Co Phieu Va Thi Truong

CHNG
KHOAN
Ha Hng Quoc, Ph.D.
Co Phieu &
Th Trng Tap 1
Ha Hng Quoc, Ph.D.
CHNG KHOAN
Co Phieu & Th Trng Tap 1
i
VIEN NGHIEN CU THANH AO
9561 BIXBY AVE
GARDEN GROVE, CA 92841
ii
Sa ch a c a ng ky v i United States
Copyright Office, The Library of Congress, 101
Dependent Avenue, S.E., Washington D.C.,
20559-6000.
iii
Muc Luc
A. Li Ta
B. Muc Luc
CHNG 1: CHNG KHOAN VA S PHON THNH
CUA NEN KINH TE
CHNG 2: TM HIEU MOT VAI LOAI CHNG
KHOAN THONG DUNG
Co Phieu Thng ang
Quyen Bau C, Tr.22
Hoi ong Giam oc, Tr.22
Phng Phap Bau C, Tr.24
Quyen c Chia Li Nhuan, Tr.26
Quyen Chia Co Phan Mi, Tr.27
So Lng u Tien Mua, Tr.28
Gia Tr Cua Quyen Mua, Tr.28
Co Phieu B Loang Gia, Tr.29
ieu Khoan u Tien, Tr.32
iv
Phan Cap Co Phieu, Tr.32
Gia Tr Phiem Ban, Tr.33
Gia Tr Chu Ban, Tr.37
Li Nhuan Vo Ky, LNVK, Tr.39
Chnh Sach Phan Phoi LNVK, Tr.40
Anh Hng Cua Chu Trnh Phat Trien, Tr.40
Nguyen Tac Ngoai Tranh, Tr.42
T Le Phan Phoi Va Gi Lai Li Thu, Tr.44
ieu Hoa Trong Mc Phan Phoi, Tr.46
Lch Trnh Phan Phoi, Tr.46
Anh Hng Sau Ngay Loai Mien, Tr.47
Phan Phoi Li Nhuan Vo Ky Bang Co Phieu, Tr.47
Ly Do Phan Phoi LNVK Bang Co Phieu, Tr.50
Li Nhuan Vo Ky Hay Li Thu Doanh Thng? Tr.51
Anh Hng en Quyen Ch ao, Tr.52
Luat Cam Xam Pham Von au T, Tr.52
Li Nhuan Hien Hanh, Tr.53
Ch So GTT/LTDT1C, Tr.53
Phan Co Phan, Tr.54
Kha Nang Lu Hoat, Tr.57
Nhap Co Phan, Tr.57
Thu Mua Lai Co Phan, Tr.58
Mua Ban Co Phieu, Tr.58
Th Trng Co Phieu, Tr.59
Th Trng Mua Ban Co Phieu, Tr.60
ang Ky Vi Th Trng Mua Ban, Tr.61
ai Ly Mua Ban Chng Khoan Va Trung Gian Mua
Ban Chng Khoan, Tr.61
Yet Gia Co Phieu, Tr.62
Phieu Chng Nhan Ky Thac Co Phan, Tr.66
Tham Khao, Tr.68
v
Co Phieu u ang
nh Danh, Tr.75
ac iem, Tr.75
Quyen Bau C, Tr.76
Li Nhuan Thng Ky, LNTK, Tr.76
Menh Gia, Tr.78
Gia Th Trng, Tr.78
The Loai, Tr.79
Co Phieu u ang Kha Chnh, Tr.79
Co Phieu u ang Kha Thu, Tr.80
Co Phieu u ang Khong Tch Luy, Tr.81
Co Phieu u ang Kha Hoan, Tr.81
Co Phieu u ang Kha D, Tr.82
ieu Khoan Chong Lam Loang, Tr.88
Phng Phap Bnh Quan Hu Can, Tr.90
Phng Phap Khoa Siet, Tr.91
Loang Gia, Tr.94
Loang Chu Phan, Tr.95
Mua Ban Co Phieu u ang, Tr.95
Tham Khao, Tr.96
Trai Phieu
Nhng The Loai Cua Trai Phieu.Tr.101
Trai Phieu Cua Chnh Quyen Lien Bang, Tr.101
ac Tnh Chung, Tr.103
Trai Phieu Tiet Kiem, Tr.104
Trai Phieu ieu Chnh Lam Phat, Tr.105
TP Cua ChQuyen Tieu Bang Va a Phng, Tr.106
Trai Phieu Ngan Han, Tr.106
Trai Phieu Dai Han, Tr.109
ac Tnh Chung, Tr.112
vi
TP Cua Nhng C Quan c Bao Tr, Tr.114
Trai Phieu Cua Nhng Cong Ty DThng, Tr.116
Trai Phieu Quoc Te, Tr.119
Nhng The Tnh Cua Trai Phieu, Tr.121
Quyen Thu Hoi, Tr.121
Quyen Hoan oi, Tr.123
Phieu Lai Hoac Khong Phieu Lai, Tr.124
ang Ky Hoac Khong ang Ky, Tr.125
ieu Chnh Lam Phat, Tr.126
Gia Th Trng, GTT, Tr.126
Li Nhuan nh Ky, LNK, Tr.128
Li Nhuan Hien Hanh, LNHH, Tr.129
Li Nhuan Ti Cuoi Du Ky, LNTCDK, Tr.132
Lien He Gia LNK, LNHH, LNTCDK, Tr.133
Lien He Nghch Chieu Gia GTT & LNHH, Tr.134
ng Bieu Dien Cau Truc LNHH, Tr.135
Hiem Hoa, Tr.137
Hiem Hoa B Giat N, Tr.138
Hiem Hoa B Hoi Von Sm, Tr.138
Hiem Hoa Lam Phat, Tr.139
Quan He Gia Hiem Hoa Va LNHH, Tr.140
Hang Kha Tn, Tr.140
Yet Gia Cong Trai Phieu, Tr.143
Li Nhuan Tng ng Khong Mien Thue, Tr.144
Phan Phoi Ti Th Trng, Tr.146
Trung Gian am Nhiem Phan Phoi, Tr.147
Kinh Phan Phoi, Tr.147
Trach Nhiem Cua Trung Gian Phan Phoi, Tr.148
Th Trng Cap 2, Tr.149
Tang Cng Kha Tn & Kha Nang Lu Hoat, Tr.149
vii
Tham Khao, Tr.151
Tn Phieu Ky Thac
Tn Phieu Ky Thac Noi a, Tr.154
c Quyen Chuyen Nhng Hoac Khong c
Quyen Chuyen Nhng, Tr.154
Co ang Ky Hoac Khong Co ang Ky, Tr.154
Thi Gian Du Ky, Tr.155
Cach Tnh Li Nhuan nh Ky, Tr.155
Li Nhuan nh Ky, Tr.156
Tn Phieu Ky Thac Tng Dang, Tr.157
Tn Phieu Ky Thac Hai Ngoai, Tr.158
Tn Phieu Ky Thac Cua Ngan Hang Ngoai, Tr.160
Tn Phieu Ky Thac Cua Ngan Hang Tiet Kiem, Tr.162
Hiem Hoa & Li Nhuan, Tr.162
Chc Nang Cua Tn Phieu Ky Thac, Tr.164
Xep Hang Kha Tn, Tr.165
Phu Chu, Tr.170
Tn Phieu Giao oi
ac Tnh Cua Tn Phieu Giao oi, Tr.173
Du Ky, Tr.174
Tr Gia Giao Hoan, Tr.175
Lai Nhuan, Tr.176
The Chap, Tr.179
Thu Tuc Giao Hoan, Tr.181
Chi Ph Giao Hoan, Tr.182
Tn Phieu Giao oi Th, Tr.182
Gi Cho Giam Ho, Tr.183
Giao Hoan 3 Ben, Tr.184
viii
Tn Phieu Giao oi Cai Dang, Tr.185
Tn Phieu Giao oi Vi Du Ky Uyen Chuyen, Tr.185
TPG Vi Lai Suat Uyen Chuyen, Tr.187
TPG Vi The Chap Uyen Chuyen, Tr.187
The Chap Hu Phieu ong Lai Suat, Tr.188
The Chap Hu Phieu ong Lai Nhuan, Tr.188
The Chap Bao am Vi Tap Hp Von Tai Tr a Oc, Tr.189
Th Trng Va Thanh Phan Tham D, Tr.190
Nhng C Quan & To Chc, Tr.190
To Hp au T, Tr.191
ai Ly Mua Ban Chng Khoan, Tr.191
Trung Gian Mua Ban Chng Khoan, Tr.194
Ngan Hang Trung ng, Tr.195
Tn Phieu Thng Mai
ac Tnh Cua Tn Phieu Thng Mai, Tr.198
Lai Suat Cua Tn Phieu Thng Mai,Tr.201
Hiem Hoa Lai Suat, Tr.201
Xep Hang Kha Tn, Tr.202
Kha Nang Lu Hoat D Phong, Tr.204
Tang Cng Trnh o Kha Tn, Tr.208
TPTM Bao am Bang Tai San Ch nh, Tr.210
Th Trng Tn Phieu Thng Mai, Tr.212
Thanh Phan au T, Tr.213
Thanh Phan Phat Hanh, Tr.213
Vai Tro Cua ai Ly, Tr.215
Tham Khao, Tr.217
Ham Phieu
Ham Phieu oc Che, Tr.222
Ham Phieu oc Che Vi Quyen Mua, Tr.226
Ham Phieu oc Che Vi Quyen Ban, Tr.230
ix
Pho Thong Cua Ham Phieu oc Che, Tr.234
Th Trng Mua Ban Ham Phieu oc Che, Tr.236
Ham Phieu Toan Che, Tr.237
Pho Thong Cua Ham Phieu Toan Che, Tr.242
Ham Phieu Quyen, Tr.243
Phu Chu, Tr.244
CHNG 3: THUAT NG ANH VIET
x
Chng Khoan &
S Phon Thnh
Cua Nen Kinh Te
CHNG 1
2
3
h vao chng khoan gii doanh thng thu hut nguon
tai chnh can thiet, ngan va dai han, t tay gii au t e
dung vao cong cuoc tao lap va phat trien va ieu hanh
c s doanh thng. ien hnh la ch trong vong 5 nam,
t nam 1990 cho en nam 1994, so chng khoan mi
c a ra th trng thu hut hn 2,716 t USD. Rieng
ve co phieu mi, cung trong cung thi gian, thu hut hn
411.6 t USD.
1
Trong vong 10 nam, t nam 1975 cho en
nam 1984, co hn 2,209 co phieu mi cua nhng cong
ty mi c a ra th trng lan au tien (IPOs).
2
Nhng
nam gan ay con so cao hn nhieu. Ch trong hai nam
NASDAQ companies have created
whole new industries; brought
about breathtaking responsiblity in-
novation in technology, healthcare,
retailing, financial services, and
other fields; and redefined the world
competition. In the process, these
companies have created millions of
new jobs; an estimate one of every
six in the U.S. economy in the first
four and one-half years of 1990s.
(Nasdaq, 1997)
N
CO PHIEU & TH TRNG: TAP 1
4
1995 va 1996, con so co phieu mi cua nhng cong ty
mi len en 1,163.
Nh vao chng khoan, hang chuc ngan to chc
doanh thng a t giai oan thai nghen tr nen nhng
c s to ln va a tao cong an viec lam cho hang chuc
trieu ngi. Tnh vao nam 1995, tr gia tong cong cua
5,122 cong ty tren NASDAQ len en 1,160 t USD hay la
gap 3.5 lan tr gia tong cong cua NASDAQ nam 1990.
T thang 1 nam 1990 cho en thang 6 nam 1991, bon
ngan cong ty tren NASDAQ a cung 500,000 viec lam
mi (new jobs) hay la 1/6 tong so viec lam mi tren toan
lanh tho Hoa Ky trong cung thi gian. Trong khi nen
kinh te Hoa Ky ch gia tang vao khoang 3% mot nam,
hn 51% tong so nhng cong ty tren NASDAQ a phat
trien vi mc o c mo ta la explosive so tren kha
nang tao cong an viec lam mi va mc doanh thu.
3
Nh vao chng khoan, hang ngan nhan tai vi
nhng t tng mi hoac sang tao la a co c hoi t tay
trang tr nen nhng doanh gia giau co khet tieng. Bill
Gate, Paul Allen, Lawrence Ellison, David Packard van
van la nhng th du ien hnh gan ay nhat.
100 NHAN VAT GIAU CO NHAT HOA KY
Theo Bao Cao Cua WallStreet Journal, 1997
TEN HO NGHIEP VU
1. Juhn 0. Ruckeeller 0au hua
2. Curnelius vanderbilt van Tai
8. Juhn Jacub Astur Au Lunu Thu
4. Stehen 0irard huan hanu
5. Andrew Carneuie The
G. Alexander Turnev Stewart Cua hanu
7. Frederick weverhaeuser 0u, 0iav
8. Jav 0uuld Tai Chinh
5
Chng Khoan & S Phon Thnh Cua Nen Kinh Te
O. Stehen van Rensselaer Bia 0c
1O. Marshall Field Cua hanu
11. henrv Furd Xe hJi
12. Andrew w. Mellun huan hanu
18. Richard B. Mellun huan hanu
14. Sam Muure waltun Cua hanu
15. James 0. Fair ham Mu
1G. william weiuhtman hua Chat
17. Muses Tavlur huan hanu
18. Russell Saue Tai Chinh
1O. Juhn . Blair hua Xa
2O. Cvrus h. K. Curtis Sach Bau
21. Edward henrv harriman hua Xa
22. henrv huddlestun Ruuers 0au hua
28. Juhn Fierunt Muruan Tai Chinh
24. Cul. 0liver Favne Tai Chinh
25. henrv C. Frick The
2G. Cullis Futter huntinutun hua Xa
27. Feter A. widener van Tai
28. James Cair Fluud ham Mu
2O. hichulas Lunuwurth Bia 0c
8O. Fhili 0anurth Armuur Thuc Fham
81. Bill 0ates hhu Lieu BienTuan
82. Mark hukins hua Xa
88. Edward Clark Mav Mav
84. Leland Stanurd hua Xa
85. william Ruckeeller 0au hua
8G. hettv 0reen Tai Chinh
87. James Jerume hill hua Xa
88. Elias hasket 0erbv van Tai
8O. warren Buett Tai Chinh
4O. Claus Sreckels BuJnu An
41. 0eurue Feabudv Tai Chinh
42. Charles Crucker hua Xa
48. william Andrews Clark ham Mu
44. 0eurue Eastman Fhim Anh
45. Charles L. Tianv Bu Tranu Suc
4G. Thumas Furtune Rvan van Tai
6
47. Edward S. harkness 0au hua
48. henrv M. Flauler 0u Lich
4O. James Buchanan 0uke Thuuc hut
5O. srael Thurndike van Tai
51. william S. 0iBrien ham Mu
52. saac Merritt Sinuer Mav Mav
58. 0eurue hearst ham Mu
54. Juhn hancuck Cua hanu
55. Juhn w. 0arrett hua Xa
5G. Juhn w. Mackav ham Mu
57. Julius Rusenwald hanu Cataluu
58. 0eurue F. Baker huan hanu
5O. 0eurue washinutun Bia 0c
GO. Anthunv h. Bradv van Tai
G1. Adulhus Busch huJc Bia
G2. Juhn T. 0urrance Thuc Fham Bunu hu
G8. 0eurue M. Fullman hua Xa
G4. Rubert wuud Juhnsun, Jr 0unu Cu Y Khua
G5. Juhn Francis 0udue Xe hJi
GG. hurace Eluin 0udue Xe hJi
G7. J. Faul 0ettv 0au hua
G8. william h. Asinwall van tai
GO. Juhns hukins van Tai
7O. Juhn werner Kluue 0unu Cu Truven Thunu
71. Samuel Cult vu Khi
72. James Stillman huan hanu
78. william Cullins whitnev van Tai
74. william Thaw hua Xa
75. Faul Allen hhu Lieu Bien Tuan
7G. Cvrus h. McCurmick 0unu Cu hunu huhie
77. Arthur vininu 0avis hhum
78. Thumas h. Ferkins van Tai
7O. Juseh Fulit/er Sach Bau
8O. 0aniel willis James hanu hua
81. huward huuhes Fhi CJ
82. Frank w. wuulwurth Cua hanu
88. Juhn Mc0unuuh Bia 0c
84. Samuel Slater Mav 0et
7
85. Auuust Belmunt Tai Chinh
8G. Benjamin Franklin Bia 0c, An Luat
87. Sumner Murrav Redstune Truven Thunu
88. Cat. Rubert 0ullar van Tai
8O. Richard warren Sears hanu Cataluu
OO. h. L. hunt 0au hua
O1. Jav van Andel hanu hua
O2. Richard Marvin 0evus hanu hua
O8. henrv Fhis The
O4. Lawrence J. Ellisun hhu Lieu Bien Tuan
O5. Runald 0wen Ferelman Tai Chinh
OG. Feter Chardun Bruuks van Tai
O7. Charles w. Fust Thuc Fham
O8. Samuel . hewhuuse Sach Bau
OO. william wriulev, Jr. Keu Cau Su
1OO. 0avid Fackard Mav Bien Tuan
Nh vao chng khoan, cong chung a co the de
dang d phan vao nhng c hoi kinh te. Hang trieu ca
nhan tham d au t vao chng khoan a tr nen giau
co hn. Nam 1990 co hn 51 trieu ca nhan tham d.
4
Tong gia tr tai san cua cong dan Hoa Ky (household
financial assets) nam trong co phieu cua nhng cong ty
doanh thng (corporate equities) t 1,155 t USD cuoi
nam 1985 len en 4,286 t USD vao cuoi nam 1995. Trong
cung thi gian, tong gia tr tai san cua cong dan Hoa Ky
nam trong chng khoan (total household financial assets)
a t 9,795 t USD len en 21,036 t USD.
5
Neu nhn qua
bieu so gia tr hon hp, DJIA30 a t 200 iem vao au
nam 1950 leo len en 8,000 iem vao gia nam 1997.
Tng t, bieu so gia tr hon hp NAS a t 100 iem
vao thang 7 nam 1984 leo len en 1,400 vao thang 6
nam 1997; bieu so gia tr hon hp NYSE a t 50 iem
vao nam 1965 leo len en 403 iem vao thang 4 nam
1997; va bieu so gia tr hon hp S&P500 a t 47 iem
8
vao nam 1957 leo len en 960 iem vao thang 7 nam
1997.
Them vao o chng khoan a khai sinh va nuoi
dng rat nhieu nghiep vu tai chnh trong o co nhng
th trng mua ban chng khoan, nhng nghiep vu trung
gian mua ban chng khoan, nhng nghiep vu giao hoan
chng khoan, va nhng nghiep vu phu thuoc khac. Ch
rie ng trong na m 1994 to ng so doanh thu cu a nh ng
nghiep vu nay a len ti 112.82 t USD va tong so chi ph
cho nhng nghiep vu nay len en 109.29 t USD.
6
Tnh
vao nam 1993, rieng nghiep vu trung gian mua ban chng
khoan a tao cong an viec lam cho hn 310,000 nhan
vien trong 19,600 c s nghiep vu tren toan quoc vi
tong so lng bong len en 39.5 t USD
7
va nghiep vu
cung cap tin tc au t thu hoach hn 8 t USD vao nam
1997.
8
Khong rieng Hoa Ky, nhng quoc gia khac nh
Anh, Phap, c, Nhat, Y, Gia Na ai van van chng
khoan a ong gop vao s phon thnh cua nhng quoc
gia nay cung khong kem. So sanh bieu so gia tr hon
hp cua th trng co phieu nhng quoc gia nay cho
thay bang chng ien hnh. Dung bieu so NSA lam thc
o, th trng co phieu cua Hoa Ky, t 100 iem vao au
nam 1967 a tang len 608 iem vao cuoi thang 8 nam
1995. Cung trong cung thi gian, th trng co phieu
cua Nhat a t 100 iem tang len 1,265 iem; cua Phap
t 100 iem tang len 976 iem; cua Gia Na ai t 100
iem tang len 510 iem; cua Y t 100 iem tang len 690
iem; va cua c t 100 iem tang len 382 iem.
Tom lai nhng con so thong ke va trnh bay u
e cho thay chng khoan a ong gop khong t vao cong
cuoc tao dng s phon thnh kinh te cho mot quoc gia.
Dau la th trng chng khoan thng xuyen oi dien
vi nhng giai oan dao ong gia c mo ta la tram
9
Th Trng Co Phieu Gia Na ai,
Bieu So Hon Hp NSA
Th Trng Co Phieu Nc Anh,
Bieu So Hon Hp NSA
10
Th Trng Co Phieu Nc Phap,
Bieu So Hon Hp NSA
Th Trng Co Phieu Nc Y,
Bieu So Hon Hp NSA
11
Th Trng Co Phieu Nc Nhat,
Bieu So Hon Hp NSA
Th Trng Co Phieu c,
Bieu So Hon Hp NSA
12
Th Trng Co Phieu Hoa Ky,
Bieu So Hon Hp NSA
trong hoac khung hoang nhng tren can ban dai han
li ch cua chng khoan oi vi nhng ca nhan tham d,
noi rieng, va oi vi nen kinh te cua quoc gia, noi chung,
vt han nhng hoai nghi neu khong muon noi la c
khang nh.
Tham Khao
1
Board of Governors of the Federal Reserve System,
Federal Reserve Bulletin, monthly and Annual Statisti-
cal Digest.
2
Ivo Welch, Jay Ritters IPO Database, 12/6/96
3
Cognetics, Inc.s, The Role of Nasdaq in the U.S.
13
Economy.
4
NYSE Fact Book, 1991, tr. 64-66
5
Investment Company Institute, Mutual Fund Fact
Book, 1996
6
U.S. Securities and Exchange Commission, Annual
Report
7
U.S. Bureau of the Census, Country Business Pat-
terns, Annual
8
CNN, Nighly News Business Report
14
CHNG 2
Tm Hieu Mot Vai
Loai Chng Khoan
Thong Dung
16
17
hng th trng tai chnh (financial markets) thng
c phan ra lam hai nhanh va c goi mot cach quen
thuoc la th trng tien te (money market) va th trng
t ban (capital market).
Th trng tien te chuyen ve nhng hoat ong
vay mn va cho vay mn (borrowing and lending) von
ngan han vi chieu dai thi gian khong hn mot nam.
Th trng tien te van dung nhieu cong cu tai chnh trong
o co nhng cong cu cua th trng tn dung ngan han
(short-term credit market instruments), nhng cong cu
cua th trng ham phieu (derivative market instruments)
va ca hang cho vay cua Ngan Hang Trung ng (Fed-
eral Reserves discount window).
Nhng cong cu thong dung cua th trng tn dung
ngan han bao gom tn phieu ky thac (CDs), tn phieu
giao oi (RPs, MSPs), tn phieu thng mai (CPs) va tn
phieu ngan hang bao nhan (BAs), tn dung th (L/C),
N
18
trai phieu ngan han do chnh quyen lien bang phat hanh
(treasury bills), trai phieu ngan han do chnh quyen a
phng phat hanh (short-term municipal bonds), trai phieu
ngan han do nhng c quan c chnh quyen lien bang
bao tr phat hanh (GSEs short- term notes).
Nhng cong cu thong dung cua th trng ham phieu
van dung trong th trng tien te co ham phieu toan che
ky sinh vao lai suat (money market futures) va ham phieu
oc che ky sinh vao ham khe lai suat (money market
futures options).
Va nhng cong cu cua Ngan Hang Trung ng
van dung trong th trng tien te bao gom lai suat d tr
(fed fund rate) va lai suat NHT (discount rate).
Th trng t ban chuyen ve nhng hoat ong
huy ong von dai han nh vao nhng cong cu hun von
(equity instruments) va cong cu vay mn (debt instru-
ments). Cong cu hun von thong dung gom co co phieu
thng ang (common stocks) va co phieu u ang (pre-
ferred stocks). Cong cu vay mn thong dung gom co
trai phieu do cong ty phat hanh (corporate bonds), trai
phieu do chnh quyen phat hanh (government bonds),
va trai phieu do nhng c quan c chnh quyen lien
bang bao tr phat hanh (GSEs long-term debentures).
Ngoai ra con co ham phieu oc che ky sinh vao co phieu
(stock options) va ham phieu quyen (warrants) la nhng
cong cu t pho thong hn c van dung trong th trng
t ban.
rong nhng th trng tai chnh, danh t chng khoan
(securities) thng c s dung thng xuyen. Mot
chng khoan (a security) la mot cong cu au t (an in-
vestment instrument) ong thi la bang chng cu the
cua hun hap (equity) hoac bang chng cu the cua vay
T
19
Tm Hieu Mot Vai Loai Chng Khoan Thong Dung
mn (debt) do mot cong ty (a corporation) hoac mot
chnh quyen (a government) hoac mot to chc (an orga-
nization) phat hanh, ngoai tr hp ong bao hiem va
hp ong chi tra co nh va lien tuc li tc thng nien
(other than insurance policy and fixed annuity) do nhng
cong ty bao hiem cung cap.
Vi nh ngha nay chng khoan bao gom cac loai
co phieu (common stock, preferred stock, treasury stock),
cac loai trai phieu (note, bond, debenture, treasury bill),
cac loai tn phieu (certificate of agreement, certificate of
deposit, certificate of participation, certificate of subscrip-
tion, trust certificate, commercial paper, banker accep-
tance, L/C) va ca c loa i ha m phie u (option, future,
warrant).
1a
20
21
at ca cong ty (corporations) eu phat hanh co phieu
thng ang (common stocks). Chu quyen (ownership)
cua mot cong ty co the c nam gi trong tay cua mot
vai ca nhan (privately owned corporation) hoac trong tay
cua mot tap the rong ln (publicly owned corporation).
Trong ca hai trng hp, co phieu thng ang la the
hien tuyet oi cua quyen lam chu. Chu quyen cua cong
ty c chia thanh nhng n v goi la co phan (shares).
Nh vay, co phieu cung chnh la giay chng nhan so co
phan cua mot phap nhan c goi la co chu (common
stock shareholder).
Tren mat phap ly co chu co toan quyen, duy nhat
va trc tiep, quyet nh van menh cua cong ty. Tren
thc te quyen lam chu the hien qua quyen tham d vao
nhng quyet nh ieu hanh noi bo va quyen d phan
vao nguon li kinh te. Trong so nhng quyen quan trong
T
Co Phieu
Thng ang
22
nhat cua co chu la quyen bau c (voting right), quyen
c chia li nhuan (residual claim to income) va quyen
c mua them co phan mi (right to purchase new
shares).
uyan 8au 6u
V nhng co chu co phieu thng ang la chu nhan cua
cong ty cho nen ho c quyen chon la va e c hoi
ong giam oc (Board of Directors) cho cong ty va c
quyen tham d vao nhng quyet nh quan trong cua
cong ty. Co chu co the hanh s quyen cua ho bang
cach bo phieu trc tiep (cast their ballots) hoac chuyen
nhng so phieu cua ho (assign a proxy or power to
cast their ballots) cho nhom lanh ao ng nhiem cua
cong ty hoac cho mot nhom oi lap (a contesting group).
hui Bunu
0iam Buc, hB0B
Ben canh c cau quan tr va ieu hanh, moi cong ty eu
co mot hoi ong giam oc. Vai tro chnh yeu cua hoi
ong giam oc la vai tro giam sat va ch ao (steward-
ship). Neu cong ty hanh s nhng quyet nh khong
hp phap hoac khong hp ly, hoi ong giam oc co the
b buoc trach nhiem bi co chu cua cong ty va bi luat
phap cua nha nc.
Thanh vien cua mot hoi ong giam oc thng la
ngi ang gi mot chc vu thng tang cua mot cong
ty khac hoac la co chan trong nhng uy ban quan trong
cua cong ty nh la uy ban ieu lap sach lc (strategic
planning committee), uy ban kiem tra (audit committee),
23
Co Phieu Co Phieu Co Phieu Co Phieu Co Phieu
24
uy ban lng bong (salaries and compensation commit-
tee) hoac uy ban tai vu (budgeting and finance commit-
tee) van van. V vay, hoi ong giam oc tr thanh la ni
qui tu nhng nhan vat co the lc. Theo o, hoi ong
giam oc tr thanh la trong tam cua quyen lc. Quyen
bau c hoi ong giam oc tr thanh la cong cu toi hau
e tranh thu quyen lc noi bo trong mot cong ty.
FhuJnu Fha
Bau Cu hB0B
Tuyen chon hoi ong giam oc co the theo quy che khong
don phieu (statutory voting; straight voting) hoac theo
quy che don phieu (cummulative voting).
Theo quy che khong don phieu, moi co phan c
mot phieu bau cho moi ghe trong hoi ong giam oc
(shareholder gets one vote per share owned for each
director). Gia du nh co chu X co 500 co phan va cong
ty to chc bau c tuyen chon 3 ngi vao hoi ong giam
oc. Theo qui che khong don phieu, co chu X c tat
ca 500 phieu cho moi ng vien va ch c quyen dung
500 phieu e bau cho moi ng c vien. Quy che khong
don phieu co li cho nhom a so.
Theo quy che don phieu, moi co phan c mot
phieu bau cho moi ghe trong hoi ong giam oc. Co
chu co the don tat ca phieu cho 1 ng c vien hay tuy y
chia so phieu gia nhng ng c vien. Gia du nh co
chu X co 500 co phan va cong ty to chc bau c tuyen
chon 3 ngi vao hoi ong giam oc. Theo qui che don
phieu, co chu X c 500 phieu cho moi ng vien. Co
chu X c quyen don tat ca 1500 phieu cho 1 ng c
vien hoac tuy y chia so phieu cho 2 hay 3 ng c vien.
Vi qui che don phieu, nhom thieu so co the danh c
25
mot so ghe trong hoi ong giam oc.
ng c vien co u so phieu, theo t le tong so ghe
tren tong so phieu, se c chon vao hoi ong giam
oc. So ghe tranh c theo t le cua so co phan ang co
c tnh theo ang thc {2-1} va so co phan can co e
danh lay mot so ghe trong hoi ong giam oc c tnh
theo ang thc {2-2} nh sau:
SG = [(SCP-1) x (TSG+1)]/(TSCP] {2-1}
SCP = [(SG x TSCP)/(TSG+1)] + 1 {2-2}
SG = So ghe danh c
TSG = Tong so ghe trong hoi ong giam oc
TSCP = Tong so co phan cua cong ty
SCP = So co phan co hoac can co trong tay ng vien
Dan Giai 2-1
Cong ty XYZ co 1 trieu co phan ang du hanh (outstanding
shares). Hoi ong giam oc cua cong ty co tat ca 9 ghe va bau
c theo quy che don phieu. Cau hoi: (1) Cong ty co tat ca bao
nhieu phieu bau? (2) Neu nhom A co 210 ngan co phan trong
cong ty XYZ, nhom A co c bao nhieu phieu bau? (3) Vi so
phieu o nhom A co the danh c bao nhieu ghe trong hoi
ong giam oc? (4) Neu muon danh 3 ghe trong hoi ong
giam oc, nhom A can co bao nhieu co phan?
Giai ap:
1. Tong So Phieu Bau Cua Cong Ty:
TSP = TSCP x TSG
= 1,000,000 x 9
= 9,000,000
2. So Phieu Bau Cua Nhom A:
26
SP = SCP x TSG
= 210,000 x 9
= 1,890,000
3. So Ghe Nhom A Co The Tranh c:
SG = [(SCP-1) x (TSG+1)] / [TSCP]
= [(210,000-1) x (9+1)] / [1,000,000]
= 2.099
4. So Co Phan Can Co Cho Nhom A Tranh 3 Ghe:
SCP = [(SG x TSCP) / (TSG+1)] + 1
= [(3 x 1,000,000) / (9+1)] + 1
= 300,001
Cong ty XYZ co tat ca 9 trieu phieu bau va nhom A
nam c 1.89 trieu phieu hay la 21% cua tong so phieu. Vi
so phieu nay nhom A co the don phieu e tranh c 2 ghe
trong hoi ong giam oc cua cong ty XYZ. Muon danh c 3
ghe,nhom A can co 300,001 co phan XYZ.
Mot so tieu bang tai Hoa Ky bat buoc cac cong ty
cua tieu bang ch c phep chon cach bau c hoi ong
giam oc theo quy che don phieu.
1
uyan uor 6hIa
LoI hhuan
V nhng co chu co phieu thng ang cung la chu nhan
cua cong ty cho nen, tren nguyen tac, tat ca li thu doanh
thng cua cong ty (earnings), sau khi khau tr moi chi
ph va thue, eu thuoc ve ho. Co chu co quyen tha
hng li thu doanh thng cua cong ty (residual claim
to imcome), ke ca li thu doanh thong gi lai e phat
trien cong ty (retained earnings) va li thu doanh thng
27
phan phoi ra di hnh thc li nhuan vo ky (common
stock dividends).
Tuy nhien, ch co hoi ong giam oc cua cong ty
mi co quyen quyet nh phan phoi hay khong phan phoi
li nhuan. Ve mat phap ly, hoi ong giam oc cua cong
ty khong b bat buoc phai phan phoi li nhuan. Neu
muon, co chu co the lam ap lc qua quyen bau c hoac
qua th trng co phieu e oi hoi ong giam oc mi
hoac e oi chnh sach phan phoi li nhuan cua cong ty.
Tren thc te s dung quyen co chu e lam ap lc
vi hoi ong giam oc hoac vi ban quan ly ieu hanh
cua cong ty la ieu rat hiem thay.
Nhng trong nh ng na m ga n a y phong tra o
chong oi tnh trang quy nh lng bong qua cao cho
gii chc cao cap cua cong ty va phong trao chong oi
nhng cong ty thieu trach nhiem trong viec bao ve moi
sinh va xa hoi a dan en tnh trang co chu lien ket vi
nhau e lam ap lc cong khai. Th du nh co chu cua
cong ty Walt Disney a ln tieng ch trch mc lng bong
cua gii chc cao cap ngay trong buoi hoi thao cua nhng
co chu (shareholders meeting) nam 1996.
Mot th du khac la mot so to hp au t (mutual
funds) a manh mieng len tieng tay chay co phieu cua
cong ty Phillip Morris trong nhng nam 1996-1997 va a
tao nen ap lc ang ke.
uyan Mua
6o Fhan MoI
Ngoai quyen c chia li nhuan, co chu co phieu thng
ang con c quyen u tien mua co phan mi do cong
ty phat hanh. Neu trong ban van kien thanh lap cong ty
(corporate charter; articles of incorporated) co ieu khoan
28
cho quyen u tien mua co phan mi (preemptive right
provision), cong ty bat buoc phai ban co phan mi cho
chu nhan cua co phieu thng ang trc tien.
Su LuJnu uu Tien Mua
Quyen u tien mua co phan mi c tnh theo mot t le
nhat nh. T le nay c thanh lap da tren tng quan
gia tong so lng co phan cu va tong so lng co phan
mi cua cong ty:
TLC/M

= TLCPC / TLCPM {2-3}
TLC/M

= T le cu mi
TLCPC = Tong so lng co phan cu
TLCPM = Tong so lng co phan mi
T le cu mi, TLC/M, va so lng co phan cu ang nam
gi trong tay mot co chu se quyet nh so lng co phan
mi ma co chu o c quyen u tien mua. So lng
co phan mi u tien mua c tnh theo ang thc:
LCPM = LCPC

/ TLC/M {2-4}
LCPC = So lng co phan cu ang co trong tay co chu
LCPM = So lng co phan mi co chu c u tien mua
TLC/M = T le cu mi
0ia Tri Cua 0uven Mua
Quyen u tien mua co phan mi co gia tr (monetary
value) cua chnh no. Gia tr nay c tnh bang $ theo
tng quyen (1 right). Gia tr cua mot quyen c tnh
29
theo ang thc:
GT1Q = [(GC - GM)xTLC/M]/ (TLC/M + 1) {2-5}
GM = Gia ban ra cua so co phan mi, $
GC = Gia th trng cua so co phan cu, $
TLC/M = T le cu mi
GT1Q = Gia tr cua mot quyen, u tien mua mot co phan
mi, $
Cu Fhieu
Bi Luanu 0ia
Sau khi so co phan mi c tung ra th trng, gia co
phieu cua cong ty se thay oi. Giam sut nhieu hay t tuy
thuoc vao mc chenh lech gia gia cua co phan cu va
gia cua co phan mi va tuy thuoc vao t le gia so lng
co phan cu va so lng co phan mi. Gia cua mot co
phieu sau khi b lam loang (diluted) c tnh theo ang
thc:
GL = [(TLC/M x GC) +GM] / (TLC/M +1) {2-6}
GM = Gia ban ra cua so co phan mi, $
GC = Gia th trng cua so co phan cu, $
GL = Gia sau khi b lam loang, $
TLC/M = T le cu mi
Dan Giai 2-2
Cong ty XYZ co 1,000,000 co phan thng ang ang du hanh
vi gia th trng la 50 USD mot co phan. Cong ty nay se cho
30
phat hanh them 500,000 co phan mi vi gia 40 USD mot co
phan. Gia du them la ong A ang nam gi 210,000 co phan
cua cong ty XYZ va 4,200,000 USD trong trng muc au t.
Cau hoi: (1) Ong A c quyen u tien mua bao nhieu co
phan mi? (2) u tien mua nay ang gia bao nhieu mot quyen?
(3) Neu tat ca nhng yeu to khac khong thay oi, gia mot co
phan sau khi b lam loang la bao nhieu? (4) So lng co phan
mi co anh hng the nao oi vi toan bo au t cua ong A?
Giai ap:
1. So Lng Co Phan Mi Ong A c Quyen Mua:
TLC/M = TLCPC / TLCPM
= 1,000,000 / 500,000
= 2.0
LCPM = LCPC / TLC/M
= 210,000 / 2.0
= 105,000
Ong A c quyen mua toi a la 105,000 co phan mi
vi gia 40 USD mot co phan.
2. Gia Tr Cua Quyen Mua:
GT1Q = [(GC

- GM) x TLC/M] / (TLC/M + 1)
= [(50 - 40) x 2.0] / (2.0 + 1)
= 6.67 USD
Quyen u tien mua co phan mi ang gia 6.67 USD
mot quyen.
3. Gia Co Phan Sau Khi B Loang:
GL = [(GC x TLC/M) + GM] / [TLC/M + 1]
= [(50 x 2.0) + 40] / [2.0 + 1]
= 46.67 USD
Neu tat ca nhng yeu to khac khong thay oi, gia cua
co phieu XYZ ang du hanh tren th trng se ieu chnh t 50
31
USD xuong 46.67 USD mot co phan sau khi cong ty XYZ ban
ra so co phan mi.
4. Anh Hng en Gia Tr au T:
4a. Trc Khi B Lam Loang
TKL = (GC x LCPC) + 4,200,000
= (50 x 210,000) + 4,200,000
= 14,700,000 USD
4b. Neu Mua So CP Mi
TL = (GC x LCPC) + (GM x LCPM) +
[4,200,000 - (GM x LCPM)]
= (50 x 210,000) + (40x105,000) +
[4,200,000 (40 x 105,000)]
= 14,700,000 USD
4d. Sau Khi Gia ieu Chnh Xong, Vi So CP Mi
TL = GL x (LCPC + LCPM)
= 46.67 x (210,000 + 105,000)
= 14,700,000 USD
4c. Neu e Cho Quyen Mua Het Han
TL = (GL x LCPC) + (GT1Q x LCPM) + 4,200,000
= (46.67 x 210,000) + (3.33 x 0) + 4,200,000
= 14,000,700 USD
Trc khi b lam loang, gia tr toan bo au t cua ong A
la 14.7 trieu USD. Neu mua so co phan mi vi gia 40 USD
mot co phan, gia tr toan bo au t cua ong A van la 14.7 trieu
USD. Sau khi th trng ieu chnh gia, toan bo au t cua ong
A van la 14.7 trieu USD. Nhng neu e cho quyen mua het
han, gia tr toan bo au t cua ong A ch con lai khoang 14.0
trieu USD.
Nhng ket qua tren cho thay co phieu b lam loang se
khong co li [cho co chu ang nam gi co phan cu] va trong
trng hp nay co chu can phai tch cc bao quan tai san au
t neu khong se b thiet hai.
32
Bieu Khuan uu Tien
Mot so tieu bang cua Hoa Ky bat buoc nhng cong ty
cua tieu bang phai ghi ro ieu khoan cho quyen u tien
mua co phan mi trong ban van kien thanh lap cong ty.
Muc ch cua ieu khoan nay la nham bao ve chu quyen
cua nhng co chu hien hu. Khong co ieu khoan nay
so lng co phan mi ban vao tay cua nhng co chu
mi se lam loang chu quyen, tc la lam loang quyen
tham d vao noi bo cong ty va quyen li kinh te, cua
nhng co chu hien hu.
Mot so cong ty con co ghi trong van kien thanh
lap cong ty ieu khoan cho phat hanh co phieu mi vi
quyen bau c cao hn quyen bau c cua co phieu cu
(weighted voting right). Muc ch chnh cua ieu khoan
nay, con goi la ieu khoan chong ca map (sharks repel-
lent clause), la e ngan nga tnh trang b khong che
hoac b giat mat cong ty mot cach hp phap bi nhng
tay mua oat cong ty nha nghe (corporate raiders).
Fhan 6ap 6o FhIau
Co phieu thng ang oi khi c phan cap theo ch.
Th du nh cap A, B, E hoac H (class A, B, E, H). Cach
phan cap nay thc ra khong co nguyen tac hoac tieu
chuan ro ret va thng gay nham lan. Phan ln ly do
cho viec phan cap la e bao ve quyen khong che cong
ty.
Thong thng cong ty dung ch A va B e phan
cap co phieu thng ang. Co phieu cap A ch khac vi
co phieu cap B quyen bau c. Th du ien hnh cho
cach phan cap nay la co phieu cua Ford Motor Com-
pany. Co phieu cap A ban ra t do tren th trng trong
khi co phieu cap B ch ban cho nhng nhan vat cot loi
33
trung kien cua cong ty va ban cho nhng phan t trong
gia nh ho Ford ma thoi. ieu ac biet la so lng co
phan cua co phieu cap B ch vao khoang 9% cua tong
so co phan cua cong ty [A + B] nhng quyen bau c cua
co phieu cap B lai chiem ti 40% cua tong so phieu bau.
Mot th du ien hnh khac la co phieu cap A va
cap B cua Adolph Coors Company. Ch co co phieu cap
A cua cong ty la c quyen bau c. So lng co phan
cua co phieu cap A ch vao khoang 3.5% cua tong so co
phan cua cong ty. Gia nh Coors nam gi 100% so
lng co phan cua co phieu cap A va 54% so lng co
phan cua co phieu cap B. Nh vay, tuy la vi so lng t
oi cua co phieu cap A, gia nh Coors nam 100% quyen
ch ao cong ty.
oi khi co phieu c phan cap v nhng ly do
khac hn la ly do tranh gi quyen lc noi bo. Th du ien
hnh cho trng hp nay la co phieu cua General Motor
Company (GM). Nam 1984 va 1985 cong ty GM mua lai
cong ty Electronic Data System (EDS) va cong ty Hughes
Aircraft (HA). General Motor a bien co phieu cua hai
cong ty EDS va HA thanh co phieu cap E va cap H [lay
ch au cua EDS va HA] cua cong ty GM. Co phieu cap
E va co phieu cap H cua cong ty GM co quyen bau c
rieng va co cach phan phoi li nhuan rieng.
Ia TrI FhIam 8an, TF8
Gia tr phiem ban (par value, face value, stated value)
cua co phieu thng ang oi khi c e cap ti trong
nhng van kien bao cao tnh trang tai chnh cua cong ty
va trong van ban thanh lap cong ty (articles of incorpora-
tion). Gia tr phiem ban c trnh bay bang n v tien
te ($) cho mot co phan.
34
Theo khai niem ke toan xa cu toan bo tai san
cua cong ty c coi nh la tai san cua mot quy tn nhiem
(trust fund) va gia tr cua moi co phan se phan anh, theo
t le, gia tr thc cua cong ty. Tuy nhien nen tang ly
thuyet e thanh lap cai goi la par value a loi thi.
Chnh v vay par value tr thanh mot gia tr phiem, mot
gia tr tru tng khong hn khong kem. GTPB cua co
phieu thng ang ch con c dung e thoa ang hnh
thc tren van kien ke toan hoac tren van kien thanh lap
cong ty ch khong co y ngha ang ke hoac co s thc
dung. Dan chng 2-3 cho thay ieu nay.
Dan Chng 2-3
CONG TY LOAI CP GTPB (USD)
3Com T 0.01
ADC Telecom T 0.20
ADTRAN T 0.01
Adaptec T 0.001
Adobe Systems T 0.00
Altera T 0.00
Americ Greetings T 1.00
American Power T 0.01
Amgen T 0.0001
Andrew Corp. T 0.01
Apple Computer T 0.00
Applied Materials T 0.01
Ascend Comm T 0.001
Atmel T 0.00
Autodesk T 0.00
BMC Software T 0.01
Bed Bath& Beyond T 0.01
Biogen T 0.01
Biomet T 0.00
Boston Chicken T 0.01
35
Cascade Comm T 0.001
Centocor T 0.01
Chiron T 0.01
Cintas T 0.00
Cirrus Logic T 0.00
Cisco Systems T 0.00
Comcast T 1.00
Compuware T 0.01
Concord EFS T 0.33
Corporate Exp T 0.0002
Costco T 0.10
Cracker T 0.50
DSC Comm T 0.01
Dell Computer T 0.01
Electronic Arts T 0.01
Electronic Imaging T 0.00
FORE Systems T 0.01
Fastenal T 0.01
Fiserv T 0.01
Food Lion T 0.50
Fort Howard T 0.01
Gartner Group T 0.001
Gateway 2000 T 0.01
General Nutrition T 0.01
Glenayre Tech T 0.02
HBO T 0.05
Healthcare COMP T 0.01
IDEXX Lab T 0.01
Informix Corp T 0.01
Intel T 0.001
Intuit T 0.01
KLA-Tencor T 0.001
Komag T 0.01
Linear Tech T 0.00
MCI Comm T 0.10
Maxim Integrated T 0.001
McAfee T 0.01
McCormick T 0.00
36
Micron Electronics T 0.01
Microsoft T 0.00005
Molex T 0.05
Nextel Comm T, Cap A 0.001
Nordstrom T 0.00
Northwest Airlines T, Cap A 0.01
Novell T 0.10
Oracle Systems T 0.01
Outback Steakhse T 0.01
Oxford Health T 0.01
PACCAR T 12.0
PETsMART T 0.0001
PacifiCare Health T, Cap B 0.01
Paging Network T 0.01
PairGain Tech T 0.0005
Parametric Tech T 0.01
Paychex T 0.01
PeopleSoft T 0.01
PhyCor T 0.00
QualComm T 0.0001
Quantum T 0.01
Quintiles Trans T 0.01
RPM T 0.00
Republic Ind. T 0.01
Sigma-Aldrich T 1.00
Staples T 0.0006
Starbucks T 0.00
Stryker T 0.10
Sun Microsystems T 0.00067
SunGard Data Sys T 0.01
Sybase T 0.001
Synopsys T 0.01
Tele-Comm T, Cap A 1.00
Tellabs Inc T 0.01
Tyson Foods T, Cap A 0.10
US Robotics T 0.01
Viking Office T 0.00
Wisconsin Central T 0.01
37
WorldCom T, Cap A 0.01
Worthington Ind. T 0.01
Xilinx T 0.01
T = Thng ang
Ia TrI
6hu 8an, T68
Gia tr chu ban (book value, net worth, common stock-
holders equity) cua mot cong ty la phan thang d khi
em ga tr toan bo tai san cua cong ty (total assets) tr
i cho gia tr toan bo n nan cua cong ty (total liabilities)
va tr i cho gia tr toan bo co phieu u ang (preferred
stocks) cua cong ty. Noi mot cach khac,
GTCB = TBTS - (TBN+TBCP) {2-7}
GTCB = Gia tr chu ban, $
TBTS = Toan bo tai san cua cong ty, $
TBN = Toan bo n cua cong ty, $
TBCP = Toan bo co phieu u ang cua cong ty, $
Tren nguyen tac phan con lai sau khi khau tr,
tc phan gia tr chu ban, la thuoc ve cua co phieu thng
ang va v vay no la tai san cua co chu co phieu thng
ang (common stockholders equity). Theo o, gia tr
chu ban con c tnh theo cach khac nh sau:
GTCB = (TBCPT + LTGL) {2-7b}
TBCPT = Toan bo co phieu thng ang cua cong ty
(common stock + capital surplus), $
38
LTGL = Li thu gi lai (retained earning), $
Tnh tren mot co phan, gia tr chu ban cua cong
ty c em chia eu cho tong so lng co phan cua co
phieu thng ang ang du hanh. Hay la,
GTCB1C = GTCB / TLCPT {2-8}
GTCB1C = Gia tr chu ban mot co phan, $
GTCB = Gia tr chu ban cua cong ty, $
TLCPT = Tong lng co phan cua CPT ang du hanh
a co mot thi gia tr chu ban c coi la mot ch
so then chot e o lng gia tr cua mot cong ty va e
nh gia th trng cho co phieu cua cong ty o. Tuy
nhien theo thi gian gii chuyen gia phan tch au t
dan dan ha thap s quan trong cua ch so gia tr chu
ban. Ly do la v nguyen tac ke toan oi hoi nhng giao
hoan tai chnh (financial transactions) phai c ghi nhan
va ket toan theo gia tr luc giao hoan (based on historical
value) cho nen, ngoai tr khoan tien mat hoac tng
ng vi tien mat (cash or cash equivalent assets), tai
san cua cong ty c ghi nhan tren so sach t khi phan
anh ung gia tr hien tai cua chung. Theo o, gia tr chu
ban cung khong phan anh ung gia tr hien thc cua
cong ty va v the mat dan s thc dung.
Khi cong chung hoi Warren Buffet, mot cong dan
Hoa Ky, mot guru au t khet tieng tren the gii, trong
mot buoi hoi thao thng nien cua cong ty Berkshire
Hathaway nam 1995 ve cai nhn cua ong oi vi ch so
gia tr chu ban, ong a tra li nh sau: Book value is not
a consideration. What we consider more important is
the generation of high returns on capital employed. Theo
ong gia tr chu ban khong ang quan tam. ieu quan
39
trong hn la kha nang tao li nhuan cao cho von au t.
ieu nay cung de hieu v ch so gia tr chu ban c ket
toan tren nhng gia tr thuoc ve qua kh (historical input)
trong khi gia tr th trng cua cong ty thng la c
c tnh da tren d kien thu hoach trong tng lai (fu-
ture output).
Mot so chuyen gia, chang han nh Janet Lowe,
phan biet tai san vo the (intangible assets) vi tai san
hu the (tabgible assets) va chu trng khong cong tai
san vo the vao gia tr chu ban.
2
Neu theo e ngh nay,
ang thc {2-7} se bien thanh:
GTCB = TBTS - (TBN+TBCP +TSVT) {2-9}
GTCB = Gia tr chu ban, $
TBTS = Toan bo tai san cua cong ty, $
TBN = Toan bo n cua cong ty, $
TSVT = Tai san vo the cua cong ty, $
TBCP = Toan bo CP cua cong ty, $
LoI hhuan
Vo ky, LhVk
Li thu doanh thng cua cong ty tao c phan phoi ti
tay co chu co phieu thng ang (common stock) c
goi la li nhuan vo ky (common stock dividends), hay
LNVK. S d co danh xng vo ky la v cong ty phat
hanh co phieu thng ang khong nhat thiet, hoac b bat
buoc, phai a ra khoan li nhuan nay ung nh ky
nh li nhuan cua trai phieu hoac thng ky co the di
khat nh li nhuan cua co phieu u ang. Li nhuan vo
ky cung khong c goi la co tc v li nhuan vo ky ch
la mot phan trong li tc cua co phieu thng ang (divi-
40
dend v/s income). Li tc cua co phieu thng ang,
hay co tc, bao gom hai phan: li nhuan vo ky (divi-
dends) cong vi li nhuan t ban (capital gain). Li nhuan
t ban la li nhuan en t sai biet gia, gia ban ra tr cho
gia mua vao.
Li nhuan vo ky mot co phan, hay LNVK1C, la
mot cach trnh bay khac trong thuat ng cua th trng
chng khoan. ung vi danh xng, LNVK1C la li nhuan
vo ky cua co phieu c phan phoi ti tay co chu nhng
ch tnh tren n v mot co phan (dividend per share).
Co phan phoi li nhuan vo ky hay khong la quyen
quyet nh cua hoi ong giam oc (Board of Directors)
cua cong ty. Quyet nh phan phoi, so lng phan phoi,
ngay thang phan phoi va tieu chuan phan phoi c hoi
ong giam oc cua cong ty tuyen bo nhng cuoc hop
HG nh ky.
Chinh Sach
Fhan Fhui LhvK
Chnh sach cua cong ty trong viec phan phoi li nhuan
vo ky thng phan anh nhieu yeu to quan trong: hien
trang cua nguon tai chnh lu hoat (cash-flow position),
mc o phat trien trong tng lai (growth prospect), mc
o on nh trong li thu va trong phan phoi li nhuan
(stability in earnings and dividends), von au t can thiet
cho cong cuoc phat trien hoac cho ieu hanh cong ty
(capital needs), s kiem sat va ieu hanh noi bo (con-
trol), luat le nha nc (legal rules), van van.
Anh huJnu Cua
41
80 8Ihh
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|
Z
8 4
6
6h0 Thh FhkT TIEh
Chu Trinh Fhat Trien
Chu trnh phat trien cua mot cong ty c phac hoa trong
hnh 2-4.
Nhng cong ty nho trong giai oan s sinh (de-
velopmental stage), giai oan 1, can gi lai tat ca li thu
doanh thng tao c e tranh thu sinh ton. Neu khong
b huy diet trong giai oan nay, cong ty se i vao giai
oan tang trng (growth stage), giai oan 2. Trong giai
oan tang trng, cong ty co kha nang ln manh nhanh
chong va v vay can gi lai tat ca li thu doanh thng
tao c e ho tr cho s tang trng nhanh chong nay.
vao au va gia giai oan 2, cong ty co khuynh hng
dung co phan cua co phieu thng ang e phan phoi
li nhuan vo ky (stock dividends) thay v dung tien mat.
vao cuoi giai oan 2, cong ty co the danh chut t tien
mat e phan phoi li nhuan vo ky (cash dividends). Bc
vao giai oan phat huy (expansion stage), giai oan 3,
Hnh 2-4 Hnh 2-4 Hnh 2-4 Hnh 2-4 Hnh 2-4
42
cong ty van tiep tuc ln manh nhng mc o kem hn.
Trong giai oan 3 cong ty co kha nang phan phoi li
nhuan vi so lng tng oi ma khong s tao anh hng
co hai en tng lai cua cong ty. Thng th mc phan
phoi nam trong khoang 4% cho en 15% cua li thu
doanh thng (earnings). Bc vao giai oan on co (ma-
turity stage), giai oan 4, cong ty co gang duy tr s phat
trien mc o tng ng vi mc phat trien cua nen
kinh te (stable growth rate). i vao giai oan sau cung,
giai oan suy tan (decline stage), cong ty mat han kha
nang phat trien. i vao giai oan nay sm hay muon
tuy thuoc vao kha nang rieng cua tng cong ty. vao
giai oan 4 va 5, cong ty co khuynh hng phan phoi li
nhuan rat cao, thong thng th vao khoang 30% cho
en 60% cua li thu doanh thng.
Noi tom lai, oi vi nhng cong ty nho va ang
phat trien khoan li nhuan vo ky tng oi t oi va c
phan phoi that thng. Cong ty muon gi lai li thu
doanh thng tao c e tai au t vao cong cuoc phat
trien va e tang gia li thu doanh thng trong tng lai.
Ngc lai, oi vi cong ty to ln va gia nua c hoi e
phat trien them khong co nhieu. Li nhuan vo ky gan
nh la nguon li duy nhat ma gii au t nham vao cong
ty do o khoan phan phoi co phan troi hn va thng
hn e thu hut gii au t tiep tuc ung ho co phieu cua
cong ty va v vay duy tr gia cua co phieu o tren th
trng.
huuven Tac huuai Tranh
Theo ly thuyet, mot cong ty ch nen gi lai li thu doanh
thng tao c e tai au t vao chnh no qua nhng
chng trnh phat trien cua cong ty neu nhng chng
43
trnh nay ha hen cho c mot mc thu hoach t ra phai
la tng ng vi mc li nhuan sau khi tr thue ma co
chu co the t au t mot ni khac. Neu khong the ha
hen c mc thu hoach nay, cong ty nen phan phoi so
li thu doanh thng tao c en nhng co chu co phieu
thng ang cua cong ty e ho t au t vao ni khac.
Nguyen tac nay c goi la nguyen tac ngoai tranh trong
quyet nh phan phoi hoac gi lai li thu doanh thng
ma cong ty tao c (marginal principle of retained earn-
ings). Mc li nhuan toi thieu trong nguyen tac ngoai
tranh c tnh nh sau:
MLNTT = (1-Th) x MLNNT {2-10}
MLNTT = Mc li nhuan toi thieu, %
MLNNT

= Mc li nhuan ngoai tranh, %
Th = Mc thue, %
Dan Giai 2-5
Gia du la co chu CPT cua cong ty XYZ co c hoi tao 10% li
nhuan neu chu au t vao cong ty KLM. Gia du them (1) mc
thue cho cong ty XYZ la 30% va (2) ca hai cong ty eu co mc
hiem hoa au t (investment risk) ngang nhau. Cau hoi: chieu
theo nguyen tac ngoai tranh, mc li nhuan nao th cong ty
XYZ nen gi lai li thu doanh thng e tai au t vao chnh
no?
Giai ap:
MLNTT = (1-Th) x MLNNT
= (1.0 - 0.30) x 10%
= 7%
Neu mc thu hoach cua cong ty XYZ d phong t 7%
tr len, cong ty nen gi lai li thu doanh thng e tai au t
44
vao chnh no. Con ngc lai, neu mc thu hoach d phong
di 7%, cong ty XYZ nen phan phoi li thu doanh thng cho
co chu CPT e ho em tien o au t vao mot ni khac, th
du nh la au t vao cong ty KML.
Ti Le Fhan Fhui
va 0iu Lai LJi Thu
Mc phan phoi li nhuan vo ky (dividend payout rate)
cua mot cong ty c o bang t le phan phoi li thu
doanh thng va mc gi lai li thu doanh thng (re-
tention rate) e tai au t vao cong ty c o bang t le
gi lai li thu doanh thng. Hai ch so nay c trnh
bay bang so phan tram cua li thu doanh thng va
c chiet tnh bang nhng ang thc nh sau:
TLPP = (LTPP / LTDT) x 100% {2-11}
hoac
TLPP = (LNVK1C / LTDT1C) x 100% {2-11b}
va
TLGL = (LTGL / LTDT) x 100% {2-12}
hoac
TLGL = 100% - TLPP {2-12b}
TLPP = T le phan phoi li thu (payout rate),%
TLGL = T le gi lai li thu (retention rate),%
LTPP = Li thu phan phoi (pay out), $
LTGL = Li thu gi lai (retention), $
LTDT = Li thu doanh thng (earnings), $
LNVK1C = Li nhuan vo ky 1 co phan (dividends per
45
share), $
LTDT1C = Li thu doanh thng 1 co phan (earnings per
share), $
a so cong ty co khuynh hng phan phoi vao
khoang 50% li thu doanh thng cua cong ty.
3
Mot so chuyen gia nghien cu ve th trng chng
khoan cho rang quyet nh khi nao phan phoi va mc
phan phoi li nhuan vo ky cua cong ty khong lam cho
gii au t quan tam.
4
Tuy nhien co mot so chuyen gia
khac khong ong y vi nhan nh tren.
5
Dan Giai 2-6
Gia du trong nam 1996 li thu doanh thng mot co phan (earn-
ings per share, EPS) cua co phieu thng ang XYZ la 4.0
USD. Cung trong nam nay cong ty XYZ a phan phoi 1.9 USD
li nhuan vo ky cho moi co phan. Cau hoi: (1) Tnh mc phan
phoi li nhuan vo ky cua cong ty XYZ va (2) tnh mc gi lai li
thu doanh thng cua cong ty XYZ.
Giai ap:
TLPP = (LNVK1C / LTDT1C) x 100%
= ($1.90 / $4.0) x 100%
= 47.5%
TLGL = 100% - TLPP
= 100% - 47.5%
= 52.5%
Mc phan phoi li nhuan va mc gi lai li thu doanh
thng trong nam 1996 cua cong ty XYZ la 47.5% va 52.5%.
46
Bieu hua Trunu
Muc Fhan Fhui
Trong quyet nh phan phoi li nhuan vo ky cong ty
thng co gang duy tr tnh cach ieu hoa trong mc
pha n pho i (dividend stability) da u cho l i thu doanh
thng cua cong ty co thay oi hoac chm noi theo tng
nam. Th du nh mc phan phoi li nhuan vo ky cua hai
cong ty ABC va XYZ nh sau:
1994 1995 1996 1997
XYZ (USD) 0.75 0.90 1.08 1.32
ABC (USD) 0.75 2.00 0.30 1.00
So sanh cach phan phoi li nhuan vo ky cua hai
cong ty, neu tat ca nhng yeu to khac eu bnh ang,
gii au t co khuynh hng a chuong XYZ hn la ABC
mac dau tong gia tr phan phoi trong 4 nam, 4.05 USD
mot co phan, tnh ra ngang nhau.
Lich Trinh Fhan Fhui
Trong lch trnh phan phoi li nhuan vo ky co nhieu moc
thi gian khac nhau: ngay thanh lap (holder-of-record
date), ngay loai mien (ex-dividend date), va ngay phan
phoi (payment date). Ngay thanh lap la ngay cong ty
thanh lap danh sach nhng co chu se c nhan li
nhuan vo ky. Ch co nhng ngi chnh thc tr thanh
co chu cua cong ty trc ngay loai mien la co ten trong
danh sach c hng li nhuan vo ky. Con nhng
ngi ch chnh thc tr thanh la co chu cua cong ty t
ngay loai mien tr ve sau th phai i ti ky phan phoi
ke. Ngay thanh lap thng la 4 ngay sau ngay loai miem.
47
Con ngay phan phoi la ngay cong ty thc s phan phoi
li nhuan vo ky en co chu co ten trong danh sach va
thng la trong vong mot thang sau ngay thanh lap. Th
du nh cong ty XYZ a ra lch trnh phan phoi li nhuan
vo ky nh sau:
Ngay Ngay Ngay
Loai Mien Thanh Lap Phan Phoi
06/01/96 06/05/96 06/30/96
Theo lch trnh nay, ch co nhng ngi chnh thc
la co chu cua cong ty trc ngay 6/1/1996 la se nhan li
nhuan vo ky. Ngay 6/5/1996 se la ngay thanh lap danh
sach va li nhuan vo ky se c phan phoi vao ngay 6/
30/1996 en nhng co chu co ten trong danh sach.
Anh huJnu
Sau huav Luai Mien
Gii au t rat quan tam en ngay loai mien (ex-divi-
dend date). Sau ngay nay, neu tat ca nhng yeu to khac
khong thay oi, gia cua co phieu se giam xuong, ieu
chnh theo so lng tng ng vi so lng li nhuan
vo ky a phan phoi.
Fhan Fhui LhvK
Banu Cu Fhieu
Cong ty co the phan phoi li nhuan vo ky qua hai the
thc: phan phoi bang tien mat (cash dividends) hoac phan
phoi bang co phieu (stock dividends).
48
Vi the thc phan phoi li nhuan vo ky bang co
phieu, mot so co phan mi se c phan phoi ti tay co
chu, thng th vao khoang 10% cua tong so co phan
hien hanh. So co phan mi, sau khi ieu chnh, khong
lam gia tang hoac sut giam gia tr chu ban cua cong ty
mac dau co s thay oi trong ghi nhan ke toan. Tuy
nhien, mot phan cua li thu doanh thng gi lai se c
chuyen vao von co phieu, tc la t ban hoa mot phan
li thu doanh thng gi lai tng ng vi tong gia tr
cua so co phan mi.
oi vi nhng co chu, so co phan mi khong lam
gia tang hoac giam sut gia tr cua toan bo au t mac du
li thu doanh thng mot co phan (earnings per share,
EPS) va gia th trng cua co phieu co thay oi e ieu
chnh theo so lng co phan mi.
Dan Giai 2-7
Cong ty XYZ tuyen bo phan phoi li nhuan vo ky vi 10% co
phan mi. Trc khi phan phoi gia du la gia co phieu, li thu
doanh thng, gia co phieu, gia tr au t cua ong B va gia tr
chu ban cua cong ty XYZ nh sau:
Li Thu Doanh Thng Trc Khi Phan Phoi
Li Thu Doanh Thng $400,000
LTDT1C $0.40
Gia Co Phieu Trc Khi Phan Phoi
GTT $16
(1)
GTT/LTDT1C 40
Gia Tr au T Cua Ong B Trc Khi Phan Phoi
So CP XYZ 10,000
(2)
Tong Gia Tr au T, (1) x (2) $160,000
49
Gia Tr Chu Ban Trc Khi Phan Phoi
Von CPT, GTPB, $0.1x1 trieu CP $100,000
(3)
Von CPT, Vt GTPB, $4.9x1 trieu CP $4,900,000
(4)
Li Thu Doanh Thng Gi Lai $ 800,000
(5)
Gia Tr Chu Ban, GTCB, (3)+(4)+(5) $5,800,000
Chu Thch:
Von CPT, GTPB, 1CP = $0.10
Von CPT, Vt GTPB, 1CP = ($5 - $0.1) = $4.9
Van e: so sanh trc va sau khi phan phoi li nhuan vo ky
bang so co phan mi (1) tong lng co phan, (2) gia th trng
cua co phieu, (3) gia tr chu ban va (4) toan bo gia tr au t
cua ong B. Can noi them, von co phieu thng ang th du
nay la 5 USD mot co phan va c ghi nhan lam hai phan:
phan gia tr phiem ban, GTPB, va phan vt gia tr phiem ban
la theo qui c ke toan cua Hoa Ky. Chi tiet ke toan se c
giai thch can ke hn trong chng noi ve viec anh gia mot
cong ty.
Giai ap:
Tong So Co Phan Sau Khi Phan Phoi 10% CP Mi
(1 + 0.10) x 1,000,000 CP = 1,100,000 CP
(a)
Gia Tr Chu Ban Sau Khi Phan Phoi
Von CPT, GTPB, $0.1x1.1 trieu CP $110,000
(b)
Von CPT, Vt GTPB, $4.9x1.1trieu CP $5,390,000
(c)
Li Thu Doanh Thng Gi Lai, $300,000
(d)
Gia Tr Chu Ban, GTCB, (b)+(c)+(d) $5,800,000
Chu Thch:
Von CPT, Vt GTPB, 1CP = ($5 - $0.1) = $4.9
(d) = ($800,000 $500,000) = $300,000
Li Thu Doanh Thng Sau Khi Phan Phoi
(e)
LTDT1C, (e)/(a) $0.3636
(f)
50
Gia Co Phieu Sau Khi Phan Phoi
GTT/LTDT1C 40
(g)
GTT, (g) x (f) $14.545
(h)
Gia Tr au T Cua Ong B Sau Khi Phan Phoi
So Co Phan (1.0 + 0.1) x 10,000 CP 11,000
(k)
Tong Gia Tr au T, (h) x (k) $160,000
Sau khi cong 10% co phan mi, tong so co phan du
hanh cua cong ty tang len 1,100,000. ong thi 500,000 USD
c chuyen ra khoi muc li thu doanh thng gi lai (retained
earnings) e a vao von co phieu thng ang, phan GTPB
(capital stock; par) va phan vt GTPB (capital surplus; paid-
in excess of par; paid-in surplus; paid-in capital; contributed
capital). So sanh trc va sau khi phan phoi li nhuan vo ky
bang co phan mi, gia tr chu ban cua cong ty khong thay oi.
S thay oi chi tiet ben trong ch la e ieu chnh theo qui c
ke toan. Toan bo gia tr au t cua ong B cung khong thay oi
dau la gia th trng, GTT, va li thu doanh thng mot co phan,
LTDT1C, co thay oi e ieu chnh theo so lng co phan mi.
Gia th trng cua co phieu sau khi phan phoi li nhuan vo ky
bang co phan mi, 14.545 USD, c chiet tnh da tren d
kien la th trng van ong y mua vi mot gia gap 40 lan li thu
doanh thng mot co phan.
Lv 0u Fhan Fhui
LhvK Banu Cu Fhieu
Trong giai oan phat trien manh, cong ty can gi lai tien
mat e ho tr cong cuoc phat trien cua cong ty. e va
lam c ieu o va gi vng niem tin va s ung ho
cua gii au t, cong ty co the dung the thc phan phoi
li nhuan vo ky bang co phieu. Khi chon the thc phan
phoi li nhuan vo ky bang co phieu, cong ty co y ngam
ngam nhan nhu vi th trng va vi co chu la S d
51
cong ty khong a tien mat cho qu l la v can gi lai li
thu doanh thng a tao c e tai au t vao cong ty.
Hay tin vao tng lai ti sang cua cong ty chung ta! Vi
so co phan mi, qu v hay tam tng tng la chung ta
a giau hn. Do o, the thc phan phoi nay c coi
nh mot phng tien truyen thong.
Co oi khi nhng cong ty cha tao ra c li
nhuan cung ap dung the thc phan phoi li nhuan vo ky
bang co phan mi. Nhng trong trng hp nay, muc
ch chnh la lam hoa mat gii au t kem thong thao e
che ay kha nang kem coi cua cap lanh ao va ieu
hanh hoac e che ay tnh trang yeu kem cua cong ty.
LhvK hav LT0T?
Khuynh hng cua th trng ve ch so li nhuan vo ky
thay oi theo thi gian va hoan canh. Vao thap nien
1960, gii au t gan nh khong e y g ti li nhuan vo
ky ma ch chu trong vao kha nang tao li thu doanh thng
cua cong ty, o bang ch so LTDT1C (earning per share,
EPS). Nhng cong ty nh Syntex, Xerox, Palaroid, Sears
Roebuck, Procter & Gamble, Eastman Kodak c gii
au t a chuong nh vao ch so nay. vao giai oan
o gia tang nhanh chong tren li thu doanh thng ong
ngha vi gia tang nhanh chong tren gia th trng cua
co phieu. Ngc lai nhng cong ty ln (blue chips) nam
trong DJIA, dau la phan phoi li nhuan vo ky rat cao va
eu an, van b gii au t che va bo quen.
S pha gia tram trong cua th trng co phieu
vao nam 1969 dan en s thay oi tren quan iem au
t. Roi vao thap nien 1980, ch so LNVK1C tr thanh la
trong tam. Kha nang phan phoi li nhuan vo ky cua mot
cong ty, neu cao va ieu hoa, c gii au t a chuong
52
hn.
en thap nien 1990, gii au t dng nh anh
gia hai ch so ngang nhau. Nhng cong ty vng chai co
kha nang tao li thu doanh thng cao lan kha nang
phan phoi li nhuan vo ky cao va ieu hoa c gii
au t a chuong. Tuy nhien theo nhan nh cua cac
ong Richard Tewels, Edward Bradley va Ted Tewels,
gii au t muon bat ca hai tay la ieu khong thc te.
6
Anh huJnu Ben
0uven Chi Bau
Hoi ong giam oc cua mot cong ty, nhat la nhng cong
ty con nho yeu, thng de dat trong van e phan phoi
li nhuan vo ky. Ho lo ngai la sau khi phan phoi cong ty
se b thieu hut va a en tnh trang buoc ho phai ban
ra them co phieu mi e thu hut nguon tai chnh can
thiet. So co phieu mi co the se lam loang i quyen bau
c cua so co phieu cu va co the se a en tnh trang
mat i quyen ch ao cong ty ma ho ang nam.
Luat Cam Xam Fham
vun Bau Tu
Hau het tat ca nhng tieu bang cua lien bang Hoa Ky
eu ngan cam cong ty dung von au t cua co chu (con-
tributed capital) e phan phoi li nhuan vo ky. Cong ty
ch c phep phan phoi li thu doanh thng ton gi t
nhng nam trc cong li thu doanh thng trong nam
hien tai (past and current earnings). Phan phoi vt
tren tong so li thu doanh thng cu va mi va noi
53
cong ty se b nh toi la xam pham von au t (raiding
the capital). Luat le nay chu yeu la e bao ve quyen li
cua nhng chu n (creditors) a cho cong ty vay mn
hoac mua thieu.
Li Nhuan
Hien Hanh, LNHH
Mc li nhuan hien hanh cua co phieu (dividend yield) la
t le cua tat ca li nhuan vo ky nhan c trong nam tren
gia th trng cua co phieu luc mua vao, hay la:
LNHH = (LNVK1C / GTT) x 100% {2-13}
LNHH = Mc li nhuan hien hanh, %
LNVK1C = Li nhuan vo ky 1 co phan, $
GTT = Gia th trng luc mua vao, $
Ch So GTT/LTDT1C
Gia th trng tren li thu doanh thng mot co phan
(Price/Earnings Ratio, P/E), hay ch so GTT/LTDT1C, cua
mot co phieu la mot so o cho biet th trng bang long
mua vao mot co phieu vi mot gia gap bao nhieu lan li
thu doanh thng cua co phieu o. Th du trong dan giai
{2-7} va roi cho thay th trng ong y vi mot gia gap
40 lan li thu. Ch so GTT/LTDT1C c tnh bang ang
thc:
GTT/LTDT1C = (GTT) / (LTDT1C) {2-14}
GTT = Gia th trng cua co phieu, $
54
LTDT1C = Li thu doanh thng mot co phan, $
Fhan 6o Fhan
Phan co phan (stock split) cung tng t nh phan phoi
LNVK bang co phieu. Ca hai eu tao them mot so co
phan mi va lam gia tang tong so lng co phan hien
hanh. Tuy nhien, theo luat le cua th trng mua ban
chng khoan va theo qui c cua Hoi ong Thiet Lap
Tieu Chuan Ke Toan Tai Chnh (FASB), neu so co phan
mi vao khoang 20% tong so co phan cu hay cao hn
cong ty phai ap dung the thc phan co phan (stock split)
thay v phan phoi li nhuan vo ky bang co phieu (stock
dividend).
Cach ke toan cho phan co phan cung co phan
khac biet so vi cach ke toan cho phan phoi li nhuan
vo ky bang co phieu. Sau khi phan co phan, tong so co
phan se gia tang va gia th trng cua co phieu se giam
xuong mc tng ng vi t le phan co phan trong
khi gia tr chu ban va gia tr toan bo au t se khong
thay oi.
Thong thng ly do cho quyet nh phan co phan
la v cong ty phat hanh co phieu muon ieu chnh gia th
trng cua co phieu o xuong thap hn e ap ng th
hieu cua gii au t (to meet popular trading range). Gia
hai co phieu, gii au t se co khuynh hng chon mua
1,000 co phan cua co phieu gia 10 USD hn la mua 100
co phan cua co phieu gia 100 USD dau la gia thanh cua
ca hai eu la 10,000 USD.
Ly do th hai cho viec phan co phan la e lam
gia tang kha nang lu hoat (liquidity) cua co phieu. So
lng co phan cang nhieu th co phieu cang co hy vong
at mc lu hoat cao hn (improving liquidity).
7
55
Dan Giai 2-8
Gia du cong ty XYZ tuyen bo phan co phan theo t le 3:1. T le
ba tren mot co ngha la c mot co phan hien tai se tr thanh ba
co phan trong tng lai sau ngay chnh thc phan co phan.
Trc khi phan co phan gia du la gia co phieu, li thu doanh
thng, gia co phieu, gia tr au t cua ong B va gia tr chu ban
cua cong ty XYZ nh sau:
Li Thu Doanh Thng Trc Khi Phan Phoi
Li Thu Doanh Thng, LTDT $400,000
LTDT1C $0.40
Gia Co Phieu Trc Khi Phan Phoi
GTT $16
(1)
GTT/LTDT1C 40
Gia Tr au T Cua Ong B Trc Khi Phan Phoi
So CP XYZ 10,000
(2)
Tong Gia Tr au T, (1) x (2) $160,000
Gia Tr Chu Ban Trc Khi Phan Phoi
(3)
(4)
Li Thu Doanh Thng Gi Lai $ 800,000
(5)
Gia Tr Chu Ban, GTCB, (3)+(4)+(5) $5,800,000
Chu Thch:
Von CPT, Vt GTPB, 1CP = ($5 - $0.1) = $4.9
Van e: so sanh trc va sau khi phan co (1) tong lng co
phan, (2) gia th trng cua co phieu, (3) gia tr chu ban va (4)
toan bo gia tr au t cua ong B.
Can noi them, von co phieu thng ang trong th du
nay la 5 USD mot co phan va c ghi nhan lam hai phan:
phan gia tr phiem ban, GTPB, va phan vt gia tr phiem ban
la theo qui c ke toan cua Hoa Ky. Chi tiet ke toan se c
giai thch can ke hn trong chng noi ve viec anh gia mot
56
cong ty.
Giai ap:
Tong So Co Phan Sau Khi Phan Co Theo T Le 3:1
(3/1) x 1,000,000 CP = 3,000,000 CP
(a)
Gia Tr Chu Ban Sau Khi Phan Phoi
(b)
(c)
Li Thu Doanh Thng Gi Lai, $800,000
(d)
Gia Tr Chu Ban, GTCB, (b)+(c)+(d) $5,800,000
Chu Thch:
Von CPT, GTPB, 1CP = ($0.1)/(3/1) = $0.033
Von CPT, Vt GTPB, 1CP = ($5 $0.1)/(3/1) = $1.633
Li Thu Doanh Thng Sau Khi Phan Phoi
(e)
LTDT1C, (e)/(a) $0.1333
(f)
Gia Co Phieu Sau Khi Phan Phoi
GTT/LTDT1C 40
(g)
GTT, (g) x (f) hoac ($16)/(3/1) $5.33
(h)
Gia Tr au T Cua Ong B Sau Khi Phan Phoi
So Co Phan (3/1) x 10,000 CP 30,000
(k)
Tong Gia Tr au T, (h) x (k) $160,000
Sau khi phan co, tong so co phan du hanh cua cong ty
tang len 3,000,000. So sanh trc va sau khi phan co, gia tr
chu ban cua cong ty khong thay oi. S thay oi chi tiet ben
trong ch la e ieu chnh theo qui c ke toan. Toan bo gia tr
au t cua ong B cung khong thay oi dau la gia th trng,
GTT, va li thu doanh thng mot co phan, LTDT1C, co thay oi
e ieu chnh theo so lng co phan mi. Gia th trng cua
co phieu sau khi phan co, 5.33 USD, c chiet tnh da tren
d kien la th trng van ong y mua vi mot gia gap 40 lan li
thu doanh thng mot co phan.
57
kha hang Luu hoaI
Kha nang lu hoat (liquidity) cua mot chng khoan la
kha nang hoan chuyen von au t t chng khoan o
sang tien mat hoac sang mot chng khoan khac. Noi
mot cach de hieu hn, mot chng khoan co mc lu hoat
cao la mot chng khoan thnh hanh tren th trng, tc la
cung lan cau cua chng khoan eu cao, v vay no de
mua va de ban. Tnh de mua va de ban nay nang kha
nang lu hoat cua mot chng khoan. Nhng chng khoan
co kha nang lu hoat qua thap kho thu hut c nhng
thanh phan tham d vao th trng chng khoan, trong
o co nhng trung gian mua ban chng khoan (brokers),
nhng ai ly mua ban chng khoan (dealers) va gii au
t.
Dan lc cua nhng co phieu co kha nang lu hoat
cao lam cho chung von a thnh hanh cang them thnh
hanh. Thnh hanh la mot trong nhng ieu kien e mot
co phieu c ang ky mua ban tren nhng th trng
co uy tn ln. Nhng cong ty ang phat trien can nhng
th trng mua ban co uy tn ln e thu hut nguon tai
chnh mi cho cong cuoc phat trien.
hhap 6o Fhan
Ngc lai vi viec phan co phan la nhap co phan (re-
verse split). Ly do chnh e nhap co phan la v cong ty
muon chnh lai gia cua co phieu cho cao hn e ap ng
nhu cau cua gii au t. Co phieu co gia th trng
mc qua thap co khuynh hng thu hut nhng tay chi
may rui (speculators) hn la thu hut nhng ngi au t
chan chnh (investors). Neu nh mot so lng ln co
phan cua mot cong ty nam trong tam anh hng cua
nhng tay chi may rui, gia cua co phieu o se tr nen
58
bat on nh hn nhieu va hau qua la gii au t co the
se tranh xa co phieu o.
Thu Mua LaI
6o Fhan
Nhng cong ty co tien mat thang d trong tay (excess
cash) nhng cha co them c hoi tot e au t phat
trien cong ty cua ho oi khi dung so tien mat thang d
nay e thu mua lai co phieu cua cong ty nha (stock re-
purchase).
Quyet nh thu mua lai co phieu cua cong ty nha
thng c da tren hai ly do. Th nhat, v cong ty tin
rang gia th trng cua co phieu cua cong ty nha thap
hn gia tr tng xng cua no kha xa. Trong trng hp
nay, mua lai co phan la hnh thc au t vao chnh cong
ty cua mnh. Th hai, co the la v cong ty muon nang gia
th trng cho co phieu cua cong ty nha. Thu mua mot
so lng ln co phan cua cong ty se tao anh hng tch
cc en tam ly cua th trng va en canh can cung cau
vi hy vong la lam cho gia th trng cua co phieu cua
cong ty nha gia tang, hoac lam cho gia ng lai trong
trng hp no ang tuot doc.
Sau khi thu mua, so co phan cua cong ty nha co
the (1) c em huy bo (to be retired) hoac (2) em
ban ra cho cong chung trong tng lai (to be resold to
the public). Chung c goi la co phieu thu hoi (trea-
sury stocks).
Mua 8an 6o FhIau
Nhu cau mua va ban co phieu lam nen th trng co
59
phieu (stock markets) va nhng vu mua ban c thanh
lap tai nhng ni mua ban c goi la th trng mua
ban danh rieng cho co phieu (stock market exchanges).
Nhng ni mua ban nay co the la mot cao oc (building)
ma cung co the la mot kien truc cua the gii vi tnh, he
thong mang vi tnh (computer network). Co phieu du
hanh tren th trng va c mua ban mot cach hieu
qua phan ln la nh vao kha nang cung cap dch vu cua
nhng ai ly mua ban co phieu (dealers), nhng trung
gian mua ban co phieu (brokers) va nhng c quan am
trach dch vu tai chnh khac.
Thi TruJnu Cu Fhieu
Th trng co phieu (stock markets) c chia ra lam th
trng cap 1 (primary market) va th trng cap 2 (sec-
ondary market). Th trng cap 1 la th trng cua co
phieu mi trong khi th trng cap 2 la th trng cua co
phieu cu.
Co phieu mi la co phieu c ban ra lan au
tien (primary offerings) tren th trng va so tai chnh thu
hut c se chay vao cong ty phat hanh co phieu. Co
phieu mi thng do nhng ngan hang au t (invest-
ment banks) ng ra am nhiem phan phoi qua kinh cong
he (public placement) hoac phan phoi qua kinh t he
(private placement).
Co phieu cu la co phieu c mua i ban lai gia
nhng ngi au t va so lng tai chnh ch chuyen
hoan gia nhng ngi au t ch khong vao tay cong
ty phat hanh. Nh vay, th trng cap 1 mi thc s la
ong dan tien vao tay nhng cong ty doanh thng e
tai tr cho cong cuoc phat trien kinh doanh.
60
Thi TruJnu
Mua Ban Cu Fhieu
Sau khi c nhng ngan hang kinh tai phan phoi, co
phieu mi bay gi tr thanh co phieu cu va c mua i
ban lai (secondary transactions) tren nhng th trng
mua ban cap 1 (registered stock exchanges; organized
stock exchanges) hoac nhng th trng mua ban cap 2
(self-regulated exchanges).
Th trng mua ban cap 1 la nhng th trng co
ang ky va co to chc rat chat che. Trong so nhng th
trng mua ban cap 1 cua Hoa Ky co New York Stock
Exchange (NYSE) va American Stock Exchange (AMEX).
Mot vai vung cua Hoa Ky cung co nhng th trng mua
ban cap 1 nhng tam voc nho hn (regional exchanges),
th du nh Pacific Stock Exchange (PSE), Philadelphia
Stock Exchange (PHLX), Boston Stock Exchange, Mid-
west Stock Exchange, va Cincinnati Stock Exchange
(CSE). Hai ngoai co nhng th trng mua ban cap 1
noi tieng nh la Tokyo Stock Exchange, Hongkong Stock
Exchange, Toronto Stock Exchange . . .
Th trng mua ban cap 2 (over-the-counter, OTC)
la th trng t quan t kiem (self-regulated). Mot tap
hp vi s tham d cua hang ngan ai ly mua ban chng
khoan (dealers) lien ket e lam th trng qua mot to
chc c goi la Nghiep oan ai Ly Mua Ban Chng
Khoan (National Association of Securities Dealers, Inc.,
NASD). Thay v gap mat nhau tai ni mua ban e au
gia theo truyen thong lau i cua th trng mua ban
cap 1, gia cua co phieu c mac ca va mua ban c
thanh lap qua mot he thong mang vi tnh (screen-based
market). NASD Automated Quote (NASDAQ), Over-the-
Counter Bulletin Board (OTCBB) va PORTAL Market
(PORTAL) thuoc vao loai th trng mua ban cap 2 nay.
61
Co hn 50,000 cong ty tren OTCBB va hn 5,000 cong
ty tren NASDAQ.
Banu Kv vJi Thi TruJnu
Mua Ban Cu Fhieu
e cho co phieu cua cong ty c phep mua ban tren
mot th trng mua ban co phieu, cong ty phat hanh trc
het phai ang ky vi th trng mua ban o.
Muon ang ky vi mot th trng mua ban cap 1,
cong ty phat hanh co phieu phai hoi u mot so ieu kien
do th trng mua ban cap 1 qui nh. Neu cong ty phat
hanh co phieu khong the duy tr ung vi tieu chuan a
qui nh, cong ty se b loai ra khoi danh sach ang ky va
co phieu cua cong ty se khong c tiep tuc mua ban
tren th trng mua ban o na. NYSE va AMEX e ra
nhng tieu chuan rat cao do o nhng cong ty ang ky
mua ban tren hai th trng mua ban nay c coi la co
can ban rat vng chac va co ay u uy tn.
Cong ty b loai ra khoi th trng mua ban cap 1
co the ang ky vi mot th trng mua ban cap 2 e co
phieu cua cong ty o tiep tuc du hanh. Tieu chuan ang
ky cua nhng th trng mua ban cap 2 co phan ni hn
nhieu so vi tieu chuan cua nhng th trng mua ban
cap 1.
Bai Lv Mua Ban Chunu
Khuan va Trunu 0ian
Mua Ban Chunu Khuan
62
Chng khoan du hanh tren th trng phan ln la nh
vao hoat ong cua nhng ai ly mua ban chng khoan
(securities dealers) va nhng trung gian mua ban chng
khoan (securities brokers).
ai ly mua ban chng khoan phai t bo tien ra
mua chng khoan e ban lai kiem li. Khach hang cua
ho thng la nhng ngi au t vi danh ngha ca
nhan (private investors) hoac vi danh ngha cua to chc
(institutional investors), con goi la ngi au t vi danh
ngha cua to chc hoac ngi au t thuoc vao to chc.
Khac vi ai ly mua ban chng khoan, nhng
trung gian mua ban chng khoan ch ng ra lam moi
gii mua ban e kiem tien ph moi gii ch khong bo
tien ra mua chng khoan d tr e ban lai kiem li. Khach
hang cua nhng trung gian mua ban chng khoan a so
la nhng ngi au t vi danh ngha ca nhan hoac vi
danh ngha cua to chc. Va trong so khach hang cua
ho cung co ca nhng ai ly mua ban chng khoan.
Yet 0ia Cu Fhieu
Gia cua co phieu c niem yet nhieu ni va qua nhng
phng tien truyen thong quen thuoc. Nhng bang yet
gia co phieu ang tai tren nhng nhat bao thng giong
nh bang yet gia trong hnh 2-9.
Can c theo bang yet gia 2-9, cot th 1 cho biet
gia cao nhat cua co phieu a mua ban tren th trng
trong suot 52 tuan sau cung (52-week high). Cot th 2
cho biet gia thap nhat cua co phieu a mua ban tren th
trng trong suot 52 tuan sau cung (52-week low). Cot
th 3 cho biet ten cua cong ty phat hanh co phieu. Neu
khong co ch chu thch nam ben canh ten cua cong ty
th co phieu o chnh la co phieu thng ang. Neu co
63
H
n
h

2
-
9
H
n
h

2
-
9
H
n
h

2
-
9
H
n
h

2
-
9
H
n
h

2
-
9
64
H
n
h

2
-
1
0
H
n
h

2
-
1
0
H
n
h

2
-
1
0
H
n
h

2
-
1
0
H
n
h

2
-
1
0
65
ch pf nam ben canh ten cua cong ty th no la co phieu
u ang. oi khi ten cua cong ty co mot mau t nam
ben canh e cho biet cap (class) cua co phieu o, th du
nh la Revlon A trong cot 3 cua hnh 2-9. Cot th 4 cho
biet ky hieu rieng cua co phieu. Cot th 5 cho biet li
nhuan vo ky hoac li nhuan thng ky a phan phoi en
tay co chu tnh tren mot co phan va tnh trong vong mot
nam (annual dividend per share). Cho bo trong trong
cot nay co ngha la cong ty cha phan phoi li nhuan
trong nam hien tai. Cot th 6 cho biet mc li nhuan
hien hanh (dividend yield) cua co phieu, hay la LNHH%.
Cot th 7 cho biet ch so gia th trng tren li thu doanh
thng mot co phan (P/E ratio) cua co phieu, li thu doanh
thng cua 4 tam ca nguyet sau cung (last 4 quarters).
Cot th 8, nhan cho 100, cho biet so lng co phan mua
ban trong ngay. Cot th 9 cho biet gia cao nhat cua co
phieu a mua ban tren th trng trong ngay (day high).
Cot th 10 cho biet gia thap nhat cua co phieu a mua
ban tren th trng trong ngay (day low). Cot th 11 cho
biet gia cuoi cung ngay khi cham dt mua ban trong ngay
(day close). Va sau het cot th 12 cho biet khoang cach
tang giam cua gia co phieu so vi mot ngay trc. Sai
biet gia c tnh bang cach em gia cuoi cung cua ngay,
yet cot 11, tr cho gia cuoi cung cua ngay trc (previ-
ous day).
Vi ky thuat hien ai gia co phieu c niem yet
nhieu ni tren he thong mang vi tnh. Th du nh tren
trang cua Yahoo hoac CBS Watch Market. Nhng bang
yet gia tren mang vi tnh cung tng t nh bang yet gia
trong hnh 2-10 va noi dung cung khong khac may so vi
noi dung cua bang yet gia trong hnh 2-9.
Ngoai ra gia cua co phieu cung c niem yet
tren nhng chng trnh phat hnh, nhat la nhng chng
trnh chuyen thong tin ve au t va tai chnh, di hnh
66
1 2 3 4 5
MSFT
5K @
61 3/ 8 1 1/ 2 WMT
38K @
26 1/ 4 2 1/ 8
thc bang yet gia ien t (electronic ticker tape) giong
nh hnh 2-11. Bang yet gia ien t lien tuc thong bao
gia mi nhat cua co phieu tren th trng (showing real-
time or 15 minute delayed). Noi dung cua bang yet gia
ien t rat n gian. o la, cot th 1 cho biet ky hieu
rieng cua co phieu. Cot th 2 cho biet so lng co phan
ang mua ban. Mau t K co ngha la nhan cho 1 ngan,
M la nhan cho 1 trieu va B la nhan cho mot t. Nh vay,
5K co ngha la 5 ngan co phan va 38K la 38 ngan co
phan. Cot th 3 cho biet gia mi nhat cua co phieu. Cot
th 4 cho biet gia cua co phieu troi hay sut so vi gia
sau cung cua ngay hom trc (previous days closing
price). Thong thng dau mau o ch hng giam, mau
xanh ch hng tang, va mau trang e ch khong co
thay oi. Va cot th 5 cho biet gia cua co phieu a troi
sut bao nhieu so vi gia sau cung cua ngay hom trc.
Phieu Chng Nhan
Ky Thac Co Phan
Phieu chng nhan ky thac co phan (American Deposit
Receipts, ADRs) la mot sang tao cua Morgan Guaran-
tee Trust thap nien 1920s. Vao khoang thi gian o
Uy Ban Chng Khoan & Th Trng Mua Ban Chng
Hnh 2-11 Hnh 2-11 Hnh 2-11 Hnh 2-11 Hnh 2-11
67
Khoan (Securities and Exchanges Commission) cung nh
thu tuc ang ky chng khoan cha ra i. Mua ban trc
tiep mot chng khoan cua mot cong ty ngoai quoc rat la
phc tap [va ngay ca bay gi cung vay]. Cho nen, thay
v mua ban trc tiep mot co phieu do cong ty nc ngoai
phat hanh phieu chng nhan ky thac co phan cua co
phieu o c s dung e tien hn cho viec mua ban.
Theo phng cach tren co phieu do mot cong ty
ngoai quoc phat hanh c em ky thac vao mot ngan
hang co tam voc quoc te, Sau khi kiem tra va chap nhan,
ngan hang nay se phat hanh phieu chng nhan ky thac
co phan cua cong ty o e ban ra tren th trng Hoa
Ky. Khi ngan hang chu ng ra phat hanh phieu chng
nhan ky thac co phan, co phieu o c coi la co bao
chng (sponsored). Ngan hang ch bao chng co phieu
theo s yeu cau cua cong ty phat hanh. Ngc lai, ngan
hang co the huy bo bao chng theo s yeu cau cua gii
au t. Ngay nay tat ca phieu chng nhan ky thac co
phan (sponsored ADRs) eu co ang ky vi Uy Ban
Chng Khoan & Th Trng Mua Ban Chng Khoan.
Vi chieu hng au t vao nhng cong ty hai
ngoai cua gii au t Hoa Ky cang ngay cang nhieu,
phieu chng nhan ky thac co phan cang ngay cang tr
nen thnh hanh hn. Gii au t Hoa Ky a chuong
phieu chng nhan ky thac co phan, so vi mua trc tiep
co phan cua cong ty ngoai quoc (buying foreign shares
directly) v nhng ly do sau ay. Th nhat, mua phieu
chng nhan ky thac co phan rat de dang. Th hai, e
tranh b phat va v vo tnh mua va ban ra chng khoan
khong co ang ky. Ban ra co phieu do mot cong ty
ngoai quoc phat hanh khong co hoac cha co ang ky
vi Uy Ban Chng Khoan & Th Trng Chng Khoan
se b phat di ieu khoan tr giup phan phoi chng
khoan khong co ang ky (as a distributor of unregis-
68
tered securities) theo luat chng khoan ban hanh nam
1933 (Security Act of 1933). Th ba, ngi nam gi phieu
chng nhan ky thac co phan co ay u nhng chu quyen
danh cho co chu cua cong ty. Th t, bao cao tai chnh
va nhng van kien lien he eu c in bang Anh ng.
Th nam, li nhuan vo ky va gia cua co phieu c tnh
bang USD.
Tham khao
1a
Theo nh ngha cua Securities Exchange Act of 1934,
chng khoan la: Any note, stock, treasury stock, bond,
debenture, certificate of interest or participation in any
profit-sharing agreement or in any oil, gas, or other min-
eral royalty or lease, any collateral trust certificate,
preorganization certificate or subscription, transferable
share, investment contract, voting-trust certificate, cer-
tificate of deposit, for a security, any put, call, straddle,
option, or privilege on any security, certificate of deposit,
or group or index of securities (including any interest
therein or based on the value thereof), or any put, call,
straddle, option, or privilege entered into on a national
securities exchange relating to foreign currency, or in gen-
eral, any instrument commonly known as a security; or
any certificate of interest or participation in, temporary or
interim certificate for, receipt for, or warrant or right to
subscribe to or purchase, any of the foregoing; but shall
not include currency or any note, draft, bill of exchange,
or bankers acceptance which has a maturity at the time
of issuance of not exceeding nine months, exclusive of
days of grace, or any renewal thereof the maturity of which
is likewise limited.
1
Cong ty cua tieu bang ay co y noi la cong ty ang ky
69
thanh lap tai tieu bang o (ch khong co y noi tieu bang
nam chu quyen).
2
Janet Lowe, 1996, Value Investing Made Easy, tr.42
3
Donald Fisher and Ronald Jordan, 1987, Security Analy-
sis and Porfolio Management, tr.276
4
Merton Miller and Franco Modigliani, 10/1961, Tr.411-
433
5
Myron Gordon, 5/1963, tr.243-269
6
Richard Teweles & Edward Bradley & Ted Teweles,
1992, The Stock Market, tr.29
7
Eugene F. Fama, Lawrence Fisher, Michael Jensen and
Richard Roll, The Adjustment of Stock Prices to New In-
formation, International Economic Review, January 1969,
tr.1-21
70
71
o phieu u ang la mot cong cu huy ong von cao
gia hn mot so cong cu khac. Th du nh so vi trai
phieu, co phieu u ang phan phoi li nhuan thng ky
(preferred dividends) vi li thu doanh thng sau khi tr
thue (after-tax profits) trong khi trai phieu tra li nhuan
nh ky (interests) vi li thu doanh thng trc khi tr
thue (pre-tax profits). Ch vi ieu nay, neu ca hai cho
mot mc li nhuan ngang nhau, huy ong von vi cong
cu co phieu u ang tnh ra se mac hn la vi cong cu
trai phieu.
Tuy vay co nhng cong ty van chon cong cu co
phieu u ang e huy ong von thay v s dung mot
cong cu khac, nhat la nhng cong ty non tre can nguon
tai chnh t nhng nha tai tr von phat trien cho nhng
cong ty nhieu trien vong (venture capital investors). Co
the la v nhng cong ty nay khong muon hoac khong the
huy ong von qua cong cu vay mn nh la phat hanh
trai phieu hoac tm en ngan hang va cung khong muon
hoac khong the huy ong von qua cong cu co phieu
Co Phieu
u ang
C
72
thng ang v mot ly do nao o.
Co phieu u ang cho ngi au t (1) quyen u
tien, so vi co phieu thng ang, trong viec phan phoi
li thu doanh thng cua cong ty phat hanh va phan
phoi tai san cua cong ty phat hanh (priority on distribu-
tion of assets) neu no sap nhap vi mot cong ty khac
hoac ban pha san va (2) mot so ac quyen (certain
preferential rights) trong o co quyen bieu quyet nhng
thay oi quan trong nh la mua hoac ban cong ty (the
acquisition or sale of the company).
a so nhng ieu khoan c thanh lap cho mot
co phieu u ang (preferred stock terms) eu theo tieu
chuan (standard) va thng la khong the ieu nh (non-
negotiable). Qui c cua co phieu u ang thng xoay
quanh (1) nhng chon la trong trng hp cong ty sap
nhap vi mot cong ty khac hoac ban dep cong ty (merger
or liquidation preferences), (2) nhng hnh thc chong
lam loang (anti-dilution protections), gia va chu phan, va
(3) nhng ieu khoan hoan tra von (redemption provi-
sions).
Trong trng hp cong ty phat hanh sap nhap
vi mot cong ty khac hoac ban dep cong ty, vi quyen
u tien, co chu co phieu u ang se nhan c tien boi
hoan (get their money back upon the liquidation), co the
kem vi li nhuan mot mc a giao c, trc khi so
thu (the proceed) c chuyen giao cho co chu cua co
phieu thng ang. Va nhng chon la cho trng hp
cong ty phat hanh co phieu u ang sap nhap vi mot
cong ty khac hoac ban dep cong ty nam di 2 dang:
kha d (participating) hoac khong kha d (non-partici-
pating).
Di dang kha d, co chu co phieu u ang se
nhan c tien boi hoan (get their money back upon the
liquidation) trc tien. Sau o phan con lai cua so thu do
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ban cong ty (the balance of the proceed) c em chia
eu cho tong so co phan cua ca hai loai co phieu, tc la
so co phan cua co phieu u ang cong vi so co phan
cua co phieu thng ang. Co ngha la, ngoai viec lay
lai von, co chu co phieu u ang con c tham d vao
chia chac cua phan con lai.
Di dang khong kha d, co chu co phieu u ang
se nhan c tien boi hoan trc tien. Sau o phan con
lai cua so thu do ban cong ty (the balance of the pro-
ceed) c chuyen giao cho co chu cua co phieu thng
ang. Co chu co phieu u ang khong c tham d
chia chac them phan con lai nay.
Di dang khong kha d nhng kha hoan, co
chu co phieu u ang co quyen hoan oi co phan cua
co phieu u ang qua co phan cua co phieu thng ang
va theo o nhan phan chia chac theo t le cua so co
phan mnh ang co.
Nhng ieu khoan chong lam loang nam di hai
dang: da tren gia (price-based) hoac khong da tren
gia (non-priced based). ieu khoan chong lam loang
da tren gia (price-based anti-dillution provisions) co it
nhat la 3 phng phap: phng phap bnh quan hu can
trai rong (broad-based weighted average), phng phap
bnh quan hu can thu hep (narrow-based weighted
average), va phng phap khoa siet (ratchet).
Chong lam loang theo phng phap bnh quan
hu can (weighted average protection) co y noi en mot
cong thc e chiet tnh so lng boi thng neu nh
cong ty ban ra co phieu mot gia thap hn so vi gia a
ban ra trong t tai tr trc o. Phng phap bnh quan
hu can lam giam chu quyen cua nhng nguyen chu va
cong nhan vien (founders and employees) t nhat, so vi
nhng phng phap khac, v no can so lng co phan
ban ra gia thap hn e chiet tnh.
74
Bnh quan hu can con co y noi en mot cong
thc e chiet tnh ieu chnh t le hoan oi (refers to a
formula adjusting the conversion ratio), t co phieu u
ang qua co phieu thng ang. Bnh qua n h u ca n
goi la m rong hay thu hep tuy thuoc vao cong thc
lay so co phan cua ca hai e tnh hay ch lay so co phan
cua co phieu u ang ma thoi. Neu ch lay so co phan
cua co phieu u ang e tnh th no c goi la bnh
quan hu can thu hep.
Cho ng la m loa ng v i phng pha p khoa sie t
(ratchet anti-dillution) co ngha la trong t huy ong von
ke tiep neu nh cong ty ban ra co phieu mot gia thap
hn so vi gia a ban ra trong nhng t huy ong von
trc o, tat ca co phieu ban ra trong t huy ong von
trc se c nh gia lai cho ngang vi gia trong t tai
tr sau (earlier rounds of financings are repriced to the
lower price of the later round). ay la phng phap nang
tay nhat trong so nhng phng phap chong lam loang
va t khi c s dung cho nhng cong ty thuoc ky thuat
cao.
Mot so ngi au t muon co phieu thng ang
co kem theo ieu khoan hoan tra von e co phng tien
get money back trong trng hp cong ty cha gone
public nhng van co li thu. Hien nay tng oi t co co
phieu u ang kem theo ieu khoan hoan tra von v gii
au t nhan ra rang no khong co li cho ho v nhng
ngan hang co khuynh hng treat nhng co phieu u
ang co kem ieu khoan hoan tra von nh la n (as
debt), lam phc tap them nhng lien he trong vay mn.
Co mot so ieu khoan co the ieu nh c th
du nh ieu khoan e c ai dien nam trong hoi ong
giam oc (board representation), bao hiem sinh mang
cho nhng nguyen chu (insurance on the lives of the
founders), quyen ang ky (registration rights), van van.
75
nh Danh
Co phieu c nh danh u ang la v no c quyen
u tien trong viec phan phoi li thu doanh thng cua
cong ty va quyen u tien trong viec phan phoi tai san
cua cong ty neu cong ty sap nhap vi mot cong ty khac
hoac ban pha san, so sanh vi co phieu thng ang.
Li nhuan cua co phieu u ang co ten la li nhuan
thng ky. Thng ky la v no c phan phoi eu eu
nhng co the di khat so sanh vi li nhuan vo ky, khong
ha hen se co, cua co phieu thng ang va li nhuan
nh ky, eu va khong the di khat, cua trai phieu.
Giai thch mot cach khac, li thu doanh thng
cua cong ty phan phoi ti tay co chu co phieu thng
ang c goi la li nhuan vo ky (common stocks divi-
dends). c nh danh la vo ky v cong ty c toan
quyen chu ong quyet nh phan phoi hay khong phan
phoi. Li thu doanh thng cua cong ty phan phoi ti tay
co chu co phieu u ang c goi la li nhuan thng ky
(preferred stocks dividends). c nh danh la thng
ky v cong ty phai chi tra theo lch trnh nh a giao c
nhng co the di khat c. Con lai nhuan cua trai phieu
c goi la li nhuan nh ky (interest). c nh danh
la nh ky v lai nhuan phai c chi tra theo ung lch
trnh.
ac iem
Cung giong nh co phieu thng ang (common stocks),
co phieu u ang (preferred stocks) c xep vao loai
cong cu hun von (equity instrument). Tuy nhien nhng
ac tnh can ban cua co phieu u ang co phan khac
biet so vi nhng ac tnh can ban cua co phieu thng
76
ang. Co the noi mot so ac tnh cua co phieu u ang
gan vi ac tnh cua trai phieu hn la co phieu thng
ang.
0uven Bau Cu
Trong so nhng iem d biet gia co phieu thng ang
va co phieu u ang mot ieu noi bat nhat la co phieu
u ang khong cho co chu quyen bau c, ngoai tr trng
hp cong ty phat hanh cam ket ngc lai. Do o, co chu
co phieu u ang se khong c quyen tham d vao
nhng quyet nh noi bo cua cong ty nh la co chu co
phieu thng ang dau la co phieu u ang cung ai
dien cho chu quyen trong cong ty nh la co phieu thng
ang.
ac iem nay co the la mot ly do e giai thch tai
sao mot cong ty chon cong cu co phieu u ang thay v
chon cong cu co phieu thng ang e huy ong von
cho cong ty.
Thong thng co phieu u ang co the cho quyen
bau c rat gii han nam trong mot so hoan canh ac biet
nh sau: (1) cong ty phat hanh muon nhap vi mot cong
ty khac (merger); (2) cong ty phat hanh muon ban dep;
hoac (3) cong ty muon phat hanh trai phieu mi hoac co
phieu u ang mi (issue new bonds or preferred stock).
LJi hhuan
ThuJnu Kv, LhTK
Co phieu u ang cho li nhuan mot mc co nh va
c phan phoi thng ky. Neu v mot ly do nao o
cong ty phat hanh co phieu u ang khong the phan
77
phoi li nhuan nh a cam ket, so li nhuan thng ky
se tiep tuc tch luy (dividend arrears) e ch cong ty trang
trai khi co ieu kien.
Cong ty phat hanh khong the phan phoi li thu
doanh thng cho co phieu thng ang, con goi la li
nhuan vo ky, trc khi trang trai xong cho co phieu u
ang so li nhuan thng ky tch luy (dividends in ar-
rears). Noi mot cach khac, co phieu u ang c u
tien hn co phieu thng ang trong quyen chia li thu
doanh thng cua cong ty.
Li nhuan thng ky cua mot co phieu u ang
c tnh theo phan tram mot nam tren menh gia cua co
phieu u ang o, hay la:
LNTK1C = LNTK% x MGCP {3-1}
LNTK1C = Li nhuan thng ky 1 co phan, $
LNTK% = Mc li nhuan thng ky, %
MGCP = Menh gia cua CP, $
Nh vay neu mc li nhuan thng ky, LNTK%,
la 10% cho mot nam va menh gia cua co phieu u ang,
MGCP, la 50 USD th li nhuan thng ky mot co
phan, LNTK1C, se la 5 USD cho mot nam hay la 0.10 x
50 USD.
Cong ty phat hanh se tiep tuc tra li nhuan thng
ky cho en khi co phieu u ang c thu hoi hay huy
bo,
Mc li nhuan thng ky, LNTK%, cua mot co
phieu u ang thng la co nh (fixed rate) trong khi gia
th trng cua co phieu u ang, GTT, lien tuc ieu chnh
theo lai suat hien hanh tren th trng (market interest
rate).
Trong nhng nam gan ay mot so cong ty cho
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phat hanh co phieu u ang vi mc li nhuan thng
ky ieu chnh theo lai suat th trng.
Menh 0ia, M0CFuB
Giong nh trai phieu, moi co phieu u ang eu co mot
menh gia. Menh gia cua co phieu u ang (preferred
stocks par value) la gia tr co nh cua co phieu o va no
c dung e tnh li nhuan thng ky. Menh gia cua
mot co phieu u ang thng la 100, 75, 50 hoac 25
USD mot co phan.
Thong thng co phieu u ang c phat hanh
va ban ra vi gia ngang vi menh gia.
Menh gia cua co phieu u ang cung ai dien
cho so tien cao nhat co the nhan c t cong ty, trong
trng hp cong ty ban pha san.
Khong giong nh gia tr phiem ban cua co phieu
thng ang (common stocks par value), menh gia cua
co phieu u ang rat quan trong v li nhuan thng ky
cua mot co phieu u ang c tnh tren phan tram cua
menh gia.
0ia Thi TruJnu, 0TT
Giong nh trai phieu, gia th trng cua co phieu u ang
tuy thuoc vao lai suat hien hanh tren th trng. Neu lai
suat hien hanh tren th trng co khuynh hng gia tang,
gii au t co khuynh hng chuyen von t co phieu u
ang qua trai phieu ngan han va v vay gia th trng
cua co phieu u ang se b giam xuong. Ngc lai neu
lai suat hien hanh tren th trng co khuynh hng i
xuong, gii au t co khuynh hng chuyen von t trai
phieu ngan han qua co phieu u ang va v vay gia th
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trng cua co phieu u ang se tang len. Nh vay co
the noi la co phieu u ang canh tranh trc tiep vi trai
phieu ngan han.
Mot yeu to khac anh hng en gia th trng
cua co phieu u ang la so li nhuan thng ky tch luy
(preferred stocks dividend in arrears) ma cong ty phat
hanh cha trang trai. So tch luy cang ln th gia th
trng cua co phieu o cang sut giam.
Mot yeu to khac na anh hng en gia th trng
cua co phieu la, giong nh nhng trai phieu, trnh o
kha tn cua cong ty phat hanh co phieu u ang c
anh gia va co phieu u ang cua nhng cong ty nay
theo o c xep hang kha tn bi nhng cong ty chuyen
cung cap dch vu thong tin au t nh Standard & Poors,
Moodys Investors Service, Fitchs Investors Service hoac
Duff & Phelps.
The Loai
Co phieu u ang c phan loai da tren nhng ac
tnh cua chung. ai khai la co 5 loai co phieu u ang:
co phieu u ang kha chnh, co phieu u ang kha thu,
co phieu u ang khong tch luy, co phieu u ang kha
hoan, va co phieu u ang kha d.
CFuB Kha Chinh
Thong thng th mc li nhuan thng ky, LNTK%, cua
co phieu u ang khong thay oi. Tuy nhien, co nhng
co phieu u ang cho ieu chnh li nhuan thng ky
theo lai suat ngan han (90-day T-bill rate) cua th trng
va s ieu chnh nay se theo mot cong thc va thi iem
nh trc. Loai nay c goi la co phieu thng ang
80
kha chnh (adjustable rate preferred stock).
Vi quyen u tien cua co phieu u ang, trong
trng hp cong ty sap nhap hoac ban pha san, co chu
se nhan c tien boi hoan va co the kem vi li nhuan
mot mc theo cam ket trc khi so thu (the proceed)
c chuyen giao qua cho co chu cua co phieu thng
ang.
Co phieu u ang kha chnh rat la thnh hanh tai
Hoa Ky trong thap nien 1980s. Pha cong ty lan pha
au t eu chuong ac iem nay v no giup gii han
hiem hoa lai suat.
CFuB KhaThu
Co phieu u ang co nh kem quyen thu hoi (call provi-
sion or redeemable provision) c nh danh la co phieu
u ang kha thu (callable preferred stock or redeemable
preferred stock). Quyen nay cho phep cong ty t do thu
hoi va huy bo co phieu u ang do chnh cong ty phat
hanh mot gia thu hoi a c nh trc (call price) ke
t sau ngay co hieu lc cung a c nh trc (after a
stated date).
Ly do cong ty muon co quyen thu hoi la e phong
b khi lai suat hien hanh tren th trng xuong ti mc
qua thap so vi mc li nhuan thng ky cao hn cua co
phieu o, cong ty co the huy ong von mi e tai tai tr
cho chnh no mot mc re hn. Quyen thu hoi co li
cho cong ty phat hanh co phieu u ang nhng khong
co li cho pha au t.
se nhan c tien boi hoan va co the kem vi mot so li
nhuan theo cam ket trc khi so thu (the proceed) c
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chuyen giao qua cho co chu cua co phieu thng ang.
CP Khong Tch Luy
Co phieu u ang co nh kem ieu khoan khong tch
luy li nhuan thng ky c goi la co phieu u ang
khong tch luy (non-cummulative preferred stock).
Vi ieu khoan khong tch luy cong ty phat hanh
c quyen khong chi tra li nhuan thng ky cho co
chu co phieu u ang, va cung khong di khat, neu cong
ty khong u kha nang.
se nhan c tien boi hoan va co the kem vi mot so li
nhuan theo cam ket trc khi so thu (the proceed) c
chuyen giao qua cho co chu cua co phieu thng ang.
Co phieu u ang loai nay khong c a chuong
v khong co li cho pha au t.
CP Kha Hoan
Co phieu u ang cho quyen hoan oi, t co phieu u
ang qua co phieu thng ang, c goi la co phieu
u ang kha hoan (convertible preferred stock). Loai co
phieu nay thng c s dung bi nhng nha tai tr
von phat trien cho nhng cong ty nhieu trien vong (ven-
ture capitalists).
Vi quyen nay co chu co the em co phan co
phieu u ang e oi lay co phan co phieu thng ang
cua cong ty theo mot cong thc a nh trc luc phat
hanh co phieu u ang kha hoan.
Cong thc dung e tnh t le hoan oi co phan co
phieu u ang qua co phan co phieu thng ang con la
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mot ong c ieu chnh (adjusting mechanism) trong cai
goi la ieu khoan chong lam loang (anti-dillution provi-
sion). Tuy vao ban chat va cach tnh, ieu khoan nay co
the rat la quan trong oi vi co chu co phieu thng
ang. ieu khoan chong lam loang bao ve co chu co
phieu u ang cang nhieu th chu quyen cua co phieu
thng ang cang b loang (the more protected the holder
of convertible preferred stock is from dilution the more
dillution the common stockholder are likely to suffer).
se nhan c tien boi hoan va co the kem mot so li
nhuan theo nh cam ket trc khi so thu (the proceed)
c chuyen giao qua co chu cua co phieu thng ang.
Co mot so co phieu u ang kha hoan cho co
chu quyen yeu cau cong ty phat hanh phai thu hoi co
phieu sau mot thi han nh trc vi mot so li nhuan
tng oi. Va co mot so co phieu u ang kha hoan cho
cong ty quyen cng bach hoan oi (entitles the com-
pany to force to redemption or conversion) sau mot thi
han nh trc, thng la sau vai nam.
Thong thng co chu co phieu u ang kha hoan
cung co c quyen bau c hoi ong giam oc (board of
directos) va quyen bieu quyet mot so van e quan trong,
rat gii han va c nh trc (predefined important
decisions), cua cong ty nh la phat hanh them co phan
mi (issuance of new shares), ban hoac sap nhap cong
ty, phat hanh co phieu mi (creation of the new stock),
hoac thay oi nghiep vu nong cot (core businesss ac-
tivities).
CFuB Kha 0u
Co phieu u ang kha d (particiapting preferred stock)
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thc ra la co phieu u ang kha hoan co them quyen
tham d vao chia chac li thu doanh thng vt ngoai
li nhuan thng ky co hu va chia chac tai san cua
cong ty trong trng hp sap nhap hoac ban pha san.
Co chu co phieu u ang kha d c quyen
hng them li nhuan, tc la li nhuan phu troi vt ngoai
li nhuan thng ky (extra dividends over nominal ones).
Co phan phoi li nhuan phu troi hay khong la quyen quyet
nh cua hoi ong giam oc cua cong ty phat hanh co
phieu u ang o.
Trong trng hp cong ty sap nhap hoac ban pha
san, vi quyen u tien cua co phieu u ang, trc tien
co chu se nhan c tien boi hoan va co the kem vi
mot so li nhuan theo cam ket. Sau o se nhan them
phan chia chac theo t le co phan t so thu con lai (the
balance of the proceed) sau khi ban cong ty va chi tra
xong tien boi hoan cho co phieu u ang.
V loai co phieu u ang nay cho nhieu quyen,
nhat la quyen tham d chia chac, nen cong ty phat hanh
ch ong y ban ra neu c gia (receive a meaningful
price) hoac e oi lay mot ieu kien nao o co li cho
cong ty (receive other concession in return). Them vao
o, neu co the, thanh phan lanh ao cua cong ty se ieu
nh vi ngi au t ieu khoan ket thuc hieu lc (sun-
set provision) e lam cho mot so ac quyen khong con
hieu lc sau mot thi han nao o.
Nhieu cong ty s dung co phieu u ang kha d
nh la nhng vien thuoc oc (poison pills) e phong chong
b anh chiem cong ty (unwanted takeover). Trong trng
hp nay, cong ty ch phan phoi co phieu u ang kha d
cho nhng co chu co phieu thng ang hien hu (cur-
rent common stock shareholders) va cho ho quyen c
mua co phan mot gia that re neu cong ty b anh
chiem. Th du nh trng hp cong ty Hartz Mountain
84
cho gia mua oat (made a hostile bid) congty Pet Prod-
ucts vao thang gieng nam 1995. e chong lai cong ty
Hartz Mountain, thanh phan lanh ao cua cong ty Pet
Products cho phat hanh quyen c mua co phieu u
ang kha d vi mot gia re va ch danh ac quyen nay
cho nhng co chu co phieu thng ang hien hu (is-
sued participating preferred rights to existing common
shareholders). Quyen nay c sap xep la se t ong
co hieu lc (structured to kick-in) neu bat ky mot nhom
nao o mua 20 phan tram, hoac nhieu hn, co phan co
phieu thng ang cua Pet Products ma khong c s
ong y trc cua thanh phan lanh ao cua cong ty nay.
Dan Giai 3-1
Gia du nh nhom au t ABC mua 1 trieu co phan co phieu u
ang cua cong ty XYZ vi gia tong cong la 25 trieu USD va ban
lanh ao cua cong ty XYZ lam chu 4 trieu co phan co phieu
thng ang cua cong ty nay. Cau hoi: so sanh cach chia
chac tai san theo kha hoan kha d vi kha hoan khong kha
d (1) neu nh cong ty XYZ c ban i vi gia 30 trieu USD
va (2) neu so tien ban cong ty len en 100 trieu USD.
Giai ap:
Kha Hoan Kha Hoan
Khong Kha D Kha D
CFuB, 0ia Mua $25,OOO,OOO $25,OOO,OOO
CFuB, Cu Fhan 1,OOO,OOO 1,OOO,OOO
CFTB, Cu Fhan 4,OOO,OOO 4,OOO,OOO
Tunu LuJnu Cu Fhan 5,OOO,OOO 5,OOO,OOO
1. heu XY/ ban duJc 8O trieu uS0:
ABC Chia BuJc $G,OOO,OOO (a) $2G,OOO,OOO (m)
XY/ Chia BuJc $24,OOO,OOO (b) $4,OOO,OOO (n)
2. heu XY/ ban duJc 1OO trieu uS0:
85
ABC Chia BuJc $2O,OOO,OOO (c) $4O,OOO,OOO (u)
XY/ Chia BuJc $8O,OOO,OOO (d) $GO,OOO,OOO ()
Chu Thich:
(a) = $8O,OOO,OOO x (1,OOO,OOOCF/5,OOO,OOOCF)
= $G,OOO,OOO
(b) = $8O,OOO,OOO x (4,OOO,OOOCF/5,OOO,OOOCF)
= $24,OOO,OOO
(c) = $1OO,OOO,OOO x (1,OOO,OOOCF/5,OOO,OOOCF)
= $2O,OOO,OOO
(d) = $1OO,OOO,OOO x (4,OOO,OOOCF/5,OOO,OOOCF)
= $8O,OOO,OOO
(m) = ($8O,OOO,OOO $25,OOO,OOO) x (1,OOO,OOOCF/5,OOO,OOOCF)
+ $25,OOO,OOO
= $2G,OOO,OOO
(n) = $8O,OOO,OOO (m) = $8O,OOO,OOO $2G,OOO,OOO
= $4,OOO,OOO
(u) = ($1OO,OOO,OOO $25,OOO,OOO) x (1,OOO,OOOCF/5,OOO,OOOCF)
+ $25,OOO,OOO
= $4O,OOO,OOO
() = $1OO,OOO,OOO (u) = $1OO,OOO,OOO $4O,OOO,OOO)
= $GO,OOO,OOO
Dan Giai 3-2
Gia du nh XYZ co 10 ngan co phan co phieu u ang vi
menh gia(preferred stocks par value) 100 USD mot co phan
va co 2 trieu co phan co phieu thng ang vi gia tr phiem
ban (common stocks par value) 1 USD mot co phan. Co phieu
u ang thuoc loai kha d tron ven (fully participating) va co
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mc li nhuan thng ky la 8% mot nam. Cau hoi: (1) neu so
li thu doanh thng cong ty d nh phan phoi cho nam ng
thi (current year dividend) la 390 ngan USD th no se c
phan chia nh the nao gia hai loai co phieu? (2) neu co phieu
u ang thuoc loai kha d co gii han (limited participating) va
gii han o la 11% th no se c phan chia nh the nao?
Giai ap:
Co Phieu u ang
LNTK 8% (a)
Menh Gia, 1CP $100
Menh Gia, 10,000CP x $100/CP $1,000,000 (b)
Co Phieu Thng ang
GTPB, 1CP $1
GTPB, 2,000,000CP x $1/CP $2,000,000 (c)
1. Trng Hp Kha D Tron Ven
Phan Chia Vong au
So LTDT D nh Phan Phoi $390,000 (d)
Phan Cua CP, a x b $80,000
Phan Cua CPT, a x c $160,000
Tong Cong Vong au $240,000 (e)
Phan Chia Vong Ke
So LTDT Con Tha Lai Sau Vong au, d-e $150,000 (f)
Phan Cua CP, [b/(b+c)]*f $50,000
Phan Cua CPT, [c/(b+c)]*f $100,000
Tong Cong Vong Ke $150,000 (g)
Con Tha Lai Sau Vong Ke, f-g $0
Tom Lc So Lng Phan Chia
CP, $80,000 + $50,000 $130,000
CPT, $160,000 + $100,000 $260,000
Phan cua co phieu u ang tong cong la 130 ngan USD va
cua co phieu thng ang la 260 ngan USD. Cung co the dung mot
87
huJnu ha khac tuJnu dui dJn uian hJn de chiet tinh.
1b. TruJnu hJ Kha 0u Trun ven, Cach Tinh Thu hai:
Muc Fhan Fhui Tunu hJ, d/(b+c)|`1OO% 18% (u)
Su Sanh, (u) vJi (a) 18% > 8%
CFuB, b x u $18O,OOO
CFTB, c x u $2GO,OOO
vi muc han hui tunu hJ cau hJn 8% lJi nhuan thuJnu kv
cua cu hieu uu danu va vi cu hieu uu danu thuuc luai kha du trun
ven chu nen 18% su dunu duJc chu ca hai de chiet tinh. Fhan cua cu
hieu uu danu la 18O nuan uS0 va han cua cu hieu thuJnu danu la
2GO nuan uS0.
2. TruJnu hJ Kha 0u 0iJi han, 11%
Muc Fhan Fhui Tunu hJ, d/(b+c)|`1OO% 18% (u)
0iJi han, LJi hhuan Kha 0u 11% (h)
Su Sanh, (u) vJi (h) 11% 18%
CFuB, b x h $11O,OOO (i)
CFTB, di $28O,OOO
vi muc han hui tunu hJ cau hJn uiJi han 11% chu nen
uiJi han 11% duJc duJc dunu de chiet tinh chu cu hieu uu danu.
Fhan cua cu hieu uu danu la 11O nuan uS0 va han cun lai, 28O
nuan uS0, thuuc ve cu hieu thuJnu danu.
Cunu can nui them la neu nhu tunu luJnu han hui X cu
ca su luJnu lJi nhuan thuJnu kv tich luv trunu du thi su luJnu han
hui chu nam duJnu thJi (current vear dividend) duJc chiet tinh banu
cach lav tunu luJnu han hui X tru chu su luJnu lJi nhuan thuJnu
kv tich luv .
Chu Thich:
LhTK = LJi nhuan thuJnu kv
CFuB = Cu hieu uu danu
CFTB = Cu hieu thuJnu danu
0TFB = 0ia tri hiem ban
LT0T = LJi thu duanh thuJnu
88
ieu Khoan
Chong Lam Loang
ieu khoan chong lam loang la mot giao c trong o
cam ket la cong ty se a them mot so co phan, khong
lay them tien, cho co chu c bao ve bi ieu khoan
neu nh ve sau cong ty ban ra co phieu o mot gia
thap hn. Gii au t muon co nhng ieu khoan nay
e bao ve ho chong lai hau qua b lam loang (dillutive
effect) do cong ty ban ra co phieu trong tng lai mot
gia thap hn gia ho a mua vao. V nhng ieu khoan
chong lam loang a en ket qua la ngi au t se
nhan them co phan khong tnh tien (free shares of stock),
neu cong ty ban ra co phieu vi gia thap hn trong nhng
t tai tr trong tng lai, phan tram chu quyen cua nhng
co chu khong c bao ve (unprotected shareholders)
se b giam thieu vi mot t le cao hn (disproportionately
reduced). Trong so nhng co chu khong c bao ve
co nhng nguyen chu va thanh phan lanh ao cong ty
(founders and management).
Bao ve chong lam loang (antidilllution protection)
co the nam di hnh thc trong nhng giao c tai tr
(financing agreements), trong ham phieu oc che (op-
tion) hoac ham phieu quyen (warrant), trong giao c
ac quyen cua ngi au t (investors rights agreement),
trong giao c cua co chu (share holders agreement),
hoac trong nhng giao c khac gia ngi au t va
cong ty.
Mot dang cua ieu khoan chong lam loang cam
ket la chu phan, phan tram chu quyen (percentage of
ownership), cua co chu se khong b giam cho en khi
mot s kien a xac nh trc xay ra trong tng lai. S
kien o co the la a ti mot thi iem (passage of time),
89
tai tr them mot so ngan khoan X USD, van van. Neu
cong ty ban ra co phieu trc khi s kien xay ra co chu
c bao ve bi ieu khoan se nhan them mot so co
phan, khong ton tien hoac mot gia a c nh trc,
va so co phan o u e duy tr nguyen ven chu phan
cua co chu.
Mot dang khac cua ieu khoan chong lam loang
cam ket la neu nh ve sau cong ty ban ra co phieu mot
gia thap hn, co chu c bao ve bi ieu khoan se
nhan them mot so co phan khong phai tra tien.
Mot dang khac na cua ieu khoan chong lam
loang cam ket la co chu c quyen mua them mot so
co phan neu nh sau nay cong ty ban ra co phieu mot
gia thap hn hoac ban ra mot so lng co phan vt tren
so lng cho phep trong ieu khoan. Mot so co phan
ay co the la mot so lng co nh (fixed number of
shares) hoac tnh tren phan tram cua so co phan ang
du hanh (percentage of outstanding shares).
ng ve mat bao ve quyen li cua nguyen chu
va thanh phan lanh ao cong ty, tat ca ieu khoan chong
lam loang phai co mot ngay cham dt hieu lc (should
stipulate an expiration date). Khong nen e cho ieu
khoan chong lam loang con hieu lc, di bat c ly do g
hay bat c hoan canh nao, luc mang co phieu cua cong
ty ban ra cho cong chung (public offering) hoac con hieu
lc luc ban cong ty hay sap nhap cong ty, v no se han
che kha nang cua cong ty e co the ieu nh lay mot
gia co li cho cong ty hoac e co the ban co phieu tren
th trng cap 1 qua kinh cong he mot gia co li hn.
Va neu co the, ieu khoan chong lam loang nen
kem theo ieu khoan ngoai mien e cong ty c phep
ban hay tang co phieu cho nhan vien cua mnh (for use
in an incentive plan) hau khuyen khch nhng nhan vien
cot loi cua cong ty lam viec tan tuy va trung thanh.
90
FhuJnu Fha
Binh 0uan huu Can
Phng pha p bnh qua n h u ca n (weighted average
method) ap dung trong ieu khoan chong lam loang dung
mot cong thc e chiet tnh hau qua sau khi b lam loang
(dillutive effect) do cong ty ban ra co phieu mot gia
thap hn va dung ket qua chiet tnh e boi thng cho
co chu c bao ve bi ieu khoan chong lam loang
mot so co phan va so lng co phan nay u e bu ap
hau qua b lam loang.
Cong thc bnh quan hu can thong dung nhat la
em chia tong lng au t cua t tai tr cu cong mi
vi tong lng co phan hien hanh sau t mi (number
of oustanding shares after new investment), e tnh gia
bnh quan. Sau o em so lng au t trong t cu cua
co chu chia cho gia bnh quan roi em so thanh tr cho
so co phan co chu a mua trong t cu e tnh so lng
co phan se c boi thng. Noi mot cach khac theo
toan hoc, gia bnh quan c tnh theo ang thc [3-1]
nh sau:
GBQ = ((GC*TLCPC)+(GM*TLCPM))/
(TLCPC+TLCPM) {3-1}
GBQ = Gia bnh quan
GC = Gia ban ra trong t cu , $/CP
TLCPC = Tong lng co phan ban ra trong t cu
GM = Gia ban ra trong t mi, $/CP
TLCPM = Tong lng co phan cua t mi
Va so lng co phan boi thng c tnh theo
ang thc {3-2} nh sau:
91
CPBT = (TC/GBQ) - (TC/GC) {3-2}
CPBT = So co phan boi thng
TC = So lng au t trong t cu cua co chu, $
GBQ = Gia bnh quan
GC = Gia ban ra trong t cu , $/CP
Phng phap bnh quan hu can co li cho cong
ty hn la phng phap khoa siet (ratchet method).
Phng Phap Khoa Siet
Phng phap khoa siet ap dung trong ieu khoan chong
lam loang la mot phng phap rat nang tay oi khi nhng
tay au t at ieu kien e tai tr cong ty.
Vi phng phap nay co chu c bao ve bi
ieu khoan chong lam loang se c boi thng mot so
co phan ma khong phai tra them tien neu sau nay cong
ty ban ra co phieu vi gia thap hn. Va so lng co
phan se u e lam cho gia mua trung bnh tnh tren mot
co phan cua co chu (investors average cost per share)
xuong ngang vi gia ban ra sau nay. Noi mot cach khac,
so lng co phan boi thng c tnh bang ang thc
{3-3} nh sau:
CPBT = ((CPC * GC)/ GM) - CPC [3-3]
CPBT = So lng co phan boi thng
CPC = So lng co phan cu cua co chu
GC = Gia ban ra trong t cu, $/CP
GM = Gia ban ra trong t mi, $/CP
Phng phap khoa siet c coi la nang tay v
92
no khong can quan tam en so lng co phan ban ra
sau nay, va v no khong can theo so lng nen ket qua
co the se rat ngoan muc va co the lam thay oi cau
truc chu quyen cua cong ty.
Phng phap khoa siet co the c buoc vao gia
hoan oi (are tied to conversion prices), nh la cua co
phieu u ang kha hoan. Trong trng hp nay co chu
se nhan so co phan boi thng vao luc hoan oi. Phng
phap khoa siet cung co the c buoc vao ham phieu
oc che (options) hoac ham phieu quyen (warrants).
Trong trng hp nay co chu se nhan so co phan boi
thng vao luc thc hien quyen cua mnh.
Dan Giai 3-3
Gia du nh nhom tai tr au t, co ten ABC, mua 300 ngan co
phan cua cong ty XYZ vi gia 2 USD mot co phan trong t
huy ong von au cua cong ty. Nguyen chu va thanh phan
lanh ao cua cong ty XYZ, goi tat la XYZ, lam chu 700 ngan co
phan. Sau o cong ty XYZ ban ra 200 ngan co phan cho nhom
DEF trong t huy ong von ke tiep. Cau hoi: (1) tnh so lng
co phan boi thng (a) theo phng phap khoa siet va (b) theo
phng phap bnh quan hu can. (2) so sanh ket qua cua hai
phng phap tren.
0iai Ba:
ABC, 0ia1CF, 0ia Cu $2 (a)
ABC, Su CF Cu 8OO,OOO (b)
Su LuJnu Bau Tu Cu, axb $GOO,OOO
XY/, Su CF Cu 7OO,OOO (c)
Tunu LuJnu Cu Fhan Cu, b+c 1,OOO,OOO
0EF, 0ia 1CF, 0ia MJi $1 (d)
0EF, Su Cu Fhan MJi 2OO,OOO (e)
Su LuJnu Bau Tu, dxe $2OO,OOO
93
1a. Tinh Su LuJnu Cu Fhan Bui ThuJnu, FhuJnu Fha Khua Siet:
CFBT = ((CFC ` 0C)/ 0M) CFC
= ((8OO,OOO ` $2)/ $1) 8OO,OOO
= 8OO,OOO CF
vJi huJnu ha khua siet, nhum dau tu ABC se nhan them
8OO nuan cu han mJi va theu du uia mua binh uuan mut cu han cua
ABC se xuunu tJi 1 uS0 nuanu vJi uia ban ra chu 0EF.
1b. Tinh Su LuJnu Cu Fhan Bui ThuJnu, FhuJnu Fha Binh 0uan huu
Can:
0B0 = ((0C`TLCFC)+(0M`TLCFM))/ (TLCFC+TLCFM)
= (($2`1,OOO,OOO)+($1`2OO,OOO))/(1,OOO,OOO+2OO,OOO)
= $1.888
CFBT = (BTC/0B0) (BTC/0C)
= ($GOO,OOO/1.888) ($GOO,OOO/$2)
= 827,882 8OO,OOO
= 27,882 CF
vJi huJnu ha binh uuan huu can, uia binh uuan mut cu han
la 1.888 uS0 va su cu han bui thuJnu chu ABC la 27,882.
2. Su Sanh Ket 0ua Cua hai FhuJnu Fha:
Bnh Quan
Hu Can Khoa Siet
ABC, Su CF Mua 8OO,OOO 8OO,OOO
ABC, Su CF Bui ThuJnu 27,882 8OO,OOO
ABC, Tunu LuJnu CF 827,882 GOO,OOO
0EF, Tunu LuJnu CF 2OO,OOO 2OO,OOO
XY/, Tunu LuJnu CF 7OO,OOO 7OO,OOO
Tunu LuJnu CF hien hanh 1,227,882 1,5OO,OOO
ABC, 0ia Binh 0uan 1CF $1.888 $1.OO
ABC, % Chu 0uven 2G.G7% 4O.OO%
0EF, % Chu 0uven 1G.8O% 18.88%
XY/, % Chu 0uven 57.O8% 4G.G7%
94
Luanu 0ia
Loang gia (value dillution) la mot khai niem ke toan noi
ve khoan sai biet X gia gia mua co phieu cua cong ty
vi gia tr chu ban cua cong ty ngay sau khi hoan tat giao
hoan. Neu nh ngi au t chi tra vi mot gia cao hn
gia tr chu ban cho nhng co phan cua mnh, thuat ng
chuyen mon noi la ngi au t b tnh trang loang gia X
USD mot co phan (investor suffers X USD per share
value dillution).
Gia du nh cong ty XYZ co gia tr chu ban tong
cong la 100 ngan USD vi 50 ngan co phan ang du
hanh (outstanding shares). Ba Q mua 10 ngan co phan
cua cong ty XYZ vi gia 10 USD mot co phan hay la 100
ngan USD au t. Ngay sau khi giao hoan, tong gia tr
chu ban cua cong ty tang len en 200 ngan USD, hay la
100 ngan USD luc au + 100 ngan USD au t cua ba
Q, va tong lng co phan hien hanh len en 60 ngan,
hay la 50 ngan co phan luc au + 10 ngan co phan cua
ba Q. Theo o gia tr chu ban mot co phan sau khi giao
hoan la 3.33 USD, hay la 200 ngan USD chia cho 60
ngan co phan. Nh vay ba Q b tnh trang loang gia 6.67
USD mot co phan, hay la 10 USD - 3.33 USD.
Nhng tay tai tr von phat trien cho nhng cong
ty co nhieu trien vong (venture capital investors) biet ro
b tnh trang loang gia la ieu gan nh khong tranh khoi.
ong thi ho cung biet ro ch so gia tr chu ban ch la
mot phng phap tng oi e nh gia tr cua mot cong
ty. oi vi ho ieu quan trong hn la gia tr th trng
(fair market value) va trien vong thanh cong cua mot cong
ty.
Luanu Chu Fhan
95
Loang chu phan (percentage ownership dillution) xay cho
co chu hien hu (existing shareholders) khi cong ty ban
ra them co phan cho nhng co chu mi (new sharehold-
ers). No la ket qua cua s gia tang tong lng co phan
hien hanh do cong ty ban ra mot so co phan mi. S gia
tang nay lam giam phan tram chu quyen tren moi co
phan. Theo o chu phan trong cong ty cua nhng co
chu hien hu, neu khong mua them co phan mi, se t
hn.
Gia du nh nguyen chu XYZ lam chu 50 ngan co
phan cua cong ty XYZ tc la co 100% chu phan trong
cong ty nay. Sau o, cong ty ban ra 50 ngan co phan
mi cho nhng ngi au t. Theo o chu phan cua
nguyen chu XYZ ch con lai 50% hay la 50 ngan co phan
cua nguyen chu chia cho 100 ngan co phan hien hanh.
Nh vay, chu phan cua nguyen chu b lam loang. Hay
noi mot cach khac, phan tram chu quyen trong cong ty
cua nguyen chu b lam loang.
Loang chu phan la ieu khong the tranh khoi trong
no lc huy ong von t ben ngoai cong ty qua cong cu
hun hap. Va co khong t nguyen chu cua nhng cong ty
co gang duy tr a so chu phan trong cong ty trc khi
mang cong ty cua ho ra cong chung. Tuy vay s that
van la: 10% chu phan trong cong ty tr gia 50 trieu USD
nhieu hn 100% chu phan trong cong ty ch tr gia 500
ngan. Do o yeu to quan trong hn trong van e chu
phan b lam loang la co bao nhieu tien chay vao cong ty
va vao tui cua nguyen chu sau khi ban co phan ra cong
chung.
Mua Ban
Co phieu u ang c mua ban tren th trng nh
la co phieu thng ang. Nhng cong ty phat hanh co
96
phieu u ang thng phat hanh nhieu t (series) va
dung ch A, B, C, van van at cho moi t e phan biet.
Co phieu u ang luon luon c yet gia chung
vi co phieu thng ang. Trong bang yet gia ang tren
nhat bao, ky hieu pf ng canh ten cua cong ty c
dung e ch co phieu u ang. Vi bang yet gia (ticker)
tren may ien toan, nh bang yet gia cua Yahoo, ky hieu
P ng canh ten cua cong ty vi mot ganh noi ng
gia c dung e ch co phieu u ang. Th du nh
XYZ_P e ch co phieu u ang cua cong ty XYZ. Va
vi bang yet gia tren TV, nh bang yet gia cua ai CNBC,
ky hieu PR ng (vertical PR) nam ngay sau ten cua
cong ty la e ch co phieu u ang.
Gii au t vao co phieu u ang a so la nhng
cong ty. Ly do la v ti 80% cua li nhuan thng ky
phan phoi ti tay cong ty c mien thue, IRS goi no la
dividend received deduction.
Co phieu u ang thng c s dung trong
nhng vu sap nhap cong ty (mergers) hoac mua cong ty
(acquisitions) bi v no co the c cau truc nh la mot
bao am cho ngi ban (can be structured as a guaranty
to the seller). Nhieu nhat la trng hp mua nhng cong
ty do gia nh lam chu (family own companies) hoac nhng
cong ty ma chu phan c bao ve chat che (closely held
companies) va co phieu u ang trong nhng trng hp
nay t khi ban ra cho cong chung (shares are frequently
not traded publically).
Tham Khao
Growth Company Guide 2000@ GrowGo.com
Neal R. VanZante, 1996, Simplifying Dividend Distribu-
97
tion Where Participating Preferred Stock Is Present.
South Western College Publishing.
Ameritrade Education Center, 2000, Preferred v/s Com-
mon Stock.
98
99
Trai Phieu
T
rai phieu la giay mn n do mot cong ty t nhan,
mot chnh quyen hoac mot c quan c chnh quyen
bao tr phat hanh tren mot can ban c thanh lap ro
ret. Can ban o la cong ty hoac chnh quyen hoac c
quan phat hanh cam ket se (1) tra mot khoan li nhuan
nh ky trong suot thi gian mn n, (2) li nhuan nh
ky nay co quyen u tien cao hn li nhuan thng ky
cua co phieu u ang va cao hn li nhuan vo ky cua co
phieu thng ang, va (3) se hoan tra so n ghi tren trai
phieu vao mot thi iem nhat nh trong tng lai.
Thi gian t khi trai phieu c phat hanh cho
en khi trai phieu man han c goi la du ky (maturity)
va thi iem phai hoan tra so n theo cam ket c goi
la ngay man han du ky (maturity date).
Moi trai phieu eu co mot menh gia (par value,
100
face value, denominator). Menh gia cua mot trai phieu
la n v gia ghi tren trai phieu o. Trai phieu cua cong
ty doanh thng thng co menh gia 1,000 USD cong
1,000 USD cho moi mc gia tang trong khi trai phieu cua
chnh quyen lien bang hoac cua c quan c lien bang
bao tr co menh gia 1,000, 5,000, 10,000 USD va cao
hn. Menh gia cua trai phieu se khong thay oi. Menh
gia cua trai phieu cung chnh la so n ma cong ty hoac
c quan phat hanh phai tra cho trai phieu o vao ngay
man han du ky.
Moi trai phieu eu cho li nhuan va li nhuan c
chi tra theo theo mot thi bieu co nh. V vay li nhuan
cua trai phieu c goi la li nhuan nh ky (interest),
khac vi ac tnh khong biet trc, khong nh trc
cua li nhuan vo ky co phieu thng ang (common
stock dividend) va khac vi ac tnh co the khat lai cua
li nhuan thng ky co phieu u ang (preferred stock
dividend). Thong thng th li nhuan nh ky c chia
lam 2 phan eu nhau va c chi tra moi 6 thang mot
lan (two installments a year). Li nhuan nh ky con c
goi la lai nhuan cua trai phieu.
Mc li nhuan nh ky cua trai phieu c tnh
bang phan tram cho mot nam tren menh gia cua trai
phieu va no con c goi la lai suat cua trai phieu (inter-
est rate), khac vi mc li nhuan hien hanh cua trai phieu
(yield; current yield) va khac vi mc li nhuan ti cuoi
du ky cua trai phieu (yield-to-maturity).
Gia du la cong ty ABC phat hanh trai phieu co
menh gia 1,000 USD vi li nhuan nh ky khong oi
9.0% mot nam va trai phieu se man han du ky vao ngay
15 thang 1 nam 2015. Vi gia du nay cong ty ABC cam
ket se tra cho trai chu, tnh tren mot trai phieu, 90 USD
moi nam, hay la 9% x 1,000 USD, va se tra lien tuc cho
en au nam 2015. So tien 90 USD se c tra cho trai
101
chu lam hai lan, moi lan la 45 USD, mot lan vao gia
nam va mot lan vao cuoi nam. ong thi cong ty ABC
cam ket se hoan tra so von 1,000 USD, tnh tren mot trai
phieu, ung vao ngay 15 thang 1 nam 2015.
hhung Tha LoaI
6ua TraI FhIau
Trai phieu co the c phan ai loai ra lam 5 nhom. Th
nhat la nhng trai phieu do chnh quyen lien bang Hoa
Ky pha t ha nh (U.S. Government bonds). Th hai la
nhngtrai phieu do chnh quyen tieu bang hoac chnh
quyen a phng phat hanh (municipal bonds; munis).
Th ba la nhng trai phieu do nhng c quan c chnh
quyen lien bang bao tr phat hanh (GSEs bonds). Th
t la nhng trai phieu do cong ty doanh thng phat hanh
(corporate bonds). Va, th nam la nhng trai phieu quoc
te.
Trai Fhieu Cua
Chinh 0uven Lien Banu
Tat ca trai phieu do chnh quyen lien bang phat hanh
c goi chung la trai phieu cua chnh quyen lien bang.
Nhng trai phieu do chnh quyen lien bang phat hanh,
qua Cong Kho Trung ng, con c goi la cong trai
phieu.
Trai phieu cua chnh quyen lien bang c phan
ra va nh danh theo chieu dai thi gian du ky. Trai phieu
ngan han (treasury bills; T-bills) co du ky dai di 1 nam.
Trai phieu trung han (treasury notes; T-notes) co du ky
102
dai t 2 nam cho en 10 nam. Trai phieu dai han (trea-
sury bonds; T-bonds) co du ky dai tren 10 nam cho en
30 nam.
Trai phieu ngan han cua chnh quyen lien bang
c phat hanh vi 3 du ky: 91, 182 va 364 ngay. Trai
phieu co du ky 91 ngay va trai phieu co du ky 182 ngay
c Cong Kho Trung ng ban au gia vao ngay Th
Hai moi tuan. Trai phieu co du ky 364 ngay c ban
au gia vao ngay Th Nam moi 4 tuan mot lan, hay la 13
lan trong mot nam.
Trai phieu ngan han cua chnh quyen lien bang
khong nh trc mc li nhuan nh ky. Thay vao o
li nhuan nh ky se do th trng quyet nh vao luc cho
au gia, tc la tuy thuoc vao nhng ngi au gia cho
mc li nhuan cao nhat (depending on what highest bid-
ders are willing to pay). Trai phieu ngan han cua chnh
quyen lien bang cung khong chi tra li nhuan theo nh
ky nh nhng trai phieu khac. Thay vao o, tnh tren
mc li nhuan nh ky do th trng quyet nh, trai phieu
ngan han cua chnh quyen lien bang c ban ra vi
mot gia di menh gia rat xa (deep discount) va la loai
trai phieu duy nhat cua chnh quyen lien bang ban ra
di dang nay.
Trai phieu trung han cua chnh quyen lien bang
(treasury notes) c phat hanh vi 4 du ky: 2, 3, 5 va
10 nam. Trai phieu co du ky 2 va 5 nam c ban au
gia moi thang. Trai phieu co du ky 3 nam c ban au
gia moi tam ca nguyet. Trai phieu co du ky 10 nam
c ban au gia 6 lan trong mot nam. Tat ca trai phieu
trung han cua chnh quyen lien bang luon luon chi tra li
nhuan nh ky moi 6 thang.
Trai phieu dai han cua chnh quyen lien bang
thng la co du ky 30 nam va tra li nhuan nh ky moi
sau thang mot lan.
103
ac Tnh Chung
Trai phieu do chnh quyen lien bang phat hanh co 4 ac
tnh noi bat. o la (1) khong s b giat n (free of default
risk), (2) co mc lu hoat rat cao (high liquidity), (3) co li
ve mat thue (favorable tax status) va (4) co menh gia
thap (low minimum denomination). Cung v nhng ac
tnh nay cho nen trai phieu cua chnh quyen lien bang
cho mc li nhuan nh ky thap hn la cua nhng loai
trai phieu khac.
Trai phieu cua chnh quyen lien bang c gii
au t coi la mot cong cu an toan nhat, noi ve hiem hoa
b giat n, so vi nhng loai trai phieu khac hoac so vi
ngay ca nhng cong cu ngan han trong th trng tien
te, th du nh tn phieu ky thac (CDs) hoac tn phieu thng
mai (commercial papers). Cung nh vao ac tnh nay
cho nen trai phieu cua chnh quyen lien bang thng
c s dung e the chap cho nhng cong cu au t
khac.
Trai phieu cua chnh quyen lien bang co mc lu
hoat rat cao v no la mot cong cu thuan nhat (homoge-
neous instrument) va no co th trng mua ban c to
chc cao o va rat hieu qua (highly organized and effi-
cient market). Mot cach e o mc lu hoat cua mot
cong cu tai chnh la nhn vao khoan sai biet gia (spread),
gia gia keu mua (bid price) va gia keu ban (ask price).
Trong nhng nam gan ay khoan sai biet gia cho trai
phieu ngan han do chnh quyen lien bang phat hanh ch
con vao khoang 2 iem can ban (2 basis points), tc la
2/100 cua mot phan tram, thap hn bat c mot cong cu
nao trong th trng tien te.
Khong giong nh nhng cong cu khac li nhuan
nh ky cua trai phieu do chnh quyen lien bang phat
hanh c mien thue tieu bang va thue a phng (ex-
empt from all state and local income taxes). Tng quan
104
gia mc li nhuan c mien thue vi mc li nhuan
khong c mien thue c tnh bang ang thc:
LNT%KMT = LN%MT / (1-Th) {4-1}
Th = Mc thue li tc, %
LN%MT = Mc li nhuan mien thue, %
LNT%KMT = Mc li nhuan tng ng khong mien
thue, %
Tat ca trai phieu cua chnh quyen lien bang eu
c phat hanh vi menh gia 1,000 USD dau rang qui
nh toi thieu cho so lng ban ra co khac nhau. Qui
nh toi thieu cho so lng ban ra cua trai phieu ngan
han do chnh quyen lien bang phat hanh la 1,000 USD
nhng sau nam 1970 c nang len 10,000 USD. Tuy
con so sau ln gap 10 lan, qui nh toi thieu cho so lng
mua cua trai phieu ngan han do chnh quyen lien bang
phat hanh cung con rat thap so vi nhng cong cu au
t khac trong th trng tien te. Trai phieu trung han va
dai han c qui nh ban ra so lng toi thieu la 1,000
USD cong 1,000 USD cho moi mc gia tang sau o.
Trai phieu cua chnh quyen lien bang khong cho
quyen ket thuc du ky trc ngay man han theo y muon
cua ngi au t (cannot be redeemed before maturity)
va cung khong cho quyen thu hoi trc ngay man han
(do not have call provision) theo y muon cua chnh quyen,
ngoai tr mot so trai phieu cua lien bang phat hanh trc
nam 1985 cho quyen thu hoi trong vong 5 nam trc
ngay man han du ky.
Trai Phieu Tiet Kiem
Chnh quyen lien bang con phat hanh mot loai trai phieu
105
khac rat quen thuoc oi vi a so quan chung o la trai
phieu tiet kiem (U.S. savings bonds). Trai phieu tiet kiem
la loai trai phieu co ang ky chu quyen, bat kha thu hoi
va bat kha chuyen nhng (a registered, non-callable,
non-transferable bond) c bao am bang uy tn cua
chnh quyen Hoa Ky (backed by full faith and credit of the
U.S. Government).
Trai phieu tiet kiem thng c biet en bang
mau t E, EE va HH (series E, series EE, series HH).
Loat trai phieu tiet kiem mang mau t E co t nam 1941
cho ti nam 1979. Hai loat trai phieu mang mau t EE
va HH co t nam 1980 cho ti nay.
Trai phieu tiet kiem c phat hanh vi menh gia
50 USD, 75 USD, 100 USD, 200 USD, 500 USD, 1,000
USD, 5,000 USD, 10,000 USD va gia ban ra luon luon
bang menh gia.
Trai chu co the em trai phieu tiet kiem oi lay
tien mat (cash in) bat c luc nao, tai bat c ngan hang
nao, va se khong b tr phat (penalty) neu a mua no
tren 6 thang.
Von va li nhuan nh ky cua trai phieu tiet kiem
c bao am bang uy tn cua chnh quyen lien bang (by
the full faith and credit of the United States).
Li nhuan cua trai phieu c mien thue tieu bang
va thue a phng ong thi c khat lai thue lien bang
(postponed; deferred) cho en khi oi trai phieu e lay
tien mat hoac cho en khi trai phieu khong con tiep tuc
cho li nhuan nh ky na.
Khong giong nh nhng loai trai phieu khac, en
ngay man han du ky trai phieu tiet kiem t ong c
gia han them 10 nam (automatically extended for ten
years) va co the c gia han them mot thi gian na
tiep theo o. Va v vay, li nhuan nh ky cua trai phieu
tiet kiem tiep tuc tch luy theo du ky gia han (interest
106
continues to accrue on the bonds during these exten-
sions).
Trai Phieu ieu Chnh Lam Phat
Gan ay chnh quyen lien bang cho phat hanh loai trai
phieu ieu chnh lam phat (inflation indexed bonds). Loai
trai phieu nay thc ra la loai trai phieu tiet kiem loat I
(series I).
Loai trai phieu nay cho mc li nhuan nh ky co
nh (fixed interest rate) va co phan thap hn li nhuan
nh ky cua trai phieu tiet kiem khac, nhng se ieu chnh
lam phat moi 6 thang mot lan. V vay, li nhuan nh ky
se c tnh tren gia tr cua von au t a ieu chnh lam
pha t (pays interest on the inflation-adjusted principal
amount). Ti ngay man han, n trai phieu se c hoan
tra va so tien co the (1) se bang vi so von au t a
ieu chnh lam phat hoac (2) se bang vi menh gia, tuy
vao cai nao cao hn va co li hn cho trai chu.
Trai phieu loai nay c chnh thc biet en vao
nam 1997 di ten TIPS (Treasury inflation protection
securities).
Li nhuan cua trai phieu ieu chnh lam phat c
mien thue tieu bang va thue a phng.
Giong nh nhng loai trai phieu khac do chnh
quyen lien bang phat hanh, trai phieu ieu chnh lam
phat c bao am thuan tuy bang uy tn cua chnh quyen
Hoa Ky va v vay rat an toan.
Trai Fhieu Cua Chinh 0uven
Tieu Banu va Bia FhuJnu
107
Chnh quyen tieu bang hoac chnh quyen a phng phat
hanh chng khoan e tai tr chi tieu cua chnh no hoac
e tai tr cho nhng cong trnh cong cong (public projects)
nh la tai thiet hoac xay them trng hoc, th vien, benh
xa, chung c cho ngi ngheo, cau, ng, hai cang,
phi cang, he thong nc thai, he thong nc sach, van
van nam trong vung trach nhiem cua chnh quyen o.
oi khi chnh quyen tieu bang hoac chnh quyen a
phng con phat hanh chng khoan e tai tr cho nhng
to chc t nhan (private firms) va ca nhan (individuals),
nhng trng hp nay rat hiem. Nhng chng khoan do
chnh quyen tieu bang hoac do chnh quyen a phng
phat hanh c goi chung la chng khoan cua chnh
quyen tieu bang hoac a phng (municipal securities).
1
Chnh quyen tieu bang hoac a phng s dung
nhieu loai chng khoan khac nhau tuy theo nhu cau huy
ong tai chnh, trong o co trai phieu (municipal bonds;
municipal notes), co phieu u ang (municipal preferred
stock), tn phieu thng mai (municipal commercial pa-
pers), tn phieu hoi theo nhu cau (demand obligations),
tn phieu hoan v (swaps) va tn phieu lai suat noi (floater;
inverse floater).
Nhng cong cu pho thong nhat van la trai phieu.
Trong so trai phieu do chnh quyen tieu bang hoac a
phng phat hanh (munis) co trai phieu dai han va ngan
han. Trai phieu ngan han (municipal notes) co du ky t
13 thang tr xuong va trai phieu dai han (municipal
bonds) co du ky tren 13 thang.
2
Trai Phieu Ngan Han
Trong nhng loai trai phieu ngan han cua chnh quyen
tieu bang va a phng (municipal notes) co trai phieu
BAN (bond anticipation notes), trai phieu TAN (tax antici-
108
pation notes), trai phieu RAN (revenue anticipation notes),
va trai phieu TRAN (tax and revenue anticipation notes).
Chnh quyen tieu bang hoac a phng phat hanh
trai phieu ngan han e tam thi tai tr cho khoan boi chi,
sai biet gia tong lng chi tieu va tong lng nhap thu
en t nhng th thue (taxes), nhng cong trnh tao li
tc (income generating projects), nhng ngan khoan bieu
tang (grants) va nhng chng khoan (securities). Mot
trong nhng loai trai phieu ngan han c chnh quyen
tieu bang va a phng s dung nhieu nhat la trai phieu
BAN.
Trai phieu BAN (bond anticipation note) c phat
hanh e mn n ngan han va so n o se c hoan
tra vao mot thi iem khong xa trong tng lai bang mot
nguon tai chnh mi, va nguon tai chnh mi o c d
tru la se c tai tr bang trai phieu mi dai han hn.
Trai phieu BAN v vay c nh danh la trai phieu ngan
han bao am bang d tru phat hanh trai phieu dai han.
Gia du nh chnh quyen Quan XYZ d tru tai tr mot
cong trnh kien thiet vi trai phieu dai han. Nhng thay
v phat hanh trai phieu dai han ngay t au trong hoan
canh khong xac quyet c tong lng chi ph cua cong
trnh, chnh quyen Quan XYZ co the chon phat hanh trai
phieu BAN vi du ky 2 nam e tam tai tr cho cong trnh.
Sau khi cong trnh tien hanh gan hai nam, chnh quyen
Quan XYZ lai cho phat hanh trai phieu BAN t hai cung
vi du ky 2 nam e lay tien hoan tra n trai phieu BAN
t au sap man han va tai tr cho nhu cau mi. Hai
nam sau, sau khi cong trnh a hoan tat my man, chnh
quyen Quan XYZ phat hanh trai phieu dai han vi du ky
20 nam e lay tien hoan tra n trai phieu BAN t hai va
e giai quyet dt iem tat ca nhng khoan boi chi cha
c tai tr.
Trai phieu TAN (tax anticipation note), trai phieu
109
RAN (revenue anticipation note), trai phieu GAN (grant
anticipation note) va trai phieu TRAN (tax and revenue
anticipation note) la nhng loai trai phieu thong dung khac
do chnh quyen tieu bang va a phng phat hanh.
Trai phieu TAN c phat hanh e mn n ngan
han va so n o se c hoan tra vao mot thi iem
khong xa trong tng lai bang nguon tai chnh d tru en
t thue thu. V vay, trai phieu TAN c nh danh la trai
phieu ngan han bao am bang thue thu d tru.
Tng t, trai phieu RAN c phat hanh e mn
n ngan han va so n o se c hoan tra vao mot thi
iem khong xa trong tng lai bang nguon tai chnh d
tru en t li tc nhap thu (revenues), va v vay, trai
phieu RAN c nh danh la trai phieu ngan han bao
am bang tc thu d tru.
Trai phieu GAN c phat hanh e mn n ngan
t bieu tang (grants), va v vay, trai phieu GAN c
nh danh la trai phieu ngan han bao am bang tai chnh
bieu tang d tru.
Trai phieu TRAN c phat hanh e mn n
ngan han va so n o se c hoan tra vao mot thi
iem khong xa trong tng lai bang nguon tai chnh d
tru en t thue thu lan tc thu (taxes and revenues), va
v vay, trai phieu TRAN c nh danh la trai phieu ngan
han bao am bang tc thu va thue thu d tru.
Trai Phieu Dai Han
Trong nhng loai trai phieu dai han cua chnh quyen tieu
bang va a phng (municipal bonds) co trai phieu GO
(general obligation bonds), trai phieu LS (limited and spe-
cial tax bonds), trai phieu IR (industrial revenue bonds),
110
tra i phie u R (revenue bonds), tra i phie u H (housing
bonds), trai phieu MO (moral obligation bonds), trai phieu
DB (double barreled bonds).
Trai phieu GO (general obligation bonds) c
phat hanh e mn n dai han va so n o se c
hoan tra vao mot thi iem trong tng lai bang nguon
tai chnh tong quat cua chnh quyen phat hanh. Nh
vay, so n c bao am thuan tuy bang uy tn cua chnh
quyen phat hanh (backed by the full faith and credit of
the issuer). Bao am bang uy tn cua chnh quyen phat
hanh cung co ngha la chnh quyen phat hanh phai lam
moi th co the lam c trong gii han cua luat nh e
hoan tra so n trai phieu nh a ha (use just about any
means to guarantee payments). Nhng th co the lam
c la tang thue, ban hanh sac thue mi, vay mn,
ban bat ong san. Bao am nay khong b gii han trong
ban chat (this guarantee is of an unlimited nature). Trai
phieu GO c nh danh la trai phieu dai han bao am
bang uy tn cua chnh quyen.
Trai phieu LST (limited and special tax bonds)
c phat hanh e mn n dai han va so n o se
c hoan tra vao mot thi iem trong tng lai bang
nguon tai chnh en t thue thu cua mot sac thue ac
biet, ang co hieu lc hoac se c ban hanh, cho muc
ch hoan tra n cua trai phieu no tai tr. Th du nh
thue anh vao thuoc la, ru, xang. Bao am cua chnh
quyen co gii han trong ban chat. Trai phieu LST v vay
c nh danh la trai phieu dai han bao am bang thue
thu ac biet va co gii han.
3
Trai phieu IR (industrial revenue bonds) c phat
hanh e mn n dai han va so n o se c hoan tra
vao mot thi iem trong tng lai bang nguon tai chnh
en t li tc nhap thu cua mot cong trnh phat trien
cong nghiep cua tieu bang hoac a phng. Trai phieu
111
IR v vay c nh danh la trai phieu dai han bao am
bang tc thu cong nghiep.
3
Mc o an toan cua trai
phieu tuy thuoc vao trnh o kha tn cua nhng cong ty
bao tr (corporate guarantors)
Trai phieu R (revenue bonds) c phat hanh e
mn n dai han va so n o se c hoan tra vao mot
thi iem trong tng lai bang nguon tai chnh en t li
tc nhap thu cua mot cong trnh phat trien cong ong
cua tieu bang hoac a phng, th du nh la ph s dung
ng cao toc (toll fees) hoac ph cung cap nc sach
(water service charges). Trai phieu R v vay c nh
danh la trai phieu dai han bao am bang tc thu phat
trien cong ong.
3
Thong thng th trai phieu loai nay
cho mc li nhuan nh ky cao hn la mc li nhuan nh
ky cua trai phieu GO v trai phieu bao am bang tc thu
khong an toan nh la trai phieu bao am bang thue thu.
Trai phieu H (housing bonds) c phat hanh e
mn n dai han tai tr cho cong trnh xay dng nha
cho tng gia nh (single family homes) va so n o se
c hoan tra vao mot thi iem trong tng lai, bao
am bang nguon tai chnh en t chi tra nh ky (mort-
gage payments) cua nhng khoan cho vay mua nha. Trai
phieu H v the c nh danh la trai phieu dai han bao
am bang tc thu xay dng t that.
3
Trai phieu MO (moral obligation bonds) c phat
vao mot thi iem trong tng lai bang nguon tai chnh
tong quat cua chnh quyen. Trai phieu c bao am
thuan tuy bang danh ngha cua chnh quyen ch khong
bang phap ly nh la trng hp cua trai phieu GO. ay
la sang tao cua tieu bang New York vao thap nien 1960.
Thong thng trai phieu loai nay c s dung e tai tr
cho mot chng trnh co chu ch (specific purpose) th
du nh la chng trnh xay dng chung c cho ngi
112
ngheo. Trai phieu MO v vay c nh danh la trai
phieu dai han bao am bang danh ngha cua chnh quyen.
Trai phieu DB (double barreled bonds) c phat
trong tng lai, bao am bi hai nguon tai chnh rieng re
(two separate sources). V vay trai phieu DB c nh
danh la trai phieu dai han c bao am kep.
ac Tnh Chung
Tuy nhng loai trai phieu cua chnh quyen tieu bang va
a phng c nh danh khac nhau va co phan phc
tap nhng tu trung la chung c at ten theo nguon
tai tr. Noi mot cach khac, khi cau hoi lam cach nao e
hoan tra so n cua trai phieu nay? c tra li th noi
dung cua cau tra li chnh la can ban e at ten cho trai
phieu o.
Menh gia cua trai phieu ngan han do chnh quyen
tieu bang hoac a phng phat hanh thng la vao
khoang 5,000 USD hoac cao hn. Cho menh gia cao
hay thap tuy thuoc vao s chon la oi tng cua chnh
quyen phat hanh trai phieu. Neu muon ban ra cho ca
nhan quan chung ho se cho menh gia thap hn, va ngc
lai, neu nham vao nhng nha au t thuoc vao to chc
(institutional investors) ho se cho menh gia cao hn.
Trai phieu cua chnh quyen tieu bang hoac a
phng co the la di dang co kem phieu lai (coupon
bonds) hoac khong kem phieu lai (zero coupon bonds).
Trai phieu co kem phieu lai cho lai suat co nh (fixed
interest rate) hoac lai suat ieu chnh (variable interest
rate). Trai phieu khong kem phieu lai cua chnh quyen
phat hanh c biet di ten STRIP. Trai phieu khong
kem phieu lai c ban ra th trng vi mot gia di
menh gia (discount) va tat ca li nhuan nh ky, tnh theo
113
phng phap tnh lai hon hp (compounding method),
se c chi tra mot lan mot vao ngay trai phieu man han
du ky.
Co nhng chnh quyen tieu bang hoac a phng
phat hanh trai phieu ng ra mua bao hiem cho trai phieu
do chnh mnh phat hanh e bao am rang n trai phieu
chac chan se c hoan tra nh cam ket. Chi ph cho
bao hiem, noi cho that cung, la do ngi au t ganh
chu di hnh thc la nhng trai phieu nay cho li nhuan
nh ky thap hn nhng trai phieu khac co cung chieu
dai du ky va pham chat.
e khuyen khch dan chung au t phat trien a
phng, chnh quyen Hoa Ky mien thue lien bang tren
li nhuan cua nhng trai phieu do nhng chnh quyen
tieu bang hoac a phng phat hanh. Nhng trai phieu
do chnh quyen tieu bang hoac a phng phat hanh
c mien thue lien bang con c goi la trai phieu c
mien mot th thue (tax-free munis). Trai phieu cua chnh
quyen tieu bang hoac a phng cung se c mien
luon ca thue tieu bang neu ngi au t c tru trong
cung mot tieu bang vi chnh quyen tieu bang hoac a
phng phat hanh trai phieu o. Trong trng hp nay
c goi la trai phieu c mien hai th thue (double
tax-free munis). Va, may man hn, trai phieu cua chnh
quyen tieu bang hoac a phng cung se c mien
luon ca thue a phng neu ngi au t c tru trong
cung mot a phng vi chnh quyen a phng phat
hanh trai phieu o. Trong trng hp nay c goi la
trai phieu c mien ba th thue (triple tax-free munis).
Noi mot cach tong quat, nhng trai phieu cua chnh
quyen tieu bang hoac a phng c coi la nhng trai
phieu hao hang v chnh quyen t khi b pha san nen ngi
au t khong s b giat n. Tuy nhien co nhng trng
hp xay ra trong qua kh cho thay la chnh quyen b
114
pha san khong phai la ieu khong the xay ra, th du nh
tnh trang cua New York City trong thap nien 1970 va
cua Orange County trong thap nien 1990.
Trai Fhieu Cua CJ 0uan
BuJc Chinh 0uven Lien
Banu Bau TrJ
Nhng c quan c chnh quyen lien bang bao tr (gov-
ernment sponsored enterprises; GSEs), ln nhat va quen
thuoc nhat, co Federal Home Loan Bank System (FHLB),
Federal Home Loan Mortgage Corporation (Freddie Mac),
Federal National Mortgage Association (Fannie Mae),
Farm Credit System, Federal Agricultural Mortgage Cor-
poration (Farmer Mac) va Student Loan Marketing Asso-
ciation (Sallie Mae), College Construction Loan Insurance
Association (Connie Lee), Small Business Administration
(SBA) va Tennessee Valley Authority (TVA). Nhng c
quan nay phat hanh trai phieu ngan, trung va dai han e
tai tr cho nhng cong trnh theo chnh sach cua chnh
phu (projects relevant to public policy).
Phan ln cua so lng trai phieu do nhng c
quan nay phat hanh la nhng trai phieu ngan han va
pho thong nhat la nhng trai phieu ban di menh gia
(discount notes). Trai phieu ban di menh gia co han
du ky dai t 1-360 ngay va menh gia toi thieu tuy thuoc
vao chu trng cua c quan phat hanh. Trai phieu ban
di menh gia do Sallie Mae hoac FHLB phat hanh co
menh gia toi thieu la100,000 USD, cua Freddie Mac la
25,000 USD, cua Fannie Mae la 10,000 USD va cua Farm
Credit System la 5,000 USD.
Ngoai nhng trai phieu ban di menh gia, nhng
115
c quan nay con phat hanh nhng chng khoan ngan va
trung han khac nh la trai phieu Master (Master notes),
trai phieu RFS (Residential Financial Securities), va trai
phieu trung han (medium-term notes).
Trai phieu Master do c quan Sallie Mae va Fannie
Mae phat hanh thuoc loai kha thu (callable bonds), ieu
chnh li nhuan nh ky hang tuan theo mc lai suat cua
cong trai 91 ngay (91-day treasury bills), co han du ky t
1 ti 18 thang va menh gia toi thieu la 10 trieu USD hoac
cao hn.
Trai phieu RFS do Fannie Mae phat hanh co han
du ky 6 thang, 1 nam va 2 nam va co menh gia toi thieu
la 10,000 USD va cao hn.
Trai phieu trung han do Freddie Mac phat hanh
co han du ky t 3 ti 7 nam, cho li nhuan nh ky hoac
co nh hoac ieu chnh theo lai suat LIBOR (London
Interbank Offerred Rate) hoac khong kem phieu lai (zero
coupon) ban ra di menh gia (sold at a discount and
redeemed at par), va co menh gia toi thieu la 10,000
USD cong 5,000 USD cho moi mc gia tang.
Trai phieu dai han khong co the chap do Fannie
Mae and Freddie Mac phat hanh (debentures) cho li
nhuan nh ky hoac co nh hoac tha noi. Phan ln trai
phieu co li nhuan nh ky tha noi cua hai c quan nay
ieu chnh theo lai suat cua cong trai phieu co cung chieu
dai du ky va, so con lai, ieu chnh theo lai suat LIBOR.
Trai phieu gop dai han (consolidated bonds) do
FHLB phat hanh co menh gia toi thieu la 10,000 USD
cong 5,000 USD cho moi mc gia tang va tra li nhuan
nh ky moi sau thang (semi-annually).
Trai phieu gop dai han (consolidated bonds) do
Farm Credit System phat hanh cho li nhuan nh ky co
nh va menh gia toi thieu la 1,000 USD cong 1,000 USD
cho moi mc gia tang.
116
Ngoai ra Fannie Mae va Freddie Mac con phat
hanh chng khoan c bao am vi mot tap hp von
tai tr a oc (mortgage-back securities). Trong so o co
trai phieu CMO (collatralized mortgage obligation), loai
trai phieu c bao am vi mot tap hp von tai tr a
oc rat la thnh hanh trong thap nien 1980, va REMIC
(real estate mortgage investment conduit), mot loai trai
phieu cai dang cua CMO rat la thnh hanh trong thap
nien 1990.
Trai phieu cua nhng c quan c chnh quyen
lien bang bao tr khong c bao am bang uy tn cua
chnh quyen Hoa Ky nh nhng cong trai phieu, tuy nhien
nhng trai phieu nay c th trng anh gia cao khong
kem cong trai phieu bao nhieu,
Theo o, li nhuan nh ky cua nhng trai phieu
do nhng c quan c chnh quyen lien bang bao tr
phat hanh co phan cao hn chut t so vi nhng trai phieu
tng ong do chnh quyen lien bang phat hanh.
Thanh phan tham d vao th trng trai phieu cua
nhng c quan uc chnh quyen lien bang bao tr a
so la nhng nha au t ai dien cho to chc (institutional
investors).
Trai Fhieu Cua
Cunu Tv 0uanh ThuJnu
Nhng cong ty doanh thng can tien e tai tr cho hoat
ong cua chung. Mot cach tong quat, mot cong ty co
the chon la mot trong ba cach huy ong von t ben
ngoai e ap ng cho nhu cau cua cong ty: vay mn
vi mot ngan hang, chia lai chu quyen cua cong ty bang
cach phat hanh co phieu, hoac vay mn n t gii au
t bang cach phat hanh trai phieu.
117
Trai phieu cua cong ty doanh thng (corporate
bonds; debentures) c phat hanh vi nhieu han du
ky: ngan, trung va dai han. Trai phieu ngan han cua
cong ty doanh thng (short-term corporate bonds) co
du ky dai t 1 en 5 nam. Trai phieu trung han cua cong
ty doanh thng (medium-term corporate bonds) co du
ky dai t tren 5 en 15 nam. Va trai phieu dai han cua
cong ty doanh thng (long-term corporate bonds) co du
ky dai tren 15 nam.
Thong thng th trai phieu do cong ty doanh
thng phat hanh co mc hiem hoa cao hn trai phieu
cua chnh quyen lien bang. Dau la c phat hanh bi
nhng cong ty to ln va co danh tieng tot, trai phieu cua
nhng cong ty doanh thng an cha hiem hoa cao nhat
v nhng cong ty doanh thng, so vi chnh quyen, rat
man cam vi nhng thay oi xau trong ieu kien kinh te,
trong kha nang cua ban quan tr, va trong moi trng
canh tranh doanh thng. Trng hp chinh quyen a
phng b pha san rat hiem khi xay ra. Nhng cong ty b
pha san la chuyen xay ra rat thng, ngay ca nhng
cong ty co tam voc, th du nh cong ty Pan Am, cong ty
LTV Streel hoac cong ty Chrysler trong nam 1979,
Theo o, mc li nhuan nh ky cua trai phieu do
cong ty phat hanh cung cao hn la mc li nhuan nh
ky cua nhng cong trai phieu. Ngoai ly do hiem hoa cao
hn, trai phieu cua cong ty doanh thng cho mc li
nhuan nh ky cao hn v mot ly do khac na, o la, v li
nhuan cua trai phieu do cong ty doanh thng phat hanh
khong c mien thue.
Trai phieu do cong ty doanh thng phat hanh
luon luon c anh gia va xep hang kha tn bi nhng
cong ty chuyen cung cap dch vu thong tin au t. Hai
cong ty quen thuoc nhat la Standard and Poors Rating
Services va Moodys Investors Service.
118
Hang kha tn cua mot cong ty, cung la pham hang
cua trai phieu, c xep theo mau ch la tinh. Trai phieu
loai A c anh gia cao nhat va c coi la trai phieu
hao hang. Trai phieu loai B c anh gia trung bnh.
Trai phieu loai C c anh gia thap. Trai phieu hang
BBB theo Standard and Poors, tng ng vi hang
Baa theo Moodys Service, va nhng hang cao hn c
coi la nhng trai phieu tot, thuoc hang phu hp cho muc
ch au t (investment-grade), noi theo thuat ng chuyen
mon. Trai phieu hang BB theo Standard and Poors, tng
ung vi hang Ba theo Moodys, va nhng hang thap
hn c coi la nhng trai phieu thuoc hang phu hp
cho muc ch anh ca may rui (less-than-investment
grade).
Trai phieu phat hanh bi nhng cong ty doanh
thng thieu tam voc hoac nhng cong ty doanh thng
ang oi khat tai chnh thng tra mc li nhuan rat cao
(high yield) va ban ra di menh gia rat xa (deep dis-
count) thng c goi chung la nhng trai phieu may
rui (speculative bonds). Vao thap nien 1980 loai trai
phieu cho li nhuan that cao rat thnh hanh Hoa Ky va
la phng tien chnh ang e giup nhng cong ty nho
mn von phat trien. Tuy nhien phng tien nay a b
lam dung qua mc va b huy hoai vi mot loat tai tieng o
nhuc v nhng hoat ong phi phap trong lanh vc au t
cua nhng tay chuyen gia phu thuy, th du nh Ivan
Boesky and Michael Milken, va mot loat pha san giat n
(defaults) cua nhng cong ty vao au thap nien 1990s.
Chnh v vay nhng trai phieu loai nay b nh danh la
nhng trai phieu toi (junk bonds).
a so trai phieu do cong ty doanh thng phat
hanh cho li nhuan nh ky mot mc co nh, con goi
la lai suat co nh. Mc li nhuan nh ky co nh hay lai
suat co nh la mc li nhuan nh ky khong thay oi
119
trong suot du ky, t ngay phat hanh cho ti ngay man
han. Trai phieu co mc li nhuan nh ky khong thay oi
c goi la trai phieu vi mc li nhuan nh ky co nh
hay la trai phieu vi lai suat co nh (fixed rate bonds).
Mot so trai phieu cua cong ty doanh thng cho
mc li nhuan nh ky ieu chnh theo lai suat hien hanh
cua th trng, thng la tuy thuoc vao mot bieu so lai
suat nao o th du nh la cong trai phieu ngan han (short-
term treasury bills). Trai phieu cho mc li nhuan nh
ky thay oi theo lai suat hien hanh tren th trng c
goi la trai phieu vi lai suat ieu chnh (variable rate
bonds) hoac trai phieu vi lai suat noi (floating rate bonds).
Thong thng trai phieu vi lai suat ieu chnh cho li
nhuan nh ky thap hn la trai phieu vi lai suat co nh
co cung mot chieu dai du ky.
Mot so trai phieu cua cong ty doanh thng khong
chi tra li nhuan nh ky theo moi 6 thang mot lan nh
nhng trai phieu co phieu lai. Thay vao o li nhuan
nh ky se c tnh va tr vao gia ban, do o, trai phieu
c ban ra vi mot gia di menh gia cua trai phieu rat
xa (deep discount). Loai trai phieu nay c goi la trai
phieu khong phieu lai do cong ty doanh thng phat hanh
(corporate zeros; zero coupon corporate bonds).
Ngoai ra trai phieu cua cong ty doanh thng con
c phat hanh di mot so dang khac se c e cap
sau trong phan nhng the tnh cua trai phieu.
Trai Fhieu 0uuc Te
Trong thap nien 1970, nhieu ngan hang thng mai tren
the gii ay ap tien ky thac cua nhng ai gia dau hoa.
Vi so lng tien mat khong lo can phai giai quyet, nhng
ngan hang nay cho tien chay vao nhng quoc gia kem
120
phat trien (LDCs) mot cach thoai mai. Roi gia dau hoa
xuong thap vao au thap nien 1980 lam cho nhng quoc
gia kem phat trien, von d a vay mn n ngan han kha
nhieu, b ket tien mat (trapped for cash) va can vay mn
them e chi tra lai ph hoac n cu. Roi theo a cua cai
vong xoan te hai o, chnh quyen cua nhng quoc gia
kem phat trien b lun cang luc cang sau va cuoi cung
khong con u kha nang e chi tra lai ph ung hen. Te
hai hn, ngan hang tren the gii t choi khong cho vay
mn them. Trong cn tuyet vong chnh quyen cua mot
so quoc gia kem phat trien tuyen bo ho khong con u
kha nang e thanh toan n a vay mn, trong o dan
au la Mexico, va ieu nay a dan en cuoc khung hoang
ngan hang tren toan cau.
Vi qua nhieu ngan hang ch con lai trong tay hang
khoi n xau khong hy vong phuc hoi (defaulted loans),
nhieu to chc tren the gii phai ngh cach e cu van.
Trong no lc o trai phieu Brady (Brady Bond) c khai
sinh.
Ten cua trai phieu c lay t ten cua ong Nicho-
las Brady la v bo trng cua Cong Kho Trung ng Hoa
Ky, ngi cung vi IMF va WB a ng ra e lanh ao
chng trnh giam n cho nhng quoc gia kem phat trien
(debts reduction plan for LDCs). Cai y niem sau lng trai
phieu Brady la tai phan bo cau truc n cho mot quoc gia
kem phat trien (restructure the debts of an LDC), giup
cho nen kinh te cua quoc gia o tang trng va nh vay
no co the chi tra lai ph vay mn, bang cach chuyen
nhng khoan n xau thanh trai phieu c the chap vi
trai phieu khong kem phieu lai cua lien bang Hoa Ky (by
converting the defaulted loans into a bond collateralized
by U.S. zero coupon bonds) e bao am kha nang hoan
tra von va li. Khong can noi, loai trai phieu nay chnh la
trai phieu Brady.
121
Trai phieu Brady c phat hanh di nhieu the
tnh khac nhau. a so trai phieu Brady co menh gia tnh
bang USD, nhng cung co nhng trai phieu Brady co
menh gia tnh bang tien te cua quoc gia khac (curren-
cies of other countries). ay la nhng trai phieu co kem
phieu lai va cho lai suat hoac co nh, hoac ieu chnh
theo nac thang, hoac tha noi, hoac tong hp (coupon-
bearing bonds with fixed, step or floating rate or some
combination of each) va thng la co du ky dai t 10 cho
en 30 nam.
hhung Tha Tnh
6ua TraI FhIau
Trai phieu c phat hanh di nhieu the tnh khac nhau
(a variety of characteristics). Nhng the tnh nay quyet
nh phan nao gia tr cua tng loai trai phieu.
0uven Thu hui
Thong thng th cong ty phat hanh trai phieu khong
c quyen ket thuc du ky (redeem; payoff) cua trai phieu
trc ngay man han. Tuy nhien co nhng trai phieu co
giao c trc ieu khoan thu hoi (call provision) va co
ghi ro trong ban khe c trai phieu (bond indenture). Mot
so cong trai phieu phat hanh trc nam 1985 va mot so
trai phieu do cong ty doanh thng phat hanh thuoc loai
trai phieu vi quyen thu hoi nay. Trai phieu vi quyen
thu hoi con goi la trai phieu kha thu (callable bond).
ieu khoan thu hoi co the mot trong ba dang:
cho quyen thu hoi khong gii han (freely callable), cho
quyen thu hoi co gii han (deferred call), hoac khong
122
cho quyen thu hoi (non-callable).
Vi quyen thu hoi khong gii han cong ty hoac c
quan phat hanh trai phieu co the thu hoi (to call) va ket
thuc du ky cua trai phieu (to retire) o bat c luc nao.
Vi quyen thu hoi co gii han cong ty hoac c
quan phat hanh trai phieu ch co the thu hoi va ket thuc
du ky cua trai phieu o sau mot thi gian nao o a giao
c trc, th du nh sau 5 nam hoac 10 nam.
Khong c quyen thu hoi co ngha la cong ty
hoac c quan hoac chnh quyen phat hanh trai phieu
tuyet oi khong c phep thu hoi va ket thuc du ky cua
trai phieu o trc ngay man han vi bat c ly do g.
Loai trai phieu khong cho quyen thu hoi co ten goi la trai
phieu bat kha thu (non-callable bonds).
Thong thng chnh quyen hoac c quan hoac
cong ty phat hanh trai phieu se chon luc lai suat hien
hanh tren th trng xuong vao mc thap nhat e thu hoi
trai phieu.
Neu trai phieu b thu hoi, li nhuan nh ky se b
vo hieu hoa ke t ngay cong bo. Trai chu cung co the
se b mat i c hoi co c mot khoan li nhuan tren sai
biet gia, gia gia th trng va menh gia cua trai phieu.
Gia du trai phieu ABC vi quyen thu hoi khong gii han,
co menh gia la 1,000 USD, cho li nhuan nh ky la 6%
mot nam, va co du ky dai 20 nam. Vao nam th sau lai
suat hien hanh tren th trng xuong that thap cho nen
cong ty ABC quyet nh thu hoi trai phieu do cong ty
phat hanh. Trc ngay cong bo gia th trng cua trai
phieu la 1,200 USD hay la 20% cao hn menh gia. Sau
khi cong bo gia cua trai phieu ch con lai 1,000 USD v
th trng biet la khi thu hoi cong ty ch hoan tra 1,000
USD theo menh gia. Dien bien nay lam cho trai chu mat
c hoi li 200 USD tren moi trai phieu.
123
Quyen Hoan oi
oi khi trai phieu co nh kem theo quyen hoan oi. oi
vi ngi au t, quyen nay cho phep trai chu dung trai
phieu e oi lay co phan co phieu thng ang hoac co
phan co phieu u ang cua cung mot cong ty theo mot t
le nh trc. oi vi cong ty, quyen hoan oi giup cho
cong ty phat hanh trai phieu co c hoi chuyen oi so n
vay mn (debt) thanh so von hun hap (equity) mot cach
hp ly va hp thi iem. Nhng trai phieu co cho quyen
hoan oi c goi la nhng trai phieu kha hoan (con-
vertible bonds).
Trai phieu kha hoan co the la hap dan hn trai
phieu bat kha hoan, tuy thuoc vao gia tr th trng cua
co phieu lien he.
Dan Giai 4-1 Dan Giai 4-1 Dan Giai 4-1 Dan Giai 4-1 Dan Giai 4-1
Gia du trai phieu kha hoan do cong ty ABC phat hanh co menh
gia la 1,000 USD va nh t le hoan oi la 40:1, tc la 40 co
phan co phieu thng ang cho moi trai phieu. Gia du them la
luc nh t le giao hoan gia cua co phieu thng ang la 23
USD mot co phan. Cau hoi: (1) Da tren t le hoan oi, cong ty
phat hanh a c tnh gia hoan oi cho co phieu thng ang
la bao nhieu USD mot co phan; (2) Gia cua c hoi e thu hoi
trai phieu gia hoan oi va tnh la bao nhieu bao nhieu phan
tram? (3) Neu gia th trng cua co phieu ABC len en 30
USD mot co phan, tr gia tng ng cua trai phieu luc o la
bao nhieu?
Giai ap:
1. Gia c Tnh Cua Co Phieu Da Tren T Le Hoan oi
Gia Co Phieu = Gia Trai Phieu / T Le Hoan oi
= 1,000 USD / (40/1)
= 25 USD
124
2. Gia Cua C Hoi e Thu Hoi Trai Phieu ang Du Hanh
Gia C Hoi = [(Gia Hoan oi / Gia Th Trng) - 1] x 100%
= [(25 / 23) 1] x 100%
= 8.7%
Gia hoan oi cao hn gia th trng cua co phieu la
8.7%. Sai biet o la gia cua c hoi e thu hoi trai phieu ang
du hanh.
3. Tr Gia Tng ng Cua Trai Phieu, Neu Gia Th Trng
Cua Co Phieu Len en 30 USD
Gia Trai Phieu = Gia Co Phieu x T Le Hoan oi
= 30 USD x (40/1)
= 1,200 USD
Phieu Lai Hoac
Khong Phieu Lai
Thong thng th trai phieu co kem theo phieu lai (cou-
pons) e cho trai chu a ra oi lay li nhuan nh ky.
Chnh v ac tnh nay cho nen trai phieu co kem theo
phieu lai c goi la trai phieu co phieu lai (coupon
bonds). Trai phieu co phieu lai luon luon cho li nhuan
nh ky mot mc co nh (fixed interest rate) va khong
thay oi sau khi trai phieu a phat hanh. Li nhuan nh
ky cua trai phieu co phieu lai c chi tra hang nam va
thng la chi tra moi 6 thang mot lan.
Thay v tra li nhuan nh ky hang nam, co loai
trai phieu ch tra tat ca li nhuan mot lan mot vao ngay
man du ky. Trai phieu loai nay khong co kem theo phieu
lai va c goi la trai phieu khong phieu lai (zero-cou-
pon bonds).
Loai trai phieu khong phieu lai c ban ra th
trng vi mot gia di menh gia cua trai phieu rat xa
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(deep discount).
Trai phieu khong phieu lai do cong ty doanh thng
phat hanh (corporate zeros) thng co mc o dao ong
gia rat cao va lai nhuan khong c mien thue cung
khong c khat lai, tr trng hp mua va gi trong
mot trng muc cho phep lam ieu o chang han nh la
trng muc au t danh cho hoi hu (tax-deferred retire-
ment account) hoac trng muc au t danh cho giao
duc (education IRA account).
Trai phieu khong phieu lai do chnh quyen lien
bang phat hanh (treasury zeros) con co ten la STRIPS
(Separate Trading of Registered Interest and Principal
Securities), hay TIGRs (Treasury Investment Growth
Receipts) do cong ty Merrill Lynch at cho hoac CATS
(Certificate of Accrual on Treasury Securities) do cong ty
Salmon Brothers at cho.
Banu Kv huac
Khunu Banu Kv
Thong thng trai phieu co kem theo phieu lai la loai trai
phieu khong co ghi ten trai chu, c goi la trai phieu
khong ang ky (bearer bonds). Bat c ngi nao cam
trai phieu hoac lai phieu khong ang ky th ngi o c
coi la trai chu va ngi o co quyen lanh tien.
Mot so lng ln trai phieu ngay hom nay thuoc
vao loai trai phieu co ang ky (registerred bonds). Vi
loai trai phieu co ang ky, ten cua trai chu c ang ky
trong so bo phat hanh va ch co trai chu o mi co quyen
ban lai trai phieu hoac lanh tien li nhuan nh ky.
126
ieu Chnh Lam Phat
Nam 1997 chnh quyen lien bang Hoa Ky cho phat hanh
mot loai trai phieu mi co ten la trai phieu ieu chnh lam
phat (inflation indexed bonds).
Vi loai nay li nhuan nh ky cua trai phieu se
c tnh tren gia tr cua von au t a ieu chnh lam
pha t (pays interest on the inflation-adjusted principal
amount) moi 6 thang mot lan va mc li nhuan nh ky
khong thay oi. Ti ngay man han, n trai phieu se
c hoan tra va so tien se (1) bang vi von au t a
ieu chnh lam phat hoac (2) bang vi menh gia, tuy vao
cai nao cao hn va co li hn cho trai chu.
Gia Th Trng, GTT
Gia th trng cua trai phieu (price) c trnh bay bang
mot con so ai dien cho phan tram cua menh gia. Cach
trnh bay nay la theo qui c yet gia cua th trng mua
ban trai phieu. Gia du nh trai phieu XYZ co menh gia
la 1,000 USD, cho li nhuan nh ky la 7.5%, du ky la 10
nam va gia th trng la 93. Vi gia du nay, con so 93
phai c hieu la 93/100 cua menh gia. Do o gia th
trng cua trai phieu trong gia du nay, neu qui ra thanh
n v tien te, thc s la 930 USD hay la 0.93 x 1,000
USD. No co the c trnh bay bang ang thc nh sau:
GTT,$ = GTT x GM {4-2}
GTT,$ = Gia th trng, $
GTT = Gia th trng, theo qui c yet gia
GM = Menh gia, $
Thong thng th trai phieu c ban ra th trng
127
vi gia thap hn (discount) hoac cao hn (premium) menh
gia cua no. Thap hn hoac cao hn bao nhieu tuy thuoc
phan ln vao mc li nhuan nh ky, chieu dai du ky, the
loai va the tnh, hang kha tn va mot phan khac tuy thuoc
vao tng quan cua trai phieu o vi lai suat hien hanh
tren th trng, ap lc cung cau cua th trng trai phieu,
ieu kien kinh te, van van.
Khac vi tnh co nh cua menh gia, gia th trng
cua mot trai phieu se c ieu chnh lien tuc. Nhng
th lam cho gia th trng cua mot trai phieu thay oi
khong g khac hn la nhng tac to lam thay oi mc
hiem hoa trong au t. Trong so nhng hiem hoa ma
gii au t quan tam gom co hiem hoa lam phat (infla-
tion risk), hiem hoa b giat n (default risk) va hiem hoa
b hoi von sm (prepayment risk).
Gia th trng cua mot trai phieu ang du hanh
cung se thay oi theo tng quan gia lai suat cua chnh
no, tc la li nhuan nh ky cua chnh no, vi lai suat
hien hanh cua th trng. Gia th trng cua trai phieu
se tang len khi lai suat hien hanh tren th trng giam
xuong, va ngc lai. S bien oi ngc chieu nay hng
dan bi ong lc ieu chnh cua th trng lam cho li
nhuan hien hanh cua nhng trai phieu cu a va ang du
hanh gan lai vi li nhuan hien hanh cua nhng trai
phieu mi ang phat hanh, tren can ban la nhng trai
phieu cu tng ng vi nhng trai phieu mi ve chieu
dai du ky cung nh mc o hiem hoa. Th du trai phieu
cua AA co du ky 30 nam, nhng chieu dai du ky con lai
la 20 nam, co menh gia 1,000 USD, cho mc li nhuan
nh ky co nh la 6% va gia th trng ang la 100, hay
la 1,000 USD. Trai phieu mi BB co du ky 20 nam, menh
gia 1,000 USD, cho mc li nhuan co nh la 5% va ban
ra vi gia bang vi menh gia. Nh vay, mc li nhuan
hien hanh cua trai phieu mi BB tnh ra cung la 6%. Trai
128
phieu cu AA va trai phieu mi BB c coi la tng ng
vi nhau. Theo o trai phieu cu AA, vi mc li nhuan
hien hanh tnh ra ch co 5%, se c th trng ieu chnh
gia cua no e at ti mc li nhuan hien hanh tng
ng vi mc li nhuan hien hanh cua trai phieu mi
BB, hay la 6%, Sau khi th trng ieu chnh xong, gia
th trng cua trai phieu cu AA co the len en 1,200
USD.
Dao ong gia cua trai phieu tng oi on nh so
vi co phieu. Trai chu biet ro li nhuan nh ky la bao
nhieu, khi nao se nhan c, chng nao se c hoan
von. So vi co phieu thng ang, nhan xet mot cach
tong quat, trai phieu co phan kha oan hn va an toan
hn.
Khi gan ti ngay man han du ky, gia th trng
cua trai phieu o se tien gan ti menh gia cua no. Cang
luc cang gan va en luc thc s man du ky th gia th
trng cua trai phieu se bang vi menh gia.
LoI hhuan
Inh ky, Lhk
Mc li nhuan nh ky, con goi la lai suat cua trai phieu
(interest rate) hay la lai suat cua phieu lai (coupon rate),
c tnh bang phan tram tren menh gia cua trai phieu.
Mc li nhuan nh ky co the la co nh (fixed rate), co
the la c ieu chnh theo nac thang (step rate) va cung
co the la c tha noi (floating rate).
Vi trai phieu cho mc li nhuan nh ky 6% co
nh va co menh gia 1,000 USD, li nhuan nh ky cua
trai phieu se la 60 USD mot nam, hay la 6% x 1,000
USD.
Mc li nhuan nh ky c ieu chnh theo lai
129
suat hien hanh cua th trng (variable rate; step or float-
ing) thng la i lien vi mot ch so lai suat nao o, th du
nh lai suat LIBOR hoac lai suat cua cong trai phieu
ngan han.
Thong thng th li nhuan nh ky cua trai phieu
co kem phieu lai (coupon bonds) c chi tra hang nam,
moi 6 thang mot lan. Tuy nhien, nhng trai phieu khong
phieu lai (zero-coupon bonds) thng la khong tra li
nhuan nh ky hang nam nhng thay vao o c ban ra
mot gia di menh gia rat xa (deep discount) va tat ca
li nhuan nh ky c tra mot lan mot vao ngay man du
ky (the bond is sold at a deep discount to its face value
and at maturity the bondholder collects all of the com-
pounded interest, plus the principal).
Li nhuan nh ky (interest) khac vi mc li nhuan
nh ky (interest rate) cho li nhuan nh ky c trnh
bay bang n v tien te ($) trong khi mc li nhuan nh
ky c trnh bay bang phan tram (%). Tuy nhien oi khi
t li nhuan nh ky c dung mot cach long leo cho ca
hai hoac am ch mot trong hai. Thuat ng s dung cung
tng t cho li nhuan hien hanh va mc li nhuan hien
hanh hoac li nhuan ti cuoi du ky va mc li nhuan ti
cuoi du ky.
LoI hhuan
hIan hanh, Lhhh
Mc li nhuan hien hanh (yield; current yield) cua trai
phieu khac vi mc li nhuan nh ky (interest rate) va
khac vi mc li nhuan ti cuoi du ky (yield-to-maturity)
cua trai phieu.
Ch co mot so ngi au t la mua va gi trai
phieu ho a mua cho en ngay man han (buy-and-hold).
130
Con mot so ngi au t khac se mua vao va ban lai
trc khi trai phieu man han du ky vi mot gia thng la
cao hn hoac thap hn gia a mua vao. Va ng nhien
la gia th trng cua trai phieu se len xuong theo nhng
bien oi cua th trng. Mc li nhuan hien hanh cua
trai phieu, v vay, la mot ch so phan anh li nhuan cua
mot trai phieu theo nhng bien ong gia cua trai phieu
o vao mot thi iem nao o. Noi mot cach khac, mc
li nhuan hien hanh la t le cua mc li nhuan nh ky
tren gia th trng cua no, hay la:
LNHH% = LNK% / GTT {4-3}
LNHH% = Mc li nhuan hien hanh cua trai phieu
LNK% = Mc li nhuan nh ky cua trai phieu
GTT = Gia th trng cua trai phieu, theo qui c
Va d nhien la mc li nhuan hien hanh cua trai
phieu se bien oi lien tuc theo s ieu chnh cua gia th
trng. Neu mot trai phieu c ban ra vi mot gia bang
vi menh gia, hay GTT = 100, th mc li nhuan hien
hanh luc o se bang vi mc li nhuan nh ky, hay la
LNHH% = LNK%. Nhng sau o khi gia th trng cua
trai phieu bien oi th li nhuan hien hanh cua trai phieu
cung se bien oi theo, nhng nghch chieu. Th du nh
mot trai phieu co menh gia 1,000 USD cho li nhuan
nh ky 6% va ban ra vi gia 100. Nh vay gia ban ra
cua trai phieu la 1,000 USD, hay la 1.00 x 1,000 USD, va
li nhuan hien hanh cua no luc ban ra cung la 6%, hay la
6%/1.00. Neu nh sau o gia th trng cua trai phieu
ch con lai 80, hay la 0.80 x 1,000 USD = 800 USD, mc
li nhuan hien hanh cua trai phieu luc o se la 7.5%,
hay la 6%/0.80. Con ngc lai neu gia th trng cua
trai phieu tang len 120, hay la 1.20 x 1,000 USD = 1,200
131
USD, mc li nhuan hien hanh cua trai phieu se la 5%,
hay la 6%/1.20.
Gia du nh trai phieu XYZ co menh gia la 1,000 USD, cho li
nhuan nh ky la 7.5%, chieu dai du ky la 10 nam, va gia th
trng la 93. Cau hoi: (1) gia th trng cua trai phieu XYZ la
bao nhieu USD? (2) mc li nhuan hien hanh cua trai phieu
XYZ la bao nhieu?
Giai ap:
1. Gia Th Trng, Tnh Bang n V Tien Te, Cua Trai Phieu
XYZ
GTT,$ = GTT x GM
= (93/100) x 1,000 USD
= 0.93 x 1,000 USD
= 930 USD
2. Mc Li Nhuan Hien Hanh Cua Trai Phieu XYZ
LNHH% = LNK% / GTT
= 7.5% / (93/100)
= 7.5%/ 0.93
= 8.06%
Vi gia du tren, gia th trng cua trai phieu XYZ la 930
USD va mc li nhuan hien hanh cua no la 8.06%.
Gia du nh mot cong trai phieu ngan han co chieu dai du ky la
90 ngay, co menh gia la 10,000 USD, va cho li nhuan nh ky
la 5%. Cau hoi: Mc li nhuan hien hanh cho mot nam cua trai
phieu nay la bao nhieu? Can noi them la li nhuan nh ky cua
cong trai phieu ngan han c khau tr trc khoi so von ngay
luc giao hoan mua ban.
132
Giai ap:
1. Li Nhuan nh Ky 91 Ngay Cua Trai Phieu
10,000 USD x 5% x (91ngay / 365 ngay) = 125 USD
2. Mc Li Nhuan Hien Hanh, Cho 91 Ngay, Cua Trai Phieu
(125 USD/ (10,000 125 USD)) x 100% = 1.266%
3. Mc Li Nhuan Hien Hanh, Cho Mot Nam, Cua Trai Phieu
1.266% x (365 ngay / 91 ngay) = 5.08%
Vi gia du tren, mc li nhuan hien hanh cua trai phieu
la 5.08% cho mot nam, cao hn mc li nhuan nh ky la 5.0%
cho mot nam.
Li Nhuan Ti Cuoi
Du Ky, LNTCDK
Mc li nhuan ti cuoi du ky (yield-to-maturity) cua mot
trai phieu la mc li nhuan tnh theo phan tram mot nam
(annualized rate of return in percentage term) c thiet
lap da tren 2 gia nh (2 assumptions) la (1) trai phieu
c mua va gi cho ti ngay man du ky va (2) tat ca li
nhuan nh ky cua trai phieu o c em tai au t vi
cung mot mc lai suat. No la phan tram li nhuan hon
hp cua tat ca li nhuan (it is the composit rate of return
of all payouts), gom li nhuan nh ky (coupons; interest)
va li nhuan t ban (capital gain) c qui ve gia tr hien
tai (present value). Cach tnh mc li nhuan ti cuoi du
ky c tnh bang ang thc:
LNK(1+LNTCDK%)
-1
+ LNK(1 +
LNTCDK%)
-2
+ . . .LNK(1 + LNTCDK%)
-n
+ GM(1 + LNTCDK%)
-n
= GTT,$ {4-4}
133
LNTCDK% = Mc li nhuan ti cuoi du ky, %
TLK = Li nhuan nh ky, $
GM = Menh gia cua trai phieu
GTT,$ = Gia th trng luc mua vao, $
Gia du nh mot trai phieu co du ky 4 nam vi
menh gia 1,000 USD, cho mc li nhuan nh ky 7% co
nh, va c mua vao vi gia 950 USD. Neu trai phieu
c gi cho en het 4 nam va 70 USD li nhuan nh
ky hang nam cua trai phieu c em tai au t vi cung
mot mc lai suat la 7%, ang thc 4-4 se giong nh sau:
70(1+LNTCDK%)
-1
+ 70(1 + LNTCDK%)
-2
+
70(1 + LNTCDK%)
-3
+ 70(1 + LNTCDK%)
-4
+ 1,000(1+ LNTCDK%)
-4
= 950
Mc li nhuan ti cuoi du ky cua trai phieu tnh ra
la 8.53%, cao hn mc li nhuan hien hanh cua trai phieu.
Trong gia du nay mc li nhuan hien hanh cua trai phieu
la 7.37% hay la 0.07/ 950 USD, cao hn mc li nhuan
nh ky cua trai phieu.
LIan ha Iua Lhk%,
Lhhh% Va LhT6k%
Cho nhng trai phieu ban ra di menh gia (discount),
mc li nhuan nh ky cua trai phieu luon luon thap hn
mc li nhuan hien hanh va mc li nhuan hien hanh
luon luon thap hn mc li nhuan ti cuoi du ky, hay la
LNK% < LNHH% < LNTCDK%. Ngc lai, oi vi nhng
trai phieu ban ra cao hn menh gia (premium), mc li
nhuan nh ky luon luon cao hn mc li nhuan hien
hanh va mc li nhuan hien hanh luon luon cao hn mc
134
li nhuan ti cuoi du ky, hay la LNK% > LNHH% >
LNTCDK%. Rieng trng hp trai phieu ban ra bang vi
menh gia, mc li nhuan nh ky luon luon bang vi mc
li nhuan hien hanh va bang vi mc li nhuan ti cuoi
du ky, hay la LNK% = LNHH% = LNTCDK%.
Lien He Nghch Chieu
Gia GTT & LNHH
Gia th trng va li nhuan hien hanh cua trai phieu luon
luon lien he mat thiet va nghch chieu, tc la khi gia th
trng cua mot trai phieu i len th li nhuan hien hanh
cua cung trai phieu se i xuong va ngc lai (move in
opposit directions). Quan he mat thiet va nghch chieu
nay the hien rat ro trong ang thc 4-2.
Cai quan trong muon noi ti ay la: gia th trng
tang len cao hn va mc li nhuan hien hanh tang len
cao hn eu tot cho ngi au t. ieu nay thng lam
nhng ngi khong quen thuoc lam vi trai phieu nhc
au v lam sao co chuyen ca hai eu co li cho ngi
au t khi ma hai ch so nay co quan he mat thiet va
nghch chieu? Cau tra li thc ra rat n gian, o la, tuy
thuoc vao ngi au t ang ng v the mua vao hay
ban ra.
Luc mua vao trai phieu, li nhuan hien hanh cao
hn la ieu co li cho ngi mua v li nhuan hien hanh
cao cung co ngha la mua vao vi gia re. Th du nh trai
phieu co menh gia 1,000 USD cho 6% li nhuan nh ky.
Vi gia th trng la 80, trai phieu se co mc li nhuan
hien hanh la 7.5%, hay la 6%/0.80, cao hn la mc li
nhuan hien hanh 5%, hay la 6%/1.20, gia th trng
120. Mua trai phieu vao luc mc li nhuan hien hanh
7.5% co ngha la ch phai au t 800 USD, hay la 0.8 x
135
1,000 USD menh gia, e lay 60 USD li nhuan nh ky
moi nam, hay la 6% x 1,000 USD menh gia, ng nhien
la co li hn so vi phai tra 1,200 USD, hay la 1.20 x
1,000 USD menh gia.
Sau khi mua vao, gia th trng cua trai phieu i
len la ieu co li cho ngi au t. Nh trong th du tren,
khi gia th trng cua trai phieu i len, dau la li nhuan
hien hanh ch con lai 5% nhng li nhuan nh ky van
cho eu an 60 USD moi nam (locked in 6% rate). Neu
ban ra trai phieu vao luc mc li nhuan hien hanh 5%
cung co ngha la se thu c 1,200 USD, hay la 1.20 x
1,000 USD menh gia. Ban ra trai phieu gia 1,200 USD
cao hn gia mua vao 800 USD ng nhien la ieu co li
cho ngi au t.
uong 8Iau Ian
6au Trur Lhhh
Cau truc cua mc li nhuan hien hanh tren th trng
thng c trnh bay bang mot hnh ve goi la o th cau
truc li nhuan hien hanh. o th nay cha nhng ng
bieu dien trnh bay s lien he gia mc li nhuan hien
hanh va chieu dai thi gian du ky cua tng tap the trai
phieu, co cung the tnh va the loai, vao mot thi iem
nao o (yield curves).
Mot ng bieu dien cau truc li nhuan hien hanh
bnh thng (a normal yield curve) se phan anh tng
quan cung chieu gia mc li nhuan hien hanh va chieu
dai thi gian du ky.
Noi mot cach khac, mot ng bieu dien bnh
thng se cho thay mc li nhuan hien hanh cua tap the
trai phieu dai han cao hn la mc li nhuan hien hanh
cua tap the trai phieu trung han va mc li nhuan hien
136
8T
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ThoI Ian u ky
|0h Z0h 80h |h 6T
9%
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6%
6%
7%
8%
hanh cua tap the trai phieu trung han cao hn la mc li
nhuan hien hanh cua tap the trai phieu ngan han. Xem
hnh 4-4A.
ng bieu dien trnh bay lien he gia mc li
nhuan hien hanh va chieu dai thi gian du ky cua nhng
tap the trai phieu do chnh quyen lien bang phat hanh
con c goi la ng bieu dien cau truc lai suat. Vi
137
mot ng bieu dien cau truc lai suat bnh thng (a
nornal interest rate curve), lai suat dai han se cao hn lai
suat trung han va lai suat trung han se cao hn lai suat
ngan han.
Co oi khi ng bieu dien cau truc li nhuan
hien hanh cho thay tng quan nghch chieu (inverted
yield curve). Trong trng hp nay mc li nhuan hien
hanh cua tap the trai phieu ngan han se cao hn mc li
nhuan hien hanh cua tap the trai phieu trung han va
mc li nhuan hien hanh cua tap the trai phieu trung
han se cao hn mc li nhuan hien hanh cua tap the trai
phieu dai han. Xem hnh 4-4B.
Theo kinh nghiem, hien tng nay bao trc mot
giai oan suy thoai cua nen kinh te (recession) hoac mot
giai oan kem lac quan cho th trng co phieu (bear
market) sap xay ra, t ra la theo d phong cua gii au t
dau ung hay sai. Von au t tren th trng chng khoan
co le ang chay tth trng co phieu va th trng trai
phieu dai han qua th trng trai phieu ngan han v vay
gay ap lc e gia cua trai phieu dai han va nang gia cua
trai phieu ngan han tao ra hien tng tng quan nghch
chieu trong mot thi gian.
Nhat bao WallStreet Journal va nhat bao Barrons
co in hnh o th cua cau truc lai suat thng xuyen trong
phan danh cho thong tin tai chnh au t.
hIam hoa
Trai phieu thng c nhieu ngi de dang chap nhan
la mot cong cu au t an toan va thch hp cho nhng
ngi than trong. ieu nay la mot sai lam ln. Cung
nh bao nhieu cong cu au t khac, trai phieu co nhieu
th hiem hoa tang an ben trong. Trong o co hiem hoa
138
b giat n (default risk; credit risk), hiem hoa lam phat
(inflation risk) va hiem hoa b hoi von sm (prepayment
risk).
hiem hua Bi 0iat hJ
Moi lan cho mn von la moi lan ngi cho mn von
oi au vi mot s that khong hay la so von o co the se
khong c hoan tra v mot ly do nao o. Cong ty co the
b pha san. Chnh quyen tieu bang va a phng co the
b pha san. Chnh quyen quoc gia cung co the b pha
san. Khi ieu nay xay ra n cho vay se khong c
hoan tra (defaulted) hay toi thieu la khong c hoan tra
ung ky hen (extended). Nhng trai phieu do cong ty
doanh thng phat hanh co c hoi b giat n cao hn la
c hoi b giat n cua nhng trai phieu do c quan c
chnh quyen lien bang bao tr phat hanh hoac cua nhng
tra i phie u do nh ng chnh quye n tie u bang hoa c a
phng phat hanh. Ch duy nhat nhng trai phieu ngan
han do chnh quyen lien bang Hoa Ky phat hanh c
gii au t coi la trai phieu khong s b hiem hoa (risk-
free).
hiem hua Bi
hui vun SJm
Ngc lai vi vi hiem hoa b giat n la hiem hoa b hoi
von sm, trc khi trai phieu man han du ky chieu theo
quyen kha thu cua trai phieu. Trong ieu kien lai suat
hien hanh tren th trng ang tren a i xuong (interest
rates decline), gia cua trai phieu ang len, nhng trai
phieu ang cho nguon li nhuan tot co the b thu hoi
139
sm. Khi trai phieu b goi, trai chu se khong con tiep tuc
nhan c li nhuan nh ky va co the b mat ot ngot
phan li nhuan t ban kha d (potential capital gain). Them
vao o trai chu b buoc phai tm cho au t mi cho so
von c hoan tra va co le trai phieu mi se kem hap
dan hn trai phieu b goi. Ngc lai trong hoan canh lai
suat hien hanh tren th trng ang i len, trai chu b
lun v nam trong tay nhng trai phieu kem gia tr hn
luc trc.
V vay, quyen thu hoi thc s la mot hiem hoa
cho ngi au t. Cach tot nhat e tranh hiem hoa nay
la ng mua nhng trai phieu co kem quyen thu hoi.
hiem hua Lam Fhat
au t vao trai phieu, nhat la oi vi trai phieu dai han,
thng b e doa tram trong bi nan lam phat. Lam phat
lam cho tieu hao gia tr thc cua ong tien. Cho nen gia
tr thc cua von hoan lai cho trai chu vao ngay man han
du ky co the se b mat kha nhieu, neu co lam phat, dau
la menh gia con nguyen ven. V vay, hiem hoa lam phat
la noi lo hang au cua gii au t trong th trng trai
phieu. Luc bao ch truyen hnh ang tai nhieu tin tc lac
quan ve ieu kien kinh te, th du nh mc van dung nhan
cong gia tang, kinh te phat trien mc o cao va van
van, cung la luc th trng trai phieu lo ngai va coi o la
dau hieu xau bao trc con ma lam phat ang rnh rap.
Nen kinh te cang nong chng nao th e doa cho th
trng trai phieu cang cao va theo o gay ap lc e gia
th trng cua nhng trai phieu ang du hanh.
Th trng trai phieu chnh no phan anh tng phut
mot nhng bien ong lien quan en hiem hoa lam phat.
Khi hiem hoa lam phat e doa, gia trai phieu se i xuong
140
va mc li nhuan hien hanh, hoac mc li nhuan nh
ky, se i len. Hoan canh nay khong co li cho ngi
au t ang nam gi nhng trai phieu ang du hanh.
Quan He Gia
Hiem Hoa Va LNHH
Hiem hoa lam phat, hiem hoa b giat n va hiem hoa b
hoi von sm, tat ca eu c tnh vao gia trai phieu.
Hiem hoa cua trai phieu cang cao th mc li nhuan
hien hanh cua trai phieu cang cao. ong thi trai phieu
co thi gian du ky dai hn cung cho mot mc li nhuan
hien hanh cao hn. ieu nay hp ly v thi gian cang dai
th cang co nhieu c hoi cho nhng hiem hoa xay ra, o
la qui luat cua xac suat.
Hang Kha Tn
Nhng cong ty chuyen cung cap dch vu thong tin au t
chang han nh Standard and Poors (S&P), Moodys In-
vestors Service, Fitchs Investors Service, hoac Duff &
Phelps thng xuyen theo doi, anh gia va xep hang
kha tn cua nhng cong ty, c quan va chnh quyen phat
hanh trai phieu.
Ben canh viec truy xet tai san bao chng (collat-
eral assets) va trnh o kha tn (credit worthiness), nhng
cong ty cung cap dch vu thong tin au t nay con phai
truy xet nhng yeu to va nhng s kien quan trong xay
ra co lien quan en cong ty hoac c quan phat hanh nh
la thay oi trong thanh phan quan tr, cau truc tai chnh,
tai san va the chap, nhap thu va chi xuat, san pham va
dch vu, th phan va li tc, canh tranh hien tai va tng
141
lai van van e can nhac, phoi kiem, anh gia va xep
hang trai phieu.
Ket qua xep hang c cong bo rong rai va tao
anh hng, oi khi rat ln, en gia ca cua trai phieu tren
th trng. Cong ty, c quan hoac chnh quyen phat hanh
tuy thuoc mot phan vao s anh gia cua nhng cong ty
cung cap dch vu thong tin au t nay e quyet nh gia
ban ra cho trai phieu ho sap phat hanh. Con gii au t
th da vao ket qua xep hang, cong vi nhng yeu to
khac, e lam quyet nh mua ban.
Tieu Chuan Xep Hang Kha Tn
Theo Standard & Poors Co.
AAA Hang kha tn cao nhat. Co kha nang cao nhat trong
viec chi tra li nhuan nh ky va hoan tra n so n vay mn.
AA Hang kha tn rat cao. Co kha nang rat cao trong viec chi
tra li nhuan nh ky va hoan tra n so n vay mn.
A Hang kha tn cao. Co kha nang cao trong viec chi tra li
nhuan nh ky va hoan tra n so n vay mn. Co the b ap lc
nhe trong kha nang chi tra di ieu kien kinh te xau.
BBB Hang kha tn trung bnh. Co kha nang trong viec chi tra
li nhuan nh ky va hoan tra n so n vay mn. Co the b e
doa en kha nang chi tra trong ieu kien kinh te xau.
BB Hang kha tn tng oi trung bnh. Co kha nang thap
trong viec chi tra li nhuan nh ky va hoan tra n so n vay
mn. Se thieu kha nang chi tra trong ieu kien kinh te xau.
B Hang kha tn tng oi thap. Tam thi co kha nang chi tra
li nhuan nh ky va hoan tra n so n vay mn. Tuy nhien,
nhng thay oi co tnh cach tieu cc se dan en tnh trang suy
thoai tram trong kha nang chi tra, dau la trong ieu kien kinh te
142
lac quan.
CCC Hang kha tn thap. Bat thng trong kha nang chi tra
li nhuan nh ky va hoan tra n so n vay mn. Co tnh cach
au c (speculative).
CC Hang kha tn rat thap. Co tnh cach au c.
C Hang kha tn thap nhat. Cong ty hoac c quan phat hanh
co the a khai bao pha san nhng van tiep tuc chi tra li nhuan
nh ky va hoan tra so n.
D a tng hoac ang giat n (in default)
Tieu Chuan Xep Hang Kha Tn
Theo Moodys Investors Service, Inc..
Aaa Hang kha tn cao nhat. Co kha nang cao nhat trong
viec chi tra li nhuan nh ky va hoan tra n so n vay mn.
Aa Hang kha tn rat cao. Co kha nang rat cao trong viec chi
tra li nhuan nh ky va hoan tra n so n vay mn.
A Hang kha tn cao. Co kha nang cao trong viec chi tra li
nhuan nh ky va hoan tra n so n vay mn. Co the b ap lc
nhe trong kha nang chi tra di ieu kien kinh te xau.
Baa Hang kha tn trung bnh. Co kha nang trong viec chi tra
li nhuan nh ky va hoan tra n so n vay mn. Co the b e
doa en kha nang chi tra trong ieu kien kinh te xau.
Ba Hang kha tn tng oi trung bnh. Co kha nang thap
trong viec chi tra li nhuan nh ky va hoan tra n so n vay
mn. Se thieu kha nang chi tra trong ieu kien kinh te xau.
B Hang kha tn tng oi thap. Tam thi co kha nang chi tra
li nhuan nh ky va hoan tra n so n vay mn.
143
Caa Hang kha tn thap. Bat thng trong kha nang chi tra li
nhuan nh ky va hoan tra n so n vay mn. Co tnh cach
au c (speculative).
Ca Hang kha tn rat thap. Co tnh cach au c.
C Hang kha tn thap nhat. Cong ty hoac c quan phat hanh
co the a khai bao pha san nhng van tiep tuc chi tra li nhuan
nh ky va hoan tra so n.
D a tng hoac ang giat n (in default)
NR Khong xep hang
MIG1 Hang kha tn rat cao. Co the chap hoac bao chng.
Li nhuan nh ky c mien thue. Thng dung cho trai phieu
cua chnh quyen tieu bang hoac a phng.
PRIME1 Hang kha tn cao nhat. Co the chap hoac bao
chng. Thng dung cho trai phieu cua cong ty doanh thng.
YaI Ia
6ong TraI FhIau
Bang yet gia cua cong trai phieu co phan khac biet so
vi bang yet gia trai phieu do cong ty doanh thng phat
hanh. Thng thay bang yet gia cong trai phieu tren
nhat bao tng t nh sau:
Maturity Date Bid Ask Yield
1997 % % %
1-12 5.81 4.99 5.09
1-19 5.66 5.39 5.50
1-26 5.21 5.14 5.26
144
Cot th nhat ch ngay man du ky (maturity date).
Cot th nh ch gia au e mua (bid to buy) do nhng ai
ly keu gia. Cot th ba ch gia au e ban (ask to sell)
cung do nhng ai ly keu gia. Cot cuoi cung ch mc li
nhuan hien hanh. Sai biet gia gia au mua va gia au
ban la phan li cua nhng ai ly mua ban trai phieu.
Trai phieu man du ky ngay 1/12/1997 keu gia mua la
5.81% va keu gia ban la 4.99%. Phan li cua ai ly theo
o la 0.82% hay la so sai biet gia 5.81% va 4.99%.
T bang yet gia tren cho thay la th trng mua
ban trai phieu do chnh quyen lien bang phat hanh khong
yet gia GTT (price) nhng thay vao o la LNHH (yield).
LoI hhuan Tuong
uong khong MIan
Thua, LhTkMT
Mot chon la au t lien quan en yeu to c mien
thue hay khong c mien thue tren mot chng khoan
tuy thuoc phan ln vao mc thue lien bang thap nhat
cua ngi au t (investors marginal federal tax rate) va
tuy thuoc vao li nhuan c mien thue (tax-exempt in-
terest) so vi li nhuan khong c mien thue (taxable
interest) cua chng khoan o. Mc li nhuan cua chng
khoan c mien thue (yield on tax-exempt securities)
thng c trnh bay theo mc li nhuan tng ng
vi li nhuan khong c mien thue, thuat ng chuyen
mon goi la mc li nhuan tng ng khong mien thue
(taxable equivalent yield), hay la:
LNT%KMT = LN%MT/(1 ThLB) {4-5}
145
LN%MT = Mc li nhuan c mien thue, %
thue, %
ThLB = Mc thue lien bang thap nhat cua ngi au t,
%
Gia du nh mc thue lien bang thap nhat cho ca
nhan ong A la 28%. Neu ong A mua mot chng khoan
cho mot mc li nhuan la 6% va neu c mien thue
lien bang th li nhuan tng ng khong mien thue
cua chng khoan se la 8.33%, hay la 6%/(1 - 0.28). Noi
mot cach khac, mot chng khoan khong c mien thue
phai cho li nhuan la 8.33% mi tng xng vi 6% li
nhuan cua chng khoan c mien thue.
Gia tr cua li nhuan c mien thue se gia tang
khi c mien luon ca thue tieu bang hoac a phng.
Trong trng hp ngi au t c tru trong cung mot tieu
bang vi chnh quyen phat hanh chng khoan va c
mien ca hai th thue (double tax-exempt), cong thc e
tnh mc li nhuan tng ng khong mien thue se la:
LNT%KMT = {LN%MT } / {1- [ThLB +
ThTB (1 ThTB)]} {4-6}
LN%MT = Mc li nhuan c mien thue, %
thue, %
ThLB = Mc thue lien bang thap nhat cua ngi au t,
%
ThTB = Mc thue tieu bang thap nhat cua ngi au t,
%
Gia du nh ba B co mc thue lien bang thap nhat
la 28% va mc thue tieu bang thap nhat la 10%. Nh
146
vay mc thue thc s cua ba B khi gop hai th thue lai
vi nhau tnh ra la 35%, hay la [0.28 + 0.10 (1 0.28)] =
0.35. Neu mot chng khoan c mien ca hai th thue
va cho mc li nhuan la 6% th mc li nhuan tng
ng khong mien thue se la 9.23%, hay la 6%/{1 0.35}.
Mot chng khoan khong c mien thue phai cho li
nhuan la 9.23% mi tng xng vi 6% li nhuan cua
chng khoan c mien hai th thue lien bang va tieu
bang.
Can noi them la ch co li nhuan nh ky la c
mien thue (only the accrued interest is tax exempt) con
li nhuan t ban (capital gain) th khong c mien thue.
Li nhuan t ban la li nhuan en t sai biet gia, gia mua
vao va gia ban ra. Trong trng hp trai phieu c gi
en ngay man han th li nhuan t ban la sai biet gia
gia mua vao va menh gia.
Fhan FhoI
ToI ThI Truong
a so nhng ngan hang va nhng cong ty chuyen mua
ban chng khoan co tam voc (most large banks and se-
curities firms), cung vi mot so cong ty nho chuyen mua
ban trai phieu do chnh quyen tieu bang hoac a phng
phat hanh, am nhiem vai tro ai ly trong th trng trai
phieu (act as dealers). Nhng ai ly nay ng lam trung
gian am nhiem phan phoi nhng trai phieu mi ra th
trng, th trng cap 1, va lam th trng cho nhng trai
phieu ang du hanh, th trng cap 2.
4
Trunu 0ian Bam
147
hhiem Fhan Fhui
Mot chng khoan mi phat hanh, vi mot so lng khong
nho, thng c mot ai ly ng ra lam mot trung gian
am nhiem phan phoi. Vai tro nay, theo thuat ng chuyen
mon, c goi la mot trung gian am nhiem phan phoi
chng khoan mi (an underwriter).
Neu la mot so lng that ln vt ngoai kha nang
cua mot ai ly, mot tap hp cua nhieu ai ly se lien ket
tam thi e ng ra am nhiem phan phoi. Tap hp
nay, cung theo thuat ng chuyen mon, c goi la mot
to trung gian am nhiem phan phoi chng khoan mi (a
syndicate of dealers; underwriting group; purchase group;
banking syndicate; investment banking syndicate; distrib-
uting syndicate).
Trong mot to trung gian am nhiem phan phoi
chng khoan mi co mot ai ly au nao (lead dealer)
chu lanh thau mot phan ln cua so lng chng khoan
mi (a large portion of securities) va chu trach nhiem
quan ly van trnh phan phoi cua toan to.
Nhng to trung gian am nhiem phan phoi chng
khoan mi c s dung e m rong tam vi ti nhng
ngi au t va e chia trai (spread) hiem hoa am nhiem
phan phoi chng khoan mi (underwriting risk) gia nhieu
ai ly. Hiem hoa ang ke nhat la lai suat hien hanh co
the gia tang ngoai tien lieu trc khi trai phieu mi c
ban het ra th trng mot gia co li.
Kinh Fhan Fhui
Chng khoan mi c phan phoi ti th trng qua kinh
t he (private placement channel) hoac qua kinh cong
he (public offering channel).
Qua kinh t he, chng khoan c ban ra cho
mot nhom khach au t nam trong gii han cua mang
148
li quan he t. Qua kinh cong he, chng khoan c
ban ra cho cong chung mot cach rong rai.
Neu s dung kinh cong he e phan phoi trai phieu
mi, cong ty hoac chnh quyen phat hanh phai chon trc
la se cho au gia (competitive bidding) hay la se ieu
nh ban khoan (negotiated sales).
Neu cho au gia, cong ty hoac chnh quyen phat
hanh trai phieu se quang cao trai phieu sap phat hanh
(advertises the issue) qua nhng phng tien truyen thong
roi sau o ban toan bo so lng trai phieu mi cho mot
trung gian am nhiem phan phoi chng khoan mi, hoac
cho mot to trung gian am nhiem phan phoi chng khoan
mi, cho gia cao nhat (then sells it to the underwriting
dealer, or syndicate of dealers, that offers the highest
price).
Neu ieu nh ban khoan, cong ty hoac chnh
quyen phat hanh trai phieu se chon mot trung gian am
nhiem phan phoi chng khoan mi hoac mot to trung
gian am nhiem phan phoi chng khoan mi e ieu
nh gia ch khong quang cao va ban toan bo so lng
trai phieu mi cho no vi gia a ieu nh.
Trach Nhiem Cua
Trung Gian Phan Phoi
Trach nhiem cua mot trung gian am nhiem phan phoi
chng khoan mi, hoac cua mot to trung gian am nhiem
phan phoi chng khoan mi, la a so trai phieu mi
vao th trng cap 1 e giup huy ong tai chnh cho cong
ty hoac chnh quyen phat hanh, va trach nhiem cua no
dng lai o. Th trng cap 1 rat nang ong va hieu
qua.
149
Thi TruJnu Ca 2
Khac vi th trng cap 1, v s a dang trong ban chat
cua trai phieu do chnh quyen tieu bang hoac a phng
phat hanh (heterogeneous nature) cho nen th trng cap
2 kem nang ong hn nhieu so vi th trng cap 1.
Thng la nhng ai ly mua ban chng khoan ng ra
lam th trng cho trai phieu cu do chnh ho a am nhiem
a vao th trng cap 1 trc o.
Muon ban mot trai phieu nao o ang du hanh a
so ai ly se nh en nhng trung gian mua ban chng
khoan (brokers) ng ra tm nhng oi tng ang muon
mua trai phieu o (particular issues are often matched
by brokers with those wishing to buy the same issues).
Nhng trung gian mua ban chng khoan ch nhan lam
dch vu vi so lng ln va lay ph dch vu.
Tanu CuJnu Trinh
Bu Kha Tin va
Kha hanu Luu huat
e nang hang kha tn va cai thien kha nang xam nhap
th trng (to improve credit rating and marketability) cua
mot trai phieu, chnh quyen tieu bang hoac chnh quyen
a phng phat hanh trai phieu thng ky hp ong e
giup tang cng trnh o kha tn va kha nang lu hoat
(credit and liquidity enhancement) cho trai phieu o. Hp
ong nh the co ten la hp ong tang cng trnh o
kha tn (credit substitution agreement) hoac hp ong
tang cng kha nang lu hoat (liquidity substitution agree-
ment).
Mot hp ong tang cng trnh o kha tn la mot
150
van ban ky ket gia chnh quyen phat hanh chng khoan
va thanh phan th ba (a third party) trong o thanh phan
th ba cam ket la se chu trach nhiem chi tra von lan li
cua mot chng khoan cho nhng ngi ang lam chu
chng khoan o neu chnh quyen phat hanh khong thi
hanh ngha vu chi tra. Vi hp ong nay thanh phan th
ba trc tiep chu trach nhiem vi trai chu neu chnh quyen
phat hanh trai phieu giat n (if the issuer defaults).
Mot hp ong tang cng kha nang lu hoat la
mot giao ha co ieu kien cua thanh phan th ba (a third
partys conditional promise) la se thu mua mot chng
khoan ang du hanh theo nhu cau cua ngi au t hoac
se cho chnh quyen phat hanh chng khoan o mn n
e dung vao viec thu mua theo nhu cau cua ngi au t
(either to purchase tenderred securities itself or to pro-
vide the municipal issuer with a loan that will enable it to
redeem the securities).
Mot hp ong tang cng kha nang lu hoat ch
co hieu qua khi chng khoan neu trong hp ong khong
the ban ra lai th trng mot mc li nhuan nh ky
nam di mc toi a ma chnh quyen phat hanh a nh
trc (cannot resell the tendered securities at an interest
rate below the level sets by the issuer), hoac ch n
gian la chng khoan o khong the ban ra lai th trng
(cannot resell them at all), hoac khong the phat hanh
chng khoan e thay the chng khoan ang man han
(cannot reissue the matruing securities).
Nhng hp ong tang cng kha nang lu hoat
co at ieu kien tren sc khoe tai chnh cua chnh quyen
phat hanh (are conditioned on the financial health of the
municipal issuers). Trong nhng hp ong tang cng
kha nang lu hoat co cha mot ieu khoan noi ro la hp
ong se b huy bo neu sc khoe tai chnh cua chnh quyen
phat hanh sa sut ang ke (have a clause that voids the
151
agreement if the financial condition of the issuer deterio-
rates significantly).
a so hp ong la do nhng ngan hang ln, cua
Hoa Ky va cua ngoai quoc, cung cap.
Tham Khao
1. The term municipality refers to local governments
and to the special districts and authorities created by state
and local governments. Some writers use the term to re-
fer to state governments as well. John R. Walter, Short-
term Municipal Securities, p.1
2. Most major data-collecting firms consider municipal
securities short-term if they have maturities of no more
than 12 or 13 months or if they have features that make
their effective maturities no more than 12 or 13 months.
John R. Walter, Short-term Municipal Securities, p.1
3. L ST, H, DB la do tac gia gan ten lay theo nhng mau
t au cua ten tieng Anh.
4. Chieu theo du luat Glass- Steagall (Glass-Steagall Act)
ban hanh nam 1933, ngan hang ch c phep am nhiem
phan phoi loai trai phieu GO ma thoi.
152
153
Tn Phieu
Ky Thac
T
n phieu ky thac la mot van ban chng nhan mot ky
thac co thi han, c goi la ky thac han ky (a time
deposit), trong o ngi ky thac (depositor) giao cho mot
c quan nhan ky thac (placed with a depository institu-
tion) mot so tien e lay lai. Tren tn phieu ky thac co ghi
ro so tien ky thac, ngay man han ky thac, mc li nhuan
nh ky, va phng phap chiet tnh li nhuan nh ky.
Thi gian t khi ky thac cho en khi man han cua
tn phieu c goi la du ky cua tn phieu. Mc li nhuan
nh ky cua tn phieu con goi la lai suat cua tn phieu.
Va li nhuan nh ky cua tn phieu con goi la lai nhuan
cua tn phieu.
Can c vao loai c quan phat hanh, nhng tn
phieu ky thac co menh gia cao co the c xep vao 4
loai: tn phieu ky thac noi a (domestic CDs), tn phieu
154
ky thac hai ngoai (Eurodollar CDs), tn phieu ky thac cua
ngan hang ngoai (Yankee CDs), va tn phieu ky thac cua
ngan hang tiet kiem (thrift CDs).
TFkT hoI Ia
Tn phieu ky thac noi a la nhng tn phieu ky thac do
ngan hang Hoa Ky phat hanh ben trong lanh tho Hoa Ky
(issued by US banks domestically).
c Quyen Chuyen
Nhng Hoac Khong c
Quyen Chuyen Nhng
Tn phieu ky thac co the thuoc loai c quyen chuyen
nh ng hoa c thuo c loa i kho ng c quye n chuye n
nhng tuy vao ac iem phap ly cua no (legal specifi-
cations). Vi loai tn phieu ky thac c quyen chuyen
nhng (negotiable CDs), ngi ky thac co the ban no
cho ngi khac va ngi o cung co quyen ban lai cho
ngi khac na. Vi loai tn phieu khong c quyen
chuyen nhng (nonnegotiable CDs), ngi ky thac thong
thng la phai gi no cho en ngay man han.
Co ang Ky Hoac
Khong Co ang Ky
Tn phieu ky thac co the thuoc loai chi tra cho ngi cam
phieu (payable to the bearer), hoac thuoc loai ch chi tra
155
cho ngi a ang ky chu quyen (registered in the name
of the investor). a so nhng tn phieu co menh gia cao
eu thuoc loai chi tra cho ngi cam phieu v vi loai nay
thu tuc mua ban gian d hn nhieu va t ton kem so vi
loai ang ky chu quyen. Di du luat Cong Bnh Thue
Thu va Thu Chi Hu Trach ban hanh nam 1982 (Tax
Equity and Fiscal Responsibility Act; TEFRA), tat ca tn
phieu ky thac co han du ky dai hn mot nam, tnh t
ngay phat hanh, eu phai ang ky chu quyen.
Thi Gian Du Ky
Dau rang co nhng tn phieu ky thac co thi gian du ky
dai ti 5 nam nhng a so co du ky t 1 thang en 12
thang. Luat le kiem soat ngan hang cua lien bang qui
nh la thi gian du ky cho tn phieu ky thac toi thieu
khong di 7 ngay.
Cach Tnh
Li Nhuan nh Ky
Thong thng li nhuan nh ky cua tn phieu ky thac
c chiet tnh theo phng phap tnh lai n (interest
bearing basis) tren can ban 360 ngay mot nam, hay la
so ngay du ky / 360 ngay, con goi la can ban cua tn
phieu ky thac (CD basis). Gia du nh mot tn phieu ky
thac du ky 90 ngay co menh gia 1 trieu USD va lai suat
3 phan tram. Vi phng phap tnh lai n tren can ban
360 ngay mot nam, sau 90 ngay ngi ky thac se nhan
lai mot so tien la 1,007,500 USD hay la 1,000,000 USD x
[1 + (90/360) x 0.03]. Tuy nhien, mot so ngan hang lai
chiet tnh tren can ban 365 ngay mot nam. Trong trng
156
hp nay, vi cung mot mc li nhuan nh ky, ngi ky
thac se nhan c t tien lai hn so vi cach tnh tren
can ban 360 ngay mot nam. Cung mot gia du, vi phng
phap tnh lai n tren can ban 365 ngay mot nam, sau
90 ngay ngi ky thac se nhan lai mot so tien la 1,007,397
USD, hay la 1,000,000 USD x [1 + (90/365) x 0.03]. Cho
nhng tn phieu ky thac co du ky dai hn mot nam vi
mc li nhuan nh ky co nh (fixed interest), ngan hang
thng chi tra li nhuan nh ky vao moi 6 thang (semi-
annually).
Li Nhuan nh Ky
Tn phieu ky thac vi li nhuan nh ky ieu chnh (vari-
able-rate CDs; VRCDs), con goi la tn phieu ky thac vi
li nhuan nh ky tha noi (floating CDs), co mat tai Hoa
Ky t nam 1975.
Vi loai nay chieu dai thi gian du ky, cung la
chieu dai thi gian ky thac, cua tn phieu c chia ra
lam nhieu tieu han va nhng tieu han co chieu dai thi
gian bang nhau (total maturity is divided into equally long
rollover periods). Nhng tieu han c goi theo thuat
ng chuyen mon la nhng cai chan (legs) hay la nhng
chuyen ky (roll periods). moi au moc thi gian cua
nhng chuyen ky mc li nhuan nh ky (%) cua tn phieu
ky thac se c ieu chnh lai theo mc lai suat hien
hanh tren th trng va li nhuan nh ky ($) se c chi
tra moi cuoi chuyen ky.
Lai suat cho moi chuyen ky thong thng c
tnh theo phng phap phan tram cao hn lai suat chuan
(set at some fixed spread to a certain base rate). Lai
suat chuan co the la lai suat noi (prime rate), lai suat
ngan hang Luan on (London Interbank Offered Rate,
157
LIBOR), hoac lai suat cong trai phieu ngan han (treasury
bill rate). Chieu dai thi gian du ky cua cong cu tai chnh
dung e nh lai suat chuan se bang vi chieu dai thi
gian cua nhng chuyen ky cua tn phieu ky thac. Lai
suat noi la mc lai suat ngan hang ap dung cho nhng
cong ty thng nghiep co uy tn nhat e tnh gia cho vay
vi lai suat tha noi (floating rate loans).
Tn phieu ky thac vi li nhuan nh ky ieu chnh
c nhng ngan hang phat hanh tn phieu s dung nhieu
v tn phieu ky thac loai nay co mc lu hoat cao nh
cung ng nguon von vi du ky tng oi dai. Gii au t
vao th trng tien te a thch tn phieu ky thac loai nay v
muon mua nhng cong cu co du ky dai nhng cung luc
han che c mat mat li nhuan nh mc li nhuan nh
ky cua tn phieu c ieu chnh thng xuyen theo mc
gia tang cua lai suat hien hanh tren th trng.
Trong thap nien 1980, tn phieu ky thac vi li
nhuan nh ky ieu chnh chiem khoang 10 phan tram
cua tong so tn phieu ky thac co menh gia cao tren th
trng. Tuy nhien en cuoi nam 1992 tn phieu ky thac
loai nay ch con vao khoang 2 phan tram.
TPKT Tng Dang
Trai phieu ky thac (deposit notes) va trai phieu ngan hang
(bank notes) la san pham cua nhng ngan hang ln vao
gia thap nien 1980, nhat la nhng ngan hang hai ngoai
co chi nhanh tai Hoa Ky.
Trai phieu ky thac tng ng vi tn phieu ky
thac c quyen chuyen nhng. No la loai ky thac co
han ky, thng ban ra vi menh gia mot trieu USD cho
nhng to chc au t (institutional investors), ch c
FDIC bao hiem toi a mot tram ngan USD va cho mc li
158
nhuan nh ky co nh (fixed interest rate).
Trai phieu ky thac ch khac vi tn phieu ky thac
cho cach tnh li nhuan nh ky cua trai phieu ky thac
giong vi cach tnh li nhuan nh ky cua nhng trai phieu
do cong ty doanh thng phat hanh (corporate bonds).
Ngan hang phat hanh trai phieu ky thac vi muc
ch thu hut au t cua th trng trai phieu trung han do
nhng cong ty doanh thng phat hanh (medium-term
corporate bonds) v vay a so trai phieu ky thac co du ky
vao khoang 18 thang cho en 5 nam.
Trai phieu ngan hang (bank notes) la mot phng
tien e ngan hang huy ong von ma khong b buoc vao
luat le phai mua bao hiem (not subject to federal deposit
insurance premiums). Trai phieu ngan hang chnh thc
la trai phieu ky thac nhng ngan hang khong goi va khong
bao cao la trai phieu ky thac tren van ban tai chnh cua
ngan hang. Thay vao o no c bao cao di muc
nhng khoan n khac (other liabilities) nh la von mn
(as borrowed money).
TFkT haI hgoaI
Tn phieu ky thac hai ngoai (Eurodollar CDs or London
Dollar CDs) la nhng tn phieu ky thac my kim hai ngoai
do nhng ngan hang nam ngoai lanh tho Hoa Ky phat
ha nh (dollar-denominated CDs issued by foreign
branches of US banks or by foreign banks located abroad).
Ky thac my kim hai ngoai (Eurodollar deposits) la
thuat ng gan cho von my kim huy ong tai hai ngoai
bang cong cu tn phieu ky thac nam ngoai pham vi luat
le kiem soat ngan hang cua Hoa Ky (are bank deposit
liabilities denominated in US dollars but not subject to US
banking regulations). Vao thi iem trc ay kha lau,
159
nhng hoat ong ky thac my kim hai ngoai nam ngoai
pham vi cua luat le kiem soat ngan hang cua Hoa Ky ch
co tai Au Chau do o my kim hai ngoai mi co ten la
Eurodollars.
1
Va v tap trung tai thanh pho Luan on
nen my kim hai ngoai con co ten la London dollars. Ngay
nay phan ln nhng ky thac my kim hai ngoai van tap
trung tai Au Chau nhng con co them nhng cho khac
nh la US-IBFs, Bahamas, Bahrain, Cayman Islands,
Panama, Japan, Hongkong, Singapore, Netherlands
Antilles, va Canada.
Tn phieu ky thac hai ngoai la loai tn phieu c
quyen chuyen nhng (negotiable CDs) va lai nhuan cua
no c chiet tnh bang phng phap tnh lai n (inter-
est bearinbg basis). a so tn phieu ky thac hai ngoai co
li nhuan nh ky co nh va co du ky t 3 cho ti 6
thang. Loai co li nhuan nh ky tha noi (floating-rate
Eurodollar CDs) cung c phat hanh nhng vi du ky
dai hn.
Mot so tn phieu ky thac hai ngoai, con c biet
en di ten Tranche CDs, c phat hanh vi so von
huy ong rat ln, trung bnh vao khoang 10 cho en 30
trieu USD. Sau o c nhng ai ly mua ban chng
khoan (dealers) em chia ra thanh nhng tn phieu vi
menh gia nho hn, vao khoang 10 cho ti 25 ngan USD,
e ban ra th trng qua nhng trung gian mua ban chng
khoan (brokers), nhng ngan hang au t (investment
banks) hoac nhng hoat ong ban le cua ngan hang
phat hanh (issuing banks retail sales operation). Nhng
tn phieu con nay co cung mc li nhuan nh ky, cung
ngay phat hanh, cung ngay chi tra li nhuan nh ky va
cung ngay man han du ky nh tn phieu me.
Phan ln so lng tn phieu ky thac hai ngoai la
do chi nhanh cua nhng ngan hang ln cua Hoa Ky,
Nhat Ban, Gia Na ai va nhng ngan hang giao hoan
160
Anh Quoc phat hanh (British clearing banks) va ban cho
nhng ngan hang khac tren th trng lien ngan hang
Luan on (London Interbank markets) nhng a so c
ban cho nhng nha au t thuoc to chc va cho nhng
cong ty ln cua Hoa Ky.
Ngan hang phat hanh tn phieu ky thac hai ngoai
e huy ong von my kim ben ngoai lanh tho Hoa Ky
cung ng cho nhu cau quoc te (international lending) hoac
chuyen ve nc cung ng cho nhu cau noi a. Nhng
ngan hang ln cua Hoa Ky lien tuc so sanh gia hieu qua
(effective costs) trong viec huy ong von tai noi a va
tai th trng my kim hai ngoai. Neu gia hieu qua trong
viec huy ong von tai Hoa Ky co li hn, cong cu tn
phieu ky thac noi a se c s dung. Con ngc lai,
neu gia hieu qua trong viec huy ong von tai th trng
my kim hai ngoai co li hn ho se s dung cong cu tn
phieu ky thac hai ngoai.
TFkT 6ua
hgan hang hgoaI
Tn phieu ky thac cua ngan hang ngoai (Yankee CDs) la
loai tn phieu ky thac c quyen chuyen nhng (nego-
tiable CDs) do chi nhanh Hoa Ky cua nhng cong ty ngoai
quoc phat hanh (issued by US branches of foreign banks).
Chi nhanh New York cua nhng ngan hang cap quoc te
cua Nhat Ban, Gia Na ai, Anh va Tay Au phat hanh
hau het nhng tn phieu ky thac loai nay e huy ong
von cho nhng cong ty khach hang cua ho (corporate
customers) tai Hoa Ky.
Tn phieu ky thac cua ngan hang ngoai xuat hien
lan au tien vao au thap nien 1970. Vao thi iem o
tn phieu ky thac cua ngan hang ngoai cho mc li nhuan
161
nh ky cao hn la tn phieu ky thac noi a. Ly do la v
gii au t tai Hoa Ky khong tin tng may vao nhng
ngan hang ngoai quoc v khong biet nhieu ve nhng
nguyen tac ke toan cua nc ngoai, khong co ay u tin
tc bao cao va kho xac nh c o kha tn. Cho nen,
tn phieu ky thac cua ngan hang ngoai phai cho mc li
nhuan nh ky cao hn e tng xng vi hiem hoa cao
hn so vi tn phieu ky thac noi a do nhng ngan hang
Hoa Ky phat hanh mi co the canh tranh thu hut c
gii au t. Nhng nam gan ay tn phieu ky thac cua
ngan hang ngoai cho mc li nhuan nh ky gan vi mc
mc li nhuan nh ky cua tn phieu ky thac noi a v
qua oi mat cua gii au t Hoa Ky mc o kha tn cua
nhng ngan hang ngoai quoc khong khac may vi mc
o kha tn cua nhng ngan hang Hoa Ky, noi mot cach
tong quat.
Th trng tn phieu ky thac cua ngan hang ngoai
tang trng eu (grew steadily) suot thap nien 1970 va
tang trng cham suot thap nien 1980. Quyet nh huy
bo nhng qui nh d tr cho nhng loai ky thac co du ky
di 18 thang khong thuoc trng muc ca nhan (re-
serve requirements on nonpersonal time deposits) vao
cuoi thang 12 nam 1990 a giup cho th trng tn phieu
ky thac cua ngan hang ngoai tang trng nhanh chong
trong hai nam 1991 va 1992. Trc khi quyet nh nay
c huy bo, nhng ngan hang ngoai quoc muon cho
than chu Hoa Ky vay von tai tr qua cong cu tn phieu ky
thac cua ngan hang ngoai phai gi 3% d tr theo qui
nh d tr cua Ngan Hang Trung ng (3% Federal
Reserve reserve requirement when funding loans with
Yankee CDs). Ngan hang ngoai quoc co the tranh ne
qui nh d tr bang cach ghi so cho cac than chu Hoa
Ky vay tai mot chi nhanh ben ngoai lanh tho Hoa Ky
(booking loans to US borrowers) roi phat hanh tn phieu
162
ky thac hai ngoai (Eurodollar CDs) e gom von. Cach
tranh ne nay giup sc cho th trng tn phieu ky thac hai
ngoai. Nhng roi quyet nh huy bo nhng qui nh d
tr vao thang 12 nam 1990 loai tr u the cua tn phieu
ky thac hai ngoai va v vay giup sc cho th trng tn
phieu ky thac cua ngan hang ngoai tang trng.
TFkT 6ua
hgan hang TIaI kIam
Tn phieu ky thac cua ngan hang tiet kiem (thrift CDs) la
nhng tn phieu ky thac do nhng ngan hang tiet kiem
(savings banks) hoac do nhng hiep hoi tiet kiem va cho
vay (savings and loans associations) phat hanh. Ch co
hiep hoi tiet kiem va cho vay ln nhat mi co the phat
hanh va ban ra th trng quoc gia nhng tn phieu ky
thac co menh gia cao. Vao au nam 1990, tong so lng
tn phieu ky thac c quyen chuyen nhng cua ngan
hang tiet kiem co du ky 3 thang hoac ngan hn ang lu
hanh tren th trng (outstanding negotiable thrift CDs
with original maturities of 3 months or less) len en 11 t
USD. Nhng ti thang 9 nam 1992, tong so lng ch
con lai 3.4 t USD. Ly do cho s suy thoai cua th trng
tn phieu loai nay la v nhng that bai lien tuc va tai tieng
khong tot trong th trng tiet kiem va cho vay lam gii
au e ngai va xa lanh.
hIam hoa &
LoI hhuan
Tn phieu ky thac thng c phat hanh vi menh gia
163
tren 100 ngan USD trong khi cong ty lien bang bao hiem
ky thac (Federal Deposit Insurance Corporation, FDIC)
ch bao hiem toi a la 100 ngan USD. Tien ky thac co
the khong c hoan lai u so vao ngay man han neu
co chuyen khong may xay ra cho ngan hang phat hanh.
Theo o, gii au t ganh lay rui ro co the mat von khi
mua tn phieu ky thac. V the nen gii au t oi hoi mc
li nhuan nh ky cua tn phieu ky thac phai gia tang khi
ho cam nhan mc rui ro cua ngan hang phat hanh (per-
ceived riskiness of the bank) gia tang. Phan chenh lech
lai suat theo chenh lech rui ro c goi la ph hiem hoa
kha tn (credit risk premium) hoac ph hiem hoa b giat n
(default risk premium).
Nhng tn phieu ky thac co menh gia cao thng
cho mc li nhuan nh ky cao hn la nhng trai phieu
do chnh quyen lien bang phat hanh co cung chieu dai
du ky. Hien tng nay c qui vao 3 ly do. Th nhat,
khong giong nh au t vao trai phieu do chnh quyen
lien bang phat hanh (treasury bills), au t vao tn phieu
ky thac co mang theo o hiem hoa kha tn (subject to
credit risk). Cho nen, tn phieu ky thac phai cho mc li
nhuan nh ky cao hn mc li nhuan nh ky cua trai
phieu do chnh quyen lien bang phat hanh e cho tng
xng vi rui ro nay. Th hai, dau rang th trng cap hai
(secondary market) cua tn phieu ky thac co u ln (well
developed) nhng khong the sanh vi tam voc va chieu
sau cua th trng trai phieu do lien bang phat hanh.
Cho nen, gii au t co the oi lai nhuan cao hn e bu
ap cho mc lu hoat kem hn (less liquidity) cua th
trng tn phieu ky thac. Th ba, a so trai phieu do
chnh quyen lien bang phat hanh c mien thue tieu
bang va thue a phng. Do o, tn phieu ky thac phai
cho mc li nhuan nh ky cao hn mc li nhuan nh
ky cua trai phieu e li nhuan sau khi tr thue (after-tax
164
yield) cua tn phieu ky thac bang vi li nhuan cua trai
phieu do chnh quyen lien bang phat hanh. Khi lai suat
hien hanh tren th trng gia tang, gia tr tren u iem
mien thue cua trai phieu do chnh quyen lien bang phat
hanh cung gia tang theo. Do o, mc li nhuan nh ky
cua tn phieu ky thac cung co khuynh hng tang theo.
Trong suot chieu dai thi gian 1965-1990, a co
nhieu lan mc li nhuan nh ky cua tn phieu ky thac va
mc li nhuan nh ky cua trai phieu do lien bang phat
hanh cach nhau rat xa. Xa nhat la vao nam 1974, khoang
cach nay a len en 470 iem can ban (basic points)
hay la 4.70 phan tram v b anh hng sup o cua hai
ngan hang ln, Bankhaus Herstatt va Franklin National
Bank. Nam 1969 va hai nam 1980-1981, khoang cach
gia mc li nhuan nh ky cua tn phieu ky thac va mc
li nhuan nh ky cua trai phieu do chnh quyen lien bang
phat hanh cung rat ln v nguyen do lam phat. Tiep theo
o la khoang cach rat ln trong nam 1982, dau rang lai
suat hien hanh cua th trng tren a giam xuong. Ly
do la v tnh trang khung hoang cua Penn Square Bank
keo theo nhng ngan hang lien he nh la Chase Man-
hattan Bank va Continental Illinois Bank.
6hur hang 6ua TFkT
Ch co nhng ngan hang trung tam tien te (money center
banks) va nhng ngan hang cap vung co tam voc (large
regional banks) mi co the ban tn phieu ky thac c
quyen chuyen nhng tren th trng toan quoc (national
market). Tn phieu ky thac co menh gia cao (large CDs)
gi hai chc nang quan trong. Th nhat, nh cong cu
nay ngan hang co the phat hanh e huy ong von cung
ng cho nhng khoan vay mi mot cach nhanh chong
165
(can be issued to fund new loans quickly). Th hai, giup
cho ngan hang gii han hiem hoa lai suat (limit exposure
to interest rate risk) xay ra khi co s chenh lech trong o
man cam lai suat gia tai san va n (a difference be-
tween interest rate sensitivity of assets and liabilities).
Gia du nh tai san cua ngan hang XYZ co du ky
trung bnh la 9 thang (assets mature or reprice every 9
months on average) trong khi n cua no co du ky trung
bnh la 6 thang (liabilities mature or reprice every 6 months
on average). Trong trng hp lai suat th trng gia
tang li nhuan nh ky cua tai san, hay la lai tc cua tai
san, se tang cham hn la li nhuan nh ky cua n, hay
la lai ph cua n, va v the li tc cua ngan hang XYZ se
b giam thieu. Ngan hang XYZ co the nang du ky trung
bnh cua n len cho tng ng vi du ky trung bnh
cua tai san bang cach phat hanh tn phieu du ky 12 thang
co li nhuan nh ky co nh vi quyen chuyen nhng
(issuing fixed rate, negotiable CDs with maturities of one
year). Cach nay co the giup gii han hiem hoa lai suat
cho ngan hang XYZ
Xep Hang Kha Tn
Tn phieu ky thac tren th trng c nhng cong ty
chuyen cung cap dch vu thong tin au t xep hang kha
tn (rating) theo s anh gia cua ho ve kha nang cua
ngan hang phat hanh so vi kha nang cua nhng ngan
hang phat hanh khac. Trong so nhng yeu to dung e
anh gia kha nang cua ngan hang co: mc o lu hoat
(banks liquidity), hiem hoa lai suat (interest rate risk),
kha nang canh tranh trong moi trng ang hoat ong
(competitive position in its operating environment), li
nhuan (profitability), pham chat cua tai san (asset qual-
166
ity), kha nang cua ban quan tr (strength of its manage-
ment) va ieu kien tong quat cua nen kinh te. Trong so
nhng cong ty cung cap dch vu thong tin au t co Stan-
dard and Poors Corporation, Duff and Phelp Inc., Moodys
Investor Service Inc., Thomson Bankwatch Inc., IBCA Ltd,
Fitchs Investor Service Inc..
ThI Truong 6ap |
Th trng cap 1 (primary market) mot la th trng tn
phieu ky thac mi phat hanh (new issues). Trong th
trng cap 1 nhng ngan hang tch cc phat hanh tn
phieu ky thac co cho niem yet hang ngay mc li nhuan
nh ky cua nhng tn phieu ky thac pho thong. Mc li
nhuan nh ky c niem yet la lai suat ma ngan hang
o bang long tra cho ngi ky thac. Hay noi mot cach
khac, o la mc li nhuan nh ky ma ngan hang bang
long cho phat hanh tn phieu ky thac trong ngay o. Khi
khong can huy ong von (not interested in raising funds),
ngan hang se cho niem yet di mc lai suat hien hanh
tren th trng (post below-market rates). Va ngc lai
khi can huy ong von, ngan hang co the cho niem yet
mc li nhuan nh ky ngang vi hoac tren mc lai suat
hien hanh tren th trng.
Ngan hang co he thong phan phoi rat gii han
cho nen ho co gang ban trc tiep cho gii au t tat ca
tn phieu ky thac do ho phat hanh. Tuy nhien ho thng
phai nh en he thong phan phoi ben ngoai bang cach
ban mot so lng tn phieu ky thac cho nhng ai ly mua
ban chng khoan e nhng ai ly nay ban lai cho gii
au t, nhat la nhng ngan hang nho va nhng ngan
hang ngoai quoc co chi nhanh tai Hoa Ky. oi vi nhng
tn phieu ky thac kho ban trc tiep cho gii au t nh la
167
tn phieu ky thac dai han hoac tn phieu ky thac vi mc
li nhuan nh ky ieu chnh (variable-rate CDs).
Mot cuoc giao hoan tieu bieu cua th trng tn
phieu ky thac noi a thng dien ra gia mot ngan hang
trung tam tien te c ln (a large money center bank) tai
thanh pho New York va mot khach au t co tam voc (a
large investor) cung co tru s au nao tai thanh pho New
York. Sau khi ong y vi nhau ve mc li nhuan nh ky,
du ky ky thac va so tien ky thac, ngan hang trung tam
tien te cho phat hanh mot tn phieu ky thac va cho tai
giao tn phieu o (delivers the certificate) en mot ngan
hang bao ho cua khach au t (investors custodian bank).
Tam goi so tien ky thac la Z USD. Sau khi xac nhan tn
phieu ky thac o (veified the certificate) ngan hang bao
ho tien hanh thu tuc chi tra bang cach ieu chnh tr Z
USD kho i trng mu c cu a kha ch a u t (debits the
investors account) va, qua mang vi tnh chuyen giao cua
Ngan Hang Trung ng (Federal Reserves Wire Trans-
fer Network; Fedwire), chuyen Z USD t trng muc d
tr cua mnh tai Ngan Hang Trung ng vao trng muc
d tr cua ngan hang phat hanh (tranfers federal funds
from its reserve account to the issuing banks reserve
account) e chi tra cho ngan hang phat hanh. Ti ngay
man han, sau khi nhan lai tn phieu ky thac, cung qua
mang vi tnh chuyen giao cua Ngan Hang Trung ng,
ngan hang phat hanh chuyen Z USD + lai ph t trng
muc d tr cua mnh Ngan Hang Trung ng vao trng
muc d tr cua ngan hang bao ho e chi tra. Sau o
ngan hang bao ho ieu chnh cong trng muc cua khach
au t (credits the investors account) so tien Z USD +
lai ph. Nhng ngan hang ln nam ngoai thanh pho
New York va tch cc trong th trng tn phieu ky thac
phat thng hanh va thu hoi qua trung gian cua mot ngan
hang trung tam tien te tai thanh pho New York (issue
168
and redeem through a correspondent bank in New York
City).
Th trng mua ban tn phieu ky thac cua ngan
hang ngoai (Yankee CDs) va tn phieu ky thac cua ngan
hang tiet kiem (thrift CDS) cung co cung mot qui trnh
nh tren.
Qui trnh giao hoan cua th trng tn phieu ky
thac hai ngoai (Eurodollar CDs) co phan khac biet. Thu
tuc phat hanh va thu hoi tn phieu ky thac (the certifi-
cates) th c tien hanh tai London con thu tuc chi tra
th c tien hanh tai thanh pho New York. Sau khi ong
y vi nhau ngan hang phat hanh tai London, hoac qua
mot trung gian cua no, cho phat hanh va tai giao tn phieu
ky thac o en ngan hang bao chng cua khach au t
va ngan hang bao chng nay, hoac trung gian cua no,
cung nam tai London. Theo o thu tuc chi tra c tien
hanh tai New York. Tien t trng muc cua khach au
t trong mot ngan hang tai New York hoac qua mot trung
gian cua no tai New York (investors New York bank or
its New York correspondent) c chuyen en ngan hang
phat hanh tai New York hoac qua mot trung gian cua no
tai New York (the issuing banks New York office or its
New York correspondent) e chi tra cho ngan hang phat
hanh tn phieu ky thac, thng la qua he thong CHIPS
(Clearing House Interbank Payment System). Thu tuc
chi tra c hoan tat trong vong hai ngay lam viec (two
business days) sau khi hai ben a thoa thuan cuoc giao
hoan.
ThI Truong 6ap Z
Th trng cap 2 (secondary market) la th trng tn phieu
ky thac cu. Qua th trng mua ban cap hai, con goi la
169
th trng mua ban OTC (over-the-counter) hay la th
trng mua ban t quan t kiem, gii au t co the ban
nhng tn phieu ky thac trc ngay man han hoac mua
nhng tn phieu ky thac ang du hanh (outstanding CDs),
cung giong nh tat ca nhng th trng cap 2 cua nhng
cong cu th trng tien te khac (other money market in-
struments).
Th trng mua ban OTC la mot mang li cua
hang ngan ai ly mua ban chng khoan (dealers) va trung
gian mua ban chng khoan (brokers) lien ket e lam th
trng qua he thong ien thoai. Nhng ai ly mua ban
chng khoan lam th trng (make a market) bang cach
ng ra mua tn phieu ky thac bang tien von cua chnh
mnh e ban lai kiem li. Nhng ai ly lam gia tn phieu
ky thac bang cach yet mc li nhuan nh ky e mua
(bid rate) va yet mc li nhuan nh ky e ban (ask rate).
Thong thng sai biet gia hai mc li nhuan nh ky
mua va ban vao khoang 5 iem can ban (5 basis points).
Nhng tn phieu ky thac co so lng giao hoan cao nhat
(most heavily traded CDs) co khoang cach nho nhat (low-
est bid-ask spread).
Mot ai ly mua ban chng khoan co the mua ban
tn phieu ky thac vi than chu cua mnh (customers) hoac
vi nhng ai ly khac. Mua ban gia nhng ai ly vi
nhau thng tap trung vao nhng tn phieu ky thac hao
hang sap man han trong vong 6 thang tr lai (top-quality
CDs with remaining maturity of six months or less). Mot
cuoc giao hoan tieu bieu, goi theo thuat ng chuyen mon
la lo tron (typical size of a CD transaction, called a round
lot), gia nhng ai ly thng la vao khoang 5 cho en
10 trieu USD. Giao hoan gia mot ai ly vi than chu
cua ho co ngan lng nho hn.
Nhng trung gian mua ban chng khoan ng ra
lam moi gii giao hoan gia ngi mua va ngi ban e
170
lay tien ph (fee). Ho khong mua tr tn phieu ky thac
(not hold an inventory of CDs) e ban lai nh la nhng
ai ly mua ban chng khoan.
Thu tuc giao hoan trong th trng cap 2 cung
tng t nh thu tuc giao hoan trong th trng cap 1.
Thu tuc giao hoan c hoan tat cung ngay (cash settle-
ment) neu mua ban c thanh lap vao buoi sang cua
ngay o hoac hoan tat vao ngay ke (regular settlement)
neu mua ban c thanh lap vao buoi chieu hom trc.
Trong th trng cap 2 cua tn phieu ky thac hai ngoai
(Eurodollar CDs), thu tuc giao hoan c hoan tat trong
vong hai ngay (skip-day settlement) sau khi mua ban c
thanh lap. Mua ban gia nhng ai ly vi nhau, thu tuc
giao hoan c hoan tat trong ngay ke khong can biet
mua ban c thanh lap vao buoi sang hay buoi chieu.
Sau khi mua ban c thanh lap, tn phieu ky thac
c tai giao en tay ngi tham d hoac en ngan hang
bao ho cua ho (to be physically transported). Vi nhng
loai tn phieu ky thac noi a (domestic CDs), tn phieu ky
thac cua ngan hang ngoai (Yankee CDs) va tn phieu ky
thac cua ngan hang tiet kiem (thrift CDS), thu tuc chi tra
c tien hanh qua nhng ngan hang giao hoan cua ai
ly mua ban chng khoan (dealers clearing banks) va chi
tra cho nhau bang d tr (fed funds) tai Ngan Hang Trung
ng trong khi th trng tn phieu ky thac hai ngoai (Eu-
rodollar CDs) chi tra cho nhau bang quy cua trung tam
giao hoan (clearinghouses funds).
Fhu 6hu
1
Thng b ngo nhan va dch sai la ong au. Eurodollar
khac vi Euro.
171
Tn Phieu
Giao oi
T n phieu giao oi la mot cong cu tai chnh cua th
trng tien te. Vi loai cong cu nay ngi ta co the huy
ong von mot cach nhanh chong bang cach ban ra mot
so chng khoan va ong thi giao c mua lai so chng
khoan o hoac chng khoan tng ng vao mot thi
iem khong xa c nh trc, vi mot gia nh trc,
va thng la kem theo mot mc lai suat nh trc. Giao
c nh va noi tren co the c goi la giao c ban
mua oi lng ngan han (repo agreement) hoac giao
c mua ban oi lng ngan han (reverse repo agree-
ment).
S khac biet trong cach nh danh, ban mua hoac
172
mua ban, tuy thuoc vao ai ng chu ong cuoc giao hoan,
pha cung cap von hay pha cung cap chng khoan. Tuy
nhien, trong tng quan oi tac gia mot khach au t
va mot ai ly mua ban chng khoan hoac gia Ngan
Hang Trung ng va mot ai ly mua ban chng khoan,
ngi ta thng nh danh t goc o cua ai ly mua ban
chng khoan.
Nh vay, mot khach au t mua mot so chng
khoan t ai ly XYZ va ong y ban lai so chng khoan
o cho ai ly XYZ vao mot thi iem khong xa c nh
trc th no c goi la giao c ban mua oi lng ngan
han (repo agreement) bi v ai ly XYZ a ban so chng
khoan cho khach au t di giao c se mua lai so
chng khoan o t khach au t (the dealer has sold the
securities under an agreement to repurchase).
Tng t, khi Ngan Hang Trung ng (Federal
Reserve) muon bm them mot so lng d tr vao he
thong ngan hang bang cach mua mot so chng khoan t
nhng ai ly mua ban chng khoan va bang long ban lai
so chng khoan nay cho nhng ai ly o vao mot thi
iem khong xa c nh trc th no c goi la giao
c ban mua oi lng ngan han (repos agreement) bi
v nhng ai ly o a ban so chng khoan cho Ngan
Hang Trung ng di giao c se mua lai so chng
khoan o t Ngan Hang Trung ng.
Trong ca hai trng hp, khach au t va Ngan
Hang Trung ng la thanh phan cung cap von con ai ly
mua ban chng khoan la thanh phan cung cap chng
khoan va giao hoan c nh danh t goc o cua ai ly
mua ban chng khoan.
Trong mot trng hp ngc lai, khi Ngan Hang
Trung ng muon xa bt mot so lng d tr ra khoi he
thong ngan hang bang cach ban ra mot so chng khoan
cho nhng ai ly mua ban chng khoan va giao c se
173
mua lai so chng khoan nay t nhng ai ly o vao mot
thi iem khong xa c nh trc th no c goi la
giao c mua ban oi lng ngan han (Matched sales-
purchase agreement, MSPs; reverse repo agreement) bi
v nhng ai ly o a mua so chng khoan di giao c
la se ban lai so chng khoan nay cho Ngan Hang Trung
ng. Tuy trong trng hp nay Ngan Hang Trung ng
la thanh phan cung cap chng khoan con ai ly mua
ban chng khoan la thanh phan cung cap von, ngc lai
vi hai trng hp tren, nhng giao hoan van c nh
danh t goc o cua ai ly mua ban chng khoan.
Tr trng hp muon xac nh cho ro hn v mot
ly do nao o, tn phieu giao c ban mua oi lng ngan
han (repo; repurchase agreement, RP) va tn phieu giao
c mua ban oi lng ngan han (reverse repo; matched
sale-purchase agreement, MSP) c goi chung la tn
phieu giao oi v tuy goi hai ten theo cach nh danh
nhng thc ra ch la mot cong cu.
ar Tnh
6ua TF
Tn phieu giao oi co nhng ac tnh trong o mot phan
giong nh ac tnh cua giao hoan cho vay co the chap
(secured loans) mot phan khac giong nh ac tnh cua
giao hoan mua t ban oan (outright purchase and sales)
nhng no lai khong cung gia nh vi mot trong hai loai
tren. Th du nh cach nh gia (the use of margin or
haircut in valuing repo securities), quyen c s dung
no thay cho the chap e vay mn (the right of repo bor-
rowers to substitute collateral in term agreement) va ieu
khoan anh dau theo th trng (mark-to-market provi-
sion) la nhng ac tnh tieu bieu cua cho vay co the chap
174
(collateralized lending arrangement). Con quyen c
ban cho ngi khac tc la chuyen nhng chu quyen
cho ngi khac (the repo buyers right to trade the secu-
rities during the term of the agreement) khong phai la
ac tnh tieu bieu cua giao hoan cho vay co the chap
nhng lai la ac tnh cua giao hoan mua t ban oan.
Noi mot cach khac, trong giao c ban mua hoac mua
ban oi lng ngan han so chng khoan tuy noi la ban
mua nhng thc chat la em the chap e vay mn von
va tn phieu giao oi la bang chng cho vay nhng khac
hn mot giao hoan vay mn thuan tuy cho pha cung
cap von c phep chuyen nhng quyen lam chu cua
bang chng cho vay, cai goi la tn phieu giao oi, cho
mot ngi khac trong luc giao c van con hieu lc.
Cho nen, trong cach s dung thuat ng lien quan
en tn phieu giao oi, neu nhn t goc o vay von va
cho vay von th chng khoan lien he (underlying securi-
ties) c coi la mon hang the chap, goi ngan la the
chap. Con neu nhn t goc o au t th chng khoan
lien he la mon hang mua ban. Ca hai cach trnh bay eu
pho bien.
Du Ky
Vi nhng tn phieu giao oi that ngan han, chieu dai
thi gian du ky tieu bieu thng la qua em hoac vai
ngay (overnight or a few days). Con nhng tn phieu
giao oi ngan han co chieu dai thi gian du ky tieu bieu
la mot tuan, hai tuan, ba tuan, mot thang, hai thang, ba
thang va co the len en sau thang. Nhng co nhng tn
phieu giao oi khong thuoc loai tieu bieu oi khi c
ieu nh vi lai suat co nh va du ky nhieu ngay (fixed
term, multi-day contract) hoac c ieu nh tren can
175
ban m, con goi la tren can ban tiep noi lien tuc (on an
open or continuing basis).
Nhng tn phieu giao oi tren can ban tiep noi
lien tuc thc chat giong nh mot chuoi tn phieu giao oi
qua em (resemble a series of overnight repos). Tren
can ban nay lai suat hoac the chap c ieu chnh lai
moi ngay theo ieu kien cua th trng. Neu nh, cho
mot th du, gia th trng cua chng khoan the chap trong
tn phieu giao oi giam xuong. S giam gia cua chng
khoan lam cho tr gia tong cong cua the chap sut di
mc a giao c trc (the market value of the securities
being held as collateral were to fall below an agree upon
level). Theo o, pha mn von se c yeu cau lam
mot trong hai viec: (1) co the hoan tra khan cap so von
a mn hoac (2) bo sung them chng khoan e cho u
so tr gia tong cong cua the chap nh a giao c. ay
ch la mot kha canh cua cai goi la ieu chnh theo ieu
kien th trng. Thong thng tn phieu giao oi ieu
nh tren can ban tiep noi lien tuc co the c huy bo
bat c luc nao theo yeu cau cua mot trong hai pha oi
tac.
Tr Gia Giao Hoan
Giao c ban mua hoac mua ban oi lng ngan han
thng c giao hoan theo so lng n v c goi la
khoi (block) va moi khoi co tr gia rat ln (arranged in
large dollar amount). Vi nhng giao c that ngan han,
th du nh nhng giao c qua em (overnight contracts)
va nhng giao c oi lng du ky mot tuan hoac ngan
hn (term repos), tr gia tieu bieu cho moi khoi (principal
amount) vao khoang 25 trieu USD va cao hn. Vi nhng
giao c ngan han, tr gia tieu bieu cho moi khoi vao
176
khoang 10 trieu USD. Dau rang co nhng cuoc giao
hoan c ieu nh vi tr gia di 100 ngan USD, ai
ly mua ban chng khoan co thong le giao hoan toi thieu
la mot trieu USD (customary amount for transactions with
securities dealers).
Lai Nhuan
Pha cung cap von (lender), tc la pha mua chng khoan,
se nhan t oi tac cua mnh (counterparty), tc la pha
mn von hay la pha ban chng khoan, mot so lai nhuan.
Cho mot so tn phieu giao oi, lai nhuan se c chi tra
bang cach cho gia mua lai a ieu nh trc (negoti-
ated repurchase price) cao hn gia ban ra luc au (the
initial sale price) va nh vay khoan sai biet gia gia mua
lai va gia ban ra chnh la phan lai nhuan. Tuy nhien,
phng cach tieu bieu van la chi tra lai nhuan vao ngay
man han vi mot mc lai suat a thoa thuan trc (agreed-
upon rate of interest) va gi cho gia mua lai ngang vi
gia ban ra. Hay noi mot cach khac, o la, von a bao
nhieu th lay lai bay nhieu cong vi lai nhuan.
Cho mot giao hoan theo tieu chuan (standard repo
transaction), pha cung cap von ch c hng lai tc,
chi tra cho quyen s dung so von, mot mc lai suat a
thoa thuan trc ma thoi (earn only the agreed-upon rate
of return). Cho nen trong trng hp chng khoan the
chap co phieu lai nh kem, theo thong le (common prac-
tice), li nhuan nh ky t nhng phieu lai o (coupon
payment) se thuoc ve cua pha mn von cung la pha
cung cap chng khoan. Pha cung cap von khong c
hng dau la chng khoan luc o a nam trong tay ho
trong thi gian tn phieu giao oi con hieu lc. Suy cho
cung ieu nay hp ly v trong tn phieu giao oi so chng
177
khoan thc ra la e the chap ch khong phai mua t
ban oan cho nen pha cho mn von khong nam chu
quyen cua chng khoan ma ch nam chu quyen cua t
giay chng cho vay von, cai goi la tn phieu giao oi.
Lai suat cua tn phieu giao oi, hay la lai suat chi
tra cho so von huy ong trong tn phieu giao oi (interest
rate paid on RP funds; repo rate of return), luon luon c
ieu nh trc gia hai oi tac va lai suat tren hoan
toan oc lap vi mc li nhuan nh ky cua chng khoan
the chap trong tn phieu giao oi (independent with cou-
pon rate or rate on the underlying securities). Ngoai nhng
yeu to du ky va ieu kien giao hoan, lai suat cua tn
phieu giao oi con tuy thuoc vao ieu kien tong quat cua
th trng tien te, lai suat canh tranh cua nhng nguon
von tng t trong nhng th trng lien he (competitive
rate paid for comparable funds in related markets) va so
lng san co cua nhng th co the the chap c (avail-
ability of legible collateral).
Lai nhuan cua tn phieu giao oi c tnh bang
ang thc:
LN = V x LS x (N/360 ngay) {6-1}
LN = Lai nhuan cua tn phieu giao oi (interest)
V = Von cung cap trong tn phieu giao oi
LS = Lai suat cua tn phieu giao oi (interest rate)
N = So ngay cung von trong tn phieu giao oi
Gia du mot tn phieu giao oi 10 trieu USD cho lai
suat 5% vi du ky 2 ngay. Ap dung ang thc 6-1, lai
nhuan cua tn phieu giao oi nay tong cong la 2,778 USD
hay la 10 trieu USD x 0.05 x 2/360. Gia du them la tn
phieu giao oi 10 trieu USD c ieu nh tren can ban
tiep noi lien tuc va c huy bo sau 6 ngay vi lai suat
178
c ieu chnh tng ngay theo th t 5.00%, 5.05%,
5.07%, 5.10%, 5.09%, 5.10%. Lai nhuan cua tn phieu
giao oi nay tong cong la 8,448 USD hay la,
hgay LaI 8uaI LaI hhuan
N1 5.0% $10 trieu x 0.0500 x1/360 = 1,389
N2 5.05% $10 trieu x 0.0505 x1/360 = 1,403
N3 5.07% $10 trieu x 0.0507 x1/360 = 1,408
N4 5.10% $10 trieu x 0.0510 x1/360 = 1,417
N5 5.09% $10 trieu x 0.0509 x1/360 = 1,414
N6 5.10% $10 trieu x 0.0510 x1/360 = 1,417
$8,448
Lai suat tn phieu giao oi co quan he mat thiet
vi lai suat d tr. Khi nhu cau d tr (demand for re-
serves) gia tang, nhng ngan hang ky thac se cho gia
cao hn e gom u lng d tr cho ngan hang cua
mnh do o gay ra ap lc nang lai suat d tr (federal
funds rate) len cao hn tren th trng. Khi lai suat d
tr gia tang ti mot mc nao o th nhieu ngan hang va
c quan tai vu se quay qua th trng tn phieu giao oi
e huy ong von va v the lai gay ra ap lc cho th trng
tn phieu giao oi. Lai suat tn phieu giao oi va lai suat
d tr song hanh gia tang cho en khi cung cau d tr
trong he thong ngan hang tai lap lai quan bnh. Thng
th lai suat tn phieu giao oi qua em (overnight repos
rate) thap hn lai suat d tr qua em (overnight federal
funds rate) va hiem khi co trng hp ngc lai, th du
nh trong giai oan 1991-1992. Khoang cach gia hai
lai suat nay (spread) bien oi kha ln theo ieu kien cua
th trng tng luc. Khoang cach se xa hn (widening)
trong giai oan lai suat d tr gia tang nhanh chong va
khoang cach se gan lai (narrowing) khi lai suat d tr on
nh hoac giam xuong. Khoang cach gia hai lai suat
cung co khuynh hng phan anh nhng thay oi trong
179
so l ng sa n co cu a nh ng th em the cha p c
(changes in the availability of eligible collateral). Hien
tng giam thieu trong so lng chng khoan ton tr
cua nhng ai ly (reduction in the volume of securities
held in dealers inventories) va hien tng gia tang khoang
cach gia hai lai suat thng i chung vi nhau.
The Chap
Dau rang a so the chap trong tn phieu giao oi la nhng
chng khoan phat hanh bi chnh quyen lien bang hoac
bi nhng c quan c chnh quyen lien bang bao tr,
nhng cong cu c coi la co hiem hoa thap, tn phieu
giao oi t chung khong c coi la vo hiem (are not
risk-free). Tn phieu giao oi, nhat la loai giao c dai
han hn, co an cha trong o hiem hoa lai suat (interest
rate risk) lan hiem hoa kha tn (credit risk) v vay nhng
rui ro nay phai c tnh vao khoan d phong rui ro ngay
t au, luc ieu nh tn phieu giao oi.
Do o, gia nguyen thuy cua tn phieu giao oi luon
luon thap hn tr gia th trng cua chng khoan the chap
(the initial RP price is less than the market value of the
underlying securities). ieu nay giup che bt phan nao
hiem hoa th trng (market risk) cho pha cung cap von
(reduces the lenders exposure to market risk). Cach
nh gia nh va noi, thuat ng chuyen mon goi la cat
toc (haircut). Cat toc la khoan sai biet gia tr gia cua
so von cho vay va tr gia tong cong cua so chng khoan
the chap bao am an toan cho so von o.
Thong thng tr gia tong cong cua so chng
khoan the chap c tnh theo gia th trng (securities
used as collateral are valued at the current market price)
cong vi li nhuan nh ky tch luy tren phieu lai nh
180
kem theo chng khoan, tnh ti ngay man han cua tn
phieu giao oi (plus accrued interest calculated to the
maturity date of agreement when coupon-bearing issues
are used), tr i khoan d phong rui ro (less a margin of
overcollateralization or haircut for term agreement).
Trc ay th trng tn phieu giao oi co thong le
khong chu y en li nhuan nh ky tch luy tren phieu lai
nh kem theo chng khoan the chap va v vay trong
cong thc nh gia cho tn phieu giao oi khong co yeu
to nay. Chng kien s sup o tham hai cua cong ty
Drydale vao thang 5 nam 1982 vi ly do li dung vao ke
h ky thuat trong cach tnh tren, th trng tn phieu giao
oi tm cach khac phuc khiem khuyet. Sau o cach nh
gia tn phieu giao oi co nhap vao tat ca loi nhuan nh
ky tch luy tren lai phieu nh kem theo chng khoan the
chap (full accrual pricing which accrued interest is in-
cluded in full in the initial purchase and resale prices)
nhanh chong tr thanh la tieu chuan cho th trng tn
phieu giao oi.
Khoan d phong rui ro phai u e che chong mat
mat kha d do nhng bien ong gia tren th trng gay ra
trong suot du ky cua tn phieu giao oi. Khoan d phong
rui ro co khuynh hng cao hn theo cng o bien ong
gia manh hn cua chng khoan lien he (haircuts tend to
be larger the greater the price volatility of the underlying
securities), theo du ky dai hn cua chng khoan lien he
(tend to increase as the term to maturity of the securities
lengthens), va theo mc hiem hoa kha tn cao hn cua
chng khoan lien he (tend to increase as the credit risk
of the securities increases).
V hiem hoa lai suat (interest rate risk) co the xay
ra cho ca hai pha oi tac cua tn phieu giao oi cho nen
yeu cau moi ngay kiem nh lai tr gia cua chng khoan
the chap rat la pho thong. Yeu cau nay thuat ng chuyen
181
mon goi la anh dau theo th trng (mark-to-market) e
phan anh nhng thay oi cua gia th trng (to reflect
changes in market prices) va e duy tr tr gia tong cong
cua the chap mot mc a giao c trc (to maintain
the agreed-upon margin).
Thu Tur Iao hoan
Sau khi mua ban c thanh lap, theo thu tuc tieu bieu,
chng khoan va tai khoan chi tra c chuyen qua mang
vi tnh chuyen giao cua Ngan Hang Trung ng (Fedwire).
Ti ngay man han, chng khoan va ngan khoan chi tra
c chuyen ngc lai, cung qua he thong nay.
Tuy nhien ch co nhng ngan hang ky thac (de-
pository institutions) va mot so c quan ac biet, trong
o co nhng ngan hang trung ng cua ngoai quoc (for-
eign central banks) va nhng c quan c lien bang
bao tr co lien quan ti ngan sach thu chi (sponsored
agencies that are statutory fiscal principals), la c phep
trc tiep truy cap vao he thong chuyen giao chng khoan
va tai khoan chi tra cua Ngan Hang Trung ng (Fed-
eral Reserves securities and payment transfer system).
Tiep theo o Ngan Hang Trung ng ieu chnh
tr hoac ieu chnh cong trng muc chng khoan va
giao hoan cua nhng ngan hang ky thac (Reserve Bank
credits and debits to the securities and clearing accounts
of depository institutions) e hoan tat thu tuc giao hoan.
Nhng ngan hang ky thac gi vai tro ai dien giao
hoan cho than chu cua ho (acting as clearing agents for
their customers). Nhng ngan hang ky thac nay cung
thng ng ra ai dien cho than chu trong nhng trng
hp phai thc s tai giao chng khoan the chap (transfer
of physical securities).
182
Chi Ph Giao Hoan
Chi ph giao hoan lien quan ti viec chuyen giao tai khoan
chi tra va chng khoan the chap thng la tong hp cua
(some combination of) mot so ph c ban trong o co ph
giao hoan chng khoan (securities clearance fee), ph
chuyen giao qua mang vi tnh cua Ngan Hang Trung ng
(fedwire transfer charge), ph giam ho (custodial fee) va
ph bao tr trng muc (account-maintenance fee). Chi
ph gia giam nhieu t tuy thuoc vao loai chng khoan va
phng phap chuyen giao, th du nh ph chuyen giao
qua mang vi tnh cua Ngan Hang Trung ng cho chng
khoan do c quan phat hanh cao hn cho chng khoan
do lien bang phat hanh. Nhng ai khai la cang qua
nhieu trung chuyen (intermediate transactions) th chi ph
cang cao. Con du ky dai hn vi so lng tai khoan ln
hn khong lam tang them chi ph bao nhieu.
Tn Phieu Giao oi Th
e tiet kiem chi ph nhng ai ly mua ban chng khoan
co mot vai phng cach giao hoan khong can phai thc
s tai giao chng khoan the chap en pha cung cap von
(the actual delivery of collateral to the lender). Mot trong
nhng phng cach t ton kem nhat e gi the chap la
s dung tn phieu giao oi th (letter repo; duebill).
Theo phng cach tn phieu giao oi th pha vay
von, thng la ai ly mua ban chng khoan, se gi mot
van ban xac nhan giao hoan (transaction confrimation)
en pha cung cap von. Trong van ban o mot so chng
khoan co the c ch nh the chap (specific securities
might be named as collateral). Tuy tren van ban so chng
khoan c ch nh the chap nhng pha cung cap von
183
khong trc tiep nam trong tay so chng khoan o (does
not have control of the securities) v the phng tien bao
ve au t cua ho phan ln ch la cay vao s chan chnh
va mc o kha tn cua oi tac, ai ly mua ban chng
khoan.
Tn phieu giao oi th thng c s dung nhieu
nhat la cho nhng giao c qua em vi so tai khoan
nho va chng khoan the chap khong the chuyen giao
qua ma ng vi t nh cu a Nga n Ha ng Trung ng
(nonwireable securities). So vi nhng phng cach
khac, tn phieu giao oi th cho nhng ai ly mua ban
chng khoan nhieu uyen chuyen nhat trong viec thay
the so chng khoan a c ch nh the chap vi so
chng khoan khac e ap ng nhu cau vao phut cuoi
mot cach t ton kem nhat.
Sci |c Siam |c
Mot dang pho thong cua tn phieu giao oi th la gi cho
giam ho (hold-in-custody). Di dang nay so chng
khoan the chap nam trong tay cua ai ly mua ban chng
khoan, pha mn von, nhng sau o c (1) chuyen
giao va gi trong mot trng muc noi bo cho than chu
(transfer internally to a customer account), hoa c (2)
chuyen giao en mot ngan hang giao hoan cua ai ly
mua ban chng khoan (dealers clearing bank) va gi
trong mot trng muc ghi nhan theo kien (bulk segrega-
tion account), hoac (3) chuyen giao en ngan hang giao
hoan cua ai ly mua ban chng khoan va gi trong mot
trng muc ghi nhan theo kien co giam ho (bulk repo
custody account).
The chap c an toan ti mc nao, nhn t goc
o bao ve quyen li cho pha cung cap von, tuy thuoc
vao cach xep at giam ho. Neu pha vay von kiem luon
184
vai tro giam ho, an toan cua the chap tuy thuoc phan ln
vao s chan chnh va mc o kha tn cua pha vay von.
Di dang chuyen giao va gi trong mot trng
muc ghi nhan theo kien, ngan hang giao hoan khong
chu trach nhiem trc tiep vi tng khach hang cua ai ly
mua ban chng khoan. Ch co ai ly mua ban chng
khoan la co the xac nhan danh tanh khach hang va ghi
nhan giao hoan trong so sach ke toan cua ho ch ngan
hang giao hoan khong co danh sach hoac chng t cho
tng khach hang cua ai ly mua ban chng khoan.
Di dang chuyen giao va gi trong trng muc
giam ho ghi nhan theo kien, khac hn hai dang trc,
ngan hang giao hoan am nhiem chc nang kiem giam
va cung cap trc tiep cho tng khach hang cua ai ly
mua ban chng khoan nhng van ban xac nhan the chap
ky thac.
Siac |can 3 8cn
e bao ve cho pha cung cap von mot cach tot nhat,
trong ieu kien khong thc s tai giao chng khoan the
chap, hai pha oi tac nen dan xep mot thu tuc gi the
chap cho an toan (safekeeping) vi s tham d cua mot
ngan hang giao hoan hoac mot ngan hang giam ho ai
dien cho chnh quyen li cua pha cung cap von hoac
cho quyen li cua ca hai pha. Pho thong nhat la di
dang tn phieu giao oi dan xep di dang giao hoan ba
ben (tri-party repo).
Di dang nay pha giam ho se tham d trc tiep
vao cuoc giao hoan cung vi hai pha oi tac mua ban.
Thong thng th mot ngan hang giao hoan se ng ra
am trach vai tro giam ho. Ngan hang giao hoan kiem
giam ho se ch than trong coi e bao am la tai khoan
va chng khoan the chap c giao hoan ung theo chi
185
tiet cua giao c va nhng phng tien kiem tra van hanh
(operational control devices) c ap dung ung mc e
bao ve quyen li cua pha au t trong suot du ky cua tn
phieu giao oi. Ngan hang giao hoan kiem giam ho se
tien hanh ghi nhan giao hoan vao so ke toan cua no
(making an entry in its internal records) va chuyen so
chng khoan the chap t trng muc tong quat cua ai
ly mua ban chng khoan (dealers general account; box),
pha vay von, vao mot trng muc rieng (a segregate
account). Ti luc man han, ngan hang giao hoan kiem
giam ho se chuyen chng khoan the chap tr ve lai trng
muc tong quat cua ai ly mua ban chng khoan.
Lai suat cho tn phieu giao oi dan xep di dang
giao hoan ba ben thng thap hn la tn phieu giao oi
dan xep di dang khong phan rieng khong thc s tai
giao the chap (non-segregated RPs without collateral
delivery).
TF 6aI ang
Tuy phan ln so lng tn phieu giao oi nam di dang
giao c tieu chuan, giao c ban mua hoac mua ban
oi lng ngan han nhng chng khoan do chnh quyen
lien bang phat hanh, mot so khac c cai dang e tao
s uyen chuyen can thiet ap ng chnh xac nhu cau
chu nh, nhat la oi vi nhng giao c dai han hn.
Trong so cai dang co tn phieu giao oi vi du ky uyen
chuyen (flex repo), tn phieu giao oi vi lai suat uyen
chuyen (index repo) va tn phieu giao oi vi the chap
uyen chuyen (dollar repo; dollar roll).
TPG Vi Du Ky Uyen Chuyen
186
Tn phieu giao oi vi du ky uyen chuyen la mot dan xep
giao oi gia mot ai ly mua ban chng khoan vi mot
khach hang quan trong, thng la mot cong ty hoac la
mot chnh quyen a phng (municipality or similar au-
thority), va trong dan xep giao oi o khach hang mua
mot so chng khoan t ai ly mua ban chng khoan va
co the ban ngc lai cho ai ly mua ban chng khoan
mot phan cua so chng khoan nay trc ngay tn phieu
giao oi man han.
Von au t trong mot giao c nh vay thng la
t mot ngan quy tai tr cho mot cong trnh xay dng. S
uyen chuyen trong du ky cua giao c giup cho khach
hang mot mat co the tch cc chuyen van so tai chnh
trong ngan quy e tao ra li tc, thay v e ong bang,
mot mat khac ap ng ung luc va va u nhu cau tai
chnh theo tng giai oan cua cong trnh (project to be
completed in phases). Khi can en tai chnh cho mot
giao oan nao o cua cong trnh khach hang co the ban
mot so chng khoan, va u va ung luc, ngc lai cho
ai ly mua ban chng khoan theo giao c.
oi khi tn phieu giao oi vi du ky uyen chuyen
co thiet lap trc mot thi bieu rut tien (a prearranged
draw-down schedule) nhng thong thng th thi bieu
rut tien cung uyen chuyen, tc la nhng thi iem va so
lng tai chnh ghi trong o co the di dch.
ac tnh uyen chuyen trong du ky nang hiem hoa
lai suat cao hn oi vi nhng ai ly mua ban chng
khoan v vay ho tra ph vi mc lai suat thap hn cho
nhng tn phieu giao oi vi du ky uyen chuyen, so vi
nhng tn phieu giao oi tieu chuan co cung han ky.
Tn phieu giao oi vi du ky uyen chuyen thng
c the chap vi chng khoan do chnh quyen lien bang
phat hanh hoac do c quan c chnh quyen lien bang
bao tr phat hanh va ai ly mua ban chng khoan thng
187
c t do thay the so chng khoan the chap (given
broad leeway to substitute collateral).
TPG Vi
Lai Suat Uyen Chuyen
Tn phieu giao oi vi lai suat uyen chuyen (index repo)
la mot giao c ban mua oi lng ngan han trong o lai
suat c ieu chnh theo lai suat d tr (federal fund
rate), lai suat LIBOR, hoac mot lai suat ngan han nao
o.
a so tn phieu giao oi vi lai suat uyen chuyen
co kem theo du ky uyen chuyen. Uyen chuyen trong du
ky cho phep khach hang au t ban chng khoan ngc
lai cho hoac mua them mot so chng khoan t ai ly
mua ban chng khoan.
Tn phieu giao oi vi lai suat uyen chuyen thng
c s dung e phong ve au t (to hedge) hoac e tai
tr nhng v the trong chng khoan co lai suat ieu chnh
theo lai suat d tr, lai suat LIBOR hoac mot lai suat
ngan han nao o (to finance positions in securities that
have interest rate indexed to the federal fund rate, LIBOR
rate or other short-term rates); th du nh la nhng trai
phieu vi lai suat tha noi (floating-rate notes) hoac nhng
trai phieu c bao am bang mot tap hp von tai tr
a oc co the chap va co lai suat tha noi (floating-rate
CMO, floating-rate collateralized mortgage obligation).
TPG Vi
The Chap Uyen Chuyen
188
Tn phieu giao oi vi the chap uyen chuyen (dollar repo;
dollar roll) la mot giao c ban mua oi lng ngan han
trong o nhng chng khoan the chap co the c thay
the bang nhng chng khoan tng ong. Theo giao
c, pha cung cap von co quyen thay the nhng chng
khoan the chap vi mot so chng khoan khac tng ong
va ngi cung cap chng khoan chap nhan mua lai so
chng khoan tng ong o (the inital sellers obligation
is to repurchase securities that are substantially similar,
but not identical, to the securities originally sold).
Tn phieu giao oi vi the chap uyen chuyen co
hai dang: hu phieu ong lai suat va hu phieu ong lai
nhuan.
T|c |ap |uu F|icu
Lcng Lai 5uat
Di dang tn phieu giao oi vi the chap hu phieu ong
lai suat (fixed-coupon dollar repo), pha cung cap chng
khoan chap nhan mua lai so chng khoan tng ong
mien la lai suat cua so chng khoan hu phieu nay tng
ong vi lai suat cua so chng khoan hu phieu luc ban
au (the initial seller agrees to repurchase securities that
have the same coupon rate as those sold in the first half
of the transaction).
T|c |ap |uu F|icu
Lcng Lai ||uan
Di dang tn phieu giao oi vi the chap hu phieu ong
lai nhuan (yield maintenance dollar repo), pha cung cap
chng khoan chap nhan mua lai so chng khoan tng
189
ong mien la lai nhuan cua so chng khoan hu phieu
nay tng ong vi lai nhuan cua so chng khoan hu
phieu luc ban au (the seller agrees to repurchase secu-
rities that provide roughly the same overall market return
as the original securities).
Dang nay tng oi t pho thong hn dang va
roi. Trong ca hai trng hp du ky cua chng khoan
thay the phai tng ng vi du ky cua chng khoan b
thay the (the maturity of the repurchased securities must
be approximately the same as that of the original securi-
ties).
T|c |ap 8ac Lam Vci
Tap |cp Vcn Tai Trc Lia Uc
Tn phieu giao oi vi the chap uyen chuyen thng c
dan xep e trong o nhng chng khoan the chap c
bao am vi mot tap hp von tai tr a oc do nhng c
quan c chnh quyen lien bang bao tr phat hanh (fed-
erally related mortgage-back securities).
Khong giong nh nhng chng khoan hu phieu
khac chi tra lai moi ban nien (pay interest semiannually),
nhng chng khoan c bao am vi mot tap hp von
tai tr a oc (mortgage-back securities) chi tra lai moi
thang (pay interest monthly) va co the kem theo nhng
khoan hoi von sm hn khong co trong thi bieu (un-
scheduled principal payments as a result of prepayments).
Nhng khoan tai chnh nay phai c ch nh trc trong
giao c pha nao cua oi tac se c quyen nhan neu
du ky cua tn phieu vt qua khoi cuoi thang (when the
maturity of a dollar roll extends beyond month-end).
Cho mot tn phieu giao oi tieu chuan (a standard
RP), thong le la pha vay von (borrower) se nhan nhng
190
khoan hoi von va li nhuan nh ky cua chng khoan
the chap. Cho mot tn phieu giao oi vi the chap uyen
chuyen, thong le i ngc lai la pha cho vay (lender) se
gi lai tat ca nhng khoan hoi von va li nhuan nh ky
cua chng khoan the chap.
ThI Truong &
Thanh Fhan Tham u
Th trng tn phieu giao oi la mot th trng ln nhat va
co mc lu hoat cao nhat (largest and most liquid finan-
cial market) trong so nhng th trng tai chnh tren the
gii.
Khong giong nh tn phieu ky thac, co du ky ngan
nhat la 7 ngay, va tn phieu thng mai, hiem khi co du
ky dai ch mot ngay, tn phieu giao oi rat la uyen chuyen
v nhng ngi au t co the ieu nh du ky e ap ng
chnh xac nhu cau cua ho.
Tn phieu giao oi cho ngi au t mot mc lai
suat tren mc lai suat vo hiem (risk-free interest rate)
trong khi van duy tr c kha nang lu hoat (liquidity)
cao o.
V vay, th trng tn phieu giao oi thu hut nhng
ngan hang, nhng cong ty khong thuoc nganh tai vu,
nhng to hp au t, nhng quy hu bong, nhng c
quan chnh quyen e tham d oi tac vi nhng ai ly
mua ban chng khoan.
C Quan & To Chc
Tn phieu giao oi khong nhng thch hp cho nhng
ngi au t than trong ma con thch hp cho nhng
191
nguon von b bo buoc. Th du nh luat phap yeu cau
nhng c quan cua chnh quyen phai em so thue ho
thu c hoac tien ban trai phieu ho thu c au t va
gi cho en khi nao can s dung (required to invest tax
receipts and the proceeds from note and bond sales until
the funds are to be disbursed). Tng kinh nghiem vi
nhng bat thng cua tai chnh lu hoat (the irregular
patterns of cash flow) nhng c quan nay a chuong cong
cu tn phieu giao oi the chap bang chng khoan do chnh
quyen lien bang phat hanh, thay v mua t ban oan
chng khoan, bi v cong cu tn phieu giao oi cho phep
ho ieu nh ky han thch hp va ieu chnh so lng
au t tng ngay e ap ng chnh xac nhu cau cua ho
trong khi van ap ng c yeu cau cua luat phap.
To Hp au T
Nhng to hp au t cung la thanh phan tham d quan
trong cua th trng. Ho thng gii han von au t cua
ho vao loai tn phieu giao oi co du ky t 7 ngay tr
xuong va oi tac vi nhng ai ly mua ban chng khoan
co ang ky va nam trong danh sach cua Ngan Hang
Trung ng.
ai Ly
Mua Ban Chng Khoan
Nhng ai ly mua ban chng khoan va nhng trung tam
tien te tai tr phan ln so chng khoan d tr cua ho,
nhng chng khoan do chnh quyen lien bang phat hanh
hoac do c quan c chnh quyen lien bang bao tr
phat hanh, bang cong cu giao c mua ban hoac ban
192
mua oi lng ngan han (dealers and money centers
finance the bulk of their holdings of treasury and agency
securites with RP transactions). Nhng giao c nay
thng c dan xep tren can ban qua em hoac tiep
noi lien tuc.
Vao sang sm moi ngay, ban giay lo viec tai tr
(financing desk) cua ai ly mua ban chng khoan tiep
xuc va dan xep nhng cuoc giao hoan oi lng ngan
han e thay the nhng tn phieu giao oi va man han
va e bm them mot so lng mi vao chng khoan ton
tr (dealers securities inventory) theo nhu cau. oi tac
quan trong cua ho thng la nhng ngan hang, nhng to
chc cong (public entities), nhng quy hu bong (pen-
sions), nhng to hp au t (mutual funds) va nhng
khach au t thuoc vao to chc (institutional investors).
en cuoi ngay, neu van can von, ai ly mua ban
chng khoan se vay vi ngan hang giao hoan cua no (its
clearing bank) va von vay nay c the chap vi chng
khoan cha c ch nh nam trong trng muc tong
quat cua ai ly (is a loan collateralized by any securities
in the dealers general account that have not been allo-
cated to other uses). Lai ph vay mn di hnh thc
nay rat cao cho nen ai ly mua ban chng khoan ch van
dung no khi khong con cach nao khac hn.
Mot phng cach vay mn t ton kem hn e oi
ng vi nhng nhu cau bat ng vao gi cuoi la vay mn
vi mot ngan hang khac ben ngoai. Sau khi thoa thuan
ieu kien vi nhau ngan hang cho vay se chuyen so von
cho vay, qua he thong mang vi tnh, en ngan hang giao
hoan cua ai ly mua ban chng khoan. Sau khi nhan
c so von, ngan hang giao hoan cua ai ly mua ban
chng khoan se lay mot so chng khoan trong trng
muc tong quat cua ai ly mua ban chng khoan e ch
nh the chap cho so von vay mn va ng ra lam giam
193
ho cua ngan hang cho vay. Sang ngay hom sau, ngan
hang giao hoan se tra so chng khoan ch nh the chap
ve lai trng muc tong quat cua ai ly mua ban chng
khoan va hoan tra so von lai cho ngan hang cho vay.
Nhng ai ly mua ban chng khoan co tam voc
thng dung giao c mua ban oi lng ngan han (re-
verse repo) e thanh lap oan v hoac e che oan v (to
establish or to cover short positions) cho chnh ho va e
tiep thu nhng chng khoan chu nh em giao cho khach
hang (to obtain a specific issues for delivery to custom-
ers). Phng cach nay giong nh la mot giao c vay
mn chng khoan va trong giao c o ai ly mua ban
chng khoan se trao oi mot so von, mot so chng khoan
hoac mot tn dung th (L/C) e mn mot so chng khoan
chu nh. Giao c mua ban oi lng ngan han thng
t ton kem hn va uyen chuyen hn trong viec s dung
the chap.
Nhng ai ly mua ban chng khoan gi vai tro
trung moi (intermediary) gia thanh phan vay von va
thanh phan cho vay von trong th trng tn phieu giao
oi nhng mot tay hanh ong vi t cach la oi tac cua
nhng ngi cho vay von va tay kia hanh ong vi t
cach la oi tac cua nhng ngi vay von (as principal on
each side of arrangements), ch khong vi t cach ngi
lam moi gii (not as agent), e tiep thu von t nhng oi
tac cho vay, bang cach ban chng khoan cho ho, roi
em cho oi tac ben tay kia mn lai, bang cach mua
chng khoan cua ho. S khe hp gia nhng giao c
ban mua oi lng ngan han (RPs) va nhng giao c
mua ban oi lng ngan han theo kieu nay c goi
theo thuat ng chuyen mon la so giao oi (repo book;
matched book), trong o moi cap giao c ban mua oi
lng ngan han va giao c mua ban oi lng ngan
han cua cung chng khoan co cung du ky (an RP and
194
reverse RP in the same security have equal terms to
maturity).
oi khi nhng ai ly mua ban chng khoan chon
khong cho khe hp (not to match) e kiem them li. Gia
du nh lai suat ngan han c d oan la se gia tang
trong tng lai gan, ai ly mua ban chng khoan co the
dan xep cho giao c ban mua oi lng ngan han (RP)
co du ky dai hn la du ky cua giao c mua ban oi
lng ngan han (reverse RP) e kien vao (to lock in)
mc lai suat vay von co li hn trong tng lai. Ngc
lai, trong moi trng lai suat c d oan la se giam
xuong, ai ly mua ban chng khoan co the dan xep cho
giao c mua ban oi lng ngan han (reverse RP) co
du ky dai hn la du ky cua giao c ban mua oi lng
ngan han (RP) e kien vao mc lai suat cho mn von
co li hn trong tng lai.
Trung Gian
Mua Ban Chng Khoan
Khac hn vi nhng ai ly mua ban chng khoan (deal-
ers), nhng trung gian mua ban chng khoan (brokers)
khong bo tien ra mua va d tr chng khoan e ban lai
kiem li. Tuy ho cung gi vai tro trung moi (intermedi-
ary) nh la nhng ai ly mua ban chng khoan nhng
hanh ong vi t cach la mot ngi moi gii mua ban e
kiem tien thu lao (commission), thng la tnh tren so
lng giao hoan, hoac e kiem li (profits) tren chenh
lech gia trong mot cuoc giao hoan (spread on completed
transaction).
Trong th trng tn phieu giao oi, trung gian mua
ban chng khoan gi vai tro quan trong trong viec cung
195
cap nhng chng khoan chu nh va thng la khan hiem
trong so lng (as a source of specific issues in short
supply). a so trung gian mua ban chng khoan lu gi
mot danh sach chng vai tram than chu thng xuyen
tham d vao th trng tn phieu giao oi va co gang thoa
man nhu cau cua nhng than chu nay. Mot so trung
gian mua ban chng khoan gii han hoat ong cua ho
vao mot nhom than chu ac biet, th du nh than chu
cua ho co the ch toan la nhng ai ly mua ban chng
khoan hoac toan la nhng nha au t.
Ngan Hang Trung ng
Mot thanh phan tham d quan trong cua th trng tn
phieu giao oi khong the khong noi en la Ngan Hang
Trung ng. Ngoai chuyen s dung th trng tn phieu
giao oi e au t va cho mn von, Ngan Hang Trung
ng con s dung th trng nay e bm hoac xa d tr
ra khoi he thong ngan hang nham muc ch ieu hng
va ieu lng tien te theo chnh sach tien te cua quoc
gia. Phan nay a c giai thch trong quyen Chnh
Sach Kinh Te Cong He cua cung tac gia.
196
197
Tn Phieu
Thng Mai
T n phieu thng mai la giay n ngan han khong co
the chap (short-term unsecured promisory note) do mot
cong ty doanh thng hoac mot chnh quyen phat hanh.
oi vi nhng cong ty ln hoac chnh quyen co ay u
uy tn, tn phieu thng mai la mot cong cu e mn von
vi mot gia re hn la gia vay mn trc tiep vi ngan
hang (low cost alternative to bank loans). Cong ty hoac
chnh quyen co the huy ong mot so von that ln mot
cach nhanh chong va hieu qua, khong phai thong qua
thu tuc ang ky vi Uy Ban Chng Khoan & Th Trng
Mua Ban Chng Khoan (SEC) oi hoi nhieu thi gian va
198
ton kem, bang cach phat hanh tn phieu thng mai va
ban ra cho nhng ngi au t thuoc vao to chc (insti-
tutional investors) trc tiep hoac qua nhng ai ly mua
ban chng khoan oc lap.
1
oi lai, nhng ngi au t
vao tn phieu thng mai c hng lai nhuan (interest)
mot mc lai suat tng tranh (competitive interest rate)
do th trng quyet nh. Cung luc chieu dai thi gian
du ky va menh gia cua tn phieu thng mai co the c
che tac theo nhu cau cua ngi au t.
ar Tnh 6ua TFTM
a so tn phieu thng mai c phat hanh nam di
ieu khoan 3(a)(3) cua Du Luat Chng Khoan ban hanh
nam 1933 (Securities Act).
2
ieu khoan 3(a)(3) cho phep
nhng chng khoan ngan han c mien ang ky neu
nhng chng khoan nay ap ng c mot so ieu kien.
3
Nhng ieu kien e c mien ang ky theo ieu khoan
3(a)(3) a la nhng yeu to uon uc nhng ac tnh can
ban cua tn phieu thng mai.
ac tnh th nhat la tn phieu thng mai c
phat hanh vi menh gia rat cao, theo ieu kien mien
ang ky la chng khoan khong thuoc vao loai bnh thng
ban ra cho a so cong chung (must be of a type not ordi-
narily purchased by the general public). Menh gia toi
thieu cua tnh phieu thng mai thng la 100,000 USD.
Tuy nhien co mot vai cong ty hoac chnh quyen cho phat
hanh vi menh gia 10,000 USD. Nhng v a so tn phieu
ban cho nhng ngi au t thuoc vao to chc cho nen
menh gia pho bien thng la so nhan cua mot trieu USD
(in multiples of 1 million USD).
ac tnh th hai cua tn phieu thng mai la co
chieu dai thi gian du ky phai ngan hn 270 ngay, theo
ieu kien mien ang ky. Tren th trng a so tn phieu
199
thng mai co du ky dai t 5 ngay cho ti 45 ngay va du
ky trung bnh vao khoang 30-35 ngay. Nhieu tn phieu
thng mai c cho chuyen tai lien tuc (continuously
rollover). Cho chuyen tai lien tuc se khong vi pham gii
han 270 ngay mien la moi lan chuyen tai co s tai thoa
thuan gia cong ty hoac chnh quyen phat hanh va ai ly
mua ban chng khoan ch khong t ong (as long as
the rollover is not automatic but is the discretion of the
issuer and the dealer). a so nhng cong ty hoac chnh
quyen phat hanh tn phieu thng mai ong y ieu chnh
thi gian du ky theo yeu cau cua ngi au t.
ac tnh th ba la von huy ong bang tn phieu
thng mai ch c dung e tai tr nhng giao hoan
hien hanh (proceeds from commercial paper issues be
used to finance current transactions), bao gom tai tr cho
chi ph van hanh (operating expenses) va cho tai san
ngan han (current assets). Uy Ban Chng Khoan & Th
Trng Mua Ban Chng Khoan dien dch y ngha giao
hoan hien hanh mot cach rong rai, hay noi mot cach
khac, la von huy ong bang tn phieu thng mai em s
dung cho hau het nhng nhu cau ngan han eu c
chap thuan la thoa ang ieu kien mien ang ky. Cong
ty hoac chnh quyen phat hanh khong b buoc phai chng
minh theo loi trc tiep oi chieu von huy ong va chi tiet
s dung no (proceeds are not traced directly from issue
to use). Thay vao o, cong ty hoac chnh quyen phat
hanh ch can cho thay la tong gia tr cua tn phieu thng
mai phu hp vi tong gia tr giao hoan hien hanh cua no
vao thi iem phat hanh (issuers are required to show
only that they have a sufficient current transaction ca-
pacity to justify the size of the commercial paper program).
Cung giong nh trai phieu ngan han do chnh
quyen lien bang phat hanh, tn phieu thng mai c
ban ra th trng vi mot gia nam di menh gia (a dis-
200
count security). Di dang nay, phan sai biet gia gia
ban ra vi menh gia (the discount) cua tn phieu thng
mai chnh la lai nhuan chi tra cho ngi au t. Ti ngay
man han ngi au t se nhan lai von au t ghi tren
mat tn phieu thng mai, tc la menh gia cua no.
oi khi, theo yeu cau cua ngi au t, tn phieu
thng mai c phat hanh di dang chng khoan thu
lai (interest-bearing securitiy). Di dang nay, tn phieu
thng mai c ban ra vi mot gia bang vi menh gia.
en ngay man han, ngi au t se nhan lai von au t
bang vi menh gia cong vi lai nhuan tch luy (accrued
interest).
Trc nam 1980, tat ca tn phieu thng mai eu
c phat hanh di dang giay mc (issued in physical
form). Nhng phieu giay o c em cat gi mot ni
an toan, thng la am trach bi mot c quan do ngi
au t mn (safe-keeping agent), e ch ti ngay man
han a ra oi lay so tien ghi tren mat cua no (face value).
T nam 1980 tr ve sau, cang ngay cang co nhieu tn
phieu thng mai c phat hanh di dang ghi so (book-
entry form). Tn phieu thng mai in bang giay mc c
thay the bang nhng trng muc ghi nhan giao hoan va
tat ca c tang tr trong mot he thong vi tnh. Bc tien
nay giup cho thu tuc giao hoan cang luc cang hieu qua
hn va theo o chi ph giao hoan cung nhe i.
Thu tuc giao hoan (settling of the transaction), luc
phat hanh cung nh luc thu hoi tn phieu, c hoan tat
trong vong mot ngay. Va trong thu tuc giao hoan, thay
ma t cho nh ng tha nh pha n lie n he (issuer, investor,
dealer), nhng ngan hang thng mai (commerical banks)
se ng ra e am trach viec phat hanh va chi tra (issu-
ing and paying) trong khi nhng c quan giao hoan (clear-
ing agent) se ng ra e am trach viec chuyen giao tn
phieu thng mai va tai chnh huy ong.
201
LaI 8uaI 6ua TFTM
Tat ca tn phieu thng mai tren th trng eu c cho
gia tren can ban tien khau (all commercial paper inter-
est rate are quoted on a discount basis).
4
Tn phieu thng
mai cho li nhuan theo mot lai suat do th trng quyet
nh va lai suat cua no thong thng co lien he mat thiet
vi nhng lai suat khac tren th trng, th du nh la lai
suat tn phieu ky thac (CD rate). V tn phieu thng mai
co tang an hiem hoa b giat n cho nen lai suat cua no
thng la cao hn lai suat vo hiem cua trai phieu ngan
han do chnh quyen lien bang phat hanh. So sanh tn
phieu thng mai vi trai phieu ngan han do chnh quyen
lien bang phat hanh co cung du ky 30 ngay, khoang cach
trung bnh trong mc li nhuan hien hanh gia hai chng
khoan (average spread) vao khoang 115 iem can ban.
5
Mot tn phieu thng mai c xep hang kha tn
thap hn se cho mot mc li nhuan hien hanh cao hn la
mc li nhuan hien hanh cua mot tn phieu thng mai
co cung chieu dai thi gian du ky c xep hang kha tn
cao hn. Khoang cach trong mc li nhuan hien hanh
gia tn phieu thng mai hang A-1 hoac P-1 va tn phieu
thng mai hang A-2 hoac P-2 trung bnh vao khoang 52
iem can ban.
6
Khoa ng ca ch trong m c l i nhua n nh ky co
khuynh hng ni rong trong giai oan kinh te tr tre va
thu hep lai trong giai oan kinh te lac quan.
hIam hoa LaI 8uaI
Co hai loai hiem hoa lai suat bat li cho cong ty hoac
chnh quyen phat hanh tn phieu thng mai. Th nhat
la mot thay oi trong lai suat vo hiem (a change in a risk-
free rate), lai suat cua trai phieu ngan han do chnh quyen
202
lien bang phat hanh (treasury bill), se a en s thay
oi lai suat cua tn phieu thng mai va cua tat ca lai
suat vay mn (borrowing rates). V the, lai suat cua tn
phieu thng mai co the se gia tang theo gia tang cua lai
suat hien hanh tren th trng. Thay oi bat li nay oi
vi cong ty hoac chnh quyen phat hanh c goi la hiem
hoa lai suat th trng (market interest rate risk). Th hai
la gii au t vao tn phieu thng mai co the oi lai suat
cao hn v ho cam thay, chnh xac hay khong chnh xac,
hiem hoa kha tn cua cong ty hoac chnh quyen phat
hanh gia tang (investors will demand a higher rate be-
cause they perceive the firms credit risk to have in-
creased). Thay oi bat li nay oi vi cong ty hoac chnh
quyen phat hanh c goi la hiem hoa lai suat theo d
ng (idiosyncratic interest rate risk). Vi hiem hoa d
ng, lai suat cua mot tn phieu thng mai co the gia
tang trong khi lai suat vo hiem van khong thay oi hoac
ngay ca lai suat cua nhng tn phieu thng mai khac
van khong thay oi.
Cong ty hoac chnh quyen phat hanh co the triet
tieu c hiem hoa lai suat th trng hoac hiem hoa lai
suat d ng bang mot khe c hoan v lai suat (interest
rate swap agreement).
Xap hang kha Tn
T sau khi cong ty Penn Central Transportation giat 82
trieu USD n tn phieu thng mai vao nam 1970 a so
tn phieu thng mai eu c xep hang kha tn bi mot
hoac vai cong ty chuyen cung cap dch vu thong tin au
t, trong so o co Standard and Poors, Duff & Phelps,
Moodys va Fitch.
Theo nh ngha cua Standard and Poors, xep
hang kha tn cho mot tn phieu thng mai la cong viec
203
tra cu va anh gia ve kha nang chi tra n ngan han
ung lch trnh cua mot cong ty hoac chnh quyen phat
hanh va cong viec nay mang tnh cach oc lap (an inde-
pendent assessment of the likelyhood of timely payment
of short-term debt). Nhng cong ty nay da vao nhieu
s kien khac nhau (wide variety of information) e truy
cu, anh gia va xep hang kha tn cua nhng cong ty va
chnh quyen phat hanh tn phieu thng mai. Nhng
trong so nhng s kien o, phan tch cua nhng cong ty
am trach anh gia (rating agencies) phan ln la da
vao qua trnh va d phong ket qua hoat ong (historical
and projected operating results) va da vao cau truc tai
chnh (financial structure) cua cong ty hoac chnh quyen
phat hanh. Nhng yeu to khac nh la tam voc cua cong
ty (size), li thu doanh thng (profitability) va mc vay
mn n (leverage) cung c cu xet can than.
Xap hang kha Tn TFTM
hang hang hang Tung
6ao 8nh kam IaI ho
S&P A-1
+
A-2 B D
A-1 A-3 C
Moodys P-1 P-2 NP NP
P-3
Duff & Duff 1
+
Duff 2 Duff 4 Duff 5
Phelps Duff 1 Duff 3
Duff 1
-
Fitch F-1
+
F-2 F-5 D
F-1
-
F-3
Hang kha tn ch co tnh cach tng oi e ngi
au t co the lam mot so sanh gia nhng tn phieu thng
204
mai. Th du cach xep hang cua Standard and Poors
nhng tn phieu thng mai A-1
+
va A-1 c coi la hang
cao, A-2 va A-3 thuoc vao hang trung bnh, B va C thuoc
vao hang may rui (speculative), va D la cong ty hoac
chnh quyen phat hanh a tng giat n tn phieu phng
mai.
Cong ty hoac chnh quyen phat hanh mn nhng
cong ty chuyen cung cap dch vu thong tin au t xep
hang kha tn cho tn phieu thng mai cua mnh va tra
tien dch vu vao khoang 10-30 ngan USD mot nam. Ket
qua xep hang c ban ra cho cong chung, thng la
di hnh thc at mua dai han (by subscription), va qua
nhng phng tien an loat, he thong vi tnh, hoac he
thong ien thoai. Moodys Global Short-term Market
Record, S&P Commercial Paper Ratings Guide, Short-
term Ratings and Research Guide, Fitch Ratings la san
pham co cha ng ket qua xep hang cua nhng tn
phieu thng mai tren th trng do nhng cong ty cung
cap dch vu thong tin au t noi tren phat hanh.
Xep hang kha tn thc dung cho (1) no la mot
tong ket cua mot so lng ln nhng s kien lien quan
en cong ty hoac chnh quyen phat hanh c cong bo
en quan chung (summarize available public informa-
tion); (2) cong tac tra cu, anh gia, xep hang c thc
hien vi tnh cach hoan toan oc lap; va (3) ngi au t
khong phai t ng ra thu thap tin tc va phan tch, cong
viec oi hoi nhieu thi gian, tai chnh va kha nang chuyen
mon. No cho biet hiem hoa kha tn (credit risk) va giup
hng dan nhng quyet nh au t lien quan en tn
phieu thng mai.
kha hang Luu hoaI u Fhong
Nhng cong ty hoac chnh quyen phat hanh luc nao cung
205
duy tr mot tai khoan d phong danh e san sang chi tra
n tn phieu thng mai va nhng khoan n ngan han
khac, thuat ng chuyen mon goi o la kha nang lu hoat
d phong (backup liquidity). Tai khoan d phong nay
thng la di dang tien mat d tr (cash reserve) hoac
di dang d khoan tn dung cua ngan hang (bank line
of credit). Nhng cong ty am trach xep hang kha tn
can bang chng ve kha nang lu hoat ngan han (short-
term liquidity) cua cong ty hoac chnh quyen phat hanh.
Neu cong ty hoac chnh quyen phat hanh khong duy tr
tai khoan d phong danh e san sang chi tra n ngan
han, nhng cong ty am trach xep hang kha tn se khong
chu anh gia va xep hang tn phieu thng mai cua no.
Nhng cong ty hoac chnh quyen phat hanh c xep
hang cao nhat thng duy tr tai khoan d phong mc
toi thieu la 50 phan tram tong gia tr cua tat ca tn phieu
thng mai cua no ang du hanh. Nhng cong ty hoac
chnh quyen c xep hang thap hn A-1 hoac P-1 thng
duy tr tai khoan d phong mc 100 phan tram tong gia
tr cua tat ca tn phieu thng mai cua no ang du hanh.
a so cong ty hoac chnh quyen phat hanh tn
phieu thng mai duy tr kha nang lu hoat d phong
qua mot d khoan tn dung cua ngan hang nam di
nhieu dang (maintain backup liquidity through bank line
of credit available in variety of forms). D khoan tn dung
tieu chuan (standard line of credit) cho phep vay mn
vi trai phieu 90 ngay (allow borrowing under a 90-day
note). D khoan tn dung tng ngay (swing line of credit)
cho phep cong ty hoac chnh quyen phat hanh vay mn
e ap vao cho thieu hut cua mot ngay v von huy ong
qua tn phieu thng mai trong ngay o khong u, tc la
cung cap von theo nhu cau cua tng ngay mot (provide
funds on a day-to-day basis, allowing issuers to cover a
shortfall in proceeds from paper issuance on a particular
day).
206
Cang ngay cang co nhieu d khoan tn dung c
cau tao di khe c lien hoan nhieu nam (being struc-
tured as multi-year revolver agreement) trong o mot ngan
hang hoac mot tap the cua nhieu ngan hang cam ket
san sang tai tr theo nhu cau cua cong ty hoac chnh
quyen phat hanh chng khoan (1) vi lai suat nen tha
noi theo mot lai suat hien hanh tren th trng nh la
LIBOR hoac lai suat tn phieu ky thac (the floating base
rate is anchored to the London Interbank Offers Rate or
certificate of deposit rate) va (2) phan lai suat vt tren
lai suat chuan (spread over the base rate), c ieu
nh luc ky ket, co the la co nh hoac se ieu chnh theo
hang kha tn ngay vao thi iem s dung tai khoan vay
mn (can either be fixed or dependent on the rating of
the borrower at the time the loan is drawn down).
Chieu dai thi gian cua khe c lien hoan khong
co tieu chuan nhat nh nhng th trng cho thay khuynh
hng ngan han hn (the trend in revolvers has been
towards shorter terms), a so la dai khoang 3 nam.
Cong ty hoac chnh quyen phat hanh phai ong
mot vai loai ph lien quan en khe c lien hoan, trong
o co ph phng tien (facility fee), ph cam ket (commit-
ment fee) va ph s dung (usage fee). Ph phng tien
tnh bang phan tram tren gia tr cua d khoan tn dung va
phai chi tra dau co hay khong co s dung en d khoan
tn dung (the facility fee is a percentage of credit line and
is paid whether nor not the line is activated). Ph cam ket
tnh bang phan tram tren gia tr cha s dung het trong
d khoan tn dung (the commitment fee is a percentage
of unused credit line). Ph cam ket cang ngay cang t
thong dung hn trong nhng nam gan ay. Ph s dung
oi khi c at ra neu d khoan tn dung c s dung
qua nhieu lan (if the credit line is heavily used).
Muc ch cua d khoan tn dung d phong (backup
207
line of credit) la e san sang chi tra cho nhng tn phieu
thng mai man han du ky neu mot bien co nao o ngan
chan cong ty hoac chnh quyen lien tuc chuyen tai tn
phieu thng mai cua no (when an event prevents an
issuer from rolling over the paper), tc la lien tuc phat
hanh tn phieu thng mai t mi e huy ong von chi
tra cho tn phieu thng mai t cu. Mot bien co nh vay
co the ch gay anh hng xau rieng cho cong ty hoac
chnh quyen phat hanh, th du nh la mot tai nan hoa
hoan ln lam anh hng en sc khoe tai chnh cua cong
ty hoac chnh quyen phat hanh, hoac cung co the gay
anh hng xau chung cho toan th trng, th du nh s
kien cong ty Penn Central giat n nam 1970 lam cho gia
chuyen tai tn phieu thng mai tr thanh qua cao en
o khong the thc hien c.
D khoan tn dung d phong se khong hu ch
neu hoat ong va ieu kien tai chnh cua cong ty hoac
chnh quyen phat hanh tr nen suy thoai ti mc khong
con u sc e chi tra n ngan han na v a so khe c
tn dung (credit agreement) eu co kem theo ieu khoan
nhng thay oi xau (material adverse change clause)
va theo o ngan hang c quyen huy bo khe c khi
tnh trang tai chnh cua cong ty hoac chnh quyen phat
hanh a thay oi en mc ang ngai. Thc te cung a
tng chng minh nhieu lan la nhieu cong ty trc khi i
en tnh trang giat n eu b huy khe c tnh dung v
nhng cong ty nay a e cho tnh trang tai chnh suy sup
(financial condition deteriorates).
Nhng yeu to tong quat cua th trng tn phieu
co the lam tr ngai d khoan tn dung d phong. Stan-
dard and Poors (Samson and Bachmann, 1990, p.23)
tng canh bao la tr ngai chung cho th trng tn phieu
gay ra dao ong manh va di ieu kien o nhng d
khoan tn dung tr nen khong tin cay c (unreliable).
208
ieu nay co y noi la ngan hang ch co gang huy ong
tien mat co the huy ong c e ho tr cho th trng
tn phieu nhng khong chac la ap ng u cho nhu cau
bat thng cua th trng luc o. Nh vay, ngi au t
vao tn phieu thng mai ganh mot phan hiem hoa co
the xay ra di hoan canh nh va neu.
Tang 6uong
Trnh o kha Tn
D khoan tn dung d phong ch co the giup cho mot
cong ty hoac chnh quyen phat hanh c xep hang kha
tn nhng khong nang c trnh o kha tn (creditworthi-
ness) cua no. e nang hang kha tn va cai thien kha
nang xam nhap th trng (to improve credit rating and
marketability) cua tn phieu thng mai, cong ty hoac
chnh quyen phat hanh co the s dung mot trong nhng
phng tien tang cng trnh o kha tn (by using one of
a variety of credit enhancements) bang cach dan xep vi
mot cong ty khac ng ra chi tra n tn phieu neu cong ty
hoac chnh quyen phat hanh khong u kha nang (ar-
ranging for an alternative party to retire the commercial
paper if the issuer cannot). Nhng phng tien tang
cng trnh o kha tn khac vi d khoan tn dung d
phong cho la phng tien tang cng trnh o kha tn
cung cap s ho tr chac chan khong the rut lui (provides
a guarantee of support that cannot be witdrawn). Tn
phieu thng mai cua nhng cong ty thieu tam voc (small
firms) kho co the xam nhap th trng neu khong s dung
phng tien tang cng trnh o kha tn e lam giam bt
hiem hoa b giat n (default risk).
Mot cong ty co tam voc (a large firm) c xep
209
hang kha tn rat cao (strong credit rating) co the giup
nang hang kha tn cua nhng cong ty tuy phuc no (its
subsidiaries), con goi la nhng cong ty con, bang cach
ng ra bao am thang (with outright guarantee) hoac
qua mot khe c trong o cam ket la cong ty chu (hold-
ing company; parent company), con goi la cong ty me,
se tr giup cho cong ty con duy tr trnh o kha tn mot
mc nao o. Khe c nh vay c goi la khe c gn
gi cho tot (keepwell agreement). Cam ket qua khe
c gn gi cho tot kem an toan hn la bao am thang.
Cong ty hoac chnh quyen phat hanh cung co the
nang hang kha tn cho tn phieu thng mai cua no bang
cach mua mot cam ket boi thng do nhng cong ty bao
hiem cung cap (indemnity bond from insurance compa-
nies) hoac mua mot tn dung th d phong do nhng
ngan hang thng mai cung cap (standby letter of credit
sold by commercial banks).
Ca hai phng tien nay bao am la n tn phieu
thng mai se c chi tra bi cong ty ng ra cung cap
phng tien tang cng trnh o kha tn neu cong ty hoac
chnh quyen phat hanh khong u kha nang chi tra (sup-
porting entity will retire maturing commercial paper if the
issuer cannot). Vi mot tn dung th nh kem theo tn
phieu thng mai, thay v chu y vao tnh trang tai chnh
cua cong ty hoac chnh quyen phat hanh, nhng cong ty
ng ra anh gia va gii au t se don s chu y cua ho
vao tnh trang tai chnh cua ngan hang ky tn dung th.
Theo o, tn phieu thng mai se c xep hang kha tn
cao ngang vi tn phieu thng mai do chnh ngan hang
o phat hanh va lai suat cua tn phieu thng mai gan
hoac ngang vi lai suat cua tn phieu thng mai do chnh
ngan hang o phat hanh. Dung phng tien tn dung th
e tang cng trnh o kha tn, tren mat thc dung, tng
ng vi mn lay uy tn cua ngan hang ky tn dung
210
th. V rat t ngan hang Hoa Ky co hang kha tn A-1 hoac
P-1 cho nen a so tn dung th danh cho tn phieu thng
mai la do nhng ngan hang ngoai quoc co hang kha tn
cao cung cap.
TPTM Bao am
Bang Tai San Ch nh
Mot sang tao cua th trng tn phieu vao au thap nien
1980 co ten la tn phieu thng mai bao am bang tai
san ch nh (asset-backed commercial paper). Vi loai
tn phieu thng mai nay hiem hoa b giat n, thay v tuy
thuoc vao trnh o kha tn cua cong ty hoac chnh quyen
phat hanh, se tuy thuoc vao trnh o kha tn cua mot
phan tai san nao o cua cong ty hoac chnh quyen phat
hanh, thong thng la di dang tai khoan d thu (tied
directly to the creditworthiness of specific financial as-
sets, usually some form of receivables).
Tn phieu thng mai bao am bang tai san ch
nh c phat hanh bi nhng cong ty ac biet (special
entities), con goi la nhng cong ty cho muc ch ac biet
(special purpose entities). Cong ty ac biet ng ra thu
mua tai khoan d thu cua mot doanh nghiep khac hoac
cua mot nhom doanh nghiep va tai tr thu mua vi von
huy ong t th trng tn phieu thng mai (purchases
receivables from one firm or a group of firms and finances
the purchase with funds raised in the commercial paper
market). Hoat ong duy nhat cua cong ty ac biet la thu
mua va tai tr tai khoan d thu v vay hiem hoa cua cong
ty ac biet va cua tn phieu thng mai do chnh no phat
hanh hoan toan gian cach vi hiem hoa cua doanh nghiep
hoac cua mot nhom doanh nghiep a ban ra tai san d
thu.
211
Mc o b giat n (default rate) va nguon tai chnh
lu hoat (cashflow) cua nhng tai khoan d thu t mau
dch va t the tn dung (trade receivables and credit card
receivables), thng c dung vao phat hanh tn phieu
thng mai bao am bang tai san ch nh, co the tien
oan c (predictable). V vay hiem hoa cua tai san
ch nh bao am cho tn phieu thng mai cung co the
c tnh c (can be estimated).
Nhng chng trnh phat hanh tn phieu thng
mai bao am bang tai san ch nh c che tac theo
mot cau truc tai chnh e tong gia tr cua nhng tai khoan
d thu luon luon cao hn tong gia tr cua tn phieu thng
mai ban ra (are structured so that the amount of receiv-
ables exceeds the outstanding paper), thuat ng chuyen
mon goi la the chap troi (overcollateralization).
Them vao o cong ty phat hanh tn phieu thng
mai bao am bang tai san ch nh cung s dung nhng
phng tien tang cng trnh o kha tn, trong o co ca
cam ket ban ra tai khoan d thu (guarantee selling the
receivables), tn dung th cua ngan hang (bank letters of
credit), va cam ket bao hiem (surety bond). Va cung
giong nh nhng tn phieu thng mai khac, nhng cong
ty am trach anh gia va xep hang kha tn van oi hoi
phai co bang chng cua kha nang lu hoat d phong
(backup liquidity).
Bao am bang tai san ch nh la mot cach ma
nhng cong ty thieu tam voc va nhieu hiem hoa co the
d phan huy ong von trong th trng tn phieu thng
mai. Li iem cua loai tn phieu thng mai bao am
bang tai san ch nh cung a thu hut nhng cong ty ln
hn va t hiem hoa hn tham d. V vay, th trng cua
loai tn phieu thng mai bao am bang tai san ch nh
a gia tang nhanh chong.
212
ThI Truong TFTM
Trc the chien th 2 ngan hang la lc lng au t chu
yeu cua th trng tn phieu thng mai. Ngan hang s
dung tn phieu va nh la d tr (reserves) va e trai
rong au t giam thieu hiem hoa (diversify their porfolios).
Trong hai thap nien 1950 va 1960 nhng cong ty cong
nghiep co khuynh hng au t vao tn phieu thng
mai thay v ky thac tien mat vao ngan hang. Vao luc o
lai suat ky thac thap hn la lai suat tn phieu thng mai
kha xa.
T thap nien 1970 tr ve sau th trng tn phieu
thng mai cua Hoa Ky tang trng nhanh chong, t
34.96 t USD vao nam 1970 len en 544.1 t USD vao
nam 1993. Mot trong nhng ly do giai thch cho s tang
trng nhanh chong nay la yeu to chi ph. Nhng cong
ty hoac chnh quyen phat hanh co tam voc va hang kha
tn cao nhan xet la vay mn qua cong cu tn phieu thng
mai thng re hn vay mn trc tiep vi ngan hang.
Chi ph trong o co ph phan phoi (distribution fee), ph
anh gia va xep hang kha tn (rating fee), ph d khoan
tn dung d phong (backup credit line), van van . . . tat ca
cong lai ch vao khoang 15 iem can ban cho mot chng
trnh vay mn ln, mot con so rat khiem nhng. Ly do
th hai giai thch cho s tang trng nhanh chong cua th
trng tn phieu tai Hoa Ky la nhng cong ty doanh thng
co khuynh hng huy ong von qua th trng chng
khoan thay v vay mn trc tiep vi ngan hang. Mot
goc o cua khuynh hng nay thng c biet en di
cai goi la chng khoan hoa tai san (asset securitization).
Ly do th ba la nhng sang tao mi cua ky thuat chng
khoan (new innovations of security technology) va s phat
trien cua nhng cong cu quan ly hiem hoa (development
of risk management tools) a a dang hoa va m rong
213
s ng dung trong au t. ieu nay, hoac trc tiep hoac
gian tiep, ho tr cho s tang trng cua th trng tn
phieu thng mai.
Thanh Phan au T
Nhng to hp au t chuyen au t vao cong cu cua th
trng tien te (money market mutual funds; MMFs) va
n v am nhiem dch vu uy thac cua nhng ngan hang
thng mai (commercial bank trust department) la lc
lng au t chu yeu cua th trng tn phieu thng
mai. Nhng to hp au t chuyen au t vao cong cu
cua th trng tien te nam khoang 33 phan tram tong gia
tr tn phieu thng mai ang du hanh trong khi phong
am nhiem dch vu uy thac cua nhng ngan hang thng
mai nam khoang 25 phan tram.
Trong so nhng thanh phan au t quan trong
khac co nhng cong ty bao hiem, nhng cong ty khong
thuoc lanh vc tai chnh, nhng quy hoi hu cua chnh
quyen (government pension funds), nhng quy hoi hu
cua t nhan (private pension funds) va nhng to hp au
t (mutual funds).
Nhng ngan hang va nhng ai ly mua ban chng
khoan ch gi mot so t. Rat hiem nhng ca nhan au t
trc tiep v menh gia cua tn phieu thng mai qua cao,
nhng a so tham d au t gian tiep vao th trng tn
phieu thng mai qua nhng to hp au t va quy tn
nhiem (trust funds).
Thanh Phan Phat Hanh
Tn phieu thng mai c phat hanh bi nhng cong ty
noi a va ngoai quoc thuoc nhieu lanh vc doanh thng
214
trong o co nhng cong ty tai vu (financial companies),
nhng cong ty cong nghiep (industrial companies) va
nhng ngan hang (banks).
Trong so nhng cong ty tai vu, phat hanh tn phieu
thng mai vi so lng ln nhat phai noi en la nhng
cong ty tai chnh (finance companies). Nhng cong ty tai
chnh cung cap cho gii tieu thu tai chnh vay mua nha
(home loans), tai chnh vay mua xe xai (retail automobile
loans) va tai chnh vay mua khong the chap nhng nhu
cau ca nhan (unsecured personal loans). Nhng cong
ty tai chnh cung cung cap von ngan va trung han cho
nhng doanh nghiep, trong o co ca tai chnh vay mua
co the chap dung cu may moc e ban lai (secured loans
to finance purchases of equipment for resales). Co nhng
cong ty tai chnh la cong ty con cua nhng cong ty cong
nghiep (wholly owned subsidies of industrial firms) ng
ra cung cap tai chnh vay mua san pham do cong ty me
san xuat (provide financing purchases of the parent firms
products). Th du nh GEC (General Electric Capital) la
cong ty con cua cong ty GE (General Electric), GMAC
(General Motor Acceptance Corporation) la cong ty con
cua cong ty GM (General Motor) va FMC (Ford Motor
Credit) la cong ty con cua cong ty Ford.
Trong so nhng cong ty tai vu phat hanh tn phieu
thng mai co nhng cong ty bao hiem (insurance firms)
va nhng cong ty chng khoan (securities firms). Cong
ty bao hiem phat hanh tn phieu thng mai e tai tr
cho ph bao hiem d thu (premium receivables) va chi
ph van hanh (operating expenses). Con cong ty chng
khoan chon phat hanh tn phieu thng mai la s dung
phng tien e vay mn von re hn la vay mn trc
tiep vi ngan hang (bank loans) hoac vay mn qua tn
phieu giao oi (repurchase agreements) va dung von vay
mn e tai tr cho nhng hoat ong ngan hang au t
215
(investment banking activities).
Nhng cong ty chu cua nhng ngan hang thng
mai (commercial bank holding companies) phat hanh tn
phieu thng mai e tai tr cho chi ph van hanh va cho
nhng chi ph ngoai hoat ong cua ngan hang (nonbank
activities).
Hang tram cong ty khong nam trong doanh nghiep
tai vu (nonfinancial firms) cung phat hanh tn phieu thng
mai. Nhng cong ty cong nghiep (industrial companies)
va nhng cong ty chuyen cung cap dch vu (service com-
panies) phat hanh tn phieu thng mai e tai tr cho
nguon tai chnh van hanh (working capital)
7
tren can ban
trng ky (permanent basis) hoac tren can ban tam thi
theo chu ky (seasonal basis), e tai tr cho chi ph van
hanh (operating expenses) va e tai tr tam thi cho
nhng cong trnh xay dng (construction projects).
Nhng cong ty va chnh quyen ngoai quoc cung
phat hanh tn phieu thng mai tai th trng noi a Hoa
Ky. Nhng cong ty tai vu ngoai quoc, trong o co nhng
ngan hang va nhng cong ty nam chu quyen cua ngan
hang (banks and bank holding companies) phat hanh
khoang 70 phan tram cua tong gia tr tn phieu thng
mai do cong ty va chnh quyen ngoai quoc phat hanh.
8
Nhat Ban, Anh va Phap la ba quoc gia phat hanh nhieu
tn phieu thng mai nhat trong th trng noi a Hoa
Ky.
Vai Tro Cua ai Ly
Hau het cong ty hoac chnh quyen phat hanh tn phieu
thng mai eu ban ra th trng qua nhng ai ly mua
ban chng khoan oc lap v chi ph tng oi re. Nhng
ai ly mua ban chng phieu ng ra mua tn phieu thng
216
mai t cong ty hoac chnh quyen phat hanh roi ban lai
cho ngi au t. Khoang cach gia gia mua vao va gia
ban ra (dealer spread) vao khoang 10 iem can ban cho
mot nam cho nhng chng trnh phat hanh vi so lng
ln. Mot chng trnh phat hanh tn phieu thng mai tr
gia vao khoang 700 trieu USD trong mot nam se ton vao
khoang 700 ngan USD chi ph cho ai ly mua ban chng
khoan ng ra am nhiem.
Khi s dung mot ai ly mua ban chng khoan e
am nhiem chng trnh phat hanh tn phieu thng mai,
cong ty hoac chnh quyen phat hanh se t quyet nh
bao nhieu tn phieu thng mai c phat hanh moi
t man han du ky. ai ly mua ban chng khoan tiep
xuc vi gii au t va cho cong ty hoac chnh quyen phat
hanh biet nhng tin tc can thiet ve tnh trang cua th
trng va nhu cau cua gii au t. Thong thng th ai
ly mua ban chng khoan se ban ra trong mot thi gian
ngan tat ca so tn phieu thng mai phat hanh hoac ch
ton kho mot so t khong ang ke.
Ch co nhng cong ty co tam voc, noi tieng va
can huy ong von vi so lng that ln hang nam mi
ng ra t am nhiem phan phoi tn phieu thng mai do
chnh ho phat hanh. Thuat ng chuyen mon goi ho la
cong ty phat hanh trc tiep (direct issuers). Thong thng
th nhng cong ty phat hanh trc tiep co nhu cau vay
mn von trong th trng tn phieu thng mai t mot t
USD tr len tren can ban lien tuc. Co khoang 125 cong
ty phat hanh trc tiep tren th trng va a so la nhng
cong ty tai chnh va nhng cong ty chu cua nhng ngan
hang thng mai.
9
a so ai ly mua ban chng khoan la nhng cong
ty con (subsidiaries) cua nhng ngan hang au t (in-
vestment banks) hoac cua nhng cong ty chu cua nhng
ngan hang thng mai (commercial bank holding com-
217
panies). To ln nhat van la nhng ngan hang au t
trong o co Goldman Sachs, Merrill Lynch va Shearson
Lehman. Trong so nhng cong ty chu cua nhng ngan
hang thng mai co cong ty con la ai ly mua ban chng
khoan noi tieng co BankAmerica, Bankers Trust, J.P.
Morgan va CitiCorp.
Th Trng Cap 2
Th trng cap 2 cua tn phieu thng mai rat nho. Mot
phan v ac tnh a dang (heterogeneous characteris-
tics) cua tn phieu thng mai lam cho rat kho co the
gom u mot so lng ln e lam giao hoan trong th trng
cap 2. Mot phan khac co le v chieu dai thi gian du ky
cua tn phieu thng mai qua ngan va nhng ngi au
t vao tn phieu thng mai biet ro nhu cau tai chnh cua
ho nen co khuynh hng gi tn phieu thng mai cho
en khi man han. Thnh thoang nhng ai ly mua ban
chng khoan co mua tr mot t tn phieu thng mai t
nhng ngi au t hoac t cong ty phat hanh. Nhng
trung gian mua ban chng khoan (brokers) cung lam gia
cho tn phieu thng mai cua nhng cong ty phat hanh
vi so lng ln.
Tham khao
1
Registration for short-term securities is especially ex-
pensive because the registration fee is a percent of the
face amount at each offering. Thirty-day registered notes,
rolled over monthly for one year, would cost 12 times as
much as a one-time issuance of an equal amount of one-
year note. Thomas K. Hahn, 1993, Commercial Paper.
218
2
Du Luat Chng Khoan ban hanh nam 1933 (Securities
Act) oi hoi la chng khoan ban ra cho cong chung phai
ang ky trc vi Uy Ban Chng Khoan & Th Trng
Mua Ban Chng Khoan (Securities and Exchange Com-
mission; SEC), tr nhng trng hp c mien ang ky
theo nhng ieu kien neu ro trong du luat.
3
Tn phieu thng mai bao am bi mot ngan hang vi
mot tn dung th c mien ang ky di ieu khoan
3(a)(2), kho ng ca n thie t c mie n d i ie u khoa n
3(a)(3). Tn phieu thng mai phat hanh va ban qua
kenh t he c mien ang ky di ieu khoan 4(2).
4
H.15 statistical release cua Ngan Hang Trung ng an
hanh lai suat hang ngay cua tn phieu thng mai du ky
1 thang, 3 thang va 6 thang do ai ly cho gia trc tiep.
Tat ca lai suat c da tren nhng tn phieu thng mai
co hang kha tn cao.
5
Tnh t nam 1967 cho en nam 1991.
6
Tnh t nam 1974 cho en nam 1991
7
Nguon tai chnh van hanh = tong gia tr tat ca tai san
ngan han tr cho tong gia tr cua tat ca n ngan han;
working capital = current assets - current liabilities.
8
Federal Reserve Bank of New York, 1992
9
Felix, Richard, ed. Commerci al Paper. London:
Euromoney Publications, 1987.
Standard & Poors Corporation. Commercial Paper Rat-
219
ings Guide. April 1991.
Stigum, Marcia. The Money Market. Homewood, Ill.: Dow
Jones-Irwin, 1990.
220
221
Ham Phieu
H am phieu (derivative instruments) la mot loai chng
khoan ky sinh vao mot chng khoan khac, vao mot bieu
so gia tr hon hp, vao mot ngoai te, hoac vao mot san
pham (derived from or linked to a security, an index, a
foreign currency or a commodity). nh ngha theo phap
ly, ham phieu la bang chng cua mot khe c chnh thc
(formal agreement) gia hai oi tac (two parties) xac nh
mot cuoc giao hoan. . . Khe c nay, trong thuat ng
mua ban ham phieu, c goi la ham khe.
1
Cung giong nh nhng chng khoan khac, ham
phieu bao gom nhieu loai. Trong so nhng ham phieu
pho thong nhat co ham phieu oc che (options), ham
phieu toan che (futures) va ham phieu quyen (warrants).
222
Ham Phieu oc Che
Mot ham khe oc che (option contract) thanh lap quyen
mua hoac quyen ban gia ngi e xng (writer, is-
suer) va ngi hng ng (holder, buyer), trong o ngi
hng ng c quyen mua t (buy from) hoac ban cho
(sell to) ngi e xng mot chng khoan c ch nh
(underlying security) mot gia c cam ket (strike price,
exercise price) trong mot thi han c vach trc. Ngi
e xng con c goi la ngi viet (writer) hoac ngi
phat hanh (issuer) va ngi hng ng con c goi la
ngi mua (buyer) hoac ngi gi (holder). S xng-
ng cua hai oi tac trong mua ban ham phieu oc che
(option) co c la v ho cung nhn vao mot chng khoan
lien he nhng khong cung mot ket luan ve tng lai cua
chng khoan o.
Ngi hng ng khong b bat buoc phai thc
hien quyen mua hoac quyen ban cua mnh. Tuy nhien,
ngi e xng b bat buoc phai ban ra hoac mua vao
neu ngi hng ng quyet nh thc hien quyen cua
mnh. Noi mot cach khac ngi e xng b bat buoc
ban ra hoac mua vao chng khoan c ch nh mot
gia c cam ket theo s chu ong cua ngi hng
ng neu thi han hieu lc van con. Nh vay, ham phieu
loai nay ch cng che ngi e xng. Chnh v ac
tnh o cho nen no co danh xng la ham phieu oc che,
tc la ham phieu ch cng che mot pha.
Va khi s xng-ng c thanh lap, ngi e
xng se nhan mot khoan ham ph (premium) t ngi
hng ng. Rieng cho ham phieu oc che, khoan ham
ph nay co ten chnh xac la ham ph oc che (option pre-
mium).
Nh a trnh bay, ham phieu oc che co ba yeu
to quan trong. Th nhat la mot chng khoan c ch
223
nh. Th hai la mot gia mua ban cho chng khoan o
c cam ket. Th ba la thi han hieu lc c vach
trc.
Chng khoan c ch nh trong mot ham phieu
oc che c goi la chng khoan cho ky sinh (underly-
ing security) va con c goi la chng khoan lien he
hoac chng khoan c s trong y ngha lien he en s ky
sinh cua ham phieu. Chng khoan cho ky sinh co the la
co phieu, trai phieu, tn phieu, bieu so gia tr hon hp
cua mot th trng mua ban chng khoan, ngoai te, hoac
ngay ca ham phieu toan che. Tuy nhien chng khoan
cho ky sinh pho thong nhat trong ham phieu oc che
thng la co phieu thng ang.
Ngoai tr mot vai trng hp ngoai le, hau nh
tat ca ham phieu oc che ky sinh vao co phieu thng
ang eu c khe c tren tieu chuan can ban la 100
co phan. n v 100 co phan nay trong ham phieu c
goi la mot ham khe (1 contract). Mot ham khe oc che
(1 option contract) gom 100 co phan cua co phieu lien
he. Noi mot cach khac, 1 ham khe oc che thanh lap
quyen mua ban 100 co phan, hay la 1HK x 100CP, va 5
ham khe oc che thanh lap quyen mua ban 500 co phan,
hay la 5HK x 100 CP, cua co phieu lien he. Neu ham ph
(premium) cho mot co phan la 2 USD th ham ph cho
mot ham khe oc che tnh ra la 200 USD, hay la 1HK x
100CP x 2USD/CP, va ham ph cho 5 ham khe oc che
tong cong la 1,000 USD, hay la 5HK x 100CP x 2USD/
CP.
Mot ham phieu ch hien hu trong mot thi gian
nhat nh. Chieu dai thi gian ky sinh, t ngay e xng
(date issued) cho en ngay het hieu lc (date expired),
cua mot ham phieu oc che thng la vao khoang 9
thang. Sau ngay man han ky sinh ham phieu se chet
trong khi chng khoan cho ky sinh (underlying security)
224
van tiep tuc song [cung chnh v ly do nay t cong sinh
nh mot so tac gia a dung dng nh khong c chnh
lam]. Gan ay ham phieu oc che dai han (Long-term
Equity Anticipation Products, LEAPS) va c a ra
th trng co chieu dai thi gian ky sinh vao khoang 3
nam.
Khac vi thi gian ky sinh, chieu dai thi gian
hng ng la chieu dai tnh t ngay hng ng (date
held an option contract) cho en ngay man han ky sinh
(date expired) cua mot ham phieu. Chieu dai thi gian
hng ng khong bao gi dai hn chieu dai thi gian ky
sinh cua no. Chieu dai thi gian hng ng cua mot
ham phieu cang ngan th gia mua ham phieu o [ham
ph] cang re.
Khac vi thi gian ky sinh va thi gian hng ng,
chieu dai thi gian hieu lc la chieu dai tnh t ngay hom
nay (current date) cho en ngay man han ky sinh (date
expired) cua mot ham phieu. Chieu dai thi gian hieu
lc cua ham phieu cang ngay cang rut ngan va theo o
gia tr cua ham phieu cang ngay cang tieu hao. Sau
ngay man han ky sinh, cung la ngay het hieu lc, ham
phieu o se hoan toan het gia tr. ieu nay cho thay
ham phieu rat man cam oi vi thi gian, khac vi co
phieu cho ky sinh khong co han nh ve thi gian.
Gia tr th trng cua mot ham phieu oc che ky
sinh vao mot co phieu tuy thuoc vao nhieu yeu to trong
o co (1) gia th trng cua co phieu cho ky sinh (current
stock price), (2) chieu dai thi gian hieu lc cua ham
phieu (time value), (3) gia cam ket cua ham phieu trong
tng quan vi gia th trng cua co phieu cho ky sinh
(intrinsic value), (4) ham phieu oc che vi quyen mua
hay quyen ban (call or put). Gia th trng cua co phieu
th lai tuy thuoc vao mot so yeu to khac trong o co (1)
mc phan phoi li nhuan vo ky cua co phieu (dividend
225
MSFT MAR 15.5 PUT MSCCMX 0.650
Ky Hieu Cua Co Phieu Cho Ky Sinh
Thang Man Han Ky Sinh
Gia Cam Ket
HamPhieu Vi Quyen Ban
Ky Hieu Cua Ham Phieu
Ham Ph 1CP
rate), (2) mc o dao ong gia cua co phieu (degree of
stock price volatility), (3) mc lu hoat cua co phieu (stock
liquidity) va mc li nhuan hien hanh tren th trng (mar-
ket interest rate).
Ham phieu oc che thng c yet gia theo the
thc trong bang yet gia 8-1. Cot th nhat tren bang yet
gia ghi ky hieu cua co phieu cho ky sinh. Cot th hai ghi
ba thanh phan: (1) thang man han ky sinh, (2) gia cam
ket va (3) quyen mua hay ban. Theo qui c, ngay man
han ky sinh luc nao cung ung vao ngay th sau cua
tuan le th ba cua thang man han. Cot th ba ghi ky
hieu cua ham phieu. Cot th t ghi gia th trng cua
ham phieu, cung la ham ph. Nh vay, chieu theo gia du
trong bang yet gia 6-1, ham phieu oc che vi quyen
ban MSCCMX se man han vao ngay th sau cua tuan le
th ba cua thang ba (MAR) sap ti. Gia cam ket c
nh la 15.5 USD mot co phan cua co phieu MSFT cho
ky sinh va ham ph la 0.65 USD mot co phan. oi vi
nhng co phieu cho ky sinh co gia th trng t 25 USD
tr xuong, ham phieu thng c yet cach nhau 2 USD
8-1
226
cua gia cam ket. Th du nh APR 16 CALL, APR 14
CALL, APR 12 CALL. Con oi vi nhng co phieu cho
ky sinh co gia th trng tren 25 USD, ham phieu thng
c yet cach nhau 5 USD cua gia cam ket. Th du nh
APR 42 CALL, APR 37 CALL, APR 32 CALL.
Ham phieu oc che c chia lam hai loai: (1)
ham phieu oc che voi quyen mua (call option) va (2)
ham phieu oc che vi quyen ban (put option). Ben canh
nhng ac tnh chung cho ham phieu, moi loai co nhng
ac tnh rieng va danh cho nhng muc ch khac nhau.
ham Fhieu Buc Che
vJi 0uven Mua
Ham phieu oc che vi quyen mua (call options) danh
cho ngi hng ng quyen mua hoac khong mua mot
chng khoan c ch nh (specified underlying secu-
rity) mot gia c cam ket (specified exercise price,
strike price) trong mot thi han c vach trc (speci-
fied expiration date) va, neu ngi hng ng quyet nh
thc hien quyen mua, ngi e xng bat buoc phai ban
cho ngi hng ng so chng khoan o theo nh khe
c.
Nh a noi, s xng-ng cua hai oi tac trong
mua ban ham phieu co c la v ho cung nhn vao mot
chng khoan lien he nhng khong cung mot ket luan ve
tng lai cua chng khoan o. Nhng ngi hng ng
(buyers, holders) th d phong rang gia th trng (mar-
ket price, spot price) cua chng khoan o trong tng lai
se cao hn gia cam ket (strike price, exercise price) kha
nhieu va ieu nay se xay ra trc khi ham phieu man
han ky sinh (expired). Theo d phong nay, noi theo thuat
ng au t, ngi hng ng gi trng v (takes a long
227
position). Va v the ham phieu oc che vi quyen mua
(call options) se cho ho c hoi e mua re chng khoan
o, hay noi theo thuat ng au t la goi khoi tay ngi
e xng (call away from option writer) chng khoan o
mot gia thap hn gia th trng trong tng lai. Ngc
lai, nhng ngi e xng (writers, issuers) th d phong
rang gia th trng cua chng khoan o se khong cao
hn gia cam ket trong suot chieu dai thi gian ky sinh va
v the ham phieu oc che vi quyen mua se cho ho c
hoi e thu mot so ham ph (premium) t nhng ngi
hng ng va chng khoan se khong b goi khoi tay ho,
tc la khong b ep ban di gia th trng. Theo d phong
nay, noi theo thuat ng au t, ngi e xng gi oan
v (assume short position).
T trong bang yet gia 8-2 cho thay mot s kien la,
vi cung mot chieu dai thi gian hieu lc, gia cam ket
cang cao th gia th trng cua ham phieu cang thap.
Gia th trng cua ham phieu CYOCWX, MAR 17.5 CALL
thap hn gia th trng cua ham phieu CYOCWX, MAR
15.5 CALL va gia th trng cua ham phieu CYOCWX,
APR 17.5 CALL thap hn gia th trng cua ham phieu
CSCO MAR 17.5 CALL CYOCWX 0.375
CSCO APR 17.5 CALL CYOCWX 0.50
Bang Yet Gia Ngay 12 Thang 1 Nam 19XX
8-2
228
CYOCWX, APR 15.5 CALL. Ly do la v khoang cach
gia gia th trng cua co phieu cho ky sinh va gia cam
ket cao cua ham phieu xa hn khoang cach gia gia th
trng cua co phieu cho ky sinh va gia cam ket thap cua
ham phieu. Khoang cach nay c tnh bang ang thc
[6-1] nh sau:
SBGCALL = GTT - GCK {6-1}
SBGCALL = Sai biet gia
GTT = Gia th trng cua co phieu cho ky sinh
GCK = Gia cam ket cua ham phieu
Khi khoang cach SBGCALL mang so am, hay la
SBGCALL < 0, ham phieu c goi la nam ngoai khung
tien (out of the money). Cum t nam ngoai khung tien
la ngon ng ky thuat dien ta trang huong sai biet am (-)
gia gia th trng cua co phieu cho ky sinh va gia cam
ket cua ham phieu va trang huong sai biet nay bat li
cho ngi hng ng. SBGCALL < 0 cang nho [tc la con
so sau dau tr cang ln] th ham phieu nam ngoai khung
tien cang xa. Ham phieu nam ngoai khung tien cang xa
th gia th trng cua ham phieu cang thap.
Gia du nh gia th trng cua co phieu cho ky
sinh, CSCO, la 13 USD mot co phan. Vi ham phieu
CYOCWX, APR 17.5 CALL, sai biet gia gia th trng
cu a co phie u CSCO va gia cam ke t cu a ha m phie u
CYOCWX la 4.5 USD. Vi ham phieu CYOCWX, APR
15.5 CALL, sai biet gia gia th trng cua co phieu CSCO
va gia cam ket cua ham phieu CYOCWX la 2.5 USD.
Noi mot cach khac, ham phieu APR 17.5 CALL nam ngoai
khung tien 4.5 USD trong khi ham phieu APR 15 CALL
nam ngoai khung tien 2.5 USD. Do vay, gia th trng
cua ham phieu APR 17.5 CALL la 0.5 USD thap hn gia
229
th trng cua ham phieu APR 15.5 CALL la 1.5 USD.
Gia cam ket va ngay man han cua ham phieu
khong thay oi. Do o, SBGCALL ch thay oi theo gia th
trng cua co phieu cho ky sinh. Neu d oan cua ngi
hng ng chnh xac, tc la gia th trng cua co phieu
cho ky sinh gia tang trc khi man han du ky, SBGCALL <
0 se ln dan [tc la con so ng sau dau tr cang luc
cang nho] va cho en mot luc nao o se bien thanh so
dng, hay la SBGCALL > 0. Khi SBGCALL bien thanh so
dng, ham phieu c goi la vao khung tien (in the
money). Cum t vao khung tien la ngon ng ky thuat
dien ta trang huong sai biet dng (+) gia gia th trng
cua co phieu cho ky sinh va gia cam ket cua ham phieu
va trang huong sai biet nay co li cho ngi hng ng.
Ham phieu i vao khung tien cang sau, hay la SBGCALL
> 0 cang ln, th gia th trng cua ham phieu cang cao
va ngi hng ng cang co li.
sinh, CSCO, t13 USD mot co phan vao ngay 12 thang
1 nam 19xx tang len en 18.5 USD mot co phan tnh vao
ngay 4 thang 2 nam 19xx. Nh vay, theo bang yet gia 8-
8-3
230
3, ham phieu CYOCWX, MAR 17.5 CALL va ham phieu
CYOCWX, APR 17.5 CALL vao khung tien 1.0 USD trong
khi ham phieu CYOCWX, MAR 15.5 CALL va CYOCWX,
APR 15.5 CALL vao khung tien 3 USD. Theo o, gia th
trng cua nhng ham phieu nay cung gia tang. Gia th
trng cua ham phieu CYOCWX, MAR 17.5 CALL t
0.375 USD tang len 2.375 USD; cua CYOCWX, APR 17.5
CALL t 0.5 USD tang len 3.50 USD; cua CYOCWX, MAR
15.5 CALL t 1.375 USD tang len 4.375 USD; va cua
CYOCWX, APR 15.5 CALL t 1.50 USD tang len 5.50
USD.
Cung t bang yet gia 8-2 va 8-3 cho thay mot s
kien khac la, cung mot gia cam ket, ham phieu vi chieu
dai thi gian hieu lc dai hn co gia th trng cao hn.
Gia th trng cua ham phieu CYOCWX, MAR 17.5 CALL
thap hn gia th trng cua ham phieu CYOCWX, APR
17.5 CALL. Tng t, gia th trng cua ham phieu
CYOCWX, MAR 15.0 CALL thap hn gia th trng cua
ham phieu CYOWCX, APR 15.0 CALL. Khi ham phieu
gan ti ngay man han, gia th trng cua ham phieu giam
thieu nhanh chong hn so vi trc o, nhat la oi vi
nhng ham phieu con nam ngoai khung tien.
ham Fhieu Buc Che
vJi 0uven Ban
Ham phieu oc che vi quyen ban (put options) danh
cho ngi hng ng quyen ban hoac khong ban mot
chng khoan c ch nh (specifed underlying secu-
rity) mot gia c cam ket (specified exercise price,
strike price) trong mot thi han c vach trc (speci-
fied expiration date) va, neu ngi hng ng quyet nh
231
MSFT MAR 16 PUT MSCCMX 1.5
MSFT APR 16 PUT MSCCMX 1.875
thc hien quyen ban, ngi e xng bat buoc phai mua
cua ngi hng ng so chng khoan o theo khe c.
Nh a tng trnh bay nhieu lan, s xng-ng
cua hai oi tac trong mua ban ham phieu co c la v
ho cung nhn vao mot chng khoan lien he nhng khong
cung mot ket luan ve tng lai cua chng khoan o.
Nhng ngi hng ng (buyers, holders) d phong rang
gia th trng (market price, spot price) cua chng khoan
o trong tng lai se thap hn gia cam ket (strike price,
exercise price) kha nhieu va ieu nay se xay ra trc khi
ham phieu man han ky sinh (expired) v the ham phieu
oc che vi quyen ban (put option) se cho ho c hoi e
ban cao gia chng khoan o, noi mot cach cau ky la at
vao tay ngi e xng (put to option writer) chng khoan
o mot gia cao hn gia th trng trong tng lai.
Ngc lai, nhng ngi e xng (writers, issu-
ers) th d phong rang gia th trng cua chng khoan
o se khong thap hn gia cam ket trong suot chieu dai
thi gian ky sinh va v the ham phieu oc che vi quyen
ban se cho ho c hoi e thu mot so ham ph (premium)
t nhng ngi hng ng va chng khoan se khong b
at vao tay ho, tc la khong b ep mua tren gia th trng.
8-4
232
T trong bang yet gia 8-4 cho thay mot s kien la,
vi cung mot chieu dai thi gian hieu lc, gia cam ket
cang thap th gia th trng cua ham phieu cang thap.
Gia th trng cua ham phieu MSCCMX, MAR 14 PUT
thap hn gia th trng cua ham phieu MSCCMX, MAR
16 PUT va gia th trng cua ham phieu MSCCMX, APR
14 PUT thap hn gia th trng cua ham phieu MSCCMX,
APR 16 PUT. Ly do la v khoang cach gia gia cam ket
thap cua ham phieu va gia th trng cua co phieu cho
ky sinh xa hn khoang cach gia gia cam ket cao cua
ham phieu va gia th trng cua co phieu cho ky sinh.
Khoang cach nay c tnh bang ang thc [6-2] nh
sau:
SBGPUT = GCK - GTT {6-2}
SBGPUT = Sai biet gia
GTT = Gia th trng cua co phieu cho ky sinh
GCK = Gia cam ket cua ham phieu
Khi khoang cach SBGPUT mang so am, hay la
SBGPUT < 0, ham phieu c goi la nam ngoai khung
tien (out of the money). Cum t nam ngoai khung tien
la ngon ng ky thuat dien ta trang huong sai biet am (-)
gia gia cam ket cua ham phieu va gia th trng cua co
phieu cho ky sinh va trang huong sai biet nay bat li cho
ngi hng ng. SBGPUT < 0 cang nho [tc la con so
ng sau dau tr cang ln] th ham phieu nam ngoai
khung tien cang xa. Ham phieu nam ngoai khung tien
cang xa th gia th trng cua ham phieu cang thap.
sinh, MSFT, la 17 USD mot co phan. Vi ham phieu
MSCCMX, APR 14 PUT, sai biet gia gia cam ket 14
USD cua ham phieu va gia th trng 17 USD cua co
233
phieu MSFT la 3 USD. Vi ham phieu MSCCMX, APR
16 PUT, sai biet gia gia cam ket cua ham phieu va gia
th trng cua co phieu cho ky sinh la 1 USD. Noi mot
cach khac, ham phieu APR 14 PUT nam ngoai khung
tien 3 USD trong khi ham phieu APR 16 PUT nam ngoai
khung tien 1 USD. Do vay, gia th trng cua ham phieu
APR 14 PUT la 0.75 USD thap hn gia th trng cua
ham phieu APR 16 PUT la 1.875 USD.
Gia cam ket va ngay man han cua ham phieu
khong thay oi. Do o, SBGPUT ch thay oi theo gia th
trng cua co phieu cho ky sinh. Neu d oan cua ngi
hng ng chnh xac, tc la gia th trng cua co phieu
cho ky sinh lien tuc giam xuong trc khi man han du ky,
SBGPUT < 0 se ln dan [tc la con so ng sau dau tr
cang luc cang nho] va cho en mot luc nao o se bien
thanh so dng, hay la SBGPUT > 0. Khi SBGPUT bien
thanh so dng, ham phieu c goi la vao khung tien
(in the money). Cum t vao khung tien la ngon ng ky
thuat dien ta trang huong sai biet dng (+) gia gia cam
ket cua ham phieu va gia th trng cua co phieu cho ky
sinh va khoan sai biet nay co li cho ngi hng ng.
Ham phieu i vao khung tien cang sau, hay la SBGPUT >
0 cang ln, th gia th trng cua ham phieu cang cao va
ngi hng ng cang co li.
sinh, MSFT, t 17 USD mot co phan vao ngay 12 thang
1 nam 19xx giam xuong en 13.5 USD mot co phan tnh
vao ngay 4 thang 2 nam 19xx. Nh vay, theo bang yet
gia 8-5, ham phieu MSCCMX, MAR 16 PUT va ham phieu
MSCCMX, APR 16 PUT vao khung tien 3.5 USD trong
khi ham phieu MSCCMX, MAR 14 PUT va MSCCMX,
APR 14 PUT vao khung tien 0.5 USD. Theo o, gia th
trng cua nhng ham phieu nay cung gia tang. Gia th
trng cua ham phieu MSCCMX, MAR 16 PUT t 1.5
234
Bang Yet Gia Ngay 4 Thang 2 Nam19XX
USD tang len 4.0 USD; cua MSCCMX, APR 16 PUT t
1.875 USD tang len 4.50 USD; cua MSCCMX, MAR 14
PUT t 0.5 USD tang len 2.5 USD; va cua MSCCMX,
APR 14 PUT t 0.75 USD tang len 2.75 USD.
Cung t bang yet gia 6-4 va 6-5 cho thay mot s
kien khac la, cung mot gia cam ket, ham phieu vi chieu
dai thi gian hieu lc dai hn co gia th trng cao hn.
Gia th trng cua ham phieu MSCCMX, MAR 16 PUT
thap hn gia th trng cua ham phieu MSCCMX, APR
16 PUT. Tng t , gia th tr ng cu a ha m phie u
MSCCMX, MAR 14 PUT thap hn gia th trng cua ham
phieu MSCCMX, APR 14 PUT. Khi ham phieu gan ti
ngay man han, gia th trng cua ham phieu giam thieu
nhanh chong hn so vi trc o, nhat la oi vi nhng
ham phieu con nam ngoai khung tien.
huu 0unu &
Fhu Thunu Cua hFBC
8-5
235
Tai sao gii au t muon mua ham phieu ky sinh vao
mot co phieu thay v mua thang co phieu cho ky sinh?
Ly do rat n gian: v qua no gii au t co the van dung
ky nang on bay tai chnh (financial leverage). The nao
la on bay tai chnh? Gia du nh ong A co mot so tien
dung vao au t la 10,000 USD. Neu ong A em so tien
o mua thang co phieu ABC vi gia 100 USD mot co
phan, ong A se mua c ca thay la 100 co phan. Ong
A hy vong la gia th trng cua co phieu nay se tang len
120 USD trong vong 9 thang. Neu ong A d oan ung,
ong A se li mot so tien la 2,000 USD, hay la (120 100
USD) x 100 CP, va li nhuan au t tnh ra la 20%, hay
la (2,000 USD/10,000 USD) x 100%. Neu ong A d oan
sai va trong vong 9 thang co phieu ABC ch con lai 10
USD mot co phan, ong A se thua lo 9,000 USD, hay la
(10-100 USD) x 100 CP. Thay v mua thang co phieu
ABC, ong A co the dung phan na so tien o e mua
ham phieu ABCMX ky sinh vao co phieu ABC. Gia du
gia cua ham phieu ABCMX, SEP 105 CALL la 2.5 USD
mot co phan, vi 5,000 USD ong A co the mua c 20
ham khe, hay la 2,000 CP, hay la 5,000 USD / 2.5 USD.
Neu trong vong 9 thang trc khi ham phieu man han co
phieu ABC tang len 120 USD mot co phan nh d oan
cua ong A va gia cua ham phieu ABCMX, SEP 105 CALL
gia tang t 2.5 USD len en 14.5 USD mot co phan, ong
A co c mot so tien li la 24,000 USD, hay la (14.5
2.5 USD/CP) x 2,000 CP, va li nhuan tren von au t
tnh ra la 480%, hay la (24,000 USD / 5,000 USD) x 100%.
Con neu nh ong A d oan sai va co phieu ABC tuoc
doc trong vong 9 thang ch con lai 10 USD mot co phan,
ong A mat tron 5,000 USD. So sanh hai trng hp va
neu tren, (1) vi 5,000 USD von au t ham phieu ABCMX
se cho ong A quyen gian tiep khong che 2,000 co phan
cua co phieu ABC trong 9 thang trong khi vi 10,000
236
USD von au t co phieu ABC ch cho ong A quyen trc
tiep khong che 100 co phan nhng khong gii han thi
gian; (2) ham phieu ABCMX se cho ong A 480% li nhuan
tren von au t trong khi co phieu ABC ch cho ong A
20% li nhuan tren von au t; va (3) d oan sai ong A
ch mat toi a la 5,000 USD cho ham phieu ABCMX nhng
mat ti 9,000 USD, va co the mat ti toi a la 10,000
USD, cho co phieu ABC. D nhien la tren thc te gia cua
co phieu t khi rt xuong qua xa nh trong gia du. Tuy
nhien, no van khong thay oi mot ieu hien nhien la cho
thay rat ro tnh cach on bay tai chnh cua cong cu
ham phieu.
Cung nh vao on bay tai chnh phoi hp vi
nhng ky thuat tinh vi khac, ham phieu tr thanh la mot
cong cu rat uyen chuyen e giup gii au t phong thu
chong lai nhng dao ong gia qua manh (hedging) ma
phan ln la do nhng d kien bat ng gay ra.
Cung nh vao nhng ac tnh hu dung va trnh
bay, ham phieu tr thanh la mot cong cu rat pho thong.
Thi TruJnu
Mua Ban hFBC
Mac du hnh thc ham phieu oc che a co t nhieu the
ky, loai chng khoan nay ch mi c tieu chuan hoa
va hp thc hoa vao nam 1973 tai Hoa Ky. Ngay nay
ham phieu oc che c mua ban cong khai tai nhng
th trng mua chng khoan nh la American Stock Ex-
change (AMEX), Chicago Board Option Exchange
(CBOE), New York Stock Exchange (NYSE), Pacific Stock
Exchange (PSE), va Philadelphia Stock Exchange
(PHLX). Giong nh nhng chng khoan khac, th trng
mua ban ham phieu nam trong s kiem sat cua Uy Ban
237
Chng Khoan & Th Trng Mua Ban Chng Khoan (Se-
curities and Exchange Commission; SEC).
Ham Phieu Toan Che
Mot ham khe toan che (A futures contract) la mot khe
c c tieu chuan hoa (a standardized agreement) e
mua hoac ban tai mot th trng mua ban co to chc
(exchange traded) mot mon hang c ch ro (underly-
ing item) mot gia ieu nh trc (negotiated price) va
se giao hang vao mot ngay trong tng lai c ch nh
trc (specified future date). Mon hang o co the la mot
san pham, mot chng khoan, mot bieu so gia tr hon hp
hoac mot ngoai te. Trong so nhng san pham c mua
ban tren th trng co ca nong san, khoan san, lam san,
va nhien lieu. Th du nh la ca phe, cocoa, ng, lua
m, bap, bong vai, heo, bo, ga, trng ga, giay, go, kh
ot, van van.
Cung giong nh ham khe oc che, ham khe toan
che c thanh lap la v ngi mua va ngi ban cung
nhn ve tng lai cua mot mon hang nhng khong cung
mot ket luan. Ngi mua th d phong la gia th trng
cua mon hang trong tng lai se cao hn gia ieu nh
cho nen muon mua, thuat ng chuyen mon goi la gi
trng v (to take on a long futures position). Ngc lai,
ngi ban th d phong la gia th trng cua mon hang
trong tng lai se thap hn gia ieu nh cho nen muon
ban, thuat ng chuyen mon goi la gi oan v (to take on
a short futures position).
Ham khe toan che khac hn ham khe oc che
tren mot so iem can ban. Th nhat ham khe toan che
bat buoc ngi mua phai mua va ngi ban phai ban
theo cam ket. V trong cam ket ap at s cng che len
238
ca hai pha, ngi mua va ngi ban, cho nen ham phieu
cua no mang ten la ham phieu toan che e ch ve ac
tnh nay. Th hai, ham khe toan che oi hoi ca ngi
mua lan ngi ban phai at xuong mot so tien goi la tai
khoan ky thac am bao khe c (margin deposit). Th
ba, gia tr cua mot ham khe toan che la so khong thi
iem xng ng va c thanh lap (the value of a fu-
tures contract is zero to both buyer and seller at the time
it is negotiated) va v vay ca ngi mua lan ngi ban
khong phai tra tien luc o (a future transaction involves
no money at the outset).
Thuat ng tai khoan ky thac am bao khe c
(margin deposits) trong mua ban ham phieu toan che
thng b lam vi thuat ng tai khoan at coc (stock
margins) trong mua ban co phieu. Tai khoan at coc
trong mua ban co phieu la mot so tien chi tra trc mot
phan nao cua tong so va thieu n phan con lai e nam
trong tay mot chng khoan (Stock margin is a down pay-
ment on the purchase of an equity security on credit. It
represents fund surrenderred to gain physical posses-
sion of a security). Ngc lai, tai khoan ky thac am bao
khe c la mot so tien ky thac e bao hiem cho viec
thc hien khe c ch khong phai la tien tra trc mot
phan e mua thieu (margin deposit is a performance bond
posted to ensure that traders honor their contractual ob-
ligation, and not a down payment on credit transaction).
e co the mua ban ham phieu toan che (futures
transaction) trc tien ngi mua lan ngi ban phai m
mot trng muc mua ban ham phieu toan che va at
mot so tien ky thac am bao khe c vi mot trung gian
mua ban chng khoan (post margin with a broker). Trung
gian mua ban chng khoan sau o dung so tien nay e
at ky thac am bao khe c vi mot trung gian giao
hoan (clearing agent). at ky thac am bao khe c co
239
the di dang tien mat (by depositing cash) hoac, cho
nhng to chc mua ban chng khoan co tam voc (insti-
tutional traders), di dang the chap bang chng khoan
de ban do chnh quyen lien bang phat hanh hay bang tn
dung th do mot ngan hang ky phat (by pledging collat-
eral in the form of marketable security or letter of credit).
Nhng cong ty trung gian giao hoan (clearing firms), la
nhng thanh vien cua trung tam giao hoan (members of
the exchange clearing house), phai hoan toan chu trach
nhiem trc tiep thanh ly vi trung tam giao hoan ve nhng
thua that trong mua ban ham phieu cua khach hang cua
ho. e bao am tnh cach kha tn tai chnh cua c trnh
giao hoan (to ensure financial integrity of the clearing pro-
cess), chnh ban than cua nhng cong ty trung gian giao
hoan cung phai thoa man yeu cau ky thac am bao khe
c (meet margin requirements) va ieu kien tai chnh
toi thieu (minimum capital requirements) do trung tam
giao hoan a ra.
Sau moi phien mua ban (at the end of each trad-
ing session), tat ca ngi mua va ngi ban eu phai
anh dau ham khe toan che theo th trng (marking
futures contracts to market). anh dau ham khe toan
che theo th trng la thuat ng noi ve ket toan cuoi ngay
e xet gia tr cua ham phieu toan che va nh v tr tai
chnh cua nhng ngi nam ham phieu toan che. Noi
mot cach khac, anh dau ham khe toan che theo th
trng la tnh so li lo cho nhng ham phieu toan che
vao cuoi ngay va moi ngay (marking futures contracts to
market requires all buyers and sellers to realize any gains
or losses in the value of their futures positions). Trung
gian mua ban chng khoan (broker) se trc tiep khau tr
so tien thua that trong ngay va chuyen so tien o ra khoi
trng muc mua ban ham phieu toan che (margin ac-
count) cua ngi nam ham khe toan che v the thua
240
that e a qua trung tam giao hoan chi tra cho ngi
nam ham khe v the oi nghch (opposing position in
the contract). Sau o, trung tam giao hoan se chuyen so
tien chi tra thua that nay (variation margin) vao trong
trng muc mua ban ham phieu cua ngi nam ham
khe v the thang li. a so trung gian mua ban chng
khoan yeu cau khach hang cua ho duy tr mot ton so toi
thieu (minimum balance; maintenance margin) cho tai
khoan ky thac am bao khe c va thng la vt hn
yeu cau cua trung tam giao hoan. Neu ton so rt di
mc toi thieu, trung gian mua ban chng khoan se gi
cho khach hang cua ho mot thong bao keu goi ky thac
them (margin call), noi theo thuat ng chuyen mon, e
khach hang tai lap lai tnh trang tai chnh thoa man c
yeu cau.
anh dau ham khe toan che theo th trng cuoi
phien mua ban co tac dung tai ieu nh gia ham phieu
toan che moi ngay (has the effect of renegotiating the
futures price). V the, ngi mua va ngi ban ong y
bat au mot ngay mi vi cai gia sau cung cuoi ngay
hom qua.
Gia th trng cua ham phieu toan che se bang
vi gia th trng cua mon hang cho ky sinh vao phien
mua ban cuoi cung vao ngay ham phieu man han (fu-
tures prices converge to the underlying spot market price
on the last day of trading). Hien tng nay c goi la
s ong quy (convergence).
Sau khi cham dt phien mua ban sau cung nay,
ham khe toan che se c anh dau cho th trng mot
lan chot. Neu la ham khe toan che thuoc loai thanh ly
bang tien mat (cash-settled contracts), tat ca se c
ket toan va tai khoan ky thac am bao khe c con d
se c hoan tra cho chu nhan. Neu ham khe toan che
xac quyet phai thc s tai giao mon hang (specifies de-
241
livery of the underlying item), trung tam giao hoan se sap
xep vi hai pha mua ban e giao hang ung theo khe
c. Gia cua mon hang ghi tren hoa n giao hang (in-
voice price; delivery price) se c lay theo gia th trng
cua no vao thi iem ket thuc phien mua ban cuoi cung
cua ham phieu toan che con goi la gia ket (final settle-
ment price). Con khoan li hoac lo do sai biet gia gia
ket va gia ieu nh trc cua ham khe toan che (nego-
tiated price) se c thanh toan qua kenh trng muc
mua ban ham phieu toan che trc khi trung gian mua
ban chng khoan hoan tra cho chu nhan tai khoan ky
thac am bao khe c con d (any profit or loss is real-
ized through the transfer of variation margin).
Ngoai tr mot hay hai phan tram cua tong so, tat
ca nhng vu mua ban cuoi cung eu thanh ly li lo bang
tien mat (cash settlement) thay v ngi ban thc s tai
giao mon hang (delivery) en ngi mua. Ngi mua va
ngi ban chi tra tien mat vi nhau (exchange cash pay-
ments) da tren thay oi gia th trng cua mon hang
hoac cua chng khoan cho ky sinh (underlying item or
underlying secutiry). Cho nen, thanh ly bang tien mat a
lam thay oi nh ngha nguyen thuy cua ham phieu toan
che. Vi nh ngha mi hn, ham khe toan che la mot
khe c c tieu chuan hoa va co the chuyen nhng
va theo o oi tac co the chi tra vi nhau bang tien mat
tnh theo nhng thay oi tren gia th trng cua mot san
pham hoac chng khoan cho ky sinh (a futures contract
is a standardized and transferable agreement that pro-
vides for the exchange of cash flows based on changes
on the market price of a specified commodity or specified
security).
huu 0unu &
242
Fhu Thunu Cua hFTC
Th trng mua ban san pham au tien cua Hoa Ky co
ten la Chicago Board of Trade (CBOT) c thanh lap
vao nam 1848. Muc ch nguyen thuy cua trung tam la
e thu hut hoat ong mua ban me coc bang tien mat.
en nam 1865 ham phieu toan che mua ban me coc
mi bat au xuat hien. Con ham phieu toan che ky sinh
vao chng khoan ch mi co vao thap nien 1970. Inter-
national Monetary Market (IMM), mot thanh vien cua Chi-
cago Merchantile Exchange (CME), bat au mua ban ham
phieu toan che ky sinh vao trai phieu ngan han (90-day
T-Bill futures) vao nam 1976. en nam 1981 IMM lai
gii thieu en th trng ham phieu toan che ky sinh vao
US dollars mua ban ngoai lanh tho Hoa Ky (Eurodollar
futures). Nam 1982, Kansas City Board of Trade a ra
th trng ham phieu toan che ky sinh vao bieu so gia tr
hon hp Value Line (Value Line stock index futures). Sau
o ham phieu toan che ky sinh vao bieu so gia tr hon
hp S&P500 (S&P500 stock index futures) c mua ban
tren san cua CME va ham phieu toan che ky sinh vao
bieu so gia tr hon hp NYSE (NYSE stock index futures)
c mua ban tren san cua New York Futures Exchange.
Ham phieu toan che la mot cong cu kha pho thong.
Ch trong vong 3 thap nien so lng ham khe toan che
a t 3.9 trieu trong nam 1960 len en 267.4 trieu trong
nam 1989. Trong so o 60 phan tram la ham phieu toan
che ky sinh vao chng khoan.
Ham phieu toan che la mot cong cu li hai hang
au trong tat ca nhng cong cu hien co. S dung nh
mot phng tien ba ao ngi au t co the mot bc
len may va cung co the trang tay trong choc lat. S
dung nh mot phng tien phong thu, ham phieu toan
che la mot cong cu uyen chuyen va hu dung.
243
Hoat ong mua ban ham phieu toan che nam trong
vong kiem sat cua Uy Ban Mua Ban Ham Phieu Toan
Che (Commodity Futures Trading Commission, CFTC),
mot c quan oc lap cap lien bang c thanh lap nam
1974. Them vao o Hiep Hoi Ham Phieu Toan Che (Na-
tional Futures Association, NFA), mot to chc c quoc
hoi uy quyen, tiep tay vi CFTC e kiem sat hanh vi cua
thanh vien trong hiep hoi.
Ham Phieu Quyen
Mot ham phieu quyen (warrant) la chng ch cua khe
c thanh lap quyen mua cua ngi hng ng, trong
o ngi hng ng c quyen mua t ngi e xng
mot chng khoan c ch nh (underlying security)
mot gia c cam ket (specified price) trong mot thi
han c vach trc (specified period). Thc ra, ham
phieu quyen cung giong nh ham phieu oc che vi
quyen mua (call options) nhng co thi han dai hn nhieu.
oi khi ham phieu quyen co hieu lc vnh vien tc la
khong co ngay man han.
Ham phieu quyen (warrants) khac vi quyen c
mua co phan mi (rights) danh cho nhng co chu co
phieu thng ang trc khi cong ty phat hanh co phieu
thng ang o em so co phan mi ban ra th trng.
Thong thng th quyen c mua co phan mi ch co
thi gian hieu lc dai t 2 cho en 4 tuan le trong khi
ham phieu quyen co thi gian hieu lc dai ti nhieu nam
hoac vnh vien. Mot iem d biet na la gia cam ket cua
ham phieu quyen thng cao hn gia th trng cua co
phieu lien he vao thi iem phat hanh trong khi quyen
c mua co phan mi thng danh cho co chu hien
hu mot gia u ai thap hn gia th trng cua co phieu
244
lien he. Va mot iem d biet khac na la ham phieu
quyen la mot cong cu cua cong ty nham khuyen khch
gii au t (sweetener) tr thanh co chu cua cong ty,
trong khi quyen c mua co phan mi ch nham bao ve
quyen li cua co chu hien hu.
Thng th ham phieu quyen c ban ra bi
nhng cong ty ma co phieu thng ang cua cong ty o
khong co ham phieu oc che ky sinh. ac tnh cua ham
phieu quyen gom co:
Thi gian hieu lc cang ngan th gia th trng
cua ham phieu quyen cang thap;
Gia th trng cua co phieu lien he cang cao th
gia th trng cua ham phieu quyen cang cao;
Mc dao ong gia cua co phieu lien he cang cao
th gia th trng cua ham phieu quyen cang cao;
Lai suat hien hanh tren th trng tang len th gia
cua ham phieu quyen cung tang len, va ngc
lai;
Neu tat ca yeu to khac eu ngang nhau, ham phieu
quyen co nh kem quyen thu hoi co gia tr thap
hn ham phieu quyen khong co nh kem quyen
thu hoi;
Gia cam ket cang thap th gia tr cua ham phieu
quyen cang cao.
Trong tat ca cac loai ham phieu, co le ham phieu
quyen la mot cong cu au t t nguy hiem hn ca.
Phu Chu
1
ay ham phieu la thuat ng noi ve chng khoan trong
khi ham khe noi ve nhng cam ket tren chng khoan.
245
Nhng v nhng cam ket c tieu chuan hoa (standard-
ized) nen t o ham khe thng dung e ch so lng
trong mua ban ham phieu.
246
CHNG 3
Thuat Ng
Anh Viet
248
249
Thuat Ng Anh Viet
Account Maintenance Fee: Ph Bao Tr Trng Muc. Xem
Fee.
Adjustable Rate Preferred Stock: Co Phieu u ang Kha
Chnh. Tho ng th ng th m c l i nhua n th ng ky ,
LNTK%, cua co phieu u ang khong thay oi. Tuy nhien,
co nhng co phieu u ang cho ieu chnh li nhuan
thng ky theo lai suat ngan han (90-day T-bill rate) cua
th trng va s ieu chnh nay se theo mot cong thc va
thi iem nh trc. Loai nay c goi la co phieu thng
ang kha chnh. Vi quyen u tien cua co phieu u ang,
trong trng hp cong ty sap nhap hoac ban pha san,
co chu se nhan c tien boi hoan va co the kem vi li
nhuan mot mc theo cam ket trc khi so thu (the pro-
ceed) c chuyen giao qua cho co chu cua co phieu
thng ang. Co phieu u ang kha chnh rat la thnh
Chu Thch:
Ch Nghieng = Thuat ng
Ch ng = Giai thch hay nh ngha
250
hanh tai Hoa Ky trong thap nien 1980s. Pha cong ty lan
pha au t eu chuong ac iem nay v no giup gii han
hiem hoa lai suat.
American Deposit Receipts (ADRs): Phieu Chng Nhan
Ky Thac Co Phan. Phieu chng nhan ky thac co phan la
mot sang tao cua MorganGuarantee Trust thap nien
1920s. Vao khoang thi gian o Uy Ban Chng Khoan
& Th Trng Mua Ban Chng Khoan (Securities and
Exchanges Commission) cung nh thu tuc ang ky chng
khoan cha ra i. Mua ban trc tiep mot chng khoan
cua mot cong ty ngoai quoc rat la phc tap, va ngay ca
bay gi cung vay. Cho nen, thay v mua ban trc tiep
mot co phieu do cong ty nc ngoai phat hanh phieu
chng nhan ky thac co phan cua co phieu o c s
dung e tien hn cho viec mua ban. Theo phng cach
tren co phieu do mot cong ty ngoai quoc phat hanh c
em ky thac vao mot ngan hang co tam voc quoc te,
Sau khi kiem tra va chap nhan, ngan hang nay se phat
hanh phieu chng nhan ky thac co phan cua cong ty o
e ban ra tren th trng Hoa Ky. Khi ngan hang chu
ng ra phat hanh phieu chng nhan ky thac co phan,
co phieu o c coi la co bao chng (sponsored). Ngan
hang ch bao chng co phieu theo s yeu cau cua cong
ty phat hanh. Ngc lai, ngan hang co the huy bo bao
chng theo s yeu cau cua gii au t. Ngay nay tat ca
phieu chng nhan ky thac co phan (sponsored ADRs)
eu co ang ky vi Uy Ban Chng Khoan & Th Trng
Mua Ban Chng Khoan. Vi chieu hng au t vao
nhng cong ty hai ngoai cua gii au t Hoa Ky cang
ngay cang nhieu, phieu chng nhan ky thac co phan
cang ngay cang tr nen thnh hanh hn. Gii au t Hoa
Ky a chuong phieu chng nhan ky thac co phan, so vi
mua trc tiep co phan cua cong ty ngoai quoc (buying
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Thuat Ng Anh Viet
foreign shares directly) v nhng ly do sau ay. Th nhat,
mua phieu chng nhan ky thac co phan rat de dang.
Th hai, e tranh b phat va v vo tnh mua va ban ra
chng khoan khong co ang ky. Ban ra co phieu do mot
cong ty ngoai quoc phat hanh khong co hoac cha co
ang ky vi Uy Ban Chng Khoan & Th Trng Chng
Khoan se b phat di ieu khoan tr giup phan phoi
chng khoan khong co ang ky (as a distributor of un-
registered securities) theo luat chng khoan ban hanh
nam 1933 (Security Act of 1933). Th ba, ngi nam gi
phieu chng nhan ky thac co phan co ay u nhng chu
quyen danh cho co chu cua cong ty. Th t, bao cao tai
chnh va nhng van kien lien he eu c in bang Anh
ng. Th nam, li nhuan vo ky va gia cua co phieu c
tnh bang USD.
Anti-Dillution Provision: ieu Khoan Chong Lam Loang.
ieu khoan chong lam loang la mot giao c trong o
cam ket la cong ty se a them mot so co phan, khong
lay them tien, cho co chu c bao ve bi ieu khoan
neu nh ve sau cong ty ban ra co phieu o mot gia
thap hn. Gii au t muon co nhng ieu khoan nay
e bao ve ho chong lai hau qua b lam loang (dillutive
effect) do cong ty ban ra co phieu trong tng lai mot
gia thap hn gia ho a mua vao. V nhng ieu khoan
chong lam loang a en ket qua la ngi au t se
nhan them co phan khong tnh tien (free shares of stock),
neu cong ty ban ra co phieu vi gia thap hn trong nhng
t tai tr trong tng lai, phan tram chu quyen cua nhng
co chu khong c bao ve (unprotected shareholders)
se b giam thieu vi mot t le cao hn (disproportionately
reduced). Trong so nhng co chu khong c bao ve
co nhng nguyen chu va thanh phan lanh ao cong ty
(founders and management). Bao ve chong lam loang
252
(antidilllution protection) co the nam di hnh thc trong
nhng giao c tai tr (financing agreements), trong ham
phieu oc che (option) hoac ham phieu quyen (warrant),
trong giao c ac quyen cua ngi au t (investors
rights agreement), trong giao c cua co chu (share
holders agreement), hoac trong nhng giao c khac
gia ngi au t va cong ty. Mot dang cua ieu khoan
chong lam loang cam ket la chu phan, phan tram chu
quyen (percentage of ownership), cua co chu se khong
b giam cho en khi mot s kien a xac nh trc xay ra
trong tng lai. S kien o co the la a ti mot thi iem
(passage of time), tai tr them mot so ngan khoan X
USD, van van. Neu cong ty ban ra co phieu trc khi s
kien xay ra co chu c bao ve bi ieu khoan se nhan
them mot so co phan, khong ton tien hoac mot gia a
c nh trc, va so co phan o u e duy tr nguyen
ven chu phan cua co chu. Mot dang khac cua ieu khoan
chong lam loang cam ket la neu nh ve sau cong ty ban
ra co phieu mot gia thap hn, co chu c bao ve bi
ieu khoan se nhan them mot so co phan khong phai tra
tien. Mot dang khac na cua ieu khoan chong lam
loang cam ket la co chu c quyen mua them mot so
co phan neu nh sau nay cong ty ban ra co phieu mot
gia thap hn hoac ban ra mot so lng co phan vt tren
so lng cho phep trong ieu khoan. Mot so co phan
ay co the la mot so lng co nh (fixed number of
shares) hoac tnh tren phan tram cua so co phan ang
du hanh (percentage of outstanding shares). ng ve
mat bao ve quyen li cua nguyen chu va thanh phan
lanh ao cong ty, tat ca ieu khoan chong lam loang
phai co mot ngay cham dt hieu lc (should stipulate an
expiration date). Khong nen e cho ieu khoan chong
lam loang con hieu lc, di bat c ly do g hay bat c
hoan canh nao, luc mang co phieu cua cong ty ban ra
253
Thuat Ng Anh Viet
cho cong chung (public offering) hoac con hieu lc luc
ban cong ty hay sap nhap cong ty, v no se han che kha
nang cua cong ty e co the ieu nh lay mot gia co li
cho cong ty hoac e co the ban co phieu tren th trng
cap 1 qua kinh cong he mot gia co li hn. Va neu co
the, ieu khoan chong lam loang nen kem theo ieu
khoan ngoai mien e cong ty c phep ban hay tang
co phieu cho nhan vien cua mnh (for use in an incentive
plan) hau khuyen khch nhng nhan vien cot loi cua cong
ty lam viec tan tuy va trung thanh.
Articles of Incorporation: Van Ban Thanh Lap Cong Ty;
Ban Van Kien Thanh Lap Cong Ty.
Asset-Backed Commerical Paper: Tn Phieu Thng Mai
Bao am Bang Tai San Ch nh; Thng Tn Phieu Bao
am Bang Tai San Ch nh. Mot sang tao cua th trng
tn phieu vao au thap nien 1980 co ten la tn phieu thng
mai bao am bang tai san ch nh. Vi loai tn phieu
thng mai nay hiem hoa b giat n, thay v tuy thuoc
vao trnh o kha tn cua cong ty hoac chnh quyen phat
hanh, se tuy thuoc vao trnh o kha tn cua mot phan tai
san nao o cuacong ty hoac chnh quyen phat hanh,
thong thng la di dang tai khoan d thu (tied directly
to the creditworthiness of specific financial assets, usu-
ally some form of receivable). Tn phieu thng mai bao
am bang tai san ch nh c phat hanh bi nhng
cong ty ac biet (special entities), con goi la nhng cong
ty cho muc ch ac biet (special purpose entities). Cong
ty ac biet ng ra thu mua tai khoan d thu cua mot
doanh nghiep khac hoac cua mot nhom doanh nghiep
va tai tr thu mua vi von huy ong t th trng tn phieu
thng mai (purchases receivables from one firm or a
group of firms and finances the purchase with funds raised
254
in the commercial paper market). Hoat ong duy nhat
cua cong ty ac biet la thu mua va tai tr tai khoan d
thu v vay hiem hoa cua cong ty ac biet va cua tn phieu
thng mai do chnh no phat hanh hoan toan gian cach
vi hiem hoa cua doanh nghiep hoac cua mot nhom
doanh nghiep a ban ra tai san d thu. Mc o b giat
n (default rate) va nguon tai chnh lu hoat (cashflow)
cua nhng tai khoan d thu t mau dch va t the tn
du ng (trade receivables and credit card receivables),
thng c dung vao phat hanh tn phieu thng mai
bao am bang tai san ch nh, co the tien oan c
(predictable). V vay hiem hoa cua tai san ch nh bao
am cho tn phieu thng mai cung co the c tnh c
(can be estimated). Nhng chng trnh phat hanh tn
phieu thng mai bao am bang tai san ch nh c
che tac theo mot cau truc tai chnh e tong gia tr cua
nhng tai khoan d thu luon luon cao hn tong gia tr
cua tn phieu thng mai ban ra (are structured so that
the amount of receivables exceeds the outstanding pa-
per), thua t ng chuye n mo n go i la the cha p tro i
(overcollateralization). Them vao o cong ty phat hanh
tn phieu thng mai bao am bang tai san ch nh cung
s dung nhng phng tien tang cng trnh o kha tn,
trong o co ca cam ket ban ra tai khoan d thu (guaran-
tee selling the receivables), tn dung th cua ngan hang
(bank letters of credit), va cam ket bao hiem (surety bond).
Va cung giong nh nhng tn phieu thng mai khac,
nhng cong ty am trach anh gia va xep hang kha tn
van oi hoi phai co bang chng cua kha nang lu hoat
d phong (backup liquidity). Bao am bang tai san ch
nh la mot cach ma nhng cong ty thieu tam voc va
nhieu hiem hoa co the d phan huy ong von trong th
trng tn phieu thng mai. Li iem cua loai tn phieu
thng mai bao am bang tai san ch nh cung a thu
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Thuat Ng Anh Viet
hut nhng cong ty ln hn va t hiem hoa hn tham d.
V vay, th trng cua loai tn phieu thng mai bao am
bang tai san ch nh a gia tang nhanh chong.
Asset Securitization: Chng Khoan Hoa Tai San. Xem
Commercial Paper Market.
Back Up Liquidity: Kha Nang Lu Hoat D Phong. Nhng
cong ty hoac chnh quyen phat hanh luc nao cung duy tr
mot tai khoan d phong danh e san sang chi tra n tn
phieu thng mai va nhng khoan n ngan han khac,
thuat ng chuyen mon goi o la kha nang lu hoat d
phong (backup liquidity). Tai khoan d phong nay thng
la di dang tien mat d tr (cash reserve) hoac di
dang d khoan tn dung cua ngan hang (bank line of
credit). Nhng cong ty am trach xep hang kha tn can
bang chng ve kha nang lu hoat ngan han (short-term
liquidity) cua cong ty hoac chnh quyen phat hanh. Neu
cong ty hoac chnh quyen phat hanh khong duy tr tai
khoan d phong danh e san sang chi tra n ngan han,
nhng cong ty am trach xep hang kha tn se khong
chu anh gia va xep hang tn phieu thng mai cua no.
Nhng cong ty hoac chnh quyen phat hanh c xep
hang cao nhat thng duy tr tai khoan d phong mc
toi thieu la 50 phan tram tong gia tr cua tat ca tn phieu
thng mai cua no ang du hanh. Nhng cong ty hoac
chnh quyen c xep hang thap hn A-1 hoac P-1 thng
duy tr tai khoan d phong mc 100 phan tram tong gia
tr cua tat ca tn phieu thng mai cua no ang du hanh.
a so cong ty hoac chnh quyen phat hanh tn phieu
thng mai duy tr kha nang lu hoat d phong qua mot
d khoan tn dung cua ngan hang nam di nhieu dang
(maintain backup liquidity through bank line of credit avail-
able in variety of forms). D khoan tn dung tieu chuan
256
(standard line of credit) cho phep vay mn vi trai phieu
90 ngay (allow borrowing under a 90-day note). D khoan
tn dung tng ngay (swing line of credit) cho phep cong
ty hoac chnh quyen phat hanh vay mn e ap vao
cho thieu hut cua mot ngay v von huy ong qua tn phieu
thng mai trong ngay o khong u, tc la cung cap von
theo nhu cau cua tng ngay mot (provide funds on a
day-to-day basis, allowing issuers to cover a shortfall in
proceeds from paper issuance on a particular day). Cang
ngay cang co nhieu d khoan tn dung c cau tao
di khe c lien hoan nhieu nam (being structured as
multi-year revolver agreement) trong o mot ngan hang
hoac mot tap the cua nhieu ngan hang cam ket san sang
tai tr theo nhu cau cua cong ty hoac chnh quyen phat
hanh chng khoan (1) vi lai suat nen tha noi theo mot
lai suat hien hanh tren th trng nh la LIBOR hoac lai
suat tn phieu ky thac (the floating base rate is anchored
to the London Interbank Offers Rate or certificate of de-
posit rate) va (2) phan lai suat vt tren lai suat chuan
(spread over the base rate), c ieu nh luc ky ket,
co the la co nh hoac se ieu chnh theo hang kha tn
ngay vao thi iem s dung tai khoan vay mn (can
either be fixed or dependent on the rating of the borrower
at the time the loan is drawn down). Chieu dai thi gian
cua khe c lien hoan khong co tieu chuan nhat nh
nhng th trng cho thay khuynh hng ngan han hn
(the trend in revolvers has been towards shorter terms),
a so la dai khoang 3 nam. Cong ty hoac chnh quyen
phat hanh phai ong mot vai loai ph lien quan en khe
c lien hoan, trong o co ph phng tien (facility fee),
ph cam ket (commitment fee) va ph s dung (usage
fee). Ph phng tien tnh bang phan tram tren gia tr
cua d khoan tn dung va phai chi tra dau co hay khong
co s dung en d khoan tn dung (the facility fee is a
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Thuat Ng Anh Viet
percentage of credit line and is paid whether nor not the
line is activated). Ph cam ket tnh bang phan tram tren
gia tr cha s dung het trong d khoan tn dung (the
commitment fee is a percentage of unused credit line).
Ph cam ket cang ngay cang t thong dung hn trong
nhng nam gan ay. Ph s dung oi khi c at ra
neu d khoan tn dung c s dung qua nhieu lan (if
the credit line is heavily used). Muc ch cua d khoan
tn dung d phong (backup line of credit) la e san sang
chi tra cho nhng tn phieu thng mai man han du ky
neu mot bien co nao o ngan chan cong ty hoac chnh
quyen lien tuc chuyen tai tn phieu thng mai cua no
(when an event prevents an issuer from rolling over the
paper), tc la lien tuc phat hanh tn phieu thng mai t
mi e huy ong von chi tra cho tn phieu thng mai t
cu. Mot bien co nh vay co the ch gay anh hng xau
rieng cho cong ty hoac chnh quyen phat hanh, th du
nh la mot tai nan hoa hoan ln lam anh hng en sc
khoe tai chnh cua cong ty hoac chnh quyen phat hanh,
hoac cung co the gay anh hng xau chung cho toan th
trng, th du nh s kien cong ty Penn Central giat n
nam 1970 lam cho gia chuyen tai tn phieu thng mai
tr thanh qua cao en o khong the thc hien c. D
khoan tn dung d phong se khong hu ch neu hoat
ong va ieu kien tai chnh cua cong ty hoac chnh quyen
phat hanh tr nen suy thoai ti mc khong con u sc
e chi tra n ngan han na v a so khe c tn dung
(credit agreement) eu co kem theo ieu khoan nhng
thay oi xau (material adverse change clause) va theo
o ngan hang c quyen huy bo khe c khi tnh trang
tai chnh cua cong ty hoac chnh quyen phat hanh a
thay oi en mc ang ngai. Thc te cung a tng chng
minh nhieu lan la nhieu cong ty trc khi i en tnh trang
giat n eu b huy khe c tnh dung v nhng cong ty
258
nay a e cho tnh trang tai chnh suy sup (financial con-
dition deteriorates). Nhng yeu to tong quat cua th trng
tn phieu co the lam tr ngai d khoan tn dung d phong.
Standard and Poors (Samson and Bachmann, 1990,
p.23) tng canh bao la tr ngai chung cho th trng tn
phieu gay ra dao ong manh va di ieu kien o nhng
d khoan tn dung tr nen khong tin cay c (unreli-
able). ieu nay co y noi la ngan hang ch co gang huy
ong tien mat co the huy ong c e ho tr cho th
trng tn phieu nhng khong chac la ap ng u cho
nhu cau bat thng cua th trng luc o. Nh vay, ngi
au t vao tn phieu thng mai ganh mot phan hiem
hoa co the xay ra di hoan canh nh va neu.
Backup Credit Line: D Khoan Tn Dung D Phong.
Backup Credit Line Fee: Ph D Khoan Tn Dung D Phong.
Xem Fee.
Bank Line of Credit: D Khoan Tn Dung Cua Ngan Hang.
Xem Back Up Liquidity.
Bank Notes: Trai Phieu Ngan Hang. Trai phieu ngan
hang la mot phng tien e ngan hang huy ong von
ma khong b buoc vao luat le phai mua bao hiem (not
subject to federal deposit insurance premiums). Trai
phieu ngan hang chnh thc la trai phieu ky thac nhng
ngan hang khong goi va khong bao cao la trai phieu ky
thac tren van ban tai chnh cua ngan hang. Thay vao o
no c bao cao di muc nhng khoan n khac (other
liabilities) nh la von mn (as borrowed money). Xem
Domestic CDs, Certificate of Deposit.
Board of Directors: Hoi ong Giam oc. Ben canh c
259
Thuat Ng Anh Viet
cau quan tr va ieu hanh, moi cong ty eu co mot hoi
ong giam oc. Vai tro chnh yeu cua hoi ong giam oc
la vai tro giam sat va ch ao (stewardship). Neu cong ty
hanh s nhng quyet nh khong hp phap hoac khong
hp ly, hoi ong giam oc co the b buoc trach nhiem
bi co chu cua cong ty va bi luat phap cua nha nc.
Thanh vien cua mot hoi ong giam oc thng la ngi
ang gi mot chc vu thng tang cua mot cong ty
khac hoac la co chan trong nhng uy ban quan trong
cua cong ty.
Bearer Bonds: Trai Phieu Khong ang Ky. Thong thng
trai phieu co kem theo phieu lai la loai trai phieu khong
co ghi ten trai chu, c goi la trai phieu khong ang ky
(bearer bonds). Bat c ngi nao cam trai phieu hoac
lai phieu khong ang ky th ngi o c coi la trai chu
va ngi o co quyen lanh tien. Mot so lng ln trai
phieu ngay hom nay thuoc vao loai trai phieu co ang ky
(registerred bonds). Vi loai trai phieu co ang ky, ten
cua trai chu c ang ky trong so bo phat hanh va ch
co trai chu o mi co quyen ban lai trai phieu hoac lanh
tien li nhuan nh ky.
Bonds: Trai Phieu. Trai phieu la giay mn n do mot
cong ty t nhan, mot chnh quyen hoac mot c quan c
chnh quyen bao tr phat hanh tren mot can ban c
thanh lap ro ret. Can ban o la cong ty hoac chnh quyen
hoac c quan phat hanh cam ket se (1) tra mot khoan li
nhuan nh ky trong suot thi gian mn n, (2) li nhuan
nh ky nay co quyen u tien cao hn li nhuan thng
ky cua co phieu u ang va cao hn li nhuan vo ky cua
co phieu thng ang, va (3) se hoan tra so n ghi tren
trai phieu vao mot thi iem nhat nh trong tng lai.
Thi gian t khi trai phieu c phat hanh cho en khi
260
trai phieu man han c goi la du ky (maturity) va thi
iem phai hoan tra so n theo cam ket c goi la ngay
man han du ky (maturity date). Moi trai phieu eu co
mot menh gia (par value, face value, denomination). Menh
gia cua mot trai phieu la n v gia ghi tren trai phieu o.
Trai phieu cua cong ty doanh thng thng co menh
gia 1,000 USD cong 1,000 USD cho moi mc gia tang
trong khi trai phieu cua chnh quyen lien bang hoac cua
c quan c lien bang bao tr co menh gia 1,000, 5,000,
10,000 USD va cao hn. Menh gia cua trai phieu se
khong thay oi. Menh gia cua trai phieu cung chnh la
so n ma cong ty hoac c quan phat hanh phai tra cho
trai phieu o vao ngay man han du ky. Moi trai phieu
eu cho li nhuan va li nhuan c chi tra theo theo
mot thi bieu co nh. V vay li nhuan cua trai phieu
c goi la li nhuan nh ky (interest), khac vi ac tnh
khong biet trc, khong nh trc cua li nhuan vo ky
co phieu thng ang (common stock dividend) va khac
vi ac tnh co the khat lai cua li nhuan thng ky
co phieu u ang (preferred stock dividend). Thong
thng th li nhuan nh ky c chia lam 2 phan eu
nhau va c chi tra moi 6 thang mot lan (two install-
ments a year). Li nhuan nh ky con c goi la lai
nhuan cua trai phieu. Mc li nhuan nh ky cua trai
phieu c tnh bang phan tram cho mot nam tren menh
gia cua trai phieu va no con c goi la lai suat cua trai
phieu (interest rate), khac vi mc li nhuan hien hanh
cua trai phieu (yield; current yield) va khac vi mc li
nhuan ti cuoi du ky cua trai phieu (yield-tomaturity). Gia
du la cong ty ABC phat hanh trai phieu co menh gia
1,000 USD vi li nhuan nh ky khong oi 9.0% mot
nam va trai phieu se man han du ky vao ngay 15 thang
1 nam 2015. Vi gia du nay cong ty ABC cam ket se tra
cho trai chu, tnh tren mot trai phieu, 90 USD moi nam,
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Thuat Ng Anh Viet
hay la 9% x 1,000 USD, va se tra lien tuc cho en au
nam 2015. So tien 90 USD se c tra cho trai chu lam
hai lan, moi lan la 45 USD, mot lan vao gia nam va mot
lan vao cuoi nam. ong thi cong ty ABC cam ket se
hoan tra so von 1,000 USD, tnh tren mot trai phieu, ung
vao ngay 15 thang 1 nam 2015. Trai phieu co the c
phan ai loai ra lam 5 nhom. Th nhat la nhng trai
phieu do chnh quyen lien bang Hoa Ky phat hanh (U.S.
Government bonds). Th hai la nhngtrai phieu do chnh
quyen tieu bang hoac chnh quyen a phng phat hanh
(municipal bonds; munis). Th ba la nhng trai phieu do
nhng c quan c chnh quyen lien bang bao tr phat
hanh (GSEs bonds). Th t la nhng trai phieu do cong
ty doanh thng phat hanh (corporate bonds). Va, th
nam la nhng trai phieu quoc te.
Bond Anticipation Notes (BAN): Trai Phieu BAN; Trai Phieu
Ngan Han Bao am Bang D Tru Phat Hanh Trai Phieu
Dai Han. Mot trong nhng loai trai phieu ngan han c
chnh quyen tieu bang va a phng s dung nhieu nhat
la trai phieu BAN. Trai phieu BAN c phat hanh e
mn n ngan han va so n o se c hoan tra vao
mot thi iem khong xa trong tng lai bang mot nguon
tai chnh mi, va nguon tai chnh mi o c d tru la
se c tai tr bang trai phieu mi dai han hn. Trai
phieu BAN v vay c nh danh la trai phieu ngan han
bao am bang d tru phat hanh trai phieu dai han. Gia
du nh chnh quyen Quan XYZ d tru tai tr mot cong
trnh kien thiet vi trai phieu dai han. Nhng thay v phat
hanh trai phieu dai han ngay t au trong hoan canh
khong xac quyet c tong lng chi ph cua cong trnh,
chnh quyen Quan XYZ co the chon phat hanh trai phieu
BAN vi du ky 2 nam e tam tai tr cho cong trnh. Sau
khi cong trnh tien hanh gan hai nam, chnh quyen Quan
262
XYZ lai cho phat hanh trai phieu BAN t hai cung vi
du ky 2 nam e lay tien hoan tra n trai phieu BAN t
au sap man han va tai tr cho nhu cau mi. Hai nam
sau, sau khi cong trnh a hoan tat my man, chnh quyen
Quan XYZ phat hanh trai phieu dai han vi du ky 20
nam e lay tien hoan tra n trai phieu BAN t hai va e
giai quyet dt iem tat ca nhng khoan boi chi cha c
tai tr. Xem Municipal Bonds & Notes.
Bond Indenture: Ban Khe c Trai Phieu.
Bond Market: Th Trng Trai Phieu. Trach nhiem cua
mot trung gian am nhiem phan phoi chng khoan mi,
hoac cua mot to trung gian am nhiem phan phoi chng
khoan mi, la a so trai phieu mi vao th trng cap 1
e giup huy ong tai chnh cho cong ty hoac chnh quyen
phat hanh, va trach nhiem cua no dng lai o. Th
trng cap 1 rat nang ong va hieu qua. Khac vi th
trng cap 1, v s a dang trong ban chat cua trai phieu
do chnh quyen tieu bang hoac a phng phat hanh
(heterogeneous nature) cho nen th trng cap 2 kem
nang ong hn nhieu so vi th trng cap 1. Thng la
nhng ai ly mua ban chng khoan ng ra lam th trng
cho trai phieu cu do chnh ho a am nhiem a vao th
trng cap 1 trc o. Muon ban mot trai phieu nao o
ang du hanh a so ai ly se nh en nhng trung gian
mua ban chng khoan (brokers) ng ra tm nhng oi
tng ang muon mua trai phieu o (particular issues
are often matched by brokers with those wishing to buy
the same issues). Nhng trung gian mua ban chng
khoan ch nhan lam dch vu vi so lng ln va lay ph
dch vu.
Book Value: Gia Tr Chu Ban. Gia tr chu ban (book
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Thuat Ng Anh Viet
value, net worth, common stockholders equity) cua mot
cong ty la phan thang d khi em ga tr toan bo tai san
cua cong ty (total assets) tr i cho gia tr toan bo n nan
cua cong ty (total liabilities) va tr i cho gia tr toan bo
co phieu u ang (preferred stocks) cua cong ty. Tnh
tren mot co phan, gia tr chu ban cua cong ty c em
chia eu cho tong so lng co phan cua co phieu thng
ang ang du hanh. a co mot thi gia tr chu ban c
coi la mot ch so then chot e o lng gia tr cua mot
cong ty va e nh gia th trng cho co phieu cua cong
ty o. Tuy nhien theo thi gian gii chuyen gia phan tch
au t dan dan ha thap s quan trong cua ch so gia tr
chu ban. Ly do la v nguyen tac ke toan oi hoi nhng
giao hoan tai chnh (financial transactions) phai c ghi
nhan va ket toan theo gia tr luc giao hoan (based on
historical value) cho nen, ngoai tr khoan tien mat hoac
tng ng vi tien mat (cash or cash equivalent as-
sets), tai san cua cong ty c ghi nhan tren so sach t
khi phan anh ung gia tr hien tai cua chung. Theo o,
gia tr chu ban cung khong phan anh ung gia tr hien
thc cua cong ty va v the mat dan s thc dung.
Brady Bonds: Trai Phieu Brady. Trong thap nien 1970,
nhieu ngan hang thng mai tren the gii ay ap tien ky
thac cua nhng ai gia dau hoa. Vi so lng tien mat
khong lo can phai giai quyet, nhng ngan hang nay cho
tien chay vao nhng quoc gia kem phat trien (LDCs)
mot cach thoai mai. Roi gia dau hoa xuong thap vao
au thap nien 1980 lam cho nhng quoc gia kem phat
trien, von d a vay mn n ngan han kha nhieu, b ket
tien mat (trapped for cash) va can vay mn them e chi
tra lai ph hoac n cu. Roi theo a cua cai vong xoan te
hai o, chnh quyen cua nhng quoc gia kem phat trien
b lun cang luc cang sau va cuoi cung khong con u
264
kha nang e chi tra lai ph ung hen. Te hai hn, ngan
hang tren the gii t choi khong cho vay mn them.
Trong cn tuyet vong chnh quyen cua mot so quoc gia
kem phat trien tuyen bo ho khong con u kha nang e
thanh toan n a vay mn, trong o dan au la Mexico,
va ieu nay a dan en cuoc khung hoang ngan hang
tren toan cau. Vi qua nhieu ngan hang ch con lai trong
tay hang khoi n xau khong hy vong phuc hoi (defaulted
loans), nhieu to chc tren the gii phai ngh cach e cu
van. Trong no lc o trai phieu Brady (Brady Bond) c
khai sinh. Ten cua trai phieu c lay t ten cua ong
Nicholas Brady la v bo trng cua Cong Kho Trung ng
Hoa Ky, ngi cung vi IMF va WB a ng ra e lanh
ao chng trnh giam n cho nhng quoc gia kem phat
trien (debts reduction plan for LDCs). Cai y niem sau
lng trai phieu Brady la tai phan bo cau truc n cho mot
quoc gia kem phat trien (restructure the debts of an LDC),
giup cho nen kinh te cua quoc gia o tang trng va nh
vay no co the chi tra lai ph vay mn, bang cach chuyen
nhng khoan n xau thanh trai phieu c the chap vi
trai phieu khong kem phieu lai cua lien bang Hoa Ky (by
converting the defaulted loans into a bond collateralized
by U.S. zero coupon bonds) e bao am kha nang hoan
tra von va li. Khong can noi, loai trai phieu nay chnh la
trai phieu Brady. Trai phieu Brady c phat hanh di
nhieu the tnh khac nhau. a so trai phieu Brady co
menh gia tnh bang USD, nhng cung co nhng trai phieu
Brady co menh gia tnh bang tien te cua quoc gia khac
(currencies of other countries). ay la nhng trai phieu
co kem phieu lai va cho lai suat hoac co nh, hoac ieu
chnh theo nac thang, hoac tha noi, hoac tong hp (cou-
pon-bearing bonds with fixed, step or floating rate or some
combination of each) va thng la co du ky dai t 10 cho
en 30 nam.
265
Thuat Ng Anh Viet
Buyer: Ngi Hng ng, Ngi Mua, Ngi Gi. Xem
Option Contracts, Options.
Callable Bonds: Trai Phieu Kha Thu; Trai Phieu Vi Quyen
Thu Hoi. Thong thng th cong ty phat hanh trai phieu
khong c quyen ket thuc du ky (redeem; payoff) cua
trai phieu trc ngay man han. Tuy nhien co nhng trai
phieu co giao c trc ieu khoan thu hoi (call provi-
sion) va co ghi ro trong ban khe c trai phieu (bond
indenture). Mot so cong trai phieu phat hanh trc nam
1985 va mot so trai phieu do cong ty doanh thng phat
hanh thuoc loai trai phieu vi quyen thu hoi nay. Trai
phieu vi quyen thu hoi con goi la trai phieu kha thu
(callable bond). ieu khoan thu hoi co the mot trong
ba dang: cho quyen thu hoi khong gii han (freely call-
able), cho quyen thu hoi co gii han (deferred call), hoac
khong cho quyen thu hoi (non-callable). Vi quyen thu
hoi khong gii han cong ty hoac c quan phat hanh trai
phieu co the thu hoi (to call) va ket thuc du ky cua trai
phieu (to retire) o bat c luc nao. Vi quyen thu hoi co
gii han cong ty hoac c quan phat hanh trai phieu ch
co the thu hoi va ket thuc du ky cua trai phieu o sau
mot thi gian nao o a giao c trc, th du nh sau 5
nam hoac 10 nam. Khong c quyen thu hoi co ngha
la cong ty hoac c quan hoac chnh quyen phat hanh trai
phieu tuyet oi khong c phep thu hoi va ket thuc du
ky cua trai phieu o trc ngay man han vi bat c ly do
g. Loai trai phieu khong cho quyen thu hoi co ten goi la
trai phieu bat kha thu (non-callable bonds). Thong thng
chnh quyen hoac c quan hoac cong ty phat hanh trai
phieu se chon luc lai suat hien hanh tren th trng xuong
vao mc thap nhat e thu hoi trai phieu. Neu trai phieu
b thu hoi, li nhuan nh ky se b vo hieu hoa ke t ngay
cong bo. Trai chu cung co the se b mat i c hoi co
266
c mot khoan li nhuan tren sai biet gia, gia gia th
trng va menh gia cua trai phieu.
Callable Preferred Stock: Co Phieu u ang Kha Thu.
Co phieu u ang co nh kem quyen thu hoi c nh
danh la co phieu u ang kha thu. Quyen nay cho phep
cong ty t do thu hoi va huy bo co phieu u ang do
chnh cong ty phat hanh mot gia thu hoi a c nh
trc (call price) ke t sau ngay co hieu lc cung a
c nh trc (after a stated date). Ly do cong ty muon
co quyen thu hoi la e phong b khi lai suat hien hanh
tren th trng xuong
ti mc qua thap so vi mc li nhuan thng ky cao
hn cua co phieu o, cong ty co the huy ong von mi
e tai tai tr cho chnh no mot mc re hn. Quyen thu
hoi co li cho cong ty phat hanh co phieu u ang nhng
khong co li cho pha au t. Vi quyen u tien cua co
phieu u ang, trong trng hp cong ty sap nhap hoac
ban pha san, co chu se nhan c tien boi hoan va co
the kem vi mot so li nhuan theo cam ket trc khi so
thu (the proceed) c chuyen giao qua cho co chu cua
co phieu thng ang.
Call Options: Ham Phieu oc Che Vi Quyen Mua. Ham
phieu oc che vi quyen mua danh cho ngi hng
ng quyen mua hoac khong mua mot chng khoan c
ch nh (specified underlying security) mot gia c
cam ket (specified exercise price, strike price) trong mot
thi han c vach trc (specified expiration date) va,
neu ngi hng ng quyet nh thc hien quyen mua,
ngi e xng bat buoc phai ban cho ngi hng ng
so chng khoan o theo nh khe c. Nh a noi, s
xng-ng cua hai oi tac trong mua ban ham phieu co
c la v ho cung nhn vao mot chng khoan lien he
267
Thuat Ng Anh Viet
nhng khong cung mot ket luan ve tng lai cua chng
khoan o. Nhng ngi hng ng (buyers, holders) th
d phong rang gia th trng (market price, spot price)
cua chng khoan o trong tng lai se cao hn gia cam
ket (strike price, exercise price) kha nhieu va ieu nay
se xay ra trc khi ham phieu man han ky sinh (expired).
Theo d phong nay, noi theo thuat ng au t, ngi
hng ng gi trng v (takes a long position). Va v
the ham phieu oc che vi quyen mua (call options) se
cho ho c hoi e mua re chng khoan o, hay noi theo
thuat ng au t la goi khoi tay ngi e xng (call
away from option writer) chng khoan o mot gia thap
hn gia th trng trong tng lai. Ngc lai, nhng ngi
e xng (writers, issuers) th d phong rang gia th trng
cua chng khoan o se khong cao hn gia cam ket trong
suot chieu dai thi gian ky sinh va v the ham phieu oc
che vi quyen mua se cho ho c hoi e thu mot so ham
ph (premium) t nhng ngi hng ng va chng khoan
se khong b goi khoi tay ho, tc la khong b ep ban di
gia th trng. Theo d phong nay, noi theo thuat ng
au t, ngi e xng gi oan v (assume short posi-
tion). Xem Option Contracts, Option.
Capital Market: Th Trng T Ban. Th trng t ban
chuyen ve nhng hoat ong huy ong von dai han nh
vao nhng cong cu hun von (equity instruments) va cong
cu vay mn (debt instruments). Cong cu hun von thong
dung gom co co phieu thng ang (common stocks) va
co phieu u ang (preferred stocks). Cong cu vay mn
thong dung gom co trai phieu do cong ty phat hanh (cor-
porate bonds), trai phieu do chnh quyen phat hanh (gov-
ernment bonds), va trai phieu do nhng c quan c
chnh quyen lien bang bao tr phat hanh (GSEs long-
term debentures). Ngoai ra con co ham phieu oc che
268
ky thac vao co phieu (stock options) va ham phieu quyen
(warrants) la nhng cong cu t pho thong hn c van
dung trong th trng t ban.
Capital Raiding: Xam Pham Von au T. Hau het tat ca
nhng tieu bang cua lien bang Hoa Ky eu ngan cam
cong ty dung von au t cua co chu (contributed capital)
e phan phoi li nhuan vo ky. Cong ty ch c phep
phan phoi li thu doanh thng ton gi t nhng nam
trc cong li thu doanh thng trong nam hien tai (past
and current earn-ings). Phan phoi vt tren tong so li
thu doanh thng cu va mi va noi cong ty se b nh
toi la xam pham von au t (raiding the capital). Luat le
nay chu yeu la e bao ve quyen li cua nhng chu n
(creditors) a cho cong ty vay mn hoac mua thieu.
CATS (Certificate of Accrual on Treasury Securities): Trai
Phieu Khong Phieu Lai Cua Chnh Quyen Lien Bang; Trai
Phieu Khong Phieu Lai Do Chnh Quyen Lien Bang Phat
Hanh. Xem Treasury Zeros.
Cashflow: Nguon Tai Chnh Lu Hoat.
Certificate of Deposit (CD): Tn Phieu Ky Thac; Ky Thac
Tn Phieu. Tn phieu ky thac la mot van ban chng nhan
mot ky thac co thi han, c goi la ky thac han ky (a
time deposit), trong o ngi ky thac (depositor) giao cho
mot c quan nhan ky thac (placed with a depository insti-
tution) mot so tien e lay lai. Tren tn phieu ky thac co
ghi ro so tien ky thac, ngay man han ky thac, mc li
nhuan nh ky, va phng phap chiet tnh li nhuan nh
ky. Thi gian t khi ky thac cho en khi man han cua tn
phieu c goi la du ky cua tn phieu. Mc li nhuan
nh ky cua tn phieu con goi la lai suat cua tn phieu.
269
Thuat Ng Anh Viet
Va li nhuan nh ky cua tn phieu con goi la lai nhuan
cua tn phieu. Can c vao loai c quan phat hanh, nhng
tn phieu ky thac co menh gia cao co the c xep vao 4
loai: tn phieu ky thac noi a (domestic CDs), tn phieu
ky thac hai ngoai (Eurodollar CDs), tn phieu ky thac cua
ngan hang ngoai (Yankee CDs), va tn phieu ky thac cua
ngan hang tiet kiem (thrift CDs).
CDs Market: Th Trng Tn Phieu Ky Thac. Gon th
trng cap 1 va th trng cap 2. Th trng cap 1 (pri-
mary market) mot la th trng tn phieu ky thac mi phat
hanh (new issues). Trong th trng cap 1 nhng ngan
hang tch cc phat hanh tn phieu ky thac co cho niem
yet hang ngay mc li nhuan nh ky cua nhng tn phieu
ky thac pho thong. Mc li nhuan nh ky c niem yet
la lai suat ma ngan hang o bang long tra cho ngi ky
thac. Hay noi mot cach khac, o la mc li nhuan nh
ky ma ngan hang bang long cho phat hanh tn phieu ky
thac trong ngay o. Khi khong can huy ong von (not
interested in raising funds), ngan hang se cho niem yet
di mc lai suat hien hanh tren th trng (post below-
market rates). Va ngc lai khi can huy ong von, ngan
hang co the cho niem yet mc li nhuan nh ky ngang
vi hoac tren mc lai suat hien hanh tren th trng. Ngan
hang co he thong phan phoi rat gii han cho nen ho co
gang ban trc tiep cho gii au t tat ca tn phieu ky thac
do ho phat hanh. Tuy nhien ho thng phai nh en he
thong phan phoi ben ngoai bang cach ban mot so lng
tn phieu ky thac cho nhng ai ly mua ban chng khoan
e nhng ai ly nay ban lai cho gii au t, nhat la nhng
ngan hang nho va nhng ngan hang ngoai quoc co chi
nhanh tai Hoa Ky. oi vi nhng tn phieu ky thac kho
ban trc tiep cho gii au t nh la tn phieu ky thac dai
han hoac tn phieu ky thac vi mc li nhuan nh ky
270
ieu chnh (variable-rate CDs). Th trng cap 2 (sec-
ondary market) la th trng tn phieu ky thac cu. Qua th
trng mua ban cap hai, con goi la th trng mua ban
OTC (over-the-counter) hay la th trng mua ban t quan
t kiem, gii au t co the ban nhng tn phieu ky thac
trc ngay man han hoac mua nhng tn phieu ky thac
ang du hanh (outstanding CDs), cung giong nh tat ca
nhng th trng cap 2 cua nhng cong cu th trng
tien te khac (other money market instruments). Th trng
mua ban OTC la mot mang li cua hang ngan ai ly
mua ban chng khoan (dealers) va trung gian mua ban
chng khoan (brokers) lien ket e lam th trng qua he
thong ien thoai. Nhng ai ly mua ban chng khoan
lam th trng (make a market) bang cach ng ra mua
tn phieu ky thac bang tien von cua chnh mnh e ban
lai kiem li. Nhng ai ly lam gia tn phieu ky thac bang
cach yet mc li nhuan nh ky e mua (bid rate) va yet
mc li nhuan nh ky e ban (ask rate). Thong thng
sai biet gia hai mc li nhuan nh ky mua va ban vao
khoang 5 iem can ban (5 basis points). Nhng tn phieu
ky thac co so lng giao hoan cao nhat (most heavily
traded CDs) co khoang cach nho nhat (lowest bid-ask
spread). Mot ai ly mua ban chng khoan co the mua
ban tn phieu ky thac vi than chu cua mnh (customers)
hoac vi nhng ai ly khac. Mua ban gia nhng ai ly
vi nhau thng tap trung vao nhng tn phieu ky thac
hao hang sap man han trong vong 6 thang tr lai (top-
quality CDs with remaining maturity of six months or less).
Mot cuoc giao hoan tieu bieu, goi theo thuat ng chuyen
mon la lo tron (typical size of a CD transaction, called a
round lot), gia nhng ai ly thng la vao khoang 5 cho
en 10 trieu USD. Giao hoan gia mot ai ly vi than
chu cua ho co ngan lng nho hn. Nhng trung gian
mua ban chng khoan ng ra lam moi gii giao hoan
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Thuat Ng Anh Viet
gia ngi mua va ngi ban e lay tien ph (fee). Ho
khong mua tr tn phieu ky thac (not hold an inventory of
CDs) e ban lai nh la nhng ai ly mua ban chng khoan.
Clearing Agent: Trung Gian Giao Hoan. Xem Futures
Contracts.
Clearing Firms: Cong Ty Trung Gian Giao Hoan. Cong ty
cung cap dch vu trung gian giao hoan.
Clearing House: Trung Tam am Nhan Dch Vu Giao
Hoan; Trung Tam Giao Hoan. (1) am nhiem dch vu
giao hoan chng khoan (securities clearing house). (2)
am nhiem dch vu giao hoan ngan phieu (checks clear-
ing house).
Commercial Bank Trust Department: n V am Nhiem
Dch Vu Uy Thac Cua Ngan Hang Thng Mai.
Commercial Paper (CP): Tn Phieu Thng Mai; Thng
Tn Phieu. Tn phieu thng mai la giay n ngan han
khong co the chap (short-term unsecured promisory note)
do mot cong ty doanh thng hoac mot chnh quyen
phat hanh. oi vi nhng cong ty ln hoac chnh quyen
co ay u uy tn, tn phieu thng mai la mot cong cu e
mn von vi mot gia re hn la gia vay mn trc tiep
vi ngan hang (low cost alternative to bank loans). Cong
ty hoac chnh quyen co the huy ong mot so von that ln
mot cach nhanh chong va hieu qua, khong phai thong
qua thu tuc ang ky vi Uy Ban Chng Khoan & Th
Trng Mua Ban Chng Khoan (SEC) oi hoi nhieu thi
gian va ton kem, bang cach phat hanh tn phieu thng
mai va ban ra cho nhng ngi au t thuoc vao to chc
(institutional investors) trc tiep hoac qua nhng ai ly
272
mua ban chng khoan oc lap.

oi lai, nhng ngi au
t vao tn phieu thng mai c hng lai nhuan (inter-
est) mot mc lai suat tng tranh (competitive interest
rate) do th trng quyet nh. Cung luc chieu dai thi
gian du ky va menh gia cua tn phieu thng mai co the
c che tac theo nhu cau cua ngi au t. a so tn
phieu thng mai c phat hanh nam di ieu khoan
3(a)(3) cua Du Luat Chng Khoan ban hanh nam 1933
(Securities Act). ieu khoan 3(a)(3) cho phep nhng
chng khoan ngan han c mien ang ky neu nhng
chng khoan nay ap ng c mot so ieu kien. Nhng
ieu kien e c mien ang ky theo ieu khoan 3(a)(3)
a la nhng yeu to uon uc nhng ac tnh can ban cua
tn phieu thng mai. ac tnh th nhat la tn phieu thng
mai c phat hanh vi menh gia rat cao, theo ieu kien
mien ang ky la chng khoan khong thuoc vao loai bnh
thng ban ra cho a so cong chung (must be of a type
not ordinarily purchased by the general public). Menh
gia toi thieu cua tnh phieu thng mai thng la 100,000
USD. Tuy nhien co mot vai cong ty hoac chnh quyen
cho phat hanh vi menh gia 10,000 USD. Nhng v a
so tn phieu ban cho nhng ngi au t thuoc vao to
chc cho nen menh gia pho bien thng la so nhan cua
mot trieu USD (in multiples of 1 million USD). ac tnh
th hai cua tn phieu thng mai la co chieu dai thi gian
du ky phai ngan hn 270 ngay, theo ieu kien mien ang
ky. Tren th trng a so tn phieu thng mai co du ky
dai t 5 ngay cho ti 45 ngay va du ky trung bnh vao
khoang 30-35 ngay. Nhieu tn phieu thng mai c
cho chuye n ta i lie n tu c (continuously rollover). Cho
chuyen tai lien tuc se khong vi pham gii han 270 ngay
mien la moi lan chuyen tai co s tai thoa thuan gia
cong ty hoac chnh quyen phat hanh va ai ly mua ban
chng khoan ch khong t ong (as long as the rollover
273
Thuat Ng Anh Viet
is not automatic but is the discretion of the issuer and the
dealer). a so nhng cong ty hoac chnh quyen phat
hanh tn phieu thng mai ong y ieu chnh thi gian du
ky theo yeu cau cua ngi au t. ac tnh th ba la von
huy ong bang tn phieu thng mai ch c dung e
tai tr nhng giao hoan hien hanh (proceeds from com-
mercial paper issues be used to finance current transac-
tions), bao gom tai tr cho chi ph van hanh (operating
expenses) va cho tai san ngan han (current assets). Uy
Ban Chng Khoan & Th Trng Mua Ban Chng Khoan
dien dch y ngha giao hoan hien hanh mot cach rong
rai, hay noi mot cach khac, la von huy ong bang tn
phieu thng mai em s dung cho hau het nhng nhu
cau ngan han eu c chap thuan la thoa ang ieu
kien mien ang ky. Cong ty hoac chnh quyen phat hanh
khong b buoc phai chng minh theo loi trc tiep oi chieu
von huy ong va chi tiet s dung no (proceeds are not
traced directly from issue to use). Thay vao o, cong ty
hoac chnh quyen phat hanh ch can cho thay la tong gia
tr cua tn phieu thng mai phu hp vi tong gia tr giao
hoan hien hanh cua no vao thi iem phat hanh (issu-
ers are required to show only that they have a sufficient
current transaction capacity to justify the size of the com-
mercial paper program). Cung giong nh trai phieu ngan
han do chnh quyen lien bang phat hanh, tn phieu thng
mai c ban ra th trng vi mot gia nam di menh
gia (a discount security). Di dang nay, phan sai biet
gia gia ban ra vi menh gia (the discount) cua tn phieu
thng mai chnh la lai nhuan chi tra cho ngi au t.
Ti ngay man han ngi au t se nhan lai von au t
ghi tren mat tn phieu thng mai, tc la menh gia cua
no. oi khi, theo yeu cau cua ngi au t, tn phieu
thng mai c phat hanh di dang chng khoan thu
lai (interest-bearing securitiy). Di dang nay, tn phieu
274
thng mai c ban ra vi mot gia bang vi menh gia.
en ngay man han, ngi au t se nhan lai von au t
bang vi menh gia cong vi lai nhuan tch luy (accrued
interest). Trc nam 1980, tat ca tn phieu thng mai
eu c phat hanh di dang giay mc (issued in physi-
cal form). Nhng phieu giay o c em cat gi mot
ni an toan, thng la am trach bi mot c quan do
ngi au t mn (safe-keeping agent), e ch ti ngay
man han a ra oi lay so tien ghi tren mat cua no (face
value). T nam 1980 tr ve sau, cang ngay cang co
nhieu tn phieu thng mai c phat hanh di dang
ghi so (book-entry form). Tn phieu thng mai in bang
giay mc c thay the bang nhng trng muc ghi nhan
giao hoan va tat ca c tang tr trong mot he thong vi
tnh. Bc tien nay giup cho thu tuc giao hoan cang luc
cang hieu qua hn va theo o chi ph giao hoan cung
nhe i. Thu tuc giao hoan (settling of the transaction),
luc phat hanh cung nh luc thu hoi tn phieu, c hoan
tat trong vong mot ngay. Va trong thu tuc giao hoan,
thay mat cho nhng thanh phan lien he (issuer, investor,
dealer), nhng ngan hang thng mai (commerical banks)
se ng ra e am trach viec phat hanh va chi tra (issu-
ing and paying) trong khi nhng c quan giao hoan (clear-
ing agent) se ng ra e am trach viec chuyen giao tn
phieu thng mai va tai chnh huy ong. Tat ca tn phieu
thng mai tren th trng eu c cho gia tren can
ban tien khau (all commercial paper interest rate are
quoted on a discount basis).

Tn phieu thng mai cho
li nhuan theo mot lai suat do th trng quyet nh va lai
suat cua no thong thng co lien he mat thiet vi nhng
lai suat khac tren th trng, th du nh la lai suat tn
phieu ky thac (CD rate). V tn phieu thng mai co tang
an hiem hoa b giat n cho nen lai suat cua no thng la
cao hn lai suat vo hiem cua trai phieu ngan han do
275
Thuat Ng Anh Viet
chnh quyen lien bang phat hanh. So sanh tn phieu
thng mai vi trai phieu ngan han do chnh quyen lien
bang phat hanh co cung du ky 30 ngay, khoang cach
trung bnh trong mc li nhuan hien hanh gia hai chng
khoan (average spread) vao khoang 115 iem can ban.
Mot tn phieu thng mai c xep hang kha tn thap
hn se cho mot mc li nhuan hien hanh cao hn la mc
li nhuan hien hanh cua mot tn phieu thng mai co
cung chieu dai thi gian du ky c xep hang kha tn
cao hn. Khoang cach trong mc li nhuan hien hanh
gia tn phieu thng mai hang A-1 hoac P-1 va tn phieu
thng mai hang A-2 hoac P-2 trung bnh vao khoang 52
iem can ban.
Commercial Paper Market: Th Trng Tn Phieu Thng
Mai; Th Trng Thng Tn Phieu. Trc the chien th 2
ngan hang la lc lng au t chu yeu cua th trng tn
phieu thng mai. Ngan hang s dung tn phieu va
nh la d tr (reserves) va e trai rong au t giam
thieu hiem hoa (diversify their porfolios). Trong hai thap
nien 1950 va 1960 nhng cong ty cong nghiep co khuynh
hng au t vao tn phieu thng mai thay v ky thac
tien mat vao ngan hang. Vao luc o lai suat ky thac
thap hn la lai suat tn phieu thng mai kha xa. T thap
nien 1970 tr ve sau th trng tn phieu thng mai cua
Hoa Ky tang trng nhanh chong, t 34.96 t USD vao
nam 1970 len en 544.1 t USD vao nam 1993. Mot
trong nhng ly do giai thch cho s tang trng nhanh
chong nay la yeu to chi ph. Nhng cong ty hoac chnh
quyen phat hanh co tam voc va hang kha tn cao nhan
xet la vay mn qua cong cu tn phieu thng mai thng
re hn vay mn trc tiep vi ngan hang. Chi ph trong
o co ph phan phoi (distribution fee), ph anh gia va
xep hang kha tn (rating fee), ph d khoan tn dung d
276
phong (backup credit line), van van . . . tat ca cong lai ch
vao khoang 15 iem can ban cho mot chng trnh vay
mn ln, mot con so rat khiem nhng. Ly do th hai
giai thch cho s tang trng nhanh chong cua th trng
tn phieu tai Hoa Ky la nhng cong ty doanh thng co
khuynh hng huy ong von qua th trng chng khoan
thay v vay mn trc tiep vi ngan hang. Mot goc o
cua khuynh hng nay thng c biet en di cai
goi la chng khoan hoa tai san (asset securitization). Ly
do th ba la nhng sang tao mi cua ky thuat chng
khoan (new innovations of security technology) va s phat
trien cua nhng cong cu quan ly hiem hoa (development
of risk management tools) a a dang hoa va m rong
s ng dung trong au t. ieu nay, hoac trc tiep hoac
gian tiep, ho tr cho s tang trng cua th trng tn
phieu thng mai. Nhng to hp au t chuyen au t
vao cong cu cua th trng tien te (money market mutual
funds; MMFs) va n v am nhiem dch vu uy thac cua
nhng ngan hang thng mai (commercial bank trust
department) la lc lng au t chu yeu cua th trng
tn phieu thng mai. Nhng to hp au t chuyen au
t vao cong cu cua th trng tien te nam khoang 33
phan tram tong gia tr tn phieu thng mai ang du hanh
trong khi phong am nhiem dch vu uy thac cua nhng
ngan hang thng mai nam khoang 25 phan tram. Trong
so nhng thanh phan au t quan trong khac co nhng
cong ty bao hiem, nhng cong ty khong thuoc lanh vc
tai chnh, nhng quy hoi hu cua chnh quyen (govern-
ment pension funds), nhng quy hoi hu cua t nhan
(private pension funds) va nhng to hp au t (mutual
funds). Nhng ngan hang va nhng ai ly mua ban chng
khoan ch gi mot so t. Rat hiem nhng ca nhan au t
trc tiep v menh gia cua tn phieu thng mai qua cao,
nhng a so tham d au t gian tiep vao th trng tn
277
Thuat Ng Anh Viet
phieu thng mai qua nhng to hp au t va quy tn
nhiem (trust funds). Tn phieu thng mai c phat
hanh bi nhng cong ty noi a va ngoai quoc thuoc nhieu
lanh vc doanh thng trong o co nhng cong ty tai vu
(financial companies), nhng cong ty cong nghiep (in-
dustrial companies) va nhng ngan hang (banks). Trong
so nhng cong ty tai vu, phat hanh tn phieu thng mai
vi so lng ln nhat phai noi en la nhng cong ty tai
chnh (finance companies). Nhng cong ty tai chnh cung
cap cho gii tieu thu tai chnh vay mua nha (home
loans), tai chnh vay mua xe xai (retail automobile loans)
va tai chnh vay mua khong the chap nhng nhu cau ca
nhan (unsecured personal loans). Nhng cong ty tai chnh
cung cung cap von ngan va trung han cho nhng doanh
nghiep, trong o co ca tai chnh vay mua co the chap
dung cu may moc e ban lai (secured loans to finance
purchases of equipment for resales). Co nhng cong ty
tai chnh la cong ty con cua nhng cong ty cong nghiep
(wholly owned subsidies of industrial firms) ng ra cung
cap tai chnh vay mua san pham do cong ty me san xuat
(provide financing purchases of the parent firms prod-
ucts). Th du nh GEC (General Electric Capital) la cong
ty con cua cong ty GE (General Electric), GMAC (Gen-
eral Motor Acceptance Corporation) la cong ty con cua
cong ty GM (General Motor) va FMC (Ford Motor Credit)
la cong ty con cua cong ty Ford. Trong so nhng cong ty
tai vu phat hanh tn phieu thng mai co nhng cong ty
bao hiem (insurance firms) va nhng cong ty chng khoan
(securities firms). Cong ty bao hiem phat hanh tn phieu
thng mai e tai tr cho ph bao hiem d thu (premium
receivables) va chi ph van hanh (operating expenses).
Co n co ng ty ch ng khoa n cho n pha t ha nh tn phie u
thng mai la s dung phng tien e vay mn von re
hn la vay mn trc tiep vi ngan hang (bank loans)
278
hoac vay mn qua tn phieu giao oi (repurchase agree-
ments) va dung von vay mn e tai tr cho nhng hoat
ong ngan hang au t (investment banking activities).
Nhng cong ty chu cua nhng ngan hang thng mai
(commercial bank holding companies) phat hanh tn phieu
thng mai e tai tr cho chi ph van hanh va cho nhng
chi ph ngoai hoat ong cua ngan hang (nonbank activi-
ties). Hang tram cong ty khong nam trong doanh nghiep
tai vu (nonfinancial firms) cung phat hanh tn phieu thng
mai. Nhng cong ty cong nghiep (industrial companies)
va nhng cong ty chuyen cung cap dch vu (service com-
panies) phat hanh tn phieu thng mai e tai tr cho
nguon tai chnh van hanh (working capital)
7
tren can ban
trng ky (permanent basis) hoac tren can ban tam thi
theo chu ky (seasonal basis), e tai tr cho chi ph van
hanh (operating expenses) va e tai tr tam thi cho
nhng cong trnh xay dng (construction projects). Nhng
cong ty va chnh quyen ngoai quoc cung phat hanh tn
phieu thng mai tai th trng noi a Hoa Ky. Nhng
cong ty tai vu ngoai quoc, trong o co nhng ngan hang
va nhng cong ty nam chu quyen cua ngan hang (banks
and bank holding companies) phat hanh khoang 70 phan
tram cua tong gia tr tn phieu thng mai do cong ty va
chnh quyen ngoai quoc phat hanh.
8
Nhat Ban, Anh va
Phap la ba quoc gia phat hanh nhieu tn phieu thng
mai nhat trong th trng noi a Hoa Ky. Hau het cong
ty hoac chnh quyen phat hanh tn phieu thng mai eu
ban ra th trng qua nhng ai ly mua ban chng khoan
oc lap v chi ph tng oi re. Nhng ai ly mua ban
chng phieu ng ra mua tn phieu thng mai t cong
ty hoac chnh quyen phat hanh roi ban lai cho ngi au
t. Khoang cachgia gia mua vao va gia ban ra (dealer
spread) vao khoang 10 iem can ban cho mot nam cho
nhng chng trnh phat hanh vi so lng ln. Mot
279
Thuat Ng Anh Viet
chng trnh phat hanh tn phieu thng mai tr gia vao
khoang 700 trieu USD trong mot nam se ton vao khoang
700 ngan USD chi ph cho ai ly mua ban chng khoan
ng ra am nhiem. Khi s dung mot ai ly mua ban
chng khoan e am nhiem chng trnh phat hanh tn
phieu thng mai, cong ty hoac chnh quyen phat hanh
se t quyet nh bao nhieu tn phieu thng mai c
phat hanh moi t man han du ky. ai ly mua ban
chng khoan tiep xuc vi gii au t va cho cong ty hoac
chnh quyen phat hanh biet nhng tin tc can thiet ve
tnh trang cua th trng va nhu cau cua gii au t. Thong
thng th ai ly mua ban chng khoan se ban ra trong
mot thi gian ngan tat ca so tn phieu thng mai phat
hanh hoac ch ton kho mot so t khong ang ke. Ch co
nhng cong ty co tam voc, noi tieng va can huy ong
von vi so lng that ln hang nam mi ng ra t am
nhiem phan phoi tn phieu thng mai do chnh ho phat
hanh. Thuat ng chuyen mon goi ho la cong ty phat
hanh trc tiep (direct issuers). Thong thng th nhng
cong ty phat hanh trc tiep co nhu cau vay mn von
trong th trng tn phieu thng mai t mot t USD tr
len tren can ban lien tuc. Co khoang 125 cong ty phat
hanh trc tiep tren th trng va a so la nhng cong ty
tai chnh va nhng cong ty chu cua nhng ngan hang
thng mai.

a so ai ly mua ban chng khoan la nhng
cong ty con (subsidiaries) cua nhng ngan hang au t
(investment banks) hoac cua nhng cong ty chu cua
nhng ngan hang thng mai (commercial bank holding
companies). To ln nhat van la nhng ngan hang au t
trong o co Goldman Sachs, Merrill Lynch va Shearson
Lehman. Trong so nhng cong ty chu cua nhng ngan
hang thng mai co cong ty con la ai ly mua ban chng
khoan noi tieng co BankAmerica, Bankers Trust, J.P.
Morgan va CitiCorp. Th trng cap 2 cua tn phieu thng
280
mai rat nho. Mot phan v ac tnh a dang (heteroge-
neous characteristics) cua tn phieu thng mai lam cho
rat kho co the gom u mot so lng ln e lam giao
hoan trong th trng cap 2. Mot phan khac co le v
chieu dai thi gian du ky cua tn phieu thng mai qua
ngan va nhng ngi au t vao tn phieu thng mai
biet ro nhu cau tai chnh cua ho nen co khuynh hng
gi tn phieu thng mai cho en khi man han. Thnh
thoang nhng ai ly mua ban chng khoan co mua tr
mot t tn phieu thng mai t nhng ngi au t hoac
t cong ty phat hanh. Nhng trung gian mua ban chng
khoan (brokers) cung lam gia cho tn phieu thng mai
cua nhng cong ty phat hanh vi so lng ln.
Commitment Fee. Ph Cam Ket. Xem Fee.
Common Practice: Thong Le.
Common Stock: Co Phieu Thng ang. Tat ca cong ty
(corporations) eu phat hanh cophieu thng ang. Chu
quyen (ownership) cua mot cong ty co the c nam gi
trong tay cua mot vai ca nhan (privately owned corpora-
tion) hoac trong tay cua mot tap the rong ln (publicly
owned corporation). Trong ca hai trng hp, co phieu
thng ang la the hien tuyet oi cua quyen lam chu.
Chu quyen cua cong ty c chia thanh nhng n v
goi la co phan (shares). Nh vay, co phieu cung chnh
la giay chng nhan so co phan cua mot phap nhan c
goi la co chu (common stock shareholder). Tren mat
phap ly co chu co toan quyen, duy nhat va trc tiep,
quyet nh van menh cua cong ty. Tren thc te quyen
lam chu the hien qua quyen tham d vao nhng quyet
nh ieu hanh noi bo va quyen d phan vao nguon li
kinh te. Trong so nhng quyen quan trong nhat cua co
281
Thuat Ng Anh Viet
chu la quyen bau c (voting right), quyen c chia li
nhuan (residual claim to income) va quyen c mua
them co phan mi (right to purchase new shares).
Common Stock Dividends: Li Nhuan Vo Ky. Li thu
doanh thng cua cong ty tao c phan phoi ti tay co
chu co phieu thng ang (common stock) c goi la
li nhuan vo ky, hay LNVK. S d co danh xng vo ky
la v cong ty phat hanh co phieu thng ang khong
nhat thiet, hoac b bat buoc, phai a ra khoan li nhuan
nay ung nh ky nh li nhuan cua trai phieu hoac
thng ky co the di khat nh li nhuan cua co phieu
u ang. Li nhuan vo ky cung khong c goi la co tc
v li nhuan vo ky ch la mot phan trong li tc cua co
phieu thng ang (dividend v/s income). Li tc cua co
phieu thng ang, hay co tc, bao gom hai phan: li
nhuan vo ky (dividends) cong vi li nhuan t ban (capi-
tal gain). Li nhuan t ban la li nhuan en t sai biet
gia, gia ban ra tr cho gia mua vao. Co phan phoi li
nhuan vo ky hay khong la quyen quyet nh cua hoi ong
giam oc (Board of Directors) cua cong ty. Quyet nh
phan phoi, so lng phan phoi, ngay thang phan phoi va
tieu chuan phan phoi c hoi ong giam oc cua cong
ty tuyen bo nhng cuoc hop HG nh ky. Li nhuan
vo ky mot co phan, hay LNVK1C, la mot cach trnh bay
khac trong thuat ng cua th trng chng khoan. ung
vi danh xng, li nhuan vo ky cua co phieu c phan
phoi ti tay co chu nhng ch tnh tren n v mot co
phan (dividends per share).
Common Stock Holders Equity. Gia Tr Chu Ban. Xem
Book Value.
Compounding Method: Phng Phap Tnh Lai Hon Hp.
282
Consolidated Bonds: Trai Phieu Gop Dai Han. Xem GSEs
Bonds & Notes.
Convertible Bonds: Trai Phieu Kha Hoan; Trai Phieu Vi
Quyen Hoan oi. oi khi trai phieu co nh kem theo
quyen hoan oi. oi vi ngi au t, quyen nay cho
phep trai chu dung trai phieu e oi lay co phan co phieu
thng ang hoac co phan co phieu u ang cua cung
mot cong ty theo mot t le nh trc. oi vi cong ty,
quyen hoan oi giup cho cong ty phat hanh trai phieu co
c hoi chuyen oi so n vay mn (debt) thanh so von
hun hap (equity) mot cach hp ly va hp thi iem. Nhng
trai phieu co cho quyen hoan oi c goi la nhng trai
phieu kha hoan. Trai phieu kha hoan co the la hap dan
hn trai phieu bat kha hoan, tuy thuoc vao gia tr th trng
cua co phieu lien he.
Convertible Preferred Stock: Co Phieu u ang Kha Hoan.
Co phieu u ang cho quyen hoan oi, t co phieu u
ang qua co phieu thng ang, c goi la co phieu u
ang kha hoan. Loai co phieu nay thng c s dung
bi nhng nha tai tr von phat trien cho nhng cong ty
nhieu trien vong (venture capitalists). Vi quyen nay co
chu co the em co phan co phieu u ang e oi lay co
phan co phieu thng ang cua cong ty theo mot cong
thc a nh trc luc phat hanh co phieu u ang kha
hoan. Cong thc dung e tnh t le hoan oi co phan co
phieu u ang qua co phan co phieu thng ang con la
mot ong c ieu chnh (adjusting mechanism) trong cai
goi la ieu khoan chong lam loang (anti-dillution provi-
sion). Tuy vao ban chat va cach tnh, ieu khoan nay co
the rat la quan trong oi vi co chu co phieu thng
ang. ieu khoan chong lam loang bao ve co chu co
phieu u ang cang nhieu th chu quyen cua co phieu
283
Thuat Ng Anh Viet
thng ang cang b loang (the more protected the holder
of convertible preferred stock is from dilution the more
dillution the common stockholder are likely to suffer). Vi
quyen u tien cua co phieu u ang, trong trng hp
cong ty sap nhap hoac ban pha san, co chu se nhan
c tien boi hoan va co the kem mot so li nhuan theo
nh cam ket trc khi so thu (the proceed) c chuyen
giao qua co chu cua co phieu thng ang. Co mot so
co phieu u ang kha hoan cho co chu quyen yeu cau
cong ty phat hanh phai thu hoi co phieu sau mot thi
han nh trc vi mot so li nhuan tng oi. Va co mot
so co phieu u ang kha hoan cho cong ty quyen cng
bach hoan oi (entitles the company to force to redemp-
tion or conversion) sau mot thi han nh trc, thng
la sau vai nam. Thong thng co chu co phieu u ang
kha hoan cung co c quyen bau c hoi ong giam
oc (board of directos) va quyen bieu quyet mot so van
e quan trong, rat gii han va c nh trc (predefined
important decisions), cua cong ty nh la phat hanh them
co phan mi (issuance of new shares), ban hoac sap
nhap cong ty, phat hanh co phieu mi (creation of the
new stock), hoa c thay o i nghie p vu no ng co t (core
businesss activities).
Corporate Bonds: Trai Phieu Do Cong Ty Doanh Thng
Phat Hanh; Trai Phieu Cua Cong Ty Doanh Thng. Trai
phieu cua cong ty doanh thng (corporate bonds; de-
bentures) c phat hanh vi nhieu han du ky: ngan,
trung va dai han. Trai phieu ngan han cua cong ty doanh
thng (short-term corporate bonds) co du ky dai t 1
en 5 nam. Trai phieu trung han cua cong ty doanh
thng (medium-term corporate bonds) co du ky dai t
tren 5 en 15 nam. Va trai phieu dai han cua cong ty
doanh thng (long-term corporate bonds) co du ky dai
284
tren 15 nam. Thong thng th trai phieu do cong ty
doanh thng phat hanh co mc hiem hoa cao hn trai
phieu cua chnh quyen lien bang. Dau la c phat hanh
bi nhng cong ty to ln va co danh tieng tot, trai phieu
cua nhng cong ty doanh thng an cha hiem hoa cao
nhat v nhng cong ty doanh thng, so vi chnh quyen,
rat man cam vi nhng thay oi xau trong ieu kien kinh
te, trong kha nang cua ban quan tr, va trong moi trng
canh tranh doanh thng. Trng hp chinh quyen a
phng b pha san rat hiem khi xay ra. Nhng cong ty b
pha san la chuyen xay ra rat thng, ngay ca nhng
cong ty co tam voc, th du nh cong ty Pan Am, cong ty
LTV Streel hoac cong ty Chrysler trong nam 1979, Theo
o, mc li nhuan nh ky cua trai phieu do cong ty phat
hanh cung cao hn la mc li nhuan nh ky cua nhng
cong trai phieu. Ngoai ly do hiem hoa cao hn, trai phieu
cua cong ty doanh thng cho mc li nhuan nh ky
cao hn v mot ly do khac na, o la, v li nhuan cua trai
phieu do cong ty doanh thng phat hanh khong c
mien thue. Trai phieu do cong ty doanh thng phat
hanh luon luon c anh gia va xep hang kha tn bi
nhng cong ty chuyen cung cap dch vu thong tin au t.
Hai cong ty quen thuoc nhat la Standard and Poors Rat-
ing Services va Moodys Investors Service. Hang kha
tn cua mot cong ty, cung la pham hang cua trai phieu,
c xep theo mau ch la tinh. Trai phieu loai A c
anh gia cao nhat va c coi la trai phieu hao hang.
Trai phieu loai B c anh gia trung bnh. Trai phieu
loai C c anh gia thap. Trai phieu hang BBB theo
Standard and Poors, tng ng vi hang Baa theo
Moodys Service, va nhng hang cao hn c coi la
nhng trai phieu tot, thuoc hang phu hp cho muc ch
au t (investment-grade), noi theo thuat ng chuyen
mon. Trai phieu hang BB theo Standard and Poors, tng
285
Thuat Ng Anh Viet
ung vi hang Ba theo Moodys, va nhng hang thap
hn c coi la nhng trai phieu thuoc hang phu hp
cho muc ch anh ca may rui (less-than-investment
grade). Trai phieu phat hanh bi nhng cong ty doanh
thng thieu tam voc hoac nhng cong ty doanh thng
ang oi khat tai chnh thng tra mc li nhuan rat cao
(high yield) va ban ra di menh gia rat xa (deep dis-
count) thng c goi chung la nhng trai phieu may
rui (speculative bonds). Vao thap nien 1980 loai trai
phieu cho li nhuan that cao rat thnh hanh Hoa Ky va
la phng tien chnh ang e giup nhng cong ty nho
mn von phat trien. Tuy nhien phng tien nay a b
lam dung qua mc va b huy hoai vi mot loat tai tieng o
nhuc v nhng hoat ong phi phap trong lanh vc au t
cua nhng tay chuyen gia phu thuy, th du nh Ivan
Boesky and Michael Milken, va mot loat pha san giat n
(defaults) cua nhng cong ty vao au thap nien 1990s.
Chnh v vay nhng trai phieu loai nay b nh danh la
nhng trai phieu toi (junk bonds). a so trai phieu do
cong ty doanh thng phat hanh cho li nhuan nh ky
mot mc co nh, con goi la lai suat co nh. Mc li
nhuan nh ky co nh hay lai suat co nh la mc li
nhuan nh ky khong thay oi trong suot du ky, t ngay
phat hanh cho ti ngay man han. Trai phieu co mc li
nhuan nh ky khong thay oi c goi la trai phieu vi
mc li nhuan nh ky co nh hay la trai phieu vi lai
suat co nh (fixed rate bonds). Mot so trai phieu cua
cong ty doanh thng cho mc li nhuan nh ky ieu
chnh theo lai suat hien hanh cua th trng, thng la
tuy thuoc vao mot bieu so lai suat nao o th du nh la
cong trai phieu ngan han (short-term treasury bills). Trai
phieu cho mc li nhuan nh ky thay oi theo lai suat
hien hanh tren th trng c goi la trai phieu vi lai
suat ieu chnh (variable rate bonds) hoac trai phieu vi
286
lai suat noi (floating rate bonds). Thong thng trai phieu
vi lai suat ieu chnh cho li nhuan nh ky thap hn la
trai phieu vi lai suat co nh co cung mot chieu dai du
ky. Mot so trai phieu cua cong ty doanh thng khong
chi tra li nhuan nh ky theo moi 6 thang mot lan nh
nhng trai phieu co phieu lai. Thay vao o li nhuan
nh ky se c tnh va tr vao gia ban, do o, trai phieu
c ban ra vi mot gia di menh gia cua trai phieu rat
xa (deep discount). Loai trai phieu nay c goi la trai
phieu khong phieu lai do cong ty doanh thng phat hanh
(corporate zeros; zero coupon corporate bonds).
Corporate Charter: Van Ban Thanh Lap Cong Ty; Ban
Van Kien Thanh Lap Cong Ty.
Corporate Debentures: Trai Phieu Do Cong Ty Doanh
Thng Phat Hanh; Trai Phieu Cua Cong Ty Doanh Thng.
Xem Corporate Bonds.
Corporate Zeros: Trai Phieu Khong Phieu Lai Do Cong Ty
Doanh Thng Phat Hanh; Trai Phieu Khong Phieu Lai
Cua Cong Ty Doanh Thng. Xem Zero-Coupon Bonds.
Coupon Bonds: Trai Phieu Co Kem Phieu Lai. Xem Mu-
nicipal Bonds & Notes.
Coupon Payment: Li Nhuan nh Ky T Nhng Phieu
Lai; Tai Khoan Chi Tra Cho Nhng Phieu Lai.
Coupon Rate: Mc Li Nhuan nh Ky; Lai Suat Cua Trai
Phieu; Lai Suat Tren Phieu Lai. Tnh bang phan tram
tren menh gia cua trai phieu. Mc li nhuan nh ky co
the la co nh (fixed rate), co the la c ieu chnh theo
nac thang (step rate) va cung co the la c tha noi
287
Thuat Ng Anh Viet
(floating rate). Vi trai phieu cho mc li nhuan nh ky
6% co nh va co menh gia 1,000 USD, li nhuan nh
ky cua trai phieu se la 60 USD mot nam, hay la 6% x
1,000 USD. Mc li nhuan nh ky c ieu chnh theo
lai suat hien hanh cua th trng (variable rate; step or
floating) thng la i lien vi mot ch so lai suat nao o,
th du nh lai suat LIBOR hoac lai suat cua cong trai
phieu ngan han. Thong thng th li nhuan nh ky cua
trai phieu co kem phieu lai (coupon bonds) c chi tra
hang nam, moi 6 thang mot lan. Tuy nhien, nhng trai
phieu khong phieu lai (zero-coupon bonds) thng la
khong tra li nhuan nh ky hang nam nhng thay vao
o c ban ra mot gia di menh gia rat xa (deep
discount) va tat ca li nhuan nh ky c tra mot lan
mot vao ngay man du ky.
Credit Agreement: Khe c Tn Dung. Xem Back Up
Liquidity.
Credit Enhancement: Phng Tien Tang Cng Trnh o
Kha Tn. D khoan tn dung d phong ch co the giup
cho mot cong ty hoac chnh quyen phat hanh c xep
hang kha tn nhng khong nang c trnh o kha tn
(creditworthiness) cua no. e nang hang kha tn va cai
thien kha nang xam nhap th trng (to improve credit
rating and marketability) cua tn phieu thng mai, cong
ty hoac chnh quyen phat hanh co the s dung mot trong
nhng phng tien tang cng trnh o kha tn (by using
one of a variety of credit enhancements) bang cach dan
xep vi mot cong ty khac ng ra chi tra n tn phieu neu
cong ty hoac chnh quyen phat hanh khong u kha nang
(arranging for an alternative party to retire the commer-
cial paper if the issuer cannot). Nhng phng tien tang
cng trnh o kha tn khac vi d khoan tn dung d
288
phong cho la phng tien tang cng trnh o kha tn
cung cap s ho tr chac chan khong the rut lui (provides
a guarantee of support that cannot be witdrawn). Tn
phieu thng mai cua nhng cong ty thieu tam voc (small
firms) kho co the xam nhap th trng neu khong s dung
phng tien tang cng trnh o kha tn e lam giam bt
hiem hoa b giat n (default risk). Mot cong ty co tam
voc (a large firm) c xep hang kha tn rat cao (strong
credit rating) co the giup nang hang kha tn cua nhng
cong ty tuy phuc no (its subsidiaries), con goi la nhng
cong ty con, bang cach ng ra bao am thang (with
outright guarantee) hoac qua mot khe c trong o cam
ket la cong ty chu (holding company; parent company),
con goi la cong ty me, se tr giup cho cong ty con duy tr
trnh o kha tn mot mc nao o. Khe c nh vay
c goi la khe c gn gi cho tot (keepwell agree-
ment). Cam ket qua khe c gn gi cho tot kem an toan
hn la bao am thang. Cong ty hoac chnh quyen phat
hanh cung co the nang hang kha tn cho tn phieu thng
mai cua no bang cach mua mot cam ket boi thng do
nhng cong ty bao hiem cung cap (indemnity bond from
insurance companies) hoac mua mot tn dung th d
pho ng do nh ng nga n ha ng thng ma i cung ca p
(standby letter of credit sold by commerical banks). Ca
hai phng tien nay bao am la n tn phieu thng mai
se c chi tra bi cong ty ng ra cung cap phng
tien tang cng trnh o kha tn neu cong ty hoac chnh
quyen phat hanh khong u kha nang chi tra (supporting
entity will retire maturing commercial paper if the issuer
cannot). Vi mot tn dung th nh kem theo tn phieu
thng mai, thay v chu y vao tnh trang tai chnh cua
cong ty hoac chnh quyen phat hanh, nhng cong ty ng
ra anh gia va gii au t se don s chu y cua ho vao
tnh trang tai chnh cua ngan hang ky tn dung th. Theo
289
Thuat Ng Anh Viet
o, tn phieu thng mai se c xep hang kha tn cao
ngang vi tn phieu thng mai do chnh ngan hang o
phat hanh va lai suat cua tn phieu thng mai gan hoac
ngang vi lai suat cua tn phieu thng mai do chnh
ngan hang o phat hanh. Dung phng tien tn dung th
e tang cng trnh o kha tn, tren mat thc dung, tng
ng vi mn lay uy tn cua ngan hang ky tn dung
th. V rat t ngan hang Hoa Ky co hang kha tn A-1 hoac
P-1 cho nen a so tn dung th danh cho tn phieu thng
mai la do nhng ngan hang ngoai quoc co hang kha tn
cao cung cap.
Credit Rating: Hang Kha Tn. (1) Nhng cong ty chuyen
cung cap dch vu thong tin au t chang han nh Stan-
dard and Poors (S&P), Moodys Investors Service, Fitchs
Investors Service, hoac Duff & Phelps thng xuyen theo
doi, anh gia va xep hang kha tn cua nhng cong ty, c
quan va chnh quyen phat hanh trai phieu. Ben canh
viec truy xet tai san bao chng (collateral assets) va trnh
o kha tn (credit worthiness), nhng cong ty cung cap
dch vu thong tin au t nay con phai truy xet nhng yeu
to va nhng s kien quan trong xay ra co lien quan en
cong ty hoac c quan phat hanh nh la thay oi trong
thanh phan quan tr, cau truc tai chnh, tai san va the
chap, nhap thu va chi xuat, san pham va dch vu, th
phan va li tc, canh tranh hien tai va tng lai van van
e can nhac, phoi kiem, anh gia va xep hang trai phieu.
Ket qua xep hang c cong bo rong rai va tao anh
hng, oi khi rat ln, en gia ca cua trai phieu tren th
trng. Cong ty, c quan hoac chnh quyen phat hanh
tuy thuoc mot phan vao s anh gia cua nhng cong ty
cung cap dch vu thong tin au t nay e quyet nh gia
ban ra cho trai phieu ho sap phat hanh. Con gii au t
th da vao ket qua xep hang, cong vi nhng yeu to
290
khac, e lam quyet nh mua ban. (2) Tn phieu ky thac
tren th trng c nhng cong ty chuyen cung cap dch
vu thong tin au t xep hang kha tn (rating) theo s
anh gia cua ho ve kha nang cua ngan hang phat hanh
so vi kha nang cua nhng ngan hang phat hanh khac.
Trong so nhng yeu to dung e anh gia kha nang cua
ngan hang co: mc o lu hoat (banks liquidity), hiem
hoa lai suat (interest rate risk), kha nang canh tranh trong
moi trng ang hoat ong (competitive position in its
operating environment), li nhuan (profitability), pham
chat cua tai san (asset quality), kha nang cua ban quan
tr (strength of its management) va ieu kien tong quat
cua nen kinh te. Trong so nhng cong ty cung cap dch
vu thong tin au t co Standard and Poors Corporation,
Duff and Phelp Inc., Moodys Investor Service Inc.,
Thomson Bankwatch Inc., IBCA Ltd, Fitchs Investor Ser-
vice Inc.. (3) T sau khi cong ty Penn Central Transpor-
tation giat 82 trieu USD n tn phieu thng mai vao nam
1970 a so tn phieu thng mai eu c xep hang kha
tn bi mot hoac vai cong ty chuyen cung cap dch vu
thong tin au t, trong so o co Standard and Poors,
Duff & Phelps, Moodys va Fitch. Theo nh ngha cua
Standard and Poors, xep hang kha tn cho mot tn phieu
thng mai la cong viec tra cu va anh gia ve kha nang
chi tra n ngan han ung lch trnh cua mot cong ty hoac
chnh quyen phat hanh va cong viec nay mang tnh cach
oc lap (an independent assessment of the likelyhood of
timely payment of short-term debt). Nhng cong ty nay
da vao nhieu s kien khac nhau (wide variety of infor-
mation) e truy cu, anh gia va xep hang kha tn cua
nhng cong ty va chnh quyen phat hanh tn phieu thng
mai. Nhng trong so nhng s kien o, phan tch cua
nhng cong ty am trach anh gia (rating agencies) phan
ln la da vao qua trnh va d phong ket qua hoat ong
291
Thuat Ng Anh Viet
(historical and projected operating results) va da vao
cau truc tai chnh (financial structure) cua cong ty hoac
chnh quyen phat hanh. Nhng yeu to khac nh la tam
voc cua cong ty (size), li thu doanh thng (profitability)
va mc vay mn n (leverage) cung c cu xet can
than. Hang kha tn ch co tnh cach tng oi e ngi
au t co the lam mot so sanh gia nhng tn phieu thng
mai. Th du cach xep hang cua Standard and Poors
nhng tn phieu thng mai A-1
+
va A-1 c coi la hang
cao, A-2 va A-3 thuoc vao hang trung bnh, B va C thuoc
vao hang may rui (speculative), va D la cong ty hoac
chnh quyen phat hanh a tng giat n tn phieu phng
mai. Cong ty hoac chnh quyen phat hanh mn nhng
cong ty chuyen cung cap dch vu thong tin au t xep
hang kha tn cho tn phieu thng mai cua mnh va tra
tien dch vu vao khoang 10-30 ngan USD mot nam. Ket
qua xep hang c ban ra cho cong chung, thng la
di hnh thc at mua dai han (by subscription), va qua
nhng phng tien an loat, he thong vi tnh, hoac he
thong ien thoai. Moodys Global Short-term Market
Record, S&P Commercial Paper Ratings Guide, Short-
term Ratings and Research Guide, Fitch Ratings la san
pham co cha ng ket qua xep hang cua nhng tn
phieu thng mai tren th trng do nhng cong ty cung
cap dch vu thong tin au t noi tren phat hanh. Xep
hang kha tn thc dung cho (1) no la mot tong ket cua
mot so lng ln nhng s kien lien quan en cong ty
hoac chnh quyen phat hanh c cong bo en quan
chung (summarize available public information); (2) cong
tac tra cu, anh gia, xep hang c thc hien vi tnh
cach hoan toan oc lap; va (3) ngi au t khong phai
t ng ra thu thap tin tc va phan tch, cong viec oi hoi
nhieu thi gian, tai chnh va kha nang chuyen mon. No
cho biet hiem hoa kha tn (credit risk) va giup hng dan
292
nhng quyet nh au t lien quan en tn phieu thng
mai
Credit Risk: Hiem Hoa B Giat N. Xem Default Risk.
Credit Risk Premium: Ph Hiem Hoa Kha Tn. Tn phieu
ky thac thng c phat hanh vi menh gia tren 100
ngan USD trong khi cong ty lien bang bao hiem ky thac
(Federal Deposit Insurance Corporation, FDIC) ch bao
hiem toi a la 100 ngan USD. Tien ky thac co the khong
c hoan lai u so vao ngay man han neu co chuyen
khong may xay ra cho ngan hang phat hanh. Theo o,
gii au t ganh lay rui ro co the mat von khi mua tn
phieu ky thac. V the nen gii au t oi hoi mc li
nhuan nh ky cua tn phieu ky thac phai gia tang khi ho
cam nhan mc rui ro cua ngan hang phat hanh (per-
ceived riskiness of the bank) gia tang. Phan chenh lech
lai suat theo chenh lech rui ro c goi la ph hiem hoa
kha tn (credit risk premium) hoac ph hiem hoa b giat n
(default risk premium).
Credit Substitution Agreement: Hp ong Tang Cng
Trnh o Kha Tn. e nang hang kha tn va cai thien kha
nang xam nhap th trng (to improve credit rating and
marketability) cua mot trai phieu, chnh quyen tieu bang
hoac chnh quyen a phng phat hanh trai phieu thng
ky hp ong e giup tang cng trnh o kha tn va kha
nang lu hoat (credit and liquidity enhancement) cho trai
phieu o. Hp ong nh the co ten la hp ong tang
cng trnh o kha tn (credit substitution agreement) hoac
hp ong tang cng kha nang lu hoat (liquidity substi-
tution agreement). Mot hp ong tang cng trnh o
kha tn la mot van ban ky ket gia chnh quyen phat
hanh chng khoan va thanh phan th ba (a third party)
293
Thuat Ng Anh Viet
trong o thanh phan th ba cam ket la se chu trach nhiem
chi tra von lan li cua mot chng khoan cho nhng ngi
ang lam chu chng khoan o neu chnh quyen phat
hanh khong thi hanh ngha vu chi tra. Vi hp ong nay
thanh phan th ba trc tiep chu trach nhiem vi trai chu
neu chnh quyen phat hanh trai phieu giat n (if the is-
suer defaults). Mot hp ong tang cng kha nang lu
hoat la mot giao ha co ieu kien cua thanh phan th ba
(a third partys conditional promise) la se thu mua mot
chng khoan ang du hanh theo nhu cau cua ngi au
t hoac se cho chnh quyen phat hanh chng khoan o
mn n e dung vao viec thu mua theo nhu cau cua
ngi au t (either to purchase tenderred securities it-
self or to provide the municipal issuer with a loan that will
enable it to redeem the securities). Mot hp ong tang
cng kha nang lu hoat ch co hieu qua khi chng khoan
neu trong hp ong khong the ban ra lai th trng mot
mc li nhuan nh ky nam di mc toi a ma chnh
quyen phat hanh a nh trc (cannot resell the ten-
dered securities at an interest rate below the level sets
by the issuer), hoac ch n gian la chng khoan o khong
the ban ra lai th trng (cannot resell them at all), hoac
khong the phat hanh chng khoan e thay the chng
khoan ang man han (cannot reissue the matruing secu-
rities). Nhng hp ong tang cng kha nang lu hoat
co at ieu kien tren sc khoe tai chnh cua chnh quyen
phat hanh (are conditioned on the financial health of the
municipal issuers). Trong nhng hp ong tang cng
kha nang lu hoat co cha mot ieu khoan noi ro la hp
ong se b huy bo neu sc khoe tai chnh cua chnh quyen
phat hanh sa sut ang ke (have a clause that voids the
agreement if the financial condition of the issuer deterio-
rates significantly). a so hp ong la do nhng ngan
hang ln, cua Hoa Ky va cua ngoai quoc, cung cap.
294
Credit Worthiness: Trnh o Kha Tn. Xem Credit En-
hancement, Credit Rating
Cummulative Voting: Bau C Theo Qui Che Don Phieu.
Xem Voting.
Current Date to Date Expired: Chieu Dai Thi Gian Hieu
Lc. Xem Option Contracts, Options.
Current Yield: Li Nhuan Hien Hanh Cua Trai Phieu. Xem
Yield.
Custodian: Giam Ho.
Custodial Fee: Ph Giam Ho.
Date Held to Date Expired: Chieu Dai Thi Gian Hng
ng. Xem Option Contracts, Options.
Date Issued to Date Expired: Chieu Dai Thi Gian Ky
Sinh. Xem Option Contracts, Options.
Debentures: Trai Phieu Dai Han Khong Co The Chap.
Xem GSEs Bonds & Notes.
Debt Instruments: Nhng Cong Cu Vay Mn. Nhng
cong cu vay mn thong dung gom co trai phieu do cong
ty phat hanh (corporate bonds), trai phieu do chnh quyen
phat hanh (government bonds), va trai phieu do nhng
c quan c chnh quyen lien bang bao tr phat hanh
(GSEs long-term debentures).
Default Risk: Hiem Hoa B Giat N. Moi lan cho mn
von la moi lan ngi cho mn von oi au vi mot s
295
Thuat Ng Anh Viet
that khong hay la so von o co the se khong c hoan
tra v mot ly do nao o. Cong ty co the b pha san. Chnh
quyen tieu bang va a phng co the b pha san. Chnh
quyen quoc gia cung co the b pha san. Khi ieu nay
xay ra n cho vay se khong c hoan tra (defaulted)
hay toi thieu la khong c hoan tra ung ky hen (ex-
tended). Nhng trai phieu do cong ty doanh thng phat
hanh co c hoi b giat n cao hn la c hoi b giat n cua
nhng trai phieu do c quan c chnh quyen lien bang
bao tr phat hanh hoac cua nhng trai phieu do nhng
chnh quyen tieu bang hoac a phng phat hanh. Ch
duy nhat nhng trai phieu ngan han do chnh quyen lien
bang Hoa Ky phat hanh c gii au t coi la trai phieu
khong s b hiem hoa (risk-free).
Default Risk Premium: Ph Hiem Hoa B Giat N. Xem
Credit Risk Premium.
Deposit: Ky Thac. Xem Certificate of Deposit.
Depositor: Ngi Ky Thac. Xem Certificate of Deposit.
Deposit Notes: Trai Phieu Ky Thac. Trai phieu ky thac
tng ng vi tn phieu ky thac c quyen chuyen
nhng. No la loai ky thac co han ky, thng ban ra vi
menh gia mot trieu USD cho nhng to chc au t (insti-
tutional investors), ch c FDIC bao hiem toi a mot
tram ngan USD va cho mc li nhuan nh ky co nh
(fixed interest rate). Trai phieu ky thac ch khac vi tn
phieu ky thac cho cach tnh li nhuan nh ky cua trai
phieu ky thac giong vi cach tnh li nhuan nh ky cua
nhng trai phieu do cong ty doanh thng phat hanh
(corporate bonds). Ngan hang phat hanh trai phieu ky
thac vi muc ch thu hut au t cua th trng trai phieu
296
trung han do nhng cong ty doanh thng phat hanh
(medium-term corporate bonds) v vay a so trai phieu
ky thac co du ky vao khoang 18 thang cho en 5 nam.
Xem Domestic CDs, Certificate of Deposit.
Deposit Institution: C Quan Nhan Ky Thac; Ngan Hang
Ky Thac. Xem Certificate of Deposit.
Derivative Instrument: Ham Phieu. Ham phieu (deriva-
tive instrument) la mot loai chng khoan ky sinh vao mot
chng khoan khac vao mot bieu so gia tr hon hp, vao
mot ngoai te, hoac vao mot san pham (derived from or
linked to a security, an index, a foreign currency or a com-
modity). nh ngha theo phap ly, ham phieu la bang
chng cua mot khe c chnh thc (formal agreement)
gia hai oi tac (two parties) xac nh mot cuoc giao hoan.
. . Khe c nay, trong thuat ng mua ban ham phieu,
c goi la ham khe. Cung giong nh nhng chng
khoan khac, ham phieu bao gom nhieu loai. Trong so
nhng ham phieu pho thong nhat co ham phieu oc che
(options), ham phieu toan che (futures) va ham phieu
quyen (warrants).
Derivative Market Instruments: Nhng Cong Cu Cua Th
Trng Ham Phieu. Nhng cong cu thong dung cua th
trng ham phieu bao gom ham phieu toan che (futures),
ham phieu oc che (options), va ham phieu quyen (war-
rants).
Discount Notes: Trai Phieu Ban Di Menh Gia. Xem
GSEs Bonds & Notes, Bonds & Notes.
Discount Rate: Lai Suat Ngan Hang Trung ng; Lai
Suat NHT. Nhng ngan hang ky thac co the vay mn
297
Thuat Ng Anh Viet
d tr trc tiep vi Ngan Hang Trung ng mot mc
lai suat c goi la lai suat NHT. Noi mot cach khac,
lai suat NHT la lai suat do chnh Ngan Hang Trung ng
quyet nh khi nhng ngan hang thanh vien en vay mn
d tr tai ca hang cho vay d tr cua NHT (discount
window). Khi Ngan Hang Trung ng nang mc lai suat
NHT, tat ca nhng loai lai suat khac tren th trng eu
gia tang theo; va ngc lai cung the.
Distributing Syndicate: To Trung Gian am Nhiem Phan
Phoi Chng Khoan Mi. Xem Underwriter.
Distribution Fee: Ph Phan Phoi. Xem Fee.
Dividends: Li Nhuan Vo Ky. Li nhuan vo ky cua co
phieu thng ang. Xem Common Stock Dividends. Li
Nhuan Thng Ky. Li nhuan thng ky cua co phieu u
ang. Xem Preferred Stock Dividends.
Dividends in Arrears: Li Nhuan Thng Ky Tch Luy. Co
phieu u ang cho li nhuan mot mc co nh va c
phan phoi thng ky. Neu v mot ly do nao o cong ty
phat hanh co phieu u ang khong the phan phoi li
nhuan nh a cam ket, so li nhuan thng ky se tiep
tuc tch luy (dividend arrears) e ch cong ty trang trai
khi co ieu kien. Cong ty phat hanh khong the phan
phoi li thu doanh thng cho co phieu thng ang,
con goi la li nhuan vo ky, trc khi trang trai xong cho
co phieu u ang so li nhuan thng ky tch luy (divi-
dends in arrears). Noi mot cach khac, co phieu u ang
c u tien hn co phieu thng ang trong quyen chia
li thu doanh thng cua cong ty.
Dividend Payout: Li Nhuan Phan Phoi. Xem Stock Divi-
298
dends, Dividend Payout Rate.
Dividend Payout Rate: Mc Phan Phoi Li Nhuan. Mc
phan phoi li nhuan cua mot cong ty c o bang ch
so t le phan phoi li thu doanh thng va ch so nay
c trnh bay bang so phan tram cua li thu doanh
thng.
Dividend Yield: Mc Li Nhuan Hien Hanh. Mc li nhuan
hien hanh cua co phieu thng ang la t le cua tat ca li
nhuan vo ky nhan c trong nam tren gia th trng
cua co phieu luc mua vao.
Dollar Repo (Dollar Roll): Tn Phieu Giao oi Vi The
Chap Uyen Chuyen. Tuy phan ln so lng tn phieu
giao oi nam di dang giao c tieu chuan, giao c
ban mua hoac mua ban oi lng ngan han nhng chng
khoan do chnh quyen lien bang phat hanh, mot so khac
c cai dang e tao s uyen chuyen can thiet ap ng
chnh xac nhu cau chu nh, nhat la oi vi nhng giao
c dai han hn. Trong so cai dang co tn phieu giao oi
vi du ky uyen chuyen (flex repo), tn phieu giao oi vi
lai suat uyen chuyen (index repo) va tn phieu giao oi
vi the chap uyen chuyen (dollar repo; dollar roll). Tn
phieu giao oi vi the chap uyen chuyen (dollar repo;
dollar roll) la mot giao c ban mua oi lng ngan han
trong o nhng chng khoan the chap co the c thay
the bang nhng chng khoan tng ong. Theo giao
c, pha cung cap von co quyen thay the nhng chng
khoan the chap vi mot so chng khoan khac tng ong
va ngi cung cap chng khoan chap nhan mua lai so
chng khoan tng ong o (the inital sellers obligation
is to repurchase securities that are substantially similar,
but not identical, to the securities originally sold). Tn
299
Thuat Ng Anh Viet
phieu giao oi vi the chap uyen chuyen co hai dang:
hu phieu ong lai suat va hu phieu ong lai nhuan.
Dollar Roll (Dollar Repo): Tn Phieu Giao oi Vi The
Chap Uyen Chuyen. Xem Dolla Repo.
Domestic CDs: Tn Phieu Ky Thac Noi a. Tn phieu ky
thac noi a la nhng tn phieu ky thac do ngan hang
Hoa Ky phat hanh ben trong lanh tho Hoa Ky (issued by
US banks domestically). Tn phieu ky thac co the thuoc
loai c quyen chuyen nhng hoac thuoc loai khong
c quyen chuyen nhng tuy vao ac iem phap ly
cua no (legal specifications). Vi loai tn phieu ky thac
c quyen chuyen nhng (negotiable CDs), ngi ky
thac co the ban no cho ngi khac va ngi o cung co
quyen ban lai cho ngi khac na. Vi loai tn phieu
khong c quyen chuyen nhng (nonnegotiable CDs),
ngi ky thac thong thng la phai gi no cho en ngay
man han. Tn phieu ky thac co the thuoc loai chi tra cho
ngi cam phieu (payable to the bearer), hoac thuoc loai
ch chi tra cho ngi a ang ky chu quyen (registered
in the name of the investor). a so nhng tn phieu co
menh gia cao eu thuoc loai chi tra cho ngi cam phieu
v vi loai nay thu tuc mua ban gian d hn nhieu va t ton
kem so vi loai ang ky chu quyen. Di du luat Cong
Bnh Thue Thu va Trach Nhiem Thu Chi ban hanh nam
1982 (Tax Equity and Fiscal Responsibility Act; TEFRA),
tat ca tn phieu ky thac co han du ky dai hn mot nam,
tnh t ngay phat hanh, eu phai ang ky chu quyen.
Dau rang co nhng tn phieu ky thac co thi gian du ky
dai ti 5 nam nhng a so co du ky t 1 thang en 12
thang. Luat le kiem soat ngan hang cua lien bang qui
nh la thi gian du ky cho tn phieu ky thac toi thieu
khong di 7 ngay. Thong thng li nhuan nh ky cua
300
tn phieu ky thac c chiet tnh theo phng phap tnh
lai n (interest bearing basis) tren can ban 360 ngay
mot nam, hay la so ngay du ky / 360 ngay, con goi la
can ban cua tn phieu ky thac (CD basis). Gia du nh
mot tn phieu ky thac du ky 90 ngay co menh gia 1 trieu
USD va lai suat 3 phan tram. Vi phng phap tnh lai
n tren can ban 360 ngay mot nam, sau 90 ngay ngi
ky thac se nhan lai mot so tien la 1,007,500 USD hay la
1,000,000 USD x [1 + (90/360) x 0.03]. Tuy nhien, mot
so ngan hang lai chiet tnh tren can ban 365 ngay mot
nam. Trong trng hp nay, vi cung mot mc li nhuan
nh ky, ngi ky thac se nhan c t tien lai hn so vi
cach tnh tren can ban 360 ngay mot nam. Cung mot
gia du, vi phng phap tnh lai n tren can ban 365
ngay mot nam, sau 90 ngay ngi ky thac se nhan lai
mot so tien la 1,007,397 USD, hay la 1,000,000 USD x [1
+ (90/365) x 0.03]. Cho nhng tn phieu ky thac co du ky
dai hn mot nam vi mc li nhuan nh ky co nh (fixed
interest), ngan hang thng chi tra li nhuan nh ky vao
moi 6 thang (semiannually). Tn phieu ky thac vi li
nhuan nh ky ieu chnh (variable-rate CDs; VRCDs),
con goi la tn phieu ky thac vi li nhuan nh ky tha noi
(floating CDs), co mat tai Hoa Ky t nam 1975. Vi loai
nay chieu dai thi gian du ky, cung la chieu dai thi gian
ky thac, cua tn phieu c chia ra lam nhieu tieu han va
nhng tieu han co chieu dai thi gian bang nhau (total
maturity is divided into equally long rollover periods).
Nhng tieu han c goi theo thuat ng chuyen mon la
nhng cai chan (legs) hay la nhng chuyen ky (roll peri-
ods). moi au moc thi gian cua nhng chuyen ky
mc li nhuan nh ky (%) cua tn phieu ky thac se c
ieu chnh lai theo mc lai suat hien hanh tren th trng
va li nhuan nh ky ($) se c chi tra moi cuoi chuyen
ky. Lai suat cho moi chuyen ky thong thng c tnh
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Thuat Ng Anh Viet
theo phng phap phan tram cao hn lai suat chuan
(set at some fixed spread to a certain base rate). Lai
suat chuan co the la lai suat noi (prime rate), lai suat
ngan hang Luan on (London Interbank Offered Rate,
LIBOR), hoac lai suat cong trai phieu ngan han (treasury
bill rate). Chieu dai thi gian du ky cua cong cu tai chnh
dung e nh lai suat chuan se bang vi chieu dai thi
gian cua nhng chuyen ky cua tn phieu ky thac. Lai
suat noi la mc lai suat ngan hang ap dung cho nhng
cong ty thng nghiep co uy tn nhat e tnh gia cho vay
vi lai suat tha noi (floating rate loans). Tn phieu ky
thac vi li nhuan nh ky ieu chnh c nhng ngan
hang phat hanh tn phieu s dung nhieu v tn phieu ky
thac loai nay co mc lu hoat cao nh cung ng nguon
von vi du ky tng oi dai. Gii au t vao th trng
tien te a thch tn phieu ky thac loai nay v muon mua
nhng cong cu co du ky dai nhng cung luc han che
c mat mat li nhuan nh mc li nhuan nh ky cua
tn phieu c ieu chnh thng xuyen theo mc gia
tang cua lai suat hien hanh tren th trng. Trong thap
nien 1980, tn phieu ky thac vi li nhuan nh ky ieu
chnh chiem khoang 10 phan tram cua tong so tn phieu
ky thac co menh gia cao tren th trng. Tuy nhien en
cuoi nam 1992 tn phieu ky thac loai nay ch con vao
khoang 2 phan tram. Trai phieu ky thac (deposit notes)
va trai phieu ngan hang (bank notes) la san pham cua
nhng ngan hang ln vao gia thap nien 1980, nhat la
nhng ngan hang hai ngoai co chi nhanh tai Hoa Ky.
Trai phieu ky thac tng ng vi tn phieu ky thac c
quyen chuyen nhng. No la loai ky thac co han ky,
thng ban ra vi menh gia mot trieu USD cho nhng
nha au t thuoc vao to chc (institutional investors), ch
c FDIC bao hiem toi a mot tram ngan USD va cho
mc li nhuan nh ky co nh (fixed interest rate). Trai
302
phieu ky thac ch khac vi tn phieu ky thac cho cach
tnh li nhuan nh ky cua trai phieu ky thac giong vi
cach tnh li nhuan nh ky cua nhng trai phieu do cong
ty doanh thng phat hanh (corporate bonds). Ngan hang
phat hanh trai phieu ky thac vi muc ch thu hut au t
cua th trng trai phieu trung han do nhng cong ty doanh
thng phat hanh (medium-term corporate bonds) v vay
a so trai phieu ky thac co du ky vao khoang 18 thang
cho en 5 nam. Trai phieu ngan hang (bank notes) la
mot phng tien e ngan hang huy ong von ma khong
b buoc vao luat le phai mua bao hiem (not subject to
federal deposit insurance premiums). Trai phieu ngan
hang chnh thc la trai phieu ky thac nhng ngan hang
khong goi va khong bao cao la trai phieu ky thac tren
van ban tai chnh cua ngan hang. Thay vao o no c
bao cao di muc nhng khoan n khac (other liabili-
ties) nh la von mn (as borrowed money).
Double-Barreled Bonds (DB): Trai Phieu DB; Trai Phieu
Dai Han c Bao an Kep. Trai phieu DB c phat
trong tng lai, bao am bi hai nguon tai chnh rieng re
(two separate sources). V vay trai phieu DB c nh
danh la trai phieu dai han c bao am kep.
Double Tax-Free Munis: Trai Phieu Cua Chnh Quyen
Tieu Bang Va a Phng c Mien Thue Lien Bang Va
Thue Tie Bang; Trai Phieu Cua Chnh Quyen Tieu Bang
Va a Phng c Mien Hai Th Thue. Xem Municipal
Bonds & Notes, Dounble Tax-Free Munis, Triple Tax-Free
Munis.
Electronic Ticker Tape: Bang Yet Gia ien T. Bang yet
gia ien t lien tuc thong bao gia mi nhat cua co phieu
303
Thuat Ng Anh Viet
tren th trng (showing real-time or 15 minute delayed).
Noi dung cua bang yet gia ien t rat n gian. o la,
cot th 1 cho biet ky hieu rieng cua co phieu. Cot th 2
cho biet so lng co phan ang mua ban. Mau t K co
ngha la nhan cho 1 ngan, M la nhan cho 1 trieu va B la
nhan cho mot t. Nh vay, 5K co ngha la 5 ngan co phan
va 38K la 38 ngan co phan. Cot th 3 cho biet gia mi
nhat cua co phieu. Cot th 4 cho biet gia cua co phieu
troi hay sut so vi gia sau cung cua ngay hom trc
(previous days closing price). Thong thng dau mau
o ch hng giam, mau xanh ch hng tang, va mau
trang e ch khong co thay oi. Va cot th 5 cho biet gia
cua co phieu a troi sut bao nhieu so vi gia sau cung
cua ngay hom trc.
Equity Instruments: Nhng Cong Cu Hun Hap. Nhng
cong cu hun von thong dung gom co co phieu thng
ang (common stocks) va co phieu u ang (preferred
stocks).
Eurodollar CDs (London Dollar CDs): Tn Phieu Ky Thac
Hai Ngoai. Tn phieu ky thac hai ngoai la nhng tn phieu
ky thac my kim hai ngoai do nhng ngan hang nam ngoai
lanh tho Hoa Ky phat hanh (dollar-denominated CDs is-
sued by foreign branches of US banks or by foreign banks
located abroad). Ky thac my kim hai ngoai (Eurodollar
deposits) la thuat ng gan cho von my kim huy ong tai
hai ngoai bang cong cu tn phieu ky thac nam ngoai pham
vi luat le kiem soat ngan hang cua Hoa Ky (are bank
deposit liabilities denominated in US dollars but not sub-
ject to US banking regulations). Vao thi iem trc ay
kha lau, nhng hoat ong ky thac my kim hai ngoai nam
ngoai pham vi cua luat le kiem soat ngan hang cua Hoa
Ky ch co tai Au Chau do o my kim hai ngoai mi co ten
304
la Eurodollars.
1
Va v tap trung tai thanh pho Luan on
nen my kim hai ngoai con co ten la London dollars. Ngay
nay phan ln nhng ky thac my kim hai ngoai van tap
trung tai Au Chau nhng con co them nhng cho khac
nh la US-IBFs, Bahamas, Bahrain, Cayman Islands,
Panama, Japan, Hongkong, Singapore, Netherlands
Antilles, va Canada. Tn phieu ky thac hai ngoai la loai
tn phieu c quyen chuyen nhng (negotiable CDs)
va lai nhuan cua no c chiet tnh bang phng phap
tnh lai n (interest bearinbg basis). a so tn phieu ky
thac hai ngoai co li nhuan nh ky co nh va co du ky
t 3 cho ti 6 thang. Loai co li nhuan nh ky tha noi
(floating-rate Eurodollar CDs) cung c phat hanh nhng
vi du ky dai hn. Mot so tn phieu ky thac hai ngoai,
con c biet en di ten Tranche CDs, c phat
hanh vi so von huy ong rat ln, trung bnh vao khoang
10 cho en 30 trieu USD. Sau o c nhng ai ly mua
ban chng khoan (dealers) em chia ra thanh nhng tn
phieu vi menh gia nho hn, vao khoang 10 cho ti 25
ngan USD, e ban ra th trng qua nhng trung gian
mua ban chng khoan (brokers), nhng ngan hang au
t (investment banks) hoac nhng hoat ong ban le cua
ngan hang phat hanh (issuing banks retail sales opera-
tion). Nhng tn phieu con nay co cung mc li nhuan
nh ky, cung ngay phat hanh, cung ngay chi tra li nhuan
nh ky va cung ngay man han du ky nh tn phieu me.
Phan ln so lng tn phieu ky thac hai ngoai la do chi
nhanh cua nhng ngan hang ln cua Hoa Ky, Nhat Ban,
Gia Na ai va nhng ngan hang giao hoan Anh Quoc
phat hanh (British clearing banks) va ban cho nhng ngan
hang khac tren th trng lien ngan hang Luan on (Lon-
don Interbank markets) nhng a so c ban cho nhng
nha au t thuoc to chc va cho nhng cong ty ln cua
Hoa Ky. Ngan hang phat hanh tn phieu ky thac hai
305
Thuat Ng Anh Viet
ngoai e huy ong von my kim ben ngoai lanh tho Hoa
Ky cung ng cho nhu cau quoc te (international lending)
hoac chuyen ve nc cung ng cho nhu cau noi a.
Nhng ngan hang ln cua Hoa Ky lien tuc so sanh gia
hieu qua (effective costs) trong viec huy ong von tai noi
a va tai th trng my kim hai ngoai. Neu gia hieu qua
trong viec huy ong von tai Hoa Ky co li hn, cong cu
tn phieu ky thac noi a se c s dung. Con ngc
lai, neu gia hieu qua trong viec huy ong von tai th trng
my kim hai ngoai co li hn ho se s dung cong cu tn
phieu ky thac hai ngoai.
Exercise Price (Strike Price): Gia c Cam Ket. Xem
Option Contract, Options.
Ex-Dividend Date: Ngay Loai Mien; Ngay Loai Mien Phan
Phoi Li Nhuan Vo Ky. Xem Holder-of-Record Date.
Face Value: Gia Tr Phiem Ban. oi khi c e cap ti
trong nhng van kien bao cao tnh trang tai chnh cua
cong ty va trong van ban thanh lap cong ty (articles of
incorporation). Gia tr phiem ban c trnh bay bang
n v tien te ($) cho mot co phan cua co phieu thng
ang. Theo khai niem ke toan xa cu toan bo tai san
cua cong ty c coi nh la tai san cua mot quy tn nhiem
(trust fund) va gia tr cua moi co phan se phan anh, theo
t le, gia tr thc cua cong ty. Tuy nhien nen tang ly
thuyet e thanh lap cai goi la par value a loi thi. Chnh
v vay par value tr thanh mot gia tr phiem, mot gia tr
tru tng khong hn khong kem. GTPB cua co phieu
thng ang ch con c dung e thoa ang hnh thc
tren van kien ke toan hoac tren van kien thanh lap cong
ty ch khong co y ngha ang ke hoac co s thc dung.
Menh Gia; Menh Gia Cua Co Phieu u ang. Giong nh
306
trai phieu, moi co phieu u ang eu co mot menh gia.
Menh gia cua co phieu u ang la gia tr co nh cua
cophieu o va no c dung e tnh li nhuan thng
ky. Menh gia cua mot co phieu u ang thng la 100,
75, 50 hoac 25 USD mot co phan. Khong giong nh gia
tr phiem ban cua co phieu thng ang (common stocks
par value), menh gia cua co phieu u ang rat quan trong
v li nhuan thng ky cua mot co phieu u ang c
tnh tren phan tram cua menh gia.
Facility Fee: Ph Phng Tien. Xem Fee.
Fee: Ph; Ph Khoan. (1) Chi ph giao hoan lien quan ti
viec chuyen giao tai khoan chi tra, chng khoan, hoac
the chap thng la tong hp cua (some combination of)
mot so ph c ban trong o co ph giao hoan chng khoan
(securities clearance fee), ph chuyen giao qua mang vi
tnh cu a Nga n Ha ng Trung ng (Fedwire transfer
charge), ph giam ho (custodial fee) va ph bao tr trng
muc (account-maintenance fee). Chi ph gia giam nhieu
t tuy thuoc vao loai chng khoan va phng phap chuyen
giao, th du nh ph chuyen giao qua mang vi tnh cua
Ngan Hang Trung ng cho chng khoan do c quan
phat hanh cao hn cho chng khoan do lien bang phat
hanh. Nhng ai khai la cang qua nhieu trung chuyen
(intermediate transactions) th chi ph cang cao. Con du
ky dai hn vi so lng tai khoan ln hn khong lam
tang them chi ph bao nhieu. (2) Cong ty hoac chnh quyen
phat hanh tn phieu thng mai (commercial paper) phai
ong mot vai loai ph lien quan en khe c lien hoan,
trong o co ph phng tien (facility fee), ph cam ket
(commitment fee) va ph s dung (usage fee). Ph phng
tien tnh bang phan tram tren gia tr cua d khoan tn
dung va phai chi tra dau co hay khong co s dung en
307
Thuat Ng Anh Viet
d khoan tn dung (the facility fee is a percentage of credit
line and is paid whether nor not the line is activated). Ph
cam ket tnh bang phan tram tren gia tr cha s dung
het trong d khoan tn dung (the commitment fee is a
percentage of unused credit line). Ph cam ket cang ngay
cang t thong dung hn trong nhng nam gan ay. Ph
s dung oi khi c at ra neu d khoan tn dung c
s dung qua nhieu lan (if the credit line is heavily used).
(3) Nhng cong ty hoac chnh quyen co tam voc va
hang kha tn cao nhan xet la vay mn qua cong cu tn
phieu thng mai thng re hn vay mn trc tiep vi
ngan hang. Chi ph trong o co ph phan phoi (distribu-
tion fee), ph anh gia va xep hang kha tn (rating fee),
ph d khoan tn dung d phong (backup credit line), van
van . . . tat ca cong lai ch vao khoang 15 iem can ban
cho mot chng trnh vay mn ln, mot con so rat khiem
nhng.
Fed Fund Rate: Lai Suat D Tr. Cai gia ma mot ngan
hang ky thac (a depository bank) phai tra e vay mn
mot so lng d tr t mot ngan hang ky thac khac.
Federal Reserves Securities & Payment Transfer Sys-
tem): He Thong Chuyen Giao Chng Khoan Va Tai Khoan
Chi Tra Cua Ngan Hang Trung ng.
Fedwire Transfer Fee: Ph Chuyen Giao Qua Mang Vi
Tnh Cua Ngan Hang Trung ng. Xem Fee.
Finance Companies: Nhng Cong Ty Tai Chnh. Nhng
cong ty tai chnh cung cap cho gii tieu thu tai chnh vay
mua nha (home loans), tai chnh vay mua xe xai (retail
automobile loans) va tai chnh vay mua khong the chap
nh ng nhu ca u ca nha n (unsecured personal loans).
308
Nhng cong ty tai chnh cung cung cap von ngan va
trung han cho nhng doanh nghiep, trong o co ca tai
chnh vay mua co the chap dung cu may moc e ban lai
(secured loans to finance purchases of equipment for
resales). Co nhng cong ty tai chnh la cong ty con cua
nhng cong ty cong nghiep (wholly owned subsidies of
industrial firms) ng ra cung cap tai chnh vay mua san
pham do cong ty me san xuat (provide financing pur-
chases of the parent firms products). Th du nh GEC
(General Electric Capital) la cong ty con cua cong ty GE
(General Electric), GMAC (General Motor Acceptance
Corporation) la cong ty con cua cong ty GM (General
Motor) va FMC (Ford Motor Credit) la cong ty con cua
cong ty Ford.
Financial Companies: Nhng Cong Ty Tai Vu. Trong so
nhng cong ty tai vu co nhng cong ty tai chnh (finance
companies, cong ty bao hiem (insurance firms) va nhng
cong ty chng khoan (securities firms).
Financial Leverage: on Bay Tai Chnh.
Financial Market: Th Trng Tai Chnh. Nhng th trng
tai chnh thng c phan ra lam hai nhanh va c
goi mot cach quen thuoc la th trng tien te (money
market) va th trng t ban (capital market).
Fix-Coupon Dollar Repo: Tn Phieu Giao oi Vi The
Chap Hu Phieu ong Lai Suat. Di dang tn phieu
giao oi vi the chap hu phieu ong lai suat (fixed-cou-
pon dollar repo), pha cung cap chng khoan chap nhan
mua lai so chng khoan tng ong mien la lai suat cua
so chng khoan hu phieu nay tng ong vi lai suat
cua so chng khoan hu phieu luc ban au (the initial
309
Thuat Ng Anh Viet
seller agrees to repurchase securities that have the same
coupon rate as those sold in the first half of the transac-
tion). Xem Dollar Repo.
Flex Repo: Tn Phieu Giao oi Vi Du Ky Uyen Chuyen.
uyen chuyen (dollar repo; dollar roll). Tn phieu giao oi
vi du ky uyen chuyen la mot dan xep giao oi gia mot
ai ly mua ban chng khoan vi mot khach hang quan
trong, thng la mot cong ty hoac la mot chnh quyen
a phng (municipality or similar authority), va trong
dan xep giao oi o khach hang mua mot so chng khoan
t ai ly mua ban chng khoan va co the ban ngc lai
cho ai ly mua ban chng khoan mot phan cua so chng
khoan nay trc ngay tn phieu giao oi man han. Von
au t trong mot giao c nh vay thng la t mot ngan
quy tai tr cho mot cong trnh xay dng. S uyen chuyen
trong du ky cua giao c giup cho khach hang mot mat
co the tch cc chuyen van so tai chnh trong ngan quy
e tao ra li tc, thay v e ong bang, mot mat khac
ap ng ung luc va va u nhu cau tai chnh theo tng
giai oa n cu a co ng trnh (project to be completed in
phases). Khi can en tai chnh cho mot giao oan nao
o cua cong trnh khach hang co the ban mot so chng
khoan, va u va ung luc, ngc lai cho ai ly mua ban
chng khoan theo giao c. oi khi tn phieu giao oi
310
vi du ky uyen chuyen co thiet lap trc mot thi bieu
rut tien (a prearranged draw-down schedule) nhng thong
thng th thi bieu rut tien cung uyen chuyen, tc la
nhng thi iem va so lng tai chnh ghi trong o co
the di dch.
Futures: Ham Phieu Toan Che. Xem Futures Contracts.
Futures Contracts: Ham Khe Toan Che. Mot ham khe
toan che la mot khe c c tieu chuan hoa (a stan-
dardized agreement) e mua hoac ban tai mot th trng
mua ban co to chc (exchange traded) mot mon hang
c ch ro (underlying item) mot gia ieu nh trc
(negotiated price) va se giao hang vao mot ngay trong
tng lai c ch nh trc (specified future date). Mon
hang o co the la mot san pham, mot chng khoan, mot
bieu so gia tr hon hp hoac mot ngoai te. Trong so
nhng san pham c mua ban tren th trng co ca
nong san, khoan san, lam san, va nhien lieu. Th du nh
la ca phe, cocoa, ng, lua m, bap, bong vai, heo, bo,
ga, trng ga, giay, go, kh ot, van van. Cung giong nh
ham khe oc che, ham khe toan che c thanh lap la v
ngi mua va ngi ban cung nhn ve tng lai cua mot
mon hang nhng khong cung mot ket luan. Ngi mua
th d phong la gia th trng cua mon hang trong tng
lai se cao hn gia ieu nh cho nen muon mua, thuat
ng chuyen mon goi la gi trng v (to take on a long
futures position). Ngc lai, ngi ban th d phong la
gia th trng cua mon hang trong tng lai se thap hn
gia ieu nh cho nen muon ban, thuat ng chuyen mon
goi la gi oan v (to take on a short futures position).
Ham khe toan che khac hn ham khe oc che tren mot
so iem can ban. Th nhat ham khe toan che bat buoc
ngi mua phai mua va ngi ban phai ban theo cam
311
Thuat Ng Anh Viet
ket. V trong cam ket ap at s cng che len ca hai
pha, ngi mua va ngi ban, cho nen ham phieu cua
no mang ten la ham phieu toan che e ch ve ac tnh
nay. Th hai, ham khe toan che oi hoi ca ngi mua
lan ngi ban phai at xuong mot so tien goi la tai khoan
ky thac am bao khe c (margin deposit). Th ba, gia
tr cua mot ham khe toan che la so khong thi iem
xng ng va c thanh lap (the value of a futures
contract is zero to both buyer and seller at the time it is
negotiated) va v vay ca ngi mua lan ngi ban khong
phai tra tien luc o (a future transaction involves no money
at the outset). Thuat ng tai khoan ky thac am bao khe
c (margin deposits) trong mua ban ham phieu toan
che thng b lam vi thuat ng tai khoan at coc (stock
margins) trong mua ban co phieu. Tai khoan at coc
trong mua ban co phieu la mot so tien chi tra trc mot
phan nao cua tong so va thieu n phan con lai e nam
trong tay mot chng khoan (Stock margin is a down pay-
ment on the purchase of an equity security on credit. It
represents fund surrenderred to gain physical posses-
sion of a security). Ngc lai, tai khoan ky thac am bao
khe c la mot so tien ky thac e bao hiem cho viec
thc hien khe c ch khong phai la tien tra trc mot
phan e mua thieu (margin deposit is a performance bond
posted to ensure that traders honor their contractual ob-
ligation, and not a down payment on credit transaction).
e co the mua ban ham phieu toan che (futures trans-
action) trc tien ngi mua lan ngi ban phai m mot
trng muc mua ban ham phieu toan che va at mot so
tien ky thac am bao khe c vi mot trung gian mua
ban chng khoan (post margin with a broker). Trung
gian mua ban chng khoan sau o dung so tien nay e
at ky thac am bao khe c vi mot trung gian giao
hoan (clearing agent). at ky thac am bao khe c co
312
the di dang tien mat (by depositing cash) hoac, cho
nhng to chc mua ban chng khoan co tam voc (insti-
tutional traders), di dang the chap bang chng khoan
de ban do chnh quyen lien bang phat hanh hay bang tn
dung th do mot ngan hang ky phat (by pledging collat-
eral in the form of marketable security or letter of credit.)
Nhng cong ty trung gian giao hoan (clearing firms), la
nhng thanh vien cua trung tam giao hoan (exchange
clearing house), phai hoan toan chu trach nhiem trc
tiep thanh ly vi trung tam giao hoan ve nhng thua that
trong mua ban ham phieu cua khach hang cua ho. e
bao am tnh cach kha tn tai chnh cua c trnh giao
hoan (to ensure financial integrity of the clearing process),
chnh ban than cua nhng cong ty trung gian giao hoan
cung phai thoa man yeu cau ky thac am bao khe c
(meet margin requirements) va ieu kien tai chnh toi thieu
(minimum capital requirements) do trung tam giao hoan
a ra. Sau moi phien mua ban (at the end of each trad-
ing session), tat ca ngi mua va ngi ban eu phai
anh dau ham khe toan che theo th trng (marking
futures contracts to market). anh dau ham khe toan
che theo th trng la thuat ng noi ve ket toan cuoi ngay
e xet gia tr cua ham phieu toan che va nh v tr tai
chnh cua nhng ngi nam ham phieu toan che. Noi
mot cach khac, anh dau ham khe toan che theo th
313
Thuat Ng Anh Viet
yeu cau. anh dau ham khe theo th trng cuoi phien
mua ban co tac dung tai ieu nh gia ham phieu moi
ngay (has the effect of renegotiating the futures price).
V the, ngi mua va ngi ban ong y bat au mot ngay
mi vi cai gia sau cung cuoi ngay hom qua. Gia th
trng cua ham phieu toan che se bang vi gia th trng
cua mon hang cho ky sinh vao phien mua ban cuoi cung
vao ngay ham phieu man han (futures prices converge
to the underlying spot market price on the last day of trad-
ing). Hien tng nay c goi la s ong quy (conver-
gence). Sau khi cham dt phien mua ban sau cung nay,
ham khe toan che se c anh dau cho th trng mot
lan chot. Neu la ham khe toan che thuoc loai thanh ly
bang tien mat (cash-settled contracts), tat ca se c
ket toan va tai khoan ky thac am bao khe c con d
se c hoan tra cho chu nhan. Neu ham khe toan che
xac quyet phai thc s tai giao mon hang (specifies de-
livery of the underlying item), trung tam giao hoan se sap
xep vi hai pha mua ban e giao hang ung theo khe
c. Gia cua mon hang ghi tren hoa n giao hang (in-
voice price; delivery price) se c lay theo gia th trng
314
cua no vao thi iem ket thuc phien mua ban cuoi cung
cua ham phieu toan che con goi la gia ket (final settle-
ment price). Con khoan li hoac lo do sai biet gia gia
ket va gia ieu nh trc cua ham khe toan che (nego-
tiated price) se c thanh toan qua kenh trng muc
mua ban ham phieu toan che trc khi trung gian mua
ban chng khoan hoan tra cho chu nhan tai khoan ky
thac am bao khe c con d (any profit or loss is real-
ized through the transfer of variation margin). Ngoai tr
mot hay hai phan tram cua tong so, tat ca nhng vu mua
ban cuoi cung eu thanh ly li lo bang tien mat (cash
settlement) thay v ngi ban thc s tai giao mon hang
(delivery) en ngi mua. Ngi mua va ngi ban chi
tra tien mat vi nhau (exchange cash payments) da tren
thay oi gia th trng cua mon hang hoac cua chng
khoan cho ky sinh (underlying item or underlying secutiry).
Cho nen, thanh ly bang tien mat a lam thay oi nh
ngha nguyen thuy cua ham phieu toan che. Vi nh
ngha mi hn, ham khe toan che la mot khe c c
tieu chuan hoa va co the chuyen nhng va theo o oi
tac co the chi tra vi nhau bang tien mat tnh theo nhng
thay oi tren gia th trng cua mot san pham hoac chng
khoan cho ky sinh (a futures contract is a standardized
and transferable agreement that provides for the ex-
change of cash flows based on changes on the market
price of a specified commodity or specified security).
Futures Market: Th Trng Ham Phieu Toan Che. Th
trng mua ban san pham au tien cua Hoa Ky co ten la
Chicago Board of Trade (CBOT) c thanh lap vao nam
1848. Muc ch nguyen thuy cua trung tam la e thu hut
hoat ong mua ban me coc bang tien mat. en nam
1865 ham phieu toan che mua ban me coc mi bat au
xuat hien. Con ham phieu toan che ky sinh vao chng
315
Thuat Ng Anh Viet
khoan ch mi co vao thap nien 1970. International Mon-
etary Market (IMM), mo t tha nh vie n cu a Chicago
Merchantile Exchange (CME), bat au mua ban ham
phieu toan che ky sinh vao trai phieu ngan han (90-day
T-Bill futures) vao nam 1976. en nam 1981 IMM lai
gii thieu en th trng ham phieu toan che ky sinh vao
US dollars mua ban ngoai lanh tho Hoa Ky (Eurodollar
futures). Nam 1982, Kansas City Board of Trade a ra
th trng ham phieu toan che ky sinh vao bieu so gia tr
hon hp Value Line (Value Line stock index futures). Sau
o ham phieu toan che ky sinhvao bieu so gia tr hon
hp S&P500 (S&P500 stock index futures) c mua ban
tren san cua CME va ham phieu toan che ky sinh vao
bieu so gia tr hon hp NYSE (NYSE stock index futures)
c mua ban tren san cua New York Futures Exchange.
Ham phieu toan che la mot cong cu kha pho thong. Ch
trong vong 3 thap nien so lng ham khe toan che a t
3.9 trieu trong nam 1960 len en 267.4 trieu trong nam
1989. Trong so o 60 phan tram la ham phieu toan che
ky sinh vao chng khoan. Ham phieu toan che la mot
cong cu li hai hang au trong tat ca nhng cong cu
hien co. S dung nh mot phng tien ba ao ngi
au t co the mot bc len may va cung co the trang
tay trong choc lat. S dung nh mot phng tien phong
thu, ham phieu toan che la mot cong cu uyen chuyen va
hu dung. Hoat ong mua ban ham phieu toan che nam
trong vong kiem sat cua Uy Ban Mua Ban Ham Phieu
Toa n Che (Commodity Futures Trading Commission,
CFTC), mot c quan oc lap cap lien bang c thanh
lap nam 1974. Them vao o Hiep Hoi Ham Phieu Toan
Che (National Futures Association, NFA), mot to chc
c quoc hoi uy quyen, tiep tay vi CFTC e kiem sat
hanh vi cua thanh vien trong hiep hoi.
316
General Obligation Bonds (GO): Trai Phieu GO; Trai Phieu
Dai Han Bao am Bang Uy Tn Cua Chnh Quyen. Trai
phieu GO c phat hanh e mn n dai han va so n
o se c hoan tra vao mot thi iem trong tng lai
bang nguon tai chnh tong quat cua chnh quyen phat
hanh. Nh vay, so n c bao am thuan tuy bang uy
tn cua chnh quyen phat hanh (backed by the full faith
and credit of the issuer). Bao am bang uy tn cua chnh
quyen phat hanh cung co ngha la chnh quyen phat hanh
phai lam moi th co the lam c trong gii han cua luat
nh e hoan tra so n trai phieu nh a ha (use just
about any means to guarantee payments). Nhng th
co the lam c la tang thue, ban hanh sac thue mi,
vay mn, ban bat ong san. Bao am nay khong b
gii han trong ban chat (this guarantee is of an unlimited
nature). Trai phieu GO c nh danh la trai phieu dai
han bao am bang uy tn cua chnh quyen. Xem Munici-
pal Bonds & Notes.
Government Pension Fund: Quy Hoi Hu Cua Chnh Quyen;
Quy Hu Bong Do Chnh Quyen Tai Tr.
Grant Anticipation Notes (GAN): Trai Phieu GAN; Trai
Phieu Ngan Han Bao am Bang Tai Chnh Bieu Tang D
Tru. Trai phieu GAN c phat hanh e mn n ngan
t bieu tang (grants), va v vay, trai phieu GAN c
nh danh la trai phieu ngan han bao am bang tai chnh
bieu tang d tru. Xem Municipal Bonds & Notes.
GSEs Bonds & Notes: Trai Phieu GSEs. Trai Phieu Cua
Nhng C Quan c Chnh Quyen Lien Bang Bao Tr;
Trai Phieu Do Nhng C Quan c Chnh Quyen Lien
317
Thuat Ng Anh Viet
Bang Bao Tr Phat Hanh. Nhng c quan c chnh
quyen lien bang bao tr (government sponsored enter-
prises; GSEs), ln nhat va quen thuoc nhat, co Federal
Home Loan Bank System (FHLB), Federal Home Loan
Mortgage Corporation (Freddie Mac), Federal National
Mortgage Association (Fannie Mae), Farm Credit Sys-
tem, Federal Agricultural Mortgage Corporation (Farmer
Mac) va Student Loan Marketing Association (Sallie Mae),
College Construction Loan Insurance Association (Connie
Lee), Small Business Administration (SBA) va Tennes-
see Valley Authority (TVA). Nhng c quan nay phat
hanh trai phieu ngan, trung va dai han e tai tr cho
nhng cong trnh theo chnh sach cua chnh phu (projects
relevant to public policy). Phan ln cua so lng trai
phieu do nhng c quan nay phat hanh la nhng trai
phieu ngan han va pho thong nhat la nhng trai phieu
ban di menh gia (discount notes). Trai phieu ban di
menh gia co han du ky dai t 1-360 ngay va menh gia
toi thieu tuy thuoc vao chu trng cua c quan phat hanh.
Trai phieu ban di menh gia do Sallie Mae hoac FHLB
phat hanh co menh gia toi thieu la100,000 USD, cua
Freddie Mac la 25,000 USD, cua Fannie Mae la 10,000
USD va cua Farm Credit System la 5,000 USD. Ngoai
nhng trai phieu ban di menh gia, nhng c quan nay
con phat hanh nhng chng khoan ngan va trung han
khac nh la trai phieu Master (Master notes), trai phieu
RFS (Residentia Financial Securities), va trai phieu trung
han (medium-term notes). Trai phieu Master do c quan
Sallie Mae va Fannie Mae phat hanh thuoc loai kha thu
(callable bonds), ieu chnh li nhuan nh ky hang tuan
theo mc lai suat cua cong trai 91 ngay (91-day treasury
bills), co han du ky t 1 ti 18 thang va menh gia toi
thieu la 10 trieu USD hoac cao hn. Trai phieu RFS do
Fannie Mae phat hanh co han du ky 6 thang, 1 nam va 2
318
nam va co menh gia toi thieu la 10,000 USD va cao hn.
Trai phieu trung han do Freddie Mac phat hanh co han
du ky t 3 ti 7 nam, cho li nhuan nh ky hoac co nh
hoac ieu chnh theo lai suat LIBOR (London Interbank
Offerred Rate) hoac khong kem phieu lai (zero coupon)
ban ra di menh gia (sold at a discount and redeemed
at par), va co menh gia toi thieu la 10,000 USD cong
5,000 USD cho moi mc gia tang. Trai phieu dai han
khong co the chap do Fannie Mae and Freddie Mac phat
hanh (debentures) cho li nhuan nh ky hoac co nh
hoac tha noi. Phan ln trai phieu co li nhuan nh ky
tha noi cua hai c quan nay ieu chnh theo lai suat cua
cong trai phieu co cung chieu dai du ky va, so con lai,
ieu chnh theo lai suat LIBOR. Trai phieu gop dai han
(consolidated bonds) do FHLB phat hanh co menh gia
toi thieu la 10,000 USD cong 5,000 USD cho moi mc
gia tang va tra li nhuan nh ky moi sau thang (semi-
annually). Trai phieu gop dai han (consolidated bonds)
do Farm Credit System phat hanh cho li nhuan nh ky
co nh va menh gia toi thieu la 1,000 USD cong 1,000
USD cho moi mc gia tang. Ngoai ra Fannie Mae va
Freddie Mac con phat hanh chng khoan c bao am
vi mot tap hp von tai tr a oc (mortgage-back secu-
rities). Trong so o co trai phieu CMO (collatralized mort-
gage obligation), loai trai phieu c bao am vi mot
tap hp von tai tr a oc rat la thnh hanh trong thap
nien 1980, va REMIC (real estate mortgage investment
conduit), mot loai trai phieu cai dang cua CMO rat la
thnh hanh trong thap nien 1990. Trai phieu cua nhng
c quan c chnh quyen lien bang bao tr khong c
bao am bang uy tn cua chnh quyen Hoa Ky nh nhng
cong trai phieu, tuy nhien nhng trai phieu nay c th
trng anh gia cao khong kem cong trai phieu bao nhieu,
Theo o, li nhuan nh ky cua nhng trai phieu do nhng
319
Thuat Ng Anh Viet
c quan c chnh quyen lien bang bao tr phat hanh
co phan cao hn chut t so vi nhng trai phieu tng
ong do chnh quyen lien bang phat hanh. Thanh phan
tham d vao th trng trai phieu cua nhng c quan
uc chnh quyen lien bang bao tr a so la nhng nha
au t ai dien cho to chc (institutional investors).
Haicut: Cat Toc. Gia nguyen thuy cua tn phieu giao oi
luon luon thap hn tr gia th trng cua chng khoan the
chap (the initial RP price is less than the market value of
the underlying securities). ieu nay giup che bt phan
nao hiem hoa th trng (market risk) cho pha cung cap
von (reduces the lenders exposure to market risk). Cach
nh gia nh va noi, thuat ng chuyen mon goi la cat
toc (haircut). Cat toc la khoan sai biet gia tr gia cua
so von cho vay va tr gia tong cong cua so chng khoan
the chap bao am an toan cho so von o. Thong thng
tr gia tong cong cua so chng khoan the chap c tnh
theo gia th trng (securities used as collateral are val-
ued at the current market price) cong vi li nhuan nh
ky tch luy tren phieu lai nh kem theo chng khoan,
tnh ti ngay man han cua tn phieu giao oi (plus ac-
crued interest calculated to the maturity date of agree-
ment when coupon-bearing issues are used), tr i khoan
d phong rui ro (less a margin of overcollateralization or
haircut for term agreement).
Holder: Ngi Hng ng, Ngi Mua, Ngi Gi. Xem
Option Contracts, Options.
Holder-of-Record Date: Ngay Thanh Lap; Ngay Thanh
Lap Danh Sach Phan Phoi Li Nhuan Vo Ky. Trong lch
trnh phan phoi li nhuan vo ky co nhieu moc thi gian
khac nhau: ngay thanh lap (holder-of-record date), ngay
320
loai mien (ex-dividend date), va ngay phan phoi (pay-
ment date). Ngay thanh lap la ngay cong ty thanh lap
danh sach nhng co chu se c nhan li nhuan vo ky.
Ch co nhng ngi chnh thc tr thanh co chu cua cong
ty trc ngay loai mien la co ten trong danh sach c
hng li nhuan vo ky. Con nhng ngi ch chnh thc
tr thanh la co chu cua cong ty t ngay loai mien tr ve
sau th phai i ti ky phan phoi ke. Ngay thanh lap
thng la 4 ngay sau ngay loai mien. Con ngay phan
phoi la ngay cong ty thc s phan phoi li nhuan vo ky
en co chu co ten trong danh sach va thng la trong
vong mot thang sau ngay thanh lap.
Hold-in-Custody Letter Repo: Tn Phieu Giao oi Th Gi
Cho Giam Ho. Mot dang pho thong cua tn phieu giao
oi th la gi cho giam ho (hold-in-custody). Di dang
nay so chng khoan the chap nam trong tay cua ai ly
mua ban chng khoan, pha mn von, nhng sau o
c (1) chuyen giao va gi trong mot trng muc noi bo
cho than chu (transfer internally to a customer account),
hoac (2) chuyen giao en mot ngan hang giao hoan cua
ai ly mua ban chng khoan (dealers clearing bank) va
gi trong mot trng muc ghi nhan theo kien (bulk seg-
regation account), hoac (3) chuyen giao en ngan hang
giao hoan cua ai ly mua ban chng khoan va gi trong
mot trng muc ghi nhan theo kien co giam ho (bulk
repo custody account). The chap c an toan ti mc
nao, nhn t goc o bao ve quyen li cho pha cung cap
von, tuy thuoc vao cach xep at giam ho. Neu pha vay
von kiem luon vai tro giam ho, an toan cua the chap tuy
thuoc phan ln vao s chan chnh va mc o kha tn cua
pha vay von. Di dang chuyen giao va gi trong mot
trng muc ghi nhan theo kien, ngan hang giao hoan
khong chu trach nhiem trc tiep vi tng khach hang
321
Thuat Ng Anh Viet
cua ai ly mua ban chng khoan. Ch co ai ly mua ban
chng khoan la co the xac nhan danh tanh khach hang
va ghi nhan giao hoan trong so sach ke toan cua ho ch
ngan hang giao hoan khong co danh sach hoac chng
t cho tng khach hang cua ai ly mua ban chng khoan.
Di dang chuyen giao va gi trong trng muc giam ho
ghi nhan theo kien, khac hn hai dang trc, ngan hang
giao hoan am nhiem chc nang kiem giam va cung cap
trc tiep cho tng khach hang cua ai ly mua ban chng
khoan nhng van ban xac nhan the chap ky thac. Xem
Letter Repo.
Housing Bonds: Trai Phieu H; Trai Phieu Dai Han Bao
am Bang Tc Thu Xay Dng T That. Trai phieu H
c phat hanh e mn n dai han tai tr cho cong
trnh xay dng nha cho tng gia nh (single family
homes) va so n o se c hoan tra vao mot thi iem
trong tng lai, bao am bang nguon tai chnh en t chi
tra nh ky (mortgage payments) cua nhng khoan cho
vay mua nha. Trai phieu H v the c nh danh la trai
phieu dai han bao am bang tc thu xay dng t that.
Xem Municipal Bonds & Notes.
In-the-Money: Nam Vao Khung Tien. Sai biet gia gia th
trng cua chng khoan cho ky sinh va gia cam ket cua
ham phieu va sai biet nay co li cho ngi hng ng.
Industrial Companies: Nhng Cong Ty Cong Nghiep.
Industrial Revenue Bonds: (IR): Trai Phieu IR; Trai Phieu
Dai Han Bao am Bang Tc Thu Cong Nghiep. Trai
phieu IR c phat hanh e mn n dai han va so n
o se c hoan tra vao mot thi iem trong tng lai
bang nguon tai chnh en t li tc nhap thu cua mot
322
cong trnh phat trien cong nghiep cua tieu bang hoac a
phng. Trai phieu IR v vay c nh danh la trai phieu
dai han bao am bang tc thu cong nghiep. Mc o an
toan cua trai phieu tuy thuoc vao trnh o kha tn cua
nhng cong ty bao tr (corporate guarantors). Xem Mu-
nicipal Bonds & Notes.
Index Repo: Tn Phieu Giao oi Vi Lai Suat Uyen Chuyen.
uyen chuyen (dollar repo; dollar roll). Tn phieu giao oi
vi lai suat uyen chuyen (index repo) la mot giao c
ban mua oi lng ngan han trong o lai suat c ieu
chnh theo lai suat d tr (federal fund rate), lai suat
LIBOR, hoac mot lai suat ngan han nao o. a so tn
phieu giao oi vi lai suat uyen chuyen co kem theo du
ky uyen chuyen. Uyen chuyen trong du ky cho phep
khach hang au t ban chng khoan ngc lai cho hoac
mua them mot so chng khoan t ai ly mua ban chng
khoan. Tn phieu giao oi vi lai suat uyen chuyen thng
c s dung e phong ve au t (to hedge) hoac e tai
tr nhng v the trong chng khoan co lai suat ieu chnh
theo lai suat d tr, lai suat LIBOR hoac mot lai suat
ngan han nao o (to finance positions in securities that
have interest rate indexed to the federal fund rate, LIBOR
rate or other short-term rates); th du nh la nhng trai
phieu vi lai suat tha noi (floating-rate notes) hoac nhng
323
Thuat Ng Anh Viet
trai phieu c bao am bang mot tap hp von tai tr
a oc co the chap va co lai suat tha noi (floating-rate
CMO, floating-rate collateralized mortgage obligation).
Inflation Indexed Bonds. Trai Phieu ieu Chnh Lam Phat.
Gan ay chnh quyen lien bang cho phat hanh loai trai
phieu ieu chnh lam phat. Loai trai phieu nay thc ra la
loai trai phieu tiet kiem loat I (series I). Loai trai phieu
nay cho mc li nhuan nh ky co nh (fixed interest
rate) va co phan thap hn li nhuan nh ky cua trai phieu
tiet kiem khac, nhng se ieu chnh lam phat moi 6 thang
mot lan. V vay, li nhuan nh ky se c tnh tren gia
tr cua von au t a ieu chnh lam phat (pays interest
on the inflation-adjusted principal amount). Ti ngay man
han, n trai phieu se c hoan tra va so tien co the (1)
se bang vi so von au t a ieu chnh lam phat hoac
(2) se bang vi menh gia, tuy vao cai nao cao hn va co
li hn cho trai chu. Trai phieu loai nay c chnh thc
biet en vao nam 1997 di ten TIPS (Treasury inflation
protection securities). Li nhuan cua trai phieu ieu chnh
lam phat c mien thue tieu bang va thue a phng.
Giong nh nhng loai trai phieu khac do chnh quyen
lien bang phat hanh, trai phieu ieu chnh lam phat c
bao am thuan tuy bang uy tn cua chnh quyen Hoa Ky
va v vay rat an toan. Xem U.S. Saving Bonds.
Inflation Risk: Hiem Hoa Lam Phat. au t vao trai phieu,
nhat la oi vi trai phieu dai han, thng b e doa tram
trong bi nan lam phat. Lam phat lam cho tieu hao gia
tr thc cua ong tien. Cho nen gia tr thc cua von hoan
lai cho trai chu vao ngay man han du ky co the se b mat
kha nhieu, neu co lam phat, dau la menh gia con nguyen
ven. V vay, hiem hoa lam phat la noi lo hang au cua
gii au t trong th trng trai phieu. Luc bao ch truyen
324
hnh ang tai nhieu tin tc lac quan ve ieu kien kinh te,
th du nh mc van dung nhan cong gia tang, kinh te
phat trien mc o cao va van van, cung la luc th trng
trai phieu lo ngai va coi o la dau hieu xau bao trc con
ma lam phat ang rnh rap. Nen kinh te cang nong
chng nao th e doa cho th trng trai phieu cang cao
va theo o gay ap lc e gia th trng cua nhng trai
phieu ang du hanh. Th trng trai phieu chnh no phan
anh tng phut mot nhng bien ong lien quan en hiem
hoa lam phat. Khi hiem hoa lam phat e doa, gia trai
phieu se i xuong va mc li nhuan hien hanh, hoac
mc li nhuan nh ky, se i len. Hoan canh nay khong
co li cho ngi au t ang nam gi nhng trai phieu
ang du hanh.
Intermediate Transaction: Giao Hoan Trung Chuyen.
Iterest Rate Risk: Hiem Hoa Lai Suat. (1) Co hai loai
hiem hoa lai suat bat li cho cong ty hoac chnh quyen
phat hanh tn phieu thng mai. Th nhat la mot thay
oi trong lai suat vo hiem (a change in a risk-free rate),
lai suat cua trai phieu ngan han do chnh quyen lien bang
phat hanh (treasury bill), se a en s thay oi lai suat
cua tn phieu thng mai va cua tat ca lai suat vay mn
(borrowing rates). V the, lai suat cua tn phieu thng
mai co the se gia tang theo gia tang cua lai suat hien
hanh tren th trng. Thay oi bat li nay oi vi cong ty
hoac chnh quyen phat hanh c goi la hiem hoa lai
suat th trng (market interest rate risk). Th hai la gii
au t vao tn phieu thng mai co the oi lai suat cao
hn v ho cam thay, chnh xac hay khong chnh xac, hiem
hoa kha tn cua cong ty hoac chnh quyen phat hanh gia
tang (investors will demand a higher rate because they
perceive the firms credit risk to have increased). Thay
325
Thuat Ng Anh Viet
oi bat li nay oi vi cong ty hoac chnh quyen phat
hanh c goi la hiem hoa lai suat theo d ng (idiosyn-
cratic interest rate risk). Vi hiem hoa d ng, lai suat
cua mot tn phieu thng mai co the gia tang trong khi lai
suat vo hiem van khong thay oi hoac ngay ca lai suat
cua nhng tn phieu thng mai khac van khong thay
oi. Cong ty hoac chnh quyen phat hanh co the triet
tieu c hiem hoa lai suat th trng hoac hiem hoa lai
suat d ng bang mot khe c hoan v lai suat (interest
rate swap agreement). (2)
Issuer: Ngi e Xng; Ngi Viet; Ngi Phat Hanh.
Xem Options, Option Contracts.
Institutional Investors: Nhng To Chc au T; Thanh
Phan au T Thuoc Vao To Chc; Nhng Ngi au T
Thuoc Vao To Chc.
Investment Banking Syndicate: To Trung Gian am Nhiem
Phan Phoi Chng Khoan Mi. Xem Underwriter.
Lender: Pha Cung Cap Von; Ngi Cho Vay.
Letter Repo (DueBill): Tn Phieu Giao oi Th. e tiet
kiem chi ph nhng ai ly mua ban chng khoan co mot
vai phng cach giao hoan khong can phai thc s tai
giao chng khoan the chap en pha cung cap von (the
actual delivery of collateral to the lender). Mot trong
nhng phng cach t ton kem nhat e gi the chap la
s dung tn phieu giao oi th. Theo phng cach tn
phieu giao oi th pha vay von, thng la ai ly mua
ban chng khoan, se gi mot van ban xac nhan giao
hoan (transaction confrimation) en pha cung cap von.
Trong van ban o mot so chng khoan co the c ch
326
nh the chap (specific securities might be named as col-
lateral). Tuy tren van ban so chng khoan c ch nh
the chap nhng pha cung cap von khong trc tiep nam
trong tay so chng khoan o (does not have control of
the securities) v the phng tien bao ve au t cua ho
phan ln ch la cay vao s chan chnh va mc o kha tn
cua oi tac, ai ly mua ban chng khoan. Tn phieu giao
oi th thng c s dung nhieu nhat la cho nhng
giao c qua em vi so tai khoan nho va chng khoan
the chap khong the chuyen giao qua mang vi tnh cua
Ngan Hang Trung ng (nonwireable securities). So vi
nhng phng cach khac, tn phieu giao oi th cho nhng
ai ly mua ban chng khoan nhieu uyen chuyen nhat
trong viec thay the so chng khoan a c ch nh the
chap vi so chng khoan khac e ap ng nhu cau vao
phut cuoi mot cach t ton kem nhat.
Limited And Special Tax Bonds (LST): Trai Phieu LST;
Trai Phieu Dai Han Bao am Bang Thue Thu ac Biet Va
Co Gii Han. Trai phieu LST c phat hanh e mn
n dai han va so n o se c hoan tra vao mot thi
iem trong tng lai bang nguon tai chnh en t thue
thu cua mot sac thue ac biet, ang co hieu lc hoac se
c ban hanh, cho muc ch hoan tra n cua trai phieu
no tai tr. Th du nh thue anh vao thuoc la, ru,
xang. Bao am cua chnh quyen co gii han trong ban
chat. Trai phieu LST v vay c nh danh la trai phieu
dai han bao am bang thue thu ac biet va co gii han.
Liquidity: Kha Nang Lu Hoat. Kha nang lu hoat cua
mot chng khoan la kha nang hoan chuyen von au t
t chng khoan o sang tien mat hoac sang mot chng
khoan khac. Noi mot cach de hieu hn, mot chng khoan
327
Thuat Ng Anh Viet
co mc lu hoat cao la mot chng khoan thnh hanh tren
th trng, tc la cung lan cau cua chng khoan eu
cao, v vay no de mua va de ban. Tnh de mua va de ban
nay nang kha nang lu hoat cua mot chng khoan. Nhng
chng khoan co kha nang lu hoat qua thap kho thu hut
c nhng thanh phan tham d vao th trng chng
khoan, trong o co nhng trung gian mua ban chng
khoan (brokers), nhng ai ly mua ban chng khoan
(dealers) va gii au t.
Liquidity Substitution Agreement: Hp ong Tang Cng
Kha Nang Lu Hoat. Xem Credit Substitution Agreement.
London Dollar CDs (Eurodollar CDs ): Tn Phieu Ky Thac
Hai Ngoai. Xem Eurodollar CDs.
Majority Voting: Bau C Theo Qui Che a So. Theo quy
che a so, moi co phan cua cong ty se c mot la phieu
bau. Bat c ca nhan hay nhom nao nam c hn 50%
cua tong so phieu, ca nhan hoac nhom o co quyen ch
nh toan bo hoi ong giam oc cho cong ty. Do o ca
nhan hoac nhom co c a so co phan cua cong ty se
nam toan bo quyen hanh trong cong ty.
LEAPS (Long-term Equity Anticipation Products, LEAPS):
Ham Phieu oc Che Dai Han. Xem Option Contracts,
Options.
Long Position: Trng V.
Marginal Principle of Retained Earnings: Nguyen Tac Ngoai
Tranh Trong Quyet nh Phan Phoi Hoac Gi Lai Li Thu
Doanh Thng. Theo ly thuyet, mot cong ty ch nen gi
lai li thu doanh thng tao c e tai au t vao chnh
328
no qua nhng chng trnh phat trien cua cong ty neu
nhng chng trnh nay ha hen cho c mot mc thu
hoach t ra phai la tng ng vi mc li nhuan sau
khi tr thue ma co chu co the t au t mot ni khac.
Neu khong the ha hen c mc thu hoach nay, cong
ty nen phan phoi so li thu doanh thng tao c en
nhng co chu co phieu thng ang cua cong ty e ho
t au t vao ni khac. Nguyen tac nay c goi la
nguyen tac ngoai tranh trong quyet nh phan phoi hoac
gi lai li thu doanh thng ma cong ty tao c.
Marketability: Kha Nang Xam Nhap Th Trng.
Market Risk: Hiem Hoa Th Trng.
Mark-to-Market: anh Dau Theo Th Trng. (1) V hiem
hoa lai suat (interest rate risk) co the xay ra cho ca hai
pha oi tac cua tn phieu giao oi cho nen yeu cau moi
ngay kiem nh lai tr gia cua chng khoan the chap rat
la pho thong. Yeu cau nay thuat ng chuyen mon goi la
anh dau theo th trng (mark-to-market) e phan anh
nhng thay oi cua gia th trng (to reflect changes in
market prices) va e duy tr tr gia tong cong cua the
chap mot mc a giao c trc (to maintain the agreed-
upon margin). (2) Sau moi phien mua ban (at the end of
each trading session), tat ca ngi mua va ngi ban
eu phai anh dau ham khe toan che theo th trng
(marking futures contracts to market). anh dau ham
khe toan che theo th trng la thuat ng noi ve ket toan
cuoi ngay e xet gia tr cua ham phieu toan che va nh
v tr tai chnh cua nhng ngi nam ham phieu toan che.
Noi mot cach khac, anh dau ham khe toan che theo th
329
Thuat Ng Anh Viet
yeu cau. anh dau ham khe toan che theo th trng
cuoi phien mua ban co tac dung tai ieu nh gia ham
phieu toan che moi ngay (has the effect of renegotiating
the futures price). V the, ngi mua va ngi ban ong
y bat au mot ngay mi vi cai gia sau cung cuoi ngay
hom qua.
Marking Futures Contracts to Market: anh Dau Ham
Khe Toan Che Theo Th Trng. Xem Mark-to-Market,
Futures Contracts.
Master Notes: Trai Phieu Master. Xem GSEs Bonds &
Notes.
330
Matched Book: So Giao oi. Xem Repo Book.
Matched Sales-Purchase Agreement (MSP; Reverse Re-
purchase Agreement; Reverse Repo; Reverse RP): Tn
Phieu Giao oi; Tn Phieu Giao c Mua Ban oi Lng
Ngan Han. Xem Repurchase Agreement.
Material Adverse Change Clause: ieu Khoan Nhng
Thay oi Xau. Xem Back Up Liquidity.
Maturity: Du Ky. (1) Thi gian t khi trai phieu c phat
hanh cho en khi trai phieu man han. (2) Thi gian t
khi ky thac cho en khi man han cua mot tn phieu.
Maturity Date: Ngay Man Han Du Ky. Thi iem phai
hoan tra so n trai phieu, hoac so ky thac tn phieu, theo
cam ket c goi la ngay man han du ky.
Money Market: Th Trng Tien Te. Th trng tien te
chuyen ve nhng hoat ong vay mn va cho vay mn
(borrowing and lending) von ngan han vi chieu dai thi
gian khong hn mot nam. Th trng tien te van dung
nhieu cong cu tai chnh trong o co nhng cong cu cua
th trng tn dung ngan han (short-term credit market
instruments), nhng cong cu cua th trng ham phieu
(derivative market instruments) va ca hang cho vay cua
Ngan Hang Trung ng (Federal Reserves discount win-
dow).
Moral Obligation Bonds (MO): Trai Phieu MO; Trai Phieu
Dai Han Bao am Bang Danh Ngha Cua Chnh Quyen.
Trai phieu MO c phat hanh e mn n dai han va
so n o bao am se c hoan tra vao mot thi iem
trong tng lai bang nguon tai chnh tong quat cua chnh
331
Thuat Ng Anh Viet
quyen. Trai phieu c bao am thuan tuy bang danh
ngha cua chnh quyen ch khong bang phap ly nh la
trng hp cua trai phieu GO. ay la sang tao cua tieu
bang New York vao thap nien 1960. Thong thng trai
phieu loai nay c s dung e tai tr cho mot chng
trnh co chu ch (specific purpose) th du nh la chng
trnh xay dng chung c cho ngi ngheo. Trai phieu
MO v vay c nh danh la trai phieu dai han bao am
bang danh ngha cua chnh quyen.
MSP (Matched Sales-Purchase Agreement; Reverse Re-
purchase Agreement; Reverse Repo; Reverse RP): Tn
Phieu Giao oi; Tn Phieu Giao c Mua Ban oi Lng
Ngan Han. Xem Repurchase Agreement.
Munis: Trai Phieu Do Chnh Quyen Tieu Bang Hoac a
Phng Phat Hanh; Trai Phieu Cua Chnh Quyen Tieu
Bang Va a Phng. Xem Municipal Bonds & Notes.
Municipal Bonds: Trai Phieu Dai Han Cua Chnh Quyen
Tieu Bang Va a Phng; Trai Phieu Dai Han Do Chnh
Quyen Tieu Bang Hoac a Phng Phat Hanh. Trong
nhng loai trai phieu dai han cua chnh quyen tieu bang
va a phng co trai phieu GO (general obligation bonds),
trai phieu LS (limited and special tax bonds), trai phieu
IR (industrial revenue bonds), tra i phie u R (revenue
bonds), trai phieu H (housing bonds), trai phieu MO (moral
obligation bonds), trai phieu DB (double barreled bonds).
Municipal Bonds & Notes: Trai Phieu Do Chnh Quyen
Tieu Bang Hoac a Phng Phat Hanh; Trai Phieu Cua
Chnh Quyen Tieu Bang Va a Phng. Chnh quyen
tieu bang hoac chnh quyen a phng phat hanh chng
332
khoan e tai tr chi tieu cua chnh no hoac e tai tr cho
nhng cong trnh cong cong (public projects) nh la tai
thiet hoac xay them trng hoc, th vien, benh xa, chung
c cho ngi ngheo, cau, ng, hai cang, phi cang, he
thong nc thai, he thong nc sach, van van nam trong
vung trach nhiem cua chnh quyen o. oi khi chnh
quyen tieu bang hoac chnh quyen a phng con phat
hanh chng khoan e tai tr cho nhng to chc t nhan
(private firms) va ca nhan (individuals), nhng trng hp
nay rat hiem. Nhng chng khoan do chnh quyen tieu
bang hoac do chnh quyen a phng phat hanh c
goi chung la chng khoan cua chnh quyen tieu bang
hoac a phng (municipal securities). Chnh quyen tieu
bang hoac a phng s dung nhieu loai chng khoan
khac nhau tuy theo nhu cau huy ong tai chnh, nhng
cong cu pho thong nhat van la trai phieu. Trong so trai
phieu do chnh quyen tieu bang hoac a phng phat
hanh (munis) co trai phieu dai han va ngan han. Trai
phieu ngan han (municipal notes) co du ky t 13 thang
tr xuong va trai phieu dai han (municipal bonds) co du
ky tren 13 thang. Tuy nhng loai trai phieu cua chnh
quyen tieu bang va a phng c nh danh khac
nhau va co phan phc tap nhng tu trung la chung c
at ten theo nguon tai tr. Noi mot cach khac, khi cau
hoi lam cach nao e hoan tra so n cua trai phieu nay?
c tra li th noi dung cua cau tra li chnh la can ban
e at ten cho trai phieu o. Menh gia cua trai phieu
ngan han do chnh quyen tieu bang hoac a phng
phat hanh thng la vao khoang 5,000 USD hoac cao
hn. Cho menh gia cao hay thap tuy thuoc vao s chon
la oi tng cua chnh quyen phat hanh trai phieu. Neu
muon ban ra cho ca nhan quan chung ho se cho menh
gia thap hn, va ngc lai, neu nham vao nhng nha
au t thuoc vao to chc (institutional investors) ho se
333
Thuat Ng Anh Viet
cho menh gia cao hn. Trai phieu cua chnh quyen tieu
bang hoac a phng co the la di dang co kem phieu
lai (coupon bonds) hoac khong kem phieu lai (zero cou-
pon bonds). Trai phieu co kem phieu lai cho lai suat co
nh (fixed interest rate) hoac lai suat ieu chnh (vari-
able interest rate). Trai phieu khong kem phieu lai cua
chnh quyen phat hanh c biet di ten STRIP. Trai
phieu khong kem phieu lai c ban ra th trng vi
mot gia di menh gia (discount) va tat ca li nhuan
nh ky, tnh theo phng phap tnh lai hon hp (com-
pounding method), se c chi tra mot lan mot vao ngay
trai phieu man han du ky. Co nhng chnh quyen tieu
bang hoac a phng phat hanh trai phieu ng ra mua
bao hiem cho trai phieu do chnh mnh phat hanh e bao
am rang n trai phieu chac chan se c hoan tra nh
cam ket. Chi ph cho bao hiem, noi cho that cung, la do
ngi au t ganh chu di hnh thc la nhng trai phieu
nay cho li nhuan nh ky thap hn nhng trai phieu
khac co cung chieu dai du ky va pham chat. e khuyen
khch dan chung au t phat trien a phng, chnh
quyen Hoa Ky mien thue lien bang tren li nhuan cua
nhng trai phieu do nhng chnh quyen tieu bang hoac
a phng phat hanh. Nhng trai phieu do chnh quyen
tieu bang hoac a phng phat hanh c mien thue
lien bang con c goi la trai phieu c mien mot th
thue (tax-free munis). Trai phieu cua chnh quyen tieu
bang hoac a phng cung se c mien luon ca thue
tieu bang neu ngi au t c tru trong cung mot tieu
bang vi chnh quyen tieu bang hoac a phng phat
hanh trai phieu o. Trong trng hp nay c goi la
trai phieu c mien hai th thue (double tax-free munis).
Va, may man hn, trai phieu cua chnh quyen tieu bang
hoac a phng cung se c mien luon ca thue a
phng neu ngi au t c tru trong cung mot a phng
334
vi chnh quyen a phng phat hanh trai phieu o.
Trong trng hp nay c goi la trai phieu c mien
ba th thue (triple tax-free munis). Noi mot cach tong
quat, nhng trai phieu cua chnh quyen tieu bang hoac
a phng c coi la nhng trai phieu hao hang v chnh
quyen t khi b pha san nen ngi au t khong s b giat
n. Tuy nhien co nhng trng hp xay ra trong qua
kh cho thay la chnh quyen b pha san khong phai la
ieu khong the xay ra, th du nh tnh trang cua New
York City trong thap nien 1970 va cua Orange County
trong thap nien 1990.
Municipal Notes: Trai Phieu Ngan Han Cua Chnh Quyen
Tieu Bang Va a Phng; Trai Phieu Ngan Han Do Chnh
Quyen Tieu Bang Hoac a Phng Phat Hanh. Chnh
quyen tieu bang hoac a phng phat hanh trai phieu
ngan han e tam thi tai tr cho khoan boi chi, sai biet
gia tong lng chi tieu va tong lng nhap thu en t
nhng th thue (taxes), nhng cong trnh tao li tc (in-
come generating projects), nhng ngan khoan bieu tang
(grants) va nhng chng khoan (securities). Trong nhng
loai trai phieu ngan han cua chnh quyen tieu bang va
a phng co trai phieu BAN (bond anticipation notes),
trai phieu TAN (tax anticipation notes), trai phieu RAN
(revenue anticipation notes), va trai phieu TRAN (tax and
revenue anticipation notes). Xem Municipal Bonds &
Notes.
Mutual Funds: Nhng To Hp au T.
Non-Cummulative Preferred Stock: Co Phieu u ang
Khong Tch Luy. Co phieu u ang co nh kem ieu
khoan khong tch luy li nhuan thng ky c goi la co
phieu u ang khong tch luy. Vi ieu khoan khong tch
335
Thuat Ng Anh Viet
luy cong ty phat hanh c quyen khong chi tra li nhuan
thng ky cho co chu co phieu u ang, va cung khong
di khat, neu cong ty khong u kha nang. Vi quyen u
tien cua co phieu u ang, trong trng hp cong ty sap
nhap hoac ban pha san, co chu se nhan c tien boi
hoan va co the kem vi mot so li nhuan theo cam ket
trc khi so thu (the proceed) c chuyen giao qua cho
co chu cua co phieu thng ang. Co phieu u ang
loai nay khong c a chuong v khong co li cho pha
au t.
Notes: Trai Phieu. Xem Bonds , Municipal Bonds & Notes.
Net Worth: Gia Tr Chu Ban. Xem Book Value.
Options: Ham Phieu oc Che. Xem Option Contracts.
Option Contracts: Ham Khe. Mot ham khe oc che thanh
lap quyen mua hoac quyen ban gia ngi e xng
(writer, issuer) va ngi hng ng (holder, buyer), trong
o ngi hng ng c quyen mua t (buy from) hoac
ban cho (sell to) ngi e xng mot chng khoan c
ch nh (underlying security) mot gia c cam ket
(strike price, exercise price) trong mot thi han c vach
trc. Ngi e xng con c goi la ngi viet (writer)
hoac ngi phat hanh (issuer) va ngi hng ng con
c goi la ngi mua (buyer) hoac ngi gi (holder).
S xng-ng cua hai oi tac trong mua ban ham phieu
oc che (option) co c la v ho cung nhn vao mot
chng khoan lien he nhng khong cung mot ket luan ve
tng lai cua chng khoan o. Ngi hng ng khong
b bat buoc phai thc hien quyen mua hoac quyen ban
cua mnh. Tuy nhien, ngi e xng b bat buoc phai
ban ra hoac mua vao neu ngi hng ng quyet nh
336
thc hien quyen cua mnh. Noi mot cach khac ngi e
xng b bat buoc ban ra hoac mua vao chng khoan
c ch nh mot gia c cam ket theo s chu ong
cua ngi hng ng neu thi han hieu lc van con.
Nh vay, ham phieu loai nay ch cng che ngi e
xng. Chnh v ac tnh o cho nen no co danh xng la
ham phieu oc che, tc la ham phieu ch cng che mot
pha. Va khi s xng-ng c thanh lap, ngi e
xng se nhan mot khoan ham ph (premium) t ngi
hng ng. Rieng cho ham phieu oc che, khoan ham
ph nay co ten chnh xac la ham ph oc che (option pre-
mium). Nh a trnh bay, ham phieu oc che co ba yeu
to quan trong. Th nhat la mot chng khoan c ch
nh. Th hai la mot gia mua ban cho chng khoan o
c cam ket. Th ba la thi han hieu lc c vach
trc. Chng khoan c ch nh trong mot ham phieu
oc che c goi la chng khoan cho ky sinh (underly-
ing security) va con c goi la chng khoan lien he
hoac chng khoan c s trong y ngha lien he en s ky
sinh cua ham phieu. Chng khoan cho ky sinh co the la
co phieu, trai phieu, tn phieu, bieu so gia tr hon hp
cua mot th trng mua ban chng khoan, ngoai te, hoac
ngay ca ham phieu toan che. Tuy nhien chng khoan
cho ky sinh pho thong nhat trong ham phieu oc che
thng la co phieu thng ang. Ngoai tr mot vai trng
hp ngoai le, hau nh tat ca ham phieu oc che ky sinh
vao co phieu thng ang eu c khe c tren tieu
chuan can ban la 100 co phan. n v 100 co phan nay
trong ham phieu c goi la mot ham khe (1 contract).
Mot ham khe oc che (1 option contract) gom 100 co
phan cua co phieu lien he. Noi mot cach khac, 1 ham
khe oc che thanh lap quyen mua ban 100 co phan, hay
la 1HK x 100CP, va 5 ham khe oc che thanh lap quyen
mua ban 500 co phan, hay la 5HK x 100 CP, cua co
337
Thuat Ng Anh Viet
phieu lien he. Neu ham ph (premium) cho mot co phan
la 2 USD th ham ph cho mot ham khe oc che tnh ra la
200 USD, hay la 1HK x 100CP x 2USD/CP, va ham ph
cho 5 ham khe oc che tong cong la 1,000 USD, hay la
5HK x 100CP x 2USD/CP. Mot ham phieu ch hien hu
trong mot thi gian nhat nh. Chieu dai thi gian ky
sinh, t ngay e xng (date issued) cho en ngay het
hieu lc (date expired), cua mot ham phieu oc che
thng la vao khoang 9 thang. Sau ngay man han ky
sinh ham phieu se chet trong khi chng khoan cho ky
sinh (underlying security) van tiep tuc song [cung chnh
v ly do nay t cong sinh nh mot so tac gia a dung
dng nh khong c chnh lam]. Gan ay ham phieu
oc che dai han (Long-term Equity Anticipation Products,
LEAPS) va c a ra th trng co chieu dai thi
gian ky sinh vao khoang 3 nam. Khac vi thi gian ky
sinh, chieu dai thi gian hng ng la chieu dai tnh t
ngay hng ng (date held an option contract) cho en
ngay man han ky sinh (date expired) cua mot ham phieu.
Chieu dai thi gian hng ng khong bao gi dai hn
chieu dai thi gian ky sinh cua no. Chieu dai thi gian
hng ng cua mot ham phieu cang ngan th gia mua
ham phieu o [ham ph] cang re. Khac vi thi gian ky
sinh va thi gian hng ng, chieu dai thi gian hieu lc
la chieu dai tnh t ngay hom nay (current date) cho en
ngay man han ky sinh (date expired) cua mot ham phieu.
Chieu dai thi gian hieu lc cua ham phieu cang ngay
cang rut ngan va theo o gia tr cua ham phieu cang
ngay cang tieu hao. Sau ngay man han ky sinh, cung la
ngay het hieu lc, ham phieu o se hoan toan het gia tr.
ieu nay cho thay ham phieu rat man cam oi vi thi
gian, khac vi co phieu cho ky sinh khong co han nh
ve thi gian. Gia tr th trng cua mot ham phieu oc
che ky sinh vao mot co phieu tuy thuoc vao nhieu yeu to
338
MSFT MAR 15.5 PUT MSCCMX 0.650
Ky Hieu Cua Co Phieu Cho Ky Sinh
Thang Man Han Ky Sinh
Gia Cam Ket
HamPhieu Vi Quyen Ban
Ky Hieu Cua Ham Phieu
Ham Ph 1CP
trong o co (1) gia th trng cua co phieu cho ky sinh
(current stock price), (2) chieu dai thi gian hieu lc cua
ham phieu (time value), (3) gia cam ket cua ham phieu
trong tng quan vi gia th trng cua co phieu cho ky
sinh (intrinsic value), (4) ham phieu oc che vi quyen
mua hay quyen ban (call or put). Gia th trng cua co
phieu th lai tuy thuoc vao mot so yeu to khac trong o
co (1) mc phan phoi li nhuan vo ky cua co phieu (divi-
dend rate), (2) mc o dao ong gia cua co phieu (de-
gree of stock price volatility), (3) mc lu hoat cua co
phieu (stock liquidity) va mc li nhuan hien hanh tren
th trng (market interest rate). Ham phieu oc che
thng c yet gia theo the thc trong bang yet gia nh
sau:
Cot th nhat tren bang yet gia ghi ky hieu cua co phieu
cho ky sinh. Cot th hai ghi ba thanh phan: (1) thang
man han ky sinh, (2) gia cam ket va (3) quyen mua hay
ban. Theo qui c, ngay man han ky sinh luc nao cung
ung vao ngay th sau cua tuan le th ba cua thang
man han. Cot th ba ghi ky hieu cua ham phieu. Cot
th t ghi gia th trng cua ham phieu, cung la ham ph.
Nh vay, chieu theo gia du trong bang yet gia tren, ham
339
Thuat Ng Anh Viet
phieu oc che vi quyen ban MSCCMX se man han vao
ngay th sau cua tuan le th ba cua thang ba (MAR) sap
ti. Gia cam ket c nh la 15.5 USD mot co phan cua
co phieu MSFT cho ky sinh va ham ph la 0.65 USD mot
co phan. oi vi nhng co phieu cho ky sinh co gia th
trng t 25 USD tr xuong, ham phieu thng c yet
cach nhau 2 USD cua gia cam ket. Th du nh APR 16
CALL, APR 14 CALL, APR 12 CALL. Con oi vi nhng
co phieu cho ky sinh co gia th trng tren 25 USD, ham
phieu thng c yet cach nhau 5 USD cua gia cam
ket. Th du nh APR 42 CALL, APR 37 CALL, APR 32
CALL. Ham phieu oc che c chia lam hai loai: (1)
ham phieu oc che voi quyen mua (call option) va (2)
ham phieu oc che vi quyen ban (put option). Ben canh
nhng ac tnh chung cho ham phieu, moi loai co nhng
ac tnh rieng va danh cho nhng muc ch khac nhau.
Option Market: Th Trng Ham Phieu oc Che. Mac du
hnh thc ham phieu oc che a co t nhieu the ky, loai
chng khoan nay ch mi c tieu chuan hoa va hp
thc hoa vao nam 1973 tai Hoa Ky. Ngay nay ham phieu
oc che c mua ban cong khai tai nhng th trng
mua ch ng khoa n nh la American Stock Exchange
(AMEX), Chicago Board Option Exchange (CBOE), New
York Stock Exchange (NYSE), Pacific Stock Exchange
(PSE), va Philadelphia Stock Exchange (PHLX). Giong
nh nhng chng khoan khac, th trng mua ban ham
phieu nam trong s kiem sat cua Uy Ban Chng Khoan
& Th Trng Mua Ban Chng Khoan (Securities and
Exchange Commission; SEC).
Option Premium: Ham Ph oc Che. Xem Option Con-
tracts, Options.
340
Out-of-the-Money: Nam Ngoai Khung Tien. Sai biet gia
gia th trng cua chng khoan cho ky sinh va gia cam
ket cua ham phieu va sai biet nay khong co li cho ngi
hng ng.
Organized Exchange: Th Trng Mua Ban Cap 1. Xem
Stock Exchanges.
Over-The-Counter (OTC): Nhng Th Trng Mua Ban
Cap 2; Th Trng T Quan T Kiem. Xem Stock Ex-
changes.
Over-Collateralization: The Chap Troi. Nhng chng
trnh phat hanh tn phieu thng mai bao am bang tai
san ch nh c che tac theo mot cau truc tai chnh e
tong gia tr cua nhng tai khoan d thu luon luon cao
hn tong gia tr cua tn phieu thng mai ban ra (are
structured so that the amount of receivables exceeds the
outstanding paper), thuat ng chuyen mon goi la the chap
troi (overcollateral-ization).
Par Value: Gia Tr Phiem Ban. Xem Face Value. Menh
Gia. Xem Face Value.
Participating Preferred Stock: Co Phieu u ang Kha D.
Co phieu u ang kha d thc ra la co phieu u ang
kha hoan co them quyen tham d vao chia chac li thu
doanh thng vt ngoai li nhuan thng ky co hu va
chia chac tai san cua cong ty trong trng hp sap nhap
hoac ban pha san. Co chu co phieu u ang kha d
c quyen hng them li nhuan, tc la li nhuan phu
troi vt ngoai li nhuan thng ky (extra dividends over
nominal ones). Co phan phoi li nhuan phu troi hay khong
la quyen quyet nh cua hoi ong giam oc cua cong ty
341
Thuat Ng Anh Viet
phat hanh co phieu u ang o. pha san, vi quyen u
tien cua co phieu u ang, trc tien co chu se nhan
c tien boi hoan va co the kem vi mot so li nhuan
theo cam ket. Sau o se nhan them phan chia chac theo
t le co phan t so thu con lai (the balance of the pro-
ceed) sau khi ban cong ty va chi tra xong tien boi hoan
cho co phieu u ang. V loai co phieu u ang nay cho
nhieu quyen, nhat la quyen tham d chia chac, nen cong
ty phat hanh ch ong y ban ra neu c gia (receive a
meaningful price) hoac e oi lay mot ieu kien nao o
co li cho cong ty (receive other concession in return).
Them vao o, neu co the, thanh phan lanh ao cua cong
ty se ieu nh vi ngi au t ieu khoan ket thuc
hieu lc (sunset provision) e lam cho mot so ac quyen
khong con hieu lc sau mot thi han nao o. Nhieu
cong ty s dung co phieu u ang kha d nh la nhng
vien thuoc oc (poison pills) e phong chong b anh
chiem cong ty (unwanted takeover).
Payment: Tai Khoan Chi Tra.
Payment Date: Ngay Phan Phoi; Ngay Phan Phoi Li
Nhuan Vo Ky. Xem Holder-of-Record Date.
Percentage Ownership Dillution. Loang Chu Phan. Loang
chu phan (percentage ownership dillution) xay cho co
chu hien hu (existing shareholders) khi cong ty ban ra
them co phan cho nhng co chu mi (new sharehold-
ers). No la ket qua cua s gia tang tong lng co phan
hien hanh do cong ty ban ra mot so co phan mi. S gia
tang nay lam giam phan tram chu quyen tren moi co
phan. Theo o chu phan trong cong ty cua nhng co chu
hien hu, neu khong mua them co phan mi, se t hn.
Loang chu phan la ieu khong the tranh khoi trong no
342
lc huy ong von t ben ngoai cong ty qua cong cu hun
hap. Va co khong t nguyen chu cua nhng cong ty co
gang duy tr a so chu phan trong cong ty trc khi mang
cong ty cua ho ra cong chung. Tuy vay s that van la:
10% chu phan trong cong ty tr gia 50 trieu USD nhieu
hn 100% chu phan trong cong ty ch tr gia 500 ngan.
Do o yeu to quan trong hn trong van e chu phan b
lam loang la co bao nhieu tien chay vao cong ty va vao
tui cua nguyen chu sau khi ban co phan ra cong chung.
Preferred Stock: Co Phieu u ang. Co phieu u ang
cho ngi au t (1) quyen u tien, so vi co phieu thng
ang, trong viec phan phoi li thu doanh thng cua cong
ty phat hanh va phan phoi tai san cua cong ty phat hanh
(priority on distribution of assets) neu no sap nhap vi
mot cong ty khac hoac ban pha san va (2) mot so ac
quyen (certain preferential rights) trong o co quyen bieu
quyet nhng thay oi quan trong nh la mua hoac ban
cong ty (the acquisition or sale of the company). a so
nhng ieu khoan c thanh lap cho mot co phieu u
ang (preferred stock terms) eu theo tieu chuan (stan-
dard) va thng la khong the ieu nh (non-negotiable).
Qui c cua co phieu u ang thng xoay quanh (1)
nhng chon la trong trng hp cong ty sap nhap vi
mot cong ty khac hoac ban dep cong ty (merger or liqui-
dation preferences), (2) nhng hnh thc chong lam loang
(antidilution protections), gia va chu phan, va (3) nhng
ieu khoan hoan tra von (redemption provisions). Trong
trng hp cong ty phat hanh sap nhap vi mot cong ty
khac hoac ban dep cong ty, vi quyen u tien, co chu co
phieu u ang se nhan c tien boi hoan (get their
money back upon the liquidation), co the kem vi li
nhuan mot mc a giao c, trc khi so thu (the pro-
ceed) c chuyen giao cho co chu cua co phieu thng
343
Thuat Ng Anh Viet
ang. Va nhng chon la cho trng hp cong ty phat
hanh co phieu u ang sap nhap vi mot cong ty khac
hoac ban dep cong ty nam di 2 dang: kha d (partici-
pating) hoac khong kha d (non-participating). Di dang
kha d, co chu co phieu u ang se nhan c tien boi
hoan (get their money back upon the liquidation) trc
tien. Sau o phan con lai cua so thu do ban cong ty (the
balance of the proceed) c em chia eu cho tong so
co phan cua ca hai loai co phieu, tc la so co phan cua
co phieu u ang cong vi so co phan cua co phieu
thng ang. Co ngha la, ngoai viec lay lai von, co chu
co phieu u ang con c tham d vao chia chac cua
phan con lai. Di dang khong kha d, co chu co phieu
u ang se nhan c tien boi hoan trc tien. Sau o
phan con lai cua so thu do ban cong ty (the balance of
the proceed) c chuyen giao cho co chu cua co phieu
thng ang. Co chu co phieu u ang khong c tham
d chia chac them phan con lai nay. Di dang khong
kha d nhng kha hoan, co chu co phieu u ang co
quyen hoan oi co phan cua co phieu u ang qua co
phan cua co phieu thng ang va theo o nhan phan
chia chac theo t le cua so co phan mnh ang co. Cung
giong nh co phieu thng ang (common stocks), co
phieu u ang (preferred stocks) c xep vao loai cong
cu hun von (equity instrument). Tuy nhien nhng ac
tnh can ban cua co phieu u ang co phan khac biet so
vi nhng ac tnh can ban cua co phieu thng ang.
Co the noi mot so ac tnh cua co phieu u ang gan vi
ac tnh cua
trai phieu hn la co phieu thng ang.
Preferred Stock Dividends: Li Nhuan Thng Ky. Li
thu doanh thng cua cong ty tao c phan phoi ti tay
co chu co phieu u ang ang (preferred stock) c
344
goi la li nhuan thng ky, hay LNTK. nh danh la
thng ky la v no c phan phoi eu eu nhng co
the di khat so sanh vi li nhuan vo ky, khong ha hen
se co, cua co phieu thng ang va li nhuan nh ky,
eu va khong the di khat, cua trai phieu.
Preferred Stocks Face Value: Menh Gia; Menh Gia Cua
Co Phieu u ang. Xem Preferred Stocks Par Value.
Preferred Stocks Par Value: Menh Gia; Menh Gia Cua
Co Phieu u ang. Giong nh trai phieu, moi co phieu
u ang eu co mot menh gia. Menh gia cua co phieu
u ang la gia tr co nh cua cophieu o va no c
dung e tnh li nhuan thng ky. Menh gia cua mot co
phieu u ang thng la 100, 75, 50 hoac 25 USD mot
co phan. Khong giong nh gia tr phiem ban cua co
phieu thng ang (common stocks par value), menh
gia cua co phieu u ang rat quan trong v li nhuan
thng ky cua mot co phieu u ang c tnh tren phan
tram cua menh gia.
Preferred Stocks Stated Value: Menh Gia; Menh Gia Cua
Co Phieu u ang. Xem Preferred Stocks Par Value.
Pre-emptive Rights Provision: Nhng ieu Khoan Cho
Quyen u Tien Mua Co Phan Mi. Ngoai quyen c
chia li nhuan, co chu co phieu thng ang con c
quyen u tien mua co phan mi do cong ty phat hanh.
Neu trong ban van kien thanh lap cong ty (corporate
charter; articles of incorporated) co ieu khoan cho quyen
u tien mua co phan mi (preemptive right provision),
cong ty bat buoc phai ban co phan mi cho chu nhan
cua co phieu thng ang trc tien. Quyen u tien
mua co phan mi c tnh theo mot t le nhat nh. T le
345
Thuat Ng Anh Viet
nay c thanh lap da tren tng quan gia tong so
lng co phan cu va tong so lng co phan mi cua
cong ty.
Pre-payment Risk: Hiem Hoa B Hoi Von Sm. Trong
ieu kien lai suat hien hanh tren th trng ang tren a
i xuong (interest rates decline), gia cua trai phieu ang
len, nhng trai phieu ang cho nguon li nhuan tot co
the b thu hoi sm. Khi trai phieu b goi, trai chu se khong
con tiep tuc nhan c li nhuan nh ky va co the b
mat ot ngot phan li nhuan t ban kha d (potential capital
gain). V vay, quyen thu hoi thc s la mot hiem hoa cho
ngi au t. Cach tot nhat e tranh hiem hoa nay la
ng mua nhng trai phieu co kem quyen thu hoi.
Price Dillution: Loang Gia. Sau khi so co phan mi c
tung ra th trng, gia co phieu cua cong ty se thay oi.
Giam sut nhieu hay t tuy thuoc vao mc chenh lech
gia gia cua co phan cu va gia cua co phan mi va tuy
thuoc vao t le gia so lng co phan cu va so lng co
phan mi.
Price Earning Ratio (P/E): Gia Th Trng Tren Li Thu
Doanh Thng Mot Co Phan; GTT/LTDT1C. Gia th trng
tren li thu doanh thng mot co phan, hay ch so GTT/
LTDT1C, cua mot co phieu la mot so o cho biet th trng
bang long mua vao mot co phieu vi mot gia gap bao
nhieu lan li thu doanh thng cua co phieu o.
Primary Market: Th Trng Cap 1: Xem Stock Market,
Bond Market, CDs Market.
Private Placement Channel: Kinh Phan Phoi T He. Chng
khoan mi c phan phoi ti th trng qua kinh t he
346
(private placement channel) hoac qua kinh cong he (public
offering channel). Qua kinh t he, chng khoan c
ban ra cho mot nhom khach au t nam trong gii han
cua mang li quan he t. Qua kinh cong he, chng
khoan c ban ra cho cong chung mot cach rong rai.
Public Offering Channel: Kinh Phan Phoi Cong He. Chng
khoan mi c phan phoi ti th trng qua kinh t he
(private placement channel) hoac qua kinh cong he (public
offering channel). Qua kinh t he, chng khoan c
ban ra cho mot nhom khach au t nam trong gii han
cua mang li quan he t. Qua kinh cong he, chng
khoan c ban ra cho cong chung mot cach rong rai.
Put Options: Ham Phieu oc Che Vi Quyen Ban. Ham
phieu oc che vi quyen ban danh cho ngi hng ng
quyen ban hoac khong ban mot chng khoan c ch
nh (specifed underlying security) mot gia c cam
ket (specified exercise price, strike price) trong mot thi
han c vach trc (specified expiration date) va, neu
ngi hng ng quyet nh thc hien quyen ban, ngi
e xng bat buoc phai mua cua ngi hng ng so
chng khoan o theo khe c. Nh a tng trnh bay
nhieu lan, s xng-ng cua hai oi tac trong mua ban
ham phieu co c la v ho cung nhn vao mot chng
khoan lien he nhng khong cung mot ket luan ve tng
lai cua chng khoan o. Nhng ngi hng ng (buy-
ers, holders) d phong rang gia th trng (market price,
spot price) cua chng khoan o trong tng lai se thap
hn gia cam ket (strike price, exercise price) kha nhieu
va ieu nay se xay ra trc khi ham phieu man han ky
sinh (expired) v the ham phieu oc che vi quyen ban
(put option) se cho ho c hoi e ban cao gia chng khoan
o, noi mot cach cau ky la at vao tay ngi e xng
347
Thuat Ng Anh Viet
(put to option writer) chng khoan o mot gia cao hn
gia th trng trong tng lai. Ngc lai, nhng ngi e
xng (writers, issuers) th d phong rang gia th trng
cua chng khoan o se khong thap hn gia cam ket trong
suot chieu dai thi gian ky sinh va v the ham phieu oc
che vi quyen ban se cho ho c hoi e thu mot so ham
ph (premium) t nhng ngi hng ng va chng khoan
se khong b at vao tay ho, tc la khong b ep mua tren
gia th trng.
Rachet Method: Phng Phap Khoa Siet. Phng phap
khoa siet ap dung trong ieu khoan chong lam loang la
mot phng phap rat nang tay oi khi nhng tay au t
at ieu kien e tai tr cong ty. Vi phng phap nay co
chu c bao ve bi ieu khoan chong lam loang se
c boi thng mot so co phan ma khong phai tra them
tien neu sau nay cong ty ban ra co phieu vi gia thap
hn. Va so lng co phan se u e lam cho gia mua
trung bnh tnh tren mot co phan cua co chu (investors
average cost per share) xuong ngang vi gia ban ra sau
nay. Phng phap khoa siet c coi la nang tay v no
khong can quan tam en so lng co phan ban ra sau
nay, va v no khong can theo so lng nen ket qua co
the se rat ngoan muc va co the lam thay oi cau truc
chu quyen cua cong ty. Phng phap khoa siet co the
c buoc vao gia hoan oi (are tied to conversion prices),
nh la cua co phieu u ang kha hoan. Trong trng
hp nay co chu se nhan so co phan boi thng vao luc
hoan oi. Phng phap khoa siet cung co the c buoc
vao ham phieu oc che (options) hoac ham phieu quyen
(warrants). Trong trng hp nay co chu se nhan so co
phan boi thng vao luc thc hien quyen cua mnh.
Redeemable Preferred Stock: Co Phieu u ang Kha
348
Thu. Xem Callable Preferred Stock.
Registered Bonds: Trai Phieu Co ang Ky. Thong thng
trai phieu co kem theo phieu lai la loai trai phieu khong
co ghi ten trai chu, c goi la trai phieu khong ang ky
(bearer bonds). Bat c ngi nao cam trai phieu hoac
lai phieu khong ang ky th ngi o c coi la trai chu
va ngi o co quyen lanh tien. Mot so lng ln trai
phieu ngay hom nay thuoc vao loai trai phieu co ang ky
(registerred bonds). Vi loai trai phieu co ang ky, ten
cua trai chu c ang ky trong so bo phat hanh va ch
co trai chu o mi co quyen ban lai trai phieu hoac lanh
tien li nhuan nh ky.
Registered Stock Exchanges: Nhng Th Trng Mua Ban
Cap 1. Xem Stock Exchanges.
Repo Market: Th Trng Tn Phieu Giao oi. Xem Re-
purchase Agreement Market.
Repo Book: So Giao oi. Nhng ai ly mua ban chng
khoan gi vai tro trung moi (intermediary) gia thanh
phan vay von va thanh phan cho vay von trong th trng
tn phieu giao oi nhng mot tay hanh ong vi t cach
la oi tac cua nhng ngi cho vay von va tay kia hanh
ong vi t cach la oi tac cua nhng ngi vay von (as
principal on each side of arrangements), ch khong vi
t cach ngi lam moi gii (not as agent), e tiep thu von
t nhng oi tac cho vay, bang cach ban chng khoan
cho ho, roi em cho oi tac ben tay kia mn lai, bang
cach mua chng khoan cua ho. S khe hp gia nhng
giao c ban mua oi lng ngan han (RPs) va nhng
giao c mua ban oi lng ngan han theo kieu nay c
goi theo thuat ng chuyen mon la so giao oi (repo book;
349
Thuat Ng Anh Viet
matched book), trong o moi cap giao c ban mua oi
lng ngan han va giao c mua ban oi lng ngan
han cua cung chng khoan co cung du ky (an RP and
reverse RP in the same security have equal terms to
maturity).
Repurchase Agreement (Repo; RP): Tn Phieu Giao oi;
Giao oi Phieu; Tn Phieu Giao c Ban Mua oi Lng
Ngan Han. Tin phieu giao oi la mot cong cu tai chnh
cua th trng tien te. Vi loai cong cu nay ngi ta co
the huy ong von mot cach nhanh chong bang cach ban
ra mot so chng khoan va ong thi giao c mua lai so
chng khoan o hoac chng khoan tng ng vao
mot thi iem khong xa c nh trc, vi mot gia nh
trc, va thng la kem theo mot mc lai suat nh trc.
Giao c nh va noi tren co the c goi la giao c
ban mua oi lng ngan han (repo agreement) hoac
giao c mua ban oi lng ngan han (reverse repo
agreement). S khac biet trong cach nh danh, ban
mua hoac mua ban, tuy thuoc vao ai ng chu ong
cuoc giao hoan, pha cung cap von hay pha cung cap
chng khoan. Tuy nhien, trong tng quan oi tac gia
mot khach au t va mot ai ly mua ban chng khoan
hoac gia Ngan Hang Trung ng va mot ai ly mua
ban chng khoan, ngi ta thng nh danh t goc o
cua ai ly mua ban chng khoan. Nh vay, mot khach
au t mua mot so chng khoan t ai ly XYZ va ong y
ban lai so chng khoan o cho ai ly XYZ vao mot thi
iem khong xa c nh trc th no c goi la giao
c ban mua oi lng ngan han (repo agreement) bi
v ai ly XYZ a ban so chng khoan cho khach au t
di giao c se mua lai so chng khoan o t khach
au t (the dealer has sold the securities under an agree-
ment to repurchase). Tng t, khi Ngan Hang Trung
350
ng (Federal Reserve) muon bm them mot so lng
d tr vao he thong ngan hang bang cach mua mot so
chng khoan t nhng ai ly mua ban chng khoan va
bang long ban lai so chng khoan nay cho nhng ai ly
o vao mot thi iem khong xa c nh trc th no
c goi la giao c ban mua oi lng ngan han (repos
agreement) bi v nhng ai ly o a ban so chng khoan
cho Ngan Hang Trung ng di giao c se mua lai so
chng khoan o t Ngan Hang Trung ng. Trong ca
hai trng hp, khach au t va Ngan Hang Trung ng
la thanh phan cung cap von con ai ly mua ban chng
khoan la thanh phan cung cap chng khoan va giao hoan
c nh danh t goc o cua ai ly mua ban chng
khoan. Trong mot trng hp ngc lai, khi Ngan Hang
Trung ng muon xa bt mot so lng d tr ra khoi he
thong ngan hang bang cach ban ra mot so chng khoan
cho nhng ai ly mua ban chng khoan va giao c se
mua lai so chng khoan nay t nhng ai ly o vao mot
thi iem khong xa c nh trc th no c goi la
giao c mua ban oi lng ngan han (Matched sales-
purchase agreement, MSPs; reverse repo agreement) bi
v nhng ai ly o a mua so chng khoan di giao c
la se ban lai so chng khoan nay cho Ngan Hang Trung
ng. Tuy trong trng hp nay Ngan Hang Trung ng
la thanh phan cung cap chng khoan con ai ly mua
ban chng khoan la thanh phan cung cap von, ngc lai
vi hai trng hp tren, nhng giao hoan van c nh
danh t goc o cua ai ly mua ban chng khoan. Tr
trng hp muon xac nh cho ro hn v mot ly do nao
o, tn phieu giao c ban mua oi lng ngan han (repo;
repurchase agreement, RP) va tn phieu giao c mua
ban oi lng ngan han (reverse repo; matched sale-
purchase agreement, MSP) c goi chung la tn phieu
giao oi v tuy goi hai ten theo cach nh danh nhng
351
Thuat Ng Anh Viet
thc ra ch la mot cong cu. Tn phieu giao oi co nhng
ac tnh trong o mot phan giong nh ac tnh cua giao
hoan cho vay co the chap (secured loans) mot phan khac
giong nh ac tnh cua giao hoan mua t ban oan
(outright purchase and sales) nhng no lai khong cung
gia nh vi mot trong hai loai tren. Th du nh cach nh
gia (the use of margin or haircut in valuing repo securi-
ties), quyen c s dung no thay cho the chap e vay
mn (the right of repo borrowers to substitute collateral
in term agreement) va ieu khoan anh dau theo th
trng (mark-to-market provision) la nhng ac tnh tieu
bieu cua cho vay co the chap (collateralized lending ar-
rangement). Con quyen c ban cho ngi khac tc la
chuyen nhng chu quyen cho ngi khac (the repo
buyers right to trade the securities during the term of the
agreement) khong phai la ac tnh tieu bieu cua giao
hoan cho vay co the chap nhng lai la ac tnh cua giao
hoan mua t ban oan. Noi mot cach khac, trong giao
c ban mua hoac mua ban oi lng ngan han so chng
khoan tuy noi la ban mua nhng thc chat la em the
chap e vay mn von va tn phieu giao oi la bang
chng cho vay nhng khac hn mot giao hoan vay mn
thuan tuy cho pha cung cap von c phep chuyen
nhng quyen lam chu cua bang chng cho vay, cai goi
la tn phieu giao oi, cho mot ngi khac trong luc giao
c van con hieu lc. Cho nen, trong cach s dung
thuat ng lien quan en tn phieu giao oi, neu nhn t
goc o vay von va cho vay von th chng khoan lien he
(underlying securities) c coi la mon hang the chap,
goi ngan la the chap. Con neu nhn t goc o au t th
chng khoan lien he la mon hang mua ban. Ca hai cach
trnh bay eu pho bien. Vi nhng tn phieu giao oi that
ngan han, chieu dai thi gian du ky tieu bieu thng la
qua em hoac vai ngay (overnight or a few days). Con
352
nhng tn phieu giao oi ngan han co chieu dai thi gian
du ky tieu bieu la mot tuan, hai tuan, ba tuan, mot thang,
hai thang, ba thang va co the len en sau thang. Nhng
co nhng tn phieu giao oi khong thuoc loai tieu bieu
oi khi c ieu nh vi lai suat co nh va du ky nhieu
ngay (fixed term, multi-day contract) hoac c ieu nh
tren can ban m, con goi la tren can ban tiep noi lien tuc
(on an open or continuing basis). Nhng tn phieu giao
oi tren can ban tiep noi lien tuc thc chat giong nh
mot chuoi tn phieu giao oi qua em (resemble a series
of overnight repos). Tren can ban nay lai suat hoac the
chap c ieu chnh lai moi ngay theo ieu kien cua th
trng. Neu nh, cho mot th du, gia th trng cua chng
khoan the chap trong tn phieu giao oi giam xuong. S
giam gia cua chng khoan lam cho tr gia tong cong cua
the chap sut di mc a giao c trc (the market
value of the securities being held as collateral were to fall
below an agree upon level). Theo o, pha mn von se
c yeu cau lam mot trong hai viec: (1) co the hoan tra
khan cap so von a mn hoac (2) bo sung them chng
khoan e cho u so tr gia tong cong cua the chap nh
a giao c. ay ch la mot kha canh cua cai goi la ieu
chnh theo ieu kien th trng. Thong thng tn phieu
giao oi ieu nh tren can ban tiep noi lien tuc co the
c huy bo bat c luc nao theo yeu cau cua mot trong
hai pha oi tac. Giao c ban mua hoac mua ban oi
lng ngan han thng c giao hoan theo so lng
n v c goi la khoi (block) va moi khoi co tr gia rat
ln (arranged in large dollar amount). Vi nhng giao
c that ngan han, th du nh nhng giao c qua em
(overnight contracts) va nhng giao c oi lng du ky
mot tuan hoac ngan hn (term repos), tr gia tieu bieu
cho moi khoi (principal amount) vao khoang 25 trieu USD
va cao hn. Vi nhng giao c ngan han, tr gia tieu
353
Thuat Ng Anh Viet
bieu cho moi khoi vao khoang 10 trieu USD. Dau rang
co nhng cuoc giao hoan c ieu nh vi tr gia di
100 ngan USD, ai ly mua ban chng khoan co thong le
giao hoan toi thieu la mot trieu USD (customary amount
for transactions with securities dealers). Pha cung cap
von (lender), tc la pha mua chng khoan, se nhan t
oi tac cua mnh (counterparty), tc la pha mn von
hay la pha ban chng khoan, mot so lai nhuan. Cho
mot so tn phieu giao oi, lai nhuan se c chi tra bang
cach cho gia mua lai a ieu nh trc (negotiated re-
purchase price) cao hn gia ban ra luc au (the initial
sale price) va nh vay khoan sai biet gia gia mua lai va
gia ban ra chnh la phan lai nhuan. Tuy nhien, phng
cach tieu bieu van la chi tra lai nhuan vao ngay man han
vi mot mc lai suat a thoa thuan trc (agreed-upon
rate of interest) va gi cho gia mua lai ngang vi gia ban
ra. Hay noi mot cach khac, o la, von a bao nhieu th
lay lai bay nhieu cong vi lai nhuan. Cho mot giao hoan
theo tieu chuan (standard repo transaction), pha cung
cap von ch c hng lai tc, chi tra cho quyen s
dung so von, mot mc lai suat a thoa thuan trc ma
thoi (earn only the agreed-upon rate of return). Cho nen
trong trng hp chng khoan the chap co phieu lai nh
kem, theo thong le (common practice), li nhuan nh ky
t nhng phieu lai o (coupon payment) se thuoc ve cua
pha mn von cung la pha cung cap chng khoan. Pha
cung cap von khong c hng dau la chng khoan
luc o a nam trong tay ho trong thi gian tn phieu giao
oi con hieu lc. Suy cho cung ieu nay hp ly v trong
tn phieu giao oi so chng khoan thc ra la e the chap
ch khong phai mua t ban oan cho nen pha cho mn
von khong nam chu quyen cua chng khoan ma ch nam
chu quyen cua t giay chng cho vay von, cai goi la tn
phieu giao oi. Lai suat cua tn phieu giao oi, hay la lai
354
suat chi tra cho so von huy ong trong tn phieu giao oi
(interest rate paid on RP funds; repo rate of return), luon
luon c ieu nh trc gia hai oi tac va lai suat tren
hoan toan oc lap vi mc li nhuan nh ky cua chng
khoan the chap trong tn phieu giao oi (independent
with coupon rate or rate on the underlying securities).
Ngoai nhng yeu to du ky va ieu kien giao hoan, lai
suat cua tn phieu giao oi con tuy thuoc vao ieu kien
tong quat cua th trng tien te, lai suat canh tranh cua
nhng nguon von tng t trong nhng th trng lien he
(competitive rate paid for comparable funds in related
markets) va so lng san co cua nhng th co the the
chap c (availability of legible collateral). Lai suat tn
phieu giao oi co quan he mat thiet vi lai suat d tr.
Khi nhu cau d tr (demand for reserves) gia tang, nhng
ngan hang ky thac se cho gia cao hn e gom u lng
d tr cho ngan hang cua mnh do o gay ra ap lc nang
lai suat d tr (federal funds rate) len cao hn tren th
trng. Khi lai suat d tr gia tang ti mot mc nao o
th nhieu ngan hang va c quan tai vu se quay qua th
trng tn phieu giao oi e huy ong von va v the lai
gay ra ap lc cho th trng tn phieu giao oi. Lai suat
tn phieu giao oi va lai suat d tr song hanh gia tang
cho en khi cung cau d tr trong he thong ngan hang
tai lap lai quan bnh. Thng th lai suat tn phieu giao
oi qua em (overnight repos rate) thap hn lai suat d
tr qua em (overnight federal funds rate) va hiem khi co
trng hp ngc lai, th du nh trong giai oan 1991-
1992. Khoang cach gia hai lai suat nay (spread) bien
oi kha ln theo ieu kien cua th trng tng luc. Khoang
cach se xa hn (widening) trong giai oan lai suat d tr
gia tang nhanh chong va khoang cach se gan lai (nar-
rowing) khi lai suat d tr on nh hoac giam xuong.
Khoang cach gia hai lai suat cung co khuynh hng
355
Thuat Ng Anh Viet
phan anh nhng thay oi trong so lng san co cua nhng
th em the chap c (changes in the availability of
eligible collateral). Hien tng giam thieu trong so lng
chng khoan ton tr cua nhng ai ly (reduction in the
volume of securities held in dealers inventories) va hien
tng gia tang khoang cach gia hai lai suat thng i
chung vi nhau. Tn phieu giao oi t chung khong c
coi la vo hiem (are not risk-free) dau rang a so the chap
trong tn phieu giao oi la nhng chng khoan phat hanh
bi chnh quyen lien bang hoac bi nhng c quan c
chnh quyen lien bang bao tr, nhng cong cu c coi
la co hiem hoa thap. Tn phieu giao oi, nhat la loai giao
c dai han hn, co an cha trong o hiem hoa lai suat
(interest rate risk) lan hiem hoa kha tn (credit risk) v vay
nhng rui ro nay phai c tnh vao khoan d phong rui
ro ngay t au, luc ieu nh tn phieu giao oi. Do o,
gia nguyen thuy cua tn phieu giao oi luon luon thap
hn tr gia th trng cua chng khoan the chap (the ini-
tial RP price is less than the market value of the underly-
ing securities). ieu nay giup che bt phan nao hiem
hoa th trng (market risk) cho pha cung cap von (re-
duces the lenders exposure to market risk). Cach nh
gia nh va noi, thuat ng chuyen mon goi la cat toc
(haircut). Cat toc la khoan sai biet gia tr gia cua so
von cho vay va tr gia tong cong cua so chng khoan the
chap bao am an toan cho so von o. Thong thng tr
gia tong cong cua so chng khoan the chap c tnh
theo gia th trng (securities used as collateral are val-
ued at the current market price) cong vi li nhuan nh
ky tch luy tren phieu lai nh kem theo chng khoan,
tnh ti ngay man han cua tn phieu giao oi (plus ac-
crued interest calculated to the maturity date of agree-
ment when coupon-bearing issues are used), tr i khoan
d phong rui ro (less a margin of overcollateralization or
356
haircut for term agreement). Trc ay th trng tn phieu
giao oi co thong le khong chu y en li nhuan nh ky
tch luy tren phieu lai nh kem theo chng khoan the
chap va v vay trong cong thc nh gia cho tn phieu
giao oi khong co yeu to nay. Chng kien s sup o
tham hai cua cong ty Drydale vao thang 5 nam 1982 vi
ly do li dung vao ke h ky thuat trong cach tnh tren, th
tr ng tn phie u giao o i tm ca ch kha c phu c khie m
khuyet. Sau o cach nh gia tn phieu giao oi co nhap
vao tat ca loi nhuan nh ky tch luy tren lai phieu nh
kem theo chng khoan the chap (full accrual pricing which
accrued interest is included in full in the initial purchase
and resale prices) nhanh chong tr thanh la tieu chuan
cho th trng tn phieu giao oi. Khoan d phong rui ro
phai u e che chong mat mat kha d do nhng bien
ong gia tren th trng gay ra trong suot du ky cua tn
phieu giao oi. Khoan d phong rui ro co khuynh hng
cao hn theo cng o bien ong gia manh hn cua
chng khoan lien he (haircuts tend to be larger the greater
the price volatility of the underlying securities), theo du
ky dai hn cua chng khoan lien he (tend to increase as
the term to maturity of the securities lengthens), va theo
mc hiem hoa kha tn cao hn cua chng khoan lien he
(tend to increase as the credit risk of the securities in-
creases). V hiem hoa lai suat (interest rate risk) co the
xay ra cho ca hai pha oi tac cua tn phieu giao oi cho
nen yeu cau moi ngay kiem nh lai tr gia cua chng
khoan the chap rat la pho thong. Yeu cau nay thuat ng
chuyen mon goi la anh dau theo th trng (mark-to-
market) e phan anh nhng thay oi cua gia th trng
(to reflect changes in market prices) va e duy tr tr gia
tong cong cua the chap mot mc a giao c trc (to
maintain the agreed-upon margin).
357
Thuat Ng Anh Viet
Repurchase Agreement Market: Th Trng Tn Phieu Giao
oi; Th Trng Giao oi Phieu. Th trng tn phieu
giao oi la mot th trng ln nhat va co mc lu hoat
cao nhat (largest and most liquid financial market) trong
so nhng th trng tai chnh tren the gii. Khong giong
nh tn phieu ky thac, co du ky ngan nhat la 7 ngay, va
tn phieu thng mai, hiem khi co du ky dai ch mot ngay,
tn phieu giao oi rat la uyen chuyen v nhng ngi au
t co the ieu nh du ky e ap ng chnh xac nhu cau
cua ho. Tn phieu giao oi cho ngi au t mot mc lai
suat tren mc lai suat vo hiem (risk-free interest rate)
trong khi van duy tr c kha nang lu hoat (liquidity)
cao o. V vay, th trng tn phieu giao oi thu hut nhng
ngan hang, nhng cong ty khong thuoc nganh tai vu,
nhng to hp au t, nhng quy hu bong, nhng c
quan chnh quyen e tham d oi tac vi nhng ai ly
mua ban chng khoan. Tn phieu giao oi khong nhng
thch hp cho nhng ngi au t than trong ma con
thch hp cho nhng nguon von b bo buoc. Th du nh
luat phap yeu cau nhng c quan cua chnh quyen phai
em so thue ho thu c hoac tien ban trai phieu ho thu
c au t va gi cho en khi nao can s dung (re-
quired to invest tax receipts and the proceeds from note
and bond sales until the funds are to be disbursed). Tng
kinh nghiem vi nhng bat thng cua tai chnh lu hoat
(the irregular patterns of cash flow) nhng c quan nay
a chuong cong cu tn phieu giao oi the chap bang chng
khoan do chnh quyen lien bang phat hanh, thay v mua
t ban oan chng khoan, bi v cong cu tn phieu giao
oi cho phep ho ieu nh ky han thch hp va ieu chnh
so lng au t tng ngay e ap ng chnh xac nhu
cau cua ho trong khi van ap ng c yeu cau cua luat
phap. Nhng to hp au t cung la thanh phan tham d
quan trong cua th trng. Ho thng gii han von au
358
t cua ho vao loai tn phieu giao oi co du ky t 7 ngay
tr xuong va oi tac vi nhng ai ly mua ban chng
khoan co ang ky va nam trong danh sach cua Ngan
Hang Trung ng. Nhng ai ly mua ban chng khoan
va nhng trung tam tien te tai tr phan ln so chng
khoan d tr cua ho, nhng chng khoan do chnh quyen
lien bang phat hanh hoac do c quan c chnh quyen
lien bang bao tr phat hanh, bang cong cu giao c mua
ban hoac ban mua oi lng ngan han (dealers and
money centers finance the bulk of their holdings of trea-
sury and agency securites with RP transactions). Nhng
giao c nay thng c dan xep tren can ban qua
em hoac tiep noi lien tuc. Khac hn vi nhng ai ly
mua ban chng khoan (dealers), nhng trung gian mua
ban chng khoan (brokers) khong bo tien ra mua va d
tr chng khoan e ban lai kiem li. Tuy ho cung gi vai
tro trung moi (intermediary) nh la nhng ai ly mua ban
chng khoan nhng hanh ong vi t cach la mot ngi
moi gii mua ban e kiem tien thu lao (commission),
thng la tnh tren so lng giao hoan, hoac e kiem li
(profits) tren chenh lech gia trong mot cuoc giao hoan
(spread on completed transaction). Trong th trng tn
phieu giao oi, trung gian mua ban chng khoan gi vai
tro quan trong trong viec cung cap nhng chng khoan
chu nh va thng la khan hiem trong so lng (as a
source of specific issues in short supply). a so trung
gian mua ban chng khoan lu gi mot danh sach chng
vai tram than chu thng xuyen tham d vao th trng
tn phieu giao oi va co gang thoa man nhu cau cua
nhng than chu nay. Mot so trung gian mua ban chng
khoan gii han hoat ong cua ho vao mot nhom than
chu ac thu; th du nh than chu cua ho co the ch toan
la nhng ai ly mua ban chng khoan hoac toan la nhng
nha au t. Mot thanh phan tham d quan trong cua th
359
Thuat Ng Anh Viet
trng tn phieu giao oi khong the khong noi en la
Ngan Hang Trung ng. Ngoai chuyen s dung th trng
tn phieu giao oi e au t va cho mn von, Ngan
Hang Trung ng con s dung th trng nay e bm
hoac xa d tr ra khoi he thong ngan hang nham muc
ch ieu hng va ieu lng tien te theo chnh sach
tien te cua quoc gia.
Retention Rate: Mc Gi Lai Li Thu Doanh Thng. Mc
gi lai li thu doanh thng e tai au t vao cong ty
c o bang ch so t le gi lai li thu doanh thng va
ch so nay c trnh bay bang so phan tram cua li thu
doanh thng.
Revenue Bonds: Trai Phieu R; Trai Phieu Dai Han Bao
am Bang Tc Thu Phat Trien Cong ong. Trai phieu R
c phat hanh e mn n dai han va so n o se
c hoan tra vao mot thi iem trong tng lai bang
nguon tai chnh en t li tc nhap thu cua mot cong
trnh phat trien cong ong cua tieu bang hoac a phng,
th du nh la ph s dung ng cao toc (toll fees) hoac
ph cung cap nc sach (water service charges). Trai
phieu R v vay c nh danh la trai phieu dai han bao
am bang tc thu phat trien cong ong. Thong thng
th trai phieu loai nay cho mc li nhuan nh ky cao hn
la mc li nhuan nh ky cua trai phieu GO v trai phieu
bao am bang tc thu khong an toan nh la trai phieu
bao am bang thue thu. Xem Municipal Bonds & Notes.
Revenue Anticipation Notes (RAN): Trai Phieu RAN; Trai
Phieu Ngan Han Bao am Bang Tc Thu D Tru. Trai
phieu RAN c phat hanh e mn n ngan han va so
n o se c hoan tra vao mot thi iem khong xa
trong tng lai bang nguon tai chnh d tru en t li tc
360
nhap thu (revenues), va v vay, trai phieu RAN c nh
danh la trai phieu ngan han bao am bang tc thu d
tru. Xem Municipal Bonds & Notes.
Reverse Repo (Reverse Repurchase Agreement; Reverse
RP; Matched Sales-Purchase Agreement; MSP): Tn Phieu
Giao oi; Giao oi Phieu; Tn Phieu Giao c Mua Ban
oi Lng Ngan Han. Xem Repurchase Agreement.
Reverse Repurchase Agreement (Reverse Repo; Reverse
RP; Matched Sales-Purchase Agreement; MSP): Tn Phieu
Giao oi; Tn Phieu Giao c Mua Ban oi Lng Ngan
Han. Xem Repurchase Agreement.
Reverse Split: Nhap Co Phan. Ngc lai vi viec phan
co phan la nhap co phan. Ly do chnh e nhap co phan
la v cong ty muon chnh lai gia cua co phieu cho cao
hn e ap ng nhu cau cua gii au t. Co phieu co
gia th trng mc qua thap co khuynh hng thu hut
nhng tay chi may rui (speculators) hn la thu hut nhng
ngi au t chan chnh (investors). Neu nh mot so
lng ln co phan cua mot cong ty nam trong tam anh
hng cua nhng tay chi may rui, gia cua co phieu o
se tr nen bat on nh hn nhieu va hau qua la gii au
t co the se tranh xa co phieu o.
Revolver Agreement: Khe c Lien Hoan. Xem Back Up
Liquidity.
Secondary Market: Th Trng Cap 2. Xem Stock Mar-
ket, Bond Market, CDs Market.
Risk: Hiem Hoa.
361
Thuat Ng Anh Viet
Risk-Free: Vo Hiem.
Risk-Free Interest: Lai Suat Vo Hiem. Lai suat cua trai
phieu ngan han do chnh quyen lien bang Hoa Ky phat
hanh.
Securities: Chng Khoan. Mot chng khoan (a security)
la mot cong cu au t (an investment instrument) ong
thi la bang chng cu the cua hun hap (equity) hoac
bang chng cu the cua vay mn (debt) do mot cong ty
(a corporation) hoac mot chnh quyen (a government)
hoac mot to chc (an organization) phat hanh, ngoai tr
hp ong bao hiem va hp ong chi tra co nh va lien
tuc li tc thng nien (other than insurance policy and
fixed annuity) do nhng cong ty bao hiem cung cap. Vi
nh ngha nay chng khoan bao gom cac loai co phieu
(common stock, preferred stock, treasury stock), cac loai
trai phieu (note, bond, debenture, treasury bill), cac loai
tn phieu (certificate of agreement, certificate of deposit,
certificate of participation, certificate of subscription, trust
certificate, commercial paper, banker acceptance, L/C)
va cac loai ham phieu (option, future, warrant).
Securities Brokers: Nhng Trung Gian Mua Ban Chng
Khoan. Xem Securities Dealers.
Securities Dealers: Nhng ai Ly Mua Ban Chng Khoan.
Chng khoan du hanh tren th trng phan ln la nh
vao hoat ong cua nhng ai ly mua ban chng khoan
(securities dealers) va nhng trung gian mua ban chng
khoan (securities brokers). ai ly mua ban chng khoan
phai t bo tien ra mua chng khoan e ban lai kiem li.
Khach hang cua ho thng la nhng ngi au t vi
danh ngha ca nhan (private investors) hoac vi danh
362
ngha cua to chc (institutional investors), con goi la ngi
au t vi danh ngha cua to chc hoac ngi au t
thuoc vao to chc. Khac vi ai ly mua ban chng khoan,
nhng trung gian mua ban chng khoan ch ng ra lam
moi gii mua ban e kiem tien ph moi gii ch khong bo
tien ra mua chng khoan d tr e ban lai kiem li. Khach
hang cua nhng trung gian mua ban chng khoan a so
la nhng ngi au t vi danh ngha ca nhan hoac vi
danh ngha cua to chc. Va trong so khach hang cua ho
cung co ca nhng ai ly mua ban chng khoan.
Securities Clearance: Giao Hoan Chng Khoan. Xem
Transaction Mechanism.
Securities Clearance Fee: Ph Giao Hoan Chng Khoan.
Xem Fee.
Service Companies: Nhng Cong Ty Cung Cap Dch Vu.
Sharks Repellent Clause: ieu Khoan Chong Ca Map.
Mot so cong ty co ghi trong van kien thanh lap cong ty
ieu khoan cho phat hanh co phieu mi vi quyen bau
c cao hn quyen bau c cua co phieu cu (weighted
voting right). Muc ch chnh cua ieu khoan nay, con
goi la ieu khoan chong ca map, la e ngan nga tnh
trang b khong che hoac b giat mat cong ty mot cach
hp phap bi nhng tay mua oat cong ty nha nghe (cor-
porate raiders).
Short Position: oan V.
Short-Term Credit Market Instruments: Nhng Cong Cu
Cua Th Trng Tn Dung Ngan Han. Nhng cong cu
thong dung cua th trng tn dung ngan han bao gom
363
Thuat Ng Anh Viet
tn phieu ky thac (CDs), tn phieu giao oi (RPs, MSPs),
tn phieu thng mai (CPs) va tn phieu ngan hang bao
nhan (BAs), tn dung th (L/C), trai phieu ngan han do
chnh quyen lien bang phat hanh (treasury bills), trai phieu
nganhan do chnh quyen a phng phat hanh (shortterm
municipal bonds), trai phieu ngan han do nhng c quan
c chnh quyen lien bang bao tr phat hanh (GSEs
short- term notes).
Short-Term Liquidity: Kha Nang Lu Hoat Ngan Han.
Special Entities; Special Purpose Entities: Nhng Cong Ty
ac Biet; Nhng Cong Ty Cho Muc ch ac Biet. Xem
Asset-Backed Commercial Paper.
Standby Letter of Credit: Tn Dung Th D Phong. Xem
Credit Enhancement.
Standard Line of Credit: D Khoan Tn Dung Tieu Chuan.
Stated Value: Menh Gia; Gia Tr Phiem Ban. Xem Face
Value.
Statutory Voting: Bau C Theo Qui Che Khong Don Phieu.
Xem Voting.
Stock Dividends: Li Nhuan Vo Ky. Li nhuan vo ky cua
co phieu thng ang. Xem Common Stock Dividends.
Li Nhuan Thng Ky. Li nhuan thng ky cua co phieu
u ang. Xem Preferred Stock Dividends.
Stock Exchanges: Nhng Th Trng Mua Ban Co Phieu.
Sau khi c nhng ngan hang kinh tai phan phoi, co
364
phieu mi bay gi tr thanh co phieu cu va c mua i
ban lai (secondary transactions) tren nhng th trng
mua ban cap 1 (registered stock exchanges; organized
stock exchanges) hoac nhng th trng mua ban cap 2
(self-regulated exchanges). Th trng mua ban cap 1 la
nhng th trng co ang ky va co to chc rat chat che.
Trong so nhng th trng mua ban cap 1 cua Hoa Ky co
New York Stock Exchange (NYSE) va American Stock
Exchange (AMEX). Mot vai vung cua Hoa Ky cung co
nhng th trng mua ban cap 1 nhng tam voc nho hn
(regional exchanges), th du nh Pacific Stock Exchange
(PSE), Philadelphia Stock Exchange (PHLX), Boston
Stock Exchange, Midwest Stock Exchange, va Cincin-
nati Stock Exchange (CSE). Hai ngoai co nhng th trng
mua ban cap 1 noi tieng nh la Tokyo Stock Exchange,
Hongkong Stock Exchange, Toronto Stock Exchange . . .
Th trng mua ban cap 2 (over-the-counter, OTC) la th
trng t quan t kiem (self-regulated), mot tap hp vi
s tham d cua hang ngan ai ly mua ban chng khoan
(dealers) lien ket e lam th trng qua mot to chc c
goi la Nghiep oan ai Ly Mua Ban Chng Khoan (Na-
tional Association of Securities Dealers, Inc., NASD).
Thay v gap mat nhau tai ni mua ban e au gia theo
truyen thong lau i cua th trng mua ban cap 1, gia
cua co phieu c mac ca va mua ban c thanh lap
qua mot he thong mang vi tnh (screen-based market).
NASD Automated Quote (NASDAQ), Over-the-Counter
Bulletin Board (OTCBB) va PORTAL Market (PORTAL)
thuoc vao loai th trng mua ban cap 2 nay. Co hn
50,000 cong ty tren OTCBB va hn 5,000 cong ty tren
NASDAQ.
Stock Market: Th Trng Co Phieu. Th trng co phieu
c chia ra lam th trng cap 1 (primary market) va th
365
Thuat Ng Anh Viet
trng cap 2 (secondary market). Th trng cap 1 la th
trng cua co phieu mi trong khi th trng cap 2 la th
trng cua co phieu cu. Co phieu mi la co phieu c
ban ra lan au tien (primary offerings) tren th trng va
so tai chnh thu hut c se chay vao cong ty phat hanh
co phieu. Co phieu mi thng do nhng ngan hang au
t (investment banks) ng ra am nhiem phan phoi qua
kinh cong he (public placement) hoac phan phoi qua kinh
t he (private placement). Co phieu cu la co phieu c
mua i ban lai gia nhng ngi au t va so lng tai
chnh ch chuyen hoan gia nhng ngi au t ch khong
vao tay cong ty phat hanh. Nh vay, th trng cap 1 mi
thc s la ong dan tien vao tay nhng cong ty doanh
thng e tai tr cho cong cuoc phat trien kinh doanh.
Thuat ng th trng co phieu khac vi thuat ng th trng
mua ban co phieu. Th trng co phieu co y noi ve cung
ng va nhu cau cua co phieu. Trong khi th trng mua
ban co phieu ch ve ni mua ban co phieu.
Stock Repurchase: Thu Mua Co Phieu Cua Cong Ty Nha.
Nhng cong ty co tien mat thang d trong tay (excess
cash) nhng cha co them c hoi tot e au t phat trien
cong ty cua ho oi khi dung so tien mat thang d nay e
thu mua lai co phieu cua cong ty nha. Quyet nh thu
mua lai co phieu cua cong ty nha thng c da tren
hai ly do. Th nhat, v cong ty tin rang gia th trng cua
co phieu cua cong ty nha thap hn gia tr tng xng
cua no kha xa. Trong trng hp nay, mua lai co phan
la hnh thc au t vao chnh cong ty cua mnh. Th hai,
co the la v cong ty muon nang gia th trng cho co
phieu cua cong ty nha. Thu mua mot so lng ln co
phan cua cong ty se tao anh hng tch cc en tam ly
cua th trng va en canh can cung cau vi hy vong la
lam cho gia th trng cua co phieu cua cong ty nha gia
366
tang, hoac lam cho gia ng lai trong trng hp no ang
tuot doc. Sau khi thu mua, so co phan cua cong ty nha
co the (1) c em huy bo (to be retired) hoac (2) em
ban ra cho cong chung trong tng lai (to be resold to
the public). Chung c goi la co phieu thu hoi (treasury
stocks).
Stock Split : Phan Co Phan. Phan co phan cung tng t
nh phan phoi LNVK bang co phieu. Ca hai eu tao
them mot so co phan mi va lam gia tang tong so lng
co phan hien hanh. Tuy nhien, theo luat le cua th trng
mua ban chng khoan va theo qui c cua Hoi ong
Thiet Lap Tieu Chuan Ke Toan Tai Chnh (FASB), neu
so co phan mi vao khoang 20% tong so co phan cu
hay cao hn cong ty phai ap dung the thc phan co phan
(stock split) thay v phan phoi li nhuan vo ky bang co
phieu (stock dividend). Cach ke toan cho phan co phan
cung co phan khac biet so vi cach ke toan cho phan
phoi li nhuan vo ky bang co phieu. Sau khi phan co
phan, tong so co phan se gia tang va gia th trng cua
co phieu se giam xuong mc tng ng vi t le
phan co phan trong khi gia tr chu ban va gia tr toan bo
au t se khong thay oi. Thong thng ly do cho quyet
nh phan co phan la v cong ty phat hanh co phieu muon
ieu chnh gia th trng cua co phieu o xuong thap
hn e ap ng th hieu cua gii au t (to meet popular
trading range). Gia hai co phieu, gii au t se co
khuynh hng chon mua 1,000 co phan cua co phieu
gia 10 USD hn la mua 100 co phan cua co phieu gia
100 USD dau la gia thanh cua ca hai eu la 10,000 USD.
Ly do th hai cho viec phan co phan la e lam gia tang
kha nang lu hoat (liquidity) cua co phieu. So lng co
phan cang nhieu th co phieu cang co hy vong at mc
lu hoat cao hn (improving liquidity).
367
Thuat Ng Anh Viet
STRIPS (Seperate Trading of Registered Interest and Prin-
ciple Securities): Trai Phieu Khong Kem Phieu Lai Cua
Chnh Quyen; Trai Phieu Khong Kem Phieu Lai Do Chnh
Quyen Phat Hanh. Xem Zero-Coupon Bonds, Municipal
Bonds & Notes, Treasury Zeros.
Swing Line of Credit: D Khoan Tn Dung Tng Ngay.
Syndicate of Dealers: To Trung Gian am Nhiem Phan
Phoi Chng Khoan Mi. Xem Under Writer.
Taxable Equivalent Yield: Mc Li Nhuan Tng ng
Khong Mien Thue. Mot chon la au t lien quan en
yeu to c mien thue hay khong c mien thue tren
mot chng khoan tuy thuoc phan ln vao mc thue lien
bang thap nhat cua ngi au t (investors marginal fed-
eral tax rate) va tuy thuoc vao li nhuan c mien thue
(tax-exempt interest) so vi li nhuan khong c mien
thue (taxable interest) cua chng khoan o. Mc li
nhuan cua chng khoan c mien thue (yield on tax-
exempt securities) thng c trnh bay theo mc li
nhuan tng ng vi li nhuan khong c mien thue,
thuat ng chuyen mon goi la mc li nhuan tng ng
kho ng mie n thue (taxable equivalent yield), hay la :
LNT%KMT = LN%MT/(1 ThLB); vi LN%MT = Mc li
nhuan c mien thue; LNT%KMT = Mc li nhuan tng
ng khong mien thue; ThLB = Mc thue lien bang thap
nhat cua ngi au t.
Tax Anticipation Notes (TAN): Trai Phieu TAN; Trai Phieu
Ngan Han Bao am Bang Thue Thu D Tru. Trai phieu
TAN c phat hanh e mn n ngan han va so n o
se c hoan tra vao mot thi iem khong xa trong tng
368
lai bang nguon tai chnh d tru en t thue thu. V vay,
trai phieu TAN c nh danh la trai phieu ngan han
bao am bang thue thu d tru. Xem Municipal Bonds &
Notes.
Tax And Revenue Anticipation Notes (TRAN): Trai Phieu
TRAN; Trai Phieu Ngan Han Bao am Bang Tc Thu Va
Thue Thu D Tru. Trai phieu TRAN c phat hanh e
mn n ngan han va so n o se c hoan tra vao
mot thi iem khong xa trong tng lai bang nguon tai
chnh d tru en t thue thu lan tc thu (taxes and rev-
enues). Va v vay, trai phieu TRAN c nh danh la
trai phieu ngan han bao am bang tc thu va thue thu
d tru.
Tax-Free Munis: Trai Phieu Cua Chnh Quyen Tieu Bang
Va a Phng c Mien Thue Lien Bang; Trai Phieu
Cua Chnh Quyen Tieu Bang Va a Phng c Mien
Mot Th Thue. Xem Municipal Bonds & Notes, Dounble
Tax-Free Munis, Triple Tax-Free Munis.
Thrift CDs: Tn Phieu Ky Thac Cua Ngan Hang Tiet Kiem.
Tn phieu ky thac cua ngan hang tiet kiem la nhng tn
phieu ky thac do nhng ngan hang tiet kiem (savings
banks) hoac do nhng hiep hoi tiet kiem va cho vay (sav-
ings and loans associations) phat hanh. Ch co hiep hoi
tiet kiem va cho vay ln nhat mi co the phat hanh va
ban ra th trng quoc gia nhng tn phieu ky thac co
menh gia cao. Vao au nam 1990, tong so lng tn
phieu ky thac c quyen chuyen nhng cua ngan hang
tiet kiem co du ky 3 thang hoac ngan hn ang lu hanh
tren th trng (outstanding negotiable thrift CDs with origi-
nal maturities of 3 months or less) len en 11 t USD.
Nhng ti thang 9 nam 1992, tong so lng ch con lai
369
Thuat Ng Anh Viet
3.4 t USD. Ly do cho s suy thoai cua th trng tn
phieu loai nay la v nhng that bai lien tuc va tai tieng
khong tot trong th trng tiet kiem va cho vay lam gii
au e ngai va xa lanh. Xem Certificate of Deposit, Do-
mestic CDs
TIGRs (Treasury Investment Growth Receipts): Trai Phieu
Khong Phieu Lai Cua Chnh Quyen Lien Bang; Trai Phieu
Khong Phieu Lai Do Chnh Quyen Lien Bang Phat Hanh.
Xem Treasury Zeros.
Time Deposit: Ky Thac Han Ky. Xem Certificate of De-
posit.
TIPS (Treasury Inflation Protection Securities): Trai Phieu
ieu Chnh Lam Phat. Xem Inflation Indexed Bonds.
Transaction: Giao Hoan; Mot Giao Hoan Tai Chnh.
Transaction Confirmation: Xac Nhan Giao Hoan.
Transaction Process: Qui Trnh Giao Hoan. Xem Trans-
action Mechanism.
Transaction Mechanism: C Trnh Giao Hoan. (1) Mot
cuoc giao hoan tieu bieu cua th trng tn phieu ky thac
noi a thng dien ra gia mot ngan hang trung tam
tien te c ln (a large money center bank) tai thanh pho
New York va mot khach au t co tam voc (a large in-
vestor) cung co tru s au nao tai thanh pho New York.
Sau khi ong y vi nhau ve mc li nhuan nh ky, du ky
ky thac va so tien ky thac, ngan hang trung tam tien te
cho phat hanh mot tn phieu ky thac va cho tai giao tn
phieu o (delivers the certificate) en mot ngan hang
370
bao ho cua khach au t (investors custodian bank).
Tam goi so tien ky thac la Z USD. Sau khi xac nhan tn
phieu ky thac o (veified the certificate) ngan hang bao
ho tien hanh thu tuc chi tra bang cach ieu chnh tr Z
USD kho i trng mu c cu a kha ch a u t (debits the
investors account) va, qua mang vi tnh chuyen giao cua
Ngan Hang Trung ng (Federal Reserves Wire Trans-
fer Network; Fedwire), chuyen Z USD t trng muc d
tr cua mnh tai Ngan Hang Trung ng vao trng muc
d tr cua ngan hang phat hanh (tranfers federal funds
from its reserve account to the issuing banks reserve
account) e chi tra cho ngan hang phat hanh. Ti ngay
man han, sau khi nhan lai tn phieu ky thac, cung qua
mang vi tnh chuyen giao cua Ngan Hang Trung ng,
ngan hang phat hanh chuyen Z USD + lai ph t trng
muc d tr cua mnh Ngan Hang Trung ng vao trng
muc d tr cua ngan hang bao ho e chi tra. Sau o
ngan hang bao ho ieu chnh cong trng muc cua khach
au t (credits the investors account) so tien Z USD +
lai ph. Nhng ngan hang ln nam ngoai thanh pho
New York va tch cc trong th trng tn phieu ky thac
phat thng hanh va thu hoi qua trung gian cua mot ngan
hang trung tam tien te tai thanh pho New York (issue
and redeem through a correspondent bank in New York
City). Th trng mua ban tn phieu ky thac cua ngan
hang ngoai (Yankee CDs) va tn phieu ky thac cua ngan
hang tiet kiem (thrift CDS) cung co cung mot qui trnh
nh tren. Qui trnh giao hoan cua th trng tn phieu ky
thac hai ngoai (Eurodollar CDs) co phan khac biet. Thu
tuc phat hanh va thu hoi tn phieu ky thac (the certifi-
cates) th c tien hanh tai London con thu tuc chi tra
th c tien hanh tai thanh pho New York. Sau khi ong
y vi nhau ngan hang phat hanh tai London, hoac qua
mot trung gian cua no, cho phat hanh va tai giao tn phieu
371
Thuat Ng Anh Viet
ky thac o en ngan hang bao chng cua khach au t
va ngan hang bao chng nay, hoac trung gian cua no,
cung nam tai London. Theo o thu tuc chi tra c tien
hanh tai New York. Tien t trng muc cua khach au
t trong mot ngan hang tai New York hoac qua mot trung
gian cua no tai New York (investors New York bank or
its New York correspondent) c chuyen en ngan hang
phat hanh tai New York hoac qua mot trung gian cua no
tai New York (the issuing banks New York office or its
New York correspondent) e chi tra cho ngan hang phat
hanh tn phieu ky thac, thng la qua he thong CHIPS
(Clearing House Interbank Payment System). Thu tuc
chi tra c hoan tat trong vong hai ngay lam viec (two
business days) sau khi hai ben a thoa thuan cuoc giao
hoan. Thu tuc giao hoan trong th trng cap 2 cung
tng t nh thu tuc giao hoan trong th trng cap 1.
Thu tuc giao hoan c hoan tat cung ngay (cash settle-
ment) neu mua ban c thanh lap vao buoi sang cua
ngay o hoac hoan tat vao ngay ke (regular settlement)
neu mua ban c thanh lap vao buoi chieu hom trc.
Trong th trng cap 2 cua tn phieu ky thac hai ngoai
(Eurodollar CDs), thu tuc giao hoan c hoan tat trong
vong hai ngay (skip-day settlement) sau khi mua ban c
thanh lap. Mua ban gia nhng ai ly vi nhau, thu tuc
giao hoan c hoan tat trong ngay ke khong can biet
mua ban c thanh lap vao buoi sang hay buoi chieu.
Sau khi mua ban c thanh lap, tn phieu ky thac c
tai giao en tay ngi tham d hoac en ngan hang bao
ho cua ho (to be physically transported). Vi nhng loai
tn phieu ky thac noi a (domestic CDs), tn phieu ky
thac cua ngan hang ngoai (Yankee CDs) va tn phieu ky
thac cua ngan hang tiet kiem (thrift CDS), thu tuc chi tra
c tien hanh qua nhng ngan hang giao hoan cua ai
ly mua ban chng khoan (dealers clearing banks) va chi
372
tra cho nhau bang d tr (fed funds) tai Ngan Hang Trung
ng trong khi th trng tn phieu ky thac hai ngoai (Eu-
rodollar CDs) chi tra cho nhau bang quy cua trung tam
giao hoan (clearinghouses funds). (2) Sau khi mua ban
tn phieu c thanh lap, theo thu tuc tieu bieu, chng
khoan va tai khoan chi tra c chuyen qua mang vi tnh
chuyen giao cua Ngan Hang Trung ng (Fedwire). Ti
ngay man han, chng khoan va ngan khoan chi tra c
chuyen ngc lai, cung qua he thong nay. Tuy nhien ch
co nhng ngan hang ky thac (depository institutions) va
mot so c quan ac biet, trong o co nhng ngan hang
trung ng cua ngoai quoc (foreign central banks) va
nhng c quan c lien bang bao tr co lien quan ti
ngan sach thu chi (sponsored agencies that are statu-
tory fiscal principals), la c phep trc tiep truy cap vao
he thong chuyen giao chng khoan va tai khoan chi tra
cua Ngan Hang Trung ng (Federal Reserves securi-
ties and payment transfer system).Tie p theo o Nga n
Hang Trung ng ieu chnh tr hoac ieu chnh cong
trng muc chng khoan va giao hoan cua nhng ngan
hang ky thac (Reserve Bank credits and debits to the
securities and clearing accounts of depository institutions)
e hoan tat thu tuc giao hoan. Nhng ngan hang ky
thac gi vai tro ai dien giao hoan cho than chu cua ho
(acting as clearing agents for their customers). Nhng
ngan hang ky thac nay cung thng ng ra ai dien
cho than chu trong nhng trng hp phai thc s tai
giao chng khoan the chap (transfer of physical securi-
ties).
Treasury Stock: Co Phieu Thu Hoi. Xem Stock Repur-
chase.
Treasury Zeros: Trai Phieu Khong Phieu Lai Cua Chnh
373
Thuat Ng Anh Viet
Quyen Lien Bang; Trai Phieu Khong Phieu Lai Do Chnh
Quyen Lien Bang Phat Hanh. Trai phieu khong phieu lai
do chnh quyen lien bang phat hanh (treasury zeros) con
co ten la STRIPS (Separate Trading of Registered Inter-
est and Principal Securities), hay TIGRs (Treasury In-
vestment Growth Receipts) do cong ty Merrill Lynch at
cho hoac CATS (Certificate of Accrual on Treasury Se-
curities) do cong ty Salmon Brothers at cho.
Tri-Party Repo: Tn Phieu Giao oi Dan Xep Giao Hoan 3
Ben. e bao ve cho pha cung cap von mot cach tot
nhat, trong ieu kien khong thc s tai giao chng khoan
the chap, hai pha oi tac nen dan xep mot thu tuc gi
the chap cho an toan (safekeeping) vi s tham d cua
mot ngan hang giao hoan hoac mot ngan hang giam ho
ai dien cho chnh quyen li cua pha cung cap von hoac
cho quyen li cua ca hai pha. Pho thong nhat la di
dang tn phieu giao oi dan xep di dang giao hoan ba
ben (tri-party repo). Di dang nay pha giam ho se tham
d trc tiep vao cuoc giao hoan cung vi hai pha oi tac
mua ban. Thong thng th mot ngan hang giao hoan se
ng ra am trach vai tro giam ho. Ngan hang giao hoan
kiem giam ho se ch than trong coi e bao am la tai
khoan va chng khoan the chap c giao hoan ung
theo chi tiet cua giao c va nhng phng tien kiem tra
van hanh (operational control devices) c ap dung ung
mc e bao ve quyen li cua pha au t trong suot du
ky cua tn phieu giao oi. Ngan hang giao hoan kiem
giam ho se tien hanh ghi nhan giao hoan vao so ke toan
cua no (making an entry in its internal records) va chuyen
so chng khoan the chap t trng muc tong quat cua
ai ly mua ban chng khoan (dealers general account;
box), pha vay von, vao mot trng muc rieng (a segre-
gate account). Ti luc man han, ngan hang giao hoan
374
kiem giam ho se chuyen chng khoan the chap tr ve
lai trng muc tong quat cua ai ly mua ban chng khoan.
Lai suat cho tn phieu giao oi dan xep di dang giao
hoan ba ben thng thap hn la tn phieu giao oi dan
xep di dang khong phan rieng khong thc s tai giao
the chap (non-segregated RPs without collateral deliv-
ery).
Triple Tax-Free Munis: Trai Phieu Cua Chnh Quyen Tieu
Bang Va a Phng c Mien Thue Lien Bang, Thue
Tieu Bang Va Thue a Phng; Trai Phieu Cua Chnh
Quyen Tieu Bang Va a Phng c Mien Ba Th Thue.
Xem Municipal Bonds & Notes, Dounble Tax-Free Munis,
Triple Tax-Free Munis.
Trust Fund: Quy Tn Nhiem; Quy Uy Thac.
Underwriter: Trung Gian am Nhiem Phan Phoi Chng
Khoan Mi. Mot chng khoan mi phat hanh, vi mot so
lng khong nho, thng c mot ai ly ng ra lam
mot trung gian am nhiem phan phoi. Vai tro nay, theo
thuat ng chuyen mon, c goi la mot trung gian am
nhiem phan phoi chng khoan mi. Neu la mot so lng
that ln vt ngoai kha nang cua mot ai ly, mot tap hp
cua nhieu ai ly se lien ket tam thi e ng ra am
nhiem phan phoi. Tap hp nay, cung theo thuat ng
chuyen mon, c goi la mot to trung gian am nhiem
phan phoi chng khoan mi (a syndicate of dealers; un-
derwriting group; purchase group; banking syndicate; in-
vestment banking syndicate; distributing syndicate).
Trong mot to trung gian am nhiem phan phoi chng
khoan mi co mot ai ly au nao (lead dealer) chu lanh
thau mot phan ln cua so lng chng khoan mi (a
large portion of securities) va chu trach nhiem quan ly
375
Thuat Ng Anh Viet
van trnh phan phoi cua toan to. Nhng to trung gian
am nhiem phan phoi chng khoan mi c s dung
e m rong tam vi ti nhng ngi au t va e chia
trai (spread) hiem hoa am nhiem phan phoi (underwrit-
ing risk) gia nhieu ai ly. Hiem hoa ang ke nhat la lai
suat hien hanh co the gia tang ngoai tien lieu trc khi
trai phieu mi c ban het ra th trng mot gia co li.
Under witing Risk: Hiem Hoa am Nhiem Phan Phoi Chng
Khoan Mi. Hiem hoa ang ke nhat la lai suat hien hanh
co the gia tang ngoai tien lieu trc khi trai phieu mi
c ban het ra th trng mot gia co li. Xem Under-
writer.
Underlying Security: Chng Khoan Cho Ky Sinh; Chng
Khoan Lien He; Chng Khoan C S; Chng Khoan c
Ch nh. Xem Option Contracts, Options.
Usage Fee: Ph S Dung. Xem Fee.
U.S. Goverment Bonds. Trai Phieu Do Chnh Quyen Lien
Bang Phat Hanh; Trai Phieu Cua Chnh Quyen Lien Bang;
Cong Trai Phieu. Tat ca trai phieu do chnh quyen lien
bang phat hanh c goi chung la trai phieu cua chnh
quyen lien bang. Nhng trai phieu do chnh quyen lien
bang phat hanh, qua Cong Kho Trung ng, con c
goi la cong trai phieu. Trai phieu cua chnh quyen lien
bang c phan ra va nh danh theo chieu dai thi gian
du ky. Trai phieu ngan han (treasury bills; T-bills) co du
ky dai di 1 nam. Trai phieu trung han (treasury notes;
T-notes) co du ky dai t 2 nam cho en 10 nam. Trai
phieu dai han (treasury bonds; T-bonds) co du ky dai
tren 10 nam cho en 30 nam. Trai phieu ngan han cua
chnh quyen lien bang c phat hanh vi 3 du ky: 91,
376
182 va 364 ngay. Trai phieu co du ky 91 ngay va trai
phieu co du ky 182 ngay c Cong Kho Trung ng
ban au gia vao ngay Th Hai moi tuan. Trai phieu co
du ky 364 ngay c ban au gia vao ngay Th Nam
moi 4 tuan mot lan, hay la 13 lan trong mot nam. Trai
phieu ngan han cua chnh quyen lien bang khong nh
trc mc li nhuan nh ky. Thay vao o li nhuan nh
ky se do th trng quyet nh vao luc cho au gia, tc la
tuy thuoc vao nhng ngi au gia cho mc li nhuan
cao nhat (depending on what highest bidders are willing
to pay). Trai phieu ngan han cua chnh quyen lien bang
cung khong chi tra li nhuan theo nh ky nh nhng trai
phieu khac. Thay vao o, tnh tren mc li nhuan nh
ky do th trng quyet nh, trai phieu ngan han cua chnh
quyen lien bang c ban ra vi mot gia di menh gia
rat xa (deep discount) va la loai trai phieu duy nhat cua
chnh quyen lien bang ban ra di dang nay. Trai phieu
trung han cua chnh quyen lien bang (treasury notes)
c phat hanh vi 4 du ky: 2, 3, 5 va 10 nam. Trai
phieu co du ky 2 va 5 nam c ban au gia moi thang.
Trai phieu co du ky 3 nam c ban au gia moi tam ca
nguyet. Trai phieu co du ky 10 nam c ban au gia 6
lan trong mot nam. Tat ca trai phieu trung han cua chnh
quyen lien bangluon luon chi tra li nhuan nh ky moi 6
thang. Trai phieu dai han cua chnh quyen lien bang
thng la co du ky 30 nam va tra li nhuan nh ky moi
sau thang mot lan. Trai phieu do chnh quyen lien bang
phat hanh co 4 ac tnh noi bat. o la (1) khong s b
giat n (free of default risk), (2) co mc lu hoat rat cao
(high liquidity), (3) co li ve mat thue (favorable tax sta-
tus) va (4) co menh gia thap (low minimum denomina-
tion). Cung v nhng ac tnh nay cho nen trai phieu cua
chnh quyen lien bang cho mc li nhuan nh ky thap
hn la cua nhng loai trai phieu khac.
377
Thuat Ng Anh Viet
U.S. Saving Bonds: Trai Phieu Tiet Kiem; Traai Phieu
Tiet Kiem Do Chnh Quyen Lien Bang Phat Hanh. Chnh
quyen lien bang phat hanh mot loai trai phieu khac rat
quen thuoc oi vi a so quan chung o la trai phieu tiet
kiem. Trai phieu tiet kiem do chnh quyen lien bang phat
hanh la loai trai phieu co ang ky chu quyen, bat kha
thu hoi va bat kha chuyen nhng (a registered, non-
callable, non-transferable bond) c bao am bang uy
tn cua chnh quyen Hoa Ky (backed by full faith and credit
of the U.S. Government). Trai phieu tiet kiem thng
c biet en bang mau t E, EE va HH (series E, se-
ries EE, series HH). Loat trai phieu tiet kiem mang mau
t E co t nam 1941 cho ti nam 1979. Hai loat trai
phieu mang mau t EE va HH co t nam 1980 cho ti
nay. Trai phieu tiet kiem c phat hanh vi menh gia
50 USD, 75 USD, 100 USD, 200 USD, 500 USD, 1,000
USD, 5,000 USD, 10,000 USD va gia ban ra luon luon
bang menh gia. Trai chu co the em trai phieu tiet
kiem oi lay tien mat (cash in) bat c luc nao, tai bat c
ngan hang nao, va se khong b tr phat (penalty) neu a
mua no tren 6 thang. Von va li nhuan nh ky cua trai
phieu tiet kiem c bao am bang uy tn cua chnh quyen
lien bang (by the full faith and credit of the United States).
Li nhuan cua trai phieu c mien thue tieu bang va
thue a phng ong thi c khat lai thue lien bang
(postponed; deferred) cho en khi oi trai phieu e lay
tien mat hoac cho en khi trai phieu khong con tiep tuc
cho li nhuan nh ky na. Khong giong nh nhng loai
trai phieu khac, en ngay man han du ky trai phieu tiet
kiem t ong c gia han them 10 nam (automatically
extended for ten years) va co the c gia han them mot
thi gian na tiep theo o. Va v vay, li nhuan nh ky
cua trai phieu tiet kiem tiep tuc tch luy theo du ky gia
han (interest continues to accrue on the bonds during
378
these extensions).
Value Dillution: Loang Gia. Loang gia la mot khai niem
ke toan noi ve khoan sai biet X gia gia mua co phieu
cua cong ty vi gia tr chu ban cua cong ty ngay sau khi
hoan tat giao hoan. Neu nh ngi au t chi tra vi mot
gia cao hn gia tr chu ban cho nhng co phan cua mnh,
thuat ng chuyen mon noi la ngi au t b tnh trang
loang gia X USD mot co phan (investor suffers X USD
per share value dillution). Gia du nh cong ty XYZ co
gia tr chu ban tong cong la 100 ngan USD vi 50 ngan
co phan ang du hanh (outstanding shares). Ba Q mua
10 ngan co phan cua cong ty XYZ vi gia 10 USD mot
co phan hay la 100 ngan USD au t. Ngay sau khi giao
hoan, tong gia tr chu ban cua cong ty tang len en 200
ngan USD, hay la 100 ngan USD luc au + 100 ngan
USD au t cua ba Q, va tong lng co phan hien hanh
len en 60 ngan, hay la 50 ngan co phan luc au + 10
ngan co phan cua ba Q. Theo o gia tr chu ban mot co
phan sau khi giao hoan la 3.33 USD, hay la 200 ngan
USD chia cho 60 ngan co phan. Nh vay ba Q b tnh
trang loang gia 6.67 USD mot co phan, hay la 10 USD -
3.33 USD. Nhng tay tai tr von phat trien cho nhng
cong ty co nhieu trien vong (venture capital investors)
biet ro b tnh trang loang gia la ieu gan nh khong tranh
khoi. ong thi ho cung biet ro ch so gia tr chu ban ch
la mot phng phap tng oi e nh gia tr cua mot
cong ty. oi vi ho ieu quan trong hn la gia tr th
trng (fair market value) va trien vong thanh cong cua
mot cong ty.
Voting: Bau C. Tuyen chon hoi ong giam oc co the
theo quy che khong don phieu (statutory voting; straight
voting) hoac theo quy che don phieu (cummulative vot-
379
Thuat Ng Anh Viet
voting) hoac theo quy che don phieu (cummulative vot-
ing). Theo quy che khong don phieu, moi co phan c
mot phieu bau cho moi ghe trong hoi ong giam oc
(shareholder gets one vote per share owned for each di-
rector). Gia du nh co chu X co 500 co phan va cong ty
to chc bau c tuyen chon 3 ngi vao hoi ong giam
oc. Theo qui che khong don phieu, co chu X c tat
ca 500 phieu cho moi ng vien va ch c quyen dung
500 phieu e bau cho moi ng c vien. Quy che khong
don phieu co li cho nhom a so. Theo quy che don
phieu, moi co phan c mot phieu bau cho moi ghe
trong hoi ong giam oc. Co chu co the don tat ca phieu
cho 1 ng c vien hay tuy y chia so phieu gia nhng
ng c vien. Gia du nh co chu X co 500 co phan va
cong ty to chc bau c tuyen chon 3 ngi vao hoi ong
giam oc. Theo qui che don phieu, co chu X c 500
phieu cho moi ng vien. Co chu X c quyen don tat
ca 1500 phieu cho 1 ng c vien hoac tuy y chia so
phieu cho 2 hay 3 ng c vien. Vi qui che don phieu,
nhom thieu so co the danh c mot so ghe trong hoi
ong giam oc.
Warrants: Ham Phieu Quyen. Mot ham phieu quyen la
chng ch cua khe c thanh lap quyen mua cua ngi
hng ng, trong o ngi hng ng c quyen mua
t ngi e xng mot chng khoan c ch nh (un-
derlying security) mot gia c cam ket (specified price)
trong mot thi han c vach trc (specified period).
Thc ra, ham phieu quyen cung giong nh ham phieu
oc che vi quyen mua (call options) nhng co thi han
dai hn nhieu. oi khi ham phieu quyen co hieu lc vnh
vien tc la khong co ngay man han. Ham phieu quyen
khac vi quyen c mua co phan mi (rights) danh cho
nhng co chu co phieu thng ang trc khi cong ty
380
phat hanh co phieu thng ang o em so co phan mi
ban ra th trng. Thong thng th quyen c mua co
phan mi ch co thi gian hieu lc dai t 2 cho en 4
tuan le trong khi ham phieu quyen co thi gian hieu lc
dai ti nhieu nam hoac vnh vien. Mot iem d biet na
la gia cam ket cua ham phieu quyen thng cao hn gia
th trng cua co phieu lien he vao thi iem phat hanh
trong khi quyen c mua co phan mi thng danh cho
co chu hien hu mot gia u ai thap hn gia th trng
cua co phieu lien he. Va mot iem d biet khac na la
ham phieu quyen la mot cong cu cua cong ty nham
khuyen khch gii au t (sweetener) tr thanh co chu
cua cong ty, trong khi quyen c mua co phan mi ch
nham bao ve quyen li cua co chu hien hu. Thng th
ham phieu quyen c ban ra bi nhng cong ty ma co
phieu thng ang cua cong ty o khong co ham phieu
oc che ky sinh. ac tnh cua ham phieu quyen gom co:
thi gian hieu lc cang ngan th gia th trng cua ham
phieu quyen cang thap; gia th trng cua co phieu lien
he cang cao th gia th trng cua ham phieu quyen cang
cao; mc dao ong gia cua co phieu lien he cang cao th
gia th trng cua ham phieu quyen cang cao; lai xuat
hien hanh tren th trng tang len th gia cua ham phieu
quyen cung tang len, va ngc lai; neu tat ca yeu to
khac eu ngang nhau, ham phieu quyen co nh kem
quyen thu hoi co gia tr thap hn ham phieu quyen khong
co nh kem quyen thu hoi; gia cam ket cang thap th gia
tr cua ham phieu quyen cang cao. Trong tat ca cac loai
ham phieu, co le ham phieu quyen la mot cong cu au
t t nguy hiem hn ca.
Weighted Average Method: Phng Phap Bnh Quan Hu
Can. Phng phap bnh quan hu can ap dung trong
ieu khoan chong lam loang dung mot cong thc e chiet
381
Thuat Ng Anh Viet
tnh hau qua sau khi b lam loang (dillutive effect) do cong
ty ban ra co phieu mot gia thap hn va dung ket qua
chiet tnh e boi thng cho co chu c bao ve bi ieu
khoan chong lam loang mot so co phan va so lng co
phan nay u e bu ap hau qua b lam loang. Cong
thc bnh quan hu can thong dung nhat la em chia
tong lng au t cua t tai tr cu cong mi vi tong
l ng co pha n hie n ha nh sau t m i (number of
oustanding shares after new investment), e tnh gia bnh
quan. Sau o em so lng au t trong t cu cua co
chu chia cho gia bnh quan roi em so thanh tr cho so
co phan co chu a mua trong t cu e tnh so lng co
phan se c boi thng. Phng phap bnh quan hu
can co li cho cong ty hn la phng phap khoa siet
(ratchet method).
Working Capital: Nguon Tai Chanh Van Hanh. Tong gia
tr tat ca tai san ngan han tr cho tong gia tr cua tat ca
n ngan han; working capital = current assets - current
liabilities.
Writer: Ngi e Xng; Ngi Viet; Ngi Phat Hanh.
Xem Options, Option Contracts.
Yankee CDs: Tn Phieu Ky Thac Cua Ngan Hang Ngoai.
Tn phieu ky thac cua ngan hang ngoai la loai tn phieu
ky thac c quyen chuyen nhng (negotiable CDs) do
chi nhanh Hoa Ky cua nhng cong ty ngoai quoc phat
hanh (issued by US branches of foreign banks). Chi
nhanh New York cua nhng ngan hang cap quoc te cua
Nhat Ban, Gia Na ai, Anh va Tay Au phat hanh hau het
nhng tn phieu ky thac loai nay e huy ong von cho
nhng cong ty khach hang cua ho (corporate custom-
ers) tai Hoa Ky. Tn phieu ky thac cua ngan hang ngoai
382
xuat hien lan au tien vao au thap nien 1970. Vao thi
iem o tn phieu ky thac cua ngan hang ngoai cho mc
li nhuan nh ky cao hn la tn phieu ky thac noi a. Ly
do la v gii au t tai Hoa Ky khong tin tng may vao
nhng ngan hang ngoai quoc v khong biet nhieu ve
nhng nguyen tac ke toan cua nc ngoai, khong co
ay u tin tc bao cao va kho xac nh c o kha tn.
Cho nen, tn phieu ky thac cua ngan hang ngoai phai
cho mc li nhuan nh ky cao hn e tng xng vi
hiem hoa cao hn so vi tn phieu ky thac noi a do
nhng ngan hang Hoa Ky phat hanh mi co the canh
tranh thu hut c gii au t. Nhng nam gan ay tn
phieu ky thac cua ngan hang ngoai cho mc li nhuan
nh ky gan vi mc mc li nhuan nh ky cua tn phieu
ky thac noi a v qua oi mat cua gii au t Hoa Ky
mc o kha tn cua nhng ngan hang ngoai quoc khong
khac may vi mc o kha tn cua nhng ngan hang Hoa
Ky, noi mot cach tong quat. Th trng tn phieu ky thac
cua ngan hang ngoai tang trng eu (grew steadily)
suot thap nien 1970 va tang trng cham suot thap nien
1980. Quyet nh huy bo nhng qui nh d tr cho nhng
loai ky thac co du ky di 18 thang khong thuoc trng
muc ca nhan (reserve requirements on nonpersonal time
deposits) vao cuoi thang 12 nam 1990 a giup cho th
trng tn phieu ky thac cua ngan hang ngoai tang trng
nhanh chong trong hai nam 1991 va 1992. Trc khi
quyet nh nay c huy bo, nhng ngan hang ngoai
quoc muon cho than chu Hoa Ky vay von tai tr qua
cong cu tn phieu ky thac cua ngan hang ngoai phai gi
3% d tr theo qui nh d tr cua Ngan Hang Trung
ng (3% Federal Reserve reserve requirement when
funding loans with Yankee CDs). Ngan hang ngoai quoc
co the tranh ne qui nh d tr bang cach ghi so cho cac
than chu Hoa Ky vay tai mot chi nhanh ben ngoai lanh
383
Thuat Ng Anh Viet
tho Hoa Ky (booking loans to US borrowers) roi phat hanh
tn phieu ky thac hai ngoai (Eurodollar CDs) e gom von.
Cach tranh ne nay giup sc cho th trng tn phieu ky
thac hai ngoai. Nhng roi quyet nh huy bo nhng qui
nh d tr vao thang 12 nam 1990 loai tr u the cua tn
phieu ky thac hai ngoai va v vay giup sc cho th trng
tn phieu ky thac cua ngan hang ngoai tang trng. Xem
Certificate of Deposit, Domestic CDs, Eurodollar CDs.
Yield: Li Nhuan Hien Hanh Cua Trai Phieu. Mc li
nhuan hien hanh (yield; current yield) cua trai phieu khac
vi mc li nhuan nh ky (interest rate) va khac vi mc
li nhuan ti cuoi du ky (yield-to-maturity) cua trai phieu.
Ch co mot so ngi au t la mua va gi trai phieu ho
a mua cho en ngay man han (buy-and-hold). Con
mot so ngi au t khac se mua vao va ban lai trc
khi trai phieu man han du ky vi mot gia thng la cao
hn hoac thap hn gia a mua vao. Va ng nhien la
gia th trng cua trai phieu se len xuong theo nhng
bien oi cua th trng. Mc li nhuan hien hanh cua
trai phieu, v vay, la mot ch so phan anh li nhuan cua
mot trai phieu theo nhng bien ong gia cua trai phieu
o vao mot thi iem nao o. Noi mot cach khac, mc
li nhuan hien hanh la t le cua mc li nhuan nh ky
tren gia th trng cua no, hay la: LNHH% = LNK% /
GTT; LNHH% = Mc li nhuan hien hanh cua trai phieu;
LNK% = Mc li nhuan nh ky cua trai phieu; GTT =
Gia th trng cua trai phieu, theo qui c.
Yield Curve: ng Bieu Dien Cau Truc Li Nhuan Hien
Hanh; ng Bieu Dien Cau Truc Lai Suat. Cau truc cua
mc li nhuan hien hanh tren th trng thng c
trnh bay bang mot hnh ve goi la o th cau truc li nhuan
hien hanh. o th nay cha nhng ng bieu dien trnh
384
bay s lien he gia mc li nhuan hien hanh va chieu
dai thi gian du ky cua tng tap the trai phieu, co cung
the tnh va the loai, vao mot thi iem nao o (yield
curves). Mot ng bieu dien cau truc li nhuan hien
hanh bnh thng (a normal yield curve) se phan anh
tng quan cung chieu gia mc li nhuan hien hanh va
chieu dai thi gian du ky. Noi mot cach khac, mot ng
bieu dien bnh thng se cho thay mc li nhuan hien
hanh cua tap the trai phieu dai han cao hn la mc li
nhuan hien hanh cua tap the trai phieu trung han va
mc li nhuan hien hanh cua tap the trai phieu trung
han cao hn la mc li nhuan hien hanh cua tap the trai
phieu ngan han. ng bieu dien trnh bay lien he gia
mc li nhuan hien hanh va chieu dai thi gian du ky
cua nhng tap the trai phieu do chnh quyen lien bang
phat hanh con c goi la ng bieu dien cau truc lai
suat. Vi mot ng bieu dien cau truc lai suat bnh
thng (a nornal interest rate curve), lai suat dai han se
cao hn lai suat trung han va lai suat trung han se cao
hn lai suat ngan han. Co oi khi ng bieu dien cau
truc li nhuan hien hanh cho thay tng quan nghch
chieu (inverted yield curve). Trong trng hp nay mc
li nhuan hien hanh cua tap the trai phieu ngan han se
cao hn mc li nhuan hien hanh cua tap the trai phieu
trung han va mc li nhuan hien hanh cua tap the trai
phieu trung han se cao hn mc li nhuan hien hanh
cua tap the trai phieu dai han.
Yield-To-Maturity: Mc Li Nhuan Ti Cuoi Du Ky Cua
Trai Phieu. Mc li nhuan ti cuoi du ky cua mot trai
phieu la mc li nhuan tnh theo phan tram mot nam
(annualized rate of return in percentage term) c thiet
lap da tren 2 gia nh (2 assumptions) la (1) trai phieu
c mua va gi cho ti ngay man du ky va (2) tat ca li
385
Thuat Ng Anh Viet
nhuan nh ky cua trai phieu o c em tai au t vi
cung mot mc lai suat. No la phan tram li nhuan hon
hp cua tat ca li nhuan (it is the composit rate of return
of all payouts), gom li nhuan nh ky (coupons; interest)
va li nhuan t ban (capital gain) c qui ve gia tr hien
tai (present value). Cach tnh mc li nhuan ti cuoi du
ky c tnh bang ang thc: LNK(1+LNTCDK%)
-1
+
LNK(1 + LNTCDK%)
-2
+ . . . LNK(1 + LNTCDK%)
-n
+
GM(1 + LNTCDK%)
-n
= GTT,$ vi LNTCDK% = Mc li
nhuan ti cuoi du ky; TLK = Li nhuan nh ky; GM =
Menh gia cua trai phieu; GTT,$ = Gia th trng luc mua
vao.
Yield Maintenance Dollar Repo: Tn Phieu Giao oi Vi
The Chap ong Lai Nhuan. Di dang tn phieu giao oi
vi the chap hu phieu ong lai nhuan, pha cung cap
chng khoan chap nhan mua lai so chng khoan tng
ong mien la lai nhuan cua so chng khoan hu phieu
nay tng ong vi lai nhuan cua so chng khoan hu
phieu luc ban au (the seller agrees to repurchase secu-
rities that provide roughly the same overall market return
as the original securities). Dang nay tng oi t pho
thong hn dang ong lai suat. Trong ca hai trng hp
du ky cua chng khoan thay the phai tng ng vi du
ky cua chng khoan b thay the (the maturity of the re-
purchased securities must be approximately the same
as that of the original securities). Xem Dollar Repo.
Zero-Coupon Bonds: Trai Phieu Khong Kem Phieu Lai;
Trai Phieu Khong Phieu Lai. Thay v tra li nhuan nh ky
hang nam, co loai trai phieu ch tra tat ca li nhuan mot
lan mot vao ngay man du ky. Trai phieu loai nay khong
co kem theo phieu lai va c goi la trai phieu khong
phieu lai. Loai trai phieu khong phieu lai c ban ra th
386
trng vi mot gia di menh gia cua trai phieu rat xa
(deep discount). Trai phieu khong phieu lai do cong ty
doanh thng phat hanh (corporate zeros) thng co mc
o dao ong gia rat cao va lai nhuan khong c mien
thue cung khong c khat lai, tr trng hp mua va
gi trong mot trng muc cho phep lam ieu o chang
han nh la trng muc au t danh cho hoi hu (tax-
deferred retirement account) hoac trng muc au t danh
cho giao duc (education IRA account). Trai phieu khong
phieu lai do chnh quyen lien bang phat hanh (treasury
zeros) con co ten la STRIPS (Separate Trading of Reg-
istered Interest and Principal Securities), hay TIGRs
(Treasury Investment Growth Receipts) do cong ty Merrill
Lynch at cho hoac CATS (Certificate of Accrual on Trea-
sury Securities) do cong ty Salmon Brothers at cho.
Kinh Te V Mo Ha Hng Quoc
Chng Khoan Ha Hng Quoc
To Hp au T (2004) Ha Hng Quoc
Lanh ao - Tap 1 Ha Hng Quoc
Thanh Kinh Thien The Bnh An Thien Lo
Thanh Kinh Thien The Bnh An Thien Lo
Thanh Kinh Thien c Bnh An Thien Lo
Thanh Kinh Chan Tri Rong Bnh An Thien Lo
VIEN NGHIEN CU THANH AO
9561 BIXBY AVE
GARDEN GROVE, CA 92841
Sa ch a Pha t Ha nh Sa ch a Pha t Ha nh Sa ch a Pha t Ha nh Sa ch a Pha t Ha nh Sa ch a Pha t Ha nh

Co Phieu Va Thi Truong

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