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Phn tch Ti chnh Bi 1

Bi 1:
Cng c, t chc v th trng ti chnh
Phn tch Ti chnh
Hc k Xun
2012

nh ngha
Cng c ti chnh (hay ti sn ti chnh)
(Financial Instrument)
L cng c trao cho ngi nm gi quyn c
hng thu nhp trong tng lai

Th trng ti chnh (Financial Market)

Nhng c ch dn xp cho php cc cng c ti
chnh c mua bn, trao i.

T chc ti chnh (Financial Institution)

T chc huy ng tin di hnh thc nhn tin
gi trc tip, i vay hay pht hnh cng c ti
chnh, ri s dng tin huy ng ny cho vay
hay u t vo ti sn ti chnh.

Nguyn Xun Thnh

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Phn tch Ti chnh Bi 1

Huy ng tit kim v phn b vn

HUY NG
Ngi tit kim
H gia nh
H gia nh
thng qua qu
u t, qu
lng hu, bo
him
Doanh nghip
Chnh ph
Nc ngoi

PHN B
Ngi vay tin
H gia nh
(vay n)
Doanh nghip
(vay n, vn c
phn, thu mua)
Chnh ph
(vay n di hnh
thc tri phiu)
Nc ngoi (vay
n, vn c phn)

Cc t
chc trung
gian ti
chnh

Cc th
trng
ti chnh

T chc ti chnh

T chc
tn dng
Ngn
hng

T chc tn
dng hp tc
NH hp
tc

Qu tn
dng ND

Ngn hng
thng mi

NHTM
nh nc

th

Nguyn Xun Thnh

T chc
ti chnh khc

HTX tn
dng

Cng
ty
ti
chnh

Ngn hng
pht trin

NHTM
c phn
Nng
thn

T chc tn dng
phi ngn hng

100%
NN

Cng ty
chng
khon

Cng ty
u
t CK

Cng ty
qun l
qu

Cng
ty bo
him

Qu u
t

NHTM
nc ngoi
Lin
doanh

Cng ty
cho
thu ti
chnh

Chi
nhnh

T doanh
chng
khon

Bo lnh
pht
hnh

Qu
i
chng
Qu
m

Qu
thnh
vin

Bo him
nhn th

Qu
ng

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Phn tch Ti chnh Bi 1

T chc tn dng
T chc tn dng l doanh nghip c thnh lp
hot ng kinh doanh tin t vi ni dung nhn tin
gi, s dng tin gi cp tn dng v cung ng cc
dch v thanh ton.
Ngn hng l loi hnh t chc tn dng c thc hin ton
b hot ng kinh doanh tin t, bao gm nhn tin gi
khng k hn v lm dch v thanh ton.
T chc tn dng phi ngn hng l loi hnh t chc tn dng
c thc hin mt s hot ng ngn hng, nhng khng
c nhn tin gi khng k hn v khng lm dch v
thanh ton.
T chc tn dng hp tc do cc t chc, c nhn v h gia
nh t nguyn thnh lp (theo Lut hp tc x) hot
ng tn dng nhm mc tiu ch yu l tng tr nhau
pht trin sn xut, kinh doanh v i sng.

Ngn hng thng mi (Commercial Bank)

Lm dch v thanh ton
Huy ng vn di hnh thc:
Nhn tin gi khng k hn
Nhn tin gi c k hn
Pht hnh chng ch tin gi v cc giy t c gi ngn hn
khc
Pht hnh tri phiu
Vay vn ca cc t chc tn dng khc
Vay vn ngn hn ca Ngn hng Nh nc

S dng vn di hnh thc:

Cp tn dng di hnh thc cho vay, chit khu giy t c
gi v bo lnh
u t vo cc ti sn ti chnh
Gp vn u t vo doanh nghip (v cc t chc tn dng
khc) nhng phi bng vn iu l v qu d tr.

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Phn tch Ti chnh Bi 1

Ngn hng pht trin (Development Bank)

Ngn hng pht trin l t chc tn dng c mc tiu
hot ng l huy ng v s dng vn phc v cho
cc d n pht trin kinh t v x hi theo nh hng
ca nh nc.
Ti sao cn c ngn hng pht trin?
Li ch rng v kinh t > li ch rng v ti chnh
Cn c tr cp

Tr cp trong huy ng vn
Vn cp trc tip t ngn sch
Vn huy ng vi s bo lnh ca nh nc

Tr cp trong s dng vn
Cho vay u i v li sut
Cho vay theo s ch nh ca nh nc

T chc tn dng phi ngn hng

(Non-Bank Financial Institution)
Cng ty ti chnh (Finance Company)
T chc tn dng phi ngn hng, vi chc nng l s dng
vn t c, vn huy ng v cc ngun vn khc cho vay,
u t; cung ng cc dch v t vn v ti chnh, tin t,
nhng khng c lm dch v thanh ton, khng c
nhn tin gi di 1 nm.
Cng ty ti chnh bao gm loi hnh cng ty ti chnh tng
hp c thc hin tt c cc chc nng, nghip v v cng
ty ti chnh chuyn ngnh hot ng trn mt s lnh vc
chuyn bit.

Cng ty cho thu ti chnh (Leasing Company)

T chc tn dng phi ngn hng hot ng tn dng trung
hn, di hn trn c s hp ng cho thu ti sn gia bn
cho thu l t chc tn dng vi khch hng thu.
Khi kt thc thi hn thu, khch hng mua li hoc tip tc
thu ti sn theo cc iu kin tho thun trong hp
ng thu. Trong thi hn cho thu, cc bn khng c
n phng hu b hp ng.

Nguyn Xun Thnh

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Phn tch Ti chnh Bi 1

Cng ty chng khon (Securities Company)

Cng ty chng khon l doanh nghip hot ng kinh
doanh chng khon, bao gm mt, mt s hoc ton
b cc hot ng:

Mi gii chng khon

T doanh chng khon
Bo lnh pht hnh chng khon
T vn u t chng khon.

Cng ty u t chng khon l doanh nghip c

thnh lp u t chng khon
Cng ty u t chng khon t qun l vn u t hoc y
thc cho mt cng ty qun l qu qun l hoc thu cng ty
qun l qu t vn u t v t mnh thc hin giao dch.
Cng ty u t chng khon i chng l cng ty u t
chng khon cho bn c phiu ra cng chng v chu mt
s hn ch v u t nh qu u t i chng.
Cng ty u t chng khon pht hnh ring l (khng phi
tun th cc quy nh v hn ch u t)

Qu u t chng khon (Investment Fund)

Qu hnh thnh t vn gp ca nh u t vi mc
ch kim li nhun t vic u t vo chng khon
hoc cc dng ti sn khc, trong nh u t
khng c quyn kim sot hng ngy i vi vic ra
quyt nh u t ca qu.
Cc nh u t nh l kh a dng ha do chi ph giao
dch v chi ph tm kim.
Thng qua qu u t, cc nh u t hng li
nhun trn c s u t s lng ln, a dng ha
danh mc u t ngay lp tc v t vn chuyn
nghip.
Phn loi qu:
Qu i chng: pht hnh chng ch qu rng ri ra cng
chng
Qu m (Open-end Fund)
Qu ng (Closed-end Fund)

Qu thnh vin: khng pht hnh chng ch qu rng ri ra

cng chng

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Phn tch Ti chnh Bi 1

Qu u t v cng ty qun l qu
Cng ty qun l qu (Fund Management Company) l
doanh nghip thc hin:
Qun l qu u t chng khon;
Qun l danh mc u t chng khon.

Qu u t khng c t cch php nhn v phi c

qun l bi cng ty qun l qu u t chng khon
Qun l danh mc u t chng khon l vic cng ty
qun l qu thc hin qun l theo y thc ca tng
nh u t trong mua, bn v nm gi chng khon

Qu u t i chng
Huy ng vn
Pht hnh chng ch qu rng ri ra cng chng (c 100 nh
u t nh l tr ln v tng gi tr chng ch t 50 t VND).
(Ngc li, qu thnh vin c s thnh vin tham gia gp vn

khng vt qu 30 v ch bao gm thnh vin l php nhn (vi vn

gp ti thiu l 50 t VND).

S dng vn (Quy nh v hn ch u t)
Khng c s dng vn thc hin:

u t vo chng ch qu u t ca chnh qu i chng

hoc ca mt qu u t khc
u t vo chng khon ca mt cng ty qu 15% tng gi
tr chng khon ang lu hnh ca cng ty
u t 20% tng gi tr ti sn ca qu vo mt loi chng
khon ang lu hnh
u t qu 10% tng gi tr ti sn ca qu ng vo bt
ng sn; u t vn ca qu m vo bt ng sn
u t qu 30% tng gi tr ti sn ca qu vo cc cng ty
trong cng mt nhm cng ty c quan h s hu vi nhau
Cho vay hoc bo lnh cho bt k khon vay no.

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Phn tch Ti chnh Bi 1

Qu u t m v qu ng
Qu m
Qu i chng m chng ch qu cho bn ra cng
chng phi c mua li theo yu cu ca nh u t. Nh
vy, s lng chng ch ca qu c th thay i
Gi tr qu bng vi gi tr th trng hin ti ca tt c cc
khon u t ca qu.

Qu ng
Qu ng l qu i chng m chng ch qu cho bn
ra cng chng khng c mua li theo yu cu ca nh
u t. Nh vy, qu c s lng chng ch qu c nh.
C phn qu c mua bn trn th trng chng khon v
c th c tng gi tr thp hn gi tr ti sn rng ca qu.

Chin lc u t ca qu
Qu th ng
C gng theo st ch s th trng chng khon v do vy
c chi ph qun l thp hn.

Qu ch ng
C gng hot ng tt hn th trng; v do vy c chi ph
qun l cao hn.

Bng chng thc t: qu th ng thng thnh cng

trong vic theo st th trng; nhiu qu u t ch
ng hot ng km hn th trng.

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Phn tch Ti chnh Bi 1

Cng ty bo him nhn th

(Life Insurance Company)
Huy ng tin di hnh thc ph bo him.
u t tin vo cc loi chng khon.
Bo him nhn th c thit lp di dng mt hp
va c iu khon bo him v va c iu khon
u t:
Cc cng ty bo him nhn th va thc hin chc nng
tit kim va thc hin chc nng bo him, t ngy
cng cnh tranh mnh vi cc ngn hng v qu u t
trong vic huy ng tin gi tit kim.
Bo him nhn th truyn thng: tr bo tc thng nin
c nh vi ri ro u t do cc cng ty bo him gnh
chu.
Bo him nhn th kiu mi: tr bo tc kh bin ty
thuc vo kt qu u t.

Th trng v cng c ti chnh

Th trng
tin t
Th trng
tn
phiu
Tn
phiu
kho
bc

Tn
phiu
NHNN

Th trng
vn

Th trng
vay lin
ngn hng
Ni
t

Ngoi
t

Th trng
giy t c gi
ngn hn khc

Th trng
tri phiu

Chng ch
tin gi

Thng
phiu

Hp ng
mua li
CK (Repo)

Giy n
ngn hn

Tri phiu
chnh ph

Th trng
c phiu

Tri phiu
doanh
nghip

C phiu
u i

C phiu
ph thng

Th trng
hp ng phi sinh
Hp ng
k hn

K hn

Nguyn Xun Thnh

Tng lai

Hp ng
quyn chn

Chn mua

Chn bn

Hp ng
hon i

Li sut

Ngoi t

Ri ro tn dng

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Phn tch Ti chnh Bi 1

Phn loi th trng ti chnh theo k hn

Th trng tin t (Money Market)
Th trng vn ngn hn, ni mua, bn cc cng c ti
chnh c k hn di mt nm
Cc cng c ti chnh ngn hn thng c gi l giy t
c gi ngn hn
Cc cng c ti chnh ngn hn Vit Nam bao gm tn
phiu kho bc, tn phiu Ngn hng Nh nc, chng ch
tin gi, thng phiu, hp ng mua li chng khon
(Repo), giy n ngn hn ca doanh nghip

Th trng vn (Capital Market):

Th trng vn trung v di hn, ni mua bn cc cng c

ti chnh c k hn trn 1 nm
Cc cng c ti chnh trung v di hn thng c gi l
chng khon (trung v di hn)
Chng khon trung v di hn bao gm tri phiu chnh
ph, tri phiu doanh nghip, c phiu u i v c phiu
thng

Nhng phn loi khc ca

th trng ti chnh
Th trng s cp v th cp (Primary & Secondary)
Th trng s cp: ni cc cng c ti chnh c pht hnh
ln u tin.
Th trng th cp: ni cc cng c ti chnh pht hnh
c mua bn, trao i.

Th trng tp trung v phi tp trung (Listed & OTC)

Th trng qua sn giao dch chnh thc (cn gi l th
trng tp trung) l th trng giao dch cc chng khon c
nim yt.
Th trng khng qua sn giao dch chnh thc (cn gi l
th trng phi tp trung) l th trng giao dch cc chng
khon khng nim yt.

Th trng ti chnh chnh thc v phi chnh thc

Th trng chnh thc: c t chc v qun l mt cch h
thng.
Th trng khng chnh thc: bao gm nhng ngi cho vay
ly li, t chc tit kim v cho vay phi chnh thc, HTX tn
dng,

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Phn tch Ti chnh Bi 1

Tn phiu kho bc (Treasury Bill)

Tn phiu kho bc l loi giy n do chnh ph pht
hnh c k hn di mt nm b p thiu ht
tm thi ca ngn sch nh nc v l mt cng c
trong nhng cng c quan trng ngn hng trung
ng iu hnh chnh sch tin t.
Tn phiu kho bc thng c k hn 1 thng, 3 thng,
6 thng hay 9 thng vi mt hay nhiu mc mnh gi.
Tn phiu kho bc thng c coi l khng c ri ro
tn dng (ri ro ph sn).
Tn phiu kho bc l loi tn phiu chit khu. iu
c ngha l, tn phiu c bn thp hn mnh gi v
thanh ton theo mnh gi khi o hn, ch khng tr
li trong k.

Pht hnh tn phiu kho bc

Ti Vit Nam, tn phiu kho bc do B Ti chnh pht
hnh trn c s u thu li sut.
Gi tn phiu khi pht hnh c tnh theo cng thc:

F
rt
1
365

P l gi tn phiu kho bc bn ra
F l mnh gi tn phiu kho bc
r l li sut trng thu theo nm
t s ngy n khi o hn.

Gii thch: F l gi tr ngi gi tn phiu nhn li khi

o hn. V t khi pht hnh n khi o hn, tn

phiu khng tr li sut, nn gi tn phiu khi pht
hnh s bng gi tr hin ti ca F, vi t l chit khu
l rt/365, v r l li sut %/nm c chuyn v rt/365
l li sut %/k hn ca tn phiu.

Nguyn Xun Thnh

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Phn tch Ti chnh Bi 1

Tn phiu Ngn hng Nh nc (SBV Bill)

Tn phin Ngn hng Nh nc l giy t c gi ngn
hn (di 1 nm), do Ngn hng Nh nc Vit Nam
pht hnh to ra cng c trn th trng tin t
nhm thc hin chnh sch tin t quc gia.
i tng mua tn phiu Ngn hng Nh nc l cc
t chc tn dng.
Tn phiu Ngn hng Nh nc c t do mua bn,
chuyn nhng, cm c gia cc t chc tn dng,
c cm c vay vn hoc chit khu ti Ngn
hng Nh nc, c s dng lm cng c cho nghip
v th trng m.
Nh tn phiu kho bc, tn phiu NHNN l tn phiu
chit khu. Cng thc nh gi tn phiu NHNN hon
ton ging nh trng hp ca tn phiu kho bc

Chng ch tin gi (Certificate of Deposit)

Chng ch tin gi l mt khon tin gi c k hn ti
mt ngn hng. Ngi nm gi chng ch tin gi
c ngn hng ch tr li v vn gc vo cui k ca
chng ch tin gi.
Ngi nm gi chng ch tin gi c th khng c
rt tin trc hn hoc c rt tin trc ht nhng
phi chu pht li sut.
Chng ch tin gi c th c mua bn li trn th
trng tin t th cp. Tc l nu ngi nm gi
chng ch cn tin mt trc khi o hn th c th
bn li cho mt nh u t khc.

Nguyn Xun Thnh

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Phn tch Ti chnh Bi 1

Hp ng mua li chng khon (Repo)

Hp ng mua li chng khon (repurchase
agreement) l mt hnh thc vay n ngn hn
Ngi kinh doanh chng khon bn chng khon cho
mt t chc ti chnh (ngn hng hay cng ty chng
khon) vi tha thun s mua li chng khon sau
mt thi gian nht nh (di 1 nm) mc gi cao
hn. Mc chnh lch gi chnh l li vay.
Nh vy, ngi kinh doanh chng khon vay tin t
ngn hng hay cng ty chng khon vi chng khon
ng vai tr l ti sn th chp.

rt

Pm Pb 1

365

Pb l gi bn chng khon
Pm l gi mua li chng khon
r l li sut repo
t l k hn

Tri phiu (Bond)

Tri phiu l mt chng khon n trong chng nhn ngi vay n mt
khon tin c xc nh c th cng vi cc iu khon lin quan ti vic
hon tr khon tin ny v li trong tng lai vi k hn t mt nm tr ln.

Nguyn Xun Thnh

T chc pht hnh

Issuer

T chc vay n

Mnh gi, n gc

Face value, par

value, principal

Gi tr m bn pht hnh cam kt hon tr khi

o hn; Gi tr lm c s tnh li nh k

Li sut nh k

Coupon rate

Li sut m t chc pht hnh cam kt chi tr

theo nh k

Li nh k

Coupon

Li tr nh k tnh bng li sut nh k nhn

vi mnh gi

Ngy o hn

Maturity date

Ngy hon tr vn gc sau cng

K hn

Term to Maturity

Thi gian t khi pht hnh cho n khi tri

phiu o hn

Gi (tr) tri phiu

Bond price
(value)

Gi tr hin ti (PV) ca tri phiu

Li sut n khi
o hn

Yield to Maturity
(YTM)

Sut sinh li ni ti (IRR) nu mua tri phiu

by gi v gi cho ti khi o hn

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Phn tch Ti chnh Bi 1

Phn loi tri phiu

Tri phiu
chnh ph
Tri phiu
chnh
ph

Tri phiu do
chnh ph bo
lnh
Tri phiu
kho bc
Tri phiu
cng trnh
trung
ng

Tri phiu
doanh nghip
Tri phiu
chnh quyn
a phng

Tri
phiu
thng

Tri phiu c
quyn chn i
km
Tri phiu
chuyn
i

Tri phiu
c quyn
bn li

Tri phiu
c quyn
mua li

Tri phiu
u t
Tri phiu
ngoi t
Cng tri
xy dng
t quc

Tri phiu chnh ph (Government Bond)

Tri phiu do chnh ph pht hnh xc nhn ngha v tr n v li
ca chnh ph i vi ngi s hu tri phiu.
Li sut tri phiu do B trng B Ti chnh quyt nh hay hnh
thnh theo kt qu u thu.
Cc loi tri phiu chnh ph
Tri phiu kho bc: do Kho bc Nh nc pht hnh huy ng
vn b p thiu ht ca ngn sch nh nc theo d ton ngn
sch nh nc hng nm c Quc hi quyt nh.
Tri phiu cng trnh trung ng: do Kho bc Nh nc pht hnh
huy ng vn theo quyt nh ca Th tng Chnh ph cho cc
d n thuc ngun vn u t ca ngn sch trung ng, ghi
trong k hoch nhng cha c b tr vn ngn sch trong nm.
Tri phiu u t: do cc t chc ti chnh nh nc, cc t chc ti
chnh, tn dng c Th tng Chnh ph ch nh pht hnh nhm
huy ng vn u t theo chnh sch ca Chnh ph.
Tri phiu ngoi t: do B Ti chnh pht hnh theo ch nh ca Th
tng Chnh ph vi mnh gi l mt ngoi t c kh nng chuyn
i t do.
Cng tri xy dng t quc: do Chnh ph pht hnh nhm huy
ng ngun vn trong nhn dn u t xy dng nhng cng
trnh quan trng quc gia.

Nguyn Xun Thnh

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Phn tch Ti chnh Bi 1

Tri phiu c chnh ph bo lnh

(Government- Guaranteed Bond
Tri phiu do doanh nghip pht hnh c chnh ph
cam kt trc cc nh u t v vic thanh ton ng
hn ca t chc pht hnh. Trng hp t chc pht
hnh khng thc hin c ngha v thanh ton (gc,
li) khi n hn th chnh ph s chu trch nhim tr
n thay t chc pht hnh.
Tri phiu ch c pht hnh cho cc cng trnh c
th theo ch nh ca Th tng Chnh ph. T chc
pht hnh l doanh nghip c Th tng Chnh ph
ch nh lm ch u t cc d n ca Nh nc.
Mc bo lnh thanh ton c th bng mt phn hay
bng ti a 100% gi tr (gc, li) ca tri phiu pht
hnh.
Doanh nghip pht hnh tri phiu phi tr ph bo
lnh (mc ti a theo quy nh hin hnh l
0,05%/nm) tnh trn s tin ang bo lnh.

Tri phiu chnh quyn a phng

(Local Government Bond, Municipal Bond)
Tri phiu do y ban nhn dn cp tnh/ thnh ph trc thuc
trung ng tnh u quyn cho Kho bc Nh nc hoc t chc ti
chnh, tn dng trn a bn pht hnh, nhm huy ng vn cho
cc d n, cng trnh thuc ngun vn u t ca ngn sch a
phng, ghi trong k hoch nhng cha c b tr vn ngn
sch trong nm.
Phng n pht hnh tri phiu, k hoch s dng vn vay v
phng n hon tr n vay khi n hn c y ban nhn dn
cp tnh xy dng trnh Hi ng nhn dn thng qua v c B
trng B Ti chnh chp thun bng vn bn.
Ch tch y ban nhn dn cp tnh quyt nh li sut c th trn
c s gii hn bin do B trng B Ti chnh quyt nh v
mt bng li sut thc t ca tri phiu Chnh ph cng k hn
ti thi im pht hnh. Trng hp u thu li sut th li sut
c hnh thnh theo kt qu u thu trong phm vi mt bng
li sut thc t ca tri phiu Chnh ph cng k hn ti thi
im pht hnh cng gii hn bin do B trng B Ti chnh
quyt nh.

Nguyn Xun Thnh

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Phn tch Ti chnh Bi 1

Tri phiu doanh nghip (Corporate Bond)

Tri phiu doanh nghip l tri phiu do doanh nghip
pht hnh, xc nhn ngha v tr c gc v li ca
doanh nghip pht hnh i vi ngi s hu tri
phiu.
Tri phiu c bo m l loi tri phiu c bo m
thanh ton ton b hoc mt phn gc, li khi n
hn bng ti sn ca t chc pht hnh hoc bn th
ba hoc bo lnh thanh ton ca t chc ti chnh, tn
dng.
Tri phiu c quyn chn i km:
Tri phiu c quyn mua li (callable bond): T chc pht
hnh c quyn mua li tri phiu trc khi o hn
Tri phiu c quyn bn li (putable bond): Ngi nm gi
tri phiu c quyn bn li tri phiu cho t chc pht hnh
trc khi o hn
Tri phiu chuyn i (convertible bond): ngi nm gi tri
phiu c quyn chuyn i tri phiu thnh mt s lng
xc nh c phiu ca cng t chc pht hnh ti mt thi
im xc nh trong tng lai.

Vn iu l, c phn, c phiu v c ng
Vn php nh l mc vn ti thiu phi c theo quy nh ca
php lut thnh lp doanh nghip.
Vn iu l l s vn do tt c cc c ng gp v c ghi vo
iu l ca doanh nghip.
C phn l vn iu l c chia thnh nhiu phn bng nhau.
C phiu l chng ch do doanh nghip pht hnh xc nhn
quyn s hu mt hoc mt s c phn ca doanh nghip.
C ng l t chc hoc c nhn ng vai tr ch s hu mt
hoc mt s c phn ca doanh nghip.
C ng sng lp l ngi tham gia thng qua iu l u tin
ca doanh nghip.
C ng ln l c ng s hu trn 10% vn iu l hoc nm
gi trn 10% vn c phn c quyn b phiu ca mt doanh
nghip.
C tc l s tin hng nm c trch t li nhun ca doanh
nghip tr cho mi c phn.

Nguyn Xun Thnh

15

Chng trnh Ging dy Kinh t Fulbright

Phn tch Ti chnh Bi 1

C phiu u i
C phiu u i (nc ngoi)
C phiu u i l chng ch xc nhn quyn s hu vn c phn
nhng ngi nm gi khng c quyn biu quyt.
C phiu u i ha tr li nh k theo mt cng thc xc nh,
nhng c th hon tr m khng b ph sn
Khon c tc hon tr trong mt k s c tnh ly tch tr
trong nhng k sau.
C phiu u i c th t u tin chi tr thp hn tri phiu nhng
cao hn c phn ph thng
C phiu u i l cng c mang tnh na n, na vn c phn

C phn u i biu quyt (Vit Nam)

C phn c s phiu biu quyt nhiu hn so vi c phn ph
thng. S phiu biu quyt ca mt c phn u i biu quyt do
iu l cng ty quy nh.
Ch c c ng sng lp c quyn nm gi c phn u i biu
quyt.
C ng u i biu quyt chu hn ch v thi gian hng quyn
u i v biu quyt v hn ch v kh nng chuyn nhng theo
iu l cng ty v quy nh ca php lut

So snh n v vn c phn
Cng c n
C k hn
Tr li theo mt cng thc
xc nh t trc
c quyn u tin tr li
trc khi tr c tc
Bt buc phi tr li; vic
khng tr c li s a
doanh nghip vo tnh trng
ph sn
Trong trng hp ph sn,
ch n c ch tr t tin
thanh l ti sn trc ch s
hu

Nguyn Xun Thnh

Cng c vn c phn
K hn v tn
Tr c tc vi mc ty
theo quyt nh ca hi ng
qun tr/ban gim c
C tc ch c th c tr
sau khi tr li y cho
cc cng c n
C th tr hoc khng tr c
tc
Ch s hu vn c phn ch
c hng phn gi tr
thanh l ti sn sau khi ch
n c hon tr y

16

Chng trnh Ging dy Kinh t Fulbright

Phn tch Ti chnh Bi 1

Chng khon phi sinh (Derivative Securities)

Chng khon phi sinh l mt loi ti sn ti chnh c
dng tin trong tng lai hon ton ph thuc vo gi
tr ca mt hay mt s ti sn ti chnh khc (gi l ti
sn c s underlying asset).
Cc loi chng khon phi sinh:
Hp ng k hn (forwards) v hp ng tng lai
(futures): hp ng cho php hai bn ca hp ng c
quyn v ngha v phi mua hay bn mt s lng xc nh
cc n v ti sn c s ti mt thi im xc nh trong
tng lai vi mt mc gi xc nh ngay ti thi im tha
thun hp ng
Hp ng quyn chn (options): ngi mua quyn c quyn
(nhng khng c ngha v) mua hay bn mt s lng xc
nh cc n v ti sn c s t ngi bn quyn ti hay
trc mt thi im xc nh trong tng lai vi mt mc
gi xc nh ngay ti thi im tha thun hp ng.
Hp ng hon i (swaps): hai bn ca hp ng c quyn
v ngha v phi hon i ngn lu ngn lu cho nhau theo
t l xc nh ti nhiu thi im trong tng lai.

Hp ng k hn v tng lai
K hn v tng lai:

Hp ng tng lai l nhng hp ng c chun ha (v loi ti

sn c s mua bn, s lng cc n v ti sn c s mua bn, th
thc thanh ton, k hn,...). Hp ng k hn khng c chun
ha, cc chi tit l do hai bn m phn c th.
Hp ng tng lai c tha thun v mua bn thng qua ngi
mi gii. Hp ng k hn c tha thun trc tip gia hai bn
ca hp ng.
Hp ng tng lai c mua bn trn th trng tp trung. Hp
ng k hn trn th trng phi tp trung.
Hp ng tng lai c tnh hng ngy theo gi th trng
(marking to market daily). Hp ng k hn c thanh ton vo
ngy o hn. 3. V d v cc loi hp ng tng lai

Cc loi hp ng tng lai:

Nguyn Xun Thnh

Hp ng
Hp ng
Hp ng
Hp ng
Hp ng
futures)

tng
tng
tng
tng
tng

lai
lai
lai
lai
lai

ch s chng khon (index futures)

li sut (interest futures)
ngoi hi (currency futures)
nng sn (agricultural futures)
kim loi v khong sn (metal and mineral

17

Chng trnh Ging dy Kinh t Fulbright

Phn tch Ti chnh Bi 1

Hp ng quyn chn
Quyn chn mua (call option) trao cho ngi mua (ngi nm
gi) quyn chn c quyn (nhng khng phi ngha v) mua
ti sn c s vo mt thi im hay trc mt thi im trong
tng lai vi mt mc gi xc nh.
Quyn chn bn (put option) trao cho ngi mua (ngi nm
gi) quyn chn c quyn (nhng khng phi ngha v) bn
ti sn c s vo mt thi im hay trc mt thi im trong
tng lai vi mt mc gi xc nh.
i vi quyn chn mua, ta c ngi mua quyn chn mua v
ngi bn quyn chn mua. i vi quyn chn bn, ta cng c
ngi mua quyn chn bn v ngi bn quyn chn bn.
Quyn chn mua hay chn bn kiu chu u ch c th c thc
hin vo ngy o hn ch khng c thc hin trc ngy .
Quyn chn mua hay chn bn kiu M c th c thc hin
vo mi lc cho n ht ngy o hn.
Quyn chn c th c da vo cc ti sn c s nh c phiu,
ch s c phiu, tri phiu, li sut, ngoi hi, kim loi qu hay
nng sn.
Quyn chn c gi tr nn ngi mua quyn phi tr mt khon
ph (gi l gi ca quyn chn option price) cho ngi bn
quyn.

Hp ng hon i
Hp ng hon i li sut
(Interest Rate Swap)
Hai bn ca hp ng c quyn v ngha v phi hon i
gia li vay th ni v li vay c nh gia trn mt gi tr
vay danh ngha theo nh k trong tng lai.

Hp ng hon i ngoi t
(Foreign Exchange Swap)
Hai bn ca hp ng c quyn v ngha v phi hon i
hai loi tin t cho nhau ti mt t gi nh trc theo nh
k trong tng lai.

Hp ng hon i ri ro tn dng
(Credit Default Swap)
Mt bn phi tr mt mc ph nh k cho bn kia v i li
s c hng li mt khon tin nu t chc pht hnh
chng khon c s ghi trong hp ng b v n.

Nguyn Xun Thnh

18