2/14/2012

Thin Anh Tun

Th trng c phiu (TTCP): khi nim v

phn loi
Chc nng ca TTCP
Cc nguyn tc hot ng ca TTCP
Cc ch th tham gia TTCP
Mt vi bc tranh v TTCP Vit Nam
Mt s vn k thut
Mt s vn php l
2

Thin Anh Tun

2/14/2012

Cn c vo cp giao dch:

Cn c vo phng thc t chc:

Th trng s cp
Th trng th cp
Th trng c phiu nim yt
Th trng OTC
Th trng UPcoM (Vit Nam)
Th trng ch en

Cn c vo tnh cht giao dch:

Th trng tm kim trc tip

Th trng mi gii
Th trng t doanh
Th trng u gi
3

Knh tit kim/u t

Knh huy ng vn u t
To thanh khon cho cc chng khon
nh gi/nh gi doanh nghip v ti sn
ti chnh
Ti phn phi thu nhp v ri ro ti chnh
Thng tin v gim st
Hn th biu ca nn kinh t
4

Thin Anh Tun

2/14/2012

T do, cnh tranh mua bn;

Cng bng, cng khai, minh bch;
Trung gian, tp trung;
Bo v quyn, li ch ca nh u t;
T chu trch nhim v ri ro.

Nh pht hnh (doanh nghip, chnh ph, qu u t)

Nh u t (investors) sv. Nh u c (speculators)
Nh mi gii (brokers) sv. Nh bun (dealers)
T chc ti chnh trung gian (IFIs)

Ngn hng
Cng ty bo him
Qu u t
Hip hi tit kim,

Nh to lp th trng (market makers) sv. Chuyn gia

(specialists)
Ngn hng trung ng (CB), nh t chc/vn hnh th
trng, cc c quan iu tit/gim st,

Thin Anh Tun

2/14/2012

UBCKNN

S GDCK
TP.HCM

Ngn
hng
thanh
ton

T chc nim
yt

Giao dch OTC

S GDCK
H Ni

Trung
tm
lu k
chng
khon

T chc
nim yt

T chc
nim yt

Cng ty chng khon

Nh u t

Nh u t

Nh u t

UPcoM

Nh u t

HOSE
Phng thc giao * t 1: T 8h30-9h00 l giao dch
dch c phiu
khp lnh nh k xc nh gi m
ca.
* t 2: T 9h00-10h15 l giao dch
khp lnh lin tc.
* t 3: T 10h15-10h30 l giao dch
khp lnh nh k xc nh gi ng
ca.
* t 4: T 10h30-11h00 l giao dch
tho thun
iu kin nim
Vn iu l gp ti thi im ng
yt ca cc cng k nim yt t 80 t ng tr ln tnh
ty
theo gi tr ghi trn s k ton (d kin
s tng ln 120 t ng)
L giao dch c
phiu
Bin gi
Gi tham chiu

HNX

UPcoM

Khp lnh lin tc (t 8h30-11h00).

Giao dch tha thun gm tha thun
Trong sut phin giao dch cc nh u thng thng v tha thun in t.
t cng c th giao dch tho thun
Giao dch bt c thi im no trong
ngy lm vic ca cng ty chng
khon.

Vn iu l gp ti thi im ng
k nim yt t 10 t ng tr ln tnh
theo gi tr ghi trn s k ton (d kin
tng ln 30 t ng)

Cng ty i chng cha nim yt

hoc hy nim yt

Khi lng giao dch nh nht l 10 c Khi lng giao dch nh nht l 100 c Khi lng giao dch ti thiu l 10
phiu
phiu
c phiu
5%
Gi ng ca ca ngy c giao dch
gn nht

7%
Bnh qun gia quyn ca cc gi giao
dch ca ngy c giao dch gn nht
(trung bnh c trng s =(gi*khi
lng)/tng khi lng giao dch)

10%
Bnh qun gia quyn ca cc gi giao
dch tha thun in t ca ngy c
giao dch gn nht.

Thin Anh Tun

2/14/2012

Ton th trng

C phiu

Chng ch

Tri phiu

S chng
khon nim yt

352

302

45

T trng (%)

100

85,80

1,42

12,78

13.933.772,48 13.574.183,91

276.099,29

83.489,28

97,42

1,98

0,60

Gi tr nim yt
147.724.760,13 135.741.839,13
(triu ng)

2.760.992,90

9.221.928,10

1,87

6,24

Khi lng
nim yt
(nghn)
T trng (%)

T trng (%)

100

100

91,89

Ton th trng

S chng khon
nim yt

C phiu

Tri phiu

UPCoM

1.036

393

510

133

Tng khi
lng nim yt
(nghn)

11.456.406,67

7.979.437,08

1.691.736,62

1.785.232,98

Tng gi tr
nim yt (triu
ng)

266.820.362,54

79.794.370,76

169.173.662,00

17.852.329,78

10

Thin Anh Tun

20060104
20060329
20060608
20060724
20060907
20061023
20061206
20070122
20070327
20070516
20070629
20070814
20070928
20071113
20071227
20080221
20080407
20080528
20080711
20080826
20081013
20081126
20090112
20090304
20090420
20090605
20090721
20090904
20091020
20091203
20100119
20100311
20100427
20100614
20100728
20100914
20101028
20101213
20110127
20110322
20110511
20110624
20110809
20110923
20111108
20111222
20000728
20001215
20010514
20011001
20020225
20020524
20020815
20021108
20030213
20030512
20030801
20031027
20040128
20040420
20040714
20041007
20041229
20050330
20050624
20050919
20051212
20060315
20060609
20060831
20061123
20070215
20070523
20070814
20071106
20080130
20080507
20080801
20081027
20090119
20090420
20090714
20091006
20091228
20100329
20100623
20100916
20101208
20110310
20110607
20110829
20111121

2/14/2012

1400

Thin Anh Tun

180000000

1200
160000000

1000
140000000

800
120000000

100000000

600
80000000

400
60000000

200
40000000

0
0

20000000

Khi lng

Khi lng
VN-Index

11

500
120000000

450

400
100000000

350

300
80000000

250

200
60000000

150

40000000

100

50

20000000

HNX-Index

12

2/14/2012

46

450000

45

400000
350000

44

300000
43
250000
42
200000
41
150000
40

100000

39

50000

38

Khi lng

UPcoM-Index

13

470

25000000

465
20000000
460
15000000

455

450

10000000

445
5000000
440

435

0
20120206

20120207

20120208
Khi lng

20120209

20120210

20120213

VN30

14

Thin Anh Tun

2/14/2012

0.49%
0.47%

1.64%

0.54%
2.56%

1.94%

Khai khong (1 cng ty)

17.11%
18%

Kinh doanh BS (7 cng ty)

Ti chnh, ngn hng, bo him (9 cng ty)
Ch bin, ch to (6 cng ty)
Sn xut, phn phi in, kh t, nc nng, hi
nc v iu ha (1 cng ty)
Xy dng (3 cng ty)
Bn bun, bn l (1 cng ty)
Vn ti, kho bi (1 cng ty)

57.24%

Thng tin v truyn thng (1 cng ty)

15

16

Thin Anh Tun

2/14/2012

17

18

Thin Anh Tun

2/14/2012

70,000.00

60,000.00

50,000.00

40,000.00

30,000.00

20,000.00

10,000.00

VIC

VCB MSN CTG VNM BVH ACB

STB

EIB

VPL

HAG

FPT DPM NHN MBB SQC

PVD HPG

PVI

PVF

19

1.04%

7.13%
Minh bch thng tin doanh nghip v th trng
26.72%
Kim sot vic nim yt, pht hnh c phiu trn
lan
X l nghim hnh vi thao tng, lm gi, c phiu
Rt ngn thi gian thanh ton T+
Gii thiu cc sn phm u t mi
10.64%

50.84%

Ti cu trc, nng cao nng lc khi cng ty CK

3.63%

Ngun: Thm d ca Vietstock

20

Thin Anh Tun

10

2/14/2012

Quy trnh giao dch c phiu

Cch c bng gi c phiu
Ch s gi c phiu
Cc loi lnh v quy trnh khp lnh
Giao dch k qu v bn khng

21

M ti
khon

Lu k
chng
khon
hoc/v
k qu
tin

La chn
chng
khon
giao dch

t lnh
giao dch

Nhn kt
qu giao
dch

Nhn tin
hoc/v
chng
khon

22

Thin Anh Tun

11

2/14/2012

http://bsc.com.vn/

23

Ch s Paasche

Ch s Laspeyres

DAX, FAX (c)

Ch s Fisher
Ch s bnh qun cng gin n

S&P 500 (M), KOSPI (Hn Quc), FT-SE 100 (Anh),

TOPIX (Nht), Hangseng (Hng Kng)

Nhm ch s Dow Jone (M), Nikkei 225 (Nht

Bn)

Ch s bnh qun nhn gin n

Value line (M), FT-30 (Anh)

24

Thin Anh Tun

12

2/14/2012

VN-Index:

HNX-Index:

C phiu giao dch trn sn H Ni

Ngy c s 14/7/2005

UPcoM-Index:

C phiu giao dch trn sn TP.HCM

Ngy c s 28/7/2000

C phiu cha nim yt hoc hy nim yt

Ngy c s 24/6/2009

VN30:

30 c phiu trn HOSE, chim 80% gi tr vn ha v 60% gi

tr giao dch
Ngy c s 06/2/2012
25

Phng php Paasche

VN Index

( p
( p

i ,t

.qi ,t )

i , 0 .qi ,t )

100

26

Thin Anh Tun

13

2/14/2012

Kt qu phin giao dch ngy u tin 28/7/2000

Tn cng ty
Tn c phiu
Gi thc hin
C in lnh
REE
16,000
Cp v vt liu xy dng
SAM
17,000
Tng
VN-Index =
100
Vo ngy 2/8/2000, kt qu giao dch nh sau:
Tn cng ty
Tn c phiu
Gi thc hin
C in lnh
REE
16,600
Cp v vt liu xy dng
SAM
17,500
Tng
VN-Index =
103.38

S lng CK nim yt
15,000,000
12,000,000

Gi tr th trng
240,000,000,000
204,000,000,000
444,000,000,000

S lng CK nim yt
15,000,000
12,000,000

Gi tr th trng
249,000,000,000
210,000,000,000
459,000,000,000

Ngy 4/8/2000 c thm 2 c phiu mi nim yt Hapaco (HAP) v Transimex (TMS)

Tn cng ty
Tn c phiu
Gi thc hin
S lng CK nim yt
C in lnh
REE
16,900
15,000,000
Cp v vt liu xy dng
SAM
17,800
12,000,000
Giy Hi Phng
HAP
16,000
1,008,000
Transimex
TMS
14,000
2,200,000
Tng
iu chnh s chia mi d
VN-Index =

Gi tr th trng
253,500,000,000
213,600,000,000
16,128,000,000
30,800,000,000
514,028,000,000

488,607,219,011
105.2
27

Lnh gii hn (LO):

Lnh th trng (MP):

Lnh mua chng khon ti mc gi bn thp nht hoc lnh bn chng khon
ti mc gi mua cao nht hin c trn th trng
c nhp vo h thng trong thi gian khp lnh lin tc

Lnh giao dch ti mc gi khp lnh xc nh gi m ca (ATO):

Lnh mua/bn ti mt mc gi xc nh hoc tt hn

C hiu lc khi nhp vo h thng cho n khi kt thc ngy giao dch hoc b
hy b

Lnh t mua/bn ti mc gi m ca
c u tin trc lnh gii hn trong khi so khp lnh
c nhp vo h thng trong thi gian khp lnh nh k

Lnh giao dch ti mc gi khp lnh xc nh gi ng ca (ATC)

Lnh t mua/bn chng khon ti mc gi ng ca

c u tin trc lnh gii hn trong khi so khp lnh
c nhp vo h thng trong thi gian khp lnh nh k

28

Thin Anh Tun

14

2/14/2012

Lnh dng (stop order)

Lnh dng gii hn (stop limit order)
Lnh hy b (cancel order)
Lnh n cui thng (good till month GTM)
Lnh n khi hy b (good till canceled GTC)
Lnh t do quyt nh (not held - NH)
Lnh thc hin tt c hoc hy b (all of not AON)
Lnh thc hin ngay ton b hoc hy b (fill of kill FOK)
Lnh thc hin ngay tc khc hoc hy b (immediate or cancel IOC)
Lnh ty chn (either/or order hoc contingent order)
Lnh hon i (switch order)
Lnh mua gim gi (buy minus)
Lnh bn tng gi (sell plus)
Lnh giao dch cho c phiu (crossing stocks)

29

Lnh
ATO
LO
MP
ATC

8:30 9:00

9:00
10:00

10:00
10:30

10:30
11:00

30

Thin Anh Tun

15

2/14/2012

u tin v gi

u tin thi gian

u tin mua
gi cao
u tin bn
gi thp

Cng gi
mua/bn
u tin lnh
nhp trc

Gi khp lnh l mc gi ti khi lng

giao dch c thc hin ln nht

Nu c nhiu mc gi tho mn iu kin

trn th mc gi gn vi gi m ca nht
s c chn lm gi khp lnh
Nu vn c nhiu mc gi tho mn
nhng iu kin trn th mc gi cao nht
s c chn
32

Thin Anh Tun

16

2/14/2012

nh k
ng/m ca

Mua

Bn

Trong nc

Nc ngoi

Trong nc

Nc ngoi

ATO/ATC

T ng hy

T ng hy

T ng hy

T ng hy

LO

Ch trn s lnh

T ng hy

Ch trn s lnh

Ch trn s lnh

Phn cn li

Phn cn li

Ch trn s lnh

Ch trn s lnh

Ch trn s lnh

Ch trn s lnh

Lin tc

MP

Phn cn li

T ng hy

Ch trn s lnh
LO

Ch trn s lnh

T ng hy

ATO/ATC s t ng b hy khi th trng chuyn trng thi

Lnh mua nc ngoi s t ng b hy phn khng c khp

Giao dch k qu (buying on margin)

Vay tin t nh mi gii thanh ton mt phn gi

tr c phiu t mua
Tc dng: Lm gia tng n by ti chnh
Vit Nam cho php giao dch k qu

Bn khng (short sale)

Vay c phiu t nh mi gii bn cho ngi mua

Tc dng: Thu li do k vng gi c phiu gim
Vit Nam cha cho php bn khng
34

Thin Anh Tun

17

2/14/2012

T l k qu:
T l k qu ban u: ti thiu 60%
T l k qu duy tr: ti thiu 40%

Gi tr chng khon k qu b sung:

T l k qu - T l k qu duy tr
1- T l k qu duy tr

x Tng gi tr ti sn trn ti khon

k qu tnh theo gi th trng

S tin k qu b sung:

= (T l k qu - t l k qu duy tr) x Tng gi tr ti sn trn ti khon k

qu tnh theo gi th trng

35

Tng d n cho vay k qu: khng vt qu

200% vn ch s hu CTCK
D n i vi 1 khch hng: khng vt qu
3% vn ch s hu CTCK
Tng d n i vi 1 loi chng khon:
khng vt qu 10% vn ch s hu CTCK
Tng s chng khon cho vay: khng vt
qu 5% tng s chng khon nim yt ca
mt t chc nim yt
36

Thin Anh Tun

18

2/14/2012

Cc hnh vi b cm trn TTCP

Pht hnh ra cng chng
Bo lnh pht hnh

37

Gian ln, la o, to dng thng tin sai s tht;

Cng b thng tin sai lch; cng b thng tin khng
kp thi, y v cc s vic xy ra;
S dng thng tin ni b mua, bn chng khon;
Tit l, cung cp thng tin ni b;
Thng ng thc hin vic mua, bn chng
khon;
Giao dch chng khon bng hnh thc cu kt, li
ko ngi khc lin tc mua, bn thao tng gi
chng khon;
Kt hp hoc s dng cc phng php giao dch
khc thao tng gi chng khon.
38

Thin Anh Tun

19

2/14/2012

Hp i hi
c ng

Thnh lp
ban qun tr
pht hnh

Chn n v
bo lnh pht
hnh

T vn/nh
gi c phn
pht hnh

Np h s ln
y ban chng
khon

Lp bn co
bch

Kim ton
bo co ti
chnh

K hp ng
bo bo lnh
pht hnh

Nu c cp
php s ng
thng bo

ng k, lu
gi, chuyn
giao, v thanh
ton chng
khon

Bo co kt
qu pht
hnh ln
UBCK

Chun b th
tc nim yt
(nu cn)

39

Cho bn ring l/tha thun ring (private

placement): cho bn cho nhm nh nh u t t
chc hoc c nhn
Pht hnh ln u ra cng chng (initial public
offering): cho bn rng ri ra cng chng ln u
tin
Pht hnh c phn thm (seasoned equity offering):
pht hnh thm c phn huy ng vn
ng k pht hnh tng phn (self registration):
ng k mt ln, pht hnh tng phn theo t

40

Thin Anh Tun

20

2/14/2012

C hi
Huy ng ngun vn ln, gim chi ph trung gian
Gia tng quy m tng ti sn v li th kinh t
To dng hnh nh cng ty
Tip cn vi cc chun mc: k ton, qun tr, thng tin
Thch thc
Phn tn quyn s hu
Kh nng b thu tm
D tn thng trc cc c sc
Chi ph pht hnh cao
Cng khai thng tin v b mt kinh doanh
Chu trch nhim trc cng chng

41

Bo lnh vi cam kt chc chn: cam kt mua ton b CK pht

hnh d phn phi ht hay khng.
Bo lnh vi c gng cao nht: khng cam kt bn ton b s
CK nhng cam kt s c gng ht mc bn CK ra th trng,
phn khng phn phi ht s c tr li cho t chc pht hnh.
Bo lnh theo phng thc bn tt c hoc khng bn g: t
chc pht hnh ch th cho t chc bo lnh nu khng bn ht s
CK th hu b ton b t pht hnh.
Bo lnh theo phng thc ti thiu - ti a: t chc pht hnh
ch th cho t chc bo lnh phi bn ti thiu mt t l nht nh
CK pht hnh, nu t t l thp hn th ton b t pht hnh s
b hu b.
42

Thin Anh Tun

21

2/14/2012

Khc nhau gia cho bn c phiu ln u (IPO) vi pht

hnh thm c phn ra cng chng (SEO) l g?
Vai tr ca ngn hng u t v hot ng bo lnh pht
hnh c phn nh th no? Chi ph hiu dng ca vic
pht hnh c phn c xc nh nh th no?
Tho thun ring c u im v hn ch g so vi cho
bn rng ri ra cng chng?
Cc giao dch k qu lm phng i li nhun tim nng
khi tng gi v ri ro thua l khi gim gi ca danh mc
u t nh th no?
Phn bit cc chuyn gia (specialists) vi nh to lp th
trng (market makers).

43

Thin Anh Tun

22