TP CH KHOA HC V CNG NGH, I HC NNG - S 5(34).

.2009 135 GII PHP PHT TRIN DCH V CHNG KHON TI THNH PH NNG SOLUTIONS FOR DEVELOPING STOCK SERVICES IN DA NANG CITY Nguyn Ha Nhn, V Th Thy Anh Trng i hc Kinh t, i hc Nng TM TT Quy m hot ng ca dch v chng khon (CK) ti th nh ph N cn nh, dch v cung cp ngho nn cha tng xng vi tim nng pht trin, mc cnh tranh vn cha cao. Ni dung chnh ca bi bo l nh gi thc trng ca dch v CK, nhn din nhng thun li, kh khn, c hi, thch thc ca pht trin dch v CK v qua xc nh mc tiu, nh hng, l trnh v gii php pht trin dch v CK cho TPN giai on 2010-2020. Do vy, bi bo gm c 6 phn. Phn 1: t vn , phn 2 nh gi thc trng ca dch v CK trn a bn thnh ph Nng; phn 3 nh gi kh nng pht trin ca dch v ny; phn 4 trnh by d bo v nhu cu ca dch v CK; phn 5 a ra nh hng pht trin ca dch v CK v phn 6 l h thng cc gii php, kin ngh, khuyn ngh i vi chnh ph v chnh quyn thnh ph nhm pht trin dch v CK ti thnh ph Nng theo nh hng ra. ABSTRACT

Stock services in Da Nang city are very poor with small scale, and they do not match the citys stock service development potential. Furthermore, the competitive ability of the services is not high.This article concentrates on evaluating the stock services in Da Nang city, identifying the advantages, disadvantages, opportunities, and challenges of the stock service development and presents the objectives, orientations, strategies and solutions for developing the stock services of Da Nang city from 2010 to 2020. The article includes 6 sections. The first section is the introduction; the second section evaluates the reality of the stock services in Da Nang city; the third part evaluates the development capacity of these services; the fourth presents the prediction of the demand for these services; the fifth one presents the orientation for stock service development and the last is about the system of solutions and petitions to the Government and the city authorities to develop the stock services in Da Nang city as suggested in section 5. 1. t vn Bo co quy hoch tng th kinh t - x hi ca thnh ph Nng (TPN) n nm 2020 nu r: Xy dng N tr thnh trung tm giao dch ti chnh (TC), ngn hng (NH), bo him (BH) ln ca khu vc min Trung v c nc. t c mc tiu ny, TPN cn phi xy dng mt l trnh pht trin c th, ph hp vi thc trng v kh nng pht trin dch v TC ni chung, dch v CK ni ring ca TPN. Ni dung chnh ca bi bo ny l nhn din nhng thun li, kh khn, c hi,

thch thc ca vic pht trin dch v CK v qua xc nh mc tiu, nh hng, l trnh v gii php pht trin dch v CK cho TPN giai on 2010-2020. TP CH KHOA HC V CNG NGH, I HC NNG - S 5(34).2009 136 2. Thc trng dch v chng khon trn a bn TP Nng 2.1. Quy m hot ng nh, dch v cung cp cn ngho nn N hin c mt cng ty CK, 4 chi nhnh 1 2.2. Mc cnh tranh trn th trng cha gay gt cng ty CK, 10 i l nhn lnh CK trc thuc NH v 9 i l nhn lnh CK ca cc cng ty CK c lp. Hot ng ca cc i l CK ch yu l nhn lnh v chuyn lnh v hi s chnh. Cc chi nhnh cng ty CK tuy qui m ln hn, trang thit b v cng ngh tt hn nhng hot ng ch yu ch l mi gii CK v qun l s c ng. Cng ty CK duy nht c hi s chnh ng ti N (DNSC) c quy m nh v nhiu hot ng chnh ca cng ty ny c thc hin ti chi nhnh TP H Ch Minh. Thu nhp v quy m ca dch v CK ca TP cn thp, tng ph dch v nm 2007 ch khong 11,8 t, 6 thng u nm 2008 khong 5,2 t ng (xem bng 1). Th phn ca th trng dch v CK phn chia tng i u cho 3 nhm: 19 i l CK, cng ty DNSC, 4 chi nhnh cng ty CK (VCBS, FPTS, ABS, ACBS) (bng 2). Theo nh gi ca ngi lao ng m vic trong lnh vc CK, mc cnh tranh hin ti cha qu gay gt v kh nng cnh tranh ca cc n v tt (bng 3). 2.3. Vn, cng ngh v trnh lao ng cha p ng c yu cu pht trin Dch v CK yu cu mc u t vo cng ngh cao. 19 i l CK hu nh

khng quan tm n vn u t vo cng ngh. Cc chi nhnh cng ty CK nh ACBS, VCBS, FPTS, ABS mi m, u t v cng ngh hin i, v u c giao dch trc tuyn. Cng ngh ca DNSC cng tng i tt v hin ang l n v c kh nng cnh tranh mnh nht ti N. Tuy nhin, mc vn hot ng ca cc n v CK vn cn thp v cha p ng tt nhu cu pht trin dch v. Chng hn nh DNSC, vn iu l ch c 50 t ng. Trong s 54 nhn vin lm vic trong lnh vc CK c phng vn, c n 33% nh gi cng ngh n v ang s dng ch t mc trung bnh hoc km (bng 4) v 78% cho rng n v nn i mi cng ngh. Tng s lao ng lm vic trong lnh vc CK l 128 ngi, trong lao ng trc tip l 94 ngi, lao ng h tr 34 ngi. Ton b s lao ng trc tip ny u c trnh i hc hoc sau i hc nhng s lao ng c kh nng thc hin nhng cng vic c yu cu chuyn mn cao nh phn tch tnh hnh TCDN, phn tch k thut, phn tch ngnh, phn tch th trng, t vn, qun tr danh mc u t cho khch hng ch khong 6 -8 ngi. Hu ht nhng dch v cung cp thng tin ny do hi s chnh ca cc cng ty CK ti TP H Ch Minh v H Ni thc hin. 19 i l CK ti TP ch c trung bnh 1-2 lao ng. Cc chi nhnh cng ty CK ti N mc d c lng lao ng nhiu hn (trung bnh 5-8 lao ng mt chi nhnh), nhng hot ng ch yu cng l mi gii CK, qun l s c ng. Cng ty DNSC mc d chim n gn 40% th

1 Khng tnh chi nhnh cng ty CK ngn hng nng nghip, bt u hot ng t thng 12/2008.TP CH KHOA HC V CNG NGH, I HC NNG - S 5(34).2009 137

phn ti TPN nhng ch c 27 lao ng lm vic trc tip (khng tnh chi nhnh ti TP H Ch Minh) (bng 5). Trong s 54 lao ng c phng vn, c n 29 ngi (chim 53,7%) xc nh n c gp kh khn trong cng vic, trong c bit kh khn v cng ngh l 69% (bng 6). Tm li, quy m hot ng ca dch v CK ti thnh ph N cn nh, dch v cung cp ngho nn cha tng xng vi tim nng pht trin, mc cnh tranh vn cha cao. 3. nh gi kh nng pht trin ca dch v chng khon 3.1. Thun li Nhn thc v tm quan trng ca dch v ti chnh ca Chnh quyn TPN Quy hoch tng th pht trin kinh t x hi n 2020 ca TPN nu r: Xy dng N tr thnh trung tm giao dch TC, NH, bo him ln ca khu vc min Trung v c nc. iu ny khng nh vai tr v kh nng pht trin dch v TC ca TPN trong tng lai. Mi trng kinh t ca TPN kh tt v vai tr ch o ca nn kinh t N ti Min Trung N c xem l mt trong nhng TP c mi trng kinh t tt nht Vit Nam vi h thng c s h tng nh in, nc, giao thng, mi trng sng c quy hoch tt, tng i hon chnh. Theo bng xp hng nng lc cnh tranh cp tnh PCI nm 2008 do VCCI thc h in, N chim ngi v qun qun, vt qua Bnh Dng, a phng lin tip ng u trong 3 nm trc. Tuy qui m v mc pht trin ca N thp hn H Ni v TP H Ch Minh, chng ta khng th ph nhn tim nng v vai tr trung tm kinh t ca TPN t i khu vc min Trung v Ty nguyn.

S pht trin ca h thng ngn hng thng mi Hot ng dch v NH trn a bn TPN trong hai nm qua pht trin rt mnh m. Tnh n cui nm 2007 trn a bn TPN c 45 chi nhnh t chc tn dng trc thuc hi s vi 114 phng giao dch, im giao dch ti cc qun, huyn. Hot ng huy ng, cho vay ca cc t chc TC, tn dng ti TPN tng trng mnh m. Mc vn huy ng nm 2007 tng 52,74% so vi nm 2006, t 17.974 t ng. D n cho vay cng tng tng ng vi mc huy ng, 52,97% t 21.961 t ng. S pht trin ca dch v NH trn a bn N l mt tin rt thun li cho vic pht trin dch v CK. 4 NH ln l ACB, An Bnh, Nng nghip, Ngoi thng c cng ty CK trc thuc NH v c chi nhnh ti N. 9 NH c i l CK trc th u c NH. S pht trin ca h thng NH cn to ra mt h qu tch cc khc khi chnh cc NH ny tham gia vo th trng CK vi t cch n v nim yt hoc l nh u t. 3.2. Kh khn Th trng ti chnh ni chung v th trng CK ni ring gp kh khnTP CH KHOA HC V CNG NGH, I HC NNG - S 5(34).2009 138 Nm 2008, th trng TC Vit Nam chu nh hng tc ng ca khng hong TC th gii. Lm pht v li sut tng cao lm cho kh nng thanh khon ca th trng gim st, t nh hng n vic huy ng ngun lc TC cho u t pht trin. Th trng CK bin ng bt thng. Ch s VN-Index cui nm 2008 gim gn 70% so vi u nm 2008. Khng hong tin t trong 9 thng u nm 2008, v c bit l nh hng ca cuc khng hong TC ton cu bt u n ra t qu 3/2008, khin cho dng vn nc ngoi gim mnh, sc cu trn th trng yu i.

Mt dn c v quy m dn s thp hn nhiu so vi H Ni v TP. H Ch Minh Quy m v mt dn s TPN thp hn rt nhiu so vi H Ni v TP H Ch Minh. So vi h ai TP ln hai u, mt dn s ca N ch bng khong 1/5. y cng l mt hn ch cho vic pht trin dch v CK ti TPN do nhu cu v dch v ca khch hng c nhn khng cao. Hn na, iu ny cng hn ch s pht trin ca cc DN cng nghip v dch v khc do th trng tiu th sn phm c quy m nh. V iu ny cng c ngha l th trng khch hng DN ca dch v CK cng b nh hng theo chiu hng khng thun li. S lng DN cn t, quy m DN nh, nh hng pht trin dch v hn l cng nghip So vi H Ni v TP H Ch Minh, s lng DN ca TPN t hn nhiu. Vo 31/12/2006, s lng DN ti TPN ch khong cha n 1/5 (1/7) so vi s lng DN ti H Ni (TP H Ch Minh). Hay ni cch khc, th trng khch hng DN ti TPN rt nh so vi H Ni, v TP H Ch Minh. y cng chnh l l do ti sao cc DN ln hot ng trong lnh vc CK ca Vit Nam u ng ti H Ni hoc TP H Ch Minh. Do vy, c th pht trin c dch v CK ti TPN, cc DN hot ng trong lnh vc ny phi hng n th trng min Trung v Ty nguyn (khng tnh Lm ng 2 Quy m ca DN ti N nh, t l DN c mc vn di 1 t ng l 42,29%, t 1 n di 5 t ng l 42,14%, t 5 n 10 t ng l 12,48% v t 50 t tr ln ch chim 3,1%. ) vi hn 20 nghn DN. Mt khc, TPN nh hng pht trin dch v hn l cng nghip. Cc DN hot ng trong lnh vc dch v (tr NH v cc cng ty bo him) thng l cc DN

nh, nhu cu v vn thp. y l mt kh khn cho vic pht trin dch v CK ti TPN. S DN ca TPN nim yt trn sn CK khng nhiu, vn iu l nh Tnh cho n thi im 31/01/2009, c 4 cng ty c phn ca N nim yt trn HOSE, vi s vn iu l thp nht khong 16 t, cao nht 320 t. 8 cng ty c phn ca N c c phiu giao dch ti HASTC vi s vn iu l kh thp, thp nht l 15 t, cao nht l 30 t ng. So vi H Ni v TP H Ch Minh, s lng cng ty c phn

2 Chng ti khng tnh Lm ng vo th trng tim nng cho dch v ti chnh ca TP Nng do v tr a l khng thun li.TP CH KHOA HC V CNG NGH, I HC NNG - S 5(34).2009 139 nim yt trn sn ca TP. N kh khim tn. TP H Ch Minh c n 84 cng ty c phn, H Ni c 16 cng ty nim yt trn sn HOSE. Cn trn sn th cp HASTC, TP H Ch Minh c 11 cng ty c phn, H Ni c 52 cng ty. S lng cng ty c phn nim yt t, vn iu l nh cng l mt hn ch cho vic pht trin dch v CK ti N. Trn HOSE c 11 cng ty cn trn HASTC c 29 cng ty ca ton khu vc min Trung v Ty nguyn. Do vy, ngay c khi hng n th trng ton khu vc min Trung v Ty nguyn, nhu cu khch hng DN cng kh thp so vi ti H Ni v TP H Ch Minh. Tch ly thp Cu v dch v TC t l thun vi mc tch ly. Mc d mc thu nhp bnh qun u ngi ca TPN tng n 18,8 triu ng/nm nhng vn cn thp hn nhiu so

vi thu nhp bnh qun u ngi ca H Ch Minh (2100 USD tc khong 35,7 triu ng/nm) v tt nhin l thp hn nhiu so vi cc TP ln trong khu vc ng Nam . Thu nhp thp ng ngha vi tch ly thp, kh nng u t km v cu v dch v CK ca khch hng c nhn thp. 3.3. C hi Tc ng tch cc ca hi nhp kinh t quc t s c nh hng ln n qu trnh pht trin kinh t - x hi ca c nc ni chung v N ni ring. c bit, vic Vit Nam gia nhp t chc thng mi th gii c tc ng mnh m n s pht trin ca dch v TC. Vo nm 2011, Vit Nam cho php thnh lp cng ty CK 100% vn nc ngoi. S c mt ca cc cng ty CK nc ngoi s thc y cnh tranh, nng cao cht lng dch v CK. Vi mi trng u t c xem l tt nht Vit Nam hin nay, N c kh nng thu ht mnh m vn u t trong v ngoi nc. Th trng TC ni chung v th trng CK ni ring vn giai on u ca s pht trin, v vy tim nng pht trin cn rt ln. 3.4. Thch thc Kh khn kinh t ca Vit Nam trong 6 thng u nm 2008 c nhng tc ng rt tiu cc n nn kinh t N, c bit l n dch v CK. Lm pht cao, cc NH thiu vn, li sut NH leo thang, th trng CK m m, VNindex gim xung cn di 300 im (gim 70% so vi u nm 2008). 3 thng cui nm 2008, Vit Nam va thot ra c nguy c ca khng hong TC th li l lc cuc khng hong TC ca M v Chu u xy ra. Vi tnh hnh th gii v trong nc nh hin nay, t nht trong 2 nm n, tc pht trin ca nn kinh t Vit Nam s b nh hng theo chiu hng xu. Khng hong ti chnh th gii v khu vc s lm gim ng k ngun vn u

t trc tip v gin tip ca cc nh u t nc ngoi. Thc t cho thy, hin nay ang c nhiu d n u t nc ngoi b nh li hoc hy. y l mt im bt li cho vic pht trin dch v ti chnh, c bit l dch v CK. Vit Nam gia nhp WTO yu cu phi thc hin cc cam kt m ca th trng TP CH KHOA HC V CNG NGH, I HC NNG - S 5(34).2009 140 v cc quy nh ca WTO va l c hi ng thi l thch thc i vi dch v CK ca N do sc p cnh tranh ngy cng mnh hn. Mt khc, do s pht trin ca th trng TC v tin trnh hi nhp quc t, yu cu v cht lng dch v gia tng. Tm li, dch v CK ti TPN cn ngho nn, quy m nh, cha tng xng vi tim nng pht trin. Tuy N c nhiu thun li cho s pht trin dch v CK, chng hn nh mi trng kinh t tt, c vai tr ch o v kinh t ti min Trung v Ty nguyn, nhng N khng c li th pht trin v quy m. Do , pht trin c dch v CK, cn phi c s kt hp gia DN v s h tr t pha chnh quyn TPN v mt l trnh pht trin ph hp trong giai on n. 4. D bo nhu cu v dch v ti chnh ca TPN 4.1. Nhu cu ca c nhn Theo bo co quy hoch tng th kinh t x hi ca TPN n nm 2020, dn s N s tng t 689 nghn vo nm 2007 ln 1.078 nghn nm 2015 v 1.369 nghn nm 2020. GDP bnh qun u ngi c tnh vo nm 2010 l 1900 USD, nm 2010 l 3.025USD v 2020 l 4.965 USD. Nhu cu u t ca nh u t c nhn s gia tng cng vi mc gia tng ca thu nhp c nhn. Cng vi nhu cu u t ny, cc nhu cu v dch v cao cp khc nh qun tr danh mc u t, qu tng h cng s gia tng mnh m. Cc cng ty CK

ti Vit Nam hin nay cha ch trng v cng cha p ng c nhu cu ny. Nhu cu v dch v CK ca khch hng c nhn trong giai on 2011-2012 s tng chm (di 10%/nm) do vn b nh hng ca khng hong TC th gii v s am hiu ca ngi dn v CK cha cao. Giai on 2013-2015, nhu cu ny tng kh nhanh, khong trn 20%/ nm. Trong giai on 2016 -2020, nhu cu u t CK gia tn g c ng v i mc gia tng ca t ch ly c nhn v CK s l mt knh u t ph bin ca khch hng c nhn. 4.2. Nhu cu ca doanh nghip S lng DN ti TPN tng nhanh qua cc nm, t 1938 DN vo thi im 31/12/2004 tng ln n 4032 DN vo 31/12/2007. DN ngoi nh nc chim n trn 96% tng s DN. Theo Quy hoch tng th pht trin kinh t x hi n 2020 ca TPN, tc tng trng GDP giai on 2011-2015 l 12,6%, giai on 2016 -2020 l 12,95% v giai on 2011 -2020 l 12,8%. Tc tng bnh qun GDP cng nghip xy dng giai on 2011-2015 l 12,2% v giai on 2016 -2020 l 12,3%, gi tr sn xut cng nghip (theo gi 94) tng bnh qun giai on 2011-2015 l 10,6% v giai on 2016-2020 l 12,3%. Cc DN cng nghip thng c nhu cu huy ng vn qua th trng CK cao hn so vi cc DN dch v (tr dch v bo him, NH) do quy m ln. S pht trin kinh t TP ni chung v ngnh cng nghip ni ring s thc y s gia tng nhu cu v dch v CK ca cc DN. S DN ca cc tnh min Trung v Ty nguyn (khng tnh Lm ng) gia tng TP CH KHOA HC V CNG NGH, I HC NNG - S 5(34).2009 141 t 13.553 DN nm 2004 ln 20.782 DN trong nm 2007. y cng l th trng tim nng m cc DN hot ng trong lnh vc dch v TC ca TPN nn hng n.

Trong giai on 2010-2015, tc tng trng hng nm v nhu cu ca DN s t n 20-22%. Giai on 2016-2020, tc ny s chng li nhng cng s t mc 17-20%. 5. nh hng pht trin dch v chng khon ti thnh ph Nng Mc tiu pht trin ca ngnh dch v CK c xy dng trn c s bo co quy hoch kinh t x hi ca TPN n nm 2020. La chn pht trin kinh t ca TPN n 2020 l dch v v cng nghip u tng trng cao nhng tc tng trng ca dch v lun tng nhanh hn cng nghip, nng cao t trng ng gp ca cc ngnh dch v vo GDP ca TP. Theo bo co quy hoch tng th kinh t x hi n 2020 ca TPN, c cu ng gp ca ngnh TC, tn dng vo GDP s tng t 3,61% vo nm 2010 ln n 4,74% nm 2020. Cn c vo d bo v nhu cu i vi dch v CK, v kh nng v ngun lc, kh nng pht trin v vo quy hoch tng th kinh t x hi n nm 2020 ca TPN, ch tiu tc tng trng bnh qun/nm ca dch v CK c ra cho giai on 2010-2015 l 22%, giai on 2016-2020 l 17%. t c mc tiu ra trn, chng ti xut l trnh pht trin ca dch v CK nh sau: Giai on 2010-2015: i vi dch v CK, y l cng l giai on m rng v quy m v nng cao cht lng dch v. y l giai on cc n v kinh doanh CK cn phi nng cp cng ngh, gia tng mnh m s lng v cht lng ca lao ng, a dng ha sn phm dch v cung cp. Ngoi ra, thng qua cc phng tin truyn thng, cc hnh thc qung b sn phm, cc cng ty CK nng cao nhn thc v kin thc ca ngi dn theo hng xem CK l mt knh u t tin nhn ri. Mc tiu cn bn ca

giai on ny l gi vng khch hng truyn thng, thu ht khch hng tim nng v bc u hng n th trng khu vc Min Trung v Ty nguyn. TP cn khuyn khch cc qu u t v NH u t trong v ngoi nc m chi nhnh, vn phng i din ti N, nhm tp trung v cung ng vn trung v di hn cho nn kinh t thc y dch v CK pht trin. Giai on 2016-2020: y l giai on nng cao cht lng dch v, m rng th trng ra khu vc Min Trung v Ty nguyn v th trng c nc vi mc tiu: N tr thnh trung tm TC ca khu vc v c nc. y cng l giai on m cc loi dch v: CK (ngoi tr dch v k ton, kim ton), NH, bo him ngy cng gn kt, to iu kin cho s ra i, pht trin cc tp on TC va cung cp dch v NH, bo him, CK v dch v TC khc.TP CH KHOA HC V CNG NGH, I HC NNG - S 5(34).2009 142 6. Cc gii php, kin ngh, khuyn ngh nhm thc hin c mc tiu pht trin dch v CK 6.1. Gii php i vi cc n v chng khon o to ngun nhn lc: Trong giai on 2010 -2015, nhu cu v ngun nhn lc cht lng cao gia tng mnh m p ng nhu cu m rng quy m. Cc DN nn t chc o to lin tc cho nhn vin c, tuyn dng nhn vin mi c trnh chuyn mn cao. p ng c nhu cu v lao ng cht lng cao trong giai on n, ngay t by gi, cc DN nn t hng cho i hc N o to nhng chuyn ngnh theo ng yu cu v chuyn mn ca mnh. TPN nn dnh mt phn ngn sch o to h tr o to ngun nhn lc

cht lng cao, t tiu chun quc t cho cc cng ty CK nh h tr gi nhn vin ra nc ngoi o to. Hn ch s bt i xng v thng tin v tng cng s minh bch ca thng tin: c th th tng cng s minh bch thng tin, cn phi to ra mi trng kinh doanh lnh mnh, c s iu chnh ca lut php i vi nhng DN che giu hay lm sai lch thng tin. Bn thn cc DN phi t gic v phi thy c vai tr ca vic cng khai thng tin i vi kh nng pht trin DN, c bit l kh nng huy ng vn thng qua th trng CK. Chnh sch lng v s i ng hp l i ngi lao ng: Dch v CK l mt dng dch v cao cp, chuyn su. Do , yu cu v trnh chuyn mn ca ngi lao ng cao. Mt khc, DN phi c ch tin lng ph hp nhm to iu kin thu ht v gi c ngun nhn lc c trnh chuyn mn cao, khuyn khch ngi lao ng khng ngng t nng cao trnh chuyn mn. Quc t ha i ng nhn vin: nng cao kh nng tip cn v hi nhp vo th trng TC th gii, nng cao trnh cho nhn vin ca DN, cc DN cung cp dch v CK nn thu chuyn gia nc ngoi lm vic v qua o to ti ch cho nhn vin ca DN. Tuy nhin, do quy m ca cc n v CK ti N nh, nn kh c th thu chuyn gia nc ngoi c do kinh ph cao. V vy, cc n v CK nn lin kt trong o to nhm tn dng li th v quy m gim chi ph o to. Bn cnh , n v CK cn khuyn khch, h tr nhn vin nng cao trnh chuyn mn, hng n chun quc t. Nng cp cng ngh v nng cao kh nng ng dng cng ngh: Nng cp cng ngh, m bo giao dch trc tuyn thu n li, hiu qu, nhanh chng nhm a nh u t, DN n vi cng ty CK, xa b khong cch v khng gian.

Pht trin cc sn phm dch v h tr u t Cc cng ty CK cn phi pht trin cc sn phm dch v h tr u t nh t TP CH KHOA HC V CNG NGH, I HC NNG - S 5(34).2009 143 vn TC, t vn u t, qun tr danh mc u t, phn tch CK nhm to iu kin tt nht cho hot ng u t. Lin kt vi cc cng ty bo him, cc NH Dch v CK cng pht trin cng i hi s lin kt vi cc dch v bo him, NH. S lin kt ca 3 hnh thc dch v ny to iu kin thun li v nng cao s an ton cho hot ng u t ca nh u t. Cc n v CK nn pht trin h thng net link gia NH v cng ty CK i vi tin gi u t. 6.2. Cc kin ngh, khuyn ngh i vi TPN v chnh ph TP N cn khuyn khch, h tr cc cng ty c phn nim yt trn sn Trong giai on 2010-2015, TP cn c nhng h tr ph hp nhm to iu kin cho cc cng ty c phn ti N nim yt trn sn. iu ny va gia tng hng ha trn th trng CK, va thu ht c s quan tm ca nh u t ti TP, va gp phn pht trin dch v CK ca TP. TP N cn to iu kin cho s hnh thnh cc qu u t, NH u t Anand v Galetovic (2001) chng minh rng s xut hin v pht trin ca cc qu u t, NH u t s to iu kin cho th trng CK phn b ngun lc (vn u t) tt hn v ngc li, s pht trin ca th trng CK s thc y s pht trin ca cc qu u t v NH u t. Chnh v vy, TPN cn phi to iu kin cho s hnh thnh, pht trin cc qu u t, NH u t ti TP nhm pht trin dch v CK, to iu kin cho s phn b vn tt hn. Mt khc, TPN cng nn chuyn Qu u t

pht trin TPN sang hnh thc cng ty u t hot ng theo lut DN. TP N cn xy dng cc phng n pht hnh tri phiu a phng Nhu cu vn u t cho cc d n pht trin kinh t x hi ca TP rt ln. Vic pht hnh cc loi tri phiu a phng nh tri phiu TP s gp phn p ng nhu cu ny. Bn cnh , tri phiu a phng s gp phn lm a dng ha hng ha trn th trng CK, gp phn thc y s pht trin ca dch v ny. TP N cn to iu kin cho s thnh lp cng ty CK c hi s chnh ti N Mt hn ch cho s pht trin dch v CK ti TPN l ngoi tr cng ty CK N (DNSC), tt c cc n v cung cp dch v CK ti TPN u l chi nhnh hoc i l ca cc cng ty CK ti H Ni, TP H Ch Minh. Do vy, hot ng ca cc n v ny ch l bn dch v, cn sn phm dch v c xy dng, pht trin v thc hin ti hi s chnh. dch v CK c th pht trin v p ng nhu cu khng ch ca TPN m cn ca c khu vc min Trung v Ty nguyn, cn phi c mt s cng ty CK c hi s chnh t ti N. Nhng cng ty ny s ng vai tr trung tm, thc y dch v CK ti TP pht trin.TP CH KHOA HC V CNG NGH, I HC NNG - S 5(34).2009 144 Nh nc nn thnh lp v pht trin th trng CK phi sinh Th trng CK phi sinh c xem l mt trong nhng gii php gii cu cho s st gim ca th trng CK Vit Nam. S hnh thnh th trng CK phi sinh s gip cho cc nh u t c kh nng phng nga v qun l ri ro khi u t thng qua vic s dng cc sn phm phi sinh nh hp ng forward (k hn), future (tng lai), option (quyn chn), swap (hon i). Mt khc, cc sn phm ny cng to ra kh nng u c

cho cc nh u t m khng cn phi c nhiu vn do mc k qu thp hn rt nhiu so vi gi tr hp ng. 7. Kt lun Bi bo c nhng nh gi khi qut v c ng v thc trng ca dch v CK trn a bn thnh ph Nng; kh nng pht trin ca dch v ny; nhu cu ca dch v CK. ng thi bi bo cng a ra cc nh hng pht trin v xut h thng cc gii php, kin ngh i vi cc cng ty CK, chnh ph, chnh quyn thnh ph nhm pht trin dch v CK ti thnh ph Nng theo nh hng ra. R rng, phm vi cc vn nu ra l kh rng, tnh cht li phc tp. Do vy, nh hng pht trin tip theo l nghin cu s phi hp ng b v c th ha cc gii php nu trn. TI LIU THAM KHO [1] Nin gim thng k thnh ph Nng v Vit Nam , 2004-2008, Nh xut bn Thng k. [2] Bo co quy hoch tng th kinh t x hi thnh ph N n 2020. [3] Bo co tng kt ngnh NH ca chi nhnh NH nh nc Vit Nam 2006, 2007. [4] B. Anand v Galetovic A., Investment Banking and Security Market Development:

* Mt s phm cht cn c dn lt sng C th thy mt s c im sau ca cc nh u t ngn hn: - Kin thc ti chnh cao; - Thn kinh thp; - Kh nng phn on tm l m ng cc tt;

- Cc gic quan nhanh nhy; - Sc kho do dai; - Cng bng, khch quan (tc khng tnh cm chi phi n quyt nh mua bn, kiu nh qu yu hay qu ght mt loi c phiu, hng rui hay thng hng u nh nhau min mua bn c li nhun).

Yt gi l g ? n v yt gi ? Yt gi hay cn gi l bc nhy gi l khong gi ti a c php tng thm hoc gim xung trong mt phin giao dch ca mt c phiu. i vi sn HOSE l +/-5% trn 1 phin; sn HNX l +/-7% trn 1 phin. n v yt gi c chia theo mt cng thc tnh lm trn. Mt c phiu c gi di 50.000ng th n v yt gi ca n l 100 ng; t 50.000 ng n 100.000 ng th n l 500ng; t 100.000ng tr ln th n l 1.000ng V d: mt c phiu c gi 15.000 ng khi tng ht bin 5% th n s tng ln 15.700ng; cn mt c phiu c gi 50.000ng khi tng ht bin n s tng ln 52.500ng; cn mt c phiu c gi 105.000ng th khi tng ht bin n s tng ln 105.000ng m khng ly theo phn l, do phn l nh hn n v yt gi nn n b li.

Ngh thut lt sng 21/05/2007 ( 2974 lt c )

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Th trng chng khon Vit Nam c v nh khng my thin cm vi nhng i tng mua bn chng khon ngn hn - nhng nh u t c gi l dn lt sng. Tuy nhin, trn thc t, nhng giao dch ngn hn gip tng quy m ca dng chy vn trn th trng, tng quy m giao dch v tng tnh thanh khon ca c phiu. Dn "lt sng" Lt sng... khng d! Lt sng l mt khi nim mi v kh dn d trn th trng chng khon Vit Nam. Trn th gii, nhng nh u t ngn hn c gi l cc day trader hoc week trader. H l nhng ngi mua bn c phiu vi chu k rt ngn, tnh theo ngy, tun, thm ch c nhng ngi bng cc mo ca mnh mua bn nh hn gii hn T+3. Th trng chng khon l tp hp nhiu i tng nh u t: C nhn, t chc v mi c th li c nhng c im khc nhau, nn c cc mc ngi ri ro khc nhau, mc tiu u t khc nhau, cch thc mua bn khc nhau. C nhng i tng u t di hn, c nhng i tng u t ngn hn, c ngi kt hp c u t di hn v ngn hn. Tt c nhng iu to nn th trng v v p ca th trng; hn na, nhng nh u t ngn hn cng to nn nhng tc ng tch cc i vi th trng. Mc ch cui cng ca bt k ai tham gia th trng cng l tm kim li nhun, do vy mi vic tin hnh ng lut u c chp nhn. Thc t, khng bao gi c s ng nht trong cch mua bn (u t) chng khon. Nhiu ngi khng c thin cm vi nhng i tng ny, do h cha phn bit c hay ng nht dn lt sng vi nhng nh u t theo phong tro, nhng ngi m mua bn theo kiu da ch nghe hi. Lt sng khc u t phong tro Nhng ngi mua bn ngn hn c kin thc cao, bit phn tch, x l thng tin v ra quyt nh mua bn mt cch ch ng, khc hn vi nhng ngi u t theo phong tro hnh x mt cch th ng, lm theo s xi gic hay hnh vi ca i tng khc. C nhiu nh u t theo phong tro cng xc nh s mua bn ngn hn, nhng li Vi u t ngn hn, nh u t mua khi gi xung v bn ngay khi gi ln cng gip th trng thng bng tm thi.

khng bit cc yu t cn c tr thnh i tng ny cng nh cch thc hnh x trn th trng. Bn cht cng vic ca nhng nh u t ngn hn l tm kim li nhun da trn nhng dao ng (d l nh nht) ca gi chng khon trn th trng. Trong khi nhng ngi u t theo phong tro thng ch mua chng khon vi hy vng gi c tng 5% hay 10%/ngy kim chnh lch ln trong thi gian ngn. Thm ch, c khi ch cn nghe ni gi ca c phiu X s tng 20%, th nhng i tng ny sn sng mua vo v hy vng s ln n mc . V tm l, nhng nh u t ngn hn thng c tm l vng vng, trong khi nhng nh u t theo phong tro th d dao ng, khin hy vng lm nhng tht vng cng nhiu. Do tm kim li nhun t nhng dao ng nh ca th trng, nn nh u t ngn hn sn sng bn ra khi c li, do vy gip cho gi chng khon n nh v s lun chuyn vn ca th trng ln. Nh u t theo phong tro vi hy vng gi tng mnh v mang li li nhun ln, do vy khi gi tng mnh, nhng cha n mc k vng th h khng bn v ch ln tip. y l mt trong nhng nguyn nhn khin khi th trng tng th tranh mua t bn, khi xung th tranh nhau bn, t ngi mua v th trng nng lnh bt thng v khng n nh. Nhng din bin trn - sn t thi gian qua phn no cho thy, mt b phn rt ln nh u t c nhn trn th trng chng khon l u t theo phong tro. Yu t tm l m ng ph bin, nn c nhng biu hin ca mt s i tng tc ng vo cc nh u t ny thc hin hnh vi lng on th trng. Tri li, nh u t ngn hn chuyn nghip lun ch ng trc cc din bin th trng, nh cc phm cht: Kin thc ti chnh tt, thn kinh thp, kh nng phn on tm l m ng... i vi nhng nh u t ny, cc c phiu u c nh gi da trn kh nng li nhun thu c t cc bin ng gi, t khi phn bit blue-chips hay c phiu hng rui. Ngoi ra, trn th trng chng khon Vit Nam, yu t may mn, liu lnh v quan h rng cng gp phn khng nh vo s thnh cng ca cc khon u t.