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TS. L V Nam - Ging vin Khoa Kinh t - Lut, g HQG TP. HCM.
Th trng s cp
Th trng th cp
Cho bn ni b
KHI NIM V C IM C
Khi nim: Th trng s cp l ni chng khon ln u h khon i ht hnh. chng kh mi pht h h c im: Chng khon ln u tin xut hin (pht hnh). g (p ) T chc pht hnh huy ng c vn thng qua vic bn hcng khon cho nh u t. Nh u t b tin ra mua i ly quyn s hu chng khon. Chng khon l bng chng xc nhn mi quan h ti sn gia nh u t v t chc pht hnh: g p Quan h gp vn (nu mua c phiu). Quan h vay mn (nu mua tri phiu).
CH TH CA TH TRNG S CP
Chnh ph: huy ng vn v t chc qun l, p y g q , iu hnh v gim st. Cc doanh nghip: huy ng vn v u t. Cc loi hnh doanh nghip bao gm: CTCP, C l i h h d h hi b CTCP DNNN, CT TNHH, CTHD, DNTN. Qu u t: huy ng vn hnh thnh cc qu v s dng u t. Cc nh u t: cc t c c, c nhn t o g v t chc, trong ngoi nc.
CHO BN RING L (NI B) Khi nim: L vic cho bn chng khon cho mt s ngi nht nh (thng l c nh u t c t chc) vi nhng iu kin hn ch v khng tin hnh mt cch rng ri ra cng chng chng. Theo Ngh nh 01/N-CP/2010:
CHO BN RING L (NI B) Quy trnh thc hin: i hi ng c ng thng qua phng n pht hnh s lng loi c phiu pht hnh, lng, hnh. Hi qun t quyt nh thi im, ng tr t h i gi, cch phn phi. iu chnh li vn iu l. q quyn. Bo co c quan c thm q y
PHP LUT IU CHNH HOT NG PHT HNH CHNG KHON TI VIT NAM
Php lut v doanh nghip iu chnh pht hnh c phiu phn phi ni b; Php lut v chng khon iu chnh pht hnh c phiu ra cng chng.
C s php l: (Khon 4 iu 61 Lut doanh nghip 4, nm 1999; iu 22 Ngh nh 03 hng dn Lut doanh nghip nm 1999; Khon 6 iu 87 Lut doanh nghip nm 2005; iu 1 Ngh nh 144 v ck v TTCK; iu 1 Lut chng khon ngy 23/06/2006)
IU KIN PHT HNH CHNG KHON RA CNG CHNG iu kin nh tnh: Cc nh qun l cng ty phi c kinh nghim qun l, iu hnh kinh doanh C cu t chc ca cng ty phi hp l v phi v li ch cc nh u t Bo co ti chnh, bn co bch v cc ti liu cung cp th ti ca cng t phi c ti cy thng tin ty hi tin cao nht Cng ty phi c phng n kh thi t vic huy ng vn thu c t t pht hnh. Cng ty phi c mt hoc mt s t chc bo lnh pht hnh ng ra thc hin bo lnh pht hnh.
IU KIN PHT HNH CHNG KHON RA CNG CHNG iu kin nh lng: Cng ty phi c quy m nht nh v vn. Phi hot ng hiu qu trong mt s nm lin tc trc khi pht hnh c phiu ra cng chng. Tng gi tr ca t pht hnh phi t quy m nht nh nh. Mt t l nht nh c phiu t pht hnh phi bn cho mt s lng quy nh cng chng u t. Cc thnh vin sng lp ca cng ty phi nm gi mt t l nht nh vn c phn ca cng ty trong mt khong thi gian nht nh.
Ty le phat hanh ra cong chung 25% 15% neu VL > 400 trieu NDT 15% - 30% >= 25% >= 30% hoac t nhat la 300.000 co phieu
5 ty won
>= 1.000 co ong nho (la co ong nam gi <= 1% co phieu a phat hanh )
IU KIN PHT HNH CHNG CH QU RA CNG CHNG TI VT NAM Tng g tr chng ch q ng k cho bn ti g gi g qu g thiu nm mi t ng Vit Nam; C phng n pht hnh v phng n u t s vn thu c t t cho bn chng ch qu ph hp vi quy nh ca Lut ny. Chnh ph quy nh iu kin cho bn chng khon ra cng chng i vi doanh nghip nh nc, doa nghip c vn u t nc ngoi c, doanh g p c go chuyn i thnh cng ty c phn, doanh nghip thnh lp mi thuc lnh vc c s h tng hoc cng ngh cao; cho bn chng khon ra nc ngoi v cc trng hp c th khc.
Cho bn tri phiu ca Chnh ph Vit Nam; p p Cho bn tri phiu ca t chc ti chnh quc t c Chnh ph Vit Nam chp thun; Cho bn c phiu ra cng chng ca doanh nghip nh nc chuyn i thnh cng ty c phn; Vic bn chng khon theo bn n, quyt nh ca To n hoc vic bn chng khon ca ngi qu l hoc ngi c nhn t s g qun oc g ti sn trong cc trng hp ph sn hoc mt kh nng thanh ton.
TH TC CHO BN LN U
Bc 1: Chun b h s Lp t hp bo lnh pht hnh (nu c). TCBLPH k hp ng bo lnh vi TCPH. Chun b h s (TCBLPH lp, TCPH h tr): n; Bn sao c cng chng Giy PHP THNH LP LP, CNKKD hoc Q chuyn DNNN thnh CTCP. iu l; Ngh N h quyt HC v vic pht h h t i ht hnh; Bn co bch; y DS v So yu l lich thnh vin HQT v Ban G; Bo co ti chnh c kim ton 2 nm lin tc; Cam kt bo lnh pht hnh (nu c). Chuyn h s cho cng ty lut thm nh nh. Hp ra sot trch nhim cc bn (c lp bin bn).
TH TC CHO BN LN U
Bc 1: Np h s ln UBCKNN p Chnh sa h s ln cui v np (trc tip hoc qua Bu in). TCPH chnh sa theo yu cu ca UBCKNN (vic chnh sa c lp bin bn). Trong thi gian UBCKNN xem xt h s, TCPH c s dng cc th ti t d thng tin trung th t thc trong h s th d th thm trng nhng khng c php mi cho, qung co, tit l gi hoc trin vng ca TCPH. Trong thi gian ny, TCBLPH v TCPH chun b d tho cng b cho bn, Bn co bch tm tt, chn p phng tin cng b vic cho bn. g g
TH TC CHO BN LN U
Bc 4: Phn phi chng khon p g Nh u t nhn phiu ng k v in y thng tin. Nh u t tin hnh t cc (10% trn tng gi tr ng k mua). Thi hn ng k l 20 ngy lm vic. g g y Ht hn ng k, TCPH v TCBLPH thng bo s c phiu ng k mua. Vic phn phi theo nguyn tc: u tin v gi hoc u tin v thi gian hoc u tin khc kh6ng tri php lut.
TH TC CHO BN LN U
Bc 5: Kt thc t cho bn
TCBLPH, TCPH chuyn giao tin v chng khon cho ngi mua mua. Ti Vit Nam, sau khi kt thc t pht hnh thi hn chuyn giao l 30 ngy; tin thu c s chuyn vo ti khon phong ta ti ngn hng. Sau khi kt thc t cho bn, trong thi hn 10 ngy TCBLPH v TCPH phi bo co UBCKNN.
THUN LI I VI DN KHI PHT HNH C PHIU RA CNG CHNG c tn dng hnh thc huy ng vn linh hot, ch ng. Hnh nh v uy tnh cng ty tng cao do c qung b rng ri. Lng c ng tng ln gip cng ty tranh th c s ng gp v tr tu, kinh nghim trong iu hnh. Kh nng huy ng s vn cn thit v c phiu hi c h xc vi gi th t nh i i trng.
THCH THC I VI DN KHI PHT HNH C PHIU RA CNG CHNG Phi cng khai thng tin v p dng ch k ton, kim ton v bo co theo quy nh. Chu s qun l ca UBCKNN. g y quyn g y C nguy c b mt q y kim sot cng ty. Quy m vn v lng c ng tng ln lm cho vic qun l, iu hnh phc tp hn. C cu quyn s hu khng n nh bi nhu cu giao dch c phiu hng ngy ca cc c ng.
T hp bo lnh pht hnh hnh. T chc bo lnh pht hnh chnh. Nhm i Nh i l phn phi. h hi