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GV.TS.Nguyn Hong
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A. KHI NIM V CHC NNG
1. S hnh thnh 2. Khi nim 3. Chc nng
GV.TS.Nguyn Hong
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
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
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
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
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.
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
GV.TS.Nguyn Hong
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.
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:
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).
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.
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
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.