Professional Documents
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Slide TTCK TS - Nguyen Thi Bich Loan
Slide TTCK TS - Nguyen Thi Bich Loan
TH TRNG
CHNG
KHON
TS.NGUYN TH BCH LOAN
Kh TC
Khoa
TC-NH
NH
NI DUNG MN HC
Chng 1:Th trng ti chnh
Chng 2:Th trng chng khan
Chng 3: Chng khan v giao dch
chng khan
Chng 4:nh gi chng khan
Chng 5:Phn tch chng khan
Chng 6: Qu u t chng khan
2/17/2011
2/17/2011
2/17/2011
2/17/2011
TT Lin NH
Tt Th chp TTCK
SGDCK
TT cho thu
ti chnh
TT
OTC
Th trng vn
2/17/2011
Th trng tin t
Khi nim Th trng Tin t:
L ni giao dch mua bn quyn
s dng cc
khon tin t ngn hn (bao gm cc loi giy
t c gi ngn hn di 01 nm) trong nn
kinh t
Th trng vn
Khi nim Th trng vn
L ni giao dch cc cng c vn
di hn
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C
Cn c
vo
phng
h
th
thc h
hott
ng ca
th
trng:
Th trng tp trung (SGDCK)
Th trng OTC
12
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Nh pht hnh
Nh u
t (c nhn v t
chc)
Nh mi gii v kinh doanh chng khon
Cc t chc h tr th trng
SGDCK
TT Lu k
Ngn hng ch nh thanh ton
Cng ty chng khon
Ngn hng thng mi
Hip hi cc nh kinh doanh chng khon
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C cu t chc ca SGDCK:
HQT
BG
BP.
Q. l
Qun l
giao dch Nim yt
BP.
BP.
T.ton
b tr
BP.
Qun l
BP.
T.Chnh
thnh chc nng
K ton
khc
vin
IT
T.chc
T.hp
15
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16
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chia
hi thnh
th h nhiu
hi phn
h
bng nhau gi l c phn
Ch s hu c phn (gi l c ng) ch
chu trch nhim v cc khon n v
ngha v ti sn khc ca cty trong phm
vi s vn gp.
C phn ph thng
C phn u i
Tri phiu
17
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18
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Ngha v ca c ng ph thng
Thanh ton s c phn cam kt mua
Chu trch nhim v
cc khon n v cc
ngha v ti sn ca cty trong phm vi s
vn gp vo cty
Tun th iu l v quy ch ni b ca cty
Chp hnh quyt nh ca HC
HC, HQT
Thc hin cc ngha v khc theo quy
nh ca Lut Doanh nghip v iu l cty
19
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php
h
chuyn nhng hoc hn ch chuyn
nhng
20
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TG
P.TG
P.TG
21
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22
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c im ca Chng khon
Tnh gi tr
Tnh sinh li
Tnh thanh khon
Tnh ri ro
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3.2.2 C phiu
3.2.2.1 Khi nim c phiu
3.2.2.2 c im
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3.2.2.2 c im ca c phiu
L mt ti sn
Thi hn ca c
phiu
gn
lin
vi thi
hn hot ng ca cng ty pht hnh ra
n
C li tc thay i
Th hin quyn s hu i vi cng ty
C th chuyn nhng
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C phiu thng
Khi nim: L loi loi chng khon xc nhn
quyn v li ch hp php c ng thng i vi
mt phn vn ca cng ty c phn
phn.
c trng:
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C phiu u i
Khi nim:
C
phiu
u i l loi c
phiu
m ngi
s hu n c mt s quyn u tin hn
so vi c ng thng nhng li b hn
ch mt s quyn li khc.
28
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Cc loi c phiu u i
C phiu u i biu quyt
C
phiu
u i c
tc (tch ly hoc
khng tch ly)
C phiu u i hon li
C phiu u i c th chuyn i
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v li ch hp php ca ngi s hu vi
mt phn vn n ca t chc pht hnh
tri phiu.
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Quyn li ca tri ch
c hng li tc tri phiu
c hon li vn
khi tri phiu
o hn
c quyn bn, chuyn nhng, cm c
tri phiu
Khi cng ty thanh l gii th, tri ch c
hon vn trc khi chia phn ti sn cn
li cho cc c ng.
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hin hu
C hiu lc trong khong thi gian ngn
(30 45 ngy)
Mc gi xc nh thp hn gi th trng
hin hnh
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c im ca chng quyn
Chng quyn c th c giao dch tch ri
vi chng khon m n i km
Cc iu khon ca chng quyn c ghi r
trn t chng ch chng quyn: s c phiu
c mua theo mi chng quyn, gi thc hin
v ngy ht hn hiu lc chng quyn
Ti thi im pht hnh chng quyn, gi ghi
trong chng quyn bao gi cng cao hn gi th
trng, c th c nh, cng c th tng nh k
Thi hn ca chng quyn thng t 5 n 10
nm hoc vnh vin
35
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3.2.4.3 Hp ng k hn (Forward
contract)
Khi nim: L mt tha thun trong
mt
t ngi
i mua v
mt
t ngi
i b
bn chp
h
thun thc hin mt giao dch hng ha
vi khi lng xc nh, ti mt thi im
xc nh trong tng lai vi mt mc gi
c n nh vo ngy hm nay.
Khc bit vi hp ng giao ngay: Thi
im thc hin giao hng v thanh ton.
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c
chun
h h
ha v
lloii ti sn
c s
mua
bn, s lng cc n v ti sn c s
mua bn, th thc thanh ton, v k hn
giao dch. Hp ng k hn khng c
chun ha, cc chi tit l do hai bn m
phn v tho thun c th.
Cui
C i mi
i ngy,
ti kh
khon
k
qu c th b khu tr hoc cng thm ty
theo bin ng ca gi giao dch.
T l k qu bt buc (mainternance margin) :
L t l k qu quy nh bt buc i vi tng
loi hp ng tng lai
lai. Nu ti khon k qu
ca ngi tham gia hp ng thp hn t l
k qu bt buc th ngi phi thc hin
yu cu k qu b sung (margin call).
37
2/17/2011
c
k kt gia
i mt
t b
bn l ngi
i k
pht v mt bn l ngi mua hp ng,
trong cho php ngi mua hp ng
c quyn mua hoc bn cho ngi k
pht hp ng mt s lng chng khon
nht nh vi mt mc gi c nht nh v
trong mt thi hn quy nh ca tng lai.
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c im H quyn chn
Ngi mua quyn chn c quyn thc hin hay
khng thc hin quyn
quyn. Cn ngi bn quyn
phi c ngha v thc hin hp ng khi bn
mua yu cu.
Ngy thc hin quyn do ngi mua quyn
quyt nh trong k hn. i vi quyn chn
kiu M, quyn c th c thc hin bt k lc
no trong k hn.
hn i vi quyn chn kiu Chu
u, quyn c thc hin vo ngy o hn.
Ngi mua quyn phi tr cho ngi bn quyn
mt khon ph (option premium).
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Ri ro
Khi g
gi th trng
g >gi
g k
kt
thc hin quyn c CK
bn ra th trng vi gi cao
hn nhm kim li nhun
Mc ri ro gii hn trong
phm vi ph quyn chn nu
gi khng
g
g tng
g
Ngi bn call
option
Gi CK s gim
Kim thm tin bng
g
ph quyn chn do
ngi mua tr
Gi th trng tng,
buc phi c s
CK k kt thc
hin H
Gii hn bi ph
quyn chn
Thua l khng gii
hn khi gi CK tng.
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Hp ng quyn chn bn
Cho php ngi mua hp ng c quyn bn
mt s lng chng khon nht nh vi gi c
nht nh, trong mt thi hn quy nh ca tng
lai.
Ngi mua hp ng phi tr cho ngi bn hp
ng mt khon ph gi l ph chn bn (Put
premium).
Sau khi thanh ton gi quyn la chn, bt k lc
no trong thi gian hiu lc ca hp ng, ngi
mua quyn chn bn c quyn yu cu ngi
bn quyn phi mua ca mnh mt khi lng
chng khon c quy nh trong hp ng vi
gi tha thun trc, hoc hy b quyn la
chn v chp nhn thit hi khon ph tr.
Nhn
nh
Mc tiu
Ri ro
Li
nhun
Thua l
Gi CK s gim
Gi CK s tng
Thua l ti a chnh l ph
quyn chn.
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Khp lnh nh k
L phng thc giao dch c h thng giao
dch thc hin trn c s so khp cc lnh mua
v lnh bn chng khon ca khch hng ti
mt thi im xc nh. Cc lnh mua v bn
c chuyn vo h thng giao dch trong mt
khong thi gian nht nh. Trong thi gian ny,
mc d cc lnh c a vo lin tc nhng
khng c giao dch c thc hin
hin. Vo ng
thi im khp lnh, tt c cc lnh s c so
khp chn ra mc gi c khi lng giao
dch ln nht.
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Lnh
KL
mua
Tng
KL mua
Gi
Tng
KL
KL bn
bn
Lnh
001
1000
1000
35.7
6300
500
012
002
500
1500
35.6
5800
800
011
003
1000
2500
35.5
5000
1000
010
004
1500
4000
35.4
4000
1500
009
005
1800
5800
35.3
2500
1500
008
006
1500
7300
35.2
1000
1000
007
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Mua
Lnh KL mua
Gi
001 200
Thi
gian
9h05
20
002 500
9h15
20.2
003 400
9h25
20.4
20.5
20.6
Thi
gian
9h45
9h01
9h
KL bn
600
1000
300
Lnh
006
005
004
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Ni dung Lnh
Lnh mua hay lnh bn
S
lng CK cn
mua hoc bn
Loi CK, tn, m s CK
M ca Cty mi gii
Loi lnh
Ni dung Lnh
Tn khch hng, m s, s hiu ti khon
Ngy, gi ra lnh
Thi hn hiu lc ca lnh
Gi mua hoc bn
Phng thc thanh ton lnh
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Lnh
l l: t hn 1
n v giao dch.
Cn c vo chiu giao dch: Lnh mua; lnh bn
Cn c vo gi giao dch: lnh th trng; lnh
gii hn
Cn c vo thi hn hiu lc ca lnh: lnh ngy;
lnh tun;lnh thng
Cn c vo iu kin thc hin lnh: Lnh c gi
tr n khi hy b; lnh thc hin ton b hoc
hy b; lnh thc hin ton b hoc 1 phn.
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nh hoc tt hn
Lnh giao dch ti mc gi khp lnh xc
nh gi m ca ATO (At The Opening): l
lnh mua hoc bn CK ti mc gi m
ca, p dng trong thi gian khp lnh
nh k xc nh gi m ca.
52
2/17/2011
Thi
gian
giao
dch
HNX
C phiu, tri phiu
v cc loi chng
khon do UBCKNN
cp php.
T 8h30 n
11 gi cc
ngy th 2 n
th 6 hng
tun, tr ngy
ngh theo quy
nh trong B
Lut lao ng.
GD khp lnh:
100 ng
GD tha thun:
Khng quy
nh
53
2/17/2011
n
v
giao
dch
L l: 1 9 C phiu,
chng ch qu
L chn: 10 v bi s ca
10 Cp, chng ch qu
L ln: 20.000 c phiu,
chng ch qu
Tri phiu: khng quy nh
Khi
- GD kh
khp lnh:
l h t 10 n
L l: 1 99 c phiu
L chn: 100 c phiu.
L ln: khng quy nh
Tri phiu: L chn i vi
giao dch khp lnh:100 TP
Kh quy nh
Khng
h
n v giao
i
dch i vi giao dch tho
thun tri phiu. Khi lng
giao dch ti thiu:1000 tri
phiu (hay 100 triu ng
tnh theo mnh gi).
Kh quy nh.
Khng
h
Khi lng giao dch ti
thiu i vi giao dch tha
thun l 5000 c phiu
GD t 1 n 99 c phiu,
tri phiu c thc hin
trc tip gia ngi u
t vi thnh vin theo
nguyn tc tho thun v
gi nhng khng vt qu
gii hn dao ng gi
theo quy nh so vi gi
tham chiu ca ngy giao
dch gn nht ca c
phiu trn HNX.
Khi c yu cu ca nh
t,
u
t thnh vin
in c
trch nhim thc hin
mua li c phiu v tri
phiu l l ca nh u t.
54
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c tnh da trn gi ng ca
Gi
tham ca ngy giao dch trc .
chiu -Trng hp chng khon mi
c nim yt, TCNY a ra mc
gi giao dch d kin lm gi
tham chiu trong ngy giao dch
u tin. Trong ngy giao dch u
tin bin dao ng gi p dng
l +/- 20%.
Gi
-Khng cho php GD
tham tha thun cp, ccq trong
chiu ngy giao dch u tin.
Nu trong 3 ngy giao
dch u tin, c phiu,
chng ch qu mi nim
yt vn cha c gi
tham chiu, TCNY phi
xc nh li gi giao dch
d kin. Mc gi khp
lnh trong ngy giao
gi
dch u tin s l g
tham chiu cho ngy
giao dch k tip. Bin
dao ng gi +/- 5%
c p dng t ngy
giao dch k tip
-Trng hp c phiu mi
55
2/17/2011
Bin
dao ng
gi
c phiu v chng ch qu
u t : +/-5%
khng p dng bin dao
ng gi i vi tri phiu.
Phng
Khp lnh nh k
thc giao Khp lnh lin tc
dch
Giao dch tha thun
Th t
t u Gi Thi gian
i Khi
tin thc lng
hin lnh
Gi Thi gian
i
Thanh
ton
56
2/17/2011
iu kin
- Nh u t khng c t lnh mua v
ti thiu lnh bn cng mt loi chng khon trong
khi t
cng mt ngy giao dch.
lnh
- Khi t lnh mua chng khon, nh u
t phi c s d tin mt bng 100% gi tr
lnh t mua chng khon v ph giao dch
trong ti khon ca ngy giao dch (T+0);
- Khi t lnh bn chng khon, nh u t
phi c s d chng khon bng 100% s
chng khon t bn trong ti khon ca ngy
giao dch T+0
Giao
dch
CK
ca
nh
u t
nc
ngoi
57
2/17/2011
Giao
dch
CK
ca
nh
u
t
nc
ngoi
58
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59
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3.3.4.2 Mc ch nim yt
Thit lp quan h H gia SGDCK v Cty
NY v
ngha
h v cng
b th
thng titin
m bo tnh cng bng, cng khai, minh
bch
Bo v li ch ca nh u t
Nim yt ln u
Nim yt
b
sung
Nim yt li
Thay i nim yt (tch, gp CP)
Hy b nim yt
60
2/17/2011
Tiu chun
nh lng
Qui m vn
Thi gian hot ng
Kh nng sinh li
T l n
C cu c ng
61
2/17/2011
kin
ca kim
ton
Uy tn v thng hiu ca cng ty
Mc li ch quc gia
Trin vng pht trin ca cty v ca ngnh
62
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iu kin ng k hot ng lu k
chng khon:
i vi NHTM:
C g
giyy php
p p thnh lp
p v hot
ng
g ti
VN
N qu hn khng qu 5% tng d n, c li
trong nm gn nht
C a im, trang thit b phc v hot ng
ng k, lu k, thanh ton cc GD CK
i vi cng ty CK:
C giy php thnh lp v hot ng thc hin
nghip v MG hoc t doanh CK
C a im, trang thit b phc v hot ng
ng k, lu k, thanh ton cc GD Ck
69
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Ni dung ng k CK:
ng k CK mi pht hnh
Qun l s ng k ngi s hu CK
Qun l s
ng k CK chuyn
nhng,
s ng k Ck chuyn nhng cm c
Lp danh sch ngi s hu CK
chun b HC hng nm
hin
cc cng
g vic
lin quan
q
n
Thc
thanh ton c tc
Thc hin cc nghip v lin quan n
tng vn ca Cty pht hnh
Cc loi CK ng k:
CK ca Cty i chng, T.chc nim yt
Tri phiu
CP nim yt
trn SGD hoc
TTGDCK
Tri phiu ca cc T.chc K.t, Chnh
quyn a phng nim yt trn S hoc
TTGDCK
Chng ch qu u t nim yt trn
SGDCK
70
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71
2/17/2011
T chc h thng lu k:
Trung tm Lu k CK
Thnh vin Lu k
Nh u t
Trung tm Lu k CK:
L php nhn thnh lp theo m hnh Cty
TNHH hoc Cty Cp theo quy nh ca lut
CK
C chc nng t chc v gim st hot
ng ng k, lu k v thanh ton b tr
CK
72
2/17/2011
Thnh vin Lu k:
Thnh vin ca TT Lu k CK l thnh
vin lu k v thnh vin m ti khon
trc tip ti trung tm Lu k CK
Thnh vin lu k gm: Cty CK, NHTM
p ng iu kin do UBCK quy nh
Thnh vin m TK gm: NHNN, Kho bc
NN, T.cty u t v KD vn NN, cc t
chc tn dng, bo
him
theo quy nh
ca TT Lu k.
73
2/17/2011
mt
Chng khon lu k ca khch hng ti TVLK l
ti sn thuc s hu KH v c qun l tch
bit vi ti sn ca TVLK
TVLK c trch nhim thng bo kp thi v y
cc quyn li pht sinh lin quan n CK lu
k ca KH
TVLK khng c s dng CK ca KH v li ch
ca TV hoc ca bn th 3
Thnh vin lu k ti lu k CK ca
khch hng ti TT lu k.
TVLK ca TTLKCK phi m TKLKCK ti
TTLKCK
Ti khon ca TVLK phi c tch ring: TK
ca chnh TV, TK cho KH trong nc, TK cho
KH nc ngoi
TTLKCK khng c s dng CK ca KH v li
ch ca TT hoc ca bn th 3
Tng s d trn TK LKCK ca KH m ti TVLK
phi khp vi s d cc TK lu k ca TVLK
m ti TTLKCK
74
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Khi nim
iu
kin thc hin
Nguyn tc thanh ton b tr
Quy trnh thanh ton b tr
75
2/17/2011
c
php
h llu k tng
t h
hp ti
t i TTLK
Giao CK ng thi vi thanh ton tin
p dng cho mi giao dch trn TTCK v
thanh ton tin qua h thng NH ch nh
Cc hot ng thanh ton b tr phi thc
hin ti b phn TT b tr
76
2/17/2011
B tr v thanh ton:
Thanh ton tng giao dch
Thanh ton b tr lin tc
Thanh ton cun chiu
77
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78
2/17/2011
Pi
Bnh qun s
hc
Trong :
Pi: th gi ca c phiu i
N: S loi c phiu tham gia tnh ch s
Bnh qun c
g s
trng
Pi Qi
------------Qi
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Trong
g : It: Ch s g
gi bnh q
qun g
gin n k t
Io: Ch s gi bnh qun gin n k
gc tnh ch s.
Pio: Gi CK i k gc tnh ch s
Pit: Gi CK i vo k t
80
2/17/2011
Ch s tng hp
Ch s tng
hp
Tng gi tr th
ttrng
k hin
hi
hnh
=
------------------------- x 100
Tng gi tr th
trng k c s
Qio x Pit
It = --------------- x Io
Qio x Pio
81
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82
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Qit x Pit
It = ---------------- x 100
Qio x Pio
Trong : Pit: Gi th trng ca c phiu i vo thi im hin
ti
Qit: S lng c phiu nim yt ca c phiu i vo
thi im hin ti.
Pi Gi th trng
Pio:
t ca
c
phiu
hi i vo
ngy
c s
(gc)
Qio: S lng c phiu i vo ngy c s
Thi gi tin t
nh gi tri phiu
nh gi c phiu
nh gi cc cng c phi sinh
83
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4.1
Thi gi tin t
10%
$100
3
FV ?
FV=?
84
2/17/2011
Nguyn tc
Tin t c tnh thi gian: Mt ng ngy
h nay c
hm
gi
i ttr h
hn 1 ng
ttrong tng
t
lai.
Nguyn nhn:
lm pht
Ri ro
Chi ph c hi
85
2/17/2011
(1 + r1 )(1 + r2 )....(1 + rn )
(1 + r )n
86
2/17/2011
FV = PV x 1 +
12
n12
1 +
365
n365
87
2/17/2011
Bi tp:
1- Nu gi 50 triu ng vo NH trong 5
nm,
li sut
t 9,5%/nm
9 5%/ th sau 5 nm
s
(1 + r )n 1
88
2/17/2011
4.1.3. Gi tr hin ti
Khi nim
Gi tr hin ti ca mt khon tin trong
tng lai
Gi tr hin ti ca chui tin u
Gi tr hin ti ca
chui
tin
t bt
ng
89
2/17/2011
PV =
F
(1 + r )n
1 (1 + r ) n
PV = C
90
2/17/2011
PV =
t =1
4.2
Ct
(1 + r )t
nh gi tri phiu
91
2/17/2011
Ri ro li sut
Ri ro ti u
t
Ri ro thanh ton
Ri ro lm pht
Ri ro t gi hi oi
Ri ro thanh khon
C1
P = 1+ r
C3
Cn
C2
M
+
+ ... +
+
2
3
n
(1 + r ) (1 + r )
(1 + r ) (1 + r )n
P: Gi c nh ca tri phiu
n: S k tr li ca tri phiu
Cn : Tin
li tri phiu
nhn c trong k th n
r: li sut d tnh ca nh u t
M: mnh gi tri phiu
92
2/17/2011
C1 = C2 = C3 = ..... = Cn
n
P=
t =1
C
M
+
(1 + r )t (1 + r )n
1 (1 + r ) n
n
P = C
+ M (1 + r )
r
M
P=
(1 + r )n
93
2/17/2011
94
2/17/2011
CY =
C
P
Li sut o hn (YTM)
L li sut hon vn trung bnh ca mt tri
phiu nu mua tri phiu vo thi im hin
ti v nm gi tri phiu n ngy o hn
tri phiu.
n
C
M
+
t
(1 + y )n
t =1 (1 + y )
M P
C+
n
y = YTM =
M + 2P
3
P=
95
2/17/2011
P=
t =1
CFt
(1 + r )t
P
: khon vn u t mua tri phiu
CFt : Khon tin nhn c nm t
n
: S nm
Mi quan h Gi Li sut
Gi tri phiu thay i ngc chiu vi li
sut
t i hi
Nguyn nhn: Gi tri phiu c xc
nh bng gi tr hin ti ca cc dng
tin d kin thu c. Khi li sut i hi
tng (hoc gim) th gi tr hin ti ca
dng thu nhp s gim (hoc tng)
96
2/17/2011
Li sut
97
2/17/2011
tC
nM
+
t
n
(
1+ y)
t =1 (1 + y )
MD =
P
% thay i gi = -
1
x MDxThay i li sut x
1+ y
100
98
2/17/2011
li (convexity)
L php o lng cong ca mi quan h
gia gi tri phiu v li sut sai lch bao nhiu
so vi ng thng phng on cong .
Cc thuc tnh ca li:
Khi LS yu cu tng (gim), li ca Tp gim
(tng)
Khi LS y
yu cu v Tgian
g
o hn xc nh, LS
danh ngha cng thp th li cng ln
Khi Ls v Tgian o hn bq iu chnh xc nh.
LS danh ngha cng thp th li cng nh
li
li =
t =1
99
2/17/2011
li
2 tri phiu A v B c li khc nhau
Gi
A B
B
A
Li sut
4.3 nh gi c phiu
Cc phng php nh gi c phiu
nh
h gi
i th
theo m
h
hnh
h chit
hit khu
kh d
dng c
tc
nh gi theo lung tin mt ton cng ty
nh gi theo thu nhp
nh
h gi
i th
theo h s
P/E
100
2/17/2011
Dt
P0 =
t
t =1 (1 + r )
Dt
Pn
P0 =
+
n
n
(
)
(
)
1
r
1
r
+
+
t =1
101
2/17/2011
D1
P0 =
(r g )
iu kin: g<r
Dt
Pn
Po =
+
t
n
(1 + r )
t =1 (1 + r )
Dn +1
Pn =
(r g )
102
2/17/2011
i=
Khi , gi CP :
P0 =
D1 EPS1
+
P0
P0
D1 EPS1
+
i
i
103
2/17/2011
nh gi theo h s P/E
Nu bit P/E bnh qun ngnh hoc P/E ca
cng ty cng ngnh c cng mc sinh li, ri ro
v c hi tng trng th tnh c gi CP:
Po = P/E ngnh x EPS
V d: P/E ngnh l 12, EPS ca CP A l 2000
/cp gi cp:24.000
4.4
104
2/17/2011
P P0
G=
n +1
Trong :
105
2/17/2011
Gi th
trng M
-K
Gi th
trng
M
106
2/17/2011
Gi HTL vo thi im t:
Ft = Pt (1 + r d )
107
2/17/2011
S
K+P
-P
108
2/17/2011
P
K+P
0
109
2/17/2011
K-P
-P
P
0
K-P
K
-K +P
110
2/17/2011
111
2/17/2011
112
2/17/2011
Kinh t v m
trong nc v quc t
Ngnh
DN
Phn tch t di ln
Kinh t v m
trong nc v quc t
Ngnh
DN
113
2/17/2011
114
2/17/2011
115
2/17/2011
116
2/17/2011
117
2/17/2011
Bo co ti chnh ca cng ty
Bng cn i k ton
Bo co kt
qu hot ng SXKD
Bo co lu chuyn tin t
Cc ch s ti chnh
Nhm ch tiu nh gi kh nng tr n
Nhm ch tiu nh gi kh nng sinh li
Nhm ch tiu nh gi hiu qu hot
ng
Nhm ch tiu nh gi c phiu
118
2/17/2011
T
s ti sn lu ng
g
Ti sn lu ng
--------------------------------Tng n ngn hn
Ti sn lu ng hng tn kho
= ----------------------------------------Tng n ngn hn
T s tin mt:
T s tin mt =
Tin mt
Ti
t + Chng
Ch khon
kh kh nhng
h
-----------------------------------------------------N ngn hn
119
2/17/2011
T s n:
T s n =
Tng n
--------------------Tng ti sn
Th nhp
Thu
h rng
(Li
(L i nhun
h
sau thu)
= ----------------------------------Doanh thu thun
120
2/17/2011
ROA
ROE
121
2/17/2011
Doanh thu
--------------------Tng ti sn
Li
nhun
rng
g - C tc u i
----------------------------------------------S c phn thng ang lu hnh
Gi th trng
-----------------------------------Thu nhp ca mi c phiu
122
2/17/2011
C tc
= -------------------------Thu nhp ca mi c phiu
C tc trn th gi ( D/P )
D/P
C tc
= --------------------------Gi th trng hin thi
T s gi th trng/ gi tr s sch:
123
2/17/2011
http://www.itrade.vn)
124
2/17/2011
Cc gi nh c bn ca PTKT
Bin ng th trng phn nh tt c
Gi dch chuyn
theo xu th
chung
Lch s s t lp li
125
2/17/2011
Cc loi biu
Biu dng ng (Line chart)
Biu
dng then chn
(Bar chart)
Biu dng ng (Candlestick chart).
126
2/17/2011
Gi cao nht
Gi cao nht
Gi ng
ca
Gi m
ca
Gi ng
Gi m
ca
ca
Gi thp nht
127
2/17/2011
Biu dng ng
Gi m ca
Gi gim
Gi tng
Gi ng ca
128
2/17/2011
ng xu th: ng xu th gi tng l
ng ni cc im y cao dn ln v
ng xu th gim l ng ni cc nh
thp dn
dn.
Knh
Knh l khong dao ng ca gi, nu gi
dao ng trong mt di th di gi l
knh. Di dao ng c xc nh bi
hai ng bin l ng xu th
v ng
knh (channel line), hai ng ny song
song vi nhau.
129
2/17/2011
130
2/17/2011
H tr v khng c
Mc h tr: l vic mua thc t hay kh
nng mua vi khi lng lm
ngng li xu th gim ca gi trong mt
thi k ng k (tng i di).
Mc khng c: l vic bn mt khi
lng tho mn tt c cc mc
cho mua
mua, do ,
lm gi ngng khng
tng na trong mt khong thi gian nht
nh.
131
2/17/2011
Mt s nguyn l cn bn ca L thuyt
Dow
Ch s bnh qun th trng phn nh tt c
Ba xu th ca th trng: xu th cp 1, cp 2, xu
th nh
Bull Market & Bear Market
Cc ng ch s bnh qun ca th trng phi
cng xc nhn xu th ca th trng
Khi lng giao dch p dng km vi xu th th
trng.
ng
ng ngang c th tha
thay th cho cc xu th cp 2
2.
Ch s dng mc gi ng ca nghin cu.
Mt xu th cn c gi nh rng vn ang tip
tc cho n khi c mt du hiu thc s v s o
chiu ca xu th c xc nh
132
2/17/2011
Chng 6: Qu u t
6.1 Khi nim Qu u t
6.2 Phn loi Qu u
t
6.3 Hat ng ca Qu u t
6.4 nh gi hiu qu Qu u t
133
2/17/2011
Khi nim
Qu u t l mt t chc u t chuyn
nghip,
hi tp
t hp
h cc
kh
khon
u
t
t c
nhn
h
thnh khon vn ln u t vo danh
mc u t c xc lp theo chin lc
v chnh sch u t cu qu
Li ch ca vic u t qua qu
i vi nh u t:
a dng ha danh mc u
t, gim thiu
ri ro
Qun l u t chuyn nghip
Tit kim chi ph giao dch
134
2/17/2011
Li ch ca vic u t qua qu
i vi doanh nghip s dng vn:
C c hi thu ht ngun vn vi chi ph thp
hn khi vay qua h thng ngn hng
Vic u t vn vo doanh nghip thng qua
qu u t thng c gii hn nht nh nn
cc doanh nghip vn
bo m t ch trong
hot ng kinh doanh m khng b chi phi nh
cc c ng ln ca doanh nghip
Cc bn tham gia Qu u t
Cng ty qun l qu
Ngn hng gim st
Ngi u t
135
2/17/2011
Cng ty qun l qu
Cng ty qun l qu thc hin vic qun l qu
u t CK
Cty qun l qu c thnh lp theo giy php
h t
hot
ng d
do UBCKNN cp
v
c ti chc
h
di hnh thc cty c phn hoc TNHH vi vn
php nh ti thiu l 25 t ng.
Trong qu trnh hot ng, cty qun l qu c th
thnh lp v qun l ng thi nhiu qu u t.
Cty qun l qu c thc hin cc nghip v
sau:
Qun l qu u t (huy ng, ql vn v
t.sn, q.l DMT)
T vn u t v t vn ti chnh
Cc dch v phn tch h tr u t
136
2/17/2011
Ngi u t
Quyn ca nh u t:
Hng li t hot ng u t ca qu u t CK tng
ng vi t l vn gp
Hng cc li ch v ti sn dc chia hp php t vic
thanh l ti sn qu u t CK
Yu cu cty qun l qu hoc NH gim st mua li chng
ch qu m
Khi kin cty qun l qu, NH gim st hoc t chc lin
quan vi phm quyn v li ch hp php ca mnh
Thc hin quyn ca mnh thng qua i hi nh u t
Chuyn nhng chng ch qu theo quy nh ti iu l
qu u t CK
Cc quyn khc qui nh ti iu l qu u t CK
Ngi u t
Ngha v ca nh u t:
Chp
Ch h
hnh
h quyt
t
nh
h ca
ii hi nh
h
u tt
Thanh ton tin mua chng ch qu
cc ngha v khc theo qui nh ti iu l qu
u t
137
2/17/2011
Cn c vo hnh thc t
chc:
Qu u t dng cng ty
Qu u t dng tn thc
Qu m
Lun pht hnh thm nhng c
phiu mi tng
p
g vn
Lun pht hnh thm c phiu
mi
Sn sng mua li cc c phiu
pht hnh
B trc
Bn
t
ti cho
tip
h cng
chng
h
khng qua TTCK
Quy m vn c th tng ln nh
pht hnh thm c phiu
S lng CK hin hnh lun thay
138
2/17/2011
Cn c vo ngun vn huy ng
Qu i chng
Qu thnh vin
Huy ng vn
bng
cch
Huy ng vn
bng
cch
pht hnh rng ri ra cng pht hnh ring l cho
chng
mt s nhm nh cc
nh u t
Ngi u t nh, t am
Nh u t ln, thng
hiu v TTCK
l cc nh ch ti chnh
hoc tp on kinh t
ln
Qu u t dng tn thc
139
2/17/2011
6.3 Hat ng ca Qu u t
6.3.1 Hot ng huy ng vn
6.3.2 Hot ng u
t
140
2/17/2011
i vi qu u t dng hp ng:
Lng vn d kin hnh thnh qu c
chia thnh cc n v v qu s pht hnh
chng ch qu.
nh gi pht hnh
Gi tr ti sn rng ca Qu (NAV)
Gi tr chng ch qu
Ph bn chng ch qu
Gi cho bn chng ch qu
141
2/17/2011
Gi tr ti sn rng ca Qu (NAV)
NAV = Tng gi tr ti sn v cc khon
tt ca
u
qu
ttr
((-)) i cc
kh
khon
n
phi tr ca qu
Gi tr chng ch qu
Gi tr ca tng chng ch/c phn ca
qu
u tt =NAV
NAV qu/
/ tng
t s
chng
h ch
h
(c phn) ang lu hnh
142
2/17/2011
Ph bn chng ch qu
Ph bn CCQ l t l phn trm ca mc
chnh
h h l
lch
h gi
i cho
h b
bn (P
(Public
bli Off
Offered
d
Price) v NAV so vi gi cho bn.
Ph
bn
POP-NAV
=
POP
x 100%
Gi cho bn chng ch qu
Gi cho bn CCQ c tnh nh sau:
POP = NAV/(100% - t l ph cho bn)
143
2/17/2011
6.3.2 Hot ng u t
Ph v chi ph ca Qu u t
Quy trnh u
t
Ri ro v li nhun c tnh ca danh
mc u t
Ph v chi ph ca Qu u t
Ph m nh u t tr khi bt u tham
gia
i v
khi rt
t ti
tin khi qu
144
2/17/2011
Ph m nh u t tr khi bt u tham
gia v khi rt tin khi qu
Ph pht hnh
Ph hon tin
Ph qun l hng nm
Thng khuyn khch
Chi ph ca Ban i din Qu
Ph gim st, lu k
ph dch v cho nh u t
Ph kim ton
Ph nh gi
Ph vay
Ph khc (thnh lp,php l,mi gii.v.v)
Thu
145
2/17/2011
Quy trnh u t
Xc nh mc tiu, chin lc u t
Xy dng c cu
DMT ph hp vi mc
tiu, chin lc
Theo di, nghin cu th trng
iu chnh danh mc u t
146