Thi Truong Chung Khoan

Th trng chng khon
Lu hnh ni b Stock Market

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Mc lc
CHNG 1:TNG QUAN V TH TRNG CHNG KHON ...................................... 3
1.1.Khi qut s ra i v pht trin..................................................................................... 3
1.2. Khi nim th trng chng khon ................................................................................ 4
1.3. Phn loi th trng chng khon.................................................................................. 4
1.3.1. Phn loi theo hng ho ca th trng chng khon ........................................... 5
1.3.2. Phn loi theo qu trnh lun chuyn vn .............................................................. 5
1.3.3. Phn loi theo hnh thc t chc ca th trng .................................................... 6
1.4. Cc ch th tham gia th trng chng khon ............................................................... 7
1.4.1. Ch th pht hnh................................................................................................... 7
1.4.2. Nh u t .............................................................................................................. 8
1.4.3. Cc t chc kinh doanh trn th trng chng khon ............................................ 8
1.4.4. C quan qun l v gim st cc hot ng th trng chng khon.................... 9
1.4.5. Cc t chc c lin quan ........................................................................................ 9
1.5. Vai tr ca th trng chng khon ............................................................................. 11
1.6. Gii thiu mt s th trng chng khon trn th gii .............................................. 14
1.6.1. Th trng chng khon M ................................................................................. 14
1.6.2. Th trng chng khon Nht bn.................................................................... 14
1.6.3. Th trng chng khon Thi Lan.................................................................... 15
1.6.4. Th trng chng khon Vit Nam ................................................................... 15
CHNG II:CHNG KHON V PHT HNH CHNG kHON .......................... 18
2.1. Gii thiu v chng khon........................................................................................... 18
2.1.1.Khi nim v c im ca chng khon .............................................................. 18
2.1.2.Phn loi chng khon:......................................................................................... 20
2.2. Pht hnh chng khon ............................................................................................ 31
2.2.1. Cc phng thc pht hnh chng khon........................................................ 31
2.2.2. Pht hnh chng khon cng ty ln u ra cng chng .................................. 32
2.2.3. Pht hnh tri phiu Chnh ph v tri phiu a phng .............................. 39
2.3.Qun l Nh nc v pht hnh chng khon.............................................................. 44
CHNG 3: CC HNH THC T CHC CA TH TRNG
CHNG KHON ................................................................................................................. 45
3.1.S giao dch chng khon............................................................................................. 45
3.1.1.Khi nim ............................................................................................................... 45
3.1.2. Chc nng............................................................................................................. 47
3.2. Thnh vin ca S giao dch........................................................................................ 48
3.2.1.Khi nim ............................................................................................................... 48
3.2.2.Quyn v ngha v ca thnh vin......................................................................... 48
3.3. Nim yt chng khon ................................................................................................. 48
3.3.1. Khi nim .............................................................................................................. 48
3.3.2. Mc ch ca vic nim yt ................................................................................... 49
3.3.3. Nhng thun li v bt li ca vic nim yt i vi t chc nim yt............... 49
3.3.4. Phn loi nim yt ................................................................................................ 50
3.3.5. Tiu chun nim yt .............................................................................................. 51
3.3.6 .Th tc nim yt .................................................................................................... 54
3.4. Th trng chng khon phi tp trung (th trng OTC) ............................................ 56
3.4.1. Khi nim .............................................................................................................. 56
3.4.2. c im ........................................................................................................... 56
3.4.3. Vai tr ca th trng OTC .................................................................................. 59
3.5. Th trng t do ........................................................................................................... 59
Th trng chng khon
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CHNG 4: CC GIAO DCH TRN TH TRNG CHNG KHON ................. 61
4.1. H thng giao dch chng khon ................................................................................. 61
4.1.1. Phng thc giao dch.......................................................................................... 61
4.1.2. Lnh giao dch ...................................................................................................... 63
4.1.3. Thi gian giao dch ............................................................................................... 70
4.1.4. n v giao dch ................................................................................................... 71
4.1.5. n v yt gi (quotation unit) ............................................................................. 71
4.1.5. Bin dao ng gi ............................................................................................ 72
4.1.6. Gi tham chiu (reference price).......................................................................... 72
4.2. Thc hin Giao dch mua bn chng khon ................................................................ 73
4.2.1. M ti khon giao dch ......................................................................................... 73
4.2.2. t lnh giao dch ................................................................................................ 75
4.2.3. Chuyn phiu lnh n phng giao dch cng ty chng khon ............................ 75
4.2.4. Chuyn lnh n ngi mi gii ti S giao dch chng khon........................... 75
4.2.5. Chuyn lnh n b phn khp lnh..................................................................... 75
4.2.6. Khp lnh v thng bo kt qu giao dch ........................................................... 76
4.2.7. Bo co kt qu giao dch v cng ty chng khon.............................................. 76
4.2.8. Xc nhn giao dch v lm th tc thanh ton ..................................................... 76
4.2.9.Thanh ton v hon tt giao dch .......................................................................... 77
CHNG 5: CNG TY CHNG KHON ...................................................................... 78
5.1. Khi nim..................................................................................................................... 78
5.2. M hnh t chc v nguyn tc hot ng................................................................... 78
5.2.1. M hnh cng ty chng khon chuyn doanh ....................................................... 78
5.2.2. M hnh cng ty chng khon a nng................................................................. 78
5.3. Cc nghip v c bn ca cng ty chng khon ......................................................... 79
5.3.1. Nghip v mi gii................................................................................................ 79
5.3.2. Nghip v t doanh............................................................................................... 80
5.3.3. Nghip v bo lnh pht hnh .............................................................................. 82
5.3.4. Nghip v t vn u t chng khon .................................................................. 83
5.3.5. Qun l danh mc u t...................................................................................... 85
5.3.6. Cc nghip v khc............................................................................................... 86
5.4. Vai tr ca cng ty chng khon ................................................................................. 88
5.4.1. i vi cc t chc pht hnh .............................................................................. 88
5.4.2. i vi cc nh u t ......................................................................................... 88
5.4.3. i vi th trng chng khon ........................................................................... 88
5.4.4. i vi cc c quan qun l th trng ................................................................ 89
CHNG 6: H THNG THNG TIN TRN TH TRNG CHNG KHON ... 91
6.1. Gii thiu h thng thng tin trn th trng chng khon ..................................... 91
6.1.1. Khi nim .......................................................................................................... 91
6.1.2. Phn loi h thng thng tin ............................................................................ 91
6.1.3. Ph bin thng tin th trng ........................................................................... 92
6.2. Cc ngun thng tin trn th trng chng khon ................................................... 92
6.2.1. Thng tin t t chc nim yt ........................................................................... 92
6.2.2. Thng tin t S giao dch chng khon............................................................ 96
6.2.3. Thng tin t cc t chc kinh doanh chng khon........................................... 96
6.2.4. Mt s thng tin do Trung tm giao dch chng khon thnh ph H Ch Minh
thng bo ........................................................................................................................ 97
6.3. Ch s gi chng khon............................................................................................ 98
6.3.1. Ch s gi c phiu ........................................................................................... 98
6.3.2. Ch s gi tri phiu ....................................................................................... 101
6.4. H thng thng tin v ch s gi c phiu trn th trng chng khon Vit Nam (VN
index) ................................................................................................................................ 101
Th trng chng khon
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CHNG 7: PHN TCH CHNG KHON ................................................................ 105
7.1. Gii thiu chung v phn tch chng khon .............................................................. 105
7.2. Ni dung phn tch chng khon ............................................................................... 105
7.2.1. Phn tch v m ................................................................................................... 105
7.2.2. Phn tch ngnh .................................................................................................. 107
7.2.3. Phn tch cng ty ................................................................................................ 108
BI TP MN TH TRNG CHNG KHON ........................................................ 116

CHNG 1:TNG QUAN V TH TRNG CHNG KHON
1.1.Khi qut s ra i v pht trin
Th trng chng khon c pht trin ban u rt s khai v ring l. Xut pht t
thi Trung c, vo khong gia th k XV ti mt s thnh ph trung tm bun bn
Ty u, cc nh bun thng t hp ti cc qun c ph trao i mua bn cc vt
phm hng ha. Ban u ch vi nhm nh cc nh bun, dn dn hnh thnh cc khu
ch ring. c im ca hot ng trao i ny l khng h c s xut hin ca hng
ha m tt c cc giao dch ch thng qua giy t v li ni. Ti khong cui th k
XV, cc khu giao dch ny tr thnh mt th trng c qun l tt hn vi cc quy
c giao dch c thng nht, chun ha v c gi tr bt buc vi cc thnh vin
tham gia.
Nm 1453, thnh ph Bruges (B), bui hp u tin din ra ti mt l qun ca
gia nh Vanber. Trc l qun c mt bng hiu v hnh 3 ti da - tng trng cho
3 loi giao dch: giao dch hng ho, giao dch ngoi t, giao dch chng khon ng
sn.
Vo nm 1457, thnh ph Bruges (B) mt i s phn thnh do eo bin Even b lp
ct nn mu dch th trng y b sp v c chuyn qua th trn Auvers (B).
y th trng pht trin rt nhanh chng. Cc th trng nh vy cng c thnh
lp Anh, Php, c, M.
Sau mt thi gian hot ng, th trng khng chng t kh nng p ng c yu
cu ca 3 loi giao dch khc nhau nn phn ra thnh nhiu th trng khc nhau:
th trng hng ho, th trng hi oi, th trng chng khonvi c tnh ring
ca tng th trng thun li cho giao dch ca ngi tham gia trong .
Nh vy, th trng chng khon c hnh thnh cng vi th trng hng ho v th
trng hi oi.
Th trng chng khon
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Qu trnh pht trin th trng chng khon tri qua nhiu bc thng trm. Thi
k huy hong nht l vo nhng nm 1875 - 1913, th trng chng khon pht trin
mnh cng vi s tng trng ca nn kinh t. Nhng n ngy 29/10/1929, ngy -
c gi l ngy th nm en ti, y l ngy m u cuc khng hong th trng
chng khon New York, v sau lan rng ra cc th trng chng khon Ty u,
Bc u, Nht bn. Sau th chin th hai, cc th trng chng khon phc hi, pht
trin mnh. Nhng ri cuc khng hong ti chnh nm 1987, mt ln na lm
cho cc th trng chng khon th gii suy sp, kit qu. Ln ny, hu qu ca n
rt ln v nng n hn cuc khng hong nm 1929, nhng ch 2 nm sau, th trng
chng khon th gii li i vo n nh, pht trin v tr thnh mt nh ch ti chnh
khng th thiu c trong i sng kinh t ca nhng quc gia c nn kinh t pht
trin theo c ch th trng.
1.2. Khi nim th trng chng khon
C nhiu nh ngha khc nhau v th trng chng khon:
- Th trng chng khon: ting la tinh l BURSA, l mt th trng c t chc v
hot ng c iu khin.
- Th trng chng khon c nh ngha theo Longman Dictionary Business
English, nh sau: mt th trng c t chc l ni cc chng khon c mua bn
tun theo nhng quy tc c n nh.
Cc quan nim trn u c khi qut trn nhng c s thc tin v trong tng iu
kin lch s nht nh.
Tuy nhin, quan nim y v r rng, ph hp vi s pht trin chung ca th
trng chng khon hin nay l:
Th trng chng khon l ni din ra cc giao dch mua bn, trao i cc loi chng
khon.
Chng khon c hiu l cc giy t c gi, xc nhn quyn v li ch hp php ca
ngi s hu i vi nh pht hnh.
1.3. Phn loi th trng chng khon
Cu trc ca th trng chng khon c th c phn loi theo nhiu tiu thc khc
nhau. Thng thng, ta c th xem xt ba cch thc c bn l phn loi theo hng
ho, phn loi theo hnh thc t chc ca th trng v phn loi theo qu trnh lun
chuyn vn.
Th trng chng khon
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1.3.1. Phn loi theo hng ho ca th trng chng khon
Theo cc loi hng ho c mua bn trn th trng, ngi ta c th phn th trng
chng khon thnh th trng tri phiu, th trng c phiu v th trng cc cng c
phi sinh.
Th trng tri phiu: l th trng m hng ho c giao dch trao i, mua bn ti
l cc tri phiu.
Th trng c phiu l th trng m hng ho c giao dch trao i, mua bn ti
l cc c phiu.
Th trng cc cng c phi sinh l th trng m hng ho c giao dch trao i,
mua bn ti l chng khon phi sinh. V d: hp ng tng lai, hp ng quyn
chn.
1.3.2. Phn loi theo qu trnh lun chuyn vn
Theo cch thc ny, th trng c phn thnh th trng s cp v th trng th
cp.
Th trng s cp:
+ Th trng s cp l th trng ni cc chng khon c pht hnh v bn cho
nhng ngi mua u tin (v vy cn c gi l th trng pht hnh). Gi ca cc
chng khon c bn trn th trng s cp gi l gi pht hnh, cc chng khon
c gi l chng khon mi pht hnh.
+ Th trng s cp l th trng cung cp vn cho nh pht hnh. Thng qua vic
pht hnh chng khon, cc nh pht hnh c thm ngun vn ti u t vo sn
xut v nn kinh t, gia tng kh nng tiu dng. Gii quyt c tnh trng mt cn
i cung cu vn.
Th trng th cp
+ Th trng th cp l th trng giao dch mua bn, trao i nhng chng khon
c pht hnh nhm mc ch kim li, di chuyn vn u t hay di chuyn ti sn
x hi.
+ Th trng th cp lm tng tnh lng ca cc chng khon pht hnh. Vic ny
lm tng s a chung ca chng khon v lm gim ri ro cho cc nh u t. Vic
tng tnh lng cho cc chng khon to iu kin cho vic thay i thi hn ca vn,
t vn ngn hn sang trung v di hn, ng thi to iu kin cho vic phn phi
vn mt cch hiu qu.
Th trng chng khon
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+ Th trng th cp xc nh gi ca chng khon c pht hnh trn th trng
s cp. Th trng th cp c xem l th trng nh gi cc cng ty.
+ Thng qua vic xc nh gi, th trng th cp cung cp mt danh mc chi ph
vn tng ng vi cc mc ri ro khc nhau ca tng phng n u t, to c s
tham chiu cho cc nh pht hnh cng nh cc nh u t trn th trng s cp.
Vn s c chuyn ti nhng cng ty no lm n c hiu qu cao nht, qua lm
tng hiu qu kinh t x hi.
im khc nhau cn bn gia th trng s cp v th trng th cp: th trng s
cp, ngun vn tit kim c thu ht vo cng cuc u t pht trin kinh t. Cn
th trng th cp, vic giao dch khng lm tng quy m u t vn, khng thu ht
thm c cc ngun ti chnh mi m ch c tc dng phn phi li quyn s hu
chng khon t ch th ny sang ch th khc, m bo tnh thanh khon ca chng
khon.
Th trng s cp v th trng th cp c mi quan h mt thit, h tr ln nhau.
Nu khng c th trng s cp th khng c chng khon lu thng trn th tr-
ng th cp. Ngc li, nu khng c th trng th cp th th trng s cp kh
hot ng tri chy. Chnh s c mt ca th trng th cp gip cho cc chng
khon c tnh thanh khon, lm tng tnh hp dn ca chng khon; t lm tng
tim nng huy ng vn ca cc ch th pht hnh chng khon. Mc ch cui cng
ca cc nh qun l l phi tng cng hot ng huy ng vn trn th trng s
cp, v ch c ti th trng ny, vn mi thc s vn ng t ngi tit kim sang
ngi u t, cn s vn ng ca vn trn th trng th cp ch l t bn gi, khng
tc ng trc tip ti vic tch t v tp trung vn.
1.3.3. Phn loi theo hnh thc t chc ca th trng
Theo cch phn loi ny, th trng chng khon c t chc thnh cc S giao
dch, th trng chng khon phi tp trung v th trng t do.
S giao dch chng khon (SGDCK)
+ SGDCK l th trng giao dch chng khon c thc hin ti mt a im tp
trung.
+ Cc chng khon c nim yt giao dch ti SGDCK thng thng l chng
khon ca cc cng ty ln, c danh ting, tri qua nhiu th thch trn th trng
v p ng c cc yu cu, tiu chun nim yt do SGDCK t ra.
Th trng chng khon
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+ SGDCK c t chc v qun l mt cch cht ch bi UBCKNN, cc giao dch
chu s iu tit ca lut chng khon v th trng chng khon.
Th trng chng khon phi tp trung
+ Th trng chng khon phi tp trung l th trng khng c trung tm giao dch
tp trung, l mt mng li cc nh mi gii v t doanh chng khon mua bn
vi nhau v vi cc nh u t, cc hot ng giao dch ca th trng chng khon
phi tp trung c din ra ti cc quy (sn giao dch) ca cc ngn hng v cng ty
chng khon thng qua in thoi hay my vi tnh din rng.
+ Khi lng giao dch ca th trng ny thng ln hn rt nhiu ln so vi
SGDCK.
+ Th trng chng khon phi tp trung chu s qun l ca S giao dch v Hip
hi cc nh kinh doanh chng khon.
Th trng t do
Th trng t do l th trng giao dch tt c cc loi c phiu c pht hnh thng
qua vic thng lng v tho thun trc tip gia bn mua v bn bn ti bt c ni
u, vo bt k lc no.
1.4. Cc ch th tham gia th trng chng khon
Trn th trng chng khon c nhiu loi ch th tham gia hot ng theo nhiu mc
ch khc nhau: ch th pht hnh, ch th u t, ch th qun l v gim st cc
hot ng ca th trng chng khon, v cc t chc c lin quan.
1.4.1. Ch th pht hnh
Ch th pht hnh l ngi cung cp cc chng khon - hng ho ca th trng
chng khon. Cc ch th pht hnh bao gm: Chnh ph, cc doanh nghip v mt
s t chc khc nh: Qu u t
Chnh ph
+ Chnh ph l ch th pht hnh cc chng khon: tri phiu Kho bc, tri phiu
cng trnh, tn phiu Kho bc nhm mc ch tm vn ti tr cho nhng cng trnh ln
thuc c s h tng, pht trin s nghip vn ho gio dc, y t, hoc b p thiu ht
Ngn sch Nh nc.
+ Chnh quyn a phng l ch th pht hnh tri phiu a phng vay n
nhm huy ng vn pht trin kinh t - x hi ca a phng.
Doanh nghip
Th trng chng khon
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Doanh nghip l ch th pht hnh cc c phiu hoc tri phiu doanh nghip tm
vn ti tr cho hot ng sn xut kinh doanh ca doanh nghip.
Qu u t
Qu u t l nhng t chc u t chuyn nghip, c hnh thnh bng vn gp
ca cc nh u t tin hnh u t vo chng khon v cc loi hnh u t khc.
Mc ch thnh lp qu u t l tp hp v thu ht nhng nh u t nh, l tham
gia kinh doanh. c trng c bn nht ca Qu u t l qu va ng vai tr l t
chc pht hnh bng vic pht hnh ra cc chng khon nh chng ch qu u t;
va ng vai tr l t chc u t, kinh doanh cc loi chng khon.
1.4.2. Nh u t
Ch th u t l nhng ngi c tin, thc hin vic mua v bn chng khon trn
th trng chng khon tm kim li nhun. Nh u t c th chia thnh 2 loi:
nh u t c nhn v nh u t c t chc.
Cc nh u t c nhn
Nh u t c nhn l cc c nhn v h gia nh, nhng ngi c vn nhn ri tm
thi, tham gia mua bn trn th trng chng khon vi mc ch tm kim li nhun.
Tuy nhin, trong u t th li nhun li lun gn vi ri ro, k vng li nhun cng
cao th mc chp nhn ri ro phi cng ln v ngc li. Chnh v vy cc nh u
t c nhn lun phi la chn cc hnh thc u t ph hp vi kh nng cng nh
mc chp nhn ri ro ca mnh.
Cc nh u t c t chc
Nh u t c t chc l cc nh ch u t, thng xuyn mua bn chng khon vi
s lng ln trn th trng. Mt s nh u t chuyn nghip chnh trn th trng
chng khon l cc ngn hng thng mi, cng ty chng khon, cng ty u t, cc
cng ty bo him, qu tng h, cc qu bo him x hi khc. u t thng qua cc
t chc u t c u im l c th a dng ho danh mc u t v cc quyt nh
u t c thc hin bi cc chuyn gia c chuyn mn v c kinh nghim.
1.4.3. Cc t chc kinh doanh trn th trng chng khon
Cng ty chng khon:
Cng ty chng khon l cc cng ty c phn hoc cng ty trch nhim hu hn hot
ng trong lnh vc chng khon. l nhng t chc kinh t c t cch php nhn,
c vn ring v hch ton kinh t c lp. Tu theo vn iu l v ng k kinh
Th trng chng khon
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doanh m mt cng ty c th thc hin mt hoc mt s nghip v kinh doanh chng
khon: mi gii chng khon, t doanh, qun l danh mc u t, bo lnh pht
hnh, t vn u t v lu k chng khon.
Cc ngn hng thng mi (NHTM).
Ti mt s nc, cc NHTM c th s dng vn t c tng v a dng ho li
nhun thng qua u t vo cc chng khon. Tuy nhin, cc ngn hng ch c u
t vo chng khon trong nhng gii hn nht nh bo v ngn hng trc nhng
bin ng ca gi chng khon. Mt s nc cho php ngn hng thng mi thnh
lp cng ty con c lp kinh doanh chng khon v thc hin nghip v bo lnh.
1.4.4. C quan qun l v gim st cc hot ng th trng chng khon
Lch s hnh thnh v pht trin th trng chng khon cho thy, u tin th
trng chng khon hnh thnh mt cch t pht khi c s xut hin ca c phiu, tri
phiu v hu nh cha c s qun l. Nhng nhn thy cn c s bo v li ch cho
cc nh u t v m bo s hot ng ca th trng c thng sut, n nh v
an ton, bn thn cc nh kinh doanh chng khon v cc quc gia c th trng
chng khon hot ng cho rng cn phi c c quan qun l v gim st v hot
ng pht hnh v kinh doanh chng khon.
C quan qun l v gim st th trng chng khon c hnh thnh di nhiu m
hnh t chc hot ng khc nhau, c nc do cc t chc t qun thnh lp, c nc
c quan ny trc thuc Chnh ph, nhng c nc li c s kt hp qun l gia cc
t chc t qun v Nh nc. C quan qun l Nh nc v th trng chng khon
do Chnh ph ca cc nc thnh lp vi mc ch bo v li ch ca ngi u t v
bo m cho th trng chng khon hot ng lnh mnh, an ton v pht trin bn
vng.
1.4.5. Cc t chc c lin quan
Ngoi cc ch th trn, trn th trng chng khon cn c cc t chc quan trng
khc c lin quan n t chc v hot ng ca th trng chng khon nh S giao
dch chng khon; Hip hi cc nh kinh doanh chng khon; T chc lu k v
thanh ton b tr chng khon; cc cng ty nh gi h s tn nhim.
S giao dch chng khon
S giao dch chng khon thc hin vn hnh th trng thng qua b my t chc
bao gm nhiu b phn khc nhau phc v cho cc hot ng giao dch trn S giao
Th trng chng khon
10
dch. Ngoi ra, S giao dch cng ban hnh nhng quy nh iu chnh cc hot ng
giao dch chng khon trn S, ph hp vi cc quy nh ca lut php v U ban
chng khon.
Hip hi cc nh kinh doanh chng khon
Hip hi cc nh kinh doanh chng khon l t chc ca cc cng ty chng khon v
mt s thnh vin khc hot ng trong ngnh chng khon, c thnh lp vi mc
ch bo v li ch cho cc cng ty chng khon ni ring v cho ton ngnh chng
khon ni chung.
Hip hi cc nh kinh doanh chng khon thng l mt t chc t qun, thc hin
mt s chc nng chnh nh sau:
+ Khuyn khch hot ng u t v kinh doanh chng khon.
+ Ban hnh v thc hin cc quy tc t iu hnh trn c s cc quy nh php lut v
chng khon.
+ iu tra v gii quyt cc tranh chp gia cc thnh vin.
+ Tiu chun ho cc nguyn tc v thng l trong ngnh chng khon.
+ Hp tc vi Chnh ph v cc c quan khc gii quyt cc vn c tc ng
n hot ng kinh doanh chng khon.
T chc lu k v thanh ton b tr chng khon
L t chc nhn lu gi cc chng khon v tin hnh cc nghip v thanh ton b
tr cho cc giao dch chng khon.
Cng ty nh gi h s tn nhim
Cng ty nh gi h s tn nhim l cng ty chuyn cung cp dch v nh gi nng
lc thanh ton cc khon vn gc v li ng thi hn v theo nhng iu khon
cam kt ca cng ty pht hnh i vi mt t pht hnh c th. Cc mc h s tn
nhim v th thng c gn cho mt t pht hnh, ch khng phi cho cng ty. V
th, mt cng ty pht hnh c th mang nhiu mc h s tn nhim cho cc pht hnh
n ca n.
H s tn nhim c biu hin bng cc ch ci hay ch s, tu theo quy nh ca
tng cng ty xp hng. V d: theo h thng xp hng ca Mooodys s c cc h s
tn nhim c k hiu l Aaa, Aa1, Baa1, B1; theo h thng xp hng ca S&P, c
cc mc xp hng AAA, AA+, AA, AA-, A+, A
Th trng chng khon
11
Cc nh u t c th da vo cc h s tn nhim do cc cng ty nh gi h s tn
nhim cung cp cn nhc a ra quyt nh u t ca mnh.
1.5. Vai tr ca th trng chng khon
Th trng chng khon l mt nh ch ti chnh tt yu ca nn kinh t th trng
pht trin. Th trng chng khon l chic cu v hnh ni lin gia cung v cu vn
trong nn kinh t. Mt th trng chng khon lnh mnh v hot ng c hiu qu s
to iu kin khai thc tt cc tim nng ca nn kinh t, to s lnh mnh trong vic
thu ht v phn phi vn trong nn kinh t mt cch c hiu qu nht.
1.5.1. Th trng chng khon gp phn thc y s pht trin nhanh chng
nn kinh t:
Chc nng c bn ca TTCK l cng c huy ng vn u t cho nn kinh t v tng
tit kim quc gia thng qua vic pht hnh v lun chuyn chng khon. Vic mua
i bn li chng khon trn TTCK to iu kin di chuyn vn t ni tha sang
ni thiu vn, to iu kin chuyn hng u t t ngnh ny sang ngnh khc, t
gp phn iu ho vn gia cc ngnh kinh t, ph v tnh ca u t trong
sn xut, to ra tnh ch ng cho sn xut kinh doanh, gp phn to nn s pht trin
nhanh v ng u ca nn kinh t.
Th trng chng khon l mt nh ch rt c bn trong h thng th trng ti
chnh, l cht xc tc quan trng trong vic huy ng vn cho u t pht trin v
thc y cc hot ng kinh t.
1.5.2. Th trng chng khon gp phn thc hin ti phn phi cng bng hn,
thng qua vic buc cc cng ty pht hnh chng khon ra cng chng theo mt
t l nht nh:
V d: Vit Nam, cc cng ty pht hnh chng khon ra cng chng vi t l 20%
i vi cc doanh nghip c vn di 100 t ng. Cn i vi doanh nghip c s
vn trn 100 t ng th t l yu cu pht hnh chng khon ra cng chng l 15%.
iu ny:
Mt l: gii to s tp trung quyn lc kinh t vo mt nhm nh, song vn tp trung
vn cho pht trin kinh t, t , to s cnh tranh cng bng hn gp phn tng tnh
hiu qu v thc y tng trng cho nn kinh t.
Hai l: vic tng cng tng lp trung lu trong x hi, tng cng s gim st ca x
hi i vi hot ng ca cng ty.
Th trng chng khon
12
1.5.3. Th trng chng khon to iu kin thu ht v kim sot vn u t
nc ngoi.
Vic u t vn t nc ngoi c th thc hin bng nhiu bin php khc nhau,
trong c u t vn thng qua th trng chng khon. y l hnh thc u t d
dng v hu hiu. Vi nguyn tc cng khai, th trng chng khon l ni m cc
nh u t c th theo di v nhn nh mt cch d dng hot ng ca cc ngnh,
cc doanh nghip trong nc. Hn na, th trng chng khon thu ht vn thng
qua mua bn chng khon, t to mi trng u t thun li cho cc nh u t
nc ngoi.
1.5.4. Th trng chng khon to iu kin cho Chnh ph huy ng cc ngun
ti chnh m khng to p lc v lm pht, ng thi to iu kin cho Chnh
ph thc hin cc chnh sch ti chnh tin t.
Khi Ngn sch thu khng b chi, Chnh ph c th b p thm ht Ngn sch
bng hai cch: pht hnh tin hoc i vay n. Trc y, Chnh ph ta pht hnh
tin b p thiu ht Ngn sch, v gy nn p lc lm pht rt ln, gy nh h-
ng xu n nn kinh t. Nhng trong vi nm gn y, Chnh ph c th pht hnh
tri phiu Chnh ph to ra ngun thu b p Ngn sch m vn qun l c lm
pht. Ngoi ra, Chnh ph cng c th s dng mt s chnh sch, bin php tc ng
vo th trng chng khon nhm nh hng u t cho s pht trin cn i nn
kinh t.
Trn thc t, khi cha c th trng chng khon th Chnh ph vn pht hnh cc
loi tri phiu Chnh ph huy ng vn, nhng phn ln l cc tri phiu ngn
hn nhm p ng cc khon chi Ngn sch trong nm ti kho. Cn i vi cc tri
phiu di hn th rt kh pht hnh, v khng c th trng chuyn nhng cho cc
tri phiu, nn rt kh khn trong vic chuyn i t tri phiu ra tin. V vy, khi th
trng chng khon ra i, bn thn n khng nhng to ra tnh thanh khon v tnh
kh mi (tnh d mua bn) ca cc chng khon, m cn to ra tnh linh hot trong
vic chuyn hng u t t lnh vc ny sang lnh vc khc. V vy, th trng
chng khon c xem l cng c c lc trong vic huy ng cc ngun vn di
hn.
1.5.5. Th trng chng khon l cng c nh gi hot ng kinh doanh v l
phong v biu ca nn kinh t.
Th trng chng khon
13
Th trng chng khon phn nh tnh trng ca cc doanh nghip v ca c nn kinh
t Quc gia. Cc th gi chng khon c th hin thng xuyn trn th trng
phn nh gi tr phn ti sn C ca doanh nghip trn c s nh gi thc trng ca
doanh nghip, mc u t, trng thi kinh t. Ch c nhng doanh nghip lm n
mnh, c hiu qu cao, ha hn trin vng tng lai tt th gi tr th trng ca
chng khon cng ty mi cao v ngc li.
Ngoi s nh gi cc doanh nghip, th trng chng khon cn l phong v biu
ca nn kinh t, gip nhng ngi u t v nhng ngi qun l c c s nh gi
thc trng v d on tng lai ca nn kinh t. Din bin ca th gi chng khon v
khi qut hn l ch s chng khon phn nh thng tin a dng v nhiu chiu
cho ngi u t trc din bin ca cc ri ro. Th trng chng khon cn phn
ng rt nhy cm trc cc chnh sch kinh t v m, cc bin ng ca nn kinh t.
V vy, cc nh hoch nh chnh sch v qun l thng thng qua th trng chng
khon phn tch, d on, ra cc chnh sch iu tit kinh t v phng php
qun l kinh t thch hp, qua tc ng ti cc hot ng ca nn kinh t quc dn.
Ngoi nhng tc ng tch cc trn y, th trng chng khon cng c nhng tc
ng tiu cc sau:
Th trng chng khon lun cha ng yu t u c.
u c l mt yu t c tnh ton ca nhng ngi u t. H c th mua chng
khon vi hy vng l gi chng khon s tng ln trong tng lai, v qua thu c
li nhun. Yu t u c d gy nh hng dy chuyn lm cho c phiu c th tng
gi gi to. S kin ny cng d xy ra khi c nhiu ngi cng cu kt vi nhau
ng thi mua vo hay bn ra mt loi chng khon no , dn n s khan him
hay d tha chng khon mt cch gi to trn th trng, lm cho gi chng khon
c th tng ln hay gim xung mt cch t bin, gy tc ng xu n th trng.
Hot ng giao dch ni gin thng xy ra trn th trng chng khon.
Mt c nhn no li dng vic nm bt nhng thng tin ni b ca doanh nghip,
cng nh cc thng tin mt khng c hoc cha c php cng b v s dng cc
thng tin cho giao dch chng khon nhm thu li bt chnh gi l giao dch ni
gin. Cc giao dch ni gin c xem l phi o c v mt thng mi, v ngi c
ngun tin ni gin s c li th trong u t so vi cc nh u t khc thu li bt
Th trng chng khon
14
chnh cho ring mnh. iu ny s lm nn lng cc nh u t. Nh vy s tc ng
tiu cc ti tch lu v u t.
Th trng chng khon hot ng trn c s thng tin hon ho. Song khi c tin n
khng chnh xc hoc thng tin lch lc v hot ng ca mt doanh nghip, iu ny
gy tc ng n tm l ca nhng ngi u t, dn ti thay i xu hng u t,
nh hng n th gi chng khon ca doanh nghip trn th trng v gy thit hi
cho i a s ngi u t.
Nh vy, vai tr ca th trng chng khon c thc hin trn nhiu kha cnh
khc nhau. Song vai tr tch cc hay tiu cc ca th trng chng khon thc s pht
huy hay b hn ch ph thuc ng k vo cc ch th tham gia trn th trng
1.6. Gii thiu mt s th trng chng khon trn th gii
1.6.1. Th trng chng khon M
TTCK M hin nay l mt th trng quan trng bc nht trn th gii nu xt trn
tng th khi lng t bn giao dch v s nh hng to ln ca n i vi cc th tr-
ng chng khon khc.
Th trng chng khon M c thnh lp vo nm 1792, S giao dch chng khon
New York (NYSE) l s giao dch chng khon (SGDCK) ln nht v lu i nht
nc M, y hin l trung tm giao dch chng khon ln nht th gii, qun l ti
hn 80% cc giao dch chng khon ca M v k t nm 1962 tr thnh th tr-
ng chng khon quc gia.
S giao dch chng khon M (American Stock Exchange - AMEX) l th trng
chng khon tp trung ln th 2 M.
Bn cnh cc th trng chng khon tp trung l cc SGDCK gm 14 s giao dch
khc nhau, ti M cn c th trng chng khon phi tp trung (th trng OTC) rt
pht trin, l Nasdaq.
Th trng OTC qua mng my tnh Nasdaq c thnh lp t nm 1971 l th tr-
ng c s lng chng khon giao dch ln nht M vi 15000 chng khon.
Chng khon giao dch trn th trng ny chim a s l ca cc cng ty thuc
ngnh Cng ngh thng tin, cc cng ty va v nh.

1.6.2. Th trng chng khon Nht bn
Th trng chng khon
15
Th trng chng khon Nht bn ng vai tr quan trng trong vic thu ht vn di
hn cho Chnh ph v cc cng ty. Ni n th trng chng khon Nht bn, trc
ht phi k n SGDCK Tokyo (TSE).
SGDCK Tokyo hnh thnh vo cui nm 1878. y l SGDCK ra i sm nht, l th
trng ln nht ti Nht bn v s lng chng khon lu hnh cng nh v doanh
thu, ng th 2 v doanh s bn, ch sau NYSE.
Bn cnh cc SGDCK (Nht bn c 8 SGDCK), cn c cc th trng chng khon
phi tp trung, tiu biu l th trng Jasdaq v J-net.
+ Th trng Jasdaq, hot ng t nm 1991 trn c s pht trin th trng OTC
truyn thng hot ng t thng 2/1963 do Hip hi cc nh kinh doanh chng khon
Nht bn qun l.
+ Th trng T-net c a vo hot ng t thng 5 nm 2000, chu s qun l trc
tip ca SGDCK Osaka (OSE).
1.6.3. Th trng chng khon Thi Lan
TTCK Thi Lan l mt trong nhng th trng chng khon pht trin nhanh nht
khu vc Chu . TTCK Thi Lan ban u c cc cng ty t nhn thnh lp vo
thng 7/1962. n nm 1970 th trng ny phi ng ca v t ngi tham gia v
thiu s h tr ca Nh nc. Thng 2/1974 Lut SGDCK ra i v SGDCK c
m ca tr li vo nm 1975. K t nm 1986, SGDCK Thi Lan pht trin mnh v
t hiu qu cao.
Th trng chng khon Thi Lan cng l ni in hnh ca vic s dng h thng vi
tnh hon ton t ng. Vi h thng giao dch t ng ny, SGDCK Thi Lan cho
php cc cng ty chng khon thng qua h thng my vi tnh thc hin cc giao dch
ngay ti vn phng ca h m khng cn trc tip n S.
1.6.4. Th trng chng khon Vit Nam
S ra i th trng chng khon Vit Nam c nh du bng vic a vo vn
hnh Trung tm Giao dch Chng khon (TTGDCK) ti thnh ph H Ch Minh ngy
20/10/2000, v thc hin phin giao dch u tin vo ngy 28/7/2000.
Cc ch th tham gia trn TTCK Vit Nam:
U ban chng khon Nh nc (UBCKNN)
UBCKNN c thnh lp theo Ngh nh s 75/CP ngy 28/1/1996 ca Chnh ph.
y l c quan trc thuc Chnh ph, thc hin chc nng t chc v qun l Nh n-
Th trng chng khon
16
c v chng khon v th trng chng khon: qun l vic cp php, ng k pht
hnh v kinh doanh chng khon, t chc cng tc thanh tra, gim st hot ng giao
dch, mua bn chng khon, m bo th trng hot ng n nh, cng bng
v minh bch.
Trung tm giao dch chng khon thnh ph H Ch Minh
Theo Ngh nh 48/1998/N-CP ngy 11/7/1998 ca Th tng Chnh ph v vic
thnh lp TTGDCK, Quyt nh 128/1998/Q-UBCK, ngy 1/8/1998 ca ch tch
UBCKNN th TTGDCK l n v s nghip c thu trc thuc UBCKNN c t cch
php nhn, c tr s, con du v ti khon ring. TTGDCK TPHCM thc hin cc
chc nng: t chc, qun l iu hnh vic mua bn chng khon; qun l iu hnh
h thng giao dch chng khon v cung cp cc dch v h tr vic mua bn chng
khon, dch v lu k chng khon; ng k chng khon, thanh ton b tr i vi
cc giao dch chng khon; cng b thng tin v hot ng giao dch chng khon;
kim tra gim st cc hot ng giao dch chng khon v mt s nhim v khc.
Cc cng ty chng khon
Theo Quyt nh s 04/1998/Q-UBCK, ngy 13/10/1998 ca UBCKNN, cc cng
ty chng khon c thnh lp di hnh thc php l l cng ty c phn hoc cc
cng ty trch nhim hu hn. l nhng t chc kinh t c t cch php nhn, c
vn ring v hch ton kinh t c lp. Tu theo vn iu l v ng k kinh doanh
m mt cng ty c th thc hin mt hoc mt s nghip v kinh doanh chng khon:
mi gii chng khon, t doanh, qun l danh mc u t, bo lnh pht hnh, t vn
u t v lu k chng khon.
Cc t chc pht hnh chng khon
Theo cc vn bn php l hin hnh, cc t chc c php pht hnh chng khon
Vit Nam bao gm:
+ Chnh ph: pht hnh tn phiu Kho bc, tri phiu Kho bc v tri phiu u t.
+ Chnh quyn a phng: pht hnh tri phiu ti tr cho cc d n v cc nhu
cu chi tiu ca chnh quyn a phng.
+ Cc cng ty c phn: pht hnh c phiu (c phiu ph thng, c phiu u i biu
quyt, c phiu u i c tc v c phiu u i hon li) v tri phiu doanh nghip.
+ Cc DNNN: pht hnh tri phiu doanh nghip.
Th trng chng khon
17
+ Cc qu u t chng khon v cng ty qun l qu: pht hnh chng ch qu u
t.
Tuy nhin, trn thc t tham gia pht hnh chng khon trong thi gian qua ch yu
l Chnh ph, cc NHTMQD, mt s DNNN v cc DNNN khi tin hnh c phn
ho.
Cc nh u t chng khon
Theo cc vn bn php lut hin hnh, cc nh u t trn th trng chng khon
Vit Nam bao gm: c nhn, h gia nh, cc t chc, cc qu u t, cc doanh
nghip, cc cng ty bo him
Cc t chc ph tr khc
Ngoi cc thnh vin nu trn, tham gia th trng chng khon Vit Nam cn c cc
t chc ph tr khc nh: cc t chc lu k, thanh ton b tr, cc t chc kim
ton iu kin c UBCKNN cp giy php hot ng lu k chng khon.
Hin nay, Ngn hng u t v pht trin Vit Nam c chn l ngn hng ch nh
thanh ton.
Th trng chng khon
18
CHNG II:CHNG KHON V PHT HNH CHNG kHON

2.1. Gii thiu v chng khon
Trong hot ng kinh t, c nhiu loi th trng, mi loi th trng c mt s loi
hng ho chnh v i tng giao dch ring. Trn th trng chng khon, i tng
giao dch chnh ca n l chng khon.
2.1.1.Khi nim v c im ca chng khon
2.1.1.1. Khi nim
C nhiu nh ngha khc nhau v chng khon. Vit Nam, theo N 144/2003/N
- CP ngy 28-11-2003 ca Chnh ph: Chng khon l chng ch hoc bt ton ghi
s, xc nhn cc quyn v li ch hp php ca ngi s hu chng khon i vi ti
sn hoc vn ca t chc pht hnh; gm: c phiu, tri phiu, chng ch Qu u t
chng khon, cc loi chng khon khc theo quy nh ca php lut
- Chng khon l giy t c gi, tn ti di hnh thc chng ch hoc bt ton ghi
s:
+ Chng khon di dng chng ch: gm cc yu t: tn tr s ca t chc pht
hnh, loi mnh gi, s seri, li sut, k hn tr li.
+ Chng khon di dng bt ton ghi s: ngi s hu chng khon c cp giy
chng nhn quyn s hu do t chc pht hnh chng nhn. Cc yu t trn giy
chng nhn ny gm: mnh gi, li sut, k hn.
2.1.1.2. c im
Chng khon l mt ti sn ti chnh c cc c im c bn:
a. Tnh thanh khon (tnh lng)
Tnh lng ca ti sn l kh nng chuyn ti sn thnh tin mt. Kh nng ny cao
hay thp ph thuc vo:
- Khong thi gian v ph cn thit cho vic chuyn i.
- Ri ro ca vic gim st gi tr ti sn do chuyn i.
Cc chng khon khc nhau c kh nng chuyn nhng l khc nhau.
V d: tnh thanh khon ca mt tn phiu Kho bc cao hn 1 c phiu cng ty.
b. Tnh ri ro
Chng khon l cc ti sn ti chnh m gi tr ca n chu tc ng ln ca ri ro.
Ri ro khng ch l mt mt thun tu m n cn hm cha c vic khng t c
Th trng chng khon
19
k vng ca nh u t. C hai loi ri ro: ri ro c h thng v ri ro khng c h
thng.
- Ri ro c h thng (ri ro th trng) l loi ri ro tc ng ti ton b hoc hu ht
cc loi chng khon. Loi ri ro ny chu s tc ng ca cc iu kin kinh t
chung nh: lm pht hay gim pht, s thay i t gi hi oi, li sut Trn th tr-
ng chng khon, nhng ri ro h thng l kh trnh khi.
Ri ro h thng gm:
+ Ri ro li sut: l kh nng bin ng mc sinh li do nhng thay i ca li sut
trn th trng gy ra. Trong thc t, cc nh u t thng coi tn phiu kho bc l
khng c ri ro, v vy li sut ca tn phiu thng dng lm mc chun xc nh
li sut ca cc loi tri phiu cng ty c k hn khc nhau.
+ Ri ro th trng: l s thay i mc sinh li do s nh gi v ra quyt nh ca
cc nh u t trn th trng. Trn th trng, gi c cc loi chng khon c th dao
ng mnh mc d thu nhp ca cng ty vn khng thay i. Nguyn nhn l do cch
nhn nhn, phn ng ca cc nh u t c th khc nhau v tng loi hoc nhm c
phiu.
+ Ri ro sc mua: l ri ro do tc ng ca lm pht i vi khon u t. Yu t lm
pht hay gim pht s lm thay i mc li sut danh ngha v t s tc ng n
gi ca cc chng khon trn th trng.
+ Ri ro t gi: ri ro do tc ng ca t gi i vi khon u t. Khi nh u t cho
rng ng ni t c th b gim gi trong tng lai th nh u t s quyt nh
khng u t vo chng khon hoc s tm cch thay th chng khon bng ti sn
ngoi t v khi gi tr chng khon s b gim.
- Ri ro khng c h thng: l loi ri ro ch tc ng n mt chng khon hoc
mt nhm nh cc chng khon. Loi ri ro ny do cc yu t ni ti ca cng ty gy
ra v n c th kim sot c.
Ri ro khng c h thng gm:
+ Ri ro kinh doanh: L ri ro do s thay i bt li v tnh hnh cung cu hng ho
hay dch v ca doanh nghip hay l s thay i bt li kinh doanh ca doanh nghip.
+ Ri ro ti chnh: L ri ro v kh nng thanh ton tri tc, c tc v hon vn cho
ngi s hu chng khon. Ri ro ti chnh lin quan n s mt cn i gia doanh
thu, chi ph v cc khon n ca doanh nghip.
Th trng chng khon
20
+ Ri ro qun l: L ri ro do tc ng ca cc quyt nh t nh qun l doanh
nghip.
Cc nh u t thng quan tm ti vic xem xt, nh gi cc ri ro lin quan, trn
c s ra cc quyt nh trong vic la chn, nm gi hay bn cc chng khon.
c. Tnh sinh li
Chng khon l mt ti sn ti chnh m khi s hu n, nh u t mong mun nhn
c mt thu nhp ln hn trong tng lai. Thu nhp ny c m bo bng:
- Li tc c phn chia hng nm (chi tr c tc, tri tc).
- Vic tng gi chng khon trn th trng.
Kh nng sinh li bao gi cng quan h cht ch vi ri ro ca ti sn, th hin trong
nguyn l: mc chp nhn ri ro cng cao th li nhun k vng cng ln.
2.1.2.Phn loi chng khon:
Tu theo cch chn tiu thc m ta c th phn loi chng khon theo nhiu loi
chng khon khc nhau. Tuy nhin, thng thng, ta c th xem xt ba tiu thc c
bn l phn loi theo tnh cht ca chng khon, theo hnh thc php l v theo kh
nng thu nhp.
Cch phn chia ny to iu kin cho ngi u t nhn bit d dng cc loi chng
khon ang lu thng v gip h la chn cch thc u t ph hp.
2.1.2.1Phn loi chng khon theo tnh cht
Theo tnh cht ca chng khon, cc loi chng khon c phn thnh:
Chng khon vn
Chng khon vn l chng th xc nhn vn gp v quyn s hu phn vn gp v
cc quyn hp php khc i vi t chc pht hnh.
i din cho chng khon vn l c phiu v chng ch qu u t
- C phiu
+ Khi nim
Khi mt cng ty huy ng vn thnh lp hoc m rng, hin i ho sn xut, th
s vn c chia thnh nhiu phn nh bng nhau gi l c phn. Ngi mua c
phn gi l c ng. Giy chng nhn s hu c phn gi l c phiu.
Theo thng t 01/TT-UBCK ngy 13-1-1998 ca y ban chng khon Nh nc: C
phiu l mt loi chng khon vn c pht hnh di dng chng ch hoc bt ton
Th trng chng khon
21
ghi s, xc nhn quyn s hu v li ch hp php i vi ti sn hoc vn ca mt
cng ty c phn.
+ c im:
C phiu c nhng c im sau:
- C phiu l giy chng nhn s gp vn vo cng ty c phn.
- C phiu l mt loi chng khon c thi hn thanh ton v hn, n tn ti
cng vi s tn ti ca cng ty pht hnh ra chng.
- Ngi mua c phiu s l ngi s hu mt phn cng ty, do phi chu trch
nhim hu hn v s thua l, ph sn ca cng ty.
+ Phn loi: Phn loi c phiu theo quyn li c ng, bao gm: c phiu thng v
c phiu u i.
- C phiu thng: l mt loi chng khon vn, khng c k hn, tn ti cng vi
s tn ti ca cng ty, li tc c phiu (c tc) c tr vo cui nm quyt ton.
c im ca c phiu thng l:
- Li tc ca c phiu khng c nh, ph thuc vo mc li nhun thu c hng
nm ca cng ty v chnh sch chia li ca cng ty.
- Ch c chia li sau khi doanh nghip tr tri tc, c tc u i.
- Thi hn ca c phiu l v hn, n ph thuc vo thi gian hot ng ca cng ty.
- C ng c hng cc quyn li nh:
Quyn la chn Hi ng qun tr cng ty (thng qua cc i hi c ng): C ng
c quyn b phiu biu quyt bu c Hi ng qun tr hay biu quyt thng
qua nhng vn quan trng ca doanh nghip.
Quyn nhn c tc: Nu Hi ng qun tr cng b c li v chia li, c tc c phiu
thng c th c tr bng tin, bng c phiu ca doanh nghip hoc bng ti sn
ca doanh nghip.
Quyn i vi ti sn cn li: Ti sn cn li ca doanh nghip l ti sn pht sinh khi
tin hnh gii th doanh nghip. Khi thanh l doanh nghip gii th, phn cn li l
ca cc c ng c hng v h c quyn phn chia chng.
Quyn u tin mua trc: Khi c t pht hnh c phiu mi, cc c ng c c
quyn u tin mua trc ton b hay tng phn c phiu sp pht hnh.
Trong phng n pht hnh c phiu mi, doanh nghip cn ghi r s lng c phiu
dnh cho c ng c v iu kin pht hnh theo chng quyn. Trong chng quyn
Th trng chng khon
22
ghi r s lng c phiu, mc gi v thi hn chng quyn. Cc c ng mua c
phiu mi theo cc iu kin , nu khng mun thc hin chng quyn th c th
bn chng quyn cho ngi khc hoc hu b.
Quyn s hu ti sn doanh nghip, quyn bn, trao i, chuyn nhng c phiu
trn th trng
- C phiu u i: l mt loi chng khon vn m ngi nm gi n so vi ngi
nm gi c phiu thng th c u tin v mt ti chnh, nhng b hn ch v
quyn hn i vi cng ty. C ng ca c phiu c hng nhng u tin hn so
vi c ng ca c phiu thng:
- c hng mt mc li c phn ring bit c tnh cht c nh hng nm. Thng
thng c tc ny c in trn b mt c phiu dng chng ch.
- c u tin chia li c phn trc loi c phiu thng.
- c u tin phn chia ti sn cn li ca cng ty khi ph sn trc loi c phiu
thng.
Tuy nhin, khng ging nh c phiu thng, ngi mua c phiu u i
thng khng c hng quyn b phiu bu ra Hi ng qun tr, ban kim sot
cng ty. H cng c hng c tc gii hn theo mc gp vn. Chnh v th, c
ng u i ch c quyn s hu hu hn trong cng ty.
Xut pht t nhng l do trn nn gi c phiu u i trn th trng chng khon
khng dao ng ln nh gi c phiu thng. Loi c phiu ny ph hp vi nhng
nh u t mun c thu nhp n nh, u n, khng thch mo him, ri ro nhng
li khng ph hp vi nhng nh u t mun tham gia qun l, kim sot cng ty.
to s hp dn hn cho c phiu u i, ph hp vi tm l ca cc nh u t, c
phiu u i c a dng ho v phn chia thnh nhiu loi khc nhau:
- C phiu u i tch lu v c phiu u i khng tch lu.
- C phiu u i tch lu: l loi c phiu u i trong doanh nghip pht hnh
bo m tr y c tc cho ngi s hu. Nu trong nm ti chnh m c tc
khng tr c, th cng ty c th dn s c tc ny (ton phn hay tng phn) vo
nm ti chnh sau.
- C phiu u i khng tch lu: l loi c phiu m doanh nghip c li n u tr
li n . Phn n c tc khng c tch lu vo nm sau.
- C phiu u i d phn v c phiu u i khng d phn
Th trng chng khon
23
- C phiu u i d phn l loi c phiu u i m c ng c hng mt phn
li tc ph tri theo quy nh khi cng ty lm n pht t v c li vt bt .
- C phiu u i khng d phn l loi c phiu m c ng ch c hng li c
phn u i, ngoi ra khng c hng thm bt k mt khon li no, ngay c khi
cng ty lm n pht t vt bt.
- C phiu u i c th chuyn i: y l loi c phiu cho php ngi ch s hu
c phiu c chuyn i chng thnh mt s lng c phiu thng thng nht nh
trong mt thi gian nht nh. Gi c ca loi c phiu u i ny dao ng nhiu hn
so vi gi c ca cc loi c phiu u i khc.
- C phiu u i thu hi: l loi c phiu cho php cng ty pht hnh ra chng c
quyn thu hi v tr li vn cho c ng hoc i sang c phiu u i khc c mc
t sut c mc t sut ph hp vi li sut th trng.
Thng thng cc doanh nghip s dng quyn thu hi thu hi cc c phiu
u i c li sut cao, thay th bng nhng c phiu c li sut thp hn nhm ci
thin tnh hnh ti chnh ca doanh nghip. Khi thu hi, cng ty thng tr thm cho
c ng mt khon thng (thng l 5%).
Chng khon n
Chng khon n l mt loi chng khon quy nh ngha v ca ngi pht hnh
(ngi i vay) phi tr cho ngi ng tn s hu chng khon (ngi cho vay) mt
khon tin nht nh bao gm c gc v li trong mt khong thi gian c th.
i din cho chng khon n l tri phiu, tn phiu.
- Tri phiu
+ Khi nim
Theo Ngh nh 48/N-CP ca Chnh ph, tri phiu l mt loi chng khon c
pht hnh di hnh thc chng ch hoc bt ton ghi s, xc nhn ngha v tr n
(bao gm vn gc v li) ca t chc pht hnh i vi ngi s hu tri phiu.
T khi nim cho thy nhng ni dung cn thit ghi trn t tri phiu gm
- Mnh gi : Mnh gi ca tri phiu l s tin ghi trn b mt tri phiu. Gi tr ny
c coi l s vn gc, l cn c xc nh s li tc tin vay m ngi pht hnh
phi tr. Mnh gi cng th hin s tin m ngi pht hnh phi tr khi tri phiu
n hn.
Th trng chng khon
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- Thi hn tri phiu: Thi hn ca tri phiu l thi hn i vay ca t chc pht
hnh i vi tri ch v c ghi r trn b mt ca tri phiu. y l khong thi
gian t ngy pht hnh n ngy t chc pht hnh hon tr vn gc ln cui.
- Tri phiu c quy nh li sut v thi hn tr li.
- Li sut tri phiu l li sut c ghi trn b mt tri phiu. Li sut ny c xc
nh theo t l phn trm vi mnh gi ca tri phiu, li sut ny l cn c xc
nh li tc tri phiu.
- Thi hn tr li l khong thi gian ngi pht hnh tr li cho ngi nm gi tri
phiu. Vic tr li ca tri phiu c th tin hnh 1 ln hoc 2 ln trong mt nm.
+c im
Tri phiu c nhng c im sau:
- Tnh sinh li: Tri phiu l mt chng khon n m khi s hu n, nh u t mong
mun nhn c mt thu nhp ln hn trong tng lai. Thu nhp ny c cu thnh
bi hai b phn:
- Tri tc c phn chia hng nm.
- Vic tng gi chng khon trn th trng.
- Tnh ri ro: Nh u t c th gp ri ro khi u t vo tri
phiu. Tu theo tng loi tri phiu m c ri ro khc nhau. V d: tri phiu
Chnh ph c ri ro thp hn tri phiu cng ty.
Kh nng sinh li bao gi cng quan h cht ch vi ri ro ca ti sn, th hin trong
nguyn l: mc chp nhn ri ro cng cao th li nhun k vng cng ln.
- Tnh thanh khon: Cc loi tri phiu khc nhau th c tnh thanh khon khc nhau.
V d: tnh thanh khon ca mt tri phiu Kho bc th cao hn mt tri phiu cng
ty.
- Tri phiu c thi hn xc nh ghi r trn t tri phiu, thng l trung v di hn.
- Tri ch c hng nhng quyn li nht nh t ch th pht hnh, l: c h-
ng li tc tri phiu khng tu thuc vo kt qu kinh doanh ca cng ty (nu l
tri phiu cng ty); c hon vn ng hn hay trc hn ty theo s tho thun ca
hai bn; c quyn bn, chuyn nhng, chuyn i, cm c; c thanh ton trc
cc c phiu khi cng ty thanh l, gii th (nu l tri phiu cng ty).
+Phn loi: Tu theo mc ch nghin cu, tri phiu c th c phn loi theo
nhiu tiu thc khc nhau.
Th trng chng khon
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- Phn loi tri phiu theo hnh thc php l:
- Tri phiu v danh (Tri phiu khng ghi tn): l loi tri phiu khng ghi tn ngi
s hu trn chng ch tri phiu. Loi tri phiu ny c chuyn nhng d dng,
khng cn nhng th tc xc nhn ca t chc pht hnh hoc c quan cng chng.
Ngi mua c trch nhim chi tr cho ngi bn theo gi c c xc nh.
- Tri phiu ghi danh (Tri phiu c ghi tn): l loi tri phiu ghi tn ngi s hu
trn chng ch tri phiu hoc trn s theo di mua tri phiu. Loi tri phiu ny -
c php chuyn nhng trn th trng chng khon nhng phi tun theo nhng
quy nh php l c th. Nu mun chuyn nhng ngi s hu phi chng minh
mnh l ngi c php v c quyn chuyn nhng (xc nhn ch k, chng minh
th).
Qua cch phn loi ny, chng ta thy tri phiu v danh c lu thng d dng hn
tri phiu ghi danh.
- Phn loi tri phiu theo ch th pht hnh:
- Tri phiu cng ty: l tri phiu do cc cng ty pht hnh vi mc ch huy ng
vn cho sn xut kinh doanh.
- Tri phiu Chnh ph: l tri phiu do Chnh ph pht hnh vi mc ch huy ng
vn ti tr cc cng trnh d n quan trng hoc b p thiu ht Ngn sch Nh
nc .
- Phn loi tri phiu theo hnh thc tr gc v li
- Tri phiu Coupon: l tri phiu c cung li nh km v trn ghi r li sut, k
hn tr li. Khi lnh tri tc, tri ch ct ri phiu li chuyn n doanh nghip pht
hnh thu tin.
- Tri phiu chit khu: l loi tri phiu c bn vi gi thp hn mnh gi, khi
hon vn c hon theo mnh gi.
- Tri phiu Consol: l loi tri phiu c hng li hng nm v thi gian o hn
l v hn.
- Tri phiu c phng thc tr gc v li gn. Khi o hn, ngi s hu c nhn
gc v li mt ln.
- Tri phiu hon tr c nh.
+ Nhng yu t nh hng n th gi tri phiu
Th trng chng khon
26
- Quan h cung cu v tri phiu trn th trng chng khon. Ti mt thi im nht
nh, khi cung v tri phiu ln hn cu v tri phiu th gi tri phiu trn th trng
s gim. V ngc li, khi cu v tri phiu ln hn cung v tri phiu th gi tri
phiu s tng.
- Kh nng ti chnh ca t chc pht hnh tri phiu. Mt cng ty ang trong giai
on n nn lm ra, li nhun cao, chi tr tri tc n nh, to nim tin cho nh u
t. iu ny lm cho tri phiu ca cng ty tr nn hp dn trn th trng chng
khon, s c nhiu nh u t quan tm hn, dn n gi tri phiu c th tng. V
ngc li, mt v lm n sp ca cng ty, lm mt lng tin ca nh u, gi tri
phiu gim st nghim trng.
- Thi gian o hn ca tri phiu: Thi gian o hn cng di, mc bin ng gi
tri phiu trn th trng cng ln. Khi mt tri phiu cng n gn ngy o hn th
gi tr th trng ca tri phiu s cng n gn mnh gi.
- Lm pht: Khi nn kinh t c s xo trn mnh, lm pht bng n. iu ny tng
ng vi gi tr ng tin gim st, tri tc thc t m cc nh u t nhn c
gim st nghim trng, ngay lp tc, cc nh u t chuyn hng kinh doanh. H
khng cn mn m u t vo tri phiu na m h c th rt tin t th trng chng
khon chuyn sang u t vo th trng bt ng sn hay vng nhm m bo
cho gi tr ng vn ca h. Do , khi lm pht xy ra, gi tri phiu gim mnh.
- Bin ng li sut th trng: Gia li sut th trng v tri phiu c mi quan h
t l nghch vi nhau. Khi li sut th trng tng s lm gim gi tr tri phiu, v
ngc li khi li sut th trng gim s dn n tng gi tr tri phiu.
Chng khon phi sinh
Chng khon phi sinh l cc cng c ti chnh c ngun gc t chng khon v c
quan h cht ch vi chng khon gc.
Cc chng khon phi sinh c hnh thnh do nhu cu giao dch ca ngi mua v
ngi bn, pht trin ph thuc vo mc pht trin ca th trng chng khon.
C th phn loi chng khon phi sinh thnh cc loi nh sau:
- Quyn mua trc (Quyn t mua u i)
Khi pht hnh c phiu mi th quyn li cc c ng c b suy gim. b
p thit hi ny, cng ty s u tin cho cc c ng c quyn t mua u i. Quyn
Th trng chng khon
27
t mua u i l quyn cho php c ng hin ti c c hi mua c phn trong t
pht hnh mi trc khi c phn c cung ng cho ngi khc.
Quyn t mua (quyn tin mi) l mt quyn u i c gn vi mt c phiu ang
lu hnh, do cng ty pht hnh ra c phiu huy ng thm vn c phn, quyn
mua trc cho php ngi s hu nhng c phn ang c lu hnh c mua mt
s nht nh c phiu trong t pht hnh mi ca cng ty, ti mt mc gi xc nh
thp hn mc gi cho bn ra cng chng trong mt thi hn nht nh.
Cc quyn ny cng c chuyn nhng gia cc c ng c quyn th hng
quyn v cc nh u t khc. Thng thng, quyn mua trc c thi hn ngn hn
l ch yu (t 2-4 tun) v vic pht hnh quyn c quy nh trong iu l t chc
ca cng ty.
Mc gi ng k trong tt c cc dng quyn mua trc thp hn mc gi hin hnh
ca c phiu vo thi im quyn c pht hnh. iu ny l do:
+ Th nht: ri ro c th xy ra khi gi th trng gim trong thi hn pht hnh
quyn v iu c th nh hng n t pht hnh.
+ Th hai: mc chnh lch ng k ny lm tng tnh hp dn i vi cc c ng c.
V vy, trnh cho cc c ng c khi thit, h c mua c phn mi theo gi l
thuyt bng phn chnh lch gia th gi c phiu trc v sau khi tng vn.
- Chng kh
Chng kh l mt loi chng khon c pht hnh cng vi tri phiu hay c phiu
u i m ngi s hu n c quyn c mua mt s lng chng khon nht nh
ti mt mc gi xc nh v trong mt thi hn nht nh.
Quyn ny c pht hnh trong trng hp t chc li cng ty, hoc khi cng ty
pht hnh nhm mc tiu khuyn khch cc nh u t tim nng mua cc tri phiu
hoc c phiu u i c nhng iu kin km thun li. chp nhn nhng iu
kin , nh u t c c mt la chn i vi s ln gi c th xy ra ca c
phiu thng.
Gi nh trc trn chng kh thng cao hn gi th trng hin hnh ca c phiu
thng v c thi hn di hn chng quyn, thng thng thi hn ca chng kh l
mt vi nm hoc vnh vin.
- Hp ng k hn
Th trng chng khon
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Hp ng k hn l mt tho thun gia ngi mua v ngi bn thc hin mt giao
dch hng ho mt thi im chc chn trong tng lai vi khi lng v mc gi
xc nh.
Tuy nhin, khng ging nh hp ng tng lai, hp ng k hn khng trao i trn
th trng, khng c nh gi hng ngy. Hp ng k hn khng phi theo tiu
chun ca th trng ring bit, ngy thc hin hp ng c xc nh tu theo tng
hp ng.
Gi trong hp ng k hn l gi giao hng, ti thi im k hp ng, gi chuyn
giao c chn gi tr ca hai bn mua bn l bng khng. iu ny c ngha l
khng c chi ph khi mua bn hp ng k hn.
Hp ng k hn c nh u t s dng tin hnh u c v bo h.
- Hp ng tng lai
Hp ng tng lai l mt tho thun mua hoc bn ti sn vo mt thi im
chc chn trong tng lai vi mt mc gi xc nh.
Chc nng kinh t c bn ca cc th trng hp ng tng lai l cung cp mt c
hi cho nhng ngi tham gia th trng phng nga ri ro v nhng bin ng
gi bt li v l cng c cho cc nh u c.
Cc hp ng tng lai da trn c s mt cng c ti chnh hay mt ch s ti chnh
c gi l hp ng tng lai ti chnh, bao gm hp ng tng lai ch s c phiu,
hp ng tng lai li sut, hp ng tng lai tin t.
Hp ng tng lai, nh c im c tnh linh hot khc phc c nhng c
im ca hp ng k hn v thng c xem l mt phng thc tt hn phng
nga ri ro trong kinh doanh. S khc nhau gia hai loi hp ng ny th hin cc
im:
+ V tnh cht: Tn ti mt S giao dch c t chc giao dch hp ng tng lai,
trong khi i vi hp ng k hn th khng. Nh vy, hp ng k hn ch l hp
ng ring bit gia hai bn; cn hp ng tng lai c trao i trn th trng.
S giao dch hp ng tng lai cho php cc nh giao dch v danh c mua v
bn cc hp ng giao dch tng lai m khng phi xc nh r i tc trong mt
hp ng c th. Ngoi ra, S giao dch cn to ra tnh thanh khon cao cho th tr -
ng hp ng tng lai, gip cho cc i tc tham gia vo hp ng tng lai thc
hin cc ngha v ca h c hiu qu hn so vi khi tham gia vo hp ng k hn.
Th trng chng khon
29
+ V tnh tiu chun ho hp ng: Cc hp ng tng lai c tiu chun ho, cn
hp ng k hn th khng. Cc hp ng k hn c th c lp ra cho bt k loi
hng ho no, vi bt k s lng v cht lng, thi hn thanh ton c hai bn
tham gia hp ng chp thun. Trong khi , cc hp ng tng lai nim yt ti cc
S giao dch c quy nh i vi mt s hng ho c th v p ng cc yu cu
ti thiu v cht lng v ti mt thi im giao hng xc nh.
+ V ri ro trong thanh ton: S dng cc hp ng tng lai c nim yt trn S
giao dch s kim sot c ri ro trong thanh ton. Trong cc giao dch hp ng
tng lai, c bn mua v bn bn khng bit ai l i tc ca mnh. Trung tm thanh
ton b tr s thc hin chc nng trung gian thanh ton trong tt c cc giao dch.
i vi cc hp ng k hn, cc khon l v li s c thanh ton khi cc hp
ng o hn. Trong khi i vi cc hp ng tng lai, nhng thay i v gi tr
ca cc bn tham gia hp ng (thng qua ti khon) c iu chnh hng ngy theo
mc gi th trng. Cc hp ng tng lai cn c mt s yu cu k qu nht nh.
Nh vy, chnh s kt hp gia vic thanh ton hng ngy v yu cu k qu s gip
phng nga c ri ro trong thanh ton ca hp ng tng lai.
+ V tnh thanh khon: do c s tham gia ca trung tm thanh ton b tr, tnh thanh
khon ca cc hp ng tng lai cao hn nhiu so vi cc hp ng k hn.
- Hp ng quyn chn
Hp ng quyn chn l mt hp ng cho php ngi mua nm gi n c mua
(nu l quyn chn mua) hoc c bn (nu l quyn chn bn) mt khi lng
hng ho c s nht nh ti mt mc gi xc nh v trong mt thi gian nht nh.
Cc hng ho c s ny c th l: c phiu, tri phiu
Mt hp ng quyn chn bt k u bao gm 4 c im c bn sau:
+ Loi quyn (quyn chn bn hoc chn mua).
+ Tn hng ho c s v khi lng mua hoc bn theo quyn.
+ Ngy o hn.
+ Gi thc thi.
C 4 i tng tham gia trn th trng quyn chn:
+ Ngi mua quyn chn mua (Buyers of calls).
+ Ngi bn quyn chn mua (Sellers of calls).
+ Ngi mua quyn chn bn (Buyers of puts).
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+ Ngi bn quyn chn bn (Sellers of puts).
d. Chng khon c th chuyn i
- Khi nim
Chng khon c th chuyn i l nhng chng khon cho php ngi nm gi n,
tu theo la chn v trong nhng iu kin nht nh, c th i n ly mt chng
khon khc.
Thng thng c c phiu u i c chuyn i thnh c phiu thng hoc tri
phiu c chuyn i thnh c phiu thng.
-L do pht hnh v u t vo chng khon chuyn i
Pht hnh chng khon c th chuyn i l nhm huy ng thm vn t c, vo
nhng thi im cha thch hp cho vic pht hnh c phiu thng. Vic pht hnh
chng khon c th chuyn i cng c th nhm mc ch tng thm tnh hp dn
cho t pht hnh, nht l khi th trng tri phiu v c phiu u i ang xung gi.
Chng khon c th chuyn i mang li cho bn pht hnh li th c hng li
sut thp (nu l tri phiu) hoc gi cho bn cao (nu l c phiu). Khi cc chng
khon c chuyn i, nh pht hnh cn c li v loi b c cc khon c nh
phi tr, ng thi tng thm s lng c ng ca cng ty, mt ch bo c li cho
danh ting ca cng ty.
i vi cc nh u t, chng khon c th chuyn i c sc hp dn ch chng
kt hp c tnh an ton ca tri phiu (thu nhp c nh) v tnh c th u c ca
c phiu thng). Hn na loi chng khon ny cn cho php nh u t c th -
c bo him trc tnh trng lm pht.
Nhng li ch ca vic thc hin chuyn i tu thuc nhiu vo gi chuyn
i, t l chuyn i, v tng quan gi gia cng c chuyn i vi nhng cng c
m chng c th chuyn i thnh. l nhng yu t thng khng nm trong tm
kim sot ca ngi u t.
2.1.2.2.Phn loi chng khon theo hnh thc php l
a. Chng khon v danh
Chng khon v danh l loi chng khon khng ghi tn ngi s hu trn
chng ch.
b. Chng khon ghi danh
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Chng khon ghi danh l loi chng khon ghi tn ngi s hu trn chng
ch hoc trn s theo di mua chng khon.
2.1.2.3. Phn loi chng khon theo thu nhp
a. Chng khon c thu nhp c nh
Chng khon c thu nhp c nh l loi chng khon c quyn yu cu thu
nhp c nh khng ph thuc vo kt qu hot ng ca t chc pht hnh. V d:
tri phiu Chnh ph, tri phiu cng ty,
b. Chng khon c thu nhp bin i
Chng khon c thu nhp bin i l loi chng khon c thu nhp bin ng
theo kt qu hot ng ca t chc pht hnh. V d: c phiu.
c. Chng khon hn hp
Hnh thc hn hp ca chng khon va mang tnh cht ca chng khon c
thu nhp c nh, va mang tnh cht ca chng khon c thu nhp bin i. V d:
tri phiu c kh nng chuyn i, tri phiu c quyn mua c phiu,
2.2. Pht hnh chng khon
2.2.1. Cc phng thc pht hnh chng khon
2.2.1.1.Pht hnh ring l
Pht hnh ring l l vic chng khon c bn trong phm vi mt s ngi nht
nh (thng thng l cho cc nh u t c t chc), vi nhng iu kin hn ch v
khng tin hnh rng ri ra cng chng.
Chng khon pht hnh di hnh thc ny khng phi l i tng c nim yt v
giao dch trn th trng chng khon.
Cng ty la chn phng thc pht hnh ring l bi l do mt s nguyn nhn sau:
- Cng ty khng tiu chun pht hnh ra cng chng.
- S lng vn cn huy ng thp. Do nu pht hnh di hnh thc ra cng chng
th chi ph huy ng trn mi ng vn tr nn qu cao.
- Cng ty pht hnh c phiu nhm duy tr cc mi quan h kinh doanh. V d nh:
pht hnh c phiu cho nh cung cp hay tiu th sn phm.
- Pht hnh cho cn b cng nhn vin chc ca cng ty.
2.2.1.2. Pht hnh chng khon cng ty ra cng chng
Pht hnh chng khon ra cng chng l vic bn chng khon rng ri cho mt s
lng ln cng chng u t, trong mt t l nht nh chng khon phi c
Th trng chng khon
32
phn phi cho cc nh u t nh. Tng gi tr chng khon pht hnh cng phi t
mc nht nh.
Chng khon c pht hnh ra cng chng c php nim yt trn th trng
chng khon tp trung. Do vy, chng khon pht hnh di hnh thc ny c nhng
li th:
- C tnh kh mi cao hn v cc c ng hay cc nh u t vo chng khon ca
cng ty c th chuyn gp vn thnh tin bt c lc no.
- C li th rt ln trong vic qung b tn tui.
- Gii kinh doanh u coi cc cng ty c nim yt trn th trng tp trung l
nhng cng ty c s n nh nht nh. Vic ny s to thun li rt ln cho cng ty
trong qu trnh tm bn hng v k kt hp ng.
- Chng khon c pht hnh ring l kh c th phn nh c mi quan h cung
cu trn th trng do s lng ngi mua rt hn ch. Vic pht hnh ra cng chng
vi s tham gia ca hng nghn nh u t gip cng ty bn c chng khon ca
mnh vi mc gi hp l.
T chc pht hnh chng khon ra cng chng phi thc hin mt ch bo co,
cng b thng tin cng khai v chu s qun l, gim st ring theo quy nh ca php
lut v chng khon v th trng chng khon.
Vic pht hnh ra cng chng c phn bit gia pht hnh c phiu v pht hnh
tri phiu:
- Trng hp pht hnh c phiu ra cng chng, vic pht hnh c thc hin theo
mt trong hai phng thc sau:
+ Pht hnh ln u ra cng chng (IPO): l vic pht hnh trong c phiu ca
cng ty ln u tin c bn rng ri cho cng chng u t. Nu c phn c bn
ln u cho cng chng nhm tng vn th l IPO s cp, cn khi c phn c
bn ln u t s c phn hin hu th l IPO th cp.
+ Cho bn s cp (phn phi s cp): l t pht hnh c phiu b sung ca cng ty
i chng cho rng ri cng chng u t.
- Trng hp pht hnh tri phiu ra cng chng, vic pht hnh c thc hin bng
mt phng thc duy nht, l cho bn s cp.
2.2.2. Pht hnh chng khon cng ty ln u ra cng chng
Th trng chng khon
33
Cc cng ty c phn thc hin vic pht hnh c phiu ra cng chng u phi p
ng c cc yu cu, tiu chun cao ca c quan qun l th trng chng khon v
hon thnh nhiu th tc kh phc tp trc v sau khi pht hnh chng khon ra
cng chng. S d nh vy l v:
- Pht hnh chng khon ra cng chng l vic pht hnh chng khon cho mt s l-
ng ln cng chng u t. Nhiu ngi trong s l cc nh u t nh, cc nh
u t c s hiu bit v kh nng phn tch cn hn ch. Do , bo v cc nh
u t ny, chng khon pht hnh phi l cc chng khon c cht lng cao, v
cng ty pht hnh phi l cc cng ty c trin vng pht trin trong tng lai.
- Do ln u pht hnh ra cng chng nn cc thng tin lin quan n cc cng ty
khng c nhiu ngi bit n. Cho nn vic a ra cc yu cu cao v cht lng
i vi cc cng ty ln u pht hnh ra cng chng l b p nhng thiu ht v
thng tin cho cng chng u t.
- i vi cc nc ang trong giai on xy dng v pht trin th trng chng
khon Vit Nam, vic a ra cc tiu chun cao cn xut pht t l do to dng nim
tin ca cc nh u t i vi th trng chng khon.
2.2.2.1. Tiu chun pht hnh
Tiu chun m cc cng ty phi p ng trc khi c php pht hnh chng khon
ra cng chng c chia ra lm hai nhm: Nhm cc tiu chun nh lng v nhm
cc tiu chun nh tnh.
a. Tiu chun nh lng
- Cng ty phi c quy m vn nht nh. Vit Nam, mc vn iu l ti thiu
cng ty c phn pht hnh c phiu ra th trng l 5 t ng.
- Tnh lin tc trong hot ng sn xut kinh doanh. Vit Nam: hot ng kinh
doanh ca nm lin trc nm ng k pht hnh phi c li.
- Tng gi tr t pht hnh phi t quy m nht nh. Theo quy nh, tng gi tr t
pht hnh phi t nht t c 80% tng gi tr c php pht hnh.
- Mt t l nht nh ca t pht hnh phi c bn cho mt s lng quy nh
cng chng u t: ti thiu 20% vn c phn ca doanh nghip phi c bn cho
trn 50 nh u t ngoi doanh nghip. Trong trng hp vn t chc pht hnh t
100 t ng tr ln th t l ti thiu ny l 15 % vn c phn.
Th trng chng khon
34
- Cc thnh vin sng lp ca cng ty phi cam kt nm mt t l nht nh vn c
phn ca cng ty trong mt khong thi gian nht nh. Cc thnh vin sng lp ca
cng ty phi cam kt nm gi t nht 20% vn c phn ca doanh nghip vo thi
im kt thc t pht hnh, v phi nm gi 3 nm k t ngy kt thc t pht
hnh.
b. Tiu chun nh tnh
- Cc nh qun l cng ty bao gm thnh vin Ban gim c iu hnh v Hi ng
qun tr phi c trnh v kinh nghim qun l cng ty.
- C cu t chc ca cng ty phi hp l v phi v li ch ca cc nh u t. C
ngha l c cu cng ty phi hn ch mc cao nht nhng xung t lin quan n
quyn li ca cc bn lin quan, xung t gia ch s hu v nh qun l.
- Cng ty phi c phng n kh thi v vic s dng vn thu c t t pht hnh.
- Trng hp c phiu pht hnh c tng gi tr theo mnh gi vt 10 t th phi c
t chc bo lnh.
Nhng quy nh trn y nhm m bo cho c phiu pht hnh ra phi c cht l-
ng, vi mt s lng ln to ra mt th trng kh d cho c phiu .
2.2.2.2.Quy trnh pht hnh
- Bc 1: Chun b h s xin php pht hnh.
- Bc 2: Np h s xin php pht hnh ln c quan qun l pht hnh.
- Bc 3: Cng b pht hnh.
- Bc 4: Cho bn v phn phi chng khon ra cng chng.
- Bc 5: Bo co kt qu.
Thng thng, trc khi tin hnh vic cho bn c phiu ra cng chng ln u, t
chc pht hnh phi chn cho mnh mt hoc mt s t chc bo lnh pht hnh. Cc
t chc bo lnh ny s tham gia vo mi cng on ca qu trnh pht hnh.
Sau khi chp nhn lm bo lnh pht hnh, t chc bo lnh phi k cam kt bo lnh
pht hnh vi t chc pht hnh.
a. Bc 1: Chun b h s xin php pht hnh
T chc bo lnh cng vi t chc pht hnh tin hnh chun b h s xin php pht
hnh. Vit Nam, h s bao gm cc ti liu sau:
- n ng k pht hnh.
- Bn sao hp l Giy chng nhn KKD ca t chc pht hnh.
Th trng chng khon
35
- iu l hot ng ca t chc pht hnh.
- Ngh quyt ca i hi c ng thng qua vic pht hnh c phiu ra cng chng.
- Bn co bch: l ti liu phn nh tnh hnh t chc, hot ng kinh doanh ca t
chc pht hnh v k hoch s dng s tin thu c t t pht hnh. Bn co bch
ca cng ty phi c tin cy cao nht. iu ny c ngha l cc bo co ti chnh
ca cng ty phi c kim ton bi cc t chc kim ton c uy tn.
- Danh sch v s yu l lch thnh vin Hi ng qun tr, Ban Gim c, Ban Kim
sot.
- Cc bo co ti chnh 02 nm lin tc lin trc nm ng k pht hnh c
kim ton.
- Cam kt bo lnh pht hnh (nu c).
- Cc ti liu gii trnh v kh nng li nhun, thanh ton c tc v chp hnh cc
ngha v i vi Nh nc.
Sau khi hon thnh vic chun b h s, t chc bo lnh chuyn h s xin php pht
hnh cho cng ty t vn lut xem xt v mt php l lin quan ti t pht hnh.
Cng ty t vn chu trch nhim xem xt v m bo h s y , hp l theo ng
quy nh ca U ban chng khon Nh nc.
Cui cng, t chc bo lnh, t chc pht hnh, v cc cng ty t vn s nhm hp
xc nh r trch nhim ca mi bn tham gia.
b. Bc 2: Np h s xin php pht hnh ln c quan qun l pht hnh
Sau khi chun b xong cc ti liu trong h s xin php pht hnh, t chc pht hnh
np h s ng k pht hnh ln U ban chng khon Nh nc.
Trong thi hn 30 ngy lm vic k t ngy t chc xin ng k pht hnh np h
s hp l, U ban chng khon Nh nc cp chng nhn ng k pht hnh chng
khon. Nu t chc pht hnh hoc U ban chng khon Nh nc pht hin c sai
st trong h s, t chc pht hnh phi sa i, b sung h s cho y v ng
quy nh. Cc sa i, b sung phi c lp bng vn bn v gi n U ban chng
khon. Cn lu rng U ban chng khon ch bt u tnh thi gian xt duyt k t
ngy nhn c h s xin php pht hnh y v hp l.
Trong thi gian ny, t chc ng k pht hnh, t chc bo lnh pht hnh v cc
i tng c lin quan ch c s dng trung thc v chnh xc cc thng tin trong
Bn co bch gi U ban chng khon Nh nc thm d th trng, trong
Th trng chng khon
36
phi nu r cc thng tin v ngy pht hnh v gi bn chng khon l thng tin d
kin. Vic thm d th trng khng c thc hin trn cc phng tin thng tin
i chng.
c. Bc 3: Cng b pht hnh
Trong mt thi hn nht nh sau khi nhn c giy php pht hnh, t chc pht
hnh phi cng b cng khai vic pht hnh trn cc phng tin thng tin i chng
theo quy nh ca php lut.
Theo Ngh nh 144/2003 N-CP, vic cng b pht hnh c quy nh nh sau:
Trong thi hn 05 ngy lm vic, k t ngy U ban chng khon Nh nc cp giy
chng nhn ng k pht hnh chng khon, t chc pht hnh c ngha v cng b
vic pht hnh trn 01 t bo Trung ng hoc 01 t bo a phng ni t chc pht
hnh t tr s chnh.
d. Bc 4: Cho bn v phn phi chng khon ra cng chng
Vit Nam, vic phn phi chng khon c quy nh nh sau:
- T chc pht hnh hoc t chc bo lnh yu cu cc nh u t in vo phiu
ng k mua: ghi r h tn, a ch lin lc, s lng chng khon ng k, s tin k
qu.
- Yu cu nh u t t cc mt khon tin, nhng khng qu 10% tr gi chng
khon ng k mua. Vic k qu c th c thc hin bng tin mt hoc sc
chuyn khon ca ngn hng.
- Thi hn ng k mua chng khon cho ngi u t ti thiu l 15 ngy lm vic
v ti a l 90 ngy. Ht thi hn mua, t chc pht hnh, t chc bo lnh phi
thng bo cho ngi u t bit s lng chng khon c mua.
T chc pht hnh cn nu r phng thc u tin phn phi, c th dng mt hoc
mt s phng thc sau:
- u tin v thi gian: ai ng k trc s u tin mua trc.
- u tin v s lng: ai ng k vi s lng ln s c u tin mua trc.
Trng hp vic phn phi chng khon ra cng chng khng th thc hin theo
ng thi hn quy nh, U ban chng khon Nh nc xem xt, quyt nh gia hn
tip tc phn phi nu t chc pht hnh c ngh bng vn bn. Qu thi hn -
c gia hn, s chng khon cn li (cha bn ht) khng c pht hnh ra cng
chng.
Th trng chng khon
37
Nu nh kt qu t pht hnh khng t c ti thiu 50 nh u t hoc s lng
chng khon thc t pht hnh khng t c 80% s lng chng khon c php
pht hnh th U ban chng khon c quyn thu hi chng nhn ng k pht hnh
chng khon.
Sau khi U ban chng khon Nh nc ra quyt nh thu hi chng nhn ng k
pht hnh chng khon, t chc pht hnh phi thng bo ngay cho ngi u t bit
v phi thu hi cc chng khon pht hnh nu ngi u t c yu cu, ng thi
hon tr tin cho ngi u t trong vng 30 ngy, k t ngy chng nhn ng k
pht hnh chng khon b thu hi. Qu thi hn ny, t chc pht hnh phi bi th-
ng thit hi cho ngi u t theo cc iu khon cam kt vi ngi u t ph
hp vi quy nh ca php lut.
e. Bc 5: Bo co kt qu t pht hnh
T chc pht hnh, t chc bo lnh phi chuyn giao chng khon cho ngi mua
trong thi hn 30 ngy, k t ngy kt thc t pht hnh. Tin thu c t vic phn
phi chng khon phi c chuyn giao vo ti khon phong to ti mt ngn hng
c UBCKNN chp thun.
Trong vng 10 ngy lm vic sau khi kt thc t pht hnh, t chc pht hnh phi
bo co U ban chng khon v kt qu t pht hnh v cng b cng khai kt qu
t pht hnh.
2.2.2.3. Cc phng php pht hnh
a. T pht hnh
Nh pht hnh trc tip pht hnh, cho bn chng khon cho cng chng theo gi
cho bn xc nh. Cch pht hnh ny i hi nh pht hnh phi am hiu th tr-
ng, c h thng bn kh n nh, c uy tn trn th trng,
- u im: chi ph pht hnh tng i thp.
- Hn ch: thi gian tp trung vn thng ko di, cng ty kh bn ht c chng
khon huy ng vn theo d kin. V vy, phng php pht hnh trc tip thng
c ri ro cao.
b. Bo lnh pht hnh
- Khi nim
Bo lnh pht hnh l vic t chc bo lnh gip t chc pht hnh thc hin cc th
tc trc khi cho bn chng khon, t chc vic phn phi chng khon v gip
Th trng chng khon
38
bnh n gi chng khon trong giai on u sau khi pht hnh. Nh vy, bo lnh
pht hnh bao gm c vic t vn ti chnh v phn phi chng khon. T chc bo
lnh c hng ph bo lnh hoc mt t l hoa hng nht nh trn s tin thu -
c.
- Vai tr
T nh ngha trn, ta thy t chc bo lnh pht hnh c cc vai tr sau:
+ Vai tr t vn:
- T chc bo lnh t vn cho cng ty, doanh nghip v loi chng khon pht
hnh (c phiu hay tri phiu), thi gian pht hnh.
- Gip t chc pht hnh trong vic chun b h s xin php pht hnh,
chun b ti liu trnh by cho cc nh u t.
+ Phn phi chng khon: T chc bo lnh gi vai tr ch o trong vic phn phi
chng khon. y l vic bn chng khon ra cng chng. T chc bo lnh c quan
h rng ri vi khch hng l nhng ngi u t, c mng li i l chuyn nghip
bn chng khon. V vy, t chc bo lnh bn chng khon d dng v nhanh
chng.
Khi quyt nh bo lnh pht hnh, t chc bo lnh v t chc pht hnh s k hp
ng bo lnh pht hnh. Trn hp ng ghi r hnh thc bo lnh. C nhiu hnh
thc bo lnh:
- Cc phng thc bo lnh
+ Bo lnh vi cam kt chc chn: l phng thc bo lnh trong t chc bo lnh
cam kt s mua ton b s chng khon pht hnh cho d c phn phi c ht
chng khon hay khng. Thng thng, trong phng thc ny mt nhm cc t
chc bo lnh hnh thnh mt t hp mua chng khon ca t chc pht hnh vi
gi chit khu v bn li cc chng khon theo gi cho bn ra cng chng v c h-
ng phn chnh lch gi.
+ Bo lnh vi c gng cao nht: l phng thc bo lnh m theo t chc bo
lnh tho thun lm i l cho t chc pht hnh. T chc bo lnh khng cam kt
bn ton b s chng khon m ch cam kt s c gng ht sc bn chng khon ra
th trng, nhng nu khng phn phi ht s tr li cho t chc pht hnh phn cn
li v khng phi chu hnh pht no.
Th trng chng khon
39
+ Bo lnh theo phng thc tt c hoc khng: trong phng thc ny, t chc pht
hnh yu cu t chc bo lnh bn mt s chng khon nht nh, nu khng phn
phi ht c s hu ton b t pht hnh. T chc bo lnh phi tr li tin cho cc
nh u t mua chng khon.
+ Bo lnh theo phng thc ti thiu-ti a: l phng thc trung gian gia phng
thc bo lnh vi c gng cao nht v phng thc bo lnh bn tt c hoc khng.
Theo phng thc ny, t chc pht hnh yu cu t chc bo lnh c t do cho
bn chng khon n mc ti a quy nh (mc trn). Nu lng chng khon bn -
c t t l thp hn mc sn th ton b t pht hnh s b hu b.
+ Bo lnh theo phng thc d phng: y l phng thc bo lnh c p dng
khi mt cng ty i chng pht hnh b sung thm c phiu thng v cho bn cho
cc c ng c trc khi cho bn ra cng chng bn ngoi. Tuy nhin, s c mt s
c ng khng mun mua thm c phiu ca cng ty. V vy, cng ty cn c mt t
chc bo lnh d phng sn sng mua nhng quyn mua khng c thc hin v
chuyn thnh nhng c phiu phn phi ra ngoi cng chng. C th ni, bo lnh
theo phng thc d phng l vic t chc bo lnh cam kt s l ngi mua cui
cng hoc cho bn h s c phiu ca cc quyn mua khng c thc hin.
- T hp pht hnh
Trng hp gi tr ca t pht hnh ln, ngi qun l chnh s khng m nhim
mt mnh vic bo lnh pht hnh. phn tn ri ro v tng kh nng bn chng
khon ra cng chng, ngi qun l chnh mi cc t chc mi gii chng khon v
cc t chc ti chnh khc tham gia vo bo lnh v thnh lp t hp bo lnh. Tu
theo kh nng ti chnh ca mnh m mi thnh vin tham gia vo vic bo lnh
mc khc nhau. Theo mc v vic trch nhim tham gia vo vic pht hnh m
cc thnh vin bo lnh s nhn c khon tin khc nhau.
2.2.3. Pht hnh tri phiu Chnh ph v tri phiu a phng
iu kin pht hnh
Tri phiu Chnh ph v tri phiu a phng do Chnh ph v chnh quyn a
phng quyt nh, khng phi xin php hoc ng k vi U ban chng khon Nh
nc, khng phi tun theo cc iu kin, quy nh cng b pht hnh. Tuy nhin,
cn phi tun th:
+ K hoch
Th trng chng khon
40
+ Trnh t do Chnh ph ra
2.2.3.1. Bn l qua h thng Kho bc Nh nc
Bn l qua h thng Kho bc Nh nc l vic cc n v Kho bc Nh nc bn tri
phiu trc tip cho ngi mua.
Tri phiu bn l qua h thng Kho bc Nh nc c pht hnh theo phng thc
chit khu hoc ngang mnh gi.
2.2.3.2.Pht hnh qua i l
i l pht hnh l vic cc t chc c php lm i l pht hnh tri phiu tho
thun vi B Ti chnh nhn bn tri phiu Chnh ph. Trng hp khng bn ht, t
chc i l c tr li cho B Ti chnh s tri phiu cn li.
2.2.3.3. Pht hnh qua bo lnh
Bo lnh pht hnh l vic t chc bo lnh gip B Ti chnh thc hin cc th tc
trc khi pht hnh tri phiu Chnh ph ra th trng, nhn mua tri phiu Chnh ph
bn li hoc mua s tri phiu Chnh ph cn li cha c phn phi ht.
2.2.3.4. Pht hnh qua u thu
a. Nguyn tc u thu tri phiu Chnh ph
- B mt v mi thng tin t thu ca n v t thu.
- T chc u thu cng khai, bnh ng v quyn li v ngha v gia cc n v t
thu.
- n v trng thu c quyn hn v trch nhim mua tri phiu theo khi lng v
li sut trng thu.
b. Hnh thc u thu
Vic u thu tri phiu Chnh ph c thc hin di 2 hnh thc: u thu cnh
tranh v khng cnh tranh.
- u thu cnh tranh l u thu li sut. Thng qua u thu cnh tranh hnh thnh
li sut v khi lng trng thu ca cc thnh vin tham gia u thu.
- u thu khng cnh tranh l vic ng k mua tri phiu Chnh ph theo mc li
sut trng thu c hnh thnh qua kt qu u thu cnh tranh.
Tng t pht hnh, B Ti chnh c th quy nh hnh thc u thu l cnh tranh
hoc c hai hnh thc cnh tranh v khng cnh tranh. Trng hp p dng c hai
hnh thc u thu cnh tranh v khng cnh tranh th khi lng tri phiu u thu
Th trng chng khon
41
khng cnh tranh khng vt qu 30% tng khi lng tri phiu d kin pht hnh
ca t u thu .
c. i tng tham gia u thu
Cc doanh nghip, cc t chc tn dng, cng ty ti chnh, cng ty bo him, qu u
t.
d. iu kin tham gia u thu
Cc n v mun tham gia u thu tri phiu Chnh ph qua th trng giao dch
chng khon tp trung phi bo m cc iu kin sau:
- C t cch php nhn, c thnh lp hp php ti Vit Nam.
- C mc vn php nh ti thiu l 22 t ng Vit Nam.
- Hot ng kinh doanh c hiu qu, tnh hnh ti chnh lnh mnh.
- C ti khon tin ng Vit Nam m ti ngn hng theo quy nh ca Trung tm
GDCK, S GDCK.
- C n xin tham gia u thu tri phiu Chnh ph gi n Trung tm GDCK, S
GDCK.
Hng nm, Trung tm GDCK, S GDCK xem xt iu kin ca cc i tng cp
hoc thu hi giy chng nhn thnh vin tham gia u thu tri phiu Chnh ph.
e. T chc u thu tri phiu Chnh ph
- Thi gian t chc u thu:
Vic u thu c t chc theo tun k, thng hoc qu, cn c k hoch huy ng
vn ca ngn sch nh nc, cc B ngnh, U ban nhn dn tnh, thnh ph trc
thuc Trung ng, Qu h tr pht trin v tnh hnh th trng vn.
- Thng bo u thu:
Trc ngy t chc u thu 2 ngy, cn c ngh pht hnh ca B Ti chnh,
Trung tm GDCK, S GDCK gi thng bo pht hnh tri phiu Chnh ph cho cc
thnh vin tham gia u thu v cng b trn cc phng tin thng tin i chng.
- ng k u thu:
+ Trc 13h ca ngy m thu, cc thnh vin tham gia u thu phi gi phiu t
thu cho Trung tm GDCK, S GDCK v hon thnh vic k qu 5% trn khi lng
tri phiu t thu.
+ Mu v cch thc gi phiu t thu, np tin k qu do Trung tm GDCK, S
GDCK quy nh.
Th trng chng khon
42
- M thu:
Gi m thu quy nh l 13h30 ca ngy u thu. Trnh t, th tc m cc phiu t
thu, kim tra tnh hp php, hp l ca phiu t thu do Trung tm GDCK, S
GDCK quy nh v t chc thc hin.
- Xc nh khi lng v li sut tri phiu trng thu:
+ Cn c xc nh khi lng v li sut tri phiu trng thu:
- Khi lng v li sut t thu ca cc t chc tham gia u thu.
- Khi lng tri phiu d kin pht hnh v li sut ch o (nu c).
+ Nguyn tc xc nh khi lng v li sut trng thu:
- i vi cc i tng tham gia u thu theo hnh thc cnh tranh:
- Khi lng tri phiu trng thu c xt chn theo li sut t thu t thp n
cao. Ti mc li sut trng thu cao nht m khi lng tri phiu t thu vt qu
khi lng tri phiu d kin pht hnh th khi lng tri phiu trng thu c
phn chia cho mi phiu t thu theo t l thun vi khi lng tri phiu t thu
ti mc li sut ;
- Li sut trng thu cao nht l li sut pht hnh p dng chung cho mi i tng
trng thu.
- i vi cc i tng tham gia u thu theo hnh thc khng cnh tranh: c mua
tri phiu theo mc li sut trng thu. Khi lng tri phiu pht hnh cho cc i t-
ng ny c phn chia theo t l thun vi khi lng tri phiu t mua ca tng
i tng
- Xc nh gi bn tri phiu v s tin c thanh ton khi n hn:
+ Bn tri phiu theo hnh thc chit khu:
- Gi bn tri phiu c xc nh theo cng thc sau:

Khi n hn c thanh ton bng mnh gi tri phiu.
+ Bn tri phiu theo hnh thc bng mnh gi:
Th trng chng khon
43
- i vi tri phiu thanh ton gc, li mt ln khi n hn:
- Gi bn tri phiu bng 100% mnh gi.
- S tin thanh ton tri phiu khi n hn c tnh theo cng thc:
T = MG x (1 + Ls)
n

Trong : T : Tng s tin (gc, li) c thanh ton
MG : Mnh gi tri phiu
Ls : Li sut tri phiu trng thu (%/nm)
n : K hn tri phiu (nm)
- i vi tri phiu thanh ton li nh k:
- Gi bn tri phiu bng 100% mnh gi.
- Tin li tr nh k c tnh theo cng thc sau:

+ Khi n hn, ngi s hu tri phiu c thanh ton s tin gc bng mnh gi
tri phiu v s tin li ca k lnh li cui cng.
f. Thng bo kt qu u thu
- Sau khi kt thc vic xc nh li sut v khi lng trng thu, Trung tm GDCK,
S GDCK k xc nhn v gi cc bn tng hp kt qu u thu cho B Ti chnh,
ng gi U ban Chng khon Nh nc.
- Cn c bng tng hp kt qu u thu, Trung tm GDCK, S GDCK gi thng bo
cho cc n v tham gia u thu, cng b kt qu u thu trn cc phng tin
thng tin i chng v nim yt ti tr s Trung tm GDCK, S GDCK.
g. Thanh ton tin mua tri phiu Chnh ph
- Trong phm vi 2 ngy lm vic tip theo ngy u thu, cc n v trng thu phi
chuyn ton b tin mua tri phiu theo gi bn c xc nh trong thng bo
trng thu vo ti khon ca Kho bc Nh nc m ti S Giao dch Ngn hng Nh
nc.
- Ngy pht hnh tri phiu c n nh vo ngy lm vic th 2 k t sau ngy u
thu. Trong ngy pht hnh, S Giao dch Ngn hng Nh nc bo C cho Kho bc
Th trng chng khon
44
Nh nc s tin thu bn tri phiu Chnh ph t cc t chc trng thu, ng thi
thng bo cho Trung tm GDCK, S GDCK. Cn c thng bo ca S Giao dch
Ngn hng Nh nc, Trung tm GDCK, S GDCK lm th tc ghi s tri phiu cho
cc t chc trng thu.
2.3.Qun l Nh nc v pht hnh chng khon
Pht hnh chng khon ra cng chng l mt hnh thc pht hnh ph bin m cc t
chc pht hnh p dng v c nhiu thun li hn so vi hnh thc pht hnh ring l.
Trong phng thc pht hnh ny, ni dung qun l ca Nh nc bao gm:
- Qun l cp giy php pht hnh.
- Quyt nh nh ch, thu hi giy php khi t chc pht hnh khng tun th cc quy
nh trc, trong v sau khi pht hnh chng khon ra cng chng.
- Qun l v gim st vic cng b thng tin ca t chc pht hnh.
- Ban hnh cc vn bn lin quan n vic pht hnh v cho bn chng khon ra
cng chng.

Th trng chng khon
45
CHNG 3: CC HNH THC T CHC CA TH TRNG CHNG
KHON

3.1.S giao dch chng khon
3.1.1.Khi nim
S giao dch chng khon (SGDCK) l th trng giao dch chng khon c thc
hin ti mt a im tp trung gi l sn giao dch (trading floor) hoc thng qua h
thng my tnh. Cc chng khon c nim yt giao dch ti SGDCK thng thng
l cc chng khon ca cc cng ty ln, c danh ting v tri qua th thch trn th
trng v p ng c cc tiu chun nim yt do SGDCK t ra.
Trc y, khi th trng chng khon cn giao dch bng phn trng bng en, th
SGDCK bt buc phi c sn giao dch thc hin vic giao dch. Sn giao dch l
mt phng rng. Trong sn giao dch c cc quy giao dch, mi quy giao dch m
trch vic giao dch mt s loi chng khon, do cc chuyn gia chng khon (mi
gii lp gi) thc hin. Ngi mi gii ca cc cng ty chng khon (mi gii giao
dch) tp trung ti sn giao dch, h nhn lnh mua bn t cng ty chuyn ti, a
lnh ng k vo s lnh ca ngi mi gii lp gi ti quy giao dch. Ngi mi
gii lp gi nhn lnh v a kt qu giao dch cho nhng lnh phi kt c (nhng
lnh mua - bn khp nhau v gi ca cng mt loi chng khon).
Ngy nay, hu ht cc SGDCK thc hin giao dch bng h thng mng my tnh
ng di, lnh mua bn c a vo my tnh ti cc vn phng giao dch ca cc
cng ty chng khon. Qua mng my tnh, lnh c chuyn ti my ch ca
SGDCK. My ch t ng d tm cc lnh phi kt v a ra kt qu giao dch cho
nhng lnh mua bn gp nhau v gi. Nhng SGDCK ny khng c mi gii giao
dch tp trung, do khng cn cn thit phi c sn giao dch.
Hnh thc s hu
SGDCK l mt t chc c t cch php nhn c thnh lp theo quy nh ca php
lut. Lch s pht trin SGDCK cc nc v ang tri qua cc thi k hnh thc s
hu:
Hnh thc s hu thnh vin
SGDCK do cc thnh vin l cc cng ty chng khon s hu, c t chc di
hnh thc cng ty trch nhim hu hn, c Hi ng qun tr do cc cng ty chng
Th trng chng khon
46
khon thnh vin bu ra theo tng nhim k. M hnh ny c u im: thnh vin va
l ngi tham gia giao dch, va l ngi qun l S nn chi ph thp v d ng ph
vi tnh hnh thay i trn th trng.
S giao dch chng khon Hn Quc, New York, Tokyo, Thi Lan v nhiu nc
khc c t chc theo hnh thc S hu thnh vin.
Hnh thc cng ty c phn
SGDCK c t chc di hnh thc mt cng ty c phn do cc cng ty chng
khon, ngn hng, v cc t chc ti chnh khc tham gia vi t cch l c ng. C
ch t chc, hot ng ca S giao dch chng khon theo Lut cng ty v chy theo
mc tiu li nhun. SGDCK hot ng theo nguyn tc thnh vin, ngha l ch c
cc thnh vin ca S mi c quyn giao dch ti S.
M hnh ny c p dng c, Anh v Hng Kng.
Hnh thc s hu Nh nc
Thc cht m hnh ny l Chnh ph hoc mt c quan ca Chnh ph ng ra thnh
lp, qun l v s hu mt phn hay ton b vn ca SGDCK. Hnh thc s hu ny
c u im l khng chy theo mc tiu li nhun, nn bo v c quyn li ca nh
u t. Ngoi ra, trong nhng trng hp cn thit, nh nc c th can thip kp thi
gi cho th trng c hot ng n nh, lnh mnh. Tuy nhin, m hnh ny
cng c nhng hn ch nht nh l thiu tnh c lp, cng nhc, chi ph ln v km
hiu qu.
Trong cc m hnh trn, hnh thc s hu thnh vin l ph bin nht. Hnh thc ny
cho php s giao dch chng khon c quyn t qun mc nht nh, nng cao
c tnh hiu qu v s nhanh nhy trong vn qun l so vi hnh thc s hu
ca Chnh ph. Tuy nhin, trong nhng hon cnh lch s nht nh, vic Chnh ph
nm quyn s hu v qun l S giao dch chng khon s cho php ngn nga s
ln xn, khng cng bng khi hnh thc s hu thnh vin cha c bo v bng h
thng php l y v r rng. V d: Hn Quc, S giao dch chng khon c
thnh lp t nm 1956 nhng n nm 1963 b v, phi ng ca 57 ngy do cc
thnh vin s hu S giao dch chng khon gy ln xn trong th trng, sau
Chnh ph phi ng ra nm quyn s hu S giao dch chng khon trong thi gian
kh di t nm 1963 n nm 1988 trc khi chuyn sang hnh thc s hu thnh
vin, c mt phn s hu Nh nc.
Th trng chng khon
47
3.1.2. Chc nng
Chc nng ca SGDCK l phi thit lp v duy tr thng xuyn mt th trng giao
dch: lin tc, cng bng v gi, cng khai.
Th trng giao dch lin tc
T chc v duy tr mt th trng giao dch lin tc l chc nng quan trng nht ca
SGDCK. Mt th trng giao dch lin tc l th trng c thi gian giao dch nhiu
trong mt ngy, trong mt tun. S ln khp gi v doanh s giao dch ln trong mi
phin giao dch, thc hin lnh mua bn nhanh chng, bin ng v gi gia 2 ln
mua bn nh.
Mt th trng hot ng lin tc s to ra tnh thanh khon cao cho vn u t
(ngi u t c th chuyn ho nhanh chng chng khon thnh tin v ngc li
mt cch d dng). iu ny s kch thch cng chng v cc t chc ti chnh c th
b vn nhn ri ra u t v thu hi vn u t khi cn; hoc c th chuyn i vn
u t t lnh vc ny sang lnh vc khc mt cch nhanh chng.
Th trng cng bng v gi
To ra v duy tr mt th trng cng bng v gi cng l mt chc nng quan trng
ca SGDCK. Gi c khng do SGDCK hay thnh vin SGDCK p t m n c
hnh thnh trn c s so khp cc lnh mua v bn chng khon. Gi chng khon -
c cht bi cung cu trn th trng - l gi cng bng nht. Tuy nhin, trong
thc t cng c lc gi chng khon c hnh thnh khng cng bng, do b thao
tng bi nhng ngi u c lng on th trng, c tnh to ra nhng mc gi gi
to, khng thc t. Mc d vy, trng hp khng phi l ph bin.
Th trng cng khai
SGDCK c chc nng cung cp thng tin cho cng chng u t: thng tin v tnh
hnh hot ng ca cc cng ty nim yt, tnh hnh giao dch trn th trng, thng tin
v hot ng chung ca nn kinh t quc gia (quc t).
SGDCK bt buc cc cng ty nim yt phi cung cp v cng khai cc thng tin v
tnh hnh ti chnh, kt qu kinh doanh ca cng ty mt cch y , chnh xc, kp
thi, thng xuyn, v nhng thng tin v cc s kin xy ra t xut c kh nng
nh hng n sn xut ca cng ty, to ra nhng cn c ng tin cy cho ngi u
t chng khon. SGDCK lun cung cp nhng thng tin chnh xc v lin tc v tnh
hnh giao dch trn th trng: gi, khi lng giao dch; gi v khi lng t mua
Th trng chng khon
48
cao nht, thp nht; cng nh mi thng tin lin quan n th trng, Trn c s
nhng thng tin cng khai , to cho ngi u t c c s v c hi nh nhau trong
vic quyt nh mua bn.
3.2. Thnh vin ca S giao dch
Cc nh u t khi mua bn chng khon trn SGDCK u phi thng qua cc
thnh vin ca SGDCK, v ch c thnh vin ca SGDCK mi c quyn giao dch,
mua bn chng khon trn sn giao dch ca SGDCK.
3.2.1.Khi nim
Thnh vin ca SGDCK (sau y gi tt l thnh vin) l cng ty chng khon
c SGDCK chp thun giao dch chng khon qua h thng giao dch ca SGDCK.
3.2.2.Quyn v ngha v ca thnh vin
a. Ngha v:
Thnh vin c cc ngha v sau:
- Tun th cc quy nh v hot ng kinh doanh chng khon ca Trung tm giao
dch chng khon (TTGDCK).
- Chu s kim tra, gim st ca TTGDCK.
- Np ph thnh vin, ph giao dch, ph s dng h thng giao dch.
- Np cc khon ng gp lp qu h tr thanh ton.
- Bo co TTGDCK v: tnh hnh hot ng v tnh hnh ti chnh thng, qu, nm.
b. Quyn li:
Thnh vin c cc quyn sau:
- c giao dch chng khon ti TTGDCK hoc SGDCK.
- S dng h thng giao dch v cc dch v do TTGDCK cung cp.
- Thu cc loi ph cung cp dch v cho khch hng theo quy nh ca php lut.
- ngh TTGDCK lm trung gian ha gii khi c tranh chp lin quan n hot
ng kinh doanh chng khon.
- c rt khi thnh vin sau khi c TTGDCK chp thun.
3.3. Nim yt chng khon
3.3.1. Khi nim
Nim yt chng khon l vic a cc chng khon c tiu chun vo ng k v
giao dch ti th trng giao dch tp trung.
Th trng chng khon
49
T chc nim yt l t chc pht hnh c php nim yt chng khon ti th trng
giao dch tp trung.
3.3.2. Mc ch ca vic nim yt
- Thit lp quan h hp ng gia SGDCK vi t chc pht hnh c chng khon
nim yt, t quy nh trch nhim v ngha v ca t chc pht hnh trong vic
cng b thng tin, m bo tnh trung thc, cng khai v cng bng.
- Nhm mc ch h tr th trng hot ng n nh, xy dng lng tin ca cng
chng i vi th trng chng khon bng cch la chn cc chng khon c cht
lng cao giao dch.
- Cung cp cho cc nh u t cc thng tin v cc t chc nim yt.
- Gip cho vic xc nh gi chng khon c cng bng trn th trng u gi v
thng qua vic nim yt cng khai, gi chng khon c hnh thnh da trn s tip
xc hiu qu gia cung v cu chng khon.
3.3.3. Nhng thun li v bt li ca vic nim yt i vi t chc ni m yt
a. Thun li
- Kh nng huy ng vn cao, chi ph huy ng vn thp
Thng thng, cng ty nim yt c cng chng tn nhim hn cng ty khng nim
yt. Bi vy, khi tr thnh mt cng ty nim yt th h c th d dng trong vic huy
ng vn v vi chi ph huy ng thp hn.
- Tc ng n cng chng
Nim yt gp phn t p thm hnh nh ca cng ty trong cc nh u t,
cc ch n, ngi cung ng, cc khch hng v nhng ngi lm cng, nh vy cng
ty c nim yt c sc ht u t hn i vi nh u t.
- Nng cao tnh thanh khon cho cc chng khon
Khi cc chng khon c nim yt, chng c th c nng cao tnh thanh khon,
m rng phm vi chp nhn lm vt th chp v d dng c s dng cho cc mc
ch v ti chnh, tha k v cc mc ch khc. Hn na, cc chng khon c
nim yt c th c mua vi mt s lng rt nh, do cc nh u t c vn nh
vn c th d dng tr thnh c ng ca cng ty.
- u i v thu
Th trng chng khon
50
Thng thng, cc th trng chng khon mi ni, cng ty tham gia nim yt c
hng nhng chnh sch u i v thu trong hot ng kinh doanh nh: min, gim
thu thu nhp doanh nghip trong mt s nm nht nh.
i vi nh u t mua chng khon nim yt s c hng cc chnh sch u i
v thu thu nhp (min, gim) i vi c tc, li hoc chnh lch mua bn chng
khon (li, vn) t cc khon u t vo th trng chng khon.
b. Hn ch
- T chc nim yt phi cng khai thng tin v bn thn mnh.
Cng ty nim yt phi c ngha v cng b thng tin mt cch y , chnh
xc v kp thi lin quan n cc hot ng ca cng ty cng nh cc bin ng c
nh hng n gi c chng khon nim yt. Ngha v cng b thng tin i chng
trong mt s trng hp lm nh hng n b quyt, b mt kinh doanh v gy phin
h cho cng ty.
- Nhng cn tr trong vic thu tm v sp nhp
Nim yt bc l ngun vn v phn chia quyn biu quyt ca cng ty cho nhng
ngi mua l nhng ngi c th gy bt tin cho nhng c ng ch cht v cng
vic qun l iu hnh hin ti ca cng ty.
3.3.4. Phn loi nim yt
a. Nim yt ln u (Intial Listing)
Nim yt ln u l vic cho php chng khon ca t chc pht hnh c ng k
nim yt giao dch chng khon ln u tin sau khi pht hnh ra cng chng khi t
chc pht hnh p ng c cc tiu chun v nim yt.
b. Nim yt b sung (Additional Listing)
Nim yt b sung l qu trnh chp thun ca S giao dch chng khon cho mt
cng ty nim yt c nim yt cc c phiu mi pht hnh vi mc ch tng vn
hay v mc ch khc nh sp nhp, chi tr c tc, thc hin cc tri quyn hoc thc
hin cc tri phiu chuyn i thnh c phiu
c. Thay i nim yt (Change Listing)
Thay i nim yt pht sinh khi cng ty nim yt thay i tn chng khon giao dch,
khi lng, mnh gi hoc tng gi tr chng khon c nim yt ca mnh.
d. Nim yt li (Relisting)
Th trng chng khon
51
L vic cho php mt cng ty pht hnh c tip tc nim yt tr li cc chng
khon trc y b hu b nim yt v cc l do khng p ng c cc tiu
chun duy tr nim yt.
e. Nim yt ca sau (Back door Listing)
L trng hp mt t chc nim yt chnh thc sp nhp, lin kt hoc tham gia vo
hip hi vi mt t chc, nhm khng nim yt v kt qu l cc t chc khng nim
yt ly c quyn kim sot t chc nim yt.
f. Nim yt ton phn v nim yt tng phn (Dual listing & Partial listing)
Nim yt ton phn l vic nim yt tt c cc c phiu sau khi pht hnh ra cng
chng trn mt S giao dch chng khon trong nc v ngoi nc.
Nim yt tng phn l vic nim yt mt phn trong tng s chng khon pht
hnh ra cng chng ca ln pht hnh , phn cn li khng hoc cha c nim
yt. Nim yt tng phn thng din ra cc cng ty ln do Chnh ph kim sot,
phn chng khon pht hnh ra th trng do cc nh u t c nhn nm gi c
nim yt, cn phn nm gi ca Chnh ph hoc t chc i din cho Chnh ph nm
gi khng nim yt.
3.3.5. Tiu chun nim yt
Tiu chun nim yt thng thng do S giao dch chng khon ca mi quc gia
quy nh, da trn c s thc trng ca nn kinh t. Tiu chun ny bao gm cc iu
kin v ti chnh ca cng ty, chnh sch khuyn khch hay hn ch nim yt. Tiu
chun v nim yt c quy nh di hai hnh thc: tiu chun nh lng v tiu
chun nh tnh.
a. Vit Nam
Theo Thng t s 59/2004/TT - BTC ngy 18/6/2004 hng dn v nim yt
c phiu v tri phiu trn th trng chng khon tp trung:
- iu kin nim yt c phiu:
+ L cng ty c phn c vn iu l gp ti thi im xin php nim yt ti thiu
t 05 t ng tr ln, tnh theo gi tr s sch.
+ C tnh hnh ti chnh lnh mnh, trong khng c cc khon n phi tr qu hn
trn 1 nm; hon thnh cc ngha v ti chnh vi Nh nc v ngi lao ng trong
cng ty. i vi t chc tn dng v t chc ti chnh phi ngn hng, tnh hnh ti
chnh c nh gi theo cc quy nh ca c quan qun l chuyn ngnh.
Th trng chng khon
52
+ C li nhun sau thu trong 02 nm lin tc lin trc nm xin php nim yt l s
dng, ng thi khng c l lu k tnh n thi im xin php nim yt.
+ i vi doanh nghip thc hin chuyn i thnh cng ty c phn, thi gian 02
nm lin tc c li lin trc nm xin php nim yt l bao gm c thi gian trc khi
chuyn i.
+ i vi doanh nghip Nh nc c phn ho v nim yt ngay trn th trng
chng khon trong vng 1 nm sau khi thc hin chuyn i, hot ng kinh doanh
ca nm lin trc nm xin php phi c li.
+ Cc c ng l thnh vin Hi ng qun tr, Ban gim c, Ban kim sot ca
cng ty phi cam kt nm gi t nht 50% s c phiu do mnh s hu trong thi gian
3 nm, k t ngy nim yt, khng tnh s c phiu thuc s hu Nh nc do cc c
nhn trn i din nm gi. Quy nh ny khng p dng i vi cc cng ty nim
yt theo quy nh trc y.
+ Ti thiu 20% vn c phn ca cng ty do t nht 50 c ng ngoi t chc pht
hnh nm gi. i vi cng ty c vn c phn t 100 t ng tr ln th t l ny ti
thiu l 15% vn c phn.
- iu kin nim yt tri phiu:
+ L cng ty c phn, cng ty trch nhim hu hn, doanh nghip Nh nc c vn
iu l gp ti thi im xin cp php nim yt t 10 t ng Vit Nam tr ln,
tnh theo gi tr s sch.
+ Hot ng kinh doanh c li 2 nm lin tc lin trc nm xin php nim yt. i
vi doanh nghip thc hin chuyn i sang hot ng theo hnh thc cng ty c
phn, thi gian trn bao gm c thi gian trc khi chuyn i.
+ C tnh hnh ti chnh lnh mnh, trong khng c cc khon n phi tr qu hn
trn 1 nm; hon thnh cc ngha v ti chnh vi Nh nc v ngi lao ng trong
cng ty. i vi t chc tn dng v t chc ti chnh phi ngn hng, tnh hnh ti
chnh c nh gi theo cc quy nh ca c quan qun l chuyn ngnh.
+ C t nht 50 ngi s hu tri phiu.
b. Tiu chun ca S giao dch chng khon New York:
- S lng c ng ti thiu:
+ S lng c ng nm gi c phiu: 2000 ngi.
Th trng chng khon
53
+ Hoc tng s c ng: 2.200 ngi, vi khi lng giao dch trung bnh 1 thng
(trong 6 thng gn nht): 100.000 c phiu.
+ Hoc tng s c ng: 500 ngi, vi khi lng giao dch trung bnh thng (trong
12 thng gn nht): 1.000.000 c phiu.
- S lng c phiu do cng chng nm gi: 1.100.000 c phiu.
- Gi tr rng ca ti sn hu hnh: 40.000.000 USD.
- Tng gi tr th trng c phiu do cng chng nm gi: 40.000.000 USD.
- Kh nng sinh li trong 3 nm gn nht:
+ Li nhun trong nm gn nht t ti thiu 2.500.000 USD v li nhun trc thu
trong 2 nm trc : 2.000.000 USD/nm.
+ Hoc tng li nhun trong 3 nm gn nht: 6.500.000 USD; trong li nhun tr-
c thu trong nm gn nht ti thiu (cc nm khc u phi c li): 4.500.000
USD.
+ i vi cng ty c vn huy ng trn th trng trn 500.000.000 USD v doanh
thu trn 200.000.000 USD, trong nm ti chnh gn nht, tng li nhun rng iu
chnh trong 3 nm gn nht: 25.000.000 USD
c. Tiu chun S giao dch chng khon Bangkok:
- Vn c phn ti thiu 560 triu Bath (tng ng 22,4 triu USD), trong vn c
phn do cng chng nm gi ti thiu 500 triu Bath (vi cng ty Bangkok) v 200
triu/240 triu vi cng ty cc tnh.
- S c ng l cng chng (c ng nh) ti thiu 600 vi cng ty Bangkok v 300
i vi cng ty cc tnh.
- Li nhun sau thu ti thiu 80 triu Bath vi cc cng ty Bangkok v 15 triu
Bath vi cng ty cc tnh.
Quy nh nim yt trong nhng trng hp c bit: Nhm bo v cc nh u
t, cc quy nh v nim yt cng c quy nh c th mt s ngnh, ngh, lnh
vc nht nh v vn kinh doanh, thi gian hot ng, li rng hng nm v s l ng
c ng ti thiu. V d: cc ngnh kin trc xy dng v cng ngh cao l lnh vc
u t c nhiu ri ro nn tiu chun nim yt thng a ra cao hn. Cn cc lnh
vc ngn hng, bo him, cng ty chng khon, do c th v bn cht ca hot ng
ti chnh, nn tiu chun n trn vn thng khng xt n, m ch xt n yu t li
nhun trn vn c phn.
Th trng chng khon
54
3.3.6 .Th tc nim yt
a. Bc 1: S giao dch thm nh s b
Thm nh s b l vic vch ra phng hng cung cp cho nhng ngi
mua c phiu cho bn ra cng chng bit trc c tnh kh mi ca chng khon
nhm rt bt thi gian thm nh chnh thc. Cho d vic thm nh ny khng c
thc hin mt cch chnh thc nhng n c tc dng quan trng trong vic a ra
quyt nh cui cng l chp thun hay t chi nim yt. Hu ht cc cng ty khng
t tiu chun b loi ra ngay khi thm nh s b trc khi np n xin nim yt
chnh thc.
Khi thm nh s b, S giao dch chng khon ch trng n cc vn :
- Cng ty nim yt phi c mt nn tng hot ng c li v trong tng lai phi c
kh nng sinh li tt.
- Cng ty xin nim yt phi c ban lnh o c c cu ca mt cng ty i chng.
- T chc cng b thng tin thng xuyn.
- Cc c phiu phi t c mc thanh khon nht nh theo th bc do S giao
dch chng khon quy nh.
- Cng ty nim yt khng c vi phm n quyn li ca cng chng u t i din
cho quyn li ca cc bn tham gia nh cc c ng kim sot hay cng ty m.
Tin trnh thm nh s b h s gm cc bc sau:
(1) SGDCK kim tra cc ti liu do cng ty xin nim yt np.
(2) SGDCK t cc cu hi cho cng ty xin nim yt v cc ti liu np.
(3) Cng ty xin nim yt tr li cu hi ca SGDCK v cc th tc t bc 1 n
bc 3 v lp i lp li cho n khi cc chi tit c lm sng t hon ton.
(4) SGDCK tm hiu thm v cng ty nim yt v c th n cng ty nim yt
kim tra cc ti liu v thu thp thm cc thng tin cn thit cho vic thm nh nim
yt chnh thc.
(5) Nhn vin SGDCK tho lun v kt qu ca vic thm tra trong c cc kt
qu khi thc hin tm hiu cng ty.
(6) SGDCK a ra quyt nh cui cng v thng bo quyt nh ny cho cng ty
nim yt.
b.Bc 2: trnh bn ng k ln UBCKNN
Th trng chng khon
55
Vic cho bn c phiu ra cng chng quyt nh ti s phn b c ng trong cng
ty, do cng ty mun nim yt cc c phiu ca h trn SGDCK phi trnh bn
ng k ln UBCKNN xin chp thun cho php cho bn chng khon ra cng
chng. Bn thng co pht hnh s b l vn bn nh km theo bn thng bo ny.
c.Bc 3: Cho bn ra cng chng
Cho bn ra cng chng c th c thc hin sau khi bn thng co ng k c
UBCKNN chp thun. Bt k cng ty no mun xin php nim yt phi nu r mc
ch nim yt cc c phiu ca h trn SGDCK trong bn thng co pht hnh. Thng
thng, qu trnh cho bn ni trn do nhm bo lnh pht hnh l cc ngn hng u
t hay cc cng ty chng khon thc hin.
d. Bc 4: Xin php pht hnh
Cng ty pht hnh mun nim yt v giao dch chng khon ca mnh trn SGDCK
phi gi h s nim yt chnh thc ln SGDCK, v k hp ng nim yt vi
SGDCK.
H s nim yt gm c:
- n xin cp php nim yt.
- Quyt nh ca i hi ng c ng, Hi ng qun tr v vic nim yt.
- S theo di c ng ca t chc xin nim yt.
- Bn sao hp l giy chng nhn ng k kinh doanh.
- iu l cng ty.
- Bn co bch.
- Danh sch v s yu l lch hnh thnh Hi ng qun tr, Ban gim c, Ban kim
sot.
- Cam kt ca thnh vin Hi ng qun tr, Ban gim c, Ban kim sot nm gi t
nht 50% s c phiu do mnh s hu trong thi hn 3 nm, k t ngy nim yt.
- Cc bo co ti chnh c xc nhn ca t chc kim ton c chp thun.
Hp ng nim yt l hp ng gia SGDCK v cng ty xin nim yt trong quy
nh cc ngha v ca cng ty nim yt. Mu hp ng th trng khc nhau u c
s khc nhau. Tuy nhin, tu trung li u c cc ni dung sau:
- m bo vic cng b thng tin theo nh k.
- m bo vic cng b cc bn bo co ti chnh theo tiu chun nguyn tc k ton
chung (GAAP) mt cch thng xuyn v theo nh k.
Th trng chng khon
56
- Cung cp cho SGDCK thng tin theo nh k nhm gip h thc hin tt chc nng
duy tr mt th trng c trt t cho cc chng khon ca cng ty.
- Cam kt thc hin kinh doanh lnh mnh.
e. Bc 5: Thm tra nim yt chnh thc
Vic thm nh khi SGDCK chp nhn s b l rt quan trng, do vic thm tra
nim yt chnh thc s khng ko di. vic thm nh c hiu qu, cc SGDCK th-
ng c mt tiu ban chuyn trch thm nh v a ra cc quyt nh chp thun
cui cng.
f.Bc 6: Nim yt
Khi SGDCK hon tt cc th tc nim yt, SGDCK s quy nh c th ngy nim yt.
Sau , SGDCK s mi Ch tch Hi ng qun tr v Tng gim c iu hnh cng
ty nim yt nh ra ngy giao dch u tin i vi chng khon nim yt.
3.4. Th trng chng khon phi tp trung (th trng OTC)
3.4.1. Khi nim
Th trng chng khon phi tp trung (OTC) l loi th trng chng khon xut hin
sm nht trong lch s hnh thnh v pht trin ca th trng chng khon. Th tr-
ng c mang tn OTC c ngha l Th trng qua quy. iu ny xut pht t
c th ca th trng l cc giao dch mua bn trn th trng c thc hin trc
tip ti cc quy ca cc ngn hng hoc cc cng ty chng khon m khng phi
thng qua cc trung gian mi gii a vo u gi tp trung.
Nh vy, c th hiu: Th trng OTC (Over The Counter) l th trng khng c
trung tm giao dch tp trung, l mt mng li cc nh mi gii v t doanh
chng khon mua bn vi nhau v vi cc nh u t, cc hot ng giao dch ca th
trng OTC c din ra ti cc quy (sn giao dch) ca cc ngn hng v cng ty
chng khon.
3.4.2. c im
Th trng OTC mi nc c nhng c im ring, ph hp vi iu kin v c
th mi nc. Nhng c th khi qut mt s c im chung ca th trng OTC
cc nc nh sau:
3.4.2.1.Hnh thc t chc th trng
Th trng OTC c t chc theo hnh thc phi tp trung, khng c a im tp
giao dch mang tnh tp trung gia bn mua v bn bn. Th trng s din ra ti cc
Th trng chng khon
57
a im giao dch ca cc ngn hng, cng ty chng khon v cc a im thun
tin cho ngi mua v bn.
3.4.2.2.Chng khon giao dch trn th trng OTC
Chng khon giao dch trn th trng OTC rt a dng, bao gm cc loi chng
khon nim yt trn SGDCK v cc chng khon cha iu kin nim yt trn
SGDCK song p ng cc yu cu ca c quan qun l th trng OTC.
3.4.2.3. C ch xc lp gi trn th trng OTC
C ch xc lp gi ch yu c thc hin thng qua phng thc thng lng v
tho thun song phng gia bn mua v bn bn. Hnh thc khp lnh trn th tr-
ng OTC rt t ph bin v ch c p dng cc lnh nh.
Gi chng khon c hnh thnh qua thng lng v tho thun ring bit nn s
ph thuc vo tng nh kinh doanh i tc trong giao dch v nh vy s c nhiu
mc gi khc nhau i vi mt chng khon ti mt thi im. iu ny khc vi th
trng S giao dch do u gi tp trung nn ch c mt mc gi ti mt thi im.
Tuy nhin, vi c ch bo gi tp trung qua mng my tnh in t v c c ch cnh
tranh gi cng khai gia cc nh kinh doanh chng khon nn gi c hnh thnh
khng chnh lch nhiu so vi c ch u gi.
3.4.2.4.Cc nh to lp th trng
Th trng OTC c s tham gia v vn hnh ca cc nh to lp th trng,
l cc cng ty mi gii giao dch. Cc cng ty ny c th hot ng giao dch di hai
hnh thc:
- Mua bn chng khon cho chnh mnh bng ngun vn ca cng ty - l hot
ng giao dch.
- Lm mi gii i l chng khon cho khch hng hng hoa hng - l hot
ng mi gii.
Th trng OTC c s tham gia v vn hnh ca cc nh to lp th trng cho mt
loi chng khon bn cnh cc nh mi gii, t doanh. Nhim v quan trng nht v
ch yu ca cc nh to lp th trng l to tnh thanh khon cho th trng thng
qua vic nm gi mt lng chng khon sn sng mua bn, giao dch vi khch
hng.
3.4.2.5.H thng thng tin
Th trng chng khon
58
Th trng OTC s dng h thng mng my tnh din rng lin kt tt c cc
i tng tham gia th trng. H thng ca th trng c cc i tng tham gia
th trng s dng t lnh giao dch, m phn thng lng gi, truy cp v
thng bo cc thng tin lin quan n giao dch chng khon. Chc nng ca mng
c s dng rng ri trong giao dch mua bn v qun l trn th trng OTC.
3.4.2.6.Qun l th trng
Th trng OTC thng c t chc qun l theo 2 cp: cp qun l Nh nc v
cp t qun:
- Cp qun l Nh nc do c quan qun l th trng chng khon ni chung nh
U ban chng khon trc tip qun l trn c s lut chng khon v cc lut lin
quan.
- Cp t qun ch yu c hai hnh thc:
+ Do Hip hi cc nh giao dch chng khon qun l (nh M, Nht, Hn Quc,
Thi Lan)
+ Do S giao dch ng thi qun l (Anh, J-net Nht, Php, Canada).
Hip hi hoc S giao dch t chc h thng giao dch v thng tin, vn hnh h
thng, ban hnh cc quy ch t qun thun li cho vic gim st v m bo thc
hin tt nht k nng nghip v v o c hnh ngh ca thnh vin.
Ni dung, phng thc v mc qun l mi nc c s khc nhau tu
iu kin v c th ca tng nc nhng u c chung mc tiu l m bo s n
nh v pht trin ca th trng v bo v ngi u t.
3.4.2.7.C ch thanh ton
C ch thanh ton trn th trng OTC l linh hot v a dng. Do phn ln
cc giao dch mua bn trn th trng OTC c thc hin trn c s thng lng
v tho thun nn phng thc thanh ton trn th trng OTC linh hot gia ngi
mua v bn, khc vi phng thc thanh ton b tr a phng thng nht nh trn
th trng tp trung.
Thi hn thanh ton khng c nh nh trn th trng tp trung m rt a dng: T+0,
T+1, T+2, T+x trn cng mt th trng, tu theo tng thng v v s pht trin ca
th trng.
Tm li, th trng OTC hin nay l mt loi th trng chng khon hin i, giao
dch v qun l qua mng my tnh in t, giao dch chng khon khng c nim
Th trng chng khon
59
yt trn S giao dch chng khon, c s qun l cht ch ca Nh nc v cc t
chc t qun, c c ch xc lp gi ch yu l thng lng gi v c tham gia ca
cc nh to lp th trng to tnh thanh khon cho th trng.
SO SNH TH TRNG OTC VI TH TRNG TP TRUNG (SGD)

TH TRNG OTC S GIAO DCH
- a im giao dch phi tp trung - Tp trung
- Giao dch qua mng my tnh in
t
- Qua mng hoc khng
- Tha thun gi - u gi tp trung
- Hng ha giao dch: CK loi 2,
ri ro cao hn
- CK iu kin nim yt, ri ro
thp hn
- C cc nh to lp th trng - Khng
-T chc t qun l hip hi hoc s
giao dch
- S giao dch
- C qun l nh nc, c t chc
cht ch
- C qun l nh nc, c t chc
cht ch
- C ch thanh ton a dng - C ch thanh ton b tr a phng
thng nht
- Tun theo cc quy nh, lut php
v CK
- Tun theo cc quy nh, lut php
v CK

3.4.3. Vai tr ca th trng OTC
- H tr v thc y th trng chng khon tp trung pht trin.
- Hn ch, thu hp th trng t do, gp phn m bo s n nh v lnh mnh ca
th trng chng khon.
- To th trng cho cc chng khon ca cng ty va v nh, cc chng khon cha
iu kin nim yt.
3.5. Th trng t do
Th trng chng khon
60
Th trng t do l th trng giao dch tt c cc loi c phiu c pht hnh
thng qua vic thng lng v tho thun trc tip gia bn mua v bn bn ti bt
c ni u, vo bt k lc no.
Th trng t do c cc c im sau:
- Th trng khng c t chc.
- Khng c s qun l ca nh nc.
- a im giao dch l phi tp trung.
Th trng chng khon
61
CHNG 4: CC GIAO DCH TRN TH TRNG CHNG KHON

4.1. H thng giao dch chng khon
H thng giao dch l h thng my tnh dng cho hot ng giao dch ti
TTGDCK hoc SGDCK.
4.1.1. Phng thc giao dch
TTGDCK hoc SGDCK t chc giao dch chng khon thng qua h
thng giao dch theo 2 phng thc:
4.1.1.1. Phng thc khp lnh
Phng thc khp lnh l phng thc giao dch c h thng giao dch thc hin
trn c s khp cc lnh mua v lnh bn chng khon ca khch hng theo nguyn
tc xc nh gi thc hin nh sau:
- L mc gi thc hin t c khi lng giao dch ln nht.
- Nu c nhiu mc gi tha mn iu kin nu trn th mc gi trng hoc gn vi
gi thc hin ca ln khp lnh gn nht s c chn.
- Nu vn c nhiu mc gi tha mn iu kin th hai th mc gi cao hn s
c chn.
4.1.1.1.1.Nguyn tc khp lnh
Trong khp lnh nh k, mi ln khp lnh s hnh thnh mt mc gi thc hin duy
nht - l mc gi tha mn iu kin thc hin c mt khi lng giao dch ln
nht. xc nh nhng lnh c thc hin trong mi ln khp lnh, phi s dng
nguyn tc ca u tin khp lnh theo trt t sau:
- Th nht: u tin v gi (lnh mua gi cao hn, lnh bn gi thp hn c u tin
thc hin trc).
- Th hai: u tin v thi gian (Lnh nhp vo h thng giao dch trc s c u
tin thc hin trc)
- Th ba: u tin v khch hng (Lnh khch hng - lnh mi gii c u tin thc
hin trc lnh t doanh - lnh ca nh mi gii).
- Th t: u tin v khi lng (Lnh no c khi lng giao dch ln hn s c -
u tin thc hin trc).
Ngoi ra, cc S giao dch chng khon c th p dng nguyn tc phn b theo t l
t lnh giao dch.
Th trng chng khon
62
H thng giao dch khp lnh hin nay c cc S giao dch trn th gii p dng
rng ri do c nhng u vit hn so vi h thng u gi theo gi.
- u im:
+ Qu trnh xc lp gi c thc hin mt cch c hiu qu. Tt c cc lnh mua v
bn cnh tranh vi nhau, qua ngi u t c th giao dch ti mc gi tt nht.
+ H thng m bo c tnh minh bch ca th trng do lnh giao dch ca nh
u t c thc hin theo nhng quy tc ghp lnh.
+ K thut giao dch n gin, d theo di, d kim tra v gim st.
+ Bng cch theo di thng tin c cng b, ngi u t c th a ra nhng quyt
nh kp thi trc tnh hnh din bin ca th trng.
- Nhc im: Gi c d bin ng khi mt cn i cung cu
4.1.1.2. Phng thc tho thun
Phng thc tho thun l phng thc giao dch trong cc thnh vin t
tho thun vi nhau v cc iu kin giao dch.
4.1.1.3. Khp lnh nh k v khp lnh lin tc
C hai phng thc ghp lnh trn h thng khp lnh: khp lnh lin tc v khp
lnh nh k.
4.1.1.3.1.Phng thc khp lnh lin tc (continuous auction)
Khp lnh lin tc l phng thc giao dch c thc hin lin tc khi c cc lnh
i ng c nhp vo h thng.
a.u im
- Gi c phn nh tc thi cc thng tin trn th trng. H thng cung cp mc gi
lin tc ca chng khon, t to iu kin cho nh u t tham gia th trng mt
cch nng ng v thng xuyn v nh u t c th ngay lp tc thc hin lnh
hoc nu khng cng nhn c phn hi t th trng mt cch nhanh nht kp
thi iu chnh cc quyt nh u t tip theo.
- Khi lng giao dch ln, tc giao dch nhanh. V vy, hnh thc khp lnh ny
ph hp vi cc th trng c khi lng giao dch ln v si ng.
- Hn ch c chnh lch gia gi lnh mua v lnh bn, t thc y cc giao
dch xy ra thng xuyn v lin tc.
b.Nhc im
Th trng chng khon
63
Hnh thc khp lnh lin tc ch to ra mc gi cho mt giao dch in hnh ch
khng phi l tng hp cc giao dch.
4.1.1.3.2.Phng thc khp lnh nh k (call auction)
Khp lnh nh k l phng thc giao dch da trn c s tp hp tt c cc lnh
mua v bn trong mt khong thi gian nht nh, sau khi n gi cht gi giao
dch, gi chng khon c khp ti mc gi m bo thc hin c khi lng
giao dch l ln nht (khi lng mua v bn nhiu nht)
a.u im
- Khp lnh nh k l phng thc ph hp nhm xc lp mc gi cn bng trn th
trng. Do lnh giao dch ca ngi u t c tp hp trong mt khong thi gian
nht nh nn khp lnh nh k c th ngn chn c nhng t bin v gi thng
xut hin di nh hng ca lnh giao dch c khi lng ln hoc tha tht.
- To s n nh gi cn thit trn th trng, gim thiu nhng bin ng v gi ny
sinh t tnh trng giao dch tht thng.
b.Nhc im
- Gi chng khon c xc lp theo phng thc khp lnh nh k khng phn nh
tc thi thng tin trn th trng v hn ch c hi giao dch ca ngi u t.
Khp lnh nh k thng c cc S giao dch s dng xc nh gi m ca,
ng ca hoc gi chng khon c php giao dch li sau mt thi gian b ngng
giao dch.
4.1.2. Lnh giao dch
Trn th trng chng khon, c rt nhiu loi lnh giao dch c s dng. Nhng
trong thc t, phn ln cc lnh giao dch c ngi u t s dng l lnh gii hn
v lnh th trng.
4.1.2.1.Lnh th trng (market order)
Lnh th trng l lnh mua hoc bn chng khon nhng khng ghi mc gi,
do ngi u t a ra cho ngi mi gii thc hin theo mc gi khp lnh.
Lnh th trng l loi lnh c s dng ph bin trong cc giao dch chng
khon. Khi s dng loi lnh ny, nh u t sn sng chp nhn mua hoc bn theo
mc gi th trng hin ti v lnh ca nh u t lun lun c thc hin. Tuy
nhin, mc gi do quan h cung - cu chng khon trn th trng quyt nh. V vy,
lnh th trng cn c gi l lnh khng rng buc.
Th trng chng khon
64
a.u im
- Lnh th trng l mt cng c hu hiu c th c s dng nng cao
doanh s giao dch trn th trng, tng cng tnh thanh khon ca th trng.
- Thun tin cho ngi u t v h ch cn ra khi lng giao dch m khng cn ch
ra mc gi giao dch c th v lnh th trng c u tin thc hin trc so vi cc
loi lnh giao dch khc.
- Nh u t cng nh cng ty chng khon s tit kim c cc chi ph do t gp
phi sai st hoc khng phi sa lnh cng nh hu lnh.
b.Hn ch
- D gy ra s bin ng gi bt thng, nh hng n tnh n nh gi ca th tr-
ng, do lnh lun tim n kh nng c thc hin mc gi khng th d tnh tr-
c. V vy, cc th trng chng khon mi a vo vn hnh thng t s dng
lnh th trng.
Lnh th trng thng thng ch c p dng i vi cc nh u t ln, chuyn
nghip, c c cc thng tin lin quan n mua bn v xu hng vn ng gi c
chng khon trc, trong v sau khi lnh c thc hin. Lnh th trng c p
dng ch yu trong cc trng hp bn chng khon v tm l ca ngi bn l mun
bn nhanh theo gi th trng v i tng ca lnh ny thng l cc chng khon
nng, ngha l cc chng khon ang c s thiu ht hoc d tha tm thi.
4.1.2.2. Lnh gii hn (limit order)
Lnh gii hn l lnh mua hoc bn chng khon do ngi u
t a ra cho ngi mi gii thc hin theo mc gi ch nh hoc tt hn.
C hai loi lnh gii hn: lnh gii hn mua v lnh gii hn bn.
- Lnh gii hn mua ch ra mc gi mua cao nht m ngi mua chp nhn thc hin
giao dch.
- Lnh gii hn bn ch ra mc gi bn thp nht m ngi bn chp nhn giao dch.
Mt lnh gii hn thng thng khng th thc hin ngay, do nh u t phi xc
nh thi gian cho php n khi c lnh hu b. Trong khong thi gian lnh gii hn
cha c thc hin, khch hng c th thay i mc gi gii hn. Khi ht thi gian
nh, lnh cha c thc hin hoc thc hin cha mc nhin s ht gi tr.
Th trng chng khon
65
Khi ra lnh gii hn, nh u t cn c s hiu bit, nhn nh chnh xc, v vy
thng cc lnh gii hn c chuyn cho cc chuyn gia hn l cc nh mi gii
hoa hng.
a.u im
- Khch hng c th c c may mua hoc bn mt loi chng khon no vi gi tt
hn gi th trng ti thi im lc ra lnh.
- Lnh gii hn gip nh u t d tnh c mc li hoc l khi giao dch c thc
hin.
b.Nhc im
Nh u t khi ra lnh gii hn c th phi chp nhn ri ro do mt c hi u t, c
bit l trong trng hp gi th trng b xa mc gi gii hn (ngoi tm kim sot
ca khch hng). Trong mt s trng hp, lnh gii hn c th khng c thc
hin ngay c khi gi gii hn c p ng v khng p ng c cc nguyn tc u
tin trong khp lnh.
4.1.2.3. Lnh dng (stop order)
Lnh dng l loi lnh c bit m bo cho cc nh u t c th thu li nhun ti
mt mc nht nh v phng chng ri ro trong trng hp gi chng khon
chuyn ng theo chiu hng ngc li.
Sau khi t lnh, nu gi th trng t ti hoc vt qua mc gi dng th khi
lnh dng thc t s tr thnh lnh th trng.
C hai loi lnh dng: Lnh dng bn v lnh dng mua.
- Lnh dng bn lun t gi thp hn th gi hin ti ca mt chng khon mun
bn.
- Lnh dng mua lun t gi cao hn th gi ca chng khon cn mua.
Lnh dng tr thnh lnh th trng khi gi chng khon bng hoc vt qu mc gi
n nh trong lnh - gi dng. Lnh dng thng c cc nh u t chuyn nghip
p dng v khng c s bo m no cho gi thc hin s l gi dng. Nh vy, lnh
dng khc vi lnh gii hn ch: lnh gii hn bo m c thc hin vi gi gii
hn hoc tt hn.
Cc trng hp s dng lnh dng:
-S dng lnh dng bo v tin li ca ngi kinh doanh trong mt thng
v thc hin.
Th trng chng khon
66
V d:
+ Ngy 1/1: ng A c mua c l chn 100 c phiu REE vi gi 24.000 ng/c
phiu.
+ n ngy 5/1: th gi c phiu ny l 28.000 ng/c phiu.
Lc ny, ng A nhn nh gi c phiu cn tng na. Tuy vy, phng nhn nh
l sai, gi c phiu REE s h, ng ta ra lnh dng bn gi 27.000 ng/c
phiu. iu ny c ngha l nu gi c phiu REE h ti gi 27.000 ng s c bn
ra. Nhng cng c th c phiu REE h nhng khng c im 27.000 ng m ch
xp x (27.500 ng hay 26.500 ng) th c phiu cng c bn ra v lc ny
lnh tr thnh lnh th trng.
+ Ngy 10/1 th gi c phiu tng ln 30.000 ng/c phiu.
ng A t c mc li nhun mi, tuy nhn nh gi c phiu s cn tip tc tng,
nhng ng ta cng khng th khng nghi ng l c phiu tt yu s phi gim gi vo
mt thi im trong tng lai, nn t li mt lnh dng bn ti mt mc gi mi
l 29.500 ng/c phiu.
Nh vy, lnh dng bn lun lun t thp hn gi th trng. y l cch m cc
nh u t ln gi ngn hn thng lm trong giao dch chng khon.
- S dng lnh dng bo v tin li ca ngi bn trong mt thng v bn
khng.
V d:
+ Ngy 1/1 gi th trng ca c phiu SAM l 35.000 ng/c phiu. ng B l mt
nh u c chng khon, ng ta nhn nh gi c phiu SAM s gim mnh trong t-
ng lai, nn n cng ty chng khon vay 1000 c phiu SAM v ra lnh bn
ngay, vi hy vng trong thi gian ti gi s h, khi ng ta s mua li tr cho
cng ty chng khon. Nhng phng sau khi bn khng (bn th mnh i
vay), gi c phiu SAM khng h m tng ln, ng ta ra mt lnh dng mua
37.000 ng/c phiu. Ngha l nu gi ln th khi ln n mc 37.000 ng/c phiu
lp tc nh mi gii phi thc hin mua vo ti S giao dch chng khon khng
l vt qu 2.000 ng/c phiu.
- S dng lnh dng phng nga s thua l qu ln trong trng hp mua bn
ngay.
V d:
Th trng chng khon
67
ng C va mua mt l chn 100 c phiu REE vi gi 24.000 ng/c phiu. Mt
thng tin lm cho ng ta tin rng gi c phiu REE s ln trong mt t ng lai gn.
Tuy nhin, v s thn trng ca ngi kinh doanh chng khon ng ta ra lnh dng
bn 22.000 ng/c phiu. Lc ny, ng C cha c li m cng cha b l v lnh ca
ng ta cha c chm ngi, ang ch l s phng nga.
Gi s trong thc t, nhn nh ca ng ta l sai, gi c phiu REE h nhanh. Khi gi
h ti mc 22.000 ng/c phiu, nh mi gii lp tc bn ra. Nh vy, ng C ch b
l 2.000 ng/c phiu. S thua l s ln hn nhiu nu ng ta khng s dng lnh
dng bn.
- S dng lnh dng phng nga s thua l qu ln trong trng hp bn trc
mua sau.
V d:
ng D l ngi kinh doanh chng khon, ng ta bn 100 c phiu SAM vi gi
35.000 ng/c phiu v cho rng gi s gim. Nhng phng nga s thua l qu
ln do gi ln, ng D ra lnh dng mua gi 37.000 ng/c phiu. Nu nhn nh
ca ng ta l sai, gi khng gim m tng, ngi mi gii s mua 100 c phiu SAM
ngay khi n ln n mc gi 37.000 ng/c phiu hoc xp x vi gi .
a.u im
Nh vy, lnh dng mua c tc dng rt tch cc i vi nh u t trong vic bn
khng. Lnh dng bn c tc dng bo v khon li nhun hoc hn ch thua l i
vi cc nh u t.
b.Nhc im
Khi c mt s lng ln cc lnh dng c chm ngi, s no lon trong giao
dch s xy ra khi lnh dng tr thnh lnh th trng, t bp mo gi c chng
khon v mc ch ca lnh dng l gii hn thua l v bo v li nhun khng c
thc hin.
hn ch nhc im trn, ngi ta tin hnh kt hp gia lnh dng v lnh gii
hn thnh lnh dng gii hn.
4.1.2.4. Lnh dng gii hn (stop limit order)
Lnh dng gii hn l loi lnh s dng nhm khc phc s bt nh v mc gi thc
hin tim n trong lnh dng. i vi lnh dng gii hn, ngi u t phi ch r hai
mc gi: Mt mc gi dng v mt mc gi gii hn. Khi gi th trng t ti hoc
Th trng chng khon
68
vt qua mc gi dng th lnh dng s tr thnh lnh gii hn thay v lnh th tr-
ng.
V d:
ng A ra mt lnh dng bn 100 c phiu REE, gi dng 55, gi gii hn 54. iu
ny c ngha l lnh trn s c kch hot ti mc gi 55 hay thp hn, tuy nhin v
c lnh gii hn 54 nn lnh ny khng c thc hin ti mc gi thp hn 54. Qu
trnh thc hin lnh dng bn s gm 2 bc:
- Bc 1: Lnh dng c chm ngi.
- Bc 2: Thc hin lnh ti mc gi gii hn hoc tt hn.
Hn ch: Khng c p dng trn th trng OTC v khng c s cn bng gia gi
ca nh mi gii v ngi t lnh.
4.1.2.5. Lnh giao dch ti mc gi khp lnh (ATO)
Lnh giao dch ti mc gi khp lnh l lnh mua hoc bn chng khon nhng
khng ghi mc gi, do nh u t a ra cho ngi mi gii thc hin theo mc
gi khp lnh.
Khi lng giao dch ca lnh c cng vo tng khi lng khp lnh v c
phn b trc lnh gii hn.
4.1.2.6.Cc lnh khc
a.Lnh m
Lnh m l lnh c hiu lc v hn. Vi lnh ny, nh u t yu cu nh mi gii
mua hoc bn chng khon ti mc gi c bit v lnh c gi tr thng xuyn cho
n khi hu b.
b. Lnh sa i
Lnh sa i l lnh do nh u t a vo h thng sa i mt s ni dung vo
lnh gc t trc (gi, khi lng, mua hay bn). Lnh sa i ch c chp
thun khi lnh gc cha c thc hin.
c.Lnh hu b (Cancel order)
Lnh hu b l lnh do khch hng a vo h thng hu b lnh gc t trc
. Lnh hu b ch c chp nhn khi lnh gc cha c thc hin.
i km cc lnh c bn trn l cc nh lnh chun. nh lnh chun l
cc iu kin thc hin lnh m nh u t quy nh cho nh mi gii khi thc
Th trng chng khon
69
hin giao dch. Khi kt hp cc nh lnh chun vi cc lnh c bn, chng ta s
c mt danh mc cc lnh khc nhau.
- Lnh c gi tr trong ngy (Day order)
Lnh c gi tr trong ngy l lnh giao dch c gi tr trong ngy. Nu lnh khng -
c thc hin trong ngy th s c t ng hu b.
- Lnh n cui thng (Good Till Month - GTM)
Lnh n cui thng l lnh giao dch c gi tr n cui thng.
- Lnh c gi tr n khi hu b (Good Till Canceled - GTC)
Lnh c gi tr n khi hu b l lnh giao dch c gi tr n khi khch hng hu b
hoc thc hin xong.
- Lnh t do quyt nh (Not Held - NH)
- Lnh t do quyt nh l lnh giao dch cho php cc nh mi gii c t do quyt
nh v thi im v gi c trong mua bn chng khon cho khch hng. Vi loi
lnh ny, nh mi gii s xem xt th trng v quyt nh thi im, mc gi mua
bn tt nht cho khch hng song khng phi chu trch nhim i vi hu qu giao
dch.
- Lnh thc hin tt c hoc hu b (All or Not - AON)
Lnh thc hin tt c hoc hu b tc l ton b cc ni dung ca lnh phi c thc
hin ng thi trong mt giao dch, nu khng th hu b lnh.
- Lnh thc hin ngay ton b hoc hu b (Fill or Kill - FOK)
Lnh thc hin ngay ton b hoc hu b l lnh yu cu thc hin ngay ton b ni
dung ca lnh nu khng th hu b.
- Lnh thc hin ngay tc khc hoc hu b (Immediate or Cancel - IOC)
Lnh thc hin ngay tc khc hoc hu b tc l lnh trong ton b ni dung lnh
hoc tng phn s phi thc thi ngay tc khc, phn cn li s c hu b.
- Lnh ti lc m ca hay ng ca ( At the opening or market on close Order)
Lnh ti lc m ca hay ng ca l lnh c ra vo thi im m ca hoc ng
ca.
- Lnh tu chn (Either/or Order hay Contingent Order)
Lnh tu chn l lnh cho php nh mi gii la chn mt trong hai gii php: hoc
l mua theo lnh gii hn hoc l bn theo lnh dng. Khi thc hin theo mt gii
php th hu b gii php kia.
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70
- Lnh tham d nhng khng phi tham d u tin (PNI)
Lnh tham d nhng khng phi tham d u tin tc l loi lnh m khch hng c
th mua hoc bn mt s ln chng khon nhng khng ph thuc vo thi k to gi
mi do khng lm thay i gi c phiu, tri phiu trn th trng chng khon.
Loi giao dch ny cho php ngi mua hoc ngi bn tch lu hoc phn phi
chng khon trn th trng m khng nh hng n cung v cu loi chng khon
trn th trng.
- Lnh hon i (Switch Order)
Lnh hon i l lnh bn chng khon ny, mua chng khon khc hng chnh
lch gi.
- Lnh mua gim gi (Buy Minus)
Lnh mua gim gi l lnh giao dch trong quy nh nh mi gii hoc l mua theo
lnh gii hn hoc l mua theo lnh th trng vi gi thp hn gi giao dch trc
mt cht.
- Lnh bn tng gi (Sell Plus)
Lnh bn tng gi l lnh giao dch trong yu cu nh mi gii hoc l bn theo
lnh gii hn hoc l bn theo lnh th trng vi mc gi cao hn gi giao dch trc
mt cht.
- Lnh giao dch cho c phiu (Crossing Stocks)
Lnh giao dch cho l lnh m nh mi gii phi hp lnh mua v lnh bn vi mt
chng khon cng thi gian gia hai khch hng hng chnh lch gi.
4.1.3. Thi gian giao dch
Cc giao dch chng khon trn SGDCK thng c t chc di dng phin giao
dch (sng; chiu) hoc phin lin tc (t sng qua tra n chiu).
Yu t quyt nh thi gian giao dch l quy m ca th trng chng khon, c bit
l tnh thanh khon ca th trng. Ngy nay, xu th quc t ho th trng chng
khon pht trin cho php nh u t mua bn chng khon thng qua h thng
giao dch trc tuyn, v do cc mi gi chnh lch nhau, nn cc SGDCK ang c xu
hng giao dch 24/24h trong ngy.
Ti hu ht cc SGDCK trn th gii, giao dch chng khon thng din ra vo cc
ngy lm vic trong tun. Cng c ni, do th trng nh b v km tnh thanh khon
nn thc hin giao dch mt phin hoc giao dch cch ngy. Tuy nhin, vic giao
Th trng chng khon
71
dch cch ngy cng vi chu k thanh ton ko di c th nh hng ln n tnh
thanh khon ca th trng, lm chm c hi u t v vng quay ti chnh.
4.1.4. n v giao dch
Trn th trng chng khon, chng khon c giao dch khng theo tng chng
khon ring l m theo n v giao dch hay cn gi l theo l (lot) chng khon. Cn
c vo l chng khon c th phn chia thnh cc khu vc giao dch khc nhau.
Vic quy nh n v giao dch ln hay nh s c nh hng n kh nng tham gia
ca nh u t cng nh kh nng x l lnh ca h thng thanh ton b tr trn th
trng. n v giao dch c quy nh c th cho tng loi chng khon (c phiu,
tri phiu, chng ch qu u t, cng c phi sinh)
- L chn (round - lot hay board - lot)
Mt l chn i vi c phiu, chng ch qu u t thng thng l 10 hoc 100 c
phiu hoc chng ch qu u t. Mt l chn i vi tri phiu thng thng l 10.
- L l (odd - lot)
L l l giao dch c khi lng di l chn (di 10 hay 100 c phiu hoc di 10
tri phiu).
- L ln (block - lot)
L ln l loi giao dch c khi lng tng i ln, thng thng l t 10.000 c
phiu tr ln.
Tuy nhin, ngoi vic quy nh n v giao dch thng nht nh trn, ti mt s S
giao dch chng khon cn quy nh n v giao dch tng ng vi gi tr th trng
ca chng khon .
4.1.5. n v yt gi (quotation unit)
n v yt gi l cc mc gi ti thiu trong t gi chng khon (tick size). n v
yt gi c tc ng ti tnh thanh khon ca th trng cng nh hiu qu ca nh u
t. Trng hp n v yt gi nh, s to ra nhiu mc gi la chn cho nh u t
khi t lnh, nhng cc mc gi s dn tri, khng tp trung. Ngc li n v yt gi
ln s tp trung c cc mc gi la chn, nhng s lm hn ch mc gi la chn
ca nh u t, t khng khuyn khch cc nh u t nh tham gia th trng.
V d:
Hin nay, Vit Nam theo thng t 58-2004 ngy 17/6/2004, n v yt gi theo
phng thc khp lnh c quy nh nh sau:
Th trng chng khon
72

i vi cc giao dch theo phng php tho thun, thng thng cc th trng
chng khon khng quy nh n v yt gi.
4.1.5. Bin dao ng gi
Vic quy nh bin dao dng gi chng khon nhm hn ch nhng bin ng ln
v gi chng khon trn th trng trong ngy giao dch. y l mt trong nhiu bin
php nhm ngn chn bin ng gi chng khon trn th trng. Cc nh u t c
th t lnh ca h gia gi trn (ceiling) v gi sn (floor), bt k lnh mua hay bn
no nm ngoi gii hn trn u b loi ra khi h thng.
Gii hn thay i gi hng ngy c xc nh da trn gi c bn v gi thng
thng, l gi ng ca ngy hm trc. Mc gi gi l gi tham chiu. Gii hn
thay i gi c th quy nh theo mt t l c nh hoc mc c nh theo gi c bn.
Di bin dao ng gi cao, thp c tc ng nh hng rt ln n th trng: mt
mt c tc dng bo m s n nh ca th trng, nhng ng thi n cng gim
tnh thanh khon ca chng khon, v trong mt chng mc no s lm gim s
suy yu th trng. Thng thng, cc th trng mi a vo vn hnh u quy nh
bin dao ng gi thp, sau nng dn ln.
4.1.6. Gi tham chiu (reference price)
Gi tham chiu l mc gi c bn lm c s tnh ton bin dao ng gi hoc
cc gi khc trong ngy giao dch. Gi tham chiu c xc nh cho tng loi giao
dch:
- Gi tham chiu i vi chng khon ang giao dch bnh thng.
- Gi tham chiu i vi chng khon mi a vo nim yt.
- Gi tham chiu i vi trng hp chng khon b a vo kim sot, hoc ht thi
hn b kim sot.
- Gi tham chiu i vi chng khon c a vo giao dch li sau khi b tm
ngng giao dch.
- Gi tham chiu i vi chng khon trong trng hp tch, gp c phiu.
- Gi tham chiu c phiu trong trng hp giao dch khng c hng c tc v
cc quyn km theo.
Th trng chng khon
73
- Gi tham chiu c phiu sau khi cng ty nim yt.
Trn c s gi tham chiu, gii hn dao ng gi ca cc chng khon c tnh nh
sau:
- Gi ti a = Gi tham chiu + (Gi tham chiu x Bin dao ng gi)
- Gi ti thiu = Gi tham chiu - (Gi tham chiu x Bin dao ng gi)
Vic xc nh gi tham chiu trong tng trng hp ph thuc vo quy nh ca tng
th trng. Vit Nam, theo Thng t 58/2004 ngy 17/6/2004, gi tham chiu c
xc nh nh sau:
- Gi tham chiu ca c phiu, chng ch qu u t ang giao dch l gi
ng ca ca ngy giao dch gn nht.
+ Trng hp c phiu, chng ch qu u t mi c nim yt, trong ngy
giao dch u tin TTGDCK hoc SGDCK ch nhn lnh gii hn, khng p dng
bin dao ng gi v ch khp lnh mt ln. Nu trong ln khp lnh u tin
khng c gi khp lnh th c php nhn lnh tip trong t khp lnh tip theo.
Mc gi ca ln khp lnh ny s lm gi tham chiu cho ngy giao dch k tip. Bin
dao ng gi c p dng t ngy giao dch k tip.
+ Trng hp chng khon b tm ngng giao dch trn 30 ngy khi
c giao dch tr li th gi tham chiu c xc nh tng t tng t chng
khon mi nim yt.
+ Trng hp giao dch chng khon khng c hng c tc v cc quyn
km theo, gi tham chiu ti ngy khng hng quyn c xc nh theo nguyn tc
ly gi ng ca ca ngy giao dch gn nht iu chnh theo gi tr c tc c nhn
hoc gi tr ca cc quyn km theo.
+ Trng hp tch hoc gp c phiu, gi tham chiu ti ngy giao dch tr li
c xc nh theo nguyn tc ly gi ng ca ca ngy giao dch trc ngy tch,
gp iu chnh theo t l tch, gp c phiu.
+ Trong mt s trng hp cn thit, UBCKNN c th p dng phng php
xc nh gi tham chiu khc.
4.2. Thc hin Giao dch mua bn chng khon
Giao dch mua bn chng khon thc hin qua cc bc sau :
4.2.1. M ti khon giao dch
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74
Nh u t mun mua hoc mun bn chng khon phi tin hnh m ti khon ti
mt cng ty chng khon l thnh vin ca S giao dch chng khon. Phng tip th
i din cho cng ty chng khon s k hp ng u thc vi nh u t m ti
khon giao dch. Th tc m ti khon cng tng t nh m ti khon ngn hng,
trong ch ti khon cn phi cung cp cc thng tin thit yu phc v cho mc
ch qun l ca cng ty chng khon.
Ti khon giao dch hin nay c th phn chia thnh nhiu loi khc nhau nh:
- Ti khon tin mt (Cash account)
y l loi ti khon m cc khon thanh ton pht sinh s c thc hin bng tin
mt. m ti khon ny, khch hng phi xut trnh giy t tu thn hp l cng
ty c th hp thc ho chuyn s hu cho khch hng.
i vi ti khon ny thng cc cng ty chng khon yu cu khi mua chng
khon, khch hng phi thanh ton bng tin mt khng chm hn ngy thanh ton
(thng l trong vng T+x ngy lm vic k t khi din ra giao dch). Do khi thc
hin nghip v mua chng khon, khch hng phi chun b tin trn ti khon
thanh ton trc hoc phi tr ng vo thi im trong ngy thanh ton theo quy
nh ca cng ty chng khon.
- Ti khon bo chng (Margin account)
Khi mua vi mt ti khon bo chng, khch hng ch phi tr mt phn tin v cng
ty chng khon s cho vay phn cn li. c m ti khon ny, khch hng phi
k qu mt t l nht nh.
Khi m ti khon bo chng giao dch gia khch hng v cng ty chng
khon cn tho thun mt s iu khon.
+ Khch hng ng giao cho cng ty chng khon mt s chng khon m bo
tin vay m cng ty s dnh cho khch hng.
+ Khch hng cho php cng ty chng khon em s chng khon ny gi vo ngn
hng nh l vt m bo cho khon vay.
+ Bng cch k mt tho thun, khch hng cho php cng ty chng khon ly s
chng khon ny em cho khch hng khc vay thc hin nghip v bn khng.
Sau khi m ti khon xong, cng ty chng khon s cung cp cho khch hng (nh
u t) mt m s ti khon v m truy cp vo ti khon kim tra sau mi ln
giao dch.
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75
4.2.2. t lnh giao dch
Vic ra lnh c th c thc hin theo hnh thc ra lnh trc tip hoc gin tip qua
in thoi, telex, fax hay h thng my tnh in t tu thuc vo s pht trin ca th
trng. Khi nhn c lnh, nhn vin mi gii phi kim tra tnh chnh xc ca cc
thng s trn lnh.
Phiu lnh mua v lnh bn thng thng c in bng hai mu mc khc nhau d
phn bit, trn phiu lnh thng thng bao gm cc ni dung ch yu sau:
- Phiu lnh mua hay bn.
- Cc thng tin v khch hng (H v tn, m s ti khon, s chng minh nhn n,
s h chiu).
- Loi chng khon mua hoc bn (thng ghi m chng khon ang nim yt trn
S giao dch chng khon).
- Khi lng.
- Gi.
- Loi lnh v nh chun lnh.
- S hiu lnh ban u.
- Thi gian nhn lnh.
- t giao dch.
- Ngy giao dch
- K tn khch hng.
- K tn nhn vin nhn lnh v kim sot.
- K tn trng phng giao dch.
4.2.3. Chuyn phiu lnh n phng giao dch cng ty chng khon
Phng giao dch c trch nhim xem xt cc thng s trn phiu lnh, nu thy hp l
th chuyn lnh n ngi mi gii ti SGDCK v ghi thi gian chuyn lnh vo
phiu lnh.
4.2.4. Chuyn lnh n ngi mi gii ti S giao dch chng khon
Phiu lnh c chuyn ti nh mi gii ti Sn giao dch, ni dung bao gm cc
thng s: Mua/Bn; loi chng khon; s lng; loi lnh v nh chun lnh; s hiu
lnh; thi gian; m s ti khon khch hng.
4.2.5. Chuyn lnh n b phn khp lnh
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76
Trn sn giao dch, nh mi gii ti Sn sau khi nhn c lnh t cng ty chng
khon phi chuyn lnh ti b phn nhn lnh v khp lnh ca SGDCK tham gia
u gi.
Lnh chuyn ngoi cc thng s nh bc 4 cn c m s (s hiu) nh mi gii ti
sn.
4.2.6. Khp lnh v thng bo kt qu giao dch
n gi ra cht gi giao dch, SGDCK s thng bo kt qu giao dch s c chuyn
n trung tm lu k v thanh ton b tr chng khon cng nh ti cc cng ty
chng khon thnh vin.
Kt qu giao dch c SGDCK thng bo trn mn hnh thnh vin ti SGDCK gm
cc ni dung chnh:
- S hiu ca lnh giao dch.
- S hiu xc nhn giao dch.
- M s chng khon.
- Gi thc hin.
- S lng mua hoc bn.
- Thi gian giao dch c thc hin.
- Lnh mua hay bn.
- K hiu ca lnh.
- S hiu ti khon ca khch hng.
- S hiu i din giao dch (nh mi gii ti Sn) ca thnh vin.
4.2.7. Bo co kt qu giao dch v cng ty chng khon
Nh mi gii ti Sn sau khi nhn c kt qu giao dch s bo v cho Phng giao
dch cng ty chng khon vi cc ni dung chnh: s hiu nh mi gii ti Sn; S
hiu lnh; mua/bn; M chng khon; S lng; Gi; S hiu nh mi gii i
tc; thi gian.
Phng giao dch s ghi vo phiu lnh ca cc khch hng c giao dch phn kt
qu giao dch ni dung: s lng; gi c v thi gian.
4.2.8. Xc nhn giao dch v lm th tc thanh ton
Phng giao dch chuyn cc phiu lnh c giao dch n Phng thanh ton (thng l
b phn K ton). Cui bui giao dch, Phng thanh ton cn c vo kt qu giao dch
Th trng chng khon
77
lp bo co kt qu giao dch v chuyn kt qu n trung tm lu k v thanh ton
b tr chng khon tin hnh qu trnh thanh ton.
ng thi, sau khi c kt qu giao dch, cng ty chng khon gi cho khch hng
mt phiu xc nhn thi hnh xong lnh. Xc nhn ny c vai tr nh mt ho n
hn ngy thanh ton vi khch hng.
4.2.9.Thanh ton v hon tt giao dch
Trung tm lu k v thanh ton b tr chng khon tin hnh so khp kt qu giao
dch do SGDCK cung cp v bo co kt qu giao dch ca cc cng ty chng khon
tin hnh thanh ton b tr.
Trong thi gian T+x ngy, trung tm lu k v thanh ton b tr chng khon s thc
hin vic chuyn quyn s hu chng khon t ngi bn sang ngi mua v Ngn
hng ch nh thanh ton s thanh ton b tr tin t ngi mua sang ngi bn thng
qua h thng ti khon ca cc cng ty chng khon ti ngn hng. Vic b tr cc
kt qu giao dch s kt thc bng vic in ra cc chng t thanh ton. Cc chng t
ny c gi cho cc cng ty chng khon v l c s thc hin thanh ton v
giao nhn gia cc cng ty chng khon.
Do c im l trong giao dch chng khon, cc chng khon c lu k 2 cp.
Tc l cc khch hng c chng khon s lu k chng khon ti cng ty chng
khon hoc ngn hng thng mi c cp php thc hin lu k, sau cc cng
ty chng khon s ti lu k s chng khon trn vo Trung tm lu k v thanh ton
b tr chng khon ca SDGCK. V vy, sau khi cc cng ty chng khon hon tt
cc th tc thanh ton b tr ti SGDCK, cng ty chng khon s thanh ton tin v
chng khon cho cc khch hng thng qua h thng ti khon m khch hng m ti
cng ty chng khon.

Th trng chng khon
78
CHNG 5: CNG TY CHNG KHON
5.1. Khi nim
Cng ty chng khon l cng ty c phn, cng ty trch nhim hu hn thnh lp theo
php lut Vit Nam kinh doanh chng khon theo giy php kinh doanh chng
khon do y ban Chng khon Nh nc (UBCKNN) cp.
5.2. M hnh t chc v nguyn tc hot ng
Hin nay, trn th gii c hai m hnh ph bin v cng ty chng khon sau:
5.2.1. M hnh cng ty chng khon chuyn doanh
Theo m hnh ny, hot ng kinh doanh chng khon s do cc cng ty c lp v
chuyn mn ho trong tng lnh vc chng khon m trch, cc ngn hng khng -
c tham gia kinh doanh chng khon. M hnh ny c p dng kh rng ri cc
th trng M, Nht, Hn Quc.
5.2.1.1.u im
- Hn ch c ri ro cho h thng ngn hng.
- To iu kin cho cc cng ty chng khon i vo chuyn mn ho su trong lnh
vc chng khon thc y th trng pht trin.
5.2.1.2.Hn ch
Kh nng san bng ri ro trong kinh doanh b hn ch
5.2.2. M hnh cng ty chng khon a nng
Theo m hnh ny, cng ty chng khon c t chc di hnh thc mt t hp dch
v ti chnh tng hp bao gm kinh doanh chng khon, kinh doanh tin t v dch v
ti chnh. Theo , cc ngn hng thng mi hot ng vi t cch l ch th kinh
doanh chng khon, bo him v kinh doanh tin t. M hnh ny c biu hin
di hai hnh thc sau:
- Cng ty a nng mt phn:
Theo m hnh ny, cc ngn hng mun kinh doanh chng khon, kinh doanh bo
him phi thnh lp cng ty con hch ton c lp v hot ng tch ri vi kinh
doanh tin t.
- Cng ty a nng ton phn:
Cc ngn hng c php trc tip kinh doanh chng khon, kinh doanh bo him v
kinh doanh tin t cng nh cc dch v ti chnh khc.
5.2.2.1.u im
Th trng chng khon
79
- Cc ngn hng c th kt hp nhiu lnh vc kinh doanh, nh gim bt ri ro
trong hot ng kinh doanh bng vic a dng ho u t.
- Tng kh nng chu ng ca ngn hng trc nhng bin ng ti chnh.
- Tn dng c li th ca mnh: vn ln, c s vt cht hin i v hiu bit r v
khch hng cng nh cc doanh nghip khi h thc hin nghip v cp tn dng v ti
tr d n.
5.2.2.2.Hn ch
- Ngn hng va l t chc tn dng, va l t chc kinh doanh chng khon nn kh
nng chuyn mn khng su nh cc cng ty chng khon chuyn doanh. iu ny s
lm cho th trng chng khon km pht trin v hot ng ch yu ca h thng
ngn hng l dng vn cp tn dng v dch v thanh ton, do ngn hng th-
ng quan tm n lnh vc ngn hng hn l lnh vc chng khon.
- Do kh tch bch c hot ng ngn hng v hot ng kinh doanh chng khon,
trong iu kin mi trng php lut khng lnh mnh, cc ngn hng d gy nn
tnh trng lng on th trng. V khi , cc bin ng trn th trng chng khon
s tc ng mnh ti kinh doanh tin t, gy tc ng dy chuyn v dn n khng
hong th trng ti chnh. Ngc li, trong trng hp th trng tin t bin ng
c th nh hng n hot ng kinh doanh chng khon ca cc ngn hng.
5.3. Cc nghip v c bn ca cng ty chng khon
5.3.1. Nghip v mi gii
5.3.1.1. Khi nim
Mi gii chng khon l hot ng trung gian hoc i din mua, hoc i din bn
chng khon cho khch hng hng ph. Theo , cng ty chng khon i din
cho khch hng tin hnh giao dch thng qua c ch giao dch ti SGDCK hoc th
trng OTC m chnh khch hng phi chu trch nhim i vi kt qu giao dch ca
mnh.
5.3.1.2. Chc nng ca hot ng mi gii chng khon
- Cung cp dch v vi 2 t cch:
+ Ni lin khch hng vi b phn nghin cu u t: cung cp cho khch hng cc
bo co nghin cu v cc khuyn ngh u t
+ Ni lin nhng ngi bn v nhng ngi mua: em n cho khch hng tt c cc
loi sn phm v dch v ti chnh.
Th trng chng khon
80
- p ng nhng nhu cu tm l ca khch hng khi cn thit: tr thnh ngi bn,
ngi chia s nhng lo u cng thng v a ra nhng li ng vin kp thi.
- Khc phc trng thi cm xc qu mc (in hnh l s hi v tham lam), gip
khch hng nhng quyt nh tnh to.
5.3.1.3.Yu cu ca cng ty chng khon
- Tun th tuyt i quy nh ca khch hng u thc c ghi c th trn cc lnh
giao dch.
- Cng ty chng khon phi hon ton chu trch nhim do sai phm hay sai st ca
mnh.
- Khi cc giao dch c thc hin (tc khi c khp gi trn SGDCK), cng ty
chng khon phi thng bo ngay cho khch hng v chuyn ngay chng khon sang
s hu ca khch hng.
- Cng ty chng khon phi chu hon ton trch nhim trc khch hng u thc v
trch nhim thc thi (hon tt) cc giao dch ca i tc th ba.
5.3.2. Nghip v t doanh
5.3.2.1. Khi nim
T doanh l vic cng ty chng khon t tin hnh cc giao dch mua, bn chng
khon cho chnh mnh.
Hot ng t doanh ca cng ty chng khon c thc hin thng qua c ch giao
dch trn SGDCK hoc th trng OTC. Ti mt s th trng vn hnh theo c ch
khp gi, hot ng t doanh ca cng ty chng khon c thc hin thng qua hot
ng to lp th trng. Lc ny, cng ty chng khon ng vai tr l nh to lp th
trng, nm gi mt s lng chng khon nht nh ca mt s loi chng khon v
thc hin mua bn chng khon vi cc khch hng hng chnh lch gi.
Giao dch t doanh c thc hin theo hai phng thc: giao dch trc tip v giao
dch gin tip
- Giao dch trc tip: l giao dch tay i gia hai cng ty chng khon hay gia cng
ty chng khon vi mt khch hng thng qua thng lng.
- Giao dch gin tip: Cng ty chng khon t cc lnh mua v bn chng khon trn
SGDCK, lnh ca h c th thc hin vi bt c khch hng no khng c xc
nh trc.
5.3.2.2.Mc ch ca hot ng t doanh
Th trng chng khon
81
- Thu li nhun cho chnh cng ty thng qua hnh vi mua, bn chng khon vi
khch hng.
Nghip v ny hot ng song hnh vi nghip v mi gii, va phc v lnh giao
dch cho khch hng ng thi cng phc v cho chnh mnh, v vy trong qu trnh
hot ng c th dn n xung t li ch gia thc hin giao dch cho khch hng v
cho bn thn cng ty. Do , lut php cc nc u yu cu tch bit r rng gia
cc doanh nghip mi gii v t doanh, cng ty chng khon phi u tin thc hin
lnh khch hng trc khi thc hin lnh ca mnh. Thm ch lut php mt s n-
c cn quy nh c 2 loi hnh cng ty chng khon l cng ty mi gii chng
khon ch lm chc nng mi gii v cng ty chng khon c chc nng t doanh.
- Gp phn bnh n th trng.
Cc cng ty chng khon hot ng t doanh nhm gp phn bnh n gi c th tr-
ng. Trong trng hp ny, hot ng t doanh c tin hnh bt buc theo lut
nh. Lut cc nc u quy nh cc cng ty chng khon phi ginh mt t l %
nht nh cc giao dch ca mnh ( M l 60%) cho hot ng bnh n th trng.
Theo , cc cng ty chng khon c ngha v mua vo khi gi chng khon b gim
v bn ra khi gi chng khon tng nhm gi gi chng khon n nh.
- Hot ng to th trng
Khi c pht hnh, cc chng khon mi cha c th trng giao dch. to th tr-
ng cho cc chng khon ny, cc cng ty chng khon thc hin t doanh thng
qua vic mua v bn chng khon, to tnh thanh khon trn th trng cp 2. Trn
nhng th trng chng khon pht trin, cc nh to lp th trng s dng nghip
v mua bn chng khon trn th trng OTC to th trng. Theo , h lin tc
c nhng bo gi mua hoc bn chng khon vi cc nh kinh doanh chng khon
khc. Nh vy, h s duy tr mt th trng lin tc i vi chng khon m h kinh
doanh.
Khc vi nghip v mi gii, cng ty chng khon ch lm trung gian thc hin lnh
cho khch hng hng hoa hng, trong hot ng t doanh cng ty chng khon
kinh doanh bng chnh ngun vn cng ty. V vy, cng ty chng khon i hi phi
c ngun vn rt ln v i ng nhn vin c trnh chuyn mn, kh nng phn
tch v a ra cc quyt nh u t hp l, c bit l trong trng hp ng vai tr
l nh to lp th trng.
Th trng chng khon
82
5.3.2.3. Yu cu i vi cng ty chng khon
a. Tch bit qun l
Cc cng ty chng khon phi c s tch bit gia nghip v t doanh v nghip v
mi gii m bo tnh minh bch, r rng trong hot ng. S tch bit ny bao
gm tch bit v:
- Yu t con ngi.
- Quy trnh nghip v.
- Vn v ti sn ca khch hng v cng ty.
b. u tin khch hng
Cng ty chng khon phi tun th nguyn tc u tin khch hng khi thc hin
nghip v t doanh. iu c ngha l lnh giao dch ca khch hng phi c x
l trc lnh t doanh ca cng ty. Nguyn tc ny m bo s cng bng cho khch
hng trong qu trnh giao dch chng khon. Do tnh c th v kh nng tip cn
thng tin v ch ng thng tin trn th trng nn cc cng ty chng khon c th s
d on trc c din bin ca th trng v s mua hoc bn tranh vi khch hng
nu khng c nguyn tc trn.
5.3.3. Nghip v bo lnh pht hnh
thc hin thnh cng cc t cho bn chng khon ra cng chng, i hi t
chc pht hnh phi cn n cc cng ty chng khon t vn cho t pht hnh v
thc hin bo lnh, phn phi chng khon ra cng chng. y chnh l nghip v
bo lnh ca cc cng ty chng khon v l nghip v chim t l doanh thu kh cao
trong tng doanh thu ca cng ty chng khon.
Nh vy nghip v bo lnh pht hnh l vic cng ty chng khon c chc nng bo
lnh (sau y gi tt l t chc bo lnh) gip t chc pht hnh thc hin cc th tc
trc khi cho bn chng khon, t chc vic phn phi chng khon v gip bnh n
gi chng khon trong giai on u sau khi pht hnh.
Trn th trng chng khon, t chc bo lnh pht hnh khng ch c cng ty chng
khon m cn bao gm cc nh ch ti chnh khc nh ngn hng u t, nhng
thng thng vic cng ty chng khon nhn bo lnh pht hnh thng kim lun
vic phn phi chng khon, cn cc ngn hng u t thng ng ra nhn bo lnh
pht hnh (hoc thnh lp t hp bo lnh pht hnh) sau chuyn phn phi chng
khon cho cc cng ty chng khon t doanh hoc cc thnh vin khc.
Th trng chng khon
83
Quy trnh nghip v bo lnh pht hnh ca cng ty chng khon c th c khi
qut nh sau:
Khi mt t chc mun pht hnh chng khon, t chc gi yu cu bo lnh pht
hnh n cng ty chng khon. Cng ty chng khon c th s k mt hp ng t
vn qun l t vn cho t chc pht hnh v loi chng khon cn pht hnh, s l-
ng chng khon cn pht hnh, nh gi chng khon v phng thc phn phi
chng khon n cc nh u t thch hp. c php bo lnh pht hnh, cng ty
chng khon phi trnh mt phng n bn v cam kt bo lnh ln U ban chng
khon. Khi cc ni dung c bn ca phng n pht hnh c U ban chng khon
thng qua, cng ty chng khon c th trc tip k hp ng bo lnh hoc thnh lp
t hp bo lnh k hp ng vi t chc pht hnh.
Khi U ban chng khon cho php pht hnh chng khon v n thi hn giy php
pht hnh c hiu lc, cng ty chng khon (hoc t hp bo lnh) thc hin phn
phi chng khon. Cc hnh thc phn phi chng khon ch yu l:
- Bn ring cho cc t chc u t tp th, cc qu u t, qu bo him, qu hu tr.
- Bn trc tip cho cc c ng hin thi hay nhng nh u t c quan h vi t
chc pht hnh.
- Bn rng ri ra cng chng.
n ng ngy theo hp ng, cng ty bo lnh pht hnh phi giao tin bn chng
khon cho cc t chc pht hnh. S tin phi thanh ton l gi tr chng khon pht
hnh tr i ph bo lnh.
5.3.4. Nghip v t vn u t chng khon
5.3.4.1 Khi nim
T vn u t chng khon l vic cng ty chng khon thng qua hot ng phn
tch a ra cc li khuyn, phn tch cc tnh hung v c th thc hin mt s
cng vic dch v khc lin quan n pht hnh, u t v c cu ti chnh cho khch
hng.
5.3.4.2. Phn loi hot ng t vn
a. Theo hnh thc ca hot ng t vn
- T vn trc tip
Khch hng c th trc tip gp g trc tip vi nh t vn hoc s dng cc phng
tin truyn thng nh: in thoi, fax hi kin.
Th trng chng khon
84
- T vn gin tip
T vn gin tip l cch ngi t vn xut bn cc n phm hay a ra thng tin ln
nhng phng tin truyn thng nh: Internet bt k khch hng no cng c th
tip cn c nu mun.
b. Theo mc u quyn ca hot ng t vn
- T vn gi
mc ny, ngi t vn ch c quyn nu kin ca mnh v nhng din bin
trn th trng, gi cho khch hng v nhng phng php, cch thc x l nhng
quyn quyt nh l ca khch hng.
- T vn u quyn
Vi nghip v ny, nh t vn t vn v quyt nh h khch hng theo mc u
quyn ca khch hng.
c. Theo i tng ca hot ng t vn
- T vn cho t chc pht hnh
Hot ng t vn cho t chc pht hnh tng i a dng, t vic phn tch tnh
hnh ti chnh n nh gi gi tr ca doanh nghip, t vn v loi chng khon pht
hnh hay gip cng ty pht hnh c cu li ngun vn, thu tm hay sp nhp vi
cng ty khc.
- T vn u t
T vn u t l hot ng t vn cho ngi u t v thi gian mua bn, nm gi
gi tr ca cc loi chng khon, cc din bin ca th trng.
5.3.4.3. iu kin v nguyn tc ca hot ng t vn
a. iu kin v vn v nhn s
- Vn:
+ Vit Nam, vn php nh i vi hot ng ny l 3 t ng.
+ Vi nhiu nc pht trin nh M, do tnh cht hot ng ca nghip v ny, cc
cng ty chuyn hot ng t vn phi l cc cng ty trch nhim v hn, tc l c
t chc theo hnh thc doanh nghip t nhn hay ph bin hn l cng ty hp danh.
Tuy nhin, nhiu nc ang pht trin, cc cng ty ny vn c th l cc cng ty
trch nhim hu hn.
- Nhn s:
Th trng chng khon
85
Nhng ngi lm cng tc t vn phi c kin thc chuyn mn rt su trong lnh
vc ca mnh. Ring i vi ngnh chng khon, h phi c giy php hnh ngh t
vn chng khon vi cc yu cu cao hn nhng ngi ch lm mi gii thng th-
ng.
b. Nguyn tc
- Khng m bo chc chn v gi tr ca chng khon: gi tr chng khon khng
phi l mt s c nh, n lun thay i theo cc yu t kinh t v tm l. Gi tr ca
chng khon l tng hp quan nim ca cc nh u t v loi chng khon , do
vy n c th thay i lin tc cng vi nhng thay i trong nhn nh ca cc nh
u t.
- Lun nhc nh khch hng rng nhng li t vn ca mnh c th l khng hon
ton chnh xc v khch hng cn bit rng nh t vn s khng chu trch nhim v
nhng thit hi kinh t do li khuyn a ra.
- Khng c d d, mi cho khch hng mua hay bn mt loi chng khon no
, nhng li t vn phi c xut pht t nhng c s khch quan l phn tch s
tng hp mt cch lgc, khoa hc.
Nhng nguyn tc ny xem ra c v n gin nhng li rt kh thc hin. Khi mt
nh mi gii thc hin hot ng ca mnh, h c th phm phi mt s sai lm k
trn v s l nguyn nhn dn n nhng mu thun gia khch hng vi nh mi
gii .
5.3.5. Qun l danh mc u t
y l nghip v qun l vn y thc ca khch hng u t vo chng khon
thng qua danh mc u t nhm sinh li cho khch hng trn c s tng li nhun
v bo ton vn cho khch hng. Qun l danh mc u t l mt dng nghip v t
vn mang tnh cht tng hp c km theo u t, khch hng u thc tin cho cng ty
chng khon thay mt mnh quyt nh u t theo mt chin lc hay nhng nguyn
tc c khch hng chp nhn hoc yu cu (mc li nhun k vng, ri ro c th
chp nhn,)
Quy trnh nghip v qun l danh mc u t c th c khi qut bao gm cc
bc nh sau:
5.3.5.1.Xc tin tm hiu v nhn qun l
Th trng chng khon
86
Cng ty chng khon v khch hng tip xc, tm hiu v kh nng ca nhau. Cng ty
chng khon phi tm hiu k v khch hng: l t chc hay c nhn, s tin v
ngun gc tin nh u t. ng thi, cng ty phi chng minh cho khch hng thy
c kh nng ca mnh, c bit l kh nng chuyn mn v kh nng kim sot ni
b, y l hai tiu chun quan trng nht ca cng ty. Kh nng chuyn mn chnh l
kh nng u t vn em li li nhun cho khch hng; cn kh nng kim sot ni
b l vic cng ty c th m bo ti sn cho khch hng, chng li nhng tht thot
do s v hay c tnh ca nhn vin cng ty.
5.3.5.2.K hp ng qun l
Cng ty chng khon k hp ng qun l gia khch hng v cng ty theo cc yu
cu, ni dung: v vn, thi gian u thc, mc tiu u t, quyn v trch nhim ca
cc bn, ph qun l danh mc u t.
5.3.5.3.Thc hi n hp ng qun l
Cng ty chng khon thc hin u t vn u thc ca khch hng theo cc ni dung
c cam kt v phi m bo tun th cc quy nh v qun l vn, ti sn tch
bit gia khch hng v chnh cng ty. Nu c nhng pht sinh ngoi hp ng th
cng ty phi xin kin ca khch hng bng vn bn v phi thc hin theo ng
quyt nh ca khch hng. Ngoi ra, cng ty phi nghim ngt tch ri hot ng t
doanh v hot ng mi gii m bo trnh mu thun v li ch.
5.3.5.4.Kt thc hp ng qun l
Khch hng c ngha v thanh ton cc khon ph qun l theo hp ng k kt.
Trong trng hp cng ty chng khon ph sn, ti sn u thc ca khch hng phi
c tch ring v khng c dng tr cc ngha v n ca cng ty chng khon.
Thc hin nghip v ny cho khch hng, cng ty chng khon phi va bo qun h
chng khon, va u t h chng khon. Thng thng cc cng ty chng khon
nhn c ph qun l bng mt t l phn trm nht nh trn mt s li nhun thu
v cho khch hng.
5.3.6. Cc nghip v khc
5.3.6.1.Lu k chng khon
L vic lu gi, bo qun chng khon ca khch hng thng qua cc ti khon lu
k chng khon. y l quy nh bt buc trong giao dch chng khon, bi v giao
dch chng khon trn th trng tp trung l hnh thc giao dch ghi s, khch hng
Th trng chng khon
87
phi m ti khon lu k chng khon ti cc cng ty chng khon (nu chng khon
pht hnh di hnh thc ghi s) hoc k gi chng khon (nu pht hnh di hnh
thc chng ch vt cht). Khi thc hin dch v lu k chng khon cho khch hng,
cng ty chng khon s nhn c cc khon thu ph lu k chng khon, ph gi,
ph rt v ph chuyn nhng chng khon.
5.3.6.2.Qun l thu nhp ca khch hng (qun l c tc)
Xut pht t vic lu k chng khon cho khch hng, cng ty chng khon s theo
di tnh hnh thu li, c tc ca khch hng v ng ra lm dch v thu nhn v chi tr
c tc cho khch hng thng qua ti khon ca khch hng.
5.3.6.3. Nghip v tn dng (cho vay k qu)
y l mt hot ng thng dng ti cc th trng chng khon pht trin. Cn cc
th trng mi ni, hot ng ny b hn ch, ch cc nh ch ti chnh c bit mi
c php cp vn vay. Thm ch mt s nc cn khng cho php thc hin cho vay
k qu.
Cho vay k qu l hnh thc cp tn dng ca cng ty chng khon cho khch hng
ca mnh h mua chng khon v s dng cc chng khon lm vt th chp
cho khon vay . Khch hng ch cn k qu mt phn, s cn li s do cng ty
chng khon ng trc tin thanh ton. n k hn tho thun, khch hng phi
hon tr s chnh lch cng vi li cho cng ty chng khon. Trng hp khch
hng khng tr c n, th cng ty c quyn s hu s chng khon mua.
Ri ro xy ra i vi cng ty chng khon l chng khon th chp c th b gim gi
ti mc gi tr ca chng thp hn gi tr khon vay k qu. V th khi cp khon vay
k qu, cng ty chng khon phi c nhng nguyn tc ring v m bo thu hi vn
v trnh tp trung qu mc vo mt khch hng hay mt loi chng khon nht nh.
Nghip v ny thng i km vi nghip v mi gii trong mt cng ty chng khon.
V vy quy trnh giao dch v cn bn l ging nhau. C im khc l: nu giao dch
mi gii thng s dng ti khon tin mt th giao dch cho vay k qu li s dng
ti khon k qu.
5.3.6.4.Nghip v qun l qu
mt s th trng chng khon, php lut v th trng chng khon cn cho php
cng ty chng khon c thc hin nghip v qun l qu u t. Theo , cng ty
chng khon c i din ca mnh qun l qu v s dng vn v ti sn ca qu
Th trng chng khon
88
u t u t vo chng khon. Cng ty chng khon c thu ph dch v qun l
qu u t.
5.4. Vai tr ca cng ty chng khon
5.4.1. i vi cc t chc pht hnh
Mc tiu khi tham gia vo th trng chng khon ca cc t chc pht hnh l huy
ng vn thng qua vic pht hnh cc chng khon. V vy, thng qua hot ng i
l pht hnh, bo lnh pht hnh, cc cng ty chng khon c vai tr to ra c ch
huy ng vn phc v cc nh pht hnh.
Mt trong nhng nguyn tc hot ng ca th trng chng khon l nguyn tc
trung gian. Nguyn tc ny yu cu nhng nh u t v nhng nh pht hnh khng
c mua bn trc tip chng khon m phi thng qua cc trung gian mua bn. Cc
cng ty chng khon s thc hin vai tr trung gian cho c ngi u t v nh pht
hnh. V khi thc hin cng vic ny, cng ty chng khon to ra c ch huy ng
vn cho nn kinh t thng qua th trng chng khon.
5.4.2. i vi cc nh u t
Thng qua cc hot ng nh mi gii, t vn u t, qun l danh mc u t, cng
ty chng khon c vai tr lm gim chi ph v thi gian giao dch, do nng cao
hiu qu cc khon u t. i vi cc hng ho thng thng, mua bn trung gian s
lm tng chi ph cho ngi mua v ngi bn. Tuy nhin, i vi th trng chng
khon, s bin i thng xuyn ca gi c chng khon cng nh mc ri ro cao
s lm cho nhng nh u t tn km chi ph, cng sc v thi gian tm hiu thng tin
trc khi quyt nh u t. Nhng thng qua cc cng ty chng khon, vi trnh
chuyn mn cao v uy tn ngh nghip s gip cc nh u t thc hin cc khon
u t mt cch c hiu qu.
5.4.3. i vi th trng chng khon
i vi th trng chng khon, cng ty chng khon th hin hai vai tr chnh:
- Gp phn to lp gi c, iu tit th trng.
Gi c chng khon do th trng quyt nh. Tuy nhin, a ra mc gi cui
cng, ngi mua v ngi bn thng qua cc cng ty chng khon v h khng c
tham gia trc tip vo qu trnh mua bn. Cc cng ty chng khon l nhng thnh
vin ca th trng, do vy, h cng gp phn to lp gi c th trng thng qua u
gi. Trn th trng s cp, cc cng ty chng khon cng vi cc nh pht hnh a
Th trng chng khon
89
ra mc gi u tin. Chnh v vy, gi c ca mi loi chng khon giao dch u c
s tham gia nh gi ca cc cng ty chng khon.
Cc cng ty chng khon cn th hin vai tr ln hn khi tham gia iu tit th tr -
ng. bo v nhng khon u t ca khch hng v bo v li ch ca chnh
mnh, nhiu cng ty chng khon dnh mt t l nht nh cc giao dch thc
hin vai tr bnh n th trng.
- Gp phn lm tng tnh thanh khon ca cc ti sn ti chnh.
Th trng chng khon c vai tr l mi trng lm tng tnh thanh khon ca cc
ti sn ti chnh. Nhng cc cng ty chng khon mi l ngi thc hin tt cc vai
tr v cng ty chng khon to ra c ch giao dch trn th trng. Trn th trng
cp 1, do thc hin cc hot ng nh bo lnh pht hnh, chng khon ho, cc cng
ty chng khon khng nhng huy ng mt lng vn ln a vo sn xut kinh
doanh cho nh pht hnh m cn lm tng tnh thanh khon ca cc ti sn ti chnh
c u t v cc chng khon qua t pht hnh s c mua bn giao dch trn th
trng cp 2. iu ny lm gim ri ro, to tm l yn tm cho ngi u t. Trn th
trng cp 2, do thc hin cc giao dch mua v bn cc cng ty chng khon gip
ngi u t chuyn i chng khon thnh tin mt v ngc li. Nhng hot ng
c th lm tng tnh thanh khon ca nhng ti sn ti chnh.
5.4.4. i vi cc c quan qun l th trng
Cng ty chng khon c vai tr cung cp thng tin v th trng chng khon cho cc
c quan qun l th trng. Cc cng ty chng khon thc hin c vai tr ny bi
v h va l ngi bo lnh pht hnh cho cc chng khon mi, va l trung gian
mua bn chng khon v thc hin cc giao dch trn th trng. Mt trong nhng
yu cu ca th trng chng khon l thng tin cn phi c cng khai ho di s
gim st ca cc c quan qun l th trng. Vic cung cp thng tin va l quy nh
ca h thng lut php, va l nguyn tc ngh nghip ca cc cng ty chng khon
v cng ty chng khon cn phi minh bch v cng khai trong hot ng. Cc thng
tin cng ty chng khon c th cung cp bao gm thng tin v cc giao dch mua, bn
trn th trng, thng tin v cc c phiu, tri phiu v t chc pht hnh, thng tin v
cc nh u t Nh cc thng tin ny, cc c quan qun l th trng c th kim
sot v chng cc hin tng thao tng, lng on, bp mo th trng.
Th trng chng khon
90
Tm li, cng ty chng khon l mt t chc chuyn nghip trn th trng chng
khon, c vai tr cn thit v quan trng i vi cc nh u t, cc nh pht hnh,
i vi cc c quan qun l th trng v i vi th trng chng khon ni chung.
Nhng vai tr ny c th hin thng qua cc nghip v hot ng ca cng ty
chng khon.

Th trng chng khon
91
CHNG 6: H THNG THNG TIN TRN TH TRNG CHNG KHON

6.1. Gii thiu h thng thng tin trn th trng chng khon
6.1.1. Khi nim
H thng thng tin trn th trng chng khon l h thng ch tiu, t liu lin quan
n chng khon v th trng chng khon, phn nh tnh hnh th trng chng
khon, nn kinh t, chnh tr ti nhng thi im hoc thi k khc nhau ca tng
quc gia, tng ngnh, nhm ngnh theo phm vi bao qut ca tng loi thng tin.
H thng thng tin th trng chng khon rt phong ph v a dng. H
thng ny c v nh h thng mch mu trong c th con ngi, gip cho th
trng vn hnh lin tc v thng sut, m bo cung cp y thng tin cho nh
u t, c quan qun l iu hnh v cc t chc nghin cu. Th trng chng khon
hot ng ht sc nhy cm v phc tp, nhng phi m bo nguyn tc cng bng,
cng khai, mi nh u t u c quyn bnh ng trong vic tip nhn thng tin.
Khng ai c php c c quyn trong tip nhn thng tin, hoc s dng cc thng
tin ni b, thng tin cha c php cng b u t chng khon nhm trc li.
C th ni, th trng chng khon l th trng ca thng tin, ai c thng tin chnh
xc v kh nng phn tch tt th s u t c hiu qu, ngc li nh u t thiu
thng tin hoc thng tin sai lch (tin n) s phi chu tn tht khi ra cc quyt nh
u t.
6.1.2. Phn loi h thng thng tin
6.1.2.1.Phn loi thng tin theo loi chng khon
- Thng tin v c phiu, chng ch u t.
- Thng tin v tri phiu.
- Thng tin v cc chng khon phi sinh.
6.1.2.2.Phn loi thng tin theo phm vi bao qut
- Thng tin n l ca tng nhm chng khon.
- Thng tin ngnh, nhm ngnh.
- Thng tin ca SGDCK hay gi c quc gia, thng tin c tnh quc t.
6.1.2.3.Phn loi thng tin theo thi gian
- Thng tin qu kh, thng tin hin ti v thng tin d bo cho tng lai.
- Thng tin theo thi gian (pht, ngy).
Th trng chng khon
92
- Thng tin tng hp theo thi gian (tun, thng, qu, nm).
6.1.2.4.Phn loi thng tin theo ngun thng tin
- Thng tin trong nc v quc t.
- Thng tin ca cc t chc tham gia th trng, t chc nim yt, cng ty chng
khon v thng tin ca SGDCK.
- Thng tin t vn ca cc t chc t vn u t v t chc xp hng tn nhim.
- Thng tin t cc phng tin thng tin i chng (bo, truyn hnh).
Cng c th c mt s quan im khc na v phn t thng tin chng khon, nhng
nhn chung thng tin chng khon xut pht t 4 ngun chnh, l:
- T t chc nim yt.
- T t chc kinh doanh.
- T thc tin giao dch th trng.
- T c quan qun l.
6.1.3. Ph bin thng tin th trng
L mt hot ng phn phi d liu thng tin ngun v ti sn xut thng tin
th trng cho nhng ngi cn thng tin.
Ph bin thng tin th trng l s cung cp tt c cc loi thng tin th trng k c
d liu ngun v thng tin ti sinh thng qua nhiu phng php khc nhau. Thng
thng phng php ph bin thng tin c thc hin qua h thng my vi tnh v
quy m v cht lng chng khon rt cao.
Mc ch ca ph bin thng tin th trng l:
- Cung cp cho cc nh u t c hi bnh ng tip cn thng tin, t hot ng
u t mi cng bng v lnh mnh.
- Tnh minh bch ca th trng.
- S dng thng tin cng bng.
- Ngn chn sai lch trong ph bin thng tin.
6.2. Cc ngun thng tin trn th trng chng khon
6.2.1. Thng tin t t chc nim yt
Chng khon l mt dng ti sn ti chnh c nim yt giao dch trn th trng
chng khon bi chnh t chc pht hnh. Ngoi yu t quan h cung - cu, gi chng
khon c hnh thnh da trn sc kho ca chnh cng ty pht hnh. Do vy, cc
thng tin lin quan n t chc pht hnh u tc ng tc thi ln gi chng khon
Th trng chng khon
93
ca chnh t chc , v trong chng mc nht nh c th tc ng ln ton b th tr-
ng. Trn th trng chng khon, vn cng b thng tin cng ty c xem l
yu t quan trng hng u trong h thng thng tin ca th trng, m bo cho th
trng hot ng cng bng, cng khai v hiu qu, bo v quyn li v li ch hp
php ca nh u t.
6.2.1.1. Yu cu ca vic cng khai thng tin v cng ty
a. Tnh chnh xc ca thng tin
Yu cu ny nhm bo v nh u t v lun c hai kha cnh i lp:
- Cc cng ty lun b ng v min cng tit l do mun gi b mt qun l.
- Nh u t lun ch ng mun bit cc thng tin khc nhau v cng ty.
b. Tnh cp nht, mau l ca thng tin
Cc thng tin v cng ty phi c tit l nhanh chng v cung cp cho nh u t
chnh xc khng dn ti cc quyt nh u t sai lm.
c. Tip cn thng tin d dng
Cng khai thng tin c th d dng tip cn vi cc nh u t tim nng. Ngi cung
cp thng tin cn la chn phng n cng khai thng tin ngi s dng thng tin
c nhng cch thay i d dng v nhanh chng tip cn thng tin.
d. Tnh cng bng ca thng tin
Thng tin v cng ty phi c ph bin cho tt c cc nh u t mt cch cng
bng, v vy cn phi s dng phng tin thng tin hp l. Cng khai thng tin cng
bng s gip cho vic to lp nn mt th trng cnh tranh hon ho.
6.2.1.2. Ni dung cng khai thng tin v cng ty
a. Bn co bch
y l ti liu cng ty nim yt chun b chun b xin php pht hnh chng khon
trong dp pht hnh. i vi cng ty pht hnh v xin ng k nim yt sau th
cng phi chuyn b ti liu gii thiu tm tt v cng ty nh:
- Lch s ca cng ty.
- Tn y v tn giao dch ca cng ty pht hnh, tr s chnh, fax, telex giao
dch, giy php thnh lp v giy chng nhn ng k kinh doanh, iu l cng ty, t
chc b my qun l, Ban gim c, Hi ng qun tr, cc c ng ln ca cng ty,
chnh sch i vi ngi lao ng.
- Vn lin quan n pht hnh chng khon.
Th trng chng khon
94
- Bo co tng kt ti sn, bo co thu nhp v thu chi tin t.
b. Thng tin nh k
y l vic bo co t chc hot ng kinh doanh ca cng ty nim yt trong mt
thi gian nht nh.
- Bo co nm
Bo co nm bao gm bng cn i k ton, bo co kt qu hot ng kinh doanh,
thuyt minh bo co ti chnh, bo co tng hp. Nhng bo co ny c gi ln
UBCKNN v SGDCK, c cng b trong cc n phm thng nin ca cng ty v
cng b tm tt trong 2 s lin tc ca 1 t bo Trung ng. ng thi nhng bo
co ny c lu gi ti b phn cng khai thng tin ca S giao dch chng khon.
- Bo co na nm
Trong trng hp ch c mt nm kinh doanh, cng ty phi np bo co gia nm
(tnh hnh hot ng sn xut kinh doanh trong 6 thng u nm) nhm bo v ngi
u t, m bo gi chng khon bng cch thng bo nhanh chng v kp thi thng
tin.
Tt c cc loi bo co ny phi da trn cc nguyn l k ton ca cc nc ( -
c quc t ho). Bo co ti chnh tng hp bao gm tt c cc ti sn N, ti sn
C, ti sn kinh doanh, do phn nh tnh trng ti chnh ca cng ty. Bo co tng
phn l cn thit gip cho ngi u t hiu r ngun gc li nhun ca cng ty. Bo
co tng qu nhm gii thiu nhng sn phm mi v thng tin mi cho th trng.
Bo co gia k c lp ra thng bo v nhng thay i quan trng nh thay i
quyn s hu, mua hay thanh l ti sn, ph sn, tai nn v thay i nghim trng
khc.
c. Thng tin tc thi
Thng tin nh k ch cho bit kt qu kinh doanh trong qu kh v ch yu cung cp
cho cc c ng hin c. Cng khai thng tin kp thi s bao trm cc thng tin, gp
phn vo ngn chn giao dch ni b, do , ton b gii u t s c nhn loi
thng tin ny.
Vit Nam, cng ty nim yt phi cng b thng tin tc thi (trong vng 24h) k t
khi xy ra mt trong cc s kin sau y:
- C bin ng ln v iu kin lin quan n hot ng sn xut, kinh doanh
ca cng ty.
Th trng chng khon
95
- B tn tht t 10% gi tr c phn tr ln.
- T chc pht hnh, t chc nim yt, thnh vin Hi ng qun tr, thnh
vin Ban Gim c, Ban Kim sot, k ton trng b c quan php lut khi t iu
tra, c phn quyt ca To n lin quan n hot ng ca cng ty; c quan thu c
kt lun v vi phm php lut v thu.
- Thay i phng thc v phm vi kinh doanh ca cng ty.
- Quyt nh u t m rng sn xut, kinh doanh; quyt nh u t c gi tr
vn c phn tr ln ca mt t chc khc; mua hoc bn ti sn c nh c gi tr t
10% tng gi tr c phn tr ln.
- Lm vo tnh trng ph sn, quyt nh vic hp nht, sp nhp, chia, tch,
chuyn i, gii th doanh nghip.
- K kt hp ng vay n hoc pht hnh tri phiu c gi tr t 30% tng gi
tr vn c phn tr ln.
- Thay i ch tch Hi ng qun tr, thay i trn 1/3 s thnh vin Hi ng
qun tr hoc thay i Gim c (Tng Gim c).
- Thng qua quyt nh ca i hi c ng.
- Xy ra cc s kin khc c th nh hng ln n gi chng khon hoc li
ch ca ngi u t.
T chc pht hnh, t chc nim yt phi bo co UBCKNN v phi thc hin cng
b thng tin trong vng 24h trn phng tin cng b thng tin, bn tin th trng
chng khon khi c quyt nh ca Hi ng qun tr v cc s kin sau y:
- Tch, gp c phiu hoc pht hnh c phiu tng vn iu l; mua hoc bn li
c phiu qu; ngy thc hin quyn mua c phiu ca tri phiu km theo quyn mua
c phiu hoc ngy thc hin chuyn i sang c phiu ca tri phiu chuyn i.
- Pht hnh c phiu thng hoc pht hnh c phiu tr c tc c gi tr t 10%
vn c phn tr ln.
- Np n xin hu b nim yt.
d. Thng tin theo yu cu
T chc pht hnh, t chc nim yt cng b thng tin theo yu cu ca UBCKNN,
TTGDCK, SGDCK:
- C thng tin lin quan n t chc nim yt nh hng n gi chng khon v cn
phi xc nhn thng tin .
Th trng chng khon
96
- Gi v khi lng giao dch chng khon nim yt thay i bt thng.
- C thng tin lin quan n t chc pht hnh nh hng nghim trng n quyn
li ca ngi u t.
6.2.2. Thng tin t S giao dch chng khon
y l cc thng tin t c quan qun l v vn hnh th trng, c cng b cp
nht trn h thng thng tin ca SGDCK (qua bng in t, thit b u cui, bn tin
th trng, mng Internet, Website). Ni dung thng tin do SGDCK cng b gm:
- Thng tin t nh qun l th trng
+ H thng cc vn bn, chnh sch ban hnh mi, thay i, b sung, hu
b,
+ nh ch giao dch hoc cho php giao dch tr li cc chng khon.
+ Cng b ngy giao dch khng c hng c tc, li v cc quyn km
theo.
+ Cc chng khon thuc din b kim sot, cnh bo.
+ Hu b nim yt hoc cho nim yt li.
+ nh ch thnh vin hoc cho php thnh vin hot ng tr li.
- Thng tin v tnh hnh th trng
Thng tin giao dch ca cc c phiu hng u, dao ng gi c phiu hng
ngy, c phiu t mc gi trn, sn
- Thng tin v din bin th trng
+ Thng tin v giao dch trn th trng (gi m ca, ng ca, gi cao nht v
thp nht trong ngy giao dch, khi lng giao dch, gi giao dch, giao dch l ln,
giao dch mua bn li c phiu ca t chc nim yt)
+ Thng tin v lnh giao dch (gi cho mua, cho bn tt nht, quy m t
lnh, s lng lnh mua, hoc bn)
+ Thng tin v ch s gi (ch s gi c phiu tng hp, bnh qun gi c
phiu, ch s gi tri phiu).
- Thng tin v tnh hnh ca cc t chc nim yt.
- Thng tin v cc nh u t: giao dch l ln, giao dch thu tm cng ty, giao dch
u thu mua c phiu.
- Thng tin hot ng ca cng ty chng khon thnh vin.
6.2.3. Thng tin t cc t chc kinh doanh chng khon
Th trng chng khon
97
Ngoi cc loi thng tin trong bng quyt ton qu, na nm, nm, n v kinh doanh
chng khon nh cng ty chng khon, qu u t chng khon cn c bo co v:
- Cc hnh thc dch v, phng thc t lnh, nhn lnh, thc hin lnh, mc ph
giao dch.
- S ti khon c m, s d chng khon v tin mt, tnh hnh giao dch ca cc
ti khon, cc giao dch l ln, tnh hnh mua bn k qu chng khon.
- Danh sch thnh vin Hi ng qun tr, Ban gim c, a ch tr s giao dch v
nhng thay i lin quan n nhng ni dung ny cho nh u t bit.
Nu do nhu cu qun l th c quan qun l nh TTGDCK, UBCKNN c th yu cu
cc n v ny c bo co chi tit hn mt s ngy giao dch, hoc tnh hnh giao
dch, s d ti khon chng khon ca mt s khch hng.
Cng ty chng khon, cng ty qun l qu phi bo co UBCKNN, TTGDCK,
SGDCK trong vng 24h cc t chc ny cng b thng tin theo quy nh khi xy
ra mt trong cc s kin sau y:
- Cng ty, thnh vin Hi ng qun tr (i vi cng ty c Hi ng qun tr), thnh
vin Ban gim c, K ton trng b c quan php lut khi t iu tra.
- Cng ty d nh sp sp nhp vi mt cng ty khc.
- Cng ty b tn tht ln v ti sn.
- Cng ty c s thay i v c ng (thnh vin) chi phi.
- Cng ty b nhim hay min nhim Gim c (Tng Gim c)
- Cng ty c nhng thay i trong hot ng sn xut kinh doanh.
6.2.4. Mt s thng tin do Trung tm giao dch chng khon thnh ph H Ch
Minh thng bo
- M CK : m cc chng khon nim yt ti Trung tm giao dch: REE, SAM, HAP,
TMS,
- S lng chng khon nim yt: s chng khon pht hnh ca cng ty nim yt.
- C tc: c tc tr ln gn nht.
- EPS: Thu nhp thun nm gn nht cho mt c phiu thng. Tnh bng cch ly
hiu s thu nhp thun ca cng ty v phn tr c tc c phiu u i chia cho s l-
ng c phiu thng.
- P/E: h s gi c trn thu nhp. Tnh bng cch ly th gi chia cho EPS ca n. Ch
tiu ny phn nh: c mt ng thu nhp ca cng ty th phi u t bao nhiu.
Th trng chng khon
98
- Gi ng ca: Gi ng ca ca phin giao dch.
- Thay i (ca gi ng ca): thay i gi ng ca ca hm thng bo so vi gi
ng ca ca phin giao dch trc . Thng c thng bo theo s tuyt i v
phn trm so vi gi ng ca trc .
- Khi lng giao dch: S c phiu c mua, bn trong phin giao dch.
- Gi tr giao dch: Gi tr ca s c phiu c giao dch. Tnh bng cch nhn
khi lng giao dch vi gi giao dch.
- Tng khi lng t mua: Tng s c phiu ngi mua t lnh mua trong phin
giao dch.
- Khi lng t mua vi gi cao nht: S c phiu t mua vi gi dt mua cao nht
c th ca phin giao dch.
- Tng khi lng cho bn: tng s c phiu ngi bn t lnh bn trong phin
giao dch.
- Tng khi lng cho bn thp nht: tng s c phiu ngi bn t lnh bn vi
gi bn thp nht c th trong phin giao dch.
i vi tri phiu cng c thng bo tng t, nhng gi tri phiu ly 100 lm n
v yt gi, nn gi s dao ng xung quanh gi tr 100.
6.3. Ch s gi chng khon
6.3.1. Ch s gi c phiu
Ch s gi c phiu l thng tin th hin gi chng khon bnh qun hin ti so vi gi
bnh qun thi k gc chn.
Ch s gi c phiu c xem l phong v biu th hin tnh hnh hot ng ca th
trng chng khon. y l thng tin rt quan trng i vi hot ng ca th trng,
i vi nh u t v cc nh phn tch kinh t. Tt c cc th trng chng khon
u xy dng h thng ch s gi c phiu cho ring mnh.
Gi bnh qun thi k gc trong so snh ch s gi thng c ly l 100. V d: khi
thng bo v th trng chng khon nh ch s gi Hn Quc KOSPI ngy
09/01/1998 l 440,28 im, y l ch s gi c phiu ca ngy 09/01/1998 so vi
ngy gc chn l ngy 01/04/1980 vi gi gc l 100. So snh gi tr ch s gia 2
thi im khc nhau ta c mc bin i gi gia 2 thi im . Nu gi tr ch s
KOSPI ngy 10/01/1998 l 445,78 im th c ngha l: th trng chng khon Hn
Quc c du hiu phc hi vi ch s KOSPI tng 5,5 im trong ngy
Th trng chng khon
99
10/01/1998. Nu em s ny so snh vi gi ng ca hm trc v nhn vi 100
th ta c s bin i theo %: (5,5/420,28)x100% = 1,25%.
Ch s gi c phiu c tnh cho:
- Tng c phiu.
- Tt c c phiu ca tng th trng. V d nh: ch s KOSPI, Hangseng.
- Tng ngnh, nhm ngnh. V d nh: ch s ngnh cng nghip ca M (DJIA).
- Th trng quc t. V d nh: ch s Hangseng Chu (HSAI), ch s Dow Jones
quc t (DJWSI).
Ngoi ra, mt s ch tiu sau cng thng c thng k, tng hp i vi ch s gi
v thng bo rng ri; ch s gi trong ngy; ngy so vi ngy trc; so vi u
nm; ch s cao nht hoc thp nht trong nm
Ch s gi c th c tnh theo thi gian (so snh theo thi gian) hoc theo khng
gian so snh gia cc vng lnh th khc nhau.
Cc phng php tnh ch s gi hin nay
6.3.1.1.Ch s gi bnh qun gin n
y l ch s bnh qun s hc gin n, khng c s tham gia ca quyn s.

Ch s ny tnh ton rt n gin v khng phi theo di s bin ng ca quyn s.
Nhng ch s ny cha ng tnh cht ca s bnh qun gin n. Bi vy, ch nn
ng dng khi tng th (hay gi cc loi hng ho a vo tnh ton) l kh ng u,
hay phng sai ca chng khng qu ln.
6.3.1.2.Ch s gi bnh qun gia quyn
Ch s gi bnh qun gia quyn l ch s gi bnh qun c tnh c s tham gia ca
khi lng, c ngha l bin i gi ca nhng nhn t c t trng khi lng trong
tng th cng ln th nh hng cng nhiu n ch gi chung v ngc li:

Th trng chng khon
10
0

Ch s gi bnh qun gia quyn c u im l c cp n quyn s trong qu trnh
tnh ton. Phng php tnh phc tp hn. Tuy nhin, do chn r i din theo nhiu
tiu thc v mi tiu thc cng c u, nhc im ring, nn trong nhiu trng hp
ch s ny khng phn nh ng tnh hnh giao dch ca th trng.
6.3.1.3.Ch s gi bnh qun Laspeyres
Ch s gi bnh qun Laspeyres l ch s gi bnh qun gia quyn, ly quyn s l
khi lng thi k gc. Nh vy, kt qu tnh s ph thuc vo c cu quyn s thi
k gc:

Ch s ny c u im l khng phi theo di lin tc s bin ng ca quyn s, v
quyn s gc c sn ngay ln tnh u tin.
Tuy nhin, cng v c im trn ch s ny c nhc im l khng cp nht c
s thay i ca khi lng trong qu trnh giao dch, mua bn.
6.3.1.4. Ch s gi bnh qun Paascher
Ch s gi bnh qun Paascher l ch s gi bnh qun gia quyn ly quyn s l khi
lng thi k bo co. Nh vy, kt qu tnh s ph thuc vo c cu quyn s thi
k bo co.
Th trng chng khon
10
1

Ch s ny c nhc im l phi thng xuyn cp nht quyn s (t trng) v
phng php tnh cng phc tp hn nhng c u im l thng xuyn cp nht -
c khi lng hng ho thi k bo co v v th kh nng phn nh s bin ng
ca th trng tt hn.
6.3.1.5.Ch s gi bnh qun Fisher
Ch s gi bnh qun Fisher l ch s gi bnh qun nhn gia ch s gi Paascher v
ch s gi Laspayres.

Ch s ny c u im l loi tr c phn no hai nhc im ca hai phng php
Paascher v Laspeyres mc phi.
6.3.2. Ch s gi tri phiu
Ch s gi tri phiu l ch s so snh mc gi tri phiu ti thi im so snh vi
mc gi ti thi im gc chn. Ch s gi tri phiu phn nh s bin ng ca
mc li sut (nu l mt loi tri phiu) v mc li sut bnh qun (nu l mt danh
mc cc loi tri phiu).
6.4. H thng thng tin v ch s gi c phiu trn th trng chng khon Vit
Nam (VN index)
Vit Nam, thng tin th trng chng khon c quy nh trong quyt nh
47/2000/Q-UBCK ngy 19/6/2001 ca Ch tch UBCKNN bao gm cc thng tin
ch yu sau:
- Thng tin v giao dch chng khon.
- Thng tin v ch s gi chng khon.
- Thng tin v qun l th trng.
- Thng tin v tnh hnh th trng.
- Thng tin v cc nh u t.
Th trng chng khon
10
2
- Thng tin v qun l hot ng pht hnh chng khon.
- Thng tin v cng tc qun l cc t chc kinh doanh, dch v chng khon.
- Thng tin v cng tc thanh tra, gim st hot ng th trng chng khon v gii
quyt khiu ni, t co.
- Thng tin v cng tc o to, bi dng nghip v chng khon.
- Thng tin v s hu ca nh u t nc ngoi.
- Thng tin lin quan n tnh hnh kinh t - x hi v hot ng qun l Nh nc
ca cc B, ngnh lin quan tc ng ti hot ng chng khon.
- Thng tin v hot ng ca th trng chng khon cc nc trong khu vc v
trn th gii.
- Cc thng tin khc lin quan n th trng chng khon.
Ch s th trng chng khon Vit Nam Vn-Index l ch s phn nh mc gi trn
th trng chng khon trong mt ngy c th so vi mc gi c ti thi im gc.
Ch s c cu thnh bi 2 yu t: loi chng khon trng s v gi ca tng chng
khon cu thnh.
Ch s Vn-Index c tnh theo phng php trng s gi tr th trng.
Cng thc tnh Vn-index nh sau:

Trong qu trnh tnh ton ch s, bn cnh s bin ng v gi c phiu lm thay i
gi tr ch s cn c mt s nhn t khc lm thay i c cu s lng c phiu nim
yt nh: thm, bt, tch, gp c phiu. Trong trng hp ny s nh hng n tnh
khng lin tc ca ch s, ngha l ch s ngy bo co khng ng nht vi ngy tr-
c . Do cn phi a thm vo s iu chnh ny bng h s chia ca cng thc
trn.

Th trng chng khon
10
3
H s
chia mi
(d)
=
S
chia c
x
Tng gi tr th trng ca cc c phiu sau khi thay
i
Tng gi tr th trng ca cc c phiu trc khi
thay i

Trng hp c c phiu mi a vo nim yt, s chia mi c tnh nh sau:

H s
chia mi
(d)
=
H s
chia
c
x
Tng gi tr th trng ca cc c phiu nim yt c
+
Gi tr th trng ca c phiu nim yt mi
Tng gi tr th trng ca cc c phiu nim yt c

VN.Index = 100 x
Tng gi tr th trng ca cc c phiu sau khi
thay i
H s chia mi
V d:
Ti phin th nht, ngy 28-7-2000, ta c kt qu giao dch ti thi im gc nh sau:
(n v : ng)
Tn cng ty K hiu Gi thc
hin
S lng c
phn
Gi tr th
trng
C in lnh
Cp VLXD
REE
SAM
16.000
17.000
15.000
12.000
240.000.000
204.000.000
Cng 444.000.000

Phin th 2, ngy 31-7-2000: Gi c phiu REE l 16.300 ng, gi c phiu SAM l
17.200 ng. Kt qu giao dch nh sau :
(n v : ng)
Tn cng ty K hiu Gi thc
hin
S lng c
phn
Gi tr th
trng
C in lnh
Cp VLXD
REE
SAM
16.300
17.200
15.000
12.000
244.500.000
206.400.000
Th trng chng khon
10
4
Cng 450.900.000

Phin th 3, ngy 2-8-200, gi c phiu REE l 16.600 ng, gi c phiu
SAM l 17.500 ng v c thm c phiu HAP v TMS nhng 2 c phiu ny cha
tham gia vo ch s gi v cha c giao dch.
Phin th 4, ngy 4-8-2000, c thm 2 c phiu na l HAP v TMS tham gia
giao dch .
(n v: ng)
Tn cng ty K hiu Gi thc hin
(ng)
S lng c
phn (triu)
Gi tr th
trng (ng)
C in lnh
Cp VLXD
REE
SAM
HAP
TMS
16.900
17.800
16.000
14.000
15.000
12.000
1.008
2.200
253.500.000
213.600.000
16.128.000
30.800.000
Cng 514.028.000
H s chia mi:
H s
chia mi
(d)
=
H s
chia
gc
x
Tng gi tr th trng ca cc c
phiu
Tng gi tr th trng ca cc c
phiu c

Th trng chng khon
10
5
CHNG 7: PHN TCH CHNG KHON

7.1. Gii thiu chung v phn tch chng khon
Trc khi tin hnh u t vo bt k chng khon no, cn phi xem xt vic
u t trong mi quan h so snh vi cc c hi u t khc trong nn kinh
t. Do , cn phi tin hnh phn tch chng khon.
Phn tch chng khon l hot ng quan trng nhm h tr vic ra quyt nh u t.
C hai phng php phn tch ch yu c s dng:
- Phn tch c bn: phng php ny gip cho doanh nghip c th la chn c kt
cu danh mc u t ph hp.
- Phn tch k thut : gip cho cc nh qun l c th la chn thi im v chin l-
c mua bn chng khon tu theo din bin ca th trng.
Mc tiu ca qu trnh phn tch chng khon l gip cho nh u t ra cc quyt
nh mua bn chng khon mt cch c hiu qu nht, tc l mang li li nhun v s
an ton v vn cho nh u t.
Quy trnh phn tch chng khon ph thuc vo quan im ca tng nh u t. Tuy
nhin, mt cch tng qut, cc nh u t c th s dng quy trnh phn tch t trn
xung, phn tch t di ln hoc l kt hp c hai.
Trong thc t, phng php phn tch theo quy trnh t trn xung c p dng rng
ri nht. Tc l bt u quy trnh phn tch nn kinh t - x hi v tng quan v th tr-
ng chng khon trong phm vi ton cu v quc gia (phn tch v m), sau phn
tch cc ngnh c th (phn tch ngnh) v cui cng l phn tch tng cng ty ring
l (phn tch cng ty).
7.2. Ni dung phn tch chng khon
7.2.1. Phn tch v m
Trong phn tch v m, cn quan tm n tnh hnh kinh t, chnh tr - x hi trong
phm vi quc t v quc gia.
7.2.1.1. Phn tch tnh hnh kinh t, chnh tr, x hi quc t
Nn kinh t quc t c th nh hng mnh m n tnh hnh sn xut kinh doanh ca
doanh nghip v ca quc gia, c nhng tc ng trc tip n hot ng ca th tr-
ng chng khon. c bit, trong bi cnh hi nhp hin nay, yu t quc t cn -
c xem xt trong qu trnh phn tch u t chng khon.
Th trng chng khon
10
6
Cc vn c tnh quc t cn lu trong qu trnh phn tch chng khon l: mc
tng trng kinh t v cc vn chnh tr.
7.2.1.2. Phn tch tnh hnh kinh t, chnh tr, x hi quc gia
a. Mi trng chnh tr - x hi
Tnh hnh chnh tr c nh hng rt ln n th trng chng khon. Cc yu t
chnh tr bao gm nhng thay i v Chnh ph v cc hot ng chnh tr kinh t ca
nhiu nc. Thay i chnh tr lm cho nhiu quy nh v s kim sot ca Chnh ph
trong mt s ngnh c tht cht v mt s quy nh trong cc ngnh khc li c
ni lng, t c nhng tc ng ln ti kt qu kinh doanh ca mi ngnh, mi
cng ty v rt kh c th khng nh vic tht cht hay ni lng ny s to ra cc tc
dng tch cc hay tiu cc cho nn kinh t.
Mi trng php lut cng l yu t c bn gy tc ng ti th trng chng khon.
Cc c quan Chnh ph tc ng n th trng chng khon bng Lut v cc vn
bn di Lut. Chng hn, Lut chng c quyn thng lm gim gi chng khon
ca cc cng ty b thuc i tng b Lut iu chnh. Lut thu tm sp nhp cng ty
c th gy tc ng tiu cc hay tch cc n mt nhm cc cng ty. Chnh sch ti
chnh - tin t trc tip gy tc ng ln ti th trng, Do vy, mi trng php l
cn c xem xt theo cc gc sau:
- Tnh ng b ca h thng php lut.
- Tnh kh thi ca h thng php lut.
- Tnh hiu qu ca h thng php lut (c bo v quyn li chnh ng ca nh
u t hay khng, c sc mnh m bo cc giao dch chng khon c an
ton hay khng?).
- Tnh quc t ca h thng php lut.
- Tnh n nh ca h thng php lut.
b. Cc iu kin kinh t v m
Cc iu kin kinh t v m cn quan tm trong phn tch chng khon l: tng sn
phm quc ni (GDP), t l tht nghip, t l lm pht, li sut, t gi mc thm ht
ngn sch quc gia, chnh sch ca Chnh ph trong lnh vc ti chnh - tin t. Tuy
nhin, c 3 nhn t v m c bn nht tc ng trc tip ti hot ng u t trn th
trng chng khon, l: t gi hi oi, li sut v t l lm pht. Di y s
phn tch nh hng c th ca chng.
Th trng chng khon
10
7
T gi hi oi: khi nh u t nhn nh rng ng ni t c th b ph gi trong thi
gian ti th nh u t s quyt nh khng u t vo chng khon hoc s tm
cch thay th chng khon bng ti sn ngoi t phng nga gi tr chng khon b
suy gim.
Lm pht v li sut: y l hai nhn t quan trng gy nh hng ln ti quyt nh
u t vo th trng chng khon. Nh nu trn y, li sut l nhn t tc ng
ti mc gi chng khon v li sut yu cu ca nh u t khi u t vo chng
khon. Mc li sut ny li b nh hng ca mt s nhn t sau:
Tnh hnh hot ng sn xut kinh doanh ca cc cng ty: nu cc cng ty hot ng
hiu qu th nhu cu v vn m rng sn xut kinh doanh cao hn, ng thi s c
nhiu doanh nghip mi c thnh lp. V l do ny, sc cu v vn cao, do vy y
mc li sut vay vn cao hn.
Sc chi tiu ca nhn dn: nu d on v nn kinh t c trin vng pht trin tt th
nhu cu tiu dng ngy hm nay ca dn c s cao hn, do vy h sn sng i vay
chi tiu, dn n li sut c th tng.
c. Cc d on v tnh hnh kinh t chnh tr v xu hng th trng
Mi trng kinh t v m c vai tr quan trng quyt nh xu th chung ca th trng
chng khon. Thng thng, khi nn kinh t ang trong giai on tng trng v
thnh vng th nn th trng chng khon pht trin. V ngc li, khi nn kinh t
ang trong giai on suy gim, suy thoi (khng hong) th th trng chng khon
s i xung. Nh vy, nu d on c xu hng pht trin ca nn kinh t th ta s
d bo c xu th pht trin chung ca th trng chng khon.
7.2.2. Phn tch ngnh
Bc th hai trong quy trnh phn tch l xc nh ngnh s pht t trong nn kinh t
u t nhiu hn vo . Nhn chung, trin vng ca mt ngnh trong mi trng
kinh doanh quyt nh kt qu m mi cng ty c th c c, v vy phn tch ngnh
nn c tin hnh trc khi phn tch cng ty. Nu cng ty hot ng trong mt
ngnh km pht trin th ngay c khi cng ty hot ng tt nht trong ngnh cng
c trin vng u t km.
Nhng l do khin ta phi phn tch hot ng ton ngnh trc khi phn tch tng
loi chng khon ring l l:
Th trng chng khon
10
8
- Ti mt thi im no , li sut ca cc ngnh s khc nhau, do khi phn tch
ngnh, nh u t s chn c nhng ngnh c li sut cao u t.
- Ngay trong mt ngnh th li sut thu nhp cng khng n nh. Mt ngnh hot
ng tt ti mt thi im no th cng khng c ngha n s hot ng tt trong
tng lai. V vy, phi lun theo di ng thi hot ng ton ngnh tm c hi
u t v rt vn u t ng lc.
- Vo cng mt thi im, cc ngnh khc nhau s c mc ri ro khc nhau. Do ,
cn nh gi mc ri ro ca ngnh xc nh mc li sut u t tng xng cn
phi c.
- Ri ro ca mi ngnh c s bin ng khng nhiu theo thi gian, do vy c th
phn tch mc ri ro tng ngnh trong qu kh d on ri ro ca n trong tng
lai.
7.2.3. Phn tch cng ty
7.2.3.1. Phn tch c bn
Phn tch bo co ti chnh l vic lm quan trng i vi cc nh u t, mc ch
phn tch cc bo co ti chnh l nhm nh gi:
- Kh nng sinh li ca t chc pht hnh.
- Kh nng thanh ton cc khon n: n ngn hn v n di hn.
- Tim nng pht trin trong tng lai.
Vic phn tch cc bo co ti chnh cn tin hnh ng b theo c chiu dc v chiu
ngang :
- Phn tch bo co ti chnh theo chiu dc: ngha l tnh ton cc t l ca doanh
nghip v so snh k ny vi k trc thy xu hng thay i v tnh hnh ti
chnh ca doanh nghip v thy c ng thi pht trin ca doanh nghip.
- Phn tch bo co ti chnh theo chiu ngang : l phn tch cn c s so snh k ny
vi mc trung bnh ca ngnh thy c tnh hnh ti chnh doanh nghip tt hay
xu so vi doanh nghip cng ngnh.
S liu c ly phn tch bo co ti chnh c ly t 3 loi bo co chnh sau:
- Bng cn i k ton.
- Bo co lu chuyn tin t.
- Bo co kt qu hot ng kinh doanh.
Mt s ch tiu trong phn tch c bn cn quan tm:
Th trng chng khon
10
9
1. Quy m ngun vn
Vn iu l: l s vn do tt c cc c ng ng gp v c ghi vo iu l ca
cng ty.
C phiu ang lu hnh: l s lng c phiu ca cng ty hin ang lu hnh trn th
trng.
C phiu qu: l c phiu pht hnh v c mua, bn li trn th trng bi chnh
t chc pht hnh.
2. Kt qu hot ng kinh doanh
Tng ti sn: l tng gi tr ca ton b ti sn hin c ca cng ty tnh n thi im
lp bo co
Vn ch s hu: l ngun vn thuc s hu ca cng ty, vn ch s hu thng bao
gm: vn gp ban u, li nhun khng chia, pht hnh c phiu mi, cc qu ca
cng ty.
Doanh thu thun: l tng s doanh thu bn hng (tr i cc khon gim tr) cng ty
t c trong nm.
Li nhun sau thu: L tng s tin thc li (li nhun trc thu thu thu nhp
doanh nghip) cng ty thu v trong nm.
3. H s kh nng thanh ton
3.1.H s thanh ton ngn hn:
H s thanh ton ngn hn =
Tng ti sn lu ng
Tng n ngn hn

H s ny l thc o kh nng thanh ton ngn hn ca cng ty, n cho bit t l cc
khon n ngn hn ca cng ty c tr bng cc ti sn tng ng vi thi hn
ca cc khon n .
H s ny ca tng cng ty thng c so snh vi h s trung bnh ca ngnh, tuy
nhin mi ngnh s c mt h s trung bnh khc nhau.
3.2. H s thanh ton nhanh:
Tng ti sn lu ng Hng tn kho
H s thanh ton nhanh = ----------------------------------------------
Tng n ngn hn

Th trng chng khon
11
0
H s ny ni ln vic cng ty c nhiu kh nng p ng vic thanh ton n ngn
hn v cng ty d dng chuyn t ti sn lu ng khc v tin mt.
H s ny cng thng c so snh vi h s trung bnh ca ngnh, thng thng
kh nng thanh ton ca cng ty c nh gi an ton khi h s ny > 0,5 ln v
cng ty c th trang tri cc khon n ngn hn m khng cn n cc ngun thu hay
doanh s bn..
4. H s kh nng sinh li
4.1. H s tng li nhun:
Doanh s - Tr gi hng bn theo gi mua
H s tng li nhun = ----------------------------------------------------
Doanh s bn
H s ny cho bit mc hiu qu khi s dng cc yu t u vo (vt t, lao ng)
trong mt quy trnh sn xut ca doanh nghip.
Trong thc t khi mun xem cc chi ph ny c cao qu hay khng l em so snh h
s tng s li nhun ca mt cng ty vi h s ca cc cng ty cng ngnh, nu h s
tng li nhun ca cc cng ty i th cnh tranh cao hn, th cng ty cn c gii
php tt hn trong vic kim sot cc chi ph u vo.
4.2. H s li nhun rng
Li nhun sau thu
H s li nhun rng = --------------------------------
Doanh thu thun
H s li nhun rng phn nh khon thu nhp rng (thu nhp sau thu) ca mt cng
ty so vi doanh thu ca n. H s ny cng cao th cng tt v n phn nh hiu qu
hot ng ca cng ty.
Trn thc t mc li nhun rng gia cc ngnh l khc nhau, cn trong bn thn 1
ngnh th cng ty no qun l v s dng yu t u vo tt hn th s c h s li
nhun cao hn. y l mt trong cc bin php quan trng o lng kh nng to li
nhun ca cng ty nm nay so vi cc nm khc.
4.3. T sut li nhun trn tng ti sn (ROA)
Li nhun sau thu
ROA = ---------------------------------
Tng ti sn
Th trng chng khon
11
1

ROA l h s tng hp nht c dng nh gi kh nng sinh li ca mt ng
vn u t. ROA cho bit c mt ng ti sn th cng ty to ra bao nhiu ng li
nhun v ROA nh gi hiu sut s dng ti sn ca cng ty.
H s ny cng cao th c phiu cng c sc hp dn hn v h s ny cho thy kh
nng sinh li t chnh ngun ti sn hot ng ca cng ty.
4.4. T sut li nhun trn vn t c (ROE)
Li nhun sau thu
ROE = ------------------------------
Vn ch s hu

ROE cho bit mt ng vn t c to c bao nhiu ng li nhun. ROE cng cao
th kh nng cnh tranh ca cng ty cng mnh v c phiu ca cng ty cng hp dn,
v h s ny cho thy kh nng sinh li v t sut li nhun ca cng ty, hn na tng
mc doanh li vn ch s hu l mt mc tiu quan trng nht trong hot ng qun
l ti chnh ca cng ty.
5. H s c cu ti chnh
5.1. H s n
N phi tr
H s n = ------------------------
Tng ti sn

H s ny cho bit phn trm tng ti sn ca cng ty c ti tr bng cc khon n
l bao nhiu.
H s n thp c th cho thy vic s dng n khng hiu qu, cn h s n cao th
hin gnh nng v n ln, nh vy 1 h s n/ tng ti sn l hp l s tu thuc vo
nhu cu v kh nng t ti tr ca cng ty.
5.2. H s c cu ngun vn
Li nhun sau thu
H s c cu ngun vn = ------------------------------
Vn ch s hu
H s ny phn nh t trng ngun vn ch s hu trn tng ngun vn ca cng ty.
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xc nh mc ph hp v t l vn ch s hu trong tng ngun vn ca cng
ty s ph thuc rt ln vo hot ng v chnh sch ca tng cng ty cng nh ca
tng ngnh.
6. Cc ch s v c phiu
6.1. C tc: l s tin hng nm c trch t li nhun ca cng ty tr cho mi c
phiu m c ng nm gi.
6.2. Thu nhp trn mi c phiu ( EPS )
Li nhun rng - C tc u i
EPS = -----------------------------------------------
S lng c phiu ph thng

EPS cho bit nh u t c hng li nhun trn mi c phn h ang nm gi
hng nm l bao nhiu. Ch s ny cng cao th cng c nh gi tt v khi
khon thu nhp trn mi c phiu s cao hn.
6.3. Gi trn thu nhp ca c phiu ( P/E )
Gi th trng
P/E = --------------------------------
Thu nhp ca mi c phiu
H s P/E o lng mi quan h gia gi th trng (Market Price - P) v thu nhp
ca mi c phiu (Earning Per Share - EPS)
P/E cho thy gi c phiu hin ti cao hn thu nhp t c phiu bao nhiu ln, hay
nh u t phi b ra bao nhiu ng vn c c 1 ng thu nhp.
Nu P/E cao iu c ngha l ngi u t d kin cng ty t tc tng trng
cao trong tng lai. Thng thng c phiu c nh gi tt khi t l P/E nm trong
khong gi tr 10 ln.
6.4. C tc trn thu nhp ( D/E )
C tc
D/E = --------------------------------------
Thu nhp ca mi c phiu

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H s ny o lng t l phn trm li nhun rng tr cho c ng ph thng di
dng c tc. H s ny cng cao th c phiu cng nhn c s quan tm ca cc
nh u t, bi l h s c tr mc c tc cao cho mi c phiu nm gi.
6.5. C tc trn th gi ( D/P )
C tc
D/E = ------------------------------
Gi th trng hin thi

H s ny phn nh mc li tc mong i ca nh u t khi mua mt loi c phiu
ti thi im hin ti. Nu t l ny cng cao th c phiu cng c cc nh u
t a thch v h k vng vo li nhun cao thu v khi u t vo c phiu.
6.6. Gi tr s sch ca c phiu ph thng
Tng ti sn Tng s n - C phiu u i
Gi tr s sch = -------------------------------------------------------
S c phiu ph thng
Ch tiu ny c dng xc nh gi tr ca mt c phiu theo s liu trn s sch,
mt nh u t thng quan tm n ch tiu ny so snh vi gi tr th trng ca
c phiu, nu ch tiu ny cng thp hn so vi gi tr th trng.
7.2.3.2. Phn tch k thut
a. Khi nim v mc ch ca phn tch k thut
Nu nh phn tch c bn l phng php nghin cu cc thng tin ti chnh nh c
tc, li nhun, bo co thu nhp, bng cn i k ton nhm xc nh gi tr hp l
ca mt loi c phiu, hoc cc loi c phiu trn th trng ni chung th phn tch
k thut l phng php ch da vo cc din bin ca gi v khi lng giao dch
trong qu kh d on xu th gi trong tng lai. Cc nh phn tch k thut s
dng cc cng thc ton hc v th xc nh xu th th trng ca mt loi c
phiu no , t a ra quyt nh thi im thch hp mua hoc bn. Vic xc
nh thi im c ngha ht sc quan trng, c bit l ti cc th trng hay bin
ng v khi thc hin chin lc u t ngn hn.
b. Li th ca phn tch k thut
- Cc nh phn tch k thut cho rng mt li th ln trong phng php ca h l n
khng ph thuc nng n vo cc bo co ti chnh - ngun thng tin c bn v tnh
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hnh hot ng ca mt doanh nghip hoc mt ngnh ngh. Nh nu trn, nh
phn tch c bn phn tch cc bo co ti chnh lm c s cho nhng d on v
li nhun v cc c tnh ri ro ca tng ngnh ngh, ca tng chng khon. Cc nh
phn tch k thut cho rng vic s dng bo co ti chnh s gp mt s vn nh
chng khng cha ng y cc thng tin cn thit cho vic phn tch. Do c s
hoi nghi v cc bo co ti chnh, cc nh phn tch k thut cho rng vic khng
ph thuc vo chng l mt li th. Hu ht s liu c cc nh k thut s dng, v
d nh gi chng khon, khi lng giao dch, v cc thng tin giao dch khc, u
bt ngun t din bin th trng.
c. C s l thuyt ca phn tch k thut
Cc nh phn tch k thut thng tun theo mt s l thuyt nht nh gii thch
cc xu hng bin ng ca th trng.
- L thuyt DOW
L thuyt DOW do Charter H.Dow th hin qua bi vit phn tch th trng chng
khon ca ng v sau William P. Hamilton k tha v tng lun thnh l
thuyt. L thuyt ny cho rng gi chng khon do quan h cung cu trn th trng
quyt nh v ch ra s bin ng gi chng khon c 3 xu th c bn:
+ Xu th cp 1: Xu hng bin ng chnh (ko di t 1 nm n nhiu nm). Xu
hng tng gi c gi l th trng con b tt, khi lng giao dch tng ln khi gi
tng v gim khi gi gim (c sau mi t tng gi bao gi cng c t o chiu
ngn hn trc khi c mt giai on tng gi tip theo). Xu hng gim gi c gi
l th trng con gu, khi lng giao dch tng ln khi gi gim v giao dch b
ngng tr khi gi hi phc.
+ Xu th cp 2: Trn din bin ca xu th cp 1 c cc im ngt qung l xu th
cp 2. Xu th ny c th i ngc chiu vi xu th cp 1, nhng n l s iu chnh
ca xu th cp 1. Xu th ny thng ko di t 3 n 12 tun.
+ Xu th cp 3: Xu hng bin ng ngn hn (khong t vi gi n vi ngy)
L thuyt Dow thng c dng xc nh thi im kt thc mt xu hng bin
ng c phiu. Theo l thuyt Dow, xu hng bin ng chnh ca th trng tng gi
l xut hin hng lot cc m nh v cc im y cao hn. Trong th trng gi
gim, xu hng bin ng chnh l nhng im nh v nhng im y thp hn.
Nhng bin ng hng ngy c coi l khng ng k.
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- L thuyt danh mc u t hin i
Theo l thuyt ny, cc nh u t chng khon thng quan tm n mi
quan h gia cc c phiu trong mt danh mc u t hn l tp trung vo vic nh
gi mt loi chng khon c th no . Nhng ngi theo thuyt danh mc u t
hin i cho rng, tng th th trng chng khon l mt th trng hiu qu, gi
chng khon phn nh tc th nhng thng tin v u t. V vy, khng c mt nh
u t no c coi l sng sut trn kha cnh tng th ca th trng. Trng tm
chnh ca nh phn tch l la chn mt tp hp cc loi chng khon c th a li
cho ngi u t mt thu nhp mong i cao hn tng mc ri ro nht nh c th c
trong mi loi chng khon ca h.
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BI TP MN TH TRNG CHNG KHON

Bi 1:
Cng ty CP X c bng tng hp tnh hnh ti sn tnh n ngy 31/12/2006
nh sau:
n v tnh: 1.000
Ti sn S tin Ngun vn S tin
I. Ti sn lu ng 160.000 I. N 120.000
Tin mt 60.000 1. N ngn hn 70.000
Chng khon kh
nhng
20.000 Cc khon phi tr 30.000
Cc khon phi thu 50.000 Li phi tr 2.000
Hng tn kho 30.000 Giy n phi tr 18.000
II. Ti sn c nh 40.000 Thu phi tr 20.000
Ti sn c nh hu
hnh
30.000 2. N di hn 50.000
Nh xng, thit b 20.000 Tri phiu (li sut
4%/nm)
50.000
TSC khc 10.000 II. Vn c phn 80.000
Khu hao 5.000 CP u i (mnh gi
10.000)
10.000
Ti sn c nh v hnh 10.000 CP ph thng (MG
4.000)
48.000
Vn thng d 3.000
Thu nhp gi li 19.000
Tng ti sn 200.000 Tng ngun vn 200.000

Li nhun trc thu l 48.000 ngn ng. Thu sut thu thu nhp doanh
nghip l 25%.
T l tr c tc cho c phn u i l 5% mi nm
Th gi c phiu ca cng ty vo ngy 31/12/2006 l 28.000
Yu cu: Tnh cc ch s ti chnh ca cng ty vo ngy 31/12/2006
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Vn hot ng thun
Ch s ti sn lu ng
Ch s ti sn nhy cm
Ch s c phiu thng
Ch s tri phiu
Ch s n/ vn c phn
Thu nhp mi c phn (EPS)
Ch s thanh ton c tc
Ch s gi trn thu nhp
Ch s gi trn gi tr s sch
T sut sinh li rng trn vn kinh doanh (vn kinh doanh = tng ngun vn n
ngn hn)
T sut sinh li rng trn vn ch s hu (vn c phn) - ROE
Tc tng trng ca cng ty (g = % thu nhp gi li * ROE)
Bi 2:
Ti liu v tnh hnh ti chnh ca Z trong nm N nh sau:
Tng doanh thu thun l 12.000 triu v trong 1 ng doanh thu ch c 0,02 li
nhun (sau thu). T l thanh ton c tc l 75%. Th gi ca c phiu l 42.000.
Bng cn i k ton ngy 31/12/N nh sau:
n v tnh: triu
Ti sn S tin Ngun vn S tin
I. Ti sn lu ng v u t ngn hn 4.300 I. N 6.000
Tin mt 1.000 1. N ngn hn 3.500
Chng khon kh nhng 700 Cc khon phi tr khch hng 1.200
Cc khon phi thu 800 Vay ngn hn 1.400
Hng tn kho 1.200 Phi tr CBCNV 300
TSL khc 600 Thu phi tr 600
II. Ti sn c nh u t di hn 5.200 2. N di hn 2.500
Ti sn c nh hu hnh 3.000 Tri phiu (li sut
8%/nm) Mnh gi 1.000.000
2.500
Nguyn gi 3.600 II. Vn c phn 3.500
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Khu hao (600) CP u i (mnh gi 10.000) 500
Cc khon u t di hn 1.200 CP ph thng (MG 4.000) 1.500
Chi ph xy dng c bn d dang 600 Vn thng d 800
Th chp di hn 400 Thu nhp gi li 700
Tng ti sn 9.500 Tng ngun vn 9.500
Yu cu:
Tnh cc nhm ch tiu sau:
Nhm ch tiu biu th cu trc vn ca cng ty:
Ch s tri phiu
Ch s c phiu u i
Ch s c phiu ph thng
Nhm ch tiu biu th kh nng sinh li
T sut sinh li rng trn doanh thu thun
T sut sinh li rng trn vn ch s hu
T sut sinh li rng trn vn c phn thng
EPS (t l c tc ca c phn u i l 8%)
DPS
Nhm ch tiu biu th trin vng pht trin:
Ch s gi trn thu nhp
Ch s gi trn gi tr s sch
Tc tng trng ca cng ty

Bi 3:
Cng ty c phn A hin ang chia c tc cho c ng l 4.000/CP trong
nhng nm gn y v cng ty d nh gi nguyn mc c tc ny nhng nm sp
ti. Nu nh u t yu cu t l li l 15% th gi ca c phiu A hin nay trn th
trng l bao nhiu?
Bi 4:
Cng ty c phn ch bin lng thc xut khu hin ang tr c tc cho c
ng l 4.500/CP. Theo nhn nh th cng ty s c tc tng trng l 6%/nm
trong nhng nm ti. Nu nh u t i hi t l li cho u t c phiu l 12% th
gi c phiu ca cng ty trn th trng hin ti s l bao nhiu?
Th trng chng khon
11
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Hy tnh gi ca c phiu ny trong vng 3 nm ti (P
3
) vi cc gi thit khc
l khng i?
Bi 5:
Cng ty VBC hin ang c mc tng trng l 20%/nm trong vi nm
nay, d on tc tng trng ny vn duy tr c trong 3 nm na. Sau , mc
tng trng ca cng ty s chm li v n nh mc l 7%/nm.
Gi s rng c tc hin c chia l 150.000 ng mt c phn v t l li yu
cu trn c phiu l 16%
Hy tnh:
Hin gi ca c phiu trn th trng
Tnh gi ca c phiu ny 1 nm sau v 3 nm sau.
Bi 6:
Cng ty TVC c tc tng trng u l 7%/nm trong vi nm qua. Tc
tng trng ny d nh s cn duy tr trong cc nm sp ti. Hin nay gi c phiu
cng ty l 321.000 v c tc chia hin ti 30.000.
Hy tnh t sut sinh li c tc ca cng ty
Hy tnh t sut sinh li mong i trn c phiu
Bi 7:
Cng ty Huy Hong c vn kinh doanh l 100 t ng vi cu trc vn nh
sau:
C phn u i l 10%
C phn ph thng l 50%, s lng c phiu ang lu hnh l 3.480.000CP
Tri phiu l 40%.
Kt qu kinh doanh li nhun sau thu l 18 t ng. T l thu nhp gi li l 50%, t l c
tc u i l 6%, li tri phiu l 10%.
Tnh cc ch tiu ROE, EPS, DPS, tc tng trng ca cng ty.
Tc tng trng trn c duy tr trong 3 nm ti, nm th t tng12%/nm so vi
nm trc, nm th nm tr i l 6%/nm. T l li yu cu trn c phiu l 10%.
Hy tnh gi c phiu ti thi im hin ti, 1 nm, 2 nm v 3 nm sau?

Thi Truong Chung Khoan

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