1

B Gio dc v o to
Trng i hc Ngoi thng
---------o0o---------

Cng trnh d thi Cuc thi
Sinh vin nghin cu khoa hc trng i hc Ngoi thng 2009



Tn cng trnh:
BT CN XNG THNG TIN TRN
TH TRNG CHNG KHON VIT NAM
THC TRNG V GII PHP




Nhm ngnh: XH1a










H Ni, thng 07 nm 2009
2



DANH MC S , BNG BIU
Bng 1.1: S ra i ca cc TTCK trn Th gii ................................. 15
S 1.1: Chc nng lun chuyn vn ca Th trng ti chnh ........ 16
S 1.2: Quan h gia Th trng ti chnh v Th trng chng
khon ..................................................................................................... 17
S 1.3: Cc ngun thng tin ti chnh c kh nng tc ng n gi
ti sn ti chnh do doanh nghip pht hnh ......................................... 19
Bng 2.1: S pht trin ca TTCK Vit Nam qua cc con s .............. 29
Bng 2.2: nh gi v Ch s bo v u t ca Vit Nam qua mt s
ch tiu ................................................................................................... 46
Bng 2.3: TTCK Vit Nam qua cc giai on v c im ca Nh u
t ........................................................................................................... 57
Bng 2.4: nh gi trnh nh u t c nhn trn TTCK Vit Nam58
S 3.1: C ch gim st hot ng cng b thng tin ti Vit Nam 69
Bng 3.1:Ch ti x pht vi phm cng b thng tin ........................... 71
S 3.2: Nhng li ch ca tng cng cng b thng tin ................ 73





3





DANH MC T VIT TT
TTCK : Th trng chng khon
S GDCK : S giao dch chng khon
UBCKNN : y ban Chng khon Nh nc
CTCP : Cng ty c phn
NT : Nh u t












4



MC LC
LI M U ............................................................................................................ 9
CHNG I: C S L LUN V TH TRNG CHNG KHON V L
THUYT BT CN XNG THNG TIN TRN TH TRNG CHNG
KHON .................................................................................................................... 13
I.1. S lc v Chng khon v Th trng chng khon: ................................ 13
I.1.1. Khi nim Chng khon (Securities): ........................................................ 13
I.1.2. S lc v Th trng chng khon: ......................................................... 14
I.1.2.1. Lch s hnh thnh v pht trin ca Th trng chng khon:
............................................................................................................... 14
I.1.2.2. Th trng ti chnh v chc nng ca Th trng chng
khon: ................................................................................................... 16
I.1.2.3. Cc ch th tham gia Th trng chng khon: ...................... 18
I.2. Vai tr ca thng tin ti chnh trn Th trng chng khon: .................... 18
I.3. L thuyt bt cn xng thng tin (Ansymmetric Information): .................. 20
I.3.1. Gii thiu s lc v l thuyt bt cn xng thng tin (Asymmetric
Information: ......................................................................................................... 20
I.3.2. Cc khi nim v bt cn xng thng tin: .................................................. 21
I.3.3. Nhng nghin cu u tin v bt cn xng thng tin trn th gii : ........ 22
I.3.3.1. G.A. Akerlof (1970): Th trng nhng qu chanh: ............ 22
I.3.3.2. Michael Spence (1973): Pht tn hiu ...................................... 22
I.3.3.3. Joseph Stiglitz (1975): C ch sng lc ................................... 23
5



I.3.4. H qu ca bt cn xng thng tin trn Th trng chng khon ............. 24
I.3.4.1. La chn i nghch (Adverse Selection): ............................... 24
I.3.4.2. Ri ro o c (Moral Hazard): .............................................. 24
I.3.5. Nhng tc ng ca bt cn xng thng tin trn Th trng chng khon:
............................................................................................................................. 25
I.3.5.1. Tc ng n cc nh u t: .................................................. 25
I.3.5.2. Tc ng n cc Doanh nghip:............................................. 26
I.3.5.3. Tc ng n s pht trin ca Th trng chng khon: ...... 26
I.3.6. Gii php l thuyt hn ch bt cn xng thng tin ................................... 26
I.3.6.1. Pht tn hiu (Signaling): ......................................................... 27
I.3.6.2. Sng lc (Screening): ............................................................... 27
I.3.6.3. C ch gim st: ....................................................................... 28
CHNG II: THC TRNG V BT CN XNG THNG TIN TRN TH
TRNG CHNG KHON VIT NAM ........................................................... 29
II.1. S lc v TTCK Vit Nam: .......................................................................... 29
II.1.1. Cc thnh phn tham gia TTCK VN: ....................................................... 30
II.1.2. Bt cn xng thng tin trn TTCK Vit Nam: ......................................... 31
II.2. Khung php l quy nh v vic cng b thng tin i vi cc cng ty i
chng ti Vit Nam .................................................................................................. 32
II.2.1. Nhng vn bn php lut lin quan n quy nh cng b thng tin i
vi cc cng ty i chng ti Vit Nam .............................................................. 32
6



II.2.2. nh gi chung v khung php l ............................................................ 35
II.3. Cng b thng tin ca cc cng ty i chng: .............................................. 37
II.3.1. Thc trng cng b thng tin theo quy nh: ............................................ 37
II.3.1.1. Thng tin nh k: ................................................................... 37
II.3.1.2. Thng tin bt thng: ............................................................. 40
II.3.1.3. Thng tin theo yu cu: ........................................................... 40
II.3.1.4. Cng b thng tin v giao dch ca cc c ng ni b ......... 41
II.3.2. Mt s nhng tn ti khc ........................................................................ 42
II.4. Thc trng p dng cc nguyn tc qun tr cng ty ( Corporate
Governance) nhm tng cng minh bch thng tin: ......................................... 43
II.4.1. Khi nim v nhng nguyn tc v qun tr cng ty: ............................... 43
II.4.2. Giai on hnh thnh v pht trin: ........................................................... 44
II.4.3. Thc trng v ch qun tr cng ty ca cc cng ty i chng Vit
Nam...................................................................................................................... 45
II.4.3.1. Hin cc doanh nghip t nhn Vit Nam vn thng p
dng theo kiu truyn thng: ................................................................ 46
II.4.3.2. Nhiu vi phm trong cng tc qun tr doanh nghip cn tn
ti: ......................................................................................................... 47
II.4.3.3. Vai tr ca Ban kim sot cha thc t, mi ch mang tnh
hnh thc: .............................................................................................. 47
II.4.3.4. Mt s v d in hnh: ........................................................... 48
II.4.4. Nguyn nhn: ............................................................................................ 48
7



II.5. Thc trng v hot ng k ton v kim ton ca cc cng ty i chng:
................................................................................................................................... 49
II.5.1. Thiu minh bch t t chc k ton ca DN: ........................................... 50
II.5.1.1. BCTC sai lch: ........................................................................ 50
II.5.1.2. Hp nht BCTC: ..................................................................... 53
II.5.2. Kim ton vn cha ng sai phm: ......................................................... 55
II.6. Thc trng s dng thng tin ca nh u t: ............................................ 56
II.6.1. Kin thc nh u t trn th trng Vit Nam qua cc giai on: .......... 56
II.6.2.Thc trng s dng thng tin chng khon trong vic ra quyt nh u t
Vit Nam: ......................................................................................................... 59
II.6.2.1. a s nh u t c nhn thng u t da trn nhng
ngun thng tin khng c ngun gc r rng, t da trn nhng thng
tin chnh thc: ....................................................................................... 59
II.6.2.2. Tm l by n v tm kim li nhun: ................................... 60
II.6.2.3. a s nh u t c nhn cha trnh v kin thc
phn tch cc ngun thng tin chnh thc u t: ........................... 61
CHNG III ........................................................................................................... 62
MT S GII PHP KIN NGH NHM HN CH BT CN XNG
THNG TIN V BO V NH U T TRN TTCK VIT NAM ............ 62
III.1. Kinh nghim hn ch bt cn xng thng tin v bo v nh u t ca
TTCK M: ............................................................................................................... 62
III.2. Mt s kin ngh nhm nng cao tnh minh bch v hiu qu thng tin
trn TTCK Vit Nam: ............................................................................................. 67
8



III.2.1. Hon thin khung php l v cng b thng tin. Tng cng c ch gim
st v x l vi phm cng b thng tin: ............................................................. 67
III.2.1.1. Hon thin khung php l v cng b thng tin: ................... 67
III.2.1.2. Tng cng c ch gim st:................................................. 68
III.2.1.3. X pht nghim khc cc vi phm v cng b thng tin: ...... 70
III.2.2. Tng cng nhn thc v tnh t gic minh bch thng tin ca cc cng
ty i chng: ........................................................................................................ 72
III.2.3. Nng cao cht lng thng tin trn TTCK: ............................................. 74
III.2.4. Hon thin c ch k ton, kim ton: .................................................... 74
III.2.5. Hon thin cc nguyn tc v qun tr cng ty (Corporate Governance)
trong cc cng ty i chng nhm tng cng minh bch thng tin: .................. 76
III.2.6. Nng cao cht lng ngun nhn lc v kin thc nh u t: .............. 78
KT LUN .............................................................................................................. 81
DANH MC TI LIU THAM KHO ............................................................... 82









9



LI M U
1. Tnh cp thit ca ti:
L thuyt thng tin bt cn xng c bit n ln u tin vo nhng nm
1970 (A.G.Akerlof) v c Micheal Spence (1973), Joseph Stiglitz (1975) b
sung v hon thin. Thng tin bt cn xng c th xy ra trc khi tin hnh k kt
hp ng. Cc bn tham gia giao dch c tnh che y thng tin, ngi mua khng
c thng tin xc thc, y v kp thi nn tr gi thp hn gi tr ch thc ca
hng ha khi dn n la chn bt li (adverse selection) cho nh u t. Mt
khc, thng tin bt cn xng cn gy ra ri ro o c (moral hazard) sau khi hp
ng c giao kt nhng mt bn c hnh ng che y thng tin m bn kia
kh lng kim sot, hoc mun kim sot th cng phi tn km chi ph. Trong cng
trnh nghin cu ni ting c cng b , ba nh kinh t hc cho rng bt cn
xng thng tin c th lm th trng dn bin mt.
i vi TTCK Vit Nam, s ra i v chnh thc i vo hot ng cch y hn
9 nm nh du mt bc pht trin mi c ngha quan trng trong qu trnh
hon thin h thng th trng ti chnh, nhm p ng nhu cu vn ca nn kinh t
ang khng ngng chuyn i vn hnh theo c ch th trng. C th ni TTCK
hin ti tuy khng tht s ln, nhng cng pht huy c vai tr l knh huy
ng vn tch cc ca Chnh ph. Ngoi ra, vic hnh thnh TTCK cng lm cn
cn li sut trn th trng tn dng iu chnh ngy cng ph hp hn vi tnh hnh
pht trin kinh t t nc.
Bn cnh nhng thun li do vic huy ng vn t TTCK em li cho cc doanh
nghip nim yt, cng to c hi u t cho cc c nhn, t chc trong v ngoi
nc. Tuy nhin nhng kh khn gn y phn no lm cho th trng chm
pht trin v cha pht huy c ht vai tr thc th l nhng vn nh h thng
lut php cha bao qut, chnh sch iu hnh cn mang tnh mnh lnh hnh
chnh, cht lng ca ngi iu hnh cn yuv l do quan trng nht l mc
minh bch thng tin cn thp.C kin cho rng trn mt th trng cn mi nh
10



Vit Nam, khi m cc ngun thng tin khng bt buc hay thng tin thay th khc
cha xut hin th ngi u t ch c th da vo thng tin bo co ti chnh m
doanh nghip nim yt cng b xc nh chin lc u t. Tuy nhin vi vi
cn nhiu bt cp trong vic cung cp thng tin ca cc doanh nghip nim yt s
gy nn tnh trng bt cn xng v thng tin s dn n vic cc nh u t a ra
cc quyt nh u t khng chnh xc, gy cung cu o, th trng bong bng v
tim n nguy c sp th trng.
Thc t, cc thc trng v bt cn xng thng tin trn TTCK Vit Nam hon
ton c th khc phc bng nhng gii php thch hp. Do , nhm tc gi la
chn v nghin cu ti: Bt cn xng thng tin trn Th trng chng
khon Vit Nam Thc trng v Gii php vi mong mun gp phn lm
TTCK Vit Nam cng khai v minh bch thng tin hn. T , TTCK Vit Nam s
pht trin nhanh chng v gp phn thc y nn kinh t quc dn ni chung.
2. Tng quan tnh hnh nghin cu:
Vn bt cn xng thng tin c cp n trong mt s nghin cu
trc c trn th gii. Tiu biu l cc cng trnh nghin cu ca G.A.Akerlof
(1970), M.Spence (1973) v J.Stiglitz (1975), y l nhng cng trnh t nn
mng cho l thuyt bt cn xng thng tin (Asymmetric Information) hin i. Gii
Nobel Kinh t 2001 dnh cho 3 hc gi ny khng nh v tr ca l thuyt bt
cn xng thng tin trong kinh t hc hin i.
Ti Vit Nam, cc hc gi bt u quan tm n l thuyt bt cn xng thng
tin v xut hin nhng ti mang tnh cht chuyn su. in hnh l ti
nghin cu khoa hc cp B nm 2008, m s B2007-08-23, Mi lin h gia
thng tin BCTC v gi c phiu trn TTCK Vit Nam, do TS. Nguyn Vit Dng
(H Ngoi Thng) ch nhim; hay lun vn thc s kinh t nm 2008, nh
hng ca thng tin bt cn xng n nh u t trn TTCK Tp. HCM, ca L An
Khang, H Kinh t Tp. HCM.
11



Cc ti trn ch ra nhng mi lin h gia thng tin v th trng, lng
ha nhng bt cp cn tn ti v a ra mt s gii php nhm pht trin th trng.
Tuy nhin, do c th ca cc ti, cc tc gi mi ch tp trung vo cc kha cnh
chi tit, v d nh TS. Nguyn Vit Dng mi phn tch nhng tc ng ca thng
tin BCTC, L An Khang mi ch phn tch nhng tc ng n nh u t th
trng Tp. HCM.
Trong khi , Sinh vin Vit Nam cc ngnh kinh t - ti chnh vn cha c
ti no c tnh h thng khoa hc v vn bt cn xng thng tin.
3. i tng nghin cu
ti nghin cu tp trung vo 3 thnh phn tham gia TTCK Vit Nam: cc
cng ty i chng, cc c quan nh nc lin quan v nh u t. T , nhm tc
gi s ch r ra nhng thc trng v bt cn xng thng tin trn TTCK Vit Nam v
nhng nguyn nhn t 3 i tng ny.
4. Phm vi nghin cu:
Nhm tc gi thc hin nghin cu nhng cng ty i chng v cc nh u t
hot ng trn TTCK Vit Nam. Trong , ti tp trung nhiu hn vo nhm cc
cng ty i chng ang nim yt trn S GDCK Tp. HCM v S GDCK H Ni.
V thi gian nghin cu, nhm tc gi tng hp, phn tch, nh gi k t khi
TTCK Vit Nam chnh thc giao dch nm 2000 n thng 7/2009.
5. Mc tiu nghin cu:
Trn c s phn tch nhng thc trng bt cn xng thng tin trn TTCK Vit
Nam, nhm tc gi a ra nhng gii php v pha nh nc, doanh nghip v nh
u t nhm gp phn thc y s pht trin ca TTCK Vit Nam.


12



6.Phng php nghin cu:
Trn c s ca phng php duy vt bin chng v duy vt lch s, ti s
dng nhng phng php nghin cu truyn thng nh sau: din gii, quy np,
phn tch, tng hp, so snh, rt ra nhng nhng lun c logic nht, t tng
hp v lun gii nhng i tng nghin cu.
7. Kt qu nghin cu d kin:
H thng ha c s l lun v bt cn xng thng tin trn TTCK;
Phn tch v lun gii thc trng bt cn xng thng tin trn TTCK Vit
Nam;
xut nhng gii php c th, hiu qu v c tnh ng dng cao nhm hn
ch bt cn xng thng tin v thc y TTCK Vit Nam pht trin.
8. Kt cu ti:
Ngoi phn li m u v kt lun, ti gm 3 chng:
Chng I: C s l lun v Th trng chng khon v l thuyt Bt cn
xng thng tin trn Th trng chng khon
Chng II: Thc trng bt cn xng thng tin trn Th trng chng khon
Vit Nam
Chng III: Mt s gii php kin ngh nhm hn ch bt cn xng thng tin
v bo v nh u t trn Th trng chng khon Vit Nam




13



CHNG I:
C S L LUN V TH TRNG CHNG KHON V L THUYT
BT CN XNG THNG TIN TRN TH TRNG CHNG KHON
I.1. S lc v Chng khon v Th trng chng khon:
I.1.1. Khi nim Chng khon (Securities):
Theo Frederic S.Mishkin (1992), Chng khon (cn c gi l Cng c ti
chnh Financial Instruments) l nhng tri quyn (quyn c hng) i vi thu
nhp tng lai ca ngi vay.
i vi ngi bn (cc t chc pht hnh nh cc doanh nghip, tp on,),
chng l ti sn n. i vi nhng ngi mua, chng l ti sn c.
Chng khon c th c chng nhn bng mt t chng ch (certificate), bng
mt bt ton ghi s (book-entry) hoc d liu in t.
Chng khon c 4 loi
1
:
C phiu (Stock): l mt loi chng khon c pht hnh di dng
chng ch hoc bt ton ghi s, xc nhn quyn s hu v li ch hp
php ca ngi s hu c phiu vi ti sn hoc vn ca CTCP.
Tri phiu (Bond): l mt loi chng khon quy nh ngha v tr n ca
ngi pht hnh (ngi vay tin) phi choc ho ngi nm gi chng
khon (ngi cho vay) mt khon tin xc nh, thng l trong nhng
khong thi gian c th, v phi hon tr khon cho vay ban u khi n
o hn.
Chng khon c th chuyn i (Conversational Securities): l nhng
chng khon cho php ngi nm gi, ty theo la chn v nhng iu
kin nht nh, c th i n ly mt chng khon khc.

1
TS. o L Minh (ch bin), Gio trnh Nhng vn c bn v Th trng Chng khon, UBCKNN 2002
14



Chng khon phi sinh (Derivatives): l nhng cng c ti chnh c gi
giao dch c da trn cc ti sn khc (c gi l Ti sn gc
Underlying assets). Bn loi chng khon phi sinh c bn l Hp ng
tng lai (Futures), Hp ng k hn (Forwards), Hp ng quyn chn
(Options) v Hp ng hon i (Swaps).
I.1.2. S lc v Th trng chng khon:
Theo TS. Nguyn nh Th (2008), ph trng khoa Ti chnh Ngn hng, H
Ngoi Thng, TTCK l mt c ch thng qua ngi mua v ngi bn c th
tin hnh tm kim, giao dch, trao i v mua bn chng khon.
I.1.2.1. Lch s hnh thnh v pht trin ca Th trng chng khon:
Lch s ra i ca TTCK c th c coi l bt u t th k 12 Php khi
nhng nh mi gii chng khon u tin tin hnh giao dch chng khon ca
chnh ph.
TTCK phi chnh thc hnh thnh v pht trin khp chu u t th k XV cho
ti th k XVII v l tin cho s ra i ca cc S GDCK Chu u. Hat ng
mi gii v giao dch chng khon thng c thc hin ti cc qun caf m cc
nh mi gii hn gp mt nhau.
Nm 1460, S GDCK u tin trn th gii c xy dng ti Antwerp, B. S
giao dch ny c xy mi li vo nm 1531 v tn ti sut t thi gian ti khi
b chy vo nm 1858. Sau v chy, S giao dch Antwerp c xy dng li vi
mt kin trc hon ton mi v tn ti t n nay.
Sau s ra i ca S giao dch Antwerp, cc s giao dch khc bt u c
hnh thnh t nm 1602 (Bng 1.1). V mc d ra i sau Antwerp, S GDCK
Amsterdam li c coi l S GDCK lu i nht trn th gii: y l ni nhng c
phiu v tri phiu doanh nghip u tin trn th gii c giao dch.



15



Bng 1.1: S ra i ca cc TTCK trn Th gii
Nm S giao dch Ch thch
1460 S GDCK Antwerp (B) ra i
S giao dch u tin trn
th gii
1602 S GDCK Amsterdam (H Lan) ra i
Cng ty East India pht
hnh c phiu quy m ln
u tin trong lch s
1698 S GDCK London (Anh) ra i
1724 S GDCK Paris (Php) ra i
1769 S GDCK Lisbon (B o Nha) ra i
1790 S GDCK Philadelphia (PHLX) ra i S Giao dch u tin M
1792 S GDCK New York (NYSE) ra i
1801 S GDCK Brussels ra i
1875 S GDCK Bombay ra i
S Giao dch u tin
Chu
1878 S GDCK Tokyo ra i
2000
S Giao dch xuyn lc a u tin Chu
u hnh thnh - Euronext
S GDCK Amsterdam sp
nhp vi Paris v Brussels
2007
Tp on Giao dch Chng khon xuyn lc
a v lin lc a ln nht th gii ra i
NYSE Euronext
NYSE sp nhp vi
Euronext

16



Sau hng trm nm hot ng, TTCK hin nay tr thnh mt th trng ton
cu, hat ng khng ngng ngh. Thng k ca Lin on cac S GDCK Th gii
(World Federation Exchanges) cho thy gi tr th trng ca cc s giao dch ln
nht th gii vt hn 20000 t USD.
I.1.2.2. Th trng ti chnh v chc nng ca Th trng chng khon:
Theo TS. o L Minh (2002)
2
, Th trng ti chnh l ni din ra s lun
chuyn vn t nhng ngi c vn nhn ri ti nhng ngi thiu vn.
Th trng ti chnh cng c th nh ngha l ni mua bn, trao i cc cng c
ti chnh.
S 1.1: Chc nng lun chuyn vn ca Th trng ti chnh

Ngun: Frederich S.Mishkin (1992)


2
TS. o L Minh (ch bin), Gio trnh Nhng vn c bn v Th trng Chng khon, UBCKNN 2002
TI CHNH GIN TIP
TI CHNH TRC TIP
CC TRUNG
GIAN TI
CHNH
TH
TRNG
TI
CHNH
Ngi cho vay vn:
1. H gia nh
2. Doanh nghip
3. Chnh ph
Ngi i vay vn:
1. H gia nh
2. Doanh nghip
3. Chnh ph
VN VN
V

N

VN
VN
17



Thng thng, th trng ti chnh c chia thnh hai loi chnh l th trng
tin t v th trng vn.
Th trng tin t l ni giao dch mua bn cc cng c n c thi hn o
hn t hn 1 nm. Th trng tin t bao gm th trng cho vay ngn hn,
th trng lin ngn hng v th trng hi oi;
Th trng vn l ni din ra cc giao dch mua bn cc loi ti sn ti chnh
hoc cng c n trung v di hn (thi hn o hn trn 1 nm). Th trng
vn bao gm TTCK, th trng cho vay di hn v th trng tn dng thu
mua. TTCK l mt b phn ca th trng vn.
S 1.2: Quan h gia Th trng ti chnh v Th trng chng khon



Trn th trng ti chnh, TTCK ng vai tr l mt b phn cc k quan trng.
Cc chc nng chnh ca TTCK:
Huy ng vn u t cho nn kinh t;
Cung cp mi trng u t cho cng chng;
To tnh thanh khon cho cc chng khon;
18



nh gi hot ng ca doanh nghip;
To mi trng gip chnh ph thc hin cc chnh sch kinh t v m.
I.1.2.3. Cc ch th tham gia Th trng chng khon:
Theo TS. o L Minh (2002), cc t chc v c nhn tham gia TTCK c th
chia thnh 3 nhm: Nh pht hnh, Nh u t v Cc t chc c lin quan n
chng khon.
Nh pht hnh: l cc t chc thc hin huy ng vn thng qua TTCK. Bao
gm cc doanh nghip, cc t chc ti chnh, chnh ph v chnh quyn a
phng;
Nh u t: l nhng ngi thc s mua v bn chng khon trn TTCK.
Nh u t c th chia thnh 2 loi: nh u t c nhn v nh u t c t
chc.
Cc t chc c lin quan n chng khon bao gm:
- Cc t chc kinh doanh trn TTCK: Cng ty chng khon, cc Ngn
hng thng mi,;
- Cc t chc qun l: C quan qun l nh nc, S GDCK, Hip hi cc
nh kinh doanh chng khon, T chc lu k v thanh ton b tr chng
khon,;
- Cc t chc khc: Cng ty dch v my tnh chng khon, Cc t chc ti
tr chng khon, Cc cng ty nh gi h s tn nhim,
I.2. Vai tr ca thng tin ti chnh trn Th trng chng khon:
Thng tin ti chnh l nhng thng tin c kh nng tc ng n gi ti sn ti
chnh trn th trng. C nhiu ngun thng tin khc nhau trc tip hoc gin tip
t doanh nghip hoc mi trng bn ngoi. S sau tm tt cc ngun thng tin
ti chnh:

19



S 1.3: Cc ngun thng tin ti chnh c kh nng tc ng n gi ti sn ti
chnh do doanh nghip pht hnh

Ngun: TS. Nguyn Vit Dng (2008)
Vai tr ca thng tin trn TTCK c nhn mnh trong nhng nghin cu
ca Eugene Farma vo nm 1965, Farma c coi l cha ca l thuyt th trng
hiu qu.
C th coi tnh hiu qu ca th trng ti chnh l c s ca ton b l thuyt
ti chnh hin i. Theo Farma (1965), mt th trng ti chnh c coi l hiu qu
khi v ch khi ton b cc thng tin sn c v mt ti sn ti chnh c giao dch
trn th trng c phn nh tc th vo gi ca n.
20



Theo nhng nghin cu ca Bachelier (1900) v Graham & Dodd (1934)
3
,
Farma phn bit 3 loi th trng hiu qu :
Hiu qu phn b ngun lc (Allocative efficiency): khi cc ngun vn c
u t c hiu qu nht v do vy ng gp v s pht trin kinh t;
Hiu qu vn hnh (Operational efficiency): khi chi ph giao dch ti thiu
nhm duy tr v vn hnh cc trung gian ti chnh;
Hiu qu thng tin (Information efficiency): khi gi chng khon trn th
trng vo mi thi im u phn nh tt c cc thng tin sn c v doanh
nghip pht hnh cng nh nh hng ca cc s kin ti hiu qu ti chnh
tng lai ca doanh nghip .
Nh vy, thng tin l mt trong ba yu t cu thnh nn tnh hiu qu ca th
trng. C th ni thng tin c vai tr quan trng nht v quyt nh n gi c
phiu trn th trng. Th trng c thng tin minh bch v cng khai s hnh thnh
nn gi chng khon hp l v thu ht nh u t tham gia, thc y s pht trin
ca TTCK ni ring v nn kinh t quc dn ni chung.
I.3. L thuyt bt cn xng thng tin (Ansymmetric Information):
I.3.1. Gii thiu s lc v l thuyt bt cn xng thng tin (Asymmetric
Information:
Cng vi L thuyt Th trng hon ho, L thuyt bt cn xng thng tin
(Ansymmetric Information) nu bt ln vai tr ca thng tin i vi Th trng
ti chnh.
L thuyt bt cn xng thng tin (Asymmetric Information) ln u tin xut
hin vo nhng nm 1970 v khng nh c v tr ca mnh trong nn kinh t
hc hin i bng s kin nm 2001, cc nh khoa hc nghin cu l thuyt ny l
George Akerlof, Michael Spence v Joseph Stiglitz cng vinh d nhn gii Nobel
kinh t.

3
TS. Nguyn Vit Dng (2008), Mi lin h gia thng tin t BCTC v gi c phiu trn TTCK Vit
Nam, ti nghin cu khoa hc, M s B2007-08-23, B Gio dc v o to, trang 114-116
21



Bt cn xng thng tin c th xy ra trc khi tin hnh k kt hp ng. Cc
bn tham gia giao dch c tnh che y thng tin, ngi mua khng c thng tin xc
thc, y v kp thi nn tr gi thp hn gi tr ch thc ca hng ha. Hu qu
l ngi bn cng khng cn ng lc sn xut hng c gi tr v c xu hng
cung cp nhng sn phm c cht lng thp hn cht lng trung bnh trn th
trng. Rt cuc trn th trng ch cn li nhng sn phm cht lng xu- nhng
tri chanh b i, hng tt b loi b, dn n la chn bt li (adverse selection)
cho c hai bn. Nh vy, hin tng la chn bt li cn tr vic giao dch trn
c s hai bn cng c li. Bt cn xng thng tin cn gy ra hin tng tm l li
(moral hazard) sau khi hp ng c giao kt nhng mt bn c hnh ng che
y thng tin m bn kia kh lng kim sot, hoc mun kim sot th cng phi
tn km chi ph.
I.3.2. Cc khi nim v bt cn xng thng tin:
1. Bt i xng thng tin l khi nim m t cc tnh hung trong nhng
ngi tham gia tng tc trn th trng nm c thng tin khc nhau v
gi tr hoc cht lng ca mt ti sn ang c giao dch (trao i) trn th
trng . Ni mt cch khc, nu nh khng tn ti tnh trng bt i xng
i vi vic tip cn cc thng tin v ti sn, th cc bn tham gia th trng
c hiu l "i xng" v thng tin.
2. Khoa hc thng tin chng minh s la o lin quan n bt i xng v
thng tin. Bn la bit bn cht, gi tr ca mn hng nhng khng cung cp
thng tin cho ngi mua, ngi mua cng khng c kh nng kim chng
cht lng hng ha m mnh mua ti thi im mua hng. (Tin s L ng
Doanh, nguyn Vin trng Vin Qun l Kinh t).
3. Bt cn xng thng tin trn TTCK xy ra khi mt hoc nhiu nh u t s
hu c thng tin ring (Kyle, 1985 trch trong Ravi, 2005) hoc c nhiu
thng tin i chng hn v mt cng ty (Kim v Verrecchia, 1994 v 1997
trch trong Ravi, 2005).
22



I.3.3. Nhng nghin cu u tin v bt cn xng thng tin trn th gii
4
:
I.3.3.1. G.A. Akerlof (1970): Th trng nhng qu chanh:
Theo Auronen (2003, tr.7), ngi u tin gii thiu v l thuyt bt cn xng
thng tin l G.A. Akerlof (1970). Nm 1970, ng cng b nghin cu ca mnh
trong bi "The Market for 'Lemons': Quality Uncertainty and the Market
Mechanism" trn tp ch Quarterly Journal of Economic. y c coi l nn mng
cho l thuyt bt cn xng thng tin.
Trong nghin cu ca mnh, Akerlof phn tch nhng th trng hng ha ti
ngi bn bit nhiu thng tin v cht lng hng ha hn ngi mua. V d in
hnh l th trng -t c, Akerlof dng t V chanh (Lemons) ch nhng
chic xe c c cht lng km, t ny tr nn ni ting v c a vo t in
kinh t nhm ch nhng sn phm cht lng km.
Trn th trng xe c, nhng ngi bn bit nhiu thng tin v cht lng sn
phm hn nhng ngi mua. Ngi bn bit n s tn ti ca vn thng tin phi
i xng ny v n kch thch anh ta mo him bn hng ha c mt cht lngm
vi gi nh hng ha cht lng cn tt. Ngi mua cng bit n s tn ti ca
vn thng tin phi i xng nn c gng khi b h bng cch chn mua cc
hng ha c gi trung bnh vi lp lun rng trong trng hp b mc la th cng
khng n ni thit hi lm. H qu l nhng ngi c xe c cht lng tt s
khng bn c gi cao v s rt khi th trng, dn dn th trng s ch cn li
nhng chic xe c cht lng km (nhng v chanh). iu ny l do ri ro la
chn i nghch (adverse selection), h qu u tin ca bt cn xng thng tin.
I.3.3.2. Michael Spence (1973): Pht tn hiu
Spence (1973) ch ra rng nhng ngi bn hng c cht lng cao c th
hn ch ri ro la chn i nghch bng c ch pht tn hiu (Signaling).
Tip tc pht trin nghin cu ca Akerlof (1970), trong mt bi bo cng b

4
Information for public of The Nobel Foundation (2001), Markets with Asymmetric Information:
http://nobelprize.org/nobel_prizes/economics/laureates/2001/public.html
23



vo nm 1973 (da trn lun vn tin s ca mnh), Spencer xt th trng lao
ng l mt th trng c bt cn xng thng tin gia nhng ngi xin vic v
ngi thu lao ng. Spence coi bng cp l mt c ch pht tn hiu v nng sut
ca ngi lao ng: nu nhng ngi km nng lc phi mt nhiu thi gian v n
lc hn nhng ngi c nng lc t c cng trnh hc vn th nhng
ngi c nng lc c th pht tn hiu bng cch t c nhng bng cp m
ngi km nng lc khng th t c.
V d khc v c ch pht tn hiu l t l tr c tc ca cc doanh nghip, c
th coi y l tn hiu v li nhun trong tng lai ca cng ty l tt hay xu.
I.3.3.3. Joseph Stiglitz (1975): C ch sng lc
B sung cc nghin cu ca G.A.Akerlof (1970) v M.Spence (1973), J.Stiglitz
a ra c ch sng lc (Screening) vo nm 1973. Stiglitz t ra vn l bn
thn nhng ngi c t thng tin hn cng c th t ci thin tnh trng ca mnh
thng qua c ch sng lc. ng ch ra rng bn c t thng tin hn c th thu thp
thng tin t bn kia bng cch a ra cc iu kin giao dch hp ng khc nhau.
V d in hnh l cc cng ty bo him thng cung cp nhng loi hp ng
bo him vi cc mc ph bo him khc nhau, tng ng vi mc bi thng khc
nhau. Cc khch hng s t la chn loi hp ng bo him ph hp vi mnh, do
t phn ha thnh cc loi khch hng khc nhau. Nhng khch hng c ri ro
thp thng thch loi hp ng c ph bo him thp trong khi khch hng c ri
ro cao li la chn hp ng c ph bo him cao.
Tri qua hn hai thp k, l thuyt v th trng c bt cn xng thng tin tr
nn v cng quan trng v l trng tm nghin cu ca kinh t hc hin i. Bt cn
xng thng tin cng tr nn ph bin v trm trng khi tnh minh bch ca thng
tin, kh nng tip cn thng tin v c s h tng thng tin yu km.
24



I.3.4. H qu ca bt cn xng thng tin trn Th trng chng khon
Theo Frederic S.Mishkin (1992), bt cn xng thng tin s dn n hai h qu:
La chn i nghch (Adverse Selection) v Tm l li (hay cn gi l Ri ro o
c Moral Hazard).
I.3.4.1. La chn i nghch (Adverse Selection):
La chn i nghch l ri ro do bt cn xng thng tin gy ra trc khi giao
dch c tin hnh. Ri ro la chn i nghch trn th trng ti chnh xy ra khi
mt ngi c ri ro tn dng ln li l ngi tch cc hn trong vic tm kim cc
khon vay v nh vy kh nng c cho vay cao hn. Chnh v vy, ngi cho vay
(borrowers) c th quyt nh khng cho vay bt k khon tin no nhm trnh ri
ro v n, v nh vy loi tr c nhng ngi i vay (lenders) c kh nng tr n
tt.
V d ngi A (borrower) c mt khon tin 1.000 USD nhn ri. Trn th
trng c hai ngi vay tin (lenders): ngi B ch vay tin khi m bo chc chn
khon u t s em li li nhun; ngi C liu lnh hn v sn sng u t vi ri
ro ln nhm thu c li nhun ln, s ch ng tm kim cc khon vay v c kh
nng vay n cao hn. Do bt cn xng thng tin, A khng bit y thng tin v
B v C v c th quyt nh khng cho vay, mc d s c lc B (c kh nng tr n
chc chn) cn vay tin u t vo nhng d n gi tr.
I.3.4.2. Ri ro o c (Moral Hazard):
Ri ro o c l ri ro do bt cn xng thng tin gy ra sau khi giao dch c
tin hnh. Ri ro o c trn th trng ti chnh xy ra khi ngi i vay (lenders)
s dng cc khon tin vay vo nhng mc ch sai lch so vi cam kt khi i vay,
do dn n kh nng khng tr c n cao hn. Tng t ri ro la chn i
nghch, ngi cho vay (borrowers) c th quyt nh khng cho vay bt k khon
tin no.
25



V d ngi A (borrower) c mt khon tin 1.000 USD nhn ri. Ngi B
(lenders) vay khon tin vi cam kt s u t vo nhng d n an ton v hp
php. Tuy nhin, B li cm tin i c bng vi mong mun thng c
100.000 USD. Nu thng, B s hon tr c khon vay v c khon li nhun ln
99.000 USD. Tuy nhin, kh nng thua cc ca B l rt cao, do khon vay s
khng c hon tr. Do bt cn xng thng tin, A khng bit chnh xc B s s
dng khon tin vay u t vo mc ch g v c th quyt nh khng cho vay.
Nh vy, bt cn xng thng tin cn tr s lu thng vn trn th trng ti
chnh, khin chc nng lun chuyn vn ca th trng ti chnh khng c thc
hin tt. iu ny gy tr ngi cho s pht trin ca th trng ti chnh, c bit ti
cc nc ang pht trin nh Vit Nam.
I.3.5. Nhng tc ng ca bt cn xng thng tin trn Th trng chng
khon:
I .3.5.1. Tc ng n cc nh u t:
Do bt cn xng thng tin khin gi c phiu khng phn nh c y v
tc thi tnh hnh hot ng ca doanh nghip nn cc nh u t khng th xc
nh c li nhun k vng mt cch chnh xc. iu ny gy ra mt s tc ng
n nh u t nh sau:
Mt s nh u t nm c nhiu thng tin s thu c li nhun c bit
cao hn li nhun th trng: iu ny l do cc doanh nghip c nhng
ngun thng tin tt cha c cng b, do gi c phiu trn th trng
ca cc doanh nghip ny ang b nh gi thp hn gi tr thc
(undervalued). Tuy nhin, mt s nh u t, bng cch ny hay cch khc,
nm c nhng ngun thng tin v mua vo c phiu vi gi r, thu
c li nhun c bit cao hn li nhun ca th trng.
Mt s nh u t nm c t thng tin s phi b ra chi ph c bit cao
hn chi ph th trng: tri ngc vi iu trn, nhng nh u t nm c
t thng tin s mua phi nhng c phiu c gi th trng cao hn gi tr thc
26



(overvalued) nn s phi chu chi ph cao hn chi ph th trng, thu li
nhun thp v c th thua l.
H qu l nhng nh u t c t thng tin s dn t b th trng. iu ny s
tc ng ngc tr li nhng nh u t c nhiu thng tin (khi khng c ngi
mua th h s khng bn c c phiu v thu v li nhun nh k vng) v nhng
ngi ny cng s chuyn hng u t sang nhng lnh vc khc hp dn hn.
I .3.5.2. Tc ng n cc Doanh nghip:
Do tc ng ca bt cn xng thng tin, cc nh u t khng cn nim tin v
ng lc (v li nhun) tham gia TTCK. iu ny khin cho vic huy ng vn
thng qua c phn ha ca cc doanh nghip tr nn kh khn, h phi chuyn sang
nhng hnh thc huy ng vn khc nh vay vn ngn hng hay pht hnh tri
phiu, Nhng hnh thc ny lm tng chi ph huy ng vn ca doanh nghip v
tc ng n s pht trin ca nn kinh t quc dn. Ngoi ra, cc doanh nghip s
khng cn ng lc tham gia Th trng ti chnh ni chung v TTCK ni ring.
I .3.5.3. Tc ng n s pht trin ca Th trng chng khon:
Th nht, do nhng tc ng ca bt cn xng thng tin n nh u t v
doanh nghip khin cc thnh phn kinh t khng cn nim tin v ng lc tham
gia TTCK. iu ny ngn cn s pht trin ca TTCK ni ring v ton b nn kinh
t ni chung.
Th hai, nhiu nh u t c th li dng li th v thng tin ca mnh lm
gi mt s loi c phiu (thc t, iu ny thng xuyn din ra trn TTCK Vit
Nam, c bit l i vi cc c phiu trn S GDCK H Ni), to cung cu o trn
th trng, to bong bng v khin th trng tim n nguy c sp
I.3.6. Gii php l thuyt hn ch bt cn xng thng tin
Trong nhiu nghin cu v bt cn xng thng tin trn th gii (G.A.Akerlof -
1970, M.Spence - 1973 v J.Stiglitz 1975), cng nh trong nc (L An Khang
2008, Nguyn Vit Dng - 2008), ba gii php nhm hn ch bt cn xng thng tin
27



trn TTCK l: Pht tn hiu (Signaling); Sng lc (Screening) v C ch gim st.
I .3.6.1. Pht tn hiu (Signaling):
i vi th trng ti chnh, giao dch c hiu qu th ngi i vay c th
vay c vn vi chi ph thp, ngi cho vay chc chn kh nng thu hi c n
hay ngi cho vay v i vay phi nm r quyn li v trch nhim ca ring
mnh.
Thng thng ngi i vay l ngi nm r thng tin v mnh nht th nn h
s c li nhiu hn trong giao dch. Tuy nhin, ngi cho vay s khng d
dng cho vay nu nh h khng bit r v khch hng ca mnh. Th nn, ngi
i vay phi pht tn hiu rng mnh l ngi c kh nng tr c n tt. Vn
pht tn hiu trong trng hp ny l: Uy tn ca cng ty, qui m v danh ting
cng ty, nng lc ti chnh, ti sn m bo, Ngc li ngi cho vay cng phi
pht tn hiu ngi i vay thc hin trch nhim ca mnh trong hp ng vay
nh c ch x l ti sn, li sut cho vay,
Cng ging nh th trng ti chnh, nh u t khi mua c phiu ca mt
cng ty nim yt trn TTCK, t nhiu h cng cn bit cng ty hot ng ra
sao, sn xut ci g, V th cng ty mun nng cao v th, bn c phiu vi gi
cao v hp l, n phi cho nh u t thy c danh ting, hiu qu hot ng v
tim nng pht trin ca n.
I .3.6.2. Sng lc (Screening):
hn ch ri ro la chn i nghch ca mnh, cc ngn hng thng p
dng hn mc tn dng khc nhau i vi mi i tng vay, d n vay v thi
hn vay. i vi t chc bo him, c ch sng lc c th hin qua vic ch bo
him mt phn, iu ny cho thy ngay c i vi nhm bt cn cng phi c
trch nhim mt phn ca mnh trong s c bi thng c th xy ra.
TTCK, ngoi tr mt s nh u c, a phn nh u t mong mun mnh
s u t vo nhng cng ty c kh nng mang li hiu qu cao v bn vng. V
vy c ch sng lc i vi nh u t l u t vo cc cng ty c thng tin minh
28



bch, uy tn, lm n hiu qu v c tim nng pht trin cao.
I .3.6.3. C ch gim st:
C ch gim st c p dng nhm mc ch kim sot ri ro o c. C ch
bao gm: gim st trc tip v gim st gin tip.
Gim st trc tip: nh u t s b ra ngun lc t c kim sot
thng tin, c ch gim st ny tn nhiu chi ph v sc lc, kh nng gim
st ca nh u t mun gim st cng ty nim yt s b hn ch.
Gim st gin tip: thng qua cc qui nh ca cc nh t chc th trng
(UBCKNN, S GDCK), mc nhin cc cng ty nim yt phi c trch
nhim thng bo trc tip hoc gin tip n nh u t v nh u t cng
thng qua cc quyn li c qui nh m c th tip cn gim st gin
tip cng ty nim yt.
Ngoi ra cn c gim st th trng: cn c nh gi ca th trng bit
nhiu thng tin hn v cc cng ty nim yt sau khi thc hin giao dch.
C ch gim st c thc hin rt cht ch trn TTCK. V nh u t khng
th b ra mt s tin m khng bit s tin c s dng nh th no.








29



CHNG II:
THC TRNG V BT CN XNG THNG TIN TRN TH TRNG
CHNG KHON VIT NAM
II.1. S lc v TTCK Vit Nam:
Nu so snh vi TTCK Th gii th TTCK Vit Nam cn rt non tr vi khng
y 10 nm hot ng chnh thc. S ra i ca TTCK Vit Nam c nh du
bng vic Th tng Chnh ph ra quyt nh 127/Q-TTg ngy 11/7/1998 v vic
thnh lp cc Trung tm Giao dch Chng khon ti H Ni v Tp. H Ch Minh.
S xut hin ca TTCK to nn nhng c hi u t mi cho cc ch th c
tin nhn ri trong nn kinh t. S lng nh u t khng ngng gia tng qua
nhng nm hot ng l minh chng r rang cho s quan tm ca cng chng u
t i vi TTCK Vit Nam.
Bng 2.1: S pht trin ca TTCK Vit Nam qua cc con s
Nm 2000 2001 2002 2003 2004 2005 2006 2007 2008
S
CTNY
5 10 15 20 22 41 193 249 338
Vn
ho th
trng
CP/
GDP
(%)
0,28 0,34 0,48 0,39 0,64 1,21 22,7 43 17,5
S
CTCK
3 8 9 11 13 14 55 70 96
S ti
khon
khch
hng
2.908 8.774 13.520 15.735 21.616 31.316 95.000 300.000 350.000
(Ngun: UBCKNN)
30



II.1.1. Cc thnh phn tham gia TTCK VN:
Trn TTCK Vit Nam, cc thnh phn tham gia khng c phn loi nh cc
loi nh u t trn cc TTCK pht trin do cc nh u t trn TTCK Vit Nam
cha c chin lc u t c th m ch n thun chy theo li nhun. V vy, trn
TTCK Vit Nam, cc nh u t c phn ra theo t cch php l ca h:
Nh u t c nhn: l nhng ngi c vn nhn ri tm thi, tham gia
mua bn trn TTCK vi mc ch kim li.
i tng ny thng hn ch v hiu bit v cc kin thc v TTCK
Vit Nam ni ring v TTCK Th gii ni chung. H u t vi mc ch
u t kim li trong di hn. Thnh phn ny chim n hn 97% s lng
Nh u t trn TTCK Vit Nam
Nh u t t chc: l cc nh ch u t thng xuyn mua bn chng
khon vi s lng ln trn th trng. Cc nh ch ny c th tn ti di
cc hnh thc sau: cng ty u t, cng ty bo him, Qu lng hu, cng ty
ti chnh, ngn hng thng mi v cc cng ty chng khon.
i tng ny c hiu bit v kin thc su rng v TTCK Vit Nam ni
ring v TTCK Th gii ni chung. H thng u t theo nhng chin lc
trung v di hn. y l ng lc chnh thc gp phn ln vo s pht trin
ca cc TTCK ang pht trin nh Vit Nam. Tuy nhin, h ch chim s t
trong s lng Nh u t trn TTCK Vit Nam.
Cc thnh phn khc tham gia th trng bao gm:
Nh pht hnh: L cc t chc thc hin huy ng vn thng qua TTCK
di hnh thc pht hnh cc chng khon.
Cc cng ty chng khon: L nhng cng ty hot ng trong lnh vc
chng khon, c th m nhn mt hoc nhiu trong s cc nghip v chnh
l mi gii, qun l qu u t, bo lnh pht hnh, t vn u t chng
khon v t doanh.


31



Cc t chc lin quan:
- U ban chng khon Nh nc: l c quan thuc Chnh ph thc hin
chc nng qun l nh nc i vi TTCK Vit nam.
- S GDCK: l c quan thc hin vn hnh th trng v ban hnh nhng
quyt nh iu chnh cc hot ng giao dch chng khon trn S ph
hp vi cc quy nh ca lut php v UBCK.
- Cng ty dch v my tnh chng khon: l t chc ph tr, phc v cc
giao dch chng khon.
- 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.
Ngoi ra, nu so snh vi cc TTCK pht trin ni chung th TTCK Vit Nam
khng c market maker ( ngi to lp th trng). y l mt c im ring ca
TTCK Vit Nam do c quy nh gi trn v gi sn khi mua bn chng khon.
II.1.2. Bt cn xng thng tin trn TTCK Vit Nam:
Sau gn hn 9 nm hnh thnh v pht trin, TTCK Vit Nam ang dn dn
hon thin thc hin vai tr l mt knh huy ng vn cho nn kinh t. TTCK
Vit Nam t c nhng thnh tu ht sc ng khch l, c th hin thng
qua nhng con s pht trin hng nm ni trn. Mi trng php l cho hot
ng ca th trng ngy mt c ci thin c v phm vi iu chnh v tnh hiu
lc php l. Qu trnh hi nhp ca TTCK Vit Nam vo TTCK Khu vc v Th
gii c thc y ngy mt mnh m.
Bn cnh , hot ng ca TTCK Vit Nam vn cn mt s hn ch nh c
cu hng ha trn th trng mt cn i do cc nh u t ch yu quan tm vo
vic pht hnh v kinh doanh CK vn (c phiu) hn l CK n (tri phiu); Hot
ng trn cc b phn ca th trng th cp cha m bo c tnh ng b v n
nh cn thit. c bit l vn v thng tin bt cn xng trn TTCK Vit Nam
ang l mt vn ni bt.
32



Thng tin trn TTCK Vit Nam ni chung cha m bo c tnh minh bch
v hiu qu. Nhng ngun thng tin chnh thc (cng b t S Giao dch,
UBCKNN,) ngy c hon thin m bo tnh chnh xc, cng bng v
kp thi nhng cha p ng c nhu cu thng tin ca th trng. Hot ng
cng khai thng tin ca cc cng ty i chng cn nhiu bt cp. Nh u t nhiu
lc khng c thng tin, khng c cung cp thng tin mt cch y v kp thi
nn gnh chu nhiu thit hi. Nguyn nhn ca hn ch ny l do h thng cng b
thng tin trn TTCK cn th s, mang tnh hnh thc; Cc quy nh v cng b
thng tin vn cn nhiu k h, cha cht ch, cha tnh rn e v thc cng
khai thng tin ca cc nh pht hnh cn thp.
II.2. Khung php l quy nh v vic cng b thng tin i vi cc cng ty i
chng ti Vit Nam
II.2.1. Nhng vn bn php lut lin quan n quy nh cng b thng tin i
vi cc cng ty i chng ti Vit Nam
T nm 1998 ti nay, chnh ph ban hnh hn 130 vn bn quy nh v cc
hot ng trn TTCK, xy dng nn mt khung php l cho hot ng kinh doanh
chng khon ti Vit Nam. Trong , vn "cng b thng tin" trn TTCK
c quy nh c th trong nhiu vn bn, bao gm cc vn bn di y:
Ngh nh s 48/1998/N-CP ngy 11/07/1998 ca Chnh ph v chng
khon v TTCK: y l vn bn php quy t nn mng cho vic iu chnh
cc hot ng v chng khon v TTCK. Ti cc chng II, III, IV v V ca
ngh nh ny u cp ti vic minh bch ho cc thng tin kinh t trn
TTCK. iu 70 v iu 71 ca ngh nh ny nu r cc hnh vi mua bn ni
gin v thng tin sai s tht l b nghim cm. Tuy nhin ngh nh ny cha
nu c ch ti x pht c th i vi tng hnh vi b nghim cm.
Quy ch thnh vin, nim yt, cng b thng tin v giao dch chng khon,
ban hnh km theo Quyt nh s 79/2001/Q-UBCK ca Ch tch UBCK
Nh nc ngy 29/12/2000: vn bn c th ha quyn hn v trch nhim
33



trong hot ng ca cc thnh vin, nim yt, cng b thng tin v giao dch
chng khon. Trong , cc quy nh chi tit v hat ng cng b thng tin
i vi tng i tng c th c nu ti chng IV. iu 39 chng IV
c 4 mc nh quy nh v cc nghim cm ca php lut trong hot ng
cng b thng tin ca t chc qun l qu, cng ty nim yt, v ngi c lin
quan. 4 mc ny cha c th ho v bao qut c cc hnh vi c th gy
mt cn bng thng tin trn th trng. Quy ch khng a ra quy nh x
pht i vi cc hnh vi ny.
Ngh nh 144/2003/N-CP ngy 28/11/2003: y l vn bn thay th cho
Ngh nh 48/1998/N-CP. Trong ngh nh ny, hot ng cng b thng
tin c quy nh chi tit v c th hn so vi ngh nh s 48/1998/N
trong chng s VI. Chng s VI quy nh v i tng, ni dung, phng
tin cng b thng tin cng nh cch thc cng b thng tin trong nhiu
trng hp khc nhau i vi t chc pht hnh, t chc nim yt. Ti
chng XI - Cc hnh vi b cm, cc hnh vi gy bt cn xng thng tin trn
th trng c quy nh ti iu 103, iu 105, iu 106 iu 103, cc
hnh vi mua bn ni gin c chi tit ho hn tuy nhin iu 105 -
Thng tin sai s tht, 106 - Bn khng, vn cn cha r rng. Mc x pht
i vi cc hnh vi vi phm ch dng li mc x pht hnh chnh hoc truy
cu trch nhim hnh s v n b thit hi, khng nu mc x pht c th
nn khng mang tnh rn e.
Lut chng khon 70/2006/QH11 ban hnh ngy 29/06/2006: y l o
lut u tin, k tc v pht trin cc vn bn quy phm php lut trc
v cc hot ng lin quan ti chng khon ti Vit Nam. Trong o lut
ny, bn cnh yu cu i vi bo co ti chnh v cng b thng tin xuyn
sut cc chng, chng VIII quy nh chi tit v c th v hot ng
cng b thng tin trn TTCK. Cc quy nh ny chi tit v c h thng
hn so vi ngh nh 144/2003/N-CP, c bit 7 iu t iu 100 ti iu
107 nu ra ngha v cng b thng tin c th i vi tng nhm i tng
34



tham gia vo hat ng trn TTCK. S chi tit v c th ho ny to mt
nn tng tt cc thnh vin ca TTCK c th thc hin quy trnh cng b
thng tin mt cch hp php v hiu qu. i vi cc hnh vi vi phm lut
php trong hot ng bo co v cng b thng tin, mc x pht ch dng li
mc pht cnh co v pht tin v khng nu ra mc x pht c th.
Thng t hng dn v vic cng b thng tin trn TTCK s 38/2007/TT-
BTC ban hnh ngy 18/04/2007: y l quy nh quan trng, t nn tng
cho mi hot ng cng b thng tin ca tt c cc thnh vin tham gia vo
TTCK ti s giao dch. Bn cnh vic hng dn c th cc bc tin hnh
cng b thng tin, thi hn v hnh thc cng b, thng t cn c ban
hnh km cc mu vn bn quy chun phc v vic cng b thng tin.
Quy ch gim st giao dch chng khon trn TTCK ban hnh km theo
quyt nh s 127/2008/Q-BTC ngy 32/12/2008 ca b trng B ti
chnh: Quy ch quy nh nguyn tc v ni dung c bn lin quan n hot
ng gim st giao dch chng khon i vi cc th trng giao dch chng
khon tp trung, th trng giao dch chng khon cng ty i chng cha
nim yt, nhm m bo ngn nga v chn chnh cc vi phm php lut,
duy tr s cng bng, cng khai ca TTCK, bo v quyn v li ch hp php
ca cc nh u t. Quy ch quy nh tng i c th v quyn hn v trch
nhim ca b my gim st gm c UBCKNN, SGD chng khon, TTGD
chng khon v cc ngha v ca i tng gim st. y l mt bc tin
quan trng trong vic minh bch ho thng tin trn TTCK, ph hp vi k
hoch pht trin TTCK nm 2006-2010 ca th tng chnh ph.
Thng t hng dn giao dch in t trn TTCK 50/2009/TT-BTC do B ti
chnh ban hnh ngy 16/03/2009: y l vn bn hng dn v quy nh v
giao dch in t trn TTCK, c th ho lnh vc hot ng ny trong Ngh
nh v giao dch in t trong hot ng ti chnh 27/2007/N-CP ban hnh
ngy 23/02/2007. Quy nh v hot ng giao dch in t l mt c s h
35



tng quan trng cho vic pht trin h thng thng tin cn xng trn TTCK
do giao dch in t l giao dch c tnh phn hi nhanh v lin tc. Tuy cha
th bao qut ht cc hot ng giao dch in t, c bit l trn TTCK cha
c nim yt (OTC market - Over the counter market), nhng thng t
50/2009/TT-BTC t nn mng cho vic quy chun ho v kim sot
thng tin i vi giao dch in t trn TTCK. Mc x pht i vi cc hnh
vi vi phm vn bn php quy ny c quy nh trong ngh nh
27/2007/N-CP l pht hnh chnh hoc truy cu trch nhim hnh s. Mc
pht ny cn cha c th v c dn chiu ti cc vn bn php lut khc.
Ngh nh 161/2004/N-CP ca Chnh ph v x pht vi phm hnh chnh
trong lnh vc chng khon v TTCK: y l vn bn quy phm php lut
quy nh c th v cc mc x pht i vi cc trng hp vi phm trong
lnh vc chng khon v TTCK, h tr cc vn bn php quy khc trong vic
thc hin ch ti x pht. Trong , mc x pht i vi cc hnh vi vi phm
php lut trong hot ng cng b thng tin ca cc i tng tham gia vo
TTCK cng c quy nh c th. Mc pht tin ti a theo ngh nh ny l
70.000.000 VN, y l con s cha c tnh rn e khi t trong mi tng
quan vi thu nhp t hat ng chng khon v thit hi m cc hnh vi vi
phm gy ra. Tuy ra i t nm 2004, ti nay ngh nh c thc
hin trong gn 5 nm nhng s trng hp b tc giy php hnh ngh l
rt t.
II.2.2. nh gi chung v khung php l
Khi qut chung, khung php l ca Vit Nam i vi cc hat ng cng b
thng tin trn TTCK c hnh thnh tng i ng b.
Da trn nn tng php lut quc t v lnh vc ny, nh nc ta ang tch cc
hon chnh cc vn bn quy phm php lut v vn ny. H thng php lut i
vi hot ng cng b thng tin trn TTCK ngy cng c nh nc quan tm
36



hn, iu ny c th hin mc chi tit tng ln trong cc quy inh i vi
hot ng ny ti cc vn bn php quy.
c bit, trong qu I nm 2009, vic xy dng c s h tng v lut php i
vi hot ng cng b thng tin c xc tin khng ngng, trong phi k ti
Quy ch gim st giao dch chng khon trn TTCK v Thng t hng dn giao
dch in t trn TTCK. Hnh ng ny th hin quyt tm ca nh nc trong vic
xy dng mt mi trng thng tin hiu qu cho hot ng ca TTCK.
Tuy nhin, trn thc t, cc quy nh ca php lut i vi hot ng nhy cm
ny cn cha c tnh hiu lc cao.
Nguyn nhn chnh ca thc trng ny l do tnh thiu hon chnh ca h thng
php lut. Trong nhiu vn bn lut, cc quy nh cn chng cho, cha bao qut
c ht cc quan h pht sinh trn TTCK, gy kh khn cho cc thnh vin tham
gia vo TTCK. Quy trnh xy dng v sa i lut php tn rt nhiu thi gian
khng ph hp vi s pht trin nhanh v tnh bin ng ca th trng hin nay.
Sau mt thi gian bin ng mnh m ca TTCK, mt s quy nh t ra khng
cn ph hp nhng li kh sa i, gy nn hin tng lch lut ca cc doanh
nghip.
Ch ti x pht i vi cc hnh vi vi phm cn thiu linh hot v cha tho
ng xt trong mi tng quan vi thu nhp t chng khon, hu qu m bt cn
xng thng tin gy ra v mc pht ti a ca cc nc trn th gii. i vi mt
cng ty chng khon, v d nh cng ty SSI, li nhun sau thu nm 2007 l 864 t
ng, nm 2008 l 250 t ng, th s tin pht 70.000.000 cha sc rn e. i
vi cc hnh vi mua bn ni gian, bn khng, hay cng b thng tin sai s tht, thit
hi th trng phi gnh chu c th ln hn con s 70.000.000 nhiu ln. Mc pht
ti a trong lut chng khon ca nc Nht l 500 triu Yn Nht, tng ng
vi 95 t ng.
37



II.3. Cng b thng tin ca cc cng ty i chng:
II.3.1. Thc trng cng b thng tin theo quy nh:
Theo mc IV ca Thng t s 38/2007/TT-BTC ban hnh ngy 18/07/2007 ca
B Ti Chnh v vic Hng dn v vic cng b thng tin trn TTCK, cc cng
ty i chng c ngha v cng b thng tin theo 4 nhm sau:
I I .3.1.1. Thng tin nh k:
y l nhng thng tin c cp nht lin tc nh bo co ti chnh qu, bo
co ti chnh c nm, bo co thng nin.
Th nht, nhiu cng ty thng xuyn cng b thng tin chm hn quy nh:
Theo quy nh trong Thng t 38/2007/TT-BTC, thi hn cng b bo co ti
chnh nm l 10 ngy k t khi c bo co ti chnh kim ton, thi hn cng b bo
co qu l 5 ngy k t khi c bo co ti chnh (khng cn kim ton).
Hin nay, a s cc cng ty i chng u cng b thng tin chm hn quy nh
v dng nh thnh thng l. c bit l cc cng ty i chng cha nim yt
(OTC), nh u t ch yu tm thng tin qua cc din n, qua cc mi quan h c
sn hoc qua tin n.
Ti hi ngh cng ty nim yt 2009 din ra ti TP.HCM ngy 10/04/2009, ng
Nguyn Th Th, trng ban qun l pht hnh cho bit, tnh n 31.3.2009, c
72/177 cng ty chim hn 41% trn sn H Ni v 91/181 vi gn 50% trn sn
TP.HCM cha cng b bo co ti chnh c kim ton. Cn cng b bo co
thng nin, mi ch c 33/177 sn H Ni v 32/181 cng ty sn TP.HCM lm
vic ny.
5
Ngc li v nhng ma bo co trc, s lng cng ty chm cng b
bo co ti chnh qu 4/2008 chm ti S GDCK H Ni (HNX) l 37/168, ti
HoSE l 66/170.
6


5
M Giang, Cn nhiu bt cp trong qun tr cng ty, Si Gn Tip Th 13/04/2009
6
Minh c, Cng b thng tin: Chuyn c lun mi, Thi bo Kinh t Vit Nam s 09/04/2009
38



i vi cc cng ty i chng cha nim yt, vn ny cn nghim trng hn
khi m cc nh u t ch c th tm hiu thng tin qua cc mi quan h sn c, qua
cc din n chng khon hoc tin n.
Th hai, bo co ti chnh qu ca nhiu cng ty i chng cha y ni
dung theo quy nh:
Theo Thng t 38/2007/TT-BTC, ni dung cng b thng tin bo co ti chnh
qu bao gm: Bng cn i k ton, Bo co kt qu hot ng kinh doanh, Bo co
lu chuyn tin t, Bn thuyt minh bo co ti chnh. Tuy vy, trong bo co ti
chnh qu ca nhiu cng ty, c bit l cc doanh nghip nim yt trn S GDCK
H Ni (HaSTC, nay l HNX), mi ch gm Bng cn i k ton v Bo co kt
qu hot ng kinh doanh.
Th ba, bo co ti chnh ca nhiu cng ty i chng cha chnh xc, thm ch
l sai lch, bin li thnh l:
C mt hin tng trn TTCK Vit Nam l cc cng ty i chng thng s
dng cc nghip v k ton dn s l vo BCTC qu IV, vic ny gip cho kt
qu kinh doanh ca cc qu I, II, III tr nn n tng hn, y gi c phiu ca
doanh nghip ln cao. Thc cht, c th coi y l mt hnh ng nh la nh u
t khi khng phn nh ng tnh trng kinh doanh ca doanh nghip trong BCTC.
a s bo co ti chnh c nm ca cc doanh nghip sau khi kim ton khc
bit so vi khc bit so vi cng b trc . Theo thng k, gn 200 doanh nghip
trn tng s 357 doanh nghip nim yt c BCTC c nm 2008 kim ton sai lch
so vi BCTC cha kim ton.
7
Trong , nhiu doanh nghip c mc chnh lch
cc khon mc trng yu ln ti hng trm t ng, bin li thnh l.
Minh chng r nt cho thc t ny l trng hp ca CTCP Bng Bch Tuyt
(M CK: BBT). Sau khi kim ton BCTC c nm 2007, cng ty kim ton AISC

7
Minh c, C hi ln minh bch ha thng tin ti chnh, Thi bo Kinh t Vit Nam s 27/04/2009
39



iu chnh hi t v kt qu kinh doanh 2006 ca BBT t li 2,3 t thnh l 8,5
t.
8
Sau v vic ny, c phiu ca BBT b a vo din b kim sot v b hn
ch giao dch, gy thit hi ln cho nhiu nh u t. Ngoi ra, BBT cng ng
trc nhiu rc ri nh thay i b my lnh o, b thanh tra v pht hin nhng
sai phm, mt lng tin ca nh u t, v.v.
Hay nh trng hp ca CTCP Mai Linh cng b bo co ti chnh c nm 2007
kim ton c li, nhng thc t li ngc li khi kt qu hot ng kinh doanh
ca cng ty ny t nm 2005 n nm 2007 b l v c nhiu khon b loi tr.
Cng ty gii thch l do cng b nhm BCTC c nm hp nht v cha hp
nht, y thc s l mt l l rt km thuyt phc. UBCKNN c thng bo
khng cho Cng ty C phn Mai Linh c pht hnh c phiu thng.
Nhng nguyn nhn ch yu l do cc doanh nghip cha t thc c quyn
li v trch nhim trong vic cng b thng tin. Ngoi ra, vic x pht cc doanh
nghip chm cng b thng tin nh k cn qu nh (10.000.000 n 20.000.000
theo mc 3b, iu 10 Ngh nh 36/2007/N-CP; hay nh trng hp ca CTCP
Bng Bch Tuyt sau khi b thanh tra, mc pht ch l 90.000.000
9
), cha sc
rn e.
Thm vo , cc nh u t cha nm nhng hiu bit v php lut, v
chng khon thc c quyn li ca mnh trong vic yu cu cc cng ty i
chng cung cp y thng tin trong bo co ti chnh nhm phc v cho mc
ch u t ca mnh. Cng khng th khng k n trch nhim ca nhng c quan
qun l khi cha ban hnh nhng o lut nhm bo v nh u t c tnh php l
cao (o lut Sarbanes Oxley 2002 ca M l mt tham kho hu ch).

8
BCTC c nm 2006 v 2007 ca CTCP Bng Bch Tuyt (Ph lc 4)
9
Hong V, Bng Bch Tuyt b pht 90 triu ng, Thi bo Kinh t Vit Nam ngy 13/12/2008.
40



I I .3.1.2. Thng tin bt thng:
y l nhng thng tin bt buc cng b trong vng 24 gi hoc 72 gi ty theo
ni dung thng tin nh ti khon ca cng ty ti ngn hng b phong to hoc ti
khon c php hot ng tr li sau khi b phong to; Tm ngng kinh doanh;
Quyt nh vay hoc pht hnh tri phiu c gi tr t ba mi phn trm (30%) vn
thc c tr ln; Quyt nh ca Hi ng qun tr v chin lc, k hoch pht trin
trung hn v k hoch kinh doanh hng nm ca cng ty; Quyt nh thay i
phng php k ton p dng; v.v. (Thng t 38/2007/TT-BTC)
Nhn chung cc thng tin bt thng ny cha ph bin ti TTCK Vit Nam nn
thi gian qua s lng cc cng ty i chng vi phm cc quy nh ny cn t. Tuy
nhin, cc cng ty vn cha ch ng trong vic cng b nhng thng tin bt
thng. Theo b Trn Anh o, Gim c qun l v thm nh nim yt HoSE:
Ni ng hn l cc cng ty ch t gic cng b thng tin tt, cn thng tin xu th
phi i n khi HoSE gi in nhc nh mi chu cng b
10
.
I I .3.1.3. Thng tin theo yu cu:
L cc thng tin phi cng b trong thi hn 24 gi, k t khi nhn c yu cu
ca UBCKNN, bao gm cc thng tin lin quan n cng ty i chng nh hng
nghim trng n li ch hp php ca nh u t v thng tin lin quan n cng
ty i chng nh hng ln n gi chng khon v cn phi xc nhn thng tin .
a s cc cng ty thng xuyn vi phm hoc l l khng cng b nhng thng
tin xu gy nh hng n gi c phiu ca cng ty. Nguyn nhn l do quy nh
cng b v lnh vc ny vn cha r rng, vn cn chung chung, v d nh gy nh
hng nghim trng n li ch nh u t hoc gy nh hng ln n gi
chng khon. y l khe h cc cng ty i chng li dng nhm che y
nhng thng tin bt li. iu cn thit l phi lng ha mt cch cht ch nhng
nh hng nghim trng, nh hng ln trong quy nh.

10
Hunh Duy, Vn cha ch ng cng b thng tin bt thng, CafeF.vn ngy 18/11/2008.
41



I I .3.1.4. Cng b thng tin v giao dch ca cc c ng ni b
Thnh vin Hi ng qun tr; Ban kim sot; Gim c hoc Tng gim c;
Ph Gim c hoc Ph Tng gim c; K ton trng ca t chc nim yt; C
ng ln; v ngi c lin quan khi c nh giao dch c phiu ca t chc nim
yt bt buc phi cng b thng tin giao dch trc khi giao dch.
Thc t, cc c ng ni b v nhng ngi c lin quan, k c nh u t c
nhn hay nh u t c t chc, u pht l quy nh ny. Hin tng cc nh u
t giao dch xong ri mi bo co cho UBCKNN, S GDCK vn xy ra thng
xuyn. Theo thng k trn HoSE v HNX, trong 10 thng u nm 2008 trong tng
s 279 giao dch c lin quan n c ng ni b c 95 giao dch vi phm quy nh
cng b thng tin, chim 34% tng s giao dch. y mi ch l phn ni ca tng
bng chm, nu tnh n nhng vi phm cha b pht hin th con s thc t c th
cn ng ngi hn nhiu.
Mt in hnh cho nhng vi phm ny l v vic vi phm ca cc c ng ni b
ca CTCP Xut nhp khu Lm thy sn Bn Tre (FBT): Li dng thng tin ni
gin, 5 c ng ni b ca cng ty mua vo s lng c phiu ln n 1.424.410
c phiu (tng ng 10,56% s lng c phiu lu hnh thi im). Ngay sau
khi hon tt vic mua vo c phiu FBT, cc c nhn ni trn ng k bn ra
trong thi gian rt ngn. S vic b UBCKNN pht gic v x pht vi tng s
tin pht 190 triu ng.
11

Nguyn nhn ca thc trng ny l do cc quy ch minh bch thng tin ca cc
cng ty i chng cha tht s r rng, cc c ng ni b cng ban lnh o cng
cha t gic trong vic cng b thng tin v nhng giao dch ca mnh. Thm na,
mc x pht cc trng hp vi phm vn ca qu nh, cha sc rn e. Ngay
trong v d v FBT trn, tnh t thng 7/2009 n thi im cc c ng bn ra c
phiu, gi c phiu FBT tng gp i, c chng li nhun thu c ca cc c
ng trn t nht cng gp 10 ln s tin pht.
11

11
Mai Phng, Giao dch ni gin, x pht qu nh, Thanh Nin Online 25/03/2009 (Ph lc 3)
42



II.3.2. Mt s nhng tn ti khc
I I .3.2.1. BCTC ca cc cng ty con b hp nhtcha c cng b rng ri
Khi cng khai thng tin v BCTC hp nht cui nin cc cng ty i chng
u ch cng b ni dung ca BCTC hp nht cng BCTC ca cng ty m m
khng a ra BCTC ca cc cng ty con c hp nht. iu lm gim
ngha v tnh minh bch s liu ca mt s ch tiu nhy cm lin quan n doanh
thu, li nhun,... trn BCTC.
y cng l mt thiu st trong quy nh ca nh nc khi Thng t
38/2007/TT-BTC ch quy nh ni dung BCTC hp nht bao gm BCTC hp nht
cui nin v BCTC ca cng ty m.
I I .3.2.2. Bo co ti chnh song ng cha c ch trng
Nh u t nc ngoi l mt trong nhng lc lng quan trng v nhy cm
i vi s pht trin ca mt TTCK mi ni nh Vit Nam. Tuy vy, cc cng ty
i chng vn cha ch trng vic cng b bo co ti chnh song ng, trong khi
nhu cu v BCTC song ng ca cc t chc nc ngoi vi doanh nghip l rt ln.
Mt s cng ty nim yt trn TTCK cng quan tm n vic lp BCTC dnh
ring cho nh u t nc ngoi (CTCP chng khon Si Gn SSI, Ngn hng CP
Si Gn Thng tn Sacombank, CTCP pht trin u t cng ngh FPT,...). Nhng
y ch l thiu s trong tng s hn 350 doanh nghip nim yt trn TTCK Vit
Nam.
II.3.2.3. Cc thng tin cha c cng b mt cch minh bch, cng bng n
cc nh u t
Mt s doanh nghip nim yt c s phn bit trong vic cung cp thng tin cho
nh u t. Cc nh u t th ch, cc c ng chin lc thng c u tin
cung cp thng tin ch doanh nghip khng tin hnh cng b rng ri. Hin tng
43



ny to tm l bt an cho nh u t c nhn khi nhng thng tin chnh thc h c
cha chc l nhng thng tin y .
Trn th trng Vit Nam, thng tin c bo mt khng cht ch, v vy c
hin tng r r cc thng tin cha c hay khng c php cng b. Cc thng
tin ny c nh hng trc tip n hot ng mua bn ca nh u t v v vy, nh
u t khi nm c lng thng tin ny s c li th rt ln so vi nhng nh u
t cn li.
Chnh iu ny dn n hin tng xut hin tin n tht thit lin quan ti
doanh nghip hay ngi ng u doanh nghip, gy tc ng xu ti gi c phiu
ca cc doanh nghip, thm ch khin cc nh u t mt lng tin vo doanh
nghip.
II.4. Thc trng p dng cc nguyn tc qun tr cng ty ( Corporate
Governance) nhm tng cng minh bch thng tin:
II.4.1. Khi nim v nhng nguyn tc v qun tr cng ty:
Qun tr cng ty l khi nim ra i t khong nm 1985 n nay. y l mt h
thng cc quy tc m bo cho cng ty c iu hnh mt cch c nh hng v
c kim sot mt cch c hiu qu v quyn li ca c ng v nhng ngi lin
quan n cng ty.
Trn th gii, trc nm 2000, vic qun tr cng ty c phn nhiu quc gia,
ngay c nc c TTCK pht trin mnh m cng u da trn ba nguyn tc:
Th nht, s dng cc thnh vin Hi ng Qun tr (HQT) c lp
(independent directors) hn ch vic lm quyn ca ban gim c, ng
thi bo v quyn li ca cc c ng.
Th hai, s dng v tn nhim i ng k ton lp nhng bo co ti chnh
c tnh xc thc nhm gip c ng c thng tin y khi u t vo cng
ty.
44



Th ba, s dng v tn nhim cc nh phn tch ti chnh xem xt v phn
tch cc trin vng kinh doanh cng nh mc lnh mnh v ti chnh ca
cc cng ty d kin pht hnh hay ang pht hnh chng khon ra cng
chng, nhm cung cp y thng tin cho cng chng mun u t.
Mt trong nhng ni dung quan trng trong qun tr cng ty l s cng khai v
minh bch ha thng tin cng nh ra c cc c ch cho php kim sot vic
cng b thng tin ca lnh o cng ty. Tuy nhin, sau mt lot nhng v b bi
xy ra ti cc cng ty, tp on ln lin quan n vn qun tr cng ty nh v
Enron ( 2001), Worldcom ( 2002), Tyco ( 2002) M, hay v Vivendi Universal (
2002) Php, nhiu cu hi v bn cht thc s ca qun tr cng ty c t ra.
Qun tr cng ty tr thnh mt vn cp thit mang tnh ton cu ha, ko
theo s quan tm ca khng ch cc nh qun l v m hay cc doanh nghip m
cn c cc nh u t v gii nghin cu.
II.4.2. Giai on hnh thnh v pht trin:
Nm 2002, y ban Chng khon a cc iu khon lin quan n qun tr
cng ty ( corporate governance) vo bn iu l mu dnh cho cc cng ty nim
yt, mc d vn cha c mt khi nim r rng.
Nm 2003, Vin Nghin cu qun l kinh t Trung ng dch bn bo co
v cc nguyn tc qun tr cng ty c cng b ln u vo thng 5 nm 1999 ca
t chc OECD.
Nm 2007, B Ti Chnh ban hnh quyt nh s 12/2007/Q-BTC ngy
13/3/2007 v nhng quy ch qun tr cng ty p dng cho cc cng ty nim yt trn
S GDCK/ Trung tm Giao dch Chng khon. Tuy nhin, quy nh vn cn chung
chung, cha c th, r rng theo 1 chun mc nht nh no; quy nh cha tp
trung m cn ri rc khi c rt nhiu nhng quy nh hng dn khc km theo;
cha c quy nh v x pht c th.
45



Cng trong nm 2007, Hi Cc nh qun tr doanh nghip Vit Nam (VACD)
ra i. Theo ng Hn Mnh Tin, Ch tch VACD, mt trong 5 mc ch ln nht
ca VACD l tp trung xy dng h thng chun mc v nguyn tc qun tr doanh
nghip Vit Nam, t "tng bc xy dng h thng chun mc cng nh
phng php qun tr mang sc thi ring ca Vit Nam
12
.
Ngy 24/10/2008, D n Nng cao cht lng qun tr cng ty ti Vit Nam ra
mt cng vi l k kt bin bn ghi nh gia Tp on ti chnh quc t IFC (thnh
vin ca nhm Ngn hng th gii) v U ban chng khon Nh nc. Qua , IFC
s hp tc vi cc c quan nh nc lin quan v cc cng ty trong nc hng ti
vic to dng mt nn vn ho qun tr cng ty tt, cng c nim tin ca cc nh
u t v gp phn pht trin mt khu vc kinh t t nhn ln mnh v c tnh cnh
tranh hn Vit Nam.
II.4.3. Thc trng v ch qun tr cng ty ca cc cng ty i chng Vit
Nam
H thng qun tr cng ty Vit Nam nhn mt cch tng quan c nhiu tin
b so vi nhng thp k trc. Mt s doanh nghip bit p dng m hnh qun
tr cng ty theo hng hin i, linh hot. V d nh CTCP Khoan v Dch v
khoan du kh (PVD) thu hn mt cng ty t vn nc ngoi xy dng Bo
co thng nin. Hay mt s cng ty cng bt u xy dng c ch thnh vin
c lp nh trng hp Ngn hng TMCP Chu (ACB) mi ng Trn Xun Gi,
nguyn B trng B K hoch v u t v lm ch tch hi ng qun tr th
nghim vic thu c ng c lp lm Ch tch v u vin HQT. iu ny th
hin rt r nhng n lc ca cc doanh nghip trong vic tin ti hon thin cc quy
tc qun tr cng ty cho ring mnh.
Tuy nhin, s doanh nghip nh vy li cha nhiu, v vn cn nhiu tn ti
trong cch thc qun tr doanh nghip ca cc cng ty i chng.

12
ng Nguyn, Ra mt Hi cc nh qun tr Doanh nghip Vit Nam, Thi bo Kinh t Vit Nam
23/10/2007
46



Theo thng k, n qu II/2009, vn cn nhiu cng ty cha ban hnh quy ch
qun tr cng ty, trong sn H Ni c n 109/168 cng ty, chim 64,88% v sn
TP.HCM l 68/177 cng ty, chim 38,42%
13
.
C th ni ch qun tr cng ty ca cc cng ty i chng Vit Nam hin nay
thuc dng yu km nht th gii, c bit v mt bo v nh u t. Trong Bo co
Mi trng kinh doanh 2008 ca World Bank, Vit Nam xp th 170/181 nc v
Ch s bo v nh u t.
Bng 2.2: nh gi v Ch s bo v u t ca Vit Nam qua mt s ch tiu
Ch tiu im
Kh nng tin cy ca thng tin cng b 4/10
Ngha v ca ngi qun l 0/10
Kh nng khi kin ca c ng 2/10
Bo v quyn c ng 2/10
Xp hng 170/181
(Ngun: Bo co Mi trng kinh doanh 2008 ca World Bank)
II.4.3.1. Hin cc doanh nghip t nhn Vit Nam vn thng p dng theo
kiu truyn thng:
l ly m hnh qun l gia nh p dng vo trong qun l cc cng ty t
nhn d m hnh ny li thi v km hiu qu so vi s thay i v pht trin
nhanh chng ca nn kinh t th trng. iu ny lm hn ch rt nhiu tnh
nng ng cng nh hiu qu ca cng tc qun tr.
Trong cc doanh nghip nh nc, vic qun tr vn b tc ng bi hin tng
b phi, a s t thiu s.

13
M Giang, Cn nhiu bt cp trong qun tr cng ty, Si Gn Tip Th 13/04/2009
47



S khc bit d nhn thy nht gia qun tr cng ty truyn thng v qun tr
cng ty kiu mi l tnh lin kt gia li ch ca hi ng qun tr v li ch ca cc
c ng trong khi y c coi l mt trong nhng mc tiu chnh ca quy tc qun
tr cng ty. Vi kiu qun tr truyn thng, li ch ca c ng ln v nhng ngi
iu hnh cng ty thng ln hn li ch ca cc c ng nh trong khi vi m hnh
qun l doanh nghip hin i th song song vi vic ti a ha gi tr cng ty, s
cn bng li ch gia cc c ng l mt yu t then cht dn n s thnh cng v
pht trin bn vng ca doanh nghip
II.4.3.2. Nhiu vi phm trong cng tc qun tr doanh nghip cn tn ti:
in hnh l vic ban qun tr v ban gim c cng b thng tin bo co ti
chnh sai lch, che giu c ng v nh u t v tnh hnh hot ng ca cng ty
cho n vic ch tch HQT b qua kin ca c ng, i di c ng c t
chc qua loa, hnh thc; hay c vic nhng ngi iu hnh qun l cp cao ca
cng ty lin kt vi nhau gian ln ti sn, rt qu cng ty, ly tin ca cng ty
chi dng ring, u t vo nhng d n c li cho c nhn; cha thc hin chnh
sch phi c 1/3 thnh vin HQT l thnh vin c lp khng iu hnh; trng
ban kim sot khng c chuyn mn v k ton
II.4.3.3. Vai tr ca Ban kim sot cha thc t, mi ch mang tnh hnh thc:
Ban kim sot ra i nhm gim st hot ng qun l v iu hnh cng ty.
Chnh v vy, trong mt doanh nghip, Ban kim sot thng phi c v th cao v
c lp. Tuy nhin trn thc t, Vit Nam hin nay, vic Ban kim sot hu ht l
do Hi ng qun tr bu ra ch khng phi do i hi c ng bu nh thng l
hn ch rt nhiu quyn hn cng nh chc nng ca Ban ny. Ban kim sot do
khng c tnh c lp tng i vi cc thnh vin ban gim c nn nhng yu
km trong cng tc iu hnh v qun tr cng ty cng v th m khng c cng
khai r rng.
48



II.4.3.4. Mt s v d in hnh:
Vit Nam, cch thc hp i hi c ng v HQT cng nh cch thc lu
tr cc vn bn quan trng c lin quan n cc cuc hp ln ca doanh nghip vn
cn nhiu vn khng r rng, minh bch v cha theo mt chun mc nht nh
no. in hnh nh i hi ng C ng nm 2009 ca Tng CTCP Bo Minh
gy xn xao cho cc c ng khi ch tch HQT li khng iu hnh cuc hp nh
thng l, m thay vo l mt thnh vin khc ca HQT.
Hay nh vic trn bn ch ta cng khng c bin tn, chc danh ca tng
ngi trong ban qun tr khin khng t c ng khng phn bit c u l v c
tch HQT v ai ang l ngi iu hnh i hi.
Vic biu quyt cng l mt vn khng r rng. Thng thng th s c ba
phng n l ng , khng ng v kin khc biu quyt ti i hi c
ng. Nhng ti mt s cng ty ln, ch ta ch hi duy nht mt phng n ai
ng ? , hoc c hi hai phng n ai ng ? v ai khng ng ? khin
nhng c ng c kin khc nh phi gi tay biu quyt khng ng m
khng c c hi a ra kin xut ring.
Hay nh trng hp ca cng ty Bng Bch Tuyt 2008, HQT mi ca cng
ty khi ln nhm chc thiu trung thc v khng cng khai cc thng tin v bo
co ti chnh mt cch minh bch, thm ch cn chm tr trong vic np bc co ti
chnh nh k dn n hu qu l c phiu cng ty b S GDCK TP.HCM ra quyt
nh ngng giao dch trong mt thi gian.
II.4.4. Nguyn nhn:
Nghin cu v vn ny TS. Nguyn nh Cung, Trng ban Kinh t v m
(Vin Nghin cu qun l Trung ng) cho rng h qu ca mt thc trng kh ph
bin ti Vit Nam vi a s thnh vin HQT vn l nhng c ng ln, v trong
nhiu cng ty th ch tch HQT cn kim nhim c v tr tng gim c l s dn
n s xut hin ca mt h thng qun tr tp quyn b cc c ng ln thu tm.
49



V c mt thc t thy r l a s cc c ng ln vn cha c c nhng hnh
x hp l trong cng tc qun tr v nhng li ch chung v v s pht trin bn
vng ca cng ty.
Theo Tin s Phm Tr Hng (2008), mu thun c bn trong qun tr cng ty
i chng nc ta hin nay l mu thun v li ch gia ngi i din cho ton
b c ng (ch tch hi ng qun tr, cc thnh vin hi ng qun tr, tng gim
c) vi chnh cc c ng trong cng ty.
14
Nhng ngi i din cho ton b c
ng ny c th hnh ng v li ch c nhn hay v li ch ca mt b phn c
ng c th lc no m phng hi n quyn li ca cc c ng cn li trong
cng ty.
Cng theo ng Hng, Vit Nam php lut hin hnh hu nh cha c mt iu
lut no quy nh r rng v ch ti i vi cc hnh vi vi phm v qun tr, vi
phm li ch ca cc c ng m tt c ch mi dng li hnh thc vn bn rt
chung chung.
II.5. Thc trng v hot ng k ton v kim ton ca cc cng ty i chng:
TTCK Vit Nam va pht trin trong mt thi gian ngn nhng tc pht trin
li rt nhanh, cha ng nhiu ri ro trong . Cc qui nh v k ton v kim ton
mi c chuyn i trong thi gian 20 nm gn y. Do , ch k ton v
kim ton Vit Nam, cha ng u v gy nhiu tranh lun.
Cc quy nh mi dng li vic hng dn chung chung, ri rc, khng c quy
nh c th nht qun trong chun mc, quyt nh v vic p dng cc ch tiu k
ton, kim ton gy nn hin tng lch lut v s bt ng kin trong vic lp
cc BCTC hin nay. Thc t cho thy c mt lng ln cc DN vn v tnh hay c
lm sai vi cc quy nh v chun mc nh hng ti thng tin trn BCTC.

14
TS. Phm Tr Hng, 2008, Qun tr cng ty i chng : Vn v khuyn ngh, u t chng khon
ngy 5/6/2008.
50



II.5.1. Thiu minh bch t t chc k ton ca DN:
I I .5.1.1. BCTC sai lch:
Do nhiu nguyn nhn khch quan v ch quan nh trnh nng lc v tnh
lim khit ca h thng kim sot ni b, trong qu trnh k ton v lp cc BCTC
thng tin b phn nh sai lch gia tng li nhun thu ht nh u t. Nu
khng c quy nh bt buc v kim ton vi cc cng ty i chng th mt lng
ln cc doanh nghip vi BCTC o d dng qua mt c UBCKNN v nh
u t
15
.
Trong t chc k ton th vic hch ton cc c tnh k ton gy nhiu tranh ci
v bt ng gia k ton v kim ton. c tnh k ton l mt gi tr gn ng ca
mt ch tiu lin quan n BCTC c c tnh trong trng hp thc t pht
snh nhng cha c s liu chnh xc hoc cha c phng php tnh ton chnh xc
hn, hoc mt ch tiu thc t cha pht sinh nhng c c tnh lp BCTC.
Hch ton k ton cc c tnh l vic mang nng tnh ch quan. Trong chun
mc k ton Vit Nam s 29 v Thng t s 13/2006/TT-BTC ngy 27/2/2006
quy nh r v cc c tnh k ton v mc trch lp. Cc cng ty i chng c xu
hng tnh gim cc c tnh gia tng li nhun, cn cc cng ty khi kim ton
li c mt ci nhn nng n hn v vic trch lp qu t nh vy. Do vy sau khi kt
qu kim ton c cng b, vic chuyn li thnh l lm mt i lng tin ca
nh u t vo cc BCTC v t chc k ton, trnh v tnh lim khit ca ban
qun tr cng ty.
Mt s k thut m cc cng ty thng s dng thi li nhun bao gm:
gim t l khu hao, gim mc d phng gim gi hng tn kho, gim t l d
phng phi thu kh i, gim mc d phng u t ti chnh, tng cng khuyn
mi thi doanh thu, y mnh sn xut cao hn mc cng sut bnh thng

15
Nguyn Cng Phng, V tnh trung thc ca ch tiu li nhun, Hip hi k ton v kim ton Vit
Nam 11/09/2008
51



gim gi thnh sn phm, tr hon vic thc hin mt s d n, tr hon vic ghi
gim gi tr nhng ti sn m gi tr thp hn gi tr thun, bn cc khon u t
chng khon nhm tng li nhun
16

Cc phng php ny nu c p dng trong khun kh cho php ca cc quy
nh php l th l mt knh a n nh u t thng tin lc quan v DN,
nhng trn thc t cc DN vn dng sai cc quy nh ny lp ra cc mc d
phng, khu hao thp qu mc cho php khin cho li nhun trc v sau khi kim
ton chnh nhau n hng t ng.
Vi cc cng ty nim yt trn sn chng khon, khon trch lp v hon nhp d
phng u t ti chnh l mc nhy cm nht.
C nhiu cng ty trch lp d phng gim gi hng tn kho, gim gi cc khon
u t ni chung qu ln, vt qu mc cn thit gim bt s li thc t, gim
bt thu thu nhp doanh nghip phi np hoc qu thn trng vi cc din bin ca
th trng.
Ngc li, nhiu cng ty trch lp d phng gim gi qu t so vi mc gim
gi thc t ca cc khon u t che du tnh trng lm n yu km, to ra bc
tranh gi to v thc trng hot ng ca cng ty.
Theo Thng t 13/2006/TT-BTC do B ti chnh ban hnh theo , ti thi im
lp d phng nu cc chng khon do doanh nghip u t b gim gi so vi gi
ang hch ton trn s k ton th phi trch lp d phng tn tht cc u t ti
chnh theo quy nh.
Nu s d phng tn tht u t ti chnh phi trch lp bng s d khon d
phng, th doanh nghip khng phi trch lp khon d phng tn tht u t
ti chnh.

16
Trn c Nam, Thng tin ti chnh minh bch Hiu sao cho ng, Doanh nhn Si Gn cui tun s
204 ngy 29/06/2007
52



Nu s d phng phi trch lp cao hn s d khon d phng, th doanh
nghip trch thm vo chi ph ti chnh ca doanh nghip phn chnh lch.
Nu s d phng phi trch lp thp hn s d khon d phng, th doanh
nghip phi hon nhp phn chnh lch vo doanh thu hot ng ti chnh.
Cng theo Thng t hng dn v quy nh c 2 cng thc trch lp d
phng gim gi u t vi nhng khon cn lp. Trong cc loi chng khon u
t v c t do mua bn trn th trng, mc trch lp d phng c tnh theo
cng thc:
Cng thc 2.1:
Mc d phng
gim gi u t
CK
=
S lng CK
b gim gi ti
thi im lp
BCTC
x [
Gi CK hoch
ton trn s k
ton
-
Gi CK thc t
trn th trng
]
i vi cc khon u t vo cc cng ty con, cng ty lin kt v cc khon u
t ti chnh di hn khc, phi trch lp d phng nu t chc kinh t m cng ty
ang u t b l (tr trng hp l theo k hoch c xc nh trong phng
n kinh doanh trc khi u t) mc trch ti a cho mi khon u t ti chnh
bng s vn u t v c tnh theo cng thc:
Cng thc 2.2:
Mc d
phng tn
tht cc
khon u
t ti chnh
= [
Vn gp
thc t ca
cc bn ti
t chc kinh
t
-
Vn ch s
hu thc c
] x
Vn u t ca
doanh nghip
Tng gp thc t
ca cc bn ti t
chc kinh t
53



Tuy nhin, 3 quy nh khng r rng nn xy ra nhiu bt cp trong vic thc
hin v tun theo nhng yu cu v trch lp d phng gim gi u t, nh vic kt
qu kim ton ca cc cng ty sai lch so vi s liu do chnh cng ty thc hin
(nh ni phn thc trng cng b thng tin ca cc cng ty i chng).
V d nh trng hp ca Ngn hng thng mi c phn Si Gn Thng Tn
(m STB), li nhun trc thu ca c tp on t 1.243 t ng. Tuy nhin, sau
khi kim ton li, ch cn gn 1.110 t ng, chnh lch n 133 t ng, tng
ng 10,7%. Nguyn nhn ch yu do s khc bit v phng php trch lp d
phng gim gi i vi cc loi c phiu cha nim yt gia STB v pha kim
ton.
17

Theo , STB xc nh gi tr ca c phiu da trn nguyn tc chit khu dng
c tc d kin thu c trong tng lai. Sau , so snh gia gi tr hp l vi gi
s sch, nu gi tr hp l thp hn gi s sch, STB trch lp d phng. Trong khi
, Cng ty kim ton PWC da trn gi th trng (xc nh t bng gi tham
chiu ca cc cng ty chng khon ang nim yt hoc xc nh theo xu hng ca
c phiu nim yt cng ngnh) so snh vi gi s sch.
II.5.1.2. Hp nht BCTC:
Vic hp nht BCTC ca cc cng ty, tp on ln cng l mt vn nan gii
v qui trnh hp nht cc BCTC cn mi m vi khi lng cng vic ln, cc tp
on mt nhiu thi gian hn. Hin nay cc quy nh v BCTC hp nht cn ri rc
ti nhiu chun mc, thng t hng dn, cha i vo c th gy kh khn cho c
k ton vin v kim ton vin x l thng tin. Mt khc, trn thc t cng l
mt im m cc doanh nghip s dng ph php cc BCTC.
C ba cp sai phm trong cng b bo ci ti chnh hp nht ca cc tp
on, tng cng ty. l sai lch hon ton so vi tnh hnh thc t, thiu chnh
xc, v chm ch trong bo co ln cc c quan chc nng. Cc cng ty thc hin

17
Thu Hng, Bt nht t vic thiu chun lp d phng, u t Chng khon 31/03/2009
54



vic ny nhm vo 3 mc ch chnh: t hng kt qu kinh doanh thu ht cc
nh u t, to nim tin cho cc t chc tn dng m doanh nghip ang quan h v
du i thc trng kinh doanh bi t mnh ang tri qua.
Khi hp nht BCTC, doanh nghip phn nh thiu chnh xc v trung thc
vn ti sn v tnh hnh hot ng. Khi qut nhng yu t dn ti sai lch ny l
cc nguyn nhn nh khng tnh phn gp vn bng thng hiu, hay l i phn
vn u t vo cc cng ty c phn, cng ty trch nhim hu hn, u t ra bn
ngoi
18
C nhng trng hp c xc nh l tnh trng, tnh sai. Mt th
thut k ton c nhiu doanh nghip p dng s dng l chuyn chi ph sang k
hch ton sau tng li nhun cho k ny.
C mt cch lch lut i vi yu cu minh bch, c cc tp on, tng
cng ty s dng kh nhun nhuyn l tng hp bo co ca tt c cc n v
trc thuc thnh bo co hp nht, bt chp quy nh phi s dng bt ton loi
tr i vi cc khon u t, li nhun pht sinh trong ni b tp on, tng cng
ty. iu ny gy nn tnh trng tnh trng, khng phn nh chnh xc hot ng ca
tp on, tng cng ty.
Khi m cc tp on, tng cng ty bnh trng v c quy m v lnh vc hot
ng, vic a ra cc bo co ti chnh cng phc tp hn. V nhng bn bo co
ti chnh hp nht dng nh li c che y k hn. Cc bn BCTC cng
thng xuyn xin gia hn nhiu ln trong 1 thi gian di gy ra kh khn cho cc
nh u t trong vic nh gi v chn la. Thm ch, cho n nm 2009 vn c cc
cng ty nim yt trn sn chng khon cha gi c BCTC c kim ton n.

18
Anh Qun, Bo co ti chnh ca tng cng ty, tp on: 3 cp sai phm, Thi bo Kinh t Vit Nam
online ngy 23/03/2009
55



II.5.2. Kim ton vn cha ng sai phm:
Hin nay s lng cc cng ty kim ton ngy cng gia tng. C mt cu hi
t ra l, liu cc cng ty kim ton ny c cht lng v trnh kim ton
c 1 BCTC khng cn cha cc sai phm trng yu?
Trn thc t nhng nm va qua, chnh vic kim ton thiu nng lc v lim
khit gp phn vo vic lm gim tnh minh bch ca cc BCTC.
Th nht, v kim ton bo co ti chnh ca cc cng ty pht hnh v nim yt
chng khon. i vi mt s nghip v k ton quan trng ca doanh nghip cha
c phn nh y do thiu cc chun mc k ton v kim ton ph hp trong
quy nh ch k ton hin hnh nh vic tng vn iu l, c phiu qu, cc bin
ng bt thng... nhiu cng ty cha thn trng khi kim ton cc loi nghip v
ny, c khi cn b qua sai st r rng ca doanh nghip c kim ton. C trng
hp cng ty kim ton vn dng chun mc nc ngoi xc nhn vn cn c vo
s c phiu cha pht hnh nhng khng lu ngi c trong bo co kim
ton.
Hn na, mt s bo co ti chnh ca cng ty pht hnh v nim yt c kim
ton c phn thuyt minh cn s si, gy kh khn cho UBCKNN cng nh cc nh
u t trong vic theo di v nh gi tnh hnh hot nh ca cc cng ty ny trn
TTCK, c bit l nhng ch tiu c bin ng ln, nhng thng tin v tnh hnh sn
xut kinh doanh, tnh hnh ti chnh ca doanh nghip m cha c y trong cc
bo co ti chnh.
Th hai, v cht lng kim ton bo co ti chnh ca cc cng ty chng khon
cng cn mt s sai st nh trnh by cu th, khng kim sot k cc thng tin
trong bo co ti chnh, thng tin trong thuyt minh bo co ti chnh cn s si,
vic hch ton ca mt s cng ty chng khon cn cha tun th ch k ton
cng ty chng khon nhng trong bo co ti chnh kim ton khng nu kin.
56



Trc tnh hnh , nm 2007 cc c quan qun l v chng khon c quy
nh bo co ti chnh hng nm ca cc cng ty nim yt c phiu trn sn chng
khon phi s dng dch v kim ton ca cc doanh nghip kim ton c c
quan qun l v chng khon chp thun. Quyt nh s 89/2007/Q-BTC v vic
ban hnh Quy ch la chn doanh nghip kim ton (DNKT) c chp thun kim
ton cho t chc pht hnh, t chc nim yt v t chc kinh doanh chng khon
cng quy nh v cc iu kin bt buc vi cc cng ty kim ton c chp
thun kim ton cho cc cng ty nim yt trn sn chng khon. Ti Quyt nh s
781/Q-UBCK ngy 27/11/2008 ca UBCKNN cng c quy nh c th danh
sch cc cng ty kim ton iu kin kim ton cho cng ty nim yt.
Do tnh trng thiu minh bch trong BCTC c nguyn nhn xut pht t cng
ty kim ton c gim xung ng k. y cng l 1 bin php pht hin
hiu qu cc sai phm trng yu trong BCTC pht sinh t t chc k ton.
II.6. Thc trng s dng thng tin ca nh u t:
II.6.1. Kin thc nh u t trn th trng Vit Nam qua cc giai on:
TTCK Vit Nam mi hnh thnh t nm 2000 v cn kh non tr so vi th gii.
Tm thi c th chia th trng Vit Nam thnh 3 giai on theo tnh cht ca giao
dch trn th trng:







57



Bng 2.3: TTCK Vit Nam qua cc giai on v c im ca Nh u t

Thi
gian
c im th trng c im nh u t
Giai
on
I
T 2000
n
2005
Giai on thnh lp ca
th trng; giao dch km
si ng
S lng cng ty nim
yt: t
S lng ti khon giao
dch: khong 30.000 ti
khon
S lng nh u t tham
gia: t
Nh u t giai on ny l
nhng ngi c kin thc v
kinh nghim trong lnh vc ti
chnh.
Trnh ca nh u t tng
i cao; cc hnh vi trn th
trng t b nh hng bi cc
yu t bn ngoi.
Mt s nh u t l nhng
ngi c th gy nh hng
ln ti th trng.
Giai
on
II
T 2005
n
2008
Giai on th trng khi
ng; giao dch cc k si
ng.
S lng cng ty nim
yt: tng nhanh c v s
lng, quy m ln ngnh
ngh
S ti khon giao dch
tng nhanh, hn 300.000
ti khon.
S lng nh u t tham
gia: ng, bao gm nhiu
thnh phn trong x hi
Nh u t c nhn giai on
ny tham gia a dng hn;
gm nhiu thnh phn x hi.
Trnh ca nh u t thp
hn trc do s lng nh u
t tng nhanh nhng kin thc
v kinh nghim kinh doanh
cn hn ch.
Hin tng chng khon tng
im hng lot giai on ny
lm ny sinh tm l ch quan
trong nh u t; lm ny sinh
xu hng mua bn ngn hn,
sm hin thc ha li nhun.
Cc hnh vi mua bn ch yu
theo cm tnh, d b nh
hng bi cc yu t bn
ngoi nh tin n hay bo co
ca cc t chc.
58



Giai
on
III
T 2008
n nay
Giai on th trng iu
chnh; giao dch km phn
si ng hn trc.
S lng cng ty nim
yt: tip tc tng nhng
khng si ng nh trc.
S lng ti khon giao
dch: c iu chnh gim;
a phn l cc ti khon
giao dch c nhn
S lng nh u t tham
gia: t hn trc; tch cc
tham gia hn.
Khng hong kinh t ko theo
suy thoi ti chnh khin s
lng nh u t lt sng
gim ng k so vi nm
2007.
Trnh nh u t cao hn
do c s tham gia tch cc ca
khi ngoi ng thi nh s
sng lc mnh m ca th
trng trong khng hong ti
chnh.
Xu hng giao dch vn tip
tc l ngn hn v b l do lo
ngi v tnh n nh ca th
trng trong tng lai gn.

Bng di y tng hp nh gi trnh nh u t trong cc giai on qua
mt s tiu ch. Cc nh gi cho thy trnh ca nh u t c nhn trn TTCK
Vit Nam hin nay mc tng i thp.
Bng 2.4: nh gi trnh nh u t c nhn trn TTCK Vit Nam
STT Tiu ch nh gi
im
2000-2005 2005-nay
1 Kin thc ti chnh 4 2
2
Cc mi quan h trong lnh vc
ti chnh
5 1
3 Hiu bit v TTCK Vit Nam 5 2
4 Hiu bit v TTCK Th gii 3 1
5 Tim lc ti chnh c nhn 2 1
Tng 27 10
Ngun: TS. Nguyn Vit Dng (2008)
59



II.6.2.Thc trng s dng thng tin chng khon trong vic ra quyt nh u
t Vit Nam:
II.6.2.1. a s nh u t c nhn thng u t da trn nhng ngun thng
tin khng c ngun gc r rng, t da trn nhng thng tin chnh thc:
th trng Vit Nam hin nay, khi cha c cc t chc nh gi tn dng uy
tn nh Standard & Poor, Moody hay Goldman Sach th r rng vic da vo cc
thng tin chnh thc nh bo co ti chnh hay bn co bch ca cng ty s l xu
hng tip cn thng tin chnh ca cc nh u t.
Tuy nhin, cc nh u t nh l li khng th yn tm vo ngun thng tin
chnh thng ny do cc cng ty bng mt cch no , sa sang li bo co ti
chnh ca cng ty mnh cho p . Nguyn tc ca bo co ti chnh l cng
minh bch cng tt nhng Vit Nam, rt nhiu doanh nghip tm n l do
m bo cc b mt thng mi v b quyt duy tr kh nng cnh tranh ch
phi cng b thng tin mc ti thiu, gy bn khon v s mt lng tin cho nh
u t.
Chnh s bt cn xng thng tin gia doanh nghip v nh u t khin nh
u t b mt phng hng cng nh mt lng tin vo cc thng tin chnh thc ca
doanh nghip. Chnh v th, nh u t s c xu hng tm nhng ngun thng tin
khc ngoi ngun thng tin chnh thc, h tm mi cch nghe ngng bt k thng tin
no trn th trng, cho d nhng thng tin khng c ai kim chng v lun
lun l cc thng tin mun mng.
Vic th trng trn ngp trong s hn lon ca thng tin khin cho nh u t
tr nn mt mi v do , khng xc nh c k vng c nhn ca mnh. Khi ,
xu th ca u t s l bung xui tt c chy theo tm l by n vi hi vng
s ng lun lun ng.
60



II.6.2.2. Tm l by n v tm kim li nhun:
C mt thc t trn TTCK Vit Nam l tc ng ca cc bo co ti chnh v
thng tin chnh thc ln gi c phiu l khng mnh m, v vy nh u t c nhn
kh c th ra quyt nh u t ch vi nhng thng tin chnh thc t pha doanh
nghip.
Mt khc, do xu hng u t ca nh u t c nhn l ngn hn v cht li
nn nu thng tin b thiu, nh u t s khng th xc nh c k vng u t
ca mnh. H qu tt yu l nh u t s t b k vng c nhn chy theo k
vng ca th trng.
Trong giai on 2007 2008, TTCK Vit Nam thng c xu hng tng vo
u tun v gim vo phin cui tun, hay nh gim im trc cc t ngh l,
ngh Tt. y chnh l biu hin ca vic u t chp git, theo s ng ca cc
nh u t nh l Vit Nam.
C th thy r s tng phn khi nhn vo ng thi u t ca cc nh u t
nc ngoi. Theo thng k ca UBCKNN, n thng 3/2008 trn th trng c
khong 9800 nh u t nc ngoi tham gia; trong c 600 nh u t t chc
v khong 9200 nh u t c nhn. Trong khi , vi hn 350.000 ti khon giao
dch, cc nh u t trong nc chim n hn 97% s ti khon trn th trng.
Nu theo tm l chung ca th trng Vit Nam th vi s lng t i nh vy, chc
chn khi ngoi s b chi phi bi din bin th trng. Tuy nhin s thc li chng
minh iu hon ton ngc li.
Trong sut thi gian 2007 2008, c th thy l giao dch ca khi ngoi hon
ton khng b nh hng bi th trng. Xu hng u t ca khi ngoi l trung v
di hn nn vic x l thng tin cng hon ton khc so vi nh u t trong nc.
Cc nh u t nc ngoi c xu hng a dng ha danh mc u t v c k
hoch u t tng cng ty rt c th. Khi ngoi la chn c phiu rt kht khe da
trn nhiu thng s phn tch k thut nh bo co ti chnh, li nhun trn c
phiu, chin lc u t ca doanh nghip, thnh phn hi ng qun tr, ban kim
61



sot... Thm ch tng lai pht trin ca ngnh m doanh nghip ang hot ng
cng c khi ngoi em ra phn tch, xem xt. Ngoi ra, h cng quan tm cc c
hi trn th trng v h thng cc chnh sch v m. Nhng iu ny khc hn so
vi a s cc nh u t nh l trong nc.
II.6.2.3. a s nh u t c nhn cha trnh v kin thc phn tch
cc ngun thng tin chnh thc u t:
in hnh cho thc trng ny l vic cc nh u t s dng cc bo co kim
ton cho bo co ti chnh. Tnh trng thng tin bt cn xng xy ra v nhng ngi
s dng bo co khng c hoc khng bit cch c cc bo co kim ton, bo
co ti chnh mt cch thn trng.
Trn thc t, c rt nhiu nh u t ch nhn vo cc bo co ti chnh gc ca
cng ty nim yt c du kim ton th vi vng u t lun m khng c bo
co kim ton. Mt cng ty c gn mc kim ton khng c ngha l BCTC
ca cng ty khng cha ng cc gian ln v sai st trng yu.
Nh trong trng hp ca CTCP Bng Bch Tuyt, li mt phn cng thuc v
cc nh u t khi h khng c k (hoc khng kin thc c) cc bo co
kim ton trong BCTC c nm 2006 ca Cng ty nhn ra cc khon mc nhy
cm c th nh hng ln n li nhun ca Cng ty. n khi kim ton li vo
nm 2008, chnh cc nh u t l nhng ngi chu thit u tin.
Do vy, ngi s dng bt buc phi c cc bo co kim ton bit c
kin kim ton vin v nm bt c thc trng ti chnh sau khi c kim ton
ca DN. Khi bo co kim ton c cung cp y th chnh nhng ngi s
dng li khng ch trng, lm mt thng tin m ng ra mnh nhn c v trnh
ri ro khi u t.


62



CHNG III
MT S GII PHP KIN NGH NHM HN CH BT CN XNG
THNG TIN V BO V NH U T TRN TTCK VIT NAM
III.1. Kinh nghim hn ch bt cn xng thng tin v bo v nh u t ca
TTCK M:
Vn bt cn xng thng tin l mt vn ton cu, xy ra bt c TTCK no
trn th gii, t cc th trng ang pht trin cho ti nhng th trng tin tin
nht. cc th trng pht trin, vn ny thm ch cn ni cm hn, cc vi phm
ngy cng tinh vi v kh pht hin. Chnh iu thc y nhng nh hoch
nh chnh sch (policy maker) ca cc nc ngy cng ci tin v hon thin hn
h thng lut php nhm hn ch bt cn xng thng tin v bo v nh u t trn
th trng. Kinh nghim ca cc nc tin tin l bi hc rt hu ch i vi nhng
th trng ang hnh thnh v pht trin nh trng hp Vit Nam.
C th ni TTCK M l TTCK pht trin nht th gii v cc th on, vi phm
v cng b thng tin cng tinh vi nht th gii. Tuy nhin, h thng php lut ca
M tng i hon chnh v lin tc c i mi thch nghi vi nhng bin ng
khng ngng ca th trng. Mt trong nhng yu t quan trng to nn tnh minh
bch cao trn TTCK M l h thng k ton, kim ton ca quc gia ny cng
nhng o lut bo v nh u t ca quc gia ny.
V h thng k ton, kim ton: h thng k ton, kim ton ca M rt cht
ch v lun c s tham gia kim sot ca nhiu c quan chc nng v t chc khc
nhau.
V lnh vc k ton, h thng cc chun mc k ton ca M c thit lp bi
Hip hi cc k ton vin Cng chng ca Hoa K (AICPA) v sau ny l y ban
cc chun mc k ton ti chnh FASB (Financial Accounting Standards Board).
i vi cc vn quan trng, FASB c t vn tr gip bi Ban t vn cc
chun mc k ton ti chnh FASAC (Financial Accounting Standards Advisory
63



Council). Cc chun mc k ton hnh chnh li c ban hnh bi Ban cc chun
mc k ton hnh chnh GASB (Government Accounting Standards Board), trc
thuc Hip hi k ton ti chnh FAF (Financial Accounting Foundation). Rt nhiu
cc c quan quan trng trong lnh vc k ton ca M song song tn ti v lin kt
mt thit vi cc c quan ny, v d nh Hip hi k ton Hoa K AAA (American
Accounting Association). Cc c quan ny phi hp xy dng v lin tc pht trin
h thng cc chun mc k ton, nhm to ra cc bo co ti chnh trung thc nht
ca cc cng ty.
Tng t, i vi hot ng kim ton, chnh ph Hoa K cng thnh lp cc c
quan chng nng v t chc gim st tin hnh hot ng kim tra cho,
nhm m bo s minh bch v trong sch ca cc t chc kim ton. 3 t chc
quan trng nht l y ban gim st hot ng kim ton cho cc cng ty i chng
PCAOB ( Public Company Accounting Oversight Board), Trung tm chng trnh
kim tra cho cc cng ty kim ton cho cng ty i chng CPCAF (Center for
Public Company Audit Firm Peer Review Program), v cui cng l Hip hi cc
k ton vin Cng chng ca Hoa K (AICPA).
H thng k ton kim ton ca M khng ngng a ra nhng sa i i vi
lut php to mt mi trng kinh doanh linh hot v minh bch hn.
Gn y nht, FASB ni lng gi tr k ton hp l gip cc cng ty ng
bin vi s khng hong ca th trng. iu ny c th hin vic thay v tnh
gi tr c phiu da trn gi th trng nh quy nh trc y ca M, gi tr c
phiu c th c tnh theo cc nguyn tc c li hn cho cng ty m vn phn nh
ng gi tr thc s ca cc c phiu, c bit l cc c phiu khng c giao dch.
Tuy nhin, h thng k ton, kim ton ca M vn b l nhng thiu st. u
tin, vic h thng k ton da trn cc lut l to ra nhng khe h cc doanh
nghip lch lut v trn thu. Do theo phng php ny, k ton vin ch cn s
dng k nng tt m khng cn thm cc k nng phn tch, nhn mnh v mt th
tc thay v bn cht. V d nh vic sa li d liu k ton l phm php nhng vic
64



bin th cng qu li c chp nhn do cc nguyn tc k ton s chp nhn nu
s bin th l do s trng hp tnh c vi d liu thc t.
M hnh kim ton da trn c s cc ri ro ca M bc l im yu khi vic
phn tch ti chnh ch tp trung vo li nhun v ri ro ca qu trnh kinh doanh m
khng cn h tr hot ng ca cc nhn vin kim ton. iu ny d gy ra ri ro
o c i vi cc kim ton vin. C th ly v d t rt nhiu cc v vic vi
phm nh ca tp on Enron, World Com, Rite Aid
Sau khi hng lot nhng v vi phm nghim trng xy ra vo u nhng nm
2000, gy nh hng nghim trng n th trng v gy ra thit hi ln n cc
nh u t, y ban Chng khon M (SEC) ban hnh nhng iu lut mi nhm
bo v quyn li nh u t.
o lut Sarbanes-Oxley (cn gi l SOX) vi 1107 iu lut v tnh cng
khai v minh bch thng tin c Quc hi Hoa K ph chun ngy 30/07/2002 l
vn bn php lut quan trng nht, c tc ng mnh nht n vic hn ch bt cn
xng thng tin v bo v nh u t trn TTCK M.
Ti mt s TTCK pht trin khc cng c nhng o lut tng t nhm m
bo tnh cng khai v minh bch ca th trng: Bill 198 (Ontario, Canada), J-SOX
(Nht Bn), CLERP9 (Australia), Lut Chng khon Php (Php), L262/2005 (),
y u l nhng tham kho hu ch i vi TTCK Vit Nam. Trong khun kh
nghin cu, ti ch cp n nhng nt ni bt ca SOX.
K t ban hnh nm 2002, SOX th hin vai tr quan trng trong vic ngn
chn nhng hnh vi vi phm v thng tin trn TTCK M. Su im ni bt ca o
lut l:
Mc 302 v Trch nhim qun tr vi BCTC (Corporate Responsibility for
Financial Reports): cc gim c iu hnh, gim c ti chnh phi trc
tip k vo cc bo co ti chnh c ban hnh chnh thc v m bo tnh
65



trung thc ca bn bo co . Nu c nhng sai phm, th h c th phi
ngi t.
Mc 401 v tnh minh bch trong cc bo co thng k (Disclosures in
periodic reports): Bo co ti chnh c nh pht hnh cng b phi chnh
xc v trnh by ph hp, khng cha cc thng tin sai lch hoc thng tin
gy hiu nhm. Cc bo cc ti chnh phi bao gm cc khon n, giao c
v giao dch ngoi bng. C quan th y cn phi nghin cu v bo co v
quy m ca cc giao dch ngoi bng to tnh minh bch trong bo co.
C quan th y cng cn phi m bo cc nguyn tc k ton c bn v cc
quy nh khc gip nh pht hnh co bo co mt cch chn thc v c
ngha
Mc 404 v nh gi kim sot ni b (Management Assessment of Internal
Control): cc cng ty phi lp ra ban gim st k ton thc hin chc nng
gim st hot ng kt ton trong ni b ca tp on, ng thi gim st
cht hot ng ca cc cng ty kim ton cho tp on .
Cc cng ty c yu cu phi cng b thng tin trong bo co hng nm
ca h lin quan n phm vi v ph hp vi kim sot ni b. Cc cng ty
phi ng k k ton, trong cng mt bo co, chng thc v bo co v vic
nh gi v hiu qu ca cc c cu kim sot ni b v cc th tc cho cc
bo co ti chnh...
Hng nm, cc cng ty phi c bo co kim sot ni b, trong cc
thng tin v tnh hnh ti chnh ca cng ty phi c s chng thc ca cng
ty kim ton.
Mc 409 v thi hn cng b thng tin (Real time issuer disclosures): Nh
pht hnh buc phi cng b ra cng chng theo ng thi hn cc thng tin
v thay i quan trng trong iu kin v hot ng ti chnh. Nhng thng
tin c cng b ny phi c trnh by mt cch d hiu v c h tr
66



bng cc thng tin mang tnh xu hng v nh tnh ph hp nh cc bng
biu.
Mc 802 v cc mc pht hnh s i vi cc ti danh lin quan n sa i
ti liu (Criminal penalties for altering documents): Mc ny p dng cc
khon tin pht v/hoc 20 nm t giam i vi hnh vi thay i, hy hoi,
gy tn tht, che giy v lm sai lch cc ghi chp, vn bn hoc cc vt th
hu hnh vi ng c che giu, gy cn tr hoc nh hng ti vic thanh tra
hp php. Mc ny cng p dng cc khon tin pht v/hoc 10 nm t
giam i vi bt c trng hp no c vi phm cc quy inh v vic lu
tr cc ti liu kim ton v ti liu lin quan trong thi hn 5 nm.
Ngoi ra, cc ch ti x pht vi phm ca M cng rt nghim khc. Nhng
hnh pht ny c tnh rn e tt i vi cc cng ty i chng v khin h phi tun
th cc quy nh mt cch nghim tc.
Cc hnh vi vi phm nguyn tc v cng b thng tin, cc hnh vi c tnh la
o, gy tn tht ti quyn li ca cc nh u t, u c c quan php lut ca
Hoa K th l v x l nghim minh. V d nh vo ngy 18/05/2009, cng ty
Monster Worldwide Inc. phi chu mc pht 2,5 triu la M do hnh vi c
tnh backdate thng tin v cc khon chi ph ca mnh, to ra li nhun o nh
la cc nh u t. Trc , vo nm 2007, cng ty Brocade phi tr khon tin
pht 7 triu la M cho hnh vi vi phm tng t.
19

i vi cc hnh vi vi phm ca c nhn, hnh pht cng khng gim nh m
linh hot theo mc nghim trng ca v vic. Ngy 30/06/2009, Bernard
Maddoff b buc ti la o. Cc cng t vin ngh mc pht 150 nm t
giam cho trng hp ny, ng thi tch thu ton b ti sn. y l mt hnh pht
rt nng, c tnh rn e i vi tt c cc thnh vin trong TTCK bao gm c cc c
nhn v cc t chc.

19
Cc bn tin ca y ban Chng khon M (SEC) http://www.sec.gov/news/press/2007/2007-107.htm v
http://www.sec.gov/news/press/2009/2009-113.htm
67



TTCK Vit Nam vn ang trong giai on hnh thnh v pht trin, vic cn
thit l phi i tt n u nhm rt ngn khong cch mt cch nhanh chng vi
cc nc pht trin. Vic p dng kinh nghim ca cc TTCK pht trin khng phi
l rp khun m phi c tnh cht chn lc, ph hp vi hon cnh c th vo tng
thi k nht nh ca TTCK Vit Nam, hc tp nhng im tin tin v rt ra bi
hc t nhng thiu st ca cc nc .
III.2. Mt s kin ngh nhm nng cao tnh minh bch v hiu qu thng tin
trn TTCK Vit Nam:
III.2.1. Hon thin khung php l v cng b thng tin. Tng cng c ch
gim st v x l vi phm cng b thng tin:
III.2.1.1. Hon thin khung php l v cng b thng tin:
Hin ti, bn cnh Quy ch cng b thng tin ca 2 S GDCK, Thng t s
38/2007/TT-BTC ca B Ti Chnh ban hnh ngy 18/04/2007 v quy nh cng b
thng tin trn TTCK v Ngh nh s 36/2007/N-CP ca Chnh Ph ban hnh
ngy 08/03/2007 v x pht hnh vi phm hnh chnh trong lnh vc chng khon
v TTCK l nhng vn bn php lut quan trng, thng c s dng trong vic
cng b cng tin ca cc cng ty i chng. Tuy vy, nhng vn bn php lut ny
vn cn tn ti nhng iu bt cp nh ni mc II.2.2 chng II ca ti. Do
, nhm tc gi c mt s kin ngh nhm hon thin hn khung php l v cng
b thng tin i vi cc cng ty i chng:
Cc vn bn cn phi c ni dung c th, quy nh r rng ngha v v ni
dung thng tin cn cng b, lng ha r rng nhng khi nim cn chung
chung, mp m (v d nh khi nim gy nh hng ln, gy tc ng
mnh ln gi chng khon trong mc 3, iu II ca Thng t s
38/2007/TT-BTC)
68



Cc vn bn php lut phi r rng, y , khng chng cho nhm m
bo hiu qu thc thi cao, trnh tnh trng nh hin nay l km theo nhng
vn bn php lut l mt lot nhng thng t hng dn thi hnh.
Mt khc, h thng cc vn bn iu chnh hot ng cng b thng tin i
vi cc cng ty i chng cn phi linh hot, c d tr n pht sinh trong
tng lai ca TTCK, trnh tnh trng hng u v nh hin nay. Cc
vn bn ny phi ng b, thng nht, ph hp vi cc vn bn php lut
iu chnh cc hot ng khc trn TTCK.
Cn thit phi lm r vai tr, trch nhim ca tng ch th lin quan n vic
cng khai, minh bch thng tin trn TTCK nhm bo v li ch hp php ca
Nh u t.
Cc d tho lut lin quan mi cn phi c cng khai, minh bch, ly
kin rng ri ca cc bn lin quan v kin ng gp ca gii u t. Mt
hnh mu in hnh l cc K hp Quc hi, UBCKNN, S GDCK, Chnh
ph c th t chc nhng cuc hp vi nhng i din ca cc thnh phn
trong gii u t (c ng ln, c ng nh, nh u t c nhn, nh u t
c t chc,...) nhm c nhng kin ng gp xy dng nhng iu lut
c th bo v li ch ca a s nh u t.
III.2.1.2. Tng cng c ch gim st:
C ch gim st hot ng cng b thng tin ca cc cng ty i chng ti Vit
Nam hin nay c th m t qua s sau:




69



S 3.1: C ch gim st hot ng cng b thng tin ti Vit Nam










C th thy c ch gim st hot ng cng b thng tin hin nay ti Vit Nam
kh l chng cho; cc c quan chc nng vn cha c s phi hp nhp nhng,
cha c s phn quyn c th; cc quy nh gim st cha ng b. iu ny khin
cho hot ng gim st trn TTCK vn cha t hiu qu cao. Do , tng cng
v hon thin cng tc gim st, cn:
Quy nh r chc nng, nhim v ca tng c quan, n v c chc nng
gim st hot ng cng b thng tin trn th trng.
Xy dng mt quy trnh v cc tiu ch gim st mt cch c th r rng.
Thnh lp mt c quan duy nht chu trch nhim v vic gim st thng tin.
C quan gim st ny trc thuc B Ti Chnh v c nhng trch nhim:
y ban Chng
khan Nh nc
S GDCK Ban Qun l
kinh doanh
Ban Qun l
pht hnh
Thanh tra
UBCKNN
Hot ng cng
b thng tin





70



- Gim st hot ng giao dch trn cc S GDCK; gim st hot ng
cng b thng tin; m bo quy trnh v t lnh giao dch, lu k, thanh
ton chng khon mt cch cng khai, minh bch v ng php lut.
- Gim st hot ng ca cc cng ty chng khon trong hot ng mi
gii, t vn u t, t vn nh gi doanh nghip.
- Gim st hot ng ca cc qu u t chng khon, c bit l cc qu
nc ngoi trong vic thc hin cc quy nh v t l c phiu, cng b
thng tin
- Gim st lung tin chy vo TTCK bng cch gim st cc hot ng
huy ng, cho vay, cm c u t vo TTCK; gim st cc lung tin
u t trc tip vo TTCK t nc ngoi.
- Quyn hn ca T chc gim st ny cn c quy nh r rng trong
Lut Chng khon
Nng cp h thng Cng ngh - Thng tin ti 2 S GDCK v Trung tm lu
k Chng khon c th gim st cc hot ng giao dch hng ngy mt
cch c h thng, nhanh v chnh xc hn nhm sm pht hin cc hnh vi vi
phm.
III.2.1.3. X pht nghim khc cc vi phm v cng b thng tin:
V x l cc vi phm, cc ch ti x l c quy nh trong Ngh nh s
36/2007/N-CP do Chnh ph ban hnh ngy 08/03/2007, km theo l Thng t s
97/TT-BTC do B Ti Chnh ban hnh hng dn thi hnh mt s iu ca Ngh
nh. Mc x pht quy nh l t 5.000.000 n 50.000.000 ty vo i tng v
mc vi phm, c th hin qua bng sau:


71



Bng 3.1:Ch ti x pht vi phm cng b thng tin
Khung x pht
(triu ng)
i tng Hnh vi
5 10
Cng ty i chng,
t chc nim yt,
Bo co khng y ni dung theo
quy nh ca php lut; bo co khng
ng thi hn theo quy nh ca php
lut; bo co khng ng mu biu
quy nh.
20 30
Cng b thng tin khng y , kp
thi, ng hn theo quy nh ca php
lut.
30 50
Cng b thng tin nhng trong c
cha ng nhng thng tin sai s tht,
gy bin ng gi nghim trng trn
th trng.
Ngun: Ngh nh s 36/2007/N-CP
C th thy xt v mc thit hi c th pht sinh do cc hnh vi vi phm cng
b thng tin th nhng mc x pht nh trn cn qu nh. ngn chn v rn e
vic vi phm cng b thng tin nhm trc li, khung x pht trong lnh vc cn
c nng cao hn. Nhm tc gi ti xut mt s khung hnh pht sau y:
Pht tin t 30 50 triu ng i vi cc cng ty i chng, t chc nim
yt, bo co khng y ni dung theo quy nh ca php lut; bo co
khng ng thi hn theo quy nh ca php lut; bo co khng ng biu
mu quy nh.
72



Pht tin t 50 150 triu ng i vi cc cng ty i chng, t chc nim
yt, cng b thng tin khng y , kp thi, ng hn theo quy nh ca
php lut.
Pht tin t 150 200 triu ng i vi cc cng ty i chng, t chc nim
yt cng b thng tin trong c cha ng nhng thng tin sai s tht, gy
bin ng gi nghim trng trn th trng.
Pht tin tng ng vi 2 5% tng gi tr giao dch i vi c ng ni
b, c ng ln, thnh vin ban lnh o, ngi c lin quan n c ng ni
b, vi phm quy ch cng b thng tin lin quan n giao dch ca c
ng ni b. Nu c bng chng chng minh giao dch da trn thng tin ni
gin (v d trng hp ca FBT cp mc II.3.1.4), mc pht tin c
th l 10 30% tng gi tr giao dch v phong ta ti khon giao dch trong
vng 3 6 thng ty mc vi phm.
Khi t trch nhim dn s vi nhng c nhn tung tin n tht thit, gy tc
ng ln ln gi c phiu ca cc cng ty i chng, gy nh hng ln n
hot ng kinh doanh ca cc t chc hot ng trn TTCK (v d nh
trng hp CTCK VNDirect b tung tin n ph sn vo cui nm 2008).
III.2.2. Tng cng nhn thc v tnh t gic minh bch thng tin ca cc
cng ty i chng:
Bn cnh vic ci thin chc nng phn b ngun lc ca TTCK, nhiu nghin
cu l thuyt v thc nghim trn th gii ch ra nhng li ch cho t chc pht
hnh v nim yt khi tng cng cng b thng tin
20
. Nhng li ch ny c th th
hin trn s sau:



20
Nguyn Vit Dng (2008), Mi lin h gia thng tin t BCTC v gi c phiu trn TTCK Vit Nam,
ti nghin cu khoa hc, M s B2007-08-23, B Gio dc v o to, trang 114-116
73



S 3.2: Nhng li ch ca tng cng cng b thng tin

Nhm tc gi kin ngh mt s gii php sau y:
Quy nh r rng trong cc vn bn php lut trch nhim lin i ca Tng
gim c, Ch tch Hi ng qun tr cc cng ty i chng trong cc s vic
vi phm quy nh v cng b thng tin ca cng ty. Trong nhng vi phm
c bit nghim trng, nhng lnh o ny hon ton c th b ngi t. Khi
, nhng ngi ng u doanh nghip v quyn li ca mnh s phi tht
cht hn nhng quy nh v cng b thng tin trong ni b doanh nghip.
C nhng ch khen thng thch hp vi nhng cng ty i chng cng
b thng tin y , ng hn, theo quy nh v cng b thng tin nhm
khuyn khch cc doanh nghip thc hin tt nhng quy nh cng b thng
tin.
Tng cng cng tc truyn thng cho nhng cuc thi/s kin vinh danh
nhng doanh nghip c bo co ti chnh/bo co thng nin tt nhm gy
tc ng ln hn ti cc Nh u t, t s thu ht cc doanh nghip tham
gia hn. Thc t, c Cuc bnh chn Bo co thng nin hng nm,
nhng vn cha thu ht c nhiu doanh nghip tham gia (ch c 30%
74



doanh nghip nim yt trn HoSE tham gia cuc bnh chn 2008
21
) v cha
c ting vang rng ri n cc gii u t.
III.2.3. Nng cao cht lng thng tin trn TTCK:
Thng tin chnh thc trn TTCK c cng b rng ri, chnh xc, c cht
lng s lm gim ri ro la chn i nghch (adverse selection), t s ci thin
chc nng phn b ngun lc ca th trng v khin tnh thanh khon c phiu
tng cao, em li li ch cho cc cng ty i chng v c nhng nh u t. thc
hin iu , mt s gii php kin ngh sau c th hu hiu:
Cho php thnh lp nhng cng ty chuyn tm kim v bn thng tin v th
trng. in hnh cho hnh mu ny l Thompson Reuters, Bloomberg,
trn th trng Anh v M. Km theo , cn thit lp mt c ch gim st
nhng cng ty ny nhm trnh nhng gian ln trong vic cung cp tin.
Tng cng cng tc gim st thng tin trc v sau khi cng b.
t ra quy nh nghim ngt v h thng cng b thng tin ca cc cng ty
i chng, c bit l cc trang web chnh thc ca cc doanh nghip nim
yt. Trn thc t, a s cc doanh nghip nim yt vn cha ch trng pht
trin h thng trang web chnh thc ca mnh, a s vn cn s si, thiu
thng tin, cp nht chm; thm ch c nhng doanh nghip nim yt khng
c trang web chnh thc.
Nng cp h thng thng tin ca cc th ch trung gian hin c l 2 S
GDCK, cc Cng ty Chng khon v UBCKNN.
III.2.4. Hon thin c ch k ton, kim ton:
Bo co ti chnh lun l ngun thng tin quan trng nht trong nhng quyt
nh u t ca th trng. tng cng vai tr ca thng tin bo co ti chnh, h
thng k ton v kim ton cn c hon thin hn v ci tin khng ngng.

21
Hi L, Chn nm mi by nhiu ngy, Thi bo Kinh t Si Gn s 10/07/2009
75



Nhm t c nhng mc ch ny, cn c nhng gii php hiu qu v kh thi.
Nhm tc gi xut mt s gii php sau:
Ci tin h thng chun mc k ton, kim ton nhm tip cn gn hn so
vi cc chun mc quc t. Nhng ci tin ny s phi tnh n s bin ng
khng ngng ca th trng ti chnh v d phng nhng pht sinh c th
xy ra. Bn cnh , Nh nc cn ban hnh nhng vn bn hng dn c
th hn v vic p dng nhng chun mc c trong nhng hon cnh ph
hp.
Cn phi thng nht gia cch tnh khon trch lp v hon nhp d phng
u t ti chnh t gim thiu s chnh lch gia kt qu trc v sau
khi kim ton. Cc doanh nghip cn phi thc hin theo st nhng ch k
ton do B ti chnh ban hnh. Hin thc y v chnh xc nhng quy
nh v vic trch lp d phng tn tht, trch lp d phng gim gi
Nhm p ng nhu cu ca cc nh u t l c c nhng bo co ti
chnh kim ton trung thc, ng tin cy, c cht lng, cc cng ty kim
ton trong lnh vc ny cn c nng lc, uy tn, m bo cht lng.
c c iu ny, cn:
- a ra nhng tiu ch chi tit v y nh gi cc cng ty kim
ton trn th trng, c th chia thnh ba loi: A, B v C. Nhng nh
gi ny cn c cng khai trn cc phng tin thng tin i chng. T
, cc cng ty i chng c th chn la cng ty kim ton ph hp vi
nhu cu. ng thi, khi nhn vo cc BCTC, nh u t c th c nhng
nhn nh ring v cht lng kim ton ca BCTC (thc t, nu so
snh BCTC A do PwC kim ton vi mt BCTC B do mt cng ty kim
ton nh khc kim ton, nh u t chc chn s tin tng BCTC A
hn).
76



- Cc cng ty i chng cn nng cao hn cht lng kim ton ni b ca
mnh. B phn kim ton ni b ca cng ty cn phi c trch nhim
c quy nh r nu c nhng vi phm trong cng tc kim ton BCTC
ty theo mc nghim trng.
- Cc doanh nghip kim ton cn phi nng cao cht lng i ng kim
ton vin. Vic t chc cc chng trnh o to ring dnh cho i ng
k ton ca cc doanh nghip v kim ton vin ca cc cng ty kim
ton, c bit nhng cng ty nh, l cn thit. Hip hi kim ton c th
cp nhng hc bng tu nghip ti nc ngoi cho nhng kim ton vin
xut sc c sng lc qua cc k thi tuyn hng nm.
- Da vo kinh nghim ca TTCK M, Vit Nam c th quy nh vic
kim ton ca cc tp on ln khng c thc hin bi mt cng ty
kim ton ring l. Cc nghip v kim ton ring r s c chia cho
nhiu cng ty kim ton khc nhau nhm trnh tnh trng tp trung li ch
dn n nhng tiu cc c th xy ra.
Cc t chc hip hi ngh nghip nh Hi kim ton vin hnh ngh Vit
Nam (VACPA), cn th hin r v nng cao vai tr thng qua vic c
chuyn giao mt s chc nng ca B Ti Chnh nh gim st hot ng
kim ton. Ngoi ra, Hip hi cn nng cao cht lng o to v nhng
chun mc trong cc k thi kim ton vin hnh ngh c th la chn
nhng kim ton vin xut sc, phc v cho s pht trin ca ngnh Kim
ton Vit Nam.
III.2.5. Hon thin cc nguyn tc v qun tr cng ty (Corporate Governance)
trong cc cng ty i chng nhm tng cng minh bch thng tin:
Da trn kinh nghim p dng cc c ch qun tr cng ty nhm bo v nh u
t cc Th trng pht trin trn th gii (c bit l o lut Sarbanes-Oxley
nm 2002 ca M), Vit Nam c th p dng mt s bin php sau:
77



Cn lut ha cc quy nh, ch ti v qun tr cng ty cho cc cng ty i
chng, c bit l cc doanh nghip nim yt. Cc doanh nghip mun nim
yt trn sn cn c nhng quy ch qun tr cng ty ring nh l mt iu kin
bt buc.
i vi nhng doanh nghip nim yt trn sn Chng khon, cn bt buc
phi lp ra quy ch qun tr cng ty ring ca mnh trong vng mt thi gian
nht nh (c th l t 6 thng n 1 nm) nhm duy tr vic nim yt, nu
khng s b chuyn xung sn UpCom. Cc doanh nghip ny c th t mnh
lp ra quy ch da trn nhng hiu bit v qun tr cng ty (nhng phi c
s kim duyt ca UBCKNN hoc cc B lin quan) hoc nh s tr gip
ca cc chuyn gia, cng ty t vn.
Nhng thnh vin Ban lnh o nh Thnh vin HQT, Tng gim c v
nhng ngi qun l c lin quan phi tham gia cc kha hc, tp hun, bi
dng v qun tr cng ty hng nm nhm nng cao cht lng qun tr cng
ty.
Cc quy nh v i hi C ng cn cht ch v r rng hn. ng thi,
HC ca cc cng ty i chng cn c cng khai v minh bch hn, v
d nh vic cho cc phng vin ca cc bo kinh t - ti chnh c tham gia
i hi. Hin ti vic cc phng vin tham gia HC ca cc cng ty i
chng, c bit l cc tp on Nh nc l rt kh khn (trn thc t, iu
ny vi phm Lut Bo ch), h thng phi bng cch ny hoc cch khc
kim/lm gi mt tm th c ng tham gia. iu ny do nhiu cng ty
i chng mun che giu nhng mt cha tt trong hot ng ca mnh v
n phn no ngn cn cc thng tin v tnh hnh doanh nghip n vi
ton th gii u t, khin thng tin trn TTCK tr nn bt cn xng hn.
Ban kim sot cn phi c vai tr thc t v r rng hn nhm m bo Ban
lnh o cc doanh nghip khng v mc tiu li nhun m thc hin cc
hnh vi vi phm php lut. Vic ny s lm gim ri ro o c (moral
78



hazard) trn TTCK v s em li li ch v lu di cho nh u t v bn
thn doanh nghip. Ngoi ra, c cu v Ban kim sot cn phi thay i,
trng ban kim sot cc cng ty i chng phi l ngi do B Ti chnh c
xung (hin ti Ban kim sot cc cng ty i chng do HQT bu ra, h
thng l nhng ngi nm gi t nhiu c phiu ca bn thn cng ty h
kim sot) nhm trnh nhng tiu cc c th xy ra.
III.2.6. Nng cao cht lng ngun nhn lc v kin thc nh u t:
Nhm nng cao cht lng thng tin trn TTCK, nh u t cn phi bit r
nhng quyn li ca mnh trong vic nhn c nhng thng tin minh bch, chnh
xc. Mun vy, trc ht nh u t cn phi c kin thc v hiu bit su rng v
TTCK Vit Nam ni ring v TTCK Th gii ni chung nhm s dng thng tin
mt cch hiu qu nhm a ra nhng quyt nh u t chnh xc. Vit ny s em
li li nhun cho cc nh u t, qua thc y s pht trin ca TTCK Vit Nam.
Xt trong trng hp Vit Nam, cng tc ny c th tp trung vo nhng ni
dung sau:
Thc hin nhng chng trnh ph cp kin thc c bn v chng khon v
TTCK cho ton dn trn cc phng tin thng tin i chng. ng thi, cc
chng trnh thng tin v kinh t ni chung v chng khon ni ring cn
c tng thi lng v c dnh nhng gi cao im trn cc phng tin
thng tin i chng nh truyn hnh, bo, i,
Tng cng vic minh bch v cng khai thng tin trn cc phng tin
thng tin i chng. Hin nay, iu ny vn cn gp rt nhiu tr ngi v s
phn i, c bit l t nhng ngi c nhng ngun thng tin ni gin vi
mc ch li nhun ring.
in hnh cho trng hp ny l trng hp ca Knh thng tin ti chnh
chng khon CafeF.vn trong thi gian gn y. Trc mi phin giao dch,
CafeF.vn thng c nhng bi tng hp kin ca cc CTCK nhn nh v
79



TTCK
22
, nhng bn tin ny c cng chng u t rt hoan nghnh. Tuy
nhin, mt s khng t nh u t c nhn, cng nh CTCK (v d nh
CTCK Thng Long) c kin phn i kh gay gt.
23
Thc t, nhng bn
tin gp phn gip nh u t nhn c nhiu thng tin hn, phn no
nng cao kin thc ca nh u t v cn c khuyn khch hn na.
Cp nht v chun ha cc chng trnh o to v chng khon ngn hn v
cc chng trnh ging dy trong cc trng H khi Kinh t theo nhng
chun mc quc t. Trc ht, nhng ngi ging dy v nhng ngi ang
lm vic ti cc t chc nh UBCKNN, 2 S GDCK, cc CTCK, cn b lnh
o cc doanh nghip, cn cp nht thng xuyn nhng kin thc theo
chun quc t. iu ny s nng cao cht lng nh u t, nng cao trnh
qun l ca Nh nc v TTCK, cht lng v hiu qu cc hot ng
kinh doanh chng khon v nng cao cht lng qun tr doanh nghip.
Tn dng, khai thc c hiu qu s gip ca cc t chc quc t v nhng
kinh nghim ca cc nc pht trin nhm nng cao cht lng ngun nhn
lc trong lnh vc Ti chnh Chng khon v nng cao kin thc nh u t.
Nhng ging vin, cng nh nhng ngi tr tui hot ng trong ngnh c
kin thc, trnh ngoi ng cn c c i hc tp, o to v thc tp
cc TTCK ti cc nc tin tin.
Vic a nhng bin php trn vo thc t khng phi l mt vic d dng v
nhanh chng, cn phi c mt khong thi gian nht nh. t c hiu qu
thng tin trn TTCK nhanh chng, Nh nc cn ch ng a ra nhng bin php
tc ng ti TTCK. Theo TS. Nguyn Vit Dng (2008), trng b mn Ti chnh
doanh nghip khoa Ti chnh Ngn Hng H Ngoi Thng, Nh nc c th
thc hin mt s nhng bin php tc ng sau:

22
Knh Thng tin Ti chnh Chng khon http://cafef.vn
23
Cng ty Chng khon Thng Long, Thanglong Talk No.10 Bn thng 7 hay li n chi,
http://www.thanglongsc.com.vn
80



Th nht: cung cp thm kinh ph, c nhng ch u tin cho nhng chng
trnh nghin cu v pht trin TTCK trong iu kin nn kinh t chuyn i ca
Vit Nam; h tr kinh ph cho cng tc o to ngun nhn lc, tp trung tng
cng cc chng trnh o to ph cp kin thc c bn v chng khon v TTCK
n ton dn.
Th hai: khuyn khch s sng to, m rng quyn t ch v ti chnh cho cc
nh ch ti chnh. Khuyn khch cc doanh nghip, t chc tham gia TTCK u t
cho cng tc nghin cu v o to nhn lc cho th trng v nng cao kin thc
nh u t bng cc chnh sch nh cho vay vn u i vi nhng hot ng nghin
cu o to. Bn cnh , nhng c nhn vi nhng n nghin cu kh thi, c
tnh thc tin cao c th c vay vn vi iu kin u i t cc qu ca doanh
nghip, ti cc Ngn hng thng mi hoc c bo lnh tn dng u t theo quy
nh ca php lut.
Th ba: Tng cng khai thc cc ngun vn ngoi nc bng vic to iu
kin cho cc t chc khai thc ngun vn nc ngoi t hot ng hp tc quc t
qua nhiu hnh thc khc nhau nh: Hp tc nghin cu, o to song phng, a
phng; c nhng chnh sch hp l thu ht nhng nh khoa hc nc ngoi n
Vit Nam lm vic; cho php t chc, c nhn nc ngoi thnh lp t chc nghin
cu v o to v chng khon v TTCK ti Vit Nam di hnh thc lin doanh
hoc 100% vn nc ngoi theo quy nh ca php lut.






81



KT LUN
Trong qu trnh nghin cu, nhm tc gi t c mt s kt qu sau:
Th nht, ti tng hp, h thng ha c s l lun v bt cn xng
thng tin v vai tr ca thng tin trn TTCK Vit Nam. Trn c s , c th
ly lm nn tng pht trin cc ti nghin cu su rng hn.
Th hai, ti a ra ci nhn ton cnh mt cch c logic v bt cn
xng trn TTCK Vit Nam. Qua , ti phn tch nhng thc trng v
nguyn nhn ca tnh trng thiu cng khai v minh bch thng tin trn
TTCK Vit Nam.
Cui cng, ti xut nhng gii php c th nhm gp phn nng cao
tnh minh bch v cng khai thng tin trn TTCK Vit Nam. Nhm tc gi
tin rng nhng gii php xut ny s c p dng trong thc t v khc
phc c nhng hn ch ang tn ti.
Do hn ch v khun kh ti, thi gian nghin cu v kinh ph, ti vn cn
tn ti mt s hn ch nh: cha lng ha mi lin h gia thng tin v gi c
phiu, cha phn tch c nhiu trng hp v cc cng ty i chng cha nim
yt. Nhng nghin cu tip theo cn pht huy nhng u im ca ti v khc
phc nhng hn ch ny.
Nhm tc gi mong mun ti s l mt ti liu tham kho hu ch gip nhng
sinh vin quan tm n vn thng tin trn TTCK ly lm c s nghin cu
nhng ti su rng v thit thc. Bn cnh , nhm tc gi cng mong mun
nhng cng ty i chng, c quan nh nc v nh u t c th ng dng ton b
hoc mt phn nhng gii php xut trong ti. Qua , nng cao cht lng
thng tin trn TTCK Vit Nam v thu c nhng li ch to ln.


82



DANH MC TI LIU THAM KHO
Ting vit:
TS. Nguyn Vit Dng, 2008, Mi lin h gia thng tin t BCTC v gi c
phiu trn TTCK Vit Nam, ti nghin cu khoa hc, M s B2007-08-
23, B Gio dc v o to;
L An Khang, 2008, nh hng ca thng tin bt cn xng n nh u t
trn Th trng chng khon Tp. HCM, Lun vn thc s kinh t, trng
H Kinh t Tp. HCM;
TS. o L Minh (Ch bin), 2002, Gio trnh Nhng vn c bn v Th
trng Chng khon, UBCKNN;
PGS,TS. Nguyn Vn Tin, 2005, Ti chnh quc t hin i trong nn kinh
t m, NXB Thng K;
TS. Nguyn nh Th, 2008, Tp bi ging mn Th trng chng khon,
H Ngoi Thng;
Ngh nh s 36/2007/N-CP do Chnh ph ban hnh ngy 08/03/2007;
Thng t s 97/2007/TT-BTC do B Ti Chnh ban hnh 08/08/2007;
Thng t s 38/2007/TT-BTC ban hnh ngy 18/04/2007;
Trang web ca UBCKNN: http://www.ssc.gov.vn/ ;
Trang web ca S GDCK Tp. HCM: http://hsx.vn/ ;
Trang web ca S GDCK H Ni: http://hnx.vn/ ;
Cc bi vit trn cc phng tin thng tin i chng v Ti chnh Chng
khon:
- Trn c Nam, Thng tin ti chnh minh bch Hiu sao cho ng,
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Ting nc ngoi:
o lut Sarbanes Oxley do Quc hi M ph chun ngy 30/07/2002;
Frederich S.Mishkin, 1992, The Economics of Money, Banking and
Financial Markets, 7
th
edition, Pearson Publish;
Auronen, L., 2003, Asymmetry Information: Theory and Applications;
Information for public of The Nobel Foundation (2001), Markets with
Asymmetric Information:
http://nobelprize.org/nobel_prizes/economics/laureates/2001/public.html;
Cc bn tin ca y Ban Chng khon M: http://www.sec.gov/news/press/