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Th trng chng khon Thanh

GV.TS.Nguyn Hong

MC LC
A. KHI NIM V CHC NNG
1. S hnh thnh 2. Khi nim 3. Chc nng

B. C CU, MC TIU V NGUYN TC


1. C cu ca th trng chng khon 2. Mc tiu qun l v iu hnh 3. Nguyn tc hot ng 4. Cc sn phm lu hnh trn th trng chng khon 5. Cc ch th tham gia trn th trng chng khon

C. TH TRNG CHNG KHON VIT NAM


1. S ra i ca th trng chng khon (TTCK) Vit Nam 2. Cc giai on pht trin 3. Nhn xt v nh gi ca cc chuyn gia v TTCKVN 4. nh hng pht trin th trng chng khon Vit Nam (TTCKVN) giai on 20112020

SV thc hin: Nguyn Th Chinh

Th trng chng khon Thanh

GV.TS.Nguyn Hong

A. KHI NIM V CHC NNG


1. S hnh thnh: Trong th trng Ti chnh c hai th trng ln l: Th trng Ti chnh ngn hn (Th trng tin t);Th trng Ti chnh di hn (Th trng vn): bao gm Th trng tn dng di hn; Th trng cm c; v Th trng chng khon. Do s pht trin ca nn kinh t, nhu cu v tch vn trong x hi tng ln v tr nn a dng, phong ph; ngi th cn vn cho mc ch tiu dng hay u t, ngi th c vn nhn ri mun cho vay sinh li. u tin, h tm gp nhau trc tip trn c s quen bit. Khi cung cu vn khng ngng tng ln th hnh thc vay, cho vay trc tip da trn quan h quen bit khng p ng c; Vy cn phi c mt th trng cho cung v cu gp nhau, p ng cc nhu cu ti chnh ca nhau l th trng ti chnh. Thng qua th trng ti chnh, nhiu khon vn nhn ri c huy ng vo tiu dng, u t, to n by cho pht trin kinh t. Ban u nhu cu vn cng nh tit kim trong dn cha cao v nhu cu v vn ch yu l vn ngn hn. Theo thi gian, s pht trin kinh t, nhu cu v vn di hn cho u t pht trin ngy cng cao. huy ng c vn di hn, bn cnh vic i vay ngn hng thng qua hnh thc ti chnh gin tip. Chnh ph v doanh nghip cn huy ng vn thng qua hnh thc pht hnh chng khon. Khi mt b phn cc chng khon c gi tr nht nh c pht hnh, th xut hin nhu cu mua, bn chng khon; v y chnh l s ra i ca Th trng chng khon vi t cch l mt b phn ca Th trng vn nhm p ng nhu cu mua, bn v trao i chng khon cc loi. C nhng nc th trng chng khon xut hin cch y vi trm nm nh: Anh 1773, c 1778, M 1792, Thy S 1876, Nht 1878, Php 1801. cng c nhng th trng chng khon mi xut hin cch y vi thp k nh: Hng Cng 1946, Indonesia 1952, Nam Triu Tin 1956, i Loan v Thi Lan 1962, M Lai v Tn Gia Ba 1963 Nhng cng c nhng nc n cui nm 2000 mi c th trng chng khon th cp nh Vit Nam. 2. Khi nim: Th trng chng khon l mt b phn quan trng ca Th trng vn, hot ng ca n nhm huy ng nhng ngun vn tit kim nh trong x hi tp trung thnh ngun vn ln ti tr cho doanh nghip, cc t chc kinh t v Chnh ph pht trin sn xut, tng trng kinh t hay cho cc d n u t. Th trng chng khon l ni din ra cc hot ng giao dch mua bn cc loi chng khon. Vic mua bn c tin hnh hai th trng s cp v th cp. do vy th trng chng khon l ni chng khon c pht hnh v trao i. Hng ha giao dch trn Th trng chng khon bao gm: cc c phiu, tri phiu v mt s cng c ti chnh khc c thi hn trn 1 nm . * c im ch yu ca Th trng chng khon: - c c trng bi hnh thc ti chnh trc tip, ngi cn vn v ngi cung cp vn u trc tip tham gia th trng, gia h khng c trung gian ti chnh; SV thc hin: Nguyn Th Chinh

Th trng chng khon Thanh

GV.TS.Nguyn Hong

- L th trng gn vi Th trng cnh tranh hon ho. Mi ngi u t do tham gia vo th trng. Khng c s p t gi c trn th trng chng khon, m gi c y c hnh thnh da trn quan h cung cu; - V c bn l mt th trng lin tc, sau khi cc chng khon c pht hnh trn th trng s cp, n c th c mua i bn li nhiu ln trn th trng th cp. Th trng chng khon m bo cho cc nh u t c th chuyn chng khon ca h thnh tin mt bt c lc no h mun. 3. Chc nng: Th trng chng khon thc hin cc chc nng ch yu sau: - Huy ng vn u t cho nn kinh t; - Cung cp mi trng u t cho cng chng; - Cung cp kh nng thanh ton cho cc chng khon; - nh gi gi tr doanh nghip v tnh hnh ca nn kinh t; - To mi trng gip Chnh ph thc hin chnh sch kinh t v m.
B. C CU, MC TIU 1. C cu ca th trng chng khon:

V NGUYN TC:

1.1. Cn c vo phng din php l: Th trng chng khon chnh thc ( The Stock exchange): hay cn gi l th trng chng khon tp trung l th trng hot ng theo ng quy nh ca Nh nc, l ni mua bn cc loi chng khon c ng biu hay c bit l. Chng khon ng biu l loi c c quan c thm quyn cho php m bo, phn phi v mua bn qua c quan c mi gii Chng khon bit l l loi c min giy php ca c quan c thm quyn, do chnh ph trong cc c quan cng quyn, thnh ph, tnh qun, huyn pht hnh v m bo. Th trng chng khon chnh thc c a im v thi biu mua bn r rt. Gi c c tnh theo th thc u gi cng khai, c s kim sot ca Hi ng chng khon. Th trng chng khon chnh thc ch yu c th hin bng cc s giao dch chng khon (Stock exchange). Th trng chng khon phi chnh thc ( Over the counter market, vit tt l OTC): cn gi l th trng chng khon phi tp trung, l th trng mua bn chng khon bn ngoi s giao dch chng khon, khng c a im tp trung nhng ngi mi gii, nhng ngi kinh doanh chng khon nh s giao dch chng khon. y khng c s kim sot ca hi ng chng khon, khng c ngy gi hay th tc nht nh m do s tha thun ca ngi mua v ngi bn. Cc chng khon mua OTC thng l loi khng c ng biu, t ngi bit n hay t c mua bn. 1.2. Cn c vo qu trnh lun chuyn ca chng khon: SV thc hin: Nguyn Th Chinh

Th trng chng khon Thanh


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GV.TS.Nguyn Hong

Th trng s cp (Primary Market) cn gi l th trng cp mt hay th trng pht hnh, y l th trng pht hnh chng khon ln u, l th trng to vn cho n v pht hnh. - Th trng th cp (Secondary Market) cn gi l th trng cp hai hay th trng mua bn trc tip chng khon, l ni din ra hot ng giao dch mua bn chng khon. Ni cch khc th trng th cp l ni mua i bn li cc loi chng khon c pht hnh qua th trng s cp. im khc nhau cn bn gia hai loi th trng ny l v ni dung v hnh thc ca tng loi th trng. Vic pht hnh tri phiu hay c phiu th trng s cp nhm thu ht mi ngun vn u t v tit kim vo cng cuc pht trin kinh t. Cn th trng th cp, d vic giao dch rt nhn nhp nhng khng lm tng thm quy m u t vn, khng thu ht thm c cc ngun ti chnh mi. N ch c tc dng phn phi li quyn s hu chng khon t ch th ny sang ch th khc m bo tnh thanh khon ca chng khon. Tuy nhin, trong thc t mt th trng chng khon va c giao dch th trng s cp va c giao dch th trng th cp. Th trng s cp v th cp c quan h ni ti: th trng s cp l c s tin , th trng th cp l ng lc. im cn ch l phi coi trng th trng s cp, v y l th trng to vn cho n v pht hnh ng thi gim st cht ch th trng th cp, khng tnh trng u c lng on th trng, m bo chng khon tr thnh cng c hu dng ca nn kinh t. 1.3. Cn c vo phng thc giao dch: - Th trng giao ngay ( Spot Market): cn gi l th trng thi im, tc l th trng mua t bn on, vic mua bn chng khon theo gi ca ngy giao dch nhng vic thanh ton v giao ton s din ra sau vi ngy theo quy nh. - Th trng tng lai ( Future Market): l th trng mua bn chng khon theo mt loi hp ng nh sn, gi c c tha thun trong ngy giao dch nhng vic thanh ton v giao ton s din ra trong mt k hn nht nh tng lai. 1.4. Cn c vo tnh cht chng khon giao dch: - Th trng c phiu - Th trng tri phiu - Th trng chng khon pht sinh: khon pht trin trnh cao. bao gm th trng hp ng tng lai, hp ng la chn, y l th trng cp cao mua bn chuyn giao cc cng c ti chnh cp cao; Do th trng ny ch xut hin cc nc c th trng chng khon. 2. Mc tiu qun l v iu hnh: Hot ng c hiu qu. iu hnh cng bng. Pht trin n nh. 3. Nguyn tc hot ng: SV thc hin: Nguyn Th Chinh

Th trng chng khon Thanh


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GV.TS.Nguyn Hong

Cnh tranh t do: gi c trn th trng phn nh quan h cung cu v chng khon v cc i tng tham gia trn th trng c cnh tranh bnh ng vi nhau. Cng khai: cng khai v hot ng ca t chc pht hnh, giao dch ca cc loi chng khon trn th trng. Trung gian mua bn: mi hot ng mua bn chng khon u phi thc hin thng qua t chc trung gian l cc cng ty chng khon c php hot ng trn th trng. u gi: mi giao dch u tp trung ti Trung tm giao dch chng khon m bo vic hnh thnh gi c trung thc, hp l. Cng bng: mi ngi tham gia th trng u phi tun th nhng quy nh chung, c bnh ng trong vic chia x thng tin. 4. Cc sn phm lu hnh trn th trng chng khon: 4.1. C phiu (Stock/Share): L loi chng th chng minh quyn s hu ca mt c ng i vi mt doanh nghip c phn. Ni cch khc, c phiu l giy chng nhn vin u t vn vo cng ty c phn. C phiu c chia lm cc loi: + C phiu v danh + C phiu k danh + C phiu ch danh + C phiu thng (Common Stocks) + C phiu u i (preferred Stocks) 4.2. Tri phiu cng ty (Corporate Bonds): l mt loi giy chng nhn n c k hn do cc cng ty pht hnh v n thi hn cng ty pht hnh tri phiu phi hon tr c vn ln li tc cho ngi mua n. 4.3. Tri phiu di hn kho bc (Treasury Bonds): l phiu n di hn t 5-30 nm hay hn na, do kho bc pht hnh khi huy ng vn b sung qu ngn sch. Loi ny c lu thng trn th trng chng khon, t c pht hnh. Kho bc ch yu pht hnh cc loi tn phiu kho bc ngn hn t mt nm tr xung, c lu thng trn th trng tin t. 4.4. Tri phiu th (Municipal Bonds): l loi tri phiu n di hn do Chnh ph trung ng hay chnh quyn a phng pht hnh nhm huy ng ngun vn ti tr cho cc d n u t h tng. K hn tri phiu ny t 10-30 nm. Cc tri phiu ny thng c cc ngn hng thng mi mua khi c pht hnh sau bn li trn th trng chng khon th cp cho cc cng ty bo him, cng ty ti chnh, nhng ngi c ti sn ln, thu nhp cao. 4.5. Cng tri nh nc (State Bonds): l loi tri phiu di hn c bit, c thi hn t 10 nm tr ln c pht hnh tng t. Loi ny do Nh nc pht hnh b p thiu ht ngn sch. Loi tch sn ti chnh ny, cc nc pht trin l loi c a chung nht v hu nh khng c ri ro. Mt khc, tuy li sut tng i thp nhng s li ny khng phi chu thu. Cc nh ch nh ngn hng, cng ty ti chnh, cng ty bo him, doanh

SV thc hin: Nguyn Th Chinh

Th trng chng khon Thanh

GV.TS.Nguyn Hong

nghip ln v c c nhn u thch tham gia mua bn loi cng c n ny trn th trng chng khon. 4.6. Tri phiu cm c (Mortgage Bonds): cn c gi l kh c vay n, l giy ghi n c m bo bng ti sn cm c ch yu l bt ng sn. Li sut c n nh c nh trong mt k hn ca phiu cm c, cn vic thanh ton vn c tr dn hng nm. Khi o hn, khon vay c tr ht v ti sn c gii chp hon ton. Ti M th trng mua bn tri phiu cm c l th trng ln nht. Nm 1985 c n 2.000 t USD tri phiu cm c c lu hnh trn th trng. Trc y c nhn l ngi vay chnh, sau nay ngn hng, cc qu tit kim, cng ty bo him u tham gia vo nghip v ny. Ti sn c s dng cm c l nhng c s ca doanh nghip, nh xng, nh ca, cc nng tri Ngoi ra, trn th trng chng khon cn giao dch cc loi giy t c gia tr lin quan ti chng khon truyn thng, l: cc chng quyn (Rights), cc chng kh (Warrants), cc quyn chn (Option) v cc hp ng tng lai (Future contract). 5. Cc ch th tham gia trn th trng chng khon: 5.1. Nhng ngi pht hnh chng khon: Chnh ph Trung ng; Chnh quyn a phng; Cc c quan Chnh ph; Cc t chc ti chnh trung gian; Cc cng ty c phn; Cc doanh nghip; 5.2. Nhng ngi trung gian: Cc nh mi gii; Cc cng ty mi gii; Nhng ngi to th trng; Nhng ngi bn chng khon; 5.3. Nhng ngi iu ha: Hi ng chng khon Quc gia hay y ban chng khon Nh nc; Cc hip hi t iu ha ca nhng ngi bn chng khon; 5.4. Nhng ngi u t (ngi mua chng khon) Cc c nhn; Cc t chc; Cc qu hu tr; Cc qu tng h; Cc cng ty bo him; Cc ngn hng thng mi; Cc cng ty ti chnh; Cc qu ti chnh cng; SV thc hin: Nguyn Th Chinh

Th trng chng khon Thanh

GV.TS.Nguyn Hong

Cc qu bo him x hi; Nh vy, ch th tham gia trn th trng chng khon l cc ch th d tha vn s tham gia th trng vi t cch l ngi mua, cn cc ch th thiu vn s ham gia th trng vi t cch l ngi bn hoc cc thnh phn khc.

C. TH TRNG CHNG KHON VIT NAM:


1. S ra i ca th trng chng khon (TTCK) Vit Nam:

Sau nhiu nm chun b v ch i , ngy 11-7-1998 Chnh ph k Ngh nh s 48/CP ban hnh v chng khon v TTCK chnh thc khai sinh cho Th trng chng khon Vit Nam ra i. Trung tm Giao dch Chng khon TP.HCM (TTGDCK TP.HCM) c thnh lp theo Quyt nh s 127/1998/Q-TTg ngy 11-7-1998 v chnh thc i vo hot ng thc hin phin giao dch u tin vo ngy 28-7-2000. Trung tm Giao dch chng khon (TTGDCK) H Ni chnh thc cho i vo ngy 8/3/2005. Khc vi TTGDCK TP.HCM (vn l ni nim yt v giao dch chng khon ca cc cng ty ln), TTGDCK H Ni s l sn chi cho cc DN nh v va (vi vn iu l t 5 n 30 t ng). * Ch s VN Index: VN - Index l k hiu ca ch s chng khon Vit Nam. Ch s VN -Index so snh gi tr th trng hin hnh vi gi tr th trng c s vo ngy gc 28-7-2000, khi th trng chng khon chnh thc i vo hot ng. Cng thc tnh ch s VN - Index: Ch s VN -Index = (Gi tr th trng hin hnh / Gi tr th trng c s) x 100

SV thc hin: Nguyn Th Chinh

Th trng chng khon Thanh

GV.TS.Nguyn Hong

2. Cc giai on pht trin:

a/ Giai on 2000-2005: Giai on chp chng bit i ca TTCK. thi im bt u, ch c 2 doanh nghip nim yt 2 loi c phiu (REE v SAM) vi s vn 270 t ng v mt s t tri phiu Chnh ph c nim yt giao dch. T cho n 2005, th trng lun trong trng thi g gt, loi tr cn st vo nm 2001(ch s VN index cao nht t 571.04 im sau 6 thng u nm nhng ch trong vng cha y 4 thng, t thng 6 n thng 10, cc c phiu nim yt mt gi ti 70% gi tr, ch s VN Index st t 571,04 im vo ngy 25/4/2001 xung ch cn khong 200 im vo thng 10/2001. Giai on tnh ng dn xut hin t nm 2005 khi t l nm gi ca nh u t nc ngoi c nng t 30% ln 49% (tr lnh vc ngn hng). Theo thng k ca U ban Chng khon Nh nc, tnh n ht nm 2005, tng gi tr th trng chng khon vit Nam t gn 40.000 t ng, chim 0,69% tng thu nhp quc ni (GDP). Th trng chng khon Vit Nam hin c 4.500 t ng c phiu, 300 t ng chng ch qu u t v gn 35.000 t ng tri phiu chnh ph, tri phiu chnh quyn a phng, thu ht 28.300 ti khon giao dch. b/ Giai on 2006 : S pht trin t ph ca TTCK Vit Nam.

SV thc hin: Nguyn Th Chinh

Th trng chng khon Thanh

GV.TS.Nguyn Hong

Mc thi gian k t u nm 2006 c coi l mang tnh cht pht trin t ph, to cho th trng chng khon Vit Nam mt din mo hon ton mi vi hot ng giao dch si ng. Vi mc tng trng t ti 60% t u n gia nm 2006 TTCK Vit Nam tr thnh "im" c tc tng trng nhanh th 2 th gii, ch sau Dim-ba-bu, ang ngy cng "ht hn" cc nh u t trong v ngoi nc. Nm 2006 TTCK Vit Nam non tr ny c mn trnh din tuyt vi v c th s khng bao gi c li c vi khi lng vn ho tng gp 15 ln trong vng 1 nm. K lc mi ca VN-Index c xc lp mc 809,86 im. Vi HASTC-Index l n lc chm mc 260 im. So vi u nm, ch s VN-Index c mc tng trng ti 146% v HASTCIndex tng ti 170%. y l nhng mc tng m cc th trng trn th gii nh gi l qu n tng. c/ Giai on 2007: Giai on TTCK bng n. Lut Chng khon c hiu lc t ngy 01/01/2007 gp phn thc y th trng pht trin v tng cng kh nng hi nhp vo th trng ti chnh quc t. Tnh cng khai, minh bch ca cc t chc nim yt c tng cng. Sau 1 nm hot ng VNIndex t c mc tng trng l 23,3%; Hastc-Index tng 33,2% so vi mc im thit lp vo cui nm 2006. d/ Giai on 2008: Cng trong xu th chung ca nn kinh t, TTCK Vit Nam khp li nm 2008 vi s st gim mnh. Trong nm 2008, lng cung tip tc c b sung ng k thng qua vic Chnh ph y mnh c phn ho DNNN, c bit l cc DN quy m ln, kinh doanh hiu qu v vic bn bt CP Nh nc trong cc DN c phn ha, cha k hng lot ngn hng, Cng ty chng khon, doanh nghip... pht hnh tri phiu, c phiu tng vn iu l, dn n tnh trng th trng chng khon c nguy c tha "hng. Giai on 1: T thng 01 ti thng 06 - Th trng gim mnh do tc ng t tc ng ca kinh t v m. Khi u nm ti mc im 921,07, VNIndex mt i gn 60% gi tr v tr thnh mt trong nhng th trng gim im mnh nht trn th gii trong na u nm 2008. Giai on 2: Thng 06 ti u thng 09 - Phc hi trong ngn hn nh vai tr dn dt ca mt s c phiu blue -chip nh STB, FPT, DPMv c bit l SSI vi sc cu h tr t i tc nc ngoi. VNIndex tng c 168,55 im, tng ng 45,52%. Khi lng giao dch bnh qun t 16,9 triu CP&CCQ, tng ng 599,18 t ng/phin. Giai on 3: T thng 09 ti thng 12 - th trng ri tr li chu k gim do tc ng ca khng hong kinh t ton cu. Tng kt c giai on ny, VNIndex mt 223,48 im, tng ng 41,45%. Khi lng giao dch trung bnh t 15,82 triu CP&CCQ, tng ng 497,58 t ng/phin. e/ Giai on 2009:

SV thc hin: Nguyn Th Chinh

Th trng chng khon Thanh

GV.TS.Nguyn Hong

Xt v tc tng trng, TTCK Vit Nam nm 2009 c coi l c tc tng trng rt cao, ti 60-70%, nhng xt mt cch ton din li c khng t du hiu bt n. Trc ht, th trng chng khon c du hiu phc hi nhng khng bn vng: Ch s VN-Index gim mnh 22% t nh 633,2 im ngy 23-10 xung mc 490,6 im ngy 27-11. Khi lng giao dch t thng 11 n ht nm st gim mnh so vi hai thng 9, 10. f/ Giai on 2010: Mt trong nhng im ng ch trn TTCK nc ta trong nm 2010 l giao dch tng vt ca khi nh u t nc ngoi, vi khi lng mua rng cao nht t trc n nay. Theo thng k ca CTCK u Vit, tnh t u nm n nay, khi nh u t ngoi mua rng trn sn HOSE ti 14.400 t ng v gi tr v 244 triu n v v khi lng. 244 triu n v l khi lng mua rng k lc trong 10 nm hot ng ca cc nh u t nc ngoi ti th trng chng khon Vit Nam (nm 2007 khi lng mua rng l 159 triu n v nhng gi tr mua rng k lc l 22.874 t ng).

3. Nhn xt v nh gi ca cc chuyn gia v TTCKVN:

S " nng ln qu mc " ca chng khon ko theo gi ca hng lot "hng ha " tng theo , nh hng mnh nht khng th khng k n gi t , gi vng... v hng lot th hng ha khc u theo m tng ln khng ngng... nh vy thy nh hng ca TTCK n cc th trng khc l quan trng n mc no. Nhn xt v " sc nng " ca TTCK Vit Nam thi gian qua : Karl v von th trng chng khon ca Vit Nam ging nh ngi chi lt sng ang trn u ngn sng, nu bn thn ngi lt sng khng bit cch iu chnh v kin tr th s b ng, thm ch b thng rt nng. Theo cc chuyn gia nc ngoi ti din n, vic "gim nhit" th trng chng khon ph thuc rt ln vo nhn thc v tm nhn ca cc nh u t Vit Nam.

SV thc hin: Nguyn Th Chinh

Th trng chng khon Thanh

GV.TS.Nguyn Hong

Hn th na mt iu m Chnh ph Vit Nam cn quan tm chnh l nhng iu lut trong " Lut doanh nghip " v s bo mt thng tin ni b n s nim yt tr nn "trng lng " hn. Phng thng mi Hoa K ti Vit Nam (Amcham) ng ti trn website ca h bi c ta th trng chng khon Vit Nam "thng hoa thiu c s". Mc ch ca AmCham ct khuyn co gii u t rng cc t chc ti chnh quc t ti Vit Nam thy c phiu Vit Nam ang st mc khng bnh thng. Kinh t gia chuyn v lnh vc ti chnh ca Ngn hng Th gii ti H Ni l ng Noritaka Akematsu c trch li ni rng "hin ang c s phn khch qu mc m theo vt qu khun kh ca th trng, vt qu s kim sot ca c quan iu tit vo thi im ny". ng Noritaka ni "Nh chc trch Vit Nam khng th m bo rng bo co kinh doanh ca cc cng ty nim yt l hon ton chnh xc, cc giao dch bun bn chng khon c thc hin theo ng chun mc" v ng khuyn co gii u t nn cn trng. S thiu vng tnh minh bch v chun mc quc t trong bo co ti chnh ca cc cng ty c ngha l ngi ta kh thc hin vic phn tch nng lc thc s ca cc cng ty nim yt. ng David Knapp, Ch tch Phng Thng Mi Hoa K cng chia s quan im ny v ni vi BBC rng "bt k nh u t no b tin vo th trng ang pht trin nh Vit Nam u phi tnh n cc ri ro i km vi cc yu t thc t ca th trng ". 4. nh hng pht trin th trng chng khon Vit Nam (TTCKVN) giai on 2011-2020: Trong thp k ti, TTCKVN c nhiu tim nng v iu kin thun li pht trin mnh, tuy nhin, c hi pht trin lun ng hnh cng vi nhng thch thc.V vy, mc tiu ca TTCKVN trong giai on ti c t ra nh sau: Mt l, pht trin th trng chng khon phi da trn chun mc chung ca th trng v cc thng l quc t tt nht, ph hp vi iu kin thc t v nh hng pht trin kinh t x hi ca t nc, tch cc hi nhp vi th trng ti chnh khu vc v quc t. Hai l, pht trin TTCK ng b, ton din, hot ng hiu qu, vn hnh an ton, lnh mnh, va gp phn huy ng vn cho u t pht trin ca x hi va to ra nhng c hi u t sinh li, gp phn nng cao mc sng v an sinh x hi. Ba l, pht trin TTCK nhiu cp , bo m chng khon c t chc giao dch theo nguyn tc th trng, c s qun l, gim st ca Nh nc; bo m quyn, li ch hp php v c chnh sch khuyn khch cc ch th tham gia th trng chng khon. Bn l, a dng ha cc sn phm, nghip v ca th trng, m bo cho cc t chc kinh doanh, dch v chng khon hot ng an ton, hiu qu da trn nn tng qun tr ri ro v ph hp vi cc chun mc chung v thng l quc t. Tng bc ti c cu h thng cc trung gian th trng trn nguyn tc khng gy xo trn ln v bo m quyn v li ch hp php ca cc thnh vin th trng. SV thc hin: Nguyn Th Chinh

Th trng chng khon Thanh

GV.TS.Nguyn Hong

Nm l, pht trin TTCK trong mi tng quan vi vic pht trin th trng tin t, th trng bo him, nhm to ra mt h thng th trng ti chnh thng nht, ng b c s qun l, gim st ca nh nc. Hot ng qun l, gim st, iu hnh v pht trin ca cc c quan qun l nh nc phi thng nht v mc tiu, mc ch, nh hng v gii php thc hin. Su l, ch ng hi nhp th trng ti chnh quc t, nng cao kh nng cnh tranh, tng bc thu hp v khong cch pht trin gia TTCK Vit Nam so vi cc th trng khc trong khu vc v trn th gii.

SV thc hin: Nguyn Th Chinh

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