CHNG I: KHI QUT V TRI PHIU V TH TRNG TRI PHIU

I. KHI QUT V TRI PHIU

Khi nim c im c bn c trng

Nhng ri ro trong u t tri phiu

Phn loi tri phiu

CHNG I: KHI QUT V TRI PHIU V TH TRNG TRI PHIU

Khi nim tri phiu

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.

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. 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.

c trng
L gi bn ra ca tri phiu vo thi im pht hnh.

Mnh gi = S vn huy ng/s tri phiu pht hnh

Mnh gi

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.

Gi pht hnh

l/s danh ngha

L khong thi gian ngi pht hnh tr li cho ngi nm gi tri phiu.

L khong thi gian t ngy pht hnh n ngy ngi pht hnh hon tr vn ln cui

K tr li

Thi hn ca tp

Nhng ri ro trong u t tri phiu

ri ro tn nhim
ri ro li sut ri ro lm pht

ri ro thanh khon, ri ro khi th trng chng khon st gim

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.

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

Nhng ri ro trong u t tri phiu

Ri ro li sut (interest rate risk): Khi li sut th trng cng tng, gi tri

phiu cng gim v ngc li. Ri ro lm pht (inflation risk): 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

Phn loi tri phiu

c pht hnh bi chnh ph mt quc gia. Tri phiu chnh ph c th c pht hnh bng ng tin nc hoc ngoi t

Tri phiu ca Chnh Ph

cc t chc ny c th pht hnh tri phiu tng thm vn hot ng.
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.

Cn c theo i tng pht hnh

Tri phiu ca doanh nghip

Tri phiu ca ngn hng v cc t chc ti chnh

Vd:Tri phiu chnh ph M

Vd:Tri phiu chnh ph M

Vd:Tri phiu chnh ph M

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 kz 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

Phn loi

Cn c theo mc m bo thanh ton ca ngi pht hnh

Tri phiu bo m:

Tri phiu khng bo m

Tri phiu c ti sn cm c:

Tri phiu bo m bng chng khon k qu

Phn loi
Cn c vo hnh thc tri phiu
Tri phiu v danh

Tri phiu ghi danh

Phn loi da vo tnh cht tri phiu

Tri phiu c th chuyn i

Tri phiu c quyn mua c

Tri phiu c th mua li

 Cn c theo thi gian o hn

+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

Cn c theo phng thc tr li

+ Tp li tc + Tp chit khu

Cn c theo phm vi lu thng

+ Tp quc ni + Tp quc t iu kin pht hnh: Tham kho iu 12 ca lut chng khon

Th trng tri phiu

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.

Phn loi th trng tri phiu

Th trng s cp l th trng mua bn cc tri phiu mi pht hnh Th trng th cp l ni giao dch cc tri phiu c pht hnh trn th trng s cp

th trng s cp

th trng th cp

Mi lin h gia th trng s cp v th trng th cp

Th trng s cp c coi la tin cho s hnh thanh va pht trin ca th

trng th cp v la ni cung cp hang ha tri phiu trn th trng th cp. Th trng th cp la ng lc, la iu kin cho s pht trin ca th trng s cp.
Vic mua bn giao dch tri phiu trn th trng th cp lam cho lu ng ha

vn u t, cc nha u t c th chuyn t tri phiu thanh tin mt.

Vn kh dng thanh khon cao ca tri phiu ma tnh cht nng ng ca th

trng th cp hp dn cc nha u t b tin ra mua tri phiu. iu nay chnh la iu kin c bn cc nha pht hanh tri phiu c th bn c tri phiu trn th trng s cp va huy ng c ngun vn ln theo nhu cu.

CHNG II: S PHT TRIN CA TH TRNG TRI PHIU VIT NAM

1. Thc trng th trng tri phiu Vit Nam hin nay Qu trnh 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.

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 .

Giai on 2000- nay

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.

 So vi quc t, th trng tri phiu Vit Nam cn rt hn ch, ch chim

khong 8-9% 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.

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 Cc giao dch Tri phiu CP chim t l ch yu ca ton th trng. 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%
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.

Thc trng th trng tri phiu Vit Nam

Vit Nam ang la nc rt tch cc pht hanh tri phiu trong thi gian va qua nhng vn tt hu so vi cc nc trong khu vc ng Nam .

Thc trng
Tri phiu doanh nghip Vit Nam c t trng thp hn rt nhiu so vi cc nc

trong khu vc Vit Nam y mnh vic pht hanh tri phiu va tr thanh nc c tc tng ln nht trong nm va qua. Cc t chc nh Kho bc Nha nc, Ngn hang Pht trin Vit Nam tch cc pht hanh. Ngoai ra, do gp kh khn v tai chnh, nhiu doanh nghip nh SCR, SHS, SJS cng tham gia vao th trng tri phiu. Tuy vy, quy m pht hanh cn nh va ch yu mang tnh bc pht cc b nn cha th tr thanh xu hng cho cc doanh nghip trong thi gian ti. Mt s doanh nghip ln do cn vn m rng pht trin th buc phi pht hanh trn th trng quc t nh VIC, MSN, CTG C th thy trn thc t, doanh nghip khng ngi huy ng trn th trng tri phiu. Tuy nhin, h phi i mt vi th trng tri phiu trong nc cn cha pht trin va thiu c ch, h thng vn hanh chuyn nghip nn khng th huy ng vn ngoai knh cho vay t ngn hang. Sau khi ban hanh Ngh nh 90/2011/N- CP, cn phi ban hanh nhng vn bn hng dn cc cng ty i chng va cng ty chng khon thc hin. Bn cnh , khng th tip tc chm tr trong vic cho ra i ng cong li sut va thanh lp cc t chc xp hng tn dng.

Thc trng

24 ngn hng thng mi 29 cng ty chng khon 141.000 t ng qua pht hnh TPCP

Thc trng
/v tri phiu doanh nghip
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. 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....

 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. Nm 2012, ti Vit Nam c 43 doanh nghip ng k pht hnh khong 33 ngn t ng tri phiu 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. 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.

nh gi th trng tri phiu Vit Nam

Nm 2013 th trng th cp tip tc m m. Li sut tri phiu

ngn hn tng Th trng tri phiu ni a mi dng li th trng s cp, cn th trng th cp gn nh khng c bin ng 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. cht lng tri phiu pht hnh cha cao,thiu chun mc do vy tn thanh khon km, 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

 cc giao dch th cp tri phiu doanh nghip rt t, m ch yu l

tri phiu chnh ph. 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. c ch pht hnh v thanh ton tri phiu cha hon thin. thiu vng cc nh u t c t chc vi tim lc ti chnh mnh. cha c cc chnh sch hp l thu ht ngun vn nhn ri. 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.

Gii php
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.

Gii php
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.

Gii php
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. 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 .....