tn tri ch ca tri phiu v danh khng c ng k ti cng ty pht hnh. Tri phiu ny c thanh ton cho nhng ai mang n, tc l ngi ch s hu tri phiu . Tri phiu v danh c gn cc cung phiu tr li, tri ch x mt cung phiu vo ngy tr li v gi cho i l ca cng ty thanh ton. Tri phiu ghi tn Tn ca tri ch c ng k ti cng ty pht hnh. Ngi c tri phiu ny khng phi gi cc cung phiu cho i l thanh ton nhn phn li ca mnh. M thay vo , vo ngy n hn, ngi i l s t ng gi cho anh ta mt t sc tr cho khon li . Tri phiu c th thu hi Mt s cng ty c quy nh trong tri phiu mt iu khon cho php h mua li tri phiu trc khi n hn. Thng thng, cng ty chp nhn tr cho ngi c tri phiu theo gi gia tng tc l, ln hn mnh gi ca tri phiu khi cng ty mun mua li tri phiu .

Tri phiu c th chuyn i Tri phiu chuyn i cho ngi s hu quyn i tri phiu ca anh ta sang mt loi chng khon no . Chng khon ny c th l c phiu u i hay c phiu thng ca cng ty pht hnh. Tri phiu bo m Cng nh nhng ngi i vay khc, cng ty thng a ra mt th c gi tr lm vt bo m cho cc khon vay. Khi cng ty thc hin iu ny, ta ni rng n pht hnh mt tri phiu c bo m. C mt s loi tri phiu bo m ch yu l: Tri phiu c ti sn cm c: mt tri phiu c ti sn cm c l vic cng ty pht hnh th chp bt ng sn m bo kh nng thanh ton n. Tri phiu c ti sn th chp: cng ty pht hnh a ra cc chng khon d chuyn nhng m cng ty s hu ca ngi khc bo m cho vic pht hnh tri phiu. Tri phiu khng bo m Mt cng ty c kh nng tn dng cao c th pht hnh tri phiu ch trn uy tn ca mnh. Nhng tri phiu ny c gi l giy nhn n v cng ty khng phi th chp ti sn lm m bo cho n. Cc chng khon nhn n do ngn hng pht hnh Cc ngn hng c th tham gia th trng vi cc cng c ngn hn nh: Chng ch tin gi: cung cp cho ngn hng cc ngun vn thc hin cho vay ngn hn. Phiu chp nhn thanh ton ca ngn hng: c pht hnh ti tr cho bun bn quc t.

Tri phiu Chnh ph ti tr cho chi tiu ngn sch, cc chnh ph c th pht hnh tri phiu thng qua kho bc nh nc. Tri phiu chnh ph c th l ngn hn, trung v di hn. K phiu kho bc ngn hn Ph bin nht l cc loi 3 thng v 6 thng, cc k phiu ngn hn l nhng cng c chit khu, thng khng c mc li sut c nh. Cc k phiu ngn hn thng c mua bng mt s tin v ngi mua s nhn c mt s tin ln hn bng mnh gi khi n hn. Khon chnh lch gia hai s tin trn gi l khon chit khu, li sut thu c chnh l li sut chit khu Tri phiu kho bc trung v di bn Cc tri phiu kho bc trung v di hn l cc cng c c k hn di hn k phiu kho bc. Tri phiu trung hn c pht hnh vi thi gian o hn t 1 n 10 nm. Tri phiu di hn c pht hnh t 10 n 30 nm. Cc tri phiu trung v di hn c mc li sut c nh v c tr li trn c s na nm. Nhng cng c ny c tnh ton trn c s 1 nm 365 ngy m khng phi 360 ngy nh i vi cc k phiu ngn hn v cc cng c khc Tri phiu a phng K phiu a phng ngn hn Cc chnh quyn a phng pht hnh nhng cng c ngn hn ng trc nhu cu v vn. Nhng cng c ny c gi l k phiu, thng c k hn 6 thng hoc t hn. Cc k phiu c pht hnh trn c s d tnh trc cc khon thu gi l k phiu ng trc thu. Cc loi pht hnh da trn d tnh thu nhp tng lai gi l k phiu ng trc thu nhp. Cc k

phiu ng trc i pht hnh tri phiu mi gi l k phiu ng trc cho pht hnh tri phiu. Tri phiu a phng trung v di hn Thng c mt s loi sau: Tri phiu trch nhim chung: c bo m bng nhng lc thu thu ca chnh quyn a phng. Tri phiu bo m bng thu c th: c bo m bng mt loi thu nht nh ca a phng. Tri phiu thu nhp: c bo m bng thu nhp t d n xy dng bng tin bn tri phiu. 1.3 - Chn g quyn v tri quyn: - Chng quyn: Chng quyn l mt quyn mua hay t mua c phiu mi c pht hnh ti mt gi xc nh thng thp hn gi th trng hin hnh theo t l thun vi s c phiu m h ang s hu. Chng quyn thng c thi hn ngn t 2 tun n 30 ngy. Trong thi gian ngi c chng quyn c th s dng mua c phiu mi hoc bn n trn th trng Th d: Mt cng ty c 100.000 c phn nay mun pht hnh thm 10.000 c phiu mi. Khi t l chuyn i l 1/10- tc l c c 10 c phiu c th c mua 1 c phiu mi. - Chng kh:hay tri quyn Mt chng kh gn vi 1 chng khon cho php ngi gi n c quyn mua c phiu thng theo mt gi nht nh. Gi xc nh trn chng kh cao hn gi th trng hin hnh ca c phiu thng.

V d: Mt cng ty A c c phiu thng ang lu hnh vi gi 40$/1 c phiu, chng kh pht hnh cho php ngi gi n mua c phiu ca cng ty A Vi gi l 60$/1 c phiu vo bt k thi im no cho n ny 31/12/2000. Nu cng ty A ang rt c trin vng v ngi ta d on n nm 2000, gi c phiu ca cng ty c th vt mc 60$ th chng kh s rt hp dn. Bi vy, ngi ta thng s dng chng kh i km vi tri phiu hoc c phiu u i lm cho vic cho bn ln u hp dn hn. 2.1.4. Cc cng c khc ca th trng chng khon Derivatives - Hp ng k hn: l mt hp ng ti chnh, trong hai bn cam kt chc chn mua hoc bn mt cng c ti chnh vo mt thi im trong tng lai vi gi c xc nh vo thi im k hp ng. Ngi mua hoc ngi bn phi gnh chu ri ro hoc mi khon li tu thuc kh nng phn tch nh gi th trng - Hp ng la chn: theo hp ng la chn, ngi mua quyn la chn c quyn c thc hin bng cch tr cho ngi bn mt khon tin t cc. i li, ngi bn phi gnh chu mi ri ro do bin ng gi ca th trng gy ra. Cn ngi mua ch chu ri ro trong gii hn t cc. C hai loi quyn la chn l: Quyn la chn mua Quyn la chn bn Nhng iu cm k trong th trng chng khon - Cc th thut gian ln v gi to - T vn cho khch hng khng ph hp, thiu c s. - Mua bn qu mc cn thit. - Bn c tc. - Bn chng khon ti im phn bit gi. - Vay mn tin. - Ngu to bn cht.

- S dng kt lun nghin cu ca ngi khc. - Xung t quyn li. - m bo li l hoc chia chc vi khch hng. - Lm dng thng tin ni b. - Tit l thng tin khch hng. - Li dng chc nng thu vn cho mnh. - Giao dch gi to. - Gi th. - Mua bn t bin. - Dng cc phng tin truyn thng gy nh hng th trng. - Phao tin tht thit hoc gy lc hng. - Chy trc. - p gi, tr gi, cht gi. Mi giao dch trong th trng chng khon TTCK l mt cuc lm n, nhiu khi l mt cuc lm n ln. Cc giao dch thng din ra v kt thc cc k nhanh, c th ch tn vi giy gt mt hp ng bc t. cc th trng ln, hng triu giao dch pht sinh mi ngy, tr gi hng t la... S si ng ca loi th trng nhy cm ny va thch thc va t tin cho cc nh qun l v kh nng duy tr mt n np trt t v o c kinh doanh. m bo mt th trng lnh mnh, TTCK c xy dng trn nn tng thi hnh trung thc v cng bnh. Ngi u t c bo v ti a. S an ton chnh l nhn t thuyt phc cho th trng tn ti v c duy tr bi: mt hnh lang php lut, mt h thng quy chun v nghip v c chun ho chi li v nhng iu cm k c tnh nguyn tc. V php lut v nghip v u t, ngi u t c th d dng nu khng mun ni l lun lun cn n cc c vn v cc cng ty chng khon lo liu cho mnh. Ring nhng iu cm k th chng nhng gii chuyn nghip phi thuc lng m ngi u t cng cn bit trnh, cnh gic, t bo v mnh v cn c ngha lm tai mt gip th trng hon thin. Trnh by di y ch yu cung cp hiu bit v cc cm k v hn ch i vi cc thnh vin trong TTCK cng nh bt c ai tham gia vo th trng ny. CC TH THUT GIAN LN V GA TO

Ngi tham gia, nht l nhn s trc tip lm vic trong TTCK tuyt i khng c dng cc mu k hay phng php vn hnh gi to nhm nh la hoc gian ln tc ng theo mnh khi giao dch hoc nhm chiu d vic mua hay bn mt chng khon no . V d a ra cc nhn nh c dng v sai s tht hoc thc hin cc ng tc gi. iu ny gip cho c ch mua bn trong TTCK tun th cc ng c t nhin theo nhit ca th trng v chng la o. Theo lut giao dch chng khon ca M th gii hn truy cu l 3 nm v hiu lc pht hin trong vng mt nm, vi s n b thit hi khng hn ch v tu theo mc . T VN CHO KHCH HNG KHNG PH HP, THIU C S Khi khch hng tm n nh t vn hoc quan h vi cng ty chng khon, h mc nhin ph thc nim tin vo nhng ni ny. Mi khch hng c nhng nhu cu u t ring. Cc iu kin ti chnh, nhn thn, th trng tm l, mc chu ng ri ro... ca h khc nhau. H cn c iu tra y , c gii thch cn k, gm c cc phn tch ri ro ng mc v bo h bit trc. Bt c s thiu tn tu, qua loa ly l no gy hu qu xu cho khch hng u c xem l vi phm nguyn tc hnh x trong TTCK. S hnh x trung thc fair dealing ny c th o lng c d dng bng mt s tnh hung c lit k. V d khng th c chuyn khch hng ca mt cng ty mi gii b mc quai vo mt quyt nh u t m c th t h vo ri ro vt qu kh nng ti chnh ca h. Hoc mt ph n ang mang thai, mt ngi bnh tim, li c hng dn u t vo cc chng khon hay chin lc c ri ro cao, d c th s mang li li nhun nhiu,. .. MUA BN QU MC CN THIT Trong c ch TTCK cc nh u t do khng c thi gi hoc khng tinh thng bng cc nh mi gii,... h c th m mt trng mc u thc discretionary account giao trn quyn mua bn li cho nh mi gii. Hot ng mua bn qu mc xy ra khi ngi mi gii lm nh th gia tng tin hu hng ca mnh ch khng phi v mc ch kim li cho khch hng u t. Hnh ng "to sng" th li - "hay nh sa vt b" ny thut ng gi chung l "churning". Churning va c th l mua bn qu nhp bnh thng hoc qu quy m ri li phi thanh l pht sinh nghip v! mi kt thc giao dch c. BN C TC

Vic mua chng khon ngay trc t phn phi c tc mi nghe tng ngon n nh "mua g cho trng". Tht ra ngi u t b t trc hai bt li: th nht chng khon s b rt gi t ra l bng vi khon c tc c phn phi - s rt gi v bt c l do no lun km theo mt ng thi tm l bt n - v th hai, ngi u t s phi gnh chu trch nhim v khai thu theo t phn phi c tc . Cc cng ty chng khon b cm khuyn khch ngi u t mua cc c phn vo thi im t nh ny nhm trnh mt s chy trch nhim i vi ngha v thu. BN CHNG KHON TI IM PHN BIT GA S c cc loi chng khon, c phn cc t pht hnh mi, hoc c phn ca cc qu u t, c bn bi mt khung gim gi theo gi c gim thp hn sau mi nc thang s lng cao hn. Khch hng c th khng nm c cc thng tin ny, do v tnh c th mua mt lng ngay st di gi c gim. Nh vy h mc nhin chu thit hi ngay khi mua. Cc nh mi gii v t vn thu xp cho khch hng u t mua mc nh th hoc l i trc mt yu cu giao dch v ca khch hng vi lng mua ngay di im phn bit breakpoint ca mt thang gi l khng chn chnh v vi phm nguyn tc tri hnh trung thc trong TTCK. VAY MN TIN Cc i din ca cng ty chng khon v cc nh t vn u t b cm vay tin hoc chng khon ca mt khch hng, ngoi tr khch hng ng thi l mt ngn hng hoc mt n v c chc nng kinh doanh ti chnh. ng thi h cng b cm khng c cho khch hng vay tin hoc chng khon nu h khng c php hot ng nh vy. NGU TO BN CHT Nhng ngi hnh ngh trong TTCK khng c trnh by sai lch ra cng chng v thc cht v cc dch v ca h lo khch hng c hoc cu khch hng mi,... cc cm k kiu ny bao gm: Phm cht ngh nghip, kinh nghim, trnh . Bn cht cc dch v c cung ng. Ph dch v.

Bt c mt s ph trng no vt qu thc cht cng mc ti ngu to, v s lm sai lch quyt nh chn mt gi vng ca ngi u t. S DNG KT LUN NGHIN CU CA NGI KHC Cc nh t vn u t v kinh doanh mi gii b cm khng c cung cp cho khch hng cc bo co nghin cu, phn tch hay khuyn ngh do ngi khc thc hin m khng ni thng ra khng phi l lp lun ca mnh. Nhng h c th da vo cc thng tin, khuyn ngh hoc phn tch ca ngi khc a ra cc kt qu t vn cho khch hng ca mnh, min l h phi tit l l h dng cc ngun . XUNG T QUYN LI Cc nh t vn u t phi cng khai bng vn bn cc thc trng t nh d gy ra hoc tim n kh nng xung t quyn li vi khch hng nh: - Mi quan h trc tip gia nh t vn vi bt c nh cung ng sn phm chng khon no. - Cc khon tin tr ph thu xp m khch hng phi chu thm vo ph t vn cho cng dch v. - Nhn ph t vn ca khch hng trong khi tin hu hng thc hin nghip v chng khon, da trn kt qu t vn , cng c th v tay nh t vn hay cng ty ca h. M BO LI L HOC CHIA CHC VI KHCH HNG Nhng ngi kinh doanh v t vn khng c cam kt bt c mt khon chy l hoc kim li no s c thc hin cho ti khon ca khch hng, ngoi tr trong vi trng hp hn ch. Nhng ngi hot ng trong k ngh chng khon cng khng c chia li, chia l vi khch hng. Cc ngoi l nu c - v d: i vi mt ti khon lin kt joint account - th phi c cng ty qun l trc tip chp thun trc bng vn bn, v h ch c chia phn tng ng vi vn gp. Cc quan h gia nh trc tip s c p dng linh ng hn. LM DNG THNG TIN NI B

y l cm k cc k nghim khc. Cc thng tin khng c cng b ra cng chng c quan tm c bit v y chnh l mt nguyn nhn quan trng bc nht to ra s bt cng, tiu cc, m m,...lm vn c th trng. Cc cng ty v nh t vn chng khon b bt buc phi lp cc "bc tng cch ly" Chinese wall trong ni b, son quy ch duy tr v rng buc cc ch v qun l thng tin, thit lp th tc v hn ch nhm tch cc ngn nga cc vi phm lut l v qun l thng tin ni b. Lut l v TTCK dnh nhiu iu khon ch nh hnh vi phi o c ny. TIT L THNG TIN KHCH HNG Thng tin c lin quan n khch hng c quan h vi cng ty chng khon phi c gi kn. Cc nhn vin ca cng ty chng khon khng c tit l bt c chi tit no ca khch hng cho ngi khc khng c thm quyn nu khng c s ng ca khch hng . Cc thng tin ny c th l cc v th mua bn, tnh trng nhn thn, tnh hnh ti chnh, cc chin lc, Mt nguyn tc quan trng c tnh sng cn ca TTCK l nim tin ca khch hng. Chnh nhng nhn vin lm vic trong cng ngh chng khon phi c ngha v gi li nim tin . Trong trng hp c yu cu, c php l xc nhn v cho php, ti khon ca khch hng c th giao dch bng m s hoc m ch thay v bng chnh tn ca h. LI DNG CHC NNG THU VN CHO MNH Khi cc cng ty thnh vin v c quan trong TCCK dm nhn cc cng on trong h thng vn hnh nh i din chi tr, chuyn nhn, bo lnh pht hnh chng khon,... l cam kt trong mt quan h u thc i vi cc cng ty pht hnh. Do vai tr nh vy, cc n v ny ng nhin c c cc thng tin ring, chi tit v nhng ai ang lm ch loi chng khon m h ang phc v. y khng phi l li th kinh doanh. Cc thnh vin lin quan b cm khng c s dng cc thng tin dng ny cho mc ch v li. H ch c s dng theo yu cu c th hoc s cho php ca cng ty pht hnh. Chng hn, mt n v thnh vin gi nhim v chuyn nhun transfer agent trong cc giao dch v c phn thng ca mt cng ty khng c lin h vi cc s hu ch c phn mi chi hoc thu vn ring. CC HOT NG MUA BN PHI O C GIAO DCH GI TO

Tng t nh vic a ra cho mua, cho bn o, vic dng ln cc giao dch ngu to c th c mt s ngi s dng nhm to cc t bin th trng cho mt loi chng khon no ng hu phc v cho dng c nhn. Cc ng tc gi artificial transactions ny d c vn dng di bt c hnh thc no u b nghim cm. GI TH Cng nhm ngu to cm gic th trng ca mt chng khon no si ng, cng lc c hai ngi a ra hai lnh mua v bn ging ht nhau thng qua cng mt cng ty mi gii v c thc hin. Kt qu mua bn c bo co trn cc h thng thng tin nhng k thc y ch l mt mt mnh kho to xung ng gi ch khng c mua bn theo cung cu trung thc. Cc c nhn cng c th t thc hin th thut ny hoc do cc nhm cng cnh lm n bt chnh to ra. Cc cng ty chng khon buc phi lu v pht hin cc lnh i ng kiu ny v khng c thc hin nghip v khi bit rng l mt hot ng gi th matching. V d mua v bn cng loi chng khon, cng s lng, gn nh cng gi ti cng thi im, MUA BN T BIN Mua bn t bin tng ln c xc nh khi mt thnh vin c th cu kt vi khch hng - thc hin cc lng mua bn mt lng chng khon vt tri, ti mt thi im no , khc xa vi din bin bnh thng, hoc vt qu s cn i ngun ti chnh ca mnh mt cch l liu. Hot ng ny c th b kt ti hoc b truy cu gy nhiu lon th trng. DNG CC PHNG TIN TRUYN THNG GY NH HNG TH TRNG Cc cng ty chng khon, hoc cc c nhn, n v lin quan, khng c dng tin mua chuc v to ra cc bi vit, cc nhn nh thun li theo mnh hoc cc cp c dng khc trn bo ch, cc n phm ti chnh,... Tt nhin iu cm k ny khng bao gm cc qung co bnh thng trn cc phng tin truyn thng v c phn bit r nh vy. PHAO TIN THT THIT HOC GY LC HNG

Cc nh kinh doanh giao dch chng khon b cm s dng v th ca mnh to ra cc trung tm nh hng v ni a ra kin nhm lung lc khch hng bng vic truyn b hoc cung cp cc thng tin sai lc hoc tht thit phc v cho mc tiu li ko qun chng mua hay bn mt loi c phiu c th no . CHY TRC FRonT-RUNNING Hnh ng chy trc lin quan ti nhng tnh hung theo mt nh kinh doanh mi gii chng khon trong khi ang gi mt lnh mua hay bn ca khch hng c bit l cc khi lng ln c chiu hng lm bin i th trng li thc hin mua hoc bn cho mnh cng pha vi lnh ca khch hng, trc khi a lnh ra th trng. Nu l lnh mua, nh kinh doanh mi gii khng c mua ring cho mnh vi gi bng hay thp hn gi sau s thc hin cho khch hng. Tng t trng hp khch hng ra lnh bn th cng ty khng c bn chng khon cng loi cho ti khon cng ty mnh bng hoc cao hn gi sau s thc hin cho khch hng. P GA CAPPING, TR GA PEGGING, CHT GA FlXING Bt c n lc ch quan no nhm to mt p lc lm cho gi mt chng khon no b hm li mc thp, hoc y gi xung thp hn, c xem l hnh ng p gi. iu ny b ln n v cm k trong TTCK. Tng t cc tc ng ch nhm duy tr mt gi cao gi to hoc cht gi n nh mt cch khng bnh thng i vi mt chng khon u l cc hnh vi sai phm v b cm. Bn cnh cc bin php gim st v duy tr s tun th cc iu cm c th trn y, c th ni, ton b TTCK c vn hnh da vo mt h thng nghip v, k thut, quy phm,... c chun ho cao . Cc hot ng trong TTCK hu nh tt c u da trn nhng "ng ray" theo mt trt t n khp nhau. S tinh t v nhy cm pht i t hiu lc ca h thng. .. gip cho ngi ta c th o c trung thc theo yu cu "fair play" cho c nhng thng v cc k ngn d phi tnh bng giy.

Tnh k lut trong TTCK do c th hin t cc chun mc chuyn su v cng k nh vy, ngi u t khi giao dch trong th trng ny cn thit phi nh n chuyn vin t vn hoc cc broker. Cc ri ro trong u t chng khon - T bit mnh. - Nhu cu no mua loi . - Cc ri ro trong u t chng khon. C l cn phi ni tht sm rng khi mua c phn cng ty hoc ti th trng chng khon TTCK l ta b vn ra lm n ch khng phi b ng hay gi tit kim. Chuyn tng n gin nh th m hin nay - v bit u s cn lu na - lm nhiu cng ty c phn ho ang phi nhc u Bi cnh c th l nhng ngi lao ng, tay lm hm nhai, ki cp nhng ng bc dnh dm kh khn i mua c phn cng ty. Cng c th l nhng ngi kh hn, ch v suy ngh qu n gin nn inh ninh rng s hu cng ty ri l bnh lm, c "ti k l c bnh m"... Nhng c trng hp ti my k m chng thy "bnh m"! Cng ty va c phn ho xong th khng hong khu vc p n. Kt qu cn i m, nh phi cn vo ui m tn ti, ly li u m chia? Bc bch qu qu v y i bn c phn. Li gp ch: chp nhn bn l cng khng phi d tm c ngi mua. Th l tn mt gic m?. . . Cha chc. Hy i y... T BIT MNH: Nu ta tm qun TTCK - hoc gi s c ch th trng ny cn lu mi thnh hin thc - th hnh ng mua c phn chng khc no mt quyt nh hn hp kinh doanh. Do phi tnh ti yu t li n l chu. Liu cm gp mm hoc lng sc mnh l iu cn thit. Mua c phn l tham gia vo

loi hnh hot ng kinh t th ba ca th trng - Loi th nht l t doanh sole proprietorship; loi th hai l hp danh partnership v loi th ba l cng ty hp vn corporation. l mt loi hnh lm n di hi v y bin ng, c khi bt trc khng chng. Quyn nh ot ca ngi tham gia sau khi b ng vn vo c khi ch cn mt phn triu hay nh hn. iu ny gn ng ngha vi kh nng b l thuc hay mt quyn t ch - cho n khi no cha c mt TTCK hu hiu. T bit mnh l kh nng nhn ra c mong i ring ca mt c nhn khi t mnh vo cuc chi . Do vy m s chng qu ng nu c th ni mua c phn cng ty l mong khm ph hn ch khng phi kim sng. Vy th mnh l ai? Lm bui sng ong go bui chiu, nui con nh m gi, chun b cho mt phng trnh i hc, sp lp gia nh, xy nh, v hu, ... nay mai s cn mt khon tin nht nh, th hy cn nhc trc khi mua c phn. Ngoi tr trng hp c u i nu khng vic gim gi vi chc phn trm cng ng nn vi, ng vi ... i khi hng chuyn ngay ch tic ca r ny. Vic mua hng gim gi c th khng c ngha g nu ch v do ta b cun vo ch khng phi do mt qu trnh tnh ton v quyt nh. NHU CU NO MUA LOI Tin u t vo c phn phi l tin d ca . l mn tin cn thit phi c qun l mt cch hiu qu kim ca sinh li. Lng tin no khng dng cho cc nhu cu sinh sng c bn v cng khng nm trong k hoch s dng ngn hn. Th trng tm l vng vng v mt kh nng nhn thc ti thiu v kinh t l nhng yu cu cn thit. Bi v khng th c chuyn "khng bit u... bt n khi c mt s tr tr hoc thm ch mt trng xy ra. Nu ta khng c nh vy th tt nht nn chn mt cch u t khc

da vo th th - t va va cho ti gn nh chc c - l mua c phn u i, mua tri phiu nh nc, tri phiu th, tri phiu cng ty hoc gi tit kim. Cch u t sau an ton hn, bo m ti k l c li chi dng v tnh c thi gian ly vn ra. Ngoi tr c phn u i th khng c v y l dng dn thn vo sn chi nhng cn "th cng", khng chu thng thua m ch mun ly xu. y quy lut th trng th hin rt r, ri ro t nhn c li t v ngc li. Ri ro risk trong u t khng nn c hiu theo ngha "liu" thng thng, m phi c quan nim l s suy tnh xa hoc, d hiu hn, chnh l s mo him. Ring trong TTCK, mt nguyn tc hnh x bt buc, m cc thnh vin chuyn nghip phi tun th, l phi iu tra tht k lng tnh trng nhn thn, tnh hnh ti chnh, nhu cu ca ngi u t trc khi m ti khon cho h mua chng khon. Nh mi gii v kinh doanh chng khon no khng trng ra c bng chng l mnh thc hnh tn tu th tc no s b truy cu trch nhim trc php lut. THUC BI RI RO Gi l u t ngha l chi tr chi tr tu. Nhng thi thng, khi say sa ngh n chin thng ngi ta d ri vo trng thi mt cnh gic. H qun rng ti thao lc ca h, hoc ngay c ca cc chuyn gia c vn cho h, c th b "v hiu" bt c lc no ti hng chc ca i, v nu bt phc c ng k ri ro xut hin th ch nguy. Do m ng qun ngh n nhng thc t ph phng, thay v ngm li m au ta chp nhn n nh l mt th au thng. Tt hn ht ngi u t cn nm lng cng nhiu ri ro sau y cng tt:

Ri ro lm pht: Trc tin l kh nng kim li khng ui kp s mt gi ca ng tin b ra u t. V khi sc mua ca ng bc gim st do gi tiu dng tng s ko theo li sut tng. Tc ng ca lm pht ln c phn v c phiu, theo , th hin nhiu chng mc khc nhau v rt phc tp. Khi qut c th nn bit rng cc tri phiu cng di hn cng b mt gi nhiu hn loi ngn hn, cc c phn thuc v cc cng ty tin ch c th bt li v khng d tng gi, c phn u i b mt gi nhiu so vi c phn thng, Ri ro b ct vn: Nh u t c bit l trong TTCK- c th b mt mt phn hoc ton b vn b ra do tin on trt, hoc do nhng hon cnh bt li p n t bn ngoi ch khng phi v sc kho cng ty. V d mt nh hng tm l xa lnh, ty chay i vi mt sn phm hay ngnh sn xut, s thay i tp qun tiu dng,.. Ri ro do chn nhm i tng: Ngi ta vn c th b lm ln trc mt quyt nh ti, ngay c khi mi th by cng khai ra trc mt. S ch quan hoc hi ht c th cng xui khin ta lm sai mong i. l lc ngi u t quyt nh khi mua phi mt loi chng khon khng sinh li hoc thm ch l. Ri ro do bt phng thi: Mua hoc bn c phn hoc chng khon sai thi im cng c xem l mt ri ro v n c th dn n l l hoc b h gi mt n. Bn qu bo hoc mua qu cao ngay cc ngng bin ng c khi l mt thit hi ng k. Ri ro v li sut: Ngi ta cn gi y l ri ro mt kh nng ti u t. Loi ri ro ny thng xy ra i vi ngi u t vo chng khon c thu nhp u n, do h khng th dng tin li hoc tin gc mua li loi

chng khon cng mc c. Khi li sut th trng tng, gi th trng ca cc chng khon c thu nhp n nh s gim. Cc tri phiu di hn v c phiu u i b ri ro cao nht do b mt gi. Ngc li cc chng khon ngn hn, do s c o hn trong mt thi gian ngn, kh nng ti to nhanh, nn khng b nh hng nhiu so vi bin ng ca li sut c phn thng cng s c bin ng mc d mi lin h khng c g l r rng. Ri ro do bin ng th trng market risk: L do p lc ca th trng TTCK - lm cho gi tr u t b bin ng xu, b st gim mt phn. Ri ro ny gy thit hi nhiu vi cc loi chng khon c bin ng v d h s bin ng beta ca M cao hn trung bnh, v thp nht i vi cc loi chng khon n nh, v d tri phiu kho bc Nh Nc. Tuy nhin cc ri ro do bin ng khng gy tc hi ng k i vi nhng ngi u t c nh cm gi lu di. Ri ro v ti chnh: y l ri ro trc tip v i khi thm hi do cng ty pht hnh lm n tht bi hoc ph sn, e do ngi u t thit hi mt phn hoc mt trn s tin b ra mua chng khon. Ri ro v kh nng thanh khon: Khi ngi u t mun bn mt lng chng khon ang s hu, .khng phi ng ta lun lun c th thc hin theo mt thi im nh mnh. i vi cc chng khon c th trng lnh nht d gy kh khn cho ngi u t khi h mun thanh l v th ca mnh. Hin tng di ch ny c xem l mt ri ro v mun thanh l c khi phi chu mt khon gim gi ng k. Ri ro php ch: S thay i ca lut php hin hnh c th tc ng xu n mt s hot ng u t ang tn ti. S thay i v chnh sch ca

chnh ph cng c th l ri ro ca nhiu nh u t. Tuy nhin, y li chnh l cng c iu hnh v m ca Nh nc. Ngoi ra cn phi k n loi ri ro do nh hng dy chuyn hoc ly lan, v d nh cc cn tro khng hong. Mt s km hiu qu ca b my v th trng cng c th gy nn thit hi cho ngi u t. Mt thc t c tnh c kt l mua c phiu ca cng ty vo thi im TTCK chun b ra i thng rt d thng. Bi v trong giai on ny chng khon t, trong khi lng cu chng khon th s gia tng lin tc trong mt thi gian nht nh. Tuy nhin ngi mua phi sc cm c trong mt thi gian c th di. Nhng bin ng bt li on k cha phi l chiu hng xc quyt ca mt loi c phiu no . Nh ta phn tch loi ri ro do chn sai thi im - v d cn tin bn qu sm - c th gy thit hi ng k. Vy ta tm mn "nim khc" ca dn "xo" v von minh ho: "c bc n v sng" l vy. Mt c im khc cng cn nu ngi mua chng khon tham kho, l mua c phiu m ch ngh ti c tc cao thp thi th cha phi l dn chi! Lm ch ai li i i hng "lng"!. C tc chng qua ch l mt dng "sinh hot ph". Phn thng do u t mang li nm ch yu gi tr gia tng. Nhng khon ny li khng th no c sm c trong vi ba nm u i vi 1 doanh nghip mi c to lp hoc ti cu trc. Cng cn xc nh bn lnh cho mt chuyn v khng hoc may mn hn ch vt vt " tr tin xe", ch "ng" tht kh hc, cho nn mi lun c k khc ngi ci. Chng hn v b in lm ngnh cng nghip chn nui v ch bin tht b bn Anh iu ng, nhng tay kch x nhanh chng b mt trng, th ngc li, mt s ng ch c tng nui iu c th bng chc

ln hng, n gin t mt nhn nh c tnh tnh th ng trn bo: tht iu thay tht b! Mua c phn l mt hot ng u t trc tip. l kt qu ca mt chui tm hiu, cn nhc v suy tnh, gm c ng tc s li ti mnh. Khng nn quyt nh nh i mua trng ct. Ai mun "cho kho" th i gi tit kim. Hoc c mu u t m ght suy ngh "rc ri qu" th nn nh n cc nh phn tch v c vn u t. V hy th, ngay trong cc t c phn ho rm r, qu v tham kho xem s quyt nh th no c dp s dng nhng ng tin cn t m hi ca mnh mt cch hiu qu nht. Mi trng u t nh ngha: mi trng u t l cc iu kin, cc yu t v kinh t, x hi, php l, ti chnh, h tng c s v cc yu t lin quan khc m trong cc qu trnh hot ng u t c tin hnh. V sao li phi tm hiu, xem xt nh gi mi trng u t? Trong cun "Nhng nguyn tc vng trong kinh doanh chng khon Nhng b quyt thnh cng" Golden rules on Securities Business- Secret for Success Andr Kastolauy ni: c gi c phiu tng cn c cc yu t tch cc sau:
o o o o

Mc lm pht duy tr thp Mc li sut tin gi gim Nn kinh t tng trng mt cch n nh T gi hi oi USD n nh

Cng trong sch dn c vit: Th gi c phiu s tng trong giai on thnh vng ca chu k thng trm kinh t, c th lc :

o o o o o

Cc yu t sn xut c tn dng trit u t t nhn gia tng Gia tng thu nhp ca ton nn kinh t Thu nhp quc dn tng Mc tng tiu dng b khng ch, mc tch lu vn c khuyn khch.

Th gi c phiu s gim trong giai on suy thoi ca chu k thng trm kinh t, khi :
o o o o o o

u t t nhn chng li v b gim mnh Doanh li ca doanh nghip b suy gim ko theo S lng doanh nghip ph sn ngy cng tng Lng tht nghip cao, tin tch lu gim mnh i hi cc ngn hng phi tng cng cp vn, do Mc li sut tin gi tng, gy lung vn chuyn tTTCK sang TT tin t.

V cng trong sch dn Henry Wallich ch r: Tin v iu kin thnh cng trong u t chng khon l "nh u t phi c tm bao qut rng din bin kinh t, c kh nng phn on trng hn, am hiu tng tn cc quan h chnh sch v ch t ra phi c bn nng giao dch CK" l mt s trong nhng yu t thuc mi trng v m, nhng yu t ny c nh hng mnh m n TTCK, n gi c chng khon mt cch trc hoc gin tip m mi ngi tham gia vo th trng nn hiu, nn phn tch trc v trong c qu trnh thc hin qun l u t, hoc kinh doanh ca mnh v n l tin quan trng to iu kin cho quyt nh u t, kinh doanh, qun l ca bn mang li hiu qu cao.

i vi ngi u t: Qua cc xem xt cc yu t ca mi trng u t ngi u t c th d bo c kh nng hnh thnh ca gi c, mc sinh li d kin, kh nng bo ton vn v kh nng sn sinh ri ro. y l nhng yu t m tt c mi ngi u t u rt quan tm. i vi ngi kinh doanh: Xem xt tng quan cc nhn t ca mi trng u t cc nh kinh doanh chng khon c th nh gi th trng, d bo s pht trin ca th trng, d bo cc i th cnh tranh, nhng thun li, kh khn trong qu trnh kinh doanh v t c quyt sch thch hp. i vi ngi qun l: Ngi qun l c ngha v va qun l va xy dng, c th l: - Gi vng k lut, k cng ca th trng, m bo cho th trng hot ng theo quy ch v php lut. - To iu kin pht trin th trng. - To ng lc cc thnh vin tham gia th trng vi thi xy dng. - Ngn nga nhng hnh vi ph hoi, thao tng th trng. - t mc tiu cui cng l lm cho th trng hot ng trung thc, cng bng v hiu qu. t c cc mc tiu , mt trong nhng lnh vc m ngi qun l cn quan tm l mi trng v m ca th trng. Hiu r mi trng ny ngi qun l c th: + C bin php qun l thch hp hn + C cc chnh sch khuyn khch pht trin thch hp hn

+ iu chnh kp thi cc quy ch, bin php ph hp vi mi trng v s bin i ca mi trng. i vi nh phn tch, bnh lun: Nu hiu r mi trng v m ca th trng th nh phn tch, bnh lun s c cn c nh gi, phn tch th trng chnh xc, su sc hn. Chng ta c th phn t mi trng u t theo cc nhm nh sau: Mi trng kinh t, mi trng x hi, mi trng php l, mi trng ti chnh, mi trng quc t v h tng c s ca th trng chng khon. Sau y chng ta s ln lt xem xt chng. MI TRNG KINH T Mt trong nhng yu t quan trng hng u ca mi trng u t lin quan n th trng chng khon l mi trng kinh t. Chng ta xem xt mi trng kinh t qua cc mt: Cc ch tiu tng hp ca nn kinh t quc dn GDP, GNP,. ., lm pht, cn cn thng mi, cn cn thanh ton quc t, d tr ngoi t, cn i ngn sch nh nc, n nc ngoi, t gi hi oi v mt s phn tch kinh t v m khc. MI TRNG X HI. Mi trng x hi cng nh hng rt su rng n hiu qu hot ng ca TTCK. Ngy 5/3/1953 ch s TOPIX ca Nht bn gim n 8.75% v nguyn nhn l do Stalin m nng. Khi Bill Clinton th nhn trong vic b bi vi ngi tnh Lewisky, th ch s Dow Jones gim 200 im. iu c ngha l TTCK rt nhy cm i vi cc s kin chnh tr. xem xt mi trng x hi ta nn xem xt cc mt sau:

Ch chnh tr th no? c n nh hay khng? kh nng din bin ca n. Nng lc qun l ca i ng lnh o ra sao? Phm cht ca i ng ny th no? tnh trng tham , hi l ra sao? V hiu qu ca cc bin php khc phc. Kh nng thch nghi ca h thng iu hnh chnh sch i vi s bin i ca thi cuc & cc cam kt ca chnh ph i vi cc chnh sch kinh t ra sao? S ng h ca nhn dn vo ch nh th no? vo ng lnh o ra sao? S ng h quc t i vi ng, vi chnh ph cm quyn ra sao? Tm l dn tc, thc ca nhn dn trong tit kim v u t th no? Cc "i th" tham gia th trng l ai? th on, tm l ca h ra sao? .vv.

o o o

MI TRNG PHP L Mi trng php l cng l iu kin rt c bn TTCK hot ng an ton, hiu qu. Xu hng pht trin chung, truyn thng t trc n nay l c cho th trng hot ng v pht trin trc v t c rt ra kinh nghim v xy dng h thng php l ph hp sau cc nc c th trng chng khon truyn thng. Xu hng th hai l thit lp khung php l cho th trng chng khon trc. Vit nam ta ang theo xu th sau, v chng ta i sau nn c th tn hng c kinh nghim ca cc nc i trc v rt ngn c bc i. Mi trng php l cng l yu t rt quan trng thu ht vn u t nc ngoi. Chng ta nn xem xt mi trng php l theo cc gc nh sau:

- H thng hnh lang php l ca th trng chng khon c xy dng nh th no? c bo v quyn li chnh ng ca ngi u t khng? - Cc lut php khc lin quan c trng cho, mu thun khng? - Kh nng thc thi lut php th no? - Nhng mt khuyn khch, u i v hn ch c quy nh trong h thng php lut - S n nh ca h thng lut php, kh nng sa i v nh hng ca chng n TTCK. MI TRNG TI CHNH Thc ra chng ta c th phn t mi trng ti chnh l mt b phn ca mi trng kinh t nhng do tm quan trng ca n i vi TTCK nn n thnh mt mc ring. H thng ti chnh c coi l c s h tng, h thng huyt mch ca nn kinh t. Nu h thng ny trc trc s nh hng n kh nng cung cp cc ngun nng lng cho ton b c th kinh t. Xem xt mi trng ti chnh chng ta nn ch trng n cc mt sau: - Nn ti chnh quc gia ra sao? Qua cc ch tiu nh gi phn tch phn mi trng kinh t nh bi chi ngn sch, d tr ngoi t, xut - nhp khu, cn cn thanh ton quc t, n quc gia, n t nhn v doanh nghip. - Hot ng ca h thng ngn hng ra sao? c hiu qu khng? Tnh hnh n kh i th no? - Chnh sch v thu, ph i vi giao dch, kinh doanh CK th no c khuyn khch u t khng? hoc khuyn khch lnh vc no, hn ch

lnh vc no. y l yu t quan trng nh hng trc tip n gi thnh giao dch. - Cc th trng vn khc, nh th trng Leasing, Morgage, bt ng sn hot ng ra sao. Kinh nghim Thi Lan cho thy, do s pht trin qu mc thnh bong bng ca th trng bt ng sn nn gy v cho nhiu ngn hng v cng ty ti chnh v dn n s suy sp ca TTCK. - Gi tr ng ni t th no? chnh sch i vi th trng hi oi ra sao? - Cc qu: Bo him, u t, hu tr hot ng th no? y l cc nh u t tim nng m mi i tng u t cn ch n h. - Li sut ngn hng, li sut tri phiu chnh ph quy nh nh th no - Cn i ti chnh chnh ph, ngn sch.. - Cc chnh sch ti chnh quc gia khc. - Mt s phn tch tnh hnh ti chnh quc gia khc m nh u t c thm thng tin. MI TRNG QUC T Hin nay, kinh t ca bt c nc no cng khng th tch ri nn kinh t th gii. Xu hng phn cng lao ng quc t, hp tc quc t ngy cng pht trin. Bi vy, iu kin pht trin ni chung ca mt quc gia khng th thot hn mi trng quc t. Chng ta nn xem xt mi trng quc t trn cc mt sau: - Tnh hnh ti chnh quc t, khu vc ra sao? ang khng hong? v kh nng nh hng n quc gia mnh ang quan tm.

- Quan h ngoi giao ca chnh ph nh th no? c c cng ng quc t ng h khng? - S ng h ca cc t chc ti chnh ln nh IMF, WB, ADB i vi chnh ph ra sao? - Hp tc kinh t quc t th no? Quan h bn hng quc t trong xut, nhp khu ra sao? c bin i g ln khng? - Nhng i th cnh tranh trn thng trng quc t v kh nng cnh tranh ca cc doanh nghip, quc gia mnh quan tm. - Quan h n nn, gii quyt n, kh nng tr n ca quc gia, doanh nghip. Kh nng qun l n nc ngoi ca Chnh ph ra sao? - Cn cn BoP, cn cn thng mi - Tnh hnh tham gia ca bn nc ngoi vo th trng chng khon ni a v ngc li. - nh mc tn nhim ca quc gia trn th trng quc t. - Din bin ca cc th trng chng khon trn th gii, nht l cc th trng ln nh New York, Tokyo, London, Hng Kng, C S H TNG CA TTCK Chng ta xem xt c s h tng ca TTCK trong qu trnh u t theo cc gc sau: - Khi lng hng ho ca th trng. Cc chnh sch pht trin v kh nng pht trin ca n.

- C s vt cht ca th trng: a im, mc c gii ho, c s thng tin, phng php, quy trnh giao dch. - C s ngun nhn lc ca TTCK: Nhn lc qun l, nhn lc t vn, nhn lc mi gii cc cng ty chng khon. - Hiu bit v iu hnh h thng ti chnh, kh nng qun l ca chnh ph - Cc chi ph trong qu trnh giao dch. - Kh nng thanh ton, thi gian thanh ton. - H thng kim ton. - nh gi, nh mc tn nhim. Ri ro trong u t chng khon Ri ro l g? Ri ro trong u t chng khon c nh ngha l s dao ng ca li nhun. Dao ng cng cao th ri ro cng cao v ngc li. Nguyn nhn ca ri ro: Chng ta bit rng s dao ng ca thu nhp, dao ng ca gi chng khon hay c tc li sut l nhng yu t gy ra ri ro. Mt s ri ro nm ngoi s kim sot ca cng ty pht hnh v nh hng n mt s lng ln chng khon. Mt s ri ro pht sinh t ni ti ca cng ty v cng ty c th kim sot mc tng i. Trong u t, nhng ri ro do cc yu t nm ngoi cng ty, khng kim sot c v c nh hng rng ri n c th trng v tt c mi loi chng khon c gi l ri ro h thng. Ngc li, nhng ri ro do cc yu t ni ti gy ra, n c th kim sot c v ch tc ng

n mt ngnh hay ti mt cng ty, mt hoc mt s chng khon, gi l ri ro khng h thng. Ri ro h thng nh hng n gi ca tt c cc loi chng khon. Nhng thay i v kinh t, chnh tr, x hi v nhng yu t to ra ri ro h thng. Ri ro khng h thng do cc yu t nh kh nng qun l, th hiu tiu dng, nh cng hay nhng yu t khc gn vi nhng thay i trong thu nhp ca mt cng ty gy ra. Cc yu t ri ro khng h thng thng c lp vi cc yu t ri ro lin quan n ton b th trng ni chung. Do nhng ri ro ny thng nh hng n mt cng ty c th nn n phi c xem xt cho tng cng ty mt cch ring bit. Nhng cng ty chu nh hng cao ca ri ro h thng l nhng cng ty m doanh s, li nhun v gi chng khon thng theo st cc din bin kinh t v nhng din bin trn th trng chng khon. Phn ln cc cng ty trong nhng ngnh cng nghip c bn v khai khong, nhng ngnh c nh ph ln th chu nh hng nhiu ca cc loi ri ro ny. Trong cc ngnh cng nghip, ngi ta thy nhng ngnh lin quan n sn xut t chu nh hng rt cao ca ri ro h thng, l nhng ngnh: thp, cao su, knh,. .. Cc cng ty trong lnh vc sn xut hng tiu dng, nh ph b thng c ri ro khng h thng cao hn. V d nh nhng cng ty cung cp nhu yu phm nh in thoi, nng lng, dt, thc phm. Doanh s, li nhun v gi c c phiu ca nhng cng ty ny khng ph thuc nhiu vo cc din bin kinh t hay tnh hnh chung ca th trng chng khon. Ri ro h thng v ri ro khng h thng li c th chia nh thnh cc ri ro khc nhau. Ri ro h thng i vi tri phiu ni chung thng c xc

nh l ri ro v li sut; i vi c phiu gi l ri ro th trng. i vi chng khon ni chung, c th c thm ri ro v sc mua. C th chia ri ro khng h thng thnh ri ro kinh doanh v ri ro ti chnh. Ri ro h thng Ri ro th trng Gi c c phiu c th dao ng mnh trong mt khong thi gian ngn mc d thu nhp ca cng ty vn khng thay i. Nguyn nhn ca n c th rt khc nhau nhng ph thuc ch yu vo cch nhn nhn ca cc nh u t v cc loi c phiu ni chung hay v mt nhm cc c phiu ni ring. Nhng thay i trong mc sinh li i vi phn ln cc loi c phiu thng ch yu l do s hy vng ca cc nh u t vo n thay i v gi l ri ro th trng. Ri ro th trng xut hin do c nhng phn ng ca cc nh u t i vi nhng s kin hu hnh hay v hnh. S ch i i vi chiu hng st gim li nhun ca cc cng ty ni chung c th l nguyn nhn lm cho phn ln cc loi c phiu thng b gim gi. Cc nh u t thng phn ng da trn c s cc s kin thc, hu hnh nh cc s kin kinh t, chnh tr, x hi. Cc s kin v hnh l cc s kin ny sinh do yu t tm l ca th trng. Ri ro th trng thng xut pht t nhng s kin hu hnh, nhng do tm l khng vng vng ca cc nh u t nn h hay c phn ng vt qu cc s kin . Nhng s st gim u tin trn th trng l nguyn nhn gy s hi i vi cc nh u t v h s c gng rt vn. Nhng phn ng dy chuyn lm tng vt s lng bn, gi c chng khon s ri xung thp so vi gi tr c s.

Chng ta ni nhiu v tc ng tiu cc, tuy nhin vn c th c hiu tng mua vo rt nhiu khi c nhng s kin bt thng xy ra, lc gi c chng khon s tng ln. Ri ro li sut Ri ro li sut ni n s khng n nh trong gi tr th trng v s tin thu nhp trong tng lai, nguyn nhn l dao ng trong mc li sut chung. Nguyn nhn ct li ca ri ro li sut l s ln xung ca li sut Tri phiu Chnh ph, khi s c s thay i trong mc sinh li k vng ca cc loi chng khon khc, l cc loi c phiu v tri phiu cng ty. Ni cch khc, chi ph vay vn i vi cc loi chng khon khng ri ro chng khon Chnh ph s dn n s thay i v chi ph vay vn ca cc loi chng khon c ri ro chng khon cng ty. Cc nh u t thng coi tri phiu Chnh ph l khng ri ro. Li sut ca tri phiu Chnh ph c coi l li sut chun, l mc ph vay vn khng ri ro. Nhng thay i trong li sut tri phiu Chnh ph s lm nh hng ti ton b h thng chng khon, t tri phiu cho n cc loi c phiu ri ro nht. Li sut tri phiu Chnh ph cng thay i theo cung cu trn th trng. V d, khi ngn sch thm ht th Chnh ph s pht hnh thm chng khon b p, nh vy s lm tng mc cung chng khon trn th trng. Cc nh u t tim nng s ch mua cc tri phiu ny nu li sut cao hn li sut cc loi chng khon ang c lu hnh. Nu gi s, li sut tri phiu chnh ph tng t 12 ln 12,5% th nhng ngi ang nm gi tri phiu c li sut 12% s b thit hi do gi chng khon gim xung. V li sut c

nh l 12% ngay t lc pht hnh nn nhng ngi nm gi chng khon ch c th bn c nu h chu gim gi xung ti mc m bo cho li sut o hn ca nhng tri phiu ny t c mc 12,5%. Do li sut tri phiu Chnh ph tng, n s tr nn hp dn hn v cc loi chng khon khc s b km hp dn i. H qu l, nhng ngi mua tri phiu s mua tri phiu Chnh ph thay v tri phiu cng ty, v do vy li sut tri phiu cng ty cng phi tng ln. Li sut tri phiu cng ty tng s dn n gi ca cc loi c phiu thng v c phiu u i gim xung nh mt phn ng dy chuyn. Nh vy, ta thy c mt c cu hp l v li sut do cc loi cng c c lin h vi nhau. S tng ln ca li sut chun s lm nh hng n ton b h thng. H qu trc tip ca vic tng li sut chun l gi c ca cc loi chng khon khc gim xung. Tng t, li sut chun gim li lm cho gi ca cc loi chng khon tng ln. Ngoi h qu trc tip i vi gi chng khon, li sut chun cn c nh hng gin tip n gi c phiu thng. Th nht, li sut chun tng hay gim s lm cho cc giao dch k qu km hp dn i hay hp dn hn. Th d, khi li sut tng s lm gi c phiu gim v cc nh u c bng hnh thc vay mua k qu cm thy vic mua bn km hp dn hn. Th hai, rt nhiu cng ty kinh doanh ch yu bng vn i vay. Nhiu cng ty khc, v d cc t chc ti chnh, tham gia vo cc hot ng cho vay khi li sut tng, cc cng ty vay n nhiu s phi trch t thu nhp ca mnh nhiu hn tr li, dn n s st gim thu nhp, c tc v gi c phiu. Vic tng li sut li mang n thu nhp cao hn cho nhng ngi cho vay do ngun thu chnh ca h l li thu c t cc khon cho vay. i vi

nhng cng ty ny thu nhp tng li lm cho c tc v gi c phiu ca n tng. Ri ro sc mua Ri ro th trng v ri ro li sut c th c nh ngha l nhng bin c v s tin thu c hin nay ca nh u t. Ri ro sc mua l bin c ca sc mua ca ng tin thu c. Ri ro sc mua l tc ng ca lm pht i vi khon u t. Nu chng ta coi khon u t l mt khon tiu dng ngay, ta c th thy rng khi mt ngi mua c phiu, anh ta b mt c hi mua hng ho hay dch v trong thi gian s hu c phiu . Nu, trong khong thi gian nm gi c phiu , gi c hng ho dch v tng, cc nh u t b mt mt phn sc mua. Gi c hng ho v dch v tng gi l lm pht, gi c hng ho gim gi l gim pht. C lm pht v gim pht u lin quan n khi nim ri ro sc mua. Ni chung, ri ro sc mua th trng i km vi lm pht, hin tng gim pht cc nc him khi xy ra. Nguyn nhn chnh ca lm pht l do gi thnh sn phm v nhu cu v hng ho, dch v tng so vi mc cung. Lm pht tng l do nhu cu tng ln khi nn kinh t c nhiu cng n vic lm hn. Ti lc ny, mc cung khng tng kp cho n khi sn xut c m rng. Vi nhu cu nhiu ln, cc loi hng ho v dch v s phi c phn b theo mt mc gi no tng ln m lm cho cung cu cn bng ti . Lm pht do tng gi thnh phm: Gi nguyn vt liu v tin cng tng ln, cc nh sn xut c gng b p li bng cch tng gi c hng ho. Trong

mt mi trng kinh t c nhiu cng n vic lm, tin cng c tr cao th gi c hng ho s tng, ngc li gi c hng ho tng cng i hi tin cng tng ln, chu trnh ny c lp i lp li. Ta ni ri ro sc mua thng i km vi s thay i gi hng ho, dch v th cu hi t ra l s thay i gi nhng hng ho c th no s c coi l thc o tnh lm pht. Thc o thng dng nht s dng xc nh mc thay i gi c hng ho, dch v l ch s gi hng tiu dng. Ch s ny s dng mt s loi hng ho v dch v tnh ton, gm thc n, dng v rt nhiu cc loi dch v, t y t n tin hc tnh ton. Cc nh u t cn tnh km c lm pht vo thu nhp k vng b p ri ro sc mua, mc ny c o bng % bin ng gi. Nu nh ch s hng tiu dng l 100 vo u nm v cui nm l 103 th ta ni lm pht l 3%. Nu t nm th 2 n nm th 3, ch s bin ng t 103 ln 109 th t l lm pht s vo khong 5,8% [1 09-103/103]. S cn thit phi iu chnh thu nhp k vng theo nhng bin ng gi c c th chng minh bng v d n gin sau. Gi s bn vay 100 ng ngy hm nay v ha tr 105 ng vo cui nm, li sut l 5%. Tuy nhin nu gi c trong nm tng ln ti 6%, khi 105 ng nhn c vo cui nm s ch c sc mua bng khong 98 ng so vi u nm. Nh vy, bn phi cng thm t l lm pht vo li sut, tc l 11% cui nm bn nhn c li sut thc l 5%. Cng ging nh li sut c nh hng n gi ca tt c cc loi chng khon, s thay i sc mua cng lm nh hng n chng. Nu ch s gi hng tiu dng vo khong 8% hng nm v nm sau d kin l 9% th mc thu nhp i vi chng khon cng i hi phi tng ln. iu s tc

ng n gi ca cc loi tri phiu Chnh ph, tri phiu v c phiu cng ty. Ri ro khng h thng Ri ro khng h thng l mt phn trong tng ri ro gn lin vi mt cng ty hay mt ngnh cng nghip c th no , ngoi nhng ri ro gn lin vi ton b th trng. Nhng yu t ny c th l kh nng qun l, th hiu tiu dng, nh cng v nhiu yu t khc l nguyn nhn gy ra s thay i trong thu nhp t c phiu cng ty. Do nhng yu t ny ch nh hng ti mt ngnh hay mt cng ty c th nn chng phi c xem xt cho tng cng ty. S khng chc chn i vi kh nng thanh ton ca cng ty c th l do 1 mi trng ca hot ng kinh doanh v 2 tnh trng ti chnh ca cng ty. Nhng ri ro ny c th gi l ri ro kinh doanh v ri ro ti chnh. y, chng ta s ch ra nhng kha cnh chung v ri ro kinh doanh v ri ro ti chnh. Ri ro kinh doanh Ri ro kinh doanh l do tnh trng hot ng ca cng ty, khi c nhng thay i trong tnh trng ny cng ty c th s b st gim li nhun v c tc. Ni cch khc, nu li nhun d kin tng 10% hng nm trong nhng nm tip theo, ri ro kinh doanh s cao hn nu nh li nhun tng ti 14% hay gim xung 6% so vi li nhun nm trong khong 11-9%. Mc thay i so vi xu hng d kin c coi l ri ro kinh doanh. Ri ro kinh doanh c th c chia lm hai loi c bn: Bn ngoi v ni ti. Ri ro kinh doanh ni ti pht sinh trong qu trnh vn hnh hot ng ca

cng ty. Mi cng ty c mt loi ri ro ni ti ring v mc thnh cng ca mi cng ty th hin qua hiu qu hot ng. Trong phm vi rng hn, ri ro kinh doanh bn ngoi l nhng trng hp xy ra nm ngoi s kim sot ca cng ty v lm nh hng n tnh trng hot ng ca cng ty. Mi cng ty c mt kiu ri ro bn ngoi ring, ph thuc vo cc yu t mi trng kinh doanh c th ca cng ty. Cc yu t bn ngoi, t chi ph tin vay n s ct gim ngn sch, t mc thu nhp khu tng n s suy thoi ca chu k kinh doanh. .., v c l yu t quan trng nht l chu k kinh doanh. Doanh s ca mt s ngnh cng nghip thp, t c xu hng bm st chu k kinh doanh trong khi doanh s ca mt s ngnh khc li c xu hng i ngc li nh ca. Dn s cng c th lm nh hng n thu nhp thng qua nhng thay i v la tui, gii tnh, s phn b theo a d. Cc chnh sch chnh tr cng l mt phn ca ri ro bn ngoi, cc chnh sch tin t v ti kho c th lm nh hng n thu nhp thng qua tc ng v chi ph v ngun vn. Nu gi tr ca ng tin cng cao th nhng ngi mua tr gp s hon mua v cc chnh quyn a phng s khng bn tri phiu ti tr cho cc d n cp nc. Tnh hnh kinh t chung cng c nh hng n mc thu nhp chung. y l tc ng bn ngoi hay gi l ri ro. Nhng, ng ti gic ri ro ni ti, cng ty c th iu chnh chu k kinh doanh nh th no? Nu chng ta tch chi ph hot ng ra lm chi ph bt bin v chi ph kh bin, chng ta s thy rng khi thu nhp thay i, nu chi ph bt bin chim mt phn quan trng trong tng chi ph, cng ty s rt kh ct gim chi ph khi kinh t suy thoi v n cng rt chm chp trong vic p ng nhu cu vo lc kinh t tng trng. Nhng cng ty nh vy c ri ro ni ti ln do kh nng p ng khng nhanh nhng thay i trong tnh hnh kinh doanh. Mt khc, nu

tng thu nhp l t mt lot cc lot sn phm, chng ta thy r rng l cc sn phm s khng b bin ng theo cng mt chu k kinh doanh, khng b bin ng cng mc v cng thi gian. Trong phm vi ny, ri ro ni ti c gim xung do s tri rng v sn phm hay loi sn phm. Phm vi ca nhng thay i ln xung trong tng thu nhp dn n s thay i trong li nhun c th c gi l ri ro ni ti. Nu c mt s st gim trong thu nhp t mt loi sn phm c th c b p bng mt loi sn phm khc, lm cho tng thu nhp khng thay i th c th coi l cng ty s dng vic a dng ho sn phm bo v mnh chng li ri ro kinh doanh. S st gim v thu nhp c th gim thiu trong tc ng vo li nhun thng qua s ct gim chi ph v sn xut. Ri ro ti chnh Ri ro ti chnh lin quan n vic cng ty ti tr cho hot ng ca mnh. Ngi ta thng tnh ton ri ro ti chnh bng vic xem xt cu trc vn ca mt cng ty. S xut hin ca cc khon n trong cu trc vn s to ra cho cng ty nhng ngha v tr li. V v nhng ngha v tr li ny phi c thanh ton cho cng ty trc khi kinh doanh c tc cho c phiu thng nn n c tc ng ln n c tc. Ri ro ti chnh l ri ro c th trnh c trong phm vi m cc nh qun l c ton quyn quyt nh vay hay khng vay. Mt cng ty khng vay n cht no s khng c ri ro ti chnh. Bng vic i vay, cng ty thay i dng thu nhp i vi c phiu thng. C th l, vic s dng h s n by t l vay n c 3 h qu quan trng i vi nhng ngi nm gi c phiu thng, l 1 lm tng mc

bin ng trong thu nhp ca h, 2 nh hng n d kin ca h v thu nhp, v 3 lm tng ri ro ca h. Gi s chng ta c hai cng ty c hot ng kinh doanh nh nhau, ch khc nhau v c cu vn: Cng ty C, ngun vn hon ton t 1 triu c phiu thng, bn vi gi 20 la/1c phiu. Cng ty khc, cng ty D, c ngun mt na l t c phiu thng 500.000 c phiu, bn vi gi 20 la/ c phiu v mt na l t vay n 10 triu USD vi li vay l 5%. Nh vy, ti sn c ca mi cng ty l 20 triu USD, d kin s c li nhun 1 triu USD, hay l 5% trn tng ti sn. Chng ta gi s rng khng c thu thu nhp cng ty. Thu nhp 1 triu USD c th d dng chuyn i sang thu nhp cho mi c phiu. Cng ty C s c li 1 la/1 c phiu. Cng ty D phi tr li 500.000 la 10 triu x 5% v phn cn li chia cho c phiu cng c li 1 la/1c phiu. Ti im ny, c hai cng ty u c mc thu nhp trn c phiu l 1 la. Nh vy ta khng thy c h qu ca vic vay n i vi thu nhp ca c ng. Chng ta s xem xt h qu ca vic vay n i vi c hai cng ty trong mt nm kinh doanh tt v mt nm kinh doanh xu, khi thu nhp tng ln 50% hay gim i 50%, nh trong bng sau: Ch tiu Mc thu nhp trn ti sn Li nhun Li nhun trn 1 c phiu: 1.5 la 2.0 la 0.5 la 0.0 la Nm tt Nm xu 7.5% 2.5% 1.5 triu 5 triu

Cng ty C Cng ty D Chng ta nh li rng mi cng ty c li 1 c phiu l 1 la. Do vy, 50% tng ln trong thu nhp t 1 triu ln 1,5 triu s lm tng 50% tng ln trong thu nhp ca mi c phiu cng ty C v 100% i vi cng ty D. Trong trng hp ca cng ty D, nh hng c nhn ln v nhng ngi cho vay ch c hng li sut 5% trn s tin cho vay, bt k tnh hnh hot ng ca cng ty tt hay xu. Do vy, c ng ca cc cng ty c vay n nh cng ty D s c hng nhiu hn khi tnh hnh kinh doanh tt ln. Ngc li, 50% gim trong thu nhp t mt triu la xung 500.000 la s lm cho li nhun trn 1 c phiu ca cng ty C gim xung 50% t 1 la xung 0.5 la nhng li nhun trn mt c phiu ca Cng ty D s gim t 1 xung 0. Ta c th d dng thy rng khi li nhun tt xung cn 500.000 la, thu nhp trn ti sn ch cn 2,5%, nhng nhng ngi cho vay vn c hng 5% li sut th s chnh lch ny s phi c b p bng vic gim li nhun ca c ng nm gi c phiu thng. Ri ro ca cc c ng c th c xem xt mt cch n gin. Nu Cng ty c t l thu nhp m trong mt vi nm th vn c phn c th s bin mt. Cng ty C vn c li nhun mi c phn l 0,5 la khi thu nhp trn tng ti sn l 2,5%, nhng Cng ty D th con s ny bng khng. Nh vy iu g s xy ra nu t l thu nhp trn tng ti sn bng 0? Cng ty C s c li nhun cho mi c phn bng 0 cn Cng ty D th mi c phn l 0,5 la do phi tr li vay. T l thu nhp trn tng ti sn m s c tc ng rt ln. V d: mt t l thu nhp trn tng ti sn bng - 4% s c nhn ln thnh - 22% l trn vn c phn i vi Cng ty D. Nu trong vng vi nm c nh vy th vn

c phn s dn dn bin mt. Ri ro ph sn ca Cng ty t l thun vi mc s dng h s n by ti chnh hay ri ro ti chnh. Xc nh mc b ri ro Mt trong nhng phng php nh lng ri ro v xc nh mc sinh li yu cu l s dng mc li sut khng ri ro cng vi mc b ca tng ri ro mt: R=i+p+b+f+m+o Trong : i p b f m o = mc li sut thc li sut khng ri ro = mc b ri ro sc mua = mc b ri ro kinh doanh = mc b ri ro ti chnh = mc b ri ro th trng = mc b ri ro khc.

Bc u tin l phi xc nh mc li sut khng ri ro. Thng th li sut ca tn phiu Kho bc c coi l li sut khng ri ro. Tuy nhin, cng phi thy rng khng c mc li sut no l khng ri ro c, bn thn tn phiu Kho bc cng b ri ro khi li sut th trng thay i. nh lng tnh ri tc ng ca mi loi ri ro h thng v khng h thng cng l iu gn nh khng th lm c, bi v nhng tc ng ca chng chng cho ln nhau v trn ln mt cch phc tp. Cch tnh ch s chng khon VN Index ca Vit Nam Vit Nam, trong thi gian u ch s chng khon c tnh ton s i din cho tt c cc c phiu c nim yt v giao dch trn th trng

chng khon. Ch s ny c tnh theo phng php trng s gi tr th trng, tc da vo mc chi phi ca tng gi tr c s dng tnh ch s. K hiu: VN Index; Gi tr c s: 100; Ngy c s: 28/7/2000. Cng thc tnh c bn: VN Index = Tng gi tr th trng ca cc c phiu nim yt hin ti / Tng gi tr ca cc c phiu nim yt c s x 100 Ch s c tnh ton v cng b sau mi phin giao dch. Trong qu trnh , s bin ng v gi c phiu s lm thay i gi tr ch s, ng thi c so snh tng gim i vi phin giao dch trc bng %. Ngoi ra cn c mt s nhn t khc lm thay i c cu s c phiu nim yt nh thm, bt c phiu giao dch vo c cu tnh ton. iu ny s lm pht sinh tnh khng lin tc ca ch s, cc trng s v c s xc nh bnh qun th trng s chia thay i. Do , s chia mu s trong cng thc tnh ch s trn phi c iu chnh nhm duy tr tnh lin tc cn c ca ch s. Nguyn tc iu chnh c tnh nh sau: s chia mi d = Tng gi tr th trng cc c phiu sau khi thay i / Tng gi tr th trng cc c phiu trc khi thay i x s chia c C th, trong trng hp c c phiu mi c a vo nim yt, s chia mi c tnh nh sau: d = Tng gi tr th trng ca cc c phiu nim yt c + gi th trng ca c phiu mi nim yt/ Tng gi tr th trng ca cc c phiu nim yt c x s chia c

V d tnh ton ch s c th cc phin giao dch: Kt qu phin giao dch u tin ngy 28 thng 7 nm Tn Cty C in lnh Cp VL VT Tng: 2002 Tn c Gi thc S lng phiu REE SAM Gi tr th trng

hin CK nim yt 16000 15.000.000 240.000.000.000 17000 12.000.000 204.000.000.000 444.000.000.000

VN Index = 444.000.000.000 / 444.000.000.000 x 100 = 100 Vo ngy 2 thng 8 kt qu giao dch nh sau: Tn Cty Tn c Gi thc S lng Gi tr th trng C in lnh Cp VL VT Tng: phiu hin REE 16600 SAM 17500 CK nim yt 15.000.000 249.000.000.000 12.000.000 210.000.000.000 459.000.000.000

VN Index = 459.000.000.000 / 444.000.000.000 x 100 = 103,38 Ngy 4-8-00 c thm hai loi c phiu Hapaco HAP v Transimex TMS c a vo giao dch, do ta phi tm s chia mi. Vo ngy 4 thng 8 kt qu giao dch nh sau: Tn Cty Tn c Gi thc S lng Gi tr th trng C in lnh phiu REE hin CK nim yt 16900 15.000.000 253.500.000.000

Cp VL VT Gy HP Transimex Tng:

SAM HAP TMS

17800 16000 14000

12.000.000 213.600.000.000 1.008.000 2.200.000 16.128.000.000 30.800.000.000 514.028.000.000

iu chnh s chia mi d: d = d0 x Pree.Qree + Psam.Qsam + Phap.Qhap + Ptms.Qtms / Pree.Q.ree + Psam.Qsam d = 514.028.000.000 / 467.100.000.000 x 444.000.000.000 = 488.607.219.010 VNIndex = 514.028.000.000 / 488.607.219.010 x 100 = 105,2 Tham kho mt s lut quan trng ca Hoa k Lut v hot ng ngn hng 1933. Lut v giao dch chng khon 1934. Lut v hp ng tri phiu 1939. Lut v qu u t 1940. Lut chng khon 1933. Th tc ng k. Yu cu v ni dung co bch. Hot ng ca ngn hng u t. Cc phng thc bo lnh pht hnh: Cam kt chc chn. Gng ht sc mnh. Bn trn hoc hu b. Qung co dn ng. Quy nh v bn chng khon nng.

Hot ng chui v kim gi. Hot ng bnh n gi.

Ngy 29-10-1929 c l l ngy kh qun i vi nn kinh t th gii. l ngy "th nm en ti" nh du s sp crash ca th trng chng khon TTCK New York ko theo i khng hong TTCK v kinh t ton cu. Nhng nm k tip th trng tip tc i xung v quc Hi M tm ra mt s nguyn nhn c bn cng c li hot ng ca c ch th trng c bit ny. Cc bin php c c kt thnh lut m sau hu ht cc TTCK trn th gii, nht l cc th trng mi ni emerging market gn y u tham kho. c mt ghi nhn tng quan chng ta cng lt qua cc b lut ra i t nm 1933 n 1940 ti Hoa K. B lut chng khon 1933 Securities Act of 1933: Trong giai on u hnh thnh TTCK, qun chng l lc lng u t quan trng nht. Tuy nhin trc thi im 1933 -chnh xc hn l trc 1929 th trng hu nh ch c ln bull. Mua chng khon cch no cng c li, nn chng ai cn cnh gic. Ngi u t bit rt t hoc khng bit t g v ch th pht hnh chng khon. H cng khng h bit ng tin huy ng s c s dng nh th no. y l mt nguyn nhn quan trng gy v TTCK. o lut 1933 ra i nhm gn lc a ra th trng nhng hng ho chnh hiu v phm cht. Chng ta s tm hiu k hn phn sau. - B lut v hot ng ngn hng 1933 Banking Act - cn gi l Glass Steagall Act:

S nhp nhng trong vic s dng tin k thc nhm mc ch ti tr thng mi mo him vo hot ng chng khon l nguyn nhn "dt dy" lm ly lan s v. o lut Glass Steagall t trng tm vo vic tch bit c ch hot ng ngn hng investment banking. y l bc tng bo v an ton v hiu qu cho cc ngun vn. Theo ngn hng thng mi khng c bo lnh chng khon - ngoi tr tri phiu th cng cng - GO: Municipal General Obligation. Ngc li cc ngn hng u t khng c php m ti khon k thc hoc cho vay thng mi. - B lut giao dch chng khon 1934 The Securities Exchange Act of 1934: B lut ch trng ch yu vo hot ng mua bn chng khon th trng th cp, nhn s tham gia trong th trng ny v cc hot ng mua bn gian ln. U Ban Chng Khon SEC l c quan qun l chuyn ngnh c ra i t b lut ny. B lut c sa i v m rng vo nm 1938 nhm thit lp cc c quan t qun self - regulatory body gip gim st hot ng TTCK. Hip Hi quc Gia Cc Nh Giao Dch Chng Khon NASD iu hnh th trng phi tp trung OTC c ra i trong t tu chnh ny. - o lut v hp ng tri phiu - 1939 The Trade Indenture Act of 1939: Mc ch ca o lut ny l nhm bo v ngi mua cc loi chng khon n, bao gm tri phiu trung hn notes, tri phiu di hn bonds, giy n debentures v cc sn phm tng t. bo v quyn li ca qun chng u t, o lut cm cc doanh nghip khng c bn bt c chng khon n ca cng ty no nu khng c pht hnh thng qua mt hp ng tri phiu trust indenture.

- o lut v qu u t 1940 Cng Ty u T: The Investment Company Act of 1940: y l o lut quy nh vic t chc iu hnh, hot ng v s dng cc loi hnh qu u t tp th khc nhau. Cc qu u t l lc lng vn quan trng u t vo TTCK. Vic huy ng v u t vi lng tin khng l c da vo mt khung lut c th t ng k pht hnh c phn n cc nghip v u t giao dch. Cc nghip v b hn ch i vi cng ty u t cn gi l qu u t gm: s dng ti khon n cn n margin account, bn khng sell short, tham d vo cc ti khon lin kt u t hoc mua bn. Trong s cc o lut c nu trn y c bit trong giai on hnh thnh th trng, o lut v chng khon 1933 pht hnh i chng - c nhc n nh l mt ngun tham kho quan trng. Ngi u t khi mua cc chng khon mi cn r xt cng nhiu thng tin cng tt v ch th pht hnh nhm lng gi quyt nh u t ca mnh. Cc quy nh ca lut l nhm khuyn khch s d dng tip cn thng tin v ch th pht hnh chng khon, gp phn vo s hon thin cc TTCK. iu ny thng c bit bi khi nim v mt s cng khai y v trung thc. Lut l chi phi cc t pht hnh mi chng khon c tm quan trng nht ti M, l Lut chng khon 1933. Nhiu nc dng lut ny ch nh cc th tc ring ca mnh, p dng vo vic pht hnh chng khon mi ca h. NI DUNG LUT CHNG KHON 1933:

Lut chng khon 1933 c t ra nhm gip cho ngi mua cc chng khon mi pht hnh nm c cc thng tin v ch th pht hnh v ngn chn gian ln trong vic bn chng khon. U Ban Chng Khon Nh Nc Securities Exchange Commission - SEC l c quan trc thuc Lin bang c trch nhim thc thi B Lut. Tuy nhin, U ban ny SEC khng chun nhn vo gi tr u t ca bt k mt t pht hnh no. Cc ch th pht hnh phi ng k chng khon vi U Ban Chng Khon Nh Nc nu h dng cc phng tin qung co pht hnh lin bang. Thm vo yu cu ng k, lut cn buc ngi pht hnh cung cp cho nhng ngi mun mua chng khon mt ti liu gi l co bch pht hnh prospectus, bao gm cc thng tin chi tit v cng ty pht hnh. Lut chng khon 1933 lm cho nguyn tc cng khai v trung thc tr thnh bt buc. trang ba ca co bch c ghi mt cu thng bo rng U Ban Chng Khon Nh Nc khng h chun nhn v s chnh xc adequacy hoc ng n accuracy ca thng tin trong mt bn co bch. Bt c mt thng bo no tri ngc iu va nu c xem l s vi phm hnh s. iu ny c bit n nh l "khng c chuyn ph chun" ca U Ban Chng Khon Nh Nc. U Ban Chng Khon Nh Nc ch duyt xt bn bo co ng k v bn co bch nhm xc nhn rng nhng th tc l y v ph hp. TH TC NG K: Ngy m U Ban Chng Khon Nh Nc nhn c bn bo co ng k c k l ngy np h s. Tip theo l mt "thi gian ngui lnh" 20 ngy cooling off period nhm y Ban Chng son Nh Nc xem xt thng tin ng k. Thng tin phi c trong mt bn bo co ng k gm:

1. Mt din gii v hot ng kinh doanh ca ch th pht hnh. 2. Phn vn nm gi ca cc chc danh cao cp, thnh vin Hi ng Qun Tr, cc nh bo lnh bao tiu, v danh sch cc c nhn lm ch trn 10% tng s chng khon ca cng ty. 3. L lch ca cc chc danh cao cp v thnh vin Hi ng Qun Tr. 4. C cu vn capitalization ca cng ty pht hnh huy ng qua pht hnh c phn, tri phiu. 5. Vic s dng c th ca s tin thu v do huy ng. 6. Cc bo co ti chnh c kim ton xc nhn. Nu U Ban Chng Khon Nh Nc thy rng trong gii trnh ng k c thiu st c th nh s b st hoc trnh by sai lch, U ban ny s pht i mt vn bn v s thiu st deficiency letter. Vn bn ny c tc dng li ngy hiu lc. U Ban Chng Khon Nh nc cng c th pht ra mt lnh ngng stop order c gi tr cm t cho bn ca loi chng khon ng k . U Ban Chng Khon Nh Nc khng ph chun vic bn chng khon hay xc nh v gi tr u t ca chng khon ng k, c quan ny quan tm n vic cng khai y v trung thc tt c cc s kin chi tit ca doanh nghip cho cc nh u t tim nng bit. Nh u t, do , c th kin ra to cc gii chc cao cp, thnh vin Hi ng Qun Tr, cc c ng sng lp v cc ngn hng u t investment bankers nu h s ng k c vn . Trong thi gian ch i 20 ngy, mt bn co bch thm d preliminary prospectus cn gi l red-herring c th c ch th pht hnh chun b. Co bch ny c khung ngoi ba nhm thng tin cho nh u t tim n

bit rng h s ng k lp v gi cho U Ban Chng Khon Nh nc nhng cha c hiu lc. Bn co bch thm d c pht hnh nhm o lng biu hin v s quan tm ca khch hng; mc d s quan tm ny cha c mt gi tr rng buc no c t pha khch hng cng nh cng ty giao dch chng khon Broker Dealer. Trc thi im h s ng k c hiu lc, khng c tin hnh bt c mt s cho mi no. Bn co bch vin khng c gi pht hnh dt khot no nhng c th thng bo mc gi chng. V d: $17~ $19 cho mi c phn. Ngay trc khi pht hnh bn co bch hon chnh, mt bui hp chuyn su due diligence meeting c triu tp. Mc ch ca cuc hp l duyt xt li ton b cc kha cnh ca t pht hnh d kin. c bit thc hnh s tn tm ng mc ca ch th pht hnh v cng ty bo lnh bao tiu nhm tho mn lut l ca lin bang v tiu bang. Nu cc bn c lin quan khng thc hin s tn tu y ca mnh due diligence, h c th tr thnh b co trc to ca cc c ng. Trnh t ca mt t pht hnh i chng c th c tm tt nh sau: Chun B Cc Gii Trnh V Ni Dung Cc Th Tc ng K. Lp H S ng K Vi U Ban Chng Khon Nh Nc.Thi Gian Ch i. Pht Hnh Co Bch Thm D. Pht Hnh Co Bch Hon Tt.

YU CU I VI CO BCH Bn co bch hon chnh c son khi cc ni dung ng k c thng qua v c hiu lc. Ni dung ca co bch thc cht c rt ra t bo co

gii trnh ng k ln U Ban Chng Khon Nh Nc, bao gm y cc c trng sau y: M t t pht hnh - gii thiu v chng khon pht hnh. Gi pht hnh Public Offering Price - POP, ph bo lnh pht hnh underwriting spread. Gii thiu v hot ng bo lnh pht hnh. D tr v thng tin v kh nng can thip bnh n gi. Qu trnh hot ng ca doanh nghip pht hnh. Cc ri ro m ngi mua c th gp phi. Trnh by v cng tc qun tr doanh nghip. Thng tin c th v ti chnh doanh nghip. kin php l v vic hnh thnh cng ty c phn corporation Li ch gii c bit ca U Ban Chng Khon Nh Nc disclaimer. Khch hng lun nhn c bn co bch lm c s cho vic mua c phiu. Nh bo lnh bao tiu phi cung cp y c co bch thm d ln co bch hon chnh cho tt c cc cng ty chng khon tham gia trong t pht hnh. HOT NG NGN HNG U T Mt t pht hnh mi thng thng c bn qua mt nhm cc ngn hng u t c gi l nhm bao tiu hay bo lnh underwriting syndicate. Chc nng hot ng ca ngn hng u t cc k quan trng ch n lm ci gch ni gia ch th pht hnh v ngi u t. Mc tiu ca hot ng ngn hng u t l huy ng vn cho ch th pht hnh trong iu kin thun li nht. i khi tin huy ng ca cc t pht hnh l ngun vn

mi i vi cng ty. Trong lc c t pht hnh l ti tr li c cu vn ca cng ty in hnh l vic pht hnh tri phiu hon li tin trong vic thu hi cc tri phiu c li sut cao. Khi ng vai tr nh bo lnh cho t pht hnh, mt ngn hng u t thng m ng ri ro trong vic mua chng khon mi ca cng ty pht hnh v bn ra cho i chng. Cng ty pht hnh s chn mt nh qun l cho nhm syndicate manager hoc mt nhm cc ngn hng u t ng qun l co- managers. Nh ni trn, cc t pht hnh mi phi c ng k vi U Ban Chng Khon Nh Nc theo lut chng khon 1933, khi t pht hnh mi c ng k, trch nhim u tin ca nh bo lnh l tip th cho chng khon s pht hnh . Nhm bo lnh c tr th lao bng s gim gi discount hoc chnh lch spread gi l ph bo lnh. Khon chnh lch spread l s khc bit gia s tin qun chng u t phi tr v s tin cng ty c phn s nhn c. Chng hn nu qun chng tr $20 v cng ty pht hnh nhn $18 th chnh lch bao tiu l $2. Tho thun gia cc nh bo lnh agreement mong underwriters chi tit ho trch nhim ca cc thnh vin nhm bo lnh v s tin th lao h nhn c. Cng vi cc nh bo lnh, mt nhm bn thng c nh qun l t chc gip phn phi chng khon, nhm bn gm cc cng ty chng khon khng chu trch nhim v t pht hnh, h bn kim mt khon trong chnh lch gi l ph nhng bn. Tho thun v nhm bn quy nh v trch nhim ca h.

S tin chnh lch bo lnh ph bo lnh tu thuc vo cht lng v quy m ca t pht hnh i chng u tin hay l t pht hnh b sung v cc iu kin v th trng ti thi im bn. Nhn chung, chng khon pht hnh ln u IPO thng c mc chnh lch cao do ri ro gn lin trong t phn phi . V pht hnh chng khon n, tri phiu li sut thp c chnh lch tng i cao, trong khi cc nh pht hnh tri phiu bc cao high rate - an ton cao cho hng ph bao tiu pht hnh nh hn. CC PHNG THC BO LNH PHT HNH. Tho thun bo lnh pht hnh hoc hp ng mua gia ngn hng u t v cng ty pht hnh c th thc hin theo mt s cch khc nhau. Cam Kt Chc Chn Firm Commitment: Nu nh bo lnh ng tiu th ton b chng khon pht hnh, c ngha l t mua s lng chng khon khng tiu th ht, th h s chn loi bo lnh "cam kt chc chn" firm commitment. Ngn hng u t thc hin t pht hnh bng chnh ti khon ca mnh v chp nhn ri ro. H ng mua trn t pht hnh v chp nhn gi cho mnh cc c phn khng bn c. Nh th h cam kt chc chn vi cng ty pht hnh lnh trn gi trch nhim s lng pht hnh, d h c th bn c chng khon hay khng. V d: mt cng ty mong s bn c $ 10 000 000 gi tr c phn. Nh bo lnh ch bn c $ 8 000 000. Do nh bo lnh phi t mua ht phn cn li $ 2 000 000. Gng Ht Mnh Best Efforts: Trng hp nh bo lnh ng lm mt i din cho cng ty pht hnh, nhng by t rng s c phn khng bn c s tr v cho cng ty pht

hnh, h s chn hnh thc pht hnh "c gng ht mnh" best effort. Khi h s thc hin vic bn tt c t pht hnh bng mt n lc trung thc, nhng nu khng th bn ht s chng khon, h s hon li s tn ng cho cng ty pht hnh m khng b n bi no c. V d: Cng ty mong i s bn c $ 10.000.000 gi tr c phn, cng ty bo lnh ch tiu th c $8.000.000, h s hon tr li $2.000.000 cho cng ty pht hnh. Bn Trn Hoc Hu B All- or- None: c n c - ng v khng: Trong mt s trng hp, mt cng ty c th cn huy ng mt s tin c th no tho mn nhu cu vn lm n, v h khng th lm g c vi s vn huy ng t hn d kin, cho nn h quy nh l phi bn c ht lng pht hnh hoc s hu b t pht hnh . Loi bo lnh ny gi l "gng ht sc mnh, c c hoc khng c g" Best Efforts All - or - None. Khng ging nh "best effort" theo c th ch bn mt phn, y nh bo lnh cn c kh nng bn ht hoc khng c g c. iu ny c ngha l nu ton b t pht hnh khng c bn ht, th phn bn s c hu b v hon tin li cho ngi ng k mua. Mt cch khc ca th thc "c trn hoc khng c g" l t pht hnh m trong cng ty pht hnh yu cu mt mc no ca tin huy ng phi c thc hin t pht hnh c xem l t d kin. Phng thc ny cn gi l bo lnh pht hnh ti thiu - ti a Min - Max. Ly v d: mt cng ty c th n lc bn $20.000.000 gi tr c phiu, Cng ty ny yu cu mt mc sn l 70% ca t pht hnh. H phi nhn c t nht $ 14.000.000, nu khng th ton b t pht hnh s b hu b.

QUNG CO DN NG TOMBSTOME ADVERTISEMENT Nhm bo lnh lun sp t mt qung co gi l mt b co tombstone trn mt t bo ti chnh nh k nhm cng b t bn chng khon. Tn ca gim c nhm bo lnh nm u danh sch cc nh bo lnh. Cc cng ty khc c lit k theo th t ABC vi s lng tham d pht hnh. Cc thnh vin nhm bn khng ghi tn trn b co. B co cn gm mt iu khon c chun ho rng "y khng phi l mt s cho bn, hoc mt gi m cho mt ngh mua. Vic cho bn ch c thc hin bng mt co bch". Mt qung co dn ng l qung co duy nht c cho php i vi mt t pht hnh mi. BN CHNG KHON NNG SALES OF HOT ISSUES Mt t pht hnh nng hot issues l mt t pht hnh c phiu c mc cu ln v c ng k vt cung. N c mua bn bng mt gi cao hn tc th sau khi bn ra. Cc cng ty chng khon b cm hoc b hn ch trong vic bn cc chng khon nng i vi tt c cc ti khon sau y: 1. Ti khon ring ca cc cng ty giao dch chng khon. 2. Ti khon ca cc chc danh cao cp, thnh vin gp vn partners hoc nhn vin ca cc cng ty giao dch chng khon hoc gia nh trc h ca h. Gia nh trc h bao gm: chng v, con ci, cha m, lin h bn v chng, anh ch em rut v cc trng hp trc tip l thuc khc khng bao gm ch, bc, cu, m, c, d.

3. Cc quan chc cao cp ca mt ngn hng, cng ty bo him hoc mt nh ch tng t, bt c nhn vin no lin quan trong b phn chng khon ca nh ch ,... hoc gia nh trc h ca h. HOT NG CHUI V KM GI FREERIDING and WITHHOLDING Cng ty chng khon, l thnh vin ca TTCK, khng c t chi yu cu mua ca qun chng gi li chng khon cho mnh trong mt t pht hnh mi m h ang phn phi. iu ny c gi l hot ng chui v km gi Freeriding and withholding. Km gi li mt phn chng khon nng kim li cho chnh cng ty thnh vin lm tri vi nguyn tc mua bn ngay thng v trung thc. Vic lm ny c tc hi to s mt nim tin ca qun chng vo hot ng trung thc ca cc cng ty giao dch chng khon, vn c trao cho u th khng phi th li cho ring mnh. HOT NG BNH N GI STABILIZATIon Mt s t pht hnh thiu s thch th n nhn ca cc nh u t nh thy mt t pht hnh nng. trnh vic rt gi ngay lp tc ca chng khon trong v sau thi gian phn phi, y Ban Chng Khon Nh Nc cho php dng phng php bnh n gi. Bnh n l hnh thc duy nht v vn hnh nhn to gi manipulation c U Ban Chng Khon Nh Nc cho php. Hot ng ny cho php nh qun l bao tiu nu gi mua chng khon gi cho mua ca cng ty chng khon th trng th cp ngang hay di gi pht hnh cht nh. V d: mt t pht hnh c phiu mi ca cng ty ABC, c phn thng c pht hnh mc gi $20 mt c phn. Nh qun l bao tiu s c

php tham gia mt gi mua cng c stabilization bid mc bng hay thp hn v d: $19 1/8 vi iu kin n khng cao hn bt k gi cho mua c lp no trn th trng. Gi mua cng c ny khng c nu cao hn gi pht hnh $20. Qu trnh bnh n gi c th c chm dt bt k lc no, v ngay khi cc lng cung cu quyt nh c gi th trng mua bn. Hot ng ny phi c chm dt mt khi tt c cc c phn mi pht hnh c mua bn ht. iu u tin cn nh khi u t: Ct gim thua l Ct gim thua l, phng tin thnh cng Cho d kinh doanh bt c ngnh ngh no, mc tiu cui cng ca bn cng l tm kim li nhun. Nhng bi hc thuc lng u tin khi bc chn vo th trng chng khon cha phi l cch tm kim li nhun m chnh l cch ct gim thua l - Loeb, mt nh u t rt thnh cng khuyn chng ta: "Hy ct gim s thua l ca bn mt cch nhanh nht". Nu bn mun tr thnh mt nh u t chng khon thnh cng, y l quy lut u tin v quan trng nht phi thuc nm lng. Nguyn tc ny cng c ngha quan trng hn nu u t trong ti khon vay mn. Ct gim thua l l cc k cn thit! D mi bc chn vo th trng chng khon hay l mt nh u t giu kinh nghim bn s vn c nhng giy pht ch quan ph b nguyn tc ny. V nu khng ct gim thua l kp thi, khng sm th mun bn s chu nhng s thua l nng n hn. Tuy nhin nhng con ngi t tin bc chn vo th trng chng khon thng thng minh v c kin thc, chnh

nhng iu ny cng thm ci ti, tnh ngoan c v nim kiu hnh s khin h khng d dng tun theo nguyn tc ct gim thua l ny. Vn l bn lun mong mun tm kim li nhun khi mua mt loi chng khon, khi gi i xung rt kh bn chng i v chp nhn thua l. Qu tht l rt kh chp nhn mnh hnh ng sai lm, ngi ta thng hay c xu hng ch i, hy vng gi ln tr li thay v nn bn chng i. Mi th cn tr ln ti t hn khi bn va bn chng khon i th gi bt u ln tr li. Bn s thc s b bi ri v cho rng ct gim thua l l mt chnh sch ti. C bao gi bn ngh rng s thua l l cc k nguy him? Bn s d dng mt i s thng minh v tnh to cn c. Thng thng y l thi im hu ht cc nh u t tip tc phm sai lm v thc s tr ln ri rm khng hong. Hy t hi mnh cu hi sau: Bn c mua bo him ho hon cho ngi nh ca bn vo nm ngoi? Ngi nh ca bn b thiu tri chng? Nu n khng b chy, bn lm sai v lng ph tin bc trong vic mua bo him? Bn s t chi mua bo him nm sau? Ti sao bn mua bo him ho hon cho ngi nh? Bi v bn bit ngi nh ca bn s b chy? Khng! Bn mua bo him ho hon bo v bn thn, chng li kh nng c th b s mt mt ln nh hng trm trng n kh nng ti chnh, rt kh hi phc. cng l tt c l do ti sao phi ct gim thua l. Khi no s bn chng khon thua l?

Theo Loeb, l khi gi gim 10% so vi gi mua ban u y c l l mt quy lut tt cho nhng nh u t mi tham gia vo th trng. Nhng nu bn c kinh nghim, bit s dng cc th xc nh thi im mua bn chnh xc hn, nn ct gim ti mc 7% hoc 8%. Bng cch ny bn mua mt hp ng bo him bo v khi nhng thua l ln hn. Nh vy, ngay c vi kh nng thnh cng v tht bi ngang nhau khi mua mt loi chng khon, bn c th li n ti a trong khi ch thua l mt s tin xc nh. Nu bn gi c phiu rt ti 50%, bn s phi tm kim 100% li nhun vi s tin cn li. Nhng nhng loi c phiu tng gi gp i th khng nhiu! Khng ai c th ng trong tt c mi quyt nh ca mnh, bn c bit Foster Friess, ngi iu hnh qu h tng Brandywine, mt trong nhng qu h tng u t lun c xp vo hng u vit nht c t l phn trm sai lm trong nhng quyt nh ca mnh l bao nhiu khng? i khi ln ti 40%. Vy m ng vn t c nhng kt qu kinh doanh ng ghen t bi v khon thua l y ni chung lun thp hn khon li nhun do nhng phi v thnh cng mang li. Th trng chng khon, khong cch gia thnh cng v tht bi l rt mong manh, khng mt nh u t huyn thoi no ca hm qua, hm nay v c ngy sau na khng gp phi bt k tht bi no trong cuc i kinh doanh ca mnh. H thnh cng bi v h bit cch ct gim thua l ti mc ti thiu v tm kim li nhun ti mc ti a. Th thi! Mt khong bao nhiu thi gian tr thnh mt nh u t gii? Thc cht th trng chng khon l mt cuc u tr, kinh nghim ng mt vai tr rt quan trng. ng bao gi vi v ht gia ti ca mnh vo

th trng ngay ngy u tin. Thng thng bn phi mt khong hai ti ba nm c th rt ra nhng quy lut, phi hp s phn tch c bn, phn tch k thut, tnh hnh th trng v cc nguyn tc u t vi nhau. Thi gian tri qua, cng ngy bn s cng c nhng la chn chnh xc hn, s tin 8% bn cho php mnh thua l mi loi chng khon s gim ng k. Thm vo nhng tht bi nh b s c b p bng nhng li nhun ln hn t nhng phi v mua bn thnh cng mang li. Hy coi 8% tht bi y l hc ph cho nhng g bn hc c sau mt phi v khng thnh cng. Nhng nh u t ln cho rng chp nhn tht bi mt mc va phi l mt quyt nh hp l. H khng cho rng l mt s lng ph tin bc, v h hy vng s tht bi y s em li v s c trang tri bng nhng thnh cng trong tng lai. ng qu vi v m ti nhng thnh cng v i, nhng li nhun khng l ngay lp tc, tc ng phng ng c cu "Dc tc bt t". Mt cu th bng chuyn nghip khng th c o to trong vng ba thng, v cng chng th no c mt nh u t thnh cng ngay lp tc trong thi gian y. im khc bit ln nht gia nhng con ngi thnh cng v nhng ngi khc l h xc nh c mc tiu, phng thc hon thnh mc tiu v kin tr theo ui n! Ti sao chng ta chn mc thua l 8%? Nu bn ct gim thua l ti mc 8%, iu ny s cho php bn tn ti tip tc u t. Rt nhiu ngi i ti ch ph sn v h qu m mui vi nhng loi c phiu trong tay. H khng th i mt v tha nhn sai

lm do cng khng th thi hnh nhng quyt nh bn y kh khn. Chnh s do d khi ti thi im cn bn s khin h phi chu ng nhng tht bi nng n hn khng sm th mun. V nhng tht bi nng n s lm bn mt i s tin tng, khin bn s hi hoang mang, y l nhng th tuyt i khng th xy ra nu bn cn tip tc mun u t. Nu bn ct gim thua l ti mc 7% hoc 8% v bn mt loi c phiu khi gi ca n tng khong 25%, bn c th ch cn quyt nh ng mt ln trong khi bn c phm sai lm ti ba ln, m vn khng b ri vo tnh trng rc ri. Chin thut u t thng c p dng l hy gi cc loi chng khon ang pht trin tt ch i nhng li nhun ln, trong khi hy bn ngay nhng loi chng khon khng hiu qu gim thua l ti mc thp nht c th.

Nhng iu quan trng cn bit nu bn mun u t chng khon Thi im u t Mi thi im u c th u t. Bn c th mua chng khon khi gi ln v bn khng khi gi xung. Thng thng chng ta mt khong hai nm, c th hiu nhng quanh co rc ri ca th trng. Nu bn thc s yu thch chng khon khng nn ch ti khi c mt s vn ln, mt cng vic hon ho, hoc ch ti khi bn chn chn. ng bao gi hy vng mnh tr

thnh mt nh u t lo luyn ch vi s kin thc thu thp c m khng c s luyn tp vi nhng s tin nh ban u tm kim kinh nghim. Nhng Warren Buffett, Sorros ca ngy hm nay lc khi s u t cng chng khc bn by gi bao nhiu. Ch vi mt cht t kht vng vn ln, lng dng cm, s chun b v mt phng cch r rng, bn c c hi tr thnh mt nh u t thnh cng. iu u tin cn lm? Trc tin bn phi m mt ti khon ti cng ty chng khon, iu ny rt n gin, thc cht ch phi in vo cc giy t do nhn vin cng ty mang ti nh tn h, a ch..., nu c g khng hiu ng ngi yu cu cc broker gii thch cn k. Thng thng c hai loi dch v chnh l dch v trn gi full service, ngi la chn dch v ny s c broker t vn mua bn v dch v gi h discount firm, ngi mi gii ch lm nhim v mua bn theo ch th ca khch hng, ph mi gii s r hn. V nu bn l ngi mi bn nn s dng dch v trn gi, nu bn tit 1% hay 2% ph mi gii bn c th phi chu nhng thua l khng ng c. V cho d bn nh tr thnh mt nh u t chuyn nghip, dng ht qu thi gian lm vic cho chng khon, hay ch n gin bn c mt s vn nh, mun n sinh si iu u tin nhng nh u t thnh cng s khuyn bn l: hy la chn mt broker gii. C mt iu chng ta thng khng , broker cng l mt ngh nh tt c mi ngh khc, khng phi ai cng gii nh nhau, chng ta cn tm hiu v nhn vin brokerr ca mnh, v kin thc ca anh ta, thng tin anh ta ly

t u, chin thut u t ca anh ta c ph hp vi bn khng... Vi nhng ngi mi bt u, tm kim mt brokerr gii l ht sc quan trng. V nu bn thc s va mi t chn vo th trng chng khon trc tin bn ch nn m ti khon tin mt cash account, u t vi s tin bn ang c. Vi nm sau, khi c kinh nghim hy xem xt n vic m ti khon vay mn margin account, loi ti khon c th mn thm tin ca cng ty chng khon kinh doanh. Trong thi k u kinh doanh kh nng thua l ca bn l khng nh, vic dng n by ti chnh c th khin s thua l ln hn vt ngoi tm kim sot v chu ng ca bn. iu ti t hn l n s khin bn khng hong, mt nim tin vo bn thn v b ri vo trng thi con bc kht nc. iu ny rt nguy him. Sau khi lp ti khon, hy c mt k hoch v mt s chun b tiu vn vi gi ng h mi tun lun gi c mi lin h vi th trng. ng thi cng ht sc cn thn khi lng nghe li khuyn ca nhng ngi khc. Phn ln chng ch l nhng kin c nhn v c th sai lm. Nu bn coi u t nh mt cng vic khoa hc nghim tc khng nn hnh x theo cm gic, tt c mi quyt nh u t u phi c ra da trn nhng mu mc nht nh. Do bn cn hc cch tm hiu cc ch s ca cng ty, cch c cc th v phn tch chng, chng ch n thun trnh by cc s kin, ch khng phi l nhng kin c nhn! Nn nm gi bao nhiu loi c phiu? Tt nhin khng nn u t ton b tin bc vo mt loi c phiu. Nu ri ro xy ra, bn s mt tt c. Mt cu thnh ng m tt c cc nh u t phi thuc l

"Khng nn dn tt c cc trng vo mt gi". Nu bn xy tay, tt c s v tan tnh. Nhng ng thi bn cng khng th cm cng lc qu nhiu gi. Nh vy bao nhiu l va? Theo kin ca nhng nh u t c kinh nghim nu bn c t hn $5000 ch nn u t t mt ti hai loi c phiu, vi $10000 t hai ti ba loi, vi $25000 t ba ti bn loi, vi $50000 t bn ti nm, vi $100000 hoc nhiu hn bn cng ch nn u t vo nm hoc su loi c phiu. Cho d bn c bao nhiu tin, khng c l do g u t cng lc ti 20 loi c phiu. n gin ch v bn khng th nm bt c thng tin ca tt c cc loi c phiu trong tay. iu ny thc s nguy him. Vi nhng nh u t c nhn, cch kim tin l mua cc loi c phiu ca cc cng ty tt nht trong lnh vc ca n, tp trung danh mc u t trong mt s loi c phiu gii hn, theo di chng mt cch cn thn, v bn chng i nu cm thy chng khng th pht trin hn na hoc khi th trng nh gi chng qu cao. Tt c ch th thi!

Hy tun theo nguyn tc thay v hnh ng theo cm xc Ti sao chng ta li thng hy vng khi nn lo ngi v ngc li?

Khi c phiu rt gi 8% di gi mua ban u v b thua l, ngi ta thng hay hy vng chng tng gi tr li trong khi thc s h nn lo ngi rng c th s mt thm mt s tin na, v nn phn ng bng cch bn c phiu i v chp nhn thua l thay v c mi th y nguyn. Khi c phiu tng gi v tm c li nhun, h li s rng c th nh mt li nhun y v bn chng qu sm. Nhng s tht c phiu ang tng gi l mt du hiu cho thy chng thc s mnh v c l quyt nh mua ban u ca h l hon ton chnh xc. Mi quyt nh mua hay bn chng khon u l mt trn chin thc s, s c thnh cng hoc tht bi do chc chn chng ta s b cm xc chi phi. Nhng th trng din tin c lp vi nhng cm xc y, v mt cch thng thn n khng h quan tm bn ang ngh g, ang ch i, hy vng iu g s xy ra. Bn cht con ngi gn vo v nh hng ti th trng mt cch su sc. Nhng cm xc tng t nh s kiu ngo, s c tin, ni s hi, lng tham lam tn ti th trng hm qua, hm nay v chc chn l c ngy mai na. iu quan trng l khng ch nhng cm xc y nh th no? Lm cch no chin thng nhng cm xc c nhn Thc s y l mt cu hi kh, chng ta thng rt kh khn km hm ni s hi, lng tham lam, tnh kiu hnh a ra nhng quyt nh chnh xc. Trong trng hp th trng i ln th mi quyt nh u c v hp l, nhng trong mt t iu chnh ca th trng th mi th s ri tung c ln, bn nh mt con ngi i lc gia bin khi mt phng hng khng bit

hnh x nh th no. Hy lng nghe William J.Oneil chia s nhng quan im ca ng "Theo kinh nghim ca ti, cch tt nht l thnh lp nhng quy lut mua v bn t nhng nghin cu v lch s th trng - nhng quy lut da trn nn tng cu hi thc s th trng ang hot ng nh th no, v trong qu kh mi khi th trng gp hon cnh y th din bin nh th no, nhng quy lut da trn s thng k khoa hc ch khng phi da trn nhng kin hay thnh kin c nhn". Mt lut s phi t b tt c cc cm xc phn tch thc t v da vo nhng tin l xem xt mt s kin. Ti sao bn khng lm nh th? Bn cng hiu v qu kh ca mt loi c phiu bao nhiu, bn cng c th nhn nhn nhng c hi trong tng lai mt cch chnh xc by nhiu. Vic gi c dao ng hng ngy c th do dm c nhng nh u t c kinh nghim nht nhng mt ci nhn v qu kh s gip chng ta hiu ra c mt xu hng i ln trong ton b th trng. Chu k tip ni chu k, chng s to ra nhng c hi ln thc s cho cc nh u t. Mua c phiu gi r, thi quen xu cn trnh Th trng chng khon khng phi l mt ci ch, quan im mua tht r, bn tht mc khng c gi tr ni y. ng u t vo cc loi c phiu r tin vi mong mun tm li nhun ln v ngh rng cc loi c phiu n khch t vi ngng, bn cht gi c phiu cng phn no phn nh c k vng vo n. Th mua 100 c phiu vi gi $60 mt c phiu, ch ng mua 600 c phiu vi gi $10 mt c phiu. Cc t chc chng khon s b hng triu la vo loi $60/1 c phiu v trnh xa nhng loi c phiu r tin. V chng ta cng nn bit nhng t chc u t ln - nhng qu u t, qu hu tr, cc ngn hng - thc hin phn ln cc giao dch trn th trng v thc s c th tc ng vo gi c.

Tht k l khi trong mi nh u t mi u c mt ham mun rt kh chng li l mua c phiu gi r. Ci tng mua mt khi ln c phiu gi c $2 ri ch chng tng gp i nghe kh hay, chng ta thng cm nhn mt cch rt m h rng mt c phiu $2 thng d tng gi hn mt c phiu gi $100. S tht l u t c phiu khng ging nh mua mt b qun o hoc mt chic xe hi gim gi. Th trng chng khon l mt th trng u gi hai chiu, c phiu c bn vi gi xp x bng gi tr ca chng ti thi im giao dch. Khi bn mua mt loi c phiu r tin, bn ch s hu nhng gi tr cng r nh c phiu bn mua. Vi nhng c phiu pht trin mnh nht trong vng 45 nm qua, ci gi trung bnh trc khi chng tng gp i hoc gp ba l $28 mt c phiu. y l mt s tht ca lch s. Nhng c phiu r tin thng rt ri ro. Phn tch k thut hay phn tch c bn? Khi nim phn tch k thut v phn tch cn bn. Rt nhiu ngi sau nhiu nm kinh doanh vn cha hiu th no l phn tch c bn v phn tch k thut, a s h mua bn theo cm xc v khng c mt cng c u t hiu qu. Phn tch c bn l vic phn tch bn cn i ti khon v bn bo co li tc ca cng ty xem xt cht lng ca cng ty cng nh vic pht trin ca cng ty theo thi gian, nh tin on cc chuyn bin gi chng khon. Vic phn tch c bn s nh gi mt chng khon di gi tr hay trn gi tr hin hnh. Phn tch k thut nghin cu s cung v cu chng khon da trn cc nghin cu s lng v gi c. Nh phn tch dng cc biu phn tch

chiu hng gi. Hu ht cc phn tch c thc hin phn tch ngn v trung hn. Khng ging nh phn tch c bn, nh phn tch k thut khng quan tm n v th ti chnh ca cng ty. Trong bi ny chng ta s xem xt ti sao c hai loi phn tch u cn thit u t thnh cng. Khng nn ch dng mt loi phn tch. Cho d bn u t di, ngn, hay trung hn, cho d bn l nh u t gi tr hay tng trng, c hai loi phn tch u cn thit mc d vai tr ca chng trong tng loi u t s khc nhau. Hon ton khng nht thit phi chn s dng "mt trong hai". Tt nht bn phi xem xt c v phn tch c bn vi nhng ch s v sc mnh, cht lng ca cng ty v sn phm ca n tm kim nhng cng ty c cht lng, phi hp vi s phn tch cung cu, gi c v s lng giao dch trn th trng tm kim nhng thi im mua hp l. Phn tch c bn l nn tng bn phi c khi mua bt c loi c phiu no, n s xc nh tnh u vit ca cng ty so vi cc cng ty khc, trong khi phn tch k thut s cho php bn thy c mc quan tm ca ngi u t, sc p cung cu trong thi im ngn v trung hn, tm kim nhng thi im mua c phiu c c hi tng gi nht. iu quan trng nht trong phn tch c bn l g? Kh nng sinh li ca cng ty l mt trong nhng nhn t quan trng nht nh hng ti gi chng khon. Bit c doanh li ca cng ty trong qu kh v trong hin ti ht sc quan trng. Chng ta ch nn mua nhng loi

c phiu m li nhun earnings ca cng ty c pht trin, doanh s sales ca cng ty tng, t l li nhun bin profit margins v li nhun vn c ng return on equity cao. Li nhun mi c phn earnings per share, EPS c tnh bng cnh chia tng s li nhun sau thu cho tng s c phiu ang lu hnh, c th c dng nh l mt cng c cho thy mc pht trin v kh nng sinh li ca cng ty. Ch s li nhun mi c phn c th c dng so snh vi giai on trong qu kh cho thy kh nng pht trin v li nhun ca cng ty. i vi nhng nh u t ch trng gi tr, li nhun mi c phn cng vi ch s P/E price/earnings per share, c tnh bng cch ly gi c phiu chia cho li nhun kim c mi c phn l mt ch s quan trng xem xt c phiu mc hay r, v d mt cng ty c gi mt c phiu l $100, li nhun mi c phn l $20 s c P/E bng 5, tc l c t l li nhun trn gi mi c phiu l 20%. Trong khi nhng nh u t ch trng tng trng th li khng quan tm lm n ch s P/E, h ch ch trng n s pht trin ca doanh li, nu mt cng ty tng trng trong nhiu qu lin v tnh hnh tt p s cn tip din, nhng nh u t tng trng sn lng mua c phiu vi P/E ln ti c 100 ln, hy vng tm kim li nhun nh chnh lch gi. Thc tin kinh nghim th trng cho thy nhng phi v thnh cng ln trn th trng chng khon hu ht thuc v nhng cng ty ang pht trin nhng cng ty c s li nhun mi c phn tng trung bnh 30% trong 3 nm

lin. Do hy tp trung vo nhng loi c phiu c ch s EPS tng 30% hoc hn trong 3 nm lin. i vi nhng cng ty mi c phn ho, mi ngi thng ngh chng khng c s liu ca 3 nm li nhun, thc ra phn ln nhng cng ty ny u c cc s liu cn thit t khi chng cn l cc cng ty t nhn. Nhng thng tin ny c th tm thy trong bn co bch ca cng ty. Hy nhn vo cc s liu do cng ty cung cp c kim ton, ng n nhng li ha ca ban qun tr cng ty i khi nh tnh hnh thua l nm nay s nhanh chng c ci thin. Trong lch s th trng phn ln cc cng ty u c li nhun tng nhanh v mnh trc khi gi c ca chng tng gp i hoc gp ba. Nhng nhn t quan trng khc trong phn tch c bn. Doanh s l mt trong nhng du hiu quan trng ca cng ty. Nn la chn nhng cng ty c doanh s tng nhanh trong vi qu qua, hoc tng ti 25% so vi qu cng k nm ngoi. Doanh s tng cho thy s pht trin v quy m th trng ca cng ty, y l iu kin quan trng nu cng ty mun pht trin vt bc. Hy la chn nhng cng ty ng hng th nht trong lnh vc ca n v tc tng doanh s v li nhun, c mt t sut li nhun bin v li nhun vn c ng cao. Li nhun vn c ng Return on equity, ROE du hiu cho bit hot ng ti chnh ca cng ty. N o lng kh nng s dng vn ca cng ty. N cho c ng bit tin vn ca cng ty c s dng hiu qu nh th no. So snh t l ny vi nhng cng ty cng ngnh s cho bit cng ty s dng

vn c ng tt nh th no so vi cc cng ty cnh tranh. Nhng cng ty bn cn tm l nhng cng ty c t l ROE trn 20%. Ch s li nhun bin hay cn gi l li kinh doanh profit margin o lng kh nng sinh li ca cng ty theo doanh s, c tnh bng cch ly doanh li chia cho doanh thu. Mt t s li nhun bin tng cho thy cng ty c kh nng sinh li cao hn cng vi mt ng doanh thu thu v, ngha l cng ty c th ct gim c chi ph. Bn cng cn phi hiu r nhng sn phm ca cng ty, cng ty ch to nhng sn phm g, phc v trong lnh vc no. Cng ty bn chn nn c mt loi hng ho hoc dch v him c hoc c quyn. Nhng loi hng ho m ngi tiu dng nhn thy l cao cp. C phiu bn mua cng nn c nhng t chc u t ln s hu. Nn tm hiu c bao nhiu qu u t, ngn hng v cc t chc khc mua c phiu y. Hy tp hp tt c nhng iu vo mt cun s nh v nh cp nht chng. Cc t chc ti chnh hng u u phi phn tch c bn rt k trc khi mua mt c phiu no . Vy ti sao bn li b qua? Phn tch k thut khc phn tch c bn nh th no? Phn tch k thut l vic nghin cu nhng chuyn ng ca th trng, ch yu da vo vic s dng cc th. Phn tch k thut s dng s thay i ca gi v khi lng chng khon nh mt cng c chnh cho php bn kim tra, theo di, nhn nh v mc cung v cu ca chng khon.

Bn nn s dng cc th biu din gi chng khon trong ngy hoc trong tun kt hp khi lng giao dch ca n, thng thng vic phn tch k thut t nhng thi im qu xa thng khng chnh xc. Bng cch s dng th bn c th xem xt liu chng khon ang hot ng bnh thng hay bt thng, n c ang c cc t chc ti chnh giao dch hay khng, v u l thi im mua hay bn chng khon, Ngoi gi c v khi lng giao dch, nh phn tch k thut cn s dng cc s liu ng biu din gi trung bnh 50 ngy, 200 ngy pht hin chiu hng chung ca th trng, ch s sc mnh tng i relative price strength rating xem xt c phiu c hot ng tt hay khng, t s thng ging advance-decline nh gi tnh hnh th trng. Nhng nh phn tch k thut gii c th tin on gi c phiu trong thi gian gn da vo cc du hiu hin ti ca th trng. V bn hon ton c th lm c iu y. Ti sao cn dng phn tch k thut? Mt s ngi qu ch trng phn tch c bn v coi thng phn tch k thut cho rng phn tch k thut l khng cn thit, ch cn chn nhng cng ty u t l , thc ra y l mt quan nim sai lm. Mc tiu ca bn khi u t l tm kim li nhun, bn cn phi chn mua vo nhng thi im m c hi tng gi l ln nht, mua mt loi c phiu tt th c ch g khi sau gi ca chng li xung, v li gi c v s lng mua bn trn th trng s bo cho bn bit nhng ri ro tim tng hoc nhng c hi nhanh hn s thay i s liu trong phn tch c bn. V d nh khi cng ty ca bn mua hoc b mua li bi mt cng ty khc chng hn.

Khi lng giao dch ca c phiu mi ngy hay mi tun l mt trong nhng cng c quan trng hiu sc p cung cu mt cch chnh xc. Tht s rt quan trng v cn thit hiu, gi c phiu ca bn ang i ln hoc i xung trong iu kin khi lng giao dch ln hn hay nh hn mc thng thng. Chnh v vy trong cc bo co hng ngy v gi ca th trng lun i km vi khi lng giao dch. Nu c phiu ca bn ang tng gi vi mt s gia tng khi lng giao dch y l mt du hiu ng mng, c phiu s tip tc tng gi, nu c phiu tng gi li i km vi mt khi lng giao dch yu i, c phiu s khng tip tc tng gi na, nu c phiu gim gi m khi lng giao dch cng gim theo, y l mt du hiu cho thy khng c s bn ra na, c phiu s ngng gim gi. Tuy khng phi lun ng, nhng nhng nguyn tc ny kh hp l nu c xem xt trong nhng khong thi gian tht ngn, tng gi, tng ngy, nu xem xt chng trong khong thi gian di s khng c chnh xc lm, v li chng ch chnh xc trong nhng th trng lnh th mua bn tc thi. Ngoi ra khi lng giao dch cn l mt du hiu cho thy cc t chc ln ang mua hay bn, iu ny c th nh hng mnh ti gi chng khon theo chiu hng tch cc hoc tiu cc. S c mt ngy trong tng lai, nhng iu n gin ny s gip bn tr thnh mt nh u t thnh cng. Nu bn l tn ca trng phi phn tch c bn bn s hi ti sao phi s dng phn tch k thut v ngc li? cu tr li l cc t chc u t ln, nhng nh u t thnh cng u phi s dng c hai loi phn tch cho quyt nh mua bn ca mnh. Th thi. im quan trng nht trong phn tch c bn: Doanh s v li nhun

im khc bit gia nhng nh u t thnh cng vi nhng ngi cn li l g? Mc tiu ca chng ta khng phi l lun ng trong mi quyt nh ca mnh. Thc s khng ai c th lm c iu . Bn s kim c tin khi bn hnh ng ng v thua l nu bn hnh ng sai. iu phn bit nhng nh u t thnh cng gia cc nh u t khc l s tin h kim c lun nhiu hn s tin mt i, iu ny i hi bn phi lun thng ln khi thnh cng, v rt ra nhanh, thua l t khi tht bi. y thc ra khng phi l mt iu thn k g nu chng ta chu nghin cu nhng m hnh cng nh nhng con ngi thnh cng trn th trng. Trong nhng bi trc chng ta nghin cu v cch ct gim thua l, trong nhng phn sau chng ta s tho lun nhng con ng tm kim li nhun. kim c tin, bn cn phi chn mua nhng cng ty tt nht, nhng cng ty s tr thnh nhng ngi dn ng trong tng lai. Lm th no tm ra nhng ngi dn ng? Lch s th trng chng minh rng li nhun v doanh s tng nhanh l du hiu quan trng ca nhng loi c phiu s pht trin trong tng lai. iu ny tr nn r rng hn khi chng ta s thy nhng cng ty ln thc s ging nhau lm sao v tc tng doanh s v li nhun trc khi chng tng gi t 200% ti 1000% hoc hn th na. Mua mt c phn ngha l bn ang gp vn vo mt cng ty. iu n gin l gi tr phn vn ca bn s gim i nu cng ty lm n thua l. V nu cng ty pht trin th gi tr phn vn ca bn s tng ln, nhng ngi u t tng trng thng t quan tm n gi tr phn hn m ch ti kh nng sinh li ca phn hn y trong hin ti hoc tng lai. D chnh l l do ti sao mt c phiu ca mt cng ty ang lm n tt c th c gi ti

$100 trong khi gi tr s sch ca chng gi tr ti sn thc ca mt c phiu c th ch l $20. Hy tm kim nhng cng ty tng mnh v doanh s v li nhun qu so vi qu cng k nm ngoi, bn cng xem xt s tng t l phn trm so vi qu va qua. S liu ny c tm thy nhng bn bo co cui qu ca cng ty vi s giao dch. Nhng phn tch c bn ngoi li nhun v doanh thu qu Mt du hiu di hn khc cn xem xt l s liu v s tng trng li nhun hng nm. Vic tng trng li nhun hng nm l mt du hiu cho thy s pht trin chc chn ca cng ty. Li nhun hng nm ca Microsoft tng ti 99% vo nm 1986, ca Cisco Systems l 57% vo nm 1990, ca Price Co. l 90%. Ngoi ra nhng cng ty hng u ny cng c c nhng con s kh quan v li nhun vn c ng v t sut li nhun bin trc thu. Li nhun vn c ng ca Microsoft, Home Depot v Cisco System ln lt l 40%, 28%, 36%, ng thi c Microsoft ln Cisco Systems u c li nhun bin trc thu pre-tax profit margin l 33%. Tt c nhng iu ny din ra trc khi chng tng gi n phi thng trong thp nin 80, 90. Microsoft tng ti 266% ch trong vng 30 tun vo nm 1986, Home Depot tng ti 912% trong cha y mt nm ri bt u t 1982, Cisco System v Price Co tng tng ng 2000% v 750% t 1990 v 1982. Nh vy mt quy lut bn nn tham kho khi chn la c phiu l tm nhng loi c phiu c t l tng trng li nhun hng nm trn 30%, v t l li nhun trn vn c ng trn 17%. Ch s li nhun mi c phn, mt cng c quan trng khi xem xt doanh li. Ch s doanh li mi c phn Earnings per share Rating l mt

ch s c quyn ca t Investors Business Daily. Ch s ny so snh mc pht trin doanh li gia cc cng ty vi nhau. C phiu c sp trn cc mc t 1 ti 99 vi 99 l tt nht. Mc doanh li c xem xt bao gm mc pht trin doanh li trong vng hai qu v ba ti 5 nm gn y nht. Mt c phiu c ch s doanh li mi c phn l 80 ngha l chng c mc pht trin doanh li tt hn 80% s cng ty ngoi th trng. Nhng cng ty bn cn tm l nhng cng ty c ch s doanh li mi c phn cao nht trong lnh vc ca n. Nhng cng ty trc khi c nhng s tng gi khng l c ch s doanh li mi c phn rt cao, c Microsoft v Cisco Systems u c ch s li nhun mi c phn l 99 trc khi chng c nhng t tng gi ko di. V nhng du hiu thc cn ch . iu cui cng chng ta s tho lun y cc k quan trng, nu bn thc s hiu chng v c s can m thi hnh, bn c th tm thy nhng cng ty Microsoft mi. S tng gi ca cc loi c phiu va trnh by u c din ra theo sau mt t iu chnh gi ca th trng, th ca chng a s u ging nhau do th trng ni chung ang b st gi. Trong mi trng hp khi cui cng th trng bt u i chiu, nhng c phiu ny u l nhng c phiu u tin ca th trng tng gi. Thng mi nm 1990, ngay khi th trng bt u hi phc Cisco Systems l mt trong nhng loi c phiu u tin tng gi vi li nhun l $7, t $22 ln $29 ch trong mt tun. Thc s tip theo nhng t iu chnh gi l nhng c hi ln, ngi u t xem c phiu nh mt mn n bn tng bn tho chng i, gi c ca

chng a s nm di gi tr thc. y cn lu bn c khi nim gi tr thc khng phi l gi tr s sch cng khng phi gi th trng, m n cn cha ng nhiu yu t nh li nhun ca cng ty, an ton, kh nng pht trin,. .. nh vy gi tr thc khng phi l mt con s chnh xc tuyt i, n ph thuc vo nhy cm ca nh u t. Nhng loi c phiu hng u c t nhng ci gi rt "mm" v chng s nhanh chng to thnh nhng m hnh c bn chng ta s cp sau, bt ln tr li, c th l sng mai hoc ba thng na, khi gii u t thot khi nhng cn hong lon in r. N l mt thi im hon ton khng nn b l.

Mc quan trng ca khi lng giao dch v nhng t chc u t ln Khi lng giao dch l g, v ti sao chng quan trng? Nhng quy lut v cung v cu y ry trn th trng, tuy nhin c mt iu n gin gi chng khon khng ln mt cch tnh c. Cn c mt nhu cu mua ln. Hu ht cc nhu cu ny ti t cc t chc u t ln, nhng ngi mua hn 75% nhng loi chng khon dn u tt nht ca th trng. Khi bn chn la chng khon, khi lng giao dch hng ngy hoc hng tun l phng tin bn xem xt nhu cu v loi chng khon . Khi lng giao dch l khi lng thc s loi chng khon bun bn trong ngy, s liu ny c th d dng tm thy cc broker cng nh cc tp ch. Tuy nhin tr khi bn theo di s liu ny lin tc t ngy ny

qua ngy khc nhn ra nhng khi lng giao dch thc s bt thng iu ny c l s ch cho bn thy c nhng v mua bn ln, nhng s liu hng ngy cha hn l hu ch. Bn cn nghin cu "T l phn trm thay i khi lng giao dch" Volume Percent Change ca mi c phiu. Ch s ny gip bn theo di s thay i phn trm khi lng giao dch ngy hm qua ca mi loi c phiu so vi trung bnh 50 ngy trc , n s ch ra c phiu c bun bn vi khi lng trn hay di khi lng giao dch trung bnh. V d khi mt c phiu c ghi "+356" ct t l phn trm thay i khi lng giao dch iu ny c ngha c phiu c khi lng giao dch trong ngy tng 356% so vi khi lng giao dch trung bnh 50 ngy trc . ng thi hy theo di nhng loi chng khon c t l phn trm thay i khi lng giao dch cao ngt cc loi chng khon ny thng xuyn c cng b trong mc "Ni dng tin chy nhiu nht" "where the Big Moneys Flowing", chnh l ni dng tin ang chy mnh m nht. Cc t chc ln khng th mua chng khon m khng c mt s thay i no mc "T l phn trm thay i khi lng giao dch" v mc "Ni dng tin chy nhiu nht". a cho bn c khi nim v s tc ng ca cc t chc ln i vi th trng xin c s dng v d sau: mt qu u t c $1 t, h ch mun u t 2% ti sn ca qu vo mt loi chng khon X. Chng khon X ang c giao dch ti mc $40. Nh vy s c khong 500.000 c phiu c mua bn! Vic mua bn ca cc qu u t nh hnh nh cc con voi ln nhy vo bn tm, nc s tro ln v bn tung to khp mi ni. Khi lng giao dch cho php bn theo di s di chuyn ca cc ch voi ny.

Khng h qu tr mua theo cc qu Hy lun lun kim tra th hng ngy hoc hng tun ca ca c phiu c n vic mua bn gn y ca nhng qu u t hot ng tt. Nhng c phiu ny c th ang thi im thch hp mua hay gi chng qu cao v do cng qu ri ro mua chng. Nhng cng ty thc s tt nhng khi chng b th trng nh gi v k vng qu cao, chng khng phi l nhng i tng u t thch hp. Lun lun c mt cu hi v thi im mua, chng ta cn pht hin ra thi im tt nht mua nhng loi chng khon mi c mua bn gn y bi cc qu ln. Kh nhiu ngi cho rng h nn mua loi c phiu cha c bt c qu no s hu v hy vng khi n c cc qu ln quan tm ti. Gi ca chng s tng ln. Quan nim ny tht thin cn. Trn nc M c hng ngn qu u t khng t trong s y c ngun vn hng t la vi hng trm nhn vin, nhng con ngi lun thng xuyn phn tch tm kim nhng loi c phiu u vit. Nu khng c mt qu u t thnh cng no quan tm n mt loi c phiu, hy trnh xa n. Hy t hi ti sao cc qu ang rt thnh cng vi cc nhn vin u t ca mnh li khng quan tm ti loi chng khon y? V phi chng sc mua mnh m ca cc qu u t c th lm tng gi c phiu l mt l thuyt hp l? Tt nht nn mua nhng loi chng khon c mt vi qu u t xut sc mua vo gn y. Bng cch theo di cc v giao dch ca cc qu u t ln, bn s nhn ra vi iu v cc loi c phiu m cc qu c nhng kt qu u t xut sc mua v khng mua. H khng mua cc loi chng khon r tin, v thch cc cng ty c cht lng cao, th vn ln c th cha ng s tin h mun u t. Bn cng c th xc nh nhng ngnh kinh doanh h tin bc vo nhiu nht cng nh nhng khu vc h ang rt lui. Mt nh u t

khn ngoan lun ch liu tng s cc qu mua mt loi c phiu c tng ln u n trong nhng qu gn y hay khng, hay liu c nhiu qu hng u cng tho chy ra khi mt loi c phiu hay khng. Nhng kin thc ny rt hu ch trong qu trnh chn mua cng nh bn chng khon. Khi lng giao dch ca chnh cng ty c bit quan trng Vic mua li ca mt cng ty nhn chung s c nh hng tch cc n cc c phiu. Cc cng ty thng mua li t nht 10% s c phiu ang lu hnh. Vic cc cng ty mua li c phiu s lm gim s c phiu ang lu hnh, iu ny ngha l doanh li mi c phn s tng ln nu li nhun ca cng ty khng st gim. Gi chng khon s tng cao ch trong vi ngy k t lc c thng bo, v nu thc s li nhun ca cng ty vn gi nguyn hoc pht trin th gi chng khon cn tng na. Thng 7 nm 1992, General Dynamics, mt cng ty v v kh, tu ngm, chin xa, my bay chin u mua li 30% s c phiu ca cng ty, ngay lp tc gi c phiu tng t $65 ti $73, v sau ti nm 93, gi c phiu tng ti $103. Nhng trong di hn khng phi bt c v mua li no ca cng ty cng u lm c phiu tng gi. Trng hp cng ty bt buc phi vay mn chng li s thn tnh l mt v d. Vic ny s lm tng n ca cng ty v c th y cng ty n nhng tnh hung xu. Cho d cng ty mn tin hay dng tin ca chnh mnh mua c phiu, trong di hn c phiu ch tng gi khi doanh li ca cng ty khng b gim st. Nhng ch l nhng vic ca tng lai, ngay khi c thng tin mua li ca cng ty, gi s tng trong vi ngy, cc nh u t vn c th li dng c hi ny kim li trong ngn hn.

Vic cng ty pht hnh thm c phiu thng c xem nh mt tin tc xu. Thc ra cn phi quan tm xem mc tiu ca t pht hnh l g, cng ty dng tin tr n, hay bnh trng cng ty. Nu bn l mt c ng c ca cng ty bn s c nhn nhng chng quyn rights, m bo vic mua c phiu mi vi gi thp b p vo nhng tn tht mi do vic pht hnh em li, v sau t iu chnh gi cho ph hp vi s long gi, cc c ng mi vn c th xem nh y l mt c hi. Suy cho cng mt cng ty ang pht trin nghe vn hp dn hn mt cng ty khng cn kh nng pht trin tha tin mt mua vo c phiu ca chnh mnh. Quan tm ti s giao dch ca nhng ngi trong ni b Nhng ngi trong ni b c th hiu nh nhng thnh vin hi ng qun tr, nhng vin chc ch cht, hay ngi thn ca h. Mc d c nhng hn ch h vn c php thc hin mt s giao dch vi c phiu ca cng ty. Nhng thng tin v vic giao dch ny c th tm thy bn bo co Vickers Weekly Insider Report. Nu nhng nhn vt ch cht mua vo mt s lng ln iu ny cho thy tim nng pht trin ca cng ty. Nu cng ty gom nhng yu cu v cc nguyn tc chn la cn g th v hn nu bn u t vo mt cng ty m cc nhn vt ch cht tin chc vo thnh qu trong tng lai ca cng ty. Nhng nu mt hay mt vi vin chc ca cng ty gim v th ca h trong c phiu th cn phi d chng, c phiu c th c trc trc hoc h mun rt chn ra khi cng ty. Vic bn ni b ch c xem xt nu n c giao dch bng nhng l ln trn 10.000 c phiu, c mt t l tng i ln so vi tng s c phiu ngi bn ang nm gi. D th no chng na vic bn ni b cng ch l mt c im cho bn phn tch li c phiu ch hon ton khng phi l du hiu bn ca bn.

Ch n c nhm ngnh khi la chn nhng c phiu n l Hy la chn nhng loi c phiu trong nhng ngnh kinh doanh hoc trong nhng khu vc hng u ang pht trin. u tin chng ta cn bit khi nim khu vc rng ln hn khi nim nhm ngnh kinh doanh. V d khu vc tiu dng bao gm mt s ngnh kinh doanh nh bn l, xe t, trang thit b gia nh. Phn ln cc c phiu ring l, nhng loi c phiu thc s l ngi dn ng ca th trng cng u thuc nhng nhm ngnh kinh doanh hng u ti thi im . Nhng nhm ngnh ang c th trng quan tm nht, cng l nhng nhm ngnh kinh t pht trin nht, nhng cng ty nm trong nhng nhm ngnh ang pht trin c mt c hi tng trng ln hn so vi nhng ngnh pht trin v bo ho. Mt cng ty ang l ngi dn ng ca th trng s c t nht mt cng ty khc trong nhm ngnh cng ch ra mt sc mnh tng t. Khng th c mt nhm ngnh pht trin m ch cha ng trong n mt cng ty pht trin. Trong nhng nm gn y khi Microsoft ni ln nh mt cng ty kit xut, PeopleSoft cng rt pht trin cng nghip phn mm, khi Dell pht trin nhanh chng thnh mt cng ty hng u, Compaq cng vy phn cng my tnh, khi Hom Depot kinh doanh thnh cng iu tng t cng xy ra vi Wal-Mart v The Gap bn l. Cng trong khong thi gian y khi Schering-plough v Bristol Myers Squibb gia nhp vo nhng loi c phiu n khch th Warner Lambert v Pfizer cng th, tt c chng u l nhng cng ty dc phm. R rng c phiu c khuynh hng dch chuyn theo tng nhm. Nh vy trc khi chn mt loi c phiu tt nht nn thy mt loi c phiu khc cng nhm cng ch ra c mt sc mnh ng k.

Ngoi s ch ng mc ti nhng ngnh cng nghip ring bit mnh nht trn th trng ti nhng khong thi gian c bit, cn c mt khu vc s di chuyn m bn nn hc cch pht hin l nhng t chc ln u t ch yu vo nhng cng ty ln big-cap companies, nhng cng ty c th vn ln v khi lng c phiu nhiu hay thay i u t vo nhng cng ty nh hn small-cap companies, nhng cng ty c th vn v khi lng c phiu nh, thng di $1 t. Cui nm 1997 th trng di chuyn s quan tm ca n t nhng cng ty nh ti nhng cng ty ln c tnh thanh khon cao hn. Vi khi lng c phiu khng l ca nhng cng ty ny thng tin s y v chnh xc hn, v th mua v bn ca c nhn c hon chuyn mt cch n gin, bn c th u t hoc rt ra khi th trng mt cch d dng. Cc qu u t ln thng t quan tm ti nhng cng ty c mc vn nh, do vic mua v bn ca h vi s la ln c th nh hng mnh ti gi c v lm st gim li nhun ca h. S c nhng phn thng xng ng cho nhng con ngi nhanh nhn bit u t vo nhng ni dng tin s chy ti. Tm li khi bn tm thy mt loi c phiu ph hp vi cc tiu chun v thc o c bn nh s pht trin doanh s, li nhun, kh nng sinh li, ... v bn cng tm ra c y l mt thi im thch hp v mt k thut, hy kim tra sc mnh ca c nhm ngnh kinh doanh m n tham d, ng thi xem xt xu hng dng chy tin mt ca th trng. Trong cuc sng, s nghip, hn nhn, chng ta lun tm kim nhng th tt nht, hon ho nht trong nhng ci tng i tt cn li. Chng khon cng th thi! Hy chn la nhng nhm ngnh c ch s sc mnh tng i cao.

Bn lun mun chn nhng nhm ngnh kinh doanh pht trin nht. Khng phi khi mt ngnh kinh doanh pht trin l tt c cc nhm nh trong ngnh u pht trin, c l trong ngnh cng nghip my tnh, phn dch v th ang rt pht trin trong khi phn th th li chm hn. Chng ta lun lun chn nhng nhm tt nht trong mt ngnh kinh doanh. Ti th trng chng khon M, chng c chia ra lm 197 nhm kinh doanh vi cc mc sc mnh tng i c sp t A ti E vi A l mc cao nht. V chng ta cng nn bit trong quan nim u t hin i phong cch "mua thp bn cao" c thay th bng "mua cao bn cao hn". Chnh v vy cc loi c phiu loi A rt c a chung trong khi cc nh t vn thng khuyn chng ta nn trnh xa cc loi c phiu loi E. Trong lch s cc nhm kinh doanh v dc phm v y hc, my tnh, cng ngh phn mm, k thut giao thng, bn l cc mt hng c bit, gii tr cung cp cho th trng nhng cng ty thnh cng ln vi nhng li nhun c phiu khng l v chng u c ch s sc mnh tng i hng A ti thi im pht trin y. ng thi thng xuyn kim tra mc "52-week Highs & Lows", chng s cho bn bit nhng khu vc c nhiu loi c phiu ang hot ng tt nht, trong mt th trng r rng, vi mt s ng cc loi c phiu cng t nhng mc gi cao mi, nm hay su khu vc hng u s l nhng ni bn s gi gm nhng c phiu ca mnh. Vic pht hin ra nhng nhm ngnh ang dn u trong danh sch ny rt quan trng. Chng s gip ci thin rt ng k kt qu u t ca bn. Nhm ngnh bn l bt cht leo ln phn u danh sch ny vo u nm 1998, ln u tin trong nhiu nm v gt hi c mt s thnh cng nht nh. Bt c vo thi im no bn c khong mi ba hay mi bn c

phiu trong mt nhm ngnh cng ph v mc gi cao c trong 52 tun th bn u khng nn b l c hi ny. Mt iu quan trng khc cn bit nhng ngnh mi pht trin, k thut cao thng tng i dao ng hn th trng, do c th n s phi chu ri ro cao hn bnh thng v cng c th c nhng kt qu tt hn th trng. Trong khi nhng ngnh cng nghip tri qua mt thi gian pht trin nh sn xut t, hng khng, giy, thp thng t bin ng gi c hn. V thng thng chng ch lm nhng cuc chy ngn ngi khi tng gi. ng thi chng ta cng cn theo di th trng nhanh chng nhn ra rng vic ln hay xung gi ca mt nhm kinh doanh l do tnh hnh kinh doanh ca c nhm ngnh hay n gin ch l s thay i ca mt vi cng ty. Do cch tnh c tnh n quy m ca cng ty hy thn trng vi cc bin ng ca tng nhm ngnh, c th s xung gi ca mt cng ty ln nh Microsoft s nh hng n gi c ca ngnh cng nghip phn mm trong khi cc cng ty kh vn cha c thay i g ng k. Lo chng khi gi chng khon xung? Cu tr li l khng. Ti xin gii trnh. Th nht, th trng chng khon TTCK ca ta cha l mt c cu, ging nh rng vi mi, khi gi chng khon xung n s tc ng ln cc cng ty pht hnh, v v h m nn kinh t b xu i. T trc n gi s ln gi ca chng khon khng phn nh hiu qu kinh doanh ca cc cng ty nim yt th nay n xung cng chng nh hng g n h. Hai ci ny ng l ra phi ging nh "mi h rng lnh", nn c gi l c cu. Khi ni n gi c ca chng khon, ngi c trch nhim

qun l nhn n theo c cu. Gi xung ch to nn lo u khi do c cu m ra v n s lu di, cn nu do tm l th khng ngi v n ngn v khng to ra mt s tai hi cho nn kinh t. iu ny ging nh trong nh ca bn c mt h thng bm nc m nc r r t mt vt nt ca on ng ngoi cng ch khng phi t mt ch rn ca my bm, du c hai cng l nc r r c. lp lun, xin nu li rng c cu ca TTCK l: i ni huy ng vn ca cng ty khi h c nhng d n kinh doanh sinh li v thng lm n li li; ii cng ty bo co y v kp thi cho ngi u t; iii ngi u t bit l c ri ro khi mua chng khon v b tin ra da theo s nh gi hiu qu kinh doanh ca cng ty; v iv chnh quyn canh chng cng ty trong vic h thc hin ngha v vi nh u t. Khi nhng yu t ny tng tc vi nhau th chng to thnh c cu cho TTCK. Ta thiu nhng yu t ny nn cha c mt c cu gi chng khon tc ng theo kiu "mi h rng lnh". Nu ta nh li, cc cng ty nim yt u tin l do c khuyn khch ch khng phi v h cn thm vn. Cc cng ty tham gia sau l v mun tn tui mnh c bit n nhiu hn l cn vn. Vy yu t i trn khng c. cc nc khc, cng ty qung b mnh bng thng hiu ch khng bng TTCK v ni ny kim sot h k lm. ta m dm qung co kiu kia l v ngi u t cha kim sot ni h giao tin. Vy yu t iii khng c. iu ny lm cho yu t ii tr thnh ty tin. Gi chng khon ln vn vt mt thi l v trc khi nim yt cng ty bn gn ht chng khon trong thi k c phn ho ri. S chng khon bn ra th t m s mun mua vo nhiu nn gi tng. Gi kia l gi tm l, tc l da trn s a chung, s nghe theo; ch khng phi trn gi tr ca chng khon, tc l hiu qu kinh doanh ca cng ty. Ngi u t chen nhau mua t t m sng cc cng ty

chng khon, chng xem xt g n cng ty pht hnh. Thm ch vo thi k u, cc cng ty pht hnh ch np bn co bch ln cho c quan thm quyn CQTQ trong qu trnh xin nim yt m chng oi hoi l bao n nh u t khi pht hnh. t ngi mua chng khon i tm bn co bch, m tm cng khng ra. Khi gi ln cn st th CQTQ khng cn canh chng m can thip. V bin minh vic phi can thip th hi u tuyn b l th trng c u c. Gi c chng khon t do CQTQ n nh cc nh u t mua i bn li vi nhau. Cho chc n c quan ny cn nh ra s lng chng khon c mua bn mi ln. Y nh ch tem phiu cho nhu yu phm ngy xa vy. T mt mn hng ca nim tin do cng ty pht hnh a ra, chng khon ta bin thnh ... hp sa. Do cch qun l "hp sa", cc cng ty nim yt khng cn can d vo gi chng khon ca h na. H v can, CQTQ nh gi mn hng v phng gi thay i th ni n qu h tr chng khon y nh cho hng ho xut khu vy. Tu theo s tin on v cc bin php ca CQTQ m nh u t mua vo hay bn chng khon ra. St hay lnh ca gi chng khon trc kia l nh th. T t lu nay CQTQ t can thip hn, s cng ty pht hnh tng thm, hng c nhiu hn v do gi xung. Nhiu nh u t mua vi gi cao trc kia nay thy tin ca mnh mt i tng ngy th phi bn. Cng nhiu ngi bn th gi cng xung. Cng ty pht hnh vn v t v s c phiu h bn cho cng chng trn TTCK khng nhiu. Nu c tn km v vic ny th h c th an i rng chi ph qung co c khi cn cao hn. Ngi u t by gi bn i th trch mc l cng ty coi thng mnh. Khng h vn vy! Th hai, d gi c xung th cc cng ty pht hnh cng khng phi chu mt mi e do no t bn ngoi. Trong tng s c ng ca cc cng ty

nim yt th s nm cht chng khon chim a s. H l "a s thm lng". Ch c khong vi ngn ngi giao dch trn TTCK kim chnh lch. Bao lu "a s thm lng" vn nm chc c phiu th gi chng khon ca cng ty lin quan s xung chm, cha k n bin gi c n nh. Ch khi no gi trn th trng xung n mc xp x gi bn lc pht hnh ln u th by gi cc cng ty pht hnh mi b nh hng. H phi xem li hiu qu kinh doanh ca mnh. Mi h ri, rng sp lnh y. cc nc khc khi gi chng khon ca mt cng ty xung nhiu th c nhng ngi gi l "sn mi" predator - l nhng ti phit i vay tin mua chng khon ca cng ty y ngay. Nu ngi sau nm khong 30% vn th theo bn iu l cng ty h s t chc i hi c ng, vo nm hi ng qun tr v thay i ban gim c, tc l cng ty kia b ri vo tay ngi khc v c khi b "x tht". Tay sn mi c th i vay tin na mua chng khon ca cc c ng cn li vi gi ang xung trn th trng, v nhng ngi ny sn sng bn v khng bit ban gim c mi ra sao. Chuyn mua ny c th din ra trc hay sau khi m i hi c ng. Khi chim a s phiu bu, ngi ch mi rt cng ty ra khi TTCK. H i n t mt n v huy ng vn t cng chng thnh huy ng ring t; sau h bn chia cng ty theo cc b phn, ci no bn c gi, ci l v bn tng b phn i. Tr n vay, ly li m. Y nh ngi t m con ln chy dch bn n vy. Cng ty mt thi oanh lit nay nt tan. Tt nhin trc nguy c ban gim c hin thi cng c cch i ph. Thnh ra c cch vay tin mua cng ty leveraged buyout - hay LBO ca ti phit v c cch i ph ca ban gim c hin thi gi l ngi qun l mua li management buyout - hay MBO. ta chc chn chuyn LBO khng xy ra v khng c ai l ti phit, th trng tin t khng c kh nng ti tr,

v chnh quyn s khng cho php. V th, cng ty c chng khon xung gi s chng b try tra g. Chng ta thng nghe ni TTCK s thc y hiu qu hot ng ca cng ty; ta cha hon ton c vic . Gi chng khon xung mi, khng ai cn tin mua vo s lm th trng ti chnh sp . Tin bc cho u t lu di b thiu. Nhiu ngi giu mt tin. Nhiu c s x hi mt ti tr. Mi nguy l th. ta, kinh t pht trin u u mi nm, chnh tr n nh, gi c chng khon c ln hay xung nh hin nay cha nh hng n nn kinh t. Khng lo l v vy. Cn bun th c v cho nhng nh u t m by gi c ngi phi hc li bi hc ngn xa "chn mt gi vng". Nh l nhn t chnh ca TTCK, h s tc ng ln cng ty nim yt, ni y tc ng li vo CQTQ, t t ta c TTCK ng ngha. Ngi u t ang tr gi cho s hnh thnh TTCK tht s. TTCK suy gim: Xin ng li cho cc nh u t Tin s V Bng, Ph Ch tch U ban Chng khon Nh nc UBCKNN, cho rng Gi tr ni ti ca cc doanh nghip nim yt hin ti tng ng vi gi trn th trng. Mt s c phiu c mc gi tng i hp dn c th u t mua vo. Tuy nhin, trong phin giao dch ngy 24/9 ti Trung tm Giao dch Chng khon Thnh ph H Ch Minh TTGDCK Thnh ph H Ch Minh, ch s chng khon VN-Index gim xung cn 179,93 im. y l mc thp nht ca VN-Index trong vng 18 thng qua. Gii thch v s st gim trn, ng V Bng cho rng, nguyn nhn khin gi chng khon gim trong thi gian qua l do tm l ca nh u t. Nhng nhiu nh u t cho rng, cng nh mi quan h gia 2 phm tr vt cht v thc, tm l ca nh u t l ci hnh thnh sau v chu tc ng bi nhiu yu t, trong c cc chnh sch ca UBCKNN i vi th trng. Vic gim gi c phiu trong thi gian qua l do cc nh u t mt nim tin vo th trng, m c th y l vic khng minh bch trong vic cng b thng tin ca cc cng ty nim yt v ca bn thn c quan qun l Nh nc i vi th trng chng khon.

Kinh doanh cha c hiu qu Theo thng k ca UBCKNN, trong 4 phin u thng 9, gi tr giao dch bnh qun ca ton th trng ch t hn 2 t ng/phin, gim 55,81% so vi tun giao dch trc , ring phin th 370, tng gi tr giao dch trn sn ch t 1,912 t ng. Trong khi , 2 nm qua, gi tr giao dch chng khon bnh qun ln ti khong 5,2 t ng/phin. Cng vi tnh trng gi tr giao dch gim, hin tng nh u t rt vn ra khi th trng ang c xu hng gia tng. y l hin tng tng xy ra trong cc thng gia nm khi cn st bt ng sn ln n nh im. Theo cc chuyn gia phn tch chng khon, nguyn nhn dn n tnh trng cc nh u t rt vn l v h khng bit lm th no kinh doanh c hiu qu ti thi im ny. S liu thng k ca mt s loi c phiu ang c nh u t nh gi cao trong 8 thng u nm cho thy, REE ch c 3 thng chnh lch gia gi m ca phin u thng vi gi ng ca phin cui thng l s dng, SAM c 4 thng chnh lch s dng. Nhng s c phiu c chnh lch dng nh SAM v REE khng nhiu. Nhiu c phiu khc nh BBC, SGH lin tc gim gi, thm ch cn gim xung thp hn gi giao dch trong phin u. Ring thng 7, thng m lng giao dch ca cc nh u t nc ngoi v giao dch tho thun tng t bin do cc cng ty nim yt cng b nhng thng tin kh quan, ch c c phiu SAM v GMD tng gi, cn li 15 c phiu khc u ng lot gim gi. Trong 23 phin giao dch ca thng 7, ch c duy nht phin giao dch ngy 30/7 khng c c phiu no st gi. Cc c phiu c mc gim gi mnh trong thng 7 gm SAV gim 12,7%, BT6 gim 9,9%, DPC gim 8%, HAP gim 6,4% Mt hiu ng tiu cc ca tnh trng gim gi c phiu l tnh thanh khon ca nhiu c phiu suy gim ng k. S lng c phiu b sung vo danh sch cc c phiu c tnh thanh khon km trn th trng theo nh gi ca cc cng ty chng khon ngy cng tng ln. Trong iu kin nh vy, nh u t phi gnh chu mt khon thua l kh ln do gi c phiu gim v chi ph c hi tng. Mt s nhn vin t vn chng khon cho rng, iu h c th cho cc nh u t hin nay l gim thiu s l cho khch hng, ch kh c th to ra li nhun. Nh u t mt nim tin n thng 7, s ti khon giao dch chng khon c khch hng c m ti cc cng ty chng khon l gn 12.000, trong c 91 ti khon ca nh u t c t chc v 33 ti khon ca nh u t nc ngoi. Trong 20 ngy khng hong trong thng 9, mc d gi chng khon gim nhng s

lng ti khon tng thm 10% so vi nm 2001. Nu n thun ch nhn con s thng k, c th thy, s lng nh u t tham gia vo th trng tng mnh trong 1 nm qua. Tuy nhin, s ti khon tng phn ln nh vic tng s lng cc cng ty nim yt ti TTGDCK Thnh ph H Ch Minh. Nhiu c ng ca cc cng ty nim yt ny cha sn sng hoc khng mun tham gia vo th trng. H ch giao dch mt vi phin u hoc thm ch, khng c giao dch. Nguyn nhn su xa ca vic nh u t tham gia hn ch vo th trng chnh l s suy gim lng tin ca cng chng u t vo th trng. S suy gim lng tin ny bt ngun t nhng can thip khng ng thi im bng cc gii php hnh chnh vo th trng ca cc nh qun l nh thay i bin dao ng gi chng khon, thay i gii hn khi lng c phiu t mua trong mt phin, khng c t mua, t bn mt loi c phiu trong mt phin..., v nht l k hoch yu cu nh u t nm gi c phiu trong thi gian ti thiu 90 ngy. Theo cc nh u t, vic UBCKNN, TTGDCK Thnh ph H Ch Minh v nhiu cng ty nim yt khng minh bch trong vic cng b thng tin cng gy nh hng khng tt ti tm l nh u t. Trong nhiu trng hp, UBCKNN v TTGDCK Thnh ph H Ch Minh vn t ra nng tay vi cc cng ty nim yt khng thc hin ng quy ch cng b thng tin, bi ngay UBCKNN v TTGDCK Thnh ph H Ch Minh cng vi phm quy ch ny. Mt khc, theo giy php kinh doanh do UBCKNN cp, hu ht cc cng ty chng khon hin u c nghip v t vn u t chng khon. Tuy nhin, n nay, cc cng ty chng khon vn cha coi trng nghip v t vn nhm nh hng cho cc nh u t. Thi im u t tt nht Mc d gi nhiu c phiu lin tc gim v hin tng nh u t rt vn ra khi th trng ang c xu hng gia tng nhng mt s nh u t cho rng, y l thi im tt nht u t. Theo ng Trn Thanh Tn, Gim c ph trch u t ca Dragon Capital, c 3 l do mua c phiu ti thi im hin nay. Th nht, cc cng ty nim yt trn th trng l nhng n v c tnh hnh kinh doanh v qun tr tt. Th hai, gi c phiu ang xung mc an ton v hp dn. Th ba, mc c tc c a s cc cng ty cam kt tr cho c ng trong nm nay cao hn li sut ngn hng. l cha k u t chng khon th khng b trt gi nh gi tit kim, c ng c hng chnh lch gi v cc gi tr khc tng ln t qu trnh u t hoc ti cu trc cng ty. Xut pht t quan im trn, trong khi cc nh u t trong nc ang chng li, cc giao dch ca nh u t nc ngoi li din ra kh si ng.

Ch tnh ring thng 7, tng khi lng chng khon c cc nh u t nc ngoi mua vo ln ti 784.100 chng khon, vi tng gi tr 22 t ng. Nhiu chuyn gia phn tch chng khon cho rng, nhng ng thi ca nh u t nc ngoi trong thi gian qua l iu ng cc nh u t trong nc c ci nhn su hn v gi tr thc ca cc c phiu cng nh tng quan tnh hnh th trng, bi khng phi ngu nhin khi trong lc th trng ang i theo chiu hng gim giao dch, cc nh u t li tng dn khi lng chng khon s hu. Cc chuyn gia chng khon cho rng th trng hin ti ch ph hp vi cc nh u t di hn hoc cc nh u t c t chc. Cc nh u t khc vn c kh nng thu li trong ngn hn nu chn ng thi im mua, bn c phiu. Cn bng t ng Sau mt thi gian hm h ban u, hin nay s lng ngi quan tm n th trng chng khon Vit Nam ngy cng t dn i. Mt trong nhiu nguyn nhn l din bin th trng khng theo tnh hnh kinh doanh ca cc cng ty nim yt m da nhiu vo yu t tm l v s can thip hnh chnh ca nhng ngi iu hnh th trng. Gi c c phiu trn th trng tng c lc tng vt trong thi gian di v nhu cu ngi mua nhiu trong khi lng c phiu bn ra t i. Sau khi c nhng bin php can thip mnh, ch s VN-Index tut di, tun trc chm mc thp k lc di 180 im v khng ai mun mua c phiu na khi thy gi c c gim nh c xe khng thng. C cch no vn dng quy lut cung cu n nh gi c th trng chng khon, dn dn hnh thnh xu hng nh gi c phiu theo sc kho ca cng ty pht hnh c phiu? Gi th chng ta bit r ngy mai gi vng gim cn mt na so vi hm nay nhng trong tay chng ta khng c lng vng no, c cch g lm li t chuyn bit trc ny khng? Cu tr li kh hin nhin - tm cch vay vng bn ngay, ri ngy mai mua vng gi r tr, khon tin chnh lch l li nhun. Chnh v ai cng bit c ch ny nn nu ai cng tm cch hng li t chuyn tin on vng gim gi, nhu cu vay vng tng vt c th km li chuyn vng gim gi.

Quay tr li th trng chng khon - nhn vo din tin th trng, gi nh mi ngi u on gi c phiu cn gim na, c cch no hng li t d bo ny? Vi lut l mua bn hin nay, cu tr li l khng? Th trng chng khon Vit Nam cm "t chc kinh doanh chng khon, ngi hnh ngh kinh doanh chng khon khng c hot ng tn dng v cho vay chng khon". Lc th trng mi ra i, t ai ngh n iu cm ny, hoc cho rng y l bin php tt ngn nga nn u c chng khon. Tuy nhin, qua thc t hn hai nm vn hnh th trng, c l n lc chng ta phi xem li iu khon ny, nhm to cho th trng mt c ch cn bng t ng gi c khng bin ng theo chiu ln mnh, xung mnh nh hin nay. Li gi th ngi tham gia th trng chng khon c quyn vay c phiu t cng ty chng khon, nu h d on gi c s xung, h vay ri bn ngay. Sau khi i cho gi xung n mc h d on, nh u t s mua c phiu vi gi r hn tr cho cng ty chng khon. Mi nhn qua, tng u cch lm ny s to p lc ln gi, lm n gim thm. Th nhng chnh nhu cu vay chng khon tng s km gi li. y quy lut cung cu s pht huy ht tc dng ca n v s lng c phiu giao dch s tng ln nhiu ln. chiu ngc li, nu xu hng gi ang i ln, s c ngi vay tin mua chng khon, i gi ln bn kim li. Chnh v kh nng c th kim li bt k lc th trng ln gi hay xung gi, ngi u t s gip n nh gi mt cch cn bn v chnh h gia hai xu hng s ko gi v th cn bng. y l hot ng rt c bn ca bt k th trng chng khon no trn th gii. Chnh nh c ch ny, c lc tng chng th trng chng khon mt ni no s sp v nhiu nguyn nhn nhng cui cng, gi c dao ng t dn tr v th cn bng. n lc nhng ngi qun l th trng chng khon Vit Nam ngh n bin php ny to mi quan tm mi cho th trng cn qu non tr ca chng ta. H thng cc phng php chn la chng khon Mi su nguyn tc chn la nhng c phiu u t nht

William J. ONeil to ra mt h thng cc phng php chn la c phiu, cc phng php ny hon ton ti t vic nghin cu rng ri cc cng ty thnh cng ca th trng t nm 1953 ti nay. a s cc nguyn tc chn la ca ng c dnh cho s phn tch c bn. Khi bn cn c phiu ca mt cng ty trong tay bn chnh l mt trong nhng ch nhn ca cng ty. Do ch tm nhng cng ty thc s tuyt vi, nhng cng ty c nhng sn phm c o ring bit hay c nhng dch v cao cp. Hy ch tm nhng cng ty hng u ang l nhng ngi dn ng ca th trng, nhng cng ty l s mt trong lnh vc ca n ng thi ng trn nhng cng ty khc trong s cnh tranh hoc chu rt t s cnh tranh. Mt khi bn xc nh c mnh ang hot ng trong mt th trng i ln, y l vi du hiu bn nn xem xt khi tm kim c phiu. 1. Doanh li mi c phn ca cng ty trong qu hin ti tng t nht 25%. Cc qu gn y phi c t l tng trng mnh ng thi t l ng trng ca cc qu cng cn lin tc pht trin. Mt du hiu rt tt nu c khong t su ti mi hai qu doanh li tng ng k khong 50%, 100% thm ch 200% hay hn. D bo v doanh li qu ti cn tng mt s lng ng k. Hy xem xt doanh li trong vi qu qua c cao hn d on hay khng. Nu c phiu bn chn l mt loi c phiu tng trng, t l tng trng mi nm trong vng ba nm qua phi trn 25%. ng thi lch s th trng cho thy cc c phiu thng c mc "t l li nhun mi c phn" Earning Per Share Rating xp hng 80 hoc hn trc khi n i vo nhng mc gi mi. 2. Nu n l mt c phiu xoay vng turnaround stock, mt c phiu pht trin nhng b chm li v sau li tip tc pht trin n cn c hai

qu tng mnh m trong doanh li, hoc mt qu tng vi mt khi lng ln doanh li mt nm ca n tr li nh cao c. Nu doanh li hai hay nhiu qu gn y i ln, hy xem xt liu doanh li mt nm ca n gn hoc trn mc nh ca hai nm trc hay cha. Cng quan trng khi cn xem xt s thng nht trong doanh li c tnh ca hai nm ti c tng hay khng. 3. Xem xt liu cng ty c doanh s bn tng mnh trong su ti mi hai qu gn y hay khng? V rt tt nu vic tng y lun pht trin hnh thnh mt gia tc. 4. Li nhun bin trc thu ca qu va ri c gn mc nh ca n cha? C mt xu hng tng trong t sut li nhun bin vi qu va qua hay khng? V t sut li nhun ca n l tt nht trong cc cng ty cng lnh vc hay khng? 5. Tm kim nhng cng ty c li nhun bin trc thu trn 18%. 6. Tm kim nhng cng ty c t sut li nhun trn vn c ng t 20% ti 50% hoc hn th na. Hy xem xt t sut ny thuc dng tt nht trong nhng ngnh cng lnh vc hay cha. 7. Xem xt mc Doanh s + Li nhun + Li nhun vn c ng c sp hng A hoc B? Tt nht nn tm kim nhng cng ty thuc tp 40% c mc pht trin doanh s, li nhun, v li nhun vn c ng tt nht. 8. Khi lng c phiu m hi ng qun tr cng nh cc vin chc cao cp ca cng ty s hu cng l mt kha cnh t nh cn xem xt. Khi lng

ny cng nhiu cng tt. Chng s l bng chng bo m s tn tm ca ban gim c. 9. C phiu cn nm trong nhng mc gi c "cht lng". Mc gi c cht lng thng t khong $16 ti $150 i vi th trng Nasdaq v trn $20 i vi c phiu ca NYSE. Nn nh rng nhng cng ty hng u ca th trng nh Cisco Systems, WalMart, Microsoft, PeopleSoft, Amgen, trc khi ph v nhng mc gi c bn i vo mt nn gi vi vi nhng s tng gi khng l thng c gi nm gia $30 v $50 mi c phiu. Gi c chnh l s phn nh cht lng ca c phiu, v cht lng khng th ti vi nhng loi c phiu r tin 10. Xem xt c phiu c thuc nhng ngnh ang pht trin nh bn l, my tnh, thuc, gii tr... hay khng? N c thuc mt trong nm nhm ngnh ang pht trin nht khng. Cc nhm ngnh c coi l ang pht trin tu thuc vo tnh hnh kinh t th gii v c th ring ca mi quc gia. 11. Dng tin ca th trng ang chy vo u, nhng cng ty c th vn ln hay nhng cng ty c th vn nh hn. Hy i theo nhng dng chy y, khng nn khng c li xu hng ca th trng trong trng hp ny. 12. Th trng ang quan tm ti nhng khu vc kinh t no nht? Tiu dng hay cng ngh cao? C phiu tng trng growth stock, hay chu k cyclical stock: c phiu tng hay gim theo chu k kinh t nh xy dng, xe hi, giy, thp, hay ngi ta ang u t vo nhng loi c phiu an ton defensive stock: thc phm, nhng ngnh phc v cng cng, hay nhng ngnh m ngi ta lun phi s dng trong mi hon cnh. C thm nhiu t pht hnh, c nhiu cng ty mi c thnh lp hay khng.

13. Phi chng nhng sn phm ca cng ty gip tit kim tin bc, gii quyt nhng kh khn hay tit kim thi gian vi nhng k thut mi? Hoc phi chng n l nhng loi thuc hay nhng phng tin y hc mi? Hy tm cc cng ty c cc sn phm thc s cn thit v c a thch mt cch rng ri. ng thi cng xem xt xem cc sn phm ca cng ty c s dng lu di hay nhanh chng c thay i bo m s duy tr v pht trin doanh s bn ca cng ty. 14. Nhng n t hng ca cng ty c th pht trin khng? T l th phn ca cng ty l bao nhiu? Kh nng pht trin th phn ca cng ty c trng ch mc no? 15. C phiu cng cn c mt, hai qu u t ln hot ng tt mua vo trong thi gian gn y. y l mt s kim tra gin tip bi v cc qu u t hot ng tt s lm nhng cuc nghin cu k cng trc khi mua mt loi c phiu. 16. Bn c thc s hiu r rng v tin cy vo cng cuc kinh doanh ca cng ty? Bn tng thy hay s dng nhng sn phm hoc dch v ca n cha? Bn cng hiu bit v cng ty bao nhiu, bn cng c nim tin v n by nhiu. Nu bn tun th nhng nguyn tc trn tc l bn ang mua nhng loi c phiu thc s u t, nhng loi c phiu c c hi pht trin v cc ch s c bn nht. Nhng nguyn tc cn li thuc v phm vi k thut. Bn phi cn c hi ch khng phi ch mt phng php phn tch trong vic la chn chng khon. Su nguyn tc chn thi im mua c phiu

Vic chn la chng khon ng thi im cng khng h km quan trng so vi vic chn la nhng chng khon u t. Nhng nguyn tc di y s gip bn chn la chng khon ng thi im thch hp nht: 1. Kim tra th mi ngy nhn ra nhng loi c phiu ang hnh thnh nhng m hnh kiu mu, v ang c t di s tch lu nhng v mua chuyn nghip, mc gi ca chng cng cn phi gn im mua thch hp. Phn tch gi c v khi lng giao dch ca cc loi c phiu ng quan tm t tun ny qua tun khc. Hy nhn dng mc gi m bn s mua ti . Sau t mua u tin ca bn, hy xc nh nhng khu vc m bn s tip tc mua thm trong chin lc "tng gi mua trung bnh". Ngi ta thng tip tc mua thm khi gi tng khong 2% ti 3% so vi im mua ban u. Nu gi c phiu rt di gi mua 8%, hy bo v bn thn khi nhng thua l ln hn bng cch bn c phiu ngay lp tc. K lut ct gim thua l ny trong ng di s gip bn thot khi nhng rc ri trm trng. Ct gim thua l l mt trong nhng cng c quan trng ca cc nh u t thnh cng. 2. Bn cn phi nhn thy mt khi lng giao dch tng hn 50% trong ngy bn bt u mua, khi gi chng khon ph v nhng mc gi c trong mt m hnh c bn. 3. Nhng m hnh c bn l "tch v tay cm", "ng y hai ln", "y bng". Nu m hnh khng phi bt c ci no trong ba m hnh trn, thng thng n hay c thiu st v c khuynh hng tht bi.

4. Ch nn mua nhng loi c phiu c ch s sc mnh tng i trn 80. Hy trnh xa nhng c phiu c sc mnh tng i di 70. ng thi hy xem xt ch s sc mnh tng i c hnh thnh mt xu th i ln r rng hay khng. 5. C gng thm vo danh mc u t ca bn nhng loi c phiu ang hot ng tt nht, ng thi gim bt, hay bn hn nhng c phiu ang hot ng ti. Nn nh rng c phiu trong nhng m hnh c bn v gn mc gi cao ca n th tt hn nhng c phiu ang gn nhng mc gi thp gn y 6. Kim tra nhng th hng thng tm xem liu c phiu c hnh thnh nhng m hnh c bn di hn trong khong thi gian vi nm hay khng. u t tng trng v u t tr gi im khc bit gia u t tng trng v u t tr gi Nhng nh u t tng trng l nhng ngi tm kim nhng cng ty c s pht trin doanh s v li nhun nht qun, thng thng khong 20% hay hn trong vng 3 ti 5 nm va qua. Nhng cng ty nh Schering Pough, Paychex, Cisco Systems, hay Microsoft c xem nh nhng c phiu tng trng vo thp nin 90. C phiu tng trng thng t c chi tr c tc hoc chi tr c tc thp bi v chng thng cn lng tin mt ln ti u t pht trin thm th phn. T s P/E ca c phiu tng trng thng cao hn nhng loi c phiu khc. Ch n gin l v n c nhng bn bo co ti chnh tt hn nhiu so vi cc cng ty khc, cc nh u t thng mua n u chng.

Mt trong nhng c trng ca c phiu tng trng l chng c nhng sn phm hoc dch v c cht lng cao, thng thng l khng vnh cu c thay bng nhng sn phm khc tng t trong mt khong thi gian khng lu. Chng cng c nhng li nhun bin v li nhun trn vn c ng cao, thng khong t 17% ti 50%. ng thi cc nh phn tch thng nht tr trong vic d on doanh li ca chng tng mt khi lng ng k, mt hoc hai nm na. Nhng nh u t tng trng cn ch , khng c mt loi c phiu no l c phiu tng trng vnh cu, qua mt thi gian di c phiu tng trng s c chiu hng pht trin chm dn v sau pht trin th phn ti mc bo ho khng pht trin thm na. Nh u t cn cn i li danh mc u t ti nhng thi im ny. Nhng nh u t gi tr th khc, h tm kim nhng cng ty m h tin rng nm di gi tr tht. H nghin cu k cc bn cn i ti khon v bo co li l, tm kim nhng du hiu cho thy nhng gi tr n nu ca cng ty, nh l mt khi lng tin mt ln cha s dng hay l nhng ti sn trong s sch ca cng ty nm di gi tr thc, ... H ch i c hi mua c c phiu nhng mc gi hi, v mong mun mua nhng c phiu c ch s P/E thp, hoc nhng cng ty c gi th trng nm di gi tr s sch. Nhng nh u t gi tr thng c nhn mt s c tc chim mt t l ln trong li nhun kim c ca cng ty do cng ty thng khng cn kh nng pht trin thm th phn.

H tm cch mua c phiu ti mt mc gi thp hn gi tr thc. Nhng nh u t gi tr phi ch th trng tha nhn gi tr c phiu ca h, c phiu tng gi. iu ny thng mt mt khong thi gian kh lu v i khi khng bao gi xy ra c. Mua c phiu vi ch s P/E thp nghe c v hay hn. Phi chng mc c lun tt? Ni chung th trng chng khon l mt th trng u gi hai chiu, ni m hu ht c phiu c bn vi gi dao ng xung quanh ci gi xng ng vi n ti thi im y. Ni cch khc, mt c phiu vi ch s P/E 10 th n ng gi gp 10 ln doanh li kim c, mt c phiu vi ch s P/E 35 ngha l n gi tr gp 35 ln doanh li kim c. Nu gi, hoc ch s P/E ca c phiu ln hay xung l do bo co doanh li ca cng ty c tt nh k vng hay khng. V vy thc s l khng ng khi cho rng c phiu l mt mn hi ch bi v ch s P/E ca n thp, v ngc li cng khng ng nu cho rng nhng c phiu vi ch s P/E cao l t. iu ny rt n gin nh vic bn khng th mua mt chic Mercedes vi gi ca mt chic Chevrolet. Mt bi hc n gin: bn c nhng th xng ng vi s tin bn b ra. Nhng cng ty tt nht trong mt nhm ngnh lun c ch s P/E cao hn nhiu nhng cng ty khng thnh cng trong ngnh y. Thc s c l gi tr duy nht ca ch s P/E ch l nh thc chng ta v tim nng ca c phiu. lm c iu ny chng ta cn so snh vi

chnh n trong qu kh. Hin ti chng ang cao hn hay thp hn. Ti sao. Phi chng chng ang c s pht trin thun li nn c rt nhiu ngi chu b ra mt ci gi cao hn mua chng. Hay chng ang c mt tng lai ti tn nn hin ti mc d gi so vi li nhun c thp hn cng khng ai mun mua. Tt c nhng cng ty u t trong thp nin 90 nh Amgen, Cisco Systems, Microsoft, America online, Ascend, EMC, People Soft... c ch s P/E trung bnh khong 31 trc khi chng bt u tng gi gp nm gp mi trong nhng khong thi gian ngn. V nhng loi c phiu hng u ny u c mt t s P/E trung bnh khong 70 khi chng c nhng s tng gi khng l. Mt nh u t gi tr s b qua tt c nhng loi c phiu ny trong thi k pht trin nht ca n. Thc s P/E ch l mt s hiu sai, c phng i thnh mt cng c u t thn k. S tng trng doanh s v li nhun chnh l nguyn nhn quan trng nht ca vic gi c c phiu tng. Nu bn chn la u t vo cc c phiu n l, v nu bn khng l mt nh u t chuyn nghip, thc s khng nn i theo con ng u t gi tr. Hy u t vo nhng cng ty pht trin tt nht. Mua c phiu ca nhng cng ty ang dn u trong lnh vc ca n v doanh thu, li nhun, t sut li nhun bin, v doanh thu trn vn c ng. Nhng cng ty ang bnh trng pht trin th phn tt nht so vi nhng i th cnh tranh ca n. Ti sao li chn u t tng trng?

Hy nghe William J. ONeil trnh by quan im v vic u t gi tr hay tng trng "Trong cuc i kinh doanh ca mnh ti gp hng ngn nh u t, ti cha h bit ti mt nh u t khng chuyn nghip no, nhng ngi c kt qu u t ni bt, li s dng phng php u t gi tr. Ti bit phi c mt vi con ngi ngoi l, nhng ti cha gp h bao gi. Tuy nhin ti li bit hng t nhng nh u t tng trng m kt qu kinh doanh thc s ng khm phc, nhng ngi trung bnh mi nm c t l li nhun t 25% ti 50% thm ch cn nhiu hn th na." Ngi qun l tin bc ca cng ty William ONeil + Co., Lee Freestone c mc li nhun l 271% vo nm 1998, v trn 100% na u nm 1999. Nm 1991 lc mi 25 tui anh ghi tn mnh vo danh sch nhng nh u t v ch ton nc M vi ti khon tin mt ca mnh vi mc li nhun 279%. Tt nhin nhng kt qu nh th phi ti t nhng con ngi tn tm, thc s lm vic ht mnh mi c th to ra nhng kt qu khc thng. Tuy nhin tht d chu khi bit nhng g bn c th t c nu bn chu tiu ph thi gian, v lm vic theo mt phng php nghim tc. Thc s vn c mt s nh u t gi tr gt hi c nhng thnh cng vi phng php ca mnh, m tiu biu trong s h l Warren Buffet. Tuy nhin khng phi ai cng d dng c c kh nng pht hin cng ty c o, s nhy bn nh gi nhng c quyn ca cng ty, v s nhn nhn chnh xc nng lc ca nhng ngi iu hnh cng ty nh ng. Chin lc pht trin th trng chng khon n nm 2010 Trn c s thc trng hot ng ca th trng chng khon TTCK Vit Nam, kt hp vi s kho st v t vn ca Ngn hng Pht trin chu ,

U ban Chng khon Nh nc ang tin hnh xy dng Chin lc pht trin TTCK Vit Nam. Hin ti, c quan qun l ang hon thin bn D tho ny v d kin s trnh Chnh ph xem xt ph duyt trong thi gian ti. Bn D tho c xy dng da trn quan im xy dng mt TTCK c quy m t nh n ln ph hp vi iu kin v nhu cu ca Vit Nam trong tng giai on, ng thi m bo ph hp vi cc tiu chun, thng l quc t; xy dng th trng hot ng an ton, n nh, hiu qu v tn trng cc quy lut th trng; Nh nc phi gi vai tr qun l m bo an ton v to ng lc pht trin th trng, m bo tnh h thng, thng nht, khng cn tr nhau. Mc tiu tng qut Cn c vo nhim v m Ngh quyt i hi ng ton quc ln th IX ra l "y mnh cng nghip ho, hin i ho theo nh hng x hi ch ngha, xy dng nn tng n nm 2020 nc ta c bn tr thnh mt nc cng nghip. a GDP nm 2010 ln t nht gp i nm 2000. Pht trin nhanh v bn vng th trng vn, nht l th trng vn di hn v trung hn. T chc v vn hnh th trng chng khon, th trng bo him an ton, hiu qu,", bn D tho a ra 3 mc tiu tng qut ca TTCK trong vng 10 nm ti. Th nht, huy ng ngun vn trong v ngoi nc cho u t pht trin. Th hai, gp phn pht trin th trng ti chnh Vit Nam, m bo n nh v an ninh ti chnh, tin t quc gia. Th ba, cng c, n nh hot ng ca th trng, ng thi m rng phm vi quy m, nng cao cht lng hot ng, hon thin vic qun l gim st th trng bo v c hiu qu ngun vn u t nng cao kh nng cnh tranh v ch ng hi nhp th trng ti chnh quc t.

Nhng mc tiu c th V h thng hot ng: Hin c 19 cng ty nim yt ti Trung tm Giao dch Chng khon TTGDCK TP.HCM. D kin n nm 2005, s c 100 cng ty nim yt v n nm 2010 s c 500 cng ty nim yt. TTGDCK H Ni d kin m ca hot ng vo nm 2003 vi 10 n 15 cng ty nim yt v n nm 2010, s c 700 cng ty nim yt trn th trng ny. V tri phiu, c phiu cng trnh, d kin nm 2005 pht hnh c t 5 n 7 ngn t ng v nm 2010 l 10 n 15 ngn t ng a vo giao dch ti TTGDCK. V quy m th trng: Nm 2002 tng gi tr th trng t 0,34% GDP, d kin nm 2005 l 4%-5% GDP tng ng vi 25.000 n 37.000 t ng. Nn 2010, quy m th trng vo khong 110.000-190.000 t ng, bng 15 20% GDP. V t chc trung gian ti chnh: Quy m v s lng t chc trung gian ti chnh ph thuc vo quy m th trng. Nm 2002 c 9 cng ty chng khon, d kin nm 2005 s c 15 n 20 cng ty chng khon, 3 n 5 cng ty qun l qu u t, 2 cng ty nh mc tn nhim. Nm 2010, d kin c 30 n 36 cng ty chng khon, 5 n 10 cng ty qun l qu v 2 n 3 cng ty nh mc tn nhim. V qu u t, d kin s c 3 n 7 qu u t vo nm 2005 v 10 n 16 qu u t vo nm 2010. Gii php thc hin T mc tiu tng qut, D tho Chin lc d kin cc gii php chnh sau y: - Tng cung hng ho cho th trng bng vic nghin cu ban hnh cc chnh sch cho php chuyn cng ty lin doanh thnh cng ty c phn;

khuyn khch cng ty c phn, cng ty t nhn, cng ty lin doanh pht hnh ra cng chng bng vic u i thu, u i cho vay thng mi, cho php ng k pht hnh khung, khuyn khch cc cng ty u t mo him... Khuyn khch a thm cc loi c phiu u i, quyn mua c phiu, tri phiu cng trnh, tri phiu doanh nghip chuyn i, chng ch qu u t,... vo nim yt. Nghin cu cc chnh sch u i i vi cc qu u t nh u i thu thu nhp tng t nh cc nh u t c nhn. - y mnh cu chng khon trong v ngoi nc thng qua vic thu ht cc nh u t c nhn tham gia th trng. Pht trin cc nh u t c t chc tham gia th trng v khuyn khch cc nh u t nc ngoi. Nghin cu ban hnh cc chnh sch kch cu nh: pht trin chng trnh bn c phiu cho ngi lao ng trong doanh nghip; ni lng cc quy nh hn ch v c chnh sch u i thu cho cc t chc tn dng tham gia th trng; thc y thnh lp cc qu u t v cng ty t vn u t, tng cng kh nng tip cn th trng cho cc nh u t nh; ni lng hn ch u t ca nc ngoi; thnh lp qu bnh n th trng,... - Pht trin cc cng ty chng khon theo hng nng cp quy m vn v m rng hot ng nghip v ca cc cng ty chng khon. D kin n nm 2010, s nng quy m vn ti thiu ca cc cng ty chng khon ln 20 t ng. Hnh thnh 4 n 5 cng ty chng khon c quy m ln, chuyn mn ho hot ng bo lnh pht hnh. Cc cng ty cn li ch yu ch hot ng mi gii, t vn u t ti chnh. Ban hnh chnh sch tip tc u i thu cho ngnh chng khon. - Ngoi ra, s c chnh sch pht trin s lng cng ty chng khon nhm to s cnh tranh khuyn khch cc cng ty chng khon lin doanh vi

nc ngoi, cho php sp nhp cc cng ty chng khon, tin ti thc hin vic nim yt c phiu ca cng ty chng khon. - Hin i ho cc h thng v nng cp hot ng ca TTGDCK, m trc ht l nng cp h thng giao dch theo hng a h thng giao dch t ng mi vo vn hnh, c th khp lnh lin tc hoc nh k. Kt ni mng din rng vi cc cng ty chng khon thnh vin. p dng h thng ngng giao dch t ng khi a h thng khp lnh lin tc vo hot ng. Tng bc tng thi lng giao dch v s ln khp lnh trong ph hp vi nhu cu giao dch ngy cng tng v tng tnh lu hot ca th trng. D kin s tng ln 3 ln khp lnh trong 1 phin giao dch vo nm 2003, t nm 2005 tr i, s thc hin khp lnh lin tc. - Xy dng v hon thin cc t chc th trng, c th: Xy dng th trng giao dch chng khon cho cc doanh nghip va v nh a TTGDCK H Ni vo hot ng vi chc nng t chc vn hnh th trng giao dch cc c phiu doanh nghip c vn iu l t 5 t ng tr ln, theo phng thc khp lnh tp trung. Th trng ny trc mt c c ch nh gi, thanh ton, lu k, gim st, qun l tng t nh TTGDCK TP.HCM hin nay. Pht trin cc TTGDCK thnh s Giao dch Chng khon duy nht ca Vit Nam, c lp vi UBCKNN, vi cc t chc thnh vin l cc TTGDCK, Trung tm lu k. Xy dng th trng OTC, vi c ch nh gi phi tp trung hon thin h thng TTCK Vit Nam v cc phng tin nh gi v t chc th trng, to s linh hot v thun tin hn cho ngi tham gia th trng.

Xc tin hnh thnh Hip hi Chng khon Vit Nam, vi s tham gia ca mi i tng trn th trng, hot ng nh mt t chc t qun, h tr cho vic o to qun l, gim st nhm n nh v pht trin th trng, ... Pht trin cc t chc ng k chuyn nhng chng khon. Trc mt cho php cc TTGDCK t chc nghip v ng k chuyn nhng s hu chng khon cho cc doanh nghip. Nghin cu b sung c s php l cho cc nh ch cung cp dch v ng k chuyn nhng chng khon, tin ti cp php hot ng cho cc t chc ny. Khuyn khch cc t chc nh mc tn nhim tham gia th trng. Trc mt s nghin cu trin khai cho php cc t chc nh mc tn nhim nc ngoi cung cp dch v nh mc tn nhim ti Vit Nam, tin ti cho php thnh lp cc t chc nh mc tn nhim Vit Nam. Mt s gii php khc cng c tnh n trong chin lc 10 nm, nh tng cng hp tc quc t, tng cng cng tc o to nng cao nng lc qun l nh nc i vi th trng chng khon... Tuy nhin, thc hin c nhng mc tiu ra, cc b, ngnh chc nng cn gp sc gii quyt nhng vn lin quan. Bn D tho cng ch ra nhng vic cn lm, nh phi hp vi B Ti chnh nghin cu, ban hnh cc chnh sch u i thu, ph i vi th trng; chnh sch lin kt c phn ho vi nim yt, pht hnh ra cng chng, pht trin cc t chc nh mc tn nhim Vit Nam. Phi hp vi B K hoch v u t nghin cu trnh Chnh ph ban hnh Ngh nh chuyn i cc cng ty lin doanh thnh cng ty c phn; thm nh cc d n v u t cho Trung tm Giao dch H Ni v hin i ho Trung tm Giao dch TP. HCM. Phi hp vi Ngn hng Nh nc nghin cu trnh Chnh ph ban hnh Quy nh v qun l ngoi hi i vi nh u

t nc ngoi; thm nh, cho php cc ngn hng c phn tham gia nim yt; xy dng n pht hnh c phiu, tri phiu ca ngn hng quc doanh, ... Gi cho vic u t n gin v d hiu Khi bn cha c nhiu kinh nghim, trnh nhng loi u t qu ri ro Khi bn mi khi s u t, bn s c nghe rt nhiu v nhng c hi y kch thch c th tm kim nhng li nhun khng l. Danh sch nhng cm by dnh cho nhng con ngi ang h hi v c tin bc chn vo th trng bao gm chng khon nc ngoi foreign stock, cc qu u t c nh closed-end funds, chng khon gi r low-price stocks, penny stocks, hp ng quyn chn option, hng giao theo hn future, tri phiu kh hon convertible bonds, tri phiu cp thp v gi tr junk bond, nhng loi chng khon min thu v cc cng ty bt ng sn. Cng cn phi coi chng nhng cng ty b sn giao dch nh du, chng thng rt nhy cm. C mt quy lut, lun gi cho s u t ca bn n gin v d hiu. Mi th s ri tung c ln, cha kha quan trng thnh cng trong u t v c trong cuc sng l c lm cho mi th tr nn n gin v d hiu. ng thi nhng ri ro kh ln l l do chnh nhng nh u t mi hoc nhng nh u t cha c kinh nghim nn trnh u t vo nhng th k trn. Khi trong nc ca bn chng h thiu nhng cng ty xut sc ti sao bn li tin vo cc cng ty nc ngoi. Bn thc s hiu c bao nhiu v ng li chnh tr cng nh nhng chnh sch kinh t ca mt quc gia xa

l. Bn hiu g v c cu qun l th trng, cc cng ty bn nh u t cng nh s vng chc ca ng tin ca quc gia y. Rt nhiu quc gia c mt th trng chng khon cc k bt n nh. Ngay c nhng nh u t thc s c kh nng cng khng th thnh cng trong mt mi trng nh th. Bernard Baruch, mt nh u t rt ni bt ca ph Wall b mt kh nhiu tin bc vo th trng Mhic. Cho ti by gi vn cn rt nhiu ngi ang sa ly ti Mhic v cc quc gia Nam M. Ri ro gn lin vi cc qu u t c nh l n thng rt ngay sau t pht hnh u tin v c giao dch di gi tr c bn ca n. Gi c ca chng c xc nh duy nht bng mc cung v mc cu. Khng c g m bo chng c th c bn bng vi gi tr ti sn ca chng. Mc gim ny c duy tr trong vi nm sau . Ti sao khng mua nhng loi c phiu gi thp? Nhng loi c phiu gi thp - c bn di 15$ mt c phiu - thng thng hp dn mi ngi vi mt l do duy nht: r. Nhng trong khi n ang quyn r mi ngi mua chng vi gi r th hot ng ti chnh ca chng li rt km v chm chp so vi nhng loi c phiu khc trong ngnh. Bn c mun t nhng ng tin kim c mt cch kh nhc vo nhng cng ty c cht lng ngho nn hay khng? Nhng t chc ti chnh ln s khng mua nhng loi c phiu ny, ngoi v nhng ch tiu c bn km ci cn l v s lng c phiu giao dch ca chng qu mng khng thch hp vi nhng khon tin khng l ca cc t chc ti chnh. V nh chng ta bit, chnh nhng t chc ti chnh l ngi lm gi c dch chuyn trn th

trng. Nhng loi c phiu tt khng bao gi c bn ci gi $2, $4, $6. Khng h c vn may trong nhng loi c phiu gi thp ny! Nhng loi c phiu vi xu penny stocks, c phiu c bun bn vi gi di mt la cn cha ng nhng th ti t hn. Thm vo nhng iu trnh by trn, s khc bit gia gi t mua v gi t bn ask-bid: gi m ti bn mua hoc bn c phiu c th l mt ci by cho nhng ngi nh d. Hy tng tng mt loi c phiu c nim mc gi 5/8 mua v 1/2 bn. Mc d s cch bit gia gi mua v gi bn $1/8 trng khng ln. Nhng gi chng khon phi tng ti 20% bn c th ha vn. Nhng quy tc xy dng mt danh mc u t hp l Bn nn phn tn ri ro nh th no Hu ht cc nh u t s khuyn bn nn a dng ho, chia phn ti sn ca bn ra, iu ny c ngha l phn chia s tin ca bn trong nhiu kiu u t vi nhng t l khc nhau. Thc s nguyn tc ny khng sai, nhng bn nn i ngc li nhng kin thc thng thng ny, ngay c khi n c th gy ra cho bn i cht lo lng ban u. Copy nhng g tt c mi ngi ang ngh v lm trn th trng c l s cho bn cm gic yn tm, nhng thc s n khng phi iu ng lm nht. Mc tiu ca bn khng ch l hnh ng ng, m cn l kim c nhng khon li nhun c gi tr khi bn ng. iu ny c thc thi mt cch tt nht khi bn nht tt c trng ca bn trong vi ci gi, hiu bit v chng r rng, v theo di chng mt cch cn thn. Chng l khng c mt cht gi tr no trong vic a dng ho?

a dng qu nhiu s dn bn ti s thiu ht v kin thc cng nh trng tm v vic u t ca bn. Nu mt ngi khuyn bn nn u t 45% vo c phiu, 80% vo tri phiu, 10% vo chng khon nc ngoi, 10% vo qu th trng tin t Money Market Fund - mt dng qu h tng u t m rng u t vo th trng huy ng vn ngn hn, 5% vo vng, iu ny c th khin bn an tm hn nhng ng thi vic u t ri rc ny s lm long i li nhun ca bn. C l bn khng nn u t vo vng, chng khon nc ngoi, tri phiu v n s lm st gim li nhun chung. ng thi bn cng khng th b tt c s tin kim c vo mt cng ty no , cho d cng ty y c l Microsoft chng na. S sp ca Enron vo cui nm 2001 cho thy ngay c nhng cng ty trng khng l vn c th ph sn nh thng. V bn hon ton c th gp trng hp thiu may mn nh th. Tt nht bn nn b ht tin bc nh u t vo vi cng ty hng u trong nhng lnh vc khc nhau. iu ny c v nh l mt s a dng ho hp l hn. Nh vy bn nn s hu bao nhiu loi chng khon? iu duy nht mun nhn mnh y l bn ch nn u t ti a vo nm hay su loi c phiu, khng c l do g nm gi 20 loi c phiu khc nhau, bn s khng th nm bt y thng tin v chng v nhng loi c phiu hot ng km trong nhm s lm gim li nhun chung. Nu bn thy nhng loi c phiu mi qu tuyt th sao? Vi s tin ca mnh bn nn quyt nh s c phiu bn s s hu, v ng vt qu chng. Nu bn gii hn l su v bn s hu s, ng mua loi th by, ngay c khi chng ang rt quyn r bn.

Nu c phiu mi qu tuyt vi, hy bt buc mnh bn i loi c phiu km hp dn nht trong su ci c thay th. Bn s kim c nhiu tin hn nu bn tun thm iu ny. Cch xy dng mt danh mc u t tt nht. Hy lm iu ny mt cch n gin, khi u nu bn mun u t $100000 vo nm loi c phiu, mi loi s c u t $20000. Bn khng c gng mua mt s lng c phiu no , bn ch u t mt s tin nh cho mi loi c phiu. Nhng ng bao gi qu h hi trong vic mua c phiu, ng mua c nm loi c phiu mt ln. Hy thi hnh tng bc mt, hy c phiu ca bn t chng minh chng bng cch ch ra mt s pht trin no trc khi bn u t 100% s tin. Chin lc mua cc loi c phiu n l. Ch mua mt na trong tng s tin $20000 ca bn trong ln mua u tin. Nu c phiu i xung, ng mua thm na, nu n rt ti 8% so vi s tin mua, bn tt c chng i ct gim thua l. Nhng nu c phiu tng gi khong 2% ti 3% so vi gi mua ban u, v nu bn thy chng vn ang c nhng du hiu tt, mua thm $6500. Lc ny bn mua ht $16500 trong tng s $20000 nh dnh cho c phiu . Nu c phiu tip tc tng khong 2% ti 3% na, mua nt $3500 cn li. Bn thnh lp xong v th ca bn trong c phiu vi tng s tin l $20000 trong khong thi gian n tng gi 5%. Lc ny hy cho c phiu mt t thi gian v c hi chng pht trin.

Khi nim mua thm nhng khi lng nh hn trong qu trnh c phiu tng gi khong 5% t gi mua ban u c gi l tin hnh mua theo kiu kim t thp. Ch mua vi chin lc trung bnh tng, khng thi hnh chin lc trung bnh gim. Khng bao gi thm tin vo nhng loi c phiu ang c nhng kt qu ti tn. Bn cn bit thm nhng g khi mua c phiu v qun l danh mc u t ca mnh? Bn nn dng th xc nh thi im mua bn thm chnh xc. ng theo ui nhng loi c phiu tng gi kh nhiu khi chng pha bn kia nhng m hnh c bn. iu ny tuy ng vi phng php trung bnh tng nhng n s lm cho gi trung bnh qu cao, v bn s chu rc ri trong nhng t iu chnh tnh hnh ca th trng. Nu gi c phiu rt 8% t gi mua ban u ca bn, bn hy bn tt c chng i ct gim thua l, bng cch ny bn mua mt hp ng bo him bo v bn thn. Bn s d dng b nhng thua l trm trng khi bn khng lm g trong trng hp ny. Nu bt ng chng tng gi tr li, ng tic nui v hoang mang, hy coi 8% y nh ph bo v trnh khi s khng hong. V mt iu quan trng vn cn nhc li, tt c cc c phiu bn mua cn phi hi nhng tiu chun c bn chng ta tho lun phn u ca cun sch. Chng nn l s 1 trong lnh vc ca chng, li nhun mi c phn phi tng lin tc trong vng ba nm qua. Doanh s v li nhun ca chng cng cn tng nhng t l ng k qua cc qu v cc nm gn y. Tm kim s tng trng ca li nhun bin, li nhun vn c ng phi

trn 17%, ch s sc mnh tng i phi trn 80. C phiu cn c nhng t chc ti chnh ln quan tm. Nhng g bn nn lm hi s hu vi c phiu Sau khi bn s hu nm hay su loi c phiu, bn phi theo di chng mt cch thn trng, v tnh ton xem loi no pht trin nht. c th l loi c phiu tt nht ca bn v l mt ngi dn ng thc s ca th trng. Bn s ch nhng thi im thch hp mua thm nhng c phiu ny. Bn c th mua khi ln u c phiu b ko tr li gi trung bnh 50 ngy. Gi trung bnh nm chc ngy s gii quyt nhng dao ng hng ngy hay hng tun v cho mt ci nhn chnh xc hn v xu hng gi c. Hoc bn c th mua thm khi c phiu bt u hnh thnh mt m hnh c bn mi, vo thi im n ph v mc gi c bn ca m hnh tng th hai ny. Con ng bn iu hnh danh mc u t ca mnh mt cch tri chy nht l nhn ra nhng c phiu no ang hot ng tt nht, thm tin vo nhng loi c phiu ny, v c l nn gim bt mt t v th ca nhng loi c phiu ang hot ng km nht trong nhm. Khi k nng la chn c phiu ca bn pht trin, mt ngy bn s nhn ra nhng Microsoft mi. Bn s bit cch lm th no c thm tin u t vo n, v bin n thnh loi c phiu s mt trong danh mc u t ca mnh. iu khin danh mc u t ca mnh mt cch chnh xc, bn cn c nhng quy lut mua v nhng quy lut bn, nhng bn cng cn bit tt c cc iu c lin quan ti c phiu, thm chng vo khi thch hp, v cui

cng bn chng i khi chng chm nh v chun b theo chiu hng i xung. Nu bn tun theo phng php trong cun sch ny c l bn s s hu nhng c phiu tt nht trong vng mt ti hai nm. Mt s t c th c bn sm hn khi chng ch ra nhng du hiu xu r rng. Bn khng th ng trong tt c nhng quyt nh u t ca mnh, v iu ny cng khng cn thit. Nhng khi bn phm sai lm bn phi dng cm tha nhn n v tm cch sa cha. Ngay c khi s hu nhng c phiu hng u bn cng cn bit cch iu khin n, chuyn n thnh tin mt vo nhng thi im hp l trnh s khng hong. Quy trnh thc hin Mt Lnh giao dch ca Nh u t Vit Nam t lnh mua hay bn chng khon Nh u t mun mua hoc bn chng khon nim yt u phi n gp cng ty chng khon, thng qua vic k hp ng u thc mua hoc u thc bn. Khch hng s t lnh mua, bn chng khon vi phng tip th bng phiu lnh. Ni dung chi tit ca lnh gm c: + a. Lnh mua hay lnh bn; + a1. M khch hng; + b. Tn chng khon - m s chng khon; + c. S lng chng khon; + d. Gi; + e. iu kin v thi gian o hn ca tri phiu nu c Sau khi kim tra tnh hp l ca phiu lnh. Phng tip th cng ty chng khon chuyn giao phiu lnh cho phng giao dch.

Cng lc ny, mt nghip v rt quan trng l phng giao dch v phng thanh ton ca cng ty chng khon phi tin hnh kim tra ti khon ca khch hng. Lut quy nh khch mua phi c tin 100% trong ti khon giao dch v khch bn phi c 100% chng khon. Cng ty kim tra ln cht tnh hp l ca lnh mua - lnh bn. Phng giao dch chuyn lnh qua my cho i din giao dch ti Trung tm Giao dch Chng khon TTGDCK. Giao dch ti TTGDCK i din giao dch nhp lnh mua - bn vo h thng my in t ca TTGDCK. Chi tit np vo h thng l cc khon a, b, c, d, e; cng vi cc chi tit k tip sau y: + f. S hiu ca lnh giao dch; + g. Lnh sa i hoc hu b km s hiu ca lnh gc + h. Giao dch cho khch hng, hay giao dch t doanh; + i. M s qun l u t nc ngoi nu l ngi u t nc ngoi; + k. M s ca thnh vin; + Cc chi tit khc do TTGDCK quy nh. Nu c sa i hay hu b lnh theo kin khch hng th i din giao dch nhp li lnh mi km s hiu lnh gc. Lnh mi sa i/hu b ch hiu lc khi lnh gc cha c thc hin*. TTGDCK sau mi t khp lnh hin nay ch khp mt ln trong ngy c giao dch vo lc 10 gi s thng bo kt qu cho lnh c khp n i

din giao dch v cho cng ty chng khon v cc chi tit kt qu khp lnh . i din giao dch khi nhn c thng bo ca TTGDCK lp tc s bo cho phng giao dch ca cng ty tt c chi tit lin quan n lnh. Phng giao dch ghi " mua hoc bn vo phiu lnh ca khch hng v thng bo cho phng thanh ton. TTGDCK xc nhn vi i din giao dch v kt qu giao dch sau khp lnh. Chi tit xc nhn gm c: 1. Tn chng khon; 2. Khi lng mua v bn; 3. Tn m s ca bn thnh vin i tc; 4. Ngy, thi gian giao dch c thc hin; 5. S hiu ca lnh c thc hin; 6. Cc chi tit cn thit khc theo quy nh ca TTGDCK. Kt thc phin giao dch Phng giao dch tng hp kt qu giao dch trong ngy v chuyn n phng thanh ton km phiu lnh c thc hin. Phng thanh ton lp bo co thanh ton v b tr v chng khon v tin vn ri chuyn cho phng lu k, thanh ton b tr v ng k chng khon ca TTGDCK.

Phng lu k, thanh ton b tr v ng k chng khon so khp s liu v thc hin th tc thanh ton, ng thi gi thng bo cho ngn hng thanh ton ca hai bn i tc mua - bn thanh ton vn giao dch. Cc cng ty v ngn hng thanh ton vn ngn hng hot ng lu k thc hin tc nghip v thanh ton vn. Trong trng hp cng ty chng khon cha kp thanh ton trong thi hn quy nh, TTGDCK s dng qu h tr thanh ton thc hin thay cho cng ty chng khon. Sau tnh li, pht v cc hnh thc ch ti khc i vi cng ty chng khon - quy nh ti cc iu 61 - 62 ca Quy ch lu k, thanh ton b tr v ng k chng khon ban hnh theo Q s 05/UBCKNN ngy 27/3/99 ca UBCKNN. Chng ta c th d nhn ra mt iu rng, theo din tin v trnh t v phng thc khp lnh, cng vi mt s quy nh v thc t ban u, th vai tr ca ngi mi gii kh m nht, ngh nghip ca h trong giai on ny c v bun t. C cc cng ty chng khon cng vy, xem ra cng cha thc s gip c g nhiu cho nh u t. C th ni, khch u t cha c chm sc mt cch ng ngha theo bi bn rt chu o ca TTCK. H cn phi t lm t chu nhiu th, trong khi tin ph giao dch h phi tr li kh cao. Cch thc o lng hiu qu thc hin Nh u t s dng mt s ch bo indicator o lng gi tr chng khon trong danh mc ca h. Chng hn h so snh cc mc gi cao nht v thp nht ln xung sut qu trnh giao dch trong 1 ngy, 1 tun hay 1 nm xc nh xem liu chng khon ta mun kho st tng hay gim gi tr. Phn ny ta s bn n thm hai ch bo rt thng dng v hu ch, gip cho ta xc nh cc chng khon no mua l tt.

Li sut yield Li sut y lin quan n s tin m ta kim c trong mt nm, di dng tin li interest v c tc dividends. Li sut cng cao th mc thu v trn vn u t ROI ca ta cng cao. Li sut c din t theo mt bch phn. V d, mt li sut 5% trn khon u t 100 USD c ngha l ta kim c 5 USD. Bng cch bin i cc khon thu nhp theo s tuyt i sang dng phn trm, ngi u t c th d so snh v gi tr hai chng khon l cc c phiu v tri phiu khc nhau. Li sut hin thi current yield ca c phiu v tri phiu l mt ch bo tham kho cn thit c lit k trn cc trang ti chnh hoc bo co ti chnh. Tuy nhin, chng ta cng c th t tnh c cc li sut qu kh v hin ti mt cch d dng. i vi c phiu, ta hy tng cc khon c tc c tr hng nm cho mi c phn chia cho gi thi im mt c phn. Cc khon c tc chia th c trn bo co hng nm ca cng ty. Nu ta mun c s o li sut so vi gi hin thi xem mc c tc theo thi gi ta ly c tc chia cho gi th trng hin ti ca c phn nhng ngi chun b mua bn cn thng s ny. Nu mun tnh li sut so vi gi lc mua past yield ta ly c tc chia cho gi ta b ra mua trong qu kh, bit ng vn b ra ang cho "thu nhp th no nhng ngi ang nm gi c phiu i khi mun bit s ny. Ly v d, gi s ta kim c 2 USD mt nm t khon c tc trn mt c phn c gi tr l 50 USD, sau y l cng thc tnh li sut: 2 C tc hng nm / 50 Gi mi c phn = 0,04 hay l 4%

 tnh li sut hin hnh ca mt tri phiu, ta chia tin li nhn c hng nm cho gi th trng ca tri phiu . Chng hn, ta c tri phiu mnh gi 1000 USD, nhn li su thng mt ln - ta tp gi cho quen l "6 thng mt ln thay v "mt nm hai ln" l trnh ln ln gia nm lch v nm tri phiu - mi ln l 60 USD. Nu gi tri phiu trn th trng hin nay l 1200 USD th li sut hin hnh c tnh l: 120 Tin li mt nm / 1200 Gi tri phiu hin thi = 0,10 hay l 10% Nhn vo y ta on bit l li sut th trng nay nm khong 10%, cho nn gi tri phiu c c li sut cao 12% nay c bn vi gi cao hn mnh gi. T l P/E T l gi/thu nhp P/E l cch vit tt ca "Price/Earnings" gi th trng/ thu nhp. y l cch so snh gia gi th trng ca mt c phn thng vi li nhun mc nhin thuc v c phn tnh trn c s nm ti chnh ca nin hn gn nht. Php chia ny c ni dung kh n gin l vy, nhng n ni ln c nhiu iu ta n o. Mt t l P/E cao c th cho ngha rng chng khon cng ty ny ang c nh gi cao hn mc li nhun m cng ty lm ra c. Ngc li, t l P/E thp c ngha l c phiu cng ty b nh di gi. Cc t l P/E i vi cc c phiu ca ngnh cng nghip bnh qun l t 12 n 15. Tuy nhin ta cn thn trng khi tham kho s o ny - cng nh nhiu s o khc - bi n cn tu thuc vo tin cy ca cc yu t c s dng tnh ton. S ng b, mc pht trin v hi nhp ca th trng v c ch cng ty cng cn c xem xt.

Cng ging nh li sut, t l P/E thng c in trn cc trang bo ti chnh, nhng ta cng c th tnh c d dng. Trc ht ta tm thu nhp sau thu ca cng ty trong bo co ti chnh hng nm dng cui cng ca bo co li tc. K tip ta cng da vo bo co hng nm c c s c phn ang lu hnh. Ly li tc sau thu chia cho tng s c phn ta c li tc cho mi c phn EPS = earning per share. K n ta xem trn bo gi hin ti ca c phn ang kho st l bao nhiu, ri ly gi c phn chia cho li tc trn mi c phn EPS. Th l ta c c t l P/E. E y tc l EPS. nm r vn , ta th tnh t l P/E ca c phn cng ty SACOM vo nm 2000 nh di y: Nm 1999 li sau thu ca SACOM l 25.500.000.000 ng, s c phn ang lu hnh ca SACOM l 12.000.000 c phn. Gi c phn ny vo thi im 6-2000 l 15.000 ng. Ta c:

EPS li tc mi c phn = 25.500.000.000 / 12.000.000 = 2.083,3 PE Gi/li tc = 15000 / 2083,3 = 7,2 Nhng vo gia thng 12-2000 gi c phiu SACOM l 30.000 ng, t l P/E ca c phn ny vo thi im c tnh ton nh sau: P/E Gi/Li tc = 30.000 / 2.083,3 = 14,4 Nu c th so snh nhiu P/E khc ta s c nhiu iu rt ra l th v b ch cho cc nh gi v u t m ta ang quan tm. Tt nhin vi iu kin l h thng s sch phi th hin trung thc, thng tin cn kp thi v tin cy.

y l nhng ni dung hi nhp khng th thiu c trong qu trnh xy dng mt TTCK cng bng, trung thc v lnh mnh lm phng tin pht trin kinh t th trng. Khi qut v qu u t: Mt nh ch u t trung gian u vit Khi tm hiu v th trng chng khon TTCK, ta thng nghe ni y l mt loi th trng chuyn su v cao cp. iu khng sai, tuy nhin ngi u t ng vi bn khon. Mt khi th trng hi nhp, nhng thng tin ph cp s nhanh chng cung cp cho chng ta kin thc c bn v nhiu phng thc u t ngi quan tm chn la. Mt th trng hot ng n nh v tt lun duy tr mt h thng "tin ch" hiu qu lm h tng v t c s pht huy nim tin. Trong c cc nh ch trung gian c "ho mng" trong mt h thng lut l v quy chun r rng. Ta bit, ngi u t d bt c dng no khi tham gia lm n trading trong TTCK u phi thng qua v c tr gip bi cc nh mi gii broker hoc kinh doanh dealer chng khon. Tuy nhin, d c thng tin v t vn n u chng na nh u t vn c xem nh l ngi t quyt nh ti hu, v do hiu qu u t ca h xt cho cng l thuc vo cc iu kin v phm cht c nhn. TTCK li tp hp c man no l cc sn phm securities a ngnh, th nn, cho d ngi u t c tp trung vo mt lnh vc no th cng khng lm sao nm vng ht cc chiu hng chuyn bin mt cch ngn ngnh. a s ngi u t li l nhng ngi khng chuyn nghip. Mt s nh u t khc, nht l nh u ln phi thu cc c vn ring. Nhng nh u t v l do no khng th t qun l vic mua bn trong cc danh mc ca mnh, h c th m cc trng mc u thc phn quyn advisory account, hoc nhng trng mc u thc ton quyn

discretionary account ti cc nh mi gii brokerage. Nhng cn mt nh ch rt tin li khc gip cc nh u t, nht l cc nh u t nh, thc hin u t tt nht vo TTCK l cc qu u t. Chuyn ny cho chng ta mt hiu bit cn thit v cch u t ny. Trc tin c th ni ngay c y l cch "u t vo cc qu u t". Ngi u t khng hng li trc tip t cc c phn tri phiu c mua bn trn TTCK m h s chia s hiu qu do mt qu trnh mua bn chng khon tp trung theo "ngn c" ca qu ny. Hot ng ny khng khc no mua c phn cng ty; ch khc l cng ty ny chuyn lm n trn TTCK. Gi l "qu u t" l cch nhn dng theo c cu bn cht v mc ch. V hnh thc hot ng, ngi ta c khuynh hng gi l cc "cng ty u t". Mt cng ty u t c th c t chc theo cu trc c phn corporation hoc mt t hp vn u nhim trust. Loi t hp vn ny c ch nh bng lut theo ti sn c u nhim qun l cho cc c nhn hay nh ch qun l chuyn nghip trustee. m nhn nhim v ny M c cc cng ty qun l u thc trust corporation hoc cc s qun l u thc trust department trong cc ngn hng thng mi, h hng ph theo mt bch phn hng nm trn tng ti sn, thng l 1%. Cc cng ty u t investment company l phng tin cc nh u t a cc khon tin ca h vo c c yu t u t a dng v iu kin qun l chuyn nghip. Nu n c t chc theo dng cng ty c phn, vic qun l s do mt hi ng qun tr directors m nhn, khc vi loi t hp vn u nhim nh phn tch trn.

Ngi u t c li g khi tham gia vo cc cng ty u t? Trc ht v quan trng hn c l kh nng u t a dng. Mt c nhn thng thng bc trung vi s vn hn ch kh c th a dng ho ti u danh mc u t ca mnh. Nhng bng phng thc kt hp vn cng vi nhiu ngi khc trong cc cng ty u t, c nhn c iu kin chia phn li trong mt tp hp cc chng khon c a dng mt cch ti a. Li ch khc do cc cng ty u t mang li l trnh qun l chuyn nghip. Nhiu nh u t nh hoc mc trung bnh thng kh t hiu nng qun l cc hot ng u t ca mnh mt cch khn ngoan nht, h cng khng c kh nng hoc thy khng cn c li nu phi tr cc khon ph cn thit "mua" s qun l chuyn nghip ring cho mnh. Bng cch chung vn tp th vo cc qu u t, nhng c nhn ny c th yn tm s c cc nh iu hnh chuyn nghip qun l u t ca mnh, vi mt chi ph thp hn nhiu trng hp h phi t lo mt mnh. Mt li ch ni bt na ca cc cng ty u t l cc c phn gp vn vo qu ny c tnh thanh khon. iu ny c ngha l nu nh u t mun rt lui khi t chc u t ny h c th bn li phn ti sn ca h vi mt gi phi chng chuyn thnh tin mt trong mt thi gian ngn. Do cc chng khon m cc cng ty ny mua bn thng thuc nhng loi u t c iu kin bn nhanh nht, cho nn nhng ngi mua c phn cng ty u t khng phi lo b chn vn. H c th thc hin thanh l vic nm gi ca h vo bt c ngy no c giao dch, mc gi c cng b hin hnh v nhn tin sau mt khong thi gian qui nh, thng l mt tun. Vic tnh ton gi c phn ca qu u t rt n gin v tng ti sn ca qu u t hu ht l cc chng khon c lu hot cao, gi ca n c cp nht vo sau mi phin giao dch, da vo TTCK.

Gii thiu khi lc nh vy ta thy kh nng hp dn v thuyt phc m cng c ny c th em li, c bit cho nhng ngi u t bc trung v nh hoc nhng ngi chn u t theo th th. Tuy nhin, ti cc nc c c ch th trng pht trin, y l t chc trung gian u t thu ht rt a dng cc gii u t. Trong chng mc no , ta c th hiu nhng ngi u t vo cc cng ty u t khc vi nhng ngi u t vo TTCK, ng thi cng khng ging hot ng tit kim hoc mua tri phiu. Xt v mt thun tin, tin cy v s hp dn ca chng, nht l thu ht nhng ngun tit kim nh, ta thy kh c mt hnh thc u t thay th no tt hn. Ngoi ra cc qu u t cn l nh ch c th gip gia tng giao dch trn TTCK. V l do m cc c s php l ban u ca vic thit lp th trng chng khon ti Vit Nam sm a loi t chc ny vo cc quy nh c cu. Tm hiu mt cch c h thng v cc qu u t nh vy l iu b ch v cn thit. Cc loi Qu u t Qu u t l mt t chc c x hi tha nhn rng ri. Lch s hnh thnh cc qu rt gn vi ngha l p ng nhu cu x hi ho u t, din tin theo mt qu trnh chn lc, c b sung hon thin dn ta c ngy nay cc quy chun vn hnh khoa hc. Loi hnh ny pht trin rt hiu qu ti Hoa K v c h thng bng mt b lut ban hnh t nm 1940. y l cn c tham kho cho hu nh tt c cc qu ng dng trn th gii.

Trc khi chng ta tm hiu su hn vo cc loi qu u t, d theo di, cn c vi hiu bit lm c s. Th nht, bt k qu u t no cng c mt im chung, chng u l cc trung gian danh mc u t portfolio intermediaries. Vic ca chng l thu np tin ca qun chng gp vo v thay mt qun chng em tin i u t. Theo suy ngh ca qun chng, nhng nh qun l danh mc ca mt qu u t c kh nng s sm vai gii hn mt nh u t trung bnh trong th trng - l mt trong nhng l do quan trng gii thch s n nhn nhit tnh ca qun chng trc nhng t chc c xem l gii xoay x" ny. Th hai, khuynh hng gi chung chng l "qu" fund. Thc ra, bn cht ca cc qu ny l huy ng vn to th mnh tp trung v lu di v ng c doanh li, cho nn chng c lit vo dng v c ch nh nh cc doanh nghip. y l l do ngay t u ngi ta gi chng l "cng ty u t" investment company. Xin c m ngoc lu chng ta khng nn ln ln vi thut ng "investment banker" l dng ngn hng u t chuyn bo lnh pht hnh chng khon. Ngoi ra, cn c s khc nhau c bn gia cc cng ty u t hay qu u t l tnh c cn thit duy tr mt b my qun l management hay khng. Nhng loi c duy tr b my qun l cng vic hng ngy, chng hn cc qu m v qu ng - ta s tm hiu sau - li c gi thm mt tn khc l "management company", hay y hn l "management investment company". Ting Vit c th tm dch l "cng ty u t chuyn nghip". Trong qu trnh tip cn, do thi quen v cho thun tin, ngi ta thng gi chung mt cch ph bin l qu u t hoc cng ty u t cho tt c

cc loi. Nhng khi nghe n qu h tng th li ch l mt dng c th ca cng ty u t chuyn nghip. Cng ty pht hnh chng ch c gi mt Loi cng ty u t ny pht hnh cc chng ch thuc dng n, cho bn theo mt mc li mc nh. Mt chng ch c gi mt face-amount certificate th hin bn cht nh mt hp ng gia ngi u t v ngi pht hnh, trong ngi pht hnh bo m s tr mt khon tin c th c ghi cho ngi u t vo mt ngy nht nh trong tng lai. Cc chng ch ny thng c mua theo cch tr gp nh k, nhng cng c th bng cch tr trn mt ln. Ngi mua chng ch phi tr mt khon ph bn v ph qun l qu. Cc chng ch c th c hon li trc k o hn v c tnh theo ngang gi b cuc surrender value theo quy nh ging nh trong ngnh bo him. Ngy nay do s cnh tranh ca nhiu nh ch u t thay th khc hp dn v thun li hn nn loi chng ch c gi mt ny khng cn pht huy tc dng trn cc th trng hin i. Qu u t u thc theo n v Qu u t u thc theo n v UIT - Unit Investment Trust l dng c thnh lp theo mt kh c indenture, hay mt cng c tng ng v mt php l v c gim st tha u nhim bi mt c nhn hay t chc thng l t chc. Vic lp qu chng khon ban u s c mt c vn u t thu xp gp vo trong mt danh mc, ri phn ra thnh cc n v unit bn cho ngi u t, thng qua cc nh mi gii. Cc n v nh vy thng c bn theo gi tr trn 1.000 USD M trong ln pht hnh u tin. Cc nh mi gii bo lnh pht hnh tng ng thi l ngi duy tr hot ng

mua i bn li cc n v . Gi c ca cc n v li tu thuc vo bin ng gi c chng khon trong danh mc m qu ny nm gi. Qu u t u thc theo n v ch pht hnh cc chng khon kh hon redeemable securities - chnh l cc unit, mi unit ca qu ny mang mt khon li khng chia tng ng vi cc chng khon c s m n i din. l phn m ngi u t c hng. Ngi mua cc n v u t ny phi tr mt khon ph ban u cho ngi mi gii bn, thng l 4%. Chnh khon ph cao nh vy m cc nh u t ngn hn thy khng c li khi u t vo loi qu ny. Danh mc u t ca qu ni chung gn nh c duy tr c nh theo chiu di tn ti ca n, chnh v vy s qun l iu hnh danh mc u t hng ngy tr nn khng cn thit. Do thay v phi t xoay x qun l manage, ngi ta ch cn thu gim st supervise l v vic ny do cc trustee m nhn. Cc c im ch yu cc qu c xem l mt t chc u t u thc theo n v, tch bit vi dng qu u t khc, c xc nh nh sau: - Cc UIT khng c hi ng qun tr B.O.D - Cc UIT khng thu chuyn vin ph trch v u t v - Cc UIT c danh mc u t tnh, khng mua bn chng khon theo cch nng ng. Danh mc u t ca cc qu u t u thc UIT thng s dng chng khon c s l cc tri phiu cng ty, tri phiu a phng v tri phiu chnh ph. Cng ty u t chuyn nghip

Loi qu u t in hnh v ph bin nht hin nay l cc cng ty u t chng khon chuyn nghip management company. C hai loi cng ty u t chuyn nghip. Loi th nht ng c cu vn v c phn gi l "cng ty u t m" open-end. Loi qu m ny c c trng vi vic pht hnh cc c phn kh hon redeemable share - cng ty mua li. Loi th hai l cng ty u t ng closed-end investment company. Cc c phn loi qu ng khng th bn li cho cng ty m s c mua bn trn th trng nh cc loi chng khon cng ty. L do ngi ta gi l "management company" bi v cng vic u t loi ny c qun l chuyn nghip theo mt danh mc gm nhng chng khon ph hp vi mc tiu quy nh trong cc vn t thnh lp. Mi ngy, thng l vo cui cc phin giao dch th trng, cng ty u t chng khon phi xc nh gi tr danh mc u t ca mnh hoc gi tr ti sn thun ca mi c phn NAV.

Cc cng ty u t ng - qu ng:

Cc cng ty u t ng closed- end investment company thng xy dng c cu vn capitalization thng qua pht hnh c phn mt ln mt. T chc ny c th pht hnh c phn thng common c phn u i preferred hoc cc tri phiu bong, ging nh mt cng ty c phn sn xut kinh doanh truyn thng. C cu vn trong cng ty u t ng c xem l n nh. Ngoi tr cc t pht hnh huy ng vn tp trung, cc cng ty ny khng pht hnh c phn dy da v cng khng thu li cc c phn pht hnh. Cc c phn sau khi pht hnh s c mua i bn li trn cc th trng th cp, c th

l ti sn giao dch cc exchange hoc trn th trng khng tp trung OTC over-the-counter market. Do m n c th c tnh thm tin hu hng hay mt khon k gi ln markup do cc dealer thc hin. Gi th trng ca cc c phn loi qu ng ny s c da trn cc lc lng cung cu quyt nh, theo cch nh cc chng khon thng thng khc, hn l trc tip lin h vi gi tr thun. Bi vy, cc c phn ca cng ty u t ng c mua bn mc cao hn hoc thp hn gi tr thun. Ti cc nc c TTCK cc cng ty loi ny cn c gi mt cch ph bin hn l "cc qu mua bn t do" publicly traded funds.

Cc cng ty u t m - qu m:

Cc cng ty u t m open- end management company, c gi ph bin l qu h tng mutual fund, c pht hnh lin tc cc c phn mi tng vn, ng thi sn sng thu hi li cc c phn pht hnh tu theo ca c ng v mc gi tr thun. C phn ca qu ch c mt loi l c phn thng, v cn bn, chng c mua ti cc cng ty u t, v mun bn li cng ch c bn cho ni . Cc qu u t h tng lm ch mt danh mc u t cc loi chng khon, ng thi v nguyn tc cc c ng l ch ca cc chng khon . Mi ngi u t lm ch mt phn li cha c chia, tch trong b chng khon c s . Khng mt c nhn no c mt quyn li ring trong bt c mt ti sn c th no lp nn danh mc . C cu vn ca qu h tng c m, v c gia tng lng vn u t thu nhn t cc c ng mi khng gii hn, v vy m ngi ta gi y l qu m. Cc c phn s hu cng ty u t m do tnh cht ca chng

c gi l chng khon kh hon redeemable. Cng do tnh cht nh vy, nu c tnh hung nhiu ngi mun thanh l u t ca h ly tin th vn ca qu h tng s teo li.

u t a dng hay khng a dng:

Mt cng ty u t chng khon c th thuc loi a dng ho u t, hay khng a dng, c nh gi theo mt chun mc nht nh. c xem l mt cng ty a dng - iu tr nn rt quan trng trong vic bn cc c phn ca mt qu m - danh mc u t phi th hin theo mt tiu ch c th. Chng c th l loi a dng gia cc ngnh cng nghip hoc gia cc cng ty khc nhau trong cc ngnh cng nghip tng t, s a dng cng c th th hin gia cc vng a l hoc l s pha trn cc loi cng c chng khon nht nh no . S a dng, nh ta c th bit, l mt k thut qun l ri ro kt hp, c bit y cn l tip cn u t lm cho cc qu h tng c sc hp dn qun chng u t rng ri. Tuy nhin khng phi tt c cc cng ty u t chng khon u hi cc yu t c chnh thc tha nhn l a dng. Theo b lut v cng ty u t ban hnh nm 1940 ca Hoa K, mt cng ty u t c nh gi l a dng khi n p ng c php th 75 5 - 10 sau y: - 75% tng ti sn ca qu phi c u t vo cc chng khon do cc cng ty khc pht hnh nm ngoi bn thn cng ty u t hoc cc cng ty c quan h thnh vin vi n. Phn tin mt kh dng nm trong ti khon mua bn v cc gi tr u t tng ng tin mt cc chng khon ngn hn ca chnh ph v trong th trng vn ngn hn c tnh l mt phn trong c cu 75% u t cn thit ny.

- Khng s dng hn 5% tng s ti sn u t mua chng khon ca bt k mt cng ty c phn no. - Khng c s hu c phn ca mt cng ty c phn no vt qu 10% gi tr ca cng ty . Cc iu kin ca php th trn y din ra ch yu trong mi trng c giao dch TTCK. Gi nh mt qu h tng c tng ti sn l 100 t ng php th s c p dng nh sau: - Qu ny phi u t t nht l 75 t vo cc chng khon cng ty c phn s hu i chng. - Khng c u t qu 5 t ng 5% ca 100 t vo ring mt cng ty c phn i chng no. - V nu cng ty c phn i chng X no c quy m c phn thng ang lu hnh trong cng chng vi gi tr l 30 t ng chng hn, th qu ny ch c th s hu ti a 3 t ng c phn thng tc 10% gi tr 30 t ng ti cng ty X thi. Nh phn tch cc phn trn y, ta thy qu u t h tng cng ty u t m l loi hnh c u th hn c. Nh p ng c hu ht cc mong i ca qun chng u t ni chung. Chnh v vy m qu h tng pht trin mnh nh nm. Nhng thng tin tng hp ca M gn y cho bit, lng qu h tng leo qua con s 8.000 v cha chu dng. Nhng khng phi ch con s, ng ni hn l cc qu ny thng hot ng trn c s chuyn ngnh v chuyn nghip cao, s a dng v chuyn mn m mi qu i din cng vi c tnh phn u c cng nhn t php

th a dng 75- 5- 10 gip to ra mt n tng thu ht v s ch c bit ca nhng thc th mi tip cn TTCK. Cc i hnh tp th ny cn c xem l "hin" v lm n trong mt hnh lang c lut l chm sc k nn TTCK Vit Nam ang c nh hng nghin cu p dng. Tht ra, ngay Hoa K, ngi ta cng u i chng hn. Qu h tng u t Nh mt ngi sao, qu h tng vt ln khi nhng t chc qu khc xy dng ring cho mnh mt hnh nh c sc thi thuyt phc. S pht trin nhanh ca qu h tng ng thi vi vic hnh thnh nn cc nhm qu chuyn nghip. Nhng loi qu ny khc nhau ch yu mc ch u t. Ta s tm hiu cc qu h tng ti cc th trng n nh c xu hng t chc v hot ng th no. Qu a dng c phn thng Cc qu loi ny qun l mt danh mc u t gm hu ht l c phn thng. Bn thn dng qu ny theo ui nhiu mc ch u t khc nhau tu theo chnh sch ca tng qu c th. C qu bo th ch u t vo cc c phn cht lng cao nht blue-chip. Cc c phn blue - chips thuc v cc cng ty dn u trong mt ngnh cng nghip, c thnh tch xut sc pht trin li nhun v tr c tc. C qu theo ui cch u t tin cng, nhm n c phn cc cng ty tng trng growth stock l ch yu. Nhng c phn tng trng thuc v cc cng ty c li nhun t trn mc trung bnh, mnh dn nghin cu, s hu nhiu sng ch gi tr, ch trng xy dng nhiu n v bn hng thun thc v tin cng. V c bit cng ty tng trng c mt chnh sch gi li li nhun ti u t pht trin cng ty hn l chia c tc, cho nn c tc c chia khng ng k hoc khng

chia. Cng c loi qu c phn thng a dng diversified common stock fund l loi c mc tiu chn c phn ca cc cng ty tng trng va phi v m bo mt thu nhp hin hnh phi chng. Cc qu thu nhp Cc qu thu nhp income fund theo ui mc tiu ng nh tn gi ca chng l phi t c thu nhp hin hnh cao. Loi qu h tng ny u t vo cc cng ty c mc chi tr c tc cao tng ng vi gi th trng ca c phiu . Cc qu qun bnh Qu qun bnh balanced funds duy tr mt danh mc u t c cc mc tng ng v ti sn nm gi th hin bng cc tri phiu, c phn u i, cng nh c phn thng. Mi tng quan v mt c cu u t nh vy s thay i tu theo thi gian, bo m thch ng vi cc iu kin th trng, nhng lun hin hu mt cu trc cn bng cn bn no . Cc qu qun bnh c khuynh hng bin ng t hn cc qu h tng c phn thng, mc st gim v tng gi u t cc giai on th trng bin ng ln. Cc qu tri phiu Loi qu ny u t thun tu vo cc tri phiu v c mc ch r rng l s n nh v thu nhp. Cc qu tri phiu c th c min thu tax exempt bond funds nu u t vo cc loi tri phiu thuc dng c min thu thu nhp. Qu u t h tng tri phiu th hoc tri phiu chnh ph c n nh v an ton nht. Cc qu u t th trng vn ngn hn

Qu h tng th trng vn ngn hn money market funds u t vo cc cng c n ngn hn di mt nm. Chng c xp loi da theo th chng khon c gi trong danh mc u t . Tiu biu ca qu u t vn ngn hn l u t vo cc thng phiu commercial paper v cc chng ch k thc certificate of deposit. M cc loi qu ny rt ph bin v cc sn phm trao i vn ngn hn rt phong ph v nhiu qu ch cn u t vo cc loi chng khon ca chnh ph v cc giy n min thu khc t c an ton v n nh cao. Cc qu c phn u i v tri phiu y cng l mt qu h tng u t theo th th na. Loi qu ny u t vo cc chng khon bc cao senior securities. Cc chng khon bc cao ny c u tin tr li v vn gc trc nht. i din cho loi senior l cc loi tri phiu v c phn u i. Mc ch ca qu l p ng mong i cho ngi u t mun c thu nhp hin hnh n nh v cn mt s bo m an ton cho vn gc. Cc qu chuyn su Cc qu Chuyn su specialized funds u t phn ln ti sn vo mt ngnh k ngh no , v d k ngh ho hc, vin thng, my vn phng, hoc bt c ngnh no khc c ghi trong co bch huy ng prospectus ca qu. Mt qu chuyn su cng c th c mc tiu u t vo mt vng a l no hoc c th u t ti chnh nc ngoi. Vit Nam, mt s qu c gc nc ngoi c mt khong vi ba nm nay. V d: Dragon Capital, Vietnam Fund,

Nhng tn gi phn loi qu trn y l c tnh tng i v cc loi qu c th cn rt phong ph. Chng hn c "qu h tng mc ch song i" dual purpose fund pht hnh hai loi c phn theo "gu" ca mi khch hng. Ai mun thu nhp u u th mua "c phn thu nhp" v tt c c tc m qu nhn c s c chia cho loi c phn ny. Nhng ngi u t khc mun kim thu nhp gi ln capital gain th mua cc "c phn doanh li" gains share - ca qu v nhn tt c tin li chnh lch trch trong danh mc u t ca qu . Nhm qu trc h Gi l nhm qu trc h family of funds v y l mt tp hp cc qu h tng c iu hnh trong cng mt cng ty u t chuyn nghip. Nh u t thnh thong c th iu chuyn vn u t ca mnh gia hai qu h tng trong cng mt nhm qu trc h v ch chu mc ph tng trng. Nh vy, mt nh u t c c phn trong mt qu tng trng c th rt khon vn khi qu tng trng v cng lc chuyn qua mt qu vn ngn hn hay mt qu tri phiu trong cng mt tp on qu h tng u t m khng phi chu thm mt khon ph bn no khc. Vic u t vo mt tp on cng ty u t cho php thc hin s uyn chuyn nh vy th tht l tin li cho ngi u t. Trong hot ng u t ti chnh vo cc qu u t, mt s thay i quan im ca ngi u t c th a n vic h quyt nh chuyn i qu fund switching. Chng hn vic chuyn i qu xy ra khi ngi u t thay i khuynh hng u t t tin cng nh ln bullish sang tm l bi quan hng xung bearish. Lc , chng hn, ngi u t s bn c phn ca h trong mt qu tng trng, ng thi chuyn vn sang mt qu u t

vn ngn hn. Nhng do ph pht sinh trong qu trnh nh vy c th cao, nn vic chuyn i qu trong ni b mt "nhm qu trc h" s l iu kin tt nht. Ngi u t vo qu u t lun lun phi chu mt khon chi ph cho hot ng ca qu. Mc ca t l trch thu cho chi ph ny lin quan n cc khon chi cn thit trong qu trnh u t v duy tr t chc nh chi ph qun l, ph gim h, t vn u t, qun l chuyn nhn... Mc ny c tnh trn ti sn thun v ni chung, qu c ng li cng tin cng bao nhiu th t l chi ph cng cao by nhiu. Qu u t c thnh lp nh th no? Cc qu h tng thc cht ging nh cc cng ty c phn. Cc t chc ny huy ng vn ca qun chng u t bng cch bn c phn ca mnh di hnh thc ny hay hnh thc khc. thc hin iu ny, h cn c mi lin h cng nh s dng s tr lc ca nhiu n v trong h thng kinh t th trng, ch yu c s hin din ca th trng chng khon. V lnh vc kinh doanh ni chung thuc loi nhy cm, lin i trong mt mi trng c bit, vic nh hnh v duy tr hot ng nh vy c mt hnh lang php lut ch nh r rng v nghim minh. M, bt c mt t chc hay cng ty no c nhn thn di y u phi ng k hot ng vi U Ban Chng khon v Th trng Chng khon SEC: - C hot ng kinh doanh u t, ti u t, s hu, nm gi hay mua i bn li chng khon, hoc - C 40% hoc hn ti sn ca cng ty c u t vo cc loi chng khon. - C ngun vn gp i chng t 100 ngi tr ln.

Hot ng ca cc t chc buc phi ng k nh vy s da vo quy ch dnh cho cc cng ty u t. Theo lut l ca Hoa K hin nay, cc cng ty u t phi p ng mt s iu kin c bn, theo cc quy nh v mt t hn ch, nh trnh by di y. ng k hot ng Mun pht hnh c phn huy ng vn ngoi cng chng mt cng ty u t cn c cc iu kin: - C cu vn sng lp ti thiu l 100.000 USD, ngi ta gi y l vn ht ging seed money. - S ngi u t ti thi im pht hnh ra cng chng l 100 ngi. - Cc mc ch u t c nh ra r rng lm cn c hot ng xuyn sut sau khi huy ng. Mt khi cng ty xc nh mc ch u t s theo ui ca mnh th khng c i lch hoc thay i mc ch nu khng c s b phiu chp thun ca a s cc c phn ang tn ti ngoi th trng. Cng ty u t m cn b rng buc bi hai iu kin na: - Ch c mt loi chng khon c lu hnh loi kh hon -redeemable - T l vay n trn tng ti sn ca qu phi nh hn 33%. Cc qu m khng c pht hnh c phn u i hoc tri phiu nhng c php vay ngn hng, min sao c cu tng ti sn trn n khng c nh hn 3 ln. Cc yu cu v th tc ng k v pht hnh

Nhng thng tin cn thit cho th tc ng k thng bao gm: - Loi hnh cng ty u t m qu ny d nh hot ng. - Cc k hoch d tr huy ng vn theo hnh thc vay mn. - D hng ca cng ty, nu c, tp trung u t vo mt ngnh kinh t ring no . - Cc k hoch d tr u t vo bt ng sn hay mt s th trng hng ho khc. - Nhng iu kin theo cc chnh sch u t c th c thay i vi s thng qua mt cuc u phiu ca cc c ng. - Tn y , a ch, ca cc thnh vin ni b, v trnh by kinh nghim kinh doanh ca mi thnh vin qun l v thnh vin hi ng qun tr sut 5 nm nm gn nht. Cc chng khon cho bn lin tc l g? l cc c phn ca cng ty u t m. Cc c phn ny d c pht hnh lin tc cng phi v ch c bn theo co bch prospectus - ti liu cng khai v cng ty v v loi chng khon ang c bn. Tt c cc s bn ra nh vy s d lun km theo mt co bch l nh u t khng th b ln ln. Thng thng, cc cng ty u t chng khon dng m khng t mnh ng ra phn phi c phn m nh mt nh bo lnh pht hnh chuyn nghip lo chuyn ny v c chia phn ph bn sales charge. Vic bn cc c phn ca qu m c thc hin v nhn mt khon ph bn khng qu 8,5% trn gi cho bn gi l POP, public offering price. Trong khi mua bn c phn ca qu ng c thc hin trn TTCK nn khch hng phi tr hoa hng mi gii hoc mua bn qua cc nh bun chng khon lm gi li markup - markdown.

Cc loi chng khon pht hnh bi cng ty u t - C phiu thng, y l loi chng khon vn s hu qu, c pht hnh cho nhng nh u t mun trc tip tham gia v chia s kt qu trong danh mc u t ca qu. - Tri phiu, ch c cc qu ng mi c php pht hnh chng khon n. Tuy vy c cu ti sn trn n cng phi duy tr kh nng trang tri l trn 300%. - C phiu u i, cc qu ng cng c pht hnh c phiu a i nhng phi c s thng qua ca cc c ng thng. C phiu u i cng b chi phi bi mt gii hn trong c cu vn ca qu duy tr li ch cho c phn thng. Bch phn tng ti sn trn c phn u i phi ln hn 200%. Nhng gii hn hot ng ca qu u t Theo lut 1940 ca M quy nh th mt qu u t khng c: - Mua chng khon theo phng thc ca "ti khon bo chng" margin account. - Tham gia vo phng thc bn non short sale. - D phn vo cc loi ti khon u t hay mua bn lin kt. Quyn ca c ng trong qu u t Cc c ng nm c phn thng ang tn ti bn ngoi c tham gia biu quyt theo s ng cc vn sau y: - Nhng thay i v c cu vay n i vi qu m.

- Pht hnh hoc bo lnh cc loi chng khon khc khng phi l loi c phn ca qu. - Mua hay bo lnh bt ng sn hoc cho vay n. - Thay i hnh thc hot ng ca qu. - Thay i cc chnh sch v vic p dng ph bn. - Chm dt hot ng nh mt qu u t. - Thay i chnh sch u t cng b v theo ui. Ngoi cc quyn trn y m cc qu phi trng ra u phiu, cc c ng ca bt c mt qu u t no cn c hng tt c cc quyn li bnh thng khc dnh cho cc c ng ca bt k loi c phiu cng ty no. Tuy nhin trong nhiu trng hp, a s nh u t li thng th hoc x s th ng so vi nhng g m php lut dnh cho h. Ni l ni vy thi. Trong thc t, qu u t hin nay rt c qun chng u t a chung, nht l ch n tri hnh theo lut l ca th trng chng khon nn sng phng hn. Ta c th nghin cu thm v c ch iu hnh v cc c th khc xem c ng y l mt loi qu "hin"? Qu u t c iu hnh v hot ng th no? Cc cng ty u t, c bit l cng ty u t m, nhn chung c bn cht ging nh cng ty c phn s hu cng cng. Th nhng v iu hnh, do c im chuyn su v cc thuc tnh ca mt t chc kinh doanh ti chnh, s chi phi trong hot ng phn nhim rt r rng cho nhng chc nng khc nhau. Nhim v ca hi ng qun tr Cc c ng ca cng ty u t s bu ra hi ng qun tr. Hi ng ny cng t chc b my gim c tng t nh cc cng ty sn xut kinh doanh. Cc chc danh lnh o ca b my quan tm tp trung cc mt

v mc tiu u t, chin lc di hn, ti chnh u t, hiu qu s dng ti chnh cash flow, k ton v qun tr iu hnh chung. H khng trc tip qun l danh mc u t. Theo lut 1940 ca M, 40% thnh vin ca hi ng qun tr l nhng ngi c lp vi qu. iu ny c ngha l khng qu 60% thnh vin c th l nhng ngi ang lm vic cho qu, c th l nhn vin, nh bo lnh pht hnh hoc lm t vn u t. Nhim v ca nh t vn u t Cng ty u t hp ng vi cc c vn u t bn ngoi, gi l cc nh qun l danh mc u t portfolio manager lo toan vic qun l u t c hiu qu cao cho s tin ti sn m cng ty huy ng. y l chc danh rt quan trng thc s lm ra li nhun cho qu. H m ng vic kinh doanh hng ngy, thc hin chin lc u t, chu trch nhim trc hi ng qun tr v c ng v kt qu khai thc qu. B li h c hng mt khon dch v ph, thng l mt bch phn hng nm trn ti sn ca qu, khng qu 1%. Cc nh t vn u t lm vic thng qua mt hp ng chi tit k vi hi ng qun tr ca qu, thng qua a s phiu thun ca c ng v c tham kho li mi nm sau . Hp ng t vn u t c th k vi c nhn nh t vn hoc mt cng ty qun l chuyn nghip, c thi hn khng qu hai nm. Nhim v i din qun l chuyn nhn i din qun l chuyn nhn transfer agent hay cn gi l i din dch v khch hng customer services agent c cc qu u t hp ng lo vic n hnh c phn mi v hu b cc c phn thu hi. i din qun l

chuyn nhn thng qun xuyn lun cng vic tr c tc v phn phi li nhun u t capital gain. H cng c th thc hin mt s chc nng khc nh gi bo co nh k v cc mu th u nhim bu c cho ngi u t. Nhim v ngn hng gim h Cc cng ty u t, c bit l cc qu h tng, phi nh mt ngn hng nh nc, cng ty qun l u thc, hay cc nh ch chc nng khc, lm nh gim h cho mnh. Cc t chc gim h l ni gi tin v chng khon ca qu. Nh gim h khng thc hin bt c chc nng qun l, chc nng gim st, chc nng u t no ca qu, ng thi t chc ny cng khng can d vo hot ng bn c phn ca qu . Cc t chc gim h khng c php a ra bt c s bo m no i vi cc c ng lin quan n vn an ton trong u t. Thng thng cc t chc gim h ny c th kim lun cng vic ca i din qun l chuyn nhn. Cc ngn hng gim h cn c tc dng mc nhin gip duy tr cng tc hot ng ca qu u t trong sng v tch cc hn, thng qua yu cu gii hn vic giao dch ti khon i vi mt s chc danh no ca cng ty u t, v bn thn ngn hng cng phi tun theo nhng quy nh chung v mt iu hnh ca php lut i vi qu u t. Nhim v ca nh bo lnh phn phi Nh bo lnh phn phi l nh bao tiu gc ca qu. Nh bo lnh sponsor tham gia vo mt hp ng c quyn vi cng ty u t cho php h mua c phn ca cng ty theo gi tr ti sn thun hin hnh. Sau h c th bn li cho cng chng thng qua cc nh t doanh chng khon dealer hoc mt lc lng bn hng do chnh nh bo lnh t chc, vi gi cho bn sau

cng POP. Cc nh trung gian tham gia vo vic bn trc tip ra cng chng c hng mt khon chit khu trong phm vi ph bn. Hp ng m nh bo lnh k vi cng ty u t thng c gi tr l hai nm v mi nm c chun thun li bi hi ng qun tr v a s c ng. Cc nh bo lnh c hng mt bch phn trong phm vi ph bn sales charge v thng h chu trch nhim lo liu v vn t bn v cc khon xc tin khc. Mua bn c phn qu h tng Trong khi cc c phn cng ty u t ng closed - end c mua bn trn cc TTCK bnh thng nh cc c phn doanh nghip th cc c phn cng ty u t m ch c bn lui li cho chnh cng ty huy ng vn . Do vic tnh ton v quy nh cc phng thc lin quan n vic xc nh v p dng cc tr gi tr thnh mt yu cu cn thit v phi r rng.

C phn qu h tng c bn th no?

Cu tr li xc nh l ch c bn mc "gi cho bn cho qun chng u t" POP - public offering price. S khng nh ny rt quan trng bi v lut php khng cho php cc nh ch trung gian hot ng c tnh cht u c hoc kinh doanh i vi c phn s hu qu h tng. Qun chng u t y l "ngi tiu th" sau cng. Cc thnh vin hot ng trong ngnh chng khon c th c mua c phn ca qu c hng mc gim gi, nhng ch l khon th lao c quy nh bng cc vn bn tho thun nghim minh v duy nht cho mc ch p ng li lnh ca khch hng mun u t vo qu h tng. Tuy nhin cc thnh vin cng c th mua cho mc ch u t ca mnh v nh vy nu h mun bn cc c

phn mua , th phi v ch c bn li cho qu u t lin quan m thi.

Xc nh gi c phn ca qu h tng:

Ti cc th trng n nh, lut php quy nh cc qu h tng phi tnh ton gi tr c phn ti thiu mi ngy mt ln, v thng l ngay sau gi ng ca cc phin giao dch ca TTCK. Gi p dng cho vic mua hay bn li c da trn gi sp n s c tnh ton v cng b. Ngi ta gi qu trnh ny l cch p gi pha trc forward pricing. Chng hn, nu c mt lnh mua a ra vo lc 10 gi sng v phin giao dch ch kt thc sau 4 gi chiu, th gi c mua s khng th no bit c cho n khi gi tr thun c tnh ton sau 4 gi chiu hm . Vic mua c phn c thc hin gi c phn thun NAV cng vi ph bn sales charge - i vi loi ph bn chu trc v khi bn li, c phn c thc hin vi gi c phn thun tr i mt l ph thu hi redemption fee. Gi tr thun mi c phn: Gi c phn thun NAV ca qu h tng l bnh qun ca tng gi tr thun ca qu chia cho tng s c phn ang lu hnh. Gi thc t bn ra cho cng chng POP l gi NAV cng thm mt khon ph bn. Tng gi tr thun ca qu c xc nh bng chnh lch gia tng ti sn ca qu gm gi th trng hin hnh ca ton b chng khon ang c nm gi cng vi tin mt tr i tng cc khon n. Nhng tc ng lm thay i gi c phn thun: Do gi tr thun c tnh v l thuc vo cc hng ho chng khon ang c qu mua bn hoc nm gi, nhng thay i ca n c th do nhiu kha cnh, nhng ch yu th hin khuynh hng chung nh sau:

- Gi c phn thun s tng khi gi tr gc chng khon c s trong danh mc tng, hoc danh mc u t nhn c thu nhp t tin li trn cc chng khon n m n nm gi - Mt s st gim gi c phn thun s xy ra khi gi gc chng khon c s trong danh mc gim, hoc cng c th do l sau mt t tr c tc hoc li nhun u t cho cc c ng.

Ph bn:

Ph bn ca qu h tng l phn c cng thm vo gi c phn NAV ca qu ny. Ph bn sales load hay sales charge c tnh theo phn trm trn gi cho bn ra cng chng POP. Phn trm ny c tnh bng cch ly chnh lch ca gi POP v gi NAV chia cho gi POP. V d: Mt qu h tng nu gi c phn trn bo vo mt ngy no mc 139.444 - 151.570 gi NAV ngi u t bn li v gi POP ngi u t i mua. Ph bn tuyt i s l 12.126 chnh lch 151.570 - 1 39.444 tc khong 8% trn gi bn ra cho ngi u t. Theo quy nh ca M, ph bn khng c vt qu 8,5% v tu thuc vo lng mua t hay nhiu mua di 1.000 USD phi chu ph 8,5%, nhng mc ny ch cn 1% nu lng mua trn 500.000USD. Ph bn ch yu l tr cho nhng ngi c qu h tng thu hoc tham gia trong qu trnh bo lnh pht hnh. Trng hp qu no khng phi thu t chc pht hnh t pht hnh ly th qu s bn ra cho cng chng c phn ca mnh theo gi thun NAV. Ngi ta gi dng ny l qu khng thu ph bn no - load fund.

Gi l ph bn, nhng trong thc t khon ph ny c th thu vo lc ngi u t i mua c phn ca qu hoc cng c th thu vo lc ngi u t i bn li c phn cho qu. Nu ph c cng vo gi c phn thng NAV khi mua th gi l ph tr trc front end load. Nu ph c thu vo lc ngi u t bn li th gi l ph tr sau back- end load. Ph tr sau cng thp nu ta gi c phn cng lu. Chng hn gi c nm u chu mc 8%, nm th hai chu 7%, nm th ba 6%, vn vn. Ph tr sau nh vy c gim dn n zro, v d 8 nm chng hn. Cc thang bc v phng thc quy nh lin quan phi c nu r rng trong cc co bch.

Cc phng thc mua c phn qu h tng:

Ngy nay thun li cho nhiu ngi u t nh c iu kin tham gia vo qu h tng, iu ny c ngha l tham gia u t vo TTCK, cc qu a ra nhiu cch u t rt thun tin. Ngi u t c th mua tr t mt ln hoc theo mt k hoch tch lu. Phng thc mua t theo gi c cc nh u t c sn mt mn tin nhn ri hoc di do ti chnh thc hin. Cch ny khng c g phi bn nhiu. Ring phng thc u t theo k hoch tch lu c thc hin thng qua mt hp ng, theo , ngi u t s a vo nhng khon tin b sung trn mt cn bn c xem l lin tc, c thi on l mi thng hoc mi qu. Cch u t ny c th c tin hnh theo mt k hoch t nguyn no , ph hp vi nh u t nh hoc tch gp. Thng thng cc k hoch t nguyn yu cu ngi u t phi b ra mt khon ti thiu no ban u. Nh u t s t pht biu d nh ca mnh v khon s ng vo tip theo trong cc khong thi gian c nh. Nu

ngi u t khng mun hoc khng th b vo cc khon u t b sung na th cng ch sao. Khng c chuyn b pht v cng ty u t cng chng c g b thit tuy nhin y ch l v to thun li trong mi trng u t c hng chuyn nghip, ch bnh thng th trng mi ni vn c th kh thc hin. Ph bn c tnh trn sut chng k hoch. Ngoi ra, cc qu h tng u t cn em li cho nh u t nhiu s thun li khc, ch yu l chu theo nhng mong mun ph bin ca qun chng u t xoay quanh yu cu nhp vo hay thot ra hoc thc hin mt k hoch ti chnh tng i ph hn cho bn thn h. Clone Fund - Qu h tng phin bn; Closed fund - Qu h tng khp Chng ta c dp tm hiu v cc loi qu h tng. y l loi qu m c t chc u t chuyn su vo chng khon theo ngnh, theo cng c hoc mt s c tnh khc. Nhiu qu h tng sau mt thi gian pht trin c c cu vn tng ln rt ln. Nhng anh chng khng l nh vy c th nh mt li th u t ca mnh trong nhiu trng hp. y chnh l l do cc qu h tng phin bn ra i. Qu u t phin bn clone fund l mt qu h tng xut pht t mt qu h tng khc. Qu h tng khc chnh l qu m, tng trng vi quy m vn phnh ra, lm cho tm qun l v u t b hn ch. Chng hn, mt qu ln qu thng thng khng th thit lp cc quan h u t ti cc cng ty nh hay mi pht hnh i chng ln u. Do vy s cn n mt qu mi nh hn "xut kch" m ng cng mc tiu nh qu m ca

n, vn c thm nin v quy m ln ang cng tn ti. Mc d qu m v qu u t phin bn qu con cng theo ui cc mc tiu tng t nhau, cc qu ny mua bn cc chng khon hng ho khc nhau, v thng thng hot ng theo cc b my qun l qu khc nhau. iu ny s tr nn cn thit mt khi c s qu ti v kh nng bao qut ca qu h tng m, v cng tn dng cc li th ca bn thn qu phin bn con ang c t chc gn nh hn. Nhiu nh chuyn mn ti chnh tin rng cc qu h tng khi pht trin ln n mt mc no s li gy tiu cc cho hiu nng u t ca h. Cc nh qun l cc qu h tng c lng vn khng l b hn ch lng chng khon c th c mua thm vo danh mc ca mnh, l do l v c trng ca cc giao dch m qu ny thc hin c quy m c bit ln. Mt qu ln thng khng th thit lp mt v th giao dch mua chng khon ca mt doanh nghip nh, n gin ch v s lng c phn mua bn qu khim tn. Gi nh qu c th ginh c mt "phn bnh" trong doanh nghip nh, lng u t nh vy s th hin mt gc qu b so vi ti sn ca n, v iu ny chng c ngha tch cc g lm i vi hot ng u t ca qu. Tng t, mt qu ln c th gp kh khn v thanh khon trong vic bung ra mt giao dch ln i vi mt loi chng khon chng may c lng mua bn yu t. Vo nm 1995, gim c qu Fidelitys Magellan, qu u t chng khon vn ln nht v thnh cng nht ca M, cn n t nht l hai thng bn cho ht phn s hu 11,8 triu c phiu ca cng ty Micron Technology!

Trong lc , mt qu h tng tng i nh c th tham gia vo cc v th u t c phn ca c cc doanh nghip nh ln ln, li khng phi lo lng g chuyn giao dch ca mnh s tc ng ln gi c chng khon. Cc qu u t cng c th tr nn khc xoay x hn khi chng pht trin thi qu. Ti sn vn nhiu hn ngha l giao dch mua bn nhiu hn, v mt s lng chng khon ln hn phi c tng cng theo di... Mt khi din tin c du hiu bt kham, cc nh bo tr pht hnh chng ch u t cho cc qu h tng c yu cu tm cch gi n nh v quy m, ngn khng cho mt qu pht trin thm na bng th tc cho khp qu li theo vic bn chng ch cho cc nh u t mi s b ngng li. Vic khp qu li nh vy thng c tip ni bi vic gii thiu mt qu mi l phin bn ca qu va mi khp. Qu ny thng c mt ch trng v trit l u t ging nh qu m ca n. M, cc qu con ny sau khi ra i thng mang tn ging ht tn qu khp. Tuy nhin, v cn c s phn bit, tn c mang thm con s "II" La M k bn. Chng hn vo nm 1985, qu Windsor c khp li v cc nh u t mi c gii thiu tham gia vo mt qu k tc ca qu ny ang ng thi c m ra v c tn l Windsor II, y l phin bn ca qu Windsor. Windsor d c khp li nhng vn tn ti song hnh. Tng t l trng hp ca qu Putnam Fund for Growth & Income, qu ny c khp vo nm 1994, lp tc a con "sinh sn v tnh" ca n ra i tip ni s nghip ly tn l Putnam Fund for Growth & Income II. iu th v l bo ch M tng t vn kh nghim tc chung quanh cu hi: cc qu "nhi" ny c tt nh qu gc khng?

Red Green, bin tp ca bo chuyn ngnh Mutual Fund News Service ca bang Califomia, c mt phn tch sc so di y: Rocky II ng vi Rocky - nhng ci tn c cu to mt cch c trng trong th trng ti chnh. Cc qu h tng phin bn chnh l nhng bn sao ca cc qu ang tn ti. Cc qu ny c lp nn v mt s l do. Cc nh qun l qu h tng u t c l rt ra c kt lun c tnh qui lut rong qu u t cng ln ra bao nhiu th vic nm gi v qun l n cng kh by nhiu. T l nghch gia hiu qu vi quy m vt kh ny c kim chng nhiu trong thc t, cho nn cc clone fund mi tr thnh gii php. Cng c th vic lp ra mt qu mi l kt qu ca ca mt t chc ti chnh mun a ra mt c cu tnh gi mi cho cc chng ch u t ca mnh, hoc bt ngun t vic iu chnh, c khi ch l cht nh, v mc tiu u t... Sau ht, khi mt tp on no m u thnh cng mt hnh thi qu mi, nhng ngi khc s bt chc lm theo v l iu khng trnh khi. V d: L ngi i tin phong, Benham Target Maturities dn ng cho cc nh u t c d tr k hoch v hu sau ny bng cch lp nn mt lot cc qu tri phiu khng tr li zero -coupon bonds funds. Ch mt nm sau thi, tp on Scudder ni gt lm theo y ht. Tht ra, cng khng c l l no c xem l nguyn tc gii thch vic ti sao mt qu phin bn sm vai ti hay tt hn qu gc. Qua nhiu nm, Pioneer Fund thng th hin hiu qu vt tri hn Pioneer II nhng ri sau Pioneer II li qua mt ngon mc Pioneer Fund!. Tuy nhin, ngi u t nn lun ghi nh rng hai qu nh th l hai thc th khc nhau. Chng thng c iu hnh bi hai nh qun l danh mc

khc nhau, mt s trng hp c th chng theo ui cc quan im u t khc nhau, v c ph p dng cng c th khc. T , khi mun tm hiu v mt qu phin bn mi no ta cn da vo mt t nguyn tc n gin. Trc ht hy xem xt th qu gc lm n ra sao - r rng y l mng bng chng rt quan trng. V th n, cn nghin cu xem nhng s khc bit gia chng l g. Trnh by trn y cng h m cho chng ta thy mt qu m n khi cn thit cng phi c "ng" li mt cch t nguyn. Nhng qu m pht trin qu c th lm cho chic o qun l khng cn pht huy v bn thn nhng anh khng l s nhn ra ngay mnh cng tr nn nng n nu c "m" tip tc. H s quyt nh ng li. Nhng chnh xc l "ng bt" thi ch khng ng hn, trng hung ny thut ng gi l "closed fund", ta c th din t l qu h tng u t c khp li, hay gi "qu khp" cho gn. Qu khp l qu h tng qu no, khng cn pht hnh chng ch u t cho nhng ngi mi ang mun tham gia vo qu. Tuy nhin n cng c th tip tc bn cho nhng c ng hin hu. C my im ta cn lu . Th nht, khi qu c khp closed, khng nht thit phi c mt qu phin bn clone ra i. Th hai, qu khp closed fund vn l mt qu h tng vn l loi qu m khng nn nhm ln vi qu ng closed end fund - chnh v vy m bi ny mi c gii thiu thut ng "khp" dch cng t "closed. V th ba, ta cn lu thm mt ln na, l, qu ny mi ch khp thi ch khng ng ca, n vn ang hot ng v c khi vn rt d di. Cc qu khp khng c s chuyn i bn cht php l no, mc d, tu theo lut l n cng c th lm th tc chuyn qua qu ng. Nhng thc t s khng n gin nh vy, v ta nn

nh rng ngi u t khi tham gia vo mt qu u t no h thng c khuynh hng theo "gu". Cc loi cng ty u t, d ang ging ln ngn c ca loi qu no i chng na, u mang hi hng ang cnh tranh mt cch t nh vi kh nng thu ht vn ca cc nh ch ti chnh khc.

Qu u t v cng ty qun l qu theo quy ch ca Vit Nam Sau khi c cc c s php l v th trng chng khon TTCK ti Vit Nam, c th l sau Ngh nh 48/1998/N/CP, cng vi mt s vn kin quan trng khc, U Ban Chng Khon Nh nc Vit Nam SSC ban hnh quy ch v t chc v hot ng ca qu u t chng khon v cng ty qun l qu. Bi ny ch khi qut li mt s im ni bt ngi c tham kho. Theo tinh thn ca quy ch, ch c hai loi qu cn bn c cp, l qu u t chng khon ng qu ng v qu u t chng khon m qu m. Nh th, mc nhin c th hiu l cc hnh thi qu khc khng hoc cha c thnh lp. Theo nh ngha ca quy ch, mt qu c gi l ng khi ngi u t khng th bn li chng ch u t cho qu trong sut thi gian tn ti ca qu. Ngc li, i vi qu m, ngi u t c quyn bn li chng ch u t cho qu m h mua.

Tham gia trong qu trnh hot ng ca qu ch yu c cng ty qun l qu v ngn hng gim st. Cng ty qun l qu l thc th ng ra qun l qu, pht hnh chng ch u t, c ngi iu hnh, qun l hot ng v chu trch nhim v hiu qu v php l ca qu. Ngn hng gim st m nhn vic bo qun, lu k cc chng khon hng ho m qu nm gi kinh doanh, lu gi cc hp ng kinh t, cc chng t c lin quan ti ti sn ca qu, ng thi gim st hot ng ca qu u t chng khon v cng ty qun l qu. Theo ni dung ca quy ch th cng ty qun l qu v qu u t chng khon l hai thc th c c cu v t chc khc nhau. V nguyn tc, cng ty qun l qu cng lc c th khai sinh v qun l nhiu qu c lp nhau. ng thi c s c lp c v ti sn, cc ngha v ti chnh gia cng ty qun l qu v mt qu u t no . Ngi iu hnh qu l ngi c cng ty qun l qu ch nh trc tip iu hnh hot ng ca mt qu. Trong khi cng ty qun l qu c t chc v hot ng nh mt doanh nghip, c y t cch php nhn, c hi ng qun tr v h thng hnh chnh nhn s, th qu u t l mt tp hp c iu l v ti sn c lp nhng khng c b my iu hnh ring gn trc tip vi n. Qu u t khng c php nhn m ch c "i hi nhng ngi u t do cng ty qun l qu hoc ngn hng gim st triu tp c iu kin v tu thuc vo tnh hung c nu trong quy ch. Cc qu u t khi c t chc theo quy ch ca SSC th thc cht c th xem l cc sn phm ca cng ty qun l qu u t. Tuy nhin, theo nh ngha ca quy ch, chng li c xem l ti sn "u thc" cho cng ty qun l qu qun l iu 3.I. ng thi quyn li v ngha v i vi mt qu ca cng ty qun l qu no c th c chuyn nhng cho mt cng ty

qun l qu khc iu 15 ca quy ch, nu c U Ban Chng Khon Nh Nc chp thun. Mt s quy nh v c cu vn v iu kin u t ca cng ty qun l qu v qu u t, c nu c trng trong quy ch, nh sau tp trung ch yu iu 14 ca quy ch: - Mt qu u t chng khon, ni chung, c qu ng hoc qu m, phi u t ti thiu 60% tng gi tr ti sn ca qu vo chng khon u t ti chnh. - Mt qu khng c nm gi qu 15% tng gi tr chng khon ang lu hnh ca mt cng ty c phn i chng pht hnh chng khon. - Mt qu khng c s dng qu 10% tng tr gi ti sn ca mnh u t tp trung vo chng khon ang lu hnh ca ring mt cng ty i chng no pht hnh chng khon. - Mt qu khng c nm gi qu 10% tng vn c phn ca mt cng ty khng nim yt, ng thi khng c s dng qu 5% tng gi tr ti sn ca qu u t vo ring ti mt cng ty khng nim yt no . - Mt qu khng c nm gi qu 30% tng gi tr ti sn ca cc cng ty trong cng mt tp on hay mt nhm cng ty c quan h s hu ln nhau. - Cng ty qun l qu khng c php dng vn v ti sn ca cc qu do mnh qun l mua qu 49% tng tr gi chng khon ang lu hnh ca mt t chc pht hnh tham gia TTCK hoc mt cng ty khng nim yt.

Theo nh cc iu kin c lit k trn y, php th 75 5 - 10 trong bi trnh by v "Cc Loi Qu u T" theo lut 1940 ca Hoa K, th ta php th ny c th hiu tng ng l 60 10 15: - 60% ti sn hoc hn phi c u t vo chng khon, - Ch c s dng 10% hoc t hn ti sn ca qu u t tp trung vo c phn ca mt cng ty i chng, - Khng c nm gi qu 15% tng tr gi c phn ang lu hnh ca mt cng ty i chng. Mt quy nh khc cn lu l qu m, theo quy ch ca SSC, c s lng chng ch pht hnh hn ch theo mt mc ti a c ng k v chp thun. iu ny c ngha gn nh l tng vn huy ng ca qu m b gii hn trc. Khng ging nh c ch huy ng v qun l vn ca mt mutual fund qu h tng m ta kho st trc y. So li vi cc phn tch chung v qu u t m ta c dp tm hiu, mt s quy nh ct li trong quy ch qu u t ca ta c nhng s khc nhau rt c bn. Nhn tin, c mt khi nim so snh, ta c th nu li di y mt s thng tin c lin quan cp trong lot bi v qu u t, hu gip cho vic tham kho v nhn dng d dng hn. Cch t chc qu theo lut 1940 ca M c nhng im khc ta nh sau: - Cc qu u t thng c t chc theo mt thc th kinh doanh ti chnh c t chc c lp, phc v quyn li v theo khuynh hng ca ngi u t. V nguyn tc cng ty v qu l mt. Nhng cng c th c t chc hoc hp nht thnh nhm qu di mt cng ty lnh o, theo th

thc tp on iu phi c bit cho cc qu h tng u t chuyn su khc nhau theo trc h "gia nh", nh trong cc "family of funds". Ngi u t mua c phn ca qu l cc c ng, h c quyn li v ngha v ging nh bt c c ng ca mt cng ty ng dng no khc. - Cc cng ty u t chuyn nghip u t trong TTCK c th c t chc v iu hnh theo c ch qu ng hoc qu m. Qu ng c vn c phn c nh, hay c xem l c nh. Qu m, cn gi l qu h tng mutual fund, vn huy ng c th tng ln lin tc, nu s lng c phn chng ch qu u t gia nhp cao hn s c phn hon li rt lui, cng c th n s b ngy cng teo li nu s c phn hon li rt lui nhiu hn c phn gia nhp. - Cc cng ty u t ng k hot ng vi U Ban Chng Khon Nh Nc c ngha ging nh cc cng ty c phn mun pht hnh c phn ra i chng. Cc cng ty u t khng phi l thnh vin ca cc TTCK. Vic iu hnh sinh li cho qu c thc hin bng hp ng thu c thi hn vi cc nh qun l danh mc u t chuyn nghip v thng l cc chuyn gia lo luyn c thnh tch sut sc trn cc th trng ti chnh v chng khon. Vic mua bn chng khon hng ho c thc hin thng qua c ch ca TTCK, vi y cc th tc nh mt khch hng. N lc dnh cho s ra i ca quy ch cng ty qun l qu v qu u t l mt ct mc quan trng v l quyt tm ln ca U Ban Chng Khon Nh Nc Vit Nam, c ngha thc y hot ng u t ti chnh ti nc nh vo bui u cn mi m, nht l qu trnh c phn ho, hp nht cc nh ch v mt lut cho cc loi cng ty v c bit l s hnh thnh ca th

trng chng khon. Nhng c s nn tng ca quy ch l rt cn thit trin khai. Vic thch ng v hon chnh s cn c thi gian.

Tri phiu trong TTCK: Nn tng tri phiu v cch tnh ton li sut phn 1 Trong thi gian khi ng th trng chng khon TTCK ti Vit Nam ta c nghe nhiu n kh nng m u vi mt khi lng giao dch nghing v tri phiu. Tuy nhin, khng phi l chuyn ring Vit Nam m l c im ph bin ca hu nh tt c cc TTCK trn th gii. M chng hn, t trng huy ng vn bng pht hnh mi c phiu ch dao ng khong t 5 n 7%, cn li l tri phiu. Do th trng tri phiu c th rt ln, ln hn c chc ln th trng c phiu l chuyn bnh thng. S vn hnh ca th trng tri phiu c cc nc c h thng ti chnh chuyn su chun ho, pht trin v iu hnh nh mt cng ngh. Nhng nguyn tc nn tng v phng thc tnh ton nhn chung c xy dng v tun th theo khi qut khoa hc c ph bin cao. Tng qut Tri phiu d n bt c di hnh thc no cng ch l mt cng c giy n. Ngi pht hnh i vay n thng qua cam kt trong tri phiu c ngha v tr gc v li cho ngi mua gi tri phiu . Trong quan h v tri phiu, ngi ta thng nhc n thut ng "ngha v. l s rng buc v php l i vi ngi pht hnh phi thc thi li ha tr li nh k thng l hai ln mi nm theo thng l ca TTCK cho ngi cm tri phiu. Thu nhp ca ngi u t mua tri phiu cho vay th hin gn nh chc chn phn li "cng ny cho ti khi no nh pht hnh cha lm xong ngha v tr n. Thut ng ngha v obligation trong quan h lut v ti chnh c khi c khi qut ho l mn n. Nu c phiu ch hn ch trong phm vi cc cng ty c phn th cc tri phiu c s tham gia rng hn nhiu v pha cc ch th pht hnh. Bi v khng ch c cng ty c phn, m cn cc cng ty quc doanh, chnh ph trung ng v a phng, u c th huy ng ti chnh bng phng tin tri phiu.

Cc iu kin cn bn - Th nht l mnh gi: Khc vi c phn, mnh gi tri phiu l yu t c xc lp rt r rng, v y l c s t nn mng cho cc quan h ngha v sut chiu di tn ti ca tri phiu. Trong ting Anh, mnh gi thng c din t bng t face value; nhng h cng dng rt ph bin cc t face amount, principal amount, hay par value. Mnh gi tri phiu thng c nh chun cc s cng chn cng tt nhiu zero, tu theo gi tr ng bc mi nc, ng thi cng l gip cho vic giao dch thun tin. Thng thng mi th trng s c nhng mnh gi c chung nht v c khuyn khch s dng. V d M hin nay khi ni n tri phiu trong TTCK th dn chng c thi quen lin tng ngay n loi 1.000USD. Loi 5.000USD cng ph bin nhng khng bng loi 1.000USD. Nhng loi nh hn 1.000USD gi l "baby bond" tri phiu nh l c cc cng ty cn huy ng vt thng l lp qu hon tri hoc hon n cho cc loi tri phiu tr li cao huy ng trc nhng khng nh hn 1.000USD. Cc baby bond phi chu ph giao dch t hn. Ti Vit Nam, trong thi gian khi ng chun b cho vic ra i TTCK, ta cng ang quan tm n mt mnh gi ng b p ng yu cu k thut trong giao dch. C th ni, Ngn Hng u T Pht Trin VN BIDV l nh pht hnh tin phong loi tri phiu tiu chun ny, vo thng 11 v 12 nm 1999, vi cc mnh gi chun l 10.000.000 VN v 1000 USD. - Th hai l li sut: y l thnh t xc nh quyn li v thu nhp nh k phn cng cho ngi s hu tri phiu ch n. Thut ng ting Anh gi y l coupon, coupon rate hoc nominal yield, c ba t ny khi din t trong khung cnh li sut tri phiu th khng c g khc nhau c. Vit Nam ta quen gi li sut theo thng, nhng sau ny khi tip cn tri phiu cn nh li sut c tnh trn c s mt nm. Tin li, theo thng l ph bin, c tr c na nm mt ln, nn khi tnh ton ta cn ca i li nm ra hai phn bng nhau. Chng hn tri phiu mnh gi 10.000.000, li sut danh ngha nominal yield = li sut = rate of interest l 10% th mi su thng tri phiu nhn c 500.000, v t tnh ra thng, ra ngy. iu ny xem chng qu n gin, nhng li l nhng c s chi li khng km phn phc tp v khng th xem thng, nht l i vi cc nhn vin trc tip lm vic ti cc t chc trong TTCK. Chng hn khi h phi xc nh ngy cho vic tnh li dn li accrued interest phn nh quyn li khi mua bn tri phiu. - Th ba l thi gian o hn: Vi tt c cc loi tri phiu bnh thng, vic hon tr li tin gc s c thc hin vo ngy o hn maturity. Ngy o

hn cn l c s quan trng xc nh cc k tr li. Do k tr li c xc nh mi nm hai ln, cc bo co ti chnh ting Anh v gii chuyn nghip thng s dng cc mu t vit tt ch cc k tr li cho tng loi tri phiu. V d: tri phiu J&J, tr li vo ngy 1 thng Ging v 1 thng By; tri phiu F&A tr li vo ngy 1 thng Hai v 1 thng Tm; J&D tr li ngy 1 thng Su v 1 thng Chp dng lch, Ti cc th trng pht trin, vic quy nh s ngy trong nm v phng php m ngy c chun ho tu theo loi tri phiu. M tri phiu cng ty v tri phiu th c tnh theo nm c 360 ngy v thng c 30 ngy k c thng Hai. Nhng tri phiu chnh ph th li tnh mt nm l 365 ngy v thng tnh theo ngy lch thc t. C 3 loi c cu o hn cn bn ca mt t pht hnh tri phiu. 1. Loi tri phiu c thi hn c nh term bonds o hn tt c cng mt lc. 2. Loi tri phiu o hn theo nhm serial bonds tng k, loi ny c pht hnh mt t nhng c k o hn khc nhau theo lch trnh nh trc. V d: mt tri phiu th c lng pht hnh 100 t ng c lch o hn mi nm 5 t sut trong chiu di tn ti ca t l 20 nm. 3. Loi tri phiu o hn kt hp balloon bonds o hn tng phn nhng a phn l vo k cui cng. V d mt t pht hnh tri phiu "balloon" c th mi nm thu hi 3% gi tr pht hnh ban u trong vng 20 nm, ri sau tt ton 40% cn li vo nm o hn. T balloon cho ta khi nim phn phnh ra nm cui tri bng. ph hp vi k hoch s dng ti chnh v tnh ton hiu qu kinh t, mt nh pht hnh c th bn tri phiu tri ra qua vi ba nm, h s thu xp t pht hnh theo tng s- ri tch bit. Cc hnh thc pht hnh Tri phiu v danh: Loi tri phiu khng ghi tn ngi s hu c trn t tri phiu ln trn s sch ca nh pht hnh gi l tri phiu v danh. Ai cm tri phiu l ch, nn ting Anh gi l "bearer bond". Tri phiu ny c phiu tr li i lin theo. n k tr li, ngi cm tri phiu tch phiu li tng ng ra ri gi cho ni ph trch tr li, thng c cc ngn hng hoc bu in m nhn. Khi o hn, ngi cm gi tri phiu gi tr t tri phiu li cho ni c ch nh nhn tin gc. Tri phiu k danh.

Tri phiu k danh registered bond c ghi tn v a ch ca ngi s hu ngi gi = holder trn t tri phiu v trong s sch ca nh pht hnh. Loi ny c th thc hin theo hai cch: ch k danh phn gc thi hoc k danh y . - Mt tri phiu gi l ch k danh phn gc registered as to principal only th tn v a ch ca ngi s hu s c ghi nhn, mc ch l cho ngi pht hnh bit m gi trc tip cc thng tin, thng bo v tr tin gc cho ngi s hu khi o hn. Cc khon tin li c nhn bng cc coupon tr li ging nh trng hp tri phiu v danh. - Mt tri phiu k danh y fully registered bond khi tn v a ch ca ngi s hu c ghi ra dng cho cc mc ch lin h, tr tin gc khi o hn v c vic tr li nh k cng s c thc hin ch danh. Dng tri phiu ny c th khng cn coupon, bi v nh pht hnh c n k tr li l gi chi phiu cho ngi s hu c ng tn. Ngy nay ti cc th trng pht trin, mt dng k danh y ang c thc hin rng ri v tr thnh u th, l hnh thc bt ton ghi s book entry form. Vi s tr gip ca ngnh in ton, quyn s hu c h thng vi x l qun theo d liu, khng cn c t tri phiu in theo li c in. Ai mun c t tri phiu "s c" th phi yu cu v tr chi ph. Vo nhng thng cui nm 1999, ngn hng BIDV ti Vit Nam cng cng b tin hnh khai thc phng thc ny. Gi c Theo thng l v yu cu chun ho trong k thut giao dch nht l th trng th cp, gi tri phiu c biu th theo mt bch phn ca mnh gi. Chng hn, nu mnh gi tri phiu l $1.000 gi yt 100 c ngha l 100% ca $1.000. Gi ny gi l ngang mnh gi par. Nu gi tri phiu l 95 c ngha rng n bng 95% mnh gi, i vi tri phiu mnh gi $1.000 th gi l $950. Khi gi tri phiu thp hn mnh gi th ngi ta gi n ang nm mc discount, ta c th tm dch cho d phn bit l mc m gi. Trng hp gi nu 110 th hin gi tr bng 110% mnh gi, tc gi tri phiu ang mc $1.100 so vi mnh gi $1.000. Nu gi th trng cao hn mnh gi th thut ng th trng gi l mc premium, cng vy, ta tm dch l mc dng gi. Mc dng 103% 102% $1030 $1020 Tri phiu giao dch trn mnh gi

101% Ngang mnh gi Mc m 100% 99% 98% 97%

$1010 $1000 $990 $980 $970 Tri phiu giao dch di mnh gi

Ta nn gi l mc m gi, mc dng gi ch yu l phn bit tng i so vi mnh gi gc thi. Nu gi l thp/cao hoc tng/gim... c th d b ln ln vi khi nim li/l hay mc/r, nhng th vn cn c mt c s xc nh v cch xem xt khc. V bn thn vic mua trn hay di mnh gi cha th no xc nh c gi t, gi r hay chuyn li l. Chuyn li l khi c ti cc phn sau ta s r hn. Cn nu gi discount l chit khu th trong iu kin ny ai chit khu cho ai v chit khu bao nhiu, v d mt thng v mua gi 95 bn li gi 96 s phi din t th no, v nht l trng hp gi mc premium phi gi sao cho n? Theo quy c, mi nc 1% ca mnh gi c gi l mt im. Nu gi mt tri phiu thay i t 95 ln 96 chng hn, th n tng mt im point. Gi thc tng t $950 ln $960. Do mt im ca tri phiu mnh gi $1.000 c gi tr tuyt i l 10 USD. Trong thng tin v TTCK, chng ta cn nh thut ng im s dng trong tng khung cnh din t s rt khc nhau. Gi c tri phiu c mua d nhin l quan trng ri. Nhng yu t c lin quan st sn n vic giao dch tri phiu s l li sut yield, tc t l thu nhp m ngi u t nhn c. Chnh y mi l lnh vc nghip v rt cn hm i nu li cho nhuyn khi tnh n chuyn li/l hay cao/thp. Ta s bn n cc mc sau trong chuyn ny. K hoch m bo n Debt service Trong mt t pht hnh tri phiu, t chc pht hnh lun lun phi lp mt k hoch tr n v qun l t vay n da trn k hoch ny. y l mt bin php nhm bo v ngi mua tri phiu cho vay, ng thi l gi cho th trng tri phiu m bo c s vn hnh lnh mnh. Ni dung k hoch m bo n gm cc khon chi ph tr li, cc khon tr li vn gc v cc yu cu v qu dnh ring sinking fund - kiu ng hi cht phc v cho t n c huy ng. C hai phng thc lp k hoch tr n: Phng thc u n:

Cch thu xp mt k hoch chi tr n theo phng thc u n level debt service s to ra cc khon chi tr c s tin bng nhau theo li co bng, nhng phn th hin tin gc v phn th hin li s thay i theo thi gian. Vic tnh ton mt chui tin bng nhau trong sut thi gian tn ti ca tri phiu khng phi l mt php tnh ti chnh n thun m s da nhiu vo k hoch kinh doanh ca cng ty so li vi dng tin cash flow trong mt qu trnh lm n. Phng thc gim dn: i vi mt k hoch m bo tr n gim dn decreasing debt service, tin gc huy ng ca ngi mua tri phiu s c tr thnh tng t c quy m bng nhau. Khi nhng khon tin gc bng nhau c hon tri u n ta c h qu l tin li s gim dn, do m tng gp li s c cc khon tin ca ln tr sau nh hn ln tr trc. Hiu lc thu xp theo cch nh vy cho ra mt k hoch gm nhng khon tin ngy mt gim i. Li sut Nhng thng tin v li sut yield, thng qua kho st v cch tnh ton xc nh chng, s cung cp cho ta mt hiu bit v nhn dng mm hn khi tip cn cng nh u t vo tri phiu. Li- sut- danh- ngha: Li sut danh ngha nominal yield l cch gi khc ca li sut tri phiu rate of interest m t chc pht hnh cam kt v mc tr cho ngi cm tri phiu mi nm. Li sut ny c gi c nh, khng thay i cho nn mi gi l cng t khi pht hnh n khi tri phiu c thu hi. Nh vy mt tri phiu c li sut 10%, mnh gi 10.000.000 chng hn th mi nm s nhn 1.000.000 tin li. Nu li c tr thnh hai k mi nm th mi su thng ngi s hu s nhn 500.000. Li- sut- hin- hnh: Li sut hin hnh current yield o lng mc thu nhp m ngi u t nhn c so vi s tin thc m h b ra mua tri phiu. S tin thc hu nh lun lun khc vi mnh gi. Khi tip cn vi vic tnh ton li sut hin hnh l ta bc mt chn mo him hoc ang do chi vo th trng tri phiu ri y, gi nm na l u t tri phiu. Li sut hin hnh c tnh bng cch ly tin li cng nhn c hng nm theo cch tnh li sut danh ngha chia cho gi th trng ca tri phiu ti thi im, gi l khon u t. Li sut hin thi = Tin li cng hng nm/ Gi th trng

V d: Mt tri phiu c li sut li sut danh ngha 10%, mnh gi 10.000.000, c mua vi gi 8.000.000 th li sut hin hnh s l 12,5%. Theo cng thc trn ta c: 1.000.000/ 8.000.000 = 12,5% Li- sut- n- khi- o- hn Yield- To- Maturity/YTM: Li- sut- n- khi- o- hn th hin mc thu nhp da trn mt s o lng ton din t lc mua tri phiu cho n ngy o hn. y l mt li sut quan trng, c cc nh ti chnh v u t tri phiu quan tm hng u khi h mun kho st thu nhp ca mt tri phiu, bi v n bao hm c tin li hng nm nhn c ln s gia tng hay st gim v gi tr so snh vi mnh gi vo thi im o hn. Khi tnh ton li- sut- n- khi- o- hn, ton b gi tr c mt trong sut thi gian o lng s c em ra xem xt. Nu tnh ng tnh khon ny c khi phi cn n mt php li kp, n gin v ng tin nhn c hay b ra ngay hm nay lun c gi tr khc trong tng lai. Nh th, li- sut- n- khi- o- hn phn nh mt php tnh kt hp cc s tin thu nhp tht s so vi khon u t tht s. Ti cc th trng chng khon c chun ho cao, khi cp n lisut- n- khi- o- hn, n c th c gi gn li l li sut yield. din t li sut, ngi ta cn dng cc khi nim tng t, nh im hoc im c bn basis - mi im c bn ca tri phiu bng 1/100 ca 1%, gi l basis point = 1% point. y l cch quy c c khi qut ho c th nhn dng v hiu nhanh. Do m nu mt tri phiu c mc 10% lisut- n- khi- o- hn th ngi ta s gi gn l 10% li sut, hoc 1.000 im c bn 1.000 basis. Thut ng im- c- bn basis c rt ra t cch din t li sut. Cc li sut c vit bng phn trm % gm phn s nguyn pha trc v s l thp phn pha sau. V d: 6,25% hoc 6% 6,00%. Cc cch bit lin nhau gia hai s l thp phn pha sau l 1/100% hay 0,01%. i lng 0,01% chnh l mt im- c- bn basis point. Nh vy 1% yield bng 100 basis points. Do m tri phiu cho li sut 6,25% c 25 im- c- bn cao hn loi tri phiu cho li sut 6,00%. Nn tng tri phiu v cch tnh ton li sut - phn 2 Cch tnh ton li- sut- n- khi- o- hn Thc t p dng ph bin trn cc th trng giao dch chng khon hin nay, mt cch mc nhn, cc li sut dng thng tin gi tri phiu c

da trn cn bn ca li- sut- n- khi- o- hn YTM. Trng hp gi c yt da trn mt loi li sut khc th thng s c xc nh r. Ngi ta quy c rng, khi mua tri phiu, ngi u t quan tm n thu nhp ton b t ngy mua theo gi th trng n ngy o hn, do m li sut YTM c dng lm cn c. Cch tnh ton li sut YTM thng thng nht l s dng mt my tnh chuyn dng, hay bng mt phn mm chuyn bit. My s cho kt qu nhanh chng sau khi nhp vo cc d liu v: ngy giao nhn settlement date, # tin v hng c giao cho cc nh mi gii, li sut danh ngha coupon rate, ngy o hn maturity v gi c. Tuy nhin, trc khi hoc trong khi cha c s tr gip ca phng tin in ton, vic tnh ton YTM c th c da vo mt bng tra quy chun. Da vo bng tra ny ta c th tnh c li- sut- n- khi- o- hn khi bit c ngy o hn, li sut danh ngha v gi tri phiu. Hoc ta cng c th tnh c gi mua tng ng khi bit ngy o hn, li sut danh ngha v li- sut- n- khi- o- hn. Bng tra lm c s tnh ton ny c gi l "bond basis book" v thc ra l mt quyn sch. Bng ny c lp sn theo tng mc li sut tri phiu mu coupon rate hay nominal yield. T mi mc li sut , gi tri phiu c tnh ra da vo cc li- sutn- khi- o- hn yield - cho sn v cch nhau 10 im c bn v thi gian o hn. Nu tri phiu ly chun mnh gi l 1.000 nh ca M th bng tra phn 8% c dng nh sau: xem bng minh ho Gi nh mt ngi u t mun mua mt tri phiu c li sut danh ngha 8% kim li 7,70% trong 18 nm ri, ta dng bng xem gi mua tri phiu l bao nhiu? Ct li sut, tc li sut- n- khi- o- hn, nm dc bn tri v thi gian o hn ghi s nm v s thng nm hng ngang trn cng. 21 - 6 ngha l 21 nm v 6 thng. Ngi u t trong v d y mun mua loi tri phiu 8% pht hnh kim li 7,70% duy tr li sut 7,70% l bi tri phiu ny ang c giao dch dng gi premium - cao hn mnh gi. D ct dc li sut 7,70 v hng ngang thi gian 18- 6 ta tra c gi tri phiu l 102,93. Ta nh li cch yt gi ca tri phiu l theo % mnh gi, do 102,93% ca mnh gi $1.000 l $1.029,30. 8% Yield 18- 6 19- 0 19- 6 20- 0 Nm v thng 20- 6 21- 0 21- 6 22- 0

7.00 110.29 110.42 110.55 110.68 110.80 110.29 111.03 111.14 7.10 109.19 109.31 109.42 109.54 109.64 109.75 109.85 109.94

7.20 108.11 108.21 108.31 108.41 108.50 108.60 108.68 108.77 7.30 107.04 107.13 107.22 107.30 107.38 107.46 107.54 107.61 7.40 105.99 106.07 106.14 106.21 106.28 106.35 106.41 106.47 7.50 104.96 105.02 105.08 105.14 105.19 105.25 105.30 105.35 7.60 103.94 103.99 104.03 104.08 104.12 104.16 104.20 104.24 7.70 102.93 102.97 103.00 103.04 103.07 103.10 103.13 103.16 7.80 101.94 101.96 101.99 102.01 102.03 102.05 102.07 102.09 7.90 100.96 100.98 100.99 101.00 101.01 101.02 101.03 101.04 8.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 8.10 99.05 8.20 98.11 8.30 97.19 8.40 96.28 8.50 95.38 8.60 94.49 8.70 93.62 8.80 92.76 8.90 91.91 99.04 98.09 97.16 96.24 95.33 94.43 93.55 92.68 91.82 99.03 98.07 97.13 96.20 95.28 94.37 93.48 92.60 91.74 99.02 98.05 97.10 96.16 95.23 94.32 93.42 92.53 91.66 99.01 98.03 97.07 96.12 95.19 94.26 93.36 92.46 91.58 99.00 98.01 97.04 96.08 95.14 94.21 93.30 92.40 91.51 98.99 97.99 97.01 96.05 95.10 94.16 93.24 92.34 91.44 98.98 97.98 96.99 96.02 95.06 94.12 93.19 92.28 91.38

Trng hp thi gian o hn ri vo gia hai k trn bng tra th ta s tnh ton da vo hai cc chun. V d trng hp trn m c thi gian o hn trong 18 nm 9 thng chng hn, th ta tra thi hn 18- 6 c gi l 102,93 v thi hn 19- 0 c gi l 102,97, th gi tri phiu tng ng l 102,95, theo cch tnh sau: 102,93 + 102,97/2 = 102,95 Tng t ta c th tnh cho tng thng hoc na thng cch on,... tu theo yu cu. Gii thiu mt trnh t tnh ton li- sut- n- khi- o- hn Tng qut, li- sut- n- khi- o- hn c tnh theo cng thc: Thu nhp hng nm annual ROI / Gi trung bnh ca tri phiu average price

Khi mun tnh li- sut- n- khi- o- hn YTM, ta nn theo trnh t sau y: 1. Tnh thu nhp hng nm ROI: - Nu mua mc m gi discount - di mnh gi th chnh lch m gi c phn b prorated cho mi nm v thu nhp hng nm c xc nh bng php tnh: Thu nhp hng nm ROI = Tin li cng nhn mi nm + Chnh lch m gi c phn b Nu mua mc dng gi premium - trn mnh gi th chnh lch dng gi cng c phn b tng t, nhng khi tnh thu nhp hng nm th s tin s c tr i bt khi tin li nhn c hng nm. Thu nhp hng nm ROI = Tin li nhn mi nm - Chnh lch dng gi c phn b Ta nn lu rng tri phiu d c mua di hay trn mnh gi, vo thi im thanh l khi o hn cng ch c hon vn theo mnh gi. 2. Cch tnh gi trung bnh ca tri phiu: Gi trung bnh = Gi mua + Mnh gi / 2 3. Tnh li sut YTM. Khi tnh c thu nhp hng nm ROI tu theo trng hp v gi trung bnh, ta s tnh c li sut YTM. Li sut YTM = Thu nhp hng nm ROI / Gi trung bnh V d: tri phiu c li sut danh ngha 8%, c mua vi gi 110 tc $1100, chnh lch dng $100 v o hn trong vng 10 nm th li sut YTM s c tnh nh sau: * chnh lch dng gi phn b: $100 : 10 = $10 * Thu nhp hng nm ROI tri phiu mua trn mnh gi, chnh lch dng gi lm gim li nm $10: $80 - $10 = $70 * Gi trung bnh $1100 + $1000 / 2 = $2100 / 2 = $1050 * Li- sut- n- khi- o- hn YTM: $70 / $1050 = 0,0666 = 6,66%. Ta cng c th t cho mt v d khc khi mua tri phiu mc m gi ri da vo trnh t tnh li sut YTM.

Hai tri phiu gi m discount bonds c th s c li- sut- n- khi- ohn khc nhau. V d, c hai tri phiu 8%, mt o hn 5 nm, mt o hn 10 nm. Gi mua bng nhau, gi nh $900. Th nhng, ngi cm tri phiu 10 nm o hn th phi ch mt thi gian di gp i mi hng trn $100 chnh lch m gi, h kim c $10 phn b mi nm, hay 1% thu nhp gia tng. Trong khi , ngi cm tri phiu 5 nm o hn, phn chnh lch m gi $100 m h hng c ch phn b c 5 nm thi, do h kim c mc nhin $20 mi nm, hay 2% tng thu nhp. Nh vy tri phiu o hn 10 nm s c li sut YTM nh hn tri phiu o hn 5 nm. Gi c so vi li sut Khi cha c mt tip cn su vo tri phiu, v nht l th trng tri phiu, ta rt d t hi "tri phiu c li sut cng, mnh gi khng thay i th c g hp dn mua bn?" c xong phn ny ta s c mt khi nim hon ton khc. Tuy li sut c ghi trn tri phiu c gi tr p dng c nh sut i tri phiu , nhng khi li sut ton cnh ngoi th trng thay i, th cc tri phiu pht hnh sau s c li sut cao hn hay thp hn cc tri phiu hin hu. Cc tri phiu hin hu loi cu tro lc tr nn "li thi" so vi cc tri phiu mi, do m t bn thn chng s phi "thch ng" tn ti, hay ni cch khc gi tr hay gi cc tri phiu " c tui" ang tri ni trn th trng s thay i. y ta thy trc tin c ba yu t ti thiu hin din, gn nh l yu t cn, lm c s vn ng trong th trng tri phiu, l li sut tri phiu - li sut th trng - v s ra i cc tri phiu mi. Khi li sut chung ngoi th trng interest rates tng, tri phiu hin hu trn th trng tr nn km hp dn, li sut ca chng thp hn li sut ca cc tri phiu mi pht hnh, do m gi tr hay gi ca chng s gim. Ngc li, nu li sut th trng gim th gi tr hay gi ca tri phiu ang lu hnh s tng do n c nh gi cao hn loi tri phiu mi c li sut thp hn. Kt lun s cho ta mt khi nim c bn: gi tri phiu v li sut c lin quan thay i nghch nhau, ta c th hiu theo minh ho di y: Li sut Tng quan thay i gia li sut th trng a y n hu qu thay i gi ca tri phiu hin hu l mt khi nim rt quan trng, kt lun l gch ca vn l:

Li sut tng, gi gim Li sut gim, gi tng l cch ni gn cho d nh. Cn khi lin tng vn ta phi hiu li sut l li sut th trng v gi l gi tri phiu c hin ang lu hnh. Chnh xc hn l din bin nghch c tnh nhn qu gia khon u t v li sut. Cc thay i v gi c tri phiu v h qu li sut tri phiu Kt lun m ta va c c t kho st trong phn trn nh ni rt quan trng. Bi l, khi li sut th trng thay i th gi ca tri phiu trn th trng s thay i theo. Khi gi ca tri phiu thay i th h qu l li sut yield ca tri phiu s thay i. Gi giao dch tri phiu trn th trng so vi mnh gi nm ba mc: bng gi par, m gi discount v dng gi premium. Ta s kho st ba mc gi giao dch trn xem chng s cho cc li sut ra sao. Gi nh loi tri phiu kho st c mnh gi 10.000.000, li sut 10% nm v o hn 10 nm. Tri phiu bng mnh gi: Tri phiu bng mnh gi par bond khi c ngi u t mua vi gi 10.000.000. - Li sut- danh- ngha chnh l li sut tri phiu 10%. - Li- sut- hin- hnh: Ngi u t b ra 10.000.000, mi nm nhn li 1.000.000, do li sut hin hnh cng 10%. - Li- sut- n- khi- o- hn: Tri phiu c mua bng mnh gi v s c thanh ton bng mnh gi khi o hn, khng c mt khon chnh lch hay thu nhp no khc cho nn li-sut- n-khi-o-hn cng ch l 10%. Tm li tri phiu giao dch bng mnh gi c c im li sut nh sau: Li- sut- danh- ngha = Li- sut- hin- hnh = Li- sut- n- khi- ohn Tri phiu m gi discount bond: Mt khi li sut th trng tng cao hn 10%, nhng tri phiu mi c pht hnh s c li sut cao hn 10%. Ngi mua tri phiu mi nhn li cao hn ngi cm tri phiu c. iu ny lm cho tri phiu c c li sut danh ngha 10% phi gim gi xung thp hn mnh gi khi giao dch, iu ny c ngha to ra mt li sut tng ng c tnh cnh tranh vi tri phiu mi ang cho li cao hn. Nu tri phiu 10% c c mua vi mc

9.000.000 90% mnh gi chng hn, th tri phiu c c im v li sut nh sau: - Li- sut- danh- ngha hng li nh k khng thay i. - Li- sut- hin- hnh s cao hn li sut danh ngha, do khon u t t hn ch 9.000.000 m vn hng li nh c 10% ca mnh gi 10.000.000. Ta c: 1.000.000 / 9.000.000 = 11,11% - Li- sut- n- khi- o- hn trong trng hp ny s cn cao hn li suthin- hnh. Bi v ngi u t b ra 9.000.000, o hn nhn c 10.000.000. Chnh lch 1.000.000 ny lm gia tng thu nhp u t tnh n khi o hn. Vic tnh ton li- sut n- khi- o- hn c th tra bng bng tra tri phiu hoc tnh tng i bng cch dng cng thc trong phn trn, trng hp ny ta c 11,57%. Cc loi li sut trong mt tri phiu m gi lun lun c c im tng quan nh sau: Li- sut- danh- ngha < Li- sut- hin- hnh < Li- sut- n khi- o- hn YTM Li sut n khi o hn 11,75% Li sut hin hnh 11,11% Li sut danh ngha 10% Tri phiu dng gi premium bond: Tri phiu c gi dng trn mnh gi l trng hp ngc li ca tri phiu m gi, xut hin khi li sut th trng gim, tri phiu pht hnh mi s c li sut gim thp hn 10% so vi loi tri phiu ang c dng lm v d. Lc ny ngi u t v mt ng c no sn sng chu tr cao hn mnh gi mua li loi tri phiu 10%, thay v h cng c th mua loi tri phiu mi pht hnh bng mnh gi, nhng vi li sut thp hn 10%. l cch l gii d hiu do u m tri phiu c mt gi dng trn mnh gi. Nu gi tri phiu ta ang dng minh ho c mua vi gi 11.000.000 dng 1.000.000 trn mnh gi th: - Li sut danh- ngha vn c duy tr 10% nguyn thu nh cam kt khi mi pht hnh 1.000.000 mt nm. - Li- sut- hin- hnh b gim i do tin b ra u t mua cao hn 11.000.000 nhng thu nhp mi nm khng tng 10% ca 10.000.000 bng 1.000.000.

1.000.000 / 11.000.000 = 9,09% Li- sut- n- khi- o- hn cn thp hn li- sut- hin- hnh. Bi v d chi ra cao hn mua gi 11.000.000 khi o hn ngi u t cng ch c hon vn "vi gi chnh thc" 10.000.000. Chnh lch tr cho phn di ln lc mua vi gi th trng c phn b u cho tng nm v ko li sut "tnh ng tnh " YTM xung thp nht so vi hai loi li sut trn. Tnh ton li- sut YTM ny ta thy n vo khong: 1.000.000 100.000 / 10.500.000 = 900.000 / 10.500.000 = 8,57% 10.500.000 l trung bnh gi ca 11.000.000 v 10.000.000 Kt lun khi qut c t mt tri phiu giao dch dng gi s lun lun cho ta mi lin quan v li sut nh sau: Li- sut- danh- ngha > Li- sut- hin- hnh > Li- sut- n- khi- ohn YTM Li sut hin hnh 10% Li sut danh ngha 9,09% Li sut n khi o hn 8,57% Trong cc phn trn ta thy chnh yu t li sut th trng interest rates thay i lm gi tri phiu dch chuyn lch khi mnh gi, iu ny ng ngha vi vic n lm cho li sut dch chuyn lch khi li sut tri phiu c li sut cng mt t l tng ng. Hai yu t quan trng khc lin quan n tm l u t gm uy tn ca t chc pht hnh v thi gian o hn ca tri phiu. cn tip Nn tng tri phiu v cch tnh ton li sut - phn 3 Li sut v uy tn t chc pht hnh Uy tn ca t chc pht hnh nh hng khng nh n li sut v gi tri phiu. y mt ln na ngi ta nhc n quy lut mo him trong lm n gia "c hi thu li nhiu v kh nng ri ro cao". D tri phiu l mt quan h n, nhng ngha v v phm cht ca ngi i vay t chc pht hnh huy ng = issuer s c chng mc khc nhau. Nhng "chng mc" nn c hiu mt cch tng i trong th gii ring ca tri phiu v thng

khng lin quan g ti tnh trung thc hay b hiu lm l la o. Tri phiu vi cc cht lng khc nhau hu nh c by ra cng khai theo kiu "hng no gi ", hay s tng quan gia cht lng v gi c. Nhng chng mc c th l bn cht ngnh ngh, loi hot ng hay mt thc trng lm n ang gp kh khn c ri ro cao thp khc nhau. Do m trong th trng tri phiu, ngi u t c thn kinh mnh sn sng chp nhn cc t chc pht hnh c th b ri ro cao, b li nu tt p h s hng hng hoa cao. Khc no phn thng dnh cho nhng ngi gh vai chia la khi mt doanh nghip b sng gi hoc lc khi u nan v nay ngon lnh! Vic xp hng tri phiu c cc t chc phn tch chuyn nghip m nhn v cng b. Ni ting nht hin nay l cc hng ca M nh Moodys, Standard & Poors, v Fitchs Investors Service hot ng khng nhng ti th trng M m cn cho nhiu th trng khc trn th gii. H xp hng chng khon bng k hiu mu t gn ging nhau theo cp cao thp nh sau: Moodys Aaa Aa A Baa Ba B Caa Ca C S&Ps Fitchs AAA AA A BBB BB B CCC CC C D AAA AA A BBB BB B CCC CC C DDD Thng hng Cao Trn trung bnh Trung bnh Thng

DD D nh k, cc t chc phn tch s duyt li cc hng c xp, v theo mt tri phiu c th xung hng hoc ln hng. Loi tri phiu AAA, chng hn, c m t l loi c kh nng tr li v gc c bit mnh. Trong kh , loi CCC c nh gi l c th mt kh nng thanh ton default hay b nghi ng nhiu v kh nng tr li v tin gc. M, lut l khuyn co cc nh u t mang danh ngha t chc institutional investor - ang qun l tin ca qun chng hay ca ngi khc ch nn u t vo tri phiu t loi c xp hng BBB tr ln lut Prudent Man, vi yu cu cn va sng sut va thn trng. Cc loi tri phiu nm trong khung xp hng cn c gii chuyn nghip xem l loi dnh cho hot ng u t. Cn cc loi t B xung thp hn dnh cho mc ch u c nhng ngi mua thng khng v gi tr m c th ch t k vng vo mt tng lai tt hn c thu nhp cao hn mc bnh thng. Mt th hin uy tn gim st qua nh gi s l du hiu ri ro tng, li sut cc tri phiu loi ny do b buc phi tng g gc!, iu ny lm cho gi tri phiu ang lu hnh ca loi gim. Din tin nhn qu gia gi c v li sut th hin y rt r. Ngc li, nu tri phiu c xp hng tng ln th an ton ca n tng, li sut tri phiu ca t chc pht hnh s gim, hoc gi tri phiu ca h ang giao dch trn th trng s tng. Nh pht hnh phi c yu cu v tr chi ph cho vic phn tch v xp loi tri phiu. Tuy nhin, cng cn lu rng ch c cc tri phiu c lng pht hnh tng i ln mi cn xp hng. iu ny khng c ngha l cc tri phiu c quy m pht hnh nh th c tin cy km, n gin ch l v n qu nh nn chng b thi

Li sut so vi o hn Ngi u t c chung mt tm l mun hng cao hn khi cho vay mua tri phiu di hn. Bi v nhng mn tin b ra cho ngi khc s dng cng lu cng d b ri ro: Tm l mun thu hi vn cng nhanh ny c th c "xoa du bng thu nhp hp dn. Do m tri phiu c o hn di hn s c li sut cao hn tri phiu o hn ngn hn. Ni chung, cc tri phiu c o hn khc nhau s c li sut khc nhau. ng biu din tri phiu ng cong li sut: ng biu din tri phiu c th hin trn mt th quy chiu c trc honh ghi thi gian o hn v trc tung l li sut. Ni cc im quy chiu tng ng tng li sut i vi mi o hn ta s c c ng biu din ca mt tri phiu. ng ny lun cho kt qu l mt ng cong do nhng gii hn c tnh c l bi vy cho nn ngi ta thng gi l ng cong li sut yield curve - ng cong thng: Cc li sut nhn chung c khuynh hng tng khi c o hn di. ng cong li sut th hin cc li sut thp tng ng vi cc o hn ngn, v li sut cao ng vi o hn di theo mt chiu hng mc nhin th l ng cong thng normal yield curve. Loi ng cong ny thng th hin nhng iu kin kinh t bnh thng ti hu ht cc th trng. Do c im c tnh c l ta c th thy li sut s bin i trong khong no y thi, o hn ngn hn hoc di hn n c th ch thay i rt t hoc khng thay i na. - ng cong nghch chuyn: Tuy nhin trong mt vi bi cnh th trng, li sut khng phi lc no cng din bin bnh thng hay dng tuyn positive. Chng hn vo thi k c cc iu kin kinh t c bit nh lm pht cao, nhu cu vn trong nn

kinh t tng mnh v vt kh nng p ng vt cung, lc ng biu din s l mt ng cong nghch chuyn inverted yield curve. Ta lu l li sut trong on k c th mc rt cao, cao nht i vi cc o hn ngn v gim dn khi thi gian o hn di hn. Li sut s h nhanh xung trong mt thi gian hp l cc thnh t ca nn kinh t iu chnh. Sau li sut s hi chuyn bnh thng, v ln na ta thy n s thay i rt t v ri hu nh gi nguyn i vi cc o hn di. Thut ng ting Anh gi l cc ng cong thng, ngoi normal cn c positive dng, ascending ngng ln, hay upward sloping yield curve dc ln. Tng ng vi ng cong nghch l negative m, descending h xung, hay downward sloping yield curve dc xung. - Bin ng li sut so vi o hn: Khi ta v hai ng cong thng v nghch chuyn ln cng mt th ta s thy li sut bin ng nhiu cc tri phiu cng ngn hn ri gim dn cc tri phiu cng di hn. Hay c th ni nhng tri phiu cng di hn li sut cng tin n n nh. S cn bng s xut hin v to ra mt ng biu din li sut thng, l giai on trung dung. Cng cn lu rng trong thc t, khi din t li sut ti mt thi im, khng th c dng th "kp" ny. y ch l dng phi tham kho hay phc v cho mc ch minh ho. Bin ng gi so vi thi gian o hn Tham kho v bin ng li sut so vi thi gian o hn trn y cho kt lun: Li sut ca tri phiu o hn ngn s bin ng nhiu hn tri phiu o hn di. Nhng gi c tri phiu li c bin ng ngc li. Cc tri phiu o hn di c gi c bin ng nhiu hn gi tri phiu c o hn ngn. cho d kho st c im ny, trc tin ta cn nh li ni dung v "s thay i ca gi tri phiu v h qu li sut" trnh by trong cc phn

trn: i vi tri phiu m gi discount bond th li sut tng, gi gim. i vi tri phiu dng gi premium bond th li sut gim, gi tng. Nh ta bit, li- sut- th- trng interest rates to ra tng quan nhn qu gia li sut v gi tri phiu. Khi li- sut- th- trng tng th cc tri phiu mi pht hnh s c coupon cao hn, hp dn hn coupon ca cc tri phiu ang tri ni. Coupon vn l "hng hoa" ca tri phiu, nhng coupon khng th thay i c nn cc tri phiu n ch ny nu khng mun b loi ra khi "ch i" th ch cn cch phi h gi. iu ny mc nhin buc cc "ch" s phi tng li- sut- n- khi- o- hn YTM ln, ch t cng ngang bng vi "hng hoa ca n em", vn cnh tranh, duy tr hp dn, nht l v ci c phi cn tn ti cho ht i. Nghim tc!. Mt phn li- sut- n- khi- o- hn YLM ca tri phiu m gi phn nh trong phn tng ln t khon u t ban u so vi thi im o hn mua gi thp hn mnh gi v c tr n bng mnh gi. Thi gian ch i nhn khon gia tng ny cng di bao nhiu th nh u t cng "mun" khon nhiu hn by nhiu - c khc no tm l so b. Do ta suy ra c rng, c cng mt mc tng li sut, gi ca loi tri phiu di hn phi gim nhiu hn gi ca tri phiu ngn hn - ni cch khc chnh lch m gi ca tri phiu di hn cn tng tng ng vi thi gian, gi mc phn b theo nm khng thay i, tc gi tri phiu phi thp hn. Nu ch ny cha c r rng th ta c th dng cng thc tnh YTM nghim li ng d tip thu hn. Trng hp ngc li, khi c mt bi cnh li- sut- th- trng st gim, cc tri phiu mi pht hnh s c coupon thp hn coupon ca cc tri phiu c ang lu hnh. Cc tri phiu c do c li th v hp dn hn tri phiu mi, v ng nhin cn c nhn li cao di di. V vy m gi ca chng s dng cao hn mnh gi. Gi dng cao l kt qu mc nhin

ca s ni chnh, v li- sut- n- khi- o- hn ca tri phiu c s hi nhp gim theo cch mn cm vi li sut th trng hay coupon tri phiu mi. Mt phn li- sut- n- khi- o- hn ca tri phiu dng gi c phn nh phn hao ht t khon u t ban u so vi khi n o hn t gi mua cao gim xung ng mnh gi. Khi mua tri phiu, ngi u t tr mt chnh lch cao hn mnh gi premium, do , thi gian khu tr cng di bao nhiu th h "sn sng" chp nhn tr khon cao by nhiu. T suy ra, cng mt mc gim li sut s cho kt qu gi tri phiu di hn tng nhiu hn gi tri phiu ngn hn. cho mt c ta c th hiu vn qua mt lin tng n gin: Cng mt cng c chn la, loi no xi lu hn s c gi cao hn. Nh vy, chng ta cn nh mt khi qut quan trng: Khi li- sut- th trng tng th cc tri phiu di hn c kh nng st gi nhiu hn cc tri phiu ngn hn. Khi li- sut- th- trng gim th cc tri phiu cng di hn c gi tng nhiu hn. Gim nhiu hn hay tng nhiu hn cho ta kt lun: s thay i ca li sut th trng lm cho gi ca tri phiu di hn bin ng nhiu hn gi tri phiu ngn hn. Cc trng hp gii ngn tri phiu trc o hn iu kin thu hi: Mt c trng ca cc loi chng khon c thu nhp c nh l t chc pht hnh c th tr tin li thu hi tri phiu trc khi o hn. C phn u i preferred stock cng c im tng t. Tuy nhin, cc iu khon v c im thu hi call features ny phi c xc nh c th trn cc vn kin lc pht hnh. c im c th thu hi callable to iu kin thun li cho t chc pht hnh, v h c sn trong tay mt kh nng quyt nh cn m . iu

ny rt cn thit v l v kh li hi i vi cc cam kt di hn nh tri phiu. H s s dng quyn thu hi khi li- sut- th- trng gim, chi ph vn c th iu chnh xung thp, bng cch thu hi cc tri phiu c coupon cao v pht hnh tri phiu mi li sut thp hn. Cng c th sau mt thi gian lm n tch lu kh, ti chnh cng ty lc quan cho nn cng ty khng cn cn phi duy tr gnh nng li tri phiu, h s thu hi ton b hay mt phn tri phiu pht hnh. Tuy nhin, tm l chung ca ngi s hu tri phiu l khng mun tri phiu m h ang nm gi b thu hi trc o hn. Bi v tri phiu b thu hi l loi hu nh c coupon tr li cao hn loi mi pht hnh ngoi th trng. iu kin thu hi th hin trn tri phiu cn c th lm cho tri phiu chng mc no kh bn hn. Nhm bo v ngi u t v trnh s tu tin ca t chc pht hnh, cc th trng lun t ra cc quy nh v thi gian ti thiu khng c thu hi, v thng i hi cc nh pht hnh ch c thc hin iu khon thu hi mc hon tr cao hn mnh gi. Tt c cc thng tin v cc iu kin thc hin thu hi s nh hng trc tip n ngi u t v mi trng u t, nn cn c ph bin r rng v c s cn nhc. Thu hi bng qu tch lu: Cc cng ty c pht hnh tri phiu thng lp ra mt qu chuyn dng gi l qu tch gp hay qu ring, theo kiu "ng hi cht", nn ting Anh gi l "sinking fund", trn c s nhng khong tin trch gi mi nm. Qu ny, d vy, cha hn ch dng thu hi tri phiu. Nhng thng l mc ch chnh. N phc v cho vic thu hi tng phn tri phiu da theo cc iu kin thu hi xc nh trc. Qu thu hi c th c lp theo cch bt buc hoc tu nghi. Bt buc l khi c quy nh cng ty phi trch b tin vo mi nm v n nh lun c lng tin gc cn thu hi theo

thi gian. Tu nghi l ch trch tin vo qu khi tnh hnh ti chnh cho php v ch thu hi khi c iu kin kh d. Ngi ta gi chung cc cch thu hi bng qu trch lp ny l thu hi bng qu tch gp sinking fund call. Lp qu hon n: Vic lp qu ti tr hon n refunding l thu li cc chng khon ca cng ty ang lu hnh c coupon cao hn li- sut- th- trng. Bin php tnh th ny c thc hin sau mt qu trnh th trng c li sut gim lin tc. Doanh nghip s pht hnh mt t pht hnh mi vi li sut thp hn v dng s tin huy ng c vo mc ch ho gii ton b hay mt phn thng ch mt phn n c nng li. Tri phiu pht hnh mi gi l tri phiu ti tr refunding issue hay refunding bond. Lut l v ti chnh v chng khon lun cn ch nh v gim st cht ch cc hot ng mang hi hm "k thut" ny, nhm mc ch bo v ngi u t v ngn nga nhng th thut kiu "nc hoa Thanh Hng". Nhng bin php c p dng nh: th tc cng khai bt buc, chuyn i ngay tin huy ng mi sang tri phiu chnh ph, hp ng lu gi lng huy ng vi bn th ba trong ti khon escrow, thng l vi mt ngn hng, v ng nhin phi c cam kt ch dng ngun ti chnh ny tr li v gc tri phiu c mua li. Tu chn bn lui cho t chc pht hnh: Mt s loi tri phiu, thng l tri phiu th hay a phng, c iu khon c bit v kh nng hon li tri phiu nhn tin gi l put hay tender option. Nhng tri phiu c c im ny cho php ngi s hu c th yu cu t chc pht hnh thu hi tri phiu v tr li tin, thng l bng mnh gi, trc ngy o hn. Tu theo tnh hnh v iu kin qun l ca tng t chc huy ng, nhng tri phiu mang c im bn lui c ny c th ch c gi tr vo mt thi im quy nh thi, hoc d dng hn,

bt u c hiu lc vo mt ngy no v lp li mi nm sau . y l mt n hu dnh cho ngi mua cc tri phiu di hn, nhng ng thi h cng phi chp nhn mt li sut thp, thng thng tng ng vi tri phiu ngn hn. Ngoi ra, ti nhiu th trng ti chnh, cn c vi loi tri phiu "bn lui" c bit khc. V d loi "tri phiu bn lui tm c" poison-put bond cho php ngi s hu c quyn bn lui li tri phiu ly tin, thng l bng hoc cao hn mnh gi, trong trng hp cng ty tr thnh mc tiu b mua t take-over theo mt tim quyn qun l, v v ngi u t khng thch li vi nhng ngi ch mi ca cng ty na, h c quyn bn i, theo kiu cho b ght. c im ca tri- phiu- bn- lui- tm- c l mt cng c khng km li hi v thm thu. Li- sut- n- khi- thu- hi: Vic tnh ton li sut i khi rt cn s chnh xc, do m ta cn bit ngoi cc loi li sut phn tch trn, cn cc li sut thng c quan tm khc l li- sut- n- khi- thu- hi yield- to- call hoc li- sut- nkhi- bn- li yield- to- put. Hai li sut ny c cch tnh gn ging nhau. i vi li- sut- n- khi- thu- hi th cch tnh tng t nh cch tnh li- sutn- khi- o hn YTM. Ch khc l thi gian n khi thu hi years to call th lun lun ngn hn thi gian n khi o hn year to maturity, do s c h qu: - Tri phiu c mua m gi c li- sut- n- khi- thu- hi s lun cao hn li- sut- n- khi- o- hn. - Tri phiu c mua dng gi th li li- sut- n- khi- thu- hi s l thuc vo tng quan gia gi mua v gi thu hi. Nu gi mua cao hn gi thu hi th li- sut- n- khi- thu- hi s thp hn li- sut- n- khi- o-

hn. Nu gi mua thp hn gi thu hi th li sut n- khi- thu- hi s cao hn YTM. - Tri phiu mua bng mnh gi th hai loi li sut ny bng nhau. Chng ta c th t cho vi v d v dng trnh t tnh ton nh cch tnh lisut- n- khi- o- hn, ch cn thay th yu t cho ph hp, th s d nhn dng v nh lu hn. Mt v d v cch ng gi yt ca tri phiu cng ty Ta s kho st mt v d cho gi ca th trng M. Khi tm hiu v cch cho gi tri phiu ca M, ta cn lu mt khc bit rt cn bn: tri phiu nh nc phn l c cho theo cc cch bit 1/32 increment: gia s - gi theo li dn d Vit Nam c th l "gi", trong khi , tri phiu cng ty li c cho vi cc cch bit 1/8 trn mt im tri phiu 1 im tri phiu bng 1% mnh gi - k t nm in 1997 s l c phiu c tnh 1/16, d tr nm 2000 s tnh n 5% ri 1%. Ta c th xem minh ho cho gi tri phiu chnh ph trong bi "chng khon chnh ph. V d di y l mt trch ng gi yt trn bo mnh gi chun cc tri phiu minh ho l $1.000. 1 Tri phiu ABC 7s02 BAC 9s07 CAB Zr08 DAB 7s01f 2 Li sut hin hnh 8,21 cv 3 Gi tr giao dch $1.000 160 87 120 15 4 Gi ng ca 851/4 52 16 1/4 65 5/8 Chnh lch +3/8 -2 5

Ct 1: Ch tn ca cng ty pht hnh, li sut danh ngha v nm o hn. 7s02 l coupon 7% o hn nm 2002, ch s separate dng phn bit gia hai con s thi, n khng c ngha g khc. CAB Zr08 l tri phiu khng

mang li zero coupon ca CAB, o hn nm 2008. Cn DAB 7s01f, ch khc ch "f flat, y l du hiu cho bit tri phiu ang c giao dch khng cn c tnh li. Mt s cng ty c tnh trng c bit th tri phiu khng cn c tr li, v d ch ph sn. Ct 2: Ch li sut hin hnh current yield theo cch tnh tng ng vi gi th trng. K hiu "cv" convertible l loi tri phiu c c tnh chuyn i c ra c phn thng. Th trng Vit Nam ta c th dng ch "c" chng hn. Ct 3: Ch gi tr giao dch, nhn vi $1.000. V d 160 l $160.000, 87 l $87.000,... l s c bn trong ngy. Ct 4: Ch gi ca tri phiu vo thi im ng ca th trng. Tri phiu ABC chng hn c gi ng ca l 85 1/4. Gi tuyt i trn th trng l 852,50 851/4% ca $1000 mnh gi. Ct 5: Ch thay i thc gia gi ng ca k ny so vi ln trc . Loi tri phiu ABC tng ln 3/8% + 3/8 hay + 3/8 im so vi gi ng ca ngy giao dch trc. Gi hin nay l 851/4 th suy ra gi ng ca ca ngy trc l 847/8. kt thc phn tm hiu v tri phiu ny, chng ta c th tham kho thm mt cht v cch xp th t u tin thanh ton da trn gi tr thanh l ca mt cng ty khi b ph sn chng hn nh sau: u tin 1: Thanh ton n tin lng u tin 2: Thanh ton n thu u tin 3: Thanh ton cc khon n ng mortgages u tin 4: Thanh ton cc khon n c m bo secured liabilities/bonds u tin 5: Thanh ton cc khon n thng khng m bo debentures u tin 6: Thanh ton cc khon n b l thuc subordinated debentures u tin 7: Thanh ton cc c phn u i preferred stocks u tin 8: Thanh ton cc c phn thng, nu cn common stocks.

T u tin 7 tr ln nu vic thanh ton kh d c tr th s da vo nhng khon c nh. Ring u tin 8, cn li bao nhiu s chia ht cho c ng by nhiu hoc c th h chng c g. Chng khon chnh ph u nm 1998, khi ng Yen ca Nht Bn st gi nghim trng th ti th trng M, chm sau mt cht, li sut tri phiu kho bc nh nc o hn 30 nm T-bonds chuyn dch nhy cm theo hng h xung. Ti sao vy? y l phn ng t nhin ca th trng ti chnh th gii. Tm l lo s b l nu c tip tc gi ng Yen hoc trng hung khng an tm trc mt bi cnh ti chnh bp bnh lm cho ngi u t, nht l ngi Nht, i tm mt ch n nu khc, h chiu c tp trung vo nhng cng c an ton hn, lc cc T- notes v T- bonds ca M l sn phm thay th tuyt vi. Khi ngi ta x i mua nhng tri phiu , iu tt yu l gi ca chng s ln. Trong mua bn tri phiu, gia gi c mua bn v li sut thc li sut hin hnh - current yield ca u t tri phiu din ra i nghch. Do vy m khi gi tri phiu ln trng hp ny l T- bond th li sut s h. Cu chuyn c v n gin, m khng, n kch thch s xt on ca ta y. Ngy nay, ti cc nn kinh t hi nhp, tri phiu ca chnh ph khng ch ng vai tr iu tit v m theo cch truyn thng m cn l cng c huy ng vn vt bin gii mt quc gia rt c cc nh nc a chung. Ring cc tri phiu kho bc M t lu cn c nhiu nc, t chc v c nhn s dng nh mt phng tin d tr. Do lch s to lp v iu hnh n nh, chng c mt gi tr tham kho rt cao. Chng khon do chnh ph M pht hnh n v pht hnh chng khon n ln vt tri ti M l chnh quyn lin bang. Khon vay mn cp nh nc ny c mt nh hng quan trng i vi th trng chng khon ni ring v c nn kinh t M ni chung.

Loi chng khon m chnh ph M c ngha v trc tip direct obligations c gi l "Treasuries" tng t cng kh phiu, vit tt l T. Nhng loi ny bao gm tri phiu ngn hn T-bills, tri phiu trung hn T- notes v tri phiu di hn T- bonds. Cc tri phiu dng "T" ny ca chnh ph c xem l phng tin u t c an ton cao nht i vi mi gii u t. Xp hng di mt cht l cc tri phiu i din hay trung gian ca chnh ph c gi l "agencies", bao gm mt lng ln chng khon do t chc i din thuc quyn nh nc M hoc cc t chc ti chnh t c chnh ph bo tr. Cc tri phiu trung gian c loi c chnh ph M bo m cp nh nc, nhng a s l khng. Chng khon c chnh ph pht hnh lun c xem l loi c tin cy cao nht trn cc th trng n. Ngi cm tri phiu chnh ph c xem l khng c ri ro v tn dng. Cc chng khon kho bc nh nc ca M, chng hn, c bo m bng ngha v tr n trc tip t chnh ph lin bang nn s khng c chuyn bi tn. Trong khi , hu ht cc chng khon c quan lin bang khng phi l loi m chnh ph cam kt v ngha v n trc tip d vn l th c nim tin cao, nhng du sao chng cng khng c xem l tuyt i nh loi "T" c. Tri phiu ngn hn Tri phiu ngn hn T- bills l nhng giy n trc tip ca chnh ph c thi gian o hn l mt nm hay t hn. T- bills ngy nay c pht hnh vi cc o hn nh 91 ngy 13 tun hay 3 thng, 182 ngy 26 tun hay 6 thng v 52 tun 1 nm. Loi ny ch c pht hnh theo hnh thc bt ton ghi s book - entry form, khng c cc chng ch cm tay. Vic chuyn i s hu c thc

hin bng th thc ghi s nht k. Mnh gi ti thiu ca T- bills l 10.000USD. T- bills c pht hnh ln u v mua bn theo mt mc chit khu trn gi mt mnh gi. Do vy m chng cn c gi l loi "chng khon chit khu". Khi o hn, T- bill c thanh ton theo gi tr ghi trn mt tri phiu. S chnh lch gia gi tr mt v chit khu c xem nh tin li. Do T- bills khng tr li nh k, chng c mnh danh l "chng khon khng mang li" non- interest bearing securities. T- bills c pht hnh theo phng thc u gi cnh tranh. Lng u gi cnh tranh mua ti thiu trong t pht hnh mi l 500.000 USD. Tuy nhin chng cng c th c mua theo mc gi khng cnh tranh noncompetitive bid. Ngi u t ngh mua vi mc gi khng cnh tranh s tr theo gi trung bnh ca cc gi b thu cnh tranh hp l ti cuc u gi , v ngh t mua s c cam kt tha mn, nhng ch gii hn ti a lng mua c l 500.000USD thi. Tri phiu trung hn Tri phiu trung hn T- notes c pht hnh theo mnh gi ti thiu l 1.000USD v ti a l 1 triu USD, c thi gian o hn t 1 nm n ti a l 10 nm. T-notes c tr li mi 6 thng mt ln. Ngi u t c th chn la cch gi T-notes, hoc h nhn cc chng ch tri phiu k danh y fully registered certificates hoc, nu mun, h c th thc hin vic ng k s hu bng bt ton ghi s c qun l bng my in ton bookentry form. c bit cc T- notes o hn di nm nm c n nh mnh gi pht hnh ti thiu l 5.000USD.

Vo thi im o hn T- notes c hon tr bng tin mt theo mnh gi ghi trn tri phiu. Chng cng c th c iu chnh li mc tr li khi li sut chung ca th trng xung thp da vo th thc lp qu hon tri refunding - pht hnh tri phiu mi li sut thp hn theo quy nh ca lut php v tp qun ti chnh. Tri phiu trung hn c th mua ti cc ngn hng, cc cng ty chng khon hoc c th lin h trc tip vi Ngn Hng D Tr Lin Bang. Cc T- notes c mua bn nhn nhp ti cc th trng th cp. Tri phiu di hn Tri phiu di hn T- bonds chim phn nh nht trong c cu n huy ng bng cc chng khon chnh ph. Tri phiu di hn c thi gian o hn ti thiu l 10 nm v c th di n 30 nm. T- bonds c pht hnh vi mnh gi t 1.000USD n 100.000USD, li sut c tr mi 6 thng mt ln. Cch bn cng ging nh T- notes, theo hnh thc cc chng ch k danh y c li nh k cng c tr bng chi phiu cho chnh tn ngi ch tri phiu hoc bt ton ghi s vn l loi k danh y . Cc T- bonds, do c thi gin o hn qu di, thng hay c ghi thm iu kin thu hi. iu ny cho php chnh ph c th mua li chng khon mnh gi sau mt thi gian c xc nh trc, v d t nm th 20 tr i chng hn. Thi gian ny thng c cn nhc di to hp dn cho vic tip th pht hnh t tnh kh thi. Cc chng khon n ca chnh ph M lun c thu hi theo mnh gi; khc vi cc tri phiu cng ty thng p dng vic thu hi vi mt khon u i premium gi cao hn. Tri phiu khng li sut loi c gc t tri phiu chnh ph

Tri phiu phi li sut zero coupon bonds trong "gia nh" tri phiu chnh ph l mt loi chng khon c sinh ra t sn phm gc l tri phiu chnh ph, nn chng cn c gi l cc "bin nhn tri phiu chnh ph" Treasury receipt. T nm 1985, chng cng cn bit n di ci tn ghp STRIPS vit tt ca: Separate Trading of Registered Interest and Principal of Securities cng c giao dch th cp tin li v tin gc ring bit, y l mt loi phi sinh trong TTCK. Cc cng ty mi gii v kinh doanh chng khon ca cc T- bonds sau gi vo cc ngn hng ri bn cc "receipts" tng ng ring cho tin gc v tin li. Cc tri phiu phi li sut nh vy c bo m bng ti sn th chp l cc tri phiu chnh ph trong mt ti khon trung gian escrow do mt ngn hng gim h nm gi v quyn li ca ngi u t mua receipts. Qu trnh ny c ch nh bng lut theo ni dung "y thc qun l ti sn", lut M gi l "trust". Cc tri phiu phi li sut hay "bin nhn", hoc STRIPS c mua bn di dng bt ton k danh y . Loi chng khon "sn phm ph" ny t gi tr trn nn tng l cc tri quyn m chnh ph c ngha v tr n trc tip, nn vic thc hin pht hnh v mua bn thng do cc ngn hng v cc nh kinh doanh chng khon ln mi c kh nng qun xuyn. Tuy nhiu ngi ni rng cc chng khon phi li sut khng b l thuc vo cc ri ro trc tip v li sut, v chng c pht hnh bng mt chit khu kh su v c hon tri theo mnh gi, nhng trong trng hp li sut ngoi th trng tng cao, ngi u t vn b ri ro c hi. c bit, bn cht cc tri phiu phi li sut cc Treasury receipts c bin ng gi trong th

trng th cp kh ln, nht l cc T- receipts cng di hn. Nu c dp chng ta c th tm hiu k hn v cc cng c u t "zro- coupon bonds". Th tc pht hnh tri phiu mi ca chnh ph Cc chng khon ca chnh ph c min p dng theo lut chng khon lin bang. Vic pht hnh khng phi lp h s vi SEC y Ban Chng Khon v TTCK Hoa K nh trng hp tri phiu cng ty. Cc tri phiu ngn hn, trung hn v di hn c bn thng qua cc cuc u gi nh k. Nhng ngi c nh mua s np cc ngh mua tenders hay offers to buy cho Hi ng D tr Lin bang l nhng ngi ng vai tr iu hnh ngn kh M. Cc t chc chng khon ln u vi nhau mua chng khon ca t theo hnh thc cho gi cnh tranh competitive tenders. Cc cho gi nh vy s nu gi v/hoc li sut m t chc sn sng mua chng khon sp pht hnh. Nh cp s qua trong phn trn, mt c nhn cng c th mua trc tip cc tri phiu trong cc t pht hnh u gi bng cch tham gia mt cho mua "khng cnh tranh". Tt c nhng ngi cho mua u c chp thun trc, mc d li sut tri phiu yield m h s nhn ch c quyt nh sau khi cc cho mua cnh tranh c chp thun, v lun l mc trung bnh ca cc cho mua cnh tranh t . Loi tri phiu ngn hn, T- bills 3 thng, T- bills 6 thng, c u gi hng tun, vo ngy th Hai, cc T- bills ny c pht hnh ra vo ngy th Nm tun . Loi T- bills mt nm c u gi mi 4 tun l mt ln, v thng c t chc vo ngy th Nm, cc tri phiu s c pht ra vo th Nm ca tun l k tip.

Cc T- notes v T- bonds c u gi mi qu theo lch c cng b nh k. Nh ta bit, cc T- strips c hnh thnh trn th trng giao dch, ngn kh nh nc khng ng ra pht hnh cc loi chng khon theo hnh thc bc tch ny cc STRIPS c gi mt cch hnh tng l stripped form. Mua bn th trng th cp Cc chng khon ca chnh ph khng c nim yt ti sn giao dch, thay vo chng c mua bn trn th trng phi tp trung OTC. Loi chng khon ny ch yu c mua bn theo quy m khi lng ln gia nhng nh u t nhn danh t chc vi nhau.

Cch ng gi cho ca T- bills:

T- bills c nu gi da trn c s mt li sut chit khu. Li sut T- bill th hin phn trm gi tr ghi trn mt ca chng khon . Mt cho gi nu mc 3,50% chng hn, c ngha l T- bill s c bn vi gi thp hn mnh gi s tin 3,50% ca mnh gi . i vi mt T- bill thi hn 52 tun mnh gi 10.000 USD s c gi bn l 9.650 USD. Trn bng cho gi ca cc bo, c hai ct s quan trng cn bit l "mc thu vo - bid" v "mc bn ra - asked" gi theo cch ca nh bun chng khon. Mt cho gi ca T- bill c c nh sau: "o hn thng 6, bid 3,50%, asked 3,40%" Nh vy mt ngi u t no nu mun i mua mt T- bill mnh gi 10.000USD o hn thng 6, th h s tr 9.660 USD. Cn nu h c T- bill

 v em i bn h s nhn c 9.650 USD. iu ny hp vi l thng: i mua phi chu t, cn bn th r hn. Chng ta cng cn lu li sut tng ng gi l ask yield thc t ca Tbill lun lun cao hn li sut chit khu discount yield. V d: Mt T- bill 52 tun 7% vi mnh gi 10.000 USD c mua vi gi 9.300 USD. Tin li 700 USD 7% ca 10.000 USD i vi ngi u t phi c hiu l thu nhp da trn vn thc s b ra, ch 9.300 USD thi, ch khng phi trn 10.000 USD. Nh vy ask yield s l 7,50% 700 chia cho 9.300. "Ask yield" c k bn mc "asked" ngi u t tin so snh vi li sut ca Tnotes va T- bonds hoc cc chng khon n khc

Cch cho gi ca T- notes v T- bonds:

Khc vi T- bill, cc T- notes v T- bonds c cho trn c s gi tin, nhng theo mt cch c bit. Gi c cho bn bng im point - mt im ca tri phiu T- note v T- bond l 10USD 1% ca mnh gi 1.000 cng vi phn l ca mt im c chia u cho 32 1/32 ca 10 USD hay 1/32% camnh gi. Cc T-notes v T-bonds c nu trn cng mt bng cho gi. Nhng phn bit, ngi ta thm vo k t "n" ngay sau thi gian o hn ch loi l T-notes. Cc bng thng tin cho gi gm 5 ct c ng thng xuyn trn cc bo chuyn ngnh. Ta c th kho st hai dng c trng di y ca 5 ct xem chng thng tin nhng g? 1 Rate 91/8 2 3 4 5 Maturity Bid Asked Change Ask Yield May 99n 101 : 24 101 : 28 - 35 8,81

77/8 Feb 95 - 00 93 : 26 93 : 30

- 34

8,88

- Ct 1 ch li sut ca tri phiu. V d "91/8" c ngha l 9,125% ca 1.000 USD, mi nm tri phiu ny cho li 91,25 USD. - Ct 2 ch thi gian o hn thng v nm. Ch "n" nm k 99 cho bit l tri phiu trung hn "T- note". Theo v d c trch trn y "May 99n" c hiu l T- note o hn vo thng Nm nm 1999. Mt s T- bond tri phiu di hn, trn 10 nm c mang c tnh c th c thu hi li callable. Trng hp ny trn cho gi s ghi hai nin hn, nin hn trc l nm kh nng thu hi bt u c hiu lc v nin hn ghi sau l nm tri phiu o hn. Ta lu vo dng th hai ca v d trn, ct 2, c ghi "Feb 95-00" c ngha l T- bonds o hn vo nm 2000, loi c th thu hi li vo thng Hai nm 1995 tr i t 1995 ~ 2000 c th c thu hi hoc khng. - Ct 3 ch gi thu vo "bid" v gi bn ra "asked" da trn cn bn im ca tri phiu hay phn trm ca mnh gi . Phn s bn phi ca du hai chm i din cho cc nc gi 1/23 ca mt im tri phiu 1/32 ca 10 USD. Chng hn 101:24 ngha l 1.0124/32. Do m gi thu vo ca tri phiu l 10124/32% ca mnh gi 1.000USD tc 1.017,50 USD mt tri phiu. - Ct 4 ch s thay i ca gi thu vo ca ngy hin ti so vi ngy bo gi k trc, cc s ghi l s nc 1/32 ca mt im tri phiu. V d "- 35" nh trn c ngha l gi gim i 35/2 hay 13/32 so vi gi thu vo ngy trc . - Ct 5 Asked Yield ch li sut tng ng m tri phiu thc t nhn c so vi tin m ngi u t phi b ra mua tnh n ngy o hn gi

l Yield- to- maturity- YTM. Trong v d trn ta thy li sut tng ng "ask yield" l 8,81 nh hn li sut ghi trn mt ca tri phiu "rate" 91/8, l do l v T- note c gi cao hn mnh gi ngi u t phi tr 101:28 hay 1018,75 ch khng phi vi 1.000. Ngi u t b ra mt s tin cao hn nhng mi nm cng ch nhn c tin li y nh c, do trong thc t tin li h nhn c c mt li sut thp hn. Vic ch nh cc im tri phiu 1/32 trong th trng chng khon v 1/64 trong th trng futures v options c mt ngha c bit trong khoa hc chng khon. N va c cng dng chun ho theo yu cu thng tin, va to mt phn gi tr l thc dng v hp l trong giao dch, nht l cc giao dch s lng ln. Ngoi ra, phn l nh vy cng to iu kin cho s mc c, lm cho mua bn d xy ra hn. Mua bn nhiu hn cng c ngha l th trng cng c kh nng thanh khon: y l mc ch gn ca TTCK. gip ngi quan tm c thm thng tin, ta cng nn lu quy c v s ngy trong nm khi tnh ton tin li i vi tri phiu ca M, nht l khi tnh cc gi tr li tch c accrued interest gia hai k tr li. Cc tri phiu cng ty, tri phiu th T- bills c tnh theo nm trn 360 ngy hay 30 ngy mt thng. Cc T- notes v T- bonds c tnh theo ngy thc t theo dng lch v mt nm c c s l 365 ngy. y l cn c xc nh rt hu ch khi tnh ton phn li bng tin m ngi mua tri phiu phi tr cho ngi bn tri phiu cho ti ngy chuyn quyn s hu. Mt thc t c tnh truyn thng l th trng tri phiu lun lun ln hn v ln hn nhiu ln th trng c phiu. c bit ti cc th trng chng khon mi hnh thnh, lng mua bn chng khon n chim mt t trng rt cao. Tuy nhin iu ch hin thc khi no th trng c mt c ch cc li sut c hiu chnh theo cung cu, gi l cc li sut th trng

interest rates. Li sut th trng s cm bin khi th trng tin t hot ng nhp nhng, nh nc c kh nng can thip hiu qu bng li sut hot ng pht hnh tri phiu chnh ph c thc hin theo nhng k thut v thng l c tnh cnh tranh Cc tri phiu chnh ph cn c xem l "vt liu h tng" rt quan trng i vi cc t chc, cc nh qun l ti chnh, huy ng vn u t, nht l cc nh iu hnh qu u t v ngn hng. Bng cc nghip v giao dch, mua bn trong cc th trng, h s dng cc sn phm ny phng nga ri ro hoc bo tn gi tr. Chng hn, mt t huy ng vn ko di nu khng tnh ti vic b p ngha v tr li pht sinh, trong thi gian cha a c tin vo vng quay, c th a n thit hi nghim trng, lm ct vn theo k hoch, l cha ni tc hi ca lm pht. Nhng nm gn y, do s bin ng v li sut th trng, ngi ta c khuynh hng pht hnh cc tri phiu ngn hn hn. M chng hn, lng T- bills tng ln v T- bonds gim xung. V t trng s hu ca ngi nc ngoi i vi tri phiu kho bc M cng tng ln. Mt thng k th trng M vo khong nm 1990 cho thy c cu s hu chng khon kho bc "T" nh sau: c 75% l cc t chc, khong 12% l cc c nhn v 13% s hu thuc cc nc khc nm ngoi nc M. Bch phn sau cng ny nay chc ln hn nhiu v bit u sp ti s c c Vit Nam. Cng trong thi gian , lng tri phiu trung hn T- notes ang lu hnh chim khong 56% tng lng chng khon kho bc ca chnh ph. iu ny c th gip khng nh thm rng khuynh hng tip th cc loi tri phiu trung hn ti Vit Nam s c tnh hp thi v kh thi hn. Chng khon trung gian chnh ph

Pht xut t kinh nghim hoch nh v m v yu cu v iu ho hot ng kinh t x hi, ngoi cc chnh sch "co dn" tin t thng qua mt s can thip truyn thng v vic iu hnh n ca chnh ph vi cc hnh thc T- bills, T- notes, T- bonds, chnh ph M cn s dng mt cng c m rt hiu qu v ni ting bng cch s dng li th v uy tn ca nh nc to ra dng lun chuyn ti chnh linh ng v tch cc l cc chng khon n do cc t chc trung gian ca chnh ph Govemment agencies pht hnh v qun l. Cc t chc trung gian, v mt k thut, khng phi l cc c quan chnh ph, nhng l nhng cnh tay c lc thay mt chnh ph thc hin nhng ng li iu tit hoc bo tr x hi cn thit cho tng giai on v yu cu ca tng lnh vc vi m nht khc nhau. Qu trnh hon ton da trn cc tc nghip kinh t, ch khng phi l hot ng nhn o hay ngha v thun tu. Ni chung, cc t chc ny l nhng cng c gn cht vo chnh ph, hot ng v tn ti c lp nhng vi s bc lt ca chnh ph loi tr ri ro, v y chnh l n hu then cht ca vn . C th phn ra hai loi t chc nh vy. Loi th nht l t chc trung gian c chnh ph bo tr Federally sponsored agencies. Loi ny c c tnh l cc t chc c ngun vn s hu t v c thu phc v cho cng ch. Chnh ph M to ra cc thc th ny nhm gip mt s thnh phn dn c quan trng no trong nn kinh t c nhu cu mun gim kh khn v chi ph vay mn ci thin cuc sng hoc gii quyt bc xc v gio dc ca h. Nhng ngi hng li t cc t chc ny c th tp trung vo ba khu vc chnh l sinh vin, ch trang tri, v nhng ngi mun lm ch mt cn nh cho mnh. T chc trung gian pht hnh chng khon ca mnh thng qua mt nhm bn selling group gm cc cng ty kinh doanh chng khon. Tin thu c ca t pht hnh s c cho mt ngn hng hoc mt nh ch c chc

nng khc vay. Sau , ngn hng cho cc c nhn ang tm ti tr thnh phn k trn vay li. Nhng chng khon ca t chc trung gian c chnh ph bo tr l loi khng c chnh ph bo m. Tuy vy, bn cht bo tr ca chnh ph i vi cc t chc cho ta gi nh rng l no chnh ph li cc t chc lm "nhim v chnh tr" lm vo b tc!? Nhng t chc c bo tr hin nay M in hnh nh: C c Ngn Hng Tn Dng Nng Nghip Lin Bang FFCB Hip Hi ng Nh Nc Lin Bang FNMA Cc Ngn Hng Cho Vay Mua Nh FHLB Chc ng Cho Vay Mua Nh FHLMC Hip Hi Ti Tr Sinh Vin SLMA Loi th hai l loi t chc trung gian trc thuc lin bang Federal agencies. T chc trung gian trc thuc lin bang c lin h rng buc trc tip vi chnh ph M. Cc trung gian ny thng thng c bc lt vi s bo m bng quyn nng v ti chnh ca chnh ph full faith & credit - gm quyn hnh x tin thu v vay mn cng vi ngun huy ng khc ngoi thu trong vic tr vn gc v tin li i vi tri phiu pht hnh. Tri phiu ca cc t chc trung gian loi ny in hnh c Ngn Hng Xut Nhp Khu M EXIMBANK v Hip hi ng Quc gia trc thuc Chnh ph GNMA. Cc chng khon loi GNMA M c gi ph bin theo ng m c tt l Ginnie Mae.

Ginnie Mae l loi chng khon trung gian c an ton cao nht v rt c a chung. Ti M, y l loi chng khon in hnh p ng tt nht yu cu u t di hn. Nhng ngi mun c mt khon thu nhp u n trong tng lai th y l knh u t hp dn. Nhng khon thu nhp c th trang tri chi dng hoc c s dng uyn chuyn ti u t. l tp hp ca mt chui gi tr trong tng lai i vi mt khon u t hin ti. Khon u t s tch li kp v cho n thi im "thu hoch" theo tho thun, mi thng, ngi u t nhn c mt t tin mt gm c vn ln li, v u u nh vy cho n khon tr cui cng, tin gc principal lc cng bng zro - nhng khon tr cui cng, tin gc tim cn n zro - Do ta d thy cch u t ny khc bit rt c bn so vi T- notes hoc T- bonds. Cc Ginnie Mae cng c th mua i bn li ti cc th trng th cp. GNMA tr li cao hn cc chng khon kho bc "T" tng ng v thi gian o hn. Vic tr li v gc cng c bo m ng hn v c bo k bi chnh ph lin bang. Mnh gi nh nht ca mt Ginnie Mae hin nay l 25.000 USD. Mt cch tng qut, cc chng khon trung gian c li sut tng ng cao hn cc tri phiu trc tip ca chnh ph T- bill, T- note, T- bong nhng li thp hn li nhn c t cc chng khon n ca cng ty. Thi gian o hn ca cc chng khon trung gian thay i t rt ngn hn cho n tng i di hn. Vic cho bn p dng theo mt bch phn trn mnh gi v c mua i bn li trc ngy o hn. Chng khon trung gian c bo k theo mt s cch nh: 1 bng th chp tin mt, tri phiu ca chnh ph v cc chng khon n; 2 bng s bo m ca Kho bc Nh nc; 3 bng c quyn c vay tin kho bc dnh

cho t chc trung gian, hoc trong mt s t trng hp 4 bng quyn nng v ti chnh ca chnh ph full faith & credit. Ti M, ngi ta gi loi chng khon ny bng vi cch tng t nhau: agencies, agency issues, agency securities. Ta c th tm dng l "chng khon t chc trung gian" hoc "chng khon trung gian". Ngoi cc ngha v kinh t x hi thuc phm vi iu tit v m ca nh nc, v phng din k thut, n loi b cch cho vay ti tr n iu, loi b s li c th c ca i tng mc tiu c hng li, ng thi to ra mt khng gian kinh t tng tc th hin trong cch thu xp cc nghip v chuyn ho theo mt logic cng sinh. Trong qu trnh thc hin cc chnh sch x hi nh vy, nh nc ng vai tr l tc nhn bo k cao nht, nhng ngi i vay l din hng li t chnh sch. Nhng khng n thun ch c hai nhn vt chnh ny. Nh nc, ch vi uy tn ca mnh c th to ra mt trung gian thu ht vn v hnh thnh thm mt knh u t hp dn, thun tin v an ton cao, li hp khu v ca th trng. Chnh nhng th ny lm cho nhng ngi c tin s thc hin u t theo ng li bo th vi li sut khng cn cao lm vo cc chng khon din nh nc. iu mc nhin nui dng v phc v cho chnh sch ca nh nc, c th ho cc chnh sch thnh mt hin thc y tnh thuyt phc. Nh nc khng cn trc tip b tin hoc nhy vo s v. Qu trnh cn c s tham gia ca nhiu cng ty hoc nh ch cng ch, ti chnh, ngn hng, v to c s tng tc loang rng, tn ti theo nhp ca th trng.

Tri phiu th C th hn mt ln ta c nghe nhc n tri phiu th, hoc u ngi ta cp n loi tri phiu cng trnh, ... iu ny cho thy rng y l mt cng c huy ng ti chnh khng xa l lm, hoc c th ni s khng cn xa l na i vi i sng kinh t Vit Nam. c mt s hiu bit y v khng b sai lch, lm c s tham kho v tri phiu th, ta s chn ngun tip cn c gc gc khai sinh v pht trin hiu qu thnh khun mu chuyn nghip, c khi qut v c kt thnh nhng quy chun chung c ngha ngnh, ch khng cn l ca ring nc M. V mt cht lng, tri phiu th municipal bonds thuc loi c nim tin cao nht. M, chng ch ng sau tri phiu chnh ph v tri phiu trung gian chnh ph cc agencies. Chng khon th ch yu c cc cp chnh quyn trc thuc chnh ph pht hnh v qun l vi s cho php bng nhng khung quy nh c th ca chnh ph. M, l cc lnh th, tiu bang v cc c quan thu c phn quyn hp php. Nhng ni dung phi lm r trong mt t pht hnh gm c: - Xc nh cc iu kin v mn n ca tri phiu v lch hon tr. - Chng minh nng lc pht hnh hp php ca cp chnh quyn pht hnh tri phiu. - Lit k nhng c im c th ca t pht hnh. - Trnh by d tr s dng tin vay. - Cung cp thng tin ti chnh v tnh hnh sc kho kinh t i vi a phng v cng ng. CC TH TC NG K CHNG KHON TH

Hp ng tri phiu bond contract:

y l hp ng m mt a phng pht hnh s tham gia k kt vi nhng ngi bo lnh bao tiu hoc nhng ngi u t vo tri phiu thng l nhng nh u t ln thng lng mua trc tip.

Ngh quyt pht hnh tri phiu bond resolution:

Cc chnh quyn a phng pht hnh v bn tri phiu th da trn c s mt quyt nh tha nhn cng khai t pht hnh ca mnh. Ngh quyt pht hnh tri phiu th hin ch v trch nhim ca a phng i vi ngha v vay n thng qua hnh thc tri phiu th.

Hp ng trch nhim:

Tt c cc t pht hnh tri phiu ni chung u phi c mt i din ng ra bo v quyn li cho ngi mua tri phiu. Cc i din c u nhim , c gi l cc "trustee", s thay mt ngi u t tri phiu k vi ch th pht hnh issuer mt giao c trch nhim trust indenture theo di mt t tri phiu trong sut thi gian chng cn hiu lc.

Bo co pht hnh OS - Offlcial Statement:

Bo co pht hnh c s dng trong hot ng chng khon th thng tin cng khai mt cch chnh thc v y cc chi tit lin quan n mt t pht hnh tri phiu m chnh quyn a phng ang mun huy ng v s chu trch nhim trc tip. Mt bo co pht hnh nh vy c gi tr tng ng vi mt bn co bch prospectus dng trong pht hnh chng khon doanh nghip.

Bo co pht hnh thm d preliminary OS:

Ging nh mt co bch thm d preliminary prospectus, bo co pht hnh thm d cng cng khai ni dung cc thng tin v t pht hnh ging nh trong bo co pht hnh chnh thc o

lng mc n nhn ca qun chng v th trng i vi t pht hnh , ngoi tr yu t li sut v gi ca tri phiu c cho bn l cha c.

kin v php l legal opinion:

kin ny xc nh tri phiu pht hnh l ph hp vi cc lut l hiu lc hin hnh, quy nh v quyn hn ca a phng v cc th tc nn tng. kin v php l c mt hng t vn php lut c chuyn mn v tri phiu xc nhn v c gi tr tng t nh mt xc nhn v kim ton i vi doanh nghip. CC LOI TRI PHIU TH

Tri phiu cng ch general obligation bonds - GOs:

L loi tri phiu th c bo m c tin gc v tin li bng ton b cc ngun thu ti chnh v quyn lc thu thu ca ch th pht hnh chnh quyn a phng. S ha hn bc lt rng ri ny lm cho tri phiu cng ch c cht lng cao hn nhng loi c mt m bo c th hoc gii hn hn. Tuy nhin, theo l thng th thu nhp ca ngi mua tri phiu li sut dng ny s mc thp. Do c tnh bo m cao da vo nng lc thanh ton ca chnh quyn a phng, M loi tri phiu GO c xp loi cao nht, gi l "full- faith- and- credit bond". Mt s im ng lu tham kho i vi loi tri phiu cng ch ny gm c: - Gii hn theo lut v lng n m chnh quyn a phng c php huy ng. Gii hn ny c Nh nc cho php hoc hi ng a phng ngh quyt.

- Vic huy ng GOs cn phi c nhn dn a phng ngi ng thu chp thun bng mt cuc trng cu gi l voter approval - Xc nh mt gii hn mc nh thu. Bi v tri phiu GOs c ti tr bi thu nh trn gi tr ti sn ad- valorem tax cho nn ngi ta rt ngi chnh quyn a phng nng thu mt cch tu tin c tin tr n. Vic gii hn mc nh thu theo phi c khng ch khng cho vt mt bch phn no trn gi tr ti sn hoc khng c tng qu mt bch phn cho php trn c s mi nm. - Phi hp ngha v chung ti vng chng ln. Nhng a phng c quyn li cng ng gn kt trn mt ng bin gii chung, khi huy ng tri phiu th vo vic cng ch m phc li s c chia s cho c vng c sinh hot qua li c th phi hp iu hnh tri phiu th theo mt phng thc kt hp song phng. V d, mt thnh ph nm trong hoc chung a gii vi mt tnh c th chia s trch nhim v mn n huy ng bng tri phiu GOs m tnh ch trng xy dng mt cng vin sinh thi chng hn.

Tri phiu thu nhp revenue bonds:

L loi tri phiu th c li v gc c tr da theo thu nhp cho bi cng trnh m t tri phiu ti tr. V d d thy nht ca loi tri phiu thu nhp l cc d n v cu ng cao cp c thu ph, pht trin nh , ni rng bn cng, sn bay,.. Ti cc nc cng nghip hin i, lch s pht trin ca h c phn ng gp quan trng ca nhng "vin gch" sm vai tri phiu thu nhp ny. y l loi tri phiu tp trung ch yu pht trin h tng, gip cc chnh ph

nh gnh ngn sch. Hin nay 1999, Vit Nam cng thc hin nhiu d n xy dng h tng c thu ph, nhng ch yu s dng ngun vn vay u i hoc u t trc tip t nc ngoi. Mt t s dng vn trong nc, nhng dng vn dng t cc ngun tch lu hoc chim dng ngn sch. Trong khi tri phiu thu nhp xy dng cng trnh tri phiu cng trnh l loi huy ng i chng rt ph bin v hiu qu ti nhiu nc, ha hn c s n nhn rng ri ca b con ta, th hu nh cha c quan tm nghin cu xc tin ti nc nh. y l iu rt ng tic. Tri phiu thu nhp thng c xem l c cht lng thp hn tri phiu cng ch. iu cn bit l mi cng trnh c th c nhng ri ro rt khc nhau, v tu thuc vo vic khai thc c hiu qu hay khng cng trnh . Thu nhp thu hoch dng tr n t cc cng trnh tu theo loi v gm c: thu tin ngi s dng cc tin ch cng cng, ph cu ng, tin c nhng khai thc v ph s dng phi cng, ch neo tu thuyn, u xe, Cc chng trnh nh th c tin bn hoc cho thu nh. Cng c trng hp c quan pht hnh tri phiu thu nhp thu xp vi chnh quyn v cc t chc khc thu nguyn cng trnh di hn. Tri phiu thu nhp c huy ng v iu hnh bi cc t chc xy dng v khai thc dng x nghip, do chnh quyn a phng qun l. Tri phiu thu nhp khng l thuc vo mt mc gii hn v lng huy ng theo lut nh loi GOs v cng khng cn ra dn ly kin. Cc tri phiu thu nhp thng c li sut rt hp dn nhng c th b ri ro, v chng thng khng c bo k bng bt c ngun no khc ngoi chnh thu nhp tng cng trnh m chng gp phn lm ra mt cch c lp.

Trn mt mt chng ch tri phiu thu nhp lun lun c gii thiu mt hp ng trch nhim tham kho. y l bng chng v nhng iu khon rng buc gia ch th pht hnh v t chc c y khon hp php i din cho tt c mi ngi cm tri phiu . Nhng iu c giao kt trong mt hp ng trch nhim trust indenture thng gm: iu khon v li sut iu khon bo v iu khon bo him iu khon v pht hnh tri phiu b sung iu khon v qu hon tri sinking fund iu khon bt kh khng catastrophe iu khon qun l s dng tin huy ng flow of funds iu kin v vic thu hi tri phiu call features.

GII THIU MT S LOI TRI PHIU THU NHP C BIT

Tri phiu thu nhp pht trin cng nghip Industrial development revenue bonds, vit tt l IDRs hay IDBs:

Gm cc tri phiu pht trin h tng cng nghip a phng v tri phiu kim sot nhim. Cc chnh quyn a phng pht hnh cc loi tri phiu ny nhm xy dng cc cng trnh tin ch, mua thit b,... sau cho mt cng ty thu li khai thc. Trch nhim tr vn v li cho ngi mua tri phiu c chuyn li cho cng ty nhn thu ny. Cng ty khai thc qun l v iu hnh ti sn c chnh quyn chn thng l mt cng ty t hot ng tin ch. Nhng cng trnh m loi tri phiu ny ti tr l

nhng loi khng khn thit lm, chng hn h thng phn phi in nc, kh t, h thng vn ti cng cng, x l cht thi,... y chng ta cn lu mt quan im, theo phn loi ca M th c loi tri phiu mang chc nng thit yu essential function bond c nh nc u tin hn loi khng khn thit non-essential function bond hay cn gi l private activity bond. Cc hot ng c gi l khn thit da vo ngha mc ch truyn thng m chnh quyn phi lo, trong c c ngi v phng tin lm vic ca chnh ph, th vin, cng vin, ng s, trng hc, nh t,

Tri phiu bc lt bng thu c bit, ngi th hng c bit:

Nhng cng trnh c bit no cn c trong mt cng ng dn c, nhng khng thuc loi khn thit, c th c huy ng vn bng tri phiu th loi thu nhp xy dng. Khc vi cc GOs, loi ny s c khoanh li mt s ngun thu tr, ch yu l ngun thu t cc i tng trc tip s dng cc tin ch ny. V d chnh quyn s xy mt trung tm sinh hot cng ng t ngun vn huy ng bng tri phiu. Ngun tr vn v li cho cc tri phiu s c bo m t tin thu thu trn hot ng ca cc phng tin lu tr, u xe, nh hng,... lm dch v trc tip cho trung tm , cng vi tin cho thu phc v nu c. Nhng v d khc c th l cc khu vui chi gii tr, th thao,. ..

Tri phiu pht trin nh :

Loi tri phiu ny c th c cc nh nc bo m hon ton. Tin huy ng t tri phiu ny s cung cp ngn qu cc nh ch ti chnh cho cc i tng c nhu cu vay, vi li sut tng i thp, nhm mc ch

mua nh mi. Tin gc v li ca tri phiu c bo m nh vo ti sn th chp theo th tc ca cc mn n cho vay kia.

Tri phiu bc lt hai ln double- barreled bonds hay combination bonds:

y l loi tri phiu huy ng ti tr cc cng trnh trng im, theo li v vn c tr t thu nhp thng qua khai thc cng trnh. Tuy nhin cc tri phiu ng thi cng c bo tr bi nng lc hnh thu thu ca mt a phng.

Tri phiu nh nc bo nhn ngha v tinh thn - moral obligation bonds:

Loi ny c th l ca chnh quyn trung ng chnh ph bo nhn hoc l ca a phng a phng bo nhn. Nhng s bo nhn hm nh l mt li cam kt nhng khng r rng nh c bo k hon ton theo phng thc "full- faith- and- credit" c ch nh ngun bo m chi tr ca nh nc. Cc mn n c bo nhn bng o l ny c pht hnh nhm lch cc hn ch v mt lut trong huy ng n. Trong thc t, nu cc khon thu cng trnh khng tr n, a phng c th mnh s dng cc ngun hp php bo tr. V k thut, mt tri phiu th c th l loi di hn, ngn hn, chit khu, li sut nh k hoc kt hp. Ta kho st thm hai loi sau y r vn hn.

Tri phiu th chuyn i municipal convertible

y l mt tri phiu th di hn v c k thut pht hnh v duy tr rt c o. u tin n c pht hnh vi th thc cho ngi mua tri phiu hng mt mc chit khu kh hu h trn mnh gi, v s khng c tnh li cho ti mt thi im quy nh. Ti thi im quy nh ny vic tr cc li sut nh k s bt u v duy tr tip tc cho n thi gian o hn. V d minh ho, mt tri phiu th c pht hnh vo nm 1998 c thi gian o hn vo nm 2018. Ngay khi pht hnh, tri phiu p dng chit khu 25% v khng c tnh li n ngy 31- 12- 2003. T 1- 1- 2004 tri phiu c tip tc tr li nh k 6 thng mt ln, vi li sut 7% mt nm chng hn, cho n ngy o hn. Bn cht ca loi tri phiu chuyn i ny l mt s kt hp gia loi tri phiu khng tr li nh k zero- coupon v tri phiu tr li nh k bnh thng.

Tri phiu th ngn hn:

Cc tnh, thnh ph, c khu l cc a phng trc thuc trung ng c th cn nhng khon chi tiu ngn hn. Vic huy ng cc khon vay ngn hn ny c th theo th tc ring v c thc hin thng qua hnh thc tri phiu th ngn hn municipal note. Cc tri phiu th ngn hn thng c pht hnh vi thi gian o hn l 12 thng, tuy nhin theo c l, loi ny c khung o hn t 3 thng n 3 nm. Vic iu hnh tri phiu th cn c mt khung php l ti thiu quy nh cc ni dung lin quan n ch th pht hnh, phng thc pht hnh, chng loi tri phiu th, phng thc mua bn th cp, yu cu thng tin y v vn bo v ngi u t.

Tri phiu th d l hnh thc huy ng n ca chnh quyn a phng, n lun mang hnh nh v uy tn ca nh nc, do cc quy nh lin quan n thm quyn pht hnh, ngun tr n, trch nhim tr n, cc c ch kim tra gim st,... l nhng yu t cc k quan trng, cn c ch nh cng chi tit cng tt. Vic pht hnh v iu hnh tri phiu cn tun th nhng quy trnh v theo cc th tc rt cht ch. Chng hn M, cc tri phiu th c phn loi v nh mc c "bo h" ti u. C loi c xp hng thp v ngi u t phi chu ri ro gn ging nh tri phiu cng ty, ngha l cng c th b mt vn. Vic pht hnh c khi phi "ra dn" nhn c s chp thun trng hp cc GOs, cp no c ng pht hnh, pht hnh bao nhiu v loi no u c quy nh r. Thng thng hu nh tt c tri phiu thu nhp revenue bond c pht hnh thng qua thng lng v c phn phi i chng hoc bn ring tng khi ln cho khch hng c bit. Cc tri phiu cng ch GOs li c thc hin vic u gi cnh tranh bi cc ngn hng u t, h lp thnh nhng nhm bao tiu v u vi nhau bng cch a ra mc chi ph bn cnh tranh ch th pht hnh chn la. Ch th pht hnh lc no chng mun thu v cao, nn h s chn bn cho ai a ra mc ph thp nht. Sau khi thng thu, cc nh bao tiu s bn li cho cng chng theo gi mi c li, gi l gi ti pht hnh reoffering price. Cc yu cu v trnh t gii trnh v duyt xt i vi mt t pht hnh tri phiu th, ni chung, cng cht ch nh pht hnh chng khon cng ty. C mt im c bit m ta cn lu trong pht hnh tri phiu th, l c ba i tng chnh quan h quyn li trong mt t pht hnh u c s gim st rt c th v nh l mt th tc v mt lut: ch th pht hnh cn c " kin v php l" ca mt c vn pht hnh tri phiu bond counsel.

Nh bo lnh cn nh n c vn i din quyn li cho mnh gi l c vn nh bao tiu underwriters counsel. V qun chng u t lun c bo v quyn li ca mnh thng qua mt "hp ng trch nhim" trust indenture do mt i din u quyn trustee m nhn. Lc qua Cc loi tri phiu cng ty Loi tri phiu c bo m Tri phiu c bo m secured bonds l loi c xp hng bo v cao, ch yu l bng cc ti sn dng cam kt tr n. Khi doanh nghip ph sn, i din c u nhim trustee ca t pht hnh s thay mt cc tri ch bond-holders qun l cc ti sn v thanh l chng phn phi tin li cho tri ch. Cc loi tri phiu c bo m c xp loi t cao n thp theo ti sn ng sau chng, v gm c:

Tri phiu c ti sn m bo mortgage bond

l loi di hn c an ton cao nht so vi cc tri phiu cng loi. Ti sn bo m c qun l theo th tc cm c. C hai loi ti sn m bo: - Dng ng closed- end mortgage, loi ny khng cho t chc pht hnh tri phiu dng ti sn mortgage vay mn thm, nhm to mt s bo v cao cho cc tri ch. - Dng m open- end mortgage, cho php cc cng ty pht hnh c php s dng ti sn mortgage huy ng thm n, nhng thng l trong mt gii hn quy nh. V k thut, tri phiu mortgage thng c cc cng ty tin ch pht hnh theo cc s- ri series, vi lng pht hnh bng nhau v k tc theo li cun chiu.

Tri phiu bo k theo thit b equipment trust certificates,

l cc tri phiu trung v di hn. Li c tr cho loi ny l ngun cho thu v khai thc thit b leasing. Loi tri phiu ny c mt lch s s dng ti tr rt hiu qu, ng thi cung cp mt cng c rt an ton cho ngi u t, c bit trong hai ngnh ng st v hng khng, mua sm v i mi tu xe v phi c.

Tri phiu bo k bng th chp collateral trust bonds,

L loi tri phiu di hn c cc cng ty pht hnh huy ng ti chnh vay n bng cch dng cc c phn ca cc cng ty khc m cng ty ang s hu th chp, thay v th chp bng ti sn hu hnh. a s loi ny c cc "holdings", ang nm v chi phi c phn cc cng ty con, pht hnh vay mn bng chnh li th v lng c phn m h ang c trong tay . Cc tri phiu khng c bo m Tri phiu khng c bo m li l loi ph bin trn TTCK v c cc cng ty c phn s dng ch yu huy ng vn bng chng khon n.

Tri phiu thng debentures

l loi c bo m duy nht bng uy tn cng ty. Khi cng ty chng may b ph sn, trong dng ngi ch c "chiu c", cc ch n loi ny xp hng ch trc anh c ng c c phn u i. Nhng chnh loi tri phiu ny mi c xem l con " ca TTCK. Tuy nhin, cng cng mt xung vi "debentures" li c thm mt "subordinated debentures" tri phiu thng b l thuc, c u tin c "bt n" cn km hn cc debentures

thng na. B li, cc loi ny c li sut rt hp dn v c bit ch c cc cng ty lm n rt uy tn mi hp lc huy ng.

Tri phiu thng chuyn i c convertible debentures

l loi c thm s chn la dnh cho ngi u t no mun hon chuyn chng ra c phn thng, vi mt s iu kin xin xem chuyn "Chng khon chuyn i"

Tri phiu c bo lnh guaranteed bonds:

Trng hp mt cng ty cha to c ch ng v nim tin trn mt th trng th rt kh pht hnh tri phiu thng huy ng n. Tuy nhin, h c th nh mt cng ty c uy tn khc dng li th v tn tui bo k cho mnh. Thng thng l mt i tc trong lin doanh joint venture hoc quan h cng ty m cng ty con trong cc holdings. S bo m bao hm c vic tr li ln thanh ton tin gc.

Tri phiu thu nhp income bonds

l mt loi chng khon di hn v c c im t chc pht hnh ch phi tr li khi no cng ty c li d tr: Loi ny thng c cc cng ty ang gp kh khn v ti chnh, ang trong qu trnh ti to lp t nguy c ph sn s dng, c cam kt tr tin gc nghim chnh. Do khng xc nh vic tr li, n c giao dch theo phng thc c nh khng li, thut ng ting Anh l "flat" v thng c bn thp xa mnh gi. Do c im c s thay i, iu chnh trong thu nhp, tri phiu ny cn c gi l "adjustment bonds".

Tri phiu khng nhn li zero- coupon bonds

xin tham kho phn chuyn v loi ny.

Tri phiu u c speculative bonds

ngi ta cn gi l "junk bond" tri phiu tp. y l loi c li sut cao nhng ri ro khng km, c xp hng rt thp di BB xa theo cch xp ca S&Ps. Loi tri phiu ny c dnh ch yu cho ngi c thn kinh mnh, t c ngi u t bnh thng chp nhn, Lut l ti chnh v TTCK khuyn co nhng ngi qun l cc qu cho khch hng khng nn s dng cc loi tri phiu cht lng thp ny. Bn thn t "Junk" trong ting Anh cng xp loi chng nh "lc xoong".

Tri phiu ngoi lai

gi l euro bonds, nhng ch chung cho tt c cc tri phiu ngoi quc pht hnh v giao dch ti mt nc ngoi no , khng k l ti x u hay . Tri phiu ghi tin ca nc khc vi nc m n c mua bn. V d tri phiu c mnh gi bng ng Vit Nam nu c bn ti chu u hoc ngay nh ti Nht Bn chng hn, u c gi l "euro bond", nu tri phiu mnh gi bng - la M th cn c gi l Eurodollar bond. Ti th trng ti chnh M, cc tri phiu do cc cng ty v chnh ph nc ngoi pht hnh v c php giao dch trn cc TTCK nc ny c gi chung l "Yankee bond": Cc chng khon n loi ny c mnh gi bng ng - la M khc vi euro bond c mnh gi bng tin nc ngoi, thng c cc cng ty v chnh ph nhiu nc pht hnh theo quy nh v quan h hip thng hai bn nhm tn dng li th khi tnh hnh kinh t ti chnh M kh quan hn nc pht hnh. Bn thn tri phiu Yankee b

tc ng ch yu bi li sut th trng M v tnh hnh ti chnh cng ty hoc quc gia pht hnh. Chng khon c bit ca cc Cng ty C phn Chng khon chuyn i V c bn, mt cng ty c phn c c cu vn gm c phn thng, c phn u i v tri phiu cc loi. By nhiu tng qu cc cng ty xoay x nhm gii quyt vn vn. Nhng chuyn khng n gin nh chng ta ngh. Trong qu trnh tn ti v pht trin, cng ty va phi tnh ton nn cn ng tin no cho c li nht, va phi "g" theo mt hnh lang gm nhiu lut v l chi phi. Chng hn nh lut chng khon, iu l cng ty, cc c l th trng, phn ng tm l ca ngi u t bn trong, k quan st bn ngoi, lm lc lm cho nhng "sn phm n gin v truyn thng" kia khng th pht huy. to hp dn, chng cn n s ch bin, cho gia v vo, ci tin bao b mu m, thm c mn n chi, nu cn,. ..Chng khc no trong chuyn n ung. Cch khi qut trn y khng phi l lun n thun hoc cho vui, m l mt thc t hnh x ph bin ca th trng vn c c kt thnh nhng sn phm c bit, lm tng phn phong ph hay c th ni l linh hot trong TTCK. l trng hp cc chng khon chuyn i convertible securities, cc c quyn mua rights hoc cam kt bn warrants, ly c phn thng. Chng khon chuyn i Cc chng khon chuyn i l loi tri phiu tri phiu thng debentures, hoc c phn u i, c thm c tnh chuyn i c ra c phn thng. Nh ta bit, c phn thng l loi c phn ng gp v

chia s tht s vo hot ng lm n ca mt cng ty c phn. Trong khi , cc tri phiu v c phn u i th thin hn v ch trng kim li. Loi tri phiu c xem l ca nhng "ng h vin" bn ngoi, cn c phn u i dnh cho nhng ngi ch "thp tng thi ch khng thi u" bn trong. H quan h vi cng ty trn c s "sng phng" hn, v h mun nhn cc khon li c nh. Gi l c phn u i, nhng khng phi l loi "ngon" hn c phn thng. u i ch c ngha v th t gii quyt quyn li v c tc n nh thi. Trong trng hp cng ty n nn lm ra, m cng ty no li chng mu cu nh vy!, c phn thng mi l "ng hong" trong th trng vn. Nh kh nng thuyt phc ca c phn thng, cc cng ty dng chiu thc "chuyn i" hp dn ngi mua tri phiu hoc c phn u i. y l ngh thut huy ng ti chnh cho cng ty theo phng thc trin hn vic tng vn gp equity. Ngi mua v s hu c phn u i chuyn i hoc tri phiu chuyn i vn cn b "treo" cho n ngy hiu lc, cha c cng nhn l ch s hu y ca cng ty theo dng c phn thng. n thi im quy nh, nu cc tri phiu thng c chuyn i thnh c phn thng th c cu vn ca cng ty s c thay i, t n debt sang vn gp equity.

Nhng li im i vi ch th pht hnh:

Cng ty pht hnh chng khon chuyn i c th trng cy vo mt s l do nh: - Nhng chng khon chuyn i c tr li t hn loi khng chuyn i, v bn thn kh nng chuyn i l mt quyn li dnh cho ngi s hu.

- Cng ty c th loi b chi ph vn, do phi tr li c nh, mt khi vic chuyn i c thc hin; iu ny cng c ngha l gim n. - Trnh c vic to ra mt s gia tng nhanh lng c phn trn th trng, bi v vic chuyn i din ra qua mt thi gian di sau khi pht hnh. y l mt cch nh lc tm l hoc xoa du th trng. - Bn thn cng ty pht hnh trnh lm long ngay lp tc thu nhp trn mi c phn thng trong k ca t huy ng vn .

Nhng bt li i vi ch th pht hnh:

Ch th pht hnh, tuy vy, cng khng th trnh khi mt s bt li, c th gm: - Vn gp ca c ng cui cng vn b long dilution vo thi im chuyn i. - Mt s chuyn i ln v c c th to ra mt s thay i v c cu kim sot cng ty. - S gim n trong cng ty thng qua phng thc chuyn i cng c ngha rng cng ty mt li th v s dng n by ti chnh bng n. - Vic chuyn i t hnh thc n vay qua hnh thc vn ring s lm tng tin thu phi ng trn thu nhp cng ty. - Bn thn trng thi "kh nng chuyn i" cn treo l lng mt s khng n nh trong c cu ti chnh ca cng ty trong sut thi gian hiu lc.

Nhng li im hp dn ngi mua:

i vi ngi u t mua chng khon chuyn i, h nhm n mt s mc ch thun li nh sau: - Loi tri phiu chuyn i d sao vn l loi cho li sut n nh v c th nhn li tin gc theo mnh gi ti thi im o hn. - Ngi s hu tri phiu chuyn i c u tin cao hn s hu c phn thng trong trng hp c s thanh l cng ty xy ra. - Gi th trng ca tri phiu chuyn i c khuynh hng n nh hn gi c phn thng trong cc cn suy thoi ca TTCK. - Trong lc , gi th trng ca cc chng khon chuyn i ni chung Ii c khuynh hng tng ln nu gi chng khon tng. - c quyn chn la chuyn qua c phn thng trong tng lai vi gi hp dn. Gi chuyn i v t l chuyn i

Gi chuyn i:

Gi chuyn i l gi ghi trn mt mt chng khon chuyn i xc nh s tin tng ng vi mt c phn thng s c chuyn i. Nu mt tri phiu chuyn i c mnh gi l 1.000.000 v c gi chuyn i l 125.000 th n ngy hiu lc mi 125.000 s tng ng vi mt c phn thng. Ngi cm tri phiu khi thc hin vic chuyn i s nhn c 8 c phn.

T l quy i:

T l quy i din t nim v s c phn thng i c so vi mt chng khon chuyn i. Trong v d trn, mnh gi chng khon chuyn i l I.000.000, gi chuyn i l 125.000, nh vy t l quy i s l 8 i 1 1.000.000 chia cho 125.000. Cc tri phiu chuyn i c pht hnh theo mt thi biu v cc gi chuyn i khc nhau ph hp vi bn giao c ca t pht hnh tri phiu. Thi biu thng a ra cc gi chuyn i cao hn khi tri phiu cng cn ngy o hn. Nhng yu t tc ng ti gi chuyn i gm c: - Gi c phn lm c s chuyn i vo lc pht hnh tri phiu. - Thu nhp tim nng ca cng ty pht hnh v tc ng ca n trn gi c phiu. - Xu hng th trng. Mt th trng c xu hng tng lm cho ngi u t d chp nhn chng khon chuyn i hn. - Thi gian chuyn i. Nhn chung thi gian cng lu gi chuyn i cng t cn u i. - Mc tin li m cng ty sn sng tr. Mt li sut p dng cao lm cho cc nh u t chp nhn mt gi chuyn i cao hn i vi t pht hnh.

Cc c ng hin hu c u tin ng k mua:

Do cc chng khon chuyn i c th lm long c cu vn gp ca c ng, cc c ng lun c c quyn mua trc pre-emptive right mua bt k chng khon mi pht hnh no c th chuyn i thnh c phn thng, vi mt gi ng k mua lun thp hn gi th trng.

c im bo v

Chit tch c phn v vic tr c tc bng c phn:

Cc gi chuyn i c th c iu chnh nu c mt quyt nh chit tch c phn splits hoc cng b chia c tc bng c phn stocks dividends cn c trn c phn thng lm c s chuyn i sut trong thi gian tn ti ca tri phiu chuyn i. Vic chit tch c phn v tr c tc bng c phn to ra lng c phn lu hnh nhiu hn, ng thi gi tr ca chng do vy m gim i. Nu c phn c tch thnh hai c phn mi cho mt c phn c, th t l quy i s c iu chnh tng ln gp i v gi chuyn i s gim cn phn na. Trng hp c s tr c tc bng 20% c phn chng hn, th t l quy i cng s tng ln 20%. V d tri phiu mnh gi 500.000 c t l quy i 5 i 1 th c tng tng ng l 6 i 1. Nhng gi chuyn i cng s gim tng ng t gi c l 100.000, by gi s l khong 83.333.

Cc thay i v xp loi chng khon:

Nu cc c phn thng ang lu hnh c chuyn sang cng s lng c phn ca mt xp hng khc, c quyn chuyn i c p dng ng nhin vi s lng ngang bng vi cc c phn mi.

Cc c phn b sung:

Giao c pht hnh tri phiu cng cht li c s lng ti a c phn c th tng thm additional shares - huy ng vn c phn m cng ty c php huy ng trong thi gian tri phiu chuyn i ang cn hiu lc, ln gi ti thiu m cc c phn b sung c th c pht hnh.

Sp nhp, hp nht v gii th:

Nu cng ty chm dt hot ng do bt k tnh hung no c cp trc, ngi nm tri phiu chuyn i s mt c quyn chuyn i. Tnh ton ngang gi chuyn i Ta ly trng hp mt tri phiu chuyn i kho st. Tri phiu chuyn i l loi chng khon kh c o, n cho kh nng ng thi tn ti hai chng khon khc nhau: bn thn tri phiu v loi c phn thng c th c chuyn i. Do vy m ta cn c s so snh gia gi th trng ca tri phiu v gi th trng c phiu m nu quy i s c c. Nu th gi tri phiu bng tng th gi c phn theo quy i, th chng c xem l ngang gi. Thng thng, mt tri phiu chuyn i c giao dch c th gi cao hn ngang gi ngang gi theo tnh ton.

Trng hp 1: Gi phin ngang ca tri phiu chuyn i:

Mt tri phiu chuyn i c mnh gi 100.000 v c gi chuyn i ra c phn thng l 5.000. Nu c phn thng ang c bn vi gi 6.000 mt c phn, tri phiu cn c bn vi gi no c ngang gi parity vi c phn thng? Trc tin, cn tm t l quy i, hay s c phn thng c i t tri phiu, ta c: 100.000/ 5.000 = 20 c phn

K tip, ta xem tng gi tr c phn theo gi th trng theo quy i l bao nhiu. Bi v tri phiu mun c ngang gi phi bng tng gi tr c phn ny, ta c: 20 x 6.000 = 120.000 Nh vy khi c phn c th gi l 6.000 mt c phn, th ngang gi ca tri phiu chuyn i phi l 120.000. Tuy nhin, nhng th trng pht trin, thng thng tri phiu chuyn i c bn cao hn ngang gi tnh ton. Gi s tri phiu trn c giao dch 10% cao hn ngang gi, gi th trng ca tri phiu s cao hn 12.000 so vi gi ngang, tc 132.000.

Trng hp 2: Gi phin ngang ca c phn thng:

Mt tri phiu chuyn i mnh gi 100.000, c gi chuyn i l 6.250. Nu tri phiu ang c bn trn th trng vi gi 120.000, hi gi c phn phi l bao nhiu th s ngang gi vi tri phiu? Trc tin, ta cng cn phi tm t l quy i, ta c: 100.000/ 6.250 = 16 c phn Nh ta bit trong trng hp 1, ngang gi l khi th gi tri phiu bng vi tch s gia th gi c phn nhn vi s c phn c chuyn i t l quy i. Nh vy, xc nh gi ngang cho c phn, ta chia th gi ca tri phiu vi t l quy i. Ta c: 120.000/ 16 = 7.500

Kt qu cho ta bit rng c phn phi c gi l 7.500 mt c phn th mi l ngang gi vi tri phiu chuyn i khi tri phiu ny ang c giao dch vi gi 120.000/tri phiu. Tng qut, ta c: + Ngang gi chng khon chuyn i = Th gi c phn thng x T l chuyn i. + Ngang gi c phn thng = Th gi chng khon chuyn i/ t l quy i

Gi tr u t v gi tr chuyn i:

Gi tr u t phng nh ca mt tri phiu chuyn i l th gi m chng khon mun bn nu ta qun chuyn chuyn i n ra c phn thng. Cn gi tr quy i conversion value ca mt tri phiu l tng cng gi tr ca lng c phn thng c tnh theo gi th trng theo tri phiu chuyn i c th quy ra c. V d mt tri phiu chuyn i ang c bn gi 110.000 v tri phiu c th i ra c 10 c phn thng. Nu th gi ca mi c phn thng l 12.000 th gi tr quy i ca tri phiu l 120.000 12.000 x 10.

p lc chuyn i:

Cn bit l hu ht tri phiu chuyn i v c phn u i chuyn i u l loi m ch th pht hnh c th thu hi callable. Mt cng ty c th s thu hi tri phiu chuyn i nu c iu khon thu hi khi iu kin th trng ang din bin theo cch m ngi s hu tri phiu s thy vic

chuyn i tri phiu ra c phn thng s c li hn l hon li ch th pht hnh hng mc gi thu hi. Trng hp ny s xy ra khi gi ngang quy i ang cao hn gi thu hi. V d, mt loi tri phiu chuyn i mnh gi 100.000 s c i ra c phn thng gi 5.000/c phn t l chuyn i l 20 i 1 v c iu kin c thu hi ang hiu lc vi gi 110.000/tri phiu. C phn thng lm c s chuyn i ang c bn vi gi 5.800/c phn, do bng cch chuyn i mt tri phiu, ngi u t s s hu 20 c phn thng tr gi 116.000. Ngang gi ca mt tri phiu s l 116.000. Ngang gi ny cao hn gi thu hi 110.000. V ch th pht hnh ang c li th thu hi tri phiu trong cuc, do m nh u t b p lc phi chuyn i trc khi thi im thu hi c hiu lc. Nh u t sau khi suy hn tnh thit nh trn, b ta thy nn chuyn i v bn 20 c phn thng c 116.000 cho mi tri phiu s c li hn l hon li chng ch nhn c c 110.000/tri phiu. Theo quy nh chung ca nh ch TTCK, c da vo lut ca mi nc, th mt chng khon chuyn i c iu kin thu hi s b mt cc c quyn, v ng nhin chm dt hng c tc hoc nhn tin li, ngay sau khi thi im thu hi c hiu lc. Chng khon c bit ca cng ty c phn: c quyn mua v cam kt bn Cc c quyn mua rights v cam kt bn warrants l hai loi sn phm c bit c cc cng ty c phn to ra da trn c s mt li ha trong th trng chng khon TTCK. Nhng l nhng th c gi tr ring v mua bn c.

c quyn mua Nhng c ng gp vn mua c phn thng c phn ph thng - common stocks chnh l lc lng nng ct gy dng, duy tr v chia s vn mnh ca cng ty. Bnh thng h c khuynh hng mun gi c cu s hu v quyn li ca mnh trong cng ty khng b long i. Tuy nhin, cng ty li lun cn c pht trin v do thng c nhu cu phi tng vn. Vic pht hnh c phn mi cho qun chng u t mi l cch tng d thc hin, nhng n li mu thun quyn li vi tp th c ng hin ang s hu cng ty. V khng th n gin vn theo cch quay lng li vi nhng ngi v ang sng cht vi cng ty, phng thc pht hnh cc c quyn mua c phn rights l gii php ti u v tr thnh mt loi sn phm mang m nt truyn thng trong TTCK.

Quyn mua trc:

Vic pht hnh c phn mi tng vn cng ty lun c u tin dnh cho cc c ng ang s hu cng ty. Ngi ta gi trng hp u tin ny l quyn mua trc preemptive right, v l c s l lun cc c quyn mua rights c pht hnh v tn ti. y l quyn li ca nhng c ng hin ang s hu c phn thng ca cng ty. H s c mua c phn trong mt t pht hnh c phn mi tng ng vi lng c phn m h ang nm ti thi im. Gi l c quyn mua v y l c s cc c ng hin hu vn duy tr c c cu vn ca mnh trong cng ty vi gi mua c phn thp hn gi th trng. Nu h khng mua, phn bnh ca h trong cng ty s ng nhin b gim. V d, cng ty OMEGA ang c triu c phn thng ang lu hnh. ng Nam ang c trong tay 10.000 c phn, hay l 1% ca tng s c phn kia.

Gi s cng ty OMEGA s tin hnh pht hnh thm 500.000 c phn tng vn, th ng Nam s nhn c 10.000 c quyn mua, c gi tr u tin s c mua thm ti a 5.000 c phn ca t pht hnh . Nu ng Nam khng mua thm c phn no trong t tng vn ny, hoc ch mua mt t thi, th bch phn s hu ca ng Nam s gim xung thp hn 1%, v s c nhng c ng mi tham gia mua s c phn b t chi . Cc c quyn mua c tr gi ring v c mua bn nh nhng hng ho khc th trng th cp trong sut thi gian chng c ng k bao mua subscription. Qu trnh bao mua v nhn cc c quyn , cc c ng c th: - Thc hnh quyn mua c phiu. - Bn quyn li cho ngi khc trn th trng. - cho quyn tri qua ht hiu lc. Vic pht hnh cc c quyn mua c phiu thc cht l mt t pht hnh c phn thng, nhng c n danh v tr hon n mt thi im xa hn. Trong chng mc no ta c th hiu y l cch "bt p" cc c ng phi chp nhn mt t tng vn c phn. Do vic pht hnh phi c hi ng qun tr cng ty chun nhn v c ng thng qua. Nhng c tnh ca c quyn mua

Phiu mua c quyn:

C mi c phn thng ang lu hnh s c nhn mt c quyn. Bi vy mt nh u t nu ang c 1.000 c phn thng th h s nhn mt phiu c gi tr th hin 1.000 c quyn mua c phn. Th tc cho bn thc t s c th s c quyn cn thit mua mt c phn, gi mua c quyn, thi

hn ng k mua, v ngy c phn mi c pht hnh. Theo ngn t ca Wall Street c chun ho, mt t pht hnh cc rights cho c ng hin hu c gi l "rights offering" v gi c phn bn theo c quyn c gi l "subscription price", tm dch l gi bao mua. Gi bao mua lun c nh thp hn gi th trng.

Nhng k hn v gi c cn ch v vic cho bn c quyn:

V d vo ngy 1 thng 9, cng ty ALFA cng b mt t cho bn cc c quyn. Nhng ch nhn ang nm c phn thng cho n ngy 1 thng 10 s c mua c phn mi vi gi 30.000 mt c phn, v c mi 10 c phn c c mua mt c phn mi 10 c quyn c mua mt c phn. C phn thng trong cuc hin ang c mua bn vi gi 41.000. c quyn mua c phn ny s ht hiu lc vo ngy 15 thng 11. Gi nh cng ty ALFA ang lu hnh 2 triu c phn v mun pht hnh thm 200.000 c phn na tng vn. Mi c phn ang c s c hng mt c quyn, nh vy s c 2 triu c quyn c pht hnh. Cc c quyn ny chia nhau tng s c phn mi s pht hnh, c th 2 triu c quyn s chia nhau 200.000 c phn. C ngha l phi cn 10 c quyn mi mua c mt c phn. Trong khong t 1 thng 9 n 15 thng 11, cc biu ng chng khon trn cc bo v cc phng tin tng t ca TTCK s trnh by hai nhp liu entry thng tin khc nhau cho c phiu cng ty ALFA. - Gi bn thn c phiu km c quyn hay khng km c quyn gi l cum rights v ex- rights. M mt c phn mua bn khng km c quyn c biu th thm k hiu "x" cnh ct s lng.

- Gi ca c quyn, da trn c s khi c pht hnh when-issued hoc gi th trng hin hnh. biu th gi da trn c s "khi c pht hnh" ngi ta thm vo 2 k t "wi" ngay k gi . Cng ty s pht hnh cc c quyn mua mua c phn mi vo ngy 8 thng 10 n bt c c ng no c s sch ghi nhn ngy 1 thng 10. C phn s c mua bn km c quyn cho n ngy chng c xc nh l "ngy lt ra ngoi" khng cn cng c quyn - ex- date. Ngy "ex- date" l mc li li sm hn ngy cht cn hiu lc, tc 15 thng 11, mt khong thi gian theo lut nh lm cc th tc thanh ton v chuyn s hu, thng l mt tun lch. Trong thi gian k t ngy "ex- date" , vic mua bn vn din ra bnh thng, nhng khi xong th tc, ngy ng k s hu cho ngi mua trn s sch s lt ra khi ngy 15 thng 11, lc cc c quyn mua khng cn hin hu: Do vy, mt ngi u t khi mua c phn km c quyn th ng nhin c nhn c quyn mua c phn mi. L lun nghe c v lng vng ng ngn ny thc ra rt cn thit v quan trng, nht l trong khu cho mi, thng lng mua bn v th tc chuyn nhn v s hu trong cc bi cnh thi gian khc nhau. cho d theo di, ta cn lu cc thut ng v ng nng vi nu c iu g cha hiu, hy c tip cho ht v nu cn th c li.

i din chuyn nhn c quyn:

i din chuyn nhn c quyn right agent m nhn nhng cng vic lin quan n c quyn cng ging nh mt i din chuyn nhn transfer agent lu k chng khon. Khi c quyn c bn, c quan ny s ghi nhn cc chi tit v s hu ca ngi ch mi.

Bao tiu bc lt:

Gi l bao tiu bc lt hay i sn standby l v nu nhng c ng hin hu khng ng k xc nhn mua ht cc c quyn mua c phn mi th nhng c quyn cha bn ht s c mt nh bao tiu nh kinh doanh chng khon chuyn nghip - broker- dealer mua vt - bao mua s c phn mi cn li. Cch thc pht hnh cc right nh vy s c thc hin theo mt cn bn cam kt chc chn firm commitment. Gi tr ca c quyn

Gi tr l thuyt.

Gi tr theo l thuyt ca c quyn c cn c trn phn tit kim m ngi u t kh d c c khi h thc hnh c quyn bao mua mua chng khon vi mc r hn gi th trng.

Gi tr c quyn khi c phn c km c quyn:

tnh ton gi mt c quyn khi chng khon trong cuc c mua bn km c quyn prior to ex- date, ta s dng trng hp cng ty ALFA trn y minh ho. Gi th trng M ca c phn km c quyn l 41.000. Gi bao mua S l 30.000 cho mt c phn mi. Do , c 10 c quyn cho nh u t hng mt khon gim gi 11.000 trn mt c phn Gi th trng 41.000 tr i gi bao mua 30.000. xc nh gi tr ca mt c quyn ta ly phn nh u t tit kim c M - S = 11.000 chia cho s quyn cn thit mua mt c phn N cng thm 1. Ta c: 11.000/ 11 = 1.000 l gi tr ca mt c quyn mua.

Gi tr c quyn lc c phn khng cn km c quyn:

Vo ngy u tin c phn c mua bn khng km c quyn after exdate, gi th trng c c im b rt xung mt khon bng vi gi tr ca c quyn. V chng khon by gi ang c bn khng c c quyn, s chia trong trng hp ny ch l 10, tc s c quyn cn c mua mt c phn mi. xc nh gi tr ca mt c quyn khi chng khon ht mang c quyn ex- rights, ta ly phn tit kim m mt n v c phn th hin M - S chia cho s c quyn cn c mua mt c phn N. Da trn v d trc, c phn lc ny c gi 40.000 gim 1.000, tng ng vi mt c quyn. Ta c: 40.000 30.000/ 10 = 1.000 c quyn mua nh vy ch yu phc v cho cc c ng hin hu ang nm c phn thng ca cng ty. Cc c quyn mua cho php mua chng khon sp pht hnh gi r hn gi th trng. Thi hn hiu lc ca c quyn mua thng rt ngn, t mt tun n vi thng. Cam kt bn Nu c quyn mua c da trn quyn li ng nhin dnh cho cc c ng hin hu th cam kt bn l s bo m ca cng ty a ra khi tin hnh bn mt loi sn phm mi ca cng ty c phn . Cng ging nh c quyn mua, cc cam kt bn warrants cho ngi nm gi chng quyn c mua chng khon c phn thng mt mc gi nh trc, cng c gi l gi bao mua subscription price. Tuy nhin cam kt bn l cng c di hn, c hiu lc vi nm tr ln, c loi hiu lc vnh vin. Nhng

ngi th c cc cam kt bn v ch mi l nhng chun c ng, h khng c t cch hng c tc cho ti khi tht s chuyn ra thnh c phn thng. Cc cam kt bn thng c pht hnh km theo cc tri phiu hoc cc c phn u i preferred to thm tnh hp dn li ko ngi mua, v cng l chiu bi nhm h thp li sut coupon rate. Cng c th chng c pht hnh cng vi c phn thng, v i khi c dnh ring cho cc nh bao tiu ca mt t pht hnh mi, hot ng ny to ra cng c p ng mt chin lc u t theo hng u c. Cc cam kt bn c th tch ring ra c hoc khng. Nu l loi tch ring, vic mua bn chng hu nh l phc v cho vic u c v gi c ca chng khon c s. Ngi u t khi c cc cam kt bn, h c th 1 thc hin vic s dng cam kt bn mua c phn v 2 bn chng trn th trng th cp. Nu gi th trng ca c phiu cao hn gi bao mua c phiu da vo cam kt bn, ta c mt chnh lch thc cht, gi l intrinsic value. Do , chnh lch thc cht ca mt cam kt bn c xc nh bng cch so snh gi bao mua vi th gi ca chng khon c s. V d, mt cam kt bn c gi bao mua l 30.000 v chng khon c s ang c mua bn trn th trng vi gi 24.000. Chnh lch thc cht l zro v gi bao mua cao hn gi th trng. Nu c phiu tng ln 33.000 sau , th chnh lch thc cht s l 3.000. Gi c ca cc cam kt bn thng c bin ng nhiu hn so vi chng khon c s. Gi tr ca cam kt bn c th s mc c xem l cao, phn nh kh nng gi tr th trng c th nhch ln trong thi gian cn li cho n k ht hn. Khi cc cam kt bn c pht hnh km vi cc tri phiu hoc c phn u i, chng c th c b chung li v c bn ra nh mt thnh phn nm

trong n v c bn. V d, cng ty ALFA c th tin hnh bn thm 400.000 c phn u i c tip th theo cch b chung li thnh nhng n v gm 4 c phn u i v 2 cam kt bn, mi cam kt bn c th thc hnh quy i thnh 1/4 c phn thng mt mc gi nh trc. Mt nh u t mua 100 n v th s nhn 400 c phn u i v s cam kt bn sau ny c th hon li nhn 50 c phn thng 100 units x 2 warrants = 200 warrants, mi warrants thc hin i ra c c phn thng Cc rights v warrants c th c xem l nhng cng c u t c tnh cch trung gian v tm thi i vi ngi u t. Nhng i vi cc cng ty, nhn chung, chng c th c v von mt cch hnh tng l nhng gi tr phc v cho mc ch khuyn mi. Bin nhn lu k DR/ADR: Mt phng tin giao dch cc chng khon c gc nc ngoi Bn v cc chng khon c bit ta khng th b qua mt sn phm kh c trng l cc bin nhn lu k Depository Receipts, loi i din cho cc chng khon ngoi quc ng thi bn thn n l mt chng khon c gi tr lu hnh trn mt th trng chng khon TTCK ni a no . Sn phm ny ph bin ti th trng M vi tn vit tt l ADR American Depository Receipts. Chng c gi tr tham kho cao v c m phng ng dng i vi nhiu th trng. DR c ngha mc mc nh rut t bin nhn thay cho mt s c phn ca chng khon m n i din ca mt cng ty ngoi quc c quc tch khc vi nc m n pht hnh. Khi c ng k giao dch, n c gi tr nh mt chng khon thc th, c th l chuyn nhng c v mua bn d dng. M mt DR thng thay cho 10 c phn. Cc ADR c cc cng ty ngoi quc s dng nh mt phng tin hu hiu thu ht u t ca M. Vic ng k lu hnh cc ADR thng theo mt quy ch nh nhng

hn so vi th tc m U Ban Chng khon Hoa K i hi i vi cc chng khon trong nc h.

Ngn hng gim h:

i vi cc ADR, c quan pht hnh l cc chi nhnh cc ngn hng thng mi tm c ca M t ti nc ngoi nc quc tch ca c phn cng ty. Cc c phn loi chng khon ngoi quc m ADR i din phi c gi vo v u thc gim h bi mt t chc hp l, thng l mt ngn hng ti M. Lng chng khon bo k cho cc ADR phi c lu gi trong sut thi gian chng c lu hnh.

Vic ng k theo danh ngha cho ngi s hu:

DR c ng k vo s sch ca ngn hng gim h trong nc, ngn hng ny trc tip chu trch nhim v cc sn phm i vi th trng ni a nn c gi l s hu danh ngha. Nhng ngi u t ring l vo loi DR no khng c xem l cc ch s hu ng k, mc d h l ch tht s s hu th hng.

Trch nhim ca ngn hng:

Ngn hng lu k s gi cc chng khon v cung cp thng tin cho ngi mua gi DR lin quan n s hnh thnh v pht trin, tnh hnh cng ty v quc gia ng k chng khon gc, cng nh nhng din bin c th tc ng n loi DR .

Quyn li ca nhng ngi s hu DR:

Ngi mua DR c quyn bu c v nhn c tc khi c cng b, nhng h khng c c quyn mua trc c phn quyn u tin/preemptive right. C tc c gi vo ngn hng gim h, v l ch s hu ng k s hu danh ngha. Ngn hng gim h gom tt c cc mn c tc li, chuyn i cc khon thanh ton thnh ni t i vi cc ADR l USD cho cc ch s hu th hng trong nc v gi li cc khon tr thu cho nc ngoi, nu c. Khi ngn hng nhn c cc c quyn mua rights v cam kt bn warrants t nh pht hnh gc, h s bn nhng sn phm i ti th trng chnh quc gia ca nh pht hnh v phn phi thu nhp li bng tin mt cho nhng ngi s hu th hng DR.

Giao nhn chng khon gc ngoi quc:

Nhng ngi mua DR, da theo nhng iu kin c giao kt, c quyn hon i cc chng ch DR DR certificates ly c phn thc m cc chng ch i din. Theo lut l ca M, nu t chc pht hnh to ra cc ADR bng cch k thc c phn gc vo mt ngn hng gim h v ng thc hnh ng theo cc yu cu v th tc lp chng t v bo co vi U Ban Chng Khon Nh Nc SEC th loi ADR c mnh danh l loi ADR c bo lnh. Cn khi mt ngn hng mua cc c phn ngoi quc to ra cc ADR v ch lu k theo th tc nc ngoi vi mt ngn hng gim h thi th c gi l ADR khng c bo lnh unsponsored ADR. Tri phiu khng li sut

Thng thng, h nhc n tri phiu ngi ta lin tng ngay n mn tin li s nhn c nh k. Thut ng trong ting Anh gi cc mn tin li l "coupon". Theo thng l c nhiu nc p dng th cc tri phiu coupon coupon bond nhn li mi su thng mt ln. Tuy nhin, trong th trng ti chnh v chng khon cn c cc loi tri phiu khng nhn li. Cc sn phm c bit ny, gi l zro- coupon bond, d c nhng c im ring nhng khng xa l, li hu ch trong mt bi cnh cn a dng m bt c th trng no cng c th tham kho p dng. Tri phiu khng nhn li l loi khng tr li nh k cho ngi s hu. B li, chng c pht hnh mt mc c gi tr u t khi im thp hn mnh gi. Ngi u t mua v s hu tri phiu xem nh c hng mt t l chit khu, gi tr u t theo thi gian tng dn, tim cn v t ti mnh gi tri phiu vo ngy o hn. Ni theo ngn ng ti chnh th gi pht hnh tri phiu l mt khon u t hin ti present value, mnh gi tri phiu l gi tr tng lai future value, khon bi p dn c tnh theo cch xc nh li kp v qu trnh thut ng gi l accretion, ta tm gi l khon bi vn, c th c tnh hng nm nu c yu cu, nhng thng l ch phc v cho mc ch tnh thu. Nh vy, thu nhp m ngi s hu tri phiu loi ny c c ch yu l s gia tng t khon bi vn. Tuy nhin, iu li khng c ngha l gi ca chng s n nh. Ngc li, thc t ti cc th trng chng khon c mua bn sn phm ny, th tri phiu khng nhn li c gi c bin ng nhiu. M, y l loi tri phiu c th c hon thu, to cho nh u t c thm mt cng c chn la. Do , trong nhiu trng hp, chng c th hu ch cho nhng cn nhc v qun tr ti chnh hn l mt sn phm dnh cho cc mc ch u t bnh thng.

Tri phiu khng nhn li thng c bn vi mt chit khu di mnh gi kh su. Thu nhp i vi ngi mua loi zro- coupon bond ny d rt d thy khon chnh lch gia gi pht hnh chit khu v gi ghi trn mt tri phiu mnh gi face value lc o hn, nhng thc t cha cho ngi u t mt khi nim khi cn so snh. Do , n thng c tnh ra mt li sut tng ng ta d hnh dung hn v chn la. Cch tnh ton nh vy c th thc hin tng t nh cch tnh m cc ngn hng p dng trong chit khu bank- discount basis, bng cch ly chnh lch chit khu chia cho gi tr sau khi chit khu, ri quy ra li sut nm. minh ho n gin, ta c th ly v d mt tri phiu khng nhn li c mnh gi 1.000.000, o hn 5 nm v c bn vi gi 500.000 khon chit khu l 500.000 th li sut tng ng l: 1.000.000 - 500.000 / 1.000.000 = 5% 5 nm Nhng nu tnh theo hiu qu u t, thc t ngi u t ch b ra c 500.000, cho nn khon chnh lch thu nhp da trn gi tr chit khu 500.000 s c so snh vi vn u t trng hp ny cng l 500.000 ta c li sut tri phiu tng ng coupon- equivalent rate l: 1.000.000 - 500.000 / 500.000 = 100% 5 nm c mt nhn dng y hn, cn bit rng trong th trng ti chnh v chng khon cn c cc sn phm tng t nhng khng c gi l zrocoupon bond, thng l loi di mt nm, m ngi ta gi bng nhng tn khc nhau trong th trng vn ngn hn money market. in hnh cho loi ny l loi giy n kho bc M T- bill. Gii chuyn mn gi y l chng khon chit khu discount securities hay chng khon khng chu li non-

interest bearing securities. Trong tng lai chc rng ti th trng Vit Nam ri cng s c nhng sn phm nh vy. Theo k thut cho bn trn th trng chng khon, nhng sn phm cng c nu gi bng phn trm % chit khu. y l cch gip ngi u t i chiu tham kho nhanh v cn thit cho mt th trng ng b. Nhng nu khng nm vng ta li d b nhm ln khi mi tip cn nhng sn phm ny, dn n phn on sai lnh hoc c th bi ri. Ly mt v d minh ho. Mt giy n kho bc tr gi 1.000.000 o hn 91 ngy, bn theo sut chit khu v c gi bn theo s tuyt i l 975.000. Nhng theo cch yt gi trn TTCK ta c th nhn c thng tin i loi nh sau: "o hn thng 9, thu vo 9,99%, bn ra 9,89%" Cn lu gi thu vo bid v bn ra ask/offer y l cch gi theo nh bun chng khon, v ging nh th trng vng ta, khi din t "gi mua, gi bn" lun phi xc nh mnh ang ng pha no. Ta c th b nhm khi c v hiu cch yt gi nh vy. Ti sao gi bn ra li l 9,89%? Khng t trng hp do cha quen, ngi u t mi ra sn" c th ngh h ch phi tr "901.100" thi ch! Qu tht, nu l loi 52 tun 1 nm th iu khng sai. Nhng ta nn lu y l loi 13 tun 91 ngy, do cn c mt php tnh quy i th trng c cc thng s yt gi chun ng b theo nm. Bch phn gi yt bn 9,89% c t php tnh sau y: 1.000.000 - 975.000 / 1000.000 x 360 / 91 = 9,89% gi nh quy c nm trn l 360 ngy

Tuy nhin th vn cha , khi xem xt hiu qu u t, ta cn tnh li sut tng ng vi tri phiu da trn s tin thc th b ra, theo php tnh: 1.000.000 - 975.000 / 975.000 x 360 / 91 =10,14% R rng thu nhp t u t qua mt thong tnh ton nh vy c th cho ta mt nhn nh lc quan hn. Vic pht hnh cc tri phiu khng nhn li c th l do nhu cu ca cc cng ty c phn, hoc chng cng c th c to ra bng mt k thut kinh doanh ti chnh ca cc cng ty mi gii v kinh doanh chng khon. Chng c "ch bin" t cc loi chng khon khc nhau, gm c cc loi do nh nc pht hnh. M cc chnh quyn a phng v kho bc nh nc cng tng tham gia pht hnh loi ny. in hnh l loi STRIPS cng c giao dch th cp theo li v gc tch bit m ta c dp kho st trong chuyn "Chng khon Chnh ph". Mt v d v k thut to ra chng khon khng nhn li. Vo nhng u nm 1980, nhiu nh ch ti chnh ti M s hu mt lng ln cc tri phiu kho bc nh nc tr li nh k. Trong mt bi cnh kinh t ti chnh c d on l c iu kin kh d tng vng quay vn, h a lng ti sn ny vo cc ngn hng thng mi qun l. Cc ngn hng sau pht hnh cc chng ch da theo cc k tr li cng nh trn t thanh ton lng tin gc ca mi tri phiu. Theo cch nh vy, mt tp hp tri phiu kho bc bnh thng c quy i sang nhiu loi tri phiu khng nhn li, mi loi c k hn hon tri khc nhau. Chng hn, mt cng ty u t c th mua gi mt lng ln tri phiu kho bc T-bond 15 nm, v ngay sau h k thc lng tri phiu kia vo mt ngn hng thng mi. Ngn

hng thng mi vi nghip v ca mnh s thu xp pht hnh mt lot cc zro- coupon bond c thi k o hn thay i t su thng ngy tr li u tin n 15 nm ngy tr li cui cng v thanh ton tin gc. Nh th, cc tri phiu 15 nm c th c quy i thnh 30 loi tri phiu khng nhn li! u im ca vic u t vo tri phiu khng nhn li l trnh c ri ro v ti u t, hay cn c gi l ri ro v li sut. Tuy y ch l mt u im tng i trong phm vi hp, nhng t ra n gip cho mt s ngi u t c cm gic chc chn v an tm. L gii n gin ca li im ny l ti thiu t l thu c tin li do ti u t s bng zro, bi v trong thc t lm g c khon tin no c tr li nh k m ti u t ?. iu ny khc vi tri phiu thng, c su thng nhn li th phi tnh n hiu qu ti u t khon tin li sinh li lin tc. Do m c s so snh gia li m v li con. Mt thun li khc, chng khon khng nhn li xem ra rt hu ch trong hoch nh ti chnh. Cng c ny cho php ta c th tnh ton v lp k hoch ti chnh kh chc chn o ta c c mc tng gi tr c th ngay t u i vi mt mn tin u t. Chng c vai tr c lc gip bo ton v pht trin cc ngun tin di hi, c bit l cc qu hu tr, cc ti khon gim h Nhng im li m ta va nu rt thuyt phc khi ngi u t mua v gi cc tri phiu phi li sut lu di v ch hon tri khi o hn. Trng hp phi thanh l ngn hn v bt c l do g, ngi s hu chng u c th b ng trc bt li. Kinh nghim ca th trng chng khon th gii tng kt v gi l ri ro v gi c market risk. Bi v cc tri phiu

khng nhn li, nht l loi di hn, c gi c bin ng theo mt bin ln, iu ny lm cho ngi bn kh lng thc hin c s ti to gi tr tr li thnh tin tng ng vi gi tr tch lu ca tri phiu ti thi im bn. Bn thn cng c thiu tnh thanh khon cng l s gii thch ti sao ngi u t khi cn bn sm v gp khng th mong nhn c s cho n tho ng. Vi cc phn tch trn y hy vng s cung cp thm mt ngun tham kho na ngi u t nm vng v, nu cn, thn trng hn khi tip cn vi cc loi chng khon c bit. Cc loi li sut ca th trng tin t Cc cng c trong th trng tin t - l ngun cung vn ngn hn - hot ng v tn ti theo c ch cc li sut yield. Mt c ch li sut hp l v hu hiu l yu t nn tng cho cc giao dch chng khon ngn hn. Ngc li, mt th trng vn ngn hn th trng tin t hot ng hiu qu s l c s xc lp cc li sut interest rates trn th trng vn ni chung. Khi kho st v li sut, nht l ti th trng ti chnh M, nu thut ng li sut c vit vi s nhiu - interest rates - th ta nn hiu n mun din t mt tp hp cc li sut c tham kho qua li chnh thc, ang c hiu lc tc ng trn th trng ti chnh. Di y chng ta s tm hiu ngha ca cc loi li sut . Li sut c bn Li sut c bn prime rate, cn gi l prime c cc ngn hng thng mi tm c ti cc trung tm ti chnh ch lc ca mt nn kinh t cng b v p dng i vi cc khon n dnh cho cc doanh nghip l khch hng ln. D cc ngn hng khng nht thit thu li ng nh mc cng b, thng th thu cao hn v i khi thp hn, li sut c bn c xem l c s cc mc li khc tham kho p dng hoc da vo iu chnh. V nhiu l

do nh hng khc nhau, khi mt li sut c bn tng ln nhn chung gi c chng khon c xem l bt li. C th nhiu ngi ngh rng li sut c bn ch quan trng i vi cc doanh nghip ln, bi khi cc "i gia" i vay h lun quan tm c bit ti mc li "u i s mt" ny, tht ra, s chuyn bin ca li sut c bn cn c nh hng trc tip i vi tng nh u t. Trc tin, li sut ny l yu t quyt nh mc li m nh u t phi tr nu gi nh h phi mua chng khon bng tin i vay, theo hnh thc ti khon bo chng margin. Khi li sut c bn tng, li sut p dng trn tin huy ng s tng theo, do vy chi ph mua gi chng khon hoc duy tr mt v th u t trong th trng chng khon cost of carry hay carrying charges s cao, ngi u t d ri vo tnh hung ri ro. Ngc li, mt s ct gim li sut c bn s lm gim chi ph mua gi chng khon i vi cc khon tin huy ng, iu ny li khuyn khch ngi u t mua nhiu chng khon hn, lm lng cu tng, v hn l gi chng khon cng tng. Ta thy , c hai ng c th u l bt li! K l, cc s thay i v li sut c bn l du hiu quan yu cho nhng thay i ang hoc c th xy ra i vi cc loi li sut khc. Chng hn cc t chc cho vay thng nng li sut c bn ln b p s gia tng ca chnh chi ph to lp cc ngun vn ca h, hoc cng c ngha l p ng s cnh tranh trong nhu cu vay n ca khch hng. Nh vy, mt s gia tng li sut c bn c th l du hiu ca mt tro lu i vn. Ngoi ra, cc khon cho vay khi b thu hp c th gy p lc lm tng mt bng cc li sut ni chung. Li sut c bn c xem l mt loi li sut tham kho quan trng trong th trng. Nhn chung n thay i chm hn hu ht cc li sut khc, do n

nm trong tm kim sot ca cc t chc cho vay. Nu li sut huy ng nng federal funds rate c th bin ng ln trong thi gian rt ngn, th li sut c bn c duy tr mc tng i n nh lu hn v nu c bin ng, n s din bin theo nhng nc nh 1/4%. Cng cn xc nh rng li sut c bn l loi li sut ngn hn, n c th so snh vi loi li sut ca cc tri khon kho bc ngn hn ca nh nc T- bills. V nh mt tt yu, li sut c bn thng thng thp hn cc li sut c tr cho tri phiu cng ty. Tuy nhin, ta nn lu thm rng, mt s gia tng ca loi li sut ny s lun lun cn l tin ng bun cho th trng tri phiu. Li sut tit kim Li sut tit kim passbook rate l li sut c xc lp bi hot ng tit kim gia khch hng k thc vi ngn hng hoc cc t chc pht trin gia c. Cc nh ch ti chnh ny c lp ra ch yu huy ng vn cho vay phc v cho mc ch pht trin bt ng sn. y l hot ng thu ht tit kim rt ph bin M, t chc theo cc Hip hi Tit kim v Cho vay Savings and Loan Association - S&L. Cc hip hi ny thng c s hu tp th bi nhng ngi gi tin vo , nhng cng c th l t chc ti chnh c lp ra nhm kim li nhun. Li sut tit kim c qun chng rng ri quan tm v n c xem l loi li sut c bin ng rt thp so vi cc li sut khc. Li sut huy ng nng Li sut huy ng nng hay c th gi l li sut qua m federal funds rate l loi li sut c xc lp bi th trng cho vay tm thi cc khon n p ng cn i d tr theo lut nh m cc ngn hng thng mi phi

duy tr ti Ngn hng Trung ng. Nhng ngn hng c cn i d tr vt yu cu c th s dng khon vt ny cho cc ngn hng b ht vay tm. Cc khon cho vay "tnh th" ny ti M thng c thc hin vi s tin tng i ln, t mt triu la tr ln. Mc d cc khon n ny lun lun c thc hin trn c s mt ngy trn o hn, chng c th c gia hn thm. Do bi Ngn hng Trung ng kim tra rt cht ch cc khon d tr bt buc ny, li sut huy ng qua m c xem l mt biu th quan trng v chnh sch tin t ca cp nh nc v chiu hng tng lai ca cc li sut khc. Cc nh phn tch ti chnh theo di rt st cc din bin nhy cm trong lnh vc ny a ra cc tin on v nhng thay i sp xy ra trn cc th trng tn dng. Mt s st gim li sut qua m c th cho thy l Ngn hng Trung ng quyt nh kch thch nn kinh t, mun n nng ln hn, bng cch ni lng cc khon d tr p dng cho c h thng ngn hng. Tuy nhin, cc nh ti chnh khuyn co ta nn thn trng khi s dng ch s ny, v khi s dng cn kt hp mt s tham kho khc ca bi cnh xc nh. Bi v mt li sut st gim c th n gin ch l v cc ngn hng thc hin vic cho vay thng mi thp hn do nhu cu vn bn ngoi gim xung, nh vy theo l t nhin, ngn hng s cn t hn cc khon vay mn cn i d tr. Bn thn li sut qua m mang ngha huy ng vn nng, cho nn y l loi li sut c bin ng nhiu nht trong cc loi li sut n thay i hng ngy phn nh nhu cu vn cn iu chuyn qua li gia cc ngn hng cho hot ng tn dng ca mnh.

Li sut chit khu ca Ngn hng Trung ng Li sut chit khu discount rate l li sut c thu trn cc khon tin m Ngn hng Trung ng cho cc ngn hng thnh vin trong h thng vay. y l cng c iu tit v m thng c M v cc nc phng ty s dng rt hiu qu. Cc khon vay c cm c bng cc chng khon ca chnh ph hoc cc giy t c gi hiu lc khc theo quy nh. Thnh thong Ngn hng Trung ng c th iu chnh li sut chit khu khuyn khch hoc hn ch cc ngn hng thnh vin vay mn. V phng din v m, mt s thay i ca li sut ny c xem l mt du hiu chin lc mnh th hin chnh sch ca Ngn hng Trung ng, nhm vo nhng i thay trong tng lai v cung tin t v iu chnh cc li sut th trng. Tng qut m ni, mt li sut chit khu tng ln l bo ng s c tnh trng gia tng cc li sut ca th trng tin t v th trng vn ni chung. y l sit cht lng cung tin t hoc h sit hot ng kinh t. Li sut chit khu l loi li sut thp nht trong tt c cc loi li sut trn th trng. Li sut LIBOR Li sut LIBOR London Interbank Offered Rate l li sut lm cn c giao dch tn dng bng ng la M ti hi ngoi, c cng b bi mt lin ngn hng ti Lun n. y l li sut trung bnh p dng cho cc khon k thc bng la M do 5 ngn hng ln nht ca Anh cng b ti th trng Lun n. Li sut LIBOR l loi li sut c bn ngn hn. ng la M s dng trong hot ng tn dng ti cc nc bn ngoi nc M c gi chung l "Eurodollar". Lc u Eurodollar c p dng cho th

trng chu u thi, nhng dn dn cho ti ngy nay khi nim Eurodollar c ng ho ton cu. Tng t l khi nim Eurocurrency" c gi chung cho bt c ng tin ca nc no c k thc v giao dch ti cc ngn hng nm ngoi nc , k c cc chi nhnh ca h. Li sut LIBOR l cn c cho cc nc tham kho thc hin cc khon huy ng cng nh cho vay bng la M. Khi nim v li sut ny do tng t nh li sut c bn m cc ngn hng ln v d ti M p dng i vi cc khon cho vay trong nc h. Ngoi ra, nh ta c dp kho st v hot ng tn dng trong th trng chng khon vi ti khon u t bng cm c vay mn - ti khon bo chng "margin" cng nh cc sn phm vn ngn hn trong th trng tin t, tt c nhng s trao i, giao dch vn nh vy u c mc c l v ph tn. Cc li sut nhy cm c gi tr tham kho rng ri trong hai loi th trng cn gm c:

Li sut bo chng:

L li sut duy tr ti khon u t bng tn dng, gi l "call money rate". Li sut ny l mc m cc nh mi gii chng khon phi tr cho ngn hng khi thc hin nghip v "bo chng" margin cho khch hng. M, khch hng u t sau s tr li cho nh mi gii vi li sut m nh mi gii vay h cng thm thng l 1%, hoc t hn tu khon vay ln hay nh. Ti cc th trng pht trin, li sut bo chng s d c quan tm v n cho bit mc thnh suy ca TTCK. Khi ngi ta i vay vn lm n c ngha l th trng ang pht trin hoc c mt ton cc "bnh yn".

Li sut k phiu cng ty rate on commercial paper:

Nh ta bit trong th trng tin t, cc cng ty ti chnh hoc cng ty ln thng tn dng li th v uy tn ca mnh huy ng cc khon vay thng mi ngn hn, thay v phi i vay ngn hng vi li sut cao hn. c bit cc k phiu xp hng cao loi prime paper ca M chng hn c cc t chc v c bit l cc qu u t h tng chng khon ngn hn money market funds mua vo theo hnh thc li sut chit khu. y cng l tham s quan trng nh gi tnh trng lm n chung ca mt nn kinh t.

Li sut chng ch tin gi:

L li sut bnh qun c tnh ton da trn mt s cc li sut tiu biu, c tin cy cao nht, do mt s ngn hng hng u trong nn kinh t p dng khi h pht hnh cc chng th k thc certificates of deposit - CD thu ht vn vi lng tin ln New York khng di 100.000 USD.

Li sut tri phiu kho bc ngn hn T- bills:

c xc nh bng hnh thc u gi vi khon chit khu trn cc mnh gi ca tri phiu chnh ph c k hn di mt nm. Nhng phn tch trn y c th cng kh gip cho chng ta bit li sut c iu hnh v c nhng ni dung nh th no trong qu trnh chng gi vai tr o lng, tnh ton chi ph u t giao dch, gii quyt nhng tnh hung cung cu ca th trng, lm cn c tham kho, xem xt hiu qu, .... Nh vy nu c mt thng tin v quyt nh tng hay gim li sut ca mt

nc, lm ngui bt hay khuyn khch tng trng mt khng gian kinh t. ta c th xc nh c ngay l loi li sut no ?. V chng ta th ghi nhn tham kho thm mt sau: nu khng c mt th trng tin t th s khng c cc li sut th trng. M li sut th trng chnh l nng lng, hay c th ni l cht men, kch hot th trng tri phiu. Khng c cc li sut nhy cm th kh c mt th trng mua bn tri phiu hu hiu. Nhng nguyn tc vng - Thi quen tr thnh quy lut. - Hy hnh dung mt ngi nghin ru, trong bui sng sau mt chuyn say mm quyt nh khng bao gi chm ti cc ru na. Nhng bui chiu thy ung mt cc, hai cc, ba cc; v bui ti thy anh ta li say nh m hm trc. - Khng u trn th gii ny li c nhiu ngi sng bng cc quan h ca h trong cng mt mt vung nh trong th trng chng khon. - Thnh cng trong u c chng khon l mt ngh thut kho lo i km may mn; nhng im then cht chnh l vic dng ng lc. Ai thu li gp i s tin u t trong thi gian ngn th cng s phi chu ri ro tht thot hn th na. - T ph l ai c th tha mn c nguyn vng ca mnh bng vn ti sn ca chnh mnh hay li tc t m khng ph thuc bt k ai ht; khng phi lm vic v cng khng phi kho lo trc lnh o hay khch hng

hoc bt k ai khng hp vi mnh. ngi n ng c th c cuc sng l tng nh vy, mi thc s l t ph. Chng khon n ngn hn trong th trng tin t Trong hot ng thng xuyn ca mnh, cc doanh nghip, nh ch ti chnh v c chnh ph u c nhng nhu cu ngn hn v vn. Nhng yu cu c tnh "tnh th" hoc i khi rt "nng" ny, lin quan n mt khon tn dng ngn hn hoc lng tin mt, m nu phi l thuc vo th tc ca cc khung lut l ch nh dng chung cho vic huy ng vn theo c ch bnh thng trong th trng chng khon TTCK th d mt ngha thi gian. Do vy, cho tn km v chy vic, ngi ta ch nh ring v chun ho cc "sn phm" tin giao dch cho cc nhu cu ti chnh di mt nm. Th trng dnh cho cc nhu cu giao dch vn loi ny gi l th trng cc chng khon ngn hn hay th trng tin t the money market. Do vai tr v mc ch c xc nh nh vy, cc chng khon tn dng ngn hn c nhng c tnh rt phn bit so vi cc sn phm trong TTCK: - Chuyn dch: Th trng tin t gip gia tng nhp lu thng tin t, lun chuyn cc qu t cc t chc tm thi d tin sang nhng t chc tm thi ang thiu tin. Nhng ngi cn huy ng tin trong th trng vn ngn hn s gm kho bc Nh nc, cc ngn hng thng mi ln, cc cng ty, nhng cng ty kinh doanh chng khon chuyn nghip trong lnh vc ny v cc cp chnh quyn tnh thnh c php. Nhng ngi cho vay ch lc gm cc t chc nh cc ngn hng, cc cng ty tn thc trust companies v cc cng ty bo him. - Lu hot v an ton: Cc sn phm trong th trng n ngn hn c thi hiu giao dch v o hn di mt nm v cho thu nhp c nh. Cc chng khon cng c trong th trng ny c pht hnh theo khun kh cc chun mc nh sn v c ngha nh tin, do y l loi u t rt lu

hot v nhn c s an ton tng i cao.

- Ch th pht hnh: Gm chnh ph, cc t chc trung gian ca chnh ph, cc ngn hng v cng ty. Cc giy t c gi c h pht hnh ngn nht l qua m, vi thng v lu nht l mt nm. Cc cng c s dng th trng tin t tiu biu M gm c: Tho thun mua li Repurchase agreements repo Gi nh t chc A ang s hu T- bills tri phiu ngn hn kho bc nh nc v h ang cn c ngay mt khon tin. T chc B li l ngi ang d tin. A ngh B cng tham gia vo mt tho thun mua li, bng cch A bn cho B mt lng T-bills huy ng lng tin mt mnh cn, ng thi tho thun s mua li lng T- bills vo mt ngy c xc nh trc trong tng lai, vi gi cao hn mc B tr. Ta c th hiu cch ny ging nh i mn tin ca B v bo m n vay bng T- bills. B l ngi cho vay s hng li t khon chnh lch gia gi tin B b ra mua thp v s tin m A cam kt s tr khi mua li lun cao hn i vi cng lng T- bills kia. Repo c cng dng va nh mt phng thc vay vn ngn hn ca cc t chc ti chnh ngn hng, va c s dng nh mt cng c iu tit v m can thip nhanh v tm thi trong lnh vc tin t ca Ngn hng Nh nc. Do vy, nhng t chc s dng phng thc ny nhiu nht l: - Cc nh kinh doanh chng khon chnh ph v chng khon th, dng ti tr lng chng khon tn kho ca h.

- Cc ngn hng thng mi, dng huy ng vn ngn hn, v - Ngn hng trung ng, to hiu lc thay i v yu cu d tr ngn hn i vi cc ngn hng trong h thng, nhm thng xuyn ti u ho fine tuning - lng cung tin t ang lu thng. Nhng can thip iu chnh tm thi ny gip nh nc c thm cng c iu ho nn kinh t mt cch hiu qu, lin tc v trnh gy n o. Tho thun bn li REVERSE REPURCHASE AGREEMENT REVERSE REPO y l hnh thc ngc li ca repo. Mt nh kinh doanh chng khon A ng mua chng khon ca mt nh u t no B, ng thi A tho thun s bn li cho B lng chng khon m mnh mua theo mt gi cao hn gi lc mua. Chnh lch mua thp bn cao l khon li ca A. Thi gian v gi c c xc nh trc theo mt tho thun. S khc bit gia repo v reverse repo d dng nhn ra ch, trng hp repo th A cn tin nn tm bn chng khon cho B "vay" B , cn i vi reverse repo th A li tha tin nn tm mua chng khon B cho B vay. Bo chi ngn hng BANKERS ACCEPTANCE - BA Bo chi ngn hng cc BAs l mt loi hi phiu tr chm ngn hn, c ghi ngy chi tr ti mt ngn hng giao dch no . M, cc BAs c dng to thun li cho hot ng ngoi thng. Cc nh xut nhp khu c th dng phng tin ny thc hin giao nhn hng v tin mt cch linh ng hn vi s tha nhn ca ngn hng pht hnh.

Gi s rng mt nh nhp khu ti M ang mua hng ca nh xut khu t Nht Bn. Nh nhp khu mun thc hin tr tin hng nhp sau khi hng c giao nn h lp th tc pht hnh mt hi phiu tr chm time draft mt ngn phiu c gi tr chi tr vo mt ngy nht nh trong tng lai v c bo m bng mt th tn dng L/C ca ngn hng ti M i vi khon chi tr . Nh xut khu c th gi hi phiu cho n ngy xc nh nhn khon tin. Tuy nhin, nu cng ty mun nhn ngay tin mt, h c th em hi phiu ti xin gii ngn ti ngn hng giao dch, v nh xut khu s nhn c tin t hn lng tin ghi trn hi phiu do phi mt mt khon chit khu cho ngn hng. n lt ngn hng lm ch hi phiu v c ngn hng pht hnh bo m; lc ny hi phiu tr thnh mt BA, c cng nhn v phm cht nh mt hng ho c kh nng giao dch. BA c th c gi n ngy hn tr hoc cng c th c bn i trn th trng tin t. Cc BAs c mua i bn li d dng trong th trng tin t do c cht lng tin cy cao bi v chng c bc lt bng mt s bo m ca mt ngn hng c uy th, ng thi vi lng hng ho gc c mua bi nh nhp khu. Vit Nam, nu chng ta c mt h thng ngn hng vng mnh v mt tp qun kinh doanh hi nhp, cc sn phm BAs nu c nghin cu p dng, s l gii php rt tt cho vn vn tn dng cho thng mi, khng ring g cho ngoi thng m c th c ni thng. K phiu cng ty COMMERCIAL PAPER

K phiu cng ty l cng c cc cng ty huy ng cc khon n ngn hn vi chi ph thng thp hn nu h phi i vay ngn hng. Li sut k phiu cng ty thp hn li sut tng ng i vi mt khon cho vay ca ngn hng, ng thi, theo lut l v chng khon ca M lut pht hnh chng khon 1933, nu k phiu c thi hn ngn hn 270 ngy th c min th tc ng k y , do tn ph pht hnh cng s gim. c bit, loi k phiu ny cn cho php thng lng linh ng c v thi gian o hn ln li sut. K phiu cng ty thng c pht hnh bng hnh thc nc danh bearer form v phng thc chit khu trn mnh gi. M, cc giao dch loi chng khon n ny theo l trn c gi tr ti thiu l 250.000USD. Mt s k phiu cng c th c pht hnh theo phng thc tr li nh k. Cng ty pht hnh k phiu phi l cng ty c tn tui ln v uy tn thc s v k phiu cng ty l loi n khng c bo k m ch c bo m bng uy tn ca chnh cng ty thi. Da vo th thc pht hnh, k phiu cng ty c phn loi tng i sau y: - K phiu trc tip: Ting Anh gi l " "direct paper" l loi k phiu do cc cng ty ln c iu kin t mnh t chc vic pht hnh trc tip ra cng chng, khng thng qua mt trung gian thu xp no. K phiu trc tip cn bit n di tn "finance company paper" k phiu cng ty ti chnh v thng chng c pht hnh bi cc cng ty ti chnh huy ng vn. - K phiu gin tip: Hu ht cc cng ty khng c kh nng trc tip pht hnh k phiu ca mnh. Vic pht hnh k phiu s do mt cng ty chng khon trung gian lo liu. Qun chng u t mua k phiu cng ty qua cc

nh t doanh chuyn giao dch loi chng khon . Do m chng c gi l "dealer paper". - K phiu min thu. Tax exempt commercial paper K phiu min thu dng ch loi k phiu th c c tnh tng t nh k phiu cng ty, nhng ch th huy ng vn l cc chnh quyn a phng. K phiu th c nh nc cho min thu lun lun phi cn n s h tr ca mt ngn hng thng mi m nhn vic pht hnh. Khch hng ln ca cc loi k phiu cng ty l cc qu u t chng khon ngn hn, cc ngn hng, qu hu tr, M v phng ty cc k phiu c hiu theo cch dn d l mt "IOU" I owe you - ti n ngi. Trong giao dch dn s, IOU li l mt chng t n trc tip quan trng. K phiu c th c xem l mt IOU cch iu, l loi giy c gi mua bn c nhng loi do cc cng ty thng thng v uy tn y mnh pht hnh cn c gi l "prime paper" k phiu thng hng. Chng th k thc CD Cc chng th k thc loi chuyn nhng c negotiable certificate of deposit do cc ngn hng thng mi ln pht hnh huy ng vn vay. y l cc chng khon ngn hn tr li nh k interest bearing v c m bo bng chnh uy tn ca ngn hng pht hnh. M cc CD c bit n nh loi chng khon "c b" jumbo CDs, vi mnh gi 100.000 USD l mc ti thiu, nhng trong giao dch, mc tiu biu l trn mt triu la. Cc CDs c thi gian o hn ti thiu l 7 ngy v cc k o hn thng khng qu 1 nm. Tuy nhin, bn cnh cn c cc chng th k

thc khng chuyn nhng c non-negotiable CDs, loi ny khng khng ch thi hiu o hn ti a, c th 10 nm hoc hn. Cc CDs ngn hn, chuyn nhng c, c mua i bn li trn th trng th cp trc thi gian o hn. Ch c cc "negotiable CD" mi c xem l cng c ca th trng tin t. Cc khon ti tr nng FEDERAL FUNDS HAY FED FUNDS Cc khon ti tr nng l cc vay mn qua m gia nhng ngn hng thng mi vi nhau, ch yu c thc hin p ng yu cu v mc d tr do ngn hng trung ng quy nh. Mt ngn hng c mc d tr cn i vt tm thi theo quy nh c th cho mt ngn hng trong h thng b ht d tr tm thi vay nng. iu ny cho php ngn hng c d tr cn i di ln c thm ca kim li trn cc khon tin xem nh "ang ng qua m" ca h. Li sut p dng trn nhng mn n qua m ny c gi l li sut huy ng nng ting M gi thng dng l Fed funds rate pht xut t s iu chuyn ni b cc khon cn i vay mn "tnh th" gia cc ngn hng thnh vin trm kn thm ht k thut trn cc ti khon d tr bt buc theo lut ti Ngn Hng D Tr Lin Bang - vit tt l Fed. Li sut ny bin ng theo tnh hnh kinh t ti chnh trn th trng mi ngy v l mt du hiu bo ng cc bin chuyn li sut c th xy ra. S d c iu ny v thc t n phn nh kh nng sn sng p ng ca cc ngun vn trong h thng ti u. Vi kho st trn y t mt th trng ti chnh pht trin cao, ta thy nhng cng c vn ngn hn ng gp tch cc th no vo ngha huyt mch ca th trng tin t, ng thi c th hnh dung kh nng vn ng

"ti a cng sut" ca cc ngun ti chnh s c tm quan trng ra sao i vi s pht trin ca tng doanh nghip, cng nh ca c mt nn kinh t. Giao dch song hnh trong Th trng Ti chnh v TTCK Mt trong nhng chin lc rt c trng trong th trng ti chnh ni chung v th trng chng khon ni ring l giao dch song hnh arbitrage trading. Mc d ta hot ng ny vn cn xa l, thm ch v thut ng cng cha c bit n nhiu. Nhng t lu, v nht l trong cc cn dy sng ca th trng ti chnh th gii trong qu kh, cc hot ng arbitrage l nhng cng c ti chnh c s dng rt ph bin v li hi ti nhng nn kinh t th trng c h thng ti chnh chuyn su v a dng. Tuy nhin, xt v bn cht, cch mua bn ny khng c g mi l v thot nhn tng rt n gin. Giao dch mua bn song hnh l chin lc c cc nh kinh doanh chuyn nghip cc arbitrageurs thc hin kim li t nhng khc bit tm thi v gi c gia hai th trng, hai loi chng khon, hoc kt hp. C mt s phng thc giao dch theo cch mua bn song hnh tr thnh c trng v i vo truyn thng, nhng tng qut m ni, nhng nh kinh doanh song hnh chuyn nghip thng tm cch kim li da trn nhng sai bit bt thng v gi i vi mt loi chng khon hay gia cc chng khon tng ng gi tr vi nhau. Nhng loi giao dch song hnh sau y thng c cc th trng ti chnh trn th gii s dng: Song hnh th trng i khi cng mt chng khon nhng c giao dch ti hai th trng trn hai sn giao dch khc nhau. iu ny cho kh nng rng chng khon giao dch trn hai th trng cng thi im c th s c hai gi khc nhau. Khi iu xy ra tht v cc arbitrageur nh hi" c, h s mua vo ni th trng c gi r hn v bn ra ti mt th trng khc c gi cao hn, loi hot ng ny c gii chuyn mn gi l song hnh th trng market

arbitrage. Hot ng song hnh th trng kim li kh chc chn v cn thit, v n cng gip iu ho th trng mt cch nhanh chng. Song hnh chng khon chuyn i Giao dch song hnh cng c kh nng c thc hin i vi cc loi chng khon tng ng i vi cc cng c huy ng vn c th chuyn i, chng hn cc tri phiu chuyn i v loi chng khon lm c s cho vic chuyn i . Nu iu kin th trng c tin liu ng, mt ngi theo chin lc song hnh c th kt hp vic i cc tri phiu ra c phn thng, ng thi bn lng c phn thng kim li t chnh lch. Hot ng mua bn song hnh chng khon chuyn i convertible security arbitrage yu cu ngi u t c s xt on tinh t hn kiu song hnh th trng. Song hnh mo him Giao dch song hnh mo him risk arbitrage c th c xem l loi giao dch hp dn trong cc din tin thu tm doanh nghip take over ang din ra. Cc arbitrageurs ra tay mua c phn ca cng ty ang b sn bt being acquired company v ng thi bn non sell short c phn ca cng ty ch ng vic thu tm acquiring company. Ngi theo ui cc giao dch song hnh kiu ny tin rng vic sp nhp cng ty s lm tng gi c phn ca cng ty b thu tm, ng thi c phn ca cng ty ch ng vic thu tm - do mc cao trong qu trnh din ra s kin - s gim li sau khi vic sp nhp thnh hin thc. Hot ng mua bn song hnh mo him l hot ng kinh doanh nhiu ri ro. Tnh hung ri ro ng ngi nht l khi s thu xp sp nhp khng thnh. Ta c th nh li trng hp thua l ca cng ty Long Term Capital Management LTCM hi nm 1998, khi h mua

c phn ca cng ty Ciena gi 90USD do ngh rng Ciena s c sp nhp vo Tellabs. Nhng iu khng xy ra, v ngay sau khi vic sp nhp khng thnh, gi c phn ca Ciena rt bch xung ch cn 13USD! Mt v d, cng ty A c th a ra mt xut thu tm cng ty B, bng cch trao i mt c phn ca cng ty A bng hai c phn cng ty B. Nu c phn ca cng ty A ang giao dch vi gi 200.000 v c phn ca cng ty B giao dch vi gi 95.000, ngi mua bn song hnh mo him s mua c phn ca cng ty B v s dng ti khon bo chng giao dch bn non bn trc ri mua tr li sau mt lng c phn ca cng ty A bng phn na lng c phn ca cng ty B. Nu xut gm thu c chp thun, hai loi chng khon trong cuc s c trao i theo c s mt- lyhai, v nghip v mua bn song hnh s c li, v gi c phn ca cng ty B s nhch ln ng thi vi gi c phn cng ty A nhch xung. Nhng ri ro s xy ra khi vic thu xp sp nhp bt thnh, v lc gi chng khon B chng nhng khng tng v chng khon A chng nhng khng gim m s din bin c lp theo hng thng l bt li, i ngc vi mong i ca cc arbitrageur. Song hnh mo him cn c s dng ph bin trong cc hot ng t chc li cng ty v cc thng lng mua li tender offer. Phng thc mua bn ny cn c gi l song hnh chng khon vn equity arbitrage. nhng nc c nn kinh t th trng vi h tng ti chnh chuyn su v a dng, cc hot ng song hnh din ra nhiu lnh vc, rt phc tp v vi quy m ln i khi ch c th iu hnh bng lp trnh in ton. Chng ta c th tm hiu thm mt s cch giao dch khc di y chuyn su hn.

Giao dch khai thc chnh lch Giao dch khai thc chnh lch basis trading hay relationship trading l hot ng mua bn song hnh trong mt nh u t tham gia vo mt v th mua long position i vi mt loi chng khon v mt v th bn short position i vi mt chng khon tng t, vi tham vng s kim li t s thay i trong chnh lch c bn basis gia hai chng khon c s dng. Chng hn, mt ngi u t c th mua mt hp ng tu chn mua call option k hn hiu lc n thng T v cng lc bn mt hp ng call ca cng loi chng khon c s nhng khc k hn hiu lc khng phi k hn thng T hoc khc gi cht sn strike price gi sp t ca th trng. Nh u t trng hp ny mong i gi tr ca hai v th thng v s thay i trong thi gian chng cn hiu lc, theo cch sao cho khon li cui cng s pht sinh. Giao dch khai thc chnh lch c thc hin khi m nh u t cm thy rng mt chng khon c nh gi qu cao, hay qu thp, tng quan vi gi ca mt chng khon khc. Do c iu ny, phn li mt pha giao dch phi ln hn kh phn l bn pha i ng trong cng giao dch . Phn chnh lch di ra l li kim c. Giao dch khai thc chnh lch c th dng trong ch s, trong mt tp nhm chng khon group of securities hay c trong cc loi chng khon n l. Mt v d, mt nh u t s quyt nh chin lc song hnh nh sau trong th trng mua bn hp ng option tu chn: - Mua 1 hp ng call option chn mua mc $30, k hn thng T, ph mua $0,25 mua call l ta cht gi mua hng ho $30 nn nu gi gim, ch b mt tin ph mua.

- Bn 1 hp ng call option mc $25, k hn thng T, thu ph t ngi mua $3. bn call l do c d on gi ng yn hoc gim. Nu gi ng hoc gim, ngi bn li trn phn ph nhn c, nu tng t h hu vn, tng nhiu s b l. Trong cc tnh hung thc hnh thng v trn y, nu gi ng yn hoc gim di $25 vo cui k hn thng 4, ngi u t s li $2,75 nhn c $3 hp ng bn nhng mt $0,25 hp ng mua trn mi n v hng ho. Tuy nhin, ngi u t vn c th b l trong khon gi tng t $25~30. V d ny ging nh chin lc "call spread" trong th trng option. Giao dch song hnh ch s chng khon Ch s l gi tr tng i ca mt bin s so vi chnh bn thn bin s vo cc thi im khc nhau. Nhiu cng c bo gi chng khon nh nhm Standard & Poors S&P v nhm New York Stock Exchange NYSE chng hn c xy dng thnh nhng ch s tham kho. Cc ch s phi c xc nh quy chiu v mt nm cn c gi l base year, nm cn c c mc nh gi tr ch s gc, thng l 100 cng c khi l 10. Chin lc song hnh ch s c thc hin bng vic mua hay bn mt tp hp chng khon cc loi ng thi vi vic tham gia vo mt giao dch b tr trong mt hp ng tng lai futures hoc hp ng tu chn options v ch s chng khon. Song hnh ch s c thit lp li dng s khc bit tm thi v gi gia chng khon c s v cc hp ng ch s futures hay options. V d mt nh qun l ti chnh cng ty kim li cho c ng bng cch h s bn mt hp ng futures v ch s nh gi cao v ng thi mua vo chng khon c s.

Giao dch lp trnh Program Trading L mt hot ng mua bn song hnh trong cc nh kinh doanh chng khon tham gia vo v th mua hay bn trong mt danh mc chng khon, ng thi h cng tham gia vo mt v th i ng i vi mt hay nhiu hn cc hp ng tng lai da vo cng danh mc kia. Mua bn lp trnh c thc hin khai thc li th v s sai bit gi th trng gia hai tp chng khon portfolio ging nhau v bn cht. C hai pha ca giao dch c ng li vo ngy hay gn ngy hp ng tng lai ht hn, khi m cc gi tr ca hai v th s c cn bng da trn nguyn tc hi qui. Do quy m ca cc giao dch theo cch ny thng ln v phc tp ca k thut c s dng cao, giao dch Lp trnh ch yu c thc hin gn nh c quyn bi cc t chc ln. Giao dch lp trnh cn phm cht v nghip v rt cao v cc iu kin k thut thng tin va nhanh va chnh xc phc v kp thi mt qu trnh theo di chi li v phc tp v gi c c cc nh qun l danh mc chng khon ln s dng trn c s ca mt kt hp b tr theo cc hp ng trong th trng tng lai. Do yu cu nh vy, kh nng theo ui chin lc ny nhm em li mt thu nhp phi ri ro, phn ln tu thuc vo mc hi nhp cc chng trnh in ton vi cc giao dch lin quan ti mt trong nhng sn phm mi trong th trng ti chnh v chng khon, l cc hp ng tng lai v ch s chng khon index futures. Hot ng ny tng t song hnh ch s, nhng khc v quy m. Cc chng trnh in ton c nng lc x l cao s xc nh c im m gi tr ca mt danh mc chng khon c chng khon cng th vi chng khon ang hnh thnh ch s th trng lin quan - lch khi gi tr ca mt hp ng tng lai da trn cng ch s th trng ang s dng.

Nh vy, gi tr ca tt c cc c phiu bao gm trong ch s S&P100 chng hn c th c xc nh hoc l c nh gi cao hn, hoc thp hn, tng quan vi gi m mt hp ng futures v ch s ang bn. Nh th, nhng nh kinh doanh s dng giao dch lp trnh mt mt ng vo v th i vi cc loi chng khon to lp nn ch s, mt khc h tham gia vo mt v th b tr li v th kia bng mt hp ng futures da trn ch s . Do bi hai v th phi cng c gi tr bng nhau vo ngy m hp ng futures ht hn, nh kinh doanh lp hnh hng li nh s chnh lch v gi tr lc v th c thit lp. S khc bit ban u cng ln bao nhiu, v thi gian ch i cho n khi cc gi tr hi quy li cng ngn bao nhiu, th kh nng kim li ca giao dch cng nhiu by nhiu. Kh nng kim li ca giao dch phi c so snh vi li sut u t rate of return kh d c th t i vi cc phng thc u t phi ri ro khc - so snh tng quan c hi xc nh hot ng song hnh c t mc li xng ng hay khng. Cuc chi xem ra cng kh cng phu v cn no! Bi v hu ht cc v th giao dch lp trnh c ng li vo thi im gn ngy thanh l cc hp ng futures, lc gi tr ca cc chng khon c s ngang bng hay gn ngang bng vi gi tr ca hp ng futures, s mua bn dn dp, s bin ng gi, v s no ng trn cc th trng c th xut hin vo cc ngy gn ht hn , v mi l triu chng bnh thng. Nhng bin ng ln v gi lin quan n cc loi c phiu nm trong cc ch s trung bnh thng l Dow Jones Averages v S&P 500 rt thng xy ra, c bit vo cc thi im cui ngy thanh l hp ng. Mc d tng c s ch trch nng v giao dch lp trnh l ngun xung lc kch thch bin ng trong cc TTCK, nhiu nh nghin cu v phn tch th

trng li cho rng giao dch lp trnh c mt tc ng tch cc ca n, theo cch n lm cho cc th trng hiu qu hn. Giao dch lp trnh ch c th c s dng c li khi gi c trn th trng din bin chch choc. V giao dch lp trnh lin quan n nhng mn tin khng l v cc p dng tinh vi nh trnh by, n thng c thc hin bi mt s rt t cc nh kinh doanh ang nm trong tay cc khi tin hn vn ln. Vic thit lp v th cng lc cho mt trm hay hn cc loi c phiu khc nhau khng phi l chuyn d n. Tuy nhin, v yu cu phng v cho vic u t nhng khon tin khng l l mt thc t c tnh thc p, nn cc nh kinh doanh lp trnh lun b i hi phi tham gia vo cc chin lc c bn cht tr kh ri ro. iu n lt t ra cho cng ng nhng nh u t cn li mc nhin phi chia nhau phn ri ro tng ln trong mt th trng c bin ng nhiu hn. Trn y l mt s cc giao dch song hnh t rt n gin n phc tp. Thc ra giao dch song hnh c cc nh kinh doanh chng khon v cc nh qun l danh mc, qun l ti chnh,s dng rt a dng. Cn bn ca vn l s khai thc khong chnh lch xut hin v bt c l do g v bt c iu kin no trong cc th trng, vn lun lun hin hu bn cht "km hiu qa. Khng i n th trng chng khon, mt ngi huy ng tin tr li 5%, ng thi cho vay li khon huy ng vi li sut 5,225% chng hn, trong cng mt cp mi trng khi nh gi v ri ro, th ngi y lm ci cng vic ca chin lc song hnh ri. Nhng th g cng c mt tri ca n. Vo nm 1986 U Ban Chng Khon v TTCK Hoa K SEC cng b trng hp gian ln ca Ivan F. Boesky, mt trong nhng nh kinh doanh song hnh thnh cng, giu c v ni ting ca M. Nh kinh doanh chng khon chi khng "fair" ny phi ci u

nhn ti i vi mt co buc ca to v phi np 100 triu USD tin pht cho SEC do c hot ng mua bn ni gin insider trading. Ngun tin trng ra cc hot ng mua bn lng chng khon ln c s s dng cc tin tc mt cch bt minh trong cc TTCK ko theo s st gi nng n cc tri phiu li sut cao junk bonds v cc c phn cng ty lin quan n hot ng thu tm takeover ang v c th xy ra lc by gi. Boesky cng b cm sut i khng c hot ng trong ngnh chng khon. S thanh l hot ng ca Boesky vi SEC r rng chm dt s nghip ca mt arbitrageur thnh t, ngi tng sm vai tr ht nhn, c khi l cng c trong nhiu hot ng thu tm v mua t buyout xy ra vo u v gia nhng nm 1980 ti M. Sut trong thi gian , cc arbitrageur c gii bo ch ti chnh sn n, v gii ny a nhng mn tin tht ln u t vo mng chng khon c xem l c nhn thn c bit lin quan n cc cng ty b ln danh sch thu tm. Cc ngun tin ny c s dng vo cc giao dch mua bn c phn cc doanh nghip c xem l c gi thp. Mt khi cc giao dch c cc arbitrageur ra tay cng khai, cc nh u t khc, gm c cc cng ty c quan tm mua li cc doanh nghip c nh gi thp, c v nh b cun ht vo loi chng khon ang c ma lc . Kt qu l cc arbitrageur thng c th bn chng khon trong cuc - nhng vi gi cao hn nhiu - cho cc cng ty mc tiu ang chi p chng li vic b thu tm greenmail hoc nhng cng ty khc ang c i thu tm, cch no h cng c li. Trong mt s trng hp, cc arbitrageur lin tc mua c phn thc s nm quyn kim sot nhng cng ty . Vic thanh l Boesky c hiu lc tc th v c v nh go nc lnh di vo mt s hot ng u c thu tm, tng l tc nhn ch lc thao tng cc TTCK lc by gi ti M.

Trng hp trn y, v nhng s un nn khc, va c hiu lc rn e duy tr trt t hi nhp th trng, va cnh bo ln mt li ku gi cn c thm cc lut l b sung cho cc TTCK. Qua tham kho ta c th thy, v nguyn tc, hot ng mua bn song hnh ch l mt cng c kinh doanh kh n gin. Tuy nhin, cng c ny c pht trin rt cao trong lnh vc th trng ti chnh thnh mt chin lc. Nu lin h qua cc lnh vc kinh t khc, giao dch song hnh hin din kh ph bin trong c hot ng sn xut ln kinh doanh. Ly thc t v hot ng lm n hng ngy thi, ta th lin h v tm ra c bao nhiu hot ng song hnh? Bo co ti chnh C nhiu cch nh gi hot ng ca mt cng ty. Mt trong nhng cch l phn tch cc bo co ti chnh. Bn c th thc hin cng vic ny theo ba cch: 1. Nghin cu ni dung ca bng cn i k ton v bo co thu nhp. 2. So snh cc ngun vn v vic s dng vn ca giai on ny vi giai on khc. 3. nh gi mi quan h gia bng cn i k ton v bo co thu nhp bng vic phn tch cc h s. Mc tiu cui cng ca vic phn tch cc bo co ti chnh qua ba bc ny s gip cc nh qun l c c mt k hoch ng n. Bng vic nghin cu bng cn i k ton v bo co thu nhp, cc nh qun l c th nh du nhng ch yu km trong hot ng ti chnh v thc hin bin php khc phc thch hp. Qua vic phn tch cc bn bo co ny, nhng nh

qun l c th thit lp cch thc phn b cc khon tin v ngun vn c hiu qu hn. H cng c th qun l nh hng hot ng tng lai ca cng ty v gip cng ty ti a ho li nhun. Bng cn i k ton L mt bn bo co v ti sn v trch nhim ti chnh, v vn gp ca cc c ng tnh n mt thi im nht nh. Bn tri ca bng cn i k ton l phn ti sn c, phn ny lit k chi tit cc ti sn lu ng di hnh thc tin mt v cc ti sn khc hnh thnh nn vn lu ng ca cng ty. Cc ti sn c nh ch yu l cc khon u t di hn, k c nh xng v thit b. Bn phi ca bng cn i k ton l phn ti sn n v vn c ng, phn ny lit k cc ngha v ti chnh hin thi, bao gm c cc khon phi tr, cc chng t phi thanh ton v cc ngha v ti chnh ngn hn khc. Sau l cc khon n di hn c thi hn ln hn 1 nm. Phn ny trong bng cn i k ton cng c th bao gm c gi tr c vn ho ca cc khon thu ti chnh. Sau khi bn ly phn ti sn c tr i phn ti sn n, gi tr cn li l ti sn rng hay vn c ng. Cc b phn cu thnh ca gi tr rng bao gm gi tr mnh gi ca cc c phiu thng ang lu hnh, thng d vn t c, v thu nhp gi li tch lu t phn li nhun m cng ty thu c trc . Nu cng ty c b thanh l v tt c cc yu cu thanh ton ca ch n c p ng, th gi tr rng l nhng g cn li chia cho cc c ng. Vi tnh cht l bn bo co v ti sn v cc trch nhim ti chnh ca cng ty, bng cn i k ton cho php cc ch u t xem xt c cu ca cc

thnh phn ti sn ny v quyt nh xem liu vic phn b nh th hp l cha. Bng cch ly ti sn lu ng tr i cc khon n hin thi, bn c th xc nh c kh nng thanh ton ca cng ty; v bng cch so snh li nhun vi ti sn u t vo cng ty, bn c th c c mt nhn xt no v hiu qu s dng ti sn v sinh li ca cng ty. Bng 1. Bng cn i k ton VT: USD Ti sn c Tin mt Chng khon c th bn Cc khon phi thu Hng d tr Tng ti sn lu ng Ti sn c nh rng Tng ti sn c 40.000 Ti sn n v Vn c ng Ti sn n Cc khon phi tr 50.000Ti sn lu ng khc 320.000 Tng ti sn n 200.000 20.000 220.000 440.000 350.000 200.000 1.210.000

ngn hn 250.000N di hn 660.000 Vn c ng C phiu thng 550.000Thu nhp gi li 1.210.000Tng s n v Vn c ng

Bo co thu nhp Bo co thu nhp th hin cc ngun thu m cng ty to ra v cc khon chi ph m cng ty phi chi ra sn xut v ti tr hot ng ca cng ty. Mt th d n gin ca bo co thu nhp th hin trong Bng 1. N bt u bng vic bo co v doanh s c c t ti sn v cc khon vay n trong bng cn i k ton. Cng ty phi gnh chu nhng chi ph nht nh. Cc chi ph

ny bao gm chi ph hng ho bn k c nhn cng v nguyn liu sn xut sn phm bn v cc chi ph hot ng khc, m ch yu l khu hao, chi ph bn hng v chi ph hnh chnh. Ngoi ra, bo co thu nhp cn xem xt n chi ph ti chnh, nh tin tr li v thu. Ly thu nhp hot ng tr cc khon chi ph ti chnh ny ta c li nhun rng v thu nhp gi li. Vi tnh cht khi qut ho, bo co thu nhp sau cung cp mt bc tranh v doanh thu, chi ph v kh nng sinh li ca cng ty trong mt k nht nh. Bng 2. Bo co thu nhp in hnh cho mt nm kt thc vo ngy 31 thng 12 Doanh s bn Tr chi ph hng ho bn Khu hao $500.000 Tng li nhun Tr chi ph hot ng Chi ph khc $1.500.000 Li nhun hot ng Tr tin li rng li sut 10% Li nhun trc thu Tr thu thu sut 40% Li nhun sau thu thu nhp rng Net income Tr c tc ca c phiu thng Thu nhp gi li S c phn ang lu hnh Thu nhp trn c phn = NI/S c phiu hay 1.173.600 / 300.000 20.000.000 16.000.000 4.000.000 2.000.000 2.000.000 44.000 1.956.000 782.400 1.173.600 588.000 588.000 300.000 3,91

Ngi ta thng chuyn thu nhp rng thnh thu nhp trn c phn EPS thu nhp rng chia cho s c phn ang lu hnh v con s ny thng bo cho cc c ng v cc nh u t bit li nhun ca mi c phiu l bao nhiu v gip thit lp mt c s chung cho vic nh gi h s gi trn thu nhp P/E v nh gi c phiu ca mt cng ty ny so vi mt cng ty khc. S dng cc bo co ti chnh Mt trong nhng gi tr s dng quan trng ca cc bo co ti chnh l xc nh hiu qu qun l chi ph v kh nng sinh li ca mt cng ty. iu ny c th thc hin c bng cch so snh bo co thu nhp ca mt cng ty nht nh vi bo co thu nhp ca ngnh hay ca mt cng ty lm n tt nht trong ngnh. Cc bo co thu nhp cng c th cho bn bit li nhun ca cng ty chu nh hng do thay i trong chi ph c nh nh tin li, khu hao cng nh nhng chi ph c nh nh hng nh th no. Cc bng tng kt ti sn gip cc nh qun l ca cng ty xem liu mc ti sn c v mt ti sn nht nh no c c s dng mt cch hiu qu hay khng. Ta hy ly v d v mt cng ty c mc hng trong kho ln hn mc thng thng i vi mt cng ty cng ngnh. iu ny c th ch ra rng cng ty c qu nhiu hng d tr v ang phi chu cc chi ph bo qun qu mc. Vic phn tch bng tng kt ti sn c th cho thy ti sn c nh rng ca cng ty l qu cao so vi mc doanh thu m n to ra. iu ny c ngha l cng ty ny s dng ti sn ca mnh khng hiu qu. Ngoi ra, cng ty c th phi gnh chu qu nhiu ngha v ti chnh v v vy d dn n mt kh nng thanh ton.

Tm li, cc bo co ti chnh t ra rt hu dng trong phn tch v cc bo co ny c th cho thy cc im mnh v yu trong hot ng v ti chnh ca mt cng ty. Nh qun l cng ty c ngha v gii thch hp l cc s liu trong cc bo co ti chnh v thc hin vic hiu chnh khi cn thit. C hai cch h tr cho qu trnh ny l: - Phn tch cc ngun vn v vic s dng vn ca cng ty. - Phn tch cc h s ti chnh. BO CO TI CHNH -Phn 2: Ngun vn v vic s dng cc ngun vn Hu ht cc khon vn c ly t cc ngun nh li nhun, khu hao, vn gp v n di hn, cng ty ch yu s dng cc ngun vn ny vo vic tng cc khon phi thu, tch lu thm chng khon c th chuyn thnh tin v ti sn c nh. Vic xc nh vn ly t u v chi vo u l hu ch bi v n gip cc nh qun l ti chnh tm ra cc cch thc tt nht to ra v s dng cc khon vn . tnh ton ngun vn v s dng cc khon vn, chng ta p dng cc quy tc n gin di y: Ngun tin mt ca cng ty pht sinh khi: 1 . Cng ty gim ti sn nu so snh hai thi k lin tip. 2. Cng ty tng trch nhim ti chnh nu so snh hai thi k lin tip. 3. Cc chi ph khu hao c lit k trong bo co thu nhp ca nm gn nht. 4. Cng ty bn c phiu. 5. Cng ty c mc thu nhp rng t k trc . S dng cc khon vn din ra khi: 1. Cng ty tng ti sn nu so snh hai thi k lin tip. 2. Cng ty thc hin tr n gim cc ngha v ti chnh. 3. Cng ty pht sinh thua l trong thi k trc . 4. Cng ty chi tr c tc tin mt.

5. Cng ty mua li hoc thu hi c phiu. S dng cc hng dn ny, bn c th tin hnh xc nh cc ngun vn v vic s dng cc khon vn trong giai on t 1989 n 1990 t cc s liu trong bn cn i k ton v bo co thu nhp i vi mt cng ty c tn l Cng ty XYZ. Cng vic ny c thc hin trong Bng 3, bn c th thy mc hng trong kho gim xung phn nh s pht sinh mt ngun tin. Chng khon c th bn ngay, cc khon phi thu, hng d tr v tng ti sn c nh th hin vic s dng vn. Vic gim cc chng t phi thanh ton cng phn nh vic s dng vn trong khi cc phn cn li trong c cu n ngn hn tng ln phn nh ngun vn vay tng ln. C phiu thng v phn thng d vn gp ln cng lm tng thm cc ngun vn. Li nhun sau thu v khu hao c coi l cc ngun vn, trong khi vic chi tr c tc c coi l s dng tin mt. Bng 3. Tnh ton cc ngun vn v vic s dng cc khon vn trn c s cc b phn cu thnh c chn lc trong bng cn i k ton v bo co ti chnh ca Cng ty XYZ 1989-1990 VT: USD1.000 1989 1990 Ngun S dng Ti sn c: - Tin mt - Chng khon kh mi - Cc khon phi thu - Hng trong kho Tng ti sn c nh - Ti sn c nh rng Tr khu hao tch lu Tng ti sn 450 80 1.500 1.400 4.170 1.000 6.600 530 110 1.650 1.390 4.570 1.345 6.905 80 30 150 10 400

Ngha v n v vn gp - Cc khon phi tr - Giy nhn n - N ngn hn khc - N di hn - C phiu thng - Vn gp - Thu nhp gi li Tng n v vn c phn Cc b phn ca bo co TN 550 150 100 1.700 1.500 1.600 1.000 6.600 650 130 150 1.760 1.505 1.610 1.100 6.905 100 20 50 60 5 10 *

300

- Li nhun rng sau thu - Khu hao 245 - C tc 100 Tng ngun vn 780 Tng s dng 780 * Mc bin ng trong thu nhp gi li khng c coi l ngun hay s dng vn. Vic phn tch cc ngun vn v vic s dng vn c th gip cc nh qun l ti chnh xc nh xem liu vic cng ty huy ng v phn phi cc khon vn c ri vo tnh trng mt cn bng hay khng. Hot ng ny cho php cng ty bit nn da vo cc ngun vn ni b hay huy ng cc ngun vn bn ngoi ti tr vic kinh doanh ca mnh. Xem Bng 3 ngi ta c th thy tm quan trng ca mi khon mc th hin ngun hay vic s dng cc khon vn trong bng cn i k ton v bo co ti chnh. Hn na, vic s dng vn lun lun phi cn bng vi vic to ngun vn. Quan im ny gip ngi ta phn tch cc bo co ti chnh mt cch r rng hn v xc nh c hiu qu ca c cu vn t hai ngun bn trong v bn

ngoi. Bng cch nghin cu cc s liu trong cc bo co ti chnh, cc nh qun l c th a ra cc quyt nh ng n hn trong vic huy ng vn vi chi ph t hn, ng thi nng cao hiu qu s dng vn.

Bo co ti chnh -Phn 3: Cc h s ti chnh Trch nhim qun l mt cng ty i hi cc nh qun l phi thng xuyn gim st cc hot ng ca n. Th d, cc gim c ti chnh phi bit rng cng ty ca mnh c kh nng thanh ton hay khng, tc l h phi bo m rng cng ty c vn thanh ton ng hn cc ngha v ti chnh. Cc cng ty cng thit lp nhng chun mc lin quan n cc mc n c th chp nhn c v nhng cam kt ti chnh c nh. Tng t, cc nh qun l lun phi bn tm v xu hng cng nh mc trong hiu qu hot ng v kh nng sinh li ca cng ty. Mt trong nhng cch xc nh kh nng thanh ton, tnh trng n v kh nng sinh li ca mt cng ty l phn tch cc h s ti chnh. Vic phn tch ny c th coi l c s cho vic lp k hoch ti chnh v c th coi l mt cng c gim st hot ng ca cng ty. Cc h s ti chnh v cch s dng cc h s ti chnh Vic phn tch h s gip ta thy c iu kin ti chnh chung ca mt cng ty. N gip cc nh phn tch v cc nh u t xc nh liu mt cng ty c ang trong tnh trng ri ro mt kh nng thanh ton hay khng v cng ty ny c lm n tt khng khi so vi cc cng ty cng ngnh hoc i th cnh tranh. Cc nh u t nhn vo cc h s nh gi hot ng v s tng trng ca mt cng ty. Nh vy, cc h s ti chnh ti thng dn n mc chi ph ti tr cao hn, trong khi cc h s tt lun c ngha l cc nh u t mong mun cp vn cho cng ty vi chi ph r hn. Cc ngn hng cng s dng cc h s xc nh xem c th cho mt cng ty hng mc tn dng l bao nhiu.

Cc ch n thng lo ngi khi mt cng ty khng c thu nhp thanh ton cc khon tr li nh k tnh trn n hin hnh. Cc ch n cng lo ngi v cc cng ty mc n trm trng, v xu hng i xung trong hot ng kinh doanh c th dn n tnh trng mt kh nng thanh ton. Cc nh phn tch chng khon thng gim st cc h s ti chnh khc nhau ca nhiu cng ty m h quan tm bng cch s dng mt bng h s. Bng vic phn tch ny, h c th tm ra cc im mnh v yu trong cc cng ty khc nhau. Nhng nh qun l s dng cc h s ti chnh gim st hot ng kinh doanh, nhm bo m rng cc cng ty ca h s dng hiu qu cc ngun vn sn c, v trnh lm vo tnh trng mt kh nng thanh ton. Mc ch l xem tnh trng ti chnh v hot ng ca mt cng ty c c cng c khng v liu cc h s ni chung ca n tt hn hay ti t hn so vi cc h s ca cc i th cnh tranh. Khi cc h s ny tht xung di cc chun mc nht nh, nh qun l c trch nhim phi khi phc li s kim sot trc khi cc vn nghim trng pht sinh. Vic phn tch cc h s cho php bn hiu r hn mi quan h gia cc bng cn i ti sn v bo co ti chnh. Th d, tnh ton thu nhp trn u t ca mt cng ty, bn cn s liu tng ti sn t bng cn i k ton ca cng ty v li nhun rng t bo co thu nhp. Ngoi ra, cc h s ny c th ch ra ti sn ca cng ty ang c s dng t hiu qu mc no v liu c cu n ca cng ty hp l cha. Mc d c mt lot cc h s quan trng khc nhau, nhng cc h s thng xoay quanh 4 loi ch yu sau:

- Cc h s v kh nng thanh ton - Cc h s hot ng - Cc h s n - Cc h s v kh nng sinh li Cc h s v kh nng thanh ton Tnh thanh kho ca ti sn ph thuc vo mc d dng chuyn i ti sn thnh tin mt m khng pht sinh thua l ln. Vic qun l kh nng thanh ton bao gm vic khp cc yu cu tr n vi thi hn ca ti sn v cc ngun tin mt khc nhm trnh mt kh nng thanh ton mang tnh cht k thut. Vic xc nh kh nng thanh ton l quan trng. Do , vn chnh l liu mt cng ty c kh nng to ra tin mt thanh ton cho nhng nh cung cp nguyn vt liu v cc ch n hay khng. V c bn, cc h s v kh nng thanh ton th nghim mc thanh ton ca mt cng ty. Hai h s thng dng c s dng xc nh kh nng thanh ton ca mt cng ty bao gm h s kh nng thanh ton hin ti t l ti sn trn n v h s kh nng thanh ton nhanh hay cn gi l h s th axit. a H s kh nng thanh ton hin ti: H s kh nng thanh ton hin ti l mi tng quan gia ti sn lu ng v cc khon n ngn hn. H s kh nng thanh ton hin ti = Ti sn lu ng / N ngn hn V d: H s kh nng thanh ton hin ti Mt cng ty vi ti sn lu ng tr gi 20 triu USD v c cc khon n ngn hn tr gio triu USD s c h s kh nng thanh ton hin ti l 2,0. H s kh nng thanh ton hin ti = $20.000.000 / $10.000.000 = 2,0 H s kh nng thanh ton hin ti cho thy mc an ton ca mt cng ty trong vic p ng nhu cu thanh ton cc khon n ngn hn. H s ny c th khc nhau, tu thuc vo ngnh cng nghip v loi cng ty. H s bng

2,0 hoc ln hn c th tt cho mt cng ty sn xut, trong khi h s bng 1,5 c th chp nhn c vi mt cng ty dch v cng cng v ngun tin mt d tnh thu vo cao v n hin ti hay n ngn hn nh. H s kh nng thanh ton hin ti khng phn nh c tnh linh hot ca mt cng ty. Hin nhin l mt cng ty c d tr tin mt ln v cc chng khon kh mi s c kh nng thanh ton ln hn mt cng ty c mc hng tn kho ln. Mt h s c thit lp chi tit hn khi xem xt vn c cu ti sn c th loi b c nhng thnh t km tnh thanh khon nht trong ti sn lu ng chnh l h s kh nng thanh ton nhanh. b H s kh nng thanh ton nhanh. Bng cch loi b gi tr khng chc chn ca hng trong kho v tp trung vo nhng ti sn c kh nng chuyn i d dng, h s kh nng thanh ton nhanh c thit lp nhm xc nh kh nng p ng nhu cu tr n ca cng ty trong trng hp doanh s bn tt xung mt cch bt li. H s kh nng thanh ton nhanh = Ti sn lu ng - Hng d tr/N ngn hn V d: H s kh nng thanh ton nhanh Trong v d trc, ti sn lu ng tr gi 20 triu USD. Nhng iu g s xy ra nu 5 triu USD trong phn ti sn l hng trong kho. H s kh nng thanh ton nhanh = 20.000.000 - $5.000.000 / $10.000.000 = 1,5 Con s ny c th cho bn bit rng cng ty c kh nng p ng vic thanh ton n ngn hn v cng ty khng gp kh khn no trong vic chuyn cc ti sn lu ng khc thnh tin mt. Mt khc, cng ty ny c th c cc khon phi thu kh i hoc hot ng trong mt ngnh cng nghip v cng nhy cm m cc ch n i hi phi c thanh ton nhanh. Do , cng ty ny c th i h s thanh ton nhanh bng 0,2 ln, v mc 1,5 ln

c th cho thy rng cng ty ang c gng gim hng d tr hoc tng gi tr ca cc ti sn d chuyn i khc ca mnh. Vic s dng thng minh cc h s i hi bn phi vn dng chng trong mi lin h vi cc thng tin khc.

BO CO TI CHNH - Phn 4: 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. K thu hi n trung bnh = Cc khon phi thu/Doanh s bn chu hng nm/360 ngy V d: K thu hi n trung bnh 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: K thu hi n trung bnh = $700.000 / $5.500.000/360 ngy = 45,5 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 nh rng 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. Bng 4. Thi hn cn thit thu hi n % n thu hi % n thu hi c % n thu hi c trong 10 Cng ty A Cng ty B Bng 4 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 ngy 10 60 trong 30 ngy 30 30 c trong 60 ngy 60 10

trung bnh. Mt ln na cn phi nhc li, cc h s ti chnh l hu ch, nhng phi tht cn trng khi din gii chng. b 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 tr, rt n gin bn ch cn lm tng t nh lm i vi cc khon phi thu, tc l chia cc khon phi tr cho tin mua hng chu mi nm. Thi hn thanh ton trung bnh = Cc khon phi tr /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: Thi hn thanh ton trung bnh = $275.000 / 0,80 x $3.000.000/360 ngy 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 vt 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. c 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 tnh lu hot nht trong ti sn lu ng. V cng ty phi dng vn duy tr lng hng lu kho nn cng ty s c li khi bn cng nhanh cng tt lng hng ny gii phng tin mt cho cc mc ch s dng khc. H s hng lu kho = Gi tr hng bn tnh theo gi mua / 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. H s hng lu kho = $3.000.000 / $300.000 = 10 ln 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 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 h s ny ti 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 qu chm nh vy. Cn thn trng khi xem xt t l hng bn trn hng lu kho. T l hng bn trn hng lu kho cao khng phi bao gi cng c ngha 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 mt h s ny cha th cung cp thng tin v kh nng huy ng tin mt ca cng ty. BO CO TI CHNH - phn 5: Tnh trng n ca cng ty Mt cng ty c th vay tin cho cc mc ch ngn hn, ch yu b sung cho vn lu ng, hoc cho cc mc ch di hn, ch yu mua sm nh xng v thit b. Khi mt cng ty vay tin cho hot ng di hn, cng ty t cam kt thanh ton tin li nh k v hon tr tin n gc vo thi

im o hn. lm vic ny, cng ty phi to ra thu nhp nhm trang tri cc khon n. Mt trong nhng cch xc nh tnh trng n ca mt cng ty l phn tch cc h s n ca cng ty . H s n H s n hay t l n trn ti sn cho bit phn trm tng ti sn c ti tr bng n. H s n cng thp th hiu ng n by ti chnh cng t, h s n cng cao th hiu ng n by cng cao. H s n = Tng s n/ Tng ti sn V d: H s n Nu bng cn i k ton ca mt cng ty cho bit tng n ca cng ty l 1.000.000 USD v tng ti sn l 5.000.000 USD, th: H s n = 1.000.000/ 5.000.000 = 0,2 hay 20% H s n cao c xu hng phng i thu nhp ca cng ty, v h s n thp c th cho thy vic s dng n khng hiu qu. a H s n trn vn c phn D/E Mt h s n quen thuc hn phn nh mi tng quan gia n di hn v vn c phn. H s ny c gi l h s n trn vn c phn: H s n/vn D/E = N di hn + gi tr ti sn i thu/ Vn c phn Do , nu n di hn v ti sn i thu trong bng tng kt ti sn c gi tr l 2.000.000 USD v vn c phn l 5.000.000 USD, th h s n/vn l 2.000.000 USD/5.000.000 USD 40%. Ngnh in dn dng l ngnh c

ngun thu u n, c th chp nhn cc h s D/E cao, trong khi cc cng ty c thu nhp ph thuc vo chu k kinh t thng c h s D/E thp hn. Ni cch khc, cc khch hng ca cc cng ty dch v in thc hin tr tin nh k cho cc cng ty ny. V cc cng ty ny bit r h s c tr bao nhiu tin v c th tng ph nh vo khch hng khi doanh li gim xung di mc nht nh, nn cc cng ty ny c th c tnh li nhun ca mnh kh chnh xc. Do bit c iu ny, cc cng ty ny cm thy t tin hn i vi vic pht hnh tri phiu v thu nhp m cc cng ty ny thu c trong tng lai s bo m rng vic thanh ton tin li v tin n gc ca mnh m khng gp ri ro. Ngc li, cc cng ty hot ng ph thuc chu k kinh t c mc thu nhp hot ng cao trong nhng giai on kinh t tt nhng phi chu thu nhp thp trong nhng giai on suy thoi kinh t. Nu pht hnh chng khon n qu nhiu th cc cng ty ny c th khng kh nng tr tin li khi li nhun gim. Do , cc cng ty ny phi chp nhn mt chnh sch n bo th hn v pht hnh nhiu c phiu - l loi chng khon khng i hi phi tr c tc trong nhng iu kin kinh doanh ti t. b H s n di hn/ tng ti sn LD/TA H s n di hn/tng ti sn LD/TA so snh tng quan n vi tng ti sn ca mt cng ty, v c th cho bit nhng thng tin hu ch v mc ti tr cho ti sn bng n di hn ca mt cng ty. H s LD/TA = N di hn/ Tng ti sn H s ny c th dng nh gi hiu ng n by ti chnh ca mt cng ty.

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. H s thu nhp tr li nh k = EBIT/Chi ph tr li hng nm V d: H s thu nhp tr li nh k Nu EBIT l 8.000.000 USD v chi ph tin n li hng nm l 3.000.000 USD th: H s thu nhp tr li nh k = 8.000.000 USD/ 3.000.000 USD = 2,67 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 phi tr, do dn ti mt kh nng thanh ton v v n. Tuy nhin ri ro 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 tr tin n gc, chi ph tin thu, v chi ph c tc u i. 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: H s trang tri chung = A/B A= Cc ngun thu tin mt B= Chi ph tin thu + Chi ph tr li + tin tr n/1-t + C tc u i/1-t t: l s nm tnh ton 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.

BO CO TI CHNH - phn 6: 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 nhun 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 s gim xung - iu gii thch ti sao vic nh gi kh nng sinh li li c bit quan trng i vi mt cng ty. 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. H s tng li nhun = Doanh s - Tr gi hng bn tnh theo gi mua/ Doanh s bn V d: H s tng li nhun Nu mt cng ty c doanh s bn l 1.000.000 USD v tr gi hng bn tnh theo gi mua ln ti 600.000 USD, th h s tng li nhun ca cng ty s l: H s tng li nhun = $1.000.000 - $600.000/ $1.000.000 = 40%

Khi chi ph lao ng v chi ph nguyn 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. 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. Mc li hot ng = EBIT/ 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: H s li nhun hot ng = 200.000 USD/ 1.000.000 = 20%. H s ny l mt thc o n gin nhm xc nh n 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. H s li nhun rng H s li nhun rng l h s li nhun t mi giai on kinh doanh. Ni cch khc, y l t s so snh li nhun rng vi doanh s bn. Mc li rng = Li nhun 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 th: H s li nhun rng = 100.000 USD/ 1.000.000 = 10% 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 nu 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

H s thu nhp trn c phn H s thu nhp trn c phn ROE 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: ROE = Li nhun rng sau thu/ Vn c ng hay gi tr ti sn rng hu hnh H s thu nhp trn u t ROI H s thu nhp trn u t ROI 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. ROI = Thu nhp rng/ Doanh s bn x Doanh s bn/ Tng ti sn = Thu nhp rng/ 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 TT CC CNG THC I. H s kh nng thanh ton 1/ H s thanh ton hin thi = Tng ti sn lu ng / Tng n ngn hn 2/ H S th A Xt = Tng ti sn lu ng - Hng tn kho /Tng n ngn hn 3/ Thanh ton nhanh = Tin + chng khon c th bn trn th trng /Tng n ngn hn 4/ Lu chuyn tin t = li nhun rng hoc l + khu hao hng nm II. H s thanh khon vn 1/ H s tri phiu = Mnh gi ca cc tri phiu / Tng s vn di hn 2/ T l c phiu u i = Mnh gi ca c phiu u i / Tng s vn di hn 3/ H s c phiu thng = Mnh gi ca c phiu thng + Thng d vn + Thu nhp gi li / Tng s vn di hn 4/ T l n so vi vn c phn = Cc tri phiu + C phiu u i / Mnh gi ca c phiu thng + S d vn + Thu nhp li III. Cc h s trang tri 1/ H s thanh ton li tri phiu = Li nhun trc khi tr li v thu EBIT / Chi ph tin li tri phiu hng nm 2/ H s thanh ton c tc u i = Li nhun rng / C tc u i IV. Kh nng li nhun

1/ H s li nhun = Thu nhp hot ng / Doanh s thc 2/ H s li nhun rng = Thu nhp thun tu / Doanh s thc 3/ H s hon vn c phiu thng = Li nhun rng - C tc u i / Mnh gi c phiu thng + S d vn + Thu nhp li V. S dng ti sn 1/ T l lun chuyn hng ho = Chi ph ca hng bn ra / Hng tn kho 2/ Gi s sch ca mi c phiu thng = Tng ti sn - ti sn v hnh - tng s n - c phiu u i / S c phiu thng VI. nh gi thu nhp 1/ EPS = Li nhun rng - C tc u i / S lng c phiu 2/ H s gi thu nhp P/E = Gi th trng / Thu nhp ca mi c phiu 3/ H s chi tr c tc = C tc c chi tr cho cc c phiu thng hng nm / Thu nhp ca mi c phiu EPS 4/ Li tc hin thi = C tc hng nm ca mi c phiu thng / Gi th trng hin thi Mt tc phm lai ghp Ngn hng Th gii WB ti Vit Nam a ra nhng nhn xt kh bt ng da trn mt cuc iu tra gn y v cc doanh nghip sau c phn ho. Mt trong cc cu hi ca cuc iu tra l gim c doanh nghip c phn c cho rng cc vn trong doanh nghip ca mnh c gii quyt ging cc doanh nghip nh nc hay ging doanh nghip t nhn? Cu tr li

nm lng chng, hi nghing v pha doanh nghip nh nc. C th ngi ta s ngh mc "hi nghing" ny ph thuc vo t l c phn Nh nc nm gi trong doanh nghip. Nhng so snh gia cc doanh nghip nh nc nm phn ln c phn v doanh nghip khng c c phn nh nc th s khc bit rt nh. Bo co ca WB vit: "Cc doanh nghip c phn r rng l mt tc phm lai ghp. Nhng chng mang nhng im tt nht ca c hai bn doanh nghip t nhn v doanh nghip nh nc, hay nhc im ca c hai, hay mi th mt t?". Nhng cu tr li qua cuc iu tra h l phn no bc tranh lai ghp ny. Lin quan n vn lao ng, cc cng ty c phn ging doanh nghip nh nc. Nhng khi ng n chuyn tn dng, u t v u thu cc hp ng nh nc, h li ging doanh nghip t nhn. Cu hi th hai l cc cng ty c phn gp kh khn hay thun li v mc no khi lm vic vi cc t chc v nh ch nh nc. Con s cc cu tr li "thun li" v "kh khn" gn nh ngang nhau. C l cng ty c c phn ho c nhiu nm quan h tt vi cc c quan chnh quyn khi cn v tr l doanh nghip nh nc nn thy thun li hn so vi doanh nghip t nhn. Bn nhm c quan nh nc m cc cng ty c phn tr li l lm vic thun li nht l nhn vin thu, quan chc a phng, ngn hng quc doanh v quan chc thuc t chc ng. C quan u tin m cc gim c cho l kh lm vic nht l cnh st giao thng. Bn bo co ca WB khng gii thch l do. Sau l cc c quan

qun l t ai. Ch c 31,15% doanh nghip c hi c quyn s dng t chnh thc, 39,34% s dng t m khng c quyn s dng r rng, 27,87% thu t v 1,64% khng c t. Mt iu ng ngc nhin l "s linh hot trong la chn nh qun l li c cc gim c xp vo loi kh khn nht trong cc vn lin quan n lao ng ca doanh nghip sau c phn ho. iu ny to ra thc mc v vai tr ca i din nh nc trong qun tr doanh nghip. Thng qua cc cuc phng vn, WB nhn xt nhiu doanh nghip khng tun theo Lut Doanh nghip v quy nh ca cng ty, c bit lin quan n vai tr ca hi ng qun tr v gim c. Nhiu doanh nghip sau c phn ho vn tip tc duy tr c cu t chc doanh nghip nh nc, chi thay i mt s chc danh mt cch hnh thc. V d nh cu gim c th thnh ch tch hi ng qun tr, cn cu ph gim c th thnh gim c,... Nhng doanh nghip ny vn tip tc theo li ngh v lm c. Nhiu doanh nghip vn tip tc p dng cc quy nh ca doanh nghip nh nc, c bit l nhng chnh sch nhn s nh bo him x hi, tng lng... Quyn v ngha v ca c ng khng c hiu y . V d nh c ng c gng gy nh hng trc tip n quyt nh ca gim c, thay v i qua hi ng qun tr. Mt s gim c cho rng nn cho php cc c ng bn ngoi c c phn ln hn c ng c thc y doanh nghip. Mt s khc th than th rng nhng c ng bn ngoi mua c phn ca cng nhn mt cch bt hp php v rt kh lm vic vi nhng ngi ny. Mt cu hi rt quan trng na l Nh nc thc hin vai tr c ng nh th no. mt s doanh nghip, nhiu i din nh nc c cc c ng c vo hi ng qun tr, lm tng thm vai tr qun tr ca Nh nc. Cc

gim c ku ca v vic ny, trong khi nc khc n phi c coi l quyn t nhin ca c ng. Nn lm g gip cc doanh nghip sau c phn ho? Bn bo co tr li: "Chng lm g c. Nu c vi doanh nghip cha bit lm th no tham gia tr chi ny th l vn ca h. Bn bo co vit: "y khng phi l vn m Chnh ph nn lo lng trong v vn nhng vn cp thit hn ca t nc. Doanh nghip c phn ho c cho quyn t tr v h nn b thi quen da dm vo Chnh ph gii quyt vn ca mnh". Li cc nh thng thi Gii u t Wall Street h knh trng ai? Nhng tn tui c nhc n nhiu nht l Buffett, Bogle, Bernstein, Templeton, Brinson, LeBaron, v Neff, bi Buffett l nh u t t ph huyn thoi, Boogle l ngi thnh lp v c xu khng mt mi cho Qu u t theo ch s u tin trn th gii, Sir John Templeton, ngi tin phong thnh cng nht trong u t quc t v cc v khc nu trn cng l nhng nh u t, qun l hay hc gi xut sc... Tt c u nhn c Gii thng chuyn mn xut sc ca Hip hi Nghin cu v u t AIMR Hoa K. Ln u tin nhng cy i th ny ngi cng nhau quanh mt hi tho do AIMR t chc chia s hn... 300 tui kinh nghim tp th. Sau y l trch dch: Xin hy nu mt, hai kinh nghim d xu hay tt em li cho qu v trong vai tr nh u t nhng bi hc qu gi nht? Templeton: Vi ti n khi u t nhng thng ngy cy ct lc ti i hc Yale khi t khm ph ra mnh c th kim c tin t vic chi bi kh hn t nhng vic lm khc. Ti chi bi vi cc cu qu t con nh giu, m ch yu chng chi mua vui trong khi mnh chi thng. Ti lng nghe v hc xem gia nh h ang u t ci g v khng ai trong s h u t ngoi bin gii mt quc gia. iu xem nh khng c tm nhn di

hn. T , khi ang hc nm th hai ti quyt nh s dn tm huyt tr thnh nh t vn cho nhng ai u t khp th gii. Buffett: Nhng bi hc qu gi nht ti hc t Ben Graham khi c cun The Intelligent Investor lc 19 tui. Ngay t nm 7 tui, ti thch chng khon. Ti t tnh nhng ch s trung bnh, c hu ht mi cun sch v u t trong th vin. iu tht l thch th nhng cng cha i ti u c. Ti nghim ra 3 tng trong cun sch ca Ben v tr thnh hn tng cho mi th ti lm. l xem chng khon nh mt phn ca doanh nghip hn l mt th ti sn bnh thng c gi ln xung mi ngy. Tip theo, ti khc ct ghi xng mt iu c ngha sng cn l phi c mt quan im ng v s dao ng thng xuyn ca th trng. Ba l, bin an ton v gi margin of safety khi mua c phiu. Neff: Khon u t km nht m ti thc hin l vo Cng ty U.S Industries. N l mt t hp cng nghip ln, gi thp, hot ng phn tn trn 8 n 10 ngnh cng nghip khc nhau, nhng li cha bao gi thc s chim v tr p o trong nhng ngnh . Cui cng ti l n 50%. T ti lun mt tm kim nhng cng ty chim v tr p o trong tng ngnh. Bernstein: Nm 1958, li sut ca c phiu thp hn c li sut tri phiu, iu cha tng xy ra trc y. Lc c hai ngi bn ng tui tng nm tri i khng hong nm 1930 on chc rng, y l mt s bt thng m ch trong mt thi gian ngn th trng s phi t iu chnh. Ngha l li sut t c phiu lun lun phi cao hn li sut tri phiu. Phi mt mt thi gian chng ti mi nghim ra rng, nu cuc i khng hong khng xy ra th nht nh phi c tnh trng tng trng. Qu tht, t

1958 t tng trng bt u i vo t in v mi ngi ly li nim tin vo chng khon. tht l thi khc tuyt vi v n dy ti rng, mi vic u c th xy ra. Bnh lun c sn trn bn ch ngi bit cch chp ly. Hy cho mt li khuyn quan trng nht, gi s nh qu v ang t vn cho mt chuyn vin u t 25 hay 30 tui lm th no thnh cng trong ngh nghip? Templeton: Ti c li khuyn l hy khim tn. C mt u c ci m v ng bao gi t kiu. Neff: Li khuyn ca ti l pht trin mt trit l u t tht hiu qu v gn cht vi n. Buffett: Hy thc t khi xc nh u l lnh vc mnh thng tho. C gng nh ra ci g ta c th hiu bit n ni n chn, dng li , qun ht mi th khc i. ti l phi quyt nh ngnh no bn hiu bit nh gi v ngnh no bn khng bit lng nh. Cc bn khng th ch i ai suy ngh gim mnh. Bn phi thc s hiu r nhng doanh nghip mnh mua qua vic s hu cc c phiu. Ngoi ra, ng qun l bt c ci g nhn zero cng thnh zero. D bn c thng nhiu nhng nu vay mn qu mc hoc lm iu g m kh nng thng cuc l zero th s mt tt c. Bogle: u tin, tha nhn trn thc t c s t nh u t c th nh bi th trng trong di hn. Th hai, xem mnh nh i din ca khch hng, khng phi l ngi bn hng thun tu. Th ba, ch trng u t di hn, khng phi u c ngn hn th tp trung vo gi tr ni ti ca mt cng

ty thc vn hn tm kim gi tt ca gi c phiu. Nu cc bn lm ng 3 iu trn th s c c hi ni ln gia nhng ngi thng cuc. Brinson: Li khuyn tt nht ti c th trao bt c ai l pht trin k nng cn thit, ng dng trong cng vic, mi gia n v ng ha theo m ng. Lebaron: Nhng nh u t gii nht u t theo suy ngh ring ca h. Bn s khm ph ra rng, cch u t ca h l ph hp cht ch vi tnh cch, tri thc v phong cch lm vic ring. N khng th l kiu u t ca ngi khc, n ca chnh h v bt r su trong h. Phn tch k thut: Gii thiu chung v Phn tch k thut T ng phn tch k thut trong lnh vc th trng chng khon c mt ngha hon ton khc vi ngn ng thng dng. Phn tch k thut l nghin cu cc hnh ng hnh vi ca bn thn th trng, khc vi vic phn tch hng ho trn th trng. Phn tch k thut l khoa hc ghi chp biu di dng th cc giao dch c phiu hoc nhm c phiu trong qu kh v t v ra c bc tranh v xu th trong tng lai. th l cng c ca nh phn tch k thut. th c th biu th bt k s vic g xy ra trn th trng hoc cc ch s tnh ra t cc i lng . th c th theo n v thng, n v tun, ngy, gi. th c th biu th i lng t l gia doanh thu trn gi chng khon, i lng gi trung bnh ca cc c phiu c mua bn nhiu nht v.v... Ni cch khc l cc ch s c tnh ra t cc i lng thng k v cc giao dch trn S giao dch chng khon. Trn th ngi ta c gng tm ra quy lut v cc tn hiu bo trc v s thay i ca xu th gi. Trong thc t ch cn c cc th bin gi gi cao nht, gi thp nht, gi ng ca v khi lng giao dch trong ngy. th theo ngy s c b sung bi cc th theo tun, theo

thng. Cn ch rng gi ng ca c bit quan trng, cn gi m ca ch c ngha cho vic m u gi cho mt ngy giao dch. Ngi ta cho rng vic tnh ra gi tr ni ti ca mt c phiu l khng c ngha. Tt nhin, cc thng k ca phn tch c bn c phn nh trong phng trnh cung - cu. Nhng cn c nhiu nhn t khc tc ng ln cung - cu. Gi th trng khng ch phn nh cc nhn nh khc nhau v gi c ca nhng ngi phn tch, m cn phn nh tt c cc hy vng, lo lng, phng on v trng thi tm l ca hng trm nghn ngi mua, ngi bn tim tng, cng nh cc nhu cu v cc ngun lc ti chnh ca h, tt c cc nhn t m thng k cha phn nh c, nhng li c tng hp, cn nhc v c phn nh cui cng bng mt gi tr chnh xc m ngi mua v ngi bn gp g nhau v thc hin giao dch. Gi c l im duy nht h quan tm. Nhng nh phn tch k thut cho rng cc con s thng k phn tch c bn l thuc vo qu kh, lc hu, v th trng khng quan tm n qu kh hoc ngay c hin ti. Th trng lun nhn vo pha trc, c gng x th vi cc din bin trong tng lai, cn nhc, nh gi v cn bng li tt c cc nh gi, cc phng on ca hng trm nghn cc nh u t l nhng ngi nhn vo tng lai t cc gc khc nhau v qua ng knh khc nhau. Ni tm li, gi hin ti c xc lp trn th trng kt hp tt c cc thng tin c bn m cc nh phn tch thng k mun tm hiu. Mt s tht hin nhin c cng nhn l cc gi c bin thin theo xu th v rng xu th c chiu hng tip tc cho n khi c mt ci g xy ra lm thay i s cn bng cung - cu. Cc thay i c th nhn bit qua cc hnh vi ca bn thn th trng. Mt s quy lut, hnh dng, mc c

th xut hin trn th v c mt ngha no v c th s dng phn tch din bin trong tng lai. Nhng chng cng khng phi l chn l tuyt i khng h c sai st. Nh phn tch k thut thm ch c th phn tch th m khng cn bit l c phiu g, vi iu kin cc thng tin v giao dch l ng v bao qut mt thi gian di h c th nghin cu cc hnh vi ca th trng. H c th mua bn mt loi chng khon m khng cn bit v cng ty, v ngnh ngh, v sn phm cng ty cung cp. Tuy vy ch nhng chuyn gia phn tch c kinh nghim mi kh nng thc hnh cc giao dch loi chng khon ny. C S L LUN CA PHN TCH K THUT-L THUYT DOW C s ca phn tch k thut l l thuyt Dow. Bn thn Charler H. Dow, cha ca l thuyt Dow lc khi u khng coi l thuyt ca mnh l cng c d bo th trng c phiu hoc l cng c hng dn cho cc nh u t, m ch xem xt chng nh l mt hn th biu v xu th chung ca th trng. William P.Hamilton, ngi k nghip, bin son li thnh l thuyt Dow hin i ngy nay. Thut ng xu th chung ca th trng c hiu l ch s gi trung bnh ca mt s c phiu i din. L thuyt Dow a ra cc tin c bn sau: a. Ch s trung bnh phn nh tt c cc hnh vi ca th trng. N phn nh ton b hot ng th trng gp li ca tt c cc nh u t, n bao gm nhng ngi c ci nhn su sc v c thng tin tt nht v xu th v cc s kin, n trung bnh ho li tt c cc bin ng tng ngy, tt c

nhng ci g din ra v cc iu kin tc ng ln cung v cu cc c phiu, k c nhng quyt nh u t bt ng khng d on c cng c phn nh vo ch s trung bnh. b. Ba xu th th trng Xu th di hn ca gi cc c phiu c gi l xu th cp mt. Xu th ny biu th s i ln, i xung ko di trong mt hoc vi nm v kt qu l c s tng hoc gim gi 20%. Trn ng din bin xu th cp mt xut hin cc giai on b ngt qung bi xu th cp hai i ngc vi xu th cp mt, n l cc phn ng hoc cc iu chnh khi xu th cp mt tng hoc gim qu mc trong mt gai on no . Xu th cp hai li bao gm cc xu th cp ba, thng l cc bin ng ngy ny qua ngy khc, l xu th khng c vai tr quan trng i vi th trng. c. Xu th cp mt l xu th chung v s i ln hoc i xung ko di trong mt hoc thm ch vi nm. Mi t gi tng mi li t mc cao hn t gi tng ln trc v c mi t phn ng gi reaction, xu hng gim gi vn mc cao hn t phn ng gi ln trc, nhng xu th cp mt vn l xu th tng gi. Xu th cp mt ny c gi l th trng con b tt. Ngc li, mi t mi gi gim li t mc thp hn t gi gim ln trc v mi t tng gi tip theo khng sc a mc gi tr v mc tng gi t trc th xu th cp mt l xu th gim gi. Xu th cp mt ny c gi l th trng con gu. d. Xu th cp hai

 l cc phn ng lm ngt qung qu trnh tng hoc gim ca xu th cp mt. Chng l cc t gim hoc iu chnh trung gian xy ra trn th trng con b tt hoc cc t tng gi phn nghch hoc hi phc trung gian trn th trng con gu. Thng th xu th ny ko di t ba tun n vi thng. Chng thng o chiu gi tr khong 1/3 n 2/3 i vi cc t tng gim ln trc trong qu trnh din bin ca xu th cp mt. Trong th trng con b tt gi tnh theo ch s bnh qun ngnh cng nghip c th tng u n, c s ngt qung nh, vi vic tng gi khong 30% so vi t iu chnh ca xu th cp hai ln trc. S iu chnh ny c th a n kt qu gim gi 10 im n 20 im trc khi t tng gi trung gian mi ca th trng con b tt li bt u. Nh vy, chng ta c hai tiu chun nhn bit xu th cp hai. Bt k s din bin gi c i ngc li vi xu th cp mt v ko di trong ba tun v a n gim gi trn 1/3 ca t gim gi ln trc trong xu th cp mt c coi l xu th cp hai. e. Xu th cp ba l cc bin ng nh thng th trong 6 ngy, t khi ko di trn 3 tun v i vi cc nh l thuyt Dow th chng khng c tm quan trng. Thng th trong cc t trung gian, trong xu th cp hai hoc gia hai xu th cp hai c khong 3 t sng nh c th phn bit c. Xu th cp ba ch l mt trong ba xu th v chng d b thao tng. f. Th trng con b tt Xu th cp mt tng gi c chia thnh ba giai on ba t.

Giai on mt l giai on tch t, trong thi gian ny ngi u t c tm nhn s cm nhn c rng tnh hnh th trng tuy ang b nn v bi quan nhng s o chiu, v h sn sng mua tt c cc c phiu c cho bn bi cc nh u t ang c tm l bi quan. H s tng gi cho mua t t mt khi khi lng c phiu cho bn gim. Cc bo co ti chnh vn phn nh tnh hnh ti t ca th trng trong giai on ny. Hot ng th trng mc trung bnh nhng bt u cc t tng gi t tng gi nh. Giai on hai l giai on tng gi mnh v hot ng th trng cng tng ln do c cc thng tin tt lnh v tnh hnh kinh doanh v do c xu th tng thu nhp trn mt c phiu ca cng ty, gy nn s ch ca cng chng. Chnh l trong giai on ny cc nh phn tch k thut thu hoch c li nhun cao nht. Giai on ba l khi th trng chy bng v cng chng lao vo sn giao dch. Tt c cc tin tc ti chnh u tt p, gi tng t bin v cc tin tc gi c c a ln trang u ca bo ch. S c phiu cc t pht hnh mi c a ra hng lot. n giai on ny ngi ta ngh rng th trng tng trong hai nm v n lc phi t li cu hi: c nn bn c phiu i khng? giai on si ng ny khi lng giao dch vn tng, gi cc c phiu t gi tr trc y tng t ngt, nhng gi cc c phiu tn nhim cao li khng tng na. g. Th trng con gu Xu th cp mt gim gi ny c chia thnh ba giai on. Giai on mt gi l giai on phn phi n bt u t giai on ba ca th trng con b tt trc . giai on ny ngi u t c tm nhn cm nhn c rng

li nhun t mc c bit cao v bt u bn c phiu mnh nm gi. Khi lng giao dch vn cao nhng c xu hng gim trong t tng gi, cng chng vn si ng nhng bt u c du hiu chp chn v hy vng v li nhun bt u tt dn. Giai on hai l giai on hong lon S ngi mua gim i ng k, cn nhng ngi bn th mt bnh tnh. Xu hng gim gi gia tng t ngt, trong khi khi lng giao dch tng khng bnh thng. Sau giai on hong lon l mt giai on tng i lu ca xu th cp hai hi phc hoc cng c, v sau l n giai on ba. Giai on ba c trng bi vic bn bt buc ca nhng ngi nm gi c phiu trong giai on hong lon, hoc mua trong giai on hong lon v gi c phiu lc c v l r so vi my thng trc . Cc tin tc v tnh hnh kinh doanh bt u xu i. giai on ba ny vic gim gi c phiu khng t ngt nh giai on hong lon, nhng v cn c nhng ngi phi bn bt buc v h cn tin cho cc nhu cu khc. Cc c phiu c tn nhim cao gim gi t tn hn, v trong giai on cui ny th trng con gu tp trung s ch vo cc c phiu ny. Th trng con gu kt thc khi mi kh nng v cc tin tc xu c n nhn ht, v th trng kt thc trc khi cc tin tc xu chm dt. Cn ch rng th trng con b tt ln sau khng ging hon ton th trng con b tt ln trc, cng vy i vi cc th trng con gu, v chng c th khng qua tt c cc giai on nu trn.

Th trng con gu ngn ngi c th khng c giai on hong lon. Giai on th ba ca th trng con b tt, giai on u c si ng, c th ko di hn mt nm hoc ch xy ra trong mt hai thng. Giai on hong lon cng c th ch xy ra trong mt hai tun. h. Hai ch s trung bnh phi cng xc nhn cho nhau Nguyn l ny l mt nguyn l kh gii thch nhng c thc t kim chng. Nhng ai coi nh nguyn l ny u phi hi hn. Nguyn l ny ni rng ch mt loi ch s khng thi cha xc nhn tn hiu bc ngot ca xu th. V d trong th nu trn, hai ch s trung bnh: ch s cng nghip v ch s ngnh ng st. Th trng con gu ko di trong vi thng, sau ti im a ch s cng nghip bt u phc hi n im b, tip gim xung im c l im vn cao hn a sau li gia tng n im d cao hn b. Nh vy, ch s cng nghip bo hiu s chuyn hng xu th th trng con gu sang th trng con b tt Nhng ch s ngnh ng st li cho thy vic gim t b xung c t mc thp hn nh b. Nh vy, ch s ngnh ng st khng xc nhn ch s cng nghip. Do , xu th cp mt vn phi c coi l xu th i xung. i. Khi lng t l vi xu th iu ny c ngha rng cc hot ng giao dch c xu hng tng ln khi gi hng theo xu th cp mt. Trn th trng con b tt th khi lng giao dch tng ln khi gi tng v gim khi gi gim. Trn th trng con gu th khi lng giao dch tng ln khi gi gim v giao dch b ngng tr khi gi hi phc. iu ny cng ng i vi xu th cp hai. Ch rng tn hiu c

tnh thuyt phc v o chiu xu th c th rt ra t phn tch v din bin gi. Khi lng giao dch ch c tnh cht b sung thm khi cn c nghi vn. j. Cc ng r c th thay th cho xu th cp hai Cc ng r y l din bin i ra ngoi chiu hng ca ch s bnh qun, ko di trong hai ba tun hoc vi thng, trong gi dao ng trong bin 5%. Vic xut hin cc ng r cho thy rng p lc mua v bn cn bng tng i. Thc ra th vic cho bn cn kit trong bin gi v nhng ngi mun mua c phiu phi cho mua vi gi cao hn cc ch s hu c phiu ng bn; hoc ngc li, nhng ngi mun bn c phiu trong bin gi thy rng nhng ngi mua khng cn na v do h phi gim gi cho bn c th bn ra c phiu ca mnh. V vy vic tng gi ln trn bin gi ca ng r l tn hiu ca th trng con b tt, v ngc li vic gim gi xung di bin gi l tn hiu th trng con gu. Ni chung, ng r cng ko di v bin cng nh th cng c nhiu kh nng s xy ra vic o chiu xu th cp mt. ng r thng pht trin nh hoc y, bo hiu giai on phn phi hoc giai on tch t, nhng c khi l giai on iu chnh hoc giai on cng c ca xu th cp mt c xc lp. Trong cc trng hp th chng thay th xu th cp hai. Chiu hng m gi s vt ra ngoi ng r khng th xc nh c trc khi c cc din bin tht s. Bin gii hn 5% l theo kinh nghim; trn thc t cn c bin gii hn ln hn. ng r trong nhiu trng hp rt ging vi nh dng hnh bnh hnh trn th ca mt loi c phiu c th.

k. Ch s dng gi ng ca L thuyt Dow khng ch n gi cao nht hoc gi thp nht trong ngy m ch quan tm n gi ng ca. l do vai tr tm l ca gi cui ngy khi v th. V d c mt xu th cp hai tng trn xu th cp mt v t nh ti 11 gi trong ngy no ti ch s cng nghip bnh qun l 152,4 im, sau vo cui ngy gim xung 150,70. ghi nhn tip tc vic tng gi trong ngy hm sau, chng minh rng xu th cp mt vn l tng gi th ch cn ghi nhn im ng ca 150,70. l. Xu th cn c coi l vn tip din cho n thi im khi vic o chiu c tn hiu bo ng a ra mt cch chc chn. L thuyt Dow cnh bo phi thn trng khi nhn nh v o chiu ca th trng; khng nn chy trc thi gian. iu ny khng c ngha l nh giao dch phi ch i thm trong khi c tn hiu o chiu, m ch cnh bo rng nh giao dch s c li khi ch n lc thc s chc chn v tn hiu o chiu, v h phi tr gi t khi hnh ng mua hoc bn qu sm. Th trng con b tt khng th tng v thi hn cng nh th trng con gu bao gi cng s t y. Cc ng lc mua, trin vng bn c phiu mi mua thu hoch li nhun s gim i khi th trng con b tt tn ti trong vi thng so vi tnh hnh khi xu th cp mt ln u tin mi nhn bit. Nhng tin ny ca l thuyt Dow ni rng: Cn phi lun lun chun b sn sng thay i chiu t lnh iu cui cng l vic o chiu ca xu th c th xy ra bt k lc no ngay sau khi xu th trn c xc nhn. V vy cc nh phn tch k thut

phi theo st th trng trong mi lc khi h vn cn trong cuc chi. Cn tip Phn tch k thut: Cc nh dng trn th a. M t hnh vi mua bn chng khon Gi s c mt nhm ngi nm kh y thng tin v mt cng ty pht hnh. Gi c phiu cng ty lc l 40, v cng ty ang hot ng c li v do n s thu ht c s ch ca nhiu nh u t, nhu cu i vi c phiu tng ln, gi c th t 60 hoc 65. Nhm ngi ny tnh ton rng h c th li dng thi c thu chnh lch gi 20 im. V vy h tin hnh mua tt c nhng c phiu cho bn, do h dn dn tch t c mt v th ng k, t vi nghn c phiu c a ra cho bn trc . Sau h ch i. Cc nh chuyn nghip s bt u nghi vn v bt u c cc tin n rng c ci g v thng tin ni b hoc cc nh phn tch tm ra c cc kha cnh tt p trong tng lai ca cng ty, cn cc nh phn tch th pht hin cc tn hiu v hnh vi tch t c phiu. Nhng ngi mua nhn thy c t c phiu bn ra v s c phiu cho bn qu t v do h tng gi cho mua. Mt giai on tng gi bt u. Xu hng tng ny ko di v nhiu nh giao dch b thu ht s ch v tng gi. Qu trnh ny c h tr bi cc bo co lc quan thu nhp tng, c tc tng.... Gi t mc m nhm ngi ny ang d kin v li nhun s thu. Gi s nhm ny c 20.000 c phiu cn bn ht. H khng th a ra bn ht ngay mt lc. H phi bn t t trnh c s ch v s cm nhn ca cng chng. V d, nu mc giao dch trong ngy l 2.000 c phiu, th h c th bn ra 500 c phiu. H s tng khi lng bn ra nu ngi mua sn sng mua thm.

Nhng theo quy lut chung th trc khi nhm ngi ny c th phn phi ht c phiu do mnh nm gi, th xut hin giai on gim cu. C th v nhng ngi mua nhn ra s gia tng cung c phiu. Xut hin phn ng tc l giai on gim gi do nhng ngi mua phn ng li i vi tng cung. V vy, nhm ngi ny ngng vic bn ra, thm ch c th mua vo mt khi lng nh c phiu h tr gi nu gi gim t ngt. Giai on gim gi hoc cn gi l giai on phn ng chm dt, v chuyn sang giai on tng gi tr li. Nhm ngi ny ch cho gi c phiu t nh mi. Ti nh ny h li bn ra, v nu h kh nng khn kho th h c th bn ht trong vng hai, ba tun trc khi ln sng cu th hai chm dt. Nhm thu c li nhun vi vic chuyn giao cho ngi u t khc 20.000 c phiu. Tip gi c phiu gim mc thp nht ln u. Tip xut hin mt giai on tng gi ngn ngi, l mt s ngi mua xut hin v sau gi s gim trong mt thi k lu di. b. nh dng nh u vai Qu trnh giao dch m t trn c biu th bng th nh u - vai. nh u vai l mt tn hiu v thi im o chiu ca xu th. nh u - vai c m t trong hnh 1, gm cc giai on: i. Giai on tng gi mnh m, khi lng giao dch ln, tip l giai on phn ng ngn ngi gim gi vi khi lng giao dch thp hn. C giai on ny c gi l vai tri. nh ca vai tri l im A Hnh 1. ii. Tip mt giai on tng gi t th hai vi khi lng giao dch tng ln, t nh B cao hn nh A ln trc ca vai tri, tip l t gim

gi t mc gn vi y ca vai tri, nhng phi thp hn nh ca vai tri. C giai on ny c gi l u vi nh ti im B Hnh 1. iii Vai phi vi nh ti im C xut hin, nhng khi lng giao dch gim ng k. nh C thp hn nh B ca u. iv. Gi gim giai on ba s ct ng vai ng thng i qua hai y ca hai vai, v tip tc gim mc 3% so vi ng vai. y l giai on xc nhn hoc o chiu. Ch rng mi nh A, B, C, D u l cc c trng quan trng ca nh hnh nh u - vai. Thiu bt k mt trong cc nhn t trn u khng th gi l nh u - vai. Vai tr ca khi lng giao dch Din bin gi c v khi lng giao dch phi n khp vi nhau. Ch rng khi lng giao dch phi hiu theo ngha i lng tng i cho tng loi c phiu. i vi c phiu A th khi lng giao dch 500 l ln, nhng i vi c phiu B th khi lng giao dch ln c th phi l 7500. c im ca nh u - vai l khi lng giao dch ca giai on sau phi thp hn giai on trc. Giao im ca ng vai Ch rng nu th cha ct ng vai vai phi th cha th xc nhn nh dng nh u - vai, cn 20% kh nng gi s ngp ngng giai on tip sau v sau s tip tc i vo giai on mi tng gi.

Cui cng, ngay c khi nh dng nh u - vai c xc nhn bi giai on 4 im D, tc l ng vai ct, nhng vn c mt kh nng rt hn hu l gi s khng gim tip. c. Cc dng khc ca nh dng nh u vai Thng thng theo lut i xng th i vi nh u - vai, ng vai song song vi trc honh. Tuy vy, nh u - vai cng c th c trng hp ng vai i ln hoc i xung. Trong thc t nhn dng c nh u vai i hi ngi phn tch phi c kinh nghim. Ti thi im gi gim v ct ng vai th khi lng giao dch c th tng, nhng cht t. Nu khi lng giao dch vn mc thp trong vi ngy trong khi gi vn gim th c th gi li tng tr li t ng ng vai. y l n lc cui cng trc khi gi li xung dc hu nh thng ng vi khi lng giao dch tng ln ng k. Giai on chuyn tip ngn ngi ni trn c th khng xy ra nu xu th ca c th trng l o chiu xung dc. Nu th trng ni chung cn mnh th c th xy ra giai on chuyn tip ngn ngi. d. nh dng y u vai i xng vi nh dng nh u - vai l nh dng y u - vai Hnh 2. i. Mt giai on gim gi, vi khi lng giao dch tng ln, sau l gi khi phc li trong thi gian ngn ngi vi khi lng giao dch thp hn trc. C giai on ny c gi l vai tri. ii. Mt giai on gim gi t y thp hn y vai tri, khi lng giao dch tng ln nhng vn thp hn vai tri, tip gi hi phc t mc cao

hn y vai tri, vi khi lng giao dch tng ln ng k. C giai on ny c gi l u. iii. Giai on ba, gim gi vi khi lng giao dch thp hn, nhng gi khng thp hn y ca u, tip gi khi phc li, c giai on ny c gi l vai phi. Giai on ny gi tip tc tng vi khi lng giao dch tng ng k, i qua ng vai v t gi tr bng 3% gi ti ng vai, v khi lng giao dch tng t ngt. y l im xc nhn hoc o chiu. S khc nhau gia nh u - vai v y u - vai l mc khi lng giao dch. Cc hot ng giao dch y u - vai c xu hng tng ln tnh t giai on u. Phi c vic giao ct gia gi v ng vai mi c th c giai on xc nhn. Cn ch rng c th tin vo du hiu o chiu i vi nh u - vai, nhng phi thn trng vi trng hp y u - vai, tr khi xc nhn khi lng ln giao dch sau khi ct ng vai. V vy, phi ch i mi c th kt lun dt khot v o chiu. Mt im na l y u - vai thng c hnh thnh trong thi gian di v din bin gi bng phng hn. e. nh dng u - vai kp nh dng u - vai kp l loi nh dng phc tp hn. C th c nh dng vai -vai - u - u - vai - vai, nhng phi c mt mc i xng no trong nh dng ny. g. nh dng hnh tam gic nh dng tam gic i xng

c trng ca tam gic l gm mt lot cc giai on bin ng gi, mi t sau nh hn t trc, mi nh sau thp hn nh trc, mi y sau cao hn y trc. N nh l mt ng Dow co li trn th, l vng i chch ca gi vi ng bin pha di i ln v ng bin pha trn i xung. l tam gic i xng. Hot ng giao dch c xu hng gim dn, hai ng bin gp nhau ti mt nh. Sau mt thi gian bin ng s n thi im gi s vt khi ng bin mt cch t ngt vi khi lng giao dch tng hoc vt ln trn ng bin hoc tt xung di ng bin. Khng c mt tn hiu no c th xc nh gi s vt ln hoc tt xung. Khi gi vt ra ngoi ng bin th phi p dng quy tc 3% xc nhn xu th tng hoc gim gi. Nu gi tng vt ln trn th phi km theo vic gia tng khi lng giao dch mi c th xc nhn xu th mi. Nu gi tt xung di ng bin th khng cn c xc nhn ca khi lng giao dch. j. Phn phi c phiu theo k hoch nh sn Ch s hu c th c k hoch mun bn ra ht phn phi c phiu mnh nm gi theo mt gi d kin. Nu nhu cu vn cn duy tr th ch s hu c th bn vi gi 40 thu tin mt. Nu cu vn tng ln th cung c th t ti gi 40 v gi tip tc tng. Nhng ngi mua c phiu vi gi 40 cho rng mnh nh gi ng tnh hnh v do s khng bn ra nu cha c c hi thu li nhun. i vi tam gic i ln th cu vn tip tc tng. S cung c phiu c mua ht dn n vic vt ra khi ng bin trn. Nu cu bt u chng li trc khi gi vt ra khi ng bin trn ng cung th gi c th vt ra

khi nh tam gic, v khi ngi phn tch phi phn loi li nh dng th. Trng hp ny l hn hu, v trong nhiu trng hp ca tam gic i ln th nhm ngi d kin bn ti nh tip xc vi ng bin trn l ng cung phi tin rng mc gi ny l cao v c th t c. Tam gic i xung c ng bin di l ng cu song song vi trc honh v ng bin trn i xung dc l ng cung. Vic hnh thnh tam gic i xung cho thy c mt nhm ngi mun mua vo mt khi lng ln c phiu ca cng ty theo mt gi thp no ng cu. Cc lnh ca h t ti mc gi ny. Nu cc giai on tng gi sau do vic mua ca h to ra gy nn s cung mi ca c phiu vi mc gi ngy cng thp hn do to nn tam gic i xung, th cc lnh mua u c p ng v gi s gim. Vic gi gim i qua ng bin pha di m nhiu ngi khc nm gi c phiu coi l mc h tr trong mt thi gian di thng lm lung lay lng tin ca h, l nhng ngi trc cha c d kin bn c phiu. Vic h cho bn c phiu s lm gia tng vic gim gi. k. nh dng hnh bnh hnh nh dng hnh bnh hnh gm mt lot cc dao ng nh chch hng ca gi, c gi l vng giao dch. Vng ny b gii hn trong hai ng bin song song. nh u - vai c trng cho s u tranh gia ngi bn mnh v ngi mua yu. Hnh bnh hnh c c trng bi mu thun gia hai nhm ngi c cng sc mnh nh nhau - gia ngi ch s hu c phiu mun bn ra ht c phiu theo mt gi no v nhng ngi mua mun tch t c phiu ti mc gi ng bin pha di. H chi vn bi vi

nhau cho n khi mt bn mt ht sc mnh hoc thay i chin lc v pha kia c dp tin qua ng bin. Khng ai c th kt lun c bn no s thng th cho n khi kt cc xy ra. l. Gin on Gin on c th hin bng vng gi c m ti khng c vic chuyn giao c phiu Gin on trn th theo ngy xut hin khi gi c phiu thp nht ca ngy hm nay cao hn gi cao nht ca ngy hm trc. Gi s c phiu tng mc gi 20 n 21, 22, 23, 24 v t mc cao nht 25 trong ngy. Sng hm sau gi m ca l 26 v gi tip tc tng. Vy ta c gin on vi chnh lch 1 im gia 25 v 26. Gi tip tc tng n 28, sau chng li v tip sang giai on phn ng gim xung 27, 26, v 25. Nh vy gi i qua vng gin on 25 - 26 v ngi ta gi l ng gin on. Nu khng ng c gin on trong giai on phn ng ca xu th cp ba, th c kh nng s ng ti giai on phn ng cp hai. Gin on thng xy ra trong vng tam gic hoc hnh bnh hnh. Vic xut hin gin on cho php khng nh rng qu trnh nh dng ang tin trin. V d, nu gi tng t 10 ln 20, sau gim xung 17, ri tng ln 20 v xut hin gin on th c th gi thuyt rng mt nh dng no ang tin trin gia 17 v 20. Vic nhn bit ny s gip cho ngi giao dch thu li nhun trong phng cch giao dch ngn hn.

Thng th gin on xut hin trong qu trnh gi c phiu ang giai on iu chnh. V vy, vic xut hin gin on ti vng tam gic hoc hnh bnh hnh cho php kt lun rng din bin gi ang trong qu trnh iu chnh ch khng phi l o chiu. Gin on l vng gi b ngt qung xut hin trong vng giao dch hoc trong vng ca cc nh dng. N xut hin nhiu ti nh dng tam gic v nh dng hnh bnh hnh. Gin on ny thng b ng trong vi ngy. Gin on vt ng bin l gin on giai on gi vt ra ngoi ng bin. V d, nu gi vt khi ng bin trn ca tam gic i ln th s xut hin loi gin on ny. Tam gic i ln to nn s cu cng cao c p ng bng s cung ti mt gi c nh. Gi s gi ca vic phn phi c phiu l 40. Nhng ngi nm gi c phiu thy gi ti 40 xut hin nhiu ln, gi dng ti v gi i xung tr li. V vy, h hoc l tham gia vo m ng bn ti gi 40, hoc h suy tnh rng nu gi vt qua 40 th s tip tc tng sau mc cao hn. V vy, hoc h cho bn vi gi thp hn 40 hoc cao hn 40. Kt qu l mt khong trng trn th ngay tip pha trn 40. Do khi ton b s cung ti gi 40 c p ng mua ht th ngi mua tip theo s khng tm thy lnh cho bn ti 40 1/8 hoc 40 1/4. H phi tng gi cho mua n 1 im hoc hn c th nhn c c phiu. Gin on k tc khng sinh ra t cc nh dng, m xut hin trong giai on tng gi hoc gim gi t bin nhanh chng. Khi c s tin trin t t ca giai on tch t ca th trng con b tt th xu th i ln ca gi s ly c cng , tng tc trong vi ngy, hoc vi tun, v sau bt u ht

 khi s cung tng ln do ng lc thu li nhun to ra. khi lng giao dch t nh ti im vt bin, gim im gia ca t tng gi, v sau s tng tc vi khi lng giao dch c bit cao khi kt thc t tng gi. Ti t tng gi ny c mt s gim khi lng giao dch nhanh chng, th chc chn s xut hin gin on ti thi im khi yt gi thay i nhanh chng k c khi lng giao dch. Thi im xut hin gia khong xut hin vic vt ra ngoi bin v ngy o chiu hoc cng c giai on sau. V vy, gi c phiu s i mt qung xa ngoi im gin on bng khong gia im gin on v im vt ra ngoi ng bin. Gin on kit qu lin h vi mt t tng hoc gim gi nhanh chng dn n s kt thc ca mt t tng hoc gim gi. Gin on k tc xut hin gia giai on tng gi vi khi lng giao dch ln, sau gim tc tng v dng li do khng c thng th. Nhng c khi xu hng gia tng gi khng dn n vic tng dn khng c v s chng li, m vn tip tc gia tng cho n khi gi vp phi bc tng ca s cung hoc s cu, nu l xu th gim v dn n s kt thc t ngt trong mt ngy giao dch khi lng ln. Trong trng hp th xut hin gin on ln ti im kt thc. l gin on kit qu. m. nh dng cng c Khi gi c phiu i theo xu th cp mt tng hoc gim vi tc qu nhanh, gi s t ti mt im m ti lc lng cung cu sinh ra n s b cn kit. Khi hoc xy ra vic o chiu ca xu th cp mt hoc cp hai,

hoc phi cng c li v tr ca n, di hnh thc ng r ngang bao gm cc dao ng nh, cho n khi sc tip tc i theo xu th c ca n. nh dng tam gic hoc hnh bnh hnh cng c th ng vai tr cng c hoc o chiu. Thng th trong bn trng hp c ba trng hp ca nh dng tam gic l cng c, cng nh vy i vi hnh bnh hnh. Theo l thuyt Dow th th ca ch s trung bnh cng c th c nh dng cng c hoc o chiu. n. nh dng hnh c vung v hnh c tam gic Hnh c vung c dng hnh bnh hnh, hoc dc xung nu trn ng th trng con b tt hoc dc ln nu trn th trng con gu. l khong dao ng nh ln xung, theo hnh bnh hnh, c chiu i ngc li vi xu th chung trc . Xt hnh c vung i vi xu th tng gi. Sau khi gi gia tng ng k, hu nh dc thng ng, s xut hin hnh c vung, giai on tng gi ny khi lng giao dch tng ln v t nh cao. Khi lng ny l tn hiu cnh bo rng nhng ngi s hu c phiu ang thu li nhun. Nhng p lc thu li nhun km hm gi. Gi bt u chng li, i xung dc mt hai im vi khi lng giao dch gim i. Mt t tng gi tip theo nhng khng sc t mc gi v khi lng trc y. Tip l t phn ng vi gi thp hn y ln trc v ng thi khi lng giao dch gim. Tip l cc t dao ng nh tng t, vi mi nh v y ln sau thp hn ln trc v khi lng giao dch tip tc gim. Trn th l mt ng tng gi gn thng ng, tip l giai on ng r theo chiu gim gi c hai ng bin ca cc nh v y. N c biu tng hnh c vung.

Thng th mt t tng v gim trong hnh c ko di ba bn ngy. Trng hp khc th gi i ln i xung gia hai ng bin trong mt hai ngy. Nu rng ca hnh c vung tnh t nh n y cng ln th thi gian cng ko di kt thc mt dao ng. Qu trnh to ra cc dao ng nh ny c khi ko di t 5 ngy n mt tun nu hnh c qu hp. Khi lng giao dch phi gim i n ti thiu. Sau bt ng gi s nhy vt vi hot ng gia tng v chuyn sang mt giai on mi tng gi hu nh l ging vi t tng gi trc hnh c. S khc nhau gia hnh c vung v hnh c tam gic l ch hnh c tam gic c hai ng bin ct nhau. Hnh c tam gic l mt tam gic i xung khi nm trn xu th cp mt tng gi, v i ln khi nm trn xu th cp mt gim gi. N xut hin sau mt giai on gi gia tng gim v khi lng giao dch gim i mt cch nhanh chng. Hnh c vung v hnh c tam gic c trng cho giai on th trng chuyn ng nhanh chng. Chng xut hin giai on si ng ca th trng con b tt, tip sau giai on tch t v khi giai on pht trin c trt t i qua. V vy vic xut hin hnh c vung v hnh c tam gic l s cnh bo rng giai on tng gi n tun cui cng. Giai on chuyn bin nhanh chng ca th trng con gu l giai on th hai thng c c trng bi s xung dc trong hong lon. V vy, hnh c vung v hnh c tam gic xut hin rt ngn ngi hon thnh trong ba bn ngy, giai on cc thng cui cng ca th trng con gu vic hnh thnh hnh c vung v hnh c tam gic ko di lu hn bn tun tr ln, v c c trng bi hot ng tng ln t tng gi v gim i t phn ng.

Phn tch k thut: H tr v khng c, ng xu th a. Khi nim h tr v khng c H tr v khng c l mt tip cn khc hon ton vi tip cn nh dng trnh by trc y v hnh vi ca th trng. N cho php a ra quy tc la chn c phiu mua hoc bn, trong vic nh gi din bin gi c ca c phiu v xc nh vng c vn . Mt s nh phn tch xy dng cho mnh mt h thng ring ch da vo khi nim h tr v khng c v khng cn n cc nh dng gi c v khi lng nu trn. H tr c hiu nh sau: v d, mt m ng h tr c phiu A ti gi 60, tc l sn sng mua tt c cc c phiu A vi gi thp hn 5 im so vi 60. H tr l vic mua mt khi lng c phiu ln ngn chn xu hng gim gi trong mt giai on no . Khng c c hiu l ngc li vi h tr: bn c phiu vi khi lng ln p ng tt c cc khon cho mua, v do ngn chn khng cho gi tng ln. Nh vy, h tr v khng c gn nh c hiu l cu v cung tng ng. Mc h tr l mc gi ti c mt khi lng cu mua c phiu ngn chn xu hng gim gi, hoc c th tng gi. Mc khng c l mc gi ti c chng khon cung ra ngn chn xu hng tng gi. Vy vng h tr th hin s tp trung ca cu v vng khng c th hin s tp trung ca cung. V d, ng bin pha trn ca hnh thang l mc khng c, cn ng bin pha di l mc h tr. ng bin pha trn ca tam gic i ln l mc khng c. C s ca d on t l thuyt h tr v khng c l khi lng giao dch ca mt loi c phiu c xu hng tp trung ln ti mt s mc gi, ti

c nhiu c phiu c trao tay nhau. V bt k mc gi no m ti c khi lng ln giao dch xy ra thng l im o chiu ca xu th cp mt, cp hai, cp ba, v vy o chiu ti cc mc gi lun lun c th xy ra. Tuy vy, cn ch rng cc mc gi ny thng xuyn thay i vai tr t h tr sang khng c v ngc li. Mt nh, khi gi c phiu vt qua, c th tr thnh vng y ca xu th i xung giai on sau ny, v mt y c, mt khi gi tt qua n, c th tr thnh vng y ca giai on tng gi sau ny. b. V d gii thch Gi s gi tng, t 65, 68, 70. Ch s hu c phiu cho rng h nhn nh ng, v vy h vn ch i. Nhng sau giai on gi tng chm dt v gi bt u tt xung 67, 65, 62, 60. Ch s hu s lo lng nhng h vn tin s c c hi thu li. Ti 60 gi bt u chng li mt thi gian, sau gi gim t ngt. Ngi ta vn hy vng vic gim t ngt ny ch l s iu chnh, nhng hy vng s tiu tan khi xu th i xung vn tip tc. Cc ch s hu c phiu bt u lo thc s: c ci g sai tri y? Khi gi tt n 55 th khng cn hy vng thu li nhun. H lp lun rng phi kin nhn ch gi quay tr li 60 v ti h s rt lui khi th trng. By gi ta xt trng hp xu th i ln. Gi c phiu t 12, sau tng n 24 v do ngi s hu c phiu bn ra thu li nhun. C phiu phn ng, tt xung 21 v ngi u t thy mnh gp may. Nhng sau gi li vt ln 30. Ngi ch s hu c phiu trc y cm thy b h, do

h li mun mua li c phiu, nhng h s khng mua vi gi cao hn 24. l din bin chung ca tm l th trng. Nh vy chng ta gii thch nguyn l c bn ca mc h tr v khng c. Cn ch rng s cn bng cung v cu trn th trng l vn t nh. Ch cn c mt mc cung d tha nh l c th kim ch s tng gi, v ch cn mt mc cu d tha l c th km hm s gim gi. Tt c cc nh giao dch u theo di st sao th trng v c th nhn ra ngay mt s thay i ca tnh hnh, v h sn sng tham gia vo cuc chi khi s thay i ca xu th xut hin. V vy ch cn thm mt t cc lnh mua hoc lnh bn c phiu l c th ko theo s chuyn giao hng nghn c phiu. Cc nh giao dch v cc nh u t khi h to nn mc h tr hoc khng c u l nhng ngi c kinh nghim v thng thi trong vic tham gia vo hot ng th trng. V d, nh trn nu ra, nhng ngi mua ti gi 60 chc chn l thng minh hn nhng ngi mua ti nh 70 hoc ti cc im trong giai on gim gi xung 60. Nh vy c th ni rng h nh gi tnh hnh sau ny mt cch thn trng v khn ngoan hn nhng ngi bo th quyt nh ra khi cuc chi bng cch bn ra khi th trng ang hi phc. Tc l khi th trng chuyn sang xu th gim v h mua c phiu vi gi cao th nay h ch i c hi bn ra vi gi thp hn l mc khng c. Nhng ngi thng minh sn sng chu hy sinh vi im trnh ri vo tnh th thua l qu ln. Cng vy, ti th trng con b tt nh u t sn sng tr thm hai ba im thay th cc c phiu bn ra trc y. Nh vy c mt c trng phn ng i vi th trng con b tt l gi ch gim n mt mc gii hn ca

h tr - v i vi th trng con gu th t tng gi ch t mc thp nht ca vng khng c. c. nh gi cng ca h tr - khng c Nguyn l u tin l khng c trong giai on tng gi phi c p ng ti mi mc gi bi s lng c phiu tn ng ln trc - s c phiu mua trc ti mc gi ny v ngi s hu chng mun bn ht ra trnh b l. V vy, khi lng c phiu l tiu chun u tin nh gi sc mnh ca vng khng c. Ti mt y m ch c 400-500 c phiu trao tay khng th lm mc khng c i vi t tng gi sau ny, nhng nu ti y m c khng kh bn c phiu mc hng nghn s to ra mc cung tim nng sau ny, sau khi gi gim di y trc v sau gi li tng hng vt qua y trc y. SHnh bnh hnh hoc tam gic i xung c mt s y bng nhau. Chng ta c th nh gi s b v mc khng c ny bng cch cng tt c cc giao dch ti cc y ny. Nu ch c mt y vi khi lng giao dch kh ln th c nhiu kh nng l mc khng c hn l trng hp c nhiu y vi tng khi lng giao dch bng trng hp trn. Tiu chun th hai l mc gim gi sau , tc l gi phi tng trong mt khong bao nhiu t mc y c, l mc ta d kin nh gi khng c. Nu khong cch cng ln th kh nng mc khng c cng nhiu. V d c phiu bn ra trong giai on gim gi t 30 xung 20, sau ngp ngng ti 20 trong vi ngy, tng ln 24 v sau gim xung 19. Ngi u t mua c phiu gi 20 s khng lo lng v tnh hnh ny. Nu gi bt u tng t 19 th s c mt t s ngi quan tm n vic bn ra ti 20. Nu gi tt

xung 18 sau tng tr li, th c nhiu ngi hn mun bn ra c phiu ti gi 20. Cn nu l tng t gi 17 th 20 s l mc khng c. Nh vy, khng th tm c nhiu c phiu bn ra cung ti y trong khong 20 n 35 nu nh khng c mc gi thp hn 10% di khong trn. Quy tc 10% khng p dng ng u cho mi c phiu. V d, c phiu c gi 3 n 4 khc vi loi c phiu gi t 20 n 35. Mt khc, cn ch n mc gim gi. Nu gi t 20 n 24 gim xung 12 th khng nhng cc nh u t mua vo vi gi 20 sn sng bn ra vi mc gi , m cc nh u t mua vi gi 12 cng sn sng bn ra vi gi 20. Nhng nh u t nu mua c phiu ti gi 18 th khng sn sng bn ra vi gi 20. Tiu chun th ba nh gi cng ca khng c ti mt y trc y l khong thi gian di hay ngn tnh t lc xut hin y ny tr i v bn cht ca din bin th trng sau . V d y ca xu th cp hai hnh thnh trong giai on u ca th trng con b tt s c mc khng c thp nu sau gi gim trong mt thi gian di mt nm sau n dn tng ln sau bn nm. Vic bn ra c phiu sau mt hai nm s c nhiu kh nng hn l vic bn ra c phiu sau bn nm. Nu vng khng c b tn cng mt ln v sau gi li gim th cng khng c sau ny s yu i. V mt s c phiu tn ng trc bn ra, do t tn cng th hai s c t c phiu trong tay c th tung ra khng c li xu th tng gi.

Nh vy, chng ta ra ba tiu chun v cng khng c: khi lng, khong cch v thi gian. Tuy vy, s suy on ca bn thn ngi u t l nhn t c bit quan trng. d. nh gi mc gi c th Trong thc t mua bn chng khon, vic xc nh chnh xc vng h tr v khng c khng phi d dng. Vn l xt loi th c ch nht trong vic xc nh mc h tr hoc khng c. i vi cc din bin cp ba th th theo ngy l ngun thng tin duy nht, v th theo ngy ko di trong mt nm s c ch cho vic xc nh mc h tr v khng c ca xu th cp hai. Tuy vy, th theo ngy khng cho mt bc tranh ton cnh v trin vng di hn xc nh mc h tr v khng c ca xu th cp mt v hai. th theo tun, gm mc gi v khi lng giao dch, ko di trong c mt thi k ca th trng con b tt v th trng con gu l hu ch i vi vic xc nh mc h tr v khng c. Nu ni v xu th chung, th chng l mt cch biu din l tng ca tt c din bin thc t c th. Nu n l xu th i ln th n bao gm cc t ln xung m mi t mc ln li cao hn mc i xung trc . V d tng n 10, gim xung 6, tng ln 15, gim xung 10, tng ln 20. V vy, vic xc nh mc h tr v khng c phi qua kinh nghim phn tch cc th c th. e. S din bin ca mt xu th Gi s c phiu ang xu th th trng con b tt, tng t 12 ln 24, v ti khi lng bn ra kh ln. Kt qu l xut hin phn ng: c s iu chnh xu th cp hai t 24 xung 18, hoc mt dy cc dao ng nh hnh

thnh nn trng thi iu chnh, t 24 xung 21. Tip theo s iu chnh l mt giai on tng gi xut hin, t ti 30 trc khi vp phi khi lng cung c phiu tp trung. Vy xut hin mt t phn ng mi, hoc l iu chnh cp ba hoc cp hai. Nu vy th sau mc h tr u? Tt nhin l ti 24, l mc ca nh ln u. Nh vy, trc nh ny lm chc nng khng c, v nay lm chc nng h tr. Gi s c xu th cp mt gim gi. V d nh ca xu th cp mt gim t 70 xung 50. Ti 50 xut hin khng kh bn tm thi c phiu. Ti 50 c khi lng ln c phiu c giao dch, tip gi tng n 60. Ti 60 nhu cu mua c phiu chm dt, gi gim v khi lng giao dch tng ti 42. Mt ln sng mua xut hin, v s hi phc t hai xut hin, gi t mc 50. Mc gi. lm chc nng h tr giai on mt ca xu th cp mt gim gi by gi chuyn sang lm vai tr khng c giai on hi phc th hai. NG XU TH a. ng xu th Trc y cp nhiu n xu th. xem xt k xu th, v vy, cn tm cch v ng xu th mt cch c hiu qu nht. C mt nhn xt chung l hu ht cc xu th cp hai v cp ba hu nh i theo ng thng. Cc ng thng trn ng xu th gim cp mt thng l ng ni cc y ca cc xu th cp ba. Ngc li, trn ng tng xu th cp mt ng thng ni cc nh ca xu th cp ba l ng xu th cp mt. Nh vy, ng thng i ln nu trn ca xu th cp mt ni vi ng thng i xung ca xu th cp mt l ng c bn ca xu th. C th v thm ng kp xu th cp mt bng cch ni cc y khc hoc cc nh khc ca xu

th cp mt. Gi s xu th cp mt i ln c th v ng xu th i qua cc y ca xu th. ng thng i qua cc nh ca xu th cp ba lc c gi l ng thu hoch return line. Vng gia ng thu hoch v ng xu th c gi l vng knh channels. b. Cc ng xu th cp hai Vi xu th chung tng gi, chng ta c cc giai on cp hai tng, tc l ng xu th cp hai nm trn xu th cp mt tng gi trong th trng con b tt. Xu th cp hai gim gi nm trong th trng con gu c khc vi xu th cp hai trong th trng con b tt. ng xu th cp hai gim trong th trng con gu khng c quy lut u n nh i vi trng hp th trng con b tt. Gc dc ca ng xu th cp hai thng l ln, c bit trong thi k hong lon c trng ca giai on hai ca th trng ny. Mt khc, gi c xu hng tt xa khi ng xu th l ng thng i qua hai nh u tin ca th trng con gu. Gi c c xu hng gim mt thi gian, ngp ngng mt thi gian ti y, chuyn sang giai on r ngang, v xu th s khng o chiu i ln cho n khi i qua ng xu th cp mt. Cng v vy m ng thu hoch t khi c s dng n. Mt c trng na l giai on cui cng ca th trng con gu, giai on xu th cp hai i xung ln cui cng sau o chiu ni chung l tun theo quy lut chung mt cch r nt. V vy, khi nhn bit xu th cp hai i xung theo mt quy lut r nt th l s bo hiu kt thc ca th trng con gu. Sau khi th trng con gu i c mt qung thi gian v tri qua giai on bn tho, th trng i vo giai on t hot ng t giao dch nhng c

xu hng gim gi mt cch c trt t hn. Nu ng xu th cp hai ny gim gi nhng khng qu mc v tip xc nhiu ln vi cc t tng gi ca xu th cp ba th gi s khng c kh nng gim t ngt na. Tip vic gi i ln xuyn qua ng xu th cp mt s l tn hiu o chiu chuyn sang th trng con b tt.

H thng thng tin ca th trng chng khon M v Trung Quc Bi hc kinh nghim i vi Vit Nam Tin s ng Minh t nu nhng nt chnh trong qu trnh pht trin h thng thng tin ca th trng chng khon M v Trung Quc. Qua , tc gi rt ra bi hc kinh nghim trong vic xy dng h thng thng tin, nng cao hiu qu hot ng ca th trng chng khon Vit Nam. Th trng chng khon TTCK Vit Nam khai trng hot ng vo thng 7-2000. y l lnh vc hon ton mi m v lin tc xut hin ht bt cp ny n kh khn khc. Kinh doanh chng khon, v thc cht l qu trnh x l thng tin v ra quyt nh. V vy, vic xy dng mt h thng thng tin HTTT y , tin cy, d s dng v kp thi l iu kin tin quyt TTCK hot ng hiu qu. Thc tin hn hai nm hot ng ca TTCK Vit Nam bc l rt nhiu yu km ca HTTT. Cc nh u t khng tin tng vo cc thng tin trn th trng v c qu nhiu thng tin km tin cy, khng trung thc, thiu chnh xc hoc khng cp nht. Vic nghin cu cc HTTT cho TTCK cc nc nh M, Trung Quc s gip chng ta c c nhng kinh nghim v bi hc qu gi, kp thi a ra nhng gii php c bn nhm hon thin, ci tin HTTT ca TTCK Vit Nam. 1. H thng thng tin ca th trng chng khon M TTCK M c lch s pht trin hn 200 nm vi 14 s giao dch, thm ch c th trng phi tp trung OTC, khi lng giao dch thuc loi ln nht th gii. Tnh n nh v mt k thut ca n cho thy HTTT c t chc tt n mc no. HTTT ca TTCK M vn hnh tri chy l do n c t chc tt, c u t hp l v c s h tng. y ban Chng khon M l c quan qun l, gim st v lnh vc chng khon, thit lp c khung php lut thc s mnh v c hiu lc qun l TTCK ni chung v

HTTT chng khon ni ring. Mi hot ng ca cc ch th tham gia trn TTCK nh s giao dch chng khon, cc cng ty nim yt, cng ty chng khon... u phi tun theo nhng quy nh ca y ban trong quy ch cng b thng tin cng nh cc hot ng giao dch. Cc cng ty nim yt c nhng rng buc rt cht ch. Ngoi vic chp hnh cc nguyn tc v cng b thng tin chung ca cc TTCK, h cn c s kim sot khc t pha ngi u t. Chng hn, cc cng ty mun pht hnh c phiu ra cng chng vi s lng c ng ln, h phi lp v np bn thng co pht hnh. Cc nh u t c quyn khi kin cng ty, nu cng ty cng b bt c iu g sai s tht trong bn thng co pht hnh. Cc cng ty chng khon khi a ra thng tin ca mnh cho cc nh u t bng cc hnh thc t vn cng phi rt thn trng. Bi, mt mt h phi tun theo nhng quy nh rt r rng trong vic cng b thng tin thng qua o lut T vn u t; mt khc, nu vi phm, h lp tc s b ty chay v s c ngi thay th h ngay trn th trng. V vy, cc thng tin ca cc TTCK l rt ng tin cy. Hn na, ti TTCK M c thm loi hnh cng ty bo v ngi u t. Do , cc hnh vi cng b thng tin sai tri, thng tin khng trung thc lm nh hng n ngi u t th kh c th tn ti. c bit, TTCK M lun ch trng c s vt cht - k thut cho HTTT qun l v giao dch hiu qu, bo m li ch v thng tin cho ngi u t. C th l, cc s giao dch c khuyn khch p dng cc thnh tu ca cng ngh thng tin trong giao dch. Lc u cc giao dch ti s c thc hin bng th cng, nhng cng vi s pht trin ca cc ngnh cng ngh, vic giao dch chuyn dn sang hnh thc bn t ng v t ng. Ti cc s giao dch chng khon ca M, chng hn TTCK New York, A-mch... u c ring b phn giao dch v k thut, c chc nng to ra mi trng giao dch cng bng, cng khai v hiu qu cho cc thnh vin. B phn ny c nhim v bo m mi thng tin, s liu v giao dch cc chng khon c ph bin kp thi, chnh xc ti cc thnh vin, ngi giao dch v th trng. Vn mng truyn thng cng c pht huy ti a ti TTCK M. Thng tin ti cc s giao dch lun thng sut, c th xa i ti a s chnh lch v gi v s lch pha v thng tin, do n c bo m bi h thng mng CORES vi cu hnh mnh v phn mm n nh, c th kt ni c vi cc TTCK ln khc trn ton th gii. HTTT chng khon c pht trin cng bi mng li cc hng cung cp thng tin chuyn nghip, cc cng ty chuyn lm dch v t vn vi hn 80.000 khung mn hnh vi tnh khc nhau th hin bn tin chng khon ca hn 80.000 cng ty, cung cp cc s liu, phn tch chng khon n tng a phng M. Nhng cng ty ny ch phc v cho khch hng hi vin

ca cng ty, cho nn, c tham gia, ngi u t phi tr thnh hi vin thc s v phi cn mt chi ph cng rt ln. Trn thc t, cc nh u t mun u t ti M thng tp trung vo mt s chng trnh quan trng qua nhng knh ln l CNN, AOL, REUTERS, FINANCIAL TIMES... Th trng phi tp trung M hot ng cng rt c hiu qu, nm di s kim sot ca y ban Chng khon quc gia. H thng giao dch ti th trng ny cng c t ng ha hon ton. Hu ht cc giao dch ti y u c tin hnh thng qua mng li in thoi v vi tnh vi doanh s ln gp nhiu ln so vi cc s giao dch. Th trng OTC s dng h thng bo gi t ng ca NASD National Association of Securities Dealer - Hip hi cc nh kinh doanh chng khon l mt h thng c in ton ha hon ton, cung cp gi c chng khon cho cc thnh vin tin hnh thng lng, m phn trc khi k hp ng tiu th chng khon. H thng ny ni mng vi cc my con ca cc hi vin thu bao h thng NASD. 2. H thng thng tin ca th trng chng khon Trung Quc Th trng chng khon Trung Quc ra i rt mun 1981, v cho n u nhng nm 90 th k 20, pht trin khng my hiu qu. Do pht trin th trng t t pht ln c t chc, t khng tp trung n tp trung, nn TTCK Trung Quc hot ng lng lo. Trong thi gian u, HTTT ca TTCK Trung Quc ht sc ln xn, cc thng tin gia hai s giao dch chng khon Thm Quyn v Thng Hi khng thng nht bi chng tun theo cc quy nh ca a phng, mng truyn thng cha c ch trng v p dng cc giao dch th cng, mc d lc ngnh in ton c nhng ng dng rt hiu qu vo giao dch chng khon ca mt s TTCK trn th gii. Cng chnh v cha c c quan nh nc qun l thng nht v chng khon nn cc quy ch, quy nh v thng tin khng c coi trng, do cht lng thng tin trn th trng rt km, cc cng b thng tin ca cc cng ty nim yt, cng ty chng khon c tin cy rt thp. Kt qu l, TTCK Trung Quc pht trin mt cch chm chp, khng p ng c nhu cu c phn ha, khng y mnh vic thu ht vn t TTCK v gy lng ph thi gian. Ch t nm 1992 n nay, khi y ban Chng khon nh nc c thnh lp, TTCK Trung Quc mi dn i vo trt t. y ban Chng khon nh nc gi vai tr qun l v gim st cc hot ng thuc lnh vc chng khon. Cc cng ty nim yt, cng ty chng khon, cc s giao dch chng khon hot ng theo chun thng nht, c bit l cc quy ch v cng b thng tin trn th trng. Trung Quc nhn thc rng, trong iu kin tin hc pht trin nh hin nay, cc TTCK cn c hin i ha. Cc S giao dch Thm Quyn v Thng

Hi p dng giao dch t ng, a khi lng giao dch tng ln nhanh chng. Thng qua h thng giao dch t ng, mi gi c th tin hnh 100.000 cuc giao dch, p ng lng giao dch ngy cng tng ca t nc c hn 1,3 t dn ny. Cc s giao dch chng khon Trung Quc ni mng vi nhau v vi cc cng ty chng khon trong nc. Ton b cc giao dch c thc hin thng qua mng vi tnh, xa i s khng thng nht v thng tin. Gn y, Trung Quc ang tin hnh kho st li hin trng v hc hi kinh nghim v pht trin HTTT chng khon ca th gii. 3. Bi hc kinh nghim i vi th trng chng khon Vit Nam T vic tm hiu, nghin cu HTTT ca TTCK M v Trung Quc c th rt ra mt s bi hc cho Vit Nam nh sau: Mt l, HTTT ti cc s giao dch cn c hin i ha ngay t u, nht l i vi cc x l giao dch trn sn. Ngay t khi mi bt u i vo giao dch, TTCK Trung Quc qu gin tin trong trang thit b h thng x l giao dch nhn lnh, truyn lnh, x l lnh... nn cc giao dch rt chm, ngi u t thy lng ph thi gian nn khng mn m ; hn na, tnh trng th cng cn nng n trong khi s tin b khng ngng ca cng ngh thng tin trn th gii nn v hnh trung ri vo s tt hu v lng ph. TTCK M c b phn k thut v thng tin ti cc s chuyn nh gi nhng cng ngh mi a ra ng dng trn th trng. i vi Vit Nam, trong iu kin TTCK pht trin mun, tuy chng ta c c li th so snh nh chi ph cho h thng t ng ha ngy cng c xu hng gim xung, nhng phi lun ch n vn trang thit b phc v vic giao dch ti Trung tm Giao dch chng khon. Cc thit b khng nn qu gin tin, v nh th s rt kh hin i ha, khi quy m TTCK pht trin. Song, khng ch v hin i ha thun ty m xy dng h thng trang thit b qu cu k. Chng ta cn ch n trng thi m khi khi lng giao dch tng ln c th nng cp, m rng cng sut x l ca h thng. Cch lm nh vy s cho php tit kim c cc chi ph ban u, ng thi vn bo m tnh lin tc ca h thng khi TTCK pht trin. Hai l, nn c mt chin lc pht trin HTTT t pha y ban Chng khon nh nc. Bi hc thc t t TTCK M cho thy, y ban Chng khon Nh nc M c chin lc bao qut, theo st th trng vi s pht trin ca cng ngh thng tin cng cc o lut cht ch v qun l th trng, quy ch thng tin cho cc thnh vin th trng. V vy, HTTT c s thng sut ng b thng tin gia cc s giao dch v vi ton b th trng, cht lng thng tin u ra c tin cy cao. TTCK Trung Quc lc u c giao ph cho cc s giao dch t t chc HTTT ca mnh theo nhng quy ch ca a

phng khc nhau nn cht lng thng tin km, hiu qu hot ng ca th trng thp. Ba l, cn ch n vn mng truyn thng gia cc b phn th trng. Thng tin trn TTCK cn phi thng sut v c s thng nht. TTCK M, do c quan tm n vn truyn tin ng mc nn gia cc s giao dch cng nh cc b phn th trng thng tin u p ng c cc nguyn tc v tin cy, kp thi, chnh xc, nhanh chng v hiu qu. Cn TTCK Trung Quc, vn mng truyn thng lc u cha c ch trng gy nn tnh trng ln xn thng tin, sai lch thng tin, nay kp thi iu chnh. Bn l, khuyn khch hot ng ca cc hng cung cp thng tin chuyn nghip, nht l khi TTCK pht trin, c th trng phi tp trung. TTCK M, i ng cc hng thng tin chuyn nghip kh hng hu, n cung cp thng tin rt nhiu v phong ph cho cc nh u t trn ton th gii. Ti TTCK Trung Quc, do i ng thng tin chuyn nghip mng nn vic cung cp thng tin cho cc nh u t trong nc cn km, c bit l i vi cc nh u t nc ngoi quan tm n TTCK Trung Quc, nht l khi cn quan st TTCK Trung Quc thng qua nhng knh chuyn nghip cng tr nn rt kh khn. V th iu trc tip hn ch rt nhiu n vic thu ht vn ca Trung Quc. Do vy, khi TTCK Vit Nam pht trin, nht l khi chng ta chun b tip nhn ngun vn ln ca cc nh u t nc ngoi th cng phi khuyn khch cc hng cung cp thng tin chuyn nghip c nhng u t v thng tin chng khon. Gii thiu v Pht hnh Quyn Chn Mua C phn cho Nhn vin trong cc Cty C phn ca Vit Nam 1. Gii thiu v quyn chn mua c phn 1.1 Quyn chn mua c phn Mt quyn chn mua c phn l mt hp ng trong ngi gi quyn chn mua c quyn, nhng khng c ngha v, mua c phn vi mt mc gi c th "Gi Thc Hin" vo hoc trc mt ngy no c xc nh "Ngy Ht Hn Hiu Lc". Ngy Ht Hn Hiu Lc l ngy m quyn chn mua khng cn hiu lc v khng tn ti.

Ngi mua quyn chn mua c phn gi l "Ngi Gi Quyn Chn Mua" hoc "Ngi Mua" v ngi bn quyn chn mua c phn gi l "Ngi Bn" hoc "Ngi Pht Hnh". Ngi Pht Hnh quyn chn mua c th chnh l cc cng ty pht hnh quyn chn mua c phn cho nhn vin, hoc l cc t chc ti chnh thc hin vic bn quyn chn mua c phn theo yu cu ca cng ty c hng mt khon ph. Ngi Pht Hnh c ngha v bn c phiu cho Ngi Gi Quyn Chn Mua ti mc Gi Thc Hin nu Ngi Gi Quyn Chn Mua quyt nh thc hin quyn chn mua c phn. Khi gi th trng ca c phn cao hn Gi Thc Hin, Ngi Gi Quyn Chn Mua c phn c th mua c phn t Ngi Pht Hnh vi mc Gi Thc Hin v sau bn li theo gi th trng. Ngi Gi Quyn Chn Mua c phn s c c khon li nhun bng mc chnh lch gia gi th trng v Gi Thc Hin. V d, nu gi th trng ca c phiu l $120 v mc Gi Thc Hin quyn chn mua l $100, Ngi Gi Quyn Chn Mua c phn c th thc hin quyn chn mua bng cch mua c phn vi mc gi $100, sau ngay lp tc bn li c phn vi gi $120 v kim c $20 li nhun. 1.2 V d v quyn chn mua c phn trong mt cng ty nim yt Cng ty XYZ pht hnh 10.000 c phn v quyt nh cho nhn vin quyn chn mua 500 c phiu trong s khuyn khch h. C phiu ca cng ty c nim yt trn th trng chng khon v c gi th trng l $60 mi c phiu. Cng ty quyt nh pht hnh quyn chn mua c phn cho nhn vin mua 500 c phn vi mc Gi Thc Hin l $70

v quyn chn mua c phn ny ht hiu lc trong thi hn mt nm. Nhng nhn vin nm gi quyn chn mua c phn c quyn mua c phn vi mc gi $70 mi c phn ti bt k thi im no trong vng mt nm k t ngy pht hnh. Do , cng ty c ngha v bn c phn vi gi $70 mi c phn v ngha v ny c hiu lc trong vng mt nm. Nu gi c phiu tng ln $90 hoc mt mc gi cao hn Gi Thc Hin trong thi gian mt nm sau khi c cp quyn chn mua c phn, cc nhn vin c th quyt nh mua c phn vi mc gi $70 mi c phn v sau bn li vi gi $90 hoc theo mc gi khc trn th trng kim li nhun $20 mi c phn. Khi nhn vin thc hin quyn chn mua c phn, cng ty phi hoc pht hnh c phiu mi bn cho nhn vin vi gi $70 mi c phiu, hoc bn c phiu ngn qu cho nhn vin ny vi gi $70. Tuy nhin, nu trong sut mt nm sau , gi c phiu khng h tng cao hn mc Gi Thc Hin, ngi nm gi quyn chn mua c phn s khng c c hi hng li nhun t vic thc hin quyn chn mua ca mnh. 1.3 V d v quyn chn mua c phn trong mt cng ty cha nim yt Quyn chn mua c phn trong mt cng ty c phn cha nim yt cng tng t nh i vi mt cng ty nim yt. S khc bit duy nht l ch gi th trng ca c phn ca cng ty khng c xc nh theo mc gi trn th trng chng khon m theo mc gi tho thun gia ngi mua v ngi bn, i khi qua trung gian trn th trng phi tp trung. 2. Cc hnh thc khuyn khch nhn vin

2.1 Chng trnh quyn chn mua c phn cho nhn vin ESOP ESOP Employee Stock Option Program l chng trnh theo cng ty cp cho "nhng nhn vin tiu chun" quyn chn mua c phn ca cng ty theo mt mc gi c nh trc vo hoc trc mt ngy nht nh. ESOP cho php nhn vin cng hng gi tr gia tng m cng ty to ra v do gip cng ty t c nhng mc tiu sau y: + Thu ht cc nhn vin c nng lc; + Gi chn nhn vin; + Thc y ng c lm vic ca nhn vin; + Gn li ch ca nhn vin vi li ch ca cng ty nh ti a ho gi tr ca c phn; + Tng thng nhn vin - nu gi c phn ca cng ty tng ln, y c th l mt cch tr tin cho nhn vin khng qu tn km. "Nhng nhn vin tiu chun" hoc "Vic hi tiu chun" c nh ngha trong phn 5.1. ESOP khc vi cc chng trnh c phiu thng hoc chng trnh cho nhn vin mua c phiu. 2.2 Chng trnh c phiu thng Trong chng trnh c phiu thng, nhn vin c tr mt t l tin lng v/hoc tin thng bng c phiu. S lng c phiu c tr i khi c

nh, i khi ph thuc vo hiu qu lm vic ca ngi nhn vin hoc hiu qu kinh doanh ca cng ty. Li ch ca chng trnh c phiu thng l: + C phiu thng gn li ch ca nhn vin vi li ch ca c ng v nhn vin cng tr thnh c ng; + Cng ty c th gim bt cc chi ph bng tin mt nh vic pht hnh c phiu tr cho nhn vin thay v tr bng tin mt; + y cng c th l mt cch gim thu thu nhp c nhn nu c quan thu xc nh gi tr ca c phiu thp hn gi th trng. Trng hp ny i khi xy ra vi cc cng ty cha nim yt. 2.3 Chng trnh cho nhn vin mua c phn ca cng ty Mt s cng ty c nhng chng trnh theo nhn vin c th mua c phn ca cng ty vi mc gi ngang bng hoc thp hn gi th trng. Nu cc nhn vin ch c th mua mt s lng c phn c gii hn trong mt thi hn nht nh, chng trnh cho nhn vin mua c phn cng c tc dng ging nh chng trnh quyn chn mua c phn vi gi thc hin thp hn mc gi hin ti trn th trng. Tuy nhin, trong mt s trng hp, cc cng ty cho nhn vin mua mt s lng c phn khng hn ch trong khong thi gian khng gii hn. Trong nhng trng hp ny, gi c phiu ca cng ty t c kh nng tng vt mc gi m nhn vin c th mua. L do l v trong iu kin h lun lun c c hi c mua c phiu vi gi u i v sau bn ra th trng hng mc chnh lch th h s khng c ng lc nng cao hiu qu cng

vic ca mnh lm tng gi tr ca cng ty. V vy, chng ti ngh khng p dng chng trnh ny. 2.4 Phng thc cng chia s li nhun Theo phng thc cng chia s li nhun ny, tin thng ca mt s hoc tt c cc nhn vin trong cng ty c gn vi kh nng sinh li ca mt b phn c th trong cng ty v/hoc ca ton cng ty. Theo , mi nhn vin s c nhn mt t l phn trm nht nh trong li nhun. Chng trnh chia s li nhun thng thch hp trong vic khuyn khch cc cng nhn lm vic ti nh my. 2.5 Ti sao chn hnh thc khuyn khch trn c s quyn chn mua? L do ch yu khin cho cc cng ty nn chn hnh thc khuyn khch nhn vin bng cch p dng quyn chn mua c phn thay v cc chng trnh khuyn khch khc l ngi nhn quyn chn mua ch c hng li nu gi tr c phn c to ra. Ni cch khc, nhn vin ch c th c hng li t quyn chn mua c phn nu cng ty thnh cng. 3. Vic p dng ESOP trn th gii 3.1 S ph bin ca ESOP trn th gii Trong s 26 quc gia m cng ty t vn v tr lng nhn vin Towers Perrins tin hnh kho st vo nm 2000 th cc chng trnh quyn chn mua c phn c s dng ph bin 19 quc gia. 3.2 S ph bin ca ESOP trong cc cng ty M

Kt qu kho st 250 cng ty ln nht M ca Cng ty Frederic W. Cook & Company cho thy t l cc cng ty p dng quyn chn mua c phn cho cc nhn vin cp iu hnh l 93% trong nm 1993, v tng ln 98% vo nm 1997. iu ny cho thy quyn chn mua c phn dnh cho cc nhn vin qun l cp cao rt ph bin M. Trong quyn sch "Stock Options for Undiversified Executives" [Quyn chn mua c phn gii hn trong cc nhn vin cp iu hnh] ca tc gi Brian J. Hall thuc Trng Kinh Doanh Harvard cng cho thy: vo nm 1999, 94% trong s 500 cng ty hng u theo bnh chn ca Standard & Poor gi tt l S&P 500 c p dng quyn chn mua c phn cho nhng nhn vin iu hnh cp cao, trong khi t l ny ch l 82% trong nm 1992. Hn na, t l ca quyn chn mua c phn trong tng s tin tr cho nhn vin cng tng ln: gi tr ca quyn chn mua c phn chim 47% trong tng thu nhp ca 500 v Tng Gim c ca cc cng ty ni trn vo nm 1999, tng hn nhiu so vi mc ch c 21% trong nm 1992. Mt cuc kho st khc tin hnh 350 cng ty ln M ca William M. Mercer cho thy t l cc cng ty p dng quyn chn mua c phn cho nhn vin cp thp hn tng t 19% trong nm 1993 ln 35% trong nm 1998. 3.3 nh hng ca quyn chn mua c phn n hiu qu kinh doanh ca cng ty Hu ht cc nghin cu u cho thy cc chng trnh ESOP hoc mang li hiu qu tch cc, hoc khng c nh hng r rt i vi hiu qu kinh doanh ca cc cng ty. Tuy nhin, cng theo kt qu ca cc nghin cu

ny, chng trnh ESOP t ra pht huy tc dng cao nht nu cc nhn vin c tham gia tch cc vo cc quyt nh qun l v cc hot ng nhm pht trin ngun nhn lc khc vi mc ch khuyn khch v h tr h ng gp nhiu hn cho s thnh cng ca cng ty. 3.3.1 S tng quan gia ESOP v tc gia tng doanh thu Mt nghin cu v tc dng ca quyn s hu ca nhn vin i vi hot ng kinh doanh ca cng ty do Michael Quarrey v Corey Rosen tin hnh vo nm 1987 cho thy cc cng ty p dng ESOP tng trng nhanh hn cc cng ty tng t nhng khng p dng ESOP khong 3,6% mi nm. Tuy nhin, iu thc s ng ni l kt qu nghin cu cng cho thy cc cng ty p dng ESOP, v ng thi c s tham gia tch cc ca cc nhn vin vo cc quyt nh qun l v cc quyt nh quan trng khc, tng trng vi tc 8% n 11% nhanh hn cc cng ty khng p dng ESOP. Kt qu ny c rt ra bng cch nh gi hiu qu hot ng ca 45 cng ty p dng ESOP, v i chiu tng cng ty vi khong 5 cng ty khng p dng ESOP khc. Mt cuc kho st tng t i vi 343 cng ty p dng ESOP v 343 cng ty khng p dng ESOP bi hai nh nghin cu Douglas Kruse v Joseph Blasi ca Trng i hc Rutgers M cng cho thy cc cng ty p dng ESOP t c cc ch tiu v doanh thu v doanh thu bnh qun trn mi nhn vin cao hn 2,3% so vi cc cng ty tng t nhng khng p dng ESOP. 3.3.2 S tng quan gia ESOP v T sut Doanh li trn Ti sn ROA

Theo kt qu cuc kho st 105 cng ty ca cc nh nghin cu Douglas Kruse, Joseph Blasi, Jim Sesil v Maya Krumova ca Trng i hc Rutgers vo nm 2000, cc cng ty p dng chng trnh quyn chn mua c phn m rng to ra T sut Doanh li trn Ti sn ROA cao hn 2% n 2,5% so vi cc cng ty tng t nhng khng p dng chng trnh ny trong cng khong thi gian 10 nm bt u t 1985/87 n 1995/97. Mt nghin cu tng t vo nm 1999 do Hamid Mehran thuc Trng i hc Northwestern tin hnh theo yu cu ca Hi Hewitt cng i n kt qu l 382 cng ty nim yt p dng ESOP c T sut Doanh li trn Ti sn ROA cao hn cc cng ty khng p dng khong 2,7%. 3.3.3 S tng quan gia ESOP v din bin gi c phiu trn th trng Nm 1995 vi s ti tr ca B Lao ng M, Michael Conte, gio s v Kinh T v Ti Chnh ca Trng i hc Baltimore, v Rama Jampani, mt Nghin cu sinh cng ti trng i hc ny tin hnh kho st din bin gi c phiu trong khong thi gian t nm 1981 n 1990 ca 4.210 cng ty M p dng ESOP v nhn thy, cc cng ty nim yt p dng ESOP c t sut li nhun u t ROI cao hn Ch s S&P 500 n 3,22% trong cng khong thi gian. Theo Ch s Quyn s hu ca Nhn vin EOI - Employee Ownership lndex do Douglas Kruse v Joseph Blasi ca i hc Rutgers xy dng nm 1992, bao gm cc cng ty nim yt c t l c phn s hu bi cc nhn vin trong cng ty ln hn 10%, mc t sut li nhun u t ca cc cng ty ny

l 193% trong thi gian t nm 1992 n 1997, so vi mc 140% ca ch s S&P 500 trong cng thi k . 4. Mc Tiu ca Chng Trnh Quyn Chn Mua C Phn Cho Nhn Vin 4.1 Thu ht nhn vin Cc cng ty p dng chng trnh quyn chn mua c phn s d dng hn trong vic thu ht c cc nhn vin c nng lc, v quyn ny mang n cho h c hi kim tin nhiu hn nu cng ty thnh cng trong vic to ra gi tr c phn. c bit Vit Nam, cc nhn vin c o to tt thng thch lm vic trong cc doanh nghip nc ngoi v tin lng cao hn, uy tn doanh nghip tt hn, v nhiu c hi thng tin ngh nghip hn. Vi vic s dng quyn chn mua c phn, cc cng ty t nhn trong nc c th thu ht cc nhn vin c nng lc tt hn v thc y ng c lm vic ca h mt cch c hiu qu hn. 4.2 Gi chn nhn vin Quyn chn mua c phn khuyn khch nhn vin tip tc lm vic lu hn trong cng ty theo hai cch: + Quyn chn mua thng c iu khon v thi gian bt u c hiu lc, ngha l quyn chn mua thng thng khng c hiu lc thc hin ngay, m ch c th c thc hin hoc "c hiu lc sau mt khong thi gian. Nhn vin s mt quyn chn mua c phn nu ri khi cng ty trc khi quyn chn mua c hiu lc.

+ V nhn vin c c hi kim c mt khon thu nhp ng k nu cng ty thnh cng trong vic to ra gi tr gia tng, h c ng lc tip tc li cng ty v c gng to ra gi tr cho cc c phn. 4.3 To ng lc thc y nhn vin Quyn chn mua c phn to ng lc thc y nhn vin bng cch to ra mi lin kt trc tip gia hiu qu hot ng ca cng ty v thu nhp ca nhn vin. iu ny khuyn khch cc nhn vin tm cch lm tng gi c phn v trnh mi hot ng c th lm gim gi c phn. ng lc lm vic ca nhn vin c th c nhng nh hng to ln i vi hiu qu hot ng ca cng ty. 4.4 Gn li ch ca nhn vin vi li ch ca c ng Pht hnh quyn chn mua c phn cho nhn vin gip nhn vin c suy ngh ging nh cc c ng v h cng c hng li t s gia tng gi tr c phn. Do vy iu ny gip ngn nga nhng xung t v quyn li c th pht sinh. 4.5 Bo ton tin mt Vc tr tin th lao cho nhn vin bng quyn chn mua c phn thay v bng tin mt cho php cng ty tit kim tin mt v cng ty khng phi dng n tin mt khi pht hnh quyn chn mua c phn hoc khi pht hnh c phiu mi p ng vic thc hin quyn chn mua c phn ca nhn vin. Cc yu t cn xc nh khi Xy Dng mt ESOP

5.1 Tiu chun c cp quyn chn mua c phn Cng ty phi quyt nh nhng nhn vin no s tiu chun c cp quyn chn mua c phn. Mt s cng ty ch cp quyn chn mua c phn cho nhng nhn vin iu hnh cp cao trong khi mt s cng ty khc cp quyn chn mua c phn cho s ng cc nhn vin thng qua cc chng trnh quyn chn mua c phn m rng. 5.1.1 Chng trnh quyn chn mua c phn dnh cho nhn vin cp iu hnh Nhng chng trnh ny thng p dng cho i tng l cc nhn vin qun l cp cao v c th m rng n cc gim c phn xng, nhng khng p dng cho cc cng nhn ca cng ty. Mc ch ca chng trnh quyn chn mua c phn dnh cho nhn vin cp iu hnh l khuyn khch h pht huy hiu qu lm vic cao nht v gi chn nhn ti trong cng ty. y l hnh thc thch hp nht ca chng trnh quyn chn mua c phn i vi hu ht cc cng ty Vit Nam, v d cc cng ty sn xut. 5.1.2 Chng trnh quyn chn mua c phn m rng Mc ch ca cc chng trnh quyn chn mua c phn m rng l khch l cch suy ngh v hnh vi lm ch trong ton cng ty. Hnh thc ny thng thch hp nht i vi cc cng ty chuyn cung cp dch v v nhng cng ty m phn ln nhn vin u lm cng vic chuyn mn. 5.2 nh k pht hnh quyn chn mua c phn Cng ty phi xc nh nh k pht hnh quyn chn mua c phn. Thng thng th quyn chn mua c phn c pht hnh mi nm mt ln.

5.3 S lng quyn chn mua c phn c cp Cng ty phi xc nh c s tnh s lng quyn chn mua c phn cp cho mi loi nhn vin khc nhau. i khi, vic tnh ton da vo mt s lng c phiu c nh cho tt c cc nhn vin c cng v tr cng vic. i khi, s lng quyn chn mua c tnh ton da vo hiu qu cng vic ca nhn vin hoc hiu qu hot ng ca cng ty. in hnh cc nc pht trin, hng nm cc cng ty pht hnh mt s lng quyn chn mua c phn tng ng vi 2% n 6% tng s c phn pht hnh. Nhng cng ty tng trng nhanh c xu hng pht hnh nhiu hn, trong khi nhng cng ty tng trng chm hoc t tng trng c xu hng pht hnh t hn. Mc d pht hnh quyn chn mua c phn c th gy ra s st gim t sut li nhn c phn ca cc c ng hin ti, cc cng ty cn lun lu n hai c im quan trng sau: + Qun chn mua c phn l hnh thc tr th lao khng dng tin mt cho nhn vin mt cch hu hiu, gip cng ty gim lng tin mt s dng so vi trng hp tr th lao bng tin mt; + Nhng nhn vin c khch l tt nh tc dng ca chng trnh quyn chn mua c phn, c th to ra gi tr tng thm hng nm cho cng ty ln hn khon thu nhp trn mi c phn st gim do vic pht hnh thm c phn bn cho s nhn vin ny gy ra. V d, nu cng ty pht hnh 6% c phn cho nhn vin trong mt nm no , nhng v cc nhn vin c khch l tt, h c ng c lm vic tch cc hn, t lm gi tr ca cng

ty tng ln 20% trong nm. Trong trng hp ny, tt c cc c ng ca cng ty u c li. 5.4 Thi gian bt u c hiu lc ca quyn chn mua Thi gian bt u c hiu lc ca quyn chn mua l khong thi gian ti thiu sau ngy c cp quyn chn mua cho n khi quyn chn mua c hiu lc thc hin. i khi hiu lc ca quyn chn mua s tri qua vi giai on - v d, mt na s quyn chn mua c th c hiu lc tc thi v mt na c th c hiu lc sau mt nm. i khi, quyn chn mua c phn c th khng c hiu lc nu ngi nhn vin khng p ng nhng yu cu v hiu qu cng vic nht nh. Nu nhn vin thi vic, hoc b sa thi trc khi quyn chn mua c hiu lc, h khng th thc hin quyn chn mua c phn ca mnh. Li ch ch yu ca quy nh v khong thi gian bt u c hiu lc l gi chn nhn vin li cng ty v h s nh mt c hi thc hin quyn chn mua c phn nu thi vic trc khi quyn chn mua c phn c hiu lc. Theo s liu ca cng ty Watson Wyatt Data Services, phn ln cc cng ty p dng quyn chn mua c phn vi thi gian c hiu lc ton b trong vng t ba n nm nm. Mt s cch thc xc nh thi gian bt u c hiu lc: 5.4.1 C hiu lc mt ln Cliff Vesting

C hiu lc mt ln l cch tnh thi gian bt u c hiu lc n gin, theo tt c cc quyn chn mua u cng c hiu lc sau mt khong thi gian nht nh, v d mt nm. 5.4.2 C hiu lc theo giai on Phased Vesting C hiu lc theo giai on l cch phn chia thi gian bt u c hiu lc ca quyn chn mua thnh nhiu giai on, theo mi t l nht nh trong s quyn chn mua c cp s c hiu lc thc hin vo nhng thi im khc nhau. V d, mt nhn vin c cp quyn chn mua mt s c phn m thi gian c hiu lc c chia thnh bn giai on trong bn nm, trong 25% tng s c phn c mua trong khun kh ca quyn chn mua s c hiu lc thc hin trong mi nm. Ngi nhn vin ny c th mua 25% tng s c phn trong nm th nht, 25% tip theo trong nm th hai,v c th tip tc. Nu ngi gi quyn chn mua c phn khng thc hin mua c phn trong nm th nht th nm th hai s c mua 50%. Sau bn nm ton b quyn chn mua c phn s c hiu lc. Phng thc tnh thi im c hiu lc thc hin quyn chn mua c phn theo giai on c s dng ch yu lm cng c gi chn nhn vin bng cch khuyn khch h li vi cng ty trong sut thi gian trc khi quyn chn mua bt u c hiu lc ton b. 5.4.3 C hiu lc tnh theo hiu qu Performance Vesting Mt s cng ty xc nh tnh hiu lc ca quyn chn mua da trn mt s cc ch s v hiu qu hot ng, v d nh li nhun trn vn, li nhun c ng, li nhun trn c phn, gi tr kinh t gia tng EVA, tc tng doanh thu hoc nhng ch s hiu qu hot ng khc thay v da vo yu t thi

gian. Ngi c cp loi quyn chn mua c phn ny phi t c mt s ch tiu do cng ty t ra trc khi c quyn thc hin quyn chn mua ca mnh. 5.5 Gi thc hin Cng ty phi xc nh gi thc hin trong quyn chn mua c phn. Mt s phng php nh gi thc hin quyn chn mua c phn bao gm nh gi thp, nh gi cao, v nh gi iu chnh theo ch s. 5.5.1 nh gi thp Discounted pricing Gi thc hin c xc nh mc thp hn mc gi ca c phn vo thi im cp quyn chn mua c phn. Phng php nh gi ny thng thng c s dng cho ngi nhn thy ngay gi tr ca vic c cp quyn chn mua c phn. 5.5.1 nh gi cao Premium pricing Gi thc hin c nng ln cao hn mc gi hin ti ca c phn. Trong hu ht cc cng ty, gi thc hin u c nh bng hoc cao hn gi tr th trng hin ti ca c phiu ca cng ty nhm m bo rng gi tr c ng c to ra trc khi cc nhn vin thc hin quyn chn mua c phn ca mnh. 5.5.3 nh gi theo ch s Indexed pricing Theo phng thc nh gi theo ch s, gi thc hin c iu chnh theo s bin ng ca ch s chng khon trn th trng trong sut thi gian quyn chn mua c phn c hiu lc. Do , quyn chn mua c phn vi

mc gi iu chnh theo ch s s tng gi khi din bin gi c phiu ca cng ty vt tri so vi din bin ca ch s tng ng trn th trng, v gim gi khi din bin gi c phiu ca cng ty xu hn ch s th trng. Hnh thc nh gi ny nhm loi tr nh hng ca nhng thay i trn th trng ti gi tr ca quyn chn mua. 5.6 Thi gian thc hin quyn chn mua c phn Cng ty phi xc nh thi gian thc hin cng nh ngy quyn chn mua c phn ht hiu lc. Hu ht cc quyn chn mua c phn c thi gian thc hin t 1-3 nm. p dng ESOP ti Vit Nam 6.1 Vn v php l Hin nay, cha c mt khung php l no cho vic pht hnh v qun l quyn chn mua c phn ti Vit Nam. iu ny khng c ngha pht hnh quyn chn mua c phn l bt hp php m n gin ch l lut php cha cp n vn ny. Khi cha c mt khung php l quy nh v vic pht hnh quyn chn mua c phn, cc cng ty c th thit lp quyn chn mua c phn di hnh thc mt hp ng gia cng ty v tng nhn vin c cp quyn chn mua. Trong trng hp ny chng trnh quyn chn mua c phn cn c s ph chun ca Hi ng Qun tr v/hoc ca i hi ng C ng ca cng ty. 6.2 Cc vn v k ton

Theo H thng K ton Vit Nam VAS hin nay, cha c mt chun mc k ton no v vic hch ton v bo co chng trnh quyn chn mua c phn trn cc bo co ti chnh ca cng ty. 6.2.1 ngh ca chng ti Do thiu chun mc k ton trong quy nh ca VAS chng ti ngh nu quyn chn mua c phn c pht hnh vi mc gi thc hin cao hn hoc bng vi mc gi c phiu ca cng ty trn th trng hoc mnh gi ca cng ty cha nim yt, cng ty khng cn thit phi hch ton cc chi ph lin quan n vic pht hnh quyn chn mua. Theo h thng k ton ny, chi ph ch c ghi nhn nu v ch khi quyn chn mua c phn c thc hin. Mc chi ph s bng vi khon chnh lch thp hn gia gi thc hin quyn chn mua c phn so vi gi th trng ca c phiu nu mua trn th trng phi tp trung trong trng hp cng ty cha nim yt, hoc mua trn th trng chng khon trong trng hp cng ty nim yt. 6.2.2 Trng hp pht hnh c phiu mi thc hin ngha v theo chng trnh quyn chn mua c phn Chng ti nhn c nhng thng tin khng chnh thc t mt vin chc ca B Ti chnh rng vic pht hnh c phiu mi thc hin ngha v bn c phiu khi quyn chn mua c phn c thc hin s lm tng vn iu l ca cng ty mt lng bng vi lng tin cng ty thc nhn bng s lng c phiu mi pht hnh nhn vi gi thc hin quyn chn mua c phn, v khng c chi ph no c ghi nhn vo thi im pht hnh quyn chn mua c phn hoc vo thi im thc hin quyn chn mua.

6.2.3 Trng hp cng ty pht hnh c phiu ngn qu thc hin ngha v theo chng trnh quyn chn mua c phn Theo nh c tr li khng chnh thc bi mt vin chc ca Cc Thu Thnh Ph H Ch Minh, nu cng ty chn cch bn c phiu ngn qu, khon chnh lch gia gi th trng ca c phiu v gi thc hin quyn chn mua s c coi nh mt khon l trong hot ng ti chnh. V vin chc ca B Ti Chnh cng cho rng khon chnh lch s c coi nh mt khon chi ph, c th l mt khon chi ph qun l doanh nghip. 6.2.4 Gim t l thu nhp trn mi c phn Cn phi lu rng vic p dng quyn chn mua c phn s lm gia tng s c phn ca cng ty. V vy nu cc s liu tnh trn mi n v c phn c iu chnh theo mc gia tng s c phiu pht hnh, cc ch tiu tnh trn mi c phn nh thu nhp ca mi c phn s gim nh khi pht hnh quyn chn mua c phn. Trn thc t "chi ph" thc s ca quyn chn mua c phn l s st gim thu nhp trn mi c phn, do kt qu ca quyn chn mua c phn to ra. 6.3 Cc vn v thu Tng t, Vit Nam hin cha c mt hng dn no v cch tnh thu i vi ESOP. T cc cuc trao i khng chnh thc vi cc c quan chc nng, chng ti tin rng vic pht hnh quyn chn mua c phn s khng gy nh hng g n thu thu nhp doanh nghip. Tuy nhin vic thc hin quyn chn mua c phn c th gy nh hng n mc thu thu nhp doanh nghip tu thuc vo mc chi ph c th c khu tr khi li nhun

chu thu. Mt vn khc l nh hng ca vic cp v thc hin quyn chn mua c phn s n thu thu nhp c nhn ca cc nhn vin cng ty. 6.3.1 Thu thu nhp doanh nghip Cng ty c th c gim thu thu nhp doanh nghip tu theo mc chi ph m c quan thu ghi nhn c lin quan n vic thc hin quyn chn mua c phn. Mt vin chc ca Cc Thu TP HCM ni rng cho n khi c hng dn c th ca B Ti Chnh, c quan thu khng chp nhn vic pht hnh c phiu mi nhm thc hin quyn chn mua c phn l mt khon chi ph hp l tnh gim tr thu thu nhp doanh nghip. Mc d vy, h cho rng khon l pht sinh t vic bn c phiu ngn qu s c xem nh l mt khon chi ph hp l lm gim thu nhp chu thu. Nu ng nh vy, cc doanh nghip nn pht hnh c phiu mi, mua li c phiu a vo c phiu ngn qu, v sau s dng nhng c phiu ny thc hin ngha v theo chng trnh quyn chn mua c phn. 6.3.2 Thu thu nhp c nhn Ngi gi quyn chn mua c phn s phi chu thu thu nhp c nhn tu thuc vo mc thu nhp m c quan thu ghi nhn lin quan n vic thc hin v/hoc chuyn nhng quyn chn mua c phn ca mnh. V vin chc Cc Thu khng nh rng khon chnh lch gia gi th trng v gi thc hin quyn chn mua c phn s phi chu thu thu nhp c nhn khng thng xuyn; ngoi ra ngi nhn vin cn phi chu thu nh trn khon thu nhp pht sinh nu chuyn nhng c phn cho ngi khc. Chnh sch min thu thu nhp hin nay ch p dng i vi cc t chc v/hoc c nhn kinh doanh chng khon trn th trng chng khon, khng p dng cho

cc trng hp khc. Tuy nhin c quan thu kh c kh nng kim sot c mc gi th trng ca c phiu tr khi c phiu c mua bn trn th trng chnh thc, c bit trong iu kin cc nhn vin ca cng ty cha phi m ti khon ng k bt buc. 6.4 Cc vn khc lin quan n vic p dng ESOP 6.4.1 Son tho mt k hoch ESOP chnh thc Sau khi hon tt vic thit k k hoch ESOP, cng ty cn son tho mt k hoch ESOP chnh thc bng vn bn ghi r nhng iu khon v c im c th ca ESOP trnh nhng hiu lm c th xy ra. Bn k hoch ny phi lun c sn cung cp cho nhn vin cng ty nu c yu cu. 6.4.2 Thng bo n ngi c cp quyn chn mua c phn Cng ty phi thng bo r rng n ngi c cp quyn chn mua c phn v cc iu khon ca quyn chn mua cng nh cc th tc thc hin quyn chn mua c phn. Cng ty cng phi c mt chng trnh nh k cp nht thng tin ca cc nhn vin v tnh trng nm gi v thc hin quyn chn mua c phn cng nh s lng quyn chn mua c phn pht hnh, thi gian c hiu lc, thi im ht hn hiu lc, gi thc hin,v.v... Cng vic ny phi c thc hin hng qu, hng su thng, hay hng nm. 6.4.3 Lu gi chng t Cng ty phi p dng mt h thng thch hp lu gi chng t v chi tit v tnh trng ca cc quyn chn mua c phn pht hnh.

6.4.4 S ng k C ng v iu l cng ty Khi cng ty pht hnh c phiu mi thc hin ngha v bn c phn theo chng trnh quyn chn mua c phn, S ng k C ng cn phi c iu chnh phn nh cc c ng mi. Ngoi ra, iu l cng ty cng cn c sa i phn nh s thay i trong vn iu l ca cng ty. Chng ti ngh phn cng trch nhim r rng nhm m bo ghi chp y nhng thay i ny khi pht hnh c phiu mi thc hin ngha v ca cng ty theo quy nh trong quyn chn mua c phn. 6.4.5 Th tc ng k bt buc n nay cha c quy nh r rng no v cc th tc ng k bt buc lin quan n vic cp v/hoc thc hin quyn chn mua c phn ti Vit Nam, nu c. Tuy nhin nhng thay i i vi iu l ca cng ty phi c ng k vi S K hoch v u t ti a phng DPI. 6.4.6 i din lin lc chnh Cng ty nn ch nh mt thnh vin trong cng ty, hoc mt nh cung cp dch v ngoi cng ty, lm i din lin lc chnh vi cc nhn vin mong mun thc hin quyn chn mua c phn. Trch nhim ca i din lin lc chnh l m bo cc th tc cn thit phi c thc hin. Hi tho cc quy nh mi v giao dch ti TTGDCK Tp.HCM Trong khun kh Tun l chng khon v chun b cho vic p dng mt s cc gii php thu ht u t vo TTCK. Ngy 13/5/2003, TTGDCK TP. HCM phi hp vi CtyCK ACBS t chc hi tho vi ch Hi tho cc Quy nh mi v giao dch ti TTGDCK TP. HCM. n d hi tho c ng Trn Cao Nguyn-V trng V PTTT-UBCNNN; ng Trn c Sinh- G TTGDCK TP. HCM; ng Trnh Kim Quang- CTHQT CtyCK

ACBS; ng L Xun Hi- TG CtyCK ACBS; i din mt s cc CtyCK, CtyNY, cc t chc u t cng ng o cc nh nghin cu, u t, bo ch.. M u cuc hi tho, i din TTGDCK TP. HCM chnh thc thng bo vic trin khai thc hin Quyt nh 50/2003/Q-BTC ca B trng B Ti chnh, c th: - Cng c t lnh: Lnh gii hn LO v lnh giao dch ti mc gi khp lnh ATO. - n v giao dch: C phiu: 10 c phiu; Tri phiu: 10 tri phiu; Chng ch qu u t: 10 chng ch. - Bin dao ng gi trong phng thc giao dch khp lnh p dng cho c phiu l 5 % v khng p dng i vi tri phiu. - Thi gian hiu lc ca lnh: Lnh gii hn c nhp vo h thng giao dch c hiu lc cho n khi kt thc ngy giao dch; Lnh giao dch ti mc gi khp lnh ATO ch c gi tr trong mt t khp lnh. - Trong thi gian ngh gia cc t, cc thao tc lin quan n lnh ca khch hng nhp, sa hoc hu, i din giao dch khng th thc hin c. - Sa, hu lnh: Lnh nhp vo h thng giao dch khng c php hu b trong cng t khp lnh. Trong t khp lnh tip theo, i din giao dch c php hu phn cn li ca lnh gc hoc lnh gc cha c thc hin ln khp lnh trc. Vic sa lnh giao dch ch c hiu lc khi lnh gc cha c thc hin hoc phn cn li ca lnh gc cha c thc hin. - Gi tham chiu ca c phiu mi nim yt: i vi c phiu mi nim yt, trong ngy giao dch u tin, TTGDCK ch nhn lnh gii hn LO, khng p dng bin dao ng giv ch khp lnh 1 ln; Nu trong ln khp lnh u tin, gi giao dch ca c phiu mi nim yt cha c xc nh th TTGDCK tip tc nhn lnh trong t khp lnh tip theo; mc gi khp lnh trong ngy giao dch u tin s c ly lm gia stham chiu cho ngy giao dch k tip. Bin dao ng gi c p dng t ngy giao dch k tip.

- Cng mua, cng bn mt loi CK: Nh u t khng c php ng thi t lnh mua v bn mt loi c phiu trong cng mt ngy giao dch. K qu: Khi t lnh bn chng khon, khch hng phi c s lng chng khon t bn trn ti khon chng khon m ti thnh vin; Khi t lnh gii hn LO, s d ti khon bng tin ca khch hng m ti thnh vin phi p ng k qu ti thiu l 70 % gi tr CK t mua; Khi t lnh ATO mua chng khon, khch hng phi p ng k qu ti thiu 70 % theo mc gi trn ca ngy giao dch t mua. + M ti khon ca nh u t nc ngoi

Thnh vin lu k l Cty CK thnh vin, Ngn hng thng mi c UBCKNN cp giy php hot ng lu k tham gia dch v lu k, thanh ton b tr v ng k chng khon ti TTGDCK. - T chc, c nhn u t khng l thnh vin lu k, nu c yu cu lu k chng khon, phi gi chng khon v lm th tc xin m ti khon lu k chng khon theo quy nh ca TTGDCK. - T chc, c nhn u t nc ngoi mun thc hin cc hot ng mua bn chng khon trn TTGDCK phi np n xin cp m s kinh doanh chng khon thng qua cc thnh vin lu k theo quy nh ca TTGDCK. Ngoi ra, c s ng ca Ch tch UBCKNN, TTGDCK TP. HCM cng s p dng tng ln khp lnh ln 2 ln/phin k t ngy 20/5/2003, c th nh sau: t 09 gi n 09 gi 20: Nhn lnh t 1 09 gi 20: Khp lnh t 1 T 09 gi 20 n 10 gi: Thi gian ngh gia 2 t T 10 gi n 10 gi 30: Nhn lnh t 2 10 gi 30: Khp lnh t 2 T 10 gi 30 n 11 gi: Giao dch tho thun 11 gi: ng ca phin giao dch th trng

B. Lnh giao dch ti mc gi khp lnh ATO 1. Khi nim. Trong phng thc khp lnh nh k thng s dng mt vi cng c t lnh nh sau: Lnh gii hn. Lnh giao dch ti mc gi khp lnh

Lnh giao dch vi gi khp lnh l lnh t mau hay lnh t bn vi mc gi t m khng cn phi xc nh trc. Khi lnh c khp s thc hin ti mc gi m th trng xc nh vo thi im khp lnh ca ngy giao dch . 2. c im ca lnh giao dch ti mc gi khp lnh + Khi t lnh ti mc gi khp lnh, nh u t khng cn phi ghi mc gi c th nhng s dng ch vit tt ATO thay cho vic ghi gi. Khi i din giao dch nhp lnh giao dch ti mc gi khp lnh vo h thng giao dch th ti vng gi trong chc nng nhp lnh, nhp ch ATO. + Trong thi gian nhn lnh, thng tin th trng c hin th trn mn hnh nhp lnh ca i din giao dch v trn bng in t ca cc cng ty chng khon nh sau: i vi mn hnh mt 01 gi v khi lng t lnh tt nht trn th trng Best bid & Best offer: khng hin thi lnh ATO. - i vi mn hnh ba 03 gi v khi lng tt nht trn thi trng 3 Best bid & 3 Best offer: ch hin th thng tin t lnh ATO vi iu kin trn th trng c t hn 3 mc gi gii hn tt nht. + Khi lng t lnh ti a i vi lnh giao dch ti mc gi khp lnh l 9,900 c phiu. + Lnh ATO c sp xp theo th t u tin sau lnh gii hn: Khi h thng tin hnh so khp cc lnh, ti mc gi thc hin, lnh giao dch ti mc gi khp lnh c th t u tin thc hin sau cc lnh gii hn c mc gi t lnh tt hn hoc bng vi gi khp lnh Last priorty.

+ Trng hp c nhiu lnh giao dch ti mc gi khp lnh ATO t mua hoc t bn, cc lnh giao dch ti mc gi khp lnh s cnh tranh thc hin lnh vi nhau theo th t thi gian t lnh. + Khi h thng tnh ton khi lng v gi khp lnh d kin, lnh giao dch ti mc gi khp lnh ATO cng c so khp. Ni cch khc, lnh giao dch ti mc gi khp lnh ch c gi tr trong mt t khp lnh v khng c gi tr trong t khp lnh tip theo 3. K thut khp lnh + Trnh t xc nh gi v khi lng giao dch ca th trng trong trng hp c knh giao dch ti mc gi khp lnh ATO nh sau: Cng tch lu khi lng t mua ca lnh gii hn t mc gi cao n mc gi thp: - Cng tch lu khi lng cho bn ca lnh gii hn t mc gi thp n mc gi cao: - Ti cc mc khi lng tch lu, cng thm khi lng t ca lnh giao dch ti mc gi khp lnh ca bn mua hoc bn bn: - So vi khi lng t lnh ca hai bn xc nh khi lng thc hin ln nht c th c: - So snh mc gi ti mc gi khi lng thc hin ln nht vi gi ng ca xc nh mc gi giao dch. + Th t u tin thc hin lnh: Ti mc khi lng so khp ln nht, gi giao dch s c xc nh. Cc lnh c khp s c phn b nh sau - Cc lnh gii hn t mua vi gi cao hn gi khp lnh v cc lnh gii hn t bn vi gi thp hn vi gi khp lnh c u tin phn b trc. - i vi cc lnh gii hn t mua v lnh gi hn t bn vi gi bng gi khp lnh s c phn b trc, sau mi phn b cho cc lnh giao dch vi gi khp lnh.

V d: S lnh ca c phiu BBB nh sau: Gi ng ca ca: 20.5 Mua 1.100 H 500 A 3000 C 600 D 500 G Gi 20.9 20.8 20.6 20.5 20.4 20.3 ATO Bn 200 B 500I 1.000 E 700 F 500 J

Bc 1. Khi h thng tnh ton gi khp lnh, h thng s tnh c khi lng giao dch ti mc gi khp lnh cng vi khi lng giao dch ca cc lnh gii hn. Trong trng hp ny, h thng ly s lng cho bn ca lnh J cng vi khi lng cho bn tch lu ca cc mc gi c trn s lnh. Gi khp lnh c xc nh l 20.5 v khi lng khp lnh l 1.900. Gi 20.9 20.8 20.6 20.5 20.4 20.3 Khi lng c phiu cho mua 1.100 1.600 1.900 1.900 2.500 3.000 Khi lng c Khi lng c phiu phiu cho bn c khp 2.400 + 500 = 2.900 1.000 2.200 + 500 = 2.700 1.600 2.200 + 500 = 2.700 1.900 1.700 + 500 = 2.200 1.900 700 + 500 = 1.200 1.200 0 + 500 = 500 500

Bc 2: Sau khi xc nh c gi khp lnh l 20.5 h thng s tin hnh khp lnh u tin cho nhng lnh bn c gi tt hn hoc bng gi m ca, sau mi a lnh giao dch ti mc gi khp lnh vo khp. Th t cc giao dch c thc hin s l: Th t 1 2 3 4 5 Bn mua H H A C C Bn bn F E E E J Gi 20.5 20.5 20.5 20.5 20.5 Khi lng 700 400 500 100 200

Lnh ATO ca khch hng J c khp 200, cn li 300 s b hu. S lnh sau khi khp s l: Gi khp lnh: 20.5 Mua Gi 20.9 20.8 20.6 20.5 20.4 20.3 Bn 200 B 500 I

600 D 500 G

Sau phn trnh by ca CtyCK ACBS v mt s cc ng dng c th nhm h tr cc nh u t trn c s nhng quy nh mi trn y, c bit l i vi loi hnh cng c giao dch mi ATO. Hi tho c tip tc vi phn trao i v tho lun t pha cc nh u t, c bit xoay quanh mt s vn v tc dng ca loi hnh cng c mi ATO; k qu giao dch; cc vn c tnh php l quy nh v trch nhim cng nh cc bin php ch ti i vi cc vi phm v thanh ton Pht biu b mc hi tho, ng Trn c Sinh- Gim c TTGDCK TP. HCM thay mt UBCKNN, TTGDCK TP. HCM, cc CtyCK cm n s tham d nhit thnh ca cc t chc, c nhn, c bit ghi nhn nhng kin qu bu ng gp t pha cc t chc, c nhn. ng Sinh cng ngh cc CtyCK, trong vai tr trung gian trn th trng s h tr tch cc v mnh m hn na nhm to iu kin thu ht cc nh u t tham gia vo th trng. Trong vai tr l c quan qun l v iu hnh th trng, TTGDCK TP. HCM cn c thm thi gian v s tip tc y mnh nghin cu xem xt cc gii php nhm pht trin th trng. Mt s iu cn bit v lu k chng khon Lu k chng khon l mt trong nhng iu kin thc hin giao dch trn th trng chng khon. Trc khi thc hin giao dch chng khon, nh u t phi k hp ng m ti khon ti cc thnh vin lu k. gip cho cc nh u t mun tham gia th trng chng khon hiu r hn v vn ny, Ban bin tp Bn tin th trng chng khon xin gii thiu bi vit di y ca tc gi Hu Thin:

Lu k l vic gi chng ch chng khon t c phiu, tri phiu, hoc cc loi giy t hp php chng minh quyn s hu chng khon vo h thng lu k chng khon. H thng lu k chng khon bao gm Trung tm lu k v cc thnh vin lu k. Chng ch chng khon ca nh u t s c ct gi an ton ti Trung tm lu k. Chng khon c lu k s c ghi nhn vo ti khon lu k chng khon ng tn nh u t. Khi chng khon c giao dch, ti khon ca nh u t s c ghi tng hoc gim m khng cn phi trao tay t chng ch chng khon. Lu k chng khon l bt buc trc khi mun chng khon c giao dch qua sn giao dch ca Trung tm giao dch chng khon. Trung tm giao dch chng khon hin nay ng vai tr l Trung tm lu k. Vic lu k chng khon ch c thc hin ti cc thnh vin lu k ca Trung tm giao dch chng khon. Cc thnh vin lu k bao gm cc cng ty chng khon v cc ngn hng thng mi c U Ban Chng Khon Nh Nc cp php hot ng lu k v ng k lm thnh vin lu k ca Trung tm giao dch chng khon. Hin nay Trung tm giao dch chng khon Thnh ph H Ch Minh c 14 thnh vin lu k, trong 11 thnh vin lu k l cc cng ty chng khon v 3 thnh vin lu k l cc ngn hng nc ngoi ti Vit Nam. Trc y nh u t trong nc ch c lu k chng khon ti thnh vin lu k trong nc - l cc cng ty chng khon hoc cc ngn hng thng mi trong nc, nh u t nc ngoi ch c lu k ti thnh vin lu k nc ngoi - l cc cng ty chng khon lin doanh vi nc ngoi hoc cc ngn hng thng mi lin doanh vi nc ngoi hoc cc chi nhnh ngn hng nc ngoi ang hot ng hp php ti Vit Nam. Tuy nhin, quy nh ny c thay i, theo Quyt nh s 51/2003/QBTC ngy 15/04/2003 ca B Ti Chnh v vic sa i, b sung mt s iu ca Quy ch lu k, thanh ton b tr v ng k chng khon, nh u t trong v ngoi c th m ti khon lu k chng khon bt k thnh vin lu k no. Vic lu k chng khon s c bt u bng cc th tc m ti khon lu k chng khon ti thnh vin lu k. Cc chng khon sau khi c lu k ti thnh vin lu k s c thnh vin lu k ti lu k ti Trung tm giao dch chng khon. Sau khi thnh vin hon tt vic ti lu k ti Trung tm giao dch chng khon th chng khon mi c php giao dch. Chng khon lu k ca nh u t c ct gi ti kho ca Trung tm giao dch chng khon di dng qun l tng hp. Chng khon ca nh u t lu k ti Trung tm giao dch chng khon c qun l ring bit vi chng khon ca chnh thnh vin lu k.

Theo quy nh hin hnh, mi nh u t ch c m mt ti khon lu k ti mt thnh vin lu k. Do vy nh u t cn tm hiu trc la chn mt thnh vin lu k thch hp cho mnh. Trong trng hp mun i sang mt thnh vin lu k khc, nh u t s m ti khon lu k mi ti thnh vin lu k mi, ng thi phi lm cc th tc ng ti khon lu k ti thnh vin lu k c v yu cu thnh vin lu k ny chuyn s d chng khon sang ti khon lu k ti thnh vin lu k mi. Khi m ti khon lu k, nh u t nn cung cp a ch lin lc r rng, chnh xc v y cho thnh vin lu k. iu ny rt quan trng v nh u t c th gp phi nhng bt tin v thm ch thit hi sau ny. Chng hn, khi a ch trn cc loi giy t ty thn nh chng minh nhn dn c s dng lm cc th tc m ti khon lu k, trong khi a ch c tr hin ti khc vi a ch trn chng minh nhn dn. Cc th t lin lc ca t chc pht hnh, Trung tm giao dch chng khon v thnh vin lu k trong thi gian thc hin quyn s khng n ng ni nh u t . Vic ny c th a n v s bt tin trong qu trnh x l quyn t thnh vin lu k, Trung tm giao dch chng khon cho n t chc pht hnh nh chm tr, chnh sa h s thc hin quyn, hoc thm ch i khi nh u t b t chi phn b quyn. Ngi ng tn lu k chng khon phi chnh l ch s hu chng khon, k c c phiu v danh. S x-ri ca t chng ch chng khon cng phi ng l s x-ri ca ch s hu ng k quyn s hu ti t chc pht hnh. i vi c phiu ghi danh, nu ch s hu l ngi c chuyn nhng hp php trc khi c hot ng ca Trung tm giao dch chng khon, th mt sau ca t chng ch phi c ch k ca ngi chuyn nhng lin k trc v ch k ca ngi c thm quyn v con du ca t chc pht hnh xc nhn vic chuyn nhng . Nu cc yu t ny khng ng nh vy, chng khon s b t chi lu k Cc t chng ch chng khon b hng, b nhe khng th nhn din c cc thng tin c bn trn s b t chi lu k. Trong trng hp ny cn lin h vi t chc pht hnh xin c i li t chng ch chng khon mi. Cc chng ch chng khon thuc din b thng bo mt cp hoc gi mo s b tm gi giao cho t chc pht hnh hoc c quan c thm quyn x l.

C phiu ca c ng sng lp vn cn trong thi gian nm gi theo quy nh ca php lut, ca c ng mua chu cha thanh ton ht tin mua c phiu vn c lu k nhng khng c php giao dch. Cc c phiu ny ch c php giao dch khi cc iu kin hn ch c bi b v phi c xc nhn t t chc pht hnh. V d nh c phiu mua chu thanh ton ht, mun c giao dch phi c vn bn xc nhn ca t chc pht hnh. Cc ch s hu c phiu theo hnh thc ghi s mun lu k vn tin hnh cc th tc lu k bnh thng ti thnh vin lu k. D nhin trong trng hp ny khng c vic chuyn giao chng ch vt cht. Thnh vin lu k s gi tn ch s hu n t chc pht hnh. Sau khi kim tra, t chc pht hnh s gi tn ch s hu n Trung tm giao dch chng khon thc hin vic lu k. Lu k theo hnh thc ghi s l xu hng ch yu hin nay v nhng u im hn hn lu k chng ch vt cht, l khng phi qua kim m, kim tra tnh tht gi, v tn km cho cng tc bo qun. Trung tm giao dch chng khon l ngi c y quyn thay mt ngi ng s hu chng khon lu k nhn cc quyn c hng t t chc pht hnh nh c tc, li tri phiu, c phiu thng. Chng khon n gn vi cng chng Rt cn tuyn truyn v ph cp thng xuyn hn Theo Trung tm Nghin cu v Bi dng nghip v chng khan v TTCK, k t khi TTCK tp trung bt u chnh thc i vo hot ng n nay, Trung tm t chc c 124 kho o to v chng khon v TTCK. cp trn 6090 chng ch cc loi cho hc vin nu tnh t nm 1998 - n nay, cp gn 9.000 chng ch cc loi, t chc lp min ph cho gn 4000 hc vin. Trong ring chng ch Kin thc c bn v chng khon v TTCK, Trung tm cp cho 2061 hc vin, 1767l chng ch v Lut chng khon, 1642 chng ch v phn tch v u t chng khon, 180 chng ch v o

to nghip v v hn hai mi lp min ph cho cng chng v 3815 ngi tham gia. Hin ti, TTNC&BDNVCK ang thc hin 6 chng trnh o to v chng khon v TTCK: Chng trnh c bn v chng khon v TTCK, chng trnh phn tch u t chng khon, chng trnh Lut p dng trong ngnh chng khon, chng trnh bi dng nghip v chng khon, chng trnh thc hnh giao dch chng khon, chng trnh ph cp min ph cho cng chng. Trung tm cn ch trng n vic hc hi kinh nghim nghin cu v o to v chng khon v TTCK t cc nc c quan h hp tc vi UBCKNN thng qua cc lp nh kim ton - k ton, qun tr ti chnh doanh nghip, chun mc kim ton - k ton, ting Anh chuyn ngnh v,v, Bn cnh , Trung tm cn ch trng n vic hc hi kinh nghim nghin cu v o to v chng khon v TTCK t cc nc c quan h hp tc vi UBCKNN. Trn thc t, UBCKNN nhn c rt nhiu s gip ca cc t chc chnh ph v phi chnh ph trong vic nghin cu, o to ngun nhn lc cho TTCK. Tuy nhin, theo nh gi ca Trung tm, cng tc ny vn cn nhiu tn ti. khng ch l vic cc ti liu ging dy c bin son cn nhiu bt cp v ni dung, cha mang tnh chuyn su v nghip v, cha cp n k thut nghip v cho cn b ca cc CtyCK, m ngay c tiu chun o c cho nhng ngi hnh ngh chng khon mc d cc chng trnh ny c chnh l mt s ln nhng vn khng theo kp s bin i ca thc tin v khung php l cho th trng. Bn cnh , i ng ging vin hin nay

ch yu l cc ging vin kim chc, va lm cng tc chuyn mn va tham gia cng tc ging dy nn gp rt nhiu kh khn cho vic b tr thi gian ging dy, nh hng khng nh ti cng tc t chc lp cng nh cht lng hc tp. Cc n phm phc v cho cng tc tuyn truyn ph cp kin thc t ri, bn tin, ti liu ph cp cn thiu. ng thi, i tng o to rt a dng vi nhiu trnh rt khc nhau nn gp rt nhiu kh khn trong vic truyn t cng nh lnh hi kin thc ca cc i tng hc vin. Trong thi gian ti, Trung tm s tip tc o to, nng cao trnh chuyn mn, o c ngh nghip cho i ng cn b qun l, iu hnh hot ng th trng, i ng nhng ngi trc tip tham gia hot ng trn th trng, cc cn b lm cng tc tuyn truyn, ging dy theo hng chuyn mn ho. Do , cn tng cng hp tc o to vi nc ngoi di nhiu hnh thc khc khau nh: ng thi c cn b i o to ngn hn v di hn; mi cc chuyn gia nc ngoi sang ging dy; tranh th s h tr ca cc nc v nghip v v k thut. Bn cnh , phi nghin cu cc kinh nghim ca cc nc v h thng o to, m hnh t chc, mi quan h gia cc b phn trong h thng o to ngun nhn lc c th p dng vo Vit Nam. Trc mt, cn phi ch bi dng, kim tra st hch i vi nhng ngi hnh ngh chng khon, i mi, hon thin ni dung cc loi gio trnh chng trnh o to, bi dng hin c v xy dng thm cc loi gio trnh, chng trnh mi ph hp vi cc hnh thc o to v phi ph hp vi mi i tng tham gia. Ngoi ra, trong cc chng trnh o to, cng phi quan tm n cc nh u t nc ngoi khi tham gia TTCK Vit Nam, c bit i vi vn lut php p dng trong ngnh ny...Mt khc,

m bo cht lng hc tp, cng nh vic nng cao gi tr ca cc loi chng ch chuyn mn v chng khon v TTCK do UBCKNN cp, th cn phi c cc quy nh c th cho cc i tng theo hc v xt cp chng ch... p ng c yu cu o to ngy mt cao hn ph hp vi tin trnh pht trin ca th trng. Cn c c ch phi hp, h tr cht ch v o to chng khon gia UBCKNN v cc Trng i hc, cc c quan, n v, cc ngnh, cc cp chnh quyn... cng tc ny ngy cng t hiu qu cao hn. Th no l bn co bch? Bn co bch chnh l mt li mi hay cho bn cng chng u t ng k hoc mua chng khon ca cng ty pht hnh. Bn co bch bao gm mi thng tin lin quan n t pht hnh. Do , thng tin a ra trong Bn co bch s gn vi cc iu khon thc hin li mi hay cho bn. iu quan trng i vi nh u t l phi c v hiu r cc iu khon ny trong Bn co bch c th t nh gi nhng ri ro v li ch khi u t vo cng ty. Thng thng, mt cng ty mun pht hnh chng khon phi lp Bn co bch UBCKNN xem xt, gi l Bn co bch s b. Bn co bch s b khi c U ban chng khon chp thun s c coi l Bn co bch chnh thc. Cn khi thc hin cho bn chng khon, ngoi Bn co bch chnh thc, cng ty pht hnh thng cung cp Bn co bch tm tt. Ni dung ca Bn co bch tm tt l tm gn li nhng ni dung chnh ca Bn co bch chnh thc v ni dung, hnh thc ca Bn co bch tm tt ny vn phi m bo tun th theo cc quy nh ca UBCKNN. Do vy, vi t cch l nh u t chuyn nghip, bn nn c Bn co bch chnh thc bi v n cung cp cho bn mt cch y nht cc thng tin v cng ty pht hnh. Cn nu bn l nh u t khng chuyn, t nht bn

cng nn tm c Bn co bch tm tt bi tuy ch a ra ni dung tm tt nhng n cng c y cc thng tin c ng v cng ty pht hnh, bn ra quyt nh c u t hay khng. Ti sao cn phi c bn co bch Bn co bch l mt ti liu rt quan trng. i vi bn, vi t cch l mt nh u t, Bn bo bch l phng tin gip bn nh gi mc sinh li v trin vng ca cng ty trc khi bn quyt nh c u t vo cng ty hay khng. Mt quyt nh thiu thng tin c th lm bn phi tr gi t. Bi vy, bn nn c Bn co bch mt cch k lng v tm hiu r nhng may ri thc s ca cng ty trc khi ra quyt nh u t. Bn nn nh gi cn thn nhng yu t c bn ca cng ty ng k nim yt thng qua nghin cu cc thng tin trong Bn co bch. Mc d nhng t cho bn ln u ra cng chng dng nh l c hi u t tt v chng thng mang li li nhun ban u cao, tc l tin chnh lch, do c phiu tng gi; nhng ri ro vn tn ti v khng c g bo m l bn s thu c tin chnh lch hoc tin chnh lch s c nh mc m bn trng i. Bn co bch bao gm nhng thng tin g? Mc d tiu chun cng b v gii trnh ca cc Bn co bch khc nhau, nhng mc lc ca cc Bn co bch thng l ging nhau, v thng thng bao gm 8 mc chnh sau y: - Trang ba - Tm tt Bn co bch - Cc nhn t ri ro - Cc khi nim - Chng khon pht hnh - Cc i tc lin quan ti t pht hnh - Tnh hnh v c im ca t chc pht hnh

- Ph lc Nu bn mun bit r hn nhng quy nh c th v Bn co bch, bn c th tm hiu cc vn bn sau y hoc lin h trc tip vi UBCKNN: - Ngh nh 48/1998/N-CP ngy 11- 07-1998 ca Chnh ph v chng khon v th trng chng khon. - Thng t s 01/1998/TT- UBCK ngy 13 -10 - 1998 ca UBCKNN hng dn v pht hnh c phiu, tri phiu ra cng chng. - Mu Bn co bch km theo Cng vn s 109/1999/UBCK2 ngy 12-081999 ca UBCKNN hng dn vic ng k nm yt ti Trung tm Giao dch Chng khon.

S dng bn co bch nh th no? Nhng thng tin g ng ch ? Bn nn bt u phn tch mt cng ty pht hnh bng Bn co bch ca cng ty. Trong qu trnh thc hin, bn nn t t ra cho mnh mt s cu hi quan trng. V d, bn c th mun bit vic kinh doanh ca cng ty c tin trin hay khng. Doanh s bn hng tng c ngha l li nhun cng tng v dn ti gi c phiu tng. Nhng cc con s cha phi l ni ln tt c. Do vy, bn nn nghin cu Bn co bch mt cch k lng tm ra nhng du hiu tng trng ca cng ty. Bn cng nn tm hiu v Ban gim c ca cng ty pht hnh, cc sn phm cng ty kinh doanh, khch hng ca cng ty, t ra cu hi liu cc sn phm ny c tip tc bn c na khng. Cc thng tin chnh v cc vn ny nm trong cc phn khc nhau ca Bn co bch.

Xem nhng phn no? Bn nn tm cc ch dn v thng tin cn thit khc v cng ty pht hnh trong nhng phn sau ca bn co bch: + Trang ba mt trc v mt sau. + Thi gian cho bn + Cc khi nim: gii ngha nhng t, nhm t vit tt hoc kh hiu. + Tnh hnh v c im ca t chc pht hnh; gm cc thng tin v c cu t chc v hot ng kinh doanh ca cng ty. + Bng mc lc. + Tm tt Bn co bch. + Tm tt v vn c phn, thng k s liu pht hnh / cho bn, s n v phng n s dng tin thu c t t pht hnh. + Chng khon pht hnh: gm cc thng tin chi tit v chng khon pht hnh nh gi v s lng chng khon d kin pht hnh, phng thc v thi gian phn phi chng khon, iu khon chuyn v t l nm gi ca bn nc ngoi + Thng tin v ngnh kinh doanh. + Thng tin ti chnh. + Thng tin v c ng. Hi ng qun tr v Ban gim c. + Cc i tc lin quan ti t pht hnh: gm cc t chc nh t chc bo lnh pht hnh, i l pht hnh, i din ngi s hu tri phiu + Cc nhn t ri ro lin quan n ngnh kinh doanh v trin vng ca cng ty. + Ph lc: gm cc bo co k ton, iu l cng ty + Th tc np h s v chp thun. Mc d cc cng ty c php linh hot trong vic xy dng v th hin thng tin v khng cn phi tun theo th t ra, nhng mt Bn co

bch y thng bao gm cc thng tin quan trng cn c cng b sau y: + Thng tin chnh ca trang ba. + Tm tt Bn co bch. + Thng tin v ngnh kinh doanh. + Thng tin ti chnh. + Thng tin v c ng, Hi ng qun tr v Ban gim c. + Cc nhn t ri ro.

Tm tt bn co bch - iu ny c thc khng? Phn ny gip bn tm hiu khi qut nhng thng tin chnh, nh ngnh kinh doanh v nhu cu tng vn ca cng ty. N c s dng nh thng tin tm tt v cng ty. Cc thng tin quan trng bao gm: + Gii thiu chung v cng ty pht hnh cc hot ng kinh doanh, ngi h tr pht hnh, cc c ng ln v Ban gim c ca cng ty. + Tm tt v thng tin ti chnh ca cng ty pht hnh, k c trin vng ca cng ty. + Tm tt v cc yu t ri ro lin quan hoc nh hng ti hot ng kinh doanh v ti chnh ca cng ty pht hnh. + Tm tt v vn c phn, thng k pht hnh hoc cho bn, s n, s tin thu c t t pht hnh v mc ch s dng s tin ny. Bn nn i chiu vi cc phn tng ng khc trong Bn co bch c c thng tin chi tit hn v cc vn nu ra trong phn tm tt.

Thng tin v ngnh kinh doanh-Cng ty ang c nhng hot ng kinh doanh g? Nhn t quan trng quyt nh thnh cng ca vic u t vo cng ty pht hnh l thng qua vic tm hiu cng ty thc hin nhng hot ng kinh doanh no v cc i th cnh tranh ca cng ty l ai. Bn cng c th nu ra cu hi liu cng ty pht hnh c ng k bng sng ch cho sn phm ca mnh khng, v iu ny s gip cng ty c li th hn cc i th cnh tranh ca mnh. Cng ty pht hnh c s dng cng ngh cao khng? Cng ty c kh nng iu tit gi c khng? Hay y cng ch l mt cng ty na trong mt lnh vc kinh doanh vn rt trn ngp? Nhng vn ny cng nhng vn lin quan khc s c gii p trong phn Thng tin v ngnh kinh doanh. Tuy nhin bn hy chun b tinh thn phi c rt nhiu y. Nhng ngi chun b Bn co bch c th t ra gi thit ngi c l nhng ngi ln u tin tm hiu v cng ty v do h a ra cc yu t v lch s, c cu v cc hot ng ca cng ty nhm to nn mt bc tranh ton cnh v cng ty. Thng tin a ra thng bao gm: - Tnh hnh cc ngnh kinh doanh chnh m cng ty pht hnh tham gia: - Trin vng ca cc ngnh lin quan c nh hng ti hot ng ngnh kinh doanh chnh ca cng ty pht hnh; - Loi sn phm / dch v kinh doanh chnh ca cng ty; - Khch hng v nh cung cp ca cng ty pht hnh; - Cng ngh, phng thc sn xut v knh phn phi s dng; - Cc nhn t thng mi nh h thng bn l, i l, h thng phn phi, nhn hiu sn phm, giy php kinh doanh, bng sng ch v kh nng nghin cu v pht trn.

i vi cc cng ty ng k nim yt c hng chnh sch u i th phn thng tin v ngnh kinh doanh ny trong Bn co bch cng cn phi cng b chi tit cc vn v cng ngh ca nhng cng ty ny. CHNG KHON HO - CNG C HUY NG VN HIU QU phn 1 I. TNG QUAN V CHNG KHON HA: I.1. nh ngha: Pht hnh chng khon da trn ngun m bo l kh nng sinh li ca ti sn c t thi trung c khi chnh quyn Thnh ph Genoa Bc tp hp mt s ngi giu c trong vng ti tr cho i chin hm chuyn i khai thc cc vng t mi. Chng khon ha hin i xut hin cch y 30 nm nhng cho n nay vn cha c nh ngha chnh thc cho cm t ny. Theo nh ngha ca cc nc thuc khi OECD a ra nm 1995, chng khon ha l vic pht hnh cc chng khon c tnh kh mi c m bo khng phi bng kh nng thanh ton ca ch th pht hnh, m bng cc ngun thu d kin c c t cc ti sn c bit. Ch th pht hnh khng cn l nhn t quyt nh cht lng ca chng khon pht hnh, m kh nng sinh li ca cc ti sn dng lm ti sn m bo s quyt nh thu nhp v an ton ca chng khon pht hnh. Kt qu ca qu trnh chng khon ha l cc ti sn c tnh thanh khon km thnh chng khon mt loi hng ha c giao dch trn th trng vn. I.2. Quy trnh chng khon ha tng qut:

I.2.1. Qu trnh chng khon ha c thc hin theo nguyn tc trung gian thanh ton Pay- Through Structure nh sau: Quy trnh chng khon ha tng qut I.2.2. Cc thut ng: Ch ti sn ban u-Originator: L bn bn ti sn cho Php nhn c bit chuyn tt c cc quyn lin quan n ti sn. Ch ti sn ban u thng tip tc lm dch v qun l ti sn cho Php nhn c bit hng ph qun l. Php nhn c bit-Special Purpose Entity / Vehicle: c thit lp thc hin chc nng chuyn ha cc ti sn c tnh thanh khon km thnh cc chng khon c th mua bn, chuyn nhng t do trn th trng. Nh nghip v tch ring cc ti sn v ti cu trc cc lung tin, Php nhn c bit c th pht hnh nhiu loi chng khon chuyn ha khc nhau p ng nhu cu a dng ca ngi u t v thi gian o hn, t sut sinh li v mc ri ro. Trong qu trnh to tnh thanh khon cho cc ti sn, Php nhn c bit c th nhn c s h tr t bn ngoi thng qua c ch tng cng tn nhim v h tr tng tnh thanh khon. Php nhn c bit c th c thnh lp di dng mt qu y thc hoc cng ty c phn, trong bn qun l qu hoc Hi ng qun tr ca cng ty c phn l i din chu trch nhim bo v quyn li cho ngi u t. Php nhn c bit dng ngun thu t pht hnh chng khon mua li ti sn t ch ti sn ban u. Ti sn sau khi c mua li c th vn do ch ti sn iu phi theo Hp ng qun l ti sn gia php nhn c bit

v ch ti sn ban u, ton b thu nhp c c t ti sn s c chuyn cho Php nhn c bit cn i chi tr li tc cho ngi u t. Ti sn chuyn ha:Tt c nhng ti sn c th tch ra qun l ring v c kh nng sinh li c th d on c v khng ph thuc vo cc ti sn khc, u c th c bn chuyn ha trong qu trnh chng khon ha, bao gm: Ti sn cm c bao gm ti sn thuc quyn s hu c nhn hoc t chc c dng th chp nh nh, t, xng sn xut, my mc... - Cc loi ti sn ti chnh khc nh cc khon phi thu ca ngn hng, gm cc khon phi thu t cho vay tiu dng mua xe, th tn dng..., cc khon phi thu t cho vay doanh nghip, ti sn cho thu ti chnh, cc khon u t cho cc d n trong c d n pht trin c s h tng, v cc khon cho vay khc... Hin nay, khi nim v ti sn chuyn ha c m rng ra cho bt c ti sn ti chnh no p ng c yu cu v tch bit qun l v kh nng sinh li c lp, nh thu nhp t cc d n u t, cc d n xy dng c s h tng... Chng khon chuyn ha: Chng khon chuyn ha l cc loi chng khon c Php nhn c bit pht hnh trong qu trnh tch ring ti sn v ti cu trc cc lung tin. Cn c trn ti sn chuyn ha c dng lm ti sn m bo cho chng khon chuyn ha, chng khon chuyn ha c chia lm 2 loi: Chng khon m bo bng ti sn cm c Mortgage Backed Securities MBS v chng khon m bo bng ti sn ti chnh Asset - Backed Securities ABS

Chng khon chuyn ha ch yu l cc loi chng khon n nh tri phiu, tn phiu... Tuy nhin, ty theo tng iu kin c th m Php nhn c bit cng c th pht hnh c phiu u i hoc cc loi chng khon vn khc. I.3. Nguyn tc pht hnh chng khon chuyn ha: Php nhn c bit thng l u mi tp trung dng tin t nhiu loi ti sn chuyn ha khc nhau. Xut pht t c im ca chng khon chuyn ha khng nht thit phi c mt ti sn c th no m bo, Php nhn c bit c th kt hp ty cc ti sn chuyn ha pht hnh mt hay nhiu loi chng khon chuyn ha, min l tha mn c nguyn tc: Tng cc lung tin vo c c t thu nhp do cc ti sn chuyn ha mang li, phi bng tng cc lung tin ra thc hin ngha v thanh ton cho cc chng khon pht hnh bao gm chi ph tr li tc v hon vn cho ngi u t, v tt c cc chi ph pht sinh khc nh chi ph pht hnh, chi ph qun l ti sn, chi ph tng mc tn nhim.... Mc d vic qun l v iu phi cht ch cc dng tin ra v vo l khu mu cht cho qu trnh chuyn ti sn c tnh thanh khon km thnh chng khon c tnh thanh khon cao hn, Php nhn c bit vn hon ton c th ch ng trong qu trnh kt ni ngi u t vi ti sn chuyn ha, to nn tnh a dng v bin ha khn lng ca chng khon chuyn ha. cn tip Chng khon ho - cng c huy ng vn hiu qu -phn 2 II. LI CH CA QU TRNH CHNG KHON HA II.1. i vi cc bn ch u t d n:

- i vi phn vn i vay trong vn u t cho d n xy dng c s h tng, chng khon ha l c hi gim chi ph tr li vay v tng hiu qu sinh li ca d n, - i vi phn vn t c c dng u t vo d n, chng khon ha l mt bin php gip ch u t nng cao vng quay vn. Vn ny cc k quan trng i vi nhng cng ty chuyn u t vo c s h tng, v so vi bin php pht hnh c phiu hoc tri phiu gi vn cho mt d n mi, vic bn i phn vn t c trong cc d n tin hnh xong giai on c bn thng qua qu trnh chng khon ha s n gin hn, tit kim c thi gian v chi ph pht hnh, - Chng khon ha m ra kh nng huy ng vn cho hot ng xy dng c s h tng, ngay c khi d n mi ch trn giy. Cc Hp ng hoc cam kt chc chn m bo hiu qu kinh t cho hot ng ca d n khi i vo vn hnh, u c kh nng bin thnh ti sn c gi hng ha trn th trng ti chnh. II.2. i vi ngi u t: - C thm mt cng c u t mi vi sut sinh li cao hn tri phiu chnh ph v tin cy tng i n nh, - Tnh thanh khon ca chng khon m bo bng ti sn ti chnh chng khonABS kh cao nn ngi u t c th d dng tham gia giao dch trn th trng giao dch tp trung, - Chng khon ABS l mt cng c hu hiu cho nghip v phng nga ri ro, c bit l cho nh u t c t chc,

- Gim thiu c ri ro c th nh hng n mc tn nhim ca ch th pht hnh, do tnh cht ca chng khon ABS l ch ph thuc vo cht lng ca ti sn chuyn ha. III. MT S VN VN DNG CHNG KHON HA I VI VIT NAM: III.1. Thc trng c cu ngun vn ca cc d n h tng c s: Phn tch c cu ngun vn ca cc d n h tng k thut cho thy, c mt thc t l cc d n hin nay u c u t bng ngun vn ngn sch, hoc c mt phn vn ngn sch, phn cn li ch yu l vn vay thng qua hnh thc tn dng thng mi vi li sut cao v thi hn vay ngn. V pha ngn hng, cc ngun vn cho vay ch yu xut pht t hot ng huy ng vn ngn hn t cc tng lp dn c v cc thnh phn kinh t. Trong tng s 321.280 t ng ngun vn ca cc ngn hng thng mi ch c 30% l vn trung, di hn trn 12 thng. Nhng con s ny cho thy s thiu ht trm trng ngun vn trung v di hn ca cc ngn hng hin nay so vi thc t cho vay, v c mt lng vn ngn hn rt ln phi em ra cho cc d n di hn vay. Chnh lch v thi gian o hn gia ngun vn i vay ngn hn, v cc khon cho vay di hn trong h thng ngn hng, to nn ri ro rt ln i vi h thng ngn hng Vit Nam. Thc t ny cho thy trong tng lai rt gn, cc d n xy dng c bn khng th c trng ch vo ngun ti tr t ngn hng m cn phi c mt knh ti tr khc. Chng khon ha c th l li gii cho nhu cu ny.

Thng qua nghip v chng khon ha, cc khon vn vay ca ngn hng c th c bn cho php nhn c bit, v c chuyn sang cho ngi u t di dng cc tri phiu thu nhp di hn. Nh , cc ch u t d n c th hon chuyn cc khon n ngn hn t ngn hng, thnh cc ngha v n di hn i vi tri ch. V pha ngn hng, vng lun chuyn vn c nng cao, ri ro v chnh lch thi gian o hn cng c tho g. III.2. Cc vn lin quan n vic la chn m hnh chng khon ha: Trong iu kin hin ti, th trng chng khon ca nc ta va mi ra i v hiu qu hot ng cha cao, ngun hng ha cho th trng cn rt hn ch, trnh v nng lc ca cc t chc ti chnh trung gian cn khim tn, vic xut mt m hnh c kh nng ng dng ngay cn phi cn nhc n nhiu yu t, trong quan trng nht l cc yu t lin quan n vic la chn loi ti sn ti chnh chuyn ha, loi chng khon chuyn ha, v Php nhn c bit. III.2.1. La chn loi ti sn ti chnh: Trc mt, nghip v chng khon ha ch c th c p dng vo cc d n c nghim thu ton b, hoc tng phn, v c a vo khai thc c doanh thu, vi ti sn chuyn ha l cc khon vay ngn hng hoc vn do ngn sch cp. T gc k thut, loi ti sn ti chnh ny hi tiu chun ca ti sn chuyn ha bao gm kh nng sinh li c lp v tnh tch bch ca ti sn. T gc th trng, chng khon chuyn ha t cc ti sn ny c th thuyt phc c cc nh u t v mc ch v an ton ca vic u t.

III.2.2. La chn loi chng khon chuyn ha: Trn l thuyt, c c phiu v tri phiu u c th c s dng vi t cch l chng khon chuyn ha. Mc d c phiu c li im l thi gian o hn vnh vin, song b li ngi u t li yu cu mt t sut sinh li cao hn so vi tri phiu. Trong khi , tri phiu c thi gian o hn hu hn, v rng buc t chc pht hnh vi ngha v thanh ton cho tri ch li v vn gc tri phiu, trong sut khong thi gian cho n khi chng khon o hn. i vi cc d n c thu ph, thi gian c th khai thc thng khng qu di trung bnh 10-15 nm, vic s dng c phiu vi vai tr chng khon chuyn ha s khng pht huy c u th v hn ca vn gp, m cn to p lc v li sut trn vn i vi php nhn c bit. Hn na, i vi cc cng trnh cng ch, phc li cng cng c thu ph, mc ch ca d n l phc v cng ng, cho nn t l ph thu ch c php mc va thanh ton cho cc chi ph qun l khai thc cng trnh v tr li vn vay. Nh vy, vic la chn chng khon chuyn ha phi ph thuc vo tnh cht v kh nng khai thc ca tng d n, song nhn chung i vi loi ti sn chuyn ha xc nh nh trn, tri phiu s c u th hn c v mt k thut v tnh kh mi so vi c phiu. III.2.3. La chn loi hnh ca Php nhn c bit: Trong iu kin hin nay, Qu y thc u t s l s la chn u vit i vi mt Php nhn c bit trn phng din b my iu hnh gn nh, v

tnh chuyn nghip ha cao trong lnh vc chng khon ha. c th ch tp trung cho ring hot ng chng khon ha, Qu y thc nn c t chc theo dng cng ty qun l qu, c trch nhim iu phi nhiu qu, mi qu tng ng vi tng ti sn, hoc nhm ti sn ti chnh c chuyn ha. Qu y thc u t c th ch thc hin nghip v qun l cc dng tin do ti sn ti chnh em li, thc hin cc ngha v thanh ton i km vi tri phiu pht hnh. Vic t chc thc hin thu ph hoc nhng nghip v lin quan n k thut xy dng, s c giao khon cho cc t chc chuyn ngnh thc hin theo mt mc ph tha thun. Nh vy, Qu y thc u t hon ton c kh nng kim sot ton b thu nhp v cc chi ph, lin quan n vic khai thc ti sn ti chnh, to iu kin thun li cho vic thit k cc sn phm chng khon chuyn ha, ph hp vi kh nng sinh li thc t ca ti sn ti chnh, v p ng c nhu cu ca ngi u t. Tm li, c th phc ha s lc mt m hnh chng khon ha p ng c cc yu cu v mt k thut v hin trng nn kinh t nc ta, l m hnh trong Qu y thc u t s gi vai tr l Php nhn c bit, thc hin chc nng ti cu trc li cc lung vn. Ti sn c a ra chuyn ha qua m hnh ny l cc khon vn gp ca ngn sch nh nc, hoc cc khon cho vay ca h thng ngn hng thng mi, thc hin cc d n h tng k thut. Chng khon c ti sn m bo c pht hnh da vo cc ti sn chuyn ha ni trn, l cc loi tri phiu t trung n di hn, c mc li sut tng

i hp dn i vi ngi u t cao hn mc li sut ca tri phiu Chnh ph c cng k hn, v c th bng li sut cc loi tri phiu do h thng ngn hng thng mi pht hnh. Tm hiu kinh nghim quc t v pht hnh tng vn v chi tr c tc bng c phiu - phn 1 A. Pht hnh tng vn Doanh nghip sau khi thnh lp c th bt u huy ng vn. Vic tng vn c th c thc hin qua 2 hnh thc: a. Pht hnh c phiu mi c xem xt pht hnh quyn Pht hnh c phiu mi khng xem xt pht hnh thng Pht hnh c phiu mi c xem xt Pht hnh c phiu mi c xem xt l phng thc thng c s dng bi cc cng ty ti Hn Quc, i Loan. Cc nh u t c th t mua c phiu mi c pht hnh thng qua 3 cch sau: Thng qua pht hnh quyn cho cc c ng hin hu. Ty theo b lut thng mi, c ng c quyn nhng khng c ngha v mua cc c phn trc. Nu tt c cc c phn mi c pht hnh khng c mua ht trong thi hn nh trc, cng ty c th hon thnh t pht hnh mi bng vic phn b phn cn li cho tc i tc. Thng qua phn phi cho cc bn i tc. Quyn mua c phiu mi vi quyn u tin trc c th c cp cho cc bn i tc c quan h khng kht vi cng ty pht hnh v d nh: cc nhn vin, cc i tc kinh doanh, cc nh cung cp, cc c ng chnh. Thng qua pht hnh ra cng chng. c php ca hi ng qun tr, cng ty c th pht hnh ra cng chng theo mun, tuy nhin phi ngoi tr quyn mua ca cc ng hin hu.

b.

Pht hnh mi khng c xem xt Pht hnh mi khng c xem xt dn ti vic tng tng s c phiu ng

lu hnh ca cng ty, tuy nhin khng c s tng vn c ng hoc tng ti sn ca cng ty pht hnh ti thi im pht hnh. Kiu tng vn ny c phn thnh 2 loi: Chuyn i d tr. C phn mi c pht hnh khng c bt c s thu ht no cc khon tin t bn ngoi vo khi m thng d vn hoc li nhun gi li c chuyn thnh vn c phn. Chuyn li nhun thnh vn c phn nhm chi tr c tc bng c phiu. Li nhun ca cng ty c chuyn thnh c tc di dng c phiu v tr cho cc c ng hin hu. C tc c phiu c c l ty thuc vo t l phn b chng khon s hu ca doanh nghip ti cc c ng. Ngc li vi tr c tc bng tin mt, c tc ca c phiu c tr bng c phiu. Tm li, vic tng vn ca doanh nghip thng s xem xt ti hai kh nng xy ra, l: Tng c phn pht hnh ln bng cch pht hnh c phiu trn c s gii hn ca vn c ng. Tng vn c ng bng cch pht hnh thm c phiu huy ng vn lm tng vn iu l ca cng ty. Khi tng vn bng cch ny, vn ch s hu cng tng ln. Ngoi ra cn c mt s phng php pht hnh tng vn khc nh pht hnh ti mc gi th trng. Khng ging nh pht hnh theo mnh gi, y l mt phng thc m gi ca c phn c xc nh bi chnh th trng. Ti Hn Quc, trc khi vn dng phng php ny t 12/1983, vic tng vn ca cc cng ty c thc hin trn c s mnh gi. Vic hng dn h

thng mi ny ch ra rng gi pht hnh c xc nh theo gi th trng theo mt t l trit khu nht nh do SEC Securities and Exchange Commision qui nh. Sau 8/1987, tt c cc cng ty nim yt ti S giao dch chng khon Hn Quc mun tng vn u thng qua h thng ny. Sau , thng 6/1991, t l trit khu hon ton c th ni, mi quyt nh v t l trit khu c da trn quyt nh ca chnh ban gim c iu hnh cng ty pht hnh. Theo cc qui nh v qun l ti chnh ca cc cng ty nim yt, cc cng ty c php pht hnh c phn vn ti mc gi th trng ngoi tr gi khng bao gm quyn hoc gi c s gim xung di mc mnh gi. Gi pht hnh mi thng c xem xt gia 2 la chn, ly la chn no c gi thp hn. La chn th nht l trit khu t mc gi khng bao gm quyn La chn 2 c c bng vic trit khu gi c s 7 ngy trc ngy mua trong 5 ngy trc ngy ghi s. t mua. L do ca vic xc nh gi pht hnh theo cch ny l cung cp cho cc c ng c hi t mua cc c phiu mi pht hnh ti mc gi thp nu c th. Cc c ng hin hu thng to cc quyt nh mua hoc khng i vi cc c phiu mi trc ngy khng quyn. Vi l do thi gian t ngy khng quyn ti lc t mua thng ln hn 2 thng, cc c ng hin hu d b t vo cc tnh hung bin ng gi qu mc. iu ny c ngha l: trong giai on ny, nu gi chng khon gim v ai t mua c phiu mi s b l mt khon tng ng chnh lch gia gi th trng v gi pht hnh. t c li nhun, cn thit phi tnh ton ti chn la th 2 trn c s gi th trng gim. Theo tnh ton, khi gi th trng ca c

phn hin hu tng, la chn 1 s tr thnh thc t gi cho vic pht hnh. Ngc li khi n gim, la chn 2 s l gi pht hnh thc t. Th d: La chn th nht. Gi khng quyn = gi c s + gi la chn 1 x t l tng vn / 1 + t l tng vn Trong gi c s c xc nh nh sau: Gi c s l trung bnh gi th trng hoc gi ng ca ca ngy giao dch trc ngy c s trc ngy ghi s 5 ngy 1 ngy ly gi thp. Ngha l gi c s c th l 1 trong 2 gi sau, ly gi no thp hn: gi ng ca trc ngy c s 1 ngy. gi trung bnh= a + b + c / 3 trong : + a : Trung bnh ng ca c trng s khi lng ca cc phin trc ngy c s 1 thng. + b : Trung bnh ng ca c trng s khi lng ca cc phin trc ngy c s 1 tun. + c : Gi ng ca ngy trc ngy c s 1ngy. Gi la chn 1 = gi khng quyn x 1 - t l trit khu La chn th hai. Gi la chn 2 = gi c s x 1 - t l trit khu Trong : - Gi c s l trung bnh gi th trng hoc gi ng ca ca ngy giao dch sau ngy kha s 53 ngy 1 ngy ly gi thp. Trung bnh gi th trng=a+b/2 trong : +a : trung bnh gi ng ca ca 1 tun gn ngy c s nht ngha l trc ngy t mua 7 ngy. +y : gi ng ca ca ngy giao dch trc ngy c s. V cui cng l gi pht hnh c th l 1 trong 2 gi trn vi gi nh hn.

B. Tr c tc bng c phiu. Tr c tc bng c phiu thc cht l nhm gi li cc khon li nhun, thng d hoc cc khon tin ca cc qu nhm cng c lng tin mt hin c trong vn ca c ng cng nh ca Doanh nghip thc y vic u t, kinh doanh sn xut ca doanh nghip. Khng c s thay tng gim no v vn c ng cng nh ti sn ca cng ty. V c bn, s lng c phiu s tng ln v lm cho t l vn c phn tng ln. cn tip Tm hiu kinh nghim quc t v pht hnh tng vn v chi tr c tc bng c phiu - phn 2 B. Tr c tc bng c phiu Ti cc S giao dch chng khon ca cc nc c nn kinh t pht trin, vic p dng hnh thc chi tr c tc bng c phiu din ra rt lu. Ngoi vic tun th cc qui nh ca Lut p dng i vi cc cng ty c phn, cc qui nh v hng dn ca S giao dch, UBCK cc nc, vic chi tr c tc theo hnh thc nh th no s ty thuc vo quyt nh ca i hi c ng hoc ca Hi ng qun tr cng ty trn c s xem xt ca i hi c ng. Vit Nam, theo mc 1, iu 67, Lut Doanh nghip v chi tr c tc, cng ty c phn ch tr c tc cho c ng khi cng ty kinh doanh c li, hon thnh ngha v np thu v cc ngha v ti chnh khc theo qui nh ca php lut. Vic chi tr c tc do quyt nh ca i hi c ng cng ty. Thng thng mt cng ty lm n c li s chi tr c tc cho c ng di dng tin mt. Khon tin ny c trch t li nhun ca doanh nghip sau khi trch lp cc qu theo qui nh ca php lut doanh nghip, theo iu l ca cng ty v gi li mt phn nhm ti u t pht trin sn xut. Cng theo Lut Doanh nghip, C tc c nh ngha l s tin hng nm c

trch t li nhun ca cng ty tr cho mi c phn. Nh vy trong cc vn bn php lut hin hnh ca chng ta cha h c qui nh no ni v vic chi tr c tc cho c ng bng c phiu. Tuy nhin ti cc th trng chng khon trn th gii, c rt nhiu trng hp cc cng ty khng chi tr c tc di dng tin mt. Thay vo , ty thuc vo tnh hnh cng ty v quyt nh ca i hi c ng, cc cng ty s chi tr c tc di dng c phiu. Khi , cc vn sau s c lu tm: a. Ngun c phiu dng chi tr c tc. Pht hnh mi. Vic pht hnh mi c phiu phc v chi tr c tc nh ni trn trong phn pht hnh tng vn. Tuy nhin vic pht hnh mi ny khng lm tng vn c ng do mt mt lng c phiu mi tng ln lm cho lng c phiu lu hnh tng ln v vn c phn theo tng ln nhng thc cht n c chuyn i t li nhun, thng d vn ca cng ty c gi li thay v em chi tr cho c ng di dng tin mt. C phiu Ngn qu. C phiu Ngn qu l c phiu m cng ty mua li trn th trng. C nhiu l do cng ty mua li c phiu do chnh cng ty pht hnh trn th trng, nhng mc tiu ch yu l tng li nhun chi tr cho c ng do s c phiu mua li ny khng c quyn nhn c tc, ngn nga vic thu tm cng ty, tng li nhun t chnh vic mua bn li ny, phc v cho vic chi tr c tc bng c phiu.. Vit Nam, theo qui nh trong iu 65 v mua li c phn theo quyt nh ca cng ty ca Lut Doanh nghip, iu 54 Qui ch Thnh vin, Nim yt, Cng b Thng tin v Giao dch Chng khon, t chc nim nim

yt c quyn v ch c php mua li khng qu 30% tng s c phiu ph thng, mt phn hoc ton b c phiu khc pht hnh v phi np n xin php theo qui nh ca TTGDCK. Do nu c php thc hin chi tr c tc bng c phiu, lng c phiu chi tr c tc cng s nm trong gii hn trn y. b. T l tr c tc bng c phiu. T l chi tr c tc bng c phiu l t l c tc bng c phiu nhn c trn s lng c phiu ang nm gi. V d: Nu t l chi tr c tc bng c phiu l 10%, nh vy nu 1 c ng nm gi 100 c phiu s c chi tr c tc tng ng vi 10 c phiu. c. Loi c phiu v s lng. Loi c phiu: Loi c phiu c chi tr c tc c th bao gm cc loi nh: c phiu thng; c phiu u i. S lng: Tng s lng c phiu dng chi tr c tc cho c ng do i hi c ng cng ty cng quyt nh cn c trn thc t li nhun ca cng ty v vic cn i cc khon tin cng nh nhu cu v tin mt ca cng ty. d. Phng php chi tr c tc bng c phiu. Ngy ghi tn vo danh sch c ng. Ngi ang nm gi c phiu mun nhn c c tc phi c tn trong danh sch c ng vo ngy cui cng ca nm ti chnh. Do , t chc nim yt thng s phi cng b thng tin vic chi tr c tc bng c phiu trc ngy kt thc nm ti chnh mt khong thi gian nht nh. iu ny cho php ngi u t c th la chn xem mnh c nn tip tc nm gi hay bn c phiu.

Phng n chi tr i vi cc c ng nm gi s l c phiu. Nu s c tc chi tr bng c phiu l mt s l, c ng s nhn c s

c phiu chn, phn l cn li s c qui i thnh tin mt v thanh ton cho c ng. V d: Mt c ng s hu 70 c phiu, t l chi tr c tc bng c phiu l 5%. Nh vy, s lng c phiu nhn c s l 3,5 c phiu. T chc nim yt s gom tt c nhng phn c phiu l v bn ra th trng sau thanh ton bng tin cho c ng. Nh vy vn m bo c s lng pht hnh m tha mn nhu cu ca nh u t. i vi trng hp trn y, c ng nm gi 70 c phiu s nhn c 3 c phiu v phn tin qui i t 0,5 c phiu l. Cc thay i s xy ra i vi c phiu ang lu hnh. Trong khong thi gian nht nh nh ni trn y trc khi kt thc nm ti chnh, tng s c phiu ca t chc nim yt c th tng ln do mt s cc trng hp c bit nh : c ng thc hin cc quyn km theo c phiu hoc tri phiu chuyn i. iu ny dn n thay i t l chi tr c tc bng c phiu. Do , t chc nim yt s phi cng b r rng v cc cc kh nng xy ra thay i ny. e. Ngy thng qua ngh quyt ca Ban gim c v vic chi tr c tc bng c phiu. Thng thng, t l chi tr c tc c th thay i, vn ny quyt nh ra sao ty thuc vo i hi c ng. Cng ty phi thc hin cng b thng tin v vic chi tr c tc bng c phiu v cc vn lin quan ra cng chng trc khi thc hin chi tr mt khong thi gian nht nh.

i vi th trng chng khon Vit Nam, vic xem xt v nh hng trc v chi tr c tc di hnh thc c phiu ang c xem xt. c th thc hin c nhim v , cn gii quyt cc vn sau y: 1. Xem xt b sung cc qui nh v vn ny i vi cc vn bn php lut lin quan, trong quan trng nht l Lut Doanh nghip, Ngh nh 48 ca CP, cc qui nh, qui ch lin quan ca UBCKNN v vic pht hnh tng vn i vi vic chi tr c tc bng c phiu, cc qui nh v iu l Doanh nghip. 2. Khn trng xy dng v nghin cu cc qui trnh hng dn th tc lin quan n vic chi tr c tc bng c phiu cho cc t chc nim yt, trong lu ti cc vn nh sau: Ngoi tr vic tun th cc qui nh trong iu l cng ty, Ban gim c cng ty xem xt cc vn lin quan ti vic chi tr c tc bng c phiu nh: ngun chi tr, t l chi tr, ngy ng k cui cng, ngy chi tr, bin php gii quyt i vi cc phn l ca c phiu.. Hng dn cng b thng tin v gi thng bo cn thit ti S giao dch cng nh UBCK. Hng dn np h s xin php pht hnh b sung tng vn trong ghi r mc tiu nhm chi tr c tc bng c phiu theo cc qui nh mi. Cc qui trnh kt hp vi S giao dch, UBCK trong vic thc hin ng s c ng, xc nh ch s hu thc s c php chi tr c tc, thng bo cho c ng, nhng ngi s nhn c c tc bng c phiu. ng k thay i vn vi c quan c thm quyn.

Hng dn Chun b v trnh cc ti liu, n lin quan n nim yt b sung.

Trong trng hp cc th tc trn tin hnh xong, S giao dch cn c l trnh c th cn c trn thng bo ca t chc nim yt, cc giy php cp thng bo v ngy giao dch khng c tc, tin hnh tnh ton ch s chng khon trn c s thay i v s lng c phiu b sung nim yt ca cng ty.

nh gi doanh nghip theo t l P/E - phn 1 Trong vic nh gi mt doanh nghip, cc bo co v t l th gi / thu nhp mt c phiu hay PER hoc P/E ng mt vai tr ht sc quan trng. Price Earning Ratio, vit tt l PER hay P/E, c s dng trong rt nhiu phng php nh gi, c bit l trong nhng phng php n gin nht, l nhng phng php so snh ngnh, so snh tng th hoc lch s. T l P/E ch ra rng th trng chp nhn tr gi gp bao nhiu ln thu nhp ca mt chng khon. C ngha l lng vn ho ca mt doanh nghip gp bao nhiu ln so vi thu nhp ca n. Phn thu nhp ny c th c phn phi hoc gi li, v trong trng hp c gi li, n to ra mt gi tr thng d trong tng lai i vi doanh nghip. y chnh l nguyn tc c bn ca TTCK. T l P/E l h s bin i thu nhp thnh vn, hoc l h s tng ng vi mc vn tim nng ca mt khon thu nhp vic o ngc t l ny, ngha l t l E/P, l t sut sinh li ca mt khon u t. Ngc li, t l P/E l h s vn ho. Theo quan im ny, t l P/E l mt cng c ht sc qu gi, bi v trong n kinh t thng din ra hot ng u t mt lng vn i ly hy vng vo nhng khon thu nhp li nhun v / hoc gi tr thng d tng

lai hoc ngc li. Vic bit c gi tr ca lng vn b ra c c nhng khon thu nhp lin tc l iu ht sc quan trng. nh ngha cc thnh phn ca P/E: P/E l mt t s gm hai i lng, ph thuc vo gi tr tng ng v nh ngha ca tng i lng. i vi gi th trng th gi, khi c a ra s dng, c th c nhiu cch nh ngha: 1. L gi th trng ca phin cui cng hoc phin gn nht; 2. L gi th trng ca phin ngy 31 thng 12 nm va qua; 3. L gi th trng trung bnh ca tng thi k: thng, qu hoc nm... Lin quan ti vn thu nhp ca c phiu, cn lu l c 3 vn c t ra. Th nht, li nhun xut pht t khi nim no? li nhun thun sau thu hoc li nhun thun t ngnh kinh doanh chnh.... Th hai, liu c phi l li nhun thun c iu chnh, c ngha l phi loi b cc yu t khng ng nht gia cc chun mc k ton khc nhau hay khng? V th ba, thi hn lin quan l nm no? Ngha l: - Li nhun thun ca nm ti chnh va qua v c cng b, - Li nhun c lng ca nm ti chnh hin ti, - Li nhun k vng ca nm ti chnh sp ti? minh ho khong cch c th c gia cc t s P/E ca cc th trng khc nhau xut pht t nh ngha khc nhau ca cc th trng ny, chng ta c th s dng cc s liu P/E bnh qun ca S giao dch chng khon New York v Tokio trong nhng nm gn nht. T s P/E bnh qun ca TTCK New York v Tokyo

1975 1979 1980 1981 1982 1983 1984 1985 1986 NY S&P 500 Tokyo DJ 225 Tokyo iu chnh T s P/E cha iu chnh ca Nht c v ht sc cao. iu ny c th lm nn lng phn ln cc nh u t phng ty. Thc t, s so snh trc tip gia P/E ca hai nn kinh t ny khng c ngha g. Theo gii thch ca cc chuyn gia, li nhun ca cc doanh nghip Nht khng c tnh ton theo cng mt cch vi cc doanh nghip M. Nu ngi ta cn i cc phng php k ton, v c bit nu s dng cng mt phng php hp nht k ton, ta c th nhn thy rng li nhun bnh qun ca cc doanh nghip Nht cao hn khong 60% so vi cc s liu cng b nh vy, P/E bnh qun ca Nht phi c iu chnh bng cch nhn chng vi 1/160%, ngha l 0,625. Vy m, cn nhn thy rng, trong giao tip hng ngy, ngi ta khng h ng n t s P/E iu chnh i vi doanh nghip ny hay doanh nghip khc Nht. Cc vn lin quan n t s ny u s dng t s P/E khng iu chnh. S mo m ny c th l ngun gc ca nhng nhm ln trong cc quyt nh u t. N c th trnh c bng cch s dng cng ngh thng tin bao gm vic sa cha t ng nu t s P/E xut hin trn mn hnh in t. 11.0 7.4 9.2 8.0 11.2 11.7 12.1 13.4 14.7

19.4

20.2

17.1

18.2

22.2

25.1

28.0

25.9

32.1

12.1

12.6

10.7

11.3

13.8

15.6

17.5

16.2

20.0

Nguyn tc u tin c t ra cho vic nh gi: so snh cc ch s P/E c th so snh c bng cch m bo rng vic xc nh li nhun l ging nhau trong cc trng hp, cng nh phi quan tm n tnh chnh xc ca cc thi k c so snh. Khi so snh cc t s P/E ca cc doanh nghip khc nhau, c th c s chnh lch xut pht t mt s nguyn nhn chnh: - S nhm ln trong vic cng b s lng c phiu ang lu hnh, - Vic khng hp nht cc ti khon ca mt phn doanh nghip khng nim yt, - S khc bit ca cc phng php k ton, c bit l i vi nhng vn nh: Cc khon d phng ri ro hoc cc khon khu hao. Vic nh ngha v tnh ton s lng c phiu c th l ngun gc ca nhiu nhm ln ng ngc nhin khi cn thit phi a ra cc d on. Hin ang tn ti trn th gii nhiu loi cng c phi sinh m chng c th l c phiu hoc khng phi l c phiu theo tnh cht ca n, ging nh cc c phiu u i, l dng c phiu khng c quyn biu quyt, hoc cc tri phiu c th bin i thnh c phiu nh tri phiu chuyn i. Nhng chng khon c th chuyn i thnh c phiu hoc quyn chuyn i thnh c phiu trong mt thi hn no , c th lm bin i hoc khng lm bin i tng li nhun ca doanh nghip, c th khng gy tc ng mnh n vic gim gi tr ca doanh nghip nhng ngc li, li lm gim mt cch rt nhy cm gi tr ca tng c phiu.

Cn phi c mt s ch c bit i vi vic tnh ton cc li nhun ca c phiu trong nhng trng hp tng vn u t ca doanh nghip trong nay mai, doanh nghip ang s hu cc quyn chn v c phiu ca mnh, hoc c cc loi chng khon khc nh c phiu u i, tri phiu chuyn i hoc tri phiu km quyn mua c phiu. Ngi ta c th gii thch s thay i ca P/E bnh qun trn TTCK? Vic nghin cu s tng quan ch em li mt kt qu duy nht c ngha: nh hng ca li sut tri phiu. T s P/E gim khi li sut tri phiu tng. Tc ng ca li sut tri phiu quan trng hn rt nhiu so vi "li nhun bnh qun trn TTCK". iu ny ht sc quan trng, v li sut tri phiu hin hu v c cng b. Li sut tri phiu hng ngy lun l i tng phn ng, l ti tranh lun v mi ngi u rt ra nhng hu qu t s can thip ca n vo TTCK v cc chnh sch ti chnh ca doanh nghip. "Li nhun bnh qun trn TTCK" khng hin hu v khng c cng b. N ch c s dng n trong trng hp tnh ton s tng quan. V nh vy, n khng c nh hng n cch ng x ca cc thnh phn kinh t. Ngc li, li nhun ca mt doanh nghip c tn ti v n cng tn ti trong nhn thc ca nh u t. V mt li sut, M. de Raismes thit lp mi tng quan sau cho TTCK Php: P/E = 20,24 - 93,97 i trong , i l li sut tri phiu khng ri ro. Trong 35 nm hot ng, ch c 7 nm c s liu khc vi quy lut ny v phi c gii thch bng nhng nguyn nhn khc. ng nhin l c nhng hin tng c th lm xo trn gi tr ca P/E bnh qun trn th trng m khng lin quan ti bin ng v li sut tri phiu.

Nhng nguyn nhn c th xut pht t nh hng ca mt chnh sch thu mi, hoc ng li chnh tr mi... cn tip nh gi doanh nghip theo t l P/E - phn 2 Nhng thng tin kinh t v ti chnh c ng ti trn cc bo c th c ch i vi nh u t trong vic so snh gi tr ca doanh nghip vi cc doanh nghip tng ng. Nu t s P/E bnh qun ca ton th trng l tng i cao, mt nh u t ngn hn c th vn kim c li nhun nu kt qu hot ng ca doanh nghip vn tip tc tng v xu hng ca th trng vn thun li. Tuy nhin, i vi nh u t di hn th nn s dng cc phng php nh gi ca Gordon - Shapio v ca Bates kim tra kh nng sinh li k vng. Lch s chng minh rng cc t s P/E thng dao ng trong mt khong thi gian no . Nu t s P/E ca ngnh cao hn tng i so vi TTCK, cn lm r mt s chi tit: i vi ton ngnh, li nhun c on ca nm ti chnh k tip vn tip tc tng vi tc cao. T s P/En+1 s cho mt kt qu thun li hn nhiu so vi P/E hin ti. iu ny c th xy ra i vi mt ngnh kinh t va thot khi khng hong hoc cc yu t mi trng c bit thun li. Khi , mt t s P/E cao khng ng ngha vi mt v u t mo him. l lnh vc hin ang l th hiu ca cng chng. iu chc chn rng khi th hiu thay i th kt qu ca vic u t vo lnh vc ny l ht sc ng lo ngi. Nu chnh t s P/E ca doanh nghip cao:

Doanh nghip va qua khi mt cuc khng hong vi nhng kt qu cn kh thp nhng li nhun cam kt ca nm ti chnh k tip s ln hn nhiu. Vy, mt t s P/E cao l hp l. S tng trng ca doanh nghip ht sc mnh m, li nhun ca nm sau s l mt bc nhy vt so vi hin ti. Khi , P/En+1 s gim ng k so vi hin nay. Nh vy, mt t s P/E cao vn tng i hp l. Khi , hin tng P/E cao c coi nh l mt nc thang cho li nhun tng lai. T s P/E ca doanh nghip cao do cu qu ln so vi cung ca c phiu ca doanh nghip do mi c nim yt trn th trng th cp hoc do th hiu ca nh u t. Khi , cn phi lm r xem liu vin cnh v li nhun ca doanh nghip c ph hp vi sc cu hay khng. Tm li, mt ngi mua vi t s P/E cao cn ngay lp tc tnh ton t s P/En+1 Gi th trng / li nhun ca c phiu trong nm n + 1. Nu t s ny thp hn so vi t s P/E hin hu th vic u t vo c phiu ny vn cho kt qu tt. Mt nh u t mun nm gi c phiu trong nhiu nm, hoc mt nh thu mua doanh nghip theo chin lc di hn khng th l lun nh trng hp nu trn. Anh ta bt buc phi tnh ton kh nng sinh li ca khon u t ca mnh trn c s cc dng c tc chit khu v gi tr bn li. PHN TCH CHIN LC CA DOANH NGHIP - phn 1 Phn tch chin lc ca doanh nghip l vic nghin cu thun tu v doanh nghip. Ngoi bng tng kt ti sn v bng cn i ti khon, n cn da trn mt s yu t khc. Vic phn tch chin lc c th bao gm: Lch s ca doanh nghip

i khi vic nghin cu qu kh ca mt doanh nghip l iu rt c ch c th hiu r c chin lc pht trin ca n hin nay v trong tng lai. Ngoi ngy thnh lp, iu c th to thun li cho vic theo di kh nng thch ng ca doanh nghip, phng thc thnh lp doanh nghip cng l mt li ch khng nh. Hy ly v d mt doanh nghip t nhn c iu hnh trong hng thp k bi ln lt cc th h ng, cha v con. N s c xu hng gim tc pht trin. iu ny cho php ch doanh nghip gi vng quyn lc. Ngc li, mt doanh nghip pht trin mnh m bng vic thu tm mt cch th ch cc doanh nghip khc s hu nh khng c s thay i trong chin lc ca n trong tng lai, tr phi c bin ng ln v c cu quyn lc. Ngun nhn lc Ngun nhn lc cng quan trng tng ng vi kh nng ti chnh ca doanh nghip. Kh nng ti chnh ca doanh nghip c th s mt dn theo thi gian nhiu v u t vo cc hp ng tng lai lm bin mt hon ton kh nng ti chnh ca nhiu cng ty a quc gia, nhng rt him khi mt doanh nghip b mt hon ton nng lc ca nhn vin ca n. Mt khc, tuy o to c mt ngun nhn lc c kh nng va mt nhiu thi gian va tn km hn l thay i k thut sn xut nhng khng phi khi no my mc cng c th thay th con ngi. Mt doanh nghip c hai dng nhn lc: Ngi lnh o Mt vi ngi lnh o c th c ting tm nhiu hay t. Ngi ta c th k n nhng tn tui nh Michel Bon, cu Ch tch ca Carrefour v nay l

ch tch ca France Tlcom, hay nh Christian Blanc, cu ch tch ca Air France. Trong c hai trng hp, kh nng ca ngi lnh o c th l nguyn nhn ca s thnh cng ca cc doanh nghip m h iu hnh. Ngi ta cng c th phn bit gia ngi lnh o nhng cng ty c phn v doanh nghip t nhn. Ngi lnh o cng ty c phn thng c tm nhn xa hn nhiu so vi ch cc doanh nghip t nhn. Cc nh lnh o sp n tui ngh hu cng c xu hng hn ch vic theo ui nhng d n c ln. iu ny c nguy c lm gim kh nng tng trng ca doanh nghip trong nhiu nm sau. Chnh v th, tui tc cng c tm quan trng nh l kh nng qun l ca ngi lnh o. Ngi lao ng: bao gm c cn b v cng nhn vin. y chnh l ht nhn ca nng lc pht trin ca doanh nghip. Ngi lao ng c nng lc cao c th khng ngng ci thin cc iu kin lm vic v qua , ci thin c nhng sn phm cui cng. Nhng chi ph o to v qu trnh tuyn dng cc ngun nhn lc phi c nghin cu mt cch t m. Trn thc t, mt vi doanh nghip nh IBM theo ui mt chnh sch tuyn dng c th c gi l v tnh. Tt c nhng nhn vin mi ca n u c o to v hng nghip ging ht nhng ngi c. Chnh sch tuyn dng ny gii thch mt phn s chm tr ca IBM trong cng ngh vin thng vo u nhng nm 90. cn tip PHN TCH CHIN LC CA DOANH NGHIP - phn 2 Ngun lc ti chnh. Chin lc ca mt doanh nghip DN phi c t trong mi quan h vi kh nng ti chnh ca n. Ngi ta s suy ngh nh th no v mt DN khng nh mong mun pht trin nh vo nhng ngun lc bn ngoi, vay n nhiu nhng li khng c ti sn g ng k? Mt DN phi c phng tin thc hin tham vng ca n, nhng khng cn d. Thc t, tht v ch nu DN c lng tin mt rt di do nhng li khng

c em ra u t m ch em gi vo cc ti khon vng lai ti ngn hng. Mt DN c tin rnh ri em u t vo nhng d n ngn hn cn lng ph hn nhiu so vi vic vay tin u t. Cng c sn xut. Nhm mc ch nghin cu v pht trin, nhng chi ph cho vic u t vo cc ti sn hu hnh l hon ton cn thit. V d nh khi bn u t vo my mc thit b, nguyn tc nh thu khng cho php bn khu tr ton b chi ph u t ngay trong nm u. N phi c khu hao tng phn trong nhiu nm. Vy, khi bn nhn thy c s gim st v cc khon khu hao, cng c ngha l tng v kt qu kinh doanh, cn phi t ra mt vi cu hi. Ti sao khu hao gim st? C phi n xut pht t vic my mc thit b li thi? Hoc DN khng c d n u t kh thi? Trong nhng trng hp ny, DN c nguy c tht li v sn xut trong nhng nm ti, hoc s suy gim kh nng cnh tranh. Vic nghin cu chnh sch u t ca DN vo cng c sn xut cng l iu rt cn thit trong vic phn tch chin lc. Sn phm. gim bt nhng ri ro gn lin vi hot ng sn xut ca n, DN cn phi a dng ha sn phm. Trong qu kh c nhiu DN c bm vo vic sn xut si amian ri khi thc dy vo mt bui sng no , thy hot ng ca mnh b cm. Mt s DN khc chuyn sn xut bn tnh cng s lm vo tnh trng th thm khi khng nhn thy c s pht trin mnh m ca thi i vi tnh. Tt c nhng v d ny ch ra rng mt DN chuyn doanh c th s khng tn ti nu sn phm duy nht ca n ri vo khng hong. Ngc li, mt DN bit cch a dng ha sn phm s khng n ni phi hy sinh qu nhiu khi c nhng quy nh mi ca lut php c th s hn ch mt trong nhng hot ng ca n.

Nhng s lng khng phi l tt c. Thc t, mt sn phm c th c sinh ra, ln ln v cht i. N c cuc sng ca chnh n. Nh vy, danh mc sn phm ca mt DN cn phi c sp t mt cch cn i gia nhng sn phm c chu k pht trin khc nhau. Chin lc kinh doanh. Chin lc kinh doanh cn nghin cu khng phi l phng thc phn phi sn phm ca doanh nghip m l cch phn chia nhng gii khch hng khc nhau trong tng doanh thu ca n. Trn thc t, mt doanh nghip lun phi ph thuc vo khch hng v nh cung cp. Hy th tng tng rng mt khch hng chim ti hn 50% doanh s ca bn. iu g s xy ra cho s n nh ca bn nu khch hng chuyn sang mua hng ca mt nh cung cp khc? Tnh trng tng i n gin, DN c ti 95% kh nng phi tuyn b ngng thanh ton cc khon n t nht trong vi thng. Nh vy, DN phi chu di c khch hng ny v s phi chp nhn nhng iu kin u i hn. iu ny v lu di s a DN ti nhng kh khn v ti chnh. V l do , iu quan trng i vi mt doanh nghip l khng nn qu tp trung vo mt nhm khch hng. C nhiu khch hng nh cn hn l c mt s khch hng ln. Nghin cu v pht trin. Vic nghin cu v pht trin l nhng chi ph cho hm nay nhng li l thnh qu cho ngy mai. Mt DN c trnh khoa hc k thut cao s c nhiu iu kin hn pht trin mnh m. Do vy, vic tm hiu v vn nghin cu v pht trin ng vai tr ht sc quan trng, c bit l s bin ng ca n theo thi gian. Mt s gim st v hot ng nghin cu v pht trin lun lun cn phi c gii thch. Ngc li, mt vic gia tng t ngt hot ng ny cng c th n du nhng chi ph khng c kim sot.

Chc nng v hot ng ca qu u t Qu u t l mt doanh nghip c phn, pht hnh chng ch qu chng nhn phn gp vn ca c ng. Ngun vn ca qu hnh thnh t cc tp on, t chc, cc cng ty, dn chng... Trong phm vi bi vit ny, tc gi ch cp n hai dng qu ang hot ng trn th trng chng khon Vit Nam l Qu VF1 v PRUBF1. 4 loi qu c bn Qu u t a dng ho c phiu thng: Danh mc u t ca qu phn ln l c phiu thng. Qu phn tch th trng kt hp vi mc tiu ca qu lp mt danh mc u t gm cc c phiu thng hng ca cc cng ty hng u (blue-chips) v cc c phiu tng trng. Qu u t chng khon Vit Nam (Qu VF1) ca Cng ty qun l Qu u t chng khon Vit Nam (VFM) chnh l loi ny. Qu cn bng: Qu ny duy tr t l cn i vi ti sn ca qu bng lp danh mc u t hp l gia tri phiu, c phiu u i v c phiu thng, v vy n dung ho tnh cht mo him ca c phiu v tnh cht an ton ca tri phiu. Qu ny thng c t trng u t tri phiu ln hn so vi c phiu. Hin ti Vit Nam c mt qu dng ny l Qu u t cn bng Prudential ("PRUBF1") ca cng ty qun l Qu u t Prudential Vit Nam (PVFMC). Da vo hnh thc pht hnh, c th chia thnh hai loi qu c bn l qu u t dng ng v qu u t dng m. Qu u t dng ng thng ch to vn qua mt ln bn cho cng chng vi mt s lng nht nh, khng c pht hnh thm huy ng vn v cng khng c mua li cc chng ch qu pht hnh. Gi th trng c phiu ca qu u t dng ng ph thuc vo lng cung cu nh khi p dng i vi cc loi chng khon khc, t ph thuc nhiu vo gi tr ti sn thun. Qu dng ng dng s vn ca mnh u t vo cc doanh nghip hay th trng chng khon. Sau dng vn v li thu c u t trc tip. Nh vy quy m vn ca loi qu ny ch c th tng ln t cc khon li nhun thu c.

Qu u t dng m: Loi ny, qu c th pht hnh thm chng ch qu tng vn khi vn cn nh u t mun mua v cng ty sn lng chuc li nhng chng ch pht hnh. cng ty cng sn sng mua li chng ch ca c ng vi bt c s lng no v thi gian no c ng mun. u t vo qu Vi cc nh u t khng chuyn, khi u thc vn hay mua chng ch qu ca cc qu u t, nh u t c th a dng ho danh mc u t vi s tin khng ln. Ngoi ra, nh u t c th gin tip s dng c kin thc v\ kinh nghim ca cc nh qun l u t chuyn nghip. Tham gia vo qu, nh u t c th theo di tnh trng u t ca mnh nh tnh minh bch cao. Lut quy nh cc qu phi bo co thay i ti sn rng nh k, do vy nh u t lun bit c cc tnh trng khon u t ca mnh.