TRNG I HC KINH T HU

KHOA K TON TI CHNH

BI GING

TH TRNG CHNG KHON

Thi lng: 45 tit

Bin son: Nguyn Vit c

MC LC
CHNG I: TNG QUAN V TH TRNG CHNG KHON.............1
1.1.Khi qut s ra i v pht trin...............................................................1
1.2.Khi nim th trng chng khon............................................................2
1.3.Phn loi th trng chng khon .............................................................2
1.3.1.Phn loi theo hng ho ca th trng chng khon........................................................2

1.3.2.Phn loi theo qu trnh lun chuyn vn...................................................3

1.3.3.Phn loi theo hnh thc t chc ca th trng .........................................4
1.4.Cc ch th tham gia th trng chng khon..........................................4
1.4.1.Ch th pht hnh ......................................................................................4
1.4.2.Nh u t..................................................................................................5
1.4.3.Cc t chc kinh doanh trn th trng chng khon........................................................5

1.4.4.C quan qun l v gim st cc hot ng th trng chng khon ..........5

1.4.5.Cc t chc c lin quan ............................................................................5
1.5.Vai tr ca th trng chng khon ..........................................................6
1.5.1.Th trng chng khon gp phn thc y s pht trin nhanh chng
nn
kinh t.................................................................................................................6
1.5.2.Th trng chng khon gp phn thc hin ti phn phi cng bng
hn, thng qua vic buc cc cng ty pht hnh chng khon ra cng chng
theo mt t l nht nh ......................................................................................7
1.5.3.Th trng chng khon to iu kin thu ht v kim sot vn u t
nc ngoi ..........................................................................................................7
1.5.4.Th trng chng khon to iu kin cho Chnh ph huy ng cc
ngun ti chnh m khng to p lc v lm pht, ng thi to iu kin
cho Chnh ph thc hin cc chnh sch ti chnh tin t ....................................7
1.5.5.Th trng chng khon l cng c nh gi hot ng kinh doanh v
l phong v biu ca nn kinh t.........................................................................7
1.6.Gii thiu mt s th trng chng khon trn th gii ...........................8
1.6.1.Th trng chng khon M ......................................................................8
1.6.2.Th trng chng khon Nht bn..............................................................9
1.6.3.Th trng chng khon Thi Lan..............................................................9
1.7.Th trng chng khon Vit Nam............................................................9
Tm tt chng...............................................................................................10
Cu hi n tp .................................................................................................11
CHNG 2: CHNG KHON V PHT HNH CHNG KHON......13
2.1.Gii thiu v chng khon........................................................................13
2.1.1.Khi nim v c im ca chng khon ........................................................................13

2.1.1.1.Khi nim..............................................................................................13
2.1.1.2.c im...............................................................................................13
2.1.2.Phn loi chng khon .............................................................................14
2.1.2.1.Phn loi chng khon theo tnh cht ...................................................14
2.1.2.2.Phn loi chng khon theo hnh thc php l......................................23
2.1.2.3. Phn loi chng khon theo thu nhp .........................................................................23
2.2.Pht hnh chng khon....................................................................................................23
2.2.1.Cc phng thc pht hnh chng khon........................................................................23

2.2.1.1.Pht hnh ring l.................................................................................23

2.2.1.2.Pht hnh chng khon cng ty ra cng chng.....................................24
2.2.2.Pht hnh chng khon cng ty ln u ra cng chng ............................24
2.2.2.1.Tiu chun pht hnh............................................................................25
2.2.2.2.Quy trnh pht hnh ..............................................................................25
2.2.2.3.Cc phng php pht hnh .................................................................27
2.2.3.Pht hnh tri phiu Chnh ph v tri phiu a phng .........................28
2.2.3.1.Bn l qua h thng Kho bc Nh nc ................................................29
2.2.3.2.Pht hnh qua i l .............................................................................29
2.2.3.3.Pht hnh qua bo lnh ........................................................................29
2.2.3.4.Pht hnh qua u thu ........................................................................29
2.3.Qun l Nh nc v pht hnh chng khon .......................................31
Tng kt chng .............................................................................................31
Cu hi n tp .................................................................................................34
CHNG 3: CC HNH THC T CHC CA TH TRNG
CHNG KHON ...........................................................................................35
3.1.S giao dch chng khon ................................................................................................35
3.1.1.Khi nim.........................................................................................................................35

3.1.2.Hnh thc s hu......................................................................................36

3.1.2.1.Hnh thc s hu thnh vin.........................................................................................36

3.1.2.2.Hnh thc cng ty c phn.....................................................................36

3.1.2.3.Hnh thc s hu Nh nc ..................................................................36
3.1.3.Chc nng................................................................................................37
3.1.3.1.Th trng giao dch lin tc.................................................................37
3.1.3.2.Th trng cng bng v gi .................................................................37
3.1.3.3.Th trng cng khai.............................................................................37
3.1.4.Thnh vin ca S giao dch ....................................................................38
3.1.4.1.Khi nim..............................................................................................38
3.1.4.2.Quyn v ngha v ca thnh vin.........................................................38
3.1.5.Nim yt chng khon .....................................................................................................38

3.1.5.1.Khi nim..............................................................................................38
3.1.5.2.Mc ch ca vic nim yt ...................................................................38

3.1.5.3.Nhng thun li v bt li ca vic nim yt i vi t chc nim

yt .....................................................................................................................38
3.1.5.4.Phn loi nim yt.................................................................................39
3.1.5.5.Tiu chun nim yt ..............................................................................40
3.1.5.6.Th tc nim yt ....................................................................................41
3.2.Th trng chng khon phi tp trung (th trng OTC)............................................43

3.2.1.Khi nim ................................................................................................43

3.2.2.c im..................................................................................................43
3.2.2.1.Hnh thc t chc th trng .................................................................43
3.2.2.2.Chng khon giao dch trn th trng OTC.........................................43
3.2.2.3.C ch xc lp gi trn th trng OTC ................................................43
3.2.2.4.Cc nh to lp th trng ....................................................................43
3.2.2.5.H thng thng tin.................................................................................44
3.2.2.6.Qun l th trng.................................................................................44
3.2.2.7.C ch thanh ton .................................................................................44
3.2.3.Vai tr ca th trng OTC ......................................................................44
3.3.Th trng t do........................................................................................44
Tng kt chng .............................................................................................45
Cu hi n tp .................................................................................................46
CHNG 4: CC GIAO DCH TRN TH TRNG CHNG KHON....................47
4.1.H thng giao dch chng khon .....................................................................................47

4.1.1.Phng thc giao dch .............................................................................47

4.1.1.1.Phng thc khp lnh ........................................................................47
4.1.1.2.Nguyn tc khp lnh............................................................................47
4.1.1.2.Phng thc tho thun........................................................................48
4.1.2.Khp lnh nh k v khp lnh lin tc..................................................48
4.1.2.1.Phng thc khp lnh lin tc (continuous auction)..................................................48

4.1.2.2.Phng thc khp lnh nh k (call auction).......................................48

4.1.3.Lnh giao dch .........................................................................................48
4.1.3.1.Lnh th trng (market order) .............................................................48
4.1.3.2.Lnh gii hn (limit order)....................................................................49
4.1.3.3.Lnh dng (stop order) .........................................................................50
4.1.3.4.Lnh dng gii hn (stop limit order) ...................................................51
4.1.3.5.Lnh giao dch ti mc gi khp lnh (ATO).........................................51
4.1.3.6.Cc lnh khc........................................................................................51
4.1.4.Thi gian giao dch ..................................................................................53
4.1.5.n v giao dch......................................................................................53
4.1.6.n v yt gi (quotation unit) .................................................................53
4.1.7.Bin dao ng gi................................................................................54

4.1.8.Gi tham chiu (reference price) ..............................................................54

4.2.Thc hin Giao dch mua bn chng khon ..........................................55
4.2.1.M ti khon giao dch.............................................................................55
4.2.2.t lnh giao dch ....................................................................................56
4.2.3.Chuyn phiu lnh n phng giao dch cng ty chng khon .................57
4.2.4.Chuyn lnh n ngi mi gii ti S giao dch chng khon................57
4.2.5.Chuyn lnh n b phn khp lnh ........................................................57
4.2.6.Khp lnh v thng bo kt qu giao dch................................................57
4.2.7.Bo co kt qu giao dch v cng ty chng khon ..................................57
4.2.8.Xc nhn giao dch v lm th tc thanh ton ..........................................58
4.2.9.Thanh ton v hon tt giao dch..............................................................58
Tng kt chng .............................................................................................58
Cu hi n tp .................................................................................................60
CHNG 5: CNG TY CHNG KHON ........................................................................61
5.1.Khi nim ..........................................................................................................................61
5.2.M hnh t chc v nguyn tc hot ng ......................................................................61
5.2.1.M hnh cng ty chng khon chuyn doanh ..................................................................61
5.2.1.1.u im.........................................................................................................................61
5.2.1.2.Hn ch .........................................................................................................................61
5.2.2.M hnh cng ty chng khon a nng............................................................................61
5.2.2.1.u im.........................................................................................................................61
5.2.2.2.Hn ch .........................................................................................................................61
5.3.Cc nghip v c bn ca cng ty chng khon ............................................................62
5.3.1.Nghip v mi gii ..........................................................................................................62
5.3.1.1.Khi nim ......................................................................................................................62
5.3.1.2.Chc nng ca hot ng mi gii chng khon.........................................................62
5.3.1.3.Yu cu ca cng ty chng khon.................................................................................62
5.3.2.Nghip v t doanh..........................................................................................................62
5.3.2.1.Khi nim ......................................................................................................................62
5.3.2.2.Mc ch ca hot ng t doanh ................................................................................63
5.3.2.3.Yu cu i vi cng ty chng khon ...........................................................................63
5.3.3.Nghip v bo lnh pht hnh .........................................................................................64
5.3.4.Nghip v t vn u t chng khon .............................................................................64
5.3.4.1.Khi nim ......................................................................................................................64
5.3.4.2.Phn loi hot ng t vn...........................................................................................64
5.3.4.3.iu kin v nguyn tc ca hot ng t vn .............................................................65
5.3.5.Qun l danh mc u t .................................................................................................65
5.3.5.1.Xc tin tm hiu v nhn qun l.................................................................................66
5.3.5.2.K hp ng qun l .....................................................................................................66
5.3.5.3.Thc hin hp ng qun l .........................................................................................66
5.3.5.4.Kt thc hp ng qun l ............................................................................................66
5.3.6.Cc nghip v khc ..........................................................................................................66
5.3.6.1.Lu k chng khon......................................................................................................66

5.3.6.2.Qun l thu nhp ca khc hng (qun l c tc)........................................................66

5.3.6.3.Nghip v tn dng (cho vay k qu).............................................................................66
5.3.6.4.Nghip v qun l qu...................................................................................................67

5.4.Vai tr ca cng ty chng khon .............................................................67

5.4.1.i vi cc t chc pht hnh .........................................................................................67
5.4.2.i vi cc nh u t .....................................................................................................67

5.4.3.i vi th trng chng khon ...............................................................67

5.4.4.i vi cc c quan qun l th trng ...........................................................................68
Tng kt chng .....................................................................................................................68
Cu hi n tp .........................................................................................................................69
CHNG 6: H THNG THNG TIN TRN TH TRNG
CHNG KHON ...................................................................................................................70
6.1.Gii thiu h thng thng tin trn th trng chng khon .........................................70
6.1.1.Khi nim.........................................................................................................................70

6.1.2.Phn loi h thng thng tin.....................................................................70

6.1.2.1.Phn loi thng tin theo loi chng khon...................................................................70

6.1.2.2.Phn loi thng tin theo phm vi bao qut ............................................70

6.1.2.3.Phn loi thng tin theo thi gian ................................................................................70
6.1.2.4.Phn loi thng tin theo ngun thng tin .....................................................................70
6.1.3.Ph bin thng tin th trng ...........................................................................................71
6.2. Cc ngun thng tin trn th trng chng khon.......................................................71
6.2.1.Thng tin t t chc nim yt..........................................................................................71
6.2.1.1.Yu cu ca vic cng khai thng tin v cng ty ..........................................................71
6.2.1.2.Ni dung cng khai thng tin v cng ty.......................................................................71
6.2.2.Thng tin t S giao dch chng khon...........................................................................73
6.2.3.Thng tin t cc t chc kinh doanh chng khon..........................................................73
6.2.4.Mt s thng tin do Trung tm giao dch chng khon thnh ph H Ch Minh
thng bo...................................................................................................................................74
6.3.Ch s gi chng khon ....................................................................................................75
6.3.1.Ch s gi c phiu...........................................................................................................75
6.3.1.1.Ch s gi bnh qun gin n .....................................................................................75
6.3.1.2.Ch s gi bnh qun gia quyn ....................................................................................75
6.3.1.3.Ch s gi bnh qun Laspeyres....................................................................................76
6.3.1.4.Ch s gi bnh qun Paascher.....................................................................................76
6.3.1.5.Ch s gi bnh qun Fisher..........................................................................................76
6.3.2.Ch s gi tri phiu .........................................................................................................76
6.4.H thng thng tin v ch s gi c phiu trn th trng chng khon Vit Nam
(VN index)................................................................................................................................77
Tng kt chng .....................................................................................................................79
Cu hi n tp .........................................................................................................................81
CHNG 7: PHN TCH CHNG KHON ....................................................................82
7.1.Gii thiu chung v phn tch chng khon ..................................................................82
7.2.Ni dung phn tch chng khon ...................................................................................82
7.2.1.Phn tch v m ................................................................................................................82

7.2.1.1.Phn tch tnh hnh kinh t, chnh tr, x hi quc t....................................................82

7.2.1.2.Phn tch tnh hnh kinh t, chnh tr, x hi quc gia..................................................82
7.2.2.Phn tch ngnh................................................................................................................83
7.2.3.Phn tch cng ty..............................................................................................................84
7.2.3.1.Phn tch c bn ...........................................................................................................84
7.2.3.2.Phn tch k thut .........................................................................................................84
Tng kt chng .....................................................................................................................85
Cu hi n tp .........................................................................................................................86

CHNG 1
TNG QUAN V TH TRNG CHNG KHON
Mc tiu ca chng
Th trng chng khon l mt knh huy ng vn quan trng ca
nn kinh t. Chng ny s gii thiu khi qut s ra i v pht trin ca
th trng chng khon, cu trc v vai tr ca th trng chng khon.
Ngoi ra, chng ta cng s tm hiu mt s th trng chng khon trn th
gii, c bit l th trng chng khon Vit Nam qua chng ny.
S tit:

6 tit

Tit 1,2, 3:
1.1.

Khi qut s ra i v pht trin

Nhng du hiu ca mt th trng chng khon (TTCK) s khai

xut hin ngay t thi Trung c xa xa. Vo khong th k XV, cc thnh
ph ln ca cc nc phng Ty, trong cc phin ch hay hi ch, cc thng gia thng gp g tip xc vi nhau ti cc qun cafe thng lng
mua bn, trao i hng ho. c im ca hot ng ny l cc thng gia

ch trao i bng li ni vi nhau v cc hp ng mua bn m khng c s

xut hin ca bt c hng ho, giy t no. n cui th k XV, khu ch
ring tr thnh th trng hot ng thng xuyn vi nhng quy c
xc nh cho cc cuc thng lng. Nhng quy c ny dn dn tr thnh
cc quy tc c tnh cht bt buc i vi cc thnh vin tham gia.
Nm 1453, thnh ph Bruges (B), bui hp u tin din ra ti
mt l qun ca gia nh Vanber. Trc l qun c mt bng hiu v hnh 3
ti da - tng trng cho 3 loi giao dch: giao dch hng ho, giao dch ngoi
t, giao dch chng khon ng sn.
Vo nm 1457, thnh ph Bruges (B) mt i s phn thnh do eo
bin Even b lp ct nn mu dch th trng y b sp v c chuyn
qua th trn Auvers (B). y th trng pht trin rt nhanh chng. Cc th
trng nh vy cng c thnh lp Anh, Php, c, M.
Sau mt thi gian hot ng, th trng khng chng t kh nng p
ng c yu cu ca 3 loi giao dch khc nhau nn phn ra thnh nhiu
th trng khc nhau: th trng hng ho, th trng hi oi, th trng
chng khonvi c tnh ring ca tng th trng thun li cho giao dch
ca ngi tham gia trong .
Nh vy, th trng chng khon c hnh thnh cng vi th trng
hng ho v th trng hi oi.
Qu trnh pht trin th trng chng khon tri qua nhiu bc
thng trm. Thi k huy hong nht l vo nhng nm 1875 - 1913, th trng chng khon pht trin mnh cng vi s tng trng ca nn kinh t.
Nhng n ngy 29/10/1929, ngy c gi l ngy th nm en ti, y
l ngy m u cuc khng hong th trng chng khon New York, v
sau lan rng ra cc th trng chng khon Ty u, Bc u, Nht bn.
Sau th chin th hai, cc th trng chng khon phc hi, pht trin mnh.
Nhng ri cuc khng hong ti chnh nm 1987, mt ln na lm cho
cc th trng chng khon th gii suy sp, kit qu. Ln ny, hu qu ca
n rt ln v nng n hn cuc khng hong nm 1929, nhng ch 2 nm
sau, th trng chng khon th gii li i vo n nh, pht trin v tr
thnh mt nh ch ti chnh khng th thiu c trong i sng kinh t ca
nhng quc gia c nn kinh t pht trin theo c ch th trng.
1.2.

Khi nim th trng chng khon

C nhiu nh ngha khc nhau v th trng chng khon:

Th trng chng khon: ting la tinh l BURSA, l mt th trng c t chc v hot ng c iu khin.
Th trng chng khon c nh ngha theo Longman
Dictionary Business English, nh sau: mt th trng c t chc l ni cc
chng khon c mua bn tun theo nhng quy tc c n nh.

Cc quan nim trn u c khi qut trn nhng c s thc tin v

trong tng iu kin lch s nht nh.
Tuy nhin, quan nim y v r rng, ph hp vi s pht trin
chung ca th trng chng khon hin nay l:
Th trng chng khon l ni din ra cc giao dch mua bn, trao i
cc loi chng khon.
Chng khon c hiu l cc giy t c gi, xc nhn quyn v li
ch hp php ca ngi s hu i vi nh pht hnh.
1.3.

Phn loi th trng chng khon

Tu theo mc ch nghin cu, cu trc ca th trng chng khon

c th c phn loi theo nhiu tiu thc khc nhau. Tuy nhin, thng thng, ta c th xem xt ba cch thc c bn l phn loi theo hng ho, phn
loi theo hnh thc t chc ca th trng v phn loi theo qu trnh lun
chuyn vn.
1.3.1. Phn loi theo hng ho ca th trng chng khon

Theo cc loi hng ho c mua bn trn th trng, ngi ta c th

phn th trng chng khon thnh th trng tri phiu, th trng c phiu
v th trng cc cng c phi sinh.
Th trng tri phiu:
Th trng tri phiu l th trng m hng ho c giao dch
trao i, mua bn ti l cc tri phiu.
Th trng c phiu:
Th trng c phiu l th trng m hng ho c giao dch
trao i, mua bn ti l cc c phiu.
Th trng cc cng c phi sinh:
Th trng cc cng c phi sinh l th trng m hng ho c giao dch trao i, mua bn ti l chng khon phi sinh. V d: hp
ng tng lai, hp ng quyn chn.
1.3.2. Phn loi theo qu trnh lun chuyn vn

Theo cch thc ny, th trng c phn thnh th trng s cp v

th trng th cp.
Th trng s cp (th trng cp 1):
+ Th trng s cp l th trng pht hnh mi cc chng
khon hay l ni mua bn chng khon ln u tin. Ti th trng ny, gi
c ca chng khon l gi pht hnh.
+ Cc chng khon ln u tin c bn ra th trng c
gi l chng khon mi c pht hnh. Nu vic pht hnh mi l cc
chng khon b sung c nh pht hnh c chng khon a ra cng
chng th c gi l phn phi ln u.

+ Vic mua bn chng khon trn th trng s cp nhm mc

ch lm tng vn cho nh pht hnh. Thng qua vic mua bn, Chnh ph
c thm ngun thu ti tr cho cc d n u t hoc chi tiu dng. Cc
doanh nghip huy ng vn trn th trng nhm u t cho hot ng sn
xut kinh doanh. Qua , a ngun vn tit kim vo u t.
Th trng th cp (th trng cp 2):
+ Th trng th cp l th trng giao dch mua bn, trao i
nhng chng khon c pht hnh nhm mc ch kim li, di chuyn
vn u t hay di chuyn ti sn x hi.
+ Th trng th cp lm tng tnh lng ca cc chng khon
pht hnh. Vic ny lm tng s a chung ca chng khon v lm gim
ri ro cho cc nh u t. Vic tng tnh lng cho cc chng khon to iu
kin cho vic thay i thi hn ca vn, t vn ngn hn sang trung v di
hn, ng thi to iu kin cho vic phn phi vn mt cch hiu qu.
+ Th trng th cp xc nh gi ca chng khon c
pht hnh trn th trng s cp. Th trng th cp c xem l th trng
nh gi cc cng ty.
+ Thng qua vic xc nh gi, th trng th cp cung cp mt
danh mc chi ph vn tng ng vi cc mc ri ro khc nhau ca tng
phng n u t, to c s tham chiu cho cc nh pht hnh cng nh cc
nh u t trn th trng s cp. Vn s c chuyn ti nhng cng ty no
lm n c hiu qu cao nht, qua lm tng hiu qu kinh t x hi.
im khc nhau cn bn gia th trng s cp v th trng th cp:
th trng s cp, ngun vn tit kim c thu ht vo cng cuc u t
pht trin kinh t. Cn th trng th cp, vic giao dch khng lm tng
quy m u t vn, khng thu ht thm c cc ngun ti chnh mi m
ch c tc dng phn phi li quyn s hu chng khon t ch th ny sang
ch th khc, m bo tnh thanh khon ca chng khon.
Th trng s cp v th trng th cp c mi quan h mt thit, h
tr ln nhau. Nu khng c th trng s cp th khng c chng khon
lu thng trn th trng th cp. Ngc li, nu khng c th trng th
cp th th trng s cp kh hot ng tri chy. Chnh s c mt ca th trng th cp gip cho cc chng khon c tnh thanh khon, lm tng
tnh hp dn ca chng khon; t lm tng tim nng huy ng vn ca
cc ch th pht hnh chng khon. Mc ch cui cng ca cc nh qun l
l phi tng cng hot ng huy ng vn trn th trng s cp, v ch c
ti th trng ny, vn mi thc s vn ng t ngi tit kim sang ngi
u t, cn s vn ng ca vn trn th trng th cp ch l t bn gi,
khng tc ng trc tip ti vic tch t v tp trung vn.
1.3.3. Phn loi theo hnh thc t chc ca th trng

Theo cch phn loi ny, th trng chng khon c t chc thnh
cc S giao dch, th trng chng khon phi tp trung v th trng t do.
S giao dch chng khon (SGDCK)
+ SGDCK l th trng giao dch chng khon c thc hin
ti mt a im tp trung.
+ Cc chng khon c nim yt giao dch ti SGDCK thng
thng l chng khon ca cc cng ty ln, c danh ting, tri qua nhiu
th thch trn th trng v p ng c cc yu cu, tiu chun nim yt
do SGDCK t ra.
+ SGDCK c t chc v qun l mt cch cht ch bi
UBCKNN, cc giao dch chu s iu tit ca lut chng khon v th trng chng khon.
Th trng chng khon phi tp trung
+ Th trng chng khon phi tp trung l th trng khng c
trung tm giao dch tp trung, l mt mng li cc nh mi gii v t
doanh chng khon mua bn vi nhau v vi cc nh u t, cc hot ng
giao dch ca th trng chng khon phi tp trung c din ra ti cc quy
(sn giao dch) ca cc ngn hng v cng ty chng khon thng qua in
thoi hay my vi tnh din rng.
+ Khi lng giao dch ca th trng ny thng ln hn rt
nhiu ln so vi SGDCK.
+ Th trng chng khon phi tp trung chu s qun l ca S
giao dch v Hip hi cc nh kinh doanh chng khon.
Th trng t do
Th trng t do l th trng giao dch tt c cc loi c phiu
c pht hnh thng qua vic thng lng v tho thun trc tip gia
bn mua v bn bn ti bt c ni u, vo bt k lc no.
1.4.

Cc ch th tham gia th trng chng khon

Trn th trng chng khon c nhiu loi ch th tham gia hot ng

theo nhiu mc ch khc nhau: ch th pht hnh, ch th u t, ch th
qun l v gim st cc hot ng ca th trng chng khon, v cc t
chc c lin quan.
1.4.1. Ch th pht hnh

Ch th pht hnh l ngi cung cp cc chng khon - hng ho ca

th trng chng khon. Cc ch th pht hnh bao gm: Chnh ph, cc
doanh nghip v mt s t chc khc nh: Qu u t
Chnh ph
+ Chnh ph l ch th pht hnh cc chng khon: tri phiu
Kho bc, tri phiu cng trnh, tn phiu Kho bc nhm mc ch tm vn ti

tr cho nhng cng trnh ln thuc c s h tng, pht trin s nghip vn

ho gio dc, y t, hoc b p thiu ht Ngn sch Nh nc.
+ Chnh quyn a phng l ch th pht hnh tri phiu a
phng vay n nhm huy ng vn pht trin kinh t - x hi ca a phng.
Doanh nghip
Doanh nghip l ch th pht hnh cc c phiu hoc tri phiu
doanh nghip tm vn ti tr cho hot ng sn xut kinh doanh ca
doanh nghip.
Qu u t
Qu u t l nhng t chc u t chuyn nghip, c hnh
thnh bng vn gp ca cc nh u t tin hnh u t vo chng khon
v cc loi hnh u t khc. Mc ch thnh lp qu u t l tp hp v
thu ht nhng nh u t nh, l tham gia kinh doanh. c trng c bn
nht ca Qu u t l qu va ng vai tr l t chc pht hnh bng vic
pht hnh ra cc chng khon nh chng ch qu u t; va ng vai tr l
t chc u t, kinh doanh cc loi chng khon.
1.4.2. Nh u t

Ch th u t l nhng ngi c tin, thc hin vic mua v bn

chng khon trn th trng chng khon tm kim li nhun. Nh u t
c th chia thnh 2 loi: nh u t c nhn v nh u t c t chc.
Cc nh u t c nhn
Nh u t c nhn l cc c nhn v h gia nh, nhng ngi
c vn nhn ri tm thi, tham gia mua bn trn th trng chng khon vi
mc ch tm kim li nhun. Tuy nhin, trong u t th li nhun li lun
gn vi ri ro, k vng li nhun cng cao th mc chp nhn ri ro phi
cng ln v ngc li. Chnh v vy cc nh u t c nhn lun phi la
chn cc hnh thc u t ph hp vi kh nng cng nh mc chp
nhn ri ro ca mnh.
Cc nh u t c t chc
Nh u t c t chc l cc nh ch u t, thng xuyn
mua bn chng khon vi s lng ln trn th trng. Mt s nh u t
chuyn nghip chnh trn th trng chng khon l cc ngn hng thng
mi, cng ty chng khon, cng ty u t, cc cng ty bo him, qu tng
h, cc qu bo him x hi khc. u t thng qua cc t chc u t c u im l c th a dng ho danh mc u t v cc quyt nh u t c thc hin bi cc chuyn gia c chuyn mn v c kinh nghim.
1.4.3. Cc t chc kinh doanh trn th trng chng khon

Cng ty chng khon:

Cng ty chng khon l cc cng ty c phn hoc cng ty trch

nhim hu hn hot ng trong lnh vc chng khon. l nhng t chc
kinh t c t cch php nhn, c vn ring v hch ton kinh t c lp. Tu
theo vn iu l v ng k kinh doanh m mt cng ty c th thc hin mt
hoc mt s nghip v kinh doanh chng khon: mi gii chng khon, t
doanh, qun l danh mc u t, bo lnh pht hnh, t vn u t v lu k
chng khon.
Cc ngn hng thng mi (NHTM).
Ti mt s nc, cc NHTM c th s dng vn t c tng
v a dng ho li nhun thng qua u t vo cc chng khon. Tuy nhin,
cc ngn hng ch c u t vo chng khon trong nhng gii hn nht
nh bo v ngn hng trc nhng bin ng ca gi chng khon. Mt
s nc cho php ngn hng thng mi thnh lp cng ty con c lp
kinh doanh chng khon v thc hin nghip v bo lnh.
1.4.4. C quan qun l v gim st cc hot ng th trng chng khon

Lch s hnh thnh v pht trin th trng chng khon cho thy,
u tin th trng chng khon hnh thnh mt cch t pht khi c s xut
hin ca c phiu, tri phiu v hu nh cha c s qun l. Nhng nhn
thy cn c s bo v li ch cho cc nh u t v m bo s hot ng
ca th trng c thng sut, n nh v an ton, bn thn cc nh kinh
doanh chng khon v cc quc gia c th trng chng khon hot ng
cho rng cn phi c c quan qun l v gim st v hot ng pht hnh v
kinh doanh chng khon.
C quan qun l v gim st th trng chng khon c hnh thnh
di nhiu m hnh t chc hot ng khc nhau, c nc do cc t chc t
qun thnh lp, c nc c quan ny trc thuc Chnh ph, nhng c nc
li c s kt hp qun l gia cc t chc t qun v Nh nc. C quan
qun l Nh nc v th trng chng khon do Chnh ph ca cc nc
thnh lp vi mc ch bo v li ch ca ngi u t v bo m cho th
trng chng khon hot ng lnh mnh, an ton v pht trin bn vng.
1.4.5. Cc t chc c lin quan

Ngoi cc ch th trn, trn th trng chng khon cn c cc t

chc quan trng khc c lin quan n t chc v hot ng ca th trng
chng khon nh S giao dch chng khon; Hip hi cc nh kinh doanh
chng khon; T chc lu k v thanh ton b tr chng khon; cc cng ty
nh gi h s tn nhim.
S giao dch chng khon
S giao dch chng khon thc hin vn hnh th trng thng
qua b my t chc bao gm nhiu b phn khc nhau phc v cho cc hot
ng giao dch trn S giao dch. Ngoi ra, S giao dch cng ban hnh

nhng quy nh iu chnh cc hot ng giao dch chng khon trn S,

ph hp vi cc quy nh ca lut php v U ban chng khon.
Hip hi cc nh kinh doanh chng khon
Hip hi cc nh kinh doanh chng khon l t chc ca cc
cng ty chng khon v mt s thnh vin khc hot ng trong ngnh
chng khon, c thnh lp vi mc ch bo v li ch cho cc cng ty
chng khon ni ring v cho ton ngnh chng khon ni chung.
Hip hi cc nh kinh doanh chng khon thng l mt t
chc t qun, thc hin mt s chc nng chnh nh sau:
+ Khuyn khch hot ng u t v kinh doanh chng khon.
+ Ban hnh v thc hin cc quy tc t iu hnh trn c s cc
quy nh php lut v chng khon.
+ iu tra v gii quyt cc tranh chp gia cc thnh vin.
+ Tiu chun ho cc nguyn tc v thng l trong ngnh chng
khon.
+ Hp tc vi Chnh ph v cc c quan khc gii quyt cc
vn c tc ng n hot ng kinh doanh chng khon.
T chc lu k v thanh ton b tr chng khon
L t chc nhn lu gi cc chng khon v tin hnh cc
nghip v thanh ton b tr cho cc giao dch chng khon.
Cng ty nh gi h s tn nhim
Cng ty nh gi h s tn nhim l cng ty chuyn cung cp
dch v nh gi nng lc thanh ton cc khon vn gc v li ng thi hn
v theo nhng iu khon cam kt ca cng ty pht hnh i vi mt t
pht hnh c th. Cc mc h s tn nhim v th thng c gn cho mt
t pht hnh, ch khng phi cho cng ty. V th, mt cng ty pht hnh c
th mang nhiu mc h s tn nhim cho cc pht hnh n ca n.
H s tn nhim c biu hin bng cc ch ci hay ch s,
tu theo quy nh ca tng cng ty xp hng. V d: theo h thng xp hng
ca Mooodys s c cc h s tn nhim c k hiu l Aaa, Aa1, Baa1,
B1; theo h thng xp hng ca S&P, c cc mc xp hng AAA, AA+, AA,
AA-, A+, A
Cc nh u t c th da vo cc h s tn nhim do cc cng
ty nh gi h s tn nhim cung cp cn nhc a ra quyt nh u t
ca mnh.
Tit 4, 5, 6:
1.5.

Vai tr ca th trng chng khon

Th trng chng khon l mt nh ch ti chnh tt yu ca nn kinh

t th trng pht trin. Th trng chng khon l chic cu v hnh ni lin

gia cung v cu vn trong nn kinh t. Mt th trng chng khon lnh

mnh v hot ng c hiu qu s to iu kin khai thc tt cc tim nng
ca nn kinh t, to s lnh mnh trong vic thu ht v phn phi vn trong
nn kinh t mt cch c hiu qu nht.
1.5.1. Th trng chng khon gp phn thc y s pht trin nhanh chng nn
kinh t

Chc nng c bn ca TTCK l cng c huy ng vn u t cho nn

kinh t v tng tit kim quc gia thng qua vic pht hnh v lun chuyn
chng khon c gi. Vic mua i bn li chng khon trn TTCK to
iu kin di chuyn vn t ni tha sang ni thiu vn, to iu kin chuyn
hng u t t ngnh ny sang ngnh khc, t gp phn iu ho vn
gia cc ngnh kinh t, ph v tnh ca u t trong sn xut, to ra
nhng ng nng cho sn xut kinh doanh, gp phn to nn s pht trin
nhanh v ng u ca nn kinh t.
Th trng chng khon l mt nh ch rt c bn trong h thng th
trng ti chnh, l cht xc tc quan trng trong vic huy ng vn cho u
t pht trin v thc y cc hot ng kinh t.
1.5.2. Th trng chng khon gp phn thc hin ti phn phi cng bng hn,
thng qua vic buc cc cng ty pht hnh chng khon ra cng chng theo mt t
l nht nh.

V d: Vit Nam, cc cng ty pht hnh chng khon ra cng chng

vi t l 20% i vi cc doanh nghip c vn di 100 t ng. Cn i
vi doanh nghip c s vn trn 100 t ng th t l yu cu pht hnh
chng khon ra cng chng l 15%.
iu ny, mt l: gii to s tp trung quyn lc kinh t vo mt
nhm nh, song vn tp trung vn cho pht trin kinh t, t , to s cnh
tranh cng bng hn gp phn tng tnh hiu qu v thc y tng trng
cho nn kinh t.
hai l: vic tng cng tng lp trung lu trong x hi, tng
cng s gim st ca x hi i vi hot ng ca cng ty.
1.5.3. Th trng chng khon to iu kin thu ht v kim sot vn u t nc
ngoi.

Vic u t vn t nc ngoi c th thc hin bng nhiu bin php

khc nhau, trong c u t vn thng qua th trng chng khon. y l
hnh thc u t d dng v hu hiu. Vi nguyn tc cng khai, th trng
chng khon l ni m cc nh u t c th theo di v nhn nh mt cch
d dng hot ng ca cc ngnh, cc doanh nghip trong nc. Hn na,
th trng chng khon thu ht vn thng qua mua bn chng khon, t
to mi trng u t thun li cho cc nh u t nc ngoi.

1.5.4. Th trng chng khon to iu kin cho Chnh ph huy ng cc ngun

ti chnh m khng to p lc v lm pht, ng thi to iu kin cho Chnh ph
thc hin cc chnh sch ti chnh tin t.

Khi Ngn sch thu khng b chi, Chnh ph c th b p thm ht

Ngn sch bng hai cch: pht hnh tin hoc i vay n. Trc y, Chnh
ph ta pht hnh tin b p thiu ht Ngn sch, v gy nn p lc
lm pht rt ln, gy nh hng xu n nn kinh t. Nhng trong vi nm
gn y, Chnh ph c th pht hnh tri phiu Chnh ph to ra ngun
thu b p Ngn sch m vn qun l c lm pht. Ngoi ra, Chnh ph
cng c th s dng mt s chnh sch, bin php tc ng vo th trng
chng khon nhm nh hng u t cho s pht trin cn i nn kinh t.
Trn thc t, khi cha c th trng chng khon th Chnh ph vn
pht hnh cc loi tri phiu Chnh ph huy ng vn, nhng phn ln
l cc tri phiu ngn hn nhm p ng cc khon chi Ngn sch trong nm
ti kho. Cn i vi cc tri phiu di hn th rt kh pht hnh, v khng
c th trng chuyn nhng cho cc tri phiu, nn rt kh khn trong vic
chuyn i t tri phiu ra tin. V vy, khi th trng chng khon ra i,
bn thn n khng nhng to ra tnh thanh khon v tnh kh mi (tnh d
mua bn) ca cc chng khon, m cn to ra tnh linh hot trong vic
chuyn hng u t t lnh vc ny sang lnh vc khc. V vy, th trng
chng khon c xem l cng c c lc trong vic huy ng cc ngun
vn di hn.
1.5.5. Th trng chng khon l cng c nh gi hot ng kinh doanh v l
phong v biu ca nn kinh t.

Th trng chng khon phn nh tnh trng ca cc doanh nghip v

ca c nn kinh t Quc gia. Cc th gi chng khon c th hin thng
xuyn trn th trng phn nh gi tr phn ti sn C ca doanh nghip
trn c s nh gi thc trng ca doanh nghip, mc u t, trng thi
kinh t. Ch c nhng doanh nghip lm n mnh, c hiu qu cao, ha hn
trin vng tng lai tt th gi tr th trng ca chng khon cng ty mi
cao v ngc li.
Ngoi s nh gi cc doanh nghip, th trng chng khon cn l
phong v biu ca nn kinh t, gip nhng ngi u t v nhng ngi
qun l c c s nh gi thc trng v d on tng lai ca nn kinh t.
Din bin ca th gi chng khon v khi qut hn l ch s chng khon
phn nh thng tin a dng v nhiu chiu cho ngi u t trc din
bin ca cc ri ro. Th trng chng khon cn phn ng rt nhy cm trc cc chnh sch kinh t v m, cc bin ng ca nn kinh t. V vy, cc
nh hoch nh chnh sch v qun l thng thng qua th trng chng
khon phn tch, d on, ra cc chnh sch iu tit kinh t v ph-

ng php qun l kinh t thch hp, qua tc ng ti cc hot ng ca

nn kinh t quc dn.
Ngoi nhng tc ng tch cc trn y, th trng chng khon cng
c nhng tc ng tiu cc sau:
Th trng chng khon lun cha ng yu t u c.
u c l mt yu t c tnh ton ca nhng ngi u t. H
c th mua chng khon vi hy vng l gi chng khon s tng ln trong tng lai, v qua thu c li nhun. Yu t u c d gy nh hng dy
chuyn lm cho c phiu c th tng gi gi to. S kin ny cng d xy ra
khi c nhiu ngi cng cu kt vi nhau ng thi mua vo hay bn ra
mt loi chng khon no , dn n s khan him hay d tha chng
khon mt cch gi to trn th trng, lm cho gi chng khon c th tng
ln hay gim xung mt cch t bin, gy tc ng xu n th trng.
Hot ng giao dch ni gin thng xy ra trn th trng
chng khon.
Mt c nhn no li dng vic nm bt nhng thng tin ni
b ca doanh nghip, cng nh cc thng tin mt khng c hoc cha c php cng b v s dng cc thng tin cho giao dch chng khon
nhm thu li bt chnh gi l giao dch ni gin. Cc giao dch ni gin c
xem l phi o c v mt thng mi, v ngi c ngun tin ni gin s c
li th trong u t so vi cc nh u t khc thu li bt chnh cho ring
mnh. iu ny s lm nn lng cc nh u t. Nh vy s tc ng tiu
cc ti tch lu v u t.
Th trng chng khon hot ng trn c s thng tin hon
ho. Song khi c tin n khng chnh xc hoc thng tin lch lc v hot
ng ca mt doanh nghip, iu ny gy tc ng n tm l ca nhng
ngi u t, dn ti thay i xu hng u t, nh hng n th gi chng
khon ca doanh nghip trn th trng v gy thit hi cho i a s ngi
u t.
Nh vy, vai tr ca th trng chng khon c thc hin trn
nhiu kha cnh khc nhau. Song vai tr tch cc hay tiu cc ca th trng
chng khon thc s pht huy hay b hn ch ph thuc ng k vo cc ch
th tham gia trn th trng.
1.6. Gii thiu mt s th trng chng khon trn th gii
1.6.1. Th trng chng khon M
TTCK M hin nay l mt th trng quan trng bc nht trn th gii
nu xt trn tng th khi lng t bn giao dch v s nh hng to ln ca
n i vi cc th trng chng khon khc.
Th trng chng khon M c thnh lp vo nm 1792, S
giao dch chng khon New York (NYSE) l s giao dch chng khon

(SGDCK) ln nht v lu i nht nc M, y hin l trung tm giao dch

chng khon ln nht th gii, qun l ti hn 80% cc giao dch chng
khon ca M v k t nm 1962 tr thnh th trng chng khon quc
gia.
S giao dch chng khon M (American Stock Exchange AMEX) l th trng chng khon tp trung ln th 2 M.
Bn cnh cc th trng chng khon tp trung l cc SGDCK
gm 14 s giao dch khc nhau, ti M cn c th trng chng khon phi
tp trung (th trng OTC) rt pht trin, l Nasdaq.
Th trng OTC qua mng my tnh Nasdaq c thnh lp t
nm 1971 l th trng c s lng chng khon giao dch ln nht M
vi 15000 chng khon. Chng khon giao dch trn th trng ny chim
a s l ca cc cng ty thuc ngnh Cng ngh thng tin, cc cng ty va
v nh.
1.6.2. Th trng chng khon Nht bn
Th trng chng khon Nht bn ng vai tr quan trng trong vic
thu ht vn di hn cho Chnh ph v cc cng ty. Ni n th trng chng
khon Nht bn, trc ht phi k n SGDCK Tokyo (TSE).
SGDCK Tokyo hnh thnh vo cui nm 1878. y l SGDCK ra i
sm nht, l th trng ln nht ti Nht bn v s lng chng khon lu
hnh cng nh v doanh thu, ng th 2 v doanh s bn, ch sau NYSE.
Bn cnh cc SGDCK (Nht bn c 8 SGDCK), cn c cc th trng
chng khon phi tp trung, tiu biu l th trng Jasdaq v J-net.
+ Th trng Jasdaq, hot ng t nm 1991 trn c s pht trin th
trng OTC truyn thng hot ng t thng 2/1963 do Hip hi cc nh
kinh doanh chng khon Nht bn qun l.
+ Th trng T-net c a vo hot ng t thng 5 nm 2000,
chu s qun l trc tip ca SGDCK Osaka (OSE).
1.6.3. Th trng chng khon Thi Lan
TTCK Thi Lan l mt trong nhng th trng chng khon pht trin
nhanh nht khu vc Chu . TTCK Thi Lan ban u c cc cng ty t
nhn thnh lp vo thng 7/1962. n nm 1970 th trng ny phi ng
ca v t ngi tham gia v thiu s h tr ca Nh nc. Thng 2/1974 Lut
SGDCK ra i v SGDCK c m ca tr li vo nm 1975. K t nm
1986, SGDCK Thi Lan pht trin mnh v t hiu qu cao.
Th trng chng khon Thi Lan cng l ni in hnh ca vic s
dng h thng vi tnh hon ton t ng. Vi h thng giao dch t ng
ny, SGDCK Thi Lan cho php cc cng ty chng khon thng qua h
thng my vi tnh thc hin cc giao dch ngay ti vn phng ca h m
khng cn trc tip n S.

1.7.

Th trng chng khon Vit Nam

S ra i th trng chng khon Vit Nam c nh du bng vic
a vo vn hnh Trung tm Giao dch Chng khon (TTGDCK) ti thnh
ph H Ch Minh ngy 20/10/2000, v thc hin phin giao dch u tin
vo ngy 28/7/2000.
Cc ch th tham gia trn TTCK Vit Nam:
U ban chng khon Nh nc (UBCKNN)
UBCKNN c thnh lp theo Ngh nh s 75/CP ngy
28/1/1996 ca Chnh ph. y l c quan trc thuc Chnh ph, thc hin
chc nng t chc v qun l Nh nc v chng khon v th trng chng
khon: qun l vic cp php, ng k pht hnh v kinh doanh chng
khon, t chc cng tc thanh tra, gim st hot ng giao dch, mua bn
chng khon, m bo th trng hot ng n nh, cng bng v
minh bch.
Trung tm giao dch chng khon thnh ph H Ch Minh
Theo Ngh nh 48/1998/N-CP ngy 11/7/1998 ca Th tng Chnh ph v vic thnh lp TTGDCK, Quyt nh 128/1998/QUBCK, ngy 1/8/1998 ca ch tch UBCKNN th TTGDCK l n v s
nghip c thu trc thuc UBCKNN c t cch php nhn, c tr s, con du
v ti khon ring. TTGDCK TPHCM thc hin cc chc nng: t chc,
qun l iu hnh vic mua bn chng khon; qun l iu hnh h thng
giao dch chng khon v cung cp cc dch v h tr vic mua bn chng
khon, dch v lu k chng khon; ng k chng khon, thanh ton b tr
i vi cc giao dch chng khon; cng b thng tin v hot ng giao dch
chng khon; kim tra gim st cc hot ng giao dch chng khon v mt
s nhim v khc.
Cc cng ty chng khon
Theo Quyt nh s 04/1998/Q-UBCK, ngy 13/10/1998 ca
UBCKNN, cc cng ty chng khon c thnh lp di hnh thc php l
l cng ty c phn hoc cc cng ty trch nhim hu hn. l nhng t
chc kinh t c t cch php nhn, c vn ring v hch ton kinh t c
lp. Tu theo vn iu l v ng k kinh doanh m mt cng ty c th thc
hin mt hoc mt s nghip v kinh doanh chng khon: mi gii chng
khon, t doanh, qun l danh mc u t, bo lnh pht hnh, t vn u t
v lu k chng khon.
Cc t chc pht hnh chng khon
Theo cc vn bn php l hin hnh, cc t chc c php
pht hnh chng khon Vit Nam bao gm:
+ Chnh ph: pht hnh tn phiu Kho bc, tri phiu Kho bc
v tri phiu u t.

+ Chnh quyn a phng: pht hnh tri phiu ti tr cho

cc d n v cc nhu cu chi tiu ca chnh quyn a phng.
+ Cc cng ty c phn: pht hnh c phiu (c phiu ph thng,
c phiu u i biu quyt, c phiu u i c tc v c phiu u i hon
li) v tri phiu doanh nghip.
+ Cc DNNN: pht hnh tri phiu doanh nghip.
+ Cc qu u t chng khon v cng ty qun l qu: pht
hnh chng ch qu u t.
Tuy nhin, trn thc t tham gia pht hnh chng khon trong
thi gian qua ch yu l Chnh ph, cc NHTMQD, mt s DNNN v cc
DNNN khi tin hnh c phn ho.
Cc nh u t chng khon
Theo cc vn bn php lut hin hnh, cc nh u t trn th
trng chng khon Vit Nam bao gm: c nhn, h gia nh, cc t chc,
cc qu u t, cc doanh nghip, cc cng ty bo him
Cc t chc ph tr khc
Ngoi cc thnh vin nu trn, tham gia th trng chng khon Vit
Nam cn c cc t chc ph tr khc nh: cc t chc lu k, thanh ton b
tr, cc t chc kim ton iu kin c UBCKNN cp giy php
hot ng lu k chng khon.
Hin nay, Ngn hng u t v pht trin Vit Nam c chn l
ngn hng ch nh thanh ton.
Tm tt chng:
S ra i ca th trng chng khon:
Vo khong th k XV, cc nc phng Ty, cc thng gia
thng t tp trao i, giao dch. Cc cuc trao i ch din ra bng li ni,
khng c giy t hay hng ho. Cui th k XV, mt khu ch ring c
hnh thnh cc thng gia t hp trao i, mua bn. T , cc quy tc
giao dch dn dn xut hin. Nm 1453, ti Bruges (Vng Quc B), qun
ca gia nh Vander, cc thng gia t hp trao i, giao dch hng ho
thng thng, ngoi t v chng khon. Nm 1947, a im giao dch c
chuyn n th trn Anbert (B). Ti y, th trng giao dch pht trin
rt mnh m. Cc th trng nh vy cng c thnh lp Anh, Php,
c, M. Do tc pht trin nhanh, th trng giao dch cc loi hng ho
c tch ra: Th trng hng ho, Th trng hi oi, Th trng chng
khon. Nh vy, th trng chng khon c hnh thnh cng vi th trng hng ho v th trng hi oi.
Khi nim th trng chng khon: C nhiu khi nim. Tuy nhin, quan
nim y v r rng, ph hp vi s pht trin chung ca th trng

chng khon hin nay l: Th trng chng khon l ni din ra cc giao

dch mua bn, trao i cc loi chng khon. Chng khon c hiu l cc
giy t c gi, xc nhn quyn v li ch hp php ca ngi s hu i vi
nh pht hnh.
Phn loi th trng chng khon:
Phn loi theo hng ho ca th trng chng khon:
+ Th trng tri phiu
+ Th trng c phiu
+ Th trng cc cng c phi sinh
Phn loi theo qu trnh lun chuyn vn
+ Th trng s cp (th trng cp 1)
+ Th trng th cp (th trng cp 2)
-

Phn loi theo hnh thc t chc ca th trng

+ S giao dch chng khon (SGDCK)

+ Th trng chng khon phi tp trung
+ Th trng t do
Cc ch th tham gia th trng chng khon

Ch th pht hnh: Chnh ph, cc doanh nghip v mt s t chc

khc nh: Qu u t.
Nh u t:
+ Cc nh u t c nhn.
+ Cc nh u t c t chc.
Cc t chc kinh doanh trn th trng chng khon:
+ Cng ty chng khon
+ Cc ngn hng thng mi
C quan qun l v gim st cc hot ng th trng chng khon:
hot ng nhm mc ch bo v li ch cho cc nh u t v m bo s
hot ng ca th trng c thng sut, n nh v an ton.
Cc t chc c lin quan:
+ S giao dch chng khon.
+ Hip hi cc nh kinh doanh chng khon
+ T chc lu k v thanh ton b tr chng khon
+ Cc cng ty nh gi h s tn nhim.
Vai tr ca th trng chng khon
Th trng chng khon gp phn thc y s pht trin nhanh chng
nn kinh t.
Th trng chng khon gp phn thc hin ti phn phi cng bng
hn, thng qua vic buc cc cng ty pht hnh chng khon ra cng chng
theo mt t l nht nh.

Th trng chng khon to iu kin thu ht v kim sot vn u t

nc ngoi.
Th trng chng khon to iu kin cho Chnh ph huy ng cc
ngun ti chnh m khng to p lc v lm pht, ng thi to iu kin
cho Chnh ph thc hin cc chnh sch ti chnh tin t.
Th trng chng khon l cng c nh gi hot ng kinh doanh v
l phong v biu ca nn kinh t.
Tc ng tiu cc ca th trng chng khon:
Yu t u c.
Hin tng giao dch ni gin.
Hin tng phao tin n sai s tht v gi ca mt loi chng khon
hay hot ng cu doanh nghip.
Cu hi n tp
1.
Phn tch cu trc ca th trng chng khon?
2.
Vai tr ca th trng chng khon? Phn tch c s khoa hc ca
vic hnh thnh Th trng chng khon Vit Nam hin nay.
3.
Cc ch th tham gia th trng chng khon? Lin h vi thc tin
Th trng chng khon Vit Nam.
***

CHNG 2
CHNG KHON V PHT HNH CHNG kHON
Mc tiu ca chng:
Trong chng ny, chng ta s nghin cu v hng ho ca th trng chng
khon, khi nim, c im v cch phn loi ca chng. Bn cnh , chng ny cng
s gii thiu v iu kin cng nh cc phng thc pht hnh chng khon.
S tit:

7 tit

Tit 1, 2, 3, 4:
2.1. Gii thiu v chng khon

Trong hot ng kinh t, c nhiu loi th trng, mi loi th trng

c mt s loi hng ho chnh v i tng giao dch ring. Trn th trng
chng khon, i tng giao dch chnh ca n l chng khon.
2.1.1. Khi nim v c im ca chng khon
2.1.1.1. Khi nim

C nhiu nh ngha khc nhau v chng khon. Vit Nam, theo N

144/2003/N - CP ngy 28-11-2003 ca Chnh ph: 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; gm: c
phiu, tri phiu, chng ch Qu u t chng khon, cc loi chng khon
khc theo quy nh ca php lut.
Chng khon l giy t c gi, tn ti di hnh thc chng ch
hoc bt ton ghi s:
+ Chng khon di dng chng ch: gm cc yu t: tn tr
s ca t chc pht hnh, loi mnh gi, s seri, li sut, k hn tr li.
+ Chng khon di dng bt ton ghi s: ngi s hu
chng khon c cp giy chng nhn quyn s hu do t chc pht hnh
chng nhn. Cc yu t trn giy chng nhn ny gm: mnh gi, li sut,
k hn.
2.1.1.2. c im

Chng khon l mt ti sn ti chnh c cc c im c bn:

a.
Tnh thanh khon (tnh lng)
Tnh lng ca ti sn l kh nng chuyn ti sn thnh tin mt.
Kh nng ny cao hay thp ph thuc vo:
Khong thi gian v ph cn thit cho vic chuyn i.
Ri ro ca vic gim st gi tr ti sn do chuyn i.
Cc chng khon khc nhau c kh nng chuyn nhng l khc
nhau. V d: tnh thanh khon ca mt tn phiu Kho bc cao hn 1 c phiu
cng ty.

b.

Tnh ri ro
Chng khon l cc ti sn ti chnh m gi tr ca n chu tc ng
ln ca ri ro. Ri ro khng ch l mt mt thun tu m n cn hm cha c
vic khng t c k vng ca nh u t. C hai loi ri ro: ri ro c h
thng v ri ro khng c h thng.
Ri ro c h thng (ri ro th trng) l loi ri ro tc ng ti
ton b hoc hu ht cc loi chng khon. Loi ri ro ny chu s tc ng
ca cc iu kin kinh t chung nh: lm pht hay gim pht, s thay i t
gi hi oi, li sut Trn th trng chng khon, nhng ri ro h thng
l kh trnh khi.
Ri ro h thng gm:
+
Ri ro li sut: l kh nng bin ng mc sinh li do
nhng thay i ca li sut trn th trng gy ra. Trong thc t, cc nh u
t thng coi tn phiu kho bc l khng c ri ro, v vy li sut ca tn
phiu thng dng lm mc chun xc nh li sut ca cc loi tri
phiu cng ty c k hn khc nhau.
+ Ri ro th trng: l s thay i mc sinh li do s nh
gi v ra quyt nh ca cc nh u t trn th trng. Trn th trng, gi
c cc loi chng khon c th dao ng mnh mc d thu nhp ca cng ty
vn khng thay i. Nguyn nhn l do cch nhn nhn, phn ng ca cc
nh u t c th khc nhau v tng loi hoc nhm c phiu.
+
Ri ro sc mua: l ri ro do tc ng ca lm pht i
vi khon u t. Yu t lm pht hay gim pht s lm thay i mc li
sut danh ngha v t s tc ng n gi ca cc chng khon trn th trng.
+
Ri ro t gi: ri ro do tc ng ca t gi i vi khon
u t. Khi nh u t cho rng ng ni t c th b gim gi trong tng
lai th nh u t s quyt nh khng u t vo chng khon hoc s
tm cch thay th chng khon bng ti sn ngoi t v khi gi tr chng
khon s b gim.
Ri ro khng c h thng: l loi ri ro ch tc ng n mt
chng khon hoc mt nhm nh cc chng khon. Loi ri ro ny do cc
yu t ni ti ca cng ty gy ra v n c th kim sot c.
Ri ro khng c h thng gm:
+
Ri ro kinh doanh: L ri ro do s thay i bt li v tnh
hnh cung cu hng ho hay dch v ca doanh nghip hay l s thay i bt
li kinh doanh ca doanh nghip.
+
Ri ro ti chnh: L ri ro v kh nng thanh ton tri
tc, c tc v hon vn cho ngi s hu chng khon. Ri ro ti chnh lin

quan n s mt cn i gia doanh thu, chi ph v cc khon n ca doanh

nghip.
+
Ri ro qun l: L ri ro do tc ng ca cc quyt nh
t nh qun l doanh nghip.
Cc nh u t thng quan tm ti vic xem xt, nh gi cc
ri ro lin quan, trn c s ra cc quyt nh trong vic la chn, nm
gi hay bn cc chng khon.
c.
Tnh sinh li
Chng khon l mt ti sn ti chnh m khi s hu n, nh u t
mong mun nhn c mt thu nhp ln hn trong tng lai. Thu nhp ny
c m bo bng:
Li tc c phn chia hng nm (chi tr c tc, tri tc).
Vic tng gi chng khon trn th trng.
Kh nng sinh li bao gi cng quan h cht ch vi ri ro ca ti sn,
th hin trong nguyn l: mc chp nhn ri ro cng cao th li nhun k
vng cng ln.
2.1.2. Phn loi chng khon

Tu theo cch chn tiu thc m ta c th phn loi chng khon theo
nhiu loi chng khon khc nhau. Tuy nhin, thng thng, ta c th xem
xt ba tiu thc c bn l phn loi theo tnh cht ca chng khon, theo
hnh thc php l v theo kh nng thu nhp.
Cch phn chia ny to iu kin cho ngi u t nhn bit d dng
cc loi chng khon ang lu thng v gip h la chn cch thc u t
ph hp.
2.1.2.1. Phn loi chng khon theo tnh cht

Theo tnh cht ca chng khon, cc loi chng khon c phn

thnh:
a.
Chng khon vn
Chng khon vn l chng th xc nhn vn gp v quyn s hu
phn vn gp v cc quyn hp php khc i vi t chc pht hnh.
i din cho chng khon vn l c phiu v chng ch qu u t.

C phiu
+ Khi nim

Khi mt cng ty huy ng vn thnh lp hoc m rng, hin

i ho sn xut, th s vn c chia thnh nhiu phn nh bng nhau

gi l c phn. Ngi mua c phn gi l c ng. Giy chng nhn s hu

c phn gi l c phiu.
Theo thng t 01/TT-UBCK ngy 13-1-1998 ca y ban chng
khon Nh nc: C phiu l mt loi chng khon vn c pht hnh
di dng chng ch hoc bt ton ghi s, xc nhn quyn s hu v li ch
hp php i vi ti sn hoc vn ca mt cng ty c phn.
+ c im:
C phiu c nhng c im sau:

phn.

C phiu l giy chng nhn s gp vn vo cng ty c

C phiu l mt loi chng khon c thi hn thanh ton

v hn, n tn ti cng vi s tn ti ca cng ty pht hnh ra chng.

Ngi mua c phiu s l ngi s hu mt phn cng
ty, do phi chu trch nhim hu hn v s thua l, ph sn ca cng ty.
+ Phn loi: Phn loi c phiu theo quyn li c ng, bao gm: c
phiu thng v c phiu u i.

C phiu thng: l mt loi chng khon vn, khng c

k hn, tn ti cng vi s tn ti ca cng ty, li tc c phiu (c tc) c
tr vo cui nm quyt ton. c im ca c phiu thng l:
 Li tc ca c phiu khng c nh, ph thuc vo
mc li nhun thu c hng nm ca cng ty v chnh sch chia li ca
cng ty.
 Ch c chia li sau khi doanh nghip tr tri tc,
c tc u i.
 Thi hn ca c phiu l v hn, n ph thuc vo
thi gian hot ng ca cng ty.
 C ng c hng cc quyn li nh:
 Quyn la chn Hi ng qun tr cng ty (thng
qua cc i hi c ng): C ng c quyn b phiu biu quyt bu c
Hi ng qun tr hay biu quyt thng qua nhng vn quan trng ca
doanh nghip.
 Quyn nhn c tc: Nu Hi ng qun tr cng
b c li v chia li, c tc c phiu thng c th c tr bng tin, bng
c phiu ca doanh nghip hoc bng ti sn ca doanh nghip.
 Quyn i vi ti sn cn li: Ti sn cn li ca
doanh nghip l ti sn pht sinh khi tin hnh gii th doanh nghip. Khi
thanh l doanh nghip gii th, phn cn li l ca cc c ng c hng
v h c quyn phn chia chng.

 Quyn u tin mua trc: Khi c t pht hnh c

phiu mi, cc c ng c c quyn u tin mua trc ton b hay tng
phn c phiu sp pht hnh.
Trong phng n pht hnh c phiu mi, doanh
nghip cn ghi r s lng c phiu dnh cho c ng c v iu kin pht
hnh theo chng quyn. Trong chng quyn ghi r s lng c phiu, mc
gi v thi hn chng quyn. Cc c ng mua c phiu mi theo cc iu
kin , nu khng mun thc hin chng quyn th c th bn chng quyn
cho ngi khc hoc hu b.
 Quyn s hu ti sn doanh nghip, quyn bn,
trao i, chuyn nhng c phiu trn th trng

C phiu u i: l mt loi chng khon vn m ngi
nm gi n so vi ngi nm gi c phiu thng th c u tin v mt
ti chnh, nhng b hn ch v quyn hn i vi cng ty.
C ng ca c phiu c hng nhng u tin hn
so vi c ng ca c phiu thng:
 c hng mt mc li c phn ring bit c tnh
cht c nh hng nm. Thng thng c tc ny c in trn b mt c
phiu dng chng ch.
 c u tin chia li c phn trc loi c phiu thng.
 c u tin phn chia ti sn cn li ca cng ty khi
ph sn trc loi c phiu thng.

Tuy nhin, khng ging nh c phiu thng, ngi mua

c phiu u i thng khng c hng quyn b phiu bu ra Hi
ng qun tr, ban kim sot cng ty. H cng c hng c tc gii hn
theo mc gp vn. Chnh v th, c ng u i ch c quyn s hu hu
hn trong cng ty.
Xut pht t nhng l do trn nn gi c phiu u i
trn th trng chng khon khng dao ng ln nh gi c phiu thng.
Loi c phiu ny ph hp vi nhng nh u t mun c thu nhp n nh,
u n, khng thch mo him, ri ro nhng li khng ph hp vi nhng
nh u t mun tham gia qun l, kim sot cng ty.
to s hp dn hn cho c phiu u i, ph hp vi
tm l ca cc nh u t, c phiu u i c a dng ho v phn chia
thnh nhiu loi khc nhau:

C phiu u i tch lu v c phiu u i khng tch
lu.
 C phiu u i tch lu: l loi c phiu u i
trong doanh nghip pht hnh bo m tr y c tc cho ngi s
hu. Nu trong nm ti chnh m c tc khng tr c, th cng ty c th
dn s c tc ny (ton phn hay tng phn) vo nm ti chnh sau.

C phiu u i khng tch lu: l loi c phiu m

doanh nghip c li n u tr li n . Phn n c tc khng c tch
lu vo nm sau.

C phiu u i d phn v c phiu u i khng d
phn
 C phiu u i d phn l loi c phiu u i m
c ng c hng mt phn li tc ph tri theo quy nh khi cng ty lm
n pht t v c li vt bt.
 C phiu u i khng d phn l loi c phiu m
c ng ch c hng li c phn u i, ngoi ra khng c hng
thm bt k mt khon li no, ngay c khi cng ty lm n pht t vt bt.

C phiu u i c th chuyn i: y l loi c phiu
cho php ngi ch s hu c phiu c chuyn i chng thnh mt s lng c phiu thng thng nht nh trong mt thi gian nht nh. Gi c
ca loi c phiu u i ny dao ng nhiu hn so vi gi c ca cc loi
c phiu u i khc.

C phiu u i thu hi: l loi c phiu cho php cng
ty pht hnh ra chng c quyn thu hi v tr li vn cho c ng hoc i
sang c phiu u i khc c mc t sut c mc t sut ph hp vi li sut
th trng.
Thng thng cc doanh nghip s dng quyn thu hi
thu hi cc c phiu u i c li sut cao, thay th bng nhng c phiu
c li sut thp hn nhm ci thin tnh hnh ti chnh ca doanh nghip. Khi
thu hi, cng ty thng tr thm cho c ng mt khon thng (thng l
5%).
+ nh gi c phiu:

C phiu thng:
* nh gi c phiu theo lung thu nhp c tc:


P0 =

DIVk

(1 + r)
k =1

Trong :
nh gi.

P0:

gi ca c phiu ti thi im

DIVk:
c tc nm k.
r:
li sut nh gi c phiu trn
th trng.
* M hnh Gordon: Gi s cng ty tng trng vi t l
khng i hng nm l g. Cng thc nh gi c phiu
tr thnh:

P0 =

DIV1
r-g

Trong :
nm 1:

DIV1:

DIV1 = DIV0.(1+g)

C phiu u i:
PUD =

DIVUD
rUD

Trong :
nm.

b.

DIVUD: c tc c phiu u i mi
rUD:

i trn th

c tc phn phi ca

li sut nh gi c phiu u
trng.

Chng khon n

Chng khon n l mt loi chng khon quy nh ngha v ca

ngi pht hnh (ngi i vay) phi tr cho ngi ng tn s hu chng
khon (ngi cho vay) mt khon tin nht nh bao gm c gc v li trong
mt khong thi gian c th.
i din cho chng khon n l tri phiu, tn phiu.
Tri phiu
+ Khi nim

Theo Ngh nh 48/N-CP ca Chnh ph, tri phiu l mt

loi chng khon c pht hnh di hnh thc chng ch hoc bt ton
ghi s, xc nhn ngha v tr n (bao gm vn gc v li) ca t chc pht
hnh i vi ngi s hu tri phiu.
T khi nim cho thy nhng ni dung cn thit ghi trn t
tri phiu gm c:

Mnh gi : Mnh gi ca tri phiu l s tin ghi trn b
mt tri phiu. Gi tr ny c coi l s vn gc, l cn c xc nh s
li tc tin vay m ngi pht hnh phi tr. Mnh gi cng th hin s tin
m ngi pht hnh phi tr khi tri phiu n hn.

Thi hn tri phiu: Thi hn ca tri phiu l thi hn i
vay ca t chc pht hnh i vi tri ch v c ghi r trn b mt ca tri
phiu. y l khong thi gian t ngy pht hnh n ngy t chc pht
hnh hon tr vn gc ln cui.

Tri phiu c quy nh li sut v thi hn tr li.
 Li sut tri phiu l li sut c ghi trn b mt tri
phiu. Li sut ny c xc nh theo t l phn trm vi mnh gi ca tri
phiu, li sut ny l cn c xc nh li tc tri phiu.

 Thi hn tr li l khong thi gian ngi pht hnh tr

li cho ngi nm gi tri phiu. Vic tr li ca tri phiu c th tin hnh
1 ln hoc 2 ln trong mt nm.
+ c im

Tri phiu c nhng c im sau:

Tnh sinh li: Tri phiu l mt chng khon n m khi s
hu n, nh u t mong mun nhn c mt thu nhp ln hn trong tng
lai. Thu nhp ny c cu thnh bi hai b phn:
 Tri tc c phn chia hng nm.
 Vic tng gi chng khon trn th trng.

Tnh ri ro: Nh u t c th gp ri ro khi u t vo tri
phiu. Tu theo tng loi tri phiu m c ri ro khc nhau. V d: tri
phiu Chnh ph c ri ro thp hn tri phiu cng ty.
Kh nng sinh li bao gi cng quan h cht ch vi ri ro
ca ti sn, th hin trong nguyn l: mc chp nhn ri ro cng cao th
li nhun k vng cng ln.

Tnh thanh khon: Cc loi tri phiu khc nhau th c tnh
thanh khon khc nhau. V d: tnh thanh khon ca mt tri phiu Kho bc
th cao hn mt tri phiu cng ty.

Tri phiu c thi hn xc nh ghi r trn t tri phiu, thng l trung v di hn.

Tri ch c hng nhng quyn li nht nh t ch th
pht hnh, l: c hng li tc tri phiu khng tu thuc vo kt qu
kinh doanh ca cng ty (nu l tri phiu cng ty); c hon vn ng hn
hay trc hn ty theo s tho thun ca hai bn; c quyn bn, chuyn
nhng, chuyn i, cm c; c thanh ton trc cc c phiu khi cng ty
thanh l, gii th (nu l tri phiu cng ty).
+ Phn loi: Tu theo mc ch nghin cu, tri phiu c th c phn
loi theo nhiu tiu thc khc nhau.

Phn loi tri phiu theo hnh thc php l:

 Tri phiu v danh (Tri phiu khng ghi tn): l loi

tri phiu khng ghi tn ngi s hu trn chng ch tri phiu. Loi tri
phiu ny c chuyn nhng d dng, khng cn nhng th tc xc nhn
ca t chc pht hnh hoc c quan cng chng. Ngi mua c trch nhim
chi tr cho ngi bn theo gi c c xc nh.
 Tri phiu ghi danh (Tri phiu c ghi tn): l loi tri
phiu ghi tn ngi s hu trn chng ch tri phiu hoc trn s theo di
mua tri phiu. Loi tri phiu ny c php chuyn nhng trn th trng
chng khon nhng phi tun theo nhng quy nh php l c th. Nu

mun chuyn nhng ngi s hu phi chng minh mnh l ngi c

php v c quyn chuyn nhng (xc nhn ch k, chng minh th).
Qua cch phn loi ny, chng ta thy tri phiu v danh
c lu thng d dng hn tri phiu ghi danh.

Phn loi tri phiu theo ch th pht hnh:
 Tri phiu cng ty: l tri phiu do cc cng ty pht
hnh vi mc ch huy ng vn cho sn xut kinh doanh.
 Tri phiu Chnh ph: l tri phiu do Chnh ph pht
hnh vi mc ch huy ng vn ti tr cc cng trnh d n quan trng
hoc b p thiu ht Ngn sch Nh nc .

Phn loi tri phiu theo hnh thc tr gc v li
 Tri phiu Coupon: l tri phiu c cung li nh km
v trn ghi r li sut, k hn tr li. Khi lnh tri tc, tri ch ct ri
phiu li chuyn n doanh nghip pht hnh thu tin.
 Tri phiu chit khu: l loi tri phiu c bn vi
gi thp hn mnh gi, khi hon vn c hon theo mnh gi.
 Tri phiu Consol: l loi tri phiu c hng li
hng nm v thi gian o hn l v hn.
 Tri phiu c phng thc tr gc v li gn. Khi o
hn, ngi s hu c nhn gc v li mt ln.
 Tri phiu hon tr c nh.
+ Nhng yu t nh hng n th gi tri phiu

Quan h cung cu v tri phiu trn th trng chng

khon. Ti mt thi im nht nh, khi cung v tri phiu ln hn cu v
tri phiu th gi tri phiu trn th trng s gim. V ngc li, khi cu v
tri phiu ln hn cung v tri phiu th gi tri phiu s tng.

Kh nng ti chnh ca t chc pht hnh tri phiu. Mt
cng ty ang trong giai on n nn lm ra, li nhun cao, chi tr tri tc n
nh, to nim tin cho nh u t. iu ny lm cho tri phiu ca cng ty
tr nn hp dn trn th trng chng khon, s c nhiu nh u t quan
tm hn, dn n gi tri phiu c th tng. V ngc li, mt v lm n sp
ca cng ty, lm mt lng tin ca nh u, gi tri phiu gim st nghim
trng.

Thi gian o hn ca tri phiu: Thi gian o hn cng
di, mc bin ng gi tri phiu trn th trng cng ln. Khi mt tri
phiu cng n gn ngy o hn th gi tr th trng ca tri phiu s cng
n gn mnh gi.

Lm pht: Khi nn kinh t c s xo trn mnh, lm pht
bng n. iu ny tng ng vi gi tr ng tin gim st, tri tc thc
t m cc nh u t nhn c gim st nghim trng, ngay lp tc, cc

nh u t chuyn hng kinh doanh. H khng cn mn m u t vo tri

phiu na m h c th rt tin t th trng chng khon chuyn sang
u t vo th trng bt ng sn hay vng nhm m bo cho gi tr ng
vn ca h. Do , khi lm pht xy ra, gi tri phiu gim mnh.

Bin ng li sut th trng: Gia li sut th trng v
tri phiu c mi quan h t l nghch vi nhau. Khi li sut th trng tng
s lm gim gi tr tri phiu, v ngc li khi li sut th trng gim s dn
n tng gi tr tri phiu.
+ nh gi tri phiu:
G=Ix

1 (1 + i' ) r
+ R(1+i)-r
i'

Trong :

I:

tin li tr nh k ca tri phiu.

I = Cxi (C: mnh gi, I: li sut

R:
i:

gi hon tri.
li sut nh gi tri phiu.

tri phiu)
c.

Chng khon phi sinh

Chng khon phi sinh l cc cng c ti chnh c ngun gc t

chng khon v c quan h cht ch vi chng khon gc.
Cc chng khon phi sinh c hnh thnh do nhu cu giao
dch ca ngi mua v ngi bn, pht trin ph thuc vo mc pht
trin ca th trng chng khon. C th phn loi chng khon phi sinh
thnh cc loi nh sau:
-

Quyn mua trc (Quyn t mua u i)

Khi pht hnh c phiu mi th quyn li cc c ng c b suy

gim. b p thit hi ny, cng ty s u tin cho cc c ng c quyn t
mua u i. Quyn t mua u i l quyn cho php c ng hin ti c c hi
mua c phn trong t pht hnh mi trc khi c phn c cung ng cho
ngi khc.

Quyn t mua (quyn tin mi) l mt quyn u i c gn

vi mt c phiu ang lu hnh, do cng ty pht hnh ra c phiu huy
ng thm vn c phn, quyn mua trc cho php ngi s hu nhng c
phn ang c lu hnh c mua mt s nht nh c phiu trong t
pht hnh mi ca cng ty, ti mt mc gi xc nh thp hn mc gi cho
bn ra cng chng trong mt thi hn nht nh.
Cc quyn ny cng c chuyn nhng gia cc c ng c
quyn th hng quyn v cc nh u t khc. Thng thng, quyn mua
trc c thi hn ngn hn l ch yu (t 2-4 tun) v vic pht hnh quyn
c quy nh trong iu l t chc ca cng ty.
Mc gi ng k trong tt c cc dng quyn mua trc thp
hn mc gi hin hnh ca c phiu vo thi im quyn c pht hnh.
iu ny l do:
+ Th nht: ri ro c th xy ra khi gi th trng gim trong
thi hn pht hnh quyn v iu c th nh hng n t pht hnh.
+ Th hai: mc chnh lch ng k ny lm tng tnh hp dn
i vi cc c ng c. V vy, trnh cho cc c ng c khi thit, h -

c mua c phn mi theo gi l thuyt bng phn chnh lch gia th gi c

phiu trc v sau khi tng vn.
-

Chng kh

Chng kh l mt loi chng khon c pht hnh cng vi

tri phiu hay c phiu u i m ngi s hu n c quyn c mua mt
s lng chng khon nht nh ti mt mc gi xc nh v trong mt thi
hn nht nh.
Quyn ny c pht hnh trong trng hp t chc li cng
ty, hoc khi cng ty pht hnh nhm mc tiu khuyn khch cc nh u t
tim nng mua cc tri phiu hoc c phiu u i c nhng iu kin km
thun li. chp nhn nhng iu kin , nh u t c c mt la
chn i vi s ln gi c th xy ra ca c phiu thng.
Gi nh trc trn chng kh thng cao hn gi th trng
hin hnh ca c phiu thng v c thi hn di hn chng quyn, thng
thng thi hn ca chng kh l mt vi nm hoc vnh vin.
-

Hp ng k hn

Hp ng k hn l mt tho thun gia ngi mua v ngi

bn thc hin mt giao dch hng ho mt thi im chc chn trong tng lai vi khi lng v mc gi xc nh.
Tuy nhin, khng ging nh hp ng tng lai, hp ng k
hn khng trao i trn th trng, khng c nh gi hng ngy. Hp
ng k hn khng phi theo tiu chun ca th trng ring bit, ngy thc
hin hp ng c xc nh tu theo tng hp ng.
Gi trong hp ng k hn l gi giao hng, ti thi im k
hp ng, gi chuyn giao c chn gi tr ca hai bn mua bn l bng
khng. iu ny c ngha l khng c chi ph khi mua bn hp ng k hn.
Hp ng k hn c nh u t s dng tin hnh u c
v bo h.
Hp ng tng lai
Hp ng tng lai l mt tho thun mua hoc bn ti sn
vo mt thi im chc chn trong tng lai vi mt mc gi xc nh.
Chc nng kinh t c bn ca cc th trng hp ng tng lai
l cung cp mt c hi cho nhng ngi tham gia th trng phng nga
ri ro v nhng bin ng gi bt li v l cng c cho cc nh u c.
Cc hp ng tng lai da trn c s mt cng c ti chnh
hay mt ch s ti chnh c gi l hp ng tng lai ti chnh, bao gm
hp ng tng lai ch s c phiu, hp ng tng lai li sut, hp ng tng lai tin t.

Chicago Futures Exchange

Hp ng tng lai, nh c im c tnh linh hot khc

phc c nhng c im ca hp ng k hn v thng c xem l mt
phng thc tt hn phng nga ri ro trong kinh doanh. S khc nhau
gia hai loi hp ng ny th hin cc im:
+ V tnh cht: Tn ti mt S giao dch c t chc giao dch
hp ng tng lai, trong khi i vi hp ng k hn th khng. Nh vy,
hp ng k hn ch l hp ng ring bit gia hai bn; cn hp ng tng lai c trao i trn th trng.
S giao dch hp ng tng lai cho php cc nh giao dch
v danh c mua v bn cc hp ng giao dch tng lai m khng phi
xc nh r i tc trong mt hp ng c th. Ngoi ra, S giao dch cn
to ra tnh thanh khon cao cho th trng hp ng tng lai, gip cho cc
i tc tham gia vo hp ng tng lai thc hin cc ngha v ca h c
hiu qu hn so vi khi tham gia vo hp ng k hn.
+ V tnh tiu chun ho hp ng: Cc hp ng tng lai c tiu chun ho, cn hp ng k hn th khng. Cc hp ng k hn c
th c lp ra cho bt k loi hng ho no, vi bt k s lng v cht lng, thi hn thanh ton c hai bn tham gia hp ng chp thun.
Trong khi , cc hp ng tng lai nim yt ti cc S giao dch c quy
nh i vi mt s hng ho c th v p ng cc yu cu ti thiu v cht
lng v ti mt thi im giao hng xc nh.

+ V ri ro trong thanh ton: S dng cc hp ng tng lai

c nim yt trn S giao dch s kim sot c ri ro trong thanh ton.
Trong cc giao dch hp ng tng lai, c bn mua v bn bn khng bit
ai l i tc ca mnh. Trung tm thanh ton b tr s thc hin chc nng
trung gian thanh ton trong tt c cc giao dch.
i vi cc hp ng k hn, cc khon l v li s c
thanh ton khi cc hp ng o hn. Trong khi i vi cc hp ng tng lai, nhng thay i v gi tr ca cc bn tham gia hp ng (thng
qua ti khon) c iu chnh hng ngy theo mc gi th trng. Cc hp
ng tng lai cn c mt s yu cu k qu nht nh. Nh vy, chnh s
kt hp gia vic thanh ton hng ngy v yu cu k qu s gip phng
nga c ri ro trong thanh ton ca hp ng tng lai.
+ V tnh thanh khon: do c s tham gia ca trung tm thanh
ton b tr, tnh thanh khon ca cc hp ng tng lai cao hn nhiu so
vi cc hp ng k hn.
-

Hp ng quyn chn

Hp ng quyn chn l mt hp ng cho php ngi mua

nm gi n c mua (nu l quyn chn mua) hoc c bn (nu l quyn
chn bn) mt khi lng hng ho c s nht nh ti mt mc gi xc
nh v trong mt thi gian nht nh.
Cc hng ho c s ny c th l: c phiu, tri phiu
Mt hp ng quyn chn bt k u bao gm 4 c im c
bn sau:
+ Loi quyn (quyn chn bn hoc chn mua).
+ Tn hng ho c s v khi lng mua hoc bn theo quyn.
+ Ngy o hn.
+ Gi thc thi.
C 4 i tng tham gia trn th trng quyn chn:
+ Ngi mua quyn chn mua (Buyers of calls).
+ Ngi bn quyn chn mua (Sellers of calls).
+ Ngi mua quyn chn bn (Buyers of puts).
+ Ngi bn quyn chn bn (Sellers of puts).
d.
Chng khon c th chuyn i
-

Khi nim

Chng khon c th chuyn i l nhng chng khon cho

php ngi nm gi n, tu theo la chn v trong nhng iu kin nht
nh, c th i n ly mt chng khon khc.
Thng thng c c phiu u i c chuyn i thnh c
phiu thng hoc tri phiu c chuyn i thnh c phiu thng.
L do pht hnh v u t vo chng khon chuyn i

Pht hnh chng khon c th chuyn i l nhm huy ng

thm vn t c, vo nhng thi im cha thch hp cho vic pht hnh c
phiu thng. Vic pht hnh chng khon c th chuyn i cng c th
nhm mc ch tng thm tnh hp dn cho t pht hnh, nht l khi th trng tri phiu v c phiu u i ang xung gi.
Chng khon c th chuyn i mang li cho bn pht hnh li
th c hng li sut thp (nu l tri phiu) hoc gi cho bn cao (nu l
c phiu). Khi cc chng khon c chuyn i, nh pht hnh cn c li
v loi b c cc khon c nh phi tr, ng thi tng thm s lng c
ng ca cng ty, mt ch bo c li cho danh ting ca cng ty.
i vi cc nh u t, chng khon c th chuyn i c sc
hp dn ch chng kt hp c tnh an ton ca tri phiu (thu nhp c
nh) v tnh c th u c ca c phiu thng). Hn na loi chng khon
ny cn cho php nh u t c th c bo him trc tnh trng lm pht.
Nhng li ch ca vic thc hin chuyn i tu thuc nhiu
vo gi chuyn i, t l chuyn i, v tng quan gi gia cng c chuyn
i vi nhng cng c m chng c th chuyn i thnh. l nhng yu
t thng khng nm trong tm kim sot ca ngi u t.
2.1.2.2.Phn loi chng khon theo hnh thc php l

a.

Chng khon v danh

Chng khon v danh l loi chng khon khng ghi tn ngi s
hu trn chng ch.
b.
Chng khon ghi danh
Chng khon ghi danh l loi chng khon ghi tn ngi s hu trn
chng ch hoc trn s theo di mua chng khon.
2.1.2.3. Phn loi chng khon theo thu nhp

Chng khon c thu nhp c nh

Chng khon c thu nhp c nh l loi chng khon c quyn yu
cu thu nhp c nh khng ph thuc vo kt qu hot ng ca t chc
pht hnh. V d: tri phiu Chnh ph, tri phiu cng ty,
b.
Chng khon c thu nhp bin i
Chng khon c thu nhp bin i l loi chng khon c thu nhp
bin ng theo kt qu hot ng ca t chc pht hnh. V d: c phiu.
c.
Chng khon hn hp
Hnh thc hn hp ca chng khon va mang tnh cht ca chng
khon c thu nhp c nh, va mang tnh cht ca chng khon c thu nhp
bin i. V d: tri phiu c kh nng chuyn i, tri phiu c quyn mua
c phiu,
Tit 4, 5, 6:
a.

2.2.

Pht hnh chng khon

2.2.1. Cc phng thc pht hnh chng khon

2.2.1.1.Pht hnh ring l
Pht hnh ring l l vic pht hnh trong chng khon c bn trong phm
vi mt s ngi nht nh (thng thng l cho cc nh u t c t chc), vi nhng
iu kin hn ch v khng tin hnh rng ri ra cng chng.

Chng khon pht hnh di hnh thc ny khng phi l i tng

c nim yt v giao dch trn th trng chng khon.
Cng ty la chn phng thc pht hnh ring l bi l do mt s
nguyn nhn sau:
Cng ty khng tiu chun pht hnh ra cng chng.
S lng vn cn huy ng thp. Do nu pht hnh di hnh
thc ra cng chng th chi ph huy ng trn mi ng vn tr nn qu cao.
Cng ty pht hnh c phiu nhm duy tr cc mi quan h kinh doanh. V
d nh: pht hnh c phiu cho nh cung cp hay tiu th sn phm.

Pht hnh cho cn b cng nhn vin chc ca cng ty.

2.2.1.2. Pht hnh chng khon cng ty ra cng chng

Pht hnh chng khon ra cng chng l vic bn chng khon rng
ri cho mt s lng ln cng chng u t, trong mt t l nht nh
chng khon phi c phn phi cho cc nh u t nh. Tng gi tr
chng khon pht hnh cng phi t mc nht nh.
Chng khon c pht hnh ra cng chng c php nim yt trn
th trng chng khon tp trung. Do vy, chng khon pht hnh di hnh
thc ny c nhng li th:
C tnh kh mi cao hn v cc c ng hay cc nh u t vo
chng khon ca cng ty c th chuyn gp vn thnh tin bt c lc no.
C li th rt ln trong vic qung b tn tui.
Gii kinh doanh u coi cc cng ty c nim yt trn th trng tp trung l nhng cng ty c s n nh nht nh. Vic ny s to
thun li rt ln cho cng ty trong qu trnh tm bn hng v k kt hp
ng.
Chng khon c pht hnh ring l kh c th phn nh c
mi quan h cung cu trn th trng do s lng ngi mua rt hn ch.
Vic pht hnh ra cng chng vi s tham gia ca hng nghn nh u t
gip cng ty bn c chng khon ca mnh vi mc gi hp l.
T chc pht hnh chng khon ra cng chng phi thc hin mt ch
bo co, cng b thng tin cng khai v chu s qun l, gim st ring
theo quy nh ca php lut v chng khon v th trng chng khon.
Vic pht hnh ra cng chng c phn bit gia pht hnh c phiu
v pht hnh tri phiu:
Trng hp pht hnh c phiu ra cng chng, vic pht hnh
c thc hin theo mt trong hai phng thc sau:

+ Pht hnh ln u ra cng chng (IPO): l vic pht hnh

trong c phiu ca cng ty ln u tin c bn rng ri cho cng chng
u t. Nu c phn c bn ln u cho cng chng nhm tng vn th
l IPO s cp, cn khi c phn c bn ln u t s c phn hin hu th
l IPO th cp.
+ Cho bn s cp (phn phi s cp): l t pht hnh c
phiu b sung ca cng ty i chng cho rng ri cng chng u t.
Trng hp pht hnh tri phiu ra cng chng, vic pht hnh
c thc hin bng mt phng thc duy nht, l cho bn s cp.
2.2.2. Pht hnh chng khon cng ty ln u ra cng chng

Cc cng ty c phn thc hin vic pht hnh c phiu ra cng chng
u phi p ng c cc yu cu, tiu chun cao ca c quan qun l th
trng chng khon v hon thnh nhiu th tc kh phc tp trc v sau
khi pht hnh chng khon ra cng chng. S d nh vy l v:
Pht hnh chng khon ra cng chng l vic pht hnh chng
khon cho mt s lng ln cng chng u t. Nhiu ngi trong s l
cc nh u t nh, cc nh u t c s hiu bit v kh nng phn tch cn
hn ch. Do , bo v cc nh u t ny, chng khon pht hnh phi
l cc chng khon c cht lng cao, v cng ty pht hnh phi l cc cng
ty c trin vng pht trin trong tng lai.
Do ln u pht hnh ra cng chng nn cc thng tin lin quan
n cc cng ty khng c nhiu ngi bit n. Cho nn vic a ra cc
yu cu cao v cht lng i vi cc cng ty ln u pht hnh ra cng
chng l b p nhng thiu ht v thng tin cho cng chng u t.
i vi cc nc ang trong giai on xy dng v pht trin
th trng chng khon Vit Nam, vic a ra cc tiu chun cao cn xut
pht t l do to dng nim tin ca cc nh u t i vi th trng chng
khon.
2.2.2.1. Tiu chun pht hnh

Tiu chun m cc cng ty phi p ng trc khi c php pht

hnh chng khon ra cng chng c chia ra lm hai nhm: Nhm cc tiu
chun nh lng v nhm cc tiu chun nh tnh.
a.
Tiu chun nh lng
Cng ty phi c quy m vn nht nh. Vit Nam, mc vn iu l ti
thiu cng ty c phn pht hnh c phiu ra th trng l 5 t ng.

Tnh lin tc trong hot ng sn xut kinh doanh. Vit Nam:

hot ng kinh doanh ca nm lin trc nm ng k pht hnh phi c li.
Tng gi tr t pht hnh phi t quy m nht nh. Theo quy nh, tng
gi tr t pht hnh phi t nht t c 80% tng gi tr c php pht hnh.

Mt t l nht nh ca t pht hnh phi c bn cho mt s

lng quy nh cng chng u t: ti thiu 20% vn c phn ca doanh
nghip phi c bn cho trn 50 nh u t ngoi doanh nghip. Trong trng hp vn t chc pht hnh t 100 t ng tr ln th t l ti thiu ny
l 15 % vn c phn.
Cc thnh vin sng lp ca cng ty phi cam kt nm mt t l
nht nh vn c phn ca cng ty trong mt khong thi gian nht nh.
Cc thnh vin sng lp ca cng ty phi cam kt nm gi t nht 20% vn
c phn ca doanh nghip vo thi im kt thc t pht hnh, v phi nm
gi 3 nm k t ngy kt thc t pht hnh.
b.
Tiu chun nh tnh
Cc nh qun l cng ty bao gm thnh vin Ban gim c iu hnh v
Hi ng qun tr phi c trnh v kinh nghim qun l cng ty.

C cu t chc ca cng ty phi hp l v phi v li ch ca

cc nh u t. C ngha l c cu cng ty phi hn ch mc cao nht
nhng xung t lin quan n quyn li ca cc bn lin quan, xung t
gia ch s hu v nh qun l.
Cng ty phi c phng n kh thi v vic s dng vn thu c t t pht hnh.
Trng hp c phiu pht hnh c tng gi tr theo mnh gi
vt 10 t th phi c t chc bo lnh.
Nhng quy nh trn y nhm m bo cho c phiu pht hnh ra
phi c cht lng, vi mt s lng ln to ra mt th trng kh d
cho c phiu .
2.2.2.2.Quy trnh pht hnh

Bc 1: Chun b h s xin php pht hnh.

Bc 2: Np h s xin php pht hnh ln c quan qun l pht

hnh.
Bc 3: Cng b pht hnh.
Bc 4: Cho bn v phn phi chng khon ra cng chng.
Bc 5: Bo co kt qu.
Thng thng, trc khi tin hnh vic cho bn c phiu ra cng
chng ln u, t chc pht hnh phi chn cho mnh mt hoc mt s t
chc bo lnh pht hnh. Cc t chc bo lnh ny s tham gia vo mi
cng on ca qu trnh pht hnh.
Sau khi chp nhn lm bo lnh pht hnh, t chc bo lnh phi k
cam kt bo lnh pht hnh vi t chc pht hnh.
a.

Bc 1: Chun b h s xin php pht hnh

T chc bo lnh cng vi t chc pht hnh tin hnh chun b h s

xin php pht hnh. Vit Nam, h s bao gm cc ti liu sau:

n ng k pht hnh.
Bn sao hp l Giy chng nhn ng k kinh doanh ca t
chc pht hnh.
iu l hot ng ca t chc pht hnh.
Ngh quyt ca i hi c ng thng qua vic pht hnh c
phiu ra cng chng.
Bn co bch: l ti liu phn nh tnh hnh t chc, hot ng
kinh doanh ca t chc pht hnh v k hoch s dng s tin thu c t
t pht hnh. Bn co bch ca cng ty phi c tin cy cao nht. iu
ny c ngha l cc bo co ti chnh ca cng ty phi c kim ton bi
cc t chc kim ton c uy tn.
Danh sch v s yu l lch thnh vin Hi ng qun tr, Ban
Gim c, Ban Kim sot.
Cc bo co ti chnh 02 nm lin tc lin trc nm ng k
pht hnh c kim ton.
Cam kt bo lnh pht hnh (nu c).
Cc ti liu gii trnh v kh nng li nhun, thanh ton c tc
v chp hnh cc ngha v i vi Nh nc.
Sau khi hon thnh vic chun b h s, t chc bo lnh chuyn h
s xin php pht hnh cho cng ty t vn lut xem xt v mt php l lin
quan ti t pht hnh. Cng ty t vn chu trch nhim xem xt v m bo
h s y , hp l theo ng quy nh ca U ban chng khon Nh nc.
Cui cng, t chc bo lnh, t chc pht hnh, v cc cng ty t vn
s nhm hp xc nh r trch nhim ca mi bn tham gia.
b.
Bc 2: Np h s xin php pht hnh ln c quan qun l pht hnh
Sau khi chun b xong cc ti liu trong h s xin php pht hnh, t
chc pht hnh np h s ng k pht hnh ln U ban chng khon Nh
nc.
Trong thi hn 30 ngy lm vic k t ngy t chc xin ng k pht
hnh np h s hp l, U ban chng khon Nh nc cp chng nhn
ng k pht hnh chng khon. Nu t chc pht hnh hoc U ban chng
khon Nh nc pht hin c sai st trong h s, t chc pht hnh phi sa
i, b sung h s cho y v ng quy nh. Cc sa i, b sung phi
c lp bng vn bn v gi n U ban chng khon. Cn lu rng U
ban chng khon ch bt u tnh thi gian xt duyt k t ngy nhn c
h s xin php pht hnh y v hp l.
Trong thi gian ny, t chc ng k pht hnh, t chc bo lnh pht
hnh v cc i tng c lin quan ch c s dng trung thc v chnh xc
cc thng tin trong Bn co bch gi U ban chng khon Nh nc
thm d th trng, trong phi nu r cc thng tin v ngy pht hnh v

gi bn chng khon l thng tin d kin. Vic thm d th trng khng c thc hin trn cc phng tin thng tin i chng.
c.
Bc 3: Cng b pht hnh
Trong mt thi hn nht nh sau khi nhn c giy php pht hnh,
t chc pht hnh phi cng b cng khai vic pht hnh trn cc phng
tin thng tin i chng theo quy nh ca php lut.
Theo Ngh nh 144/2003 N-CP, vic cng b pht hnh c quy
nh nh sau: Trong thi hn 05 ngy lm vic, k t ngy U ban chng
khon Nh nc cp giy chng nhn ng k pht hnh chng khon, t
chc pht hnh c ngha v cng b vic pht hnh trn 01 t bo Trung
ng hoc 01 t bo a phng ni t chc pht hnh t tr s chnh.
d.

Bc 4: Cho bn v phn phi chng khon ra cng chng

Vit Nam, vic phn phi chng khon c quy nh nh sau:

T chc pht hnh hoc t chc bo lnh yu cu cc nh u
t in vo phiu ng k mua: ghi r h tn, a ch lin lc, s lng
chng khon ng k, s tin k qu.
Yu cu nh u t t cc mt khon tin, nhng khng qu
10% tr gi chng khon ng k mua. Vic k qu c th c thc hin
bng tin mt hoc sc chuyn khon ca ngn hng.
Thi hn ng k mua chng khon cho ngi u t ti thiu
l 15 ngy lm vic v ti a l 90 ngy. Ht thi hn mua, t chc pht
hnh, t chc bo lnh phi thng bo cho ngi u t bit s lng chng
khon c mua.
T chc pht hnh cn nu r phng thc u tin phn phi, c th
dng mt hoc mt s phng thc sau:
u tin v thi gian: ai ng k trc s u tin mua trc.
u tin v s lng: ai ng k vi s lng ln s c u
tin mua trc.
Trng hp vic phn phi chng khon ra cng chng khng th
thc hin theo ng thi hn quy nh, U ban chng khon Nh nc xem
xt, quyt nh gia hn tip tc phn phi nu t chc pht hnh c ngh
bng vn bn. Qu thi hn c gia hn, s chng khon cn li (cha
bn ht) khng c pht hnh ra cng chng.
Nu nh kt qu t pht hnh khng t c ti thiu 50 nh u t
hoc s lng chng khon thc t pht hnh khng t c 80% s lng
chng khon c php pht hnh th U ban chng khon c quyn thu hi
chng nhn ng k pht hnh chng khon.
Sau khi U ban chng khon Nh nc ra quyt nh thu hi chng
nhn ng k pht hnh chng khon, t chc pht hnh phi thng bo
ngay cho ngi u t bit v phi thu hi cc chng khon pht hnh

nu ngi u t c yu cu, ng thi hon tr tin cho ngi u t trong

vng 30 ngy, k t ngy chng nhn ng k pht hnh chng khon b thu
hi. Qu thi hn ny, t chc pht hnh phi bi thng thit hi cho ngi
u t theo cc iu khon cam kt vi ngi u t ph hp vi quy
nh ca php lut.
e.
Bc 5: Bo co kt qu t pht hnh
T chc pht hnh, t chc bo lnh phi chuyn giao chng khon
cho ngi mua trong thi hn 30 ngy, k t ngy kt thc t pht hnh.
Tin thu c t vic phn phi chng khon phi c chuyn giao vo ti
khon phong to ti mt ngn hng c UBCKNN chp thun.
Trong vng 10 ngy lm vic sau khi kt thc t pht hnh, t chc
pht hnh phi bo co U ban chng khon v kt qu t pht hnh v
cng b cng khai kt qu t pht hnh.
2.2.2.3. Cc phng php pht hnh

a.

T pht hnh
Nh pht hnh trc tip pht hnh, cho bn chng khon cho cng
chng theo gi cho bn xc nh. Cch pht hnh ny i hi nh pht
hnh phi am hiu th trng, c h thng bn kh n nh, c uy tn trn th
trng,
u im: chi ph pht hnh tng i thp.
Hn ch: thi gian tp trung vn thng ko di, cng ty kh
bn ht c chng khon huy ng vn theo d kin. V vy, phng
php pht hnh trc tip thng c ri ro cao.
b.
Bo lnh pht hnh
Khi nim
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, t chc vic
phn phi chng khon v gip bnh n gi chng khon trong giai on u
sau khi pht hnh. Nh vy, bo lnh pht hnh bao gm c vic t vn ti
chnh v phn phi chng khon. T chc bo lnh c hng ph bo lnh
hoc mt t l hoa hng nht nh trn s tin thu c.
Vai tr
T nh ngha trn, ta thy t chc bo lnh pht hnh c cc
vai tr sau:
+ Vai tr t vn:

T chc bo lnh t vn cho cng ty, doanh nghip v loi
chng khon pht hnh (c phiu hay tri phiu), thi gian pht hnh.

Gip t chc pht hnh trong vic chun b h s xin
php pht hnh, chun b ti liu trnh by cho cc nh u t.

+ Phn phi chng khon: T chc bo lnh gi vai tr ch o

trong vic phn phi chng khon. y l vic bn chng khon ra cng
chng. T chc bo lnh c quan h rng ri vi khch hng l nhng ngi
u t, c mng li i l chuyn nghip bn chng khon. V vy, t
chc bo lnh bn chng khon d dng v nhanh chng.
Khi quyt nh bo lnh pht hnh, t chc bo lnh v t chc
pht hnh s k hp ng bo lnh pht hnh. Trn hp ng ghi r hnh
thc bo lnh. C nhiu hnh thc bo lnh:
Cc phng thc bo lnh
+ Bo lnh vi cam kt chc chn: l phng thc bo lnh
trong t chc bo lnh cam kt s mua ton b s chng khon pht hnh
cho d c phn phi c ht chng khon hay khng. Thng thng, trong
phng thc ny mt nhm cc t chc bo lnh hnh thnh mt t hp
mua chng khon ca t chc pht hnh vi gi chit khu v bn li cc
chng khon theo gi cho bn ra cng chng v c hng phn chnh
lch gi.
+ Bo lnh vi c gng cao nht: l phng thc bo lnh m
theo t chc bo lnh tho thun lm i l cho t chc pht hnh. T
chc bo lnh khng cam kt bn ton b s chng khon m ch cam kt s
c gng ht sc bn chng khon ra th trng, nhng nu khng phn
phi ht s tr li cho t chc pht hnh phn cn li v khng phi chu
hnh pht no.
+ Bo lnh theo phng thc tt c hoc khng: trong phng
thc ny, t chc pht hnh yu cu t chc bo lnh bn mt s chng
khon nht nh, nu khng phn phi ht c s hu ton b t pht
hnh. T chc bo lnh phi tr li tin cho cc nh u t mua chng
khon.
+ Bo lnh theo phng thc ti thiu-ti a: l phng thc
trung gian gia phng thc bo lnh vi c gng cao nht v phng thc
bo lnh bn tt c hoc khng. Theo phng thc ny, t chc pht hnh
yu cu t chc bo lnh c t do cho bn chng khon n mc ti a
quy nh (mc trn). Nu lng chng khon bn c t t l thp hn
mc sn th ton b t pht hnh s b hu b.
+ Bo lnh theo phng thc d phng: y l phng thc
bo lnh c p dng khi mt cng ty i chng pht hnh b sung thm c
phiu thng v cho bn cho cc c ng c trc khi cho bn ra cng
chng bn ngoi. Tuy nhin, s c mt s c ng khng mun mua thm
c phiu ca cng ty. V vy, cng ty cn c mt t chc bo lnh d phng
sn sng mua nhng quyn mua khng c thc hin v chuyn thnh
nhng c phiu phn phi ra ngoi cng chng. C th ni, bo lnh theo

phng thc d phng l vic t chc bo lnh cam kt s l ngi mua

cui cng hoc cho bn h s c phiu ca cc quyn mua khng c thc
hin.
T hp pht hnh
Trng hp gi tr ca t pht hnh ln, ngi qun l chnh
s khng m nhim mt mnh vic bo lnh pht hnh. phn tn ri ro
v tng kh nng bn chng khon ra cng chng, ngi qun l chnh mi
cc t chc mi gii chng khon v cc t chc ti chnh khc tham gia
vo bo lnh v thnh lp t hp bo lnh. Tu theo kh nng ti chnh ca
mnh m mi thnh vin tham gia vo vic bo lnh mc khc nhau.
Theo mc v vic trch nhim tham gia vo vic pht hnh m cc thnh
vin bo lnh s nhn c khon tin khc nhau.
2.2.3. Pht hnh tri phiu Chnh ph v tri phiu a phng
iu kin pht hnh

Tri phiu Chnh ph v tri phiu a phng do Chnh ph v chnh

quyn a phng quyt nh, khng phi xin php hoc ng k vi U ban
chng khon Nh nc, khng phi tun theo cc iu kin, quy nh cng
b pht hnh. Tuy nhin, cn phi tun th:
+ K hoch
+ Trnh t do Chnh ph ra
2.2.3.1. Bn l qua h thng Kho bc Nh nc

Bn l qua h thng Kho bc Nh nc l vic cc n v Kho bc

Nh nc bn tri phiu trc tip cho ngi mua.
Tri phiu bn l qua h thng Kho bc Nh nc c pht hnh
theo phng thc chit khu hoc ngang mnh gi.
2.2.3.2.Pht hnh qua i l

i l pht hnh l vic cc t chc c php lm i l pht hnh

tri phiu tho thun vi B Ti chnh nhn bn tri phiu Chnh ph. Trng hp khng bn ht, t chc i l c tr li cho B Ti chnh s tri
phiu cn li.
2.2.3.3. Pht hnh qua bo lnh

Bo lnh pht hnh l vic t chc bo lnh gip B Ti chnh thc

hin cc th tc trc khi pht hnh tri phiu Chnh ph ra th trng, nhn
mua tri phiu Chnh ph bn li hoc mua s tri phiu Chnh ph cn
li cha c phn phi ht.
2.2.3.4. Pht hnh qua u thu

Nguyn tc u thu tri phiu Chnh ph

B mt v mi thng tin t thu ca n v t thu.
T chc u thu cng khai, bnh ng v quyn li v ngha
v gia cc n v t thu.
a.

n v trng thu c quyn hn v trch nhim mua tri phiu

theo khi lng v li sut trng thu.
b.
Hnh thc u thu
Vic u thu tri phiu Chnh ph c thc hin di 2 hnh thc:
u thu cnh tranh v khng cnh tranh.
u thu cnh tranh l u thu li sut. Thng qua u thu
cnh tranh hnh thnh li sut v khi lng trng thu ca cc thnh vin
tham gia u thu.
u thu khng cnh tranh l vic ng k mua tri phiu
Chnh ph theo mc li sut trng thu c hnh thnh qua kt qu u
thu cnh tranh.
Tng t pht hnh, B Ti chnh c th quy nh hnh thc u thu
l cnh tranh hoc c hai hnh thc cnh tranh v khng cnh tranh. Trng
hp p dng c hai hnh thc u thu cnh tranh v khng cnh tranh th
khi lng tri phiu u thu khng cnh tranh khng vt qu 30% tng
khi lng tri phiu d kin pht hnh ca t u thu .
c.
i tng tham gia u thu
Cc doanh nghip, cc t chc tn dng, cng ty ti chnh, cng ty bo
him, qu u t.
d.
iu kin tham gia u thu
Cc n v mun tham gia u thu tri phiu Chnh ph qua th trng giao dch chng khon tp trung phi bo m cc iu kin sau:
C t cch php nhn, c thnh lp theo lut php hin hnh
ca Vit Nam.
C mc vn php nh ti thiu l 22 t ng Vit Nam.
Hot ng kinh doanh c hiu qu, tnh hnh ti chnh lnh
mnh.
C ti khon tin ng Vit Nam m ti ngn hng theo quy
nh ca Trung tm GDCK, S GDCK.
C n xin tham gia u thu tri phiu Chnh ph gi n
Trung tm GDCK, S GDCK.
Hng nm, Trung tm GDCK, S GDCK xem xt iu kin ca cc
i tng cp hoc thu hi giy chng nhn thnh vin tham gia u thu
tri phiu Chnh ph.
e.
T chc u thu tri phiu Chnh ph
Thi gian t chc u thu:
Vic u thu c t chc theo tun k, thng hoc qu, cn
c k hoch huy ng vn ca ngn sch nh nc, cc B ngnh, U ban
nhn dn tnh, thnh ph trc thuc Trung ng, Qu h tr pht trin v
tnh hnh th trng vn.

Thng bo u thu:
Trc ngy t chc u thu 2 ngy, cn c ngh pht hnh
ca B Ti chnh, Trung tm GDCK, S GDCK gi thng bo pht hnh tri
phiu Chnh ph cho cc thnh vin tham gia u thu v cng b trn cc
phng tin thng tin i chng.
ng k u thu:
+ Trc 13h ca ngy m thu, cc thnh vin tham gia u
thu phi gi phiu t thu cho Trung tm GDCK, S GDCK v hon
thnh vic k qu 5% trn khi lng tri phiu t thu.
+ Mu v cch thc gi phiu t thu, np tin k qu do
Trung tm GDCK, S GDCK quy nh.
M thu:
Gi m thu quy nh l 13h30 ca ngy u thu. Trnh t, th
tc m cc phiu t thu, kim tra tnh hp php, hp l ca phiu t thu
do Trung tm GDCK, S GDCK quy nh v t chc thc hin.
Xc nh khi lng v li sut tri phiu trng thu:
+ Cn c xc nh khi lng v li sut tri phiu trng thu:

Khi lng v li sut t thu ca cc t chc tham gia
u thu.

Khi lng tri phiu d kin pht hnh v li sut ch o
(nu c).
+ Nguyn tc xc nh khi lng v li sut trng thu:

i vi cc i tng tham gia u thu theo hnh thc
cnh tranh:
 Khi lng tri phiu trng thu c xt chn theo li
sut t thu t thp n cao. Ti mc li sut trng thu cao nht m khi lng tri phiu t thu vt qu khi lng tri phiu d kin pht hnh th
khi lng tri phiu trng thu c phn chia cho mi phiu t thu theo
t l thun vi khi lng tri phiu t thu ti mc li sut ;
 Li sut trng thu cao nht l li sut pht hnh p
dng chung cho mi i tng trng thu.

i vi cc i tng tham gia u thu theo hnh thc
khng cnh tranh: c mua tri phiu theo mc li sut trng thu. Khi lng tri phiu pht hnh cho cc i tng ny c phn chia theo t l
thun vi khi lng tri phiu t mua ca tng i tng
Xc nh gi bn tri phiu v s tin c thanh ton khi n
hn:
+ Bn tri phiu theo hnh thc chit khu:

Gi bn tri phiu c xc nh theo cng thc sau:
MG

cng thc:

G = -------------------n
(1 + Ls)
Trong : G : Gi bn tri phiu
MG : Mnh gi tri phiu
Ls : Li sut tri phiu trng thu (%/nm)
n : K hn tri phiu (nm)
Khi n hn c thanh ton bng mnh gi tri phiu.
+ Bn tri phiu theo hnh thc bng mnh gi:

i vi tri phiu thanh ton gc, li mt ln khi n hn:
 Gi bn tri phiu bng 100% mnh gi.
 S tin thanh ton tri phiu khi n hn c tnh theo
T = MG x (1 + Ls)n
Trong : T
: Tng s tin (gc, li) c

thanh ton
MG : Mnh gi tri phiu
Ls : Li sut tri phiu trng thu
(%/nm)
n : K hn tri phiu (nm)

i vi tri phiu thanh ton li nh k:
 Gi bn tri phiu bng 100% mnh gi.
 Tin li tr nh k c tnh theo cng thc sau:
Ls
L = MG x --------k
Trong : L : S tin li thanh ton nh k
MG : Mnh gi tri phiu
Ls : Li sut trng thu (%/nm)
k
: S ln thanh ton li trong 1
nm
+ Khi n hn, ngi s hu tri phiu c thanh ton s tin
gc bng mnh gi tri phiu v s tin li ca k lnh li cui cng.
f.
Thng bo kt qu u thu
Sau khi kt thc vic xc nh li sut v khi lng trng thu,
Trung tm GDCK, S GDCK k xc nhn v gi cc bn tng hp kt qu
u thu cho B Ti chnh, ng gi U ban Chng khon Nh nc.
Cn c bng tng hp kt qu u thu, Trung tm GDCK, S
GDCK gi thng bo cho cc n v tham gia u thu, cng b kt qu u

thu trn cc phng tin thng tin i chng v nim yt ti tr s Trung

tm GDCK, S GDCK.
g.
Thanh ton tin mua tri phiu Chnh ph
Trong phm vi 2 ngy lm vic tip theo ngy u thu, cc
n v trng thu phi chuyn ton b tin mua tri phiu theo gi bn c xc nh trong thng bo trng thu vo ti khon ca Kho bc Nh nc m ti S Giao dch Ngn hng Nh nc.
Ngy pht hnh tri phiu c n nh vo ngy lm vic th
2 k t sau ngy u thu. Trong ngy pht hnh, S Giao dch Ngn hng
Nh nc bo C cho Kho bc Nh nc s tin thu bn tri phiu Chnh
ph t cc t chc trng thu, ng thi thng bo cho Trung tm GDCK,
S GDCK. Cn c thng bo ca S Giao dch Ngn hng Nh nc, Trung
tm GDCK, S GDCK lm th tc ghi s tri phiu cho cc t chc trng
thu.
2.3.

Qun l Nh nc v pht hnh chng khon

Pht hnh chng khon ra cng chng l mt hnh thc pht hnh ph
bin m cc t chc pht hnh p dng v c nhiu thun li hn so vi hnh
thc pht hnh ring l. Trong phng thc pht hnh ny, ni dung qun l
ca Nh nc bao gm:
Qun l cp giy php pht hnh.
Quyt nh nh ch, thu hi giy php khi t chc pht hnh
khng tun th cc quy nh trc, trong v sau khi pht hnh chng khon
ra cng chng.
Qun l v gim st vic cng b thng tin ca t chc pht
hnh.
Ban hnh cc vn bn lin quan n vic pht hnh v cho bn
chng khon ra cng chng.
Tm tt chng
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; gm: c phiu, tri phiu, chng ch Qu u t chng
khon, cc loi chng khon khc theo quy nh ca php lut.
c im ca chng khon:
Tnh thanh khon (tnh lng): Tnh lng ca ti sn l kh nng
chuyn ti sn thnh tin mt.
Tnh ri ro: Chng khon l cc ti sn ti chnh m gi tr ca n
chu tc ng ln ca ri ro. C hai loi ri ro: ri ro c h thng v ri ro
khng c h thng.

Tnh sinh li: khi u t vo chng khon, nh u t mong mun

nhn c mt thu nhp ln hn trong tng lai.
Phn loi chng khon

Phn loi chng khon theo tnh cht:

+ Chng khon vn: Chng khon vn l chng th xc nhn vn gp
v quyn s hu phn vn gp v cc quyn hp php khc i vi t chc
pht hnh. i din cho chng khon vn l c phiu v chng ch qu u
t.

C phiu: C phiu l mt loi chng khon vn c pht hnh
di dng chng ch hoc bt ton ghi s, xc nhn quyn s hu v li ch
hp php i vi ti sn hoc vn ca mt cng ty c phn.
+ Chng khon n: l mt loi chng khon quy nh ngha v ca
ngi pht hnh (ngi i vay) phi tr cho ngi ng tn s hu chng
khon (ngi cho vay) mt khon tin nht nh bao gm c gc v li trong
mt khong thi gian c th. i din cho chng khon n l tri phiu, tn
phiu.

Tri phiu l mt loi chng khon c pht hnh di hnh
thc chng ch hoc bt ton ghi s, xc nhn ngha v tr n (bao gm vn
gc v li) ca t chc pht hnh i vi ngi s hu tri phiu.
+ Chng khon phi sinh: l cc cng c ti chnh c ngun gc t
chng khon v c quan h cht ch vi chng khon gc. C th phn loi
chng khon phi sinh thnh cc loi nh sau:

Quyn mua trc (Quyn t mua u i) l quyn cho php c ng hin
ti c c hi mua c phn trong t pht hnh mi trc khi c phn c cung ng cho
ngi khc.

Chng kh l mt loi chng khon c pht hnh cng vi tri phiu hay
c phiu u i m ngi s hu n c quyn c mua mt s lng chng khon nht
nh ti mt mc gi xc nh v trong mt thi hn nht nh.

Hp ng k hn l mt tho thun gia ngi mua v ngi bn thc hin
mt giao dch hng ho mt thi im chc chn trong tng lai vi khi lng v mc
gi xc nh.

Hp ng tng lai l mt tho thun mua hoc bn ti sn vo mt thi
im chc chn trong tng lai vi mt mc gi xc nh.

Hp ng quyn chn l mt hp ng cho php ngi mua nm gi n c mua (nu l quyn chn mua) hoc c bn (nu l quyn chn bn) mt khi lng hng ho c s nht nh ti mt mc gi xc nh v trong mt thi gian nht nh.

+ Chng khon c th chuyn i: Chng khon c th chuyn i l

nhng chng khon cho php ngi nm gi n, tu theo la chn v trong
nhng iu kin nht nh, c th i n ly mt chng khon khc.

Phn loi chng khon theo hnh thc php l

+ Chng khon v danh: Chng khon v danh l loi chng khon

khng ghi tn ngi s hu trn chng ch.

+ Chng khon ghi danh: Chng khon ghi danh l loi chng khon
ghi tn ngi s hu trn chng ch hoc trn s theo di mua chng khon.
Phn loi chng khon theo thu nhp
+ Chng khon c thu nhp c nh: l loi chng khon c quyn
yu cu thu nhp c nh, khng ph thuc vo kt qu hot ng ca t
chc pht hnh.
+ Chng khon c thu nhp bin i: l loi chng khon c thu nhp
bin ng theo kt qu hot ng ca t chc pht hnh.
+ Chng khon hn hp: Hnh thc hn hp ca chng khon va
mang tnh cht ca chng khon c thu nhp c nh, va mang tnh cht
ca chng khon c thu nhp bin i.
Pht hnh chng khon
Cc phng thc pht hnh chng khon:
+ Pht hnh ring l: l vic pht hnh trong chng khon c
bn trong phm vi mt s ngi nht nh (thng thng l cho cc nh u
t c t chc), vi nhng iu kin hn ch v khng tin hnh rng ri ra
cng chng.
+ Pht hnh chng khon ra cng chng: l vic bn chng khon
rng ri cho mt s lng ln cng chng u t, trong mt t l nht
nh chng khon phi c phn phi cho cc nh u t nh. Tng gi tr
chng khon pht hnh cng phi t mc nht nh.
-

Pht hnh chng khon cng ty ln u ra cng chng

+ Tiu chun pht hnh:

Tiu chun nh lng:

 Cng ty phi c quy m vn nht nh.
 Tnh lin tc trong hot ng sn xut kinh doanh.
 Tng gi tr t pht hnh phi t quy m nht nh.
 Mt t l nht nh ca t pht hnh phi c bn cho mt
s lng quy nh cng chng u t.
 Cc thnh vin sng lp ca cng ty phi cam kt nm mt t
l nht nh vn c phn ca cng ty trong mt khong thi gian nht nh.

Tiu chun nh tnh:
 Cc nh qun l cng ty phi c trnh v kinh nghim qun
l cng ty.
 C cu t chc ca cng ty phi hp l v phi v li ch ca
cc nh u t.
 Cng ty phi c phng n kh thi v vic s dng vn thu c t t pht hnh.
 Trng hp c phiu pht hnh c tng gi tr theo mnh gi
vt 10 t th phi c t chc bo lnh.

+ Quy trnh pht hnh:

Bc 1: Chun b h s xin php pht hnh

hnh

Bc 2: Np h s xin php pht hnh ln c quan qun l pht

Bc 3: Cng b pht hnh

Bc 4: Cho bn v phn phi chng khon ra cng chng

Bc 5: Bo co kt qu
+ Cc phng php pht hnh

T pht hnh: Nh pht hnh trc tip pht hnh cho bn chng
khon cho cng chng theo gi cho bn xc nh.

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, t chc vic
phn phi chng khon v gip bnh n gi chng khon trong giai on u
sau khi pht hnh. Nh vy, bo lnh pht hnh bao gm c vic t vn ti
chnh v phn phi chng khon. T chc bo lnh c hng ph bo lnh
hoc mt t l hoa hng nht nh trn s tin thu c.
Pht hnh tri phiu Chnh ph v tri phiu a phng:
+ Bn l qua h thng Kho bc Nh nc: l vic cc n v Kho bc
Nh nc bn tri phiu trc tip cho ngi mua.
+ Pht hnh qua i l: i l pht hnh l vic cc t chc c php lm i l
pht hnh tri phiu tho thun vi B Ti chnh nhn bn tri phiu Chnh ph.
+ Pht hnh qua bo lnh: Bo lnh pht hnh l vic t chc bo lnh gip B
Ti chnh thc hin cc th tc trc khi pht hnh tri phiu Chnh ph ra th trng,
nhn mua tri phiu Chnh ph bn li hoc mua s tri phiu Chnh ph cn li cha
c phn phi ht.

+ Pht hnh qua u thu: u thu tri phiu Chnh ph c thc

hin di 2 hnh thc: u thu cnh tranh v khng cnh tranh.

u thu cnh tranh l u thu li sut: Thng qua u thu
cnh tranh hnh thnh li sut v khi lng trng thu ca cc thnh vin
tham gia u thu.

u thu khng cnh tranh l vic ng k mua tri phiu Chnh
ph theo mc li sut trng thu c hnh thnh qua kt qu u thu cnh
tranh.
Cu hi n tp:
1.
Hy phn tch c im c bn ca chng khon. Lin h vi cc
hng ho ang giao dch trn TTCK Vit Nam hin nay.
2.
Trnh by ni dung phn loi chng khon.
3.
So snh s ging nhau v khc nhau gia c phiu v tri phiu.
4.
Trnh by cc ch th pht hnh chng khon. Lin h thc tin
Vit Nam.

5.
6.

Cc phng thc pht hnh chng khon. Lin h Vit Nam.

Nhng u th v hn ch khi pht hnh c phiu thng.

7.

Nhng u th v hn ch i vi t chc pht hnh tri phiu.

CHNG 3
CC HNH THC T CHC CA TH TRNG
CHNG KHON
Mc tiu ca chng:
Chng ny nhm mc ch gii thiu cho sinh vin cc hnh thc t
chc ca th trng chng khon gm: s giao dch chng khon, th trng
chng khon phi tp trung v th trng t do.

S tit:

7 tit

Tit 1, 2, 3, 4:
3.1. S giao dch chng khon
3.1.1. Khi nim

S giao dch chng khon (SGDCK) l th trng giao dch chng

khon c thc hin ti mt a im tp trung gi l sn giao dch (trading
floor) hoc thng qua h thng my tnh. Cc chng khon c nim yt
giao dch ti SGDCK thng thng l cc chng khon ca cc cng ty ln,
c danh ting v tri qua th thch trn th trng v p ng c cc
tiu chun nim yt do SGDCK t ra.
Trc y, khi th trng chng khon cn giao dch bng phn trng
bng en, th SGDCK bt buc phi c sn giao dch thc hin vic giao
dch. Sn giao dch l mt phng rng. Trong sn giao dch c cc quy giao

dch, mi quy giao dch m trch vic giao dch mt s loi chng khon,
do cc chuyn gia chng khon (mi gii lp gi) thc hin. Ngi mi gii
ca cc cng ty chng khon (mi gii giao dch) tp trung ti sn giao dch,
h nhn lnh mua bn t cng ty chuyn ti, a lnh ng k vo s lnh
ca ngi mi gii lp gi ti quy giao dch. Ngi mi gii lp gi nhn
lnh v a kt qu giao dch cho nhng lnh phi kt c (nhng lnh
mua - bn khp nhau v gi ca cng mt loi chng khon).
Ngy nay, hu ht cc SGDCK thc hin giao dch bng h thng
mng my tnh ng di, lnh mua bn c a vo my tnh ti cc vn
phng giao dch ca cc cng ty chng khon. Qua mng my tnh, lnh c chuyn ti my ch ca SGDCK. My ch t ng d tm cc lnh phi
kt v a ra kt qu giao dch cho nhng lnh mua bn gp nhau v gi.
Nhng SGDCK ny khng c mi gii giao dch tp trung, do khng cn
cn thit phi c sn giao dch.

3.1.2. Hnh thc s hu

SGDCK l mt t chc c t cch php nhn c thnh lp theo quy

nh ca php lut. Lch s pht trin SGDCK cc nc v ang tri qua
cc thi k hnh thc s hu:
3.1.2.1. Hnh thc s hu thnh vin

SGDCK do cc thnh vin l cc cng ty chng khon s hu, c

t chc di hnh thc cng ty trch nhim hu hn, c Hi ng qun tr do
cc cng ty chng khon thnh vin bu ra theo tng nhim k. M hnh ny
c u im: thnh vin va l ngi tham gia giao dch, va l ngi qun
l S nn chi ph thp v d ng ph vi tnh hnh thay i trn th trng.
S giao dch chng khon Hn Quc, New York, Tokyo, Thi Lan v
nhiu nc khc c t chc theo hnh thc S hu thnh vin.
3.1.2.2. Hnh thc cng ty c phn

SGDCK c t chc di hnh thc mt cng ty c phn do cc

cng ty chng khon, ngn hng, v cc t chc ti chnh khc tham gia vi
t cch l c ng. C ch t chc, hot ng ca S giao dch chng khon
theo Lut cng ty v chy theo mc tiu li nhun. SGDCK hot ng theo
nguyn tc thnh vin, ngha l ch c cc thnh vin ca S mi c quyn
giao dch ti S.
M hnh ny c p dng c, Anh v Hng Kng.
3.1.2.3. Hnh thc s hu Nh nc

Thc cht m hnh ny l Chnh ph hoc mt c quan ca Chnh ph

ng ra thnh lp, qun l v s hu mt phn hay ton b vn ca SGDCK.
Hnh thc s hu ny c u im l khng chy theo mc tiu li nhun,
nn bo v c quyn li ca nh u t. Ngoi ra, trong nhng trng hp
cn thit, nh nc c th can thip kp thi gi cho th trng c hot
ng n nh, lnh mnh. Tuy nhin, m hnh ny cng c nhng hn ch
nht nh l thiu tnh c lp, cng nhc, chi ph ln v km hiu qu.
Trong cc m hnh trn, hnh thc s hu thnh vin l ph bin nht.
Hnh thc ny cho php s giao dch chng khon c quyn t qun mc
nht nh, nng cao c tnh hiu qu v s nhanh nhy trong vn
qun l so vi hnh thc s hu ca Chnh ph. Tuy nhin, trong nhng
hon cnh lch s nht nh, vic Chnh ph nm quyn s hu v qun l
S giao dch chng khon s cho php ngn nga s ln xn, khng cng
bng khi hnh thc s hu thnh vin cha c bo v bng h thng php
l y v r rng. V d: Hn Quc, S giao dch chng khon c
thnh lp t nm 1956 nhng n nm 1963 b v, phi ng ca 57 ngy
do cc thnh vin s hu S giao dch chng khon gy ln xn trong th trng, sau Chnh ph phi ng ra nm quyn s hu S giao dch chng
khon trong thi gian kh di t nm 1963 n nm 1988 trc khi chuyn
sang hnh thc s hu thnh vin, c mt phn s hu Nh nc.

3.1.3. Chc nng

Chc nng ca SGDCK l phi thit lp v duy tr thng xuyn mt

th trng giao dch: lin tc, cng bng v gi, cng khai.
3.1.3.1. Th trng giao dch lin tc
T chc v duy tr mt th trng giao dch lin tc l chc nng quan
trng nht ca SGDCK. Mt th trng giao dch lin tc l th trng c
thi gian giao dch nhiu trong mt ngy, trong mt tun. S ln khp gi v
doanh s giao dch ln trong mi phin giao dch, thc hin lnh mua bn
nhanh chng, bin ng v gi gia 2 ln mua bn nh.
Mt th trng hot ng lin tc s to ra tnh thanh khon cao cho
vn u t (ngi u t c th chuyn ho nhanh chng chng khon thnh
tin v ngc li mt cch d dng). iu ny s kch thch cng chng v
cc t chc ti chnh c th b vn nhn ri ra u t v thu hi vn u t
khi cn; hoc c th chuyn i vn u t t lnh vc ny sang lnh vc
khc mt cch nhanh chng.
3.1.3.2.Th trng cng bng v gi
To ra v duy tr mt th trng cng bng v gi cng l mt chc
nng quan trng ca SGDCK. Gi c khng do SGDCK hay thnh vin
SGDCK p t m n c hnh thnh trn c s so khp cc lnh mua v
bn chng khon. Gi chng khon c cht bi cung cu trn th trng l gi cng bng nht. Tuy nhin, trong thc t cng c lc gi chng
khon c hnh thnh khng cng bng, do b thao tng bi nhng ngi
u c lng on th trng, c tnh to ra nhng mc gi gi to, khng
thc t. Mc d vy, trng hp khng phi l ph bin.

3.1.3.3. Th trng cng khai

SGDCK c chc nng cung cp thng tin cho cng chng u t:
thng tin v tnh hnh hot ng ca cc cng ty nim yt, tnh hnh giao
dch trn th trng, thng tin v hot ng chung ca nn kinh t quc gia
(quc t).
SGDCK bt buc cc cng ty nim yt phi cung cp v cng khai
cc thng tin v tnh hnh ti chnh, kt qu kinh doanh ca cng ty mt cch
y , chnh xc, kp thi, thng xuyn, v nhng thng tin v cc s kin
xy ra t xut c kh nng nh hng n sn xut ca cng ty, to ra
nhng cn c ng tin cy cho ngi u t chng khon. SGDCK lun
cung cp nhng thng tin chnh xc v lin tc v tnh hnh giao dch trn th
trng: gi, khi lng giao dch; gi v khi lng t mua cao nht, thp
nht; cng nh mi thng tin lin quan n th trng, Trn c s nhng
thng tin cng khai , to cho ngi u t c c s v c hi nh nhau
trong vic quyt nh mua bn.
3.1.4. Thnh vin ca S giao dch

Cc nh u t khi mua bn chng khon trn SGDCK u phi thng

qua cc thnh vin ca SGDCK, v ch c thnh vin ca SGDCK mi c quyn giao dch, mua bn chng khon trn sn giao dch ca
SGDCK.
3.1.4.1.Khi nim
Thnh vin ca SGDCK (sau y gi tt l thnh vin) l cng ty
chng khon c SGDCK chp thun giao dch chng khon qua h thng
giao dch ca SGDCK.
3.1.4.2.Quyn v ngha v ca thnh vin
a. Ngha v:
Thnh vin c cc ngha v sau:
Tun th cc quy nh v hot ng kinh doanh chng khon
ca Trung tm giao dch chng khon (TTGDCK).
Chu s kim tra, gim st ca TTGDCK.
Np ph thnh vin, ph giao dch, ph s dng h thng giao
dch.
Np cc khon ng gp lp qu h tr thanh ton.
qu, nm.

Bo co TTGDCK v: tnh hnh hot ng v tnh hnh ti chnh thng,

b. Quyn li:
Thnh vin c cc quyn sau:
c giao dch chng khon ti TTGDCK hoc SGDCK.

S dng h thng giao dch v cc dch v do TTGDCK cung

cp.
Thu cc loi ph cung cp dch v cho khch hng theo quy
nh ca php lut.
ngh TTGDCK lm trung gian ha gii khi c tranh chp
lin quan n hot ng kinh doanh chng khon.
c rt khi thnh vin sau khi c TTGDCK chp thun.
3.1.5. Nim yt chng khon
3.1.5.1. Khi nim

Nim yt chng khon l vic a cc chng khon c tiu chun

vo ng k v giao dch ti th trng giao dch tp trung.
T chc nim yt l t chc pht hnh c php nim yt chng
khon ti th trng giao dch tp trung.
3.1.5.2. Mc ch ca vic nim yt

Thit lp quan h hp ng gia SGDCK vi t chc pht hnh

c chng khon nim yt, t quy nh trch nhim v ngha v ca t
chc pht hnh trong vic cng b thng tin, m bo tnh trung thc, cng
khai v cng bng.
Nhm mc ch h tr th trng hot ng n nh, xy dng
lng tin ca cng chng i vi th trng chng khon bng cch la chn
cc chng khon c cht lng cao giao dch.
Cung cp cho cc nh u t cc thng tin v cc t chc nim
yt.
Gip cho vic xc nh gi chng khon c cng bng trn
th trng u gi v thng qua vic nim yt cng khai, gi chng khon c hnh thnh da trn s tip xc hiu qu gia cung v cu chng khon.
3.1.5.3. Nhng thun li v bt li ca vic nim yt i vi t chc nim yt

a.

Thun li
Kh nng huy ng vn cao, chi ph huy ng vn thp
Thng thng, cng ty nim yt c cng chng tn nhim
hn cng ty khng nim yt. Bi vy, khi tr thnh mt cng ty nim yt th
h c th d dng trong vic huy ng vn v vi chi ph huy ng thp hn.
Tc ng n cng chng
Nim yt gp phn t p thm hnh nh ca cng ty trong cc nh u
t, cc ch n, ngi cung ng, cc khch hng v nhng ngi lm cng, nh vy cng
ty c nim yt c sc ht u t hn i vi nh u t.

Nng cao tnh thanh khon cho cc chng khon

Khi cc chng khon c nim yt, chng c th c nng
cao tnh thanh khon, m rng phm vi chp nhn lm vt th chp v d
dng c s dng cho cc mc ch v ti chnh, tha k v cc mc ch
khc. Hn na, cc chng khon c nim yt c th c mua vi mt s

lng rt nh, do cc nh u t c vn nh vn c th d dng tr thnh

c ng ca cng ty.
u i v thu
Thng thng, cc th trng chng khon mi ni, cng ty
tham gia nim yt c hng nhng chnh sch u i v thu trong hot
ng kinh doanh nh: min, gim thu thu nhp doanh nghip trong mt s
nm nht nh.
i vi nh u t mua chng khon nim yt s c hng
cc chnh sch u i v thu thu nhp (min, gim) i vi c tc, li hoc
chnh lch mua bn chng khon (li, vn) t cc khon u t vo th trng chng khon.
b.
Hn ch
T chc nim yt phi cng khai thng tin v bn thn mnh.
Cng ty nim yt phi c ngha v cng b thng tin mt cch y ,
chnh xc v kp thi lin quan n cc hot ng ca cng ty cng nh cc bin ng c
nh hng n gi c chng khon nim yt. Ngha v cng b thng tin i chng trong
mt s trng hp lm nh hng n b quyt, b mt kinh doanh v gy phin h cho
cng ty.

Nhng cn tr trong vic thu tm v sp nhp

Nim yt bc l ngun vn v phn chia quyn biu quyt ca
cng ty cho nhng ngi mua l nhng ngi c th gy bt tin cho nhng
c ng ch cht v cng vic qun l iu hnh hin ti ca cng ty.
3.1.5.4. Phn loi nim yt

Nim yt ln u (Intial Listing)

Nim yt ln u l vic cho php chng khon ca t chc pht hnh
c ng k nim yt giao dch chng khon ln u tin sau khi pht hnh
ra cng chng khi t chc pht hnh p ng c cc tiu chun v
nim yt.
b.
Nim yt b sung (Additional Listing)
Nim yt b sung l qu trnh chp thun ca S giao dch chng
khon cho mt cng ty nim yt c nim yt cc c phiu mi pht hnh
vi mc ch tng vn hay v mc ch khc nh sp nhp, chi tr c tc,
thc hin cc tri quyn hoc thc hin cc tri phiu chuyn i thnh c
phiu
c.
Thay i nim yt (Change Listing)
Thay i nim yt pht sinh khi cng ty nim yt thay i tn chng
khon giao dch, khi lng, mnh gi hoc tng gi tr chng khon c
nim yt ca mnh.
d.
Nim yt li (Relisting)
a.

L vic cho php mt cng ty pht hnh c tip tc nim yt tr li

cc chng khon trc y b hu b nim yt v cc l do khng p
ng c cc tiu chun duy tr nim yt.
e.
Nim yt ca sau (Back door Listing)
L trng hp mt t chc nim yt chnh thc sp nhp, lin kt
hoc tham gia vo hip hi vi mt t chc, nhm khng nim yt v kt
qu l cc t chc khng nim yt ly c quyn kim sot t chc
nim yt.
f.
Nim yt ton phn v nim yt tng phn (Dual listing & Partial
listing)
Nim yt ton phn l vic nim yt tt c cc c phiu sau khi
pht hnh ra cng chng trn mt S giao dch chng khon trong nc v
ngoi nc.
Nim yt tng phn l vic nim yt mt phn trong tng s chng
khon pht hnh ra cng chng ca ln pht hnh , phn cn li khng
hoc cha c nim yt. Nim yt tng phn thng din ra cc cng ty
ln do Chnh ph kim sot, phn chng khon pht hnh ra th trng do
cc nh u t c nhn nm gi c nim yt, cn phn nm gi ca Chnh
ph hoc t chc i din cho Chnh ph nm gi khng nim yt.
3.1.5.5. Tiu chun nim yt

Tiu chun nim yt thng thng do S giao dch chng khon ca

mi quc gia quy nh, da trn c s thc trng ca nn kinh t. Tiu chun
ny bao gm cc iu kin v ti chnh ca cng ty, chnh sch khuyn
khch hay hn ch nim yt. Tiu chun v nim yt c quy nh di hai
hnh thc: tiu chun nh lng v tiu chun nh tnh.
a.
Vit Nam
Theo Thng t s 59/2004/TT - BTC ngy 18/6/2004 hng dn v nim yt c
phiu v tri phiu trn th trng chng khon tp trung:

iu kin nim yt c phiu:

+ L cng ty c phn c vn iu l gp ti thi im xin
php nim yt ti thiu t 05 t ng tr ln, tnh theo gi tr s sch.
+ C tnh hnh ti chnh lnh mnh, trong khng c cc
khon n phi tr qu hn trn 1 nm; hon thnh cc ngha v ti chnh vi
Nh nc v ngi lao ng trong cng ty. i vi t chc tn dng v t
chc ti chnh phi ngn hng, tnh hnh ti chnh c nh gi theo cc quy
nh ca c quan qun l chuyn ngnh.
+ C li nhun sau thu trong 02 nm lin tc lin trc nm
xin php nim yt l s dng, ng thi khng c l lu k tnh n thi
im xin php nim yt.

+ i vi doanh nghip thc hin chuyn i thnh cng ty c

phn, thi gian 02 nm lin tc c li lin trc nm xin php nim yt l
bao gm c thi gian trc khi chuyn i.
+ i vi doanh nghip Nh nc c phn ho v nim yt
ngay trn th trng chng khon trong vng 1 nm sau khi thc hin
chuyn i, hot ng kinh doanh ca nm lin trc nm xin php phi c
li.
+ Cc c ng l thnh vin Hi ng qun tr, Ban gim c,
Ban kim sot ca cng ty phi cam kt nm gi t nht 50% s c phiu do
mnh s hu trong thi gian 3 nm, k t ngy nim yt, khng tnh s c
phiu thuc s hu Nh nc do cc c nhn trn i din nm gi. Quy
nh ny khng p dng i vi cc cng ty nim yt theo quy nh trc
y.
+ Ti thiu 20% vn c phn ca cng ty do t nht 50 c ng
ngoi t chc pht hnh nm gi. i vi cng ty c vn c phn t 100 t
ng tr ln th t l ny ti thiu l 15% vn c phn.
iu kin nim yt tri phiu:
+ L cng ty c phn, cng ty trch nhim hu hn, doanh
nghip Nh nc c vn iu l gp ti thi im xin cp php nim yt
t 10 t ng Vit Nam tr ln, tnh theo gi tr s sch.
+ Hot ng kinh doanh c li 2 nm lin tc lin trc nm
xin php nim yt. i vi doanh nghip thc hin chuyn i sang hot
ng theo hnh thc cng ty c phn, thi gian trn bao gm c thi gian trc khi chuyn i.
+ C tnh hnh ti chnh lnh mnh, trong khng c cc
khon n phi tr qu hn trn 1 nm; hon thnh cc ngha v ti chnh vi
Nh nc v ngi lao ng trong cng ty. i vi t chc tn dng v t
chc ti chnh phi ngn hng, tnh hnh ti chnh c nh gi theo cc quy
nh ca c quan qun l chuyn ngnh.
+ C t nht 50 ngi s hu tri phiu.
b.
Tiu chun ca S giao dch chng khon New York:
S lng c ng ti thiu:
+ S lng c ng nm gi c phiu: 2000 ngi.
+ Hoc tng s c ng: 2.200 ngi, vi khi lng giao dch
trung bnh 1 thng (trong 6 thng gn nht): 100.000 c phiu.
+ Hoc tng s c ng: 500 ngi, vi khi lng giao dch
trung bnh thng (trong 12 thng gn nht): 1.000.000 c phiu.
S lng c phiu do cng chng nm gi: 1.100.000 c phiu.
Gi tr rng ca ti sn hu hnh: 40.000.000 USD.

Tng gi tr th trng c phiu do cng chng nm gi:

40.000.000 USD.
Kh nng sinh li trong 3 nm gn nht:
+ Li nhun trong nm gn nht t ti thiu 2.500.000 USD v
li nhun trc thu trong 2 nm trc : 2.000.000 USD/nm.
+ Hoc tng li nhun trong 3 nm gn nht: 6.500.000 USD;
trong li nhun trc thu trong nm gn nht ti thiu (cc nm khc
u phi c li): 4.500.000 USD.
+ i vi cng ty c vn huy ng trn th trng trn
500.000.000 USD v doanh thu trn 200.000.000 USD, trong nm ti chnh
gn nht, tng li nhun rng iu chnh trong 3 nm gn nht:
25.000.000 USD
c.
Tiu chun S giao dch chng khon Bangkok:
Vn c phn ti thiu 560 triu Bath (tng ng 22,4 triu
USD), trong vn c phn do cng chng nm gi ti thiu 500 triu Bath
(vi cng ty Bangkok) v 200 triu/240 triu vi cng ty cc tnh.
S c ng l cng chng (c ng nh) ti thiu 600 vi cng
ty Bangkok v 300 i vi cng ty cc tnh.
Li nhun sau thu ti thiu 80 triu Bath vi cc cng ty
Bangkok v 15 triu Bath vi cng ty cc tnh.
Quy nh nim yt trong nhng trng hp c bit: Nhm bo v cc
nh u t, cc quy nh v nim yt cng c quy nh c th mt s
ngnh, ngh, lnh vc nht nh v vn kinh doanh, thi gian hot ng, li
rng hng nm v s lng c ng ti thiu. V d: cc ngnh kin trc xy
dng v cng ngh cao l lnh vc u t c nhiu ri ro nn tiu chun
nim yt thng a ra cao hn. Cn cc lnh vc ngn hng, bo him,
cng ty chng khon, do c th v bn cht ca hot ng ti chnh, nn
tiu chun n trn vn thng khng xt n, m ch xt n yu t li
nhun trn vn c phn.
3.1.5.6 .Th tc nim yt

a.

Bc 1: S giao dch thm nh s b

Thm nh s b l vic vch ra phng hng cung cp cho nhng ngi mua
c phiu cho bn ra cng chng bit trc c tnh kh mi ca chng khon nhm rt
bt thi gian thm nh chnh thc. Cho d vic thm nh ny khng c thc hin mt
cch chnh thc nhng n c tc dng quan trng trong vic a ra quyt nh cui cng
l chp thun hay t chi nim yt. Hu ht cc cng ty khng t tiu chun b loi ra
ngay khi thm nh s b trc khi np n xin nim yt chnh thc.

Khi thm nh s b, S giao dch chng khon ch trng n cc vn

:
Cng ty nim yt phi c mt nn tng hot ng c li v
trong tng lai phi c kh nng sinh li tt.

Cng ty xin nim yt phi c ban lnh o c c cu ca mt

cng ty i chng.
T chc cng b thng tin thng xuyn.
Cc c phiu phi t c mc thanh khon nht nh theo
th bc do S giao dch chng khon quy nh.
Cng ty nim yt khng c vi phm n quyn li ca cng
chng u t i din cho quyn li ca cc bn tham gia nh cc c ng
kim sot hay cng ty m.
Tin trnh thm nh s b h s gm cc bc sau:
(1) SGDCK kim tra cc ti liu do cng ty xin nim yt np.
(2) SGDCK t cc cu hi cho cng ty xin nim yt v cc ti liu
np.
(3) Cng ty xin nim yt tr li cu hi ca SGDCK v cc th tc
t bc 1 n bc 3 v lp i lp li cho n khi cc chi tit c lm sng
t hon ton.
(4) SGDCK tm hiu thm v cng ty nim yt v c th n cng
ty nim yt kim tra cc ti liu v thu thp thm cc thng tin cn thit
cho vic thm nh nim yt chnh thc.
(5) Nhn vin SGDCK tho lun v kt qu ca vic thm tra trong
c cc kt qu khi thc hin tm hiu cng ty.
(6) SGDCK a ra quyt nh cui cng v thng bo quyt nh
ny cho cng ty nim yt.
b.
Bc 2: trnh bn ng k ln UBCKNN
Vic cho bn c phiu ra cng chng quyt nh ti s phn b c
ng trong cng ty, do cng ty mun nim yt cc c phiu ca h trn
SGDCK phi trnh bn ng k ln UBCKNN xin chp thun cho php
cho bn chng khon ra cng chng. Bn thng co pht hnh s b l vn
bn nh km theo bn thng bo ny.
c.
Bc 3: Cho bn ra cng chng
Cho bn ra cng chng c th c thc hin sau khi bn thng co
ng k c UBCKNN chp thun. Bt k cng ty no mun xin php
nim yt phi nu r mc ch nim yt cc c phiu ca h trn SGDCK
trong bn thng co pht hnh. Thng thng, qu trnh cho bn ni trn do
nhm bo lnh pht hnh l cc ngn hng u t hay cc cng ty chng
khon thc hin.
d.
Bc 4: Xin php pht hnh
Cng ty pht hnh mun nim yt v giao dch chng khon ca mnh
trn SGDCK phi gi h s nim yt chnh thc ln SGDCK, v k hp
ng nim yt vi SGDCK.
H s nim yt gm c:

n xin cp php nim yt.

Quyt nh ca i hi ng c ng, Hi ng qun tr v
vic nim yt.
S theo di c ng ca t chc xin nim yt.
Bn sao hp l giy chng nhn ng k kinh doanh.
iu l cng ty.
Bn co bch.
Danh sch v s yu l lch hnh thnh Hi ng qun tr, Ban
gim c, Ban kim sot.
Cam kt ca thnh vin Hi ng qun tr, Ban gim c, Ban
kim sot nm gi t nht 50% s c phiu do mnh s hu trong thi hn 3
nm, k t ngy nim yt.
Cc bo co ti chnh c xc nhn ca t chc kim ton c
chp thun.
Hp ng nim yt l hp ng gia SGDCK v cng ty xin nim yt
trong quy nh cc ngha v ca cng ty nim yt. Mu hp ng th trng khc nhau u c s khc nhau. Tuy nhin, tu trung li u c cc ni
dung sau:
m bo vic cng b thng tin theo nh k.
m bo vic cng b cc bn bo co ti chnh theo tiu chun
nguyn tc k ton chung (GAAP) mt cch thng xuyn v theo nh k.
Cung cp cho SGDCK thng tin theo nh k nhm gip h
thc hin tt chc nng duy tr mt th trng c trt t cho cc chng
khon ca cng ty.
Cam kt thc hin kinh doanh lnh mnh.
e.
Bc 5: Thm tra nim yt chnh thc
Vic thm nh khi SGDCK chp nhn s b l rt quan trng, do
vic thm tra nim yt chnh thc s khng ko di. vic thm nh c
hiu qu, cc SGDCK thng c mt tiu ban chuyn trch thm nh v
a ra cc quyt nh chp thun cui cng.
f.
Bc 6: Nim yt
Khi SGDCK hon tt cc th tc nim yt, SGDCK s quy nh c
th ngy nim yt. Sau , SGDCK s mi Ch tch Hi ng qun tr v
Tng gim c iu hnh cng ty nim yt nh ra ngy giao dch u
tin i vi chng khon nim yt.
Tit 4, 5, 6:
3.2. Th trng chng khon phi tp trung (th trng OTC)
3.2.1. Khi nim

Th trng chng khon phi tp trung (OTC) l loi th trng chng

khon xut hin sm nht trong lch s hnh thnh v pht trin ca th tr-

ng chng khon. Th trng c mang tn OTC c ngha l Th trng

qua quy. iu ny xut pht t c th ca th trng l cc giao dch mua
bn trn th trng c thc hin trc tip ti cc quy ca cc ngn hng
hoc cc cng ty chng khon m khng phi thng qua cc trung gian mi
gii a vo u gi tp trung.
Nh vy, c th hiu: Th trng OTC (Over The Counter) l th trng khng c trung tm giao dch tp trung, l mt mng li cc nh
mi gii v t doanh chng khon mua bn vi nhau v vi cc nh u t,
cc hot ng giao dch ca th trng OTC c din ra ti cc quy (sn
giao dch) ca cc ngn hng v cng ty chng khon.
3.2.2. c im

Th trng OTC mi nc c nhng c im ring, ph hp vi

iu kin v c th mi nc. Nhng c th khi qut mt s c im
chung ca th trng OTC cc nc nh sau:
3.2.2.1.Hnh thc t chc th trng
Th trng OTC c t chc theo hnh thc phi tp trung, khng c
a im tp giao dch mang tnh tp trung gia bn mua v bn bn. Th trng s din ra ti cc a im giao dch ca cc ngn hng, cng ty chng
khon v cc a im thun tin cho ngi mua v bn.
3.2.2.2.Chng khon giao dch trn th trng OTC
Chng khon giao dch trn th trng OTC rt a dng, bao gm cc
loi chng khon nim yt trn SGDCK v cc chng khon cha
iu kin nim yt trn SGDCK song p ng cc yu cu ca c quan qun
l th trng OTC.
3.2.2.3. C ch xc lp gi trn th trng OTC
C ch xc lp gi ch yu c thc hin thng qua phng thc thng lng v tho thun song phng gia bn mua v bn bn. Hnh thc
khp lnh trn th trng OTC rt t ph bin v ch c p dng cc lnh
nh.
Gi chng khon c hnh thnh qua thng lng v tho thun
ring bit nn s ph thuc vo tng nh kinh doanh i tc trong giao dch
v nh vy s c nhiu mc gi khc nhau i vi mt chng khon ti mt
thi im. iu ny khc vi th trng S giao dch do u gi tp trung
nn ch c mt mc gi ti mt thi im. Tuy nhin, vi c ch bo gi tp
trung qua mng my tnh in t v c c ch cnh tranh gi cng khai gia
cc nh kinh doanh chng khon nn gi c hnh thnh khng chnh lch
nhiu so vi c ch u gi.
3.2.2.4.Cc nh to lp th trng

Th trng OTC c s tham gia v vn hnh ca cc nh to lp th

trng, l cc cng ty mi gii giao dch. Cc cng ty ny c th hot
ng giao dch di hai hnh thc:
Mua bn chng khon cho chnh mnh bng ngun vn ca
cng ty - l hot ng giao dch.
Lm mi gii i l chng khon cho khch hng hng hoa
hng - l hot ng mi gii.
Th trng OTC c s tham gia v vn hnh ca cc nh to lp th trng cho mt loi chng khon bn cnh cc nh mi gii, t doanh. Nhim
v quan trng nht v ch yu ca cc nh to lp th trng l to tnh
thanh khon cho th trng thng qua vic nm gi mt lng chng khon
sn sng mua bn, giao dch vi khch hng.
3.2.2.5.H thng thng tin
Th trng OTC s dng h thng mng my tnh din rng lin kt
tt c cc i tng tham gia th trng. H thng ca th trng c cc
i tng tham gia th trng s dng t lnh giao dch, m phn thng lng gi, truy cp v thng bo cc thng tin lin quan n giao dch
chng khon. Chc nng ca mng c s dng rng ri trong giao dch
mua bn v qun l trn th trng OTC.
3.2.2.6.Qun l th trng
Th trng OTC thng c t chc qun l theo 2 cp: cp qun l
Nh nc v cp t qun:
Cp qun l Nh nc do c quan qun l th trng chng
khon ni chung nh U ban chng khon trc tip qun l trn c s lut
chng khon v cc lut lin quan.
Cp t qun ch yu c hai hnh thc:
+ Do Hip hi cc nh giao dch chng khon qun l (nh
M, Nht, Hn Quc, Thi Lan)
+ Do S giao dch ng thi qun l (Anh, J-net Nht, Php,
Canada).
Hip hi hoc S giao dch t chc h thng giao dch v thng
tin, vn hnh h thng, ban hnh cc quy ch t qun thun li cho vic
gim st v m bo thc hin tt nht k nng nghip v v o c hnh
ngh ca thnh vin.
Ni dung, phng thc v mc qun l mi nc c s khc nhau tu iu
kin v c th ca tng nc nhng u c chung mc tiu l m bo s n nh v
pht trin ca th trng v bo v ngi u t.

3.2.2.7.C ch thanh ton

C ch thanh ton trn th trng OTC l linh hot v a dng. Do
phn ln cc giao dch mua bn trn th trng OTC c thc hin trn c

s thng lng v tho thun nn phng thc thanh ton trn th trng
OTC linh hot gia ngi mua v bn, khc vi phng thc thanh ton b
tr a phng thng nht nh trn th trng tp trung.
Thi hn thanh ton khng c nh nh trn th trng tp trung m
rt a dng: T+0, T+1, T+2, T+x trn cng mt th trng, tu theo tng thng v v s pht trin ca th trng.
Tm li, th trng OTC hin nay l mt loi th trng chng khon
hin i, giao dch v qun l qua mng my tnh in t, giao dch chng
khon khng c nim yt trn S giao dch chng khon, c s qun l
cht ch ca Nh nc v cc t chc t qun, c c ch xc lp gi ch yu
l thng lng gi v c tham gia ca cc nh to lp th trng to tnh
thanh khon cho th trng.
3.2.3. Vai tr ca th trng OTC

H tr v thc y th trng chng khon tp trung pht trin.

Hn ch, thu hp th trng t do, gp phn m bo s n nh
v lnh mnh ca th trng chng khon.
To th trng cho cc chng khon ca cng ty va v nh,
cc chng khon cha iu kin nim yt.
3.3.

Th trng t do
Th trng t do l th trng giao dch tt c cc loi c phiu c pht hnh
thng qua vic thng lng v tho thun trc tip gia bn mua v bn bn ti bt c
ni u, vo bt k lc no.
Th trng t do c cc c im sau:
Th trng khng c t chc.
Khng c s qun l ca nh nc.
a im giao dch l phi tp trung.
Tm tt chng:
S giao dch chng khon: l th trng giao dch chng khon c thc hin ti mt
a im tp trung gi l sn giao dch (trading floor) hoc thng qua h thng my tnh.
Cc chng khon c nim yt giao dch ti SGDCK thng thng l cc chng khon
ca cc cng ty ln, c danh ting v tri qua th thch trn th trng v p ng
c cc tiu chun nim yt do SGDCK t ra.
Hnh thc s hu:
+ Hnh thc s hu thnh vin: SGDCK do cc thnh vin l cc cng ty chng
khon s hu, c t chc di hnh thc cng ty trch nhim hu hn, c Hi ng
qun tr do cc cng ty chng khon thnh vin bu ra theo tng nhim k.
+ Hnh thc cng ty c phn: SGDCK c t chc di hnh thc mt cng ty
c phn do cc cng ty chng khon, ngn hng, v cc t chc ti chnh khc tham gia
vi t cch l c ng. C ch t chc, hot ng ca S giao dch chng khon theo
Lut cng ty v chy theo mc tiu li nhun.
+ Hnh thc s hu Nh nc: Chnh ph hoc mt c quan ca Chnh ph ng
ra thnh lp, qun l v s hu mt phn hay ton b vn ca SGDCK.

Chc nng: Chc nng ca SGDCK l phi thit lp v duy tr thng xuyn mt
th trng giao dch: lin tc, cng bng v gi, cng khai.
Thnh vin ca S giao dch: l cng ty chng khon c SGDCK chp thun
giao dch chng khon qua h thng giao dch ca SGDCK.

Nim yt chng khon: Nim yt chng khon l vic a cc chng

khon c tiu chun vo ng k v giao dch ti th trng giao dch tp
trung. T chc nim yt l t chc pht hnh c php nim yt chng
khon ti th trng giao dch tp trung.
Th trng chng khon phi tp trung OTC (Over The Counter): l th
trng khng c trung tm giao dch tp trung, l mt mng li cc nh
mi gii v t doanh chng khon mua bn vi nhau v vi cc nh u t,
cc hot ng giao dch ca th trng OTC c din ra ti cc quy (sn
giao dch) ca cc ngn hng v cng ty chng khon.
c im:
+ Hnh thc t chc th trng: c t chc theo hnh thc phi tp
trung, khng c a im tp giao dch mang tnh tp trung gia bn mua v
bn bn.
+ Chng khon giao dch: gm cc loi chng khon nim yt trn
SGDCK v cc chng khon cha iu kin nim yt trn SGDCK song
p ng cc yu cu ca c quan qun l th trng OTC.
+ C ch xc lp gi: ch yu c thc hin thng qua phng thc
thng lng v tho thun song phng gia bn mua v bn bn.
+ H thng thng tin: Th trng OTC s dng h thng mng my
tnh din rng lin kt tt c cc i tng tham gia th trng.
+ Qun l th trng: Th trng OTC thng c t chc qun l
theo 2 cp: cp qun l Nh nc v cp t qun.
+ C ch thanh ton: linh hot v a dng, tu theo tng thng v v
s pht trin ca th trng.
+ Vai tr ca th trng OTC:

H tr v thc y th trng chng khon tp trung pht trin.

Hn ch, thu hp th trng t do, gp phn m bo s n nh
v lnh mnh ca th trng chng khon.

To th trng cho cc chng khon ca cng ty va v nh, cc
chng khon cha iu kin nim yt.
Th trng t do: th trng giao dch tt c cc loi c phiu c pht hnh
thng qua vic thng lng v tho thun trc tip gia bn mua v bn bn ti bt c
ni u, vo bt k lc no. Th trng t do l th trng khng c t chc, khng c s
qun l ca nh nc v c a im giao dch l phi tp trung.
Cu hi n tp
1.
Cc hnh thc s hu ca S giao dch chng khon.

2.
Trnh by cc vn c bn v t chc v hot ng ca s giao dch chng
khon.
3.
Cc thnh vin ca S giao dch chng khon?
4.
Ti sao cn thit phi nim yt chng khon? Bnh lun v cc iu kin c
php nim yt chng khon trn th trng chng khon Vit Nam.
5.
Phn tch u im v hn ch ca vic nim yt chng khon i vi t chc pht
hnh v i vi c quan qun l nh nc.
6.
Trnh by nhng vn c bn v th trng chng khon phi tp trung. Phn tch
v tr v vai tr ca th trng OTC trong tng th th trng chng khon ni chung.
7.
Phn bit th trng OTC v th trng chng khon tp trung. Phn tch mi
quan h gia hai th trng ny.
8.
Phn bit th trng OTC v th trng t do.

***

CHNG 4
CC GIAO DCH TRN TH TRNG CHNG KHON
Mc tiu ca chng
Chng ny s gii thiu v cc giao dch trn th trng chng khon, cc lnh
giao dch c s dng, phng thc khp lnh, cch thc thc hin giao dch mua bn
chng khon,
S tit:

7 tit

Tit 1, 2, 3:
4.1. H thng giao dch chng khon

H thng giao dch l h thng my tnh dng cho hot ng giao dch
ti TTGDCK hoc SGDCK.
4.1.1. Phng thc giao dch

TTGDCK hoc SGDCK t chc giao dch chng khon thng qua h
thng giao dch theo 2 phng thc:
4.1.1.1. Phng thc khp lnh

Phng thc khp lnh l phng thc giao dch c h thng giao
dch thc hin trn c s khp cc lnh mua v lnh bn chng khon ca
khch hng theo nguyn tc xc nh gi thc hin nh sau:
L mc gi thc hin t c khi lng giao dch ln nht.
Nu c nhiu mc gi tha mn iu kin nu trn th mc gi
trng hoc gn vi gi thc hin ca ln khp lnh gn nht s c chn.
Nu vn c nhiu mc gi tha mn iu kin th hai th mc
gi cao hn s c chn.
4.1.1.2.Nguyn tc khp lnh

Trong khp lnh nh k, mi ln khp lnh s hnh thnh mt mc

gi thc hin duy nht - l mc gi tha mn iu kin thc hin c mt
khi lng giao dch ln nht. xc nh nhng lnh c thc hin trong
mi ln khp lnh, phi s dng nguyn tc ca u tin khp lnh theo trt
t sau:
Th nht: u tin v gi (lnh mua gi cao hn, lnh bn gi
thp hn c u tin thc hin trc).
Th hai: u tin v thi gian (Lnh nhp vo h thng giao
dch trc s c u tin thc hin trc)
Th ba: u tin v khch hng (Lnh khch hng - lnh mi
gii c u tin thc hin trc lnh t doanh - lnh ca nh mi gii).
Th t: u tin v khi lng (Lnh no c khi lng giao
dch ln hn s c u tin thc hin trc).

Ngoi ra, cc S giao dch chng khon c th p dng nguyn tc

phn b theo t l t lnh giao dch.
H thng giao dch khp lnh hin nay c cc S giao dch trn th
gii p dng rng ri do c nhng u vit hn so vi h thng u gi theo
gi.
u im:
+ Qu trnh xc lp gi c thc hin mt cch c hiu qu.
Tt c cc lnh mua v bn cnh tranh vi nhau, qua ngi u t c th
giao dch ti mc gi tt nht.
+ H thng m bo c tnh minh bch ca th trng do
lnh giao dch ca nh u t c thc hin theo nhng quy tc ghp lnh.
+ K thut giao dch n gin, d theo di, d kim tra v gim
st.
+ Bng cch theo di thng tin c cng b, ngi u t c
th a ra nhng quyt nh kp thi trc tnh hnh din bin ca th trng.
Nhc im: Gi c d bin ng khi mt cn i cung cu
4.1.1.2. Phng thc tho thun

Phng thc tho thun l phng thc giao dch trong cc thnh
vin t tho thun vi nhau v cc iu kin giao dch.
4.1.2. Khp lnh nh k v khp lnh lin tc

C hai phng thc ghp lnh trn h thng khp lnh: khp lnh lin
tc v khp lnh nh k.
4.1.2.1.Phng thc khp lnh lin tc (continuous auction)

Khp lnh lin tc l phng thc giao dch c thc hin lin tc
khi c cc lnh i ng c nhp vo h thng.
a.
u im
Gi c phn nh tc thi cc thng tin trn th trng. H thng
cung cp mc gi lin tc ca chng khon, t to iu kin cho nh u
t tham gia th trng mt cch nng ng v thng xuyn v nh u t c
th ngay lp tc thc hin lnh hoc nu khng cng nhn c phn hi t
th trng mt cch nhanh nht kp thi iu chnh cc quyt nh u t
tip theo.
Khi lng giao dch ln, tc giao dch nhanh. V vy, hnh
thc khp lnh ny ph hp vi cc th trng c khi lng giao dch ln
v si ng.
Hn ch c chnh lch gia gi lnh mua v lnh bn, t
thc y cc giao dch xy ra thng xuyn v lin tc.

Nhc im
Hnh thc khp lnh lin tc ch to ra mc gi cho mt giao dch
in hnh ch khng phi l tng hp cc giao dch.
b.

4.1.2.2.Phng thc khp lnh nh k (call auction)

Khp lnh nh k l phng thc giao dch da trn c s tp hp tt

c cc lnh mua v bn trong mt khong thi gian nht nh, sau khi n
gi cht gi giao dch, gi chng khon c khp ti mc gi m bo thc
hin c khi lng giao dch l ln nht (khi lng mua v bn nhiu
nht).
a.
u im
Khp lnh nh k l phng thc ph hp nhm xc lp mc
gi cn bng trn th trng. Do lnh giao dch ca ngi u t c tp
hp trong mt khong thi gian nht nh nn khp lnh nh k c th ngn
chn c nhng t bin v gi thng xut hin di nh hng ca lnh
giao dch c khi lng ln hoc tha tht.
To s n nh gi cn thit trn th trng, gim thiu nhng
bin ng v gi ny sinh t tnh trng giao dch tht thng.
b.
Nhc im
Gi chng khon c xc lp theo phng thc khp lnh
nh k khng phn nh tc thi thng tin trn th trng v hn ch c hi
giao dch ca ngi u t.
Khp lnh nh k thng c cc S giao dch s dng xc nh
gi m ca, ng ca hoc gi chng khon c php giao dch li sau mt
thi gian b ngng giao dch.
4.1.3. Lnh giao dch

Trn th trng chng khon, c rt nhiu loi lnh giao dch c s

dng. Nhng trong thc t, phn ln cc lnh giao dch c ngi u t
s dng l lnh gii hn v lnh th trng.
4.1.3.1.Lnh th trng (market order)

Lnh th trng l lnh mua hoc bn chng khon nhng khng ghi
mc gi, do ngi u t a ra cho ngi mi gii thc hin theo mc
gi khp lnh.
Lnh th trng l loi lnh c s dng ph bin trong cc giao
dch chng khon. Khi s dng loi lnh ny, nh u t sn sng chp nhn
mua hoc bn theo mc gi th trng hin ti v lnh ca nh u t lun
lun c thc hin. Tuy nhin, mc gi do quan h cung - cu chng khon
trn th trng quyt nh. V vy, lnh th trng cn c gi l lnh
khng rng buc.
a.
u im

Lnh th trng l mt cng c hu hiu c th c s dng nng cao

doanh s giao dch trn th trng, tng cng tnh thanh khon ca th trng.

Thun tin cho ngi u t v h ch cn ra khi lng giao

dch m khng cn ch ra mc gi giao dch c th v lnh th trng c u tin thc hin trc so vi cc loi lnh giao dch khc.
Nh u t cng nh cng ty chng khon s tit kim c
cc chi ph do t gp phi sai st hoc khng phi sa lnh cng nh hu
lnh.
b.
Hn ch
D gy ra s bin ng gi bt thng, nh hng n tnh n
nh gi ca th trng, do lnh lun tim n kh nng c thc hin mc
gi khng th d tnh trc. V vy, cc th trng chng khon mi a
vo vn hnh thng t s dng lnh th trng.
Lnh th trng thng thng ch c p dng i vi cc nh u t
ln, chuyn nghip, c c cc thng tin lin quan n mua bn v xu
hng vn ng gi c chng khon trc, trong v sau khi lnh c thc
hin. Lnh th trng c p dng ch yu trong cc trng hp bn chng
khon v tm l ca ngi bn l mun bn nhanh theo gi th trng v i
tng ca lnh ny thng l cc chng khon nng, ngha l cc chng
khon ang c s thiu ht hoc d tha tm thi.
4.1.3.2. Lnh gii hn (limit order)

Lnh gii hn l lnh mua hoc bn chng khon do ngi u t a

ra cho ngi mi gii thc hin theo mc gi ch nh hoc tt hn.
C hai loi lnh gii hn: lnh gii hn mua v lnh gii hn bn.
Lnh gii hn mua ch ra mc gi mua cao nht m ngi mua
chp nhn thc hin giao dch.
Lnh gii hn bn ch ra mc gi bn thp nht m ngi bn
chp nhn giao dch.
Mt lnh gii hn thng thng khng th thc hin ngay, do nh
u t phi xc nh thi gian cho php n khi c lnh hu b. Trong
khong thi gian lnh gii hn cha c thc hin, khch hng c th thay
i mc gi gii hn. Khi ht thi gian nh, lnh cha c thc hin
hoc thc hin cha mc nhin s ht gi tr.
Khi ra lnh gii hn, nh u t cn c s hiu bit, nhn nh chnh
xc, v vy thng cc lnh gii hn c chuyn cho cc chuyn gia hn l
cc nh mi gii hoa hng.
a.
u im
Khch hng c th c c may mua hoc bn mt loi chng
khon no vi gi tt hn gi th trng ti thi im lc ra lnh.

Lnh gii hn gip nh u t d tnh c mc li hoc l khi

giao dch c thc hin.
b.
Nhc im
Nh u t khi ra lnh gii hn c th phi chp nhn ri ro do mt c
hi u t, c bit l trong trng hp gi th trng b xa mc gi gii
hn (ngoi tm kim sot ca khch hng). Trong mt s trng hp, lnh
gii hn c th khng c thc hin ngay c khi gi gii hn c p ng
v khng p ng c cc nguyn tc u tin trong khp lnh.

4.1.3.3. Lnh dng (stop order)

Lnh dng l loi lnh c bit m bo cho cc nh u t c th

thu li nhun ti mt mc nht nh v phng chng ri ro trong trng
hp gi chng khon chuyn ng theo chiu hng ngc li.
Sau khi t lnh, nu gi th trng t ti hoc vt qua mc gi
dng th khi lnh dng thc t s tr thnh lnh th trng.
C hai loi lnh dng: Lnh dng bn v lnh dng mua.
Lnh dng bn lun t gi thp hn th gi hin ti ca mt
chng khon mun bn.
Lnh dng mua lun t gi cao hn th gi ca chng
khon cn mua.
Lnh dng tr thnh lnh th trng khi gi chng khon bng hoc
vt qu mc gi n nh trong lnh - gi dng. Lnh dng thng c cc
nh u t chuyn nghip p dng v khng c s bo m no cho gi thc
hin s l gi dng. Nh vy, lnh dng khc vi lnh gii hn ch: lnh
gii hn bo m c thc hin vi gi gii hn hoc tt hn.
Cc trng hp s dng lnh dng:
S dng lnh dng bo v tin li ca ngi kinh doanh
trong mt thng v thc hin.
V d:
+
Ngy 1/1: ng A c mua c l chn 100 c phiu REE
vi gi 24.000 ng/c phiu.
+
n ngy 5/1: th gi c phiu ny l 28.000 ng/c
phiu.
Lc ny, ng A nhn nh gi c phiu cn tng na. Tuy
vy, phng nhn nh l sai, gi c phiu REE s h, ng ta ra lnh
dng bn gi 27.000 ng/c phiu. iu ny c ngha l nu gi c phiu
REE h ti gi 27.000 ng s c bn ra. Nhng cng c th c phiu
REE h nhng khng c im 27.000 ng m ch xp x (27.500 ng

hay 26.500 ng) th c phiu cng c bn ra v lc ny lnh tr

thnh lnh th trng.
+
Ngy 10/1 th gi c phiu tng ln 30.000 ng/c
phiu.
ng A t c mc li nhun mi, tuy nhn nh gi c
phiu s cn tip tc tng, nhng ng ta cng khng th khng nghi ng l
c phiu tt yu s phi gim gi vo mt thi im trong tng lai, nn t
li mt lnh dng bn ti mt mc gi mi l 29.500 ng/c phiu.
Nh vy, lnh dng bn lun lun t thp hn gi th trng. y l cch m cc nh u t ln gi ngn hn thng lm trong giao
dch chng khon.
S dng lnh dng bo v tin li ca ngi bn trong mt
thng v bn khng.
V d:
+
Ngy 1/1 gi th trng ca c phiu SAM l 35.000
ng/c phiu. ng B l mt nh u c chng khon, ng ta nhn nh gi
c phiu SAM s gim mnh trong tng lai, nn n cng ty chng
khon vay 1000 c phiu SAM v ra lnh bn ngay, vi hy vng trong thi
gian ti gi s h, khi ng ta s mua li tr cho cng ty chng khon.
Nhng phng sau khi bn khng (bn th mnh i vay), gi c
phiu SAM khng h m tng ln, ng ta ra mt lnh dng mua 37.000
ng/c phiu. Ngha l nu gi ln th khi ln n mc 37.000 ng/c
phiu lp tc nh mi gii phi thc hin mua vo ti S giao dch chng
khon khng l vt qu 2.000 ng/c phiu.
S dng lnh dng phng nga s thua l qu ln trong trng hp mua bn ngay.
V d:
ng C va mua mt l chn 100 c phiu REE vi gi 24.000
ng/c phiu. Mt thng tin lm cho ng ta tin rng gi c phiu REE s
ln trong mt tng lai gn. Tuy nhin, v s thn trng ca ngi kinh
doanh chng khon ng ta ra lnh dng bn 22.000 ng/c phiu. Lc
ny, ng C cha c li m cng cha b l v lnh ca ng ta cha c
chm ngi, ang ch l s phng nga.
Gi s trong thc t, nhn nh ca ng ta l sai, gi c phiu
REE h nhanh. Khi gi h ti mc 22.000 ng/c phiu, nh mi gii lp
tc bn ra. Nh vy, ng C ch b l 2.000 ng/c phiu. S thua l s ln
hn nhiu nu ng ta khng s dng lnh dng bn.
S dng lnh dng phng nga s thua l qu ln trong trng hp bn trc mua sau.
V d:

ng D l ngi kinh doanh chng khon, ng ta bn 100 c

phiu SAM vi gi 35.000 ng/c phiu v cho rng gi s gim. Nhng
phng nga s thua l qu ln do gi ln, ng D ra lnh dng mua gi
37.000 ng/c phiu. Nu nhn nh ca ng ta l sai, gi khng gim m
tng, ngi mi gii s mua 100 c phiu SAM ngay khi n ln n mc gi
37.000 ng/c phiu hoc xp x vi gi .
a.
u im
Nh vy, lnh dng mua c tc dng rt tch cc i vi nh u t
trong vic bn khng. Lnh dng bn c tc dng bo v khon li nhun
hoc hn ch thua l i vi cc nh u t.
b.
Nhc im
Khi c mt s lng ln cc lnh dng c chm ngi, s no
lon trong giao dch s xy ra khi lnh dng tr thnh lnh th trng, t
bp mo gi c chng khon v mc ch ca lnh dng l gii hn thua l
v bo v li nhun khng c thc hin.
hn ch nhc im trn, ngi ta tin hnh kt hp gia lnh
dng v lnh gii hn thnh lnh dng gii hn.
4.1.3.4.Lnh dng gii hn (stop limit order)

Lnh dng gii hn l loi lnh s dng nhm khc phc s bt nh

v mc gi thc hin tim n trong lnh dng. i vi lnh dng gii hn,
ngi u t phi ch r hai mc gi: Mt mc gi dng v mt mc gi
gii hn. Khi gi th trng t ti hoc vt qua mc gi dng th lnh
dng s tr thnh lnh gii hn thay v lnh th trng.
V d:
ng A ra mt lnh dng bn 100 c phiu REE, gi dng 55, gi gii
hn 54. iu ny c ngha l lnh trn s c kch hot ti mc gi 55 hay
thp hn, tuy nhin v c lnh gii hn 54 nn lnh ny khng c thc
hin ti mc gi thp hn 54. Qu trnh thc hin lnh dng bn s gm 2 bc:
Bc 1: Lnh dng c chm ngi.
Bc 2: Thc hin lnh ti mc gi gii hn hoc tt hn.
Hn ch: Khng c p dng trn th trng OTC v khng c s
cn bng gia gi ca nh mi gii v ngi t lnh.
4.1.3.5.Lnh giao dch ti mc gi khp lnh (ATO)

Lnh giao dch ti mc gi khp lnh l lnh mua hoc bn chng

khon nhng khng ghi mc gi, do nh u t a ra cho ngi mi gii
thc hin theo mc gi khp lnh.
Khi lng giao dch ca lnh c cng vo tng khi lng khp
lnh nhng lnh ATO ch c phn b sau khi lnh gii hn c phn
b ht.

4.1.3.6.Cc lnh khc

a.
Lnh m
Lnh m l lnh c hiu lc v hn. Vi lnh ny, nh u t yu cu
nh mi gii mua hoc bn chng khon ti mc gi c bit v lnh c gi
tr thng xuyn cho n khi hu b.
Lnh sa i
Lnh sa i l lnh do nh u t a vo h thng sa i mt
s ni dung vo lnh gc t trc (gi, khi lng, mua hay bn).
Lnh sa i ch c chp thun khi lnh gc cha c thc hin.
c.
Lnh hu b (Cancel order)
Lnh hu b l lnh do khch hng a vo h thng hu b lnh
gc t trc . Lnh hu b ch c chp nhn khi lnh gc cha c thc hin.
b.

i km cc lnh c bn trn l cc nh lnh chun. nh lnh chun l

cc iu kin thc hin lnh m nh u t quy nh cho nh mi gii khi thc
hin giao dch. Khi kt hp cc nh lnh chun vi cc lnh c bn, chng ta s
c mt danh mc cc lnh khc nhau.

Lnh c gi tr trong ngy (Day order)

Lnh c gi tr trong ngy l lnh giao dch c gi tr trong
ngy. Nu lnh khng c thc hin trong ngy th s c t ng hu
b.
Lnh n cui thng (Good Till Month - GTM)
Lnh n cui thng l lnh giao dch c gi tr n cui thng.
Lnh c gi tr n khi hu b (Good Till Canceled - GTC)
Lnh c gi tr n khi hu b l lnh giao dch c gi tr n
khi khch hng hu b hoc thc hin xong.
Lnh t do quyt nh (Not Held - NH)
Lnh t do quyt nh l lnh giao dch cho php cc nh mi
gii c t do quyt nh v thi im v gi c trong mua bn chng
khon cho khch hng. Vi loi lnh ny, nh mi gii s xem xt th trng
v quyt nh thi im, mc gi mua bn tt nht cho khch hng song
khng phi chu trch nhim i vi hu qu giao dch.
Lnh thc hin tt c hoc hu b (All or Not - AON)
Lnh thc hin tt c hoc hu b tc l ton b cc ni dung
ca lnh phi c thc hin ng thi trong mt giao dch, nu khng th
hu b lnh.
Lnh thc hin ngay ton b hoc hu b (Fill or Kill - FOK)
Lnh thc hin ngay ton b hoc hu b l lnh yu cu thc
hin ngay ton b ni dung ca lnh nu khng th hu b.

Lnh thc hin ngay tc khc hoc hu b (Immediate or

Cancel - IOC)
Lnh thc hin ngay tc khc hoc hu b tc l lnh trong
ton b ni dung lnh hoc tng phn s phi thc thi ngay tc khc, phn
cn li s c hu b.
Lnh ti lc m ca hay ng ca ( At the opening or market
on close Order)
Lnh ti lc m ca hay ng ca l lnh c ra vo thi im
m ca hoc ng ca.
Lnh tu chn (Either/or Order hay Contingent Order)
Lnh tu chn l lnh cho php nh mi gii la chn mt
trong hai gii php: hoc l mua theo lnh gii hn hoc l bn theo lnh
dng. Khi thc hin theo mt gii php th hu b gii php kia.
Lnh tham d nhng khng phi tham d u tin (PNI)
Lnh tham d nhng khng phi tham d u tin tc l loi
lnh m khch hng c th mua hoc bn mt s ln chng khon nhng
khng ph thuc vo thi k to gi mi do khng lm thay i gi c
phiu, tri phiu trn th trng chng khon. Loi giao dch ny cho php
ngi mua hoc ngi bn tch lu hoc phn phi chng khon trn th trng m khng nh hng n cung v cu loi chng khon trn th trng.
Lnh hon i (Switch Order)
Lnh hon i l lnh bn chng khon ny, mua chng khon
khc hng chnh lch gi.
Lnh mua gim gi (Buy Minus)
Lnh mua gim gi l lnh giao dch trong quy nh nh mi
gii hoc l mua theo lnh gii hn hoc l mua theo lnh th trng vi gi
thp hn gi giao dch trc mt cht.
Lnh bn tng gi (Sell Plus)
Lnh bn tng gi l lnh giao dch trong yu cu nh mi
gii hoc l bn theo lnh gii hn hoc l bn theo lnh th trng vi mc
gi cao hn gi giao dch trc mt cht.
Lnh giao dch cho c phiu (Crossing Stocks)
Lnh giao dch cho l lnh m nh mi gii phi hp lnh mua
v lnh bn vi mt chng khon cng thi gian gia hai khch hng hng chnh lch gi.
4.1.4. Thi gian giao dch

Cc giao dch chng khon trn SGDCK thng c t chc di

dng phin giao dch (sng; chiu) hoc phin lin tc (t sng qua tra n
chiu).

Yu t quyt nh thi gian giao dch l quy m ca thi trng chng

khon, c bit l tnh thanh khon ca th trng. Ngy nay, xu th quc t
ho th trng chng khon pht trin cho php nh u t mua bn
chng khon thng qua h thng giao dch trc tuyn, v do cc mi gi
chnh lch nhau, nn cc SGDCK ang c xu hng giao dch 24/24h trong
ngy.
Ti hu ht cc SGDCK trn th gii, giao dch chng khon thng
din ra vo cc ngy lm vic trong tun. Cng c ni, do th trng nh b
v km tnh thanh khon nn thc hin giao dch mt phin hoc giao dch
cch ngy. Tuy nhin, vic giao dch cch ngy cng vi chu k thanh ton
ko di c th nh hng ln n tnh thanh khon ca th trng, lm chm
c hi u t v vng quay ti chnh.
4.1.5. n v giao dch

Trn th trng chng khon, chng khon c giao dch khng theo
tng chng khon ring l m theo n v giao dch hay cn gi l theo l
(lot) chng khon. Cn c vo l chng khon c th phn chia thnh cc
khu vc giao dch khc nhau. Vic quy nh n v giao dch ln hay nh s
c nh hng n kh nng tham gia ca nh u t cng nh kh nng x
l lnh ca h thng thanh ton b tr trn th trng. n v giao dch c
quy nh c th cho tng loi chng khon (c phiu, tri phiu, chng ch
qu u t, cng c phi sinh)
L chn (round - lot hay board - lot)
Mt l chn i vi c phiu, chng ch qu u t thng thng l 10 hoc 100 c phiu hoc chng ch qu u t. Mt l chn i
vi tri phiu thng thng l 10.
L l (odd - lot)
L l l giao dch c khi lng di l chn (di 10 hay 100
c phiu hoc di 10 tri phiu).
L ln (block - lot)
L ln l loi giao dch c khi lng tng i ln, thng thng l t 10.000 c phiu tr ln.
Tuy nhin, ngoi vic quy nh n v giao dch thng nht nh trn,
ti mt s S giao dch chng khon cn quy nh n v giao dch tng
ng vi gi tr th trng ca chng khon .
4.1.6. n v yt gi (quotation unit)

n v yt gi l cc mc gi ti thiu trong t gi chng khon (tick

size). n v yt gi c tc ng ti tnh thanh khon ca th trng cng
nh hiu qu ca nh u t. Trng hp n v yt gi nh, s to ra nhiu
mc gi la chn cho nh u t khi t lnh, nhng cc mc gi s dn tri,
khng tp trung. Ngc li n v yt gi ln s tp trung c cc mc gi

la chn, nhng s lm hn ch mc gi la chn ca nh u t, t

khng khuyn khch cc nh u t nh tham gia th trng.
V d:
Hin nay, Vit Nam theo thng t 58-2004 ngy 17/6/2004, n v
yt gi theo phng thc khp lnh c quy nh nh sau:
Mc gi
49.900
50.000 99.500
100.000

n v yt
gi
100 ng
500 ng
1.000 ng

i vi cc giao dch theo phng php tho thun, thng thng cc

th trng chng khon khng quy nh n v yt gi.
4.1.7. Bin dao ng gi

Vic quy nh bin dao dng gi chng khon nhm hn ch

nhng bin ng ln v gi chng khon trn th trng trong ngy giao
dch. y l mt trong nhiu bin php nhm ngn chn bin ng gi
chng khon trn th trng. Cc nh u t c th t lnh ca h gia gi
trn (ceiling) v gi sn (floor), bt k lnh mua hay bn no nm ngoi gii
hn trn u b loi ra khi h thng.
Gii hn thay i gi hng ngy c xc nh da trn gi c bn v
gi thng thng, l gi ng ca ngy hm trc. Mc gi gi l gi
tham chiu. Gii hn thay i gi c th quy nh theo mt t l c nh
hoc mc c nh theo gi c bn. Di bin dao ng gi cao, thp c tc
ng nh hng rt ln n th trng: mt mt c tc dng bo m s n
nh ca th trng, nhng ng thi n cng gim tnh thanh khon ca
chng khon, v trong mt chng mc no s lm gim s suy yu th trng. Thng thng, cc th trng mi a vo vn hnh u quy nh
bin dao ng gi thp, sau nng dn ln.
4.1.8. Gi tham chiu (reference price)

Gi tham chiu l mc gi c bn lm c s tnh ton bin dao

ng gi hoc cc gi khc trong ngy giao dch. Gi tham chiu c xc
nh cho tng loi giao dch:
Gi tham chiu i vi chng khon ang giao dch bnh thng.
Gi tham chiu i vi chng khon mi a vo nim yt.
Gi tham chiu i vi trng hp chng khon b a vo
kim sot, hoc ht thi hn b kim sot.

Gi tham chiu i vi chng khon c a vo giao dch li

sau khi b tm ngng giao dch.
Gi tham chiu i vi chng khon trong trng hp tch, gp
c phiu.
Gi tham chiu c phiu trong trng hp giao dch khng c hng c tc v cc quyn km theo.
Gi tham chiu c phiu sau khi cng ty nim yt.
Trn c s gi tham chiu, gii hn dao ng gi ca cc chng
khon c tnh nh sau:
Gi ti a = Gi tham chiu + (Gi tham chiu x Bin dao
ng gi)
Gi ti thiu = Gi tham chiu - (Gi tham chiu x Bin dao
ng gi)
Vic xc nh gi tham chiu trong tng trng hp ph thuc vo
quy nh ca tng th trng. Vit Nam, theo Thng t 58/2004 ngy
17/6/2004, gi tham chiu c xc nh nh sau:
Gi tham chiu ca c phiu, chng ch qu u t ang giao
dch l gi ng ca ca ngy giao dch gn nht.
+ Trng hp c phiu, chng ch qu u t mi c nim
yt, trong ngy giao dch u tin TTGDCK hoc SGDCK ch nhn lnh
gii hn, khng p dng bin dao ng gi v ch khp lnh mt ln. Nu
trong ln khp lnh u tin khng c gi khp lnh th c php nhn
lnh tip trong t khp lnh tip theo. Mc gi ca ln khp lnh ny s
lm gi tham chiu cho ngy giao dch k tip. Bin dao ng gi c
p dng t ngy giao dch k tip.
+ Trng hp chng khon b tm ngng giao dch trn 30
ngy khi c giao dch tr li th gi tham chiu c xc nh tng t
tng t chng khon mi nim yt.
+ Trng hp giao dch chng khon khng c hng c tc
v cc quyn km theo, gi tham chiu ti ngy khng hng quyn c

xc nh theo nguyn tc ly gi ng ca ca ngy giao dch gn nht iu

chnh theo gi tr c tc c nhn hoc gi tr ca cc quyn km theo.
+ Trng hp tch hoc gp c phiu, gi tham chiu ti ngy
giao dch tr li c xc nh theo nguyn tc ly gi ng ca ca ngy
giao dch trc ngy tch, gp iu chnh theo t l tch, gp c phiu.
+ Trong mt s trng hp cn thit, UBCKNN c th p dng
phng php xc nh gi tham chiu khc.
Tit 4, 5:
4.2.

Thc hin Giao dch mua bn chng khon

Giao dch mua bn chng khon thc hin qua cc bc sau :

4.2.1. M ti khon giao dch

Nh u t mun mua hoc mun bn chng khon phi tin hnh m
ti khon ti mt cng ty chng khon l thnh vin ca S giao dch chng
khon. Phng tip th i din cho cng ty chng khon s k hp ng u
thc vi nh u t m ti khon giao dch. Th tc m ti khon cng tng t nh m ti khon ngn hng, trong ch ti khon cn phi cung
cp cc thng tin thit yu phc v cho mc ch qun l ca cng ty
chng khon.
Ti khon giao dch hin nay c th phn chia thnh nhiu loi khc
nhau nh:
Ti khon tin mt (Cash account)
y l loi ti khon m cc khon thanh ton pht sinh s c thc hin bng tin mt. m ti khon ny, khch hng phi xut
trnh giy t tu thn hp l cng ty c th hp thc ho chuyn s hu
cho khch hng.
i vi ti khon ny thng cc cng ty chng khon yu cu khi mua
chng khon, khch hng phi thanh ton bng tin mt khng chm hn ngy thanh ton
(thng l trong vng T+x ngy lm vic k t khi din ra giao dch). Do khi thc
hin nghip v mua chng khon, khch hng phi chun b tin trn ti khon
thanh ton trc hoc phi tr ng vo thi im trong ngy thanh ton theo quy nh
ca cng ty chng khon.

Ti khon bo chng (Margin account)

Khi mua vi mt ti khon bo chng, khch hng ch phi tr
mt phn tin v cng ty chng khon s cho vay phn cn li. c m
ti khon ny, khch hng phi k qu mt t l nht nh.
Khi m ti khon bo chng giao dch gia khch hng v cng ty
chng khon cn tho thun mt s iu khon.

+ Khch hng ng giao cho cng ty chng khon mt s

chng khon m bo tin vay m cng ty s dnh cho khch hng.

+ Khch hng cho php cng ty chng khon em s chng

khon ny gi vo ngn hng nh l vt m bo cho khon vay.
+ Bng cch k mt tho thun, khch hng cho php cng ty
chng khon ly s chng khon ny em cho khch hng khc vay thc
hin nghip v bn khng.
Sau khi m ti khon xong, cng ty chng khon s cung cp cho
khch hng (nh u t) mt m s ti khon v m truy cp vo ti khon
kim tra sau mi ln giao dch.
4.2.2. t lnh giao dch
Vic ra lnh c th c thc hin theo hnh thc ra lnh trc tip
hoc gin tip qua in thoi, telex, fax hay h thng my tnh in t tu
thuc vo s pht trin ca th trng. Khi nhn c lnh, nhn vin mi
gii phi kim tra tnh chnh xc ca cc thng s trn lnh.

Trading floor of the New York Stock Exch
ange

Phiu lnh mua v lnh bn thng thng c in bng hai mu mc

khc nhau d phn bit, trn phiu lnh thng thng bao gm cc ni
dung ch yu sau:
Phiu lnh mua hay bn.
Cc thng tin v khch hng (H v tn, m s ti khon, s
chng minh nhn n, s h chiu).
Loi chng khon mua hoc bn (thng ghi m chng khon
ang nim yt trn S giao dch chng khon).
Khi lng.
Gi.
Loi lnh v nh chun lnh.
S hiu lnh ban u.
Thi gian nhn lnh.
t giao dch.
Ngy giao dch
K tn khch hng.
K tn nhn vin nhn lnh v kim sot.
K tn trng phng giao dch.
4.2.3. Chuyn phiu lnh n phng giao dch cng ty chng khon

Phng giao dch c trch nhim xem xt cc thng s trn phiu lnh,
nu thy hp l th chuyn lnh n ngi mi gii ti SGDCK v ghi thi
gian chuyn lnh vo phiu lnh.
4.2.4. Chuyn lnh n ngi mi gii ti S giao dch chng khon
Phiu lnh c chuyn ti nh mi gii ti Sn giao dch, ni dung
bao gm cc thng s: Mua/Bn; loi chng khon; s lng; loi lnh v
nh chun lnh; s hiu lnh; thi gian; m s ti khon khch hng.
4.2.5. Chuyn lnh n b phn khp lnh
Trn sn giao dch, nh mi gii ti Sn sau khi nhn c lnh t
cng ty chng khon phi chuyn lnh ti b phn nhn lnh v khp lnh
ca SGDCK tham gia u gi.
Lnh chuyn ngoi cc thng s nh bc 4 cn c m s (s hiu)
nh mi gii ti sn.
4.2.6. Khp lnh v thng bo kt qu giao dch
n gi ra cht gi giao dch, SGDCK s thng bo kt qu giao dch
s c chuyn n trung tm lu k v thanh ton b tr chng khon cng
nh ti cc cng ty chng khon thnh vin.
Kt qu giao dch c SGDCK thng bo trn mn hnh thnh vin
ti SGDCK gm cc ni dung chnh:
S hiu ca lnh giao dch.
S hiu xc nhn giao dch.
M s chng khon.
Gi thc hin.
S lng mua hoc bn.
Thi gian giao dch c thc hin.
Lnh mua hay bn.
K hiu ca lnh.
S hiu ti khon ca khch hng.
S hiu i din giao dch (nh mi gii ti Sn) ca thnh
vin.
4.2.7. Bo co kt qu giao dch v cng ty chng khon
Nh mi gii ti Sn sau khi nhn c kt qu giao dch s bo v
cho Phng giao dch cng ty chng khon vi cc ni dung chnh: s hiu
nh mi gii ti Sn; S hiu lnh; mua/bn; M chng khon; S lng;
Gi; S hiu nh mi gii i tc; thi gian.
Phng giao dch s ghi vo phiu lnh ca cc khch hng c giao
dch phn kt qu giao dch ni dung: s lng; gi c v thi gian.
4.2.8. Xc nhn giao dch v lm th tc thanh ton

Phng giao dch chuyn cc phiu lnh c giao dch n Phng thanh
ton (thng l b phn K ton). Cui bui giao dch, Phng thanh ton cn
c vo kt qu giao dch lp bo co kt qu giao dch v chuyn kt qu
n trung tm lu k v thanh ton b tr chng khon tin hnh qu
trnh thanh ton.
ng thi, sau khi c kt qu giao dch, cng ty chng khon gi
cho khch hng mt phiu xc nhn thi hnh xong lnh. Xc nhn ny c
vai tr nh mt ho n hn ngy thanh ton vi khch hng.
4.2.9. Thanh ton v hon tt giao dch
Trung tm lu k v thanh ton b tr chng khon tin hnh so khp
kt qu giao dch do SGDCK cung cp v bo co kt qu giao dch ca cc
cng ty chng khon tin hnh thanh ton b tr.
Trong thi gian T+x ngy, trung tm lu k v thanh ton b tr
chng khon s thc hin vic chuyn quyn s hu chng khon t ngi
bn sang ngi mua v Ngn hng ch nh thanh ton s thanh ton b tr
tin t ngi mua sang ngi bn thng qua h thng ti khon ca cc cng
ty chng khon ti ngn hng. Vic b tr cc kt qu giao dch s kt thc
bng vic in ra cc chng t thanh ton. Cc chng t ny c gi cho cc
cng ty chng khon v l c s thc hin thanh ton v giao nhn gia
cc cng ty chng khon.
Do c im l trong giao dch chng khon, cc chng khon c
lu k 2 cp. Tc l cc khch hng c chng khon s lu k chng khon
ti cng ty chng khon hoc ngn hng thng mi c cp php thc
hin lu k, sau cc cng ty chng khon s ti lu k s chng khon
trn vo Trung tm lu k v thanh ton b tr chng khon ca SDGCK.
V vy, sau khi cc cng ty chng khon hon tt cc th tc thanh ton b
tr ti SGDCK, cng ty chng khon s thanh ton tin v chng khon cho
cc khch hng thng qua h thng ti khon m khch hng m ti cng ty
chng khon.
Tit 6, 7: Bi tp v xc nh gi c phiu giao dch theo phng thc
khp lnh nh k.
Tng kt chng
H thng giao dch l h thng my tnh dng cho hot ng giao dch ti
TTGDCK hoc SGDCK.
Phng thc giao dch:
Phng thc khp lnh: l phng thc giao dch c h thng giao
dch thc hin trn c s khp cc lnh mua v lnh bn chng khon ca
khch hng theo nguyn tc xc nh gi thc hin nh sau:

+ L mc gi thc hin t c khi lng giao dch ln nht.

+ Nu c nhiu mc gi tha mn iu kin nu trn th mc gi trng
hoc gn vi gi thc hin ca ln khp lnh gn nht s c chn.
+ Nu vn c nhiu mc gi tha mn iu kin th hai th mc gi
cao hn s c chn.
Nguyn tc khp lnh:
+ u tin v gi (lnh mua gi cao hn, lnh bn gi thp hn c u tin thc hin trc).
+ u tin v thi gian (Lnh nhp vo h thng giao dch trc s c u tin thc hin trc)
+ u tin v khch hng (Lnh khch hng - lnh mi gii c u
tin thc hin trc lnh t doanh - lnh ca nh mi gii).
+ u tin v khi lng (Lnh no c khi lng giao dch ln hn s
c u tin thc hin trc).
Phng thc tho thun: l phng thc giao dch trong cc thnh
vin t tho thun vi nhau v cc iu kin giao dch.
Cc phng thc ghp lnh trn h thng khp lnh:
Khp lnh lin tc: l phng thc giao dch c thc hin lin tc
khi c cc lnh i ng c nhp vo h thng.
Khp lnh nh k: l phng thc giao dch da trn c s tp hp
tt c cc lnh mua v bn trong mt khong thi gian nht nh, sau khi
n gi cht gi giao dch, gi chng khon c khp ti mc gi m bo
thc hin c khi lng giao dch l ln nht (khi lng mua v bn
nhiu nht).
Lnh giao dch c bn:

Lnh th trng: l lnh mua hoc bn chng khon nhng khng ghi
mc gi, do ngi u t a ra cho ngi mi gii thc hin theo mc
gi khp lnh.
Lnh gii hn: l lnh mua hoc bn chng khon do ngi u t a ra cho
ngi mi gii thc hin theo mc gi ch nh hoc tt hn. Gm 2 loi: lnh gii hn
mua v lnh gii hn bn.

Lnh dng: l loi lnh c bit. Sau khi t lnh, nu gi th trng

t ti hoc vt qua mc gi dng th khi lnh dng thc t s tr thnh
lnh th trng. C hai loi: lnh dng mua v lnh dng bn.
Lnh dng gii hn: i vi loi lnh ny, ngi u t phi ch r
hai mc gi: Mt mc gi dng v mt mc gi gii hn. Khi gi th trng
t ti hoc vt qua mc gi dng th lnh dng s tr thnh lnh gii hn
thay v lnh th trng.
Lnh giao dch ti mc gi khp lnh: l lnh mua hoc bn chng
khon nhng khng ghi mc gi, do nh u t a ra cho ngi mi gii

thc hin theo mc gi khp lnh. Tuy nhin, lnh ny ch c phn b sau
khi lnh gii hn c phn b ht.
Cc lnh khc:
+ Lnh m l lnh c hiu lc v hn. Vi lnh ny, nh u t yu
cu nh mi gii mua hoc bn chng khon ti mc gi c bit v lnh c
gi tr thng xuyn cho n khi hu b.
+ Lnh sa i l lnh do nh u t a vo h thng sa i mt
s ni dung vo lnh gc t trc (gi, khi lng, mua hay bn).
Lnh sa i ch c chp thun khi lnh gc cha c thc hin.
+ Lnh hu b l lnh do khch hng a vo h thng hu b lnh
gc t trc . Lnh hu b ch c chp nhn khi lnh gc cha c thc hin.
nh lnh chun: l cc iu kin thc hin lnh m nh u t quy nh cho
nh mi gii khi thc hin giao dch.
Khi kt hp cc nh lnh chun vi cc lnh c bn, chng ta s c mt
danh mc cc lnh khc nhau: Lnh c gi tr trong ngy, lnh n cui thng,
lnh c gi tr n khi hu b, lnh t do quyt nh, lnh thc hin tt c hoc
hu b, lnh thc hin ngay tc khc hoc hu b, lnh ti lc m ca hay ng
ca, lnh tu chn, lnh tham d nhng khng phi tham d u tin, lnh hon
i, lnh mua gim gi, lnh bn tng gi, lnh giao dch cho c phiu.
Thi gian giao dch: Cc giao dch chng khon trn SGDCK thng c t chc di
dng phin giao dch (sng; chiu) hoc phin lin tc (t sng qua tra n chiu). Ti
hu ht cc SGDCK trn th gii, giao dch chng khon thng din ra vo cc ngy
lm vic trong tun. Cng c ni, do th trng nh b v km tnh thanh khon nn thc
hin giao dch mt phin hoc giao dch cch ngy.

n v giao dch: Trn th trng chng khon, chng khon c giao

dch khng theo tng chng khon ring l m theo n v giao dch hay cn
gi l theo l (lot) chng khon:
L chn (round - lot hay board - lot)
L l (odd - lot)
L ln (block - lot)
Gi tham chiu: l mc gi c bn lm c s tnh ton bin dao ng
gi hoc cc gi khc trong ngy giao dch.
Gi ti a = Gi tham chiu + (Gi tham chiu x Bin dao ng
gi)
Gi ti thiu = Gi tham chiu - (Gi tham chiu x Bin dao ng
gi)
Giao dch mua bn chng khon thc hin qua cc bc sau :

M ti khon giao dch.

t lnh giao dch.
Chuyn phiu lnh n phng giao dch cng ty chng khon.
Chuyn lnh n ngi mi gii ti S giao dch chng khon.

Chuyn lnh n b phn khp lnh.

Khp lnh v thng bo kt qu giao dch.
Bo co kt qu giao dch v cng ty chng khon.
Xc nhn giao dch v lm th tc thanh ton.
Thanh ton v hon tt giao dch.
Cu hi n tp
1.
Trnh by ni dung ca cc hnh thc khp lnh, u v nhc im.
Lin h thc tin Vit Nam.
2.
Trnh by ni dung, tnh cht, iu kin p dng ca cc loi lnh c
bn v nh lnh chun trong giao dch chng khon.
3.
Trnh by ni dung cc bc trong giao dch mua bn chng khon ti
SGDCK.
***