Bài Nhóm

GVHD: ThS.
Nguyn Nh Hin Ha
CHNG I: KHI QUT V TRI PHIU V TH TRNG TRI PHIU 1. KHI QUT V TRI PHIU 1.1. Khi nim tri phiu Theo Lut chng khon ca Quc hi nc Cng Ha X Hi Ch Ngha Vit Nam s 70/2006/QH11 ngy 29/6/2006 th tri phiu l loi chng khon xc nhn quyn v li ch hp php ca ngi s h u i vi mt phn vn n ca t chc pht hnh. Tri phiu l mt chng nhn ngha v n ca ngi pht hnh phi tr cho ngi s hu tri phiu i vi mt khon tin c th (mnh gi ca tri phiu), trong mt thi gian xc nh v vi mt li tc quy nh. Ngi pht hnh c th l doanh nghip (tri phiu trong trng hp ny c gi l tri phiu doanh nghip), mt t chc chnh quyn nh Kho bc nh nc (trong trng hp ny gi l tri phiu kho bc), chnh quyn (trong trng hp ny gi l cng tri hoc tri phiu chnh ph). Ngi mua tri phiu, hay tri ch, c th l c nhn hoc doanh nghip hoc chnh ph. Tn ca tri ch c th c ghi trn tri phiu (trng hp ny gi l tri phiu ghi danh) hoc khng c ghi (tri phiu v danh). Tri ch l ngi cho nh pht hnh vay v h khng chu bt c trch nhim no v kt qu s dng vn vay ca ngi vay. Nh pht hnh c ngha v phi thanh ton theo cc cam kt n c xc nh trong hp ng vay. 1.2. c im c bn Ch th pht hnh tri phiu khng ch c Cng ty, m cn c Chnh ph Trung ng v Chnh ph a phng. Ngi mua tri phiu ch l ngi cho ch th pht hnh vay tin v l ch n ca ch th pht hnh tri phiu. Khc vi ngi mua c phiu l ngi Ch s hu Cng ty. Thu nhp ca tri phiu l tin li, l khon thu c nh khng ph thuc vo kt qu sn xut kinh doanh ca cng ty.
Nhm 4- Lp k16 PSU QNH2 1
GVHD: ThS. Nguyn Nh Hin Ha

Tri phiu l chng khon n, v vy khi Cng ty b gii th hoc ph sn th trc ht Cng ty phi c ngha v thanh ton cho cc Ch tri phiu trc, sau mi chia cho cc C ng. Vi nhng c im trn, tri phiu c tnh n nh v cha ng t ri ro hn c phiu. V vy, tri phiu l loi chng khon c cc nh u t a chung.
1.3. c trng 1.3.1. Mnh gi tri phiu: Mnh gi tri phiu l gi tr danh ngha ca tri phiu l gi tr ghi trn tri phiu. Gi tr ny c coi l s vn gc. Mnh gi tri phiu l cn c xc nh s li tc tin vay m ngi pht hnh phi tr. Mnh gi cng th hin s tin ngi pht hnh phi hon tr khi tri phiu n hn. Mnh gi = S vn huy ng/s tri phiu pht hnh 1.3.2. Li sut danh ngha: li sut danh ngha hay li sut cung phiu l mc li sut m nh u t c hng hng nm,thng c ghi trn tri phiu hoc ngi pht hnh cng b, c xc nh bi cc iu kin th trng ti thi im cho bn tri phiu. Thng thng cc li sut tri phiu u tr li theo nh k ( Fixed -Rate Bond), mi nm mt hoc hai ln ( 6 thng/ln vo ngy 30/6 v 1 nm/ln vo ngy 31/12), tr loi tri phiu khng tr li theo nh k (zero coupon) Li sut ny c xc nh theo t l phn trm so vi mnh gi tri phiu v cng l cn c xc nh li tc tri phiu. S tin li nh u t nhn c hng nm = li sut coupon x Mnh gi Cc nhn t nh hng n li sut tri phiu: + Cung cu vn trn th trng tn dng. Lng cung cu vn li tu thuc vo chu k kinh t, ng thi chnh sch ca ngn hng trung ng,

mc thm ht ngn sch ca chnh ph v phng thc ti tr thm ht . + Mc ri ro ca mi nh pht hnh v ca tng t pht hnh. Cu trc ri ro ca li sut s quy nh li sut ca mi tri phiu. Ri ro cng ln, li sut cng cao. + Thi gian o hn ca tri phiu. Nu cc tri phiu c mc ri ro nh nhau, nhn chung thi gian o hn cng di th li sut cng cao Thi hn ca tri phiu:
1.3.3.
L khong thi gian t ngy pht hnh n ngy ngi pht hnh hon tr vn ln cui. Tri phiu c thi hn khc nhau, tri phiu trung hn c thi gian t 1 nm n 5 nm. Tri phiu di hn, c thi gian t 5 nm tr ln. 1.3.4. K tr li: L khong thi gian ngi pht hnh tr li cho ngi nm gi tri phiu. Li sut tri phiu c xc nh theo nm, nhng vic thanh ton li sut tri phiu thng c mi nm hai hoc mt ln. 1.3.5. Gi pht hnh L gi bn ra ca tri phiu vo thi im pht hnh. Thng thng gi pht hnh c xc nh theo t l phn trm (%) ca mnh gi. Ty theo tnh hnh ca th trng v ca ngi pht hnh xc nh gi pht hnh mt cch thch hp. C th phn bit 3 trng hp: Gi pht hnh bng mnh gi (ngang gi); Gi pht hnh di mnh gi (gi chit khu); Gi pht hnh trn mnh gi (gi tng).
D tri phiu c bn vi gi no (ngang gi, gi chit khu hay gi tng), th li tc lun c xc nh theo mnh gi ca tri phiu v khi o hn, ngi c tri phiu s c thanh ton theo mnh gi ca tri phiu. Cc nhn t nh hng n gi tri phiu:

+ K hn ca tri phiu: k hn cng di, tnh bin ng ca tri phiu cng ln trc s bin ng ca li sut th trng. + Li sut tn dng di hn: khi li sut ny h thp th nhiu nh u t mua tri phiu lm cho cu tri phiu tng v gi tri phiu tng v ngc li. + Tnh hnh lm pht: khi nh u t mua tri phiu cc cng ty pht hnh cam kt s tr mt li sut c nh trong sut k hn ca tri phiu. Do khi lm pht xy ra, gi tri phiu s gim. + Tnh hnh kinh doanh v uy tn ca doanh nghip pht hnh + Ri ro v t gi + Ri ro thanh l: ri ro v tnh th trng ph thuc vo kh nng bn d dng mt tri phiu mi. + Ri ro do bin c bt ng + Ri ro tn dng: nguy c cng ty pht hnh khng c kh nng chi tr ng hn, tc l khng c kh nng chi tr mnh gi v li ng hn 1.4. Nhng ri ro trong u t tri phiu Ri ro tn nhim (credit risk): Mc ri ro tn nhim ca tri phiu c nh gi da trn cc yu t kinh t v kh nng hon tr li v gc tri phiu ca nh pht hnh. Ri ro tn nhim c th hin qua h s tn nhim. H s tn nhim do cc cng ty nh gi tn nhim n nh. H s tn nhim cng cao th tri phiu c coi l cng an ton. Chi tit xp hng tn nhim Vit Nam ca Moodys, S&P v Fitch: T chc Tiu ch nh gi Moodys Ngoi t di hn Ngoi t ngn hn Ni t di hn B2 B2 S&P BBB BBFitch B+ B B+
Nhm 4- Lp k16 PSU QNH2

Ni t ngn hn Trin vng Trn xp hng Ngy xp hng N NH B1 28/9/2012 17/4/1997 B N NH 6/6/2012 N NH B+ 11/5/2012
gn nht Xp hng ln u
Lch s 15 nm xp hng tn nhim ca Moody's v S &P bao gm Vit Nam v cc nc thuc khu vc Chu Thi Bnh Dng:
Nhn vo biu th hin s thay i v xp hng tn nhim vi cc nc, vng lnh th khu vc chu ca Moody's v S&P c th thy cc nc, vng lnh th c nh gi tn nhim cao nht gm Singapore, Hong Kong, i Loan, Trung Quc, Hn Quc (t A n AAA). Nhm gia l cc nc ng Nam nh Malaysia, Indonesia, Thi Lan, n , Philippines. Nhm cui gm c Vit Nam, Sri Lanka, Pakistan vi xp hng dao ng t B n BBB.
Ngun: Moody's; Standard & Poor's; Fitch; IMF; Economist Intelligence Unit Cc mc xp hng tng ng gia Moodys, S&P v Fitch
Ngun: Moodys, S&P v Fitch Ring i vi Vit Nam, Hng xp hng tn nhim Standard & Poor's (S&P) hm 28/6 quyt nh gi nguyn xp hng pht hnh tri phiu di hn ca Vit Nam mc BB- v ngn hn B vi trin vng n nh. Ngoi ra, S&P cng gi nguyn xp hng BB- i vi pht hnh tri phiu khng bo m cao cp ca Vit Nam. Xp hng tn nhim ca Vit Nam c ci thin nh n nc ngoi vn mc va phi, chi ph vay thp, thi gian o hn di v tng n nc ngoi s vn di 50%

GDP trong vng 3 nm ti. Hn na, theo S&P, nhu cu vay n nc ngoi ca Vit Nam s khng vt ti khon vng lai v d tr ngoi hi trong thi gian ny. Ri ro li sut (interest rate risk): Khi li sut th trng cng tng, gi tri phiu cng gim. Khi li sut th trng cng gim, gi tri phiu s cng tng. Nguyn nhn chnh l do li sut ca tri phiu c n nh t trc nn khi li sut th trng gim, tri phiu c vi mc li sut cao hn s tr nn hp dn hn v ngc li. Tri phiu c thi gian o hn cng di th mc tng hay gim gi cng cao. Ri ro lm pht (inflation risk): Lm pht l k th ca nh u t tri phiu bi n n mn gi tr ng tin. Lm pht cng cao, li sut thc ca tri phiu (bng li sut danh ngha ca tri phiu tr lm pht) cng gim, do vy lm mt gi tr ca tri phiu. Nu mt tri phiu tr li 7%/nm, lm pht bnh qun 5% th li sut thc ca tri phiu l 2%. Nu lm pht gim xung cn 3% th li sut thc s l 4%. Ri ro thanh khon (liquidity risk): Trong iu kin th trng thiu tnh thanh khon, nh u t tri phiu s kh lng tm c ngi sn sng mua li tri phiu, hoc nu tm c th phi bn li vi gi r hn so vi gi tr thc ca tri phiu. Ri ro khi th trng chng khon st gi mnh: Thng thng gi tri phiu khng bin ng nhiu nh gi c phiu, do vy khi th trng chng khon st gi mnh, cc nh u t c xu hng chuyn u t t c phiu sang tri phiu, qua y gi tri phiu tng ln. Tuy nhin, khi th trng chng khon xung n mc y, nh u t li c xu hng chuyn sang c phiu ang mc gi thp, iu lm gi tri phiu gim tr li. c im c bn ca tri phiu
1.5.
- v tr ch th pht hnh: + Ch th pht hnh tri phiu to nn khon n cho doanh nghip ca mnh. Ch

th pht hnh khng ch c cng ty m cn c c chnh ph v chnh quyn a phng. + an ton thp hn c phiu do phi chu p lc phi thanh ton n. + Ngc li chi ph n thp hn c phiu nn li sut thp hn to nn khon tit kim v li th cho ch th pht hnh. - v tr ngi mua: + Ngi mua tr thnh ch n ca ch th pht hnh. + Nu nh thu nhp ch yu ca ch s hu c phiu l c tc ph thuc vo tnh hnh sn xut kinh doanh ca cng ty th tri li thu nhp ch yu ca tri phiu l tin li - khon thu c nh khng ph thuc vo tnh hnh sn xut kinh doanh ca ch th pht hnh. + Nu cng ty hay doanh nghip b ph sn hoc gii th th trc ht cng ty u tin tr n cho cc tri ch trc sau mi phn chia cho cc c ng. V vy, tri phiu c tnh n nh v cha ng t ri ro hn c phiu. Cho nn y l dng u t nn c quan tm v rt trin vng trong tng lai. 1.6. Phn loi tri phiu 1.6.1. Cn c theo i tng pht hnh: 1.6.1.1. Tri phiu ca Chnh ph: Tri phiu Chnh ph (TPCP) l mt loi chng khon n do Chnh ph
pht hnh, c thi hn, mnh gi, li sut v xc nhn ngha v tr n ca Chnh ph i vi ngi s hu tri phiu, TPCP l tn gi chung ca cc loi tri phiu do Kho bc Nh nc pht hnh v tri phiu chnh quyn a phng, cc c quan c Chnh ph cho php pht hnh v c Chnh ph m bo thanh ton. Mc ch ca vic pht hnh tri phiu Chnh ph l nhm huy ng vn b p thiu ht ngn sch nh nc, u t xy dng cc cng trnh, d n trng im hoc xy dng, thc hin cc chng trnh mc tiu ca Chnh ph. Ngun thanh ton TPCP ch yu ly t hoc ngun vn thu hi trc tip t cc cng trnh

c u t t ngun vn pht hnh TPCP mang li. Do vy, TPCP c tnh an ton cao, tnh ri ro thp bi v n c m bo tr n bng ngun vn ca ngn sch nh nc. TPCP c nhiu loi khc nhau. Nu cn c vo k hn v mc ch pht hnh th TPCP c chia thnh: Tn phiu kho bc; tri phiu kho bc; tri phiu cng trnh; tri phiu u t; tri phiu ngoi t; cng tri xy dng t quc. Kinh nghim ca mt s nc ng v nc M v vic pht hnh tri phiu chnh ph Thi Lan: Sau khng hong ti chnh-tin t 1997-1998, th trng n Thi Lan, gm th trng tri phiu c s pht trin ng k nhm huy ng ngun vn ca cc t chc v gii u t ni a v quc t cung cp vn, ng thi l cng c qun l thanh khon ca Ngn hng Trung ng. Thi Lan pht trin c th trng vn kh cn bng gia h thng cc ngn hng thng mi, th trng chng khon v th trng tri phiu. Th trng tri phiu ca Thi Lan pht trin c v quy m th trng v khi lng giao dch, gm cng tri (do B Ti chnh qun l) v tri phiu doanh nghip (do y ban chng khon iu hnh), trong cng tri chnh ph chim khong 80-90%; tri phiu doanh nghip nh nc trung v di hn c pht hnh bi cc doanh nghip nh nc nhng c s bo lnh ca B Ti chnh (khong 80-90% tng vay) nhng khng vt qu 10% tng chi ngn sch. a phn cng tri pht hnh bng ng Bt nhm hn ch ri ro bin ng t gi hi oi nhng cng c lng tri phiu doanh nghip pht hnh bng ngoi t mnh (USD, Euro). Hin nay Thi Lan ngng pht hnh tri phiu trn th trng vn quc t do nh gi th trng vay n quc t c nhng ri ro, hn ch v trc bi cnh bin ng ti chnh v n cng Chu u, gi vay (li sut) ang tng cao hn. Singapore: pht hnh tri phiu chnh ph (SGS) bao gm cng tri (bonds) v ngn phiu (treasure bills) nhm p ng nhu cu ca cc ngn hng i vi cc ti

sn an ton v d chuyn i (thanh khon). Mc ch hin nay ca SGS l: (1) Xy dng th trng SGS c tnh thanh khon; (2) Thc y tng trng th trng th cp; (3) Khuyn khch c nh pht hnh tri phiu v cc nh u t tri phiu ni a v quc t tham gia vo th trng. Singapore khng pht hnh tri phiu nhm mc ch b p thm ht ngn sch. Singapore khng n nc ngoi, khng pht hnh tri phiu Chnh ph bng ngoi t. Vi d tr ngoi t ln, mc tn nhim v trnh kinh t cao, mc ch pht hnh tri phiu ca Singapore khng ging vi nhng nc b thm ht ngn sch. Trung Quc: Trung Quc pht hnh tri phiu Chnh ph trn th trng quc t t nm 1987 (bng ng Mc c). T n nay, tng tri phiu ly k pht hnh tr gi khong 10 t USD; a s o hn, ch cn hn 2 t USD l cha o hn. Theo nh gi ca gii chuyn gia Trung Quc, Trung Quc pht hnh tri phiu ch yu nhm qung b nn kinh t nc ny vi gii u t v kinh doanh quc t. Hn na, Trung Quc lun c ngun ti chnh d p ng nhu cu chi tiu nn khng c mc tiu pht hnh tri phiu do thiu vn u t. T nm 2004 n nay, Trung Quc hu nh khng pht hnh tri phiu Chnh ph ra th trng quc t, ngoi tr nm 2008 c pht hnh tri phiu Chnh ph bng ng Nhn dn t th trng Hng Cng nhm gip Hng Cng ng ph vi khng hong. M: tng khi lng bn rng ca cc nh u t nc ngoi trong thng 6 t mc cao k lc l 40,8 t USD, theo s liu do hng tin Bloomberg tng hp t nm 1977.
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Theo gii phn tch, l do ca vic nh u t nc ngoi bn ti sn ca M l vic nn kinh t M ang mnh ln v kinh t ton cu ci thin, nn nh u t c th ang chuyn tin sang cc ti sn c tnh mo him hn nhng sinh li cao hn trc khi Cc D tr Lin bang M bt u gim kch thch. Ti sn di hn nh tri phiu kho bc M thng c li sut thp. Nu tnh c cc chng khon ngn hn nh tn phiu kho bc, tng lng bn rng ch l 19 t USD, trong khi thng 5 ghi nhn mc mua rng 56,6 t USD.
Trung Quc vn l ch n nc ngoi ln nht ca M trong thng 6 d lng nm gi tri phiu chnh ph M ca nc ny gim 21,5 t xung 1,276 nghn t USD. y l mc gim ln nht k t thng 12/2011 v l ln gim u tin k t thng 1/2013. Nht Bn nm gi tri phiu kho bc M nhiu th hai, vi lng nm gi ng mc 1,083 nghn t USD, gim 20,3 t USD so vi thng trc .
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Cn Vit Nam
Th trng tri phiu Vit Nam nm 2012 c bc pht trin n tng, c bit l th trng tri phiu chnh ph. Khng ch gp phn bnh n th trng ti chnh, s m rng quy m ca th trng tri phiu chnh ph cn gip tng thanh khon cho th trng n, h tr tch cc cho cng tc iu hnh ngn sch nh nc. Chng ta s phn tch k th trng tri phiu Vit Nam phn II. 1.6.1.2. Tri phiu ca doanh nghip: L nhng tri phiu do doanh nghip nh nc, cng ty c phn v cng ty trch nhim hu hn pht hnh tng vn hot ng. Tri phiu doanh nghip c nhiu loi v rt a dng. 1.6.1.3. Tri phiu ca ngn hng v cc t chc ti chnh: cc t chc ny c th pht hnh tri phiu tng thm vn hot ng.
1.6.2. Phn loi theo li tc tri phiu Tri phiu c li sut c nh: L loi tri phiu m li tc c xc nh theo mt t l phn trm (%) c nh tnh theo mnh gi. Tri phiu c li sut bin i (li sut th ni): L loi tri phiu m li tc c tr trong cc k c s khc nhau v c tnh theo mt li sut c s bin i theo mt li sut tham chiu. Tri phiu c li sut bng khng: L loi tri phiu m ngi mua khng nhn c li, nhng c mua vi gi thp hn mnh gi (mua chit khu) v c hon tr bng mnh gi khi tri phiu o hn. 1.6.3. Cn c theo mc m bo thanh ton ca ngi pht hnh Tri phiu bo m: L loi tri phiu m ngi pht hnh dng mt ti sn c gi tr lm vt m bo cho vic pht hnh. Khi nh pht hnh mt kh nng thanh ton, th tri ch c quyn thu v bn ti sn thu hi li s tin ngi pht hnh cn n. Tri phiu bo m thng bao gm mt s loi ch yu sau: Tri phiu c ti sn cm c: L loi tri phiu bo m bng vic ngi pht hnh cm c mt bt ng sn bo m thanh ton cho tri ch. Thng gi tr ti sn cm c ln hn tng mnh gi ca cc tri phiu pht hnh m bo quyn li cho tri ch. Tri phiu bo m bng chng khon k qu: L loi tri phiu c bo m bng vic ngi pht hnh thng l em k qu s chng khon d chuyn nhng m mnh s hu lm ti sn bo m. Tri phiu khng bo m: L loi tri phiu pht hnh khng c ti sn lm vt bo m m ch bo m bng uy tn ca ngi pht hnh. 1.6.4. Cn c vo hnh thc tri phiu
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Tri phiu v danh: L loi tri phiu khng ghi tn ca ngi mua v trong s sch ca ngi pht hnh. Tri ch l ngi c hng quyn li. Nhng phiu tr li nh theo t chng ch, v khi n hn tr li, ngi gi tri phiu ch vic x ra v mang ti ngn hng nhn li. Khi tri phiu o hn, ngi nm gi n mang chng ch ti ngn hng nhn li khon cho vay. Tri phiu ghi danh: l loi tri phiu c ghi tn v a ch ca tri ch, trn chng ch v trn s ca ngi pht hnh. Hnh thc ghi danh c th ch thc hin cho phn vn gc, cng c th l ghi danh ton b, c gc ln li. Dng ghi danh ton b m ang ngy cng ph bin l hnh thc ghi s. Tri phiu ghi s hon ton khng c dng vt cht, quyn s hu c xc nhn bng vic lu gi tn v a ch ca ch s hu trn my tnh. 1.6.5. Phn loi da vo tnh cht tri phiu a. Tri phiu c th chuyn i Tri phiu chuyn i l loi tri phiu c kh nng chuyn i thnh c phiu cng ty theo mt t l cng b trc v vo mt khong thi gian xc nh trc. Thng thng bao gi ngi pht hnh tri phiu chuyn i cng dnh cho ngi mua quyn quyt nh c chuyn i sang c phiu hay khng. Ngi nm gi tri phiu chuyn i c quyn khng chuyn sang c phiu nu ti thi im chuyn i, cng ty lm n khng tt. Loi tri phiu ny c c im c tr mt mc li sut c nh nn c v ging nh tri phiu nhng mt khc li c th chuyn i thnh c phiu thng ca cng ty , v dy cng l im hp dn ca tri phiu c tnh chuyn i. Tri phiu chuyn i c th c coi l s kt hp gia mt tri phiu thng v mt quyn chn mua c phiu. Thng thng, tri phiu loi ny c t sut tri tc (li tc tri phiu) tng i thp so vi cc loi tri phiu khc, song b li, n ha hn em li cho nh u t li nhun ln hn t kh nng mua c c phiu vi mc gi u i trong tng lai. Quyn chn mua c phiu chnh l gi tr gia tng ca loi tri phiu chuyn i, khin n tr thnh mt mt hng rt hp dn i vi cc nh u t. Nhiu khi, cng ty cha pht hnh c phiu, nhng tri phiu chuyn i ca n tr thnh

mt mt hng c gii u t sn lng gt gao, c bit l trong trng hp cc "bluechip" tng lai. T gc ca cng ty pht hnh, li ch ch yu ca vic huy ng vn t tri phiu chuyn i l vic gim c li sut i vay. . Ngoi tri phiu chuyn i cn c mt loi chng khon gn tng t vi n,
l tri phiu hon i (exchangeable bond). Hai loi ny kh ging nhau, ch khc ch loi c phiu m tri phiu hon i nhn c l c phiu ca cng ty khc. Pht hnh tri phiu chuyn i l mt cch gip cng ty trnh vic nh u t nhn nhn cc hnh ng ca mnh theo chiu hng tiu cc. V d, mt cng ty nim yt, chn cch tng vn thng qua vic pht hnh thm c phiu. Th trng thng nhn nhn vic ny nh mt tn hiu cho thy gi c phiu ca cng ty ang c nh gi qu cao. trnh n tng xu ny, cng ty s pht hnh tri phiu chuyn i m nhng ngi nm gi c th chuyn sang c phiu nu cng ty lm n tt. Tri phiu c quyn mua c phiu: L loi tri phiu c km theo phiu cho php tri ch c quyn mua mt s lng nht nh c phiu ca cng ty. Tri phiu c th mua li: L loi tri phiu cho php nh pht hnh c quyn mua li mt phn hay ton b trc khi tri phiu n hn thanh ton. Cn c theo thi gian o hn
1.6.6.
+Tp ngn hn: thi hn 1 n 5 nm: + TP trung hn: thi hn 5 n 15 nm + TP di hn: trn 15 nm. + TP v hn: khng ghi ngy o hn 1.6.7. Cn c theo phng thc tr li + Tp li tc + Tp chit khu 1.6.8. Cn c theo phm vi lu thng + Tp quc ni

+ Tp quc t 1.7. iu kin pht hnh Theo iu 12 ca lut chng khon, iu kin cho bn tri phiu ra cng chng bao gm: Ch th c mc vn iu l gp ti thi im ng k cho bn t mi t ng Vit Nam tr ln tnh theo gi tr ghi trn s k ton. Hot ng kinh doanh ca nm lin trc nm ng k cho bn phi c li, ng thi khng c l lu k tnh n nm ng k cho bn, khng c cc khon n phi tr qu hn trn mt nm. C phng n pht hnh, phng n s dng v tr n vn thu c t t cho bn c Hi ng qun tr hoc Hi ng thnh vin hoc Ch s hu cng ty thng qua. C cam kt thc hin ngha v ca t chc pht hnh i vi nh u t v iu kin pht hnh, thanh ton, bo m quyn v li ch hp php ca nh u t v cc iu kin khc. 2. Th trng tri phiu 2.1. Khi nim: Th trng tri phiu l mt b phn ca th trng vn di hn, thc hin c ch chuyn vn trc tip t nh u t sang nhfa pht hnh. Thc hin chc nng ca th trng ti chnh l cung cp ngun vn trung v di hn cho nn kinh t. Th trng tri phiu l th trng vn di hn, tp trung cc ngun vn cho u t v pht trin kinh t.Tc ng ln n mi trng u t ni ring v nn kinh t ni chung. 2.2. Phn loi th trng tri phiu Th trng tri phiu c chia thnh th trng s cp v th trng th cp 2.2.1. Th trng s cp
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Th trng s cp l th trng mua bn cc tri phiu mi pht hnh. Trn th trng ny vn t nh u t s c chuyn sang nh pht hnh thng qua vic nh u mua cc tri phiu mi pht hnh c im: Th trng s cp l ni duy nht m cc tri phiu em li vn cho ngi pht hnh. L th trng to vn cho n v pht hnh v ng thi cng to ra hng ha cho th trng giao dch. Trn bnh din ton b nn kinh t, th trng s cp lm tng vn u t. Nhng ngi bn tri phiu trn th trng s cp c xc nh thng l Kho bc, Ngn hng Nh nc, cng ty pht hnh, tp on bo lnh pht hnh,... Th trng s cp ch c t chc mt ln cho mt loi chng khon nht nh, trong thi gian hn nh. Vai tr: Tri phiu ha cc ngun vn cn huy ng, vn ca cng ty c huy ng qua vic pht hnh chng khon Thc hin qu trnh chu chuyn ti chnh trc tip a cc khon tin nhn ri tm thi trong dn chng vo u t, chuyn tin san dng vn di hn. 2.2.2. Th trng th cp Th trng th cp l ni giao dch cc tri phiu c pht hnh trn th trng s cp. L th trng chuyn nhng quyn nhng quyn s hu tri phiu. Th trng th cp m bo tnh thanh khon cho cc tri phiu pht hnh. c im: Th trng th cp l mt th trng hot ng lin tc, cc nh u t c th mua v bn cc chng khon nhiu ln trn th trng th cp. Trn th trng th cp, cc khon tin thu c t vic bn tri phiu thuc v cc nh u t v cc nh kinh doanh tri phiu ch khng thuc v nh pht

hnh. Ni cch khc, cc lung vn khng chy vo nhng ngi pht hnh tri phiu m vn chuyn gia nhng ngi u t tri phiu trn th trng. Th trng th cp l mt b phn quan trng ca th trng tri phiu, gn b cht ch vi th trng s cp. Giao dch trn th trng th cp phn nh nguyn tc cnh tranh t do, gi tri phiu trn th trng th cp do cung v cu, quy lut gi tr, quyt nh. 2.2.3. Mi lin h gia th trng s cp v th trng th cp Th trng s cp c coi l tin cho s hnh thnh v pht trin ca th trng th cp v l ni cung cp hng ha tri phiu trn th trng th cp. Nu khng c th trng s cp th khng th c s xut hin ca th trng th cp. Th trng th cp l mt lai th trng c bit, n khng th ra i chng no vn cha c mt th trng s cp rng ri, vng chc vi nhiu loi tri phiu a dng, phong ph, hp dn nhiu nh u v cng chng n b vn ra u t tri phiu. Th trng th cp l ng lc, l iu kin cho s pht trin ca th trng s cp, v mt khi tri phiu c pht hnh ra trn th trng, nu khng c mt th trng th cp lu hnh, mua bn, trao i to ra tnh thanh khon cho tri phiu th tht kh c th thuyt phc nh u t b tin ra mua tri phiu. Vic mua bn giao dch tri phiu trn th trng th cp lm cho lu ng ha vn u t, cc nh u t c th chuyn t tri phiu thnh tin mt. Vn kh dng thanh khon cao ca tri phiu m tnh cht nng ng ca th trng th cp hp dn cc nh u t b tin ra mua tri phiu. iu ny chnh l iu kin c bn cc nh pht hnh tri phiu c th bn c tri phiu trn th trng s cp v huy ng c ngun vn ln theo nhu cu. 2.3. Hn mc tn nhim ca tri phiu Khi nim
2.3.1.
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Hn mc tn nhim l s nh s nh gi hin thi v mc sn sng v kh nng tr gc v li i vi chng khon n ca mt nh pht hnh trong sut thi gian tn ti ca chng khon . S cn thit: vic nh gi hn mc tn nhim nhm mc ch ch yu bo v li ch cho ngi u t. 2.3.2. Cc nhn t nh hng ti hn mc tn nhim
T l n trn vn c phn. Nhng hot ng sinh li. S bin thin mc tp trong thu nhp qu kh. Quy m cng ty. Vic t s dung n th cp. 2.3.3. Cn c nh gi hn mc tn nhim.
i vi doanh nghip: Yu t v kinh doanh. Yu t v qun l. Yu t v ti chnh: tnh n nh ca doanh thu, li nhun, kt cu vn, t l n, kh nng thanh ton hin thi, kh nng sinh li... i vi quc gia: Yu t ri ro v chnh tr. Yu t ri ro v kinh t. 2.3.4. Tc dng ca xp hng tn nhim. i vi nh u t: Hn mc tn nhim l mt ch tiu r rng, n gin v d hiu xem xt quyt nh u t. L nhn t quan trng trong vic nh gi mi quan h ri ro v li nhun thu c.

L cng c qun l danh mc u t. L cng c nh gi mt s ri ro c lin quan. i vi nh pht hnh: Gip ngi pht hnh m rng th trng trn hai kha cnh: c th tham gia vo nhiu thi trng vn khc nhau v m rng cc nh u t tim nng. Duy tr s n nh ca th trng, nng cao tnh minh bch v hiu qu ca th trng n, tng tnh thanh khon ca tri phiu. Gim chi ph vay thng qua vic to c hi cho nhng nh pht hnhtham gia vo thi trng vn. i vi cc c quan qun l th trng chng khon. Hn mc tn nhim cung cp nhng thng tin v nguyn tc thi trng cho qu trnh ra quyt nh ca Chnh ph v cung cp cc thng tin v Chnh ph cho cng ng quc t.
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CHNG II: S PHT TRIN CA TH TRNG TRI PHIU VIT NAM 1. Thc trng th trng tri phiu Vit Nam hin nay 1.1. Qu tnh hnh thnh Thng 3/1991, B Ti chnh quyt nh pht hnh cc loi tn phiu v tri phiu kho bc huy ng vn cho Ngn sch nh nc v cho u t pht trin. y l thi im nh du s ra i ca th trng Tri phiu Chnh ph. Sau khi Chnh ph ban hnh ngh nh 120/CP ngy 17/9/1994 v pht hnh c phiu, tri phiu ca doanh nghip nh nc, th trng tri phiu DN bt u manh nha hnh thnh. Tuy nhin, phi n nm 1996, th trng tri phiu doanh nghip mi c nhng bc t ph mi, khi u bng vic Cng ty C phn C in lnh (REE) huy ng c 5 triu USD. 1.2. Qu trnh pht trin
Giai on 1991 1994 : Pht hnh trc tip qua h thng kho bc nh nc di cc hnh thc : tn phiu KB ngn hn 3-6 thng; Tri phiu KB trung hn 1-3 nm. Ngun vn huy ng t cc tn phiu, tri phiu ch yu c s dng b p bi chi NSNN

Giai on 1995 1999 : Th trng tri phiu CP c mt bc pht trin ng k nh s ra i th trng u thu tn phiu kho bc qua s giao dch NHNN vi cc thnh vin tham gia l cc ngn hng thng mi v cc t chc ti chnh tn dng
Tuy nhin trong giai on ny, li sut trng thu lun thp hn li sut cho vay ca NHTM. Vic tham gia u thu tri phiu ch l mt gii php linh ng ca cc NH khi ng vn.
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Giai on t 2000 nay: Cho n nm 2000 Vit Nam hu nh cha c th trng tri phiu th cp mc d tri phiu chnh ph v tri phiu ca mt s doanh nghip c pht hnh trong thp k 1990. thi k tri phiu sau khi c pht hnh ch yu c cc cng ty bo him v ngn hng quc doanh nm gi n khi o hn. Thng 7/2000 Trung tm Giao dch Chng khon TP HCM m ca v sau khng lu mt s tri phiu chnh ph c nim yt trn sn giao dch ny nh du s ra i ca th trng tri phiu th cp. Cng vi NHNN, Trung tm Giao dch Chng khon TP HCM cng c giao t chc uthu mt s loi tri phiu chnh ph di hn. y c th ni l c gng u tin nhm thc y s pht trin ca th trng tri phiu chnh ph ca Vit Nam. Theo cc hnh thc pht hnh tri phiu mi bt u vn hnh: u thu qua TT GDCK (TT GDCK TP.HCM ra i), bo lnh pht hnh v th im bn tri phiu theo gi chit khu
Trong giai on ny TTTP Vit Nam c nhng khi sc. Tuy nhin vn c nh gi l TT cn rt non tr, hng ho ch yu l Tri phiu ca CP.
Tng gi tr tri phiu pht hnh khong 70.000-80.000 t ng, trong 80% l tri phiu do Chnh ph pht hnh.
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Tuy nhin cho n nm 2003 qui m ca th trng tri phiu vn rt nh. Tng s tri phiu c pht hnh n thi im ny mi ch bng 4.5% GDP8 v cha n 1/3 (1.04% GDP9) c nim yt trn sn giao dch. Cui nm 2003 chnh ph ban hnh Ngh nh 141/2003/N-CP qui nh khung php l cho vic pht hnh cc loi tri phiu chnh ph v tri phiu c chnh ph bo lnh. Cng trong nm SSC v ADB phi hp son tho Chin lc Pht trin Th trng Vn Vit Nam (Vietnam Capital Market Roadmap) cho n nm 2012. Bn chin lc ny vch ra ba giai on pht trin vi nhng chnh sch rt c th pht trin th trng tri phiu ni ring v th trng vn ni chung cho Vit Nam. Trong giai on 2004-2009 chnh ph thc hin mt s bin php thc hin cc xut ca bn chin lc vi mc ch gia tng thanh khon cho th trng tri phiu th cp. Thng 9/2008 B Ti chnh quyt nh tp trung ton b tri phiu chnh ph nim yt v giao dch trn sn giao dch H ni. Quyt nh ny (86/2008/Q-BTC) l mt c gng nhm gia tng kch c (size) v su th trng (market depth) cho phn khc tri phiu chnh ph. Hot ng u thu trn th trng s cp cng c tp trung v sn H ni trc v hnh thc u thu l ln c B Ti chnh a ra. Thng 6/2009 h thng giao dch tri phiu chuyn bit (EBT) c a vo hot ng, y l mng giao dch in t duy nht trn th trng tri phiu Vit Nam cho n thi im ny. Thng 5/2006 Trung tm Lu k Chng khon Vit Nam c thnh lp theo quyt nh 189/2005/Q-TTg ca Th tng chnh ph. Mc d c tn gi l Trung tm Lu k (depository/custodian), c quan ny kim nhim lun c cc hot ng hon tt giao dch (clearing/settlement) cho hai sn giao dch chng khon TP HCM v H ni. T nay tr i y s l ni lu k duy nht v bt buc cho tt c cc loi chng khon ni chung v tri phiu ni ring. Vic tp trung x l sau giao dch v lu k v mt mi nh vy nhm gim chi ph v to lin thng gia cc th trng vi nhau, gin tip gip tng thanh khon trn th trng. Trung tm ny cng l u mi cp m ISIN cho cc loi chng khon trn th trng Vit Nam.
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c bit giai on 2007 2008, vi tnh hnh th trng c phiu ang xung dc nhanh, th trng tri phiu c nhn nhn s c s tng trng mnh c bit trong nm 2008. V nm 2012,2013 cng gn nh xy ra kch bn tng t. C cu th trng tri phiu Vit Nam cho n nay c t l tri phiu chnh ph ln hn 90% tng lng tri phiu c pht hnh. T l ny tng ng vi nhng th trng km pht trin trong khu vc nh Indonesia v Philippines. Giai on 2003-2008 Vit Nam c tc tng trng tri phiu rt cao, tnh trung bnh mi thng trong giai on ny tng s d ca th trng tng xp x 15%/thng, ngha l tng hn bn ln sau mt nm. y cng l giai on th trng chng khon v a c tng trng v bo trong khi cc bt n v m b dn nn v c che y bi s hng khi ca th trng. Con bo lm pht u nm 2008 v cuc khng hong ti chnh ton cu chm dt giai on tng trng thn k ny. K t qu mt 2008 n nay, tng vn ha ca th trng tri phiu cha bao gi quay li c nh v ang trn st gim dn trong ba qu cui nm 2011 sau mt giai on phc hi ngn ngi cui nm 2010.
Khng ch khi lng pht hnh chng li v c nguy c tt gim, thi gian o hn trung bnh ca phn khc tri phiu chnh ph ( th 2) ngn li lin tc sau khi t nh nm 2004. n cui nm 2011 ch s ny tt xung 5.22 nm, ch cao hn khng ng k so vi thi im 2002 khi Vit Nam gn nh ch pht hnh tri phiu 5 nm.
iu ng ni l trong cng khong thi gian hu ht cc nc trong khu vc c ch s ny kh n nh khong xp x 7 nm, thm ch cn tng rt nhanh nh trng hp Philippines. iu ny cho thy cc nh u t cng ngy cng t quan tm n tri phiu di hn (hn 5 nm), rt c th v h lo lng v s bt n ca cc chnh sch v m hoc k vng lm pht di hn qu cao.
Mc dao ng (volatility) li sut tri phiu chnh ph 10 nm ca Vit Nam li cao nht trong khu vc, trung bnh trong 5 nm qua cao gp hai ln Thailand v gp bn ln Malaysia11. S bt n ca gi tri phiu c th v l do chnh sch tin t ca Vit Nam c nhiu bin ng hoc th trng qu yu thanh khon nn gi b tc ng mnh bi cc lnh mua bn ln.
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iu ny cng c khng nh trong th 4, dc ng cong li sut ca Vit Nam. Ch s ny o bng chnh lch li sut tri phiu chnh ph 2 nm v 10 nm, thp nht v n nh nht trong vi nm gn y so vi cc nc trong khu vc. Trong khi lm pht ca Vit Nam cao nht khu vc, dc ng cong li sut thp ch c th gii thch c bng s tn ti ca li sut trn ngn khng cho li sut di hn tng qu cao phn nh k vng lm pht. Tuy nhin trong na sau 2008 ng cong li sut ca Vit Nam b o ngc mnh, gn nh c nht trong khu vc, l du hiu kinh t s kh khn trong nm 2009. Ch s ny cng b m, d vi mc nh hn, vo cui nm 2010 mt ln na l cnh bo xu cho nm 2011.
S liu n ly tin trong nc (xem Bng trn ) cho n nm 2008 bm rt st tc tng trng s d tri phiu chnh ph biu din trong th 1. Sau nm 2008 hai chui s

liu ny khng cn i cng vi nhau, trong khi d n tch ly tip tc tng v t 488 nghn t VND vo cui nm 2011, s d tri phiu chnh ph ch t 321 nghn t vo thng 9/2011. Nh vy c 150-160 nghn t d n ca chnh ph khng c pht hnh vo th trng tri phiu. Rt c th phn thm ht ny c b p bng cc cng c vay ngn hn t cc ngn hng thng mi v NHNN. Nhng ngay c khi gp phn chnh lch ny vo s d hin ti, hoc thm ch chuyn hon ton s n nc ngoi trong giai on 2002-2011 thnh tri phiu chnh ph, t l s d tri phiu trn GDP cng ch khong 26%, thp hn hu ht cc nc trong khu vc. Ngha l ngun cung ca tri phiu chnh ph ch c th v nn tng t t v n phn nh tnh trng thm ht ngn sch quc gia. Khng ai mun ngn sch thm ht nng.
So vi quc t, th trng tri phiu Vit Nam cn rt hn ch, ch chim khong 89% GDP.Th trng tri phiu quc t, M, Nht Bn v EU chim n 80%. Cn Singapore, Malaysia v Thi Lan chim khong 30-40% GDP. 2. Tng quan v th trng tri phiu Vit Nam
Th trng Tri phiu VN bao gm: tn phiu kho bc, tri phiu CP, tri phiu chnh quyn a phng, tri phiu doanh nghip (bao gm c tri phiu ngn hng thng mi), chng ch tin gi v cc chng khon n c gi tr khc.
y l mt th trng ang pht trin thu ht s quan tm ca cc nh u t v t chc ti chnh nc ngoi.
Vo cui 2006, c khong 375 loi Tri phiu CP v Tri phiu DN c nim yt trn th trng chng khon, vi tng mnh gi khong 5 t USD.
Cc giao dch Tri phiu CP chim t l ch yu ca ton th trng. D n tri phiu cn rt thp (khong 7% GDP) so vi cc th trng trong khu vc (Trung Quc 21%, Thi Lan 33%, Malaysia 62%)
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Ch th pht hnh khng a dng, cha c h thng cc nh to lp th trng v h thng giao dch, thanh ton cn nhiu hn ch.
Tri phiu CP chng t c tm quan trng vi t cch l mt ngun vn u t. Trong 3 loi tri phiu hin c pht hnh v mua bn ti Vit Nam, bao gm: Tri phiu CP v tn phiu kho bc Tri phiu chnh quyn a phng Tri phiu doanh nghip Khi lng Tri phiu CP chim u th trn th trng vi 81% th phn,trong khi tri phiu a phng l 10%, v Tri phiu DN 9%
Trong 5 nm giai on 2006-2010, GDP c k vng tng trng mc 8% 8,5%, tng vn u t cn thit c c tnh l 2.675.000 t ng, tng ng 39,9% GDP. Do , nhu cu vn qua pht hnh tri phiu c c tnh l 187.250 t ng. Trong , tri phiu chnh ph s chim th phn ln nht c v khi lng v gi tr. 3. Thc trng th trng tri phiu Vit Nam. C cu pht hnh tri phiu k hn ngn 1-3 nm chim ti trn 70% khi lng pht
hnh thc t v tri phiu k hn t 5 nm tr ln ch chim 2% 3.1. Hot ng ca th trng s cp v tri phiu VN Th trng s cp: (1) Kho bc Nh nc pht hnh:

TPCP: 54.824 t ng Tn phiu: 7.894 t ng

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Tng: 62.718 t ng, bng 62,7% k hoch 2012, tng 49% so vi H1.2011.
(2) 19 NHTM tham gia th trng s cp, chim 50% thnh vin th trng, v mua hn 37.000 t ng TPCP. 3.1.1. Tri phiu Chnh ph. Tn phiu kho bc Tn phiu kho bc c pht hnh qua Kho bc t thng 10/1992 n thng 3/1995 vi tng doanh s trn 13.000 t ng. Li sut tn phiu gim dn qua cc nm, t 5%/thng nm 1991 xung cn 1,7%/thng nm 1995. T thng 6/1995 n thng 12/2004, B Ti chnh phi hp vi Ngn hng Nh nc (NHNN) t chc 392 t u thu tn phiu kho bc vi 63.718 t ng. Th trng u thu tn phiu kho bc nm 2004 gm 48 thnh vin vi 5 ngn hng thng mi (NHTM) nh nc, 20 NHTM c phn, 4 ngn hng lin doanh, 12 chi nhnh ngn hng nc ngoi, 6 cng ty bo him, Qu tn dng nhn dn Trung ng Hin nay, thng thng ch c 5 - 8 thnh vin tham gia u thu. Li sut l li sut ch o ca B Ti chnh. c bn l qua h thng Kho bc Nh nc (KBNN), u thu qua Trung tm Giao dch chng khon (TTGDCK), bo lnh pht hnh, i l pht hnh. Theo S Giao dch chng khon H Ni (HNX) va c kt qu giao dch tn phiu kho bc, ngy 13/3/2013, c 1 triu tn phiu thi hn 1 nm c pht hnh vi li sut 6,79%/nm, gi tr 94,307 t ng. Ti thi hn 6 thng, c 820.000 tn phiu c pht hnh vi li sut 8,95%/nm, gi tr 78,8 t ng v 1 triu tn phiu c pht hnh vi li sut 8,89%/nm, gi tr 95,8 t ng. Tng gi tr giao dch gn 269 t ng.
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Tri phiu CP, TP kho bc NN
Nguyn nhn ch yu do vic a ra mc li sut trn thp, ch 7,05 7,8%/nm (c t ch l 6,5%/nm) i vi TP k hn 5 nm; 7,95% - 8,6%/nm i vi TP k hn 10 nm; 8 - 8,8%/nm i vi TP k hn 15 nm, trong khi k vng v li sut ca NT ngy mt cao, xut pht t vic tng d tr bt buc t 5% ln 10%. Cng vi s ra i ca hai trung tm giao dch chng khon l ti Tp.HCM v H Ni, cc tri phiu chnh ph pht hnh bng ng ni t cng bt u c giao dch mt cch rng ri hn so vi trc y nhng vn cha to c s hp dn i vi cc nh u t c t chc, do , khi lng giao dch t. iu ny c th bt ngun t quy m ca th trng, c s va yu va thiu ca h tng thanh ton trong h thng ti chnh Vit Nam. C th bao gm mt s im sau: Trc ht, quy m ca tri phiu ni chung v tri phiu chnh ph ni ring hin chim t l rt thp trong tng ti sn ti chnh c nc vi ch bng 8% so vi GDP, con s ny khong 5 t USD rt nh b nu so vi mc t tnh thanh khon 100-200 t USD.
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Huy ng vn thng qua loi hnh tri phiu hin cha phi l knh ph bin m ch yu l thng qua h thng ngn hng vi tng ti sn chim n 80% c cu ti sn ti chnh. iu ny to s bt cn xng trong k hn huy ng vn v cho vay ca h thng ngn hng, thiu mt knh huy ng vn di hn phc v cho cc mc tiu pht trin lu di. C hai yu t trn u gp phn lm tng chi ph vn cho nn kinh t. Tuy vy, nhng t pht hnh va qua cho thy nhu cu ca nh u t ang rt quan tm n th trng tri phiu chnh ph pht hnh bng ng ni t, khi lng t mua thng t 2000 - 3000 t VND, gp 4 - 5 ln mc pht hnh. Rt may l xu hng ny ang dn c khc phc (vi li sut tri phiu pht hnh ang gim dn trong nhng t gn y, t 7.9% t 1/2007 xung cn 7.2% trong t 5/2007). iu ny c th thy r qua nh mc tn nhim quc gia c cc t chc trn th gii nng ln cao hn so vi trc. Tnh n 30-9-2007, c hn 114.809 t ng tri phiu c nim yt giao dch trn S GDCK TPHCM (HOSE) v Trung tm GDCK H Ni (HASTC), tng gp hn 104 ln so vi gi tr nim yt nm 2000. Bn cnh tri phiu Chnh ph nim yt vi t trng trn 90% tng gi tr tri phiu nim yt cn c tri phiu chnh quyn a phng v tri phiu ca cc ngn hng thng mi. Tuy nhin, mc vn ha th trng tri phiu hin nay khong 8% GDP l kh thp nu nh so snh vi th trng tri phiu ca cc nc trong khu vc (bnh qun khong 50-70%, tr Nht Bn trn 100% GDP ). iu c ngha l knh huy ng vn ca Chnh ph thng qua th trng tri phiu p ng nhu cu u t ca ngn sch cn hn ch v v vy cn c s u t thch ng hn cho th trng ny. Trn th trng tri phiu Chnh ph hin nay, c cho n v thu ht nhiu nht cc nh u t l tri phiu pht hnh bng ngoi t trn th trng quc t.VN tng gp ri lng tri phiu pht hnh, ln 750 triu USD tr gi tri phiu thay v

500 triu USD nh d tnh ban u c giao dch th trng ny. Li sut tri phiu Chnh ph trong t pht hnh ny c iu chnh gim xung mc 7,125%, thay cho mc d tnh ban u l 7,250%. Li sut ny cao hn so vi Tri phiu kho bc M l 4,561%/tri phiu 10 nm.y l bc u tin gip VN bc chn vo th trng ti chnh quc t. iu ng mng l cu tri phiu ny cao hn mong i rt nhiu. Cc nh u t quc t a ra cc ngh t mua vi tng s ln ti 4,5 t USD, cao gp 6 ln tr gi cho, dnh quyn mua s tri phiu ni trn.Theo thng k ban u ca Ngn hng Credit Suisse First Boston, cc nh u t t mua ln tri phiu VN ch yu n t chu , chu u v ti nc M. Mt na trong s l cc hng qun l ti sn. Cc ngn hng v hng bo him cng chim phn ln.S n nhn nhit tnh n bt ng c nhn nh l do nhiu nguyn nhn t chnh VN. Th nht, cc nh u t quc t tin tng vo tng lai sng sa ca nn kinh t VN sau khi chng kin hn 10 nm i mi va qua. n nay, hu nh ton th gii bit n cng cuc ci cch i mi VN. UNDP cn coi VN l mt trong nhng v d thnh cng nht v chuyn i kinh t trong lch s ng i, i mi lm thay i gn nh tt c mi mt ca cuc sng kinh t. Th hai, cc nh u t t ra lc quan vi vic VN c coi l nn kinh t c tc tng trng cao v n nh th hai chu , ch sau Trung Quc. Bn cnh , phi k n vic st gim lng tin ca nh u t i vi tri phiu cng loi ca Indonesia v Phillipines do tnh hnh kinh t chnh tr cc nc ny thi gian qua khng n nh lm. Th ba, vic cc t chc nh mc tn nhim quc t nh gn y lin tip nng mc xp hng ca VN cng l mt nguyn nhn quan trng. S&P gi mc tn nhim ca VN mc BB- trong khi mt t chc nh mc tn nhim quc t ni ting khc l Fitch cng xp VN hng B.

S tin thu c s c bm thm vo nn kinh t ang tng trng nhanh vi tc trung bnh t 7 8% ca Vit Nam, cng vi vic u t nc ngoi ang tng nhanh ti y. Cng tri
Cng tri xy dng t quc pht hnh nm 1999 vi 4.495 t ng, k hn 5 nm; Cng tri gio dc vi 2.579 t ng vi k hn 5 nm, li sut 8% nm, trong Bo him x hi, cc t chc tn dng, cng ty bo him mua 80 %, dn c mua 20%. Tn ti ca vic pht hnh cc loi cng tri l : Pht hnh dng chng ch nn tn km, d b lm gi. Pht hnh qua TTGDCK t kt qu thp. Bo lnh pht hnh cn hn ch, thc cht l pht hnh ring l theo c ch tho thun, trong cc t chc bo lnh pht hnh gi tri phiu vi t cch l mt cng c u t m khng pht hnh ra cng chng. Ph bo lnh l 0,15% to tm l cho cc nh ch ti chnh thch thc hin bo lnh hn l u thu trong nhng t pht hnh tri phiu cng k hn c li sut tng ng. Tri phiu cng trnh trung ng T nm 1995 - 2002: KBNN pht hnh tri phiu cho mt s cng trnh t 347 t ng Nm 2003, B Ti chnh pht hnh tri phiu Chnh ph huy ng vn cho cc cng trnh trng im ca quc gia trong ngnh giao thng v thu li vi 4.492 t ng qua 3 hnh thc: bn l, u thu qua TTGDCK v bo lnh pht hnh. Mt s hn ch: K hn 1 nm, gy kh khn trong thanh ton; C ch thm nh v xt duyt phng n phc tp v cha ng b. Tri phiu u t
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L loi tri phiu c k hn trn 1 nm do cc t chc ti chnh nh nc, cc t chc tn dng c Th tng Chnh ph ch nh pht hnh nhm huy ng vn u t theo chnh sch ca Chnh ph. Loi ny hin nay do Qu h tr pht trin pht hnh. Nm 2001, KBNN pht hnh cho Qu 150 t ng tri phiu k hn 5 nm; nm 2002 - 2003, KBNN tip tc huy ng cho qu vi 57 t v 6.480 t ng tri phiu k hn 2 n 15 nm... Ngoi ra, Qu phi hp vi TTGDCK TP.HCM pht hnh tri phiu thng qua u thu. Nm 2002, pht hnh 20 t tri phiu vi tng s tri phiu gi thu l 3.600 t ng, gi tr tri phiu huy ng t 155 t ng, bng 4,3% khi lng tri phiu gi thu, k hn tri phiu l 5 nm li sut 7,8 - 8,1%/nm, 7 nm li sut 8,1%/nm, 10 nm li sut 8,3 - 9%/nm. Nm 2003, Qu h tr pht trin t chc 4 t pht hnh vi khi lng 357 t ng, k hn 10 nm v 15 nm, li sut 9,3 9,5%/nm. Nm 2013, theo d ton NSNN c Quc hi ph duyt, tng mc huy ng trong v ngoi nc nm 2013 l 227.000 t ng, gm 162.000 t ng cho b p bi chi, 60.000 t ng cho chng trnh u t hng nm t ngun vn tri phiu Chnh ph v 5.000 t ng cho d n ng Quc l 14 v Quc l 1A. cn i nhu cu vn ny, d kin huy ng thng qua pht hnh tri phiu Chnh ph khong 165.000 t ng. Mt s hn ch: Qu huy ng vi li sut th trng, cho vay theo li sut u i nn pht sinh l, ngn sch nh nc phi cp b chnh lch. Cu v tri phiu di hn khng p ng c cung tri phiu di hn. Tri phiu chnh quyn a phng c pht hnh theo phng thc u thu, bo lnh hoc i l pht hnh. Ch yu cho cc a phng huy ng vn phc v cho vic xy dng cc cng trnh c s vt cht h tng ti a phng ca mnh, ch yu pht hnh cho cng chng ca chnh a phng thng qua KBNN.

Nm 1994 - 1995, B Ti chnh phi hp vi UBND mt s tnh nh Ngh An, TP.HCM, Khnh Ho, C Mau... pht hnh tri phiu chnh quyn a phng u t vo ng x, nh my ximng... v thanh ton ht khi n hn. Hin nay, ch c hai a phng l H ni v TP.HCM l thc hin pht hnh tri phiu chnh quyn a phng thng xuyn, vi s lng ln nhm huy ng vn u t xy dng c s h tng, cc cng trnh phc li ti a phng. Nm 2003, UBND TP. HCM pht hnh gn 2000 t ng tri phiu th qua 2 t: t 1 bn l cho cng chng vi tri phiu k hn 2 nm li sut 8,52% nm v k hn 5 nm li sut 9% nm t 2 u thu qua TTGDCK. Hin nay, H Ni ang c k hoch pht hnh tri phiu khong 5.600 t ng k hn d kin 5 nm. Tri phiu chnh quyn a phng (tt) Tri phiu ngoi t y l loi tri phiu k hn trn 1 nm do B Ti chnh pht hnh cho cc mc tiu ch nh ca Chnh ph theo phng thc bn l qua h thng KBNN v u thu qua NHNN. Nm 1993 - 1994, KBNN pht hnh tri phiu ngoi t k hn 1 nm li sut 4,2%/nm v 2 nm li sut 4,5%/nm, doanh s pht hnh ch t 1,3 triu USD. Nm 2003, B Ti chnh pht hnh tri phiu k hn 5 nm li sut 3,5%/nm qua bn l v u thu ti NHNN, tng s tin t 31,4 triu USD, t 31% k hoch.
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Tri phiu c bit Loi tri phiu c pht hnh cho cc NHTMNN nm gi, c ghi tng vn iu l nh mt loi ti sn ca ngn hng, sau 5 nm k t ngy pht hnh mi c chuyn nhng. Thng 8/2002, B Ti chnh pht hnh tri phiu ny vi tng tr gi l 7.849 t ng, k hn 20 nm, li sut c nh l 3,3,%/nm v c thanh ton hng nm. Tri phiu ny khng huy ng vn bng tin, song l mt gii php tng vn iu l cho cc NHTMNN. Tri phiu quc t chuyn i n qu hn nc ngoi v c ch trng huy ng mi trn th trng vn quc t. Tng s tri phiu chuyn i n l 566 triu USD bao gm tri phiu chit khu, tri phiu ngang gi v tri phiu i vi n li qu hn. Tri phiu pht hnh quc t ca Vit Nam hin mi c hai ln u thu tri phiu quc t. Ln u vi 750 triu USD o hn nm 2016, ln th 2 vo thng 1/2010 c tr gi 1 t USD c o hn 2020. Hin nay trn th trng tri phiu quc t, Vit Nam ch c hai sn phm tri phiu k trn, v vy tt c cc ngn hng u t hng u th gii u c nm gi 2 tri phiu ny. Ngy 27/10/05 Chnh ph pht hnh tri phiu ti TTCK New York t 750 triu USD .y l t pht hnh tri phiu quc t ln u tin v thnh cng nht trn th trng vn th gii trong nhiu nm qua. ng gp ca th trng tri phiu chnh ph trong nm 2012 v to mt khi sc tt p cho 2013 Cc hot ng giao dch trn th trng s cp, tnh n cui thng 12/2012 c trin khai hiu qu vi khi lng huy ng t gn 160.000 t ng (gn gp 2 ln so vi c nm 2011), vt ch tiu k hoch huy ng iu chnh nm 2012 l 135.000 t

ng. Trong tng gi tr u thu huy ng c trong nm 2012, ch ring Kho bc Nh nc huy ng c 106.884 t ng. Li sut trng thu gim so vi nm 2011 v thp hn li sut huy ng trn th trng tin t t 1% - 2%.
i vi tri phiu Chnh ph, tri phiu c Chnh ph bo lnh: v cng tc huy ng tri phiu trn th trng s cp. Tnh n ngy 17/12/2012, tng mnh gi khi lng tri phiu Chnh ph, tri phiu c Chnh ph bo lnh huy ng c l 189.315,15 t ng, bng 95,13% tng k hoch huy ng c nm 2012. So vi 12 thng cng k ca nm 2010 v 2011, khi lng tri phiu huy ng trong nm 2012 ln hn rt nhiu, c bit l khi lng huy ng tri phiu Chnh ph (bng 173,6% cng k 2011 v bng 206,7% cng k 2010). Vic huy ng c mt khi lng ln tri phiu Chnh ph trong nm 2012 ch yu do tng trng tn dng ca h thng ngn hng l kh thp (11 thng tng 4,62% so vi cng k nm 2011), trong khi , NHNN tip tc duy tr chnh sch tin t hp l m bo thanh khon ca h thng NHTM. Bn cnh , NHNN mua khong 13 t USD t cc NHTM (bm khong 270.000 t ng vo h thng), trong khi khi lng pht hnh tn phiu NHNN t khong 150.000 t ng, hin cn d n ch cn khong 51.000 t ng.
Trn th trng th cp, hot ng giao dch nhn nhp hn so vi th trng c phiu, gi tr giao dch bnh qun t 842 t ng/phin, gp 2,3 ln so vi bnh qun phin nm 2011. Gi tr giao dch trn th trng tri phiu chnh ph t 189.086 t ng tnh n thi im u thng 12/2012, trong giao dch repos ch chim khong 30% tng gi tr (giao dch tri phiu gm giao dch outright hay cn gi l giao dch mua t bn on v giao dch repos - sau mt thi hn ngi bn s phi giao dch li tri phiu ).
Ngn hng v cc t chc tn dng l khu vc cung cp phn ln cc ngun vn cho u t ca nn kinh t v cng l ngun cu ch yu i vi tri phiu. Mc tiu ch yu mua

tri phiu, c bit vi tri phiu chnh ph, ca cc ngn hng thng mi l m bo kh nng thanh khon v lm cng c trong giao dch vi Ngn hng Nh nc... Bn cnh , cc cng ty chng khon cng tham gia vi mc ch u t ti chnh. Tnh ti thi im hin ti, c 24 ngn hng thng mi v 29 cng ty chng khon l thnh vin ca th trng tri phiu chnh ph. Th trng tri phiu Vit Nam c nhng bc pht trin ng k trong 10 nm gn y. Quy m th trng tng t mc 2,82% GDP nm 2001 ln mc 19% GDP nm 2011, trong tri phiu chnh ph, tri phiu c Chnh ph bo lnh chim 14,80% GDP v tri phiu doanh nghip chim khong 4,12% GDP. Tri phiu chnh ph c pht hnh bao gm cc loi k hn chun, gm c cc k hn 2 nm, 3 nm, 5 nm, 10 nm, trong loi k hn di 5 nm hin c t trng ln nht, chim khong 90% tng khi lng tri phiu pht hnh. Tnh n ht nm 2011, d n tri phiu chnh ph mc 203,5 nghn t ng, tng ng khong 8,49% GDP nm 2011. Nm 2012, kinh t v m c tin b trn mt s tiu ch quan trng. Lm pht c kim ch mc mt con s, t gi n nh, nim tin vo ng Vit Nam c cng c, d tr ngoi hi tng... Nhng yu t ny tc ng tch cc ti th trng tri phiu (TP) ni chung v TPCP ni ring. Theo Kho bc Nh nc (KBNN), nm qua huy ng hn 141.000 t ng qua pht hnh TPCP, bng 101% k hoch c giao, l kt qu huy ng vn t cao nht k t khi trin khai pht hnh TPCP. Trong bi cnh thu NSNN gp kh khn, ngun vn huy ng t TPCP gp phn quan trng p ng nhu cu chi ca NSNN. Cng vi vic t chc huy ng vn, KBNN hon i thnh cng 4 t TP, gim 7 m TP c quy m nh l, tng quy m nim yt v tnh thanh khon ca 4 m TP. Nghip v ny c cc chuyn gia v nh u t, c bit l nh u t nc ngoi nh gi cao
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Hnh 4: GI TR GIAO DCH OUTRIGHT NM 2012 ( T VND)
3.1.2. Tri phiu doanh nghip Th trng tri phiu l knh dn vn rt quan trng i vi nn kinh t. cc nc pht trin, vay vn ngn hng ch l knh huy ng vn ngn hn cn knh huy ng vn t cc nh u t, Qu u t thng qua pht hnh c phiu, v tri phiu mi l knh huy ng vn di hn. Ngc li, VN, knh huy ng vn ny gn nh cha pht trin. l do nhiu nguyn nhn: Hnh lang php l bo v quyn li nh u t, sc khe ca doanh nghip, s minh bch ca th trng, tnh thanh khon i vi nm 2013, kinh t v m vn cn bt n, kinh t cha c du hiu phc hi vng chc, mi nguy lm pht quay tr li vn cn treo l lng nn cc nh u t s rt thn trng. Tnh hnh th trng tri phiu khng my kh quan, nu khng phi cc doanh nghip thc s ln, tim lc mnh, to c lng tin i vi gii u t nh: HAG, Masan, Vincom th vic huy ng vn qua knh tri phiu vn gp kh khn. _Tng d n th trng tri phiu doanh nghip nm 2012 khong 2,47% GDP, tng ng khong 70 ngn t ng. Trong 6 thng u nm 2013, khi lng ng k pht hnh tri phiu ring l ca cc doanh nghip l 19.036 t ng v khi lng pht hnh thc t 8.279 t ng.
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_Nm 2012, ti Vit Nam c 43 doanh nghip ng k pht hnh khong 33 ngn t ng tri phiu doanh nghip. _T 2006 n nm 2011, theo thng k ca B Ti chnh, c 44 t pht hnh tri phiu ca cc doanh nghip nh nc theo Ngh nh 52 vi d n khong 36 ngn t ng. _T nm 2012, sau khi c Ngh nh 90 (v pht hnh tri phiu doanh nghip), B Ti chnh nhn c ng k pht hnh tri phiu t khong 60 doanh nghip vi khi lng 60 ngn t ng. Khi lng pht hnh trong thc t khong 40 ngn t ng (c nhng trng hp ng k song khng pht hnh v iu kin th trng v cc l do ca doanh nghip). Trn th trng Vit Nam, c cu pht hnh tri phiu k hn ngn 1-3 nm chim ti trn 70% khi lng pht hnh thc t v tri phiu k hn t 5 nm tr ln ch chim 2%. Th trng tri phiu doanh nghip th cp gn nh khng c giao dch. Mc tiu huy ng vn di hn cho doanh nghip trn th trng n cha t c. u nhc im ca tri phiu doanh nghip Kh nng tip cn ngun vn: Khi pht hnh tri phiu, doanh nghip c quyn ch ng a ra nhng iu kin linh hot ph hp vi iu kin th trng: nh loi tri phiu pht hnh l tri phiu trn, tri phiu chng quyn, linh hot trong

vic nh li tri phiu (c nh, th ni, th ni theo k), nn tri phiu c tim nng hp dn nh u t hn. => Pht hnh tri phiu gip doanh nghip ch ng linh hot hn trong vic tip cn c nhng ngun vn ln m doanh nghip pht hnh c phiu khng c c c tnh ny. Kh nng lm pha long s hu khi c thm ngun vn: Tri phiu l vn n nn pht hnh tri phiu khng lm pha long quyn s hu ca ch doanh nghip, tr trng hp tri phiu chuyn i thnh c phiu. Doanh nghip pht hnh tri phiu, tr tri phiu chuyn i thnh c phiu c thm ngun vn ln m khng lm thay i c cu s hu. Chi ph s dng vn thp hn so vi c phiu: Chi ph li t tri phiu phi tr cho tri ch l chi ph trc thu, c khu tr khi tnh thu. Ngc li, c tc ca c phiu l phn trch t li nhun sau thu. Ri ro ph sn doanh nghip: Nu doanh nghip khng tr c li hay gc th cc tri ch c th tuyn b ph sn doanh nghip, buc doanh nghip chm dt hot ng v bn ti sn tr n cho cc tri ch (theo quy nh lut Ph sn Doanh nghip 2004). Cc c ng th khng c nhng quyn nh vy. Nu doanh nghip hot ng thua l th cc c ng - nhng ch s hu doanh nghip phi chp nhn mt tin v cc ch s hu doanh nghip l i tng c hng li cui cng trong trng hp doanh nghip b tuyn b ph sn.Tuy nhin, tin huy ng c t tri phiu thng n t cc ngun u t mang tnh di hn nn khng phi doanh nghip no cng c th tip cn knh huy ng vn ny. Tnh thanh khon: Th trng tri phiu VN hin nay qu nh b, nn tri phiu doanh nghip gn nh khng c thanh khon. Tr tri phiu ca cc doanh nghip thc s ln, th i vi cc tri phiu khc nh u t thng phi gi n khi o hn. Tnh linh hot trong vic tr li cho nh u t khng cao: Khi huy ng vn bng tri phiu, doanh nghip phi tr li theo li sut theo thi hn xc nh trc.

Dng tin dng thanh ton li c th lm doanh nghip mt i nhiu c hi u t khc. Tri li, nhng ngi ch s hu doanh nghip c th quyt nh thay i mc c tc phi tr, dng, tr hon hay khng tr c tc. Thi hn s dng ngun vn b hn ch : Ngun vn m doanh nghip huy ng c t pht hnh c phiu l ngun vn ch s hu thuc v doanh nghip mi mi. i vi tri phiu, tr tri phiu chuyn i thnh c phi doanh nghip phi tr li s tin gc khi tri phiu o hn, iu ny c th s nh hng rt mnh n dng tin v tnh hnh ti chnh ca doanh nghip. Li sut: c phiu thng cao hn (ph thuc vo tnh hnh sn xut kinh doanh, li nhun), chia theo t l, cn tri phiu li thp hn v li sut c nh iu kin pht hnh ca tri phiu doanh nghip hin nay Theo Ngh nh s: 90/2011/N-CP v pht hnh tri phiu doanh nghip _L doanh nghip thuc i tng: cng ty c phn, cng ty nh nc trong thi gian chuyn i thnh cng ty trch nhim hu hn hoc cng ty c phn theo quy nh ca Lut Doanh nghip v doanh nghip c vn u t nc ngoi trn phm vi lnh th Vit Nam. _C thi gian hot ng ti thiu l 1 nm, k t ngy doanh nghip chnh thc i vo hot ng. _C bo co ti chnh ca nm lin k trc nm pht hnh c kim ton. _ Kt qu hot ng sn xut - kinh doanh nm lin k nm pht hnh phi c li. _C phng n pht hnh tri phiu c t chc, c nhn c thm quyn thng qua. Thc trng pht hnh tri phiu doanh nghip hin nay Nu nh tri phiu doanh nghip cc th trng pht trin l knh dn vn di hn chnh ca doanh nghip th ti Vit Nam th trng n ca doanh nghip cn s khai, cha thu ht nh u t chuyn nghip nh cc qu, t chc ti chnh ln v c nh u t c nhn. Nh u t cha n tri phiu doanh nghip do thiu thng tin h tr, c bit l thng tin v ri ro ca tri phiu xc nh

gi vn, mc li sut hp l. Ngoi ra, th trng tri phiu doanh nghip km pht trin, v tnh thanh khon thp khin tri phiu doanh nghip khng t hng. => Chnh v vy m rt nhiu t pht hnh c cng b, nhng rt t t pht hnh thc t din ra trn th trng do sc cu yu, cng vi tn dng tng trng thp. Th trng tri phiu doanh nghip cn nhiu im cn iu chnh. V d nh cch thc xc nh li sut, thng thng thi gian qua ti Vit Nam, tri phiu doanh nghip cc k hn 1-3 nm thng p dng li sut c nh t 9-16%/nm v k hn di dng li sut th ni neo theo mc li sut huy ng bnh qun ca cc ngn hng thng mi cng thm bin trung bnh khong 4%. Hin nc ta cha c im chun (benchmark) nht nh nh u t v doanh nghip pht hnh xc nh mc gi th no l ph hp. y chnh l im mu cht B Ti chnh xy dng ngh nh v thnh lp v hot ng ca doanh nghip nh mc tn nhim (d kin s ban hnh trong thng 10 ti). Khi c cng ty nh gi tn nhim v cc kt qu nh gi t chc pht hnh t cng ty ny, vic nh gi tri phiu s hp l v ng tin cy hn. Nh u t qua s xc nh mnh nn hay khng u t vo tri phiu doanh nghip v vi gi no. Th trng s minh bch v hp dn hn. 3.2.

Hot ng ca th trng tri phiu th cp
Th trng th cp: Tng gi tr giao dch: 74.646 t ng, cao gp 2,43 ln so vi 2011 Giao dch k hn 3 nm: 57% tng gi tr giao dch Khi ngoi chim 33% tng gi tr giao dch, cao hn mc 21% ca 2011. 1- Ngn hng c lng tin di do 2- Li sut lin ngn hng thp Tng d n nn kinh t trong 2012 t 2.617.000 t ng, tng trng tn dng 0,76% (xp x 20.000 t ng).
Thanh khon th trng tri phiu 2012 tt do
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Ngoi tr trong thng 8 v thng 9/2012 khi mt bng li sut trn th trng tin t tng, nhn chung li sut trong nm 2012 c xu hng gim. Do vy, vic u t vo tri phiu ni chung, c bit l tri phiu Chnh ph ni ring c coi l c hiu qu kinh t kh cao. V vy, trong nm 2012, khi lng giao dch tri phiu trn th trng th cp tng mnh, bnh qun c nm giao dch khong 600 t ng/ngy.
Thng k t S Giao dch chng khon H Ni (HNX) - n v vn hnh th trng tri phiu chnh ph s cp v th cp cho thy khi nh u t nc ngoi t u nm nay vn mua rng trn th trng tri phiu chnh ph. Th trng th cp tri phiu trong thng 9/2013 s tip tc m m Th trng s cp si ng hn. Li sut trng thu TPCP k hn ngn tng mnh. Trong thng 8, th trng s cp ghi nhn s phc hi t nhp chng ca thng 7 khi c ti 6,775 t ng tri phiu c u thu thnh cng, tng 127%, bao gm TPCP, tri phiu Ngn hng Pht trin Vit Nam v tri phiu Ngn hng Chnh sch X hi. vin d thu ln, dao ng trong khong 7-25 t chc mi phin u thu.
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chiu ngc li, tri phiu 5 nm khng c ch nhiu, cc phin u thu cho k hn ny u tht bi. ng ch , 1,000 t ng tri phiu Kho bc k hn 10 nm c huy ng thnh cng trong tun cui thng 8. V li sut trng thu, li sut tip tc i ln. C th, li sut trng thu k hn 2 nm v 3 nm tng ln cc mc tng ng 7.3% v 7.7% t mc 7.28% v 7% trong thng 7. Trong khi li sut trng thu k hn 10 nm ng mc 8.9%.
tng, theo quan im ca VCBS, ph hp vi s gia tc ca CPI khi ch s ny tng 0.83% trong thng 8, mc cao nht k t thng 2 nm 2013. VCBS cho rng rt kh c kh nng o chiu gim xung ca li sut theo nh tng quan cung-cu thi im hin ti. Nm 2013 th trng th cp tip tc m m. Li sut tri phiu ngn hn tng.
47
Din bin m m tip tc c duy tr trn th trng th cp vi tng gi tr giao dch gim xung cn 34,927 t ng do giao dch tn phiu tng nh trong khi giao dch tri phiu st gim mnh. C th, khi lng tri phiu c giao dch gim 7.02% xung 32,951 t ng trong khi khi lng tn phiu tng ln 1,976 t ng trong thng 8, gp 3 ln con s ny ca thng 7 l 445 t ng. giao dch tri phiu, gi tr giao dch giao ngay gim xung cn 21,689 t ng trong thng 8, trong khi gi tr giao dch repo tng ln 11,262 t ng. Tri phiu Kho bc Nh nc chim t trng ln nht, khong 87% trong giao dch giao ngay v 13% cn li thuc v tri phiu Ngn hng Pht trin Vit Nam. Ngoi ra, 75.5% trong tng gi tr giao dch giao ngay l ca tri phiu k hn 3 nm, 18.5% l ca tri phiu k hn 3 -5 nm v 6% cn li l cc k hn trn 7 nm. Theo quan im ca VCBS din bin giao dch m m trn th trng th cp s tip tc din ra trong thng ti do ngun cung b nh hng bi khi lng tri phiu v tn phiu o hn khng ng k trong thng 9, cc t chc tn dng khng c nhiu ng lc bn ra tri phiu trong thi im ny khi m tng trng tn dng ang c du hiu gim tc trong thng 8. Li sut tri phiu ngn hn tng ln trong khi li sut tri phiu ca cc k hn di hn gim xung dn n ng cong li sut c xu hng thoi hn. Theo d liu t Bloomberg, tnh n cui thng 8, li sut tri phiu tng gim tri chiu i vi tri phiu k hn ngn v k hn di. Cn theo VCBS, mc li sut cho k hn ngn s tng nh trong thi gian ti trong bi cnh CPI thng 9 c th tip tc tng, nhng mc tng khng cao hn cng k nm 2012 v thanh khon ca h thng ngn hng n nh. Bn cnh , dc ca ng cong li sut s tip tc c duy tr.

Sau khi m v th mua trong tun th 3 ca thng 8, nh u t nc ngoi quay li v th bn trong tun cui thng khin tng gi tr mua rng t 1,269.91 t ng, gim 71.5% so vi thng trc. Trong thng 8, VCBS cho rng: ng thi bn tr li ca khi ngoi khng kh l gii, xut pht t ng lc hin thc ha li nhun sau khi mua vo ng k trong nhng thng u nm. Tm li, hot ng bn rng ca nh u t nc ngoi ang c xu hng gim t thng 6 n nay. nh gi th trng tri phiu Vit Nam Th trng tri phiu ni a mi dng li th trng s cp, cn th trng th cp gn nh khng c bin ng. S liu giao dch hng tun ch dng li vi trm t ng hoc thp hn. Theo Bo co Theo di Tri phiu Chu ca Ngn hng Pht trin Chu (ADB) cng b ngy 4/6/2013, Vit Nam l quc gia trong khu vc c tc tng trng ca th trng TPCP cao nht so vi cng k nm 2012 vi tc tng trng l 64,6%, t gi tr 29 t USD do vic y mnh pht hnh tn phiu kho bc, tri phiu ngn hng trung ng v tri phiu ca cc doanh nghip thuc s hu nh nc. Theo B Ti chnh, tnh hnh th trng trong qu 1/2013 kh thun li cho cng tc huy ng vn thng qua pht hnh TPCP. Tnh n ht qu 1/2013, vic huy ng vn bng TPCP thu c 65.450 t ng, bng 43,6% k hoch c nm 2013. Nhu cu mua TPCP kh ln vi khi lng d thu lun cao hn khi lng gi thu (t 1,12 n 5,11 ln), t l trng thu trong tng phin kh ln (90 - 100%); li sut huy ng vn gim qua cc phin u thu, so vi u nm th n cui qu 1, li sut cc k hn gim t 50-100 im c bn. Nguyn nhn mt phn v thanh khon ca h thng ngn hng rt di do do tn dng khng tng trng trong thi gian qua; Ngn hng Nh nc bm ra khi lng tin kh ln qua knh th trng m v qua vic mua vo khi lng ln ngoi t; v vic Ngn hng Nh nc gim li sut cng tc ng n cc nh u t khi mua TPCP cng gp phn lm cho vic huy ng vn kh thun li.
4.
49

Bng: 5 cng ty chng khon c GTGD ln nht 2011 1.CTCKVIETCOMBANK :62,3% 2.CTCKSSI 3.CTCK ACB 4.CTCK BO VIT 5.CTCK SACOMBANK 6.CC CTCK KHC :15,29% :7,33% :3,72% :2,71% :8,64% 2012 1.CTCKVIETCOMBANK:47,36% 2.CTCK ACB 3.CTCKSSI 4.CTCK AGRIBANK 5.CTCKBIDV 6.CC CTCK KHC :16,7% :11,81% :6,5% :3,12% :14,52
o i tng u t TP :Trc nm 2002, ch yu l cc NHTM v cng ty chng khon. n nay, cc qu u t, cng ty bo him, cng ty ti chnh v cc i tng khc tham gia giao dch TPCP tch cc hn. c bit l cc t chc u t tri phiu nc ngoi. T nm 2005-2007, th trng tri phiu Vit Nam thu ht c s quan tm ca cc qu u t tri phiu quc t, cc qu ny mua 5 t USD TPCP. Gi tr giao dch TPCP ngy cng tng, c bit i vi giao dch ca cc nh u t nc ngoi chim 2/3 tng GT th trng(2007),chim 1/2 (2008). o Cng c giao dch trn th trng ch hn ch mua bn thng thng mua bn li xut hin nhng c giao dch di n di danh ngha giao dch thng thng.Nguyn nhn l do hnh lang php l cha quy nh m h tng thanh ton cha h tr tch bit vic giao dch ca 2 loi hnh giao dch trn. o Chnh ph Vit Nam cng pht hnh thnh cng nhiu t tri phiu theo phng thc u gi li sut o Tri phiu doanh nghip cc th trng pht trin l knh dn vn di hn chnh ca doanh nghip song ti Vit Nam th trng n ca doanh nghip cn s khai, cha thu ht nh u t chuyn nghip nh cc qu, t chc ti chnh ln v c nh u t c nhn. Nh u t cha n
50

tri phiu doanh nghip do thiu thng tin h tr, c bit l thng tin v ri ro ca tri phiu xc nh gi vn, mc li sut hp l. o Thng qua pht hnh tri phiu, nh u t v DN d dng ngi li vi nhau cng tho thun. l nhng iu kin rt m, to s ch ng v d dng hn cho DN tip cn vn so vi cch vay tin t ngn hng. o Hn th, y cng l cch loi tr s thiu minh bch trong hot ng ti chnh, cng nh nhng DN lm n km hiu qu. o quy m th trng cn nh,lng tri phiu pht hnh cha nhiu,cha tng xng vi tim nng. o cht lng tri phiu pht hnh cha cao,thiu chun mc do vy tn thanh khon km. l do mt s nguyn nhn sau. Th nht, tri phiu c li sut c nh, gi tri phiu t bin ng nn cc nh u t c nhn khng thy hp dn khi nm gi tri phiu, m h s u t vo c phiu, do vy, vic mua i bn li cc tri phiu s khng nhn nhp nh c phiu. Th hai, cc nh u t t chc l cc t chc nh ngn hng, cc cng ty bo him hay cc doanh nghip ln. H nm gi tri phiu nhm mc ch qun l tnh thanh khon ch khng phi nhm mc ch li nhun. Do vy, h a thch nm gi tri phiu chnh ph hn l cc tri phiu doanh nghip. Chnh v th, cc giao dch th cp tri phiu doanh nghip rt t, m ch yu l tri phiu chnh ph. c bit, i vi cc tri phiu doanh nghip cha nim yt chnh thc trn sn th cc nh u t nm gi cho n ngy mn hn nh l khon cho vay i vi doanh nghip.Th ba, Vit nam,hin ti cha c mt t chc chuyn nghip no thc hin dch v cung cp cc ch tiu xp hng tn dng doanh nghip, t , l c s xp hng tri phiu doanh nghip. o c ch pht hnh v thanh ton tri phiu cha hon thin.
51

o thiu vng cc nh u t c t chc vi tim lc ti chnh mnh. o cha c cc chnh sch hp l thu ht ngun vn nhn ri. o li sut cha c xc nh theo c ch th trng: ng cong li sut (Yield curve) m t mi quan h gia thi gian n khi o hn vi li sut n khi o hn ca tri phiu ti mt thi im nht nh. Thng thng, ng cong li sut chun c xy dng cho cc tri phiu l tri phiu chnh ph hoc cc tri phiu ca cc cng ty c uy tn. Cc tri phiu ny c coi l c mc ri ro thp hoc bng khng. Do , cc mc li sut ca cc tri phiu ny c s dng lm li sut chun (bench mark) cho cc tri phiu khc.Hin ti, Vit nam cha c n v no xy dng ng cong li sut chun. Ngn hang ngoi thng ang phi hp vi Reuters v Trung tm giao dch chng khon tm cch xy dng nhng cho n nay vn cha thnh cng. Mt trong nhng nguyn nhn c bn l hin c qu nhiu loi tri phiu giao dch trn th trng (tnh ti thng 12/2007, ring tri phiu chnh ph c hn 450 loi vi k hn v ngy mn hn khc nhau) nn giao dch b phn tn. Bn cnh , giao dch repos v giao dch mua t bn on khng bc tch c nn li sut giao dch khng phn nh chnh xc li sut th trng. o Cng tc k hoch ha pht hnh TPCP thc hin cha tt,thiu tnh d bo di hn lm cho hot ng mang tnh b ng v trng lp dn n lng ph v t hiu qu khng cao. o Thiu vng cc nh to lp th trng: Cc nh to lp th trng tri phiu ng 2 vai tr: ngi mi gii v t doanh tri phiu, v h thu li nhun t cc hot ng ny. Th nht, vi t cch l ngi mi gii tri phiu, cc nh to lp th trng c th thu li t ph mi gii. Th hai, vi t cch l ngi kinh doanh tri phiu, h thu tin nh hng chnh

lch gi. Gi tri phiu ph thuc vo li sut, gi tng khi li sut gim v ngc li. 5. Mt s gii php pht trin th trng tri phiu Vit Nam Xy dng h thng nh gi chun xc nh li sut pht hnh hp l. ng thi, tng khi lng pht hnh thay v pht hnh nhiu t vi s lng nh nhm gim chi ph pht hnh v thu ht nhiu hn cc nh u t c t chc tham gia. Th ch php lut v chnh sch kinh t v m cn c ci thin hn na nhm nng cao mc xp hng, iu kin t c tiu chun u t ca cc ngun qu ln trn th gii. Nng cao nng lc cu cc trung tm lu k chng khon to iu kin giao dch thun li v d dng hn cho cc nh u t. Thc hin nng cp h thng lu k, thanh ton b tr bng vic t ng ho h thng lu k. Kt ni th trng trong nc vi cc nc trong khu vc to 1 th trng ln nhm thu ht cc nh u t nc ngoi Ban hnh mu bn co bch chung cho cc t chc pht hnh tri phiu v cng b thng tin v k hoch ngn sch trung hn ca chnh quyn. i vi th trng pht hnh: Cn thng qua cc cng ty chng khon pht hnh tri phiu Xy dng h thng cc i l cp I vi trch nhim tham gia mua tri phiu trong cc t pht hnh vi quyn li: u i thu, vay ti cp vn... Hn ch bn l, tp trung pht hnh gn lin vi nim yt trn th trng chng khon Quy nh bt buc cng khai ho thng tin Tng bc hnh thnh li sut chun cho th trng bng cch tng s lng thnh vin tham gia u thu tn phiu kho bc, tng bc xo b li sut ch o trong u thu tn phiu, a dng ho k hn tri phiu chnh ph pht hnh

Pht hnh tri phiu hp nht nhm to l ln cho giao dch tri phiu thng qua vic mi nm ch pht hnh 2 n 4 loi tri phiu v thc hin u thu coupon, bn tri phiu theo hnh thc thp hn hoc cao hn mnh gi i vi th trng giao dch: Thc hin t ng ho h thng lu k, thanh ton b tr, rt ngn thi gian thanh ton Thnh lp trung tm lu k c lp Pht trin cc nh ch trung gian trn th trng v cc nh u t c t chc Hnh thnh cng ty nh mc tn nhim v xy dng th trng giao dch tho thun. i vi cc cp c thm quyn: B Ti chnh v Ngn hng nc (NHNN) cn phi c th ho cc tiu chun ph duyt pht hnh tri phiu cng ty, tri phiu chnh quyn a phng v tri phiu ca cc t chc tn dng. B Ti chnh nn tin hnh ban hnh mu Bn co bch chung cho cc cng ty mun pht hnh tri phiu v cng b thng tin v k hoch ngn sch trung hn ca chnh quyn a phng. -B Ti chnh, NHNN v cc c quan nh Hip hi cc nh u t ti chnh nn xem vic thnh lp, qun l v iu hnh cng ty nh mc tn nhim nh th no bi hot ng nh mc tn nhim rt cn thit cho th trng tri phiu c bit l th trng th cp. V cc ch s tn nhim s c nh hng ti li sut tri phiu ca doanh nghip Chnh ph nn c gii php hn ch bt cc knh bao cp tn dng, gim bt vic khoanh, xa n cho nhng i tng khng thuc chnh sch trnh cho doanh nghip trng ch li vo ngun vn ngn sch, tn dng u i v s bo lnh ca Chnh ph Ni lng s can thip v iu hnh ca c quan qun l ( B ti chnh) v li sut tri phiu:
54

+ Bi b li sut trn TP: Li sut TP s khng n nh theo thi gian m thay i theo th trng. + a dng hnh thc pht hnh tri phiu theo hng linh hot v gi Khuyn khch cc tp on, cng ty ln pht hnh tri phiu doanh nghip v ci tin cc hnh thc giao dch tng tnh thanh khon ca th trng C cu li vic pht hnh tri phiu: + Pht hnh theo l tri phiu ri cng nim yt thay v theo t nhm khc phc tnh trng qu nhiu TP giao dch trn sn. i vi TPChnh Ph mi nm ch nn pht hnh t 2 n 4 loi. + To tnh thanh khon cho tri phiu - Ci cch ti chnh : lin kt th trng tin t v vn nhm tng tnh thanh khon cho tri phiu Khuyn khch hnh thnh cc t chc tn nhim trong nc v quc t nhm nh gi chnh xc gi tr ca tri phiu pht hnh cng nh n v pht hnh. - Ph cp v nng cao kin thc v th trng chng khon cho cng chng v cc nh u t, c bit l cc nh u t c nhn cng cn c tng cng. => Tuy nhin, tri phiu c xem l cng c to vn cho chng trnh u t quc gia, th vn quan trng l tnh hiu qu ca vic s dng vn. Khi Ngn sch thm ht th Chnh ph s pht hnh tri phiu Chnh ph (hay cc DN thiu vn u t s pht hnh tri phiu cng ty). M y chnh l khon n phi tr. tr c n th ngun vn huy ng t tri phiu phi c t sut sinh li ti thiu phi bng li sut tri phiu. Do cn c bin php kim sot cht ch v s dng ngun vn ny ng mc ch, trnh lng ph t hiu qu cao nht. Gii php c th cho th trng tri phiu CP : To mi trng kinh t v m thun li
55

K hoch ha v chin lc ha chnh sch huy ng vn thng qua pht hnh tri phiu CP. Gii php c th cho th trng tri phiu Cng ty : Vic pht hnh TPCTy l lnh vc cn mi m v cn nhiu kh khn, nhng y l hnh thc gip doanh nghip tip cn nhiu hn vi ngun vn trung v di hn, bn cnh ngun vn trung v di hn t h thng ngn hng ang dn b qu ti. Do vy, cn c nhng gii php c bn pht trin th trng ny. Thnh lp cng ty nh mc tn nhim Vit Nam: + nh gi cc t chc pht hnh trn th trng + Gip cc nh u t nh gi, nhn nh c hi u t tri phiu + Gip cc doanh nghip v cc t chc trung gian th trng xc nh mc li sut ph hp th trng. Hnh thnh li sut chun tri phiu Chnh ph: lm c s xc nh li sut pht hnh TPCty trn th trng. Phi c cc chnh sch khuyn khch cc doanh nghip pht hnh TPCty. Pht huy vai tr v nng cao nng lc ca cc t chc trung gian trn th trng. Pht huy vai tr ca cc t chc bo lnh thanh ton tri phiu. y mnh pht trin th trng chng khon nhm nng cao tnh thanh khon cho TPCTy. Tng cng hiu qu s dng vn. a dng ha k hn pht hnh C ch iu hnh li sut TPCP cn linh hot ph hp li sut th trng To lp h thng cc nh giao dch Pht hnh ra th trng quc t Khuyn khch v to iu kin cho a phng pht hnh -Cng khai ha ngn sch a phng Thnh lp t chc nh mc tn nhim ( ang c thc hin trong nm 2013)
56

Xy dng cc th ch th trng trong vic gim st ngun vn pht sinh t tri phiu, minh bch ho cc thng tin v t chc pht hnh. a dng ho hnh thc cc loi tri phiu Nng cao trnh nhn nhn li ch ca vic pht hnh tri phiu cng ty. Gii php c th cho th trng tri phiu Cty (tt) : => Nh vy, c th tng bc pht trin th trng TPCTy, cn c nhng gii php mang tnh ng b v n lc t nhiu pha.
57

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GVHD: ThS.

GVHD: ThS. Nguyn Nh Hin Ha

GVHD: ThS. Nguyn Nh Hin Ha

GVHD: ThS. Nguyn Nh Hin Ha

Nhm 4- Lp k16 PSU QNH2

GVHD: ThS. Nguyn Nh Hin Ha

GVHD: ThS. Nguyn Nh Hin Ha

GVHD: ThS. Nguyn Nh Hin Ha

GVHD: ThS. Nguyn Nh Hin Ha

GVHD: ThS. Nguyn Nh Hin Ha

GVHD: ThS. Nguyn Nh Hin Ha

Nhm 4- Lp k16 PSU QNH2

GVHD: ThS. Nguyn Nh Hin Ha

Nhm 4- Lp k16 PSU QNH2

GVHD: ThS. Nguyn Nh Hin Ha

Nhm 4- Lp k16 PSU QNH2

GVHD: ThS. Nguyn Nh Hin Ha

GVHD: ThS. Nguyn Nh Hin Ha

Nhm 4- Lp k16 PSU QNH2

GVHD: ThS. Nguyn Nh Hin Ha

GVHD: ThS. Nguyn Nh Hin Ha

GVHD: ThS. Nguyn Nh Hin Ha

Nhm 4- Lp k16 PSU QNH2

GVHD: ThS. Nguyn Nh Hin Ha

GVHD: ThS. Nguyn Nh Hin Ha

Nhm 4- Lp k16 PSU QNH2

GVHD: ThS. Nguyn Nh Hin Ha

GVHD: ThS. Nguyn Nh Hin Ha

Nhm 4- Lp k16 PSU QNH2

GVHD: ThS. Nguyn Nh Hin Ha

Nhm 4- Lp k16 PSU QNH2

GVHD: ThS. Nguyn Nh Hin Ha

Nhm 4- Lp k16 PSU QNH2

GVHD: ThS. Nguyn Nh Hin Ha

Nhm 4- Lp k16 PSU QNH2

GVHD: ThS. Nguyn Nh Hin Ha

GVHD: ThS. Nguyn Nh Hin Ha

Nhm 4- Lp k16 PSU QNH2

GVHD: ThS. Nguyn Nh Hin Ha

GVHD: ThS. Nguyn Nh Hin Ha

y l mt th trng ang pht trin thu ht s quan tm ca cc nh u t v t chc ti chnh nc ngoi.

Nhm 4- Lp k16 PSU QNH2

GVHD: ThS. Nguyn Nh Hin Ha

TPCP: 54.824 t ng Tn phiu: 7.894 t ng

Nhm 4- Lp k16 PSU QNH2

GVHD: ThS. Nguyn Nh Hin Ha

Nhm 4- Lp k16 PSU QNH2

GVHD: ThS. Nguyn Nh Hin Ha

Nhm 4- Lp k16 PSU QNH2

GVHD: ThS. Nguyn Nh Hin Ha

GVHD: ThS. Nguyn Nh Hin Ha

GVHD: ThS. Nguyn Nh Hin Ha

Nhm 4- Lp k16 PSU QNH2

GVHD: ThS. Nguyn Nh Hin Ha

GVHD: ThS. Nguyn Nh Hin Ha

Nhm 4- Lp k16 PSU QNH2

GVHD: ThS. Nguyn Nh Hin Ha

GVHD: ThS. Nguyn Nh Hin Ha

GVHD: ThS. Nguyn Nh Hin Ha

GVHD: ThS. Nguyn Nh Hin Ha

Nhm 4- Lp k16 PSU QNH2

GVHD: ThS. Nguyn Nh Hin Ha

Nhm 4- Lp k16 PSU QNH2