Giao Trinh Thi Truong Chung Khoan 0296

Chng 1: Tng quan v Th trng chng khon
Trng i hc Kinh t Quc dn 5

Chng 1
Tng quan v th trng chng khon

1.1. i cng v th trng ti chnh
1.1.1. Khi nim th trng ti chnh
Nhu cu v vn tin hnh u t v cc ngun tit kim c th pht
sinh t cc ch th khc nhau trong nn kinh t. Trong , thng xy ra
tnh hung: nhng ngi c c hi u t sinh li th thiu vn, tri li
nhng ngi c vn nhn ri li khng c c hi u t hoc khng bit u
t vo u. T hnh thnh nn mt c ch chuyn i t tit kim sang
u t. C ch c thc hin v iu chnh trong khun kh mt th
trng l th trng ti chnh. Trn th trng ti chnh, nhng ngi
thiu vn huy ng vn bng cch pht hnh ra cc cng c ti chnh nh
c phiu, tri phiu.... Nhng ngi c vn d tha, thay v trc tip u t
vo my mc thit b, nh xng sn xut hng ha hay cung cp dch v,
s u t (mua) cc cng c ti chnh c pht hnh bi nhng ngi cn
huy ng vn.
Vy, th trng ti chnh l ni din ra s chuyn vn t nhng ngi
d tha vn ti nhng ngi thiu vn. Th trng ti chnh cng c th
c nh ngha l ni pht hnh, mua bn, trao i v chuyn nhng cc
cng c ti chnh theo cc quy tc, lut l c n nh.
Trong nn kinh t th trng, s tn ti v pht trin ca th trng ti
chnh l tt yu khch quan. Hot ng trn th trng ti chnh c nhng
tc ng, hiu ng trc tip ti hiu qu u t ca cc c nhn ca cc
doanh nghip v hnh vi ca ngi tiu dng, v ti ng thi chung ca
ton b nn kinh t.
1.1.2. Chc nng ca th trng ti chnh
- Huy ng v dn vn t ni tha vn sang ni thiu vn
Th trng ti chnh c chc nng c bn l dn vn t nhng ngi d
tha vn sang nhng ngi cn vn. Vi nhng ngi d tha vn, thu nhp
ln hn chi tiu, nhng ngi ny c th l Chnh ph, cc t chc hoc c
nhn. Trong khi , do chi tiu ln hn thu nhp, chnh ph, cc t chc v
Gio trnh Th trng chng khon

c nhn khc li cn vn. S chuyn dch vn ny c thc hin theo s
sau:
S : Chc nng dn chuyn vn ca th trng ti chnh

Qua s trn ta thy, s chuyn dch vn c thc hin qua hai con
ng, ti tr trc tip v ti tr gin tip. Trong ti tr trc tip, nhng
ngi cn vn huy ng trc tip t nhng ngi c vn bng cch bn cc
chng khon cho h. Cc chng khon ny l cc cng c ti chnh, n cung
cp quyn yu cu v thu nhp v ti sn v cc quyn khc cho ch s hu
i vi ngi pht hnh. Cc chng khon c mua bn rng ri trn th
trng cp mt v th trng cp hai. Cch thc th hai dn vn l ti tr
gin tip thng qua cc trung gian ti chnh. Cc trung gian ti chnh nh
cc ngn hng, cc t chc tn dng, cc t chc bo him v cc trung gian
khc c vai tr cc k quan trng trong vic tch t, tp trung v phn phi
vn trong nn kinh t, ng thi cc t chc ny cng c vai tr quan trng
trong vic cp vn v h tr cho dng ti chnh trc tip nh thng qua cc
hot ng: i l, bo lnh, thanh ton v.v..
Nh vy, thng qua vic dn chuyn vn, th trng ti chnh c vai tr
quan trng trong vic tch t, tp trung v phn phi vn trong nn kinh t,
trn c s lm tng nng sut v hiu qu ca ton b nn kinh t. Th
trng ti chnh trc tip ci thin mc sng cho c nhng ngi c vn v
nhng ngi cn vn.
ti TR gin tip
cc
trung
gian ti
chnh
v
n

v
n

Ngi cho vay vn
1. H gia nh
2. Doanh nghip
3. Chnh ph
4. Nc ngoi
Ngi i vay vn
1. H gia nh
2. Doanh nghip
3. Chnh ph
4. Nc ngoi
th
trng
ti
chnh
v
n

vn vn
ti TR trc tip

- Xc nh gi c ca cc ti sn ti chnh.
Thng qua quan h gia ngi mua v ngi bn (quan h cung cu
trn th trng) gi c ca cc ti sn ti chnh c xc nh, hay ni cch
khc, li tc yu cu ca ti sn ti chnh c xc nh. V vy, th trng
ti chnh l ni hnh thnh nn gi c ca cc ti sn ti chnh - cc "hng
ho" trn th trng.
- To tnh thanh khon cho ti sn ti chnh.
Th trng ti chnh cung cp mt mt c ch cc nh u t c th
trao i, mua bn cc ti sn ti chnh ca mnh trn th trng th cp, nh
vy th trng ti chnh to ra tnh thanh khon cho cc ti sn ti chnh.
Nu thiu tnh thanh khon, ngi u t s buc phi nm gi cc cng c
n cho ti khi o hn, hoc nm gi cc cng c vn cho ti khi cng ty
ph sn hoc gii th phi thanh l ti sn.
Mc thanh khon ca cc th trung ti chnh l khc nhau, n ph
thuc vo s pht trin ca th trng.
- Gim thiu chi ph cho cc ch th tham gia trn th trng
cho cc giao dch c th din ra, nhng ngi mua v nhng ngi
bn cn phi b ra cc chi ph nh chi ph tm kim i tc v tm kim
thng tin trong qu trnh trc, trong v sau khi ra cc quyt nh u t.
Nh tnh tp trung, cc thng tin phc v qu trnh u t c cung cp y
, chnh xc v nhanh chng trn th trng ti chnh, t cho php gim
thiu nhng chi ph i vi cc bn tham gia giao dch v gp phn tng hiu
qu i vi cc ch th trn th trng cng nh i vi ton b nn kinh t.
- Khuyn khch cnh tranh v tng hiu qu kinh doanh
Th trng ti chnh l th trng nh gi cc cng c ti chnh, v vy,
s khuyn khch qu trnh phn phi vn mt cch c hiu qu, gp phn
tng tnh cnh tranh gia cc doanh nghip v t t ra cho cc doanh
nghip phi tng hiu qu kinh doanh c th tn ti v pht trin.
- n nh v iu ho lu thng tin t.
Th trng ti chnh c mt chc nng quan trng l n nh v iu
ho lu thng tin t, m bo s pht trin lnh mnh ca nn kinh t. Chc
nng ny c th hin thng qua vic mua bn cc tri phiu, tn phiu v
cc giy t c gi khc ca Ngn hng Trung ng trn th trng ti chnh
v th trng tin t. Thng qua , Chnh ph c th huy ng c ngun
vn ln b p thm ht ngn sch v kim sot lm pht. Ngoi ra, Ngn
hng Trung ng cng c th mua bn ngoi t trn th trng ngoi hi

iu chnh lng cung v cu ngoi t nhm gip Chnh ph n nh t gi
hi oi.
Nh vy, th trng ti chnh c chc nng ht sc quan trng khng
nhng i vi nn kinh t m c i vi tng c nhn, t chc kinh t. Th
trng ti chnh to iu kin cho php vn c chuyn t ngi c tin
nhn ri v khng c c hi u t hiu qu sang cho ngi c c hi u t,
c kh nng sn sut, gip nng cao nng sut v hiu qu ton b nn kinh
t. Ngoi ra, th trng ti chnh cng trc tip ci thin mc sng ca ngi
tiu dng bng cch gip h chn thi im cho vic mua sm tt hn. Th
trng ti chnh hot ng hiu qu s trc tip ci thin i sng kinh t x
hi.
1.1.3. Cu trc ca th trng ti chnh
Cn c vo cc tiu thc khc nhau, ngi ta phn loi th trng ti
chnh thnh cc th trng b phn.
* Th trng n v th trng vn c phn.
Cn c vo phng thc huy ng vn ca t chc pht hnh, th
trng ti chnh c phn thnh th trng n v th trng vn c phn.
Th trng n l th trng m hng ho c mua bn ti l cc
cng c n. Thc cht ca vic pht hnh cc cng c n ny l nh pht
hnh ng ra i vay theo phng thc c hon tr c gc v li. Ngi cho
vay khng chu bt c trch nhim no v kt qu hot ng s dng vn
ca ngi vay v trong mi trng hp, nh pht hnh phi c trch nhim
hon tr theo cc cam kt c xc nh trong hp ng vay. Cc cng c
n c thi hn xc nh, c th l ngn hn, trung hn hay di hn. Tn
phiu v tri phiu l hai v d in hnh ca cc cng c n.
Khc vi th trng n, th trng vn c phn l ni mua bn cc c
phiu, giy xc nhn c phn ng gp ca c ng. C ng l ch s hu
ca cng ty v phi chu trch nhim trong phn ng gp ca mnh. C
phiu s cho php h c quyn yu cu i vi li nhun sau thu ca cng
ty cng nh i vi ti sn ca cng ty. C phiu l v thi hn v chng
khng xc nh c th ngy mn hn. Ngi s hu c phiu ch c th ly
li tin bng cch bn li c phiu trn th trng th cp hoc khi cng
ty tuyn b ph sn.
* Th trng tin t v th trng vn.

Cn c vo thi hn lun chuyn ca vn, th trng ti chnh c
chia thnh th trng tin t v th trng vn.
Th trng tin t l th trng ti chnh trong cc cng c ngn hn
(c k hn di mt nm) c mua bn, cn th trng vn l th trng
giao dch, mua bn cc cng c ti chnh trung v di hn (gm cc cng c
vay n di hn v c phiu). Vn ngn hn ch yu do cc ngn hng cung
cp, cn th trng chng khon l c trng c bn ca th trng vn.
Cc hng ho trn th trng tin t c c im l thi gian o hn
ngn hn nn c tnh lng cao, ri ro thp v n nh. Th trng tin t
bao gm: th trng lin ngn hng, th trng tn dng, th trng ngoi hi.
* Th trng s cp v th trng th cp.
Cn c vo tnh cht ca vic pht hnh cc cng c ti chnh, th trng
ti chnh c chia thnh th trng s cp v th trng th cp.
Th trng s cp. Th trng s cp hay cn gi l th trng pht hnh
l th trng trong cc cng c ti chnh c mua bn ln u tin. Do l
th trng pht hnh ln u nn th trng ny cn c gi l th trng
cp mt.
Th trng s cp t quen thuc vi cng chng u t v vic bn chng
khon ti nhng ngi mua u tin c tin hnh theo nhng phng thc
v c th ring, thng thng ch gii hn mt s thnh vin nht nh.
Th trng th cp. Th trng th cp l th trng giao dch cc cng
c ti chnh sau khi chng c pht hnh trn th trng s cp. Th
trng th cp cn c gi l th trng cp hai.
Hot ng trn th trng th cp din ra trong phm vi rng hn vi
tng mc lu chuyn vn ln hn nhiu so vi th trng s cp. Tuy nhin,
vic mua bn chng khon trn th trng ny khng lm thay i ngun
vn ca t chc pht hnh m thc cht ch l qu trnh chuyn vn t ch
th ny sang ch th khc hay ni cch khc trn th trng th cp din ra
vic trao i, mua bn cc "quyn s hu cng c ti chnh".
Th trng th cp lm cho cc cng c ti chnh c tnh lng v tnh
sinh li cao hn v do to iu kin thun li cho vic pht hnh trn th
trng s cp. V vy, c th ni th trng th cp l ng lc thc y s
pht trin ca th trng s cp.
Mi quan h gia th trng ti chnh s cp v th cp l mi quan h

ni ti, hu c v bin chng. Th trng s cp ng vai tr l c s, tin
cho th trng th cp v ngc li th trng th cp ng vai tr l ng
lc, thc y th trng s cp pht trin.
1.1.4. Mi quan h gia cc th trng b phn cu thnh th
trng ti chnh.
Cc b phn ca th trng ti chnh (th trng b phn) c mi quan
h tng h khng th tch ri. Mi quan h ca chng c hnh thnh t
cc lung chu chuyn v vn gia cc b phn, bin ng trn th trng ny
s to ra cc lung vn chu chuyn, t tc ng n quan h cung cu,
lm thay i nhng ch s phn nh hot ng ca th trng khc.
V mt thi gian, th trng tin t xut hin trc th trng vn nhng
chng u l nhng mt xch trong mt dy chuyn hon chnh - h thng
ti chnh quc gia v quc t. Theo s pht trin ca nn kinh t, th trng
ti chnh ngy cng tr nn linh hot, tinh vi v phc tp hn, ranh gii gia
cc cng c, gia cc th trng b phn ngy cng mang tnh tng i.
Cc cng c ti chnh c lu thng an xen gia cc loi th trng v
c chuyn ho ln nhau. Nhng cng c mi xut hin lin tc, trong
c nhng cng c mang tnh hn hp vi nhng c tnh vn tn ti tch ri
nhau. Cc th trng b phn do cng tr nn gn b vi nhau cht ch
hn.
Mi quan h gia cc th trng b phn thng qua cng c li sut v
c phn nh bi s bin ng ca cc ch s khc nh gi chng khon, t
gi hi oi. S thay i ca li sut chc chn s dn n nhng bin ng
v gi chng khon v t gi hi oi. Ngc li, nhng bin ng ny s
cn bng tr li di tc dng ca vic iu chnh li sut. C th ni, lm
pht v li sut l hai nhn t v m nh hng ti gi c trn th trng
chng khon, trong li sut l nhn t gy tc ng trc tip ti gi chng
khon thng qua vic thay i li sut yu cu ca nh u t. Khi th
trng tin t c du hiu thay i li sut chit khu v ti chit khu t
NHTW, lp c s nh hng ti gi chng khon.
Tm li, cc th trng b phn c mi quan h khng kht, bin chng
v tc ng ln nhau, nh hng v chi phi n nhau. y chnh l mt yu
t to nn tnh ng b ca th trng ti chnh.

1.1.5. Cc cng c ca th trng ti chnh
1.1.5.1. Cc cng c ca th trng tin t
Do c thi gian o hn l ngn hn, nhng cng c ti chnh trn th
trng tin t c c im l c tnh ri ro, mc dao ng gi thp v do
u t vo cc cng c ny s c t ri ro nht.
- Tn phiu kho bc
L cng c vay n ngn hn ca Chnh ph thng c pht hnh vi
k hn thanh ton l 3, 6 v 12 thng. Chng c tr li vi mc li sut c
nh v c hon tr vn khi n hn thanh ton hoc c thanh ton li
do vic bn ln u c gim gi, tc l, vi gi thp hn so vi khon tin
nh c thanh ton khi ht hn (hnh thc chit khu).
Tn phiu kho bc l loi c tnh lng v an ton nht trong tt c cc
cng c trn th trng tin t, do vy, chng c a chung v mua bn
nhiu nht trn th trng. S d tn phiu kho bc l loi cng c an ton
nht trong tt c cc loi cng c th trng tin t v c s bo m chi
tr ca Chnh ph.
Tn phiu kho bc l cng c c nm gi ch yu bi cc ngn hng
thng mi, ngoi ra cng c mt lng nh cc h gia nh, cc cng ty v
cc trung gian ti chnh khc nm gi tn phiu kho bc. Cc ngn hng
thng mi nm gi tn phiu kho bc ngoi mc ch u t ngun vn
ang b ng bng hng li tc cn s dng tn phiu kho bc nh l
khon tin d tr cp hai.
Ngoi ra, NHTW c th s dng cng c tn phiu kho bc thc hin
nghip v th trng m nhm iu chnh lng tin cung ng ra lu thng
v kim sot th trng tin t.
- Giy chng nhn tin gi ca ngn hng
Giy chng nhn tin gi (CD
s
) l mt cng c vay n do ngn hng
thng mi bn cho ngi gi tin. Ngi gi c thanh ton li hng nm
theo mt t l nht nh v khi n k hn thanh ton, th hon tr gc theo
gi mua ban u. Hin nay, cng c ny c hu ht cc ngn hng thng
mi ln pht hnh v thu c thnh cng to ln, vi tng s d gn y
vt qu tng s d ca tn phiu kho bc. Cc chng ch tin gi c th
c bn li trn th trng th cp.
- Thng phiu

Thng phiu hay cn gi l k phiu thng mi l cng c vay n
ngn hn do cc ngn hng ln v cc cng ty pht hnh. Trc y cc
cng ty thng vay vn ngn hn cc ngn hng thng mi, nhng sau
h da ch yu vo vic bn thng phiu cho cc trung gian ti chnh v
cc cng ty khc vay vn tc thi. Thng phiu bao gm:
* Hi phiu: L mt giy ghi n do ngi bn k pht trao cho ngi
mua, trong yu cu ngi mua phi tr mt s tin nht nh khi n hn
cho ngi bn hoc bt k ngi no th hng hi phiu.
* Lnh phiu: L mt giy nhn n do ngi mua k pht trao cho
ngi bn, trong ngi mua cam kt tr mt s tin nht nh khi n hn
thanh ton cho ngi th hng lnh phiu.
- Hi phiu c ngn hng chp nhn
Hi phiu c ngn hng chp nhn l mt hi phiu ngn hng (s
ha hn thanh ton tng t mt tm sc) do mt cng ty pht hnh, c
thanh ton trong tng lai v c ngn hng bo m vi mt khon l ph
bng cch ngn hng ng du " chp nhn" ln hi phiu. Cng ty pht
hnh hi phiu phi gi mt khon tin bt buc theo tho thun vo ti
khon ca mnh ti ngn hng tr cho hi phiu. Nu cng ty khng
c kh nng thanh ton ngn hng buc phi thanh ton theo s tin ghi
trn hi phiu cho ngi th hng.
Cc hi phiu " chp nhn" ny thng c mua i bn li th
trng th cp v nh vy, n c tc dng tng t nh tn phiu kho bc.
Ngoi ra, ngi s hu hi phiu cng c th chit khu li trn th trng
thu tin trc. c im ca loi cng c ny l li sut thp v c an
ton cao.
1.1.5.2. Cc cng c trn th trng vn
Cc cng c trn th trng vn l cc cng c n v cng c vn vi
thi gian o hn (k hn thanh ton) trn mt nm hay v hn.
Khc vi cc cng c trn th trng tin t, cc cng c trn th trng
vn c mc bin ng gi mnh hn v tnh thanh khon thp hn so vi
cc cc cng c trn th trng tin t, do vy cc cng c ny c mc ri
ro do ln v li tc thng cao hn.
- C phiu

C phiu l giy chng nhn quyn s hu v li ch hp php i vi
thu nhp rng v ti sn ca cng ty c phn.
C phiu c th c chia lm hai loi:
C phiu thng thng (c phiu ph thng) l loi c phiu c thu
nhp khng c nh, c tc bin ng tu theo s bin ng li nhun ca
cng ty. Tuy nhin, th gi c phiu li rt nhy cm trn th trng, khng
ch ph thuc vo li nhun cng ty m cn rt nhiu nhn t khc nh: mi
trng kinh t, thay i li sut, hay ni cch khc tun theo quy lut cung
cu. C th hn na, th gi c phiu thng thng ph thuc vo tng
trng kinh t ni chung v bin ng theo chiu ngc li vi bin ng li
sut tri phiu chnh ph, cc cng c vay n di hn li sut c nh v li
sut huy ng tin gi ca ngn hng.
C phiu u i: l loi c phiu c quyn nhn c thu nhp c
nh theo mt t l li sut nht nh, khng ph thuc vo li nhun ca
cng ty. Tuy nhin, th gi ca c phiu ny ph thuc vo s thay i li
sut tri phiu kho bc v tnh hnh ti chnh ca cng ty.
Nh vy, vic u t vo c phiu khng ch n gin l nhn c c
tc, m quan trng hn chnh l chnh lch gi c phiu trn th trng (li
vn). Khi c phiu ca cng ty c nhiu ngi mua, chng t th trng
tin tng vo hin ti v kh nng pht trin ca cng ty trong tng lai v
ngc li.
Mt nh u t chng khon khng ch xc nh thi im v mc gi
mua bn mt loi chng khon, m cn phi bit trung ho ri ro bng cch
a dng ho thng qua vic xy dng c danh mc chng khon c cc
mc ri ro khc nhau hoc chu k giao ng lch nhau.
- Cc khon tn dng cm c
L cc khon vay cho vay i vi cc c nhn hoc cc cng ty kinh
doanh vay u t v nhng cng trnh kin trc, nh, t ai v dng
chnh cc ti sn ny lm vt th chp cho cc mn vay. Hnh thc ny
chim mt phn ln trong ngun ti tr ca cc cng ty, thm ch cn chim
mt t trng ln ti cc nc pht trin.
- Cc khon tn dng thng mi
L cc khon cho vay trung v di hn ca cc ngn hng thng mi
hoc cc cng ty ti chnh cho ngi tiu dng hoc cc doanh nghip c

nhu cu vay vn. Thng thng, cc khon tn dng ny khng c giao
dch, mua bn trn th trng th cp do chng c tnh thanh khon thp.
- Tri phiu cng ty
Tri phiu l giy chng nhn vic vay vn ca mt ch th (ngi pht
hnh) i vi mt ch th khc (ngi cho vay - ngi s hu tri phiu).
Tri phiu quy nh trch nhim hon tr gc v li ca t chc pht hnh
cho ngi s hu tri phiu khi n thi im o hn.
Tri phiu cng ty l loi tri khon di hn, do cc cng ty pht hnh
vi li sut kh cao, gip cng ty huy ng khi lng vn ln trong mt
thi gian ngn. Ngoi ra, tri phiu cng ty cn c kh nng chuyn i v
mt s loi c th chuyn thnh c phiu. Do vy, tri phiu cng ty l mt
cng c c lu hnh rng ri trn th trng vn.
- Cc loi chng khon chnh ph: L cc cng c vay n do Chnh
ph pht hnh nh: Tri phiu Chnh ph; Tn phiu kho bc; Cng tri quc
gia...
1.2. Tng quan v th trng chng khon
1.2.1. Lch s hnh thnh v pht trin ca th trng chng
khon
Th trng chng khon c xem l c trng c bn, l biu tng
ca nn kinh t hin i. Ngi ta c th o lng v d tnh s pht trin
kinh t qua din bin trn th trng chng khon. L mt b phn cu
thnh ca th trng ti chnh, th trng chng khon c hiu mt cch
chung nht, l ni din ra cc giao dch mua bn, trao i cc chng khon
- cc hng ho v dch v ti chnh gia cc ch th tham gia. Vic trao i
mua bn ny c thc hin theo nhng quy tc n nh trc.
Hnh thc s khai ca th trng chng khon xut hin cch y
hng trm nm. Vo khong th k 15, cc thnh ph trung tm thng
mi ca cc nc phng Ty, trong cc ch phin hay hi ch, cc thng
gia thng t tp ti cc qun c ph thng lng mua bn, trao i
hng ho. c im ca hot ng ny l cc thng gia ch trao i bng
li ni vi nhau v cc hp ng mua bn m khng c s xut hin ca bt
c hng ho, giy t no. n cui th k 15, "khu ch ring" tr thnh
th trng hot ng thng xuyn vi nhng quy c xc nh cho cc cuc
thng lng. Nhng quy c ny dn tr thnh cc quy tc c tnh cht bt

buc i vi cc thnh vin tham gia.
Bui hp u tin din ra nm 1453 ti mt l qun ca gia nh
Vanber ti thnh ph Bruges (Vng quc B). Trc l qun c mt bng
hiu v hnh ba ti da v ch Bourse. Ba ti da tng trng cho ba ni dung
ca th trng: Th trng hng ho; Th trng ngoi t v Th trng chng
khon ng sn; cn ch Bourse c ngha l "mu dch th trng" hay cn
gi l "ni bun bn chng khon".
n nm 1547, th trng thnh ph Bruges b sp do ca bin
Evin - ni dn cc tu thuyn vo bun bn ti thnh ph b ct bin lp mt.
Tuy nhin, vo nm 1531, th trng ny c di ti thnh ph
cng Anvers (B), t , th trng ny pht trin nhanh chng. Mt th
trng nh vy cng c thnh lp London (Vng quc Anh) vo th k
18 v sau l mt lot th trng ti Php, c, v mt s nc Bc u
v M cng c thnh lp. Sau mt thi gian hot ng, th trng
chng t kh nng khng p ng c yu cu ca c ba giao dch khc
nhau. V th, th trng hng ho c tch ra thnh cc khu thng mi, th
trng ngoi t c tch ra v pht trin thnh th trng hi oi. Th
trng chng khon ng sn tr thnh th trng chng khon. Nh vy, th
trng chng khon c hnh thnh cng vi th trng hng ho v th
trng hi oi.
Qu trnh pht trin ca th trng chng khon tri qua nhiu bc
thng trm. Lch s ghi nhn hai t khng hong ln, l khi cc th
trng chng khon ln M, Ty u, Bc u, Nht Bn b sp ch
trong vi gi vo "ngy th nm en ti", 29/10/1929 v "ngy th hai en
ti", 19/10/1987. Song, tri qua cc cuc khng hong, cui cng th trng
chng khon li c phc hi v tip tc pht trin, tr thnh mt th ch
ti chnh khng th thiu c trong nn kinh t vn hnh theo c ch th
trng.
Hin nay, do cc bin ng ln trong nn kinh t th gii, do tc ng
ca tin b khoa hc k thut v vi mong mun ca Chnh ph cc nc
trong vic tng cng vai tr ca th trng chng khon i vi i sng
kinh t, th trng chng khon c to mi iu kin pht trin. Cc
chnh sch ca Chnh ph cc nc gp phn thc y s hnh thnh v
pht trin ca th trng chng khon th hin:

Th nht, Chnh ph cc nc ci cch mnh h thng thu nhm
kch thch tit kim v u t. Cc khon thu i vi thu nhp t u t c
phiu gim ng k khuyn khch cc doanh nghip tng vn ch s hu.
Vi cc doanh nghip Hn Quc, t l n trn vn ch s hu gim t
khong 500% vo u nhng nm 80 xung cn 250% vo cui nhng nm
90. Chnh ph Anh v M khuyn khch qu trnh sp nhp cc doanh
nghip nhm lm tng kh nng cnh tranh v tnh hiu qu ca chnh cc
doanh nghip ny. nhiu nc, s lng cc cng ty c phn mi ngy
cng gia tng.
ng thi vi cc chnh sch khuyn khch pht trin, Chnh ph cc
nc cng tng cng qun l Nh nc i vi hot ng ca th trng.
U ban chng khon - c quan qun l Nh nc v chng khon v th
trng chng khon c thnh lp. V d, U ban chng khon Anh c
thnh lp nm 1968, U ban cc nghip v chng khon Php c thnh
lp nm 1967, U ban chng khon Thi Lan thnh lp nm 1992. H thng
cc vn bn php lut cng c hon thin hn m bo quyn li cho
cc nh u t v chng li cc hnh vi phi o c trong kinh doanh chng
khon.
Th hai, mt lot cc cng c ti chnh mi c to ra nhm p ng
tt hn cho nhu cu ca nh pht hnh v cc nh u t. Cc cng c ny
c hnh thnh t vic lai ghp cc cng c sn c, nhm tn dng cc li
th v php l hoc kt hp gia cc li th ca vn ch s hu vi li th
ca vn vay. iu ny khng ch gip cho cc doanh nghip c th huy ng
vn vi chi ph thp hn, d thay i c cu vn u t, m cn to nhiu c
hi la chn hn cho cc nh u t. Hng lot cc cng c phng v cng
xut hin nh cc hp ng quyn chn, hp ng k hn v cc cng c
dn sut mi. Cc cng c ny va lm gim ri ro cho cc nh u t, va
tng tnh lng ca ti sn, trn c s lm gim chi ph cho nh pht hnh.
Th ba, cc nc tin hnh thnh lp cc th trng giao dch qua quy
vi cc yu cu nim yt t cht ch hn nhm to iu kin cho cc cng ty
mi v cc doanh nghip c tm c trung bnh c th tham gia th trng.
Bi vy, c hi huy ng vn cho cc doanh nghip cng nh kh nng a
dng ho danh mc u t cho cc nh kinh doanh chng khon c gia
tng ng k.

Th t, th trng chng khon c s i mi mnh m v k thut.
Cc th trng c tin hc ho trit , ng thi vi cc ci cch v nghip
v giao dch, nghip v lu k v thanh ton, ci cch v tin hoa hng v.v..
lm gim chi ph trung gian, gim thi gian v tng khi lng giao dch
qua th trng. iu ny c c bit ghi nhn ti th trng chng khon
London qua ci cch c tn gi "Big Bang" nm 1986. Nh nhng tin b
khoa hc k thut , th trng chng khon ngy nay pht trin mnh m
vi mc quc t ho ngy cng cao. S thng nht Chu u hp nht
hng lot cc th trng chng khon, to c hi mi cho vic pht trin th
trng.
Th nm, thnh lp th trng cc cng c dn sut (Derivatives
Markets). Nm 1986, Php thnh lp th trng MATIF (March Terme
International de France) v n nm 1987, thnh lp thm th trng
MONEP (March dOptions Ngociables de Paris). Cc th trng ny c
thnh lp to iu kin cho cc t chc kinh t v cc nh kinh doanh
chng khon c kh nng phng nga cc ri ro lin quan n cc bin ng
v gi c phiu, v li sut v t gi hi oi, ng thi lm tng vn kh
dng trn th trng giao ngay, thng qua kh nng kinh doanh chnh lch
gi. Chnh cc th trng ny cng thc y hin i ho th trng ti chnh
Php v gip cho th trng ny cnh tranh c vi trung tm ti chnh
London.
Th su, y mnh s tham gia ca cc trung gian ti chnh trn th
trng chng khon, c bit sau khng hong ti chnh nm 1987, ngi ta
nhn ra rng, cc thnh vin ln nht ca S giao dch chng khon
London khng th c lng vn cn thit cnh tranh vi cc nh kinh
doanh chng khon ca M v Nht Bn. V th, cc nh qun l vn bo
th ca Anh phi ni rng cc iu kin cho php cc trung gian ti
chnh, trong c cc ngn hng thng mi, tham gia vo th trng, v
chnh iu lm tng tnh hiu qu ca th trng chng khon.
Th by, s hin i ho th trng vay n ca Chnh ph to iu kin
cho Nh nc c th tng cng huy ng cc ngun ti chnh trn th
trng vi cc chi ph thp hn, trnh nguy c lm dng pht hnh ti tr
cho Ngn sch v to iu kin thc hin chnh sch tin t.

Vi nhng ci cch , th trng chng khon tr thnh mt knh
dn vn quan trng, mt thc th khng th thiu c i vi nn kinh t
hin i.
1.2.2. Khi nim v bn cht ca th trng chng khon
Hin nay, tn ti nhiu quan nim khc nhau v th trng chng khon
Quan im th nht cho rng th trng chng khon (TTCK) v th
trng vn l mt, ch l tn gi khc nhau ca cng mt khi nim: Th
trng t bn (Capital Market). Nu xt v mt ni dung, th th trng vn
biu hin cc quan h bn cht bn trong ca qu trnh mua bn cc chng
khon. TTCK l biu hin bn ngoi, l hnh thc giao dch vn c th. Do
, cc th trng ny khng th phn bit, tch ri nhau m thng nht v
cng phn nh cc quan h bn trong v bn ngoi ca th trng t bn.
Quan im th hai ca a s cc nh kinh t cho rng: " Th trng
chng khon c c trng bi th trng vn ch khng phi ng nht l
mt". Nh vy, theo quan im ny, TTCK v th trng vn l khc nhau,
trong TTCK ch giao dch, mua bn cc cng c ti chnh trung v di
hn nh tri phiu chnh ph, c phiu v tri phiu cng ty. Cc cng c ti
chnh ngn hn c giao dch trn th trng tin t, khng thuc phm vi
hot ng ca TTCK.
Quan im th ba, da trn nhng g quan st c ti a s cc S
giao dch chng khon li cho rng "Th trng chng khon l th trng c
phiu", hay l ni mua bn cc phiu c phn c cc cng ty pht hnh ra
huy ng vn. Theo quan im ny, th trng chng khon c c
trng bi th trng mua bn cc cng c ti chnh mang li quyn tham gia
s hu.
Cc quan im trn u c khi qut da trn nhng c s thc tin
v trong tng iu kin lch s nht nh.
Tuy nhin, quan nim y v r rng, ph hp vi s pht trin
chung ca TTCK hin nay, c trnh by trong gio trnh l:
Th trng chng khon l ni din ra cc giao dch mua bn, trao i
cc loi chng khon. Chng khon c hiu l cc loi giy t c gi hay
bt ton ghi s, n cho php ch s hu c quyn yu cu v thu nhp v ti
sn ca t chc pht hnh hoc quyn s hu. Cc quyn yu cu ny c s
khc nhau gia cc loi chng khon, tu theo tnh cht s hu ca chng.

Cc giao dch mua bn, trao i chng khon c th din ra th trng
s cp (Primary Market) hay th trng th cp (Secondary Market), ti S
giao dch (Stock Exchange) hay th trng chng khon phi tp trung (Over -
The Counter Market), th trng giao ngay (Spot Market) hay th trng c
k hn (Future Market). Cc quan h mua bn trao i ny lm thay i ch
s hu ca chng khon, v nh vy, thc cht y chnh l qu trnh vn
ng ca t bn, chuyn t t bn s hu sang t bn kinh doanh.
Th trng chng khon khng ging vi th trng cc hng ho thng
thng khc v hng ho ca th trng chng khon l mt loi hng ho
c bit, l quyn s hu v t bn. Loi hng ho ny cng c gi tr v gi
tr s dng. Nh vy, c th ni, bn cht ca th trng chng khon l th
trng th hin mi quan h gia cung v cu ca vn u t m , gi
c ca chng khon cha ng thng tin v chi ph vn hay gi c ca vn
u t. Th trng chng khon l hnh thc pht trin bc cao ca nn sn
xut v lu thng hng ho
1.2.3. V tr v cu trc ca th trng chng khon
1.2.3.1. V tr ca TTCK trong th trng ti chnh
Th trng chng khon l mt b phn ca th trng ti chnh. V tr
ca th trng chng khon trong tng th th trng ti chnh th hin:
- Th trng chng khon l hnh nh c trng ca th trng vn

Nh vy, trn TTCK giao dch 2 loi cng c ti chnh: cng c ti
chnh trn th trng vn v cng c ti chnh trn th trng tin t.
TT Tin t Th trng vn

TTCK
1 nm t Thi gian o hn

- Th trng chng khon l ht nhn trung tm ca th trng ti chnh,
ni din ra qu trnh pht hnh, mua bn cc cng c N v cng c Vn
(cc cng c s hu).

1.2.3.2. Cu trc th trng chng khon
Tu theo mc ch nghin cu, cu trc ca TTCK c th c phn
loi theo nhiu tiu thc khc nhau. Tuy nhin, thng thng, ta c th xem
xt ba cch thc c bn l phn loi theo hng ho, phn loi theo hnh thc
t chc ca th trng v phn loi theo qu trnh lun chuyn vn. Cc
phn tch sau y s th hin tng cch thc phn loi .

a. Phn loi theo hng ho
Theo cc loi hng ho c mua bn trn th trng, ngi ta c th
phn th trng chng khon thnh th trng tri phiu, th trng c phiu
v th trng cc cng c dn sut.
Th trng tri phiu (Bond Markets) l th trng m hng ho c
mua bn ti l cc tri phiu. Tri phiu l cng c n, m thc cht ca
vic pht hnh cc cng c ny l nh pht hnh ng ra i vay theo phng
thc c hon tr c gc ln li. Ngi cho vay s khng chu bt c trch
nhim no v kt qu hot ng s dng vn ca ngi vay v trong mi
trng hp, nh pht hnh phi c trch nhim hon tr cho tri ch theo cc
cam kt c xc nh trong hp ng vay. Tri phiu thng c thi hn
xc nh, c th l trung hn hay di hn.
Khc vi th trng n, th trng c phiu (Stock Markets) l ni giao
dch mua bn, trao i cc giy t xc nhn c phn ng gp ca c ng.
C ng l ch s hu ca cng ty v phi chu trch nhim trong phn ng
TT N TT Vn c phn
TT Tri phiu
TT C phiu

gp ca mnh. C phiu s cho php h c quyn yu cu i vi li nhun
sau thu ca cng ty cng nh i vi ti sn ca cng ty, khi ti sn ny
c em bn. C phiu c thi gian o hn l khng xc nh.
Th trng cc cng c dn sut (Derivative Markets) l ni cc chng
khon phi sinh c mua v bn. Tiu biu cho cc cng c ny l hp
ng tng lai (Future Contracts), hp ng quyn chn (Options). Th
trng ny ngy cng tr nn quan trng i vi cc nh qun l ti chnh.
N cung cp cc cng c phng v hu hiu, ng thi cng l cng c u
c l tng cho cc nh u t.
b. Phn loi theo qu trnh lun chuyn vn
Theo cch thc ny, th trng c phn thnh th trng s cp v th
trng th cp.
Th trng s cp hay th trng cp 1 (Primary Market) l th trng
pht hnh cc chng khon hay l ni mua bn cc chng khon ln u
tin. Ti th trng ny, gi c ca chng khon l gi pht hnh. Vic mua
bn chng khon trn th trng s cp lm tng vn cho nh pht hnh.
Thng qua vic pht hnh chng khon, Chnh ph c thm ngun thu ti
tr cho cc d n u t hoc chi tiu dng ca Chnh ph, cc doanh nghip
huy ng vn trn th trng nhm ti tr cho cc d n u t.
Th trng th cp hay th trng cp 2 (Secondary Market) l th
trng giao dch mua bn, trao i nhng chng khon c pht hnh
nhm mc ch kim li, di chuyn vn u t hay di chuyn ti sn x hi.
Quan h gia th trng s cp v th trng th cp th hin trn cc
gic sau:
Th nht, th trng th cp lm tng tnh lng ca cc chng khon
pht hnh. Vic ny lm tng s a chung ca chng khon v lm gim
ri ro cho cc nh u t. Cc nh u t s d dng hn trong vic sng lc,
la chn, thay i kt cu danh mc u t, trn c s lm gim chi ph
cho cc nh pht hnh trong vic huy ng v s dng vn. Vic tng tnh
lng ca ti sn s to iu kin tch bit gia s hu v qun l, lm c s
cho vic tng hiu qu qun l doanh nghip.
Vic tng tnh lng cho cc chng khon to iu kin cho vic chuyn
i thi hn ca vn, t vn ngn hn sang trung hn v di hn, ng thi,
to iu kin cho vic phn phi vn mt cch hiu qu. S di chuyn vn

u t trong nn kinh t c thc hin thng qua c ch "bn tay v hnh",
c ch xc nh gi chng khon v thng qua hot ng thu tm, sp nhp
doanh nghip trn th trng th cp.
Th hai, th trng th cp xc nh gi ca chng khon c pht
hnh trn th trng s cp. Th trng th cp c xem l th trng nh
gi cc cng ty.
Th ba, thng qua vic xc nh gi, th trng th cp cung cp mt
danh mc chi ph vn tng ng vi cc mc ri ro khc nhau ca tng
phng n u t, to c s tham chiu cho cc nh pht hnh cng nh cc
nh u t trn th trng s cp. Thng qua c ch bn tay v hnh, vn s
c chuyn ti nhng cng ty no lm n c hiu qu cao nht, qua lm
tng hiu qu kinh t x hi.
Tm li, th trng s cp v th trng th cp c quan h mt thit, h
tr ln nhau. V bn cht, mi quan h gia th trng chng khon s cp
v th cp l mi quan h ni ti, bin chng. Nu khng c th trng s
cp s khng c th trng th cp, ng thi, th trng th cp li to iu
kin pht trin cho th trng s cp. Mc ch cui cng ca cc nh qun
l l phi tng cng hot ng huy ng vn trn th trng s cp, v ch
c ti th trng ny, vn mi thc s vn ng t ngi tit kim sang
ngi u t, cn s vn ng ca vn trn th trng th cp ch l t bn
gi, khng tc ng trc tip ti vic tch t v tp trung vn.
c. Phn loi theo hnh thc t chc ca th trng
Th trng chng khon c th c t chc theo hai cch sau:
Cch th nht l t chc thnh cc S giao dch (Stock Exchange), ti
y, ngi mua v ngi bn (hoc i l, mi gii ca h) gp nhau ti mt
a im nht nh tin hnh giao dch mua bn, trao i chng khon.
Chnh v vy, ngi ta cn gi S giao dch chng khon l th trng tp
trung, ni giao dch mua bn, trao i cc chng khon ca cc cng ty ln,
hot ng c hiu qu. S giao dch chng khon c qun l mt cch
cht ch bi U ban chng khon quc gia, cc giao dch chu s iu tit
ca Lut Chng khon v th trng chng khon. Nhng th trng chng
khon tp trung tiu biu c bit n l S giao dch chng khon Lun
n (London Stock Exchange), S giao dch chng khon M (American
Stock Exchange), S giao dch chng khon Pari (Paris Stock Exchange).

Cch th hai, khc vi th trng tp trung, th trng giao dch qua
quy hay th trng chng khon phi tp trung (OTC: Over -The - Counter
Market) l th trng ca cc nh bun, nhng ngi to th trng (Market
Makers). Cc nh bun c mt danh mc chng khon v h sn sng mua
v bn vi cc nh bun khc cng nh cc nh u t khi nhng ngi ny
chp nhn gi c ca h. th trng ny khng c a im giao dch
chnh thc m c th din ra ti tt c cc quy, sn giao dch ca cc thnh
vin thng qua in thoi hay mng my tnh din rng. Khi lng giao
dch ca th trng ny thng ln hn rt nhiu ln so vi th trng S
giao dch.
Ngoi hai loi th trng nu trn, ngi ta cn ni n th trng th
ba, th trng dnh cho cc chng khon khng tiu chun giao dch
trn th trng tp trung v th trng OTC. Ngoi ra, ngi ta cn phn loi
th trng chng khon thnh th trng m v th trng m phn, th
trng giao ngay (Spot Markets) v th trng k hn (Future Markets). Vic
phn loi th trng chng khon s gip phn tch c th hn vai tr ca th
trng chng khon.
1.2.4. Cc ch th trn TTCK
Cc t chc v c nhn tham gia th trng chng khon c th c
chia thnh 3 nhm sau: ch th pht hnh, ch th u t v cc t chc c
lin quan n chng khon.
1.2.4.1. Ch th pht hnh
Ch th pht hnh l ngi cung cp cc chng khon - hng ha ca
th trng chng khon. Cc ch th pht hnh bao gm: Chnh ph, cc
doanh nghip v mt s t chc khc nh: cc Qu u t; t chc ti chnh
trung gian...
- Chnh ph v chnh quyn a phng l ch th pht hnh cc chng
khon: Tri phiu Chnh ph; Tri phiu a phng; Tri phiu cng trnh; Tn
phiu kho bc.
- Cng ty l ch th pht hnh cc c phiu v tri phiu cng ty.
- Cc t chc ti chnh l ch th pht hnh cc cng c ti chnh nh cc
tri phiu, chng ch hng th... phc v cho mc tiu huy ng vn v ph
hp vi c th hot ng ca h theo Lut nh.

1.2.4.2. Nh u t
Ch th u t l nhng ngi c tin, thc hin vic mua v bn chng
khon trn th trng chng khon tm kim li nhun. Nh u t c th
c chia thnh 2 loi: nh u t c nhn v nh u t c t chc.
- Cc nh u t c nhn
Nh u t c nhn l cc c nhn v h gia nh, nhng ngi c vn
nhn ri tm thi, tham gia mua bn trn th trng chng khon vi mc
ch tm kim li nhun. Tuy nhin, trong u t th li nhun li lun gn
vi ri ro, k vng li nhun cng cao th mc chp nhn ri ro phi cng
ln v ngc li. Chnh v vy cc nh u t c nhn lun phi la chn cc
hnh thc u t ph hp vi kh nng cng nh mc chp nhn ri ro
ca mnh.
- Cc nh u t c t chc
Nh u t c t chc l cc nh ch u t, thng xuyn mua bn
chng khon vi s lng ln trn th trng. Mt s nh u t chuyn
nghip chnh trn th trng chng khon l cc ngn hng thng mi, cng
ty chng khon, cng ty u t, cc cng ty bo him, qu tng h, cc
qu lng hu v cc qu bo him x hi khc. u t thng qua cc t
chc u t c u im l c th a dng ha danh mc u t v cc quyt
nh u t c thc hin bi cc chuyn gia c chuyn mn v c kinh
nghim.
1.2.4.3. Cc t chc c lin quan n th trng chng khon
1.2.4.3.1. C quan qun l v gim st hot ng TTCK
Lch s hnh thnh v pht trin TTCK cho thy, u tin th trng
chng khon hnh thnh mt cch t pht khi c s xut hin ca c phiu v
tri phiu v hu nh cha c s qun l. Nhng nhn thy cn c s bo v li
ch cho cc nh u t v m bo s hot ng ca th trng c thng sut,
n nh v an ton, bn thn cc nh kinh doanh chng khon v cc quc gia
c th trng chng khon hot ng cho rng cn phi c c quan qun l v
gim st v hot ng pht hnh v kinh doanh chng khon. Chnh v vy, c
quan qun l v gim st th trng chng khon ra i.
C quan qun l v gim st th trng chng khon c hnh thnh di
nhiu m hnh t chc hot ng khc nhau, c nc do cc t chc t qun
thnh lp, c nc c quan ny trc thuc Chnh ph, nhng c nc li c s

kt hp qun l gia cc t chc t qun v Nh nc. Nhng tu chung li, c
quan qun l Nh nc v TTCK do Chnh ph ca cc nc thnh lp vi mc
ch bo v li ch ca ngi u t v bo m cho th trng chng khon
hot ng lnh mnh, an ton v pht trin bn vng..
C quan qun l Nh nc v TTCK c th c nhng tn gi khc nhau,
tu thuc tng nc v n c thnh lp thc hin chc nng qun l Nh
nc i vi th trng chng khon.
Ti Trung Quc, ban u Ngn hng nhn dn Trung Quc thc hin chc
nng qun l Nh nc i vi cc hot ng ca TTCK. Cng phi hp thc
hin chc nng qun l vi Ngn hng nhn dn cn c c quan Hi ng Nh
nc trong lnh vc c phn ha cc doanh nghip. Do khng nm cng trong
mt t chc c lp nn vic qun l th trng khng c cht ch, km hiu
qu. Ngy 29/12/1998, Lut chng khon Trung Quc c thng qua tp
trung vic gim st, qun l TTCK vo mt c quan duy nht l U ban
gim qun chng khon ca Quc v vin Trung Quc. Ti Anh c quan qun
l Nh nc v TTCK l U ban u t chng khon (SIB - Securities
Investment Board). U ban ny l mt t chc c tha nhn trong o lut v
cc dch v ti chnh ban hnh nm 1986.
Ti M, U ban chng khon v giao dch chng khon (SEC - Securities
anh Exchange Commision) l mt c quan ca lin bang c t cch php l
thc hin vic qun l th trng chng khon. Tt c cc t chc hot ng
trong ngnh chng khon u phi ng k, bo co v chu s kim tra, gim
st ca U ban chng khon v giao dch chng khon. Ti Nht Bn, nm
1992, U ban gim st chng khon v giao dch chng khon (ESC -
Exchange Surveillance Commission) c thnh lp, nm 1998 i tn thnh
Financial Supervision Agency (FSA) vi chc nng c bn l tin hnh iu tra
v x l cc giao dch gian ln trn th trng chng khon. Cc chc nng
qun l th trng chng khon chung do Tng cc chng khon thuc B Ti
chnh Nht Bn m nhim.
Ti Hn Quc, qun l Nh nc v TTCK c U ban chng khon v
giao dch chng khon (SEC - Securities Exchange Commission) v U ban
gim st chng khon (SSB - Securities Supervise Board) (t nm 1998 i tn
thnh Financial Supervision Commision) c t di s qun l ca B Kinh
t - Ti chnh. Ban gim st chng khon l c quan chp hnh ca U ban
Chng khon v giao dch chng khon thc hin cc chc nng qun l Nh
nc i vi th trng chng khon.

T nhng kinh nghim hc tp c nhng nc c th trng chng
khon pht trin, vi s vn dng sng to vo iu kin, hon cnh thc t,
Vit Nam thnh lp c quan qun l Nh nc v chng khon v TTCK
trc khi ra i th trng chng khon Vit Nam, l U ban Chng khon
Nh nc, thnh lp theo Ngh nh s 75 CP ngy 28/11/1996 ca Chnh ph.
Theo , U ban Chng khon Nh nc l mt c quan thuc Chnh ph thc
hin chc nng qun l Nh nc i vi th trng chng khon Vit Nam.
1.2.3.4.2. S giao dch chng khon
S giao dch chng khon thc hin vn hnh TTCK thng qua b my t
chc v h thng cc quy nh, vn bn php lut v giao dch chng khon
trn c s ph hp vi cc quy nh ca lut php v U ban chng khon.
1.2.3.4.3. Hip hi cc nh kinh doanh chng khon
Hip hi cc nh kinh doanh chng khon l t chc t qun ca cc cng
ty chng khon v mt s thnh vin khc hot ng trong ngnh chng khon,
c thnh lp vi mc ch bo v li ch cho cc thnh vin v cc nh u t
trn th trng.
Hip hi cc nh kinh doanh chng khon thng l mt t chc t qun,
thc hin mt s chc nng chnh nh sau:
- o to, nghin cu trong lnh vc chng khon.
- Khuyn khch hot ng u t v kinh doanh chng khon
- Ban hnh v thc hin cc quy tc t iu hnh trn c s cc quy nh
php lut v chng khon hin hnh.
- Gii quyt cc tranh chp gia cc thnh vin.
- Tiu chun ha cc nguyn tc v thng l trong ngnh chng khon
- Hp tc vi Chnh ph v cc c quan khc gii quyt cc vn c
tc ng n hot ng kinh doanh chng khon.
1.2.3.4.4. T chc lu k v thanh ton b tr chng khon
L t chc nhn lu gi cc chng khon v tin hnh cc nghip v thanh
ton b tr cho cc giao dch chng khon. Cc ngn hng thng mi, cng ty
chng khon p ng cc iu kin ca U ban chng khon s thc hin
dch v lu k v thanh ton b tr chng khon.
1.2.3.4.5. Cc t chc h tr

L cc t chc c thnh lp vi mc ch khuyn khch m rng v tng
trng ca th trng chng khon thng qua cc hot ng nh: cho vay tin
mua c phiu v cho vay chng khon bn trong cc giao dch bo chng.
Cc t chc h tr chng khon cc nc khc nhau c c im khc nhau,
c mt s nc khng cho php thnh lp cc loi hnh t chc ny.
1.2.3.4.6. Cc cng ty nh gi h s tn nhim
Cng ty nh gi h s tn nhim l cng ty chuyn cung cp dch v nh
gi nng lc thanh ton cc khon vn gc v li ng thi hn v tim lc ti
chnh ca t chc pht hnh (TCPH) theo nhng iu khon cam kt ca
TCPH i vi mt t pht hnh c th.
H s tn nhim c biu hin bng cc ch ci hay ch s, tu theo quy
nh ca tng cng ty xp hng. V d, h thng xp hng Moody
,
s s c cc h
s tn nhim c k hiu l aaa, aa1, Baa1, hay B1...; h thng xp hng ca
S&P, c cc mc xp hng AAA, AA+, AA, AA-, A+, A...
Cc nh u t c th da vo cc h s tn nhim v TCPH do cc cng ty
nh gi h s tn nhim cung cp cn nhc a ra quyt nh u t ca
mnh.
Cc cng ty nh gi (xp hng) h s tn nhim c vai tr quan trng
trong vic pht hnh cc chng khon, c bit l pht hnh cc chng khon
quc t.
1.2.5. Vai tr ca th trng chng khon
Xu th hi nhp kinh t quc t v khu vc vi s ra i ca T chc
Thng mi Th gii (WTO), ca Lin minh Chu u, ca cc khi th
trng chung, i hi cc quc gia phi thc y pht trin kinh t vi tc
v hiu qu cao. Thc t pht trin kinh t cc quc gia trn th gii
khng nh vai tr quan trng ca th trng chng khon trong pht trin
kinh t:
Th nht, th trng chng khon, vi vic to ra cc cng c c tnh
thanh khon cao, c th tch t, tp trung v phn phi vn, chuyn thi hn
ca vn ph hp vi yu cu pht trin kinh t.
Hn Quc, th trng chng khon ng vai tr khng nh trong
s tng trng kinh t trong hn ba mi nm cho ti cui thp k 90. Th
trng chng khon Hn Quc ln mnh ng hng th 13 trn th gii, vi

tng gi tr huy ng l 160 t la M, gp phn to mc tng trng
kinh t t mc bnh qun 9%/nm, thu nhp quc dn bnh qun u ngi
nm 1995 l trn 10.000 USD.
Yu t thng tin v yu t cnh tranh trn th trng s m bo cho
vic phn phi vn mt cch c hiu qu. Th trng ti chnh l ni tin
phong p dng cng ngh mi v nhy cm vi mi trng thng xuyn
thay i. Thc t trn th trng chng khon, tt c cc thng tin c cp
nht v c chuyn ti ti tt c cc nh u t, nh , h c th phn tch
v nh gi cho cc chng khon. Ch nhng cng ty c hiu qu bn vng
mi c th nhn c vn vi chi ph r trn th trng.
Th trng chng khon to mt s cnh tranh c hiu qu trn th
trng ti chnh, iu ny buc cc ngn hng thng mi v cc t chc ti
chnh phi quan tm ti hot ng ca chnh h v lm gim chi ph ti
chnh.
Vic huy ng vn trn th trng chng khon c th lm tng vn t
c ca cc cng ty v gip h trnh cc khon vay c chi ph cao cng nh
s kim sot cht ch ca cc ngn hng thng mi. Th trng chng
khon khuyn khch tnh cnh tranh ca cc cng ty trn th trng. S tn
ti ca th trng chng khon cng l yu t quyt nh thu ht vn u
t nc ngoi. y chnh l cc yu t m bo cho s phn b c hiu qu
cc ngun lc trong mt quc gia cng nh trong phm vi quc t.
Th hai, th trng chng khon gp phn thc hin ti phn phi cng
bng hn, thng qua vic buc cc tp on gia nh tr pht hnh chng
khon ra cng chng, gii to s tp trung quyn lc kinh t ca cc tp
on, song vn tp trung vn cho pht trin kinh t. Vic tng cng tng
lp trung lu trong x hi, tng cng s gim st ca x hi i vi qu
trnh phn phi gip nhiu nc tin xa hn ti mt x hi cng bng v
dn ch. Vic gii to tp trung quyn lc kinh t cng to iu kin cnh
tranh cng bng hn, qua to hiu qu v tng trng kinh t.
Th ba, th trng chng khon to iu kin cho vic tch bit gia s
hu v qun l doanh nghip. Khi quy m ca doanh nghip tng ln, mi
trng kinh doanh tr nn phc tp hn, nhu cu v qun l chuyn trch
cng tng theo. Th trng chng khon to iu kin cho vic tit kim vn
v cht xm, to iu kin thc y qu trnh c phn ho doanh nghip Nh

nc. C ch thng tin hon ho to kh nng gim cht ch ca th trng
chng khon lm gim tc ng ca cc tiu cc trong qun l, to iu
kin kt hp hi ho gia li ch ca ch s hu, nh qun l v nhng ngi
lm cng.
Th t, hiu qu ca quc t ho th trng chng khon. Vic m
ca th trng chng khon lm tng tnh lng v cnh tranh trn th trng
quc t. iu ny cho php cc cng ty c th huy ng ngun vn r hn,
tng cng u t t ngun tit kim bn ngoi, ng thi tng cng kh
nng cnh tranh quc t v m rng cc c hi kinh doanh ca cc cng ty
trong nc.
Hn Quc, Singapore, Thailand, Malaysia l nhng minh chng in
hnh v vic tn dng cc c hi do th trng chng khon mang li. Tuy
nhin, chng ta cng phi xem xt cc tc ng tiu cc c th xy ra nh
vic tng cung tin qu mc, p lc ca lm pht, vn chy mu vn,
hoc s thu tm ca ngi nc ngoi trn TTCK.
Th nm, th trng chng khon to c hi cho Chnh ph huy ng
cc ngun ti chnh m khng to p lc v lm pht, ng thi to cc cng
c cho vic thc hin chnh sch ti chnh tin t ca Chnh ph.
Th su, th trng chng khon cung cp mt d bo tuyt vi v cc
chu k kinh doanh trong tng lai. Vic thay i gi chng khon c xu
hng i trc chu k kinh doanh cho php Chnh ph cng nh cc cng ty
nh gi k hoch u t cng nh vic phn b cc ngun lc ca h. Th
trng chng khon cng to iu kin ti cu trc nn kinh t.
Ngoi nhng tc ng tch cc trn y, th trng chng khon cng
c nhng tc ng tiu cc nht nh. Th trng chng khon hot ng
trn c s thng tin hon ho. Song cc th trng mi ni, thng tin c
chuyn ti ti cc nh u t khng y v khng ging nhau. Vic quyt
nh gi c, mua bn chng khon ca cc nh u t khng da trn c s
thng tin v x l thng tin. Nh vy, gi c chng khon khng phn nh
gi tr kinh t c bn ca cng ty v khng tr thnh c s phn phi mt
cch c hiu qu cc ngun lc.
Mt s tiu cc khc ca th trng chng khon nh hin tng u
c, hin tng xung t quyn lc lm thit hi cho quyn li ca cc c
ng thiu s, vic mua bn ni gin, thao tng th trng lm nn lng cc

nh u t v nh vy, s tc ng tiu cc ti tit kim v u t. Nhim v
ca cc nh qun l th trng l gim thiu cc tiu cc ca th trng
nhm bo v quyn li ca cc nh u t v m bo cho tnh hiu qu ca
th trng.
Nh vy, vai tr ca th trng chng khon c th hin trn nhiu
kha cnh khc nhau. Song vai tr tch cc hay tiu cc ca th trng chng
khon c thc s c pht huy hay hn ch ph thuc ng k vo cc ch
th tham gia th trng v s qun l ca Nh nc.
1.2.6. Gii thiu mt s TTCK trn th gii
1.2.6.1. Th trng chng khon M.
Th trng chng khon M c lch s pht trin lu di v t n trnh
cao v mi mt. M hnh TTCK M c nhiu nc hc tp, p dng v
sa i cho ph hp vi iu kin thc t ca tng nc. Thi im nh du s
ra i TTCK M l 17 thng 05 nm 1792 khi mt s nh mi gii cng b
tho thun ca h sau khi nhm hp di gc cy ng ng s 68 ph Un
(gi l Hip c cy ng ng) v n nm 1800 nh du s ra i S giao
dch chng khon (SGDCK) u tin, tip theo l hng lot cc SGDCK
c hnh thnh trn khp nc M. Th trng chng khon M hin nay l
mt th trng quan trng bc nht trn th gii nu xt trn tng th khi lng
t bn giao dch v s nh hng to ln ca n i vi cc th trng chng
khon khc. iu ng ch l 2/3 nghip v giao dch chng khon M
c thc hin trn th trng phi tp trung, c bit l i vi cc hng ho l
tri phiu chnh ph.
S Giao dch Chng khon NewYork (NYSE) l S giao dch ln nht v
lu i nht nc M. Th trng chng khon ny ca M cn c gi l th
trng ph Wall - ni phi thai nhng giao dch u tin ca nc M k t
nm 1864 v hin l trung tm giao dch chng khon ln nht th gii, qun l
ti hn 80% cc giao dch chng khon ca M v k t nm 1962 tr thnh
th trng chng khon quc gia.
Nm 2000, tng s c 262,5 t c phn c giao dch trn NYSE, s c
phn giao dch bnh qun ngy t 1.041,6 triu USD. Gi tr giao dch bnh
qun ngy cng t 43,9 t USD, tng gi tr giao dch trong nm 2000 ca
NYSE t 11,1 nghn t USD. Nm 2000 l nm NYSE hon thin hn na h
thng giao dch bng s thay i ca cch yt gi (yt gi dng thp phn thay

v dng phn s trc kia). Cui nm 2000, c 2.862 c phiu c nim yt
trn NYSE vi tng gi tr l 17,1 nghn t USD.
S giao dch chng khon M (American Stock Exchange - AMEX) l th
trng chng khon tp trung ln th hai M v hin nay c khong 1/5 s
chng khon ca M c mua bn trn th trng ny. Cng tng t nh S
giao dch chng khon NewYork, AMEX hot ng theo h thng u gi m
v cc chuyn gia trn th trng ng vai tr quan trng. Hin nay, thnh vin
ca S l 661 thnh vin.
Bn cnh cc th trng chng khon tp trung l cc S giao dch (hin c
khong 14 S GDCK khc nhau), ti M cn c th trng chng khon phi tp
trung (OTC) rt pht trin l Nasdaq.
Th trng OTC qua mng my tnh Nasdaq c thnh lp t nm
1971, l b phn ln nht ca th trng th cp M xt v s lng chng
khon giao dch trn th trng vi trn 15000 chng khon, ln hn rt
nhiu so vi s lng chng khon giao dch trn th trng tp trung NYSE.
Chng khon giao dch trn th trng ny chim a s l ca cc cng ty
thuc ngnh cng ngh thng tin v cc cng ty va v nh.
Th trng c vn hnh bi mt h thng cc nh to lp th trng v
cc nh mi gii, c khong 600 nh to lp th trng hot ng tch cc trn
Nasdaq v trung bnh mi nh to lp th trng m nhn 8 loi c phiu. Th
trng Nasdaq chu s qun l hai cp ca U ban chng khon M (SEC) v
Hip hi cc nh giao dch chng khon quc gia M (NASD) qun l trc tip.
Th trng Nasdaq hin nay c ni mng ton cu vi nhiu th trng
OTC khc trn th gii.
1.2.6.2. Th trng chng khon Nht Bn.
Th trng chng khon Nht Bn ng vai tr quan trng trong vic thu
ht vn di hn cho Chnh ph v cc cng ty. Ni n th trng chng khon
Nht Bn trc ht phi k n S giao dch chng khon Tokyo (Tokyo Stock
Exchange - TSE) bi v S giao dch chng khon Tokyo ra i sm nht, l th
trng ln nht ti Nht bn v s lng chng khon lu hnh cng nh v
doanh thu.
S giao dch chng khon Tokyo c hnh thnh cng thi im vi S
giao dch chng khon Osaka vo cui nm 1878. Nhng nm 1943-1945, S
giao dch ny b ng ca do nh hng ca chin tranh th gii ln th II. Nm

1948, Lut chng khon v giao dch chng khon c ban hnh v S giao
dch chng khon Tokyo c m ca hot ng tr li vo nm 1949. T
n nay, qua nhiu ln ci cch v i mi, S giao dch chng khon Tokyo
ngy cng pht trin, tr thnh nh ch ti chnh quan trng trong h thng
kinh t ca Nht bn. S Giao dch Chng khon Tky (TSE) l s giao dch
ln th 2 trn th gii v doanh s bn, ch sau NYSE.
Trn TSE, vic giao dch, mua bn chng khon c qui nh da trn cc
nguyn tc c bn quan trng nht l:
Nguyn tc cng khai: cng khai v hot ng ca ngi pht hnh; cc
loi chng khon c cho bn, t mua; gi c, s lng chng khon c
mua bn...
Nguyn tc trung gian mua bn: mi hot ng mua bn chng khon u
phi qua mi gii l cc cng ty chng khon c quyn hot ng trn TSE
(TSE c 125 Cng ty chng khon, trong c 25 cng ty nc ngoi) m
bo s tin cy ca th trng, trnh s gi mo; la o.
Nguyn tc tp trung: c ngha l tp trung tt c mi n t hng, n
cho bn vo TSE m bo vic hnh thnh gi c trung thc, hp l.
Nguyn tc u gi: bao gm quyn u tin gi (u tin gi cho bn thp
nht v gi t mua cao nht) v quyn u tin v thi gian.
Sau khi a h thng giao dch bng my tnh chnh thc i vo hot ng
(ngy 18/03/1991). Hin nay, cc c phiu trn TSE vn c giao dch theo hai
phng thc khc nhau: giao dch ti sn v thng qua h thng my tnh
Trn TSE, hu ht cc giao dch mua bn chng khon c thanh ton
vo ngy lm vic th ba sau ngy giao dch (T+3).
Hin nay, Nht Bn c 8 S giao dch chng khon theo th t t Bc
xung Nam l: Sapporo, Niigata, Tokyo, Nagoya, Kyoto, Osaka, Hiroshima v
Fukuoka. Trong 3 S giao dch chng khon Tokyo, Nagoya, Osaka l S
giao dch chng khon mang tnh "quc gia", giao dch chim ti 98,1% tng
gi tr giao dch chng khon trn th trng chng khon Nht Bn.
Bn cnh cc S giao dch chng khon, ti Nht Bn cn c cc th
trng chng khon phi tp trung, tiu biu l Nht Bn c hai th trng
OTC cng hot ng ng thi, l th trng Jasdaq v th trng J-net.
Th trng Jasdaq, hot ng t nm 1991 trn c s pht trin th trng
OTC truyn thng hot ng t thng 2/1963 do Hip hi cc nh kinh doanh

chng khon Nht Bn (JSDA) qun l. Lut chng khon sa i nm 1983
a th trng OTC ny vo qu o qun l ca Nh nc, c ch thng
lng gi tay i gia cc cng ty chng khon v gia cng ty chng khon
vi khch hng c i sang c ch u gi tp trung qua h thng cc nh to
lp th trng. Hin nay trn th trng Jasdaq, c 449 cng ty lm vai tr to
lp th trng.
Th trng J-net mi c a vo hot ng t thng 5 nm 2000, chu s
qun l trc tip ca S giao dch chng khon Osaka (OSE), c t chc dnh
cho cc chng khon khng c nim yt trn s giao dch nhm p ng yu
cu tit kim thi gian v chi ph cho cc i tng tham gia th trng, hot
ng theo phng thc thng lng gi. Thnh vin ca OSE, ngi u t v
trung tm qun l c trc tip ni mng vi nhau thng qua mt mng in t
a tng, to iu kin cho cc i tng ny c th chia s thng tin th trng.
1.2.6.3. Th trng chng khon Hn Quc.
Th trng chng khon Hn Quc ra i v chnh thc i vo hot ng
vo nm 1956 cng vi s khai sinh ca S giao dch chng khon Deahan -
tin thn ca S giao dch chng khon Hn Quc. T n nay, th trng
chng khon Hn Quc tr thnh mt trong 10 th trng chng khon ln
nht th gii. Th trng ny pht trin mt cch nhanh chng. Ch trong giai
on nm 1990 - 1999, khi lng giao dch c phiu tng t 53 triu t
Won ln 867 triu t Won, khi lng giao dch tri phiu tng t 39 triu t
ln n 2.183 triu t Won,trong khi gi tr nim yt trn th trng cng
tng t 79 triu t Won ln 350 triu t Won.
S Giao dch chng khon Hn Quc (KSE) l mt sn giao dch duy nht
c t chc Hn Quc, c 3 khu vc giao dch trn S: khu vc giao dch cho
c phiu, tri phiu v cc chng khon pht sinh. Khu vc cho c phiu c
chia ra thnh hai khu vc: khu vc th nht dnh cho cc cng ty c quy m
ln, vi hn 80% tng s c phiu trn th trng; khu vc th hai l a im
cho cc c phiu mi c nim yt, hoc cho cc cng ty c quy m va v
nh c giao dch. n thng 03/2001, tng s cng ty chng khon hot
ng ti Hn Quc l 64 cng ty, trong c 43 cng ty trong nc v 21 cng
ty nc ngoi.
Th trng OTC truyn thng ca Hn quc c thnh lp thng
04/1987 nhm to mi trng hot ng cho cc chng khon khng c
nim yt trn S giao dch chng khon Hn quc (KSE), th trng chu s

kim sot ca Hip hi cc nh kinh doanh chng khon Hn Quc (KSDA)
thnh lp nm 1953.
Thng 04/1997, Chnh ph Hn quc quyt nh t chc li v thc y
pht trin th trng ny bng vic thnh lp th trng mng my tnh in
t Kosdaq nhm to iu kin cho cc cng ty mo him, cng ty cng ngh
cao, qu tng h v cc cng ty va v nh khng tiu chun nim yt
trn th trng tp trung c th huy ng vn trc tip. Th trng c xy
dng theo m hnh th trng Nasdaq, tin hnh giao dch qua mng in t
c s kim sot ca trung tm. Cc t chc nim yt trn th trng Kosdaq
phi p ng mt s tiu ch c bn nh mc vn iu l ti thiu, t l pht
hnh ra cng chng... Tuy nhin, vic u gi c thc hin theo phng
thc u lnh tp trung tng t nh S giao dch.
1.2.6.4. Th trng chng khon Thi Lan.
TTCK Thi Lan l mt trong nhng th trng chng khon pht trin
nhanh nht khu vc Chu . TTCK Thi Lan ban u c cc cng ty t
nhn thnh lp (vo thng 7/1962), n nm 1970 th trng ny phi ng ca
v t ngi tham gia v thiu s h tr ca Nh nc. Thng 5 nm 1974, Lut
S giao dch chng khon c ra i v S giao dch chng khon c m
ca tr li vo nm 1975. K t nm 1986, S giao dch chng khon Thi Lan
pht trin mnh v t hiu qu cao. Giai on 1962-1986, S giao dch chng
khon Thi Lan chu s qun l v gim st song trng ca 2 c quan: Ngn
hng Trung ng, B Ti chnh. Nm 1992, U ban chng khon - c quan
qun l trc tip TTCK Thi Lan mi c thnh lp.
Ti Thi Lan, theo Lut chng khon nm 1874, cc cng ty chng khon
mun tr thnh thnh vin ca SGDCK phi c B Ti chnh ng . Theo
lut v SGDCK, cc thnh vin phi c kh nng ti chnh mnh, c kh nng
thc hin cc giao dch chng khon v c kinh nghim trong cc hot ng
giao dch .
Thng 4 nm 1991, SGDCK Thi Lan bt u p dng h thng vi tnh
hon ton t ng trong giao dch. Vi h thng giao dch t ng ny, SGDCK
Thi Lan cho php cc cng ty chng khon thng qua h thng vi tnh thc
hin cc giao dch ngay ti vn phng ca h m khng cn n trc tip s
giao dch.
1.2.6.5. Th trng chng khon i Loan
Th trng chng khon i Loan l th trng nm trong nhm h thng

cc th trng mi ni v hot ng tng i hiu qu. S giao dch chng
khon i Loan c thnh lp vo thng 10-1961 c t chc di dng
cng ty c phn, trong c s tham gia s hu vn ca chnh quyn, cc ngn
hng v cc nh u t.
Khi mi i vo vn hnh, S giao dch chng khon i Loan (TSE) thc
hin h thng giao dch theo phng php th cng, sau n thng 8-1985
c thay th bng h thng giao dch my mc bn t ng, n nm 1993 h
thng giao dch t ng hon ton c thit lp. Cc hot ng trn S c
tin hnh da trn Lut giao dch c phiu v tri phiu v chu s qun l, gim
st cht ch ca U ban chng khon v giao dch chng khon i Loan. Thi
gian thanh ton p dng ti S giao dch l T+2. Nm 1997, i Loan thnh lp
thm mt S giao dch cc hp ng tng lai.
1.2.7. Th trng chng khon Vit Nam
Trc yu cu i mi v pht trin kinh t, ph hp vi cc iu kin kinh
t - chnh tr v x hi trong nc v xu th hi nhp kinh t quc t, trn c s
tham kho c chn lc cc kinh nghim v m hnh TTCK trn th gii, Vit
Nam quyt nh thnh lp th trng chng khon vi nhng c th ring
bit: thnh lp 2 Trung tm giao dch chng khon (TTGDCK) TP. HCM v
H Ni (hin ti mi ch c TTGDCK TPHCM i vo hot ng cn H
Ni s thnh lp v vn hnh th trng giao dch Bng II trong tng lai), sau
khi th trng pht trin th chuyn thnh SGDCK.
S ra i ca TTCK Vit Nam c nh du bng vic a vo vn hnh
Trung tm Giao dch Chng khon (TTGDCK) ti thnh ph H Ch Minh
ngy 20/07/2000, v thc hin phin giao dch u tin vo ngy 28/07/2000.
Cc ch th tham gia trn TTCK Vit Nam:
* U ban chng khon Nh nc (UBCKNN)
UBCKNN c thnh lp theo Ngh nh s 75/CP ngy 28/1/1996 ca
Chnh ph. y l c quan trc thuc Chnh ph, thc hin chc nng t chc
v qun l Nh nc v chng khon v th trng chng khon qun l vic
cp php, ng k pht hnh v kinh doanh chng khon, t chc cng tc
thanh tra, gim st cc hot ng giao dch, mua bn chng khon,... m
bo th trng hot ng n nh, cng bng v minh bch. B my lm vic
ca UBCKNN gm c: V pht trin th trng; V qun l pht hnh chng
khon; V qun l kinh doanh chng khon; V quan h quc t; V t chc
cn b v o to; Thanh tra; Vn phng.

* Trung tm giao dch chng khon TP.HCM (TTGDCK TP.HCM)
Theo Ngh nh 48/1998/N-CP ngy 11/7/1998 ca Th tng
Chnh ph v vic thnh lp TTGDCK, Quyt nh 128/1988/Q-UBCK
5

ngy 1/8/1998 ca Ch tch UBCKNN th TTGDCK l n v s nghip
c thu trc thuc UBCKNN c t cch php nhn, c tr s, con du v
ti khon ring. TTGDCK TPHCM thc hin cc chc nng: t chc,
qun l iu hnh vic mua bn chng khon; qun l iu hnh h thng
giao dch chng khon v cung cp cc dch v h tr vic mua bn
chng khon, dch v lu k chng khon; ng k chng khon, thanh
ton b tr i vi cc giao dch chng khon; cng b thng tin v hot
ng giao dch chng khon; kim tra gim st cc hot ng giao dch
chng khon v mt s nhim v khc.
T chc ca TTGDCK gm c: Ban gim c iu hnh v 8 phng chc
nng: (1) Phng Qun l giao dch; (2) Phng ng k - Lu k - Thanh ton
b tr; (3) phng Qun l Nim yt; (4) Phng Gim st th trng; (5) Phng
Cng b thng tin; (6) Phng Cng ngh tin hc (7) Phng Qun l thnh vin;
(8) Phng Hnh chnh - Nhn s.
* Cc cng ty chng khon (CTCK)
Theo Quyt nh s 04/1998/Q-UBCK
3
ngy 13/10/1998 ca
UBCKNN, cc CTCK c thnh lp di hnh thc php l l cng ty c
phn hoc cng ty trch nhim nhim hu hn. l nhng t chc kinh t
c t cch php nhn, c vn ring v hch ton kinh t c lp. Tu theo
vn iu l v ng k kinh doanh m mt cng ty c th thc hin mt
hoc mt s nghip v kinh doanh chng khon: mi gii chng khon, t
doanh, qun l danh mc u t, bo lnh pht hnh, t vn u t v lu k
chng khon.
*Cc t chc pht hnh chng khon.
Theo cc vn bn php l hin hnh, cc t chc c php pht hnh
chng khon Vit Nam bao gm:
- Chnh ph: pht hnh tn phiu kho bc, tri phiu kho bc v tri
phiu u t.
- Chnh quyn a phng: pht hnh tri phiu ti tr cho cc d n
v cc nhu cu chi tiu ca chnh quyn a phng.

- Cc cng ty c phn (bao gm c doanh nghip CPH v cng ty c
phn mi thnh lp): pht hnh c phiu (c phiu ph thng, c phiu u
i biu quyt, c phiu u i c tc v c phiu u i hon li) v tri
phiu doanh nghip.
- Cc DNNN v cng ty trch nhim hu hn: pht hnh tri phiu
doanh nghip.
- Cc qu u t chng khon v cng ty qun l qu: pht hnh chng
ch qu u t.
Tuy nhin, trn thc t tham gia pht hnh chng khon trong thi gian
qua ch yu l Chnh ph, cc Ngn hng thng mi quc doanh
(NHTMQD), mt s DNNN v cc DNNN khi tin hnh CPH. Cc ch th
cn li (ngoi chng khon pht hnh ln u khi thnh lp cng ty, nu c),
hu nh cha trin khai pht hnh chng khon.
* Cc nh u t chng khon.
Theo cc vn bn php lut hin hnh, cc nh u t trn TTCK Vit
Nam bao gm: c nhn, h gia nh, cc t chc, cc qu u t, cc doanh
nghip, cc cng ty bo him...
Tuy nhin, tu theo c im ca mi loi th trng m mc tham
gia ca cc nh u t c khc nhau. Trn th trng u thu tn phiu v
tri phiu kho bc, cc nh u t ch yu l cc ngn hng thng mi
quc doanh v mt s t chc Bo him quen thuc. Cc thnh vin khc
nh ngn hng thng mi c phn, ngn hng lin doanh, chi nhnh ngn
hng nc ngoi ti Vit Nam... hu nh khng tham gia, hoc tham gia t
thu vi li sut cao nn rt t khi trng thu. Trn th trng bn l tri
phiu qua h thng KBNN, h thng NHTM, TTGDCK cc nh u t tham
gia th trng thng l nh u t c th v ch yu l nh u t trong
nc. Thi gian gn y bt u xut hin mt s nh u t nc ngoi
(Anh, Trung Quc, Cng ty Bo him Prudential). Trn th trng t do,
ngoi cc nh u t c nhn trong nc cng xut hin nhng nh u t
c nhn nc ngoi.
* Cc t chc ph tr khc
Ngoi cc thnh vin nu trn, tham gia TTCK Vit Nam cn c cc t
chc ph tr khc nh: cc t chc lu k, thanh ton b tr, cc t chc kim
ton... Thnh vin lu k ca TTGDCK bao gm cc CTCK, NHTM iu
kin c UBCKNN cp giy php hot ng lu k chng khon.

Hin nay, Ngn hng u t v pht trin Vit Nam c chn l ngn
hng ch nh thanh ton.

Cu hi n tp

1. Trnh by cc chc nng c bn ca th trng ti chnh. Lin h thc
tin th trng ti chnh Vit Nam?
2. Phn tch cc c im ca cc cng c trn th trng vn v th
trng tin t. Lin h vi thc tin Vit Nam?
3. Mt s nh kinh t cho rng: mt trong nhng l do lm cho cc nn
kinh t cc nc ang pht trin tng trng chm l do th trng ti
chnh cha m ca mt cch y . Anh (Ch) hy bnh lun v quan im
trn.

4. Phn tch cu trc ca th trng chng khon. T a ra cc bnh
lun v qu trnh xy dng v pht trin TTCK Vit Nam hin nay.
5. Vai tr ca th trng chng khon? Phn tch cc c s khoa hc
ca vic hnh thnh TTCK Vit Nam hin nay.
6. Cc ch th trn th trng chng khon? Lin h vi thc tin TTCK
Vit Nam hin nay.


Chng 2
Chng khon v pht hnh chng khon

2.1. Chng khon v phn loi chng khon
2.1.1. Khi nim v c im ca chng khon
Chng khon l nhng giy t c gi v c kh nng chuyn nhng,
xc nh s vn u t (t bn u t); chng khon xc nhn quyn s hu
hoc quyn i n hp php, bao gm cc iu kin v thu nhp v ti sn
trong mt thi hn no .
Chng khon l mt ti sn ti chnh c cc c im c bn:
Tnh thanh khon (Tnh lng): Tnh lng ca ti sn l kh nng chuyn
ti sn thnh tin mt. Kh nng ny cao hay thp ph thuc vo khong
thi gian v ph cn thit cho vic chuyn i v ri ro ca vic gim st gi
tr ca ti sn do chuyn i. Chng khon c tnh lng cao hn so vi
cc ti sn khc, th hin qua kh nng chuyn nhng cao trn th trng
v ni chung, cc chng khon khc nhau c kh nng chuyn nhng l
khc nhau.
Tnh ri ro. Chng khon l cc ti sn ti chnh m gi tr ca n chu
tc ng ln ca ri ro, bao gm ri ro c h thng v ri ro khng c h
thng. Ri ro c h thng hay ri ro th trng l loi ri ro tc ng ti ton
b hoc hu ht cc ti sn. Loi ri ro ny chu tc ng ca cc iu kin
kinh t chung nh: lm pht, s thay i t gi hi oi, li sut v.v. Ri ro
khng h thng l loi ri ro ch tc ng n mt ti sn hoc mt nhm
nh cc ti sn. Loi ri ro ny thng lin quan ti iu kin ca nh pht
hnh. Cc nh u t thng quan tm ti vic xem xt, nh gi cc ri ro
lin quan, trn c s ra cc quyt nh trong vic la chn, nm gi
hay bn cc chng khon. iu ny phn nh mi quan h gia li tc v ri
Chng 2: Chng khon v pht hnh chng khon

ro hay s cn bng v li tc - ngi ta s khng chu ri ro tng thm tr
khi ngi ta k vng c b p bng li tc tng thm.
Tnh sinh li. Chng khon l mt ti sn ti chnh m khi s hu n,
nh u t mong mun nhn c mt thu nhp ln hn trong tng lai. Thu
nhp ny c bo m bng li tc c phn chia hng nm v vic tng
gi chng khon trn th trng. Kh nng sinh li bao gi cng quan h
cht ch vi ri ro ca ti sn, th hin trong nguyn l - mc chp nhn
ri ro cng cao th li nhun k vng cng ln.
Hnh thc ca chng khon. Hnh thc ca cc loi chng khon c thu
nhp (c nh hoc bin i) thng bao gm phn ba v phn bn trong.
Ngoi ba ghi r quyn i n hoc quyn tham gia gp vn. S tin ghi trn
chng khon c gi l mnh gi ca chng khon. i vi giy t c gi
vi li sut c nh bn trong c phiu ghi li tc (Coupon) - ghi r li sut
hoc li tc s c hng.
i vi giy t c gi mang li c tc (c phiu) bn trong ch ghi phn
thu nhp nhng khng ghi xc nh s tin c hng, n ch m bo cho
ngi s hu quyn yu cu v thu nhp do kt qu kinh doanh ca cng ty
v c phn phi theo ngh quyt ca i hi c ng. Ngoi phiu ghi li
tc cn km theo phiu ghi phn thu nhp b sung (xc nhn phn ng gp
lu k)
2.1.2. Phn loi chng khon
Tu theo cch chn tiu thc, ngi ta c th phn loi chng khon
thnh nhiu loi khc nhau. Tuy nhin, trong gio trnh ny, chng khon
c chia theo ba tiu thc ch yu, l theo tnh cht ca chng khon,
theo kh nng chuyn nhng v theo kh nng thu nhp.
Cch phn chia ny to iu kin cho ngi u t nhn bit d dng
cc loi chng khon ang lu thng v gip h la chn cch thc u t
ph hp.
2.1.2.1. Phn loi chng khon theo tnh cht
Theo tnh cht ca chng khon, cc loi chng khon c phn
thnh: Chng khon vn; Chng khon n; Cc chng khon phi sinh.

2.1.2.1.1. Chng khon vn
Chng khon vn l chng th xc nhn s gp vn v quyn s hu
phn vn gp v cc quyn hp php khc i vi t chc pht hnh.
i din cho chng khon vn l c phiu v chng ch qu u t.
C phiu l mt loi chng khon vn c pht hnh di dng chng
ch hoc bt ton ghi s, xc nhn quyn s hu v li ch hp php i vi
ti sn hoc vn ca mt cng ty c phn. C phiu l cng c ti chnh c
thi hn thanh ton l v hn.
Khi tham gia mua c phiu, cc nh u t tr thnh cc c ng ca
cng ty c phn (CTCP). C ng c th tin hnh mua bn, chuyn nhng
cc c phiu trn th trng th cp theo quy nh ca php lut.
2.1.2.1.2. Chng khon n
Chng khon n, in hnh l tri phiu, tn phiu l mt loi chng
khon quy nh ngha v ca ngi pht hnh (ngi i vay) phi tr cho
ngi ng tn s hu chng khon (ngi cho vay) mt khon tin nht
nh bao gm c gc v li trong nhng khong thi gian c th.
Nhng c trng c bn ca tri phiu:
- Mnh gi v li sut cung phiu. Mnh gi ca mt tri phiu l s
tin ghi trn b mt tri phiu, n thi im thanh ton (o hn) ca tri
phiu, t chc pht hnh phi tr s tin cho ngi s hu hp php tri
phiu.
Li sut cung phiu l li sut t chc pht hnh s tr cho ngi s
hu tri phiu khi n hn thanh ton. Li sut nhn vi mnh gi s cho li
cung phiu. Thng thng li sut cung phiu l li sut danh ngha.
- Thi gian o hn. Thi gian o hn ca tri phiu l thi gian chm
dt khon n, t chc pht hnh s thu hi tri phiu bng cch hon tr gc
v li cho ngi s hu. Thi gian o hn ca tri phiu thng thng l di
hn. Nu thi gian o hn ca mt tri phiu cng di th mc bin ng
gi ca tri phiu s cng ln.

2.1.2.1.3. Chng khon phi sinh
Chng khon phi sinh l cc cng c ti chnh c ngun gc t chng
khon v c quan h cht ch vi cc chng khon gc.
Cc chng khon phi sinh c hnh thnh do nhu cu giao dch ca
ngi mua v ngi bn v pht trin ph thuc vo mc pht trin ca
th trng chng khon. C th phn loi chng khon phi sinh thnh cc
loi nh sau:
a) Quyn mua trc
Quyn mua trc hay cn gi l c quyn mua l mt quyn u i
c gn vi mt c phiu ang lu hnh, do cng ty pht hnh ra c phiu
huy ng thm vn c phn, quyn mua trc cho php ngi s hu
nhng c phn ang lu hnh c mua mt s nht nh c phiu trong t
pht hnh mi ca cng ty, ti mt mc gi xc nh thp hn mc gi cho
bn ra cng chng trong mt thi hn nht nh. Cc quyn ny cng c
chuyn nhng gia cc c ng c quyn th hng quyn v cc nh u
t khc. Thng thng, quyn mua trc c thi hn ngn hn l ch yu (t
2-4 tun) v vic pht hnh quyn c quy nh trong iu l t chc ca
cng ty.
Mc gi ng k trong tt c cc dng quyn mua trc thp hn mc
gi hin hnh ca c phiu vo thi im quyn c pht hnh. iu ny l
do: Th nht, ri ro c th xy ra khi gi th trng gim trong thi hn pht
hnh quyn v iu c th nh hng n t pht hnh. Th hai, mc
chnh lch ng k ny lm tng tnh hp dn i vi cc c ng c. V
vy, trnh cho cc c ng c khi thit h c mua c phn mi theo
gi l thuyt bng phn chnh lch gia th gi c phiu trc v sau khi
tng vn.
Gi tr ca quyn mua trc (chng quyn) c xc nh nh sau:

Trong : P l th gi c phiu
F l gi u i ca chng quyn
M =
P - F
N +1

N l nh mc s c phiu c mua mt c phiu mi hay l s lng
quyn cn mua mt c phn mi = S lng c phn c ang lu hnh/s
lng c phn mi.
Trong : S lng c phn mi = mc vn cn huy ng/ gi ng k
mua.
S d trong mu s, N phi cng thm 1 l v trong thi hn ng k
mua c phn mi, gi th trng ca c phiu (P) bao gm lun c gi tr
ca quyn.
Trng hp cc c ng khng mun thc hin quyn, h c th bn
chng trn th trng trong thi gian quyn cha ht hn. Gi quyn ph
thuc vo gi th trng ca c phiu. Ngoi ra, cn lu rng vo ngy u
tin c phn c mua bn khng cn km c quyn, gi th trng s gim
mt khong bng vi gi tr ca c quyn (v c phn by gi ang c
bn khng c c quyn). Khi , gi tr ca mt c quyn s l:

b) Chng kh
Chng kh hay cn gi l bo chng phiu (cam kt bn) l mt loi
chng khon c pht hnh cng vi tri phiu hay c phiu u i m
ngi s hu n c quyn c mua mt s lng chng khon nht nh ti
mt mc gi xc nh v trong mt thi hn nht nh.
Quyn ny c pht hnh trong trng hp t chc li cc cng ty,
hoc khi cng ty pht hnh nhm mc tiu khuyn khch cc nh u t tim
nng mua cc tri phiu hoc c phiu u i c nhng iu kin km thun
li. chp nhn nhng iu kin , nh u t c c mt la chn i
vi s ln gi c th xy ra ca c phiu thng.
Gi nh trc trn chng kh thng cao hn gi th trng hin hnh
ca c phiu thng v c thi hn di hn chng quyn, thng thng thi
hn ca chng kh l mt vi nm hoc vnh vin. Cc chng quyn do cc
cng ty pht hnh chng khon pht hnh v cc chng quyn sau mt
M =
P - F
N

khong thi gian nht nh c th tch ri khi cc chng khon c s v khi
chng c th c giao dch ring bit trn th trng.
Gi tr ca chng kh = Gi tr ni ti + Gi tr thi gian
Trong :
Gi tr ni ti = (Gi c phn - Gi thc hin) S c phn c mua
ca chng kh.
Khi chng kh c thc hin s lm tng s lng c phn ca TCPH.
iu ny s lm gim gi c phn do nh hng n li nhun tnh cho mi
c phn. Vic nh gi chng kh c tin hnh theo phng php p dng
i vi hp ng quyn chn mua kiu M song c tnh n hiu ng "pha
long" li nhun ca quyn.

Trong :
P
C
: l gi tr ca mt hp ng quyn chn mua kiu M vi gi thc
hin v thi gian o hn ging nh ca chng kh.
q: l t l tng trng s c phn nu nh tt c cc chng kh u c
thc hin.
L ngi s hu chng kh, nh u t khng c t cch c ng trong
cng ty, khng c nhn c tc, v khng c quyn biu quyt cho ti khi
tht s chuyn chng kh ra thnh c phiu thng. Ti thi im pht hnh
chng kh, gi mua c phiu ghi trong chng kh bao gi cng cao hn gi
th trng c phiu c s, v gi c th c nh, c th c tng ln
nh k.
chnh xc xc nh gi tr ca chng kh ph thuc vo rt nhiu
yu t nh: thi hn cn li ca chng kh, mc chnh lch gia gi hin ti
ca c phiu thp hn so vi mc gi hin thc, s xem xt ca cng chng
u t i vi c phiu ny v vic tr c tc, cc mc li sut v cc iu
kin th trng ni chung.
Gi hp l ca chng kh =
P
C
1 + q

S c phn
c mua ca
chng quyn

Thng thng, cc mc gi chng kh s c xu hng tng trong th
trng gi ln v gim trong mt th trng gi xung.
c) Hp ng k hn
Hp ng k hn l mt tho thun gia ngi mua v ngi bn thc
hin mt giao dch hng ho mt thi im chc chn trong tng lai vi
khi lng v mc gi xc nh.
Tuy nhin, khng ging nh hp ng tng lai, hp ng k hn
khng trao i trn th trng, khng c nh gi hng ngy. Hp ng k
hn khng phi theo tiu chun ca th trng ring bit, ngy thc hin hp
ng c xc nh tu theo tng hp ng.
Gi trong hp ng k hn l gi giao hng, ti thi im k hp ng,
gi chuyn giao c chn gi tr ca hai bn mua bn l bng khng.
iu ny c ngha l khng c chi ph khi mua bn hp ng k hn.
Hp ng k hn c nh u t s dng tin hnh u c v bo
h.
d) Hp ng tng lai.
Hp ng tng lai (HTL) l mt tho thun mua hoc bn mt
ti sn vo thi im chc chn trong tng lai vi mt mc gi xc nh.
Chc nng kinh t c bn ca cc th trng HTL l cung cp mt c
hi cho nhng ngi tham gia th trng phng nga ri ro v nhng bin
ng gi bt li v l cng c cho cc nh u c.
Cc hp ng tng lai da trn c s mt cng c ti chnh hay mt
ch s ti chnh c gi l HTL ti chnh, bao gm HTL ch s c
phiu; HTL li sut; HTL tin t.
Hp ng tng lai, nh c im c tnh linh hot khc phc c
nhng nhc im ca hp ng k hn v thng c xem l mt phng
thc tt hn phng nga ri ro trong kinh doanh. S khc nhau gia hai
loi hp ng ny th hin cc im:
V tnh cht: im khc bit ln nht gia hp ng k hn v hp
ng tng lai chnh l tn ti mt s giao dch c t chc giao dch hp
ng tng lai, trong khi i vi hp ng k hn th khng. Nh vy, hp

ng k hn ch l hp ng ring bit gia hai bn cn hp ng tng lai
c trao i trn th trng.
S giao dch HTL cho php cc nh giao dch v danh c mua v
bn cc hp ng giao dch tng lai m khng phi xc nh r i tc
trong mt hp ng c th. Ngoi ra, S giao dch cn to ra tnh thanh
khon cao cho th trng hp ng tng lai, gip cho cc i tc tham gia
vo hp ng tng lai thc hin cc ngha v ca h c hiu qu hn so vi
khi tham gia vo hp ng k hn.
V tnh tiu chun ho hp ng: khng ging nh cc hp ng k
hn, cc hp ng tng lai c tiu chun ho. Cc hp ng k hn c
th c lp ra cho bt k loi hng ho no, vi bt k s lng v cht
lng, thi hn thanh ton c hai bn tham gia hp ng chp thun.
Trong khi , cc hp ng tng lai nim yt ti cc S giao dch c quy
nh i vi mt s hng ho c th v p ng cc yu cu ti thiu v cht
lng v ti mt thi im giao hng xc nh.
V ri ro trong thanh ton: S dng cc hp ng tng lai c nim
yt trn S giao dch s kim sot c ri ro thanh ton. Trong cc giao
dch hp ng tng lai, c bn mua v bn bn khng bit ai l i tc ca
mnh. Trung tm thanh ton b tr thc hin chc nng trung gian thanh
ton trong tt c cc giao dch.
i vi cc hp ng k hn, cc khon l v li s c thanh ton khi
cc hp ng o hn. Trong khi i vi cc hp ng tng lai, nhng
thay i v gi tr ca cc bn tham gia hp ng (thng qua ti khon) c
iu chnh hng ngy theo mc gi tr th trng. Cc hp ng tng lai
cn c mt s yu cu k qu nht nh. Nh vy, chnh s kt hp gia vic
thanh ton hng ngy v yu cu k qu s gip phng nga c ri ro
trong thanh ton ca hp ng tng lai.
V tnh thanh khon: do c s tham gia ca trung tm thanh ton b tr,
tnh thanh khon ca cc hp ng tng lai cao hn nhiu so vi cc hp
ng k hn.

Tm tt s khc bit gia hp ng k hn v hp ng tng lai:
Hp ng k hn Hp ng tng lai
L hp ng ring bit gia hai bn L hp ng trao i trn th trng
Khng chun ho hp ng Tiu chun ho hp ng
Thng chuyn giao hng ho vo ngy
ring
Ngy giao hng nht nh
Thanh ton thi im chm dt hp
ng
Thanh ton hng ngy
Giao hng hoc thanh ton tin mt
thng c thc hin
Hp ng thng ng trng thi
trc khi thc hin
e) Quyn chn
Hp ng quyn chn l mt hp ng cho php ngi nm gi n
c mua (nu l quyn chn mua) hoc c bn (nu l quyn chn bn)
mt khi lng hng ho c s nht nh ti mt mc gi xc nh v trong
mt thi gian nht nh.
Cc hng ha c s ny c th l: c phiu, ch s c phiu, tri phiu,
ch s tri phiu, tin hay hp ng tng lai.
Mt hp ng quyn chn bt k u bao gm 4 c im c bn sau
- Loi quyn (quyn chn bn hoc chn mua)
- Tn hng ha c s v khi lng c mua hoc bn theo quyn
- Ngy o hn
- Gi thc thi
C 4 i tng tham gia trn th trng quyn chn:
- Ngi mua quyn mua. (Buyers of calls)
- Ngi bn quyn mua. (Sellers of calls)
- Ngi mua quyn bn. (Buyers of puts)
- Ngi bn quyn bn. (Sellers of puts)

Ngi mua c xem l nh u t c v th di hn v ngi bn v
th ngn hn trn hp ng. Vic bn hp ng quyn chn c gi l pht
hnh quyn chn (c th pht hnh quyn chn trong khi c chng khon c
s - quyn chn c bo m hoc khng c chng khon c s - quyn chn
khng).
Trong hp ng quyn chn, ngi bn quyn trao cho ngi mua
i ly mt khon tin c gi l ph quyn chn hay cn gi l gi quyn
chn. Mc gi m ti quyn chn c th c mua hoc c bn gi l
mc gi thc thi quyn. Ngy m sau quyn ht gi tr gi l ngy o
hn.
Hp ng quyn chn chia lm hai loi: Hp ng quyn chn kiu M
v Hp ng quyn chn kiu Chu u. Mt hp ng quyn chn M c
th c thc hin vo bt k thi im no cho n tn ngy o hn. Mt
quyn chn Chu u ch c th c thc hin vo ngy o hn.
Cc b phn cu thnh nn gi quyn chn:
- Gi tr ni ti ca quyn
Gi tr ni ti ca mt quyn chn l gi tr m ngi nm gi quyn
chn s nhn c bng cch thc hin quyn c ngay lp tc.
i vi mt quyn chn mua, nu gi tr thc hin quyn thp hn gi
ca chng khon c s, quyn chn mua c coi l li (in the money).
Mt quyn chn c mc gi thc thi ngang bng vi gi hin hnh ca
chng khon c s c coi l ha vn (at the money), nu cn thp hn gi
hin hnh ca chng khon th b coi l l (out of money). Trong c hai
trng hp quyn chn mang li khon l v ha vn u c gi tr ni ti
bng khng bi v ngi thc hin quyn khng thu c li.
i vi quyn chn bn th ngc li, ngi thc hin quyn s c li
nu gi thc hin quyn cao hn gi hin hnh ca chng khon c s v s
b l nu gi thc hin quyn thp hn gi th trng ca chng khon c s.
Gi tr thi gian ca quyn:
Gi tr thi gian ca mt quyn chn l khon chnh lch gia gi ca
quyn so vi gi tr ni ti. Thi gian cho ti khi o hn ca quyn cng di

th gi tr thi gian ca quyn s cng ln, bi v ngi mua quyn chn hy
vng rng vo mt thi im no trc khi ht hiu lc, nhng thay i
v gi chng khon c s trn th trng s lm tng gi tr ca cc quyn
chn, do h sn sng tr mt khon tin chnh lch trn gi tr ni ti.
Cc yu t nh hng n gi ca quyn la chn
:
- Gi th trng ca chng khon c s: i vi mt quyn chn mua
gi th trng ca chng khon c s v gi ca quyn chn mua tng
(gim) cng chiu. i vi mt quyn chn bn th ngc li, l mi
quan h tng gim ngc chiu.
- Gi thc hin: Loi b tc ng ca cc yu t khc, mc gi thc
hin quyn cng cao th gi ca mt quyn chn mua cng thp. i vi mt
quyn chn bn th ngc li: mc gi thc hin cng cao th gi ca quyn
chn bn cng cao.
- Thi gian cho n khi o hn: i vi cc quyn la chn M (c
quyn chn mua v chn bn), thi gian o hn cng di th gi ca quyn
cng cao, v gi ca chng khon c s c kh nng bin ng cho quyn
chn tr thnh c li v em li li nhun cho ngi s hu. i vi cc
quyn chn Chu u, nh hng ca thi gian cho n khi o hn ph
thuc vo vic quyn chn l quyn chn mua hay chn bn.
- Li sut ngn hn phi ri ro trong sut thi hn tn ti ca quyn. C
nh tt c cc yu t khc, gi ca mt quyn chn mua ca mt tri phiu
s tng khi li sut ngn hn phi ri ro tng. i vi mt quyn chn bn
ca tri phiu th ngc li: mt s gia tng mc li sut ngn hn phi ri ro
s lm gim gi ca mt quyn chn bn.
- Li sut Coupon: i vi cc quyn chn tri phiu, cc quyn chn
mua ca cc tri phiu coupon s b nh gi thp hn so vi cc quyn chn
mua ca cc tri phiu khng c coupon. Ngc li, cc coupon c xu hng
lm tng gi ca cc quyn chn bn.

Tham kho cun John C. Hull, Intoduction to Future and Option Market, Prentice Hall
International, Inc, 1998.

Mc dao ng d on ca cc mc li sut trong sut thi hn ca
quyn: quan h gia mc dao ng d on ca mc li sut trong sut thi
gian ca quyn v gi ca quyn l mi quan h t l thun bi v mc dao
ng d on cng cao, xc sut gi ca chng khon c s s dch chuyn
theo hng c li cho ngi mua chng khon s cng cao.
Chc nng kinh t ca quyn la chn:
- Quyn la chn gip nh u t phng nga ri ro.
V d, v vic mua bn quyn chn phng nga ri ro: Mt nh u
t s hu 500 c phiu ca cng ty IBM vo thng 8. Gi c phiu hin ti l
152USD/c phiu. Nh u t lo lng gi c phiu c th gim mnh sau 2
thng na v mun bo v mnh. Nh u t c th mua quyn chn bn
thng 10 S giao dch quyn chn Chicago (CBOE) bn 500 c phiu
vi gi thc hin l 150USD. CBOE, mi hp ng cho php bn 100 c
phiu nn nh u t ny s mua 5 hp ng. Nu gi quyn chn c yt
l 4USD th iu c ngha l mi hp ng quyn chn s tr gi 100
4USD = 400USD v tng l ph m nh u t phi tr l: 5 400USD =
2.000USD.
Tm tt chin lc mua bn quyn chn phng nga ri ro
Thng tin t bn giao dch - thng 8
Mt nh u t s hu 500 c phiu ca cng ty IBM v mun c mt s bo h chng
li s gim gi c th xy ra ca c phiu trong 2 thng ti.
Yt gi:
Gi c phiu ca cng ty IBM hin thi l : 152USD
Gi mt quyn chn bn c phiu IBM thng 10 l : 4USD
Chin lc ca nh u t : Nh u t mua 5 hp ng quyn chn bn vi tng s tin
l : 5 100 4USD = 2.000USD
Kt qu : Nh u t c quyn bn nhng c phiu vi gi t nht l: 500 150USD =
75.000USD

Theo tm tt trn trn, chin lc ny tr gi 2.000USD nhng bo m
rng c phiu c th c bn t nht vi gi 150USD/c phiu trong sut
thi hn ca quyn chn. Nu gi th trng ca c phiu cng ty IBM gim

xung di 150USD, quyn chn c th c thc hin thu c
75.000USD. Khi gi ca quyn chn c tnh, khi lng tin thu c l
73.000USD. Nu gi th trng mc trn 150USD, quyn chn khng
c thc thi v mt hiu lc. Tuy nhin, trong trng hp ny, gi tr ca
vic mua hp ng quyn chn lun lun hn 75.000USD (hay trn
73.000USD khi gi ca quyn chn c a vo tnh ton).
Ta thy c mt s khc nhau c bn gia vic s dng hp ng tng
lai v quyn chn cho vic mua bn i xung. Hp ng tng lai c t
ra trung lp ho ri ro bng vic c nh gi m ngi bo h s phi tr
hay nhn c cho ti sn tim tng. Ngc li, hp ng quyn chn li to
ra s bo him. Nhng hp ng a ra mt bin php cc nh u c
th bo v c mnh chng li s ln xung bt li ca gi c trong tng
lai, trong khi h vn c th kim c li nhun nh s vn ng thun li
ca gi c.
- Quyn la chn c nh u t s dng u c
Mt v v vic u c c s dng quyn chn: Chng ta xt mt v d
tip theo xem mt ngi u c s dng quyn chn nh th no. Gi s
rng by gi ang l thng 9, mt ngi u c mun tham gia u t vo c
phn Exxon. Ni mt cch khc, anh ta mun chim mt li th khi gi c
phiu tng ln. Gi s rng gi c phiu hin ti l 78USD v gi mt quyn
bn mt c phiu thng 12 c gi thc hin 80USD l 3USD. Bng sau
minh ha hai la chn i vi nh u c v gi s anh ta sn sng u t
7.800USD. La chn th nht lin quan n vic mua thng 100 c phiu.
La chn th 2 bao gm vic mua 2.600 quyn chn mua Exxon (ngha l
26 hp ng quyn chn)
Gi s rng, suy ngh cm tnh ca nh u c l chnh xc v ti thng
12, gi c phiu ca cng ty Exxon ln n 90USD. La chn th nht, tc
l mua c phiu mang li mt khon li nhun l: 100 (90USD - 78USD)
=1.200USD
Tuy nhin, la chn th 2 em li nhiu li nhun hn. Mt quyn chn
mua c phiu Exxon vi gi thc hin 80USD em li mt khon li nhun
l 10USD bi v quyn chn cho php anh ta c mua mt c phiu tr gi

90USD vi gi l 80USD. Tng gi tr ca tt c quyn chn c mua
l: 2.600 10USD = 26.000USD. Tr i gi tr ban u ca quyn chn, li
nhun rng s l : 26.000USD - 7.800USD = 18.200USD
V vy, chin lc quyn chn mang li li nhun gp 15 ln so vi li
nhun thu c do la chn chin thut mt l mua c phiu.
Tt nhin, quyn chn cng c th gy ra nhng tn tht ln hn. Gi
s ti thng 12, gi c phiu gim xung 70USD. La chn u tin: mua c
phiu s gy ra mt s tn tht l: 100 (78USD - 70USD) = 800USD.
Trong khi , v quyn chn mua ht hn m cha c thc hin nn chin
lc quyn chn s gy ra mt tn tht l 7.800USD - gi ban u phi tr
cho vic mua quyn chn.

Tm tt hot ng u c c s dng quyn chn
Thng tin t bn giao dch - thng 9
Mt ngi u c nh u t 7.800USD v ngh rng gi ca c phiu cng ty
Exxon s tng ln trong vng 3 thng ti. Anh ta nhn c nhng ch dn sau :
Gi c phiu hin ti : 78USD
Quyn chn mua c phiu Exxon vi gi thc hin 80USD l : 3USD
Ngi u c c 7.800USD u t.
Chin lc la chn :
1. Mua 100 c phiu ca cng ty Exxon
2. Mua 2.600 quyn chn mua thng 12 (hoc 26 hp ng thng 12) ca cng
ty Exxon vi gi thc hin l 80USD.
Gi ca c hai la chn l 7.800USD.
Kt qu c th :
1. Ti thng 12, gi c phiu ca cng ty Exxon ln n 90USD. Nh u t
c li 1.200USD nh s dng chin lc 1 v 18.200 nh p dng chin lc
2.

2. Ti thng 12, gi c phiu ca cng ty Exxon gim xung cn 70USD. Nh
u t b thit 800USD v s dng chin lc 1 v 7.800 USD v p dng chin
lc 2.

Bng trn cho thy hp ng quyn chn cng nh hp ng tng lai
c tc dng n by ti chnh rt mnh i vi nh u t.
2.1.2.2. Phn loi chng khon theo kh nng chuyn nhng
Theo cch thc ny chng khon c phn thnh chng khon ghi
danh (ghi tn) v chng khon v danh (khng ghi tn).
Chng khon v danh (giy xc nhn quyn s hu hoc quyn i n
khng ghi tn ch s hu). Loi chng khon ny c chuyn nhng d
dng, khng cn nhng th tc xc nhn ca cng ty hoc c quan cng
chng. Ngi mua c trch nhim chi tr cho ngi bn theo gi c c
xc nh.
Chng khon ghi danh (giy xc nhn quyn s hu hoc quyn i
n c ghi tn ch s hu). Loi chng khon ny c php chuyn nhng
nhng phi tun theo nhng qui nh php l c th. Nu mun chuyn
nhng, ngi s hu phi chng minh mnh l ngi c php v c
quyn chuyn nhng (xc nhn ch k, chng minh th, tn trong danh
sch c ng). V d : C phiu ghi danh v tri phiu ghi danh l nhng
loi chng khon m tn v nhng thng tin cn thit ca ngi s hu c
ghi trn phn ba ca nhng chng khon ny.
Qua cch phn loi ny chng ta thy chng khon v danh c lu
thng d dng hn chng khon ghi danh hoc ch danh.
2.1.2.3. Phn loi chng khon theo thu nhp
Tu theo tng loi thu nhp, chng khon c chia thnh cc loi sau :
- Chng khon c thu nhp c nh.
- Chng khon c thu nhp bin i.
- Chng khon hn hp.
a) Chng khon c thu nhp c nh

Chng khon c thu nhp c nh l loi chng khon c quyn yu cu
thu nhp c nh khng ph thuc vo kt qu hot ng ca nh pht hnh.
N c th l chng khon v danh hoc l chng khon ch danh, c th l
tn phiu, tri phiu hoc c phiu u i. Thng thng, vic pht hnh cc
loi chng khon c thu c nh phi km theo nhng qui nh php l c
th nhm bo v quyn li ca cc nh u t. Khi phn tch chng khon c
thu nhp c nh quyt nh u t, thng thng, ngi ta xt trn hai
kha cnh l "kh nng sinh li" v "thi hn thanh ton".
Nh vic pht hnh chng khon c thu nhp c nh m Chnh ph,
cc t chc cng cng (c t cch php nhn), cc cng ty c phn to ra
c ngun vn n nh. Vi loi chng khon ny, do ri ro thp hn so
vi chng khon c thu nhp bin i nn s thay i v gi l thp hn, t
l li tc quyt nh ch yu ti kh nng sinh li ca chng khon. B nh
hng ca ri ro li sut, c ngi mua v ngi bn u quan tm ti t l
li tc vo tng thi im.
i vi chng khon c thu nhp c nh, li tc thng c tr theo
qu, theo k hn na nm, hoc l mt nm. Mi loi chng khon c qui
nh thi hn tr li tc khc nhau. Nu trong khong thi gian tr li tc c
s thay i quyn s hu i vi cc chng khon ny th phn li tc s
c thanh ton cho ngi th hng tu thuc thi im mua bn v thi
im tr li tc theo quy nh ca php lut.
K hn ca cc chng khon c thu nhp c nh rt khc nhau. Ni
chung, tn phiu c k hn ngn (nh hn hoc bng mt nm), tri phiu l
trung hn v di hn (2 - 30 nm), c phiu u i l v thi hn. K hn
ny c th b thay i do hot ng chuc li chng khon ca nh pht
hnh.
Theo i tng pht hnh, chng khon c thu nhp c nh bao gm
nhng loi ch yu sau :
- Tri phiu Nh nc
- Tri phiu a phng
- Tri phiu cng nghip (Tri phiu cng ty)

- Tri phiu Ngn hng v Tn phiu qu tit kim.
- Tn phiu kho bc.
Tri phiu Chnh ph: Tri phiu chnh ph do chnh ph hoc nhng
ngnh c bit nh ngnh giao thng, bu in, xi mng, in c Chnh
ph u quyn pht hnh. Nhng tri phiu ny c pht hnh nhm b p
s thiu ht Ngn sch Nh nc hoc xy dng cc cng trnh cng
cng hoc gii quyt nhng kh khn v ti chnh. Tri phiu chnh ph
l "giy nhn n" ca chnh ph. Mnh gi ca tri phiu c th c ghi
bng ng ngoi t hoc ng bn t. Nu tri phiu Chnh ph c pht
hnh trong nc th l mt b phn hnh thnh nhng khon n trong
nc. Nu tri phiu Chnh ph c pht hnh ti nc ngoi th hnh thnh
mt khon n nc ngoi. Tri phiu Chnh ph c bo m chc chn
bi uy tn ca chnh ph v ti sn ca quc gia, tri phiu chnh ph c kh
nng cm c v chuyn nhng. Cc t chc nhn o, cc t chc tn gio,
cc cng ty phc v cho mc ch cng cng thng c u tin mua trc
v c min gim l ph giao dch. H thng ngn hng thng mi l
ngi tr gip c lc ca Nh nc trong qu trnh pht hnh v thanh ton
tri phiu Chnh ph.
Tri phiu a phng: l khon vay ca chnh quyn a phng
(thnh ph, tnh hoc vng dn c) i vi cc t chc v c nhn. Vic pht
hnh tri phiu a phng i hi phi c giy php ca c quan qun l
Nh nc v chng khon. S tin thu c do pht hnh tri phiu a
phng c s dng vo cc mc ch nh xy dng trng hc, bnh vin,
ng x giao thng ca a phng.
Tri phiu cng nghip (Tri phiu cng ty): Tri phiu cng nghip
do cc cng ty c phn v cc x nghip ln pht hnh a vo th trng
vn di dng nhng phiu n v c m bo bng thu nhp hoc ti sn
ca cng ty. V nguyn tc tri phiu cng nghip c pht hnh vi li
sut cao hn so vi nhng chng khon c thu nhp c nh trn trong cng
mt thi im. Cc cng ty mun pht hnh tri phiu phi c Nh nc
cp giy php (thng qua u ban chng khon quc gia)

Tri phiu ngn hng v tn phiu qu tit kim. Vic pht hnh tri
phiu ngn hng v tn phiu qu tit kim nhm to ra ngun vn tn dng
cho chnh cc t chc ny hoc cho cc t chc tn dng c lin quan. Tri
phiu ngn hng v tn phiu qu tit kin c chia ra theo cc thi hn
khc nhau vi li sut khc nhau. Nhng tn phiu qu tit kim thng b
khng ch bi gii hn tr li. Mua tri phiu ngn hng v tn phiu qu tit
kim c li l khng phi tr l ph v c bo him. Ngy nay, nhiu
nc u phi hu b mc li sut ti a cho cc ngn hng c t do n
nh mc li sut, tu theo tnh trng th trng v thi gian n hn cng
c qui nh linh hot. Cc ngn hng, cc qu tit kim mun pht hnh
tri phiu hoc tn phiu u phi c giy php ca Nh nc. nc ta vic
gi tin tit kim c k hn v khng k hn thc cht cng l tn phiu
qu tit kim.
Tn phiu kho bc: Tn phiu kho bc l nhng chng khon c thu
nhp c nh c thi hn t 6 thng ti 1 nm do h thng kho bc Nh
nc pht hnh. Do c ri ro thp, t l li tc ca tn phiu kho bc thp
hn t l li tc trn th trng vn trong cng thi im. Tn phiu kho bc
c h thng Kho bc Nh nc phi hp vi Ngn hng Nh nc mua
vo v bn ra trong khun kh ca hot ng th trng m nhm mc ch
iu chnh th trng tin t. vic pht hnh tn phiu Kho bc Nh nc c
th p ng cc khon chi thng xuyn, b p thiu ht ngn sch tm
thi.
b. Chng khon c thu nhp bin i
C phiu thng i din cho loi chng khon c thu nhp bin i.
Thu nhp do vic s hu c phiu mang li gi l c tc (hay li tc c
phn), n bin ng theo kt qu kinh doanh ca cng ty. Hnh thc khc
ca loi chng khon ny l phiu tham gia hay chng ch u t. Loi ny
khc vi c phiu thng thng ch, n khng c quyn tham gia gim
st hot ng ca cng ty. Khi pht hnh chng ch u t, cng ty c th
huy ng c vn v thi hn, khng chu ri ro v chi tr li tc c nh
nh c phiu u i hay tri phiu, song khng b pha long quyn kim sot
ca cc c ng.

c. Hnh thc hn hp ca chng khon
Hnh thc hn hp ca chng khon va mang tnh cht ca chng
khon c thu nhp c nh, va mang tnh cht ca chng khon c thu
nhp bin i. Vic pht hnh loi chng khon ny nhm thch ng
vi nhu cu c bit ca th trng vn. Chng khon hn hp c nhng
loi ch yu sau :
Tri phiu cng ty c kh nng chuyn i: Loi tri phiu ny cng c
mt mc li sut c nh, ngoi ra n cn bo m cho ngi s hu quyn
i tri phiu thnh c phiu trong mt thi hn vi nhng iu kin xc
nh. Gi tr ca quyn chuyn i khng ch ph thuc vo iu kin
chuyn i m cn ph thuc vo cht lng c phiu ca cng ty.
Tri phiu c quyn mua c phiu: Tri phiu c quyn mua c phiu
tng t nh tri phiu ni chung nhng ngoi khon li tc c nh c
nhn, n cn c quyn c mua mt s lng c phiu nht nh ca cng
ty ang pht hnh vi mt t l v thi hn u i nh i vi cc c ng
thc th. Loi tri khon ny c mt "chng ch quyn mua" ring r tch
khi khon vay. V nguyn tc "chng ch quyn mua" c tch ra sau khi
pht hnh chng khon sau mt thi gian v c lu thng c lp trn th
trng.
Tri phiu c thu nhp b sung: Loi chng khon ny m bo mt
khon li tc c nh nhng ngi s hu c th nhn c mt khon thu
nhp b sung theo s dao ng tng ca c tc m cc c ng c hng.
2.2. Pht hnh chng khon
2.2.1. Cc ch th pht hnh
Ch th pht hnh chng khon l t chc huy ng vn bng cch bn
chng khon do mnh pht hnh cho nh u t. Ch th pht hnh bao gm:
Chnh ph, cc doanh nghip v cc qu u t.
2.2.1.1. Chnh ph
Mc ch pht hnh ca Chnh ph l b p s thiu ht ca ngn sch
v huy ng vn ti tr cho cc cng trnh, d n ln v quan trng.

Chnh ph pht hnh cc loi chng khon bao gm: Tri phiu Chnh ph,
Tri phiu cng trnh v Tn phiu kho bc.
2.2.1.2. Cc doanh nghip
Cc doanh nghip pht hnh ra cc chng khon huy ng vn v
tng vn cho sn xut kinh doanh bn cnh ngun vn i vay t cc Ngn
hng thng mi. Trong nn kinh t th trng c 3 hnh thc t chc doanh
nghip c bn, l: Doanh nghip mt ch; Cng ty hp danh v Cng ty
c phn.
Vit Nam, theo Lut doanh nghip ban hnh nm 1998 v c hiu lc
nm 1999, ch c cc cng ty c phn v doanh nghip Nh nc c phn
ho l t chc c php pht hnh c tri phiu v c phiu. Doanh nghip
Nh nc v cc Cng ty TNHH c php pht hnh tri phiu huy
ng vn. Cc doanh nghip cn li: Doanh nghip t nhn, Hp tc x,
Cng ty hp danh khng c php pht hnh bt c loi chng khon no
ra th trng.
2.2.1.3. Cc qu u t
Qu u t l nhng t chc u t chuyn nghip, c hnh thnh
bng vn gp ca cc nh u t tin hnh u t vo chng khon v cc
loi hnh u t khc. Mc ch thnh lp qu u t l tp hp v thu ht
nhng nh u t nh, l tham gia kinh doanh. c trng c bn nht ca
Qu u t l qu va ng vai tr l t chc pht hnh bng vic pht hnh
ra cc chng khon nh c phiu, chng ch qu u t va ng vai tr l
t chc u t, kinh doanh cc loi chng khon. Qu u t c nhiu loi,
mi loi s c phng thc pht hnh chng khon khc nhau.
2.2.2. Cc phng thc pht hnh chng khon
Cc phng thc pht hnh c phn chia theo cc tiu thc khc nhau.
2.2.2.1. Phn loi theo t pht hnh
Theo tiu thc ny, ngi ta phn chia phng thc pht hnh thnh
pht hnh chng khon ln u v pht hnh cc t tip theo.

- Pht hnh chng khon ln u l vic t chc pht hnh chng khon
ln u tin sau khi t chc pht hnh p ng cc tiu chun theo quy
nh ca UBCKNN.
- Pht hnh cc t tip theo l hot ng pht hnh nhm mc ch
tng thm vn ca t chc pht hnh l vic t chc pht hnh cc t
tip theo c chng khon pht hnh v giao dch trn th trng th cp.
2.2.2.2. Phn loi theo i tng mua bn chng khon
Theo i tng mua bn chng khon, phng thc pht hnh c
phn chia thnh pht hnh ring l (pht hnh mang tnh ni b) v pht
hnh ra cng chng (hay cn gi l hnh thc cho bn cng khai).
2.2.2.2.1. Pht hnh ring l
Pht hnh ring l: l vic pht hnh trong chng khon c bn
trong phm vi mt s ngi nht nh (thng thng l cho cc nh u t
c t chc), vi nhng iu kin hn ch v khi lng pht hnh phi t
mt mc nht nh.
Vic pht hnh chng khon ring l thng thng chu s iu chnh
ca Lut cng ty. Chng khon pht hnh di hnh thc ny khng phi l
i tng c nim yt v giao dch trn th trng chng khon s cp.
Lut php cc nc cng c nhng quy nh c th i vi hnh thc
pht hnh ring l. V d nh M, trong trng hp pht hnh ting l th
khng c qung co bng cc phng tin thng tin i chng cng nh
hi tho rng ri v nu cc nh u t tham gia mua khng mang tnh
chuyn nghip th s lng khng c vt qu 35 ngi v phi c ra mt
i din mua. Ti Thi Lan, tng s tin huy ng qua pht hnh ring l
khng c qu 20 triu Bath v cho di 35 ngi.
Cc doanh nghip thng la chn pht hnh ring l bi mt s
nguyn nhn sau:
- Cng ty khng tiu chun pht hnh ra cng chng;
- S lng vn cn huy ng nh, mc ch chn pht hnh ring l
gim chi ph.

- Cng ty pht hnh c phiu nhm mc ch duy tr cc mi quan h
trong kinh doanh. V d nh pht hnh c phiu cho cc nh cung cp hay
tiu th sn phm, pht hnh cho cc i tc...
- Pht hnh cho cn b cng nhn vin chc ca cng ty.
2.2.2.2.2. Pht hnh chng khon ra cng chng
L hnh thc pht hnh trong chng khon c pht hnh rng ri
ra cng chng cho mt s lng ln cc nh u t nht nh, trong phi
m bo mt t l cho cc nh u t nh. Ngoi ra, tng khi lng pht
hnh chng khon cng phi t mt t l theo quy nh.
Vic pht hnh chng khon ra cng chng phi c c quan qun
l Nh nc v chng khon cp giy php hoc chp thun. Sau khi
pht hnh trn th trng s cp, chng khon s c giao dch ti S
giao dch chng khon khi p ng c cc quy nh v nim yt
chng khon ca SGDCK. T chc pht hnh chng khon ra cng
chng phi thc hin mt ch bo co, cng b thng tin cng khai
v chu s qun l, gim st ring theo quy nh ca php lut v chng
khon v th trng chng khon.
Vic pht hnh ra cng chng c phn bit thnh hai hnh thc: pht
hnh c phiu ra cng chng v pht hnh tri phiu ra cng chng.
- Trng hp pht hnh c phiu ra cng chng, vic pht hnh c
thc hin theo mt trong hai phng thc sau:
+ Pht hnh ln u ra cng chng (IPO): l vic pht hnh trong
c phiu ca cng ty ln u tin c bn rng ri cho cng chng u t.
Nu c phn c bn ln u cho cng chng nhm tng vn th l IPO
s cp, cn khi c phn c bn ln u t s c phn hin hu th l
IPO th cp.
+ Cho bn s cp (phn phi s cp): l t pht hnh c phiu b
sung ca cng ty cho rng ri cc cng chng u t.
Trng hp pht hnh tri phiu ra cng chng, vic pht hnh c
thc hin bng mt phng thc duy nht, l cho bn s cp.

2.2.3. Pht hnh chng khon ln u ra cng chng
2.2.3.1. iu kin pht hnh chng khon ln u ra cng
chng
iu kin quy nh i vi cc cng ty phi p ng trc khi c
php pht hnh chng khon ra cng chng c chia lm hai nhm ch
tiu: nhm cc ch tiu nh lng v nhm cc ch tiu nh tnh.
a) Cc ch tiu nh lng:
+ Cng ty phi c quy m vn nht nh. Vn quy nh tu theo mi
nc, c th l quy nh vn iu l ti thiu ban u, vn c phn (t l
nm gi ca cc c ng cng nh s lng cc c ng ngoi cng ty)...
+ Tnh lin tc trong hot ng kinh doanh ca cng ty: Cng ty phi
hot ng c hiu qu trong mt s nm lin tc trc khi xin php pht
hnh ra cng chng.
+ Tng gi tr ca t pht hnh phi t quy m nht nh
+ Mt t l nht nh ca t pht hnh phi c bn cho mt s lng
quy nh cng chng u t.
+ Cc thnh vin sng lp ca cng ty phi cam kt nm mt t l nht
nh vn c phn ca cng ty trong mt khong thi gian quy nh.
b) Cc ch tiu nh tnh:
+ Cc nh qun l cng ty bao gm thnh vin Ban gim c iu hnh
v Hi ng qun tr phi c trnh kinh, nghim qun l cng ty
+ C cu t chc ca cng ty phi hp l v phi v li ch ca cc nh
u t.
+ Cc bo co ti chnh, bn co bch v cc ti liu cung cp thng tin
ca c phi c tin cy cao nht, c chp thun kim ton bi cc t
chc kim ton c uy tn.
+ Cng ty phi c phng n kh thi v vic s dng vn thu c t
t pht hnh.

+ Cng ty phi c mt hoc mt s cc t chc bo lnh pht hnh
ng ra cam kt bo lnh cho t pht hnh.
Ti Vit Nam, theo Ngh nh s 48/1998/N-CP ca Chnh ph ban
hnh ngy 11/07/1998 v Thng t s 01/1998/TT-UBCK ca U ban
Chng khon Nh nc ban hnh ngy 13/10/1998, cc tiu chun c bn
mt cng ty pht hnh c phiu ra cng chng c quy nh nh sau:
+ Mc vn iu l ti thiu l 10 t ng Vit Nam;
+ Hot ng c li trong hai nm lin tc gn nht;
+ Thnh vin Hi ng qun tr v Gim c (Tng gim c) c kinh
nghim qun l kinh doanh;
+ C phng n kh thi v vic s dng vn thu t t pht hnh c
phiu;
+ Ti thiu 20% vn c phn ca TCPH phi c bn cho trn 100 nh
u t ngoi TCPH, trng hp vn c phn ca TCPH t 100 t ng tr
nn th t l ti thiu ny l 15% vn c phn ca TCPH.
+ C ng sng lp phi nm gi t nht 20% vn c phn ca TCPH v
phi nm gi mc ny ti thiu ba nm k t ngy kt thc vic pht
hnh.
+ Trng hp c phiu pht hnh c tng gi tr theo mnh gi vt 10
t ng th phi c t chc bo lnh pht hnh.
2.2.3.2. Th tc pht hnh
Bc 1: Chun b h s xin php pht hnh
Trc khi chun b h s xin php pht hnh, t chc pht hnh phi
thng qua ni dung pht hnh ra cng chng ti i hi thnh vin hoc i
hi c ng. Sau , la chn nh bo lnh pht hnh (nu cn) v k kt
hp ng bo lnh. T chc bo lnh pht hnh s cng TCPH lp h s xin
php pht hnh, h s bao gm cc ti liu c bn sau:
+ n xin php pht hnh chng khon;
+ Bn sao c cng chng cc ti liu lin quan n vic thnh lp, ng
k kinh doanh ca TCPH;

+ iu l hot ng ca TCPH;
+ Ngh quyt ca i hi c ng chp thun vic pht hnh c phiu
+ Bn co bch;
+ Danh sch v s yu l lch thnh vin Hi ng qun tr v Ban gim
c;
+ Cc bo co ti chnh lin tc trong 2 nm lin tc gn nht tnh ti
thi im np h s c kim ton;
+ Hp ng bo lnh pht hnh c k kt gia t chc bo lnh chnh
v TCPH;
+ Cc ti liu gii trnh v kh nng li nhun, thanh ton c tc v
chp hnh cc ngha v i vi Nh nc.
Sau khi hon thnh vic chun b h s, t chc bo lnh chuyn h s
xin php pht hnh cho cng ty t vn lut xem xt v mt php l lin
quan ti t pht hnh. Cng ty t vn chu trch nhim xem xt v m bo
h s y v hp l theo ng quy nh ca UBCK. Cui cng, TCPH,
TCBL v cc cng ty t vn s nhm hp xc nh r trch nhim ca
mi bn tham gia.
Bc 2: Np h s xin php pht hnh ln c quan qun l pht hnh
Sau khi chun b xong cc ti liu trong h s xin php pht hnh, t
chc bo lnh hon chnh h s c gi trc tip n U ban Chng khon.
Vit Nam, cc TCBL cha pht trin nn lut php quy nh cng ty pht
hnh l ngi np h s xin php pht hnh ln UBCKNN.
Trong thi gian xt duyt h s xin php pht hnh, t chc bo lnh
cng vi TCPH phi thc hin tt c vic sa i, b sung theo yu cu ca
UBCK. Cc sa i hoc b sung ny phi c lp bng vn bn v gi n
UBCK. Trong thi gian ny, t chc bo lnh khng c php mi cho,
qung co cng nh tit l cc thng tin v gi c ca c phiu hoc trin
vng ca TCPH. Tuy nhin, c th s dng mt cch trung thc v chnh xc
cc thng tin trong bn co bch gi UBCK thm d nhu cu ca cc
nh u t.

Bc 3: Cng b pht hnh
Trong thi hn nht nh sau khi nhn c giy php pht hnh, TCPH
phi cng b cng khai vic pht hnh trn cc phng tin thng tin theo
quy nh ca php lut.
Vit Nam, theo iu 13 Ngh nh 48/1998 N-CP ca Chnh ph
ban hnh ngy 11/07/1998, vic cng b pht hnh c quy nh nh sau:
Trong vng 5 ngy sau khi nhn c Giy php pht hnh do UBCKNN
cp, TCPH c ngha v cng b vic pht hnh trn 5 s bo lin tip ca
mt t bo Trung ng v mt t bo a phng ni TCPH c tr s chnh.
T chc pht hnh, t chc bo lnh pht hnh hoc i din ch c s
dng thng tin trong h s xin cp giy php pht hnh c UBCK Nh
nc chp thun pht hnh.
Bc 4: Cho bn v phn phi chng khon ra cng chng
Ngay sau khi nhn c Giy php pht hnh, TCPH phi gi cho
UBCKNN cc ti liu phc v cho vic phn phi, bao gm:
+ Bn co bch tm tt;
+ Ni dung thng co pht hnh;
+ Cc ti liu khc (nu c).
Sau mt thi gian quy nh, nu U ban chng khon khng c kin
g khc, TCPH hay TCBL c th t chc cho bn chng khon ra cng
chng.
Vit Nam, vic phn phi chng khon c quy nh nh sau:
- TCPH hoc TCBL yu cu cc nh u t in vo phiu ng k
mua, trong ghi r tn, a ch lin lc, s lng chng khon ng k, s
tin k qu.
- Yu cu nh u t t cc mt khon tin, nhng khng qu 10% tr
gi chng khon ng k mua. Vic k qu c th c thc hin bng tin
mt hoc sc chuyn khon ca ngn hng

- Thi hn ng k mua chng khon phi m bo ko di ti thiu 30
ngy. Ht thi hn ng k mua, TCPH, t chc bo lnh phi thng bo cho
ngi u t bit s lng chng khon c mua.
m bo s cng bng v minh bch trong phn phi, t chc bo
lnh cn nu r phng thc u tin phn phi, c th dng hoc mt s
phng thc nh:
- u tin v thi gian
- u tin v s lng
- Cc u tin khc theo tho thun (cn c ghi r trong phiu ng k
mua chng khon).
Nu s lng chng khon t mua ca cc nh u t c nhn vt
qu 20% s lng chng khon pht hnh, t chc bo lnh phi dnh t
nht 20% s lng chng khon pht hnh ra cng chng phn phi cho
cc nh u t c nhn theo quy nh ca php lut hin hnh.
Ti Vit Nam, cc TCPH, t chc bo lnh phi chuyn giao chng
khon cho ngi mua trong thi hn 30 ngy, k t ngy kt thc t pht
hnh. Tin thu c t vic phn phi chng khon phi c chuyn giao
vo ti khon phong to ti mt ngn hng c UBCKNN chp thun.
Trong thi hn 10 ngy sau khi kt thc t pht hnh, TCPH phi hp
vi t chc bo lnh lp bo co kt qu phn phi chng khon theo mu
quy nh ti Thng t 01/1998/TT-UBCK v trnh ln UBCKNN.
2.2.3.3. Bo lnh pht hnh chng khon
a) Khi nim
Bo lnh pht hnh l vic t chc bo lnh (TCBL) gip t chc pht
hnh (TCPH) thc hin cc th tc trc khi cho bn chng khon, t chc
vic phn phi chng khon v gip bnh n gi chng khon trong giai
on u sau khi pht hnh. Nh vy, bo lnh pht hnh bao gm c vic t
vn ti chnh v phn phi chng khon.
T chc bo lnh c hng ph bo lnh hoc mt t l hoa hng
nht nh trn s tin thu c.

b) Cc phng thc bo lnh pht hnh
Vic bo lnh pht hnh thng thc hin theo mt trong cc phng
thc sau:
- Bo lnh vi cam kt chc chn (firm commitment underwriting): l
phng thc bo lnh trong TCBL cam kt s mua ton b s chng
khon pht hnh cho d c phn phi c ht chng khon hay khng.
Thng thng, trong phng thc ny mt nhm cc TCBL hnh thnh mt
t hp mua chng khon ca TCPH vi gi chit khu v bn li cc
chng khon theo gi cho bn ra cng chng (POP) v hng phn chnh
lch gi.
- Bo lnh vi c gng cao nht (Best efforts underwriting): l phng
thc bo lnh m theo TCBL tho thun lm i l cho TCPH. TCBL
khng cam kt bn ton b s chng khon m cam kt s c gng ht sc
bn chng khon ra th trng, nhng nu khng phn phi ht s tr li
cho TCPH phn cn li v khng phi chu hnh pht no.
- Bo lnh theo phng thc tt c hoc khng (All or Nothing): trong
phng thc ny, TCPH yu cu TCBL bn mt s lng chng khon nht
nh, nu khng phn phi c ht s hu ton b t pht hnh. TCBL
phi tr li tin cho cc nh u t mua chng khon.
- Bo lnh theo phng thc ti thiu - ti a: l phng thc trung gian
gia phng thc bo lnh vi c gng cao nht v phng thc bo lnh
bn tt c hoc khng. Theo phng thc ny, TCPH yu cu TCBL c t
do cho bn chng khon n mc ti a quy nh (mc trn). Nu lng
chng khon bn c t t l thp hn mc sn th ton b t pht hnh
s b hy b.
- Bo lnh theo phng thc d phng (Standby underwriting): y l
phng thc thng c p dng khi mt cng ty i chng pht hnh b
sung thm c phiu thng v cho bn cho cc c ng c trc khi cho
bn ra cng chng bn ngoi. Tuy nhin, s c mt s c ng khng mun
mua thm c phiu ca cng ty. V vy, cng ty cn c mt TCBL d phng
sn sng mua nhng quyn mua khng c thc hin v chuyn thnh
nhng c phiu phn phi ra ngoi cng chng. C th ni, bo lnh theo

phng thc d phng l vic TCBL cam kt s l ngi mua cui cng hoc
cho bn h s c phiu ca cc quyn mua khng c thc hin.
2.2.4. Qun l Nh nc v pht hnh chng khon
Pht hnh chng khon ra cng chng l mt hnh thc pht hnh ph
bin m cc t chc pht hnh p dng v c nhiu thun li hn so vi hnh
thc pht hnh ring l. Trong phng thc pht hnh ny, ni dung qun l
ca Nh nc bao gm:
* Qun l cp giy php pht hnh: Thng thng l do c quan qun
l v gim st th trng chng khon qun l. Vit Nam v phn ln cc
nc khc, c quan l U ban chng khon Nh nc.
* Quyt nh nh ch, thu hi giy php khi TCPH khng tun th cc
quy nh trc, trong v sau khi pht hnh chng khon ra cng chng.
* Qun l v gim st vic cng b thng tin ca TCPH
* Ban hnh cc vn bn lin quan n vic pht hnh v cho bn
chng khon ra cng chng.
Hin ti trn th gii, c 2 trng phi qun l trn th trng chng
khon s cp c gi l trng phi "qun l theo cht lng" v trng
phi "cng b thng tin y ".
Theo trng phi qun l theo cht lng th cc c quan qun l v
chng khon t ra rt nhiu tiu chun m bo cc cng ty tham gia
vo th trng l cc cng ty c cht lng v c s n nh hp l.
Theo trng phi cng b thng tin y th c quan qun l v
chng khon t a ra cc tiu chun cho cc cng ty tham gia vo th trng
m ch trng vo vic m bo cc thng tin lin quan ti mi mt hot
ng ca cc cng ty nu trn c cng b rng ri ra cng chng.
Ti cc nc pht trin, cc c quan qun l v chng khon thng
c xu hng qun l th trng theo trng phi cng b thng tin y .
Cn ti cc quc gia ang pht trin, vic qun l th trng chng khon s
cp thng p dng trng phi qun l theo cht lng. S la chn ny
ph thuc vo s pht trin ca TTCK mi nc.


Cu hi n tp
1. Hy phn tch cc c im c bn ca chng khon. Lin h vi cc
hng ho ang giao dch trn TTCK Vit Nam hin nay.
2. Trnh by ni dung phn loi chng khon?
3. So snh s ging v khc nhau gia c phiu v tri phiu; gia hp
ng k hn vi hp ng tng lai.
4. Trnh by cc chc nng kinh t c bn ca hp ng quyn chn?
Phn tch v kh nng hnh thnh v giao dch loi hp ng ny trn TTCK
Vit Nam?
5. u t vo tri phiu Chnh ph l cch u t khn ngoan, Hy bnh
lun quan im trn.

6. Trnh by v cc ch th pht hnh chng khon. Lin h thc tin
TTCK Vit Nam.
7. Cc phng thc pht hnh chng khon. Lin h thc tin Vit
Nam?
8. Phn tch v bnh lun v cc iu kin pht hnh chng khon ln
u ra cng chng Vit Nam hin nay?
9. Trnh by cc phng thc bo lnh pht hnh chng khon. Nu
Anh (Ch) l ch mt doanh nghip ang c nh pht hnh chng khon
ra cng chng, Anh (Ch) s la chn phng thc bo lnh no? Ti sao?


Chng 3
S giao dch chng khon

3.1. Khi nim, chc nng ca S giao dch
chng khon
3.1.1. Khi nim
Khi nim SGDCK t xa n nay vn c hiu l mt a im
hp ch c t chc, ti cc chng khon nim yt c cc thnh vin
giao dch theo nhng quy nh nht nh v phng thc giao dch, thi
gian v a im c th. Trong , cc thnh vin giao dch chnh l cc
nh mi gii hng hoa hng hoc kinh doanh chng khon cho chnh
mnh tham gia giao dch trn sn hoc thng qua h thng giao dch
c in ton ho.
S giao dch chng khon (SGDCK) l th trng giao dch chng
khon c thc hin ti mt a im tp trung gi l sn giao dch
(trading floor) hoc thng qua h thng my tnh. Cc chng khon c
nim yt giao dch ti SGDCK thng thng l chng khon ca cc cng
ty ln, c danh ting v tri qua th thch trn th trng v p ng
c cc tiu chun nim yt (gm cc tiu chun nh tnh v nh
lng) do SGDCK t ra.
Lch s pht trin ca th trng chng khon gn lin vi s ra i
v pht trin ca SGDCK, t bui s khai ban u hot ng ca
SGDCK vi phng thc giao dch th cng (bng en, phn trng) din
ra trn sn giao dch (on floor), sau ny c s tr gip ca my tnh
(bn th cng) v ngy nay hu ht cc th trng chng khon mi ni,
in ton ho hon ton SGDCK, khng cn khi nim sn giao dch
(off floor).
Chng 3: S giao dch chng khon

3.1.2. Hnh thc s hu
S giao dch chng khon l mt t chc c t cch php nhn c
thnh lp theo quy nh ca php lut. Lch s pht trin SGDCK cc nc
v ang tri qua cc hnh thc s hu sau:
- Hnh thc s hu thnh vin: SGDCK do cc thnh vin l cc
cng ty chng khon s hu, c t chc di hnh thc cng ty trch
nhim hu hn, c Hi ng qun tr do cc cng ty chng khon thnh
vin bu ra theo tng nhim k. M hnh ny c u im thnh vin va l
ngi tham gia giao dch, va l ngi qun l s nn chi ph thp v d
ng ph vi tnh hnh thay i trn th trng. SGDCK Hn Quc,
NewYork, Tokyo, Thi Lan v nhiu nc khc c t chc theo hnh
thc s hu thnh vin.
- Hnh thc cng ty c phn: SGDCK c t chc di hnh thc
mt cng ty c phn c bit do cc cng ty chng khon thnh vin,
ngn hng, cng ty ti chnh, bo him tham gia s hu vi t cch l c
ng. T chc, hot ng ca SGDCK theo Lut cng ty v hot ng
hng ti mc tiu li nhun. M hnh ny c p dng c, Anh v
Hng Kng.
- Hnh thc s hu Nh nc: Thc cht trong m hnh ny, Chnh
ph hoc mt c quan ca Chnh ph ng ra thnh lp, qun l v s hu
mt phn hay ton b vn ca SGDCK. Hnh thc s hu ny c u im l
khng chy theo mc tiu li nhun, nn bo v c quyn li ca nh u
t. Ngoi ra, trong nhng trng hp cn thit, nh nc c th can thip kp
thi gi cho th trng c hot ng n nh, lnh mnh. Tuy nhin,
m hnh ny cng c nhng hn ch nht nh, l thiu tnh c lp, cng
nhc, chi ph ln v km hiu qu.
Trong cc hnh thc trn, hnh thc s hu thnh vin l ph bin nht.
Hnh thc ny cho php SGDCK c quyn t qun mc nht nh, nng
cao c tnh hiu qu v s nhanh nhy trong vn qun l so vi hnh
thc s hu ca Chnh ph. Tuy nhin, trong nhng hon cnh lch s nht

nh, vic Chnh ph nm quyn s hu v qun l SGDCK s cho php
ngn nga s ln xn, khng cng bng khi hnh thc s hu thnh vin
cha c bo v bng h thng php l y v r rng. V d nh Hn
Quc, SGDCK c thnh lp t nm 1956 nhng n nm 1963 b v
phi ng ca 57 ngy do cc thnh vin s hu SGDCK gy ln xn trong
th trng, sau Nh nc phi ng ra nm quyn s hu SGDCK
trong thi gian kh di t nm 1963 n nm 1988 trc khi chuyn sang
m hnh s hu thnh vin c mt phn s hu ca nh nc.
3.1.3. Chc nng ca SGDCK
Vic thit lp mt th trng giao dch chng khon c t chc, vn
hnh lin tc vi cc chng khon c chn la l mt trong nhng chc
nng quan trng nht ca SGDCK. Mc d hot ng ca SGDCK khng
mang li vn trc tip cho t chc pht hnh, nhng thng qua SGDCK cc
chng khon pht hnh c giao dch lin tc, lm tng tnh thanh khon
v kh mi cho cc chng khon. Cc t chc pht hnh c th pht hnh
tng vn qua th trng chng khon, cc nh u t c th d dng mua
hoc bn chng khon nim yt mt cch d dng v nhanh chng.
Chc nng xc nh gi c cng bng l cc k quan trng trong vic
to ra mt th trng lin tc. Gi c khng do SGDCK hay thnh vin
SGDCK p t m c SGDCK xc nh da trn c s so khp cc lnh
mua v bn chng khon. Gi c ch c xc nh bi cung - cu trn th
trng. Qua , SGDCK mi c th to ra c mt th trng t do, cng
khai v cng bng. Hn na, SGDCK mi c th a ra c cc bo co
mt cch chnh xc v lin tc v cc chng khon, tnh hnh hot ng ca
cc t chc nim yt, cc cng ty chng khon.
3.2. T chc v hot ng ca SGDCK
Mc d th trng chng khon cc quc gia trn th gii c thi im
ra i khc nhau, theo m hnh c in (classical) hay m hnh mi ni
(emerging) v hnh thc s hu khc nhau (c phn, thnh vin, nh nc),
nhng cc SGDCK u c cu trc t chc nh sau:


3.2.1. Hi ng qun tr
Hi ng qun tr (HQT) l c quan qun l cp cao nht, HQT c
cc thnh vin i din l nhng ngi c lin quan trc tip hoc gin tip
n th trng chng khon. Thnh vin HQT gm: i din ca cng ty
chng khon thnh vin; mt s i din khng phi l thnh vin nh t
chc nim yt; gii chuyn mn; nh kinh doanh; chuyn gia lut v thnh
vin i din cho Chnh ph.
Cc i din ca cng ty chng khon thnh vin c xem l thnh
vin quan trng nht ca HQT. Cc cng ty chng khon thnh vin c
nhiu kinh nghim v kin thc trong vic iu hnh th trng chng
khon.
Quyt nh ca HQT c nh hng trc tip ti hot ng kinh doanh
ca cc thnh vin. V vy, cc i din ca cc thnh vin nn c by t
cc kin ca mnh ti HQT.
Bn cnh thnh vin HQT l cc cng ty chng khon, cng cn phi
c nhng ngi bn ngoi to tnh khch quan, gim s hoi nghi i vi
i hi ng c ng
(Hi ng thnh vin)
Hi ng qun tr
Ban gim c
Cc phng
chc nng
Phng
thnh
vin
Phng
giao
dch
Phng
gim
st
Phng
nghin
cu
pht
trin
Phng
k ton
- kim
ton
Phng
cng
ngh
tin hc
Vn
phng
Phng
nim
yt

cc quyt nh ca Hi ng qun tr, khuyn khch quan h gia SGDCK
v cc bn c lin quan nh cng ty nim yt, cc t chc dch v chuyn
mn...vv. Trn c s , HQT s a ra nhng quyt sch ph hp cho
chnh cc thnh vin bn trong v thnh vin bn ngoi cng nh tnh thc
tin ca th trng. i vi cc trng hp SGDCK do Chnh ph thnh lp
phi c t nht mt i din cho Chnh ph trong HQT thi hnh cc
chnh sch ca Chnh ph i vi hot ng ca SGDCK v duy tr cc mi
quan h hi ho v lin kt gia cc c quan qun l hot ng ca th
trng chng khon.
S lng thnh vin HQT ca tng SGDCK khc nhau. Tuy nhin,
cc SGDCK pht trin thng c thnh vin HQT nhiu hn s thnh
vin ca SGDCK ti cc th trng mi ni. L do l HQT ca cc SGDCK
pht trin thng c nhiu thnh vin l i din ca cc cng ty chng
khon thnh vin (s lng cng ty chng khon rt ln) v cng c s
lng thnh vin tng ng vi mc i din cho cng chng v cc t
chc khc u t khc. V d nh Hi ng qun tr ca SGDCK Hn Quc
(KSE) c 11 thnh vin. Trong , c 01 Ch tch, 01 Ph ch tch, 04 U
vin l gim c iu hnh, 03 U vin i din cho cng chng, 02 u vin
c c ra t cc cng ty thnh vin. c im ca KSE l hn mt na s
thnh vin HQT l cc gim c iu hnh SGDCK. Hi ng qun tr ca
SGDCK NewYork c 25 thnh vin: trong c 01 ch tch, 12 thnh vin
i din cho cng chng v 12 thnh vin i din cho cc cng ty chng
khon thnh vin SGDCK v cc cng ty c lin quan. i din cho cng
chng l cc cng ty nim yt, cc hc gi v cc i din khc ca cng
chng. Hi ng qun tr ca SGDCK Tokyo (TSE) c 27 thnh vin, trong
6 thnh vin i din cho cng chng, 6 thnh vin l cc Gim c iu
hnh, 1 Tng gim c iu hnh SGDCK v 14 thnh vin i din cho cc
cng ty chng khon thnh vin ca TSE.
Hi ng qun tr ca SGDCK Hng Kng c 31 thnh vin, gm cc
i din l cc c nhn, gim c mt s cng ty chng khon thnh vin,
cc thnh vin mi gii c lp ti SGD, Tng gim c iu hnh SGDCK
v Tng gim c iu hnh Trung tm thanh ton b tr - lu k chng
khon Hng Kng.

Bu chn thnh vin HQT
Bn cnh thnh phn HQT, phng php bu chn hoc b nhim
cng biu th v tr ca cc thnh vin. nhiu nc, hng nm, ti i hi
thnh vin HQT c bu trong s cc cng ty thnh vin ca SGDCK.
Mt s thnh vin c Chnh ph, B Ti chnh, U ban Chng khon b
nhim hoc ch nh.
Thng thng nhim k ca Ch tch v cc u vin l gim c iu
hnh c thi hn 3 - 4 nm, cn cc i din cho cng chng c thi hn t
hn. L do v Ch tch v cc Gim c iu hnh l nhng ngi c chuyn
mn cao v cn n s n nh v lin tc trong cng vic iu hnh di
hn, cn cc thnh vin khc cn c s i mi. Cc thnh vin HQT c
th c ti b nhim, nhng thng khng qu 2 nhim k lin tc.
Ti SGDCK Hn Quc (KSE) vi s chp thun ca B trng Kinh t -
Ti chnh, Ch tch c bu chn ti i hi c ng trong s nhng ngi
c kinh nghim, hiu bit tt v lnh vc chng khon. Gim c iu hnh
cp cao v cc gim c iu hnh do Ch tch b nhim c s chp thun
ca i hi c ng. Cc i din cho cng chng, c s chp thun ca
B trng Kinh t - Ti chnh, do Ch tch HQT b nhim trong s nhng
ngi khng tham gia trc tip vo cng vic kinh doanh chng khon, c
kinh nghim v kh nng nh gi cng bng hot ng th trng. Cc i
din ca thnh vin c bu chn ti i hi c ng trong s i din ca
cc cng ty thnh vin ca SGDCK. Nhim k ca cc thnh vin HQT l
3 nm.
i vi SGDCK Hng Kng, Hi ng qun tr bao gm: 18 ngi do
cc cng ty chng khon thnh vin bu chn; 02 i din cho cng ty nim
yt c HQT b nhim vi s chp thun ca U ban chng khon v
hp ng tng lai; 07 c nhn (cc nhn c lp l ngi tham gia vo th
trng, hoc chuyn gia t vn, hc gi v chuyn ngnh chng khon) c
HQT b nhim; 02 thnh vin khc do Ch tch HQT b nhim; 02 thnh
vin cn li l Tng gim c SGDCK v Tng gim c Trung tm thanh
ton b tr v lu k chng khon.

Quyn hn ca Hi ng qun tr:
Hi ng qun tr SGDCK ra cc quyt ngh v cc lnh vc chnh sau:
- nh ch v rt giy php thnh vin
- Chp thun, nh ch v hu b nim yt chng khon
- Chp thun k hoch v ngn sch hng nm ca SGD
- Ban hnh v sa i cc quy ch hot ng ca SGDCK
- Gim st hot ng ca thnh vin
- X pht cc hnh vi, vi phm quy ch ca SGDCK.
Ngoi ra HQT c th trao mt s quyn cho Tng gim c SGDCK
trong iu hnh.
3.2.1.2. Ban Gim c iu hnh
Ban gim c iu hnh chu trch nhim v hot ng ca SGDCK,
gim st cc hnh vi giao dch ca cc thnh vin, d tho cc quy nh v
quy ch ca SGDCK. Ban gim c hot ng mt cch c lp nhng chu
s ch o trc tip t HQT.
Ban gim c iu hnh, bao gm ngi ng u l Tng gim c v
cc Ph Tng gim c iu hnh ph trch cc lnh vc khc nhau. Ti
nhiu nc, chc danh Ch tch Hi ng qun tr v Tng gim c iu
hnh quy nh khng kim nhim v c hng lng ca SGDCK (Nh
SGDCK Hn Quc, Tokyo, New York v Istanbul). Trong khi , mt s
SGDCK khc hai chc v ni trn do 2 ngi m trch (Hng Kng, Thi
Lan, Thng Hi).
3.2.1.3. Cc phng ban
Chc nng ca SGDCK cng nhiu, c quan qun tr cn phi chia
thnh nhiu ban, cc ban ny c chc nng t vn, h tr cho HQT v Ban
gim c iu hnh trn c s a ra cc kin xut thuc lnh vc ca
ban. Ngoi ra, mt s SGDCK cn thnh lp mt s ban c bit gii
quyt cc vn c bit v qun l, t vn hoc x pht. Tt c hoc mt
s thnh vin ca Ban l thnh vin HQT v nm trong s cc thnh vin
bn trong hoc thnh vin bn ngoi SGDCK.

- Cc phng chuyn mn:
+ Phng giao dch
+ Phng nim yt
+ Phng iu hnh th trng
- Cc phng Ph tr:
+ Phng k hoch v nghin cu
+ Phng h thng in ton
+ Phng tng hp - i ngoi
- Cc phng v kim sot v th k.
Chc nng ca mt s phng, ban chnh:
Phng k hoch v nghin cu: hot ng trn 3 lnh vc: lp k hoch;
nghin cu; quan h i ngoi.
Lnh vc lp k hoch: bao gm cc vn lin quan n vic thit lp
mc tiu qun l; k hoch di hn v k hoch kinh doanh kinh doanh hng
nm; phn tch vic thc hin k hoch; c cu t chc ni b v k hoch
t chc di hn; thu, chi v phn b ngn sch ti chnh; pht trin cc dch
v sn phm mi; xem xt cc quy nh v quy ch..vv.
Lnh vc nghin cu bao gm: nghin cu v phn tch xu hng ca
nn kinh t; cc ngnh kinh t v cc th trng vn trong nc v quc t;
xut bn cc ti liu bo co nghin cu nh k; nghin cu v thng k
hot ng h thng th trng vn ni a;
Lnh vc quan h quc t bao gm: trao i thng tin vi nc ngoi;
thu thp cc tin v cc th trng chng khon quc t qua cc ngun thng
tin nhm theo di xu hng th trng; hp tc vi cc SGDCK, UBCK, cc
t chc quc t khc v TTCK; xut bn cc n phm bng ting Anh.
Phng giao dch:
Phng giao dch c cc chc nng ch yu sau:
- Phn tch v bo co v bin ng ca th trng.
- m bo duy tr sn giao dch v cc h thng khc ti sn.

- Thay i thi gian giao dch, bin gi, gi tham chiu..vv.
- Qun l giao dch cc chng khon (cnh bo; kim sot; nh ch...).
Phng nim yt:
- Xy dng h thng tiu chun nim yt(ln u, b sung, ti nim yt,
tch gp...)
- Kim tra, chp thun hoc hu b nim yt chng khon.
- Nhn v phn tch cc bo co ti chnh ca t chc nim yt.
- Phn loi nim yt theo nhm ngnh, xy dng m s chng khon
nim yt.
- ngh chng khon a vo din cnh bo, kim sot, nh ch hoc
hu b nim yt.
Thu ph nim yt ln u v ph qun l nim yt hng nm.
Phng thnh vin:
- Chp thun thnh vin, nh ch v bi min t cch cch thnh vin;
- Phn loi cc thnh vin.
- Qun l thu ph thnh vin v cc qu khc.
- Phn tch, nh gi hot ng thnh vin
Phng cng ngh tin hc:
- Thc hin cc vn lin quan n nghin cu, lp k hoch v pht
trin h thng in ton.
- Cc vn lin quan n qun l v vn hnh h thng in ton.
- Cc vn lin quan n vic qun l thng tin th trng qua h
thng bng in t, thit b u cui, mng Internet..vv.
Vn phng:
- Cc vn lin quan n cc hp ng k vi bn ngoi.
- Ti liu, lu tr, in n, hu, cng vn, giy t...
- Cc vn lin quan n ngi lao ng, lng v quyn li ngi lao
ng.
- Lp k hoch, o to v bi dng cn b.

- Cc vn lin quan n k ton, qun l vn v thu.
- Mua sm, trang thit b, ti sn.
- Xy dng cng trnh tr s, qun l thu v cho thu khc.
3.3. Thnh vin S giao dch chng khon
SGDCK c cc thnh vin giao dch chnh l cc nh mi gii hng
hoa hng hoc kinh doanh chng khon cho chnh mnh tham gia giao dch
trn sn hoc thng qua h thng giao dch c in ton ho. Cng ty
chng khon l thnh vin ca SGDCK phi p ng cc yu cu tr thnh
thnh vin ca SGDCK v c hng cc quyn, cng nh ngha v do
SGDCK quy nh. Chun mc kinh doanh ca cc thnh vin theo quy nh
do SGDCK t ra, nhm m bo quyn li cho khch hng v duy tr mt
th trng hot ng cng bng, hiu qu.
Thnh vin SGDCK l cc cng ty chng khon c UBCK cp giy
php hot ng v c SGDCK chp nhn lm thnh vin ca SGDCK.
3.3.1. Phn loi thnh vin
Thnh vin ca SGDCK, c bit l cc nc pht trin c chia lm
nhiu loi thnh vin khc nhau. Tuy nhin, vic phn loi ny ph thuc rt
nhiu vo cc yu t v lch s cng phng thc hot ng ca SGDCK.
Ban u, khi cu trc SGDCK theo kiu mt t chc cng cng, th khng
cn thit phi chia ra lm nhiu loi thnh vin v cc thnh vin khng phi
ng gp vn xy dng SGDCK. M hnh ny ph hp vi hnh thc s hu
SGDCK 100% vn nh nc.
Ti mt s SGDCK khc, thnh vin c phn loi theo quyn ca
thnh vin, l thnh vin chnh v thnh vin c bit. Trong thnh
vin chnh l thnh vin thng tham gia ngay t khi mi thnh lp SGDCK
v c quyn biu quyt v phn chia ti sn ca SGDCK. Cn thnh vin
c bit l thnh vin mi gia nhp SGDCK sau ny, nhm lm gim bt
gnh nng v ti chnh cho cc thnh vin c v tng quy m hot ng ca
th trng. Thnh vin c bit phi ng ph gia nhp thnh vin bng tng
ti sn ca SGDCK chia cho s thnh vin hin c, v c ng mt ln
hoc chia u cho cc nm (ph thng nin). Thnh vin c bit khng
c quyn bu c v quyn i hi i vi ti sn ca SGDCK .

i vi cc th trng pht trin, v d nh ti SGDCK NewYork, thnh
vin c phn chia lm nhiu loi da trn chc nng ca mnh, nh thnh
vin l cc nh chuyn gia th trng, nh mi gii ca cng ty thnh vin,
nh mi gii c lp, nh to lp th trng v ngi giao dch cnh tranh.
Cc chuyn gia (Specialist) tham gia vo h thng u lnh vi chc
nng gp phn nh gi chng khon trn SGDCK nhm to ra tnh lin tc,
nng cao tnh thanh khon ca th trng v gim thiu cc tc ng tm
thi n cung- cu chng khon.
Cc nh mi gii ca cng ty thnh vin (hay nh mi gii ca hng
dch v hng hoa hng - Commission House Brokers) thc hin cc giao
dch cho khch hng v hng cc khon hoa hng m khch hng tr cho
h.
Nh mi gii c lp, hay cn gi l nh mi gii "hai la" (Two
Dollar Broker) thng nhn li cc lnh giao dch t cc nh mi gii hng
hoa hng thc hin, c bit cc th trng ln khi khi lng ca cc
nh mi gii hng hoa hng chnh thc qu nhiu do h khng th thc
hin c cc cng vic ca mnh. Thng thng, trc y khi thc hin
cc lnh giao dch cho 1 l chn (100 c phiu) h c nhn 2USD, v vy
cc nh mi gii ny c gi l nh mi gii "hai la".
i vi cc nh to lp th trng cnh tranh (registered competitive
market marker) khi mt chng khon giao dch trn sn tr nn khan him
hay ri vo tnh trng kh giao dch, SGDCK yu cu cc nh to th trng
tin hnh giao dch cc chng khon loi ny t ti khon c nhn hoc
chnh cng ty ca h vi cc cho bn, cho mua theo gi trn th trng.
Cc nh giao dch cnh tranh (competitive trader) l ngi c th giao
dch cho chnh ti khon ca mnh theo quy nh cht ch ca SGDCK
nhm to tnh thanh khon cho th trng.
Cc nh mi gii tri phiu (Bond Brokers) l cc nh mi gii chuyn
mua v bn cc tri phiu.
Ti SGDCK Nht Bn, thnh vin c phn loi thnh vin thng v
thnh vin Saitori. Trong thnh vin thng c giao dch vi t cch l

mi gii i l v t doanh, cn thnh vin Saitori hot ng vi t cch l
ngi to th trng thng qua h thng khp lnh.
Mt cch phn loi thnh vin khc l thnh vin trong nc v thnh
vin nc ngoi. i vi cc th trng pht trin, tham gia vo s hu v
hot ng ca SGDCK khng gii hn ch l cng ty chng khon trong
nc, m cn bao gm cc cng ty chng khon nc ngoi ang hot ng
trn th trng chng khon nc . Ngoi ra, mt s th trng m rng
gii hn thnh vin SGDCK cn bao gm cc cng ty u t tn thc, ch
khng ch gii hn bi cc cng ty chng khon.
3.3.2. Tiu chun thnh vin
Cc SGDCK u ra quy nh v tiu chun thnh vin ca mnh da
trn c im lch pht trin, c th ca cng ty chng khon, thc trng
nn kinh t cng nh mc t do ho v pht trin ca th trng ti chnh.
Tuy nhin, tiu chun mang tnh xuyn sut l thnh vin SGDCK phi c
mt thc trng ti chnh lnh mnh, trang thit b tt v i ng cn b c
chuyn mn cao, kh nng thc hin vic kinh doanh chng khon trn
th trng. V thng thng cc th trng cng pht trin th tiu chun lm
thnh vin cng cht ch.
i vi SGDCK ca cc th trng chng khon mi ni do Chnh ph
ng ra thnh lp, thng thng s lng cng ty chng khon do UBCK
cp php hot ng c qun l rt cht ch, v vy, s lng cng ty
chng khon c cp php hot ng nghim nhin l thnh vin ca
SGDCK. Tuy nhin, trong qu trnh pht trin, s lng cng ty chng
khon thnh lp rt ln, s ch ngi hoc kh nng kt ni vo h thng giao
dch ti SGDCK hn ch, nn cc SGDCK u ra tiu chun lm thnh
vin, nhm hn ch cc cng ty nh khng p ng c iu kin v c s
vt cht, trang thit b v chuyn mn cho hot ng.
Nhn chung tiu chun lm thnh vin ca SGDCK c xem xt trn
cc kha cnh sau:
- Yu cu v ti chnh: p ng vn gp c ng, vn iu l v tng
ti sn c th c quy nh nh l cc yu cu ti chnh bt buc i vi

cc thnh vin SGDCK. Tiu ch ny s m bo cho thnh vin c tnh hnh
ti chnh lnh mnh, c c s vt cht k thut tin hnh hot ng
mt cch bnh thng. Ngoi ra, khi cp php thnh lp cng ty chng
khon, UBCK thng cn c vo quy m th trng v cc nghip v quy
nh vn ti thiu cho cc nghip v. V d, SGDCK Hn Quc quy nh
nghip v mi gii phi c vn ti thiu 10 t Won, nu hot ng gm mi
gii, t doanh v bo lnh pht hnh l 50 t Won; ti Nht Bn cng ty
thnh vin c vn t 100-300 triu Yn, nu tham gia bo lnh pht hnh th
phi c 500 triu Yn, v nu mun tr thnh nh bo lnh pht hnh chnh
th phi c vn 10 t Yn; Ti Hoa K, vn ti thiu cho nh to lp lp th
trng phi l 1 triu USD, 250.000 USD i vi hot ng mi gii v t
doanh, v 100.000 USD cho cc hot ng t doanh. Vit Nam, theo iu
30 Ngh nh 48/1998/N-CP, mc vn php nh quy nh i vi Cng ty
chng khon theo tng loi hnh kinh doanh nh sau: Mi gii (3 t ng);
T doanh (12 t); Bo lnh pht hnh (22 t); T vn u t chng khon (3
t); Qun l danh mc u t (3 t).
Ngoi ra, t l n trn vn c phn v t l thu nhp trn vn c phn
cng nh cc ch bo kinh doanh ca cng ty phi bnh thng. Cc t l
ny phi c thm tra m bo thc trng ti chnh tt v kh nng sinh
li ca cng ty.
- Quy nh v nhn s: s lng v cht lng ca ban iu hnh, cc
nh phn tch chng khon v cc chuyn gia khc phi c quy nh trong
quy ch v nhn s. Do chng khon l mt cng c ti chnh phc tp, i
hi ngi qun l phi c hiu bit chuyn mn v hot ng kinh doanh
chng khon, phn tch c s bin ng ca gi c, v vy, cc cng ty
chng khon phi c mt i ng cn b c trnh m ng cc
trch nhim ca mnh. S kt hp hi ho gia li ch ca cng ty v li ch
cng cng (giao dch cng bng, bo v ngi u t, huy ng vn cho
cng ty mt cch c hiu qu) phi c tun th nhm n nh v pht trin
th trng chng khon. Ngi lm cng tc qun l phi l ngi va c
trnh hiu bit trong kinh doanh chng khon va c t cch o c tt.
Cc nhn vin ti thiu phi c trnh hc vn hay kinh nghim nht nh.

Ngoi ra, vn o c trong kinh doanh chng khon cng c xem
xt k trong khi tuyn chn nhn s cho cng ty thnh vin, v d nh phi
l ngi c nng lc php lut v nng lc hnh vi dn s y , khng c
tin n, tin s, khng l ch ca cc doanh nghip ph sn trc
- iu kin v c s vt cht k thut: Cng ty xin lm thnh vin phi
c tr s chnh, cc chi nhnh, vn phng giao dch cng nh c s vt cht,
trang thit b phi p ng c yu cu ca kinh doanh nh cc trm u
cui nhn lnh, xc nhn lnh, cc bng hin th in t.

3.3.3. Th tc kt np thnh vin
Quy trnh v th tc kt np thnh vin bao gm cc bc sau:

Bc 1: Tho lun s b
Tho lun s b
Np h s xin kt np
Thm nh
HQT ra quyt nh
Thanh ton cc khon ph
Kt np

Tho lun s b c thc hin nhm trnh cc sai st v th tc xin
lm thnh vin. SGDCK c th cung cp cc thng tin cn thit v cc quy
nh tiu chun thnh vin, phng php hon tt ni dung n v ph gia
nhp. Cng ty np n cng phi tho lun v ngy np h s cho SGDCK.
Bc 2: Np h s xin kt np
Cng ty xin lm thnh vin ca SGDCK phi np n xin theo mu
chung cho SGDCK cng vi cc ti liu b sung khc trong h s lm thnh
vin. Ni dung h s xin lm thnh vin bao gm:
(1) n xin lm thnh vin; (2) Tm tt v cng ty chng khon (lch
s cng ty, mc tiu kinh doanh, vn c phn, s lng chi nhnh, nhn
vin, c cu s hu, tnh trng cng ty, kh nng kinh doanh, trang thit b
phc v cho kinh doanh ..); (3) Cc hot ng giao dch chng khon
thc hin trc khi xin lm thnh vin; (4) Tnh trng ti chnh v qun l
cng ty trong nm qua v nh hng trong nhng nm ti.
Bc 3: Thm nh
SGDCK chng khon thm nh cht lng ca cng ty np n da
trn c s quy nh v thnh vin. Qu trnh thm nh, SGDCK c th yu
cu cng ty b sung thm cc ti liu cn thit khc hoc tin hnh thm
nh ti ch.
Bc 4: HQT ra quyt nh
HQT SGDCK s quyt nh chp nhn hay khng chp nhn t cch
thnh vin, trng hp c chp thun phi c ti thiu 2/3 s thnh vin
HQT ng .
Bc 5: Thanh ton cc khon ph gia nhp v ph khc
Nu vic chp thun kt np thnh vin ca cng ty c hiu lc, cng ty
thnh vin phi c ngha v ng gp cc khon ph gia nhp v cc khon
ph khc cho SGDCK. Ph gia nhp do HQT quyt nh, bao gm: Ph gia
nhp c s da trn tng ti sn ca SGDCK chia cho s lng cc thnh
vin tham gia hin ti; Ph gia nhp c bit l mc ph tr cho c quyn

giao dch c tnh da trn hoa hng thu c hng nm nhn vi mt s
nm thnh lp hoc ti c cu s hu SGDCK cho n thi im gia nhp;
Ph thnh vin thng nin l mc ph quy i theo tng nm gi tr ca ph
gia nhp c s.
Trong trng hp cng ty np n b yu cu phi mua li ch hoc c
phiu ca SGDCK trc khi np n, cng ty phi thc hin vic mua li
ch v c phiu ny t thnh vin sp chm dt kinh doanh.
Bc 6: Kt np thnh vin
3.3.4. Quyn v ngha v ca thnh vin
3. 3.4.1. Quyn ca thnh vin
Cn c vo loi hnh thnh vin thng thng hay thnh vin c bit,
cc SGDCK s quy nh quyn hn c th cho tng thnh vin.
Thng thng, cc thnh vin u c quyn tham gia giao dch v s
dng cc phng tin giao dch trn SGDCK thc hin qu trnh giao
dch. Tuy nhin, ch thnh vin chnh thc mi c tham gia biu quyt v
nhn cc ti sn t SGDCK khi t chc ny gii th. i vi cc SGDCK do
nh nc thnh lp v s hu th cc thnh vin u c quyn nh nhau, v
kin ng gp c gi tr tham kho ch khng mang tnh quyt nh, v cc
thnh vin khng ng gp vn xy dng SGDCK.
3.3.4.2. Ngha v ca thnh vin
Ngha v bo co: Hu ht cc SGDCK hot ng nh mt t chc t
qun trong th trng chng khon. SGDCK phi thc hin y cc ngha
v ca mnh, bt k mt s thay i no v cc thnh vin u phi thng
bo cho SGDCK. Khi thc hin cc bo co nh k, SGDCK c th ngn
chn cc tnh trng c vn ca cc thnh vin trc khi cc thnh vin
c khng hong v bo v quyn li cho cng chng u t. Cc bo co
nh k do cc thnh vin thc hin s lm tng tnh cng khai ca vic qun
l cc thnh vin.

Thanh ton cc khon ph: bao gm ph thnh vin gia nhp, ph thnh
vin hng nm c tnh ton khi tin hnh gia nhp v cc khon l ph
giao dch c tnh da trn cn c doanh s giao dch ca tng thnh vin.
Ngoi ra, cc thnh vin cn phi c ngha v ng gp vo cc qu h
tr thanh ton nhm m bo cho qu trnh giao dch c nhanh chng v
cc khon bo him cho hot ng mi gii chng khon.
3.4. Nim yt chng khon
3.4.1. Khi nim:
Nim yt chng khon l qu trnh nh danh cc chng khon p ng
tiu chun c giao dch trn SGDCK. C th, y l qu trnh SGDCK
chp thun cho cng ty pht hnh c chng khon c php nim yt v
giao dch trn SGDCK nu cng ty p ng y cc tiu chun v nh
lng cng nh nh tnh m SGDCK ra.
Nim yt chng khon thng bao hm vic yt tn t chc pht hnh
v gi chng khon.
Hot ng nim yt i hi phi m bo s tin cy i vi th trng
cho cc nh u t. C th, cc cng ty xin nim yt phi c p ng c
cc iu kin nim yt. iu kin ny c quy nh c th trong quy
ch v nim yt chng khon do SGDCK ban hnh. Thng thng, c hai
quy nh chnh v nim yt l yu cu v cng b thng tin ca cng ty v
tnh kh mi ca cc chng khon. Cc nh u t v cng chng phi nm
c y cc thng tin v c c hi nm bt thng tin do cng ty pht
hnh cng b ngang nhau, m bo s cng bng trong tip nhn thng tin,
k c cc thng tin mang tnh cht nh k hoc thng tin thc thi c tc
ng n gi c, khi lng chng khon giao dch.
3.4.2. Mc tiu ca vic nim yt
- Thit lp quan h hp ng gia SGDCK vi t chc pht hnh c
chng khon nim yt, t quy nh trch nhim v ngha v ca t chc
pht hnh trong vic cng b thng tin, m bo tnh trung thc, cng khai
v cng bng.

- Nhm mc ch h tr th trng hot ng n nh, xy dng lng tin
ca cng chng i vi th trng chng khon bng cch la chn cc
chng khon c cht lng cao giao dch.
- Cung cp cho cc nh u t nhng thng tin v cc t chc pht hnh.
- Gip cho vic xc nh gi chng khon c cng bng trn th
trng u gi v thng qua vic nim yt cng khai, gi chng khon c
hnh thnh da trn s tip xc hiu qu gia cung v cu chng khon.
3.4.3. Vai tr ca vic nim yt chng khon i vi t chc
pht hnh
* Thun li:
- Cng ty d dng trong huy ng vn: Nim yt nhm mc ch huy
ng vn thng qua pht hnh chng khon. Cng ty c nim yt c th
thu ht vn di hn thng qua pht hnh chng khon vi chi ph thp.
Thng thng, cng ty nim yt c cng chng tn nhim hn cng ty
khng c nim yt, bi vy, khi tr thnh mt cng ty c nim yt th
h c th d dng trong vic huy ng vn v vi chi ph huy ng thp hn.
- Tc ng n cng chng: Nim yt gp phn "t p" thm hnh
nh ca cng ty trong cc nh u t, cc ch n, ngi cung ng, cc khch
hng v nhng ngi lm cng, nh vy cng ty c nim yt c "sc ht"
u t hn i vi cc nh u t.
- Nng cao tnh thanh khon cho cc chng khon: Khi cc chng
khon c nim yt, chng c th c nng cao tnh thanh khon, m
rng phm vi chp nhn lm vt th chp v d dng c s dng phc v
cho cc mc ch v ti chnh, tha k v cc mc ch khc. Hn na, cc
chng khon c nim yt c th c mua vi mt s lng rt nh, do
cc nh u t c vn nh vn c th d dng tr thnh c ng ca cng ty.
- u i v thu:
+ Thng thng cc th trng chng khon mi ni cng ty tham gia
nim yt c hng chnh nhng chnh sch u i v thu trong hot ng
kinh doanh nh: min, gim thu thu nhp doanh nghip trong mt s nm
nht nh.

+ i vi nh u t mua chng khon nim yt s c hng cc
chnh sch u i v thu thu nhp (min, gim) i vi c tc, li hoc
chnh lch mua bn chng khon (li vn) t cc khon u t vo th
trng chng khon.
* Hn ch:
- Ngha v bo co nh l mt cng ty i chng: Cng ty nim yt
phi c ngha v cng b thng tin mt cch y , chnh xc v kp thi
lin quan n cc mt hot ng ca cng ty cng nh cc bin ng c nh
hng n gi c chng khon nim yt. Ngha v cng b thng tin i
chng trong mt s trng hp lm nh hng n b quyt, b mt kinh
doanh v gy phin h cho cng ty.
- Nhng cn tr trong vic thu tm v sp nhp: Nim yt bc l
ngun vn v phn chia quyn biu quyt ca cng ty cho nhng ngi mua
l nhng ngi c th gy bt tin cho nhng c ng ch cht v cng vic
qun l iu hnh hin ti ca cng ty. Cng ty c th gp nhiu cn tr
trong vic thc hin mc tiu thu tm hay sp nhp ca mnh.
3.4.4 Phn loi nim yt chng khon
3.4.4.1. Nim yt ln u ( Initial Listing).
Nim yt ln u l vic cho php chng khon ca t chc pht hnh
c ng k nim yt giao dch chng khon ln u tin sau khi pht hnh
ra cng chng (IPO) khi t chc pht hnh p ng c cc tiu chun
v nim yt.
3.4.4.2. Nim yt b sung (Additional Listing)
Nim yt b sung l qu trnh chp thun ca SGDCK cho mt cng ty
nim yt c nim yt cc c phiu mi pht hnh vi mc ch tng vn
hay v cc mc ch khc nh sp nhp, chi tr c tc, thc hin cc tri
quyn hoc thc hin cc tri phiu chuyn i thnh c phiu...vv.
3.4.4.3. Thay i nim yt (Change Listing)

Thay i nim yt pht sinh khi cng ty nim yt thay i tn chng
khon giao dch, khi lng, mnh gi hoc tng gi tr chng khon c
nim yt ca mnh.
3.4.4.4. Nim yt li (Relisting).
L vic cho php mt cng ty pht hnh c tip tc nim yt tr li
cc chng khon trc y b hu b nim yt v cc l do khng p ng
c cc tiu chun duy tr nim yt.
3.4.4.5. Nim yt ca sau (Back door Listing).
L trng hp mt t chc nim yt chnh thc sp nhp, lin kt hoc
tham gia vo hip hi vi mt t chc, nhm khng nim yt v kt qu l
cc t chc khng nim yt ly c quyn kim sot t chc nim yt.
3.4.4.6. Nim yt ton phn v nim yt tng phn (Dual Listing
&Partial listing)
Nim yt ton phn l vic nim yt tt c cc c phiu sau khi pht
hnh ra cng chng trn mt SGDCK trong nc hoc nc ngoi.
Nim yt tng phn l vic nim yt mt phn trong tng s chng
khon pht hnh ra cng chng ca ln pht hnh , phn cn li khng
hoc cha c nim yt. Nim yt tng phn thng din ra cc cng ty
ln do Chnh ph kim sot, phn chng khon pht hnh ra th trng do
cc nh u t c nhn nm gi c nim yt, cn phn nm gi ca Chnh
ph hoc t chc i din cho Chnh ph nm gi khng c nim yt.
3.4.5. Tiu chun nim yt
Tiu chun nim yt thng thng do SGDCK ca mi quc gia quy
nh, da trn c s thc trng ca nn kinh t. Tiu chun ny bao gm cc
iu kin v ti chnh ca cng ty, chnh sch khuyn khch hay hn ch
nim yt.. Ni dung v s tht cht ca cc quy nh nim yt ca mi nc
hay mi SGDCK c quy nh khc nhau. Thng thng, cc quc gia c
th trng chng khon pht trin, cc tiu chun nim yt cht ch hn cc
th trng mi ni. Tiu chun v nim yt c quy nh di hai hnh
thc: tiu chun nh lng v tiu chun nh tnh.

3.4.5.1. Tiu chun nh lng
- Thi gian hot ng t khi thnh lp cng ty: cng ty nim yt phi c
mt nn tng kinh doanh hiu qu v thi gian hot ng lin tc trong mt
s nm nht nh tnh n thi im xin nim yt. Thng thng, i vi cc
th trng chng khon truyn thng cng ty nim yt phi c thi gian hot
ng ti thiu 3-5 nm, hoc c phiu tng c giao dch trn th trng
phi tp trung.
- Quy m v c cu s hu c phn cng ty: quy m ca mt cng ty
nim yt phi ln to nn tnh thanh khon ti thiu cho chng khon
ca cng ty.
V d: cng ty nim yt ti TTGDCK Vit Nam phi c vn c phn ti
thiu 10 t ng. C c cu vn ca cc c ng bn ngoi cng ty ti thiu
l 20% vn c phn, c ng sng lp phi nm gi ti thiu 20% vn c
phn v phi nm gi trong vng 3 nm khng c php bn ra k t ngy
pht hnh.
- Li sut thu c t vn c phn. Mc sinh li trn vn u t (c
tc) phi cao hn li sut tin gi ngn hng k hn 1 nm. Hoc s nm
hot ng kinh doanh c li tnh n thi im xin nim yt l 2-3 nm.
- T l n: c th l t l n trn ti sn rng ca cng ty, hoc t l vn
kh dng iu chnh trn tng ti sn n ca cng ty mc cho php, nhm
bo m duy tr tnh hnh ti chnh lnh mnh ca doanh nghip.
- S phn b c ng: l xt n s lng v t l c phiu do cc c
ng thiu s nm gi (thng thng 1%) v cc c ng ln ( 5%); t l c
phiu do c ng sng lp v c ng ngoi cng chng nm gi mc ti
thiu.
3.4.5.2. Tiu chun nh tnh
- Trin vng ca cng ty;
- Phng n kh thi v s dng vn ca t pht hnh;
- kin kim ton v cc bo co ti chnh.
- C cu t chc hot ng ca cng ty (HQT v BG iu hnh).

- Mu chng ch chng khon.
- Li ch mang li i vi ngnh, ngh trong nn kinh t quc dn.
- T chc cng b thng tin.
Quy nh nim yt trong nhng trng hp c bit:
Nhm bo v cc nh u t, cc quy nh v nim yt cng c quy
nh c th mt s ngnh, ngh, lnh vc nht nh v vn kinh doanh, thi
gian hot ng, li rng hng nm v s lng c ng ti thiu. V d: cc
ngnh kin trc xy dng v cng ngh cao l lnh vc u t c nhiu ri ro
nn tiu chun nim yt thng a ra cao hn. Cn cc lnh vc ngn hng,
ti chnh, bo him, cng ty chng khon, do c th v bn cht ca hot
ng ti chnh, nn tiu chun n trn vn thng khng xt n, m ch xt
n yu t li nhun trn vn c phn.
3.4. 6. Th tc nim yt
Quy trnh cc bc i vi nim yt ln u:

SGD thm nh s b
Np bn ng k ln UBCK
Cho bn ra cng chng
Xin php nim yt
Thm tra nim yt chnh thc
Nim yt
Cho bn ra cng chng

Bc 1. S giao dch thm nh s b
Thm nh s b l vic vch ra phng hng cung cp cho nhng
ngi mua c phiu cho bn ra cng chng bit trc c tnh kh mi
ca chng khon nhm rt bt thi gian thm nh chnh thc. Cho d vic
thm nh ny khng c thc hin mt cch chnh thc nhng n c tc
dng quan trng trong vic a ra quyt nh cui cng trong vic chp
thun hay t chi vic nim yt. Hu ht cc cng ty khng t tiu chun b
loi ra ngay khi thm nh s b trc khi np n xin nim yt chnh thc.
Khi thm nh s b, SGDCK ch trng n cc vn (1) cng ty
nim yt phi c mt nn tng hot ng c li v trong tng lai phi c
kh nng sinh li tt ; (2) cng ty xin nim yt phi c ban lnh o c c
cu ca mt cng ty i chng; (3) t chc cng b thng tin thng xuyn;
(4) cc c phiu phi t c mc thanh khon nht nh theo th bc
do SGD quy nh; (5) cng ty nim yt khng c vi phm n quyn li
ca cng chng u t i din cho quyn li ca cc bn tham gia nh cc
c ng kim sot hay cng ty m.
Tin trnh thm nh s b h s gm cc bc sau:
(1) SGDCK kim tra cc ti liu do cng ty xin nim yt np
(2) SGDCK t cc cu hi cho cng ty xin nim yt v cc ti liu
np
(3) Cng ty xin nim yt tr li cu hi ca SGDCK v cc th tc t
bc 1 n bc 3 v lp i lp li cho n khi cc chi tit c lm sng t
hon ton;
(4) SGDCK tm hiu thm v cng ty nim yt v c th n cng ty
nim yt kim tra cc ti liu v thu thp thm cc thng tin cn thit cho
vic thm nh nim yt chnh thc;
(5) Nhn vin SGDCK tho lun v kt qu ca vic thm tra trong
c cc kt qu khi thc hin tm hiu cng ty;
(6) SGDCK a ra quyt nh cui cng v thng bo quyt nh ny
cho cng ty nim yt.
Bc 2: trnh bn ng k ln UBCK

Vic cho bn c phiu ra cng chng quyt nh ti s phn b c
ng trong cng ty, do cng ty mun nim yt cc c phiu ca h trn
SGDCK phi trnh bn ng k ln UBCK xin chp thun cho php cho
bn ra cng chng. Bn thng co pht hnh s b l vn bn nh km theo
bn thng co ng k ny.
Bc 3: Cho bn ra cng chng
Cho bn ra cng chng c th c thc hin sau khi bn thng co
ng k c UBCK chp thun. Bt k cng ty no mun xin php nim
yt phi nu r mc ch nim yt cc c phiu ca h trn SGDCK trong
bn thng co pht hnh. Thng thng, qu trnh cho bn ni trn do
nhm bo lnh pht hnh l cc ngn hng u t hay cc cng ty chng
khon thc hin.
Bc 4: Xin php nim yt
Cng ty pht hnh mun nim yt v giao dch chng khon ca mnh
trn SGDCK phi gi h s nim yt chnh thc ln SGDCK, v k hp
ng nim yt vi SGDCK.
- Cc ti liu trong h s nim yt bao gm: Ngoi h s thm nh s
b trc y, cng ty nim yt cn c cc ti liu sau:
1. n xin nim yt (theo mu), trong nu r l do xin nim yt
2. H s ng k v bo co phn tch chng khon
3. Bn sao hp ng dch v gia cng ty v i l chuyn nhng.
4. Bn sao hp ng vi nh bo lnh pht hnh chnh
5. Mu chng ch chng khon
6. ng k cng ty
7. Bo co ca t cho bn ra cng chng
8. Bn trnh by ca i l chuyn nhng v c cu s hu
9. Danh sch c ng.

- Hp ng nim yt l hp ng gia SGDCK v cng ty xin nim yt
trong quy nh cc ngha v ca cng ty nim yt. Mu hp ng th
trng khc nhau u c s khc nhau. Tuy nhin, tu trung li u c cc
ni dung sau: (1) m bo vic cng b thng tin theo nh k; (2) m bo
vic cng b cc bn bo co ti chnh theo tiu chun nguyn tc k ton
chung (GAAP) mt cch thng xuyn v theo nh k; (3) cung cp cho
SGDCK thng tin theo nh k nhm gip h thc hin tt chc nng duy tr
mt th trng c trt t cho cc chng khon ca cng ty; (4) cam kt thc
hin kinh doanh lnh mnh.
Bc 5: Thm tra nim yt chnh thc
Nh ni trn, vic thm nh khi SGDCK chp nhn s b l rt
quan trng, do vic thm tra nim yt chnh thc s khng ko di.
vic thm nh c hiu qu, cc SGDCK thng c mt tiu ban chuyn
trch thm nh v a ra cc quyt nh chp thun cui cng.
Bc 6: Nim yt
Khi SGDCK hon tt cc th tc nim yt, SGDCK s quy nh c th
ngy nim yt. Sau SGDCK s mi Ch tch hi ng qun tr v Tng
gim c iu hnh cng ty nim yt nh ra ngy giao dch u tin i
vi chng khon nim yt. y l ng tc gip gip lnh o cng ty
hin din ra cng chng v nhn trch nhim ca cng ty c nim yt.
3.4.7. Qun l nim yt
Vic qun l cc chng khon nim yt l cng vic ca h thng qun
l ti SGDCK vi mc ch duy tr mt th trng hot ng cng bng v
trt t. Ging nh mt t chc t qun, SGDCK phi ra cc ngha v cho
cc cng ty nim yt v cc bin php trng pht i vi cng ty nim yt
khng thc hin y cc ngha v ca mnh.
3.4.7.1. Quy nh bo co dnh cho vic qun l cc c phiu nim yt
Cng ty nim yt c ngha v cng b thng tin nh k (nm, bn nin,
qu); thng tin tc thi v thng tin theo yu cu ca SGDCK trn cc
phng tin thng tin i chng, trn SGDCK cc thit b u cui v ti tr
s ca t chc nim yt.

Cng ty nim yt phi np bo co cho SGDCK theo ng thi hn, ni
dung bn bo co np cho SGDCK phi bao gm mt s hot ng hay s
kin nht nh trong vic qun l v iu hnh kinh doanh. Bo co phi
tho mn cc yu cu quy nh ca SGDCK trong vic thc hin chc nng
t qun. Chc nng bao gm vic m bo cung cp cc chng khon ca
cng ty cho th trng hot ng mt cch cng bng v hiu qu.
Cng ty nim yt phi trnh cho SGDCK bn bo co v cc vn :
(1) cc vn gy tc ng nghim trng n gi c chng khon; (2) cc
vn gy tc ng gin tip n gi c chng khon; (3) cc vn gy tc
ng khng ng k n gi c chng khon nhng li nh hng rt
nghim trng n vic quyt nh u t.
Hai nhm u lin quan n quy nh v ngha v cng b thng tin,
nhm th ba lin quan n quy nh v ngha v bo co trong quy nh v
nim yt. Cc vn phi bo co ln SGDCK c lin quan n vic qun l
cc c phiu nim yt bao gm: (a) cuc hp i hi ng c ng gm:
ngy hp, ngy ng s chuyn nhng, cc kt qu hp ca Hi ng qun
tr; (b) thay i v c cu s hu c phn ca cc c ng chnh; (c) thay i
ch tch iu hnh,vn phng chnh hoc tn cng ty; (d) thay i hp ng
vi c quan chuyn nhng hoc cng ty kim ton; (e) SGDCK s sp xp
k hoch cn thit cho vic tng vn, nh ngy ng s c ng, ngy ghi
chp d liu v gi pht hnh ca cc c phiu mi.
3.4.7.2 Tiu chun thuyn chuyn, chng khon b kim sot, hu b
nim yt
Tiu chun thuyn chuyn:
Mt cng ty nim yt s b thuyn chuyn t th trng nim yt c tiu
chun cao sang th trng giao dch c tiu chun thp (i vi m hnh th
trng t chc thnh 2 khu vc: tiu chun nim yt cao v tiu chun nim
yt thp) hoc khu vc giao dch Bng II (Second Board) nu cng ty khng
p ng c y cc iu kin nim yt, nh:
- Vic chi tr c tc thp hn tiu chun quy nh.
- T l n trn vn c phn cao hn mc tiu chun quy nh.

- Phn b c ng khng hp l, khi t l nm gi c phiu ca cc c
ng sng lp, hoc c ng ngoi cng chng thp hn mc quy nh.
- Khi cng ty nim yt khng np y cc bo co theo hn nh.
- Khi kin ca kim ton vin i vi cc bo co ti chnh l "phn
i" hoc "t chi cho kin".
- Khi gi tr thc (ti sn thun) ca cng ty l con s m.
- Khi SGDCK nhn ra rng cng ty nim yt b nh ch cc hot
ng kinh doanh theo giy php chnh.
Khi mt cng ty nim yt b thuyn chuyn sang th trng giao dch c
phiu hoc sang khu vc bng II, cc giao dch c phiu ca cng ty cn
phi ngng li trong mt thi gian nht nh thng bo cho cc nh u
t. Tuy nhin, thi gian ngng giao dch cng ngn cng tt cho vic to ra
tnh thanh khon cho cc c phiu.
Chng khon b kim sot
Khi cc chng khon khng duy tr c cc tiu chun nim yt song
cha n mc phi hu b nim yt, th s c a vo nhm chng
khon b kim sot. Chng khon thuc din b kim sot c tch ring v
qun l cht ch theo cc quy nh ring ca SGDCK v: bin giao ng
gi, giao dch k qu, t l nm gi...vv.
SGDCK phi a ra li cnh bo (chng khon thuc din b cnh bo)
trc cho cng ty nim yt l chng khon ca h c th b trc xut khi
th trng giao dch, tr khi cc nguyn nhn chng khon b lit vo dng
chng khon kim sot ny c khc phc trc thi hn trc xut. Trong
thi gian , SGDCK thng bo cc vn lin quan n thi hn trc xut
v l do quyt nh coi chng khon ny l chng khon thuc din b kim
sot.
Hu b nim yt
Tiu chun hu b nim yt thng c p dng cho cc cng ty pht
hnh l cng ty khng th tip tc p ng ni cc quy nh v nim yt. Do

, tiu chun hu b nim yt ch r cc trng hp chng khon ca cc
t pht hnh giao dch trn th trng nim yt b hu b nim yt.
3.4.7.3. Nim yt c phiu ca cc cng ty sp nhp
Cng ty sp nhp xut hin khi mt cng ty hp nht vi mt cng ty
khc nhm cng c hot ng kinh doanh v tng nng lc cnh tranh.
Thng thng, vic sp nhp s ci thin c tnh hnh ti chnh, tng li
nhun v tim lc ca cng ty. c bit, do sp nhp ca cng ty nim yt
c th gy nh hng ti li ch cho cc nh u t nn cng ty sp nhp
phi c nhng gii php nhm m bo s cn i v quyn li cho cc bn
lin quan.
Trong trng hp mt cng ty nim yt v mt cng ty khng c
nim yt thc hin sp nhp thnh mt cng ty nim yt khc, cc iu kin
sp nhp phi c quyt nh tht chun xc sao cho khng gy nh hng
n nh u t. Trng hp mt cng ty nim yt sp nhp vo mt cng ty
khng c nim yt rt t xy ra. Kiu sp nhp ny c th gy ra mt s
tc hi n vic bo h cc nh u t do cng ty nim yt phi thc hin
hu b nim yt. Khi mt cng ty khng nim yt tip tc tn ti sau khi sp
nhp v vn s dng tn ca cng ty nim yt th vic nim yt ca cng ty
c gi l "nim yt ca sau" (back door listing).
3.4.7.4. Ngng giao dch
Mc ch ca ngng giao dch l dnh thi gian cho cc nh u t c
y thng tin nh gi v thc trng ca chng khon v cng ty nim
yt gii trnh cc l do dn dn phi ngng giao dch. Giao dch chng
khon c th b ngng trong cc trng hp sau: (1) Cng ty nim yt chng
khon thuc din b thuyn chuyn hay b hu b nim yt; (2) Khi cng ty
pht hin ra cc chng ch gi mo hay c sa cha; (3) Cng ty yu cu cc
c ng phi trnh cc chng ch c phn nhm mc ch chia nh hay
gp c phiu; (4) SGDCK thy rng cn phi bo v quyn li cho cng
chng cc nh u t.
V nguyn tc, thi gian ngng giao dch cng ngn cng tt. Tuy
nhin, trong trng hp chia nh hay gp c phiu, thi gian ngng giao
dch ko di t khi thu hi xong cc chng ch c phiu c n khi cc c

phiu mi thay th c nim yt. Ngoi ra, vic ngng giao dch ch ko
di cho n khi cc nguyn nhn ngng giao dch c gii quyt.
3.4.7.5. Ph nim yt
L cc khon ph lin quan n nim yt v duy tr cc tiu chun nim
yt m cc cng ty nim yt phi tr cho SGDCK c nim yt v giao
dch chng khon ca mnh trn SGDCK. Ph ny l mt trong nhng ngun
thu ch yu ca SGDCK v c chia lm 2 loi: Ph ng k nim yt ln
u l mc thu ph tip nhn h s, thm nh qu trnh nim yt ln u ca
t chc pht hnh khi tham gia vo SGDCK v c thu mt ln khi tham
gia nim yt; ph qun l nim yt hng nm nhm duy tr cc tiu chun
v qun l nim yt trong sut qu trnh tn ti ca c phiu c nim yt
trn SGDCK v c thu hng nm . Mc thu ph cng ph thuc vo tng
th trng hoc nhm ngnh ngh u tin hay khng u tin v tnh trn tng
gi tr c phiu nim yt.
Hin nay, mc thu ph v nim yt trn cc SGDCK quc t chim
khong 22% trn tng thu nhp ca SGDCK . Trong mc thu ph nim
yt ca SGDCK NewYork chim khong 38%; SGDCK Tokyo khong 16%;
SGDCK Hn Quc khong 4%; SGDCK Thi Lan khong 21%; SGDCK
Lun n 15%.

3.4.7.6. M chng khon
nhn bit cc chng khon mt cch d dng v qun l chng c
hiu qu, cn phi dng loi chng khon c m s. Ngoi ra, vic dng cc
m s chng khon cng to iu kin thun tin cho vic in ton ho cc
giao dch v qun l cc chng khon nim yt .
Vic s dng h thng nhn din chng khon bng m s quc t
(ISIN) c gi tr rt quan trng i vi vic qun l c hiu qu m chng
khon v tin dng i vi cc thnh vin trn TTCK quc t.
3.4.7.7. Qun l nim yt chng khon ca cc cng ty nc ngoi
Cc SGDCK thng quy nh cc cng ty nc ngoi c th pht hnh
v nim yt chng khon trn SGDCK ca mnh v thng ra cc tiu
chun quy nh cho vic nim yt ny. Thng thng, cc tiu chun nim

yt i vi cc cng ty nc ngoi t cht ch hn so vi cc cng ty trong
nc, ph nim yt thng mc thp hn so vi cng ty trong nc.
Cc chng khon ca cng ty nim yt nc ngoi c giao dch trn
mt khu vc ring. Phng thc giao dch, ngy thanh ton, gi giao dch,
n v giao dch v gii hn thay i gi trong ngy tng t nh i vi cc
cng ty trong nc. Tuy nhin, thng thng chng khon nc ngoi nim
yt trn SGDCK trong nc phi c t nht mt ngi trong nc i din
cho cng ty pht hnh nc ngoi gii quyt cc vn pht sinh gia t
chc nim yt v SGDCK. Ngoi ra, tiu chun k ton, kim ton ca nc
nguyn x phi c chp nhn, nu c s khc bit th cn c lm r.

Cu hi n tp

1. Cc hnh thc s hu S giao dch chng khon. Lin h thc tin
TTCK Vit Nam hin nay v a ra cc bnh lun?
2. Trnh by cc vn c bn v t chc v hot ng ca SGDCK?
Lin h thc tin TTCK Vit Nam.
3. Cc thnh vin ca SGDCK? Phn loi cc thnh vin trn TTCK
Vit Nam hin nay.
4. Ti sao cn thit phi nim yt chng khon? Bnh lun v cc iu
kin c php nim yt chng khon trn TTCK Vit Nam.
5. Phn tch u im v hn ch ca vic nim yt chng khon i vi
st chc pht hnh v i vi c quan qun l th trng.


Chng 4
Th trng chng khon phi tp trung

1.1. Nhng vn chung v th trng chng
khon phi tp trung (OTC)
1.1.1. Khi nim
Th trng chng khon phi tp trung (OTC) l loi th trng chng
khon xut hin sm nht trong lch s hnh thnh v pht trin ca th
trng chng khon. Th trng c mang tn OTC (Over The Counter) c
ngha l "Th trng qua quy". iu ny xut pht t c th ca th trng
l cc giao dch mua bn trn th trng c thc hin trc tip ti cc quy
ca cc ngn hng hoc cc cng ty chng khon m khng phi thng qua
cc trung gian mi gii a vo u gi tp trung.
Nh vy, c th hiu, th trng OTC l th trng khng c trung tm
giao dch tp trung, l mt mng li cc nh mi gii v t doanh chng
khon mua bn vi nhau v vi cc nh u t, cc hot ng giao dch ca
th trng OTC c din ra ti cc quy (sn giao dch) ca cc ngn hng
v cng ty chng khon.
c im quan trng nht ca th trng OTC phn bit vi th
trng chng khon tp trung l c ch xc lp gi bng hnh thc thng
lng v tho thun song phng gia ngi mua v ngi bn l ch yu,
cn hnh thc xc lp gi bng u lnh ch c p dng hn ch v phn
ln l cc lnh nh. Thi k ban u ca th trng, vic thng lng gi
theo tho thun trc tip - "mt i mt" song cho n nay vi s pht trin
ca cng ngh thng tin, vic thng lng c th c thc hin qua in
thoi v h thng mng my tnh in t din rng.
Th trng OTC ng vai tr ca mt th trng th cp, tc l thc
hin vai tr iu ho, lu thng cc ngun vn, m bo chuyn ho cc
ngun vn ngn hn thnh di hn u t pht trin kinh t.
Chng 4: Th trng chng khon phi tp trung

Qu trnh pht trin ca th trng OTC l qu trnh pht trin t hnh
thi th trng t do, khng c t chc n th trng c t chc c s qun
l ca Nh nc hoc ca cc t chc t qun v c pht trin t hnh thc
giao dch truyn thng, th cng sang hnh thc giao dch in t hin i.
Hin nay, th trng OTC c coi l th trng chng khon bc cao, c
mc t ng ho cao .
1.1.2. Nhng c im c bn ca th trng OTC
Th trng OTC mi nc c nhng c im ring, ph hp vi iu
kin v c th mi nc. Tuy nhin, h thng th trng OTC trn th gii
hin nay ch yu c xy dng theo m hnh th trng NASDAQ ca M.
V vy, c th khi qut mt s c im chung ca th trng OTC cc
nc nh sau:
- V hnh thc t chc th trng. Th trng OTC c t chc theo
hnh thc phi tp trung, khng c a im giao dch mang tnh tp trung
gia bn mua v bn. Th trng s din ra ti cc a im giao dch ca
cc ngn hng, cng ty chng khon v cc a im thun tin cho ngi
mua v bn.
- Chng khon giao dch trn th trng OTC bao gm 2 loi: Th nht,
chim phn ln l cc chng khon cha iu kin nim yt trn S giao
dch song p ng cc iu kin v tnh thanh khon v yu cu ti chnh ti
thiu ca th trng OTC, trong ch yu l cc chng khon ca cc cng
ty va v nh, cng ty cng ngh cao v c tim nng pht trin. Th hai l
cc loi chng khon nim yt trn S giao dch chng khon. Nh vy,
chng khon nim yt v giao dch trn th trng OTC rt a dng v c
ri ro cao hn so vi cc chng khon nim yt trn S giao dch chng
khon.
- C ch cc lp gi trn th trng OTC ch yu c thc hin thng
qua phng thc thng lng v tho thun song phng gia bn mua v
bn bn, khc vi c ch u gi tp trung trn S giao dch chng khon.
Hnh thc khp lnh trn th trng OTC rt t ph bin v ch c p dng

i vi cc lnh nh. Gi chng khon c hnh thnh qua thng lng v
tho thun ring bit nn s ph thuc vo tng nh kinh doanh i tc trong
giao dch v nh vy s c nhiu mc gi khc nhau i vi mt chng
khon ti mt thi im. Tuy nhin, vi s tham gia ca cc nh to th
trng v c ch bo gi tp trung qua mng my tnh in t nh ngy nay
dn n s cnh tranh gi mnh m gia cc kinh doanh chng khon v v
vy, khong cch chnh lch gia cc mc gi s thu hp do din ra s "u
gi" gia cc nh to lp th trng vi nhau, nh u t ch vic la chn
gi tt nht trong cc bo gi ca cc nh to lp th trng.
- Th trng c s tham gia v vn hnh ca cc nh to lp th trng,
l cc cng ty giao dch - mi gii. Cc cng ty ny c th hot ng giao
dch di hai hnh thc: Th nht l mua bn chng khon cho chnh mnh,
bng ngun vn ca cng ty - l hot ng giao dch. Th hai l lm mi
gii i l chng khon cho khch hng hng hoa hng - l hot
ng mi gii.
Khc vi S giao dch chng khon ch c mt ngi to ra th trng
cho mi loi chng khon l cc chuyn gia chng khon, th trng
OTC c s tham gia v vn hnh ca cc nh to lp th trng (Market
Makers) cho mt loi chng khon bn cnh cc nh mi gii, t doanh.
Nhim v quan trng nht v ch yu ca cc nh tp lp th trng l to
tnh thanh khon cho th trng thng qua vic nm gi mt lng chng
khon sn sng mua bn, giao dch vi khch hng. to ra th trng
cho mt loi chng khon, cc cng ty giao dch - mi gii s xng mc
gi cao nht sn sng mua (gi t mua) v gi thp nht sn sng bn (gi
cho bn), cc mc gi ny l gi yt ca cc nh to th trng v h s
c hng cc chnh lch gi thng qua vic mua bn chng khon. H
thng cc nh to lp th trng c coi l ng lc cho th trng OTC
pht trin. Mun tham gia trn th trng OTC, cc cng ty mi gii phi
ng k hot ng vi cc c quan qun l (U ban chng khon, S giao
dch hoc Hip hi cc nh kinh doanh chng khon) v c trch nhim tun
th cc chun mc v ti chnh, k thut, chuyn mn v o c hng ngh.

- L th trng s dng h thng mng my tnh in t din rng
lin kt tt c cc i tng tham gia th trng. V vy, th trng OTC
cn c gi l th trng mng hay th trng bo gi in t. H thng
mng ca th trng c cc i tng tham gia th trng s dng
t lnh giao dch, m phn thng lng gi, truy cp v thng bo cc
thng tin lin quan n giao dch chng khon ... Chc nng ca mng
c s dng rng ri trong giao dch mua bn v qun l trn th trng
OTC.
- Qun l th trng OTC. Cp qun l th trng OTC tng t nh
qun l hot ng ca th trng chng khon tp trung v c chia thnh 2
cp.
* Cp qun l Nh nc: do c quan qun l th trng chng khon
trc tip qun l theo php lut v chng khon v cc lut c lin quan, c
quan ny thng l U ban chng khon cc nc.
* Cp t qun: c th do Hip hi cc nh kinh doanh chng khon
qun l nh M, Hn Quc, Thi Lan, Nht Bn... hoc do trc tip S
giao dch ng thi qun l nh Anh, Php, Canada, Php.... Nhn chung,
ni dung v mc qun l mi nc c kh nhau, tu thuc vo iu
kin v c th ca tng nc nhng u c chung mc tiu l m bo s
n nh v pht trin lin tc ca th trng.
- C ch thanh ton trn th trng OTC l linh hot v a dng. Do
phn ln cc giao dch mua bn trn th trng OTC c thc hin trn c
s thng lng v tho thun nn phng thc thanh ton trn th trng
OTC linh hot gia ngi mua v bn, khc vi phng thc thanh ton b
tr a phng thng nht nh trn th trng tp trung. Thi hn thanh ton
khng c nh nh trn th trng tp trung m rt a dng T+0, T+1, T+ 2,
T+x trn cng mt th trng, tu theo tng thng v v s pht trin ca
th trng.

1.1.3. Phn bit th trng OTC vi cc th trng chng
khon khc
* Th trng OTC v th trng chng khon tp trung
Th trng OTC
Th trng S giao dch
im ging nhau
- u l cc th trng c t chc, chu s qun l, gim st ca Nh nc
- Hot ng ca th trng chu s chi phi ca h thng Lut chng khon v
cc vn bn php lut khc c lin quan.
im khc nhau
- a im giao dch l phi tp trung - a im giao dch tp trung, c
trung tm giao dch c th.
- Giao dch bng c ch thng lng v
tho thun gi l ch yu, hnh thc
khp lnh thng s dng i vi cc
lnh nh ti cc th trng OTC mi
hnh thnh
- Giao dch thng qua u gi tp
trung

- Trn th trng c th c nhiu mc gi
i vi mt chng khon trong cng mt
thi im.
- Ch c mt mc gi i vi mt
chng khon trong cng mt thi
im.
- Giao dch cc loi chng khon c
ri ro cao. Bao gm 2 loi chng khon:
chng khon nim yt trn S giao dch
v chng khon khng iu kin
nim yt trn S giao dch song p ng
cc yu cu ca c quan qun l th
trng OTC.
- Giao dch cc loi chng khon c
ri ro thp hn. Cc loi chng
khon phi p ng cc iu kin
nim yt ca S.
- S dng h thng mng my tnh din
rng giao dch, thng tin v qun l
- C th s dng mng din rng
giao dch hoc khng.

- C cc nh to lp th trng cho mt
loi chng khon.

- Ch c mt nh to lp th trng
cho mt loi chng khon, l cc
chuyn gia chng khon ca S.
- T chc qun l trc tip l S giao
dch hoc Hip hi cc nh kinh doanh
chng khon.
- T chc qun l trc tip l S giao
dch

- C ch thanh ton l linh hot v a
dng
- C ch thanh ton b tr a phng
thng nht.
* Th trng OTC v th trng chng khon t do
Th trng OTC
Th trng t do
im ging nhau:
- a im giao dch l phi tp trung
- Ch yu p dng c ch xc lp gi qua thng lng v tho thun
- Cc chng khon giao dch phn ln l cc chng khon c t l sinh li cao,
ri ro ln.
im khc nhau
- L th trng c t chc cht ch - L th trng khng c t chc
- Giao dch thng qua tho thun qua
mng
- Giao dch tho thun trc tip
- Cc chng khon mua bn l cc
chng khon c pht hnh ra cng
chng
- Cc chng khon mua bn l tt c
cc chng khon pht hnh.
- C s qun l, gim st ca Nh nc
v t chc t qun
- Khng c s qun l ca Nh nc


1.1.4. V tr v vai tr ca th trng OTC
a) V tr ca th trng OTC
Th trng OTC l mt b phn cu thnh th trng chng khon, lun
tn ti v pht trin song song vi th trng chng khon tp trung (cc S
giao dch chng khon). Tuy nhin, do c im khc bit vi th trng tp
trung c ch xc lp gi thng lng v tho thun l ch yu, hng ho
trn th trng a dng. V vy, th trng OTC c v tr quan trng trong
cu trc th trng chng khon, l th trng b phn h tr cho th trng
tp trung.
b) Vai tr ca th trng OTC
- H tr v thc y th trng chng khon tp trung pht trin;
- Hn ch, thu hp th trng t do, gp phn m bo s n nh v
lnh mnh ca th trng chng khon;
- To th trng cho cc chng khon ca cc cng ty va v nh, cc
chng khon cha iu kin nim yt;
- To mi trng u t linh hot, thun li cho cc nh u t.
1.2. Mt s th trng OTC trn th gii
1.2.1. Th trng OTC M (NASDAQ)

c trng th trng OTC ca M
Th trng OTC ca M l m hnh th trng OTC in hnh c
pht trin t th trng phi tp trung t do mang tnh truyn thng, giao
dch thng qua thng lng gi trc tip "mt i mt" v ch yu qua
in thoi. Th trng ny c s qun l ca Nh nc t sau Lut chng
khon sa i (Lut Maloney 1938). Th trng OTC qua mng my tnh
Nasdaq c thnh lp t nm 1971 l b phn ln nht ca th trng th
cp M xt v s lng chng khon giao dch trn th trng vi trn
15000 chng khon, ln hn rt nhiu so vi s lng chng khon giao

UBCKNN, Gio trnh nhng vn c bn v chng khon v TTCK


dch trn th trng tp trung NYSE. Chng khon giao dch trn th trng
ny chim a s l ca cc cng ty thuc ngnh cng ngh thng tin v cc
cng ty va v nh.
Th trng c vn hnh bi mt h thng cc nh to lp th trng
v cc nh mi gii, c khong 600 nh to lp th trng hot ng tch cc
trn Nasdaq v trung bnh mi nh to lp th trng m nhn 8 loi c
phiu. Th trng Nasdaq chu s qun l hai cp: U ban chng khon M
(SEC) v Hip hi cc nh giao dch chng khon quc gia M (NASD)
qun l trc tip. Th trng Nasdaq hin nay c ni mng ton cu vi
nhiu th trng OTC khc trn th gii.
Nm 1982, Hip hi NASD thnh lp th trng "tinh lc" ca
NASDAQ gi l h thng th trng quc gia (NNM - Nasdaq National
Market System). y l b phn th trng ca NASDAQ c t chc cho
cc c phiu c giao dch si ng nht v c cht lng cao hn, chim
ti hn 60% tng gi tr giao dch trn th trng NASDAQ.
Tiu chun nim yt chng khon trn th trng Nasdaq
Chng khon c giao dch trn th trng Nasdaq rt a dng v
chng loi v cht lng, trong ch yu l chng khon ca cc cng ty
mi thnh lp, cng ty va v nh, cng ty tng trng cao v cc cng ty
cng ngh cao cho n cc cng ty ln c cht lng cao nh Intel,
Microsoft v cc tri phiu... Cc loi chng khon ny cng c phn
thnh nhiu bng giao dch theo cht lng chng khon, th trng Nasdaq
quc gia (NNM) dnh cho chng khon cht lng cao hn chng khon
giao dch ti th trng Nasdaq thng thng.
Tiu chun chng khon c nim yt trn Nasdaq c quy nh bi
U ban chng khon v Hip hi cc nh kinh doanh chng khon v bao
gm nhiu tiu thc khc nhau tu theo tng thi k, nhng tu chung li
cc chng khon nim yt l cc chng khon ng k theo Lut giao
dch chng khon 1934 hay Lut cng ty u t 1940 v p ng c cc
tiu chun v tng gi tr ti sn cng ty; vn v li nhun; gi tr vn lu

hnh ca cc chng khon n c th chuyn i; s c phiu do cng chng
nm gi; s lng c ng; s lng cc nh to lp th trng cho loi
chng khon ny (ti thiu phi c 2 nh to lp th trng). i vi th
trng NNM, tiu chun nim yt chng khon cao hn so vi th trng
Nasdaq thng thng cc tiu ch v li nhun rng/nm, gi c phiu, gi
tr th trng ca c phiu lu hnh, s nh to th trng cho chng khon
(4 ngi).
Hip hi cc nh kinh doanh chng khon quc gia (NASD)
Hip hi c thnh lp nm 1939, l t chc t qun c chc nng
iu hnh hot ng ca th trng OTC. NASD hot ng di s kim tra,
gim st ca SEC v c nhng nhim v ch yu sau:
- Tiu chun ho cc giao dch chng khon
- Thng qua v ban hnh cc quy tc hnh ngh.
- Thc hin ch t qun gia cc thnh vin.
- Thit lp cc quy tc, quy phm php l iu chnh quyn v ngha v
gia cc thnh vin v bo v nh u t.
- C vn cho c quan nh nc trong vic qun l hot ng ca th
trng OTC.
- Ban hnh cc th l, nguyn tc trong vic yt gi, m phn v
thng lng gi qua h thng Nasdaq.
- iu tra, ho gii v gii quyt tranh chp trn th trng OTC.
Nh to lp th trng thuc h thng Nasdaq
V c bn, trn th trng Nasdaq c hai hnh thc nh to lp th
trng l nh to lp th trng bn bun v bn l. Nh to lp th trng
bn bun l nhng ngi ch giao dch vi cc nh mi gii khc v thng
c gi l mi gii ca mi gii. Li nhun ca h thu c t kh nng
giao dch tc l kh nng mua gi thp v bn gi cao. Nh to lp th trng
bn l kh ph bin di dng cc cng ty chng khon m nhn lm mi

gii giao dch, h to ra th trng cho c phiu ng thi tin hnh mt s
hnh thc dch v ti chnh v u t ngn hng khc.
l mt nh to lp th trng thuc h thng Nasdaq ngi phi
c NASD chp thun. Trong qu trnh hot ng, h phi thng xuyn
yt cc gi cho bn v t mua ph hp vi th trng. ng thi, h phi
lun duy tr mc gi tr vn thun ti thiu i vi tng loi chng khon
c lm gi, lun sn sng mua hoc bn t nht mt n v giao dch l
mt l chn 100 c phiu mc gi yt nu. Sau 90 giy k t lc thc
hin giao dch, nh to lp th trng phi bo co v cui ngy phi bo co
khi lng giao dch trong ngy cho NASD thng qua h thng giao dch do
my tnh h tr (CAES).
Hnh thc t chc thng tin
Ti th trng OTC ca M c hai hnh thc t chc thng tin chnh l
thng qua h thng "mn hnh" v qua "n phm".
Thng qua h thng mn hnh Nasdaq
Vi c im c in ton ho v ni mng vi cc thnh vin, h
thng m nhn vai tr cung cp gi chng khon cho cc nh to lp th
trng, cc nh mi gii v nh u t tin hnh thng lng, m phn
trc khi k hp ng giao dch chng khon. Gi c cng b trn h
thng qua ba cp :
- Cp 1: H thng cung cp cho nhng thnh vin ng k nhng
thng tin cp nht v gi mua cao nht v gi bn thp nht trn th trng,
t h c th tm ra mc gi ph hp nht giao dch.
- Cp 2: Thng qua cc thit b my tnh ni vi h thng c lp t
nhng ni c hot ng giao dch nhn nhp nht, cc nh u t c th
bit c gi yt ca cc nh to lp th trng mt cch chnh xc v cp
nht nht.
- Cp 3: H thng cung cp cho cc nh to lp th trng c
NASD u quyn gi yt ca tt c cc nh to lp th trng v cho php h
iu chnh gi yt ca mnh.

Cc bo gi chn lc
Thng qua U ban bo gi ca mnh, NASD tp hp hng ngy cc gi
cho bn v t mua ca mt s loi chng khon chn lc trn th trng
OTC v cng b trn 300 t bo khp c nc. Mt cng ty giao dch mi
gii ca NASD c th yu cu U ban bo gi a phng a thm mt s
loi chng khon vo danh sch bo gi, ngh ny c chp nhn hay t
chi l tu thuc vo chng khon c p ng c nhng tiu chun ca
U ban chng khon hay khng.
Bn bo gi mu hng v mu vng
Cc bo gi quc gia (NQB) chu trch nhim xut bn mt loi n
phm gi l "bn bo gi" in trn giy mu hng bo gi yt v tn ca cc
nh to lp th trng i vi 11000 c phiu v bn bo gi mu vng bo
gi ca cc loi tri phiu. Nhng bn thng bo ny c xut bn hng
ngy v ch c phn phi cho cc cng ty chng khon t mua. Cc
gi bo trn hai bn thng bo ny khng c trn chuyn mc ti chnh ca
cc t bo khc.
Cc bc tin hnh giao dch trn th trng Nasdaq
Bc 1: Nh u t A c nhu cu mua 100 c phiu ca cng ty xyz
c nim yt trn Nasdaq gi in cho ngi mi gii B.
Bc 2: Nh mi gii B vit phiu t mua ri gi cho nh to lp th
trng C m nhn lm gi cho c phiu xyz.
Bc 3: Nh to lp th trng C tm mt nh to lp th trng khc
mun bn 100 c phiu cng ty xyz bng 2 cch: thng qua NQB hoc qua
Nasdaq. Nu qua Nasdaq, nh to lp th trng C phi l mt thnh vin v
lc ny, C s tm nh to lp th trng c mc gi thp nht. Cn nu qua
NQB, C s tm trn "bn bo gi mu hng" bit mt s nh to lp th
trng khc ang nm gi c phiu xyz v bit gi c hin ti ca tng
ngi v chn mc gi ph hp cho giao dch ca mnh.

Bc 4: Nh to lp th trng C chuyn kt qu giao dch ti B vi
mc gi c k cao hn, B s bo li cho khch hng kt qu giao dch c
km ph hoa hng mi gii.
1.2.2. Th trng OTC Chu
1.2.2.1. Th trng OTC Nht Bn
Nht Bn c hai th trng OTC cng hot ng ng thi, l th
trng Jasdaq v th trng J-net.
Th trng Jasdaq hot ng t nm 1991 trn c s pht trin th
trng OTC truyn thng hot ng t thng 2/1963 do Hip hi cc nh
kinh doanh chng khon Nht Bn (JSDA) qun l. Lut chng khon sa
i nm 1983 a th trng OTC ny vo qu o qun l ca Nh
nc, c ch thng lng gi tay i gia cc cng ty chng khon v gia
cng ty chng khon vi khch hng c i sang c ch u gi tp trung
qua h thng cc nh to lp th trng. H thng cc nh to lp th trng
c p dng cnh tranh vi th trng tp trung v to tnh thanh khon
cho th trng OTC. Hin nay, trn th trng Jasdaq c 449 cng ty lm vai
tr to lp th trng.
Chng khon giao dch trn th trng ny l chng khon ca cc cng
ty va v nh, cng ty c cht lng hng hai, cng ty cng ngh cao. Tiu
ch nim yt trn Jasdaq ch yu da vo cc tiu chun nh thi gian thnh
lp cng ty, ti sn rng, li nhun rng, tng gi tr th trng ca chng
khon, s lng c ng, s lng chng khon lu hnh, kin kim ton
v cc tiu ch khc. Tnh n thi im cui nm 1999 c 929 chng
khon c giao dch trn th trng ny, tng hn gp 3 ln so vi nm
1990 (300 chng khon). Chng khon khng iu kin giao dch trn S
giao dch v th trng khu vc II cng c s h tr giao dch qua
mng Jasdaq tng t nh i vi th trng Nasdaq M.
H thng giao dch v thng tin t ng qua mng Jasdaq theo m hnh
Nasdaq M c chnh thc a vo hot ng t nm 1991 thc y th
trng OTC pht trin, bao gm 2 mng b phn m nhn 2 chc nng

ring: mng giao dch v mng thng tin. Mng giao dch c s dng
khp cc lnh giao dch t ng v mng thng tin c dng cho cc nh
to lp th trng bo gi tp trung, thng bo v cc giao dch tho thun
v truyn pht cc thng tin khc .
Th trng J-net mi c a vo hot ng t thng 5 nm 2000, chu
s qun l trc tip ca S giao dch chng khon Osaka (OSE), c t
chc dnh cho cc chng khon khng c nim yt trn S giao dch
nhm p ng yu cu tit kim thi gian v chi ph cho cc i tng tham
gia th trng, hot ng theo phng thc thng lng gi. Thnh vin ca
OSE, ngi u t v trung tm qun l c trc tip ni mng vi nhau
thng qua mt mng in t a tng, to iu kin cho cc i tng ny c
th chia s thng tin th trng.
c trng ca J-Net l cung cp cc dch v vi gi r, tc nhanh,
tin li v c th truy cp trc tip thng tin th trng, J-Net cng l mng
c ni vi cc mng khc trong nc v quc t. Hin nay OSE v JSDA
ang xc tin vic hp nht th trng Jasdaq v J-net ny thc y hot
ng giao dch cc chng khon OTC hn na. M hnh th trng J-net l
m hnh giao dch c nh gi c tim nng pht trin.
1.2.2.2. Th trng OTC Hn Quc (Kosdaq)
Th trng OTC truyn thng ca Hn Quc c thnh lp thng
04/1987 nhm to mi trng hot ng cho cc chng khon khng c
nim yt trn S giao dch chng khon Hn Quc (KSE), th trng chu s
kim sot ca Hip hi cc nh kinh doanh chng khon (KSDA) thnh lp
nm 1953.
Thng 04/1997, Chnh ph Hn Quc quyt nh t chc li v thc
y pht trin th trng ny bng vic thnh lp th trng mng my tnh
in t Kosdaq nhm to iu kin cho cc cng ty mo him, cng ty cng
ngh cao, qu tng h v cc cng ty va v nh khng tiu chun
nim yt trn th trng tp trung c th huy ng vn trc tip. Th trng
c xy dng theo m hnh th trng Nasdaq, tin hnh giao dch qua
mng in t c s kim sot ca trung tm. Cc t chc nim yt trn th

trng Kosdaq phi p ng mt s tiu ch c bn nh mc vn iu l ti
thiu, t l pht hnh ra cng chng... Tuy nhin, vic u gi c thc
hin theo phng thc u lnh tp trung tng t nh s giao dch.
Th trng Kosdaq l mt trong nhng th trng c qun l kh hiu
qu. Hin nay, th trng Kosdaq ang rt pht trin v c kh nng cnh
tranh ln vi th trng ca nhng chng khon c cht lng cao KSE. Tc
tng th phn hng nm ca th trng ny ln hn nhiu so vi th trng
tp trung v chim khong 98% tng giao dch tri phiu ca TTCK. Tnh
n thng 12/1999, gi tr giao dch bnh qun ca Kosdaq l khong 1/3 so
vi KSE.
Thng 03/2000, th trng th ba (OTC-BB) theo m hnh Nasdaq
OTC-BB ca M chnh thc i vo hot ng nhm to iu kin huy ng
vn cho cc tri phiu v cc c phiu cha tiu chun nim yt trn KSE
v trn Kosdaq. Th trng ny s dng mng in t Kosdaq giao dch
tng t nh th trng OTC-BB M. Phng thc xc lp gi trn th trng
ny l phng thc thng lnh t ng (crossed matching) trn c s t ng
tin hng khp hai lnh c gi v khi lng nh nhau. y l phng php
thng lng gi t ng ang c p dng ti mt b phn ca th trng
Nasdaq M.
1.2.2.3 Th trng OTC Malaysia (Mesdaq)
Thng 5/1996, Chnh ph Malaysia bt u xem xt kh nng xy dng
mt th trng OTC nhm p ng nhu cu huy ng vn ca cc cng ty
cng ngh cao, cng ty c vn nh, cng ty lin doanh... Hi ng Chng
khon Malaysia nghin cu t chc v hot ng ca cc th trng OTC
trn th gii v d kin thnh lp th trng Mesdaq c lp vi S giao dch
chng khon Kuala Lumpur. Th trng Mesdaq c k vng s ng vai
tr quan trng i vi TTCK Malaysia tng t nh Nasdaq i vi M. Th
trng ny s to iu kin cho cc cng ty nh, cng ty cng ngh cao huy
ng vn v xa hn na l thu ht cc cng ty khc trn th gii. Vic xy
dng th trng ny nm trong chin lc pht trin kinh t v trc mt l

chin lc hon thnh s nghip cng nghip ho - hin i ho t nc
vo cui nm 2020.
Mesdaq khai trng hot ng ngy 30 /04/1999, vi phng chm
nm trong bn ch: cng bng, hiu qu, linh hot v cng khai (FELT).
Mesdaq l mt cng ty trch nhim hu hn ca cc thnh vin trc tip s
hu di dng mt t chc t qun, c v tr c lp vi S giao dch Kuala
Lumpur v cng khng thuc Hip hi cc nh kinh doanh chng khon.
y ng thi l t chc hot ng phi li nhun, t hch ton thng qua ph
thnh vin v ph nim yt. H thng trung gian th trng bao gm cc nh
bo lnh pht hnh, t vn u t, cc nh ti tr, cc nh to lp th
trng...
Tiu chun nim yt trn th trng ny bao gm cc tiu ch v kinh
nghim trong lnh vc hot ng kinh doanh, m hnh hot ng cng ty,
trin vng ca cng ty, cc mu thun li ch tn ti lin quan n cng ty,
chng trnh nghin cu pht trin.


Cu hi n tp

1. Trnh by nhng vn c bn v th trng chng khon phi tp
trung (OTC)?
2. Phn bit th trng OTC v th trng chng khon tp trung, OTC
v th trng t do?
3. Hy bnh lun quan im cho rng pht trin th trng OTC l gii
php hu hin nht pht trin th trng chng khon Vit Nam hin nay?
4. Phn tch v tr v vai tr ca th trng OTC trong tng th th
trng chng khon ni chung.
5. Phn tch mi quan h gia th trng chng khon tp trung v th
trng OTC.


Chng 5
Cng ty chng khon

5.1. Cc m hnh t chc kinh doanh chng khon
Hot ng ca cng ty chng khon rt a dng v phc tp, khc hn
vi cc doanh nghip sn xut v thng mi thng thng v cng ty chng
khon (CTCK) l mt nh ch ti chnh c bit. V vy, vn xc nh
m hnh t chc kinh doanh ca CTCK cng c nhng im khc nhau v
vn dng cho cc khi th trng c mc pht trin khc nhau (th trng
c in; th trng mi ni; th trng cc nc chuyn i). Tuy nhin, c
th khi qut m hnh t chc kinh doanh chng khon ca cng ty chng
khon theo 2 nhm sau:
5.1.1. M hnh cng ty chng khon a nng
Theo m hnh ny, cng ty chng khon c t chc di hnh thc
mt t hp dch v ti chnh tng hp bao gm kinh doanh chng khon,
kinh doanh tin t v cc dch v ti chnh. Theo , cc ngn hng thng
mi hot ng vi t cch l ch th kinh doanh chng khon, bo him v
kinh doanh tin t. M hnh ny c biu hin di 2 hnh thc sau:
- Loi a nng mt phn: theo m hnh ny cc ngn hng mun kinh
doanh chng khon, kinh doanh bo him phi thnh lp cng ty con hch
ton c lp v hot ng tch ri vi hot ng kinh doanh tin t. M hnh
ny cn c gi l m hnh ngn hng kiu Anh.
- Loi a nng hon ton: cc ngn hng c php trc tip kinh
doanh chng khon, kinh doanh bo him v kinh doanh tin t cng nh
cc dch v ti chnh khc. M hnh ny cn c gi l m hnh ngn hng
kiu c.
u im ca m hnh ny l cc ngn hng c th kt hp nhiu lnh
vc kinh doanh, nh gim bt ri ro trong hot ng kinh doanh bng
vic a dng ho u t. Ngoi ra, m hnh ny cn c u im l tng kh
nng chu ng ca ngn hng trc nhng bin ng trn th trng ti
chnh. Mt khc, cc ngn hng s tn dng c li th ca mnh l t chc
Chng 5: Cng ty chng khon

kinh doanh tin t c vn ln, c s vt cht hin i v hiu bit r v
khch hng cng nh cc doanh nghip khi h thc hin nghip v cp tn
dng v ti tr d n.
Tuy nhin, m hnh ny cng c nhng hn ch, l do va l t chc
tn dng l va l t chc kinh doanh doanh chng khon, do kh nng
chuyn mn khng su nh cc cng ty chng khon chuyn doanh. iu
ny s lm cho th trng chng khon km pht trin v cc ngn hng
thng c xu hng bo th v thch hot ng cho vay hn l thc hin cc
nghip v ca th trng chng khon nh: bo lnh pht hnh chng khon,
t vn u t chng khon, qun l danh mc u t.
ng thi, do kh tch bch c hot ng ngn hng v hot ng
kinh doanh chng khon, trong iu kin mi trng php lut khng lnh
mnh, cc ngn hng d gy nn tnh trng lng on th trng, v khi
cc bin ng trn th trng chng khon s tc ng mnh ti kinh doanh
tin t, gy tc ng dy chuyn v dn n khng hong th trng ti
chnh. Bn cnh , do khng c s tch bit r rng gia cc ngun vn,
nn cc ngn hng c th s dng tin gi tit kim ca dn c u t
chng khon, v khi th trng chng khon bin ng theo chiu hng xu
s tc ng ti cng chng thng qua vic t rt tin gi, lm cho ngn
hng mt kh nng chi tr. Do nhng hn ch nh vy, nn sau khi khng
hong th trng ti chnh 1929- 1933, cc nc chuyn sang m hnh
chuyn doanh, ch c mt s th trng (nh c) vn cn p dng m hnh
ny.
5.1.2. M hnh cng ty chng khon chuyn doanh
Theo m hnh ny, hot ng kinh doanh chng khon s do cc cng
ty c lp v chuyn mn ho trong lnh vc chng khon m trch, cc
ngn hng khng c tham gia kinh doanh chng khon.
u im ca m hnh ny l hn ch c ri ro cho h thng ngn
hng, to iu kin cho cc cng ty chng khon i vo chuyn mn ho su
trong lnh vc chng khon thc y th trng pht trin. M hnh ny
c p dng kh rng ri cc th trng M, Nht v cc th trng mi
ni nh Hn Quc, Thi Lan...vv.

Tuy nhin, do xu th hnh thnh nn cc tp on ti chnh khng l
nn ngy nay mt s th trng cng cho php kinh doanh trn nhiu lnh
vc tin t, chng khon, bo him, nhng c t chc thnh cc cng ty
m, cng ty con v c s qun l, gim st cht ch v hot ng tng i
c lp vi nhau.
5.2. Nhng vn chung v cng ty chng khon
5.2.1. Khi nim v phn loi CTCK
Cng ty chng khon l mt nh ch ti chnh trung gian thc hin cc
nghip v trn th trng chng khon.
Vit Nam, theo Quyt nh 04/1998/Q-UBCK3 ngy 13 thng 10
nm 1998 ca UBCKNN, CTCK l cng ty c phn, cng ty trch nhim
hu hn thnh lp hp php ti Vit Nam, c U ban chng khon Nh
nc cp giy php thc hin mt hoc mt s loi hnh kinh doanh chng
khon.
Do c im mt CTCK c th kinh doanh trn mt lnh vc, loi hnh
kinh doanh chng khon nht nh do hin nay, c quan im phn chia
CTCK thnh cc loi sau:
- Cng ty mi gii chng khon: l CTCK ch thc hin vic trung gian,
mua bn chng khon cho khch hng hng hoa hng.
- Cng ty bo lnh pht hnh chng khon l CTCK c lnh vc hot
ng ch yu l thc hin nghip v bo lnh hng ph hoc chnh lch
gi.
- Cng ty kinh doanh chng khon l CTCK ch yu thc hin nghip
v t doanh, c ngha l t b vn v t chu trch nhim v hu qu kinh
doanh.
- Cng ty tri phiu l CTCK chuyn mua bn cc loi tri phiu.
- Cng ty chng khon khng tp trung l cc CTCK hot ng ch yu
trn th trng OTC v h ng vai tr l cc nh to th trng.

5.2.2. Cc loi hnh t chc ca CTCK
Hin nay, c ba loi hnh t chc c bn ca CTCK, l: cng ty hp
danh; cng ty trch nhim hu hn; cng ty c phn.
* Cng ty hp danh
- L loi hnh kinh doanh c t 2 ch s hu tr nn
- Thnh vin ca CTCK hp danh bao gm: Thnh vin gp vn v
thnh vin hp danh. Cc thnh vin hp danh phi chu trch nhim v hn
bng ton b ti sn ca mnh v cc ngha v ca Cng ty. Cc thnh vin
gp vn khng tham gia iu hnh cng ty, h ch phi chu trch nhim hu
hn trong phn vn gp ca mnh i vi nhng khon n ca cng ty.
- Cng ty hp danh thng thng khng c php pht hnh bt c
mt loi chng khon no.
* Cng ty c phn
- CTCP l mt php nhn c lp vi cc ch s hu cng ty l cc c
ng
- C ng ch chu trch nhim v n v cc ngha v ti sn khc ca
doanh nghip trong phm vi s vn gp vo doanh nghip.
- CTCP c quyn pht hnh chng khon (c phiu v tri phiu) ra
cng chng theo quy nh ca php lut v chng khon hin hnh.
* Cng ty TNHH
- Thnh vin ca cng ty chu trch nhim v cc khon n v cc ngha
v ti sn khc ca doanh nghip trong phm vi s vn cam kt gp vo
doanh nghip.
- Cng ty TNHH khng c php pht hnh c phiu.
Do cc u im ca loi hnh CTCP v Cng ty TNHH so vi Cng ty
hp danh, v vy, hin nay ch yu cc CTCK c t chc di hnh thc
cng ty TNHH v CTCP.
5.2.3. iu kin v th tc thnh lp CTCK
c cp php thnh lp, cc t chc phi p ng cc iu kin
sau:

- iu kin v vn: CTCK phi c mc vn iu l ti thiu bng vn
php nh. Vn php nh thng c quy nh c th cho tng loi hnh
nghip v.
V d, Vit Nam, iu 30 Ngh nh 48/1998 quy nh mc vn php
nh cho tng loi hnh kinh doanh nh sau:
- Mi gii: 3 t ng
- T doanh: 12 t ng
- Qun l danh mc u t: 3 t ng
- Bo lnh pht hnh: 22 t ng
- T vn u t chng khon: 3 t ng
Trng hp CTCK xin cp php cho nhiu loi hnh kinh doanh th vn
php nh l tng s vn php nh ca tng loi hnh ring l.
Ti Nht Bn, i vi cc cng ty tham gia 3 loi hnh kinh doanh l
mi gii, t doanh, bo lnh pht hnh phi c vn iu l l: 10 t Yn.
Trung Quc, i vi cc CTCK a nng (thc hin cc nghip v)
vn iu l l 500 triu NDT, cc cng ty MGCK l 50 triu NDT.
- iu kin v nhn s: nhng ngi qun l hay nhn vin giao dch
ca cng ty phi p ng cc yu cu v kin thc, trnh chuyn mn v
kinh nghim, cng nh mc tn nhim, tnh trung thc. Hu ht cc nc
u yu cu nhn vin ca CTCK phi c giy php hnh ngh. Nhng
ngi gi cc chc danh qun l cn phi i hi c giy php i din.
- iu kin v c s vt cht: Cc t chc v c nhn sng lp CTCK
phi m bo yu cu c s vt cht ti thiu cho CTCK.
Vit Nam, theo iu 30, N 48/1998 ca Chnh ph quy nh bn
cnh yu cu v vn php nh nh trn, cc cng ty chng khon mun
c cp php phi p ng thm cc iu kin sau y:
1. C phng n hot ng kinh doanh ph hp vi mc tiu pht trin
kinh t - x hi v pht trin ngnh chng khon
2. C c s vt cht, k thut phc v cho vic kinh doanh chng
khon

3. Gim c (TG), cc nhn vin kinh doanh (khng k nhn vin k
ton, vn th hnh chnh, th qu) ca CTCK phi c giy php hnh ngh
chng khon do UBCK Nh nc cp.
Sau khi p ng c cc iu kin, cc nh sng lp CTCK phi lp
h s xin cp php ln UBCKNN. H s thng thng bao gm cc loi ti
liu sau:
1. n xin cp php
2. Giy php thnh lp doanh nghip.
2. Phng n nhn s
3. Phng n hot ng
4. iu l CTCK
5. Cc ti liu minh chng v vn, tnh hnh sn xut kinh doanh, c s
vt cht v trnh chuyn mn ca i ng qun l v cc giy t khc
theo quy nh.
Sau thi gian nghin cu h s, UBCKNN s thng bo kt qu v vic
chp thun hay t chi cp php cho thnh lp CTCK.
Nu c chp thun, trc khi khai trng, CTCK phi tin hnh cng
b cng b cng khai vic thnh lp trn bo v cc phng tien thng tin
khc. Ni dung cng b do UBCKNN quy nh.
5.2.4. Nguyn tc hot ng ca CTCK
CTCK hot ng theo 2 nhm nguyn tc c bn l nhm nguyn
tc mang tnh o c v nhm nguyn tc mang tnh ti chnh.
Nhm nguyn tc o c:
- CTCK phi m bo giao dch trung thc v cng bng v li ch ca
khch hng.
- Kinh doanh c k nng, tn tu, c tinh thn trch nhim
- u tin thc hin lnh ca khch hng trc khi thc hin lnh ca
cng ty.

- C ngha v bo mt cho khch hng, khng c tit l cc thng tin
v ti khon khch hng khi cha c khch hng ng bng vn bn tr
khi c yu cu ca cc c quan qun l nh nc.
- CTCK khi thc hin nghip v t vn phi cung cp thng tin y
cho khch hng v gii thch r rng v cc ri ro m khch hng c th phi
gnh chu, ng thi h khng c khng nh v li nhun cc khon u
t m h t vn.
- CTCK khng c php nhn bt c khon th lao no ngoi cc
khon th lao thng thng cho dch v t vn ca mnh.
- nhiu nc, cc CTCK phi ng gp tin vo qu bo v nh u
t chng khon bo v li ch khch hng trong trng CTCK mt kh
nng thanh ton.
- Nghim cm thc hin cc giao dch ni gin, cc CTCK khng c
php s dng cc thng tin ni b mua bn chng khon cho chnh mnh,
gy thit hi n li ch ca khch hng.
- Cc CTCK khng c tin hnh cc hot ng c th lm cho khch
hng v cng chng hiu lm v gi c, gi tr v bn cht ca chng khon
hoc cc hot ng khc gy thit hi cho khch hng.
Nhm nguyn tc ti chnh:
- m bo cc yu cu v vn, c cu vn v nguyn tc hch ton, bo
co theo quy nh ca UBCK Nh nc. m bo ngun ti chnh trong cam
kt kinh doanh chng khon vi khch hng.
- Cng ty chng khon khng c dng tin ca khch hng lm
ngun ti chnh kinh doanh, ngoi tr trng hp s tin dng phc v
cho giao dch ca khch hng.
- Cng ty chng khon phi tch bch tin v chng khon ca khch
hng vi ti sn ca mnh. Cng ty chng khon khng c dng chng
khon ca khch hng lm vt th chp vay vn tr trng hp c
khch hng ng bng vn bn.

5.2.5. C cu t chc ca CTCK
C cu t chc ca cng ty chng khon ph thuc vo loi hnh nghip
v chng khon m cng ty thc hin cng nh quy m hot ng kinh
doanh chng khon ca n. Tuy nhin, chng u c c im chung l h
thng cc phng ban chc nng c chia thnh nhm 2 khi khc nhau l
khi nghip v v khi ph tr.
- Khi nghip v (front office) l khi thc hin cc giao dch kinh
doanh v dch v chng khon. Khi ny em li thu nhp cho cng ty bng
cch p ng nhu cu ca khch hng v to ra cc sn phm ph hp vi
cc nhu cu . Tng ng vi cc nghip v do khi ny ph trch s c
nhng b phn phng, ban nht nh:
+ Phng mi gii
+ Phng t doanh
+ Phng bo lnh pht hnh
+ Phng qun l danh mc u t v qu u t
+ Phng t vn ti chnh v u t
+ Phng k qu
Tuy nhin, cn c vo quy m th trng v s ch trng vo cc nghip
v m cng ty chng khon c th chuyn su tng b phn hoc tng hp
cc nghip v vo trong mt b phn.
- Khi ph tr (back office) l khi khng trc tip thc hin cc
nghip v kinh doanh, nhng n khng th thiu c trong vn hnh ca
cng ty chng khon v hot ng ca n mang tnh cht tr gip cho khi
nghip v. Khi ny, bao gm cc b phn sau:
+ Phng nghin cu v pht trin
+ Phng phn tch v thng tin th trng
+ Phng k hoch cng ty
+ Phng pht trin sn phm mi
+ Phng cng ngh tin hc
+ Phng php ch

+ Phng k ton, thanh ton v kim sot ni b
+ Phng ngn qu, k qu
+ Phng tng hp hnh chnh nhn s
Ngoi s phn bit r rng hai khi nh vy, do mc pht trin ca
cng ty chng khon v th trng chng khon m c th c thm cc b
phn khc nh: mng li chi nhnh, vn phng trong v ngoi nc, vn
phng i l...vv, hoc cc phng ban lin quan n cc nghip v khc t
ngn hng, bo him (tn dng chng khon; bo him chng khon...).
5.2.6. Vai tr, chc nng ca CTCK
Hot ng ca th trng chng khon trc ht cn nhng ngi mi
gii trung gian, l cc cng ty chng khon - mt nh ch ti chnh trn
th trng chng khon, c nghip v chuyn mn, i ng nhn vin lnh
ngh v b my t chc ph hp thc hin vai tr trung gian mi gii
mua - bn chng khon, t vn u t v thc hin mt s dch v khc cho
c ngi u t ln t chc pht hnh.
Cng ty chng khon l tc nhn quan trng thc y s pht trin ca
nn kinh t ni chung v ca th trng chng khon ni ring. Nh cc
cng ty chng khon m chng khon c lu thng t nh pht hnh ti
ngi u t v c tnh thanh khon, qua huy ng ngun vn t ni
nhn ri phn b vo nhng ni s dng c hiu qu.
Chc nng c bn ca cng ty chng khon:
- To ra c ch huy ng vn linh hot gia ngi c tin nhn ri n
ngi s dng vn (thng qua c ch pht hnh v bo lnh pht hnh).
- Cung cp c ch gi c cho giao dch (thng qua h thng khp gi
hoc khp lnh).
- To ra tnh thanh khon cho chng khon (hon chuyn t chng
khon ra tin mt, v ngc li t tin mt ra chng khon mt cch d
dng).
- Gp phn iu tit v bnh n th trng (thng qua hot ng t
doanh hoc vai tr nh to lp th trng).

Vai tr ca cng ty chng khon:
Vi nhng c im trn, cng ty chng khon c vai tr quan trng
i vi nhng ch th khc nhau trn th trng chng khon.
i vi cc t chc pht hnh. Mc tiu khi tham gia vo th trng
chng khon ca cc TCPH l huy ng vn thng qua vic pht hnh cc
chng khon. V vy, thng qua hot ng i l pht hnh, bo lnh pht
hnh, cc cng ty chng khon c vai tr to ra c ch huy ng vn phc
v cc nh pht hnh.
Mt trong nhng nguyn tc hot ng ca th trng chng khon l
nguyn tc trung gian. Nguyn tc ny yu cu nhng nh u t v nhng
nh pht hnh khng c mua bn trc tip chng khon m phi thng
qua cc trung gian mua bn. Cc cng ty chng khon s thc hin vai tr
trung gian cho c ngi u t v nh pht hnh. V khi thc hin cng vic
ny, cng ty chng khon to ra c ch huy ng vn cho nn kinh t
thng qua th trng chng khon.
i vi cc nh u t. Thng qua cc hot ng nh mi gii, t vn
u t, qun l danh mc u t, cng ty chng khon c vai tr lm gim
chi ph v thi gian giao dch, do nng cao hiu qu cc khon u t.
i vi hng ho thng thng, mua bn qua trung gian s lm tng chi ph
cho ngi mua v ngi bn. Tuy nhin, i vi th trng chng khon, s
bin ng thng xuyn ca gi c chng khon cng nh mc ri ro cao
s lm cho nhng nh u t tn km chi ph, cng sc v thi gian tm hiu
thng tin trc khi quyt nh u t. Nhng thng qua cc cng ty chng
khon, vi trnh chuyn mn cao v uy tn ngh nghip s gip cc nh
u t thc hin cc khon u t mt cch hiu qu.
i vi th trng chng khon. i vi th trng chng khon, cng
ty chng khon th hin hai vai tr chnh:
(1) Gp phn to lp gi c, iu tit th trng. Gi c chng khon l
do th trng quyt nh. Tuy nhin, a ra mc gi cui cng, ngi
mua v ngi bn phi thng qua cc cng ty chng khon v h khng c
tham gia trc tip vo qu trnh mua bn. Cc cng ty chng khon l nhng

thnh vin ca th trng, do vy h cng gp phn to lp gi c th trng
thng qua u gi. Trn th trng s cp, cc cng ty chng khon cng vi
cc nh pht hnh a ra mc gi u tin. Chnh v vy, gi c ca mi loi
chng khon giao dch u c s tham gia nh gi ca cc cng ty chng
khon.
Cc cng ty chng khon cn th hin vai tr ln hn khi tham gia iu
tit th trng. bo v nhng khon u t ca khch hng v bo v li
ch ca chnh mnh, nhiu cng ty chng khon ginh mt t l nht nh
cc giao dch thc hin vai tr bnh n th trng.
(2) Gp phn lm tng tnh thanh khon ca cc ti sn ti chnh.
Th trng chng khon c vai tr l mi trng lm tng tnh thanh
khon ca cc ti sn ti chnh. Nhng cc cng ty chng khon mi l
ngi thc hin tt vai tr v cng ty chng khon to ra c ch giao dch
trn th trng. Trn th trng cp 1, do thc hin cc hot ng nh bo
lnh pht hnh, chng khon ho, cc cng ty chng khon khng nhng
huy ng mt lng vn ln a vo sn xut kinh doanh cho nh pht hnh
m cn lm tng tnh thanh khon ca cc ti sn ti chnh c u t v
cc chng khon qua t pht hnh s dc mua bn giao dch trn th
trng cp 2. iu ny lm gim ri ro, to tm l yn tm cho ngi u t.
Trn th trng cp 2, do thc hin cc giao dch mua v bn cc cng ty
chng khon gip ngi u t chuyn i chng khon thnh tin mt v
ngc li. Nhng hot ng c th lm tng tnh thanh khon ca nhng
ti sn ti chnh.
i vi cc c quan qun l th trng. Cng ty chng khon c vai
tr cung cp thng tin v th trng chng khon cho cc c quan qun l th
trng thc hin mc tiu . Cc cng ty chng khon thc hin c
vai tr ny bi v h va l ngi bo lnh pht hnh cho cc chng khon
mi, va l trung gian mua bn chng khon v thc hin cc giao dch trn
th trng. Mt trong nhng yu cu ca th trng chng khon l cc
thng tin cn phi c cng khai ho di s gim st ca cc c quan
qun l th trng. Vic cung cp thng tin va l quy nh ca h thng lut
php, va l nguyn tc ngh nghip ca cc cng ty chng khon v cng ty

chng khon cn phi minh bch v cng khai trong hot ng. Cc thng
tin cng ty chng khon c th cung cp bao gm thng tin v cc giao dch
mua, bn trn th trng, thng tin v cc c phiu. tri phiu v t chc pht
hnh, thng tin v cc nh u t v.v. . .Nh cc thng tin ny, cc c quan
qun l th trng c th kim sot v chng cc hin tng thao tng, lng
on, bp mo th trng.
Tm li, cng ty chng khon l mt t chc chuyn nghip trn th
trng chng khon, c vai tr cn thit v quan trng i vi cc nh u
t, cc nh pht hnh i vi cc c quan qun l th trng v i vi th
trng chng khon ni chung. Nhng vai tr ny c th hin thng qua
cc nghip v hot ng ca cng ty chng khon.
5.3. Cc nghip v ca Cng ty chng khon
5.3.1. Cc nghip v chnh
5.3.1.1. Nghip v mi gii chng khon
Mi gii chng khon l hot ng trung gian hoc i din mua, bn
chng khon cho khch hng hng hoa hng. Theo , cng ty chng
khon i din cho khch hng tin hnh giao dch thng qua c ch giao
dch ti SGDCK hoc th trng OTC m chnh khch hng phi chu trch
nhim i vi kt qu giao dch ca mnh.
Thng qua hot ng mi gii, cng ty chng khon s chuyn n
khch hng cc sn phm, dch v t vn u t v kt ni gia nh u t
bn chng khon vi nh u t mua chng khon.V trong nhng trng
hp nht nh, hot ng mi gii s tr thnh ngi bn, ngi chia s
nhng lo u, cng thng v a ra nhng li ng vin kp thi cho nh u
t, gip nh u t c nhng quyt nh tnh to.
Xut pht t yu cu trn, ngh mi gii i hi phi c nhng phm
cht, t cch o c, k nng mn cn trong cng vic v vi thi cng
tm, cung cp cho khch hng nhng dch v tt nht. Nh mi gii khng
c xi dc khch hng mua, bn chng khon kim hoa hng, m nn
a ra nhng li khuyn hp l hn ch n mc thp nht v thit hi
cho khch hng.

K nng ca ngi mi gii chng khon c th hin trn cc kha
cnh
:
- K nng truyn t thng tin: Phm cht hay thi ca ngi mi
gii i vi cng vic, vi bn thn v vi khch hng c truyn t r
rng ti hu ht cc khch hng m ngi mi gii thc hin giao dch.
thnh cng trong vic bn hng (cung ng dch v mua, bn) ngi mi gii
phi t khch hng ln trn ht v doanh thu ca mnh l yu t th yu.
y l im then cht trong hot ng dch v ti chnh v phi c th
hin ngay t khi tip xc vi khch hng.
- K nng tm kim khch hng: c nhiu phng php tm kim
khch hng, nhng tu trung c th c gp vo nhm 6 phng cch sau:
nhng u mi c gy dng t cng ty hoc cc ti khon chuyn nhng
li; nhng li gii thiu khch hng; mng li kinh doanh; cc chin dch
vit th; cc cuc hi tho; gi in lm quen.
- K nng khai thc thng tin: mt trong nhng nguyn tc trong hnh
ngh mi gii l phi hiu khch hng, bit c kh nng ti chnh, mc
chp nhn ri ro ca khch hng. Ngoi ra n cn gip cho nh mi gii
tng c khi lng ti sn qun l, c chin lc khch hng thch hp.
5.3.1.2. Nghip v t doanh
T doanh l vic cng ty chng khon t tin hnh cc giao dch mua,
ban chng khon cho chnh mnh. Hot ng t doanh ca cng ty chng
khon c thc hin thng qua c ch giao dch trn SGDCK hoc th
trng OTC. Ti mt s th trng vn hnh theo c ch khp gi (quote
driven) hot ng t doanh ca cng ty chng khon c thc hin thng
qua hot ng to lp th trng. Lc ny, cng ty chng khon ng vai tr
l nh to lp th trng, nm gi mt s lng chng khon nht nh ca
mt s loi chng khon v thc hin mua bn chng khon vi cc khch
hng hng chnh lch gi.
Mc ch ca hot ng t doanh l nhm thu li nhun cho chnh cng
ty thng qua hnh vi mua, bn chng khon vi khch hng. Nghip v ny
hot ng song hnh vi nghip v mi gii, va phc v lnh giao dch cho
khch hng ng thi cng phc v cho chnh mnh, v vy trong qu trnh

hot ng c th dn n xung t li ch gia thc hin giao dch cho
khch hng v cho bn thn cng ty. Do , lut php ca cc nc u yu
cu tch bit r rng gia cc nghip v mi gii v t doanh, cng ty chng
khon phi u tin thc hin lnh ca khch hng trc khi thc hin lnh
ca mnh. Thm ch lut php mt s nc cn quy nh c 2 loi hnh
cng ty chng khon l cng ty mi gii chng khon ch lm chc nng
mi gii v cng ty chng khon c chc nng t doanh.
Khc vi nghip v mi gii, cng ty chng khon ch lm trung gian
thc hin lnh cho khch hng hng hoa hng, trong hot ng t doanh
cng ty chng khon kinh doanh bng chnh ngun vn ca cng ty. V vy,
cng ty chng khon i hi phi c ngun vn rt ln v i ng nhn vin
c trnh chuyn mn, kh nng phn tch v a ra cc quyt nh u t
hp l, c bit trong trng hp ng vai tr l cc nh to lp th trng.
Yu cu i vi cng ty chng khon
- Tch bit qun l: cc cng ty chng khon phi c s tch bit gia
nghip v t doanh v nghip v mi gii m bo tnh minh bch, r
rng trong hot ng. S tch bit ny bao gm tch bit v: yu t con
ngi; quy trnh nghip v; vn v ti sn ca khch hng v cng ty.
- u tin khch hng: cng ty chng khon phi tun th nguyn tc u
tin khch hng khi thc hin nghip v t doanh. iu c ngha l lnh
giao dch ca khch hng phi c x l trc lnh t doanh ca cng ty.
Nguyn tc ny m bo s cng bng cho cc khch hng trong qu trnh
giao dch chng khon. Do c tnh c th v kh nng tip cn thng tin v
ch ng trn th trng nn cc cng ty chng khon c th s d on
trc c din bin ca th trng v s mua hoc bn tranh ca khch
hng nu khng c nguyn tc trn.
- Gp phn bnh n th trng: Cc cng ty chng khon hot ng t
doanh nhm gp phn bnh n gi c th trng. Trong trng hp ny, hot
ng t doanh c tin hnh bt buc theo lut nh. Lut cc nc u
quy nh cc cng ty chng khon phi dnh mt t l % nht nh cc giao
dch ca mnh ( M l 60%) cho hot ng bnh n th trng. Theo ,

cc cng ty chng khon c ngha v mua vo khi gi chng khon b gim
v bn ra khi gi chng khon ln nhm gi gi chng khon n nh.
- Hot ng to th trng: khi c pht hnh, cc chng khon mi
cha c th trng giao dch. to th trng cho cc chng khon ny, cc
cng ty chng khon thc hin t doanh thng qua vic mua v bn chng
khon, to tnh thanh khon trn th trng cp hai. Trn nhng th trng
chng khon pht trin, cc nh to lp th trng (Market - Makers) s
dng nghip v mua bn chng khon trn th trng OTC to th trng.
Theo , h lin tc c nhng bo gi mua hoc bn chng khon vi cc
nh kinh doanh chng khon khc. Nh vy, h s duy tr mt th trng
lin tc i vi chng khon m h kinh doanh.
Cc hnh thc giao dch trong hot ng t doanh:
Giao dch gin tip: Cng ty chng khon t cc lnh mua v bn
chng khon trn S giao dch, lnh ca h c th thc hin vi bt k khch
hng no khng c xc nh trc.
Giao dch trc tip: L giao dch tay i gia hai cng ty chng khon
hay gia cng ty chng khon vi mt khch hng thng qua thng lng.
i tng ca cc giao dch trc tip l cc loi chng khon ng k giao
dch th trng OTC.
5.3.1.3. Nghip v bo lnh pht hnh
thc hin thnh cng cc t cho bn chng khon ra cng chng,
i hi t chc pht hnh phi cn n cc cng ty chng khon t vn cho
t pht hnh v thc hin bo lnh, phn phi chng khon ra cng chng.
y chnh l nghip v bo lnh pht hnh ca cc cng ty chng khon v
l nghip v chim t l doanh thu kh cao trong tng doanh thu ca cng ty
chng khon.
Nh vy, nghip v bo lnh pht hnh l vic cng ty chng khon c
chc nng bo lnh (sau y gi tt l t chc bo lnh -TCBL) gip t chc
pht hnh thc hin cc th tc trc khi cho bn chng khon, t chc
vic phn phi chng khon v gip bnh n gi chng khon trong giai
on u sau khi pht hnh. Trn th trng chng khon, t chc bo lnh
pht hnh khng ch c cng ty chng khon m cn bao gm cc nh ch

ti chnh khc nh ngn hng u t, nhng thng thng vic cng ty
chng khon nhn bo lnh pht hnh thng kim lun vic phn phi
chng khon, cn cc ngn hng u t thng ng ra nhn bo lnh pht
hnh (hoc thnh lp t hp bo lnh pht hnh) sau chuyn phn phi
chng khon cho cc cng ty chng khon t doanh hoc cc thnh vin
khc.
Hot ng bo lnh pht hnh ca cng ty chng khon c th hin
trn s 5-2.
Khi mt t chc mun pht hnh chng khon, t chc gi yu cu
bo lnh pht hnh n cng ty chng khon. Cng ty chng khon c th s
k mt hp ng t vn qun l t vn cho t chc pht hnh v loi
chng khon cn pht hnh, s lng chng khon cn pht hnh, nh gi
chng khon v phng thc phn phi chng khon n cc nh u t
thch hp. c php bo lnh pht hnh, cng ty chng khon phi
trnh mt phng n bn v cam kt bo lnh ln U ban chng khon. Khi
cc ni dung c bn ca phng n pht hnh c U ban chng khon
thng qua. Cng ty chng khon c th trc tip k hp ng bo lnh hoc
thnh lp nghip on bo lnh k hp ng bo lnh gia nghip on
v t chc pht hnh.
Khi U ban chng khon cho php pht hnh chng khon v n thi
hn giy php pht hnh c hiu lc, cng ty chng khon (hoc nghip
on bo lnh) thc hin phn phi chng khon. Cc hnh thc phn phi
chng khon ch yu l:
- Bn ring cho cc t chc u t tp th, cc qu u t, qu bo
him, qu hu tr.
- Bn trc tip cho cc c ng hin thi hay nhng nh u t c quan
h vi t chc pht hnh.
- Bn rng ri ra cng chng
n ng ngy theo hp ng, cng ty bo lnh pht hnh phi giao
tin bn chng khon cho t chc pht hnh. S tin phi thanh ton l gi
tr chng khon pht hnh tr i ph bo lnh.

S 5-2: Quy trnh ca hot ng bo lnh pht hnh chng khon

CNG TY
CHNG KHON
Nhn yu cu bo lnh
K hp ng t vn qun l
- trnh phng n bn,
- Cam kt bo lnh
Lp nghip on bo lnh
K hp ng bo lnh
Np h s xin php
pht hnh
Thm d th trng
- Cng b vic pht hnh
- Phn pht bo co bch
- Phn pht phiu ng k mua CK
- Nhn tin t cc
Giy php pht hnh CK c hiu lc
- Phn phi c phiu trn c s
phiu ng k
Lu k CK Thanh ton Bnh n th trng
T chc
pht hnh
UBCK
Nhn giy php
pht hnh

5.3.1.4. Nghip v qun l danh mc u t
y l nghip v qun l vn u thc ca khch hng u t vo
chng khon thng qua danh mc u t nhm sinh li cho khch hng trn
c s tng li nhun v bo ton vn cho khch hng. Qun l danh mc u
t l mt dng nghip v t vn mang tnh cht tng hp c km theo u t,
khch hng u thc tin cho cng ty chng khon thay mt mnh quyt nh
u t theo mt chin lc hay nhng nguyn tc c khch hng chp
thun hoc yu cu (mc li nhun k vng; ri ro c th chp nhn...vv).
Quy trnh ca nghip v qun l danh mc u t c th c khi
qut bao gm cc bc nh sau:
- Xc tin tm hiu v nhn qun l: cng ty chng khon v khch
hng tip xc v tm hiu v kh nng ti chnh, chuyn mn t a ra
cc yu cu v qun l vn u thc.
- K hp ng qun l: CTCK k hp ng qun l gia khch hng v
cng ty theo cc yu cu, ni dung v vn, thi gian u thc, mc tiu u
t, quyn v trch nhim ca cc bn, ph qun l danh mc u t.
- Thc hin hp ng qun l: cng ty chng khon thc hin u t
vn u thc ca khch hng theo cc ni dung c cam kt v phi m
bo tun th cc quy nh v qun l vn, ti sn tch bit gia khch hng
v chnh cng ty.
- Kt thc hp ng qun l: khch hng c ngha v thanh ton cc
khon ph qun l theo hp ng k kt v x l cc trng hp khi cng ty
chng khon b ngng hot ng, gii th hoc ph sn.
5.3.1.5. Nghip v t vn u t chng khon
Cng nh cc loi hnh t vn khc, t vn u t chng khon l
vic cng ty chng khon thng qua hot ng phn tch a ra cc li
khuyn, phn tch cc tnh hung v c th thc hin mt s cng vic
dch v khc lin quan n pht hnh, u t v c cu ti chnh cho
khch hng.

Hot ng t vn chng khon c phn loi theo cc tiu ch sau:
- Theo hnh thc ca hot ng t vn: bao gm t vn trc tip (gp g
khch hng trc tip hoc thng qua th t, in thoi) v t vn gin tip
(thng qua cc n phm, sch bo) t vn cho khch hng.
- Theo mc u quyn ca t vn: bao gm t vn gi (gi cho
khch hng v phng cch u t hp l, quyt nh u t l ca khch
hng) v t vn u quyn (va t vn va quyt nh theo s phn cp, u
quyn thc hin ca khch hng).
- Theo i tng ca hot ng t vn: bao gm t vn cho ngi pht
hnh (t vn cho t chc d kin pht hnh: cch thc, hnh thc pht hnh,
xy dng h s, bn co bch...v gip t chc pht hnh trong vic la chn
t chc bo lnh, phn phi chng khon) v t vn u t (t vn cho khch
hng u t chng khon trn th trng th cp v gi, thi gian, nh
hng u t vo c loi chng khon...vv).
Nguyn tc c bn ca hot ngt vn:
Hot ng t vn l vic ngi t vn s dng kin thc, chnh l
vn cht xm m h b ra kinh doanh nhm em li li nhun (hiu
qu) cho khch hng. Nh t vn i hi phi ht sc thn trng trong vic
a ra cc li khuyn i vi khch hng, v vi li khuyn khch hng
c th thu v li nhun ln hoc thua l, thm ch ph sn, cn ngi t vn
thu v cho mnh khon thu ph v dch v t vn (bt k t vn thnh
cng hay khng). Hot ng t vn i hi phi tun th mt s nguyn tc
c bn sau:
- Khng m bo chc chn v gi tr chng khon: gi tr chng khon
khng phi l mt s c nh, n lun thay i theo cc yu t kinh t, tm
l v din bin thc tin ca th trng.
- Lun nhc nh khch hng rng nhng li t vn ca mnh da trn
c s phn tch cc yu t l thuyt v nhng din bin trong qu kh, c th
l khng hon ton chnh xc v khch hng l ngi quyt nh cui cng

trong vic s dng cc thng tin t nh t vn u t, nh t vn s khng
chu trch nhim v nhng thit hi kinh t do li khuyn a ra.
- Khng c d d, mi cho khch hng mua hay bn mt loi chng
khon no , nhng li t vn phi c xut pht t nhng c s khch
quan l qu trnh phn tch, tng hp mt cc khoa hc, logic cc vn
nghin cu.
5.3.2. Cc nghip v ph tr
a. Lu k chng khon: L vic lu gi, bo qun chng khon ca
khch hng thng qua cc ti khon lu k chng khon. y l quy nh
bt buc trong giao dch chng khon, bi v giao dch chng khon trn th
trng tp trung l hnh thc giao dch ghi s, khch hng phi m ti khon
lu k chng khon ti cc cng ty chng khon (nu chng khon pht
hnh di hnh thc ghi s) hoc k gi cc chng khon (nu pht hnh
di hnh thc chng ch vt cht). Khi thc hin dch v lu k chng
khon cho khch hng, cng ty chng khon s nhn c cc khon thu ph
lu k chng khon, ph gi, ph rt v ph chuyn nhng chng khon.
b. Qun l thu nhp ca khch hng (qun l c tc): xut pht t vic
lu k chng khon cho khch hng, cng ty chng khon s theo di tnh
hnh thu li, c tc ca chng khon v ng ra lm dch v thu nhn v chi
tr c tc cho khch hng thng qua ti khon ca khch hng.
c. Nghip v tn dng: i vi cc th trng chng khon pht trin,
bn cnh nghip v mi gii chng khon cho khch hng hng hoa
hng, cng ty chng khon cn trin khai dch v cho vay chng khon
khch hng thc hin giao dch bn khng (short sale) hoc cho khch hng
vay tin khch hng thc hin nghip v mua k qu (margin purchase).
Cho vay k qu l hnh thc cp tn dng ca cng ty chng khon cho
khch hng ca mnh h mua chng khon v s dng cc chng khon
lm vt th chp cho khon vay . Khch hng ch cn k qu mt phn,
s cn li s do cng ty chng khon ng trc tin thanh ton. n k hn

tho thun, khch hng phi hon tr s gc vay cng vi li cho cng ty
chng khon. Trng hp khch hng khng tr c n, th cng ty s pht
mi s chng khon mua thu hi n.
d. Nghip v qun l qu: mt s th trng chng khon, php lut
v th trng chng khon cn cho php cng ty chng khon c thc
hin nghip v qun l qu u t. Theo , cng ty chng khon c i
din ca mnh qun l qu v s dng vn v ti sn ca qu u t
u t vo chng khon. Cng ty chng khon c thu ph dch v qun l
qu u t.



CU HI N TP

1. Trnh by cc m hnh t chc kinh doanh chng khon.. Vit Nam
ang p dng m hnh no v ti sao?
2. Cc loi hnh t chc ca cng ty chng khon (CTCK). Lin h thc
tin Vit Nam?
3. Bnh lun v iu kin v th tc thnh lp CTCK Vit Nam hin
nay?
4. Nguyn tc hot ng ca CTCK. Lin h thc tin p dng cc
nguyn tc ny ca cc CTCK Vit Nam?
5. Trnh by tm tt cc nghip v chnh ca mt CTCK? Lin h thc
tin hot ng ca cc CTCK Vit Nam hin nay?

Xem thm Gio trnh nghip v mi gii, Khoa Ngn hng - Ti chnh, H.KTQD

Chng 6
cc Giao dch chng khon

6.1. H thng giao dch chng khon
6.1.1. H thng giao dch u gi theo lnh v u gi
theo gi

H thng giao dch u gi theo gi (Price-driven system) l h thng
giao dch c s xut hin ca nhng nh to lp th trng (market
markers/dealers) cho mt s loi chng khon no . Nhng nh to lp th
trng c ngha v cho cc mc gi mua v bn tt nht. Giao dch trong
th trng khp gi c thc hin gia mt bn l ngi u t v mt bn
l nh to lp th trng. Gi thc hin c xc nh trn c s cnh tranh
gia nhng ngi to th trng, ngi u t ch cn la chn mc gi ph
hp (thay v t lnh giao dch). Nhng ngi to th trng c hng
phn chnh lch (spread) gia gi mua v gi bn trong cc giao dch.
H thng giao dch u gi theo gi (khp gi) c nhng u im v
hn ch nht nh. u im ca h thng giao dch khp gi l c tnh thanh
khon v n nh cao. Tuy nhin, h thng nhng ngi to th trng ng
vai tr tng cng tnh thanh khon ca th trng, song cng c th bp
mo c ch xc lp gi trn th trng v tng chi ph giao dch ca ngi
u t. Vic s dng h thng khp gi i hi phi c nhng nh ch ti
chnh mnh v vn cng nh k nng u t chuyn nghip m nhim
vai tr ca nhng ngi to th trng. Nhn chung, th trng khp gi vn
hnh rt phc tp, v vy, khng c p dng cc th trng mi hnh
thnh. Bn cnh , trong h thng ny lun tim n hnh vi giao dch
khng cng bng ca nhng ngi to th trng do h c c nhng c

Tham kho Gio trnh nhng vn c bn v chng khon v TTCK ca UBCKNN v cc sch
dch.
Chng 6: Cc giao dch chng khon
quyn v thng tin th trng. Vn qun l i vi th trng khp gi l
mt trong nhng l do khin cho cc SGDCK thin v la chn h thng
khp lnh cho h thng giao dch.
H thng giao dch u gi theo lnh (order-driven system): l h
thng giao dch trong lnh giao dch ca ngi u t c khp trc tip
vi nhau khng c s tham gia ca ngi to lp th trng. Mc gi thc
hin l mc gi tho mn c bn mua v bn bn. Gi thc hin c xc
nh trn c s cnh tranh (u gi) gia nhng ngi u t. Ngi u t
phi tr mt khon ph mi gii cho cng ty chng khon (theo t l quy
nh hoc tho thun). Khon ph mi gii ny nhn chung thp hn so vi
ph trn th trng khp gi.
H thng giao dch khp lnh hin nay c cc SGDCK trn th gii
p dng rng ri do c nhng u vit hn so vi h thng u gi theo gi.
Trc ht, qu trnh xc lp gi c thc hin mt cch hiu qu. Tt
c cc lnh mua v bn cnh tranh vi nhau, qua ngi u t c th giao
dch ti mc gi tt nht. Thm vo , do khng c s hin din ca nhng
nh to lp th trng nn h thng m bo tnh minh bch ca th trng
do lnh giao dch ca nh u t c thc hin theo nhng quy tc ghp
lnh.
ng thi, bng cch theo di thng tin c cng b, ngi u t c
th a ra nhng quyt nh kp thi trc tnh hnh din bin ca th trng.
Cui cng, mt trong nhng u im khc ca h thng khp lnh l chi ph
giao dch thp, k thut giao dch n gin, d theo di v kim tra v gim
st.
Tuy nhin, h thng giao dch u gi theo lnh c nhc im l gi c
d bin ng khi c s mt cn i cung cu, kh nng thanh ton v linh
hot khng cao.
6.1.2. Khp lnh nh k v khp lnh lin tc
C hai phng thc ghp lnh trn h thng u gi theo lnh, l
khp lnh lin tc v khp lnh nh k.

Khp lnh lin tc (continuous auction) l phng thc giao dch c
thc hin lin tc khi c cc lnh i ng c nhp vo h thng.
u im ca hnh thc khp lnh lin tc:
- Gi c phn nh tc thi cc thng tin trn th trng. H thng cung
cp mc gi lin tc ca chng khon, t to iu kin cho nh u t
tham gia th trng mt cch nng ng v thng xuyn v nh u t c
th ngay lp tc thc hin c lnh hoc nu khng cng s nhn c
phn hi t th trng mt cch nhanh nht kp thi iu chnh cc quyt
nh u t tip sau.
- Khi lng giao dch ln, tc giao dch nhanh, v vy, hnh thc
khp lnh ny ph hp vi cc th trng c khi lng giao dch ln v si
ng.
- Hn ch c chnh lch gia gi lnh mua v lnh bn, t thc
y cc giao dch xy ra thng xuyn v lin tc.
Nhc im ca hnh thc khp lnh lin tc:
- Hnh thc khp lnh lin tc ch to ra mc gi cho mt giao dch in
hnh ch khng phi l tng hp cc giao dch.
Khp lnh nh k (call auction) l phng thc giao dch da trn c
s tp hp tt c cc lnh mua v bn trong mt khong thi gian nht nh,
sau khi n gi cht gi giao dch, gi chng khon c khp ti mc
gi m bo thc hin c khi lng giao dch l ln nht (khi lng
mua v bn nhiu nht).
Trong trng hp c nhiu mc gi cho khi lng giao dch l ln nht
v bng nhau th s la chn mc gi gn vi mc gi ng ca ca phin
giao dch ngy hm trc lm gi giao dch. Trng hp c bit, khi c 2
mc gi cho khi lng giao dch l ln nht v gi ng ca ca phin giao
dch trc gia 2 mc gi th tu theo tng SGDCK s la chn mc gi
cao hn hoc mc gi c chnh lch khi lng mua bn thp nht lm gi
giao dch. Vic la chn mc gi giao dch nh trn nhm m bo tnh n
nh v lin tc theo ng nguyn tc, mc ch t chc v vn hnh ca th
trng chng khon.
V d: Trong khong thi gian t 9h00-9h55 pht, ti SGDCK, nh mi
gii tp hp cc lnh mua v lnh bn ca chng khon xyz. n gin
ho, chng ta gi s cc lnh mua v bn u l cc lnh th trng v lnh
gii hn. Trong khong thi gian nhn lnh, chng ta c bng tng kt i
vi chng khon xyz nh sau:
Mua Bn
M s
KH
S lng Tch lu

Gi
Tch lu S lng M s KH
M001 250 250 Th trng
M002 150 400 100.000 1900 250 B009
- 400 90.000 1650 300 B008
M003 200 600 85.000 1350 250 B007
M004 300 900 80.000 1100 200 B006
M005 250 1150 75.000 900 50 B005
M006 150 1300 73.000 850 150 B004
M007 300 1600 70.000 700 200 B003
M008 200 1800 65.000 500 -
M009 300 2100 60.000 500 300 B002
Th trng 200 200 B001
Theo v d trn, c 2 mc gi (80.000 ng v 75.000 ng) cho khi
lng giao dch ln nht v bng nhau (900 c phiu). V vy, nu phin
ng ca trc, gi giao dch l 70.000 ng/c phiu, th mc gi 75.000
ng l mc gi giao dch.
Trong trng hp, gi ng ca ngy hm trc l 77.500 ng/c
phiu th tu theo tng SGDCK s la chn mc gi cao hn (80.000) hoc
mc gi c chnh lch mua bn t hn lm gi giao dch.

Khp lnh nh k l phng thc ph hp nhm xc lp mc gi cn
bng trn th trng. Do lnh giao dch ca nh u t c tp hp trong
mt khong thi gian nht nh nn khp lnh nh k c th ngn chn
c nhng t bin v gi thng xut hin di nh hng ca lnh giao
dch c khi lng ln hoc tha tht. Phng thc ny cng rt hu hiu
trong vic gim thiu nhng bin ng v gi ny sinh t tnh trng giao
dch bt thng, to s n nh gi cn thit trn th trng. Tuy nhin, gi
chng khon c xc lp theo phng thc khp lnh nh k khng phn
nh tc thi thng tin th trng v hn ch c hi tham gia giao dch ca
ngi u t. Khp lnh nh k thng c cc SGDCK s dng xc
nh gi m ca, ng ca hoc gi chng khon c php giao dch li sau
mt thi gian tm ngng giao dch.
Trong thc t, cc SGDCK p dng h thng giao dch ghp lnh
thng kt hp c 2 hnh thc: khp lnh nh k v khp lnh lin tc.
Khp lnh nh k c p dng xc nh gi m ca, gi gia cc phin
(quy nh thi im nht nh) v gi ng ca. Trong khong thi gian t
m ca n ng ca s p dng hnh thc khp lnh lin tc.
6.1.3. Thi gian giao dch
Cc giao dch chng khon trn SGDCK thng c t chc di dng
phin giao dch (sng; chiu) hoc phin lin tc (t sng qua tra n
chiu). Yu t quyt nh thi gian giao dch l quy m ca th trng chng
khon, c bit l tnh thanh khon ca th trng. Ngy nay, xu th quc t
ho th trng chng khon pht trin cho php nh u t mua, bn
chng khon thng qua h thng giao dch trc tuyn, v do cc mi gi
chnh lch nhau, nn cc SGDCK ang c xu hng giao dch 24/24h trong
ngy.
Ti hu ht cc SGDCK trn th gii, giao dch chng khon thng
din ra trong cc ngy lm vic trong tun. Cng c ni, do th trng nh
b v km tnh thanh khon nn thc hin giao dch mt phin hoc giao
dch cch ngy. Tuy nhin, vic giao dch cch ngy cng vi chu k thanh
ton ko di c th nh hng ln n tnh thanh khon ca th trng, lm
chm c hi u t v vng quay ti chnh.
6.1.4. Loi giao dch
Giao dch chng khon c th c phn loi da trn thi gian thanh
ton v tnh cht ca cc giao dch thnh: giao dch thng thng; giao dch
giao ngay; giao dch k hn; giao dch tng lai v giao dch quyn chn.
- Giao dch thng thng (regular transaction) l cc giao dch ph
bin trn th trng chng khon. Sau khi giao dch chng khon din ra, x
l thanh thanh ton sau giao dch l mt qu trnh phc tp v i hi phi
c thi gian. Tuy nhin, theo khuyn co ca nhm G-30, chun mc cho
chu k thanh ton thng thng l T+3. Vic rt ngn chu k thanh ton c
ngha quan trng trong vic thu ht nh u t. Ngoi ra, chu k thanh
ton cng c rt ngn th ri ro thanh ton cng c gim thiu.
- Giao dch c bit (special transaction) l cc giao dch c tnh cht
c bit, bao gm: giao dch cc c phiu mi nim yt; giao dch trong
trng hp tch gp c phiu; giao dch l ln (giao dch khi); giao dch l
l; giao dch khng c hng c tc; giao dch k qu (giao dch bo
chng); giao dch bn khng.
- Giao dch giao ngay (cash transaction) l loi giao dch c thanh
ton ngay trong ngy giao dch (ngy T). Loi giao dch ny hu nh khng
c ri ro thanh ton v qu trnh thanh ton c thc hin ngay sau khi giao
dch din ra. Giao dch giao ngay thng c p dng mt s th trng
c h thng thanh ton tin tin v ch yu i vi giao dch tri phiu.
- Giao dch k hn (forward transaction) l loi giao dch c thanh
ton vo mt ngy c nh c xc nh trc trong tng lai hoc theo s
tho thun gia hai bn mua v bn, hin nay loi hnh giao dch ny hu
nh khng cn c thc hin.
- Giao dch tng lai (Futures Transaction). Giao dch tng lai ging
nh giao dch cc hp ng k hn, song hp ng tng lai c nhng c
im khc vi hp ng k hn cc im:
+ Cc hp ng tng lai v chng khon c tiu chun ho bi cc
lut l ca S giao dch chng khon;

+ Cc hp ng tng lai c quy nh r v ni dung mua bn v
c mua bn trn SGDCK.
- Giao dch quyn chn (Option Transaction) l cc giao dch quyn
chn mua hoc quyn chn bn mt loi chng khon nht nh vi gi v
thi gian c xc nh trc.
6.1.5. Nguyn tc khp lnh
Trong khp lnh nh k, mi ln khp lnh s hnh thnh mt mc gi
thc hin duy nht - l mc gi tho mn iu kin thc hin c mt khi
lng giao dch ln nht. xc nh nhng lnh c thc hin trong mi
ln khp lnh, phi s dng nguyn tc ca u tin khp lnh theo trt t
sau:
Th nht: u tin v gi (Lnh mua gi cao hn, lnh bn gi thp
hn c u tin thc hin trc).
Th hai: u tin thi gian (Lnh nhp vo h thng giao dch trc s
c u tin thc hin trc).
Th ba: u tin khch hng (Lnh khch hng - lnh mi gii c
u tin thc hin trc lnh t doanh - lnh ca nh mi gii).
Th t: u tin khi lng (Lnh no c khi lng giao dch ln hn
s c u tin thc hin trc).
Ngoi ra, cc SGDCK c th p dng nguyn tc phn b theo t l t
lnh giao dch.
6.1.6. Lnh giao dch v nh chun lnh
6.1.6.1. Lnh giao dch
Trn cc th trng chng khon quc t, c rt nhiu loi lnh giao
dch c s dng. Trn thc t, phn ln cc lnh giao dch c ngi u
t s dng l lnh gii hn v lnh th trng.
- Lnh th trng (market order) l loi lnh c s dng rt ph bin
trong cc giao dch chng khon. Khi s dng loi lnh ny, nh u t sn
sng chp nhn mua hoc bn theo mc gi ca th trng hin ti v lnh
ca nh u t lun lun c thc hin, Tuy nhin, mc gi do quan h
cung - cu chng khon trn th trng quyt nh. V vy, lnh th trng
cn c gi l lnh khng rng buc.
Lnh th trng l mt cng c hu hiu c th c s dng nng
cao doanh s giao dch trn th trng, tng cng tnh thanh khon ca th
trng. Lnh th trng cng t ra thun tin cho ngi u t v h ch cn
ch ra khi lng giao dch m khng cn ch ra mc gi giao dch c th v
lnh th trng c u tin thc hin trc so vi cc loi lnh giao dch
khc. Ngoi ra, nh u t cng nh cng ty chng khon s tit kim c
cc chi ph do t gp phi sai st hoc khng phi sa lnh cng nh hu
lnh.
Tuy nhin, lnh th trng cng c hn ch nht nh l d gy ra s
bin ng gi bt thng, nh hng n tnh n nh gi ca th trng, do
lnh lun tim n kh nng c thc hin mt mc gi khng th d tnh
trc. V vy, cc th trng chng khon mi a vo vn hnh thng t s
dng lnh th trng v lnh th trng thng thng ch c p dng i
vi cc nh u t ln, chuyn nghip, c c cc thng tin lin quan
n mua bn v xu hng vn ng gi c chng khon trc, trong v sau
khi lnh c thc hin. Lnh th trng c p dng ch yu trong cc
trng hp bn chng khon v tm l ca ngi bn l mun bn nhanh
theo gi th trng v i tng ca lnh ny thng l cc chng khon
"nng, ngha l cc chng khon ang c s thiu ht hoc d tha tm
thi.
- Lnh gii hn (limit order) l loi lnh giao dch trong ngi t
lnh a ra mc gi mua hay bn c th chp nhn c. Lnh gii hn mua
ch ra mc gi cao nht m ngi mua chp nhn thc hin giao dch; lnh
gii hn bn ch ra mc gi bn thp nht m ngi chp nhn giao dch.
Mt lnh gii hn thng thng khng th thc hin ngay, do nh
u t phi xc nh thi gian cho php n khi c lnh hu b. Trong
khong thi gian lnh gii hn cha c thc hin, khch hng c th thay
i mc gi gii hn. Khi ht thi gian nh, lnh cha c thc hin
hoc thc hin cha mc nhin s ht gi tr.

Khi ra lnh gii hn, nh u t cn phi c s hiu bit, nhn nh
chnh xc, v vy thng cc lnh gii hn c chuyn cho cc chuyn gia
hn l cho cc nh mi gii hoa hng.
Lnh gii hn c nhng u im v nhc im. V u im, lnh gii
hn gip cho nh u t d tnh c mc li hoc l khi giao dch c
thc hin. Tuy nhin, lnh gii hn c nhc im l nh u t khi ra lnh
gii hn c th phi nhn ri ro do mt c hi u t, c bit l trong
trng hp gi th trng b xa mc gi gii hn (ngoi tm kim sot ca
khch hng). Trong mt s trng hp, lnh gii hn c th khng c thc
hin ngay c khi gi gii hn c p ng v khng p ng c cc
nguyn tc u tin trong khp lnh.
- Lnh dng (stop order) l loi lnh c bit bo m cho cc nh
u t c th thu li nhun ti mt mc nht nh (bo v li nhun) v
phng chng ri ro trong trng hp gi chng khon chuyn ng theo
chiu hng ngc li.
Sau khi t lnh, nu gi th trng t ti hoc vt qua mc gi dng
th khi lnh dng thc t s tr thnh lnh th trng.
C hai loi lnh dng: Lnh dng bn v lnh dng mua. Lnh
dng bn lun t gi thp hn th gi hin ti ca mt chng khon
mun bn. Ngc li, lnh dng mua lun t gi cao hn th gi ca
chng khon cn mua.
Lnh dng tr thnh lnh th trng khi gi chng khon bng hoc
vt qu mc gi n nh trong lnh - gi dng. Lnh dng thng c cc
nh u t chuyn nghip p dng v khng c s bo m no cho gi thc
hin s l gi dng. Nh vy, lnh dng khc vi lnh gii hn ch, lnh
gii hn bo m c thc hin vi gi gii hn hoc tt hn.
C bn cch c bn s dng lnh dng, trong c hai cch c tnh
cht bo v v hai cch khc dng phng nga i vi nh u t.
* Hai cch s dng lnh dng c tnh cht bo v.
Th nht: bo v tin li ca ngi kinh doanh trong mt thng v
thc hin.
Th hai: bo v tin li ca ngi bn trong mt thng v bn khng.
V d 1: ng A c mua c l chn 100 c phiu xyz vo ngy 1/1 vi
gi 150.000 ng/c phiu. Ngy 5/1 th gi c phiu ny l 180.000 ng.
ng A nhn nh gi c phiu cn tng na. Tuy vy, phng nhn
nh l sai, gi c phiu xyz s h, ng ta ra mt lnh dng bn gi
170.000 ng, ngha l nu gi c phiu xyz h ti gi 170.000 ng s c
bn ra. Nhng cng c th c phiu xyz h nhng khng c im 170.000
ng m ch mc xp x (169.000 ng hoc 171.500 ng chng hn) th
c phiu cng c bn ra v lc ny lnh tr thnh lnh th trng.
Ngy 10/1 th gi c phiu tng ln 205.000 ng/c phiu. ng A t c
mt mc li nhun mi, tuy nhn nh gi c phiu tip tc tng n nh
ca tro lu, nhng ng khng th khng nghi ng l c phiu tt yu s
phi gim gi vo mt thi im trong tng lai, nn li t mt lnh dng
bn ti mt mc gi mi l 195.000 ng.
Nh vy, lnh dng bn lun lun t gi thp hn th trng. y l
cch m cc nh u c ln gi ngn hn thng lm trong giao dch chng
khon.
V d 2: Ngc li vi ng A, ng B thy gi th trng ca c phiu
abc l 100.000 ng/c phiu vo ngy 1/1. ng ta nhn nh n s gim
mnh trong tng lai, nn n cng ty chng khon vay 1000 c phiu
abc v ra lnh bn ngay, hy vng trong thi gian ti gi s h, khi ng ta
s mua li tr cho cng ty chng khon. Gi s n ngy 5/1 gi c phiu
abc h xung mc 80.000 ng, ng ta ra lnh cho cng ty chng khon
mua 1000 c phiu abc tr n. Nh vy, ng ta k vng li c 20.000
ng do chnh lch gi mua bn. Nhng phng sau khi bn khng
(bn th mnh i vay) gi c phiu abc khng h m tng ln ng ta ra mt
lnh dng mua 110.000 ng. Ngha l nu gi ln th khi ln n mc
110.000 ng lp tc nh mi gii phi thc hin mua vo ti S giao dch
khng l vt qu 10.000 ng/1 c phiu.
* Hai cch s dng lnh dng c tnh cht phng nga.
1. Phng nga s thua l qu ln trong trng hp mua bn ngay.
2. Phng nga s thua l qu ln trong trng hp bn trc mua sau:

V d 1: ng Hin va mua mt l chn 100 c phiu Sacom vi gi
100.000 ng/c phiu. Mt thng tin lm cho ng ta tin rng gi c phiu
Sacom s ln trong mt tng lai gn. Tuy nhin, v s thn trng ca ngi
kinh doanh chng khon ng ta ra mt lnh dng bn di gi 100.000
ng, v d l 95.000 ng. Lc ra lnh ny ng Hin cha c li m cng
cha b l v lnh ca lnh ng ta cha c "chm ngi, ang ch l s
phng nga. Gi s trong thc t, nhn nh ca ng ta l sai, gi c phiu
Sacom h nhanh. Khi gi h ti mc 95.000 ng nh mi gii lp tc bn
ra. Nh vy, ng Hin ch b l 5.000 ng/ c phiu. S thua l s ln hn
nhiu nu ng tc khng dng lnh dng bn.
V d 2: ng Sn l ngi kinh doanh chng khon, ng ta bn 100 c
phiu Ree vi gi 100.000 ng/c phiu v cho rng gi s gim. Nhng
phng s thua l qu ln do gi ln, ng Sn ra lnh mua gi 110.000
ng. Nu nhn nh ca ng tc l sai, gi khng gim m tng, ngi mi
gii s mua 100 c phiu XZ ngay khi n ln n mc 110.000 ng hoc
xp x vi gi .
Nh vy lnh dng mua c tc dng rt tch cc i vi nh u t
trong vic bn khng. Lnh dng bn c tc dng bo v khon li nhun
hoc hn ch thua l i vi cc nh u t.
Tuy nhin, lnh dng cng c nhiu nhc im. Khi c mt s lng
ln cc lnh dng c "chm ngi, s no lon trong giao dch s xy ra
khi cc lnh dng tr thnh lnh th trng, t bp mo gi c chng
khon v mc ch ca lnh dng l gii hn thua l v bo v li nhun
khng c thc hin.
hn ch nhc im trn, ngi ta tin hnh kt hp gia lnh dng
v lnh gii hn thnh lnh dng gii hn.
- Lnh dng gii hn (stop limit order) l loi lnh s dng nhm
khc phc s bt nh v mc gi thc hin tim n trong lnh dng. i vi
lnh dng gii hn, ngi u t phi ch r hai mc gi: mt mc gi dng
v mt mc gi gii hn. Khi gi th trng t ti hoc vt qua mc gi
dng th lnh dng s tr thnh lnh gii hn thay v thnh lnh th trng.
V d: ng Hin ra mt lnh dng bn 100 c phiu TMS, gi dng 55,
gi gii hn 54. iu ny c ngha l lnh trn s c kch hot ti mc gi
55 hay thp hn, tuy nhin v c lnh gii hn 54 nn lnh ny khng c
thc hin ti mc gi thp hn 54. Qu trnh thc hin lnh dng bn s gm
2 bc: Bc 1, lnh dng c chm ngi; Bc 2, thc hin lnh ti mc
gi gii hn hoc tt hn.
Hn ch ca lnh dng gii hn l khng c p dng trn th trng
OTC v khng c s cn bng gia gi ca nh mi gii v ngi t lnh.
- Lnh m l lnh c hiu lc v hn. Vi lnh ny, nh u t yu cu
nh mi gii mua hoc bn chng khon ti mc gi c bit v lnh c gi
tr thng xuyn cho n khi b hu b.
- Lnh sa i l lnh do nh u t a vo h thng sa i mt
s ni dung vo lnh gc t trc (gi, khi lng, mua hay bn...).
Lnh sa i ch c chp nhn khi lnh gc cha c thc hin.
- Lnh hu b (Cancel order) l lnh do khch hng a vo h thng
hu b lnh gc t trc . Lnh hu b ch c chp nhn khi
lnh gc cha c thc hin.
6.1.6.2. nh chun lnh
i km cc lnh c bn trn l cc nh chun lnh. nh chun lnh l
cc iu kin thc hin lnh m nh u t quy nh cho nh mi gii khi
thc hin giao dch. Khi kt hp cc nh chun lnh vi cc lnh c bn,
chng ta s c mt danh mc cc lnh khc nhau.
+ Lnh c gi tr trong ngy (Day Order). L lnh giao dch c gi tr
trong ngy. Nu lnh khng c thc hin trong ngy th s c t ng
hu b.
+ Lnh n cui thng (GTM- Good Till Month) l lnh giao dch c
gi tr n cui thng.
+ Lnh c gi tr n khi hu b (GTC- Good Till Canceled) l lnh c
gi tr n khi khch hng hu b hoc thc hin xong.
+ Lnh t do quyt nh (NH- Not Held) l lnh giao dch cho php cc
nh mi gii c t do quyt nh v thi im v gi c trong mua bn

chng khon cho khch hng. Vi loi lnh ny, nh mi gii s xem xt th
trng v quyt nh thi im, mc gi mua bn tt nht cho khch hng
song khng phi chu trch nhim i vi hu qu giao dch.
+ Lnh thc hin tt c hay hu b (AON - All or Not) tc l ton b
cc ni dung ca lnh phi c thc hin ng thi trong mt giao dch,
nu khng th hu b lnh.
+ Lnh thc hin ngay ton b hoc hu b (FOK - Fill or Kill) l lnh
yu cu thc hin ngay ton b ni dung ca lnh nu khng th hu b
lnh.
+ Lnh thc hin ngay tc khc hoc hu b (IOC - Immediate or
Cancel) tc l lnh trong ton b ni dung lnh hoc tng phn s phi
c thc thi ngay tc khc, phn cn li s c hu b.
+ Lnh ti lc m ca hay ng ca (At the opening or market on close
Order) l lnh c ra vo thi im m ca hoc ng ca.
+ Lnh tu chn (Either/or Order hay Contingent Order) l lnh cho
php nh mi gii la chn mt trong hai gii php hoc l mua theo lnh
gii hn hoc l bn theo lnh dng. Khi thc hin theo mt gii php th
hu b gii php kia.
+ Lnh tham d nhng khng phi tham d u tin (PNI) tc l loi
lnh m khch hng c th mua hoc bn mt s ln chng khon nhng
khng ph thuc vo thi k to gi mi do khng lm thay i gi c
phiu, tri phiu trn th trng. Loi giao dch ny cho php ngi mua
hoc ngi bn tch lu hoc phn phi chng khon trn th trng m
khng nh hng n cung v cu loi chng khon trn th trng.
+ Lnh hon i (Switch Order) l lnh bn chng khon ny, mua
chng khon khc hng chnh lch gi.
+ Lnh mua gim gi (Buy Minus) l lnh giao dch trong quy nh
nh mi gii hoc l mua theo lnh gii hn hoc l mua theo lnh th
trng vi gi thp hn gi giao dch trc mt cht.
+ Lnh bn tng gi (Sell Plus) l lnh giao dch trong yu cu nh
mi gii hoc l bn theo lnh gii hn hoc l bn theo lnh th trng vi
mc gi cao hn gi giao dch trc mt cht.
+ Lnh giao dch cho c phiu (Crossing Stocks) l lnh m nh mi
gii phi hp lnh mua v lnh bn vi mt chng khon cng thi gian gia
hai khch hng hng chnh lch gi.
6.1.7. n v giao dch
Trn th trng chng khon, chng khon c giao dch khng theo
tng chng khon ring l m theo n v giao dch hay cn gi theo l (lot)
chng khon. Cn c vo l chng khon c th phn chia thnh cc khu
vc giao dch khc nhau. Vic quy nh n v giao dch ln hay nh s c
nh hng n kh nng tham gia ca nh u t cng nh kh nng x l
lnh ca h thng thanh ton b tr trn th trng. n v giao dch c
quy nh c th cho tng loi chng khon (c phiu, tri phiu, chng ch
qu u t, cng c phi sinh...).
- L chn (round- lot). Mt l chn i vi c phiu, chng ch qu u
t thng thng l 100 c phiu hoc chng ch qu u t. Mt l chn i
vi tri phiu thng thng l 10 tri phiu.
- L l (odd- lot) l giao dch c khi lng di l chn (di 100 c
phiu hoc di 10 c phiu).
- L ln (block -lot) l giao dch c khi lng tng i ln, thng
thng t 10.000 c phiu tr ln.
Tuy nhin, ngoi vic quy nh n v giao dch thng nht nh trn, ti
mt s S GDCK cn quy nh n v giao dch tng ng vi gi tr th
trng ca chng khon .
6.1.8. n v yt gi
n v yt gi (quotation unit) l cc mc gi ti thiu trong t gi
chng khon (tick size). n v yt gi c tc ng ti tnh thanh khon ca
th trng cng nh hiu qu ca nh u t. Trng hp n v yt gi nh,
s to ra nhiu mc gi la chn cho nh u t khi t lnh, nhng cc mc
gi s dn tri, khng tp trung, v ngc li n v yt gi ln s tp trung

c cc mc gi, nhng s lm hn ch mc gi la chn ca nh u t, t
khng khuyn khch cc nh u t nh tham gia th trng.
n v yt gi c tnh ring cho tng loi chng khon khc nhau (c
phiu, tri phiu) v c th p dng theo mc thang lu tin vi th gi
chng khon.
V d, hin nay Vit Nam theo iu 50 quyt nh s 42-2000/Q-
UBCK1 ngy 12/6/2000, n v yt gi theo phng thc khp lnh c
quy nh nh sau:

Mnh gi C phiu Chng ch qu
u t
Tri phiu
49.900
100 ng 100 ng 100 ng
50.000 -
99.500
500 ng 500 ng 100 ng
100.000
1.000 ng 1.000 ng 100 ng
i vi cc giao dch theo phng php tho thun, thng thng cc
th trng chng khon khng quy nh n v yt gi.
6.1.9. Bin giao ng gi
Vic quy nh bin giao ng gi chng khon nhm hn ch nhng
bin ng ln v gi chng khon trn th trng trong ngy giao dch. y
l mt trong nhiu bin php nhm ngn chn bin ng gi chng khon
trn th trng. Cc nh u t c th t lnh ca h gia gi trn (ceiling
price) v gi sn (floor price), bt k lnh mua hay bn chng khon no
nm ngoi gii hn trn u b loi ra khi h thng.
Gii hn thay i gi hng ngy c xc nh da trn gi c bn v
thng thng l gi ng ca ngy hm trc, mc gi gi l gi tham
chiu. Gii hn thay i gi c th quy nh theo mt t l c nh hoc mc
c nh theo gi c bn. Di bin giao ng gi cao, thp c tc ng nh
hng rt ln n th trng, mt mt c tc dng bo m s n nh ca
th trng, nhng ng thi n cng gim tnh thanh khon ca chng
khon, v trong mt chng mc no s lm suy yu th trng. Thng
thng, cc th trng mi a vo vn hnh u quy nh bin giao ng
gi thp, sau nng dn ln.
6.1.10. Gi tham chiu
Gi tham chiu (Reference price) l mc gi c bn lm c s tnh
ton bin giao ng gi hoc cc gi khc trong ngy giao dch. Gi tham
chiu c xc nh cho tng loi hnh giao dch:
- Gi tham chiu i vi chng khon ang giao dch bnh thng.
- Gi tham chiu i vi chng khon mi a vo nim yt.
- Gi tham chiu i vi trng hp chng khon b a vo kim sot,
hoc ht thi gian b kim sot.
- Gi tham chiu i vi chng khon c a vo giao dch li sau
khi b tm ngng giao dch.
- Gi tham chiu i vi chng khon trong trng hp tch, gp c
phiu.
- Gi tham chiu c phiu trong trng hp giao dch khng c
hng c tc v cc quyn km theo.
- Gi tham chiu c phiu sau khi cng ty nim yt pht hnh c phiu
b sung.
Trn c s gi tham chiu, gii hn dao ng gi ca cc chng khon
c tnh nh sau:
Gi ti a = Gi tham chiu + (Gi tham chiu |Bin giao ng
gi|)
Gi ti thiu = Gi tham chiu - (Gi tham chiu |Bin giao ng
gi|)
Vic xc nh gi tham chiu trong tng trng hp ph thuc vo quy
nh ca tng th trng. Vit Nam, theo Q 42-2000/Q-UBCK1 ngy
12-6-2000, gi tham chiu c xc nh nh sau:
- Gi tham chiu ca c phiu, chng ch qu u t v tri phiu ang
giao dch bnh thng l gi ng ca ngy giao dch trc .
- Trng hp chng khon mi nim yt, trong ngy giao dch u tin
Trung tm giao dch chng khon nhn lnh giao dch khng gii hn bin

d dao ng gi v ly gi ng ca ca ngy giao dch lm gi tham chiu.
Bin d dao ng gi c p dng t ngy giao dch k tip.
- Trng hp chng khon thuc din b kim sot, chng khon khng
cn thuc din b kim sot, chng khon b ngng giao dch trn 30 ngy,
th gi tham chiu c xc nh tng t nh i vi trng hp chng
khon mi nim yt.
- Trng hp giao dch chng khon khng c hng cc quyn km
theo, gi tham chiu c xc nh theo nguyn tc ly gi ng ca ca
ngy giao dch gn nht iu chnh theo gi tr ca cc quyn km theo.
- Trng hp tch gp c phiu, gi tham chiu sau khi tch gp c
xc nh theo nguyn tc ly gi giao dch trc ngy tch gp iu chnh
theo t l tch gp c phiu.
6.2. Giao dch mua bn chng khon trn S giao
dch chng khon
6.2.1. Giao dch mua bn th cng ti sn giao dch
Sn giao dch l mt phng rng, xung quanh c nhiu bng en v
ngy nay cc bng ny c thay th bi cc bng in t giao dch c ln.
Nhng ngi mi gii khi nhn c lnh mua bn t khch hng s lin h
vi cc chuyn gia chng khon chuyn v loi chng khon giao dch
bit c cc mc gi tt nht v khi lng ti cc mc gi. Sau , nh
mi gii s tin hnh thng lng vi cc nh mi gii khc. Ban u h
thng lng v tho thun vi nhau theo cc k hiu tay quy c (theo
bng di), tuy nhin cc giao dch tay ch tn ti n cui thp nin 1980
do c s pht trin mnh m ca h thng my tnh in t thay th.
V d k thut thc hin lnh mua th cng
ng Hin l nh mi gii nhn c lnh t vn phng cng ty chng
khon yu cu mua 200 c phiu xyz theo "gi th trng" do nhn vin th
k chuyn n. ng Hin lp tc ti quy giao dch loi c phiu XYZ,
trc ht quan st kt qu hin th trn mn hnh hoc bng en pha trn
bit gi va thc hin (gi ca giao dch trc ), gi s l 100. ng
Hin lp tc tm hiu c rng giao dch sp ti gi c phiu XYZ s bng
hoc xoay xung quanh gi . ng ta hi chuyn gia chng khon gi cho
bn v gi t mua c phiu XYZ ti thi im hin nay l bao nhiu v
c ngi chuyn gia cho bit c ngi a ra gi mua cao nht l 100
v c ngi bn thp nht 102. Thng tin th hai ngi mi gii cn bit
l khi lng c phiu XYZ mun mua v mun bn vi cc gi trn. Ngi
chuyn vin cho bit "500 v 400" ngha l c 500 c phiu mun mua v
400 c phiu mun bn gi . Theo quy c ca th trng, gi t mua
ni trc gi t bn v s lng t mua ni trc s lng t bn.
Lnh ca ng Hin va nhn c l lnh mua theo gi th trng, do
mua c chng khon ny ng ta phi t mua theo gi 102 cho 100
c phiu, l gi cho bn thp nht ca th trng.
Tuy nhin, c gng mua cho khch hng c tt nht ng Hin
phi thc hin mt s ch i hoc thng lng cn thit vi nhng ngi
t bn. Gi s ngay sau c mt ngi mi gii khc tin ti quy giao
dch, sau khi hi ngi chuyn gia v tnh hnh th trng c phiu XYZ
ngi cng c thng bo vi ni dung nh trn. Ngi mi gii ny
t mt lnh bn "thc hin ngay" 300 c phiu gi 101 "XYZ 300 101".
ng Hin nhn thy rng y l mt gi tt hn v ng ta t lnh mua 200
c phiu vi gi 101 bng mt cu ngn gn "XYZ 101 cho 200". Ngi
chuyn vin chng khon cht li gi 101 v lnh c thc hin.
Mt giao dch c thc hin nhng khng c mt bn hp ng no
bng giy t c k kt c. Mi bn ch ghi y cc chi tit c tho
thun (loi chng khon, s lng, gi, ngi mua, ngi bn). V sau ,
ngi mi gii - ng Hin thng bo kt qu cho ngi th k bo co v
cho vn phng cng ty. Vn phng cng ty c trch nhim thng bo kt
qu ngay cho khch hng. Ton b vic thc hin lnh ny ch din ra trong
vi pht.
Sau khi giao dch va kt thc th chuyn vin bo gi ca S giao dch
a ngay kt qu vo bng in (hoc vit ln bng en) a ln mn
hnh. Mn hnh in t s hin ln cc thng tin: loi chng khon va giao
dch, s lng, gi. V nu gi ca giao dch va hin tng so vi gi ca
giao dch trc th c thm du (+) pha trc, ngc li gi va thc hin
gim so vi gi trc th s c thm du tr (-).


6.2.2. Giao dch mua bn qua my tnh in t
y l phng thc giao dch ch yu v ph bin hin nay. Tu theo
s pht trin ca tng th trng, giao dch qua my tnh in t c th p
dng hnh thc bn t ng hay t ng hon ton.
- Giao dch bn t ng: l hnh thc kt hp gia giao dch th cng
vi gio dch qua my tnh in t. Theo phng thc ny, mt s khu
trong cng on giao dch nh nhn lnh, ghp lnh..., thanh ton, b tr,
lu k c thc hin qua my tnh cn cc khu cn li s thc hin theo
phng thc th cng. Hin nay, cc th trng truyn thng nh Nht bn,
M vn s dng h thng giao dch bn t ng cho cc giao dch c phiu
ph thng bn cnh h thng giao dch t ng hon ton.
- Giao dch in t t ng ho hon ton l h thng giao dch trong
tt c cc khu u thng qua h thng my tnh. Cc SGDCK khng cn
khi nim Sn giao dch, ti ch c h thng cc my mc vi tnh.
Gi giao dch ti SGDCK s c xc lp theo phng php so khp
cc tp hp lnh hoc n lnh. Nu nh gi giao dch c xc lp theo
phng php so khp n lnh th v tnh cht ca gi cng c hnh thnh
nh giao dch th cng. Trng hp gi giao dch xc lp theo tp hp lnh
ng k th gi cht l mc gi cho khi lng giao dch l ln nht.
Ni dung cc bc giao dch mua bn chng khon trn S giao dch
qua h thng my tnh in t nh sau:
Bc 1: M ti khon giao dch
Nh u t mun mua hoc bn chng khon phi tin hnh m ti
khon ti mt cng ty chng khon (CTCK) l thnh vin ca SGDCK.
Phng tip th i din cho CTCK s k hp ng u thc vi nh u t
m ti khon giao dch. Th tc m ti khon cng tng t nh m ti
khon ngn hng, trong ch ti khon cn phi cung cp cc thng tin
thit yu phc v cho mc ch qun l ca CTCK.
Ti khon giao dch hin nay c th phn chia thnh nhiu loi khc
nhau nh:

Ti khon tin mt (Cash account). y l loi ti khon m cc
khon thanh ton pht sinh s c thc hin bng tin mt. m ti
khon ny khch hng phi xut trnh giy t ty thn hp l cng ty c
th hp thc ha chuyn s hu cho khch hng.
i vi ti khon ny thng cc cng ty chng khon yu cu khi mua
chng khon, khch hng phi thanh ton bng tin mt khng chm hn
ngy thanh ton (thng l trong vng T+x ngy lm vic k t khi din ra
giao dch). Do khi thc hin nghip v mua chng khon, khch hng
phi chun b tin trn ti khon thanh ton trc hoc phi tr ng
vo thi im trong ngy thanh ton theo quy nh ca cng ty chng khon.
Ti khon bo chng (Margin account). Khi mua vi mt ti khon
bo chng, khch hng ch phi tr mt phn tin v cng ty chng khon s
cho vay phn cn li. c m ti khon ny, khch hng phi k qu
mt t l nht nh
Khi m ti khon bo chng giao dch gia khch hng v cng ty
chng khon cn tha thun mt s iu khon.
- Khch hng ng giao cho cng ty chng khon mt s chng
khon lm m bo tin vay m cng ty s dnh cho khch hng.
- Khch hng cho php cng ty chng khon em s chng khon ny
gi vo ngn hng nh l vt m bo cho khon vay.
- Bng cch k mt tha thun, khch hng cho php cng ty chng
khon ly s chng khon ny em cho khch hng khc vay thc hin
nghip v bn khng (mn chng khon bn khi gi ln, sau mua li vi
gi thp tr li).
Ti khon ty nghi (Diseretionary account). y l loi ti khon m
ch ti khon (khch hng) cho php cng ty chng khon c mua v bn
chng khon ty la chn vi gi c v thi im m cng ty cho l thch
hp. Cng ty chng khon khng b bt buc phi hi kin khch hng m
phn tch da trn s hiu bit v khch hng ny, tnh hnh th trng, cng
nh mt s vn khch thc hin giao dch. Tuy nhin, trc khi cho
php cng ty chng khon quyn t quyt th khch hng phi cn nhc k
lng. Vic giao quyn ny c ghi thnh vn bn c ch k ca ch ti
khon v c lu tr ti cng ty. Trong vn bn phi nu r quyn hn ca
ngi c y quyn (cng ty chng khon) l v hn hoc c gii hn.
Ngoi ra bn tha thun cn quy nh r loi chng khon no m cng
ty chng khon c php mua, bn... Tt c nhng quy nh trn nhm bo
v quyn li ca khch hng v cng ty chng khon, cng nh trnh nhng
tranh chp c th xy ra sau ny.
Ti khon lin kt (Joint account). Loi ti khon ny do hai ngi
ng tn v mi quyt nh lin quan n ti khon phi do c hai ngi
cng chp thun.
C hai loi ti khon lin kt:
- Lin kt dng thng thng l loi ti khon lin kt m khi mt bn
ng tn trong ti khon cht i, phn ca ngi trn ti khon s c
tr li thnh di sn ca anh ta.
- Lin kt c quyn gi trn l loi ti khon m nu mt trong hai
ngi ng tn ti khon cht i th ngi cn li s c hng trn phn
ti sn trn ti khon lin kt.
Ti khon chung (Partnership account). Ti khon chung do nhiu
bn thnh vin cng ng tn. m ti khon ny, cng ty chng khon
cn bit c tn, a ch v tt c ch k ca cc thnh vin hp php trn
ti khon. ng thi cn c mt vn bn xc nhn s tha thun gia cc
thnh vin v s lin hp trong hot ng.
Trong bn tha c s xc nh mt thnh vin c y quyn thc
hin cc giao dch trn ti khon, vi t cch l ngi i din danh ngha
cho tt c cc thnh vin c tn trn ti khon.
Ti khon y thc (Fiduciary account). y l loi ti khon s y
thc cho mt ngi no c hnh ng hp php vi danh ngha ca
mnh.
Ti khon lu tr cho ngi cha n tui trng thnh (Mior's
Custodian Account). y l loi ti khon ca ngi v thnh nin, nhng
do mt hay nhiu ngi trng thnh ng ra m bo di danh ngha
"ngi lu tr".

Ti khon giao dch quyn la chn (Options Account). Khch hng
s m ti khon ny khi h mun thc hin cc giao dch lin quan n giao
dch quyn la chn.
Ti khon nh s hoc ghi m (Numbered or coded Account). i
khi khch hng c th yu cu cng ty chng khon v ti khon ca mnh
c nh s hoc c m ha thay v ng k tn ca mnh. m ti
khon ny, i hi nhng chi tit nhn bit khch hng lu gi trong
h s ti cng ty. Khch hng phi k mt vn bn v vic nhn bit ti
khon ca mnh v phi chu trch nhim np thu nh i vi loi ti khon
ng tn thng thng. Khi mun giao dch, khch hng phi ghi ng m
s ca ti khon.
Tm li, v ni dung s dng ti khon c hai ti khon chnh l: ti
khon tin mt v ti khon bo chng, cn cc ti khon khc l ch khc
nhau v hnh thc. Song tt c cc loi ti khon nu trn l cn thit,
khch hng la chn m, thun tin nht cho vic giao dch ca mnh.
Sau khi m ti khon xong, CTCK s cung cp cho khch hng (nh
u t) mt m s ti khon v m truy cp vo ti khon kim tra sau
mi ln giao dch.
Bc 2: Ra lnh giao dch
Vic ra lnh c th c thc hin theo hnh thc ra lnh trc tip hoc
gin tip qua in thoi, telex, fax, h thng my tnh in t tu thuc vo
s pht trin ca th trng. Khi nhn c lnh, nhn vin mi gii phi
kim tra tnh chnh xc ca cc thng s trn lnh.
Phiu lnh mua v lnh bn thng thng c in bng hai mu mc
khc nhau d phn bit, trn phiu lnh thng thng bao gm cc ni
dung ch yu sau: Phiu lnh Mua hay Bn; Cc thng tin v khch hng
(H v tn, m s ti khon, S chng minh nhn dn, S h chiu...); Loi
chng khon mua hoc bn (thng ghi m chng khon ang yt trn
SGDCK); Khi lng; Gi; Loi lnh v nh chun lnh; S hiu lnh ban
u; Thi gian nhn lnh; t giao dch; Ngy giao dch; K tn khch
hng; K tn nhn vin nhn lnh v kim sot; K tn trng phng giao
dch.
S cc bc giao dch mua bn chng khon
trn SGDCK

S giao dch
Bng in

Thng bo kt
qu
u gi v
thng lng
Mi
gii A
Mi
gii B
Trung tm k
chng khon

v thanh ton b
tr
chng khon
(6)
(6)
(5)
Khch hng
(Ngi mua)
Hp ng Lnh mua

Cng ty CK A
Phng
tip th
Phng
giao dch
Phng
thanh ton
Chng khon
Vn
Ngn
hng u
thc A
Khch hng
(Ngi bn)
Hp ng
Lnh bn

Cng ty CK B
Phng
tip th
Phng
giao dch
Phng
thanh ton
Chng
khon
Ngn hng
u thc B
Vn
(1)
(2)
(3)
(4)
(7)
(8)
(9)
(9)

Bc 3: Chuyn phiu lnh n phng giao dch CTCK
Phng giao dch c trch nhim xem xt cc thng s trn phiu lnh,
nu thy hp l th chuyn lnh n ngi mi gii ti SGDCK v ghi thi
gian chuyn lnh vo phiu lnh.
Bc 4: Chuyn lnh n ngi mi gii ti SGDCK
Phiu lnh c chuyn ti nh mi gii ti Sn giao dch, ni dung bao
gm cc thng s: Mua/Bn; loi chng khon; s lng; loi lnh v nh
chun lnh; s hiu lnh; thi gian; m s ti khon khch hng.
Bc 5: Chuyn lnh n b phn khp lnh
Trn Sn giao dch, nh mi gii ti Sn sau khi nhn c lnh t
CTCK phi chuyn lnh ti b phn nhn lnh v khp lnh ca SGDCK
tham gia u gi.
Lnh chuyn ngoi cc thng s nh bc 4 cn c m s (s hiu) nh
mi gii ti sn.
Bc 6: Khp lnh v thng bo kt qu giao dch
n gi ra gi cht giao dch, SGDCK s thng bo kt qu giao dch
ca tng loi chng khon nim yt trn SGD. ng thi kt qu giao dch
s c chuyn n trung tm lu k v thanh ton b tr chng khon cng
nh ti cc CTCK thnh vin.
Kt qu giao dch c SGDCK thng bo trn mn hnh thnh vin ti
SGDCK gm cc ni dung chnh: S hiu ca lnh giao dch; S hiu xc
nhn giao dch; M s chng khon; Gi thc hin; S lung mua hoc bn;
Thi gian giao dch c thc hin; Lnh mua hay bn; K hiu ca lnh; S
hiu ti khon ca khch hng; S hiu i din giao dch (nh mi gii ti
Sn) ca thnh vin.
Bc 7: Bo kt qu giao dch v CTCK
Nh mi gii ti Sn sau khi nhn c kt qu giao dch s bo v cho
Phng giao dch CTCK vi cc ni dung chnh: s hiu nh mi gii ti Sn;
S hiu lnh; mua/bn; M chng khon; S lng; Gi; S hiu nh mi
gii i tc; thi gian.
Phng giao dch s ghi vo phiu lnh ca cc khch hng c giao dch
phn kt qu giao dch ni dung: s lng, gi c v thi gian.
Bc 8: Xc nhn giao dch v lm th tc thanh ton
Phng giao dch chuyn cc phiu lnh c giao dch n Phng thanh
ton (thng l b phn K ton). Cui bui giao dch, Phng thanh ton cn
c vo cc kt qu giao dch lp bo co kt qu giao dch v chuyn kt qu
n trung tm lu k v thanh ton b tr chng khon tin hnh qu
trnh thanh ton.
ng thi, sau khi c kt qu giao dch, CTCK gi cho khch hng
mt phiu xc nhn thi hnh xong lnh. Xc nhn ny c vai tr nh mt
ho n hn ngy thanh ton vi khch hng.
Bc 9: Thanh ton v hon tt giao dch
Trung tm lu k v thanh ton b tr chng khon tin hnh so khp
kt qu giao dch do SGDCK cung cp v bo co kt qu giao dch ca cc
CTCK tin hnh thanh ton b tr.
Trong thi gian T+x ngy, trung tm lu k v thanh ton b tr chng
khon s thc hin vic chuyn quyn s hu chng khon t ngi bn
sang ngi mua v Ngn hng ch nh thanh ton s thanh ton b tr tin
t ngi mua sang ngi bn thng qua h thng ti khon ca cc CTCK
ti ngn hng. Vic b tr cc kt qu giao dch s kt thc bng vic in ra
cc chng t thanh ton. Cc chng t ny c gi cho cc CTCK v l c
s thc hin thanh ton v giao nhn gia cc CTCK.
Do c im l trong giao dch chng khon, cc chng khon c lu
k 2 cp. Tc l cc khch hng c chng khon s lu k chng khon ti
CTCK hoc NHTM c cp php thc hin nghip v lu k, sau cc
CTCK s ti lu k s chng khon trn vo Trung tm lu k v thanh ton
b tr chng khon ca SGDCK. V vy, sau khi cc CTCK hon tt cc th
tc thanh ton b tr ti SGDCK, CTCK s thanh ton tin v chng khon
cho cc khch hng thng qua h thng ti khon m khch hng m ti
CTCK.

6.3. Giao dch mua bn chng khon trn th
trng OTC
6.3.1. Giao dch mua bn di hnh thc mi gii
Khi mt khch hng mun mua hoc bn mt loi chng khon no
vi mt s lng nht nh, khch hng ra lnh cho cng ty chng khon ni
m ti khon, lnh c th ra trc tip theo mu lnh bng giy hoc qua in
thoi, Fax hoc h thng my tnh ni mng din rng.
Lnh mua bn chng khon c chuyn n Phng giao dch ca cng
ty chng khon.
Trong b phn giao dch, lnh c chuyn cho nh mi gii lp gi.
y c th chia ra hai trng hp:
- Nu cng ty chng khon l ngi to th trng cho loi chng khon
khch hng t mua bn th b phn giao dch ca cng ty giao dch s trc
tip thng lng v tho thun vi khch hng.
- Nu cng ty chng khon khng phi l ngi to th trng th b
phn giao dch ca CTCK s lin h vi cc nh to th trng cho loi
chng khon ny. Thng thng, b phn giao dch s lin h vi cc nh
to th trng khc thng qua h thng bo gi cp 2 bit c cc mc
gi cho bn v t mua. B phn giao dch s thc hin lnh ca khch
hng vi nh giao dch mi gii (nh to th trng) no a ra gi c li
nht (gi tt nht) cho khch hng.
B phn giao dch ghi gi vo mu lnh, cng vi tn ca nh giao dch
mi gii (ngi bn) ri chuyn ti phng thc hin lnh. B phn thc hin
lnh bo co vic thc hin lnh cho ngi i din hoc th k nhn lnh.
Ngi ny s c trch nhim thng bo cho khch hng.
Sau khi hon tt giao dch, b phn giao dch s lp bng xc nhn giao
dch cho khch hng v chuyn kt qu giao dch ti b phn thanh ton
lm th tc thanh ton.
6.3.2. Giao dch t doanh
Trn th trng chng khon phi tp trung cc CTCK giao dch mua bn
chng khon cho chnh mnh rt ph bin. l nghip v CTCK mua bn
chng khon bng ngun vn ca mnh hng li nhun.
Cng nh cc nghip v giao dch khc, khi mua bn chng khon cho
chnh mnh, b phn giao dch mua bn ca cng ty s thc hin. Cng ty
chng khon tnh phn tng gi i vi mt khon mua hoc khu tr gi
i vi mt khon bn. Khon ph ny thng do cng ty quy nh v phi
ph hp quy nh chnh lch gi ti a ca Hip hi cc nh giao dch
chng khon.
V d: Khch hng A mua 100 c phiu cng ty Toyota vi gi 30 USD
v bn 100 c phiu cng ty Samsung vi gi 45 USD cho cng ty chng
khon. Nu cng ty tnh khon chnh lch 50 USD cho mi giao dch, khch
hng A s c tnh nh sau:
* Mua 100 c phiu cng ty Toyota vi gi 30USD = 30,5USD 100
CP + 50USD = 3050USD
* Bn 100 c phiu cng ty Samsung vi gi 45 USD = 4.500 USD - 50
USD = 100 c phiu x 44,5 USD = 4.450 USD
Do giao dch t doanh khng phi l cc giao dch mi gii nn khng
tnh cc khon ph hoa hng, m gi ca chng khon giao dch c iu
chnh phn nh khon ph .
6.4. Cc giao dch c bit
6.4.1. Giao dch khi
Trong giao dch chng khon, nu c nhiu lnh vi khi lng ln a
vo giao dch th c th gi chng khon s bin ng theo nhng chiu
hng khng tt. Do , cn tch bit h thng giao dch khp lnh vi giao
dch khi gim thiu s tc ng ca th trng pht sinh t nhng lnh
c khi lng giao dch ln.Vic quy nh cc giao dch khi ring r khng
ch bo v nhng nh u t nh, khng c sc cnh tranh m cn to c

hi cho cc nh u t giao dch thng qua h thng giao dch ca SGDCK
khi cc giao dch ny khng tho thun c trn th trng OTC.
Tiu ch ca giao dch khi c quy nh da trn khi lng giao
dch (khi lng c phiu) hoc da trn gi tr giao dch (tnh theo th gi).
Cc tiu ch ny c thit lp ph thuc vo quy m ca th trng, quy m
cng ty v tnh thanh khon ca tng th trng. (Hn Quc quy nh l
50.000 CP hoc 01 t Won; Thi Lan: 100 l chn hoc 01 triu Bath; i
Loan: 500 l CP hoc 05 triu i t; Vit Nam: 10.000 CP hoc 300 triu
VN).
Cc giao dch khi c thc hin theo hai phng thc:
(1) Phng thc bo co, theo nh u t mun thc hin giao dch
khi phi xin php SGDCK, v khi lng giao dch ln s tc ng ti gi
chng khon trn th trng, do i hi phi cng b thng tin cng khai;
(2) Phng thc ngoi gi, theo cc giao dch khi din ra sau khi
th trng ng ca, mc gi do cc i tc tho thun, nhng ly gi ng
ca lm gi tham chiu cng vi mt s n v yt gi.
6.4.2. Giao dch l l
Giao dch l l (odd-lot trading) l cc giao dch c khi lng nh hn
mt n v giao dch. L l thng pht sinh do vic tr c tc bng c
phiu, pht hnh c phiu thng, tch c phiu hoc thc hin quyn mua
c phiu...vv. m bo tnh hiu qu ca th trng, cc SGDCK u quy
nh i vi giao dch l l. Cc giao dch ny din ra trn SGDCK hoc th
trng OTC thng qua c ch giao dch thng lng v tho thun gia nh
u t vi cng ty chng khon.
Gi thc hin trong cc giao dch l l c th c xc nh trn c s:
ly gi giao dch ca loi chng khon trn SGDCK chit khu theo mt
t l tho thun so vi th gi hoc do CTCK tho thun vi khch hng.
6.4.3. Giao dch c phiu mi a vo nim yt
Sau khi hon tt qu trnh cho bn chng khon ra cng chng v nim
yt trn SGDCK, cc c phiu mi nim yt bt u chnh thc a vo giao
dch. V vy, vn t ra l xc nh mc gi cho phin giao dch u tin
nh th no? Khi pht hnh c phiu ra cng chng, gi cho bn c xc
nh da trn iu kin v tnh hnh thc tin ti chnh ca cng ty v mc
gi ny thng c chit khu nhm m bo s thnh cng cho cc t
pht hnh IPO, do khi a vo giao dch, nhu cu giao dch c phiu ny
rt ln lm cho gi c phiu tng cao. V vy, i vi c phiu mi a vo
nim yt, cn phi xc nh gi tham chiu mt cch hp l.
Thng thng c 3 cch xc nh gi tham chiu cho c phiu mi a
vo nim yt:
- Gi cho bn ra cng chng.
- Gi m ca th trng theo quan h cung -cu c phiu, khng gii
hn bin .
- Gi trung bnh ca cc lnh t mua.
Ngoi ra, trn thc t nhiu SGDCK cn vn dng phi hp c 3 cch
xc nh gi tham chiu ni trn, hoc xy dng gi tham chiu theo mc
trn khng ch.
6.4.4. Tch, gp c phiu
Tch, gp c phiu l vic chia nh hoc gp nhiu c phiu li vi
nhau thnh mt c phiu mi. Vic tch, gp c phiu s khng lm thay i
vn ca t chc pht hnh, nhng li tng, gim s lng c phiu lu hnh,
do dn n thay i gi c phiu sau khi qu trnh tch, gp hon tt. V
vy, vic tch, gp c phiu phi c Hi ng qun tr thng qua v bo
co UBCK, ng thi phi cng b thng tin v vic tch, gp. SGDCK tm
ngng giao dch thc hin tch, gp c phiu. Sau , phi xc nh li
gi tham chiu cho phin giao dch u tin. V nguyn l, gi c phiu sau
khi thc hin tch, gp c xc nh da trn cn c gi giao dch trc khi
thc hin tch, gp nhn vi t l tch, gp c phiu.
6.4.5. Giao dch khng c hng c tc v quyn km theo
Theo nh k hng nm (3 thng hoc 6 thng) cng ty c phn thc
hin chi tr c tc (bng tin mt hoc c phiu) cho cc c ng. Do c

phiu c mua i bn li thng xuyn trn th trng nn t chc pht
hnh phi xc nh nhng c ng hin hnh ca mnh chi tr c tc, hay
cn gi l ngy cht danh sch c ng. Ngoi ra, do quy trnh giao dch c
phiu khng ng thi xy ra gia ngy giao dch v ngy thanh ton (T+x),
do ch c cc c ng c tn trong danh sch ng k danh sch s hu
mi c nhn c tc, hoc cc quyn km theo. Theo chu k thanh ton
T+x, ngi u t mua c phiu (x-1) ngy trc ngy ng k s hu s
khng c tn trong s c ng v giao dch cha c thanh ton, nn khng
c nhn c tc. Khi , ngy T+1; T+2 v...T+x c SGDCK cng b l
ngy giao dch khng c hng c tc (ex-dividend date), hoc ngy giao
dch khng c hng quyn (ex-right date).
Vo nhng ngy giao dch khng c hng c tc v chng quyn,
SGDCK s cng b trn h thng cng b thng tin nh u t bit v
xc nh li gi tham chiu giao dch. V nguyn tc gi tham chiu
trong nhng ngy giao dch khng c hng c tc v chng quyn s
bng gi giao dch trc (c nhn c tc v quyn) tr i gi tr c tc
v quyn c nhn.
6.4.6. Giao dch c phiu qu
C phiu qu (treasury stocks) l c phiu pht hnh v c mua li
bi chnh t chc pht hnh. Vic mua li c phiu qu do t chc pht hnh
thc hin phi c s chp thun ca SGDCK. Mc tiu mua li c phiu
qu: ngn chn kh nng thao tng cng ty t bn ngoi; lm c phiu d tr
hoc pht hnh c phiu thng, hoc cng ty mua li iu chnh li
c cu ti chnh ca cng ty (n/vn c phn); ngn chn gi chng khon
gim st mnh trn th trng. Ngun vn mua c phiu ly t qu thng
d ca cng ty (capital supplus).
Cng ty nim yt mun mua li c phiu qu phi xin php SGDCK v
nu r: ngun vn thc hin mua li; khi lng v thi gian thc hin mua
li; cng ty chng khon c u thc thc hin lnh. Thng thng, hn
ch tc ng ti gi c phiu trn th trng, SGDCK quy nh khi lng
c phiu m cng ty nim yt c mua li qua cc phin giao dch, v sau
khi mua li cng ty nim yt phi nm gi trong vng 06 thng khng c
php bn ra.
6.4.7. Giao dch bo chng
Giao dch bo chng (margin trading) hay cn gi l giao dch k qu,
l vic mua hoc bn chng khon trong nh u t ch c mt phn
tin hoc chng khon, phn cn li do cng ty chng khon cho vay.
Bng cch s dng giao dch k qu, nhng ngi u t c th gia tng
li nhun u t do giao dch ny c tc dng n by ti chnh rt mnh i
vi nh u t, ng thi giao dch k qu c th mang li nhng tc ng
tch cc nh n nh gi chng khon v tng cng tnh thanh khon ca
th trng.
Tuy nhin, giao dch k qu cng n cha mc ri ro cao c kh
nng lm tn hi n hot ng ca th trng. Do vy, giao dch k qu ch
c thc hin cc th trng pht trin n mt mc nht nh, v
t l k qu cng c nng dn ln song song vi tin trnh pht trin ca
th trng. Giao dch k qu c hai loi: mua k qu v bn khng.
- Mua k qu (margin purchase) l vic mua chng khon bng ti
khon k qu; nh u t ch cn c mt s tin nht nh trong tng gi tr
chng khon t mua, phn cn li s do cng ty chng khon cho vay. Sau
khi thc hin giao dch, chng khon mua c s do cng ty nm gi
lm vt th chp. Khi nh u t c nhu cu bn chng khon, cng ty
chng khon s thc hin lnh bn chng khon v thu v phn vn cho
nh u t vay (gm c gc v li cho vay). Nh u t tin hnh giao dch
mua k qu khi k vng gi chng khon s tng ln.
Mun thc hin giao dch mua k qu, nh u t phi m mt loi ti
khon c bit l ti khon k qu. Trong hp ng m ti khon k qu
quy nh r, ch ti khon phi m bo c t l k qu bt buc. Trong
, t l k qu bt buc do UBCK quy nh v t l ny cng cao th gi tr
chng khon hoc tin m nh u t i vay t CTCK s cng nh. Trong
qu trnh giao dch bng ti khon k qu, nh u t phi lun m bo t

l k qu (tnh bng cch ly gi tr chng khon s hu chia cho tng gi
tr chng khon trn ti khon) trn mc t l k qu duy tr do CTCK
quy nh. Trng hp t l k qu trn ti khon nh hn t l k qu duy
tr, CTCK s pht lnh k qu (margin call) yu cu nh u t b sung
thm tin hoc chng khon vo ti khon m bo t l k qu trn t
l k qu duy tr. Nu nh nh u t khng thc hin lnh gi k qu,
CTCK c th s bn s chng khon k qu ca nh u t trn ti khon.
- Bn khng (short sale) l vic bn chng khon khng thuc s hu
ca nh u t ti thi im bn; hay ni khc bn khng l vic nh u t
vay chng khon ca cng ty chng khon bn vo thi im gi cao, sau
s mua chng khon khi gi gim xung tr li cho cng ty chng
khon.
V vy, khi p dng nghip v bn khng, nh u t k vng gi chng
khon s gim, iu ny ngc li i vi trng hp mua k qu.
6.4.8. Giao dch thu tm cng ty
Giao dch thu tm cng ty (take- over) c thc hin thng qua
phng thc u thu mua c phiu (tender offer) trn th trng th cp.
Mc tiu ca nh u t khi thc hin giao dch thu tm cng ty l nm
gi, kim sot mt khi lng ln c phiu c quyn biu quyt, nhm nm
quyn kim sot cng ty, hoc sp nhp cng ty.
Do tc ng ca vic mua mt khi lng ln c phiu ca cng ty (cc
nc thng quy nh t 20% c phiu tr ln) lm nh hng n gi
chng khon trn th trng, nn UBCK cc nc thng quy nh giao dch
thu tm s thc hin thng qua phng thc u thu mua li c phiu. Nh
u t mun thc hin giao dch u thu c phiu phi xin php UBCK v
phi nu r: mc tiu mua c phiu; khi lng mua; ngun tin thc
hin mua; thi gian thc hin mua li; gi cho thu d kin trn th trng.
Khi c UBCK chp thun cho php giao dch u thu, nh u t phi
cng b cng khai thng tin trn phng tin i chng; t chc cho thu;
thng bo cho cng ty nim yt m mnh d kin mua li c phiu bit
cng ty khng c php pht hnh c phiu b sung, tch, gp c phiu
trong sut thi gian thc hin mua u thu.

Cu hi n tp

1. Trnh by u v nhc im ca h thng giao dch u gi theo lnh
v u gi theo gi.
2. Trnh by ni dung ca cc hnh thc khp lnh, u nhc im.
Lin h thc tin TTCK Vit Nam?
3. Trnh by ni dung, tch cht, iu kin p dng v ly v d minh
ho cc loi lnh c bn v nh chun lnh trong giao dch chng khon?
Lin h thc tin i vi TTCK Vit Nam.
4. Trnh by ni dung cc bc trong giao dch mua bn chng khon
trn S giao dch chng khon?
5. Trnh by ni dung cc bc trong giao dch mua bn chng khon
trn TTCK phi tp trung. So snh vi vic giao dch mua bn chng khon
trn S giao dch chng khon.
6. Cc giao dch c bit trn TTCK. Lin h thc tin v trin vng p
dng i vi TTCK Vit Nam.
7. Ti sao li cho rng mua bn chng khon bng ti khon k qu c
tc dng n by ti chnh i vi nh u t? Theo Anh (Ch) trong thi
gian ti c nn p dng mua bn chng khon bng ti khon k qu
khng? V sao?
8. Bn khng c tc dng thc y th trng chng khon pht trin.
Hy bnh lun trong bi cnh th trng chng khon Vit Nam hin nay.
9. Phn tch din bin giao dch trn th trng chng khon thi gian
qua. nh gi v trin vng pht trin trong tng lai.

Chng 7
Lu k, ng k v thanh ton
B tr chng khon

7.1. Nhng vn c bn v lu k, ng k v
thanh ton b tr chng khon
7.1.1. Khi nim
a) Lu k chng khn
mi nc s c nhng khi nim ring v lu k chng khon nhng
nhn chung, c th hiu lu k chng khon l: "Hot ng tng hp bao
gm 2 nghip v: lu gi v iu hnh chng khon theo s u thc ca
ngi s hu chng khon".
Vit Nam, theo quyt nh s 05/1999/Q-UBCK3 ngy 27/3/1999,
lu k chng khon l hot ng lu gi, bo qun chng khon ca khch
hng v gip khch hng thc hin cc quyn ca mnh i vi chng khon
lu k.
Trong lch s c nhiu hnh thc lu gi chng khon nh: t lu
gi, lu gi ti ngn hng thng mi hoc cng ty chng khon; ti lu k
(lu gi) ti Trung tm lu k chng khon.
Thi k u ca TTCK, nh u t phi t gi v bo qun chng khon
cho mnh, iu pht sinh nhiu kh khn:
- Th nht, cc nh u t phi t bo qun chng khon trc nguy
c b h hng, mt cp v tht lc.
- Th hai, cc nh u t phi thng xuyn theo di nhng thng tin
v chng khon ang nm gi, chng hn nhng thng tin v gi c, nhng
lnh t mua ca khch hng, thi gian chi tr c tc ca cc c phiu...
Th ba, tn nhiu chi ph cho vic vn chuyn v gi an ton cho chng
khon.
Chng 7: Lu k, ng k v thanh ton b tr chng khon

Trc nhng kh khn trn, cc ngn hng thng mi v cc cng ty
chng khon cung cp mt dch v mi cho cc nh u t chng khon,
l dch v lu k chng khon. Dch v ny mt mt gii quyt c
nhng bt li trn cho cc nh u t, mt khc to ngun thu cho cc t
chc trung gian nhn lu k chng khon t ph lu gi h chng khon,
thanh ton u nhim thu, u nhim chi, chit khu, thu h li tc chng
khon, thanh ton tri phiu n hn...
b) ng k chng khon
ng k chng khon l hot ng ghi nhn v theo di nhng thng
tin v ngi s hu chng khon, bao gm cc thng tin v: loi chng
khon, s lng chng khon theo tng loi ca tng ngi s hu. Vit
Nam, theo quyt nh s 05/1999/Q-UBCK3, ng k chng khon l vic
ghi nhn quyn s hu, cc quyn khc v ngha v lin quan ca ngi nm
gi chng khon bng mt h thng thng tin lu gi trong cc ti khon lu
k chng khon.
thc hin cc quyn ca mnh i vi chng khon ang nm gi,
nh u t phi thc hin ng k tn mnh trong danh sch ngi s hu
chng khon ca t chc pht hnh v phn bit cc loi chng khon,
cc chng khon cn c ng k vi nhng thng tin c bn sau: tn, loi
chng khon, mnh gi, tng s chng khon pht hnh.
Ngoi ra, trong hot ng ng k chng khon ngi s hu chng
khon cng phi cung cp thng tin nh: tn, quc tch, a ch, s chng
khon nm gi...
c) Thanh ton b tr chng khon
Thanh ton b tr chng khon l hot ng lun chuyn chng khon
trn cc ti khon lu k di s iu hnh ca trung tm lu k, thanh ton
b tr chng khon.
Hot ng thanh ton b tr chng khon khng thc hin i vi cc
chng khon lu k kn, cn i vi cc loi chng khon c lu k m
th hot ng ny ch p dng i vi chng khon c lu k tng hp.

Thc cht ca hot ng thanh ton b tr chng khon l vic chuyn
giao quyn s hu chng khon gia nhng khch hng c chng khon
ang c lu k tng hp ti mt t chc lu k. C ngha l: sau khi hot
ng thanh ton b tr chng khon c hon tt th c s thay i v quy
m phn chng khon m khch hng ang nm gi trong khi lng chng
khon lu k tng hp.
thc hin c hot ng ny, cc chng khon lu k cn c cc
iu kin sau:
- Chng khon phi l cc chng khon c chuyn nhng t do, v
vy, thng l cc chng khon v danh.
- Chng khon phi c lu k tng hp ti cc trung tm lu k.
- Cc i tc giao dch phi c ti khon lu k tng hp ti cc trung
tm lu k.
7.1.2. Vai tr, chc nng ca h thng lu k, ng k v
thanh ton b tr chng khon
a) Vai tr
H thng lu k, ng k v thanh ton b tr chng khon c vai tr
ht sc quan trng i vi hot ng ca th trng chng khon, th hin:
- Th nht, thc hin thanh ton cc giao dch chng khon, m bo
cho cc giao dch chng khon c hon tt.
Khi giao dch chng khon c thc hin, cn c s thanh ton
chuyn giao c quyn s hu chng khon v thanh ton c tin gia
cc bn tham gia giao dch. Nh hot ng thanh ton, ngi mua chng
khon nhn c chng khon v ngi bn chng khon nhn c tin.
Nhim v ca h thng l sau mi giao dch, xc nh c bn giao chng
khon v bn nhn chng khon, bn tr tin v bn nhn tin, khi lng
chng khon giao dch v tng s tin thanh ton.
Th hai, gip cho vic qun l hiu qu th trng chng khon.
Nh nm c cc thng tin v ngi s hu chng khon thng qua
vic ng k chng khon, cc nh qun l bit c t l nm gi chng

khon ca nhng ngi s hu chng khon, kp thi a ra cc quyt nh
x l khi t l s hu ca mt s i tng vt qu mc quy nh ca php
lut chng khon hin hnh.
Qua h thng ny, cc nh qun l cng nh cc nh u t bit c
nhng thng tin v cc chng khon b mt cp hay khng cn gi tr lu
hnh. ng thi, h thng cng a ra nhng quy nh i vi cc i tng
tham gia nhm m bo s thng nht gia cc thnh vin tham gia h
thng, gp phn n nh th trng.
Th ba, gim chi ph cho cc ch th tham gia th trng chng khon.
Khi h thng lu k, ng k v thanh ton b tr chng khon pht
trin n mt mc nht nh th vic qun l chng khon s c thc
hin qua h thng t ng. iu lm gim c thi gian, gim chi ph,
trnh c nhng nhm ln trong khu nhn, kim m chng khon khi
thanh ton khng qua h thng.
Ngoi ra, h thng thc hin vic lu k tp trung hoc thc hin phi
vt cht ho chng khon nn tit kim c cc chi ph trong in n chng
ch chng khon, bo qun chng ch.
Th t, gp phn gim ri ro cho hot ng th trng.
Kinh nghim cho thy, thi gian thanh ton cng di th ri ro xy ra
cho cc i tng tham gia th trng cng ln. Cc ri ro xut pht t nhiu
nguyn nhn v t nhiu pha. Ri ro xy ra c th l do li ca my tnh
hay do li ca con ngi gy ra, hoc l ri ro do cc i tng tham gia
mt kh nng thanh ton. H thng lu k, ng k v thanh ton b tr
chng khon gip cho thi gian thanh ton c rt ngn v t gp phn
gim thiu ri ro.
Vi h thng lu k, ng k v thanh ton b tr chng khon, hu ht
cc thanh ton u c thc hin qua bt ton ghi s, gim bt ng k s
chuyn giao chng khon vt cht, lm gim ri ro do b mt cp. Bn cnh
, h thng ny cho php chng ta c th tin hnh thanh ton b tr song
phng v a phng, t rt ngn thi gian v an ton, gim chi ph so
vi hnh thc thanh ton b tr theo tng ln giao dch.

Th nm, m bo thc hin thanh ton nhanh gp phn gip cc i
tng ca h thng tng vng quay ca vn.
Khi cha c h thng lu k, ng k v thanh ton b tr chng
khon, vic chuyn giao chng khon tn nhiu chi ph, thi gian kim m,
kim tra tnh tht gi ca chng khon, v s lng ph ny xy ra cho c hai
bn mua v bn chng khon.
S xut hin ca h thng lu k, ng k v thanh ton b tr chng
khon tit kim c chi ph v thi gian cho cc i tng tham gia th
trng. Vic thanh ton b tr chng khon nhanh to iu kin cho cc
giao dch tip theo c thc hin, gip cho nh u t nm c thi c
kinh doanh, ng vn c quay vng nhanh hn.
b) Chc nng
H thng lu k, ng k v thanh ton b tr chng khon c cc chc
nng sau:
- Th nht, qun l cc chng khon lu k ca khch hng.
- Th hai, ghi nhn quyn s hu v cc thng tin v tnh tnh thay i
ca cc chng khon lu k cho khch hng.
- Th ba, cung cp thng tin v chng khon gi mo, mt cp.
- Th t, thc hin cc nghip v thanh ton tin v chuyn giao
chng khon sau khi cc giao dch c thc hin.
- Th nm, x l cc thng tin v vic thc hin quyn ca ngi s
hu chng khon i vi cc t chc pht hnh nh: thng bo hp i hi
ng c ng, i din u quyn... v gip khch hng thc hin quyn
thng qua mng li ca h thng.
- Th su, phn phi li, tr vn gc v c tc cho ngi s hu chng
khon.
- Th by, gip qun l t l nm gi ca ngi s hu chng khon.
- Th tm, cung cp cc dch v khc lin quan n chng khon nh:
cm c chng khon, thu h thu...

7. 2. Hot ng lu k chng khon
7.2.1. Cc nguyn tc ca hot ng lu k chng khon
- Mi khch hng ch c m ti khon lu k ti mt thnh vin lu
k. Khch hng s t lnh, giao dch thng qua chnh thnh vin lu k.
- Khch hng l c nhn t chc trong nc ch c m ti khon lu
k ti thnh vin lu k trong nc.
- Khch hng l c nhn, t chc nc ngoi phi m ti khon lu k
ti thnh vin lu k nc ngoi.
- Cc thnh vin lu k phi m ti khon lu k chng khon cho
khch hng tch bit vi ti khon lu k chng khon ca chnh cc thnh
vin.
- Cc chng khon nim yt ti S giao dch chng khon phi c
lu k tp trung ti S giao dch chng khon.
- SDGCK m v qun l ti khon lu k cho cc thnh vin hch
ton v qun l cc chng khon k gi cho thnh vin. Phn chng khon
thuc s hu khch hng ca thnh vin s c hch ton vo ti khon
giao dch chng khon ca khch hng do SGDCK m ng tn thnh vin.
- Khi lu k chng khon tp trung ti S giao dch chng khon,
thnh vin lu k phi np cho S giao dch chng khon y cc chng
t theo quy nh.
- Chng khon c lu k phi hp l, khng b h hng v khng
thuc loi b cm trao i.
- Thnh vin lu k chng khon giao chng khon phi m bo
chng khon trn ti khon thanh ton b tr chng khon, ph hp vi cc
chng t thanh ton chng khon.
7. 2. 2. Cc hnh thc lu k chng khon.
Lu k chng khon c chia thnh 2 hnh thc, l lu k chng
khon ng (lu k kn) v lu gi chng khon m.

7. 2. 2. 1. Lu k chng khon ng
y l hnh thc lu gi trong khch hng thu kt an ton ca ngn
hng lu gi v bo qun chng khon ca mnh.
Thng thng, mi ngn kt c k hiu theo s ring v c hai
kho. Mt kho ngoi do ngn hng qun l (ngy nay kho ngoi c
iu hnh t ng t trung tm), kho trong do khch hng qun l.
kho trong ch c mt cha duy nht v do khch hng nm gi. Sau khi k
kt hp ng thu kt, khch hng t ng a chng khon ca mnh vo
lu gi trong kt m khng cn s hin din ca ngi th hai, k c i
din ca ngn hng.
Ngn hng khng c quyn bit nhng g lin quan n chng khon
c lu gi trong kt. V vy, ngn hng khng th thc hin c cc
nghip v lin quan n chng khon nh thu h li tc, thc thi cc quyn
v ngha v pht sinh t chng khon. Ngn hng ch c quyn thu m
kho kt v tm gi chng khon trong trng hp khch hng khng thanh
ton ph thu kt sau mt thi hn quy nh trong hp ng.
Hnh thc lu k ny v bn cht ch l s lu gi, bo qun chng
khon cho khch hng. Trong hnh thc ny, t chc lu gi ch chu trch
nhim bo him ti sn k gi theo mt hn mc nht nh. Mt khi gi tr
chng khon k gi ca khch hng trn hn mc ny vn cn tn ti th
khch hng phi thng bo cho t chc lu k v t chc ny s thc hin
chc nng "i l hp ng bo him chng khon" phc v khch hng
lu k.
7.2.2.2. Lu k m
y l hnh thc lu gi chng khon trong chng khon c trao
cho t chc lu gi v t chc ny khng ch thc hin chc nng bo qun
m cn thc hin c chc nng iu hnh chng khon theo s u thc ca
khch hng.
Cn c vo trch nhim v quyn hn ca t chc lu k trong vic iu
hnh chng khon, lu k m c chia thnh:
- Lu k bit lp;

- Lu k hon i;
- Lu k tng hp;
- Lu k ti t chc th ba:;
- Lu k th chp;
- Lu k phong to;
a. Lu k bit lp: y l hot ng lu k chng khon trong chng
khon ca khch hng c lp vi chng khon ca t chc lu k. T chc
lu k c trch nhim lu gi chng khon theo cc k hiu ring c lp
cho tng khch hng, theo tng chng loi chng khon v phi ct gi
chng khon bit lp vi chng khon ca t chc lu k cng nh ca cc
khch hng lu k khc.
Khi ngn hng mua h chng khon cho cc khch hng v a vo
lu k bit lp theo hp ng mua bn vi khch hng th trong mt tun
ngn hng phi gi cho khch hng bn danh mc chng khon mua v
a vo lu k, trong phi ghi r chng loi, m s gi tr tnh theo
mnh gi v cc c tnh khc (nu c) ca chng khon c mua. Bn
thng bo k hiu m s chng khon c coi l bng chng v vic quyn
s hu chng khon c trao cho ngi mua.
Khi trong hp ng lu k khng c quy nh v hnh thc lu k
khc th ng nhin c coi l lu k bit lp cho d iu khng c
th hin trong hp ng.
T chc nhn lu k cng c php a chng khon ca khch
hng lu k bit lp ti mt t chc th ba (thng l cc trung tm lu k
chng khon ln) m khng cn phi c vn bn u quyn ca khch hng.
Khi t chc nhn lu k c coi l t chc trung gian lu k.
Nghip v lu k bit lp bao gm nhiu cng on phc tp nn chi
ph lu k rt cao.
a. Lu k hon i:
y l hnh thc lu k trong cho php t chc lu k chuyn tr
cho khch hng ca mnh s chng khon cng chng loi ch khng nht
thit phi cng m s.

Khc vi lu k bit lp, hnh thc lu k hon i, mi mt giao
dch lu k (tc mi t lu k) cn phi lp mt hp ng lu k ring v
quy nh r hnh thc lu k hon i.
Quyn s hu ca ch lu k hon i cng kh phc tp. C th: trc
khi hon i th ch lu k l ch s hu ca s chng khon c lu k
cn sau hon i th li l ch s hu ca s chng khon thay th.
Lu k hon i c xem l bc m hnh thnh nn lu k tng
hp.
b. Lu k tng hp:
Lu k tng hp l hnh thc lu k trong t chc lu k c php
tp hp chung tt c cc loi lu k c php chuyn nhng t do thuc
vng chuyn khon ca nhiu ch s hu thnh mt khi lng tng hp.
Khi chuyn chng khon vo lu k tng hp, cc ch s hu tr thnh
cc ng s hu phn lu k trong khi lng chng khon tng hp ca
cng chng loi chng khon m mnh lu k.
Nh vy, tng ch s hu khng c quyn i hi t chc lu k
chuyn tr chnh cc t chng khon ca mnh, ch c quyn i chuyn tr
s lng t chng khon a vo lu k hay s lng vi gi tr tnh theo
mnh gi. Nu t chc lu k b ph sn th cc ch lu k c hng c
quyn truy i ti sn ca mnh.
Chuyn khon ch c php a vo lu k tng hp khi c vn bn u
quyn c th ca khch hng lu k.
Lu k tng hp c phn chia thnh: lu k ni ngn hng v lu k
ti trung tm thanh ton b tr.
- Lu k ni ngn hng l vic lu gi chng khon ti tr s ca ngn
hng lu k.
- Lu k ti trung tm thanh ton b tr chng khon l vic lu gi
khi lng chng khon tng hp ca ngn hng lu k ti trung tm. Trong
giao dch ny, khch hng lu k ch cn lp mt ln duy nht hp ng
tng hp v tt c cc t lu k tng hp ca khch hng u c t ng
a vo lu k ti Ngn hng lu k ny.

Lu k tng hp c u im:
- Khch hng khng phi tn nhiu chi ph giao dch v chi ph lu k
do p dng hnh thc chuyn khon chng khon m khng cn chuyn
chng khon v mt c hc.
- Khch hng lu k ch cn lp mt ln hp ng u thc lu k tng
hp ti trung tm thanh ton b tr nn th tc n gin v to cho khch
hng kh nng thc hin cc giao dch chng khon m khng cn trc tip
ti t chc nhn lu k.
d. Lu k ti t chc th 3:
L hnh thc lu k trong cc t chc lu k c quyn ng tn t
chc mnh a chng khon ca khch hng vo lu k ti t chc lu k
khc (t chc th 3) theo phng thc lu k bit lp hay lu k tng hp
m khng cn phi c vn bn u quyn c th ca khch hng lu k.
V mt bn cht l vic ti lu k chng khon ca thnh vin.

Hnh thc ny thng c p dng:
- i vi chng khon thuc khi lng chng khon tng hp ti mt
ngn hng lu k.
- Khi t chc trung gian lu k khng c h thng kt an ton lu
gi.
- Khi mun lu tr chng khon ti a im gn cc SGDCK.
Nu theo phng thc lu k tng hp:
- Khi chuyn chng khon vo lu k tng hp, t chc trung gian lu
k phi thng bo r cho t chc th ba v vic chng khon ca t chc
trung gian lu k hay ca khch hng. Nu khng c thng bo th mc
nhin cng nhn s chng khon thuc quyn s hu khch hng ca t
chc trung gian lu k.
T chc tip nhn lu
k ca khch hng (t
chc trung gian lu k)
T chc lu k
th ba
Khch hng lu k

- T chc lu k c trch nhim lp ti khon cho mt t chc trung
gian lu k. l:
+) Ti khon lu k A: ti khon chng khon ca t chc trung gian
lu k.
+) Ti khon lu k B: ti khon chng khon cho khch hng.
Mi khi iu hnh chng khon trn ti khon lu k B, t chc
trung gian lu k phi gi bn minh chng iu hnh chng khon trn ti
khon lu k B theo lnh ca khch hng. Khi iu hnh chng khon trn
ti khon lu k A, t chc trung gian lu k phi gi vn bn thng bo r
chng khon thuc s hu ca chnh t chc lu k.
T chc lu k th ba ch c php phong to chng khon ca khch
hng thuc t chc trung gian lu k khi pht sinh cc khon phi thu lin
quan n chng khon trn cc ti khon nay nh cc khon ph lu k cha
c thanh ton.
T chc lu k ch c php th chp chng khon ca khch hng
c lu k ti t chc lu k th ba trong cc trng hp:
- Khi t chc trung gian lu k cp tn dng cho khch hng lu k v
c th chp bng chng khon c a vo lu k tng hp ti t chc
ny.
- Khch hng lu k c vn bn u quyn cho t chc trung gian lu k
ti ti khon chng khon ca mnh khi t chc ny c nhu cu ti cp vn
t t chc lu k th ba.
e. Lu k th chp ca khch hng:
y l hnh thc lu k trong chng khon hin ang lu k trn ti
khon chng khon ca khch hng c t chc trung gian lu k em th
chp cho i tc th ba (ch n) vay vn. Khi , t chc lu k phi
ng du th chp km h tn (tn hiu) ca ngi ch n (m chng khon
c th chp cho ngi ch n ny) ti cc phn chng khon c th
chp trn ti khon lu k khch hng.

Vic chuyn quyn s hu cc chng khon c th chp c th c
thc hin nh sau:
- Tch chng khon khi ti khon lu k khi c lnh yu cu chuyn
giao chng khon.
- Thng qua mt hp ng gia t chc tn dng (t chc lu k) v
khch hng lu k (ngi th chp) to quyn ng s hu trc tip s
chng khon c th chp. Trong trng hp ny, vic chuyn giao chng
khon ch c thc hin theo cch chuyn giao ng thi cho ngi lu k
v ch n.
f. Lu k phong to:
Lu k phong to l hnh thc lu k trong ngi ch s hu s
khng c s dng phn ti sn thuc ti khon lu k phong to, s chng
khon ny ch c mc ch l m bo an ton cho ch s hu hay cc
khch hng ca ch s hu trong cc trng hp sau:
- Cc t chc bo him i vi s vn d phng bt buc theo lut nh
ca cc t chc ny.
- Cc cng ty u t vn i vi cc ti sn qu thuc din khng ch
s dng (iu hnh) theo quy nh trong iu l qu.
7.2.3. Hot ng lu k chng khon
Hot ng lu k chng khon bao gm cc ni dung sau y:
7.2.3.1. M ti khon lu k chng khon
Ti khon lu k chng khon l ti khon dng hch ton vic gi,
rt hoc chuyn nhng chng khon; hch ton vic giao v nhn chng
khon.
Ti khon lu k chng khon gm cc loi:
- Ti khon chng khon giao dch
- Ti khon chng khon cm c
- Ti khon chng khon ch nim yt

- Ti khon chng khon ch rt
- Ti khon thanh ton b tr chng khon giao dch
- Cc ti khon khc
Khch hng mun gi chng khon ti thnh vin lu k th phi lm
th tc m ti khon lu k chng khon v khch hng ch c php t
lnh, giao dch thng qua chnh thnh vin lu k , thnh vin lu k c
ngha v m v qun l ti khon lu k chng khon cho mi khch hng
gi chng khon.
Trung tm giao dch chng khon s m ti khon lu k chng khon
hch ton v qun l cc chng khon k gi cho thnh vin lu k.
ng nhin, trung tm giao dch chng khon cng s m ti khon cho
phn chng khon thuc s hu ca khch hng ca thnh vin lu k tch
bit vi phn chng khon ca chnh thnh vin lu k .
7.2.3.2. K gi chng khon
y l bc trong khch hng gi chng khon thuc s hu ca h
vo thnh vin lu k ni h m ti khon lu k chng khon. Sau ,
thnh vin lu k s ti k gi chng khon ca khch hng vo trung tm
giao dch chng khon (qu trnh lu k 2 cp)
Qui trnh k gi chng khon c tin hnh nh sau:
- K gi chng khon ti thnh vin lu k
Khch hng np chng khon ti thnh vin lu k, ni khch hng m
ti khon lu k chng khon. xc nh chnh xc ch s hu chng
khon, i vi cc chng ch c phiu, tri phiu ghi danh khi k gi phi c
k hu ca khch hng trn t chng ch. Trong cc trng hp khc, cn
phi c cc cn c xc minh quyn s hu chng khon ca ngi s hu
chng khon do t chc pht hnh lp.
- Thnh vin lu k tip nhn v hch ton chng khon k gi
Sau khi nhn c y h s lu k chng khon do khch hng
np, thnh vin lu k hch ton s c phiu, tri phiu cho khch hng gi

vo ti khon lu k chng khon ca khch hng v gi cho khch hng
bn xc nhn k gi chng khon. Thnh vin lu k chng khon vo trung
tm giao dch chng khon.
Sau khi thnh vin ti lu k s chng khon ca khch hng vo Trung
tm lu k thuc S giao dch chng khon v nhn c giy bo C ca
Trung tm th thi im khch hng mi c php t lnh giao dch
hay tin hnh nghip v khc i vi s chng khon k gi.
- Thnh vin ti lu k chng khon vo Trung tm lu k chng khon
Chng khon k gi ca khch hng c thnh vin ti lu k vo
trung tm giao dch trong thi gian sm nht. Quy trnh ti lu k ca khch
hng do thnh vin thc hin ph thuc vo hnh thc chng khon k gi l
cc chng khon chit khu hay chng khon ghi s.
i vi cc chng ch chng khon, thnh vin lu k trc tip mang s
chng khon ny n trung tm lu k chng khon lm th tc lu k.
Trong trng hp chng khon l chng khon ghi s, c th hin
di hnh thc giy chng nhn quyn s hu chng khon do t chc pht
hnh cp, th quy trnh lu k chng khon hin nay quy nh cc thnh vin
lp v gi cho cc t chc pht hnh lp danh sch c ng s hu chng
khon, c km giy chng nhn s hu chng khon t chc pht hnh
kim tra danh sch c ng s hu chng khon ca cng ty. Danh sch c
ng s hu chng khon lu k ca cng ty sau c t chc pht hnh
gi cho trung tm lu k chng khon.
- Trung tm lu k chng khon tip nhn v hch ton chng khon
lu k.
Cn c vo s chng khon do thnh vin ti lu k, trung tm lu k
chng khon hch ton vo ti khon chng khon giao dch ca khch hng
ca thnh vin hoc ca chnh thnh vin lu k. Sau trung tm lu k
chng khon gi giy bo C xc nhn vic gi chng khon cho thnh vin
lu k. Chng khon ca khch hng c bo qunv lu k tp trung ti
kho lu k chng khon ca trung tm.

S tip nhn v hch ton chng khon lu k TTCK Vit Nam

Ch thch ni dung cc bc:
(1): T chc pht hnh lm th tc ng k, lu k
(2): Khch hng k gi chng ch chng khon hoc np giy chng
nhn quyn s hu chng khon
(3): Thnh vin hch ton vo ti khon lu k khch hng v thng
bo cho khch hng
(4a): Thnh vin k gi chng ch chng khon
(4b): Thnh vin lp danh sch khch hng lu k chng khon ghi s;
gi danh sch ny cho t chc pht hnh
(5a): T chc pht hnh i chiu danh sch khch hng vi danh sch
c ng, gi cho thnh vin kt qa xc nhn.
(5b): Trung tm hch ton vo ti khon lu k ca thnh vin v xc
nhn vi thnh vin.
(6): T chc pht hnh np danh sch c ng km theo thng bo v
thnh vin lu k m khch hng k gi chng khon.
(7): Trung tm giao dch chng khon thc hin bt ton ghi tng ng
trn cc ti khon lu k.
Khch hng
Thnh vin lu k
(3)
T chc pht hnh
Trung tm
giao dch
(5), (7)
(4b) (3) (2)
(4a) (5b) (7)
(5a)
(1) (6)

7.2.3.3. Lu k ghi s chng khon t mua trong t pht hnh mi
y l phng thc lu k trong chng khon ca cc khch hng
t mua trong t pht hnh mi nhn c bng cch thc hin bt ton ghi
s ti khon trc tip vo h thng lu k, ng k v thanh ton b tr
chng khon thng qua cc thnh vin lu k, t chc pht hnh (hay t
chc bo lnh pht hnh).
Vi phng thc lu k ny, ngi s hu chng khon s c lu k
ngay s chng khon t mua vo trung tm lu k chng khon, khng
c s hu vt cht cng nh t mnh nm gi chng khon ri sau mi
em n lu k ti trung tm lu k chng khon thng qua thnh vin lu
k. Nh vy, khi t chc pht hnh khng phi t in cc chng ch
chng khon vt cht chuyn tr cho khch hng t mua chng khon,
h ch phi tp hp danh sch phn b chng khon m khch hng t mua
ri gi cho trung tm lu k chng khon. Trung tm lu k chng khon s
hch ton s chng khon tng ng ca thnh vin lu k ng thi gi
xc nhn vic gi chng khon cho cc thnh vin lu k c lin quan.
Phng thc ny tin li v hiu qu xt trn hai kha cnh: qun l h
thng v li ch kinh t ca cc bn tham gia. Tnh tin li ca phng php
ny ging vi vic thanh ton khng dng tin mt qua h thng ngn hng.
Hin nay, ti hu ht th trng chng khon cc nc, phng thc lu k
ghi s c p dng rt rng ri.
Ti Vit Nam, do iu kin th trng v thi quen tm l ca ngi
u t, hin nay vic lu k ghi s chng khon khi pht hnh mi, pht
hnh thm tng vn cha thc s c p dng rng ri (ch p dng i
vi tri phiu Chnh ph).
Cc trng hp p dng hnh thc lu k ghi s Vit Nam hin nay
gm c:
- Pht hnh mi
- Pht hnh thm tng vn
- Pht hnh c phiu thng
- Chuyn i Tri phiu chuyn i
- Thc hin quyn mua c phiu

- Thc hin quyn tch gp c phiu
- Pht hnh tri phiu chnh ph nim yt trn th trng chng
khon
S quy trnh lu k ghi s chng khon t mua trong t pht hnh
mi, pht hnh thm TTCK Vit Nam

Ch thch ni dung cc bc:
(1): T chc pht hnh np h s ng k lu k
(2): Khch hng t mua chng khon pht hnh mi, pht hnh thm
tng vn ti t chc bo lnh pht hnh
(3): T chc bo lnh pht hnh lp danh sch khch hng t mua
chng khon, gi danh sch khch hng cho t chc pht hnh.
(4): T chc pht hnh lp danh sch phn b chng khon cho khch
hng v gi cho trung tm giao dch chng khon.
(5): Trung tm giao dch chng khon phn b chng khon vo cc ti
khon lu k chng khon v gi cho thnh vin lu k bn sao k kt qu
phn b chi tit n tng khch hng.
(6): Thnh vin lu k phn b s chng khon khch hng k gi vo
ti khon lu k chng khon ca tng khch hng, gi giy xc nhn gi
chng khon cho khch hng.
Khch hng
T chc bo lnh
pht hnh
T chc
pht hnh
Trung tm
giao dch
(5)
Thnh vin
lu k
(6)
(2)
(3)
(6)
(1) (4)
(5)

7.3. Hot ng ng k chng khon.
7.3.1. Nguyn tc ca hot dng ng k chng khon
Hot ng ng k chng khon phi c tin hnh theo cc nguyn
tc sau y:
- Tt c cc loi chng khon nim yt phi c ng k tp trung ti
S giao dch chng khon
- Chng khon phi c ng k tch bit cho tng loi theo cc
thng tin v: loi chng khon, mnh gi, tn, quc tch ca ngi s hu
chng khon, s ca chng ch, chng khon nu c, s chng khon m
ngi nm gi...
- Khi c s thay i v quyn s hu chng khon th thnh vin lu
k phi np cc ti liu lin quan n s thay i ny theo quy nh tin
hnh vic ng k li.
7.3.2. Hot ng ng k chng khon
Vic ng k chng khon bao gm cc hot ng:
- ng k cc chng khon mi pht hnh
- Qun l s ng k ngi s hu chng khon.
- Qun l s ng k chng khon mi chuyn nhng, s ng k
chng khon cm c.
- Lp danh sch ngi s hu chng khon chun b i hi c
ng hng nm.
- Thc hin cc cng vic lin quan n thanh ton c tc.
- Thc hin cc nghip v ng k chng khon lin quan n tng
vn ca cng ty pht hnh.
- Gim st t l tham gia ca bn nc ngoi.
- Cc cng vic khc theo quy nh ca U ban.

7. 4. Hot ng thanh ton b tr chng khon
7.4.1. Nguyn tc thanh ton b tr chng khon
Cc hnh thc t chc th trng chng khon khc nhau s c cc hot
ng thanh ton b tr chng khon khc nhau. Nhng d t chc th trng
chng khon trnh no th cc th trng cng u phi tun theo cc
nguyn tc chung nh sau:
- Hot ng thanh ton b tr chng khon ch c thc hin i vi
cc loi chng khon c php lu k tng hp ti cc trung tm lu k.
- Vic thanh ton b tr chng khon phi tun th nguyn tc giao
chng khon ng thi vi thanh ton tr tin.
- Thanh ton b tr chng khon c thc hin thng qua nghip v
b tr a phng v thanh ton tng giao dch cho cc thnh vin tham gia
(phng thc b tr song phng ch p dng trong mt s trng hp, mt
s loi giao dch nht nh theo cc quy nh).
- Hot ng thanh ton b tr chng khon c p dng cho mi
giao dch trn th trng chng khon v thanh ton tin qua h thng ngn
hng thanh ton ch nh. Nguyn tc ny buc cc i tc giao dch phi c
ti khon lu k chng khon tng hp v ti khon tin ti cc trung tm
lu k, thanh ton b tr chng khon (cc cng ty chng khon thnh vin
v cc ngn hng thng mi c c quan Nh nc c thm quyn cp
giy php).
- Cc hot ng v cc dch v thanh ton b tr phi c thc hin
ti b phn thanh ton b tr. Trc khi thc hin vic gii quyt chuyn
giao chng khon, cc thnh vin phi hon tt th tc thanh ton theo cc
quy nh, mu hng dn ti b phn thanh ton ca trung tm thanh ton
b tr.
7.4.2. Quy trnh ca hot ng thanh ton b tr chng
khon
Hot ng thanh ton b tr chng khon tun theo cc bc:

Bc 1: Chun b thanh ton
- Lp bo co giao dch
Mc tiu: xc nhn vic hnh thnh cc ngha v v quyn li ca
cc bn lin quan n giao dch.
Cc thnh vin lu k tng hp cc giao dch v bo co vi b phn
thanh ton b tr cc thng tin: tn cc bn tham gia giao dch; loi v s
lng chng khon c giao dch; a im; thi gian v iu kin giao
dch.
Tu theo, mc phc tp ca h thng b tr m c th c cc hnh
thc bo co sau:
- Hnh thc th cng: Cc thnh vin thc hin bo co giao dch
thng qua cc bng mu, biu do t chc thanh b tr quy nh.
- Hnh thc bn t ng: Cc thnh vin bo co giao dch qua cc
bng mu, biu nhp d liu vo mt my tnh ti t chc b tr.
- Hnh thc t ng hon ton: My tnh ca cc thnh vin truyn ti
t chc thanh ton b tr cc thng tin cn thit v cc giao dch chng
khon thc hin.
- i chiu giao dch
Sau khi nhn c cc bo co giao dch t cc thnh vin lu k th b
phn thanh ton b tr s so snh, tng hp cc chi tit cc giao dch. Hot
ng ny thc hin vic x l di hnh thc vn bn hoc trn mng on-
line, tu thuc vo hnh thc bo co ca thnh vin lu k.
Trong qu trnh tng hp v i chiu cc bo co giao dch, nu pht
hin cc bo co giao dch c li th b phn b tr phi gi bo li cho cc
bn c lin quan tin hnh hu b giao dch v thay bng cc giao
dch khc.
Bc 2: B tr v thanh ton
y l qu trnh c hai bc ring bit l b tr v thanh ton.
B tr: L qu trnh x l cc bo co giao dch chng khon nhm
a ra mt con s cui cng m cc thnh vin phi thanh ton vo ngy

thanh ton. chnh l vic xc nh chnh xc cc thnh vin phi giao
hoc nhn s chng khon hoc tin ca mnh vo ngy thanh ton.
Cng vic ny c thc hin bng h thng b tr ca trung tm thanh
ton b tr nhm b tr cui ngy cc kt qu tin v chng khon cho cc
bn tham gia. C 2 phng thc b tr:
- B tr song phng: L hnh thc m , trung tm thanh ton b
tr thc hin cc bt ton b tr n l theo tng cp i tc i vi mt loi
chng khon tm ra s lng tin v chng khon thc phi tr cho mi
bn.
Vic b tr song phng ch s dng trong k ton ni b hoc s b
gia cc bn tham gia theo tng bn i tc ban u.
- B tr a phng: sau khi nhn c cc bo co giao dch, trung
tm thanh ton b tr tp hp cc kt qu giao dch v a vo h thng tnh
ton t ng b tr kt qu gia cc bn tham gia trong giao dch v
thanh ton. H thng my tnh s tp hp cc khon n v c v chng
khon ca mi bn, t ng b tr hn hp theo tng loi chng khon
a ra kt qu cui cng ca ngy giao dch.
Trong ngy giao dch, mi bn tham gia c th tin hnh nhiu hot
ng mua v bn cng mt loi chng khon vi nhiu bn tham gia khc
nhau. Nhng vo cui ngy, mi bn s ch c mt mn n phi tr hay mt
khon phi thu i vi mt loi chng khon no .
Hot ng ny, trn thc t lm gim ng k khi lng lun
chuyn tin v chng khon so vi vic thc hin giao nhn tin v chng
khon trn th trng bng cch th cng.
Thanh ton: hin nay, c cc hnh thc thanh ton khc nhau nh sau:
- Thanh ton tng giao dch: L phng thc thanh ton c thc
hin cho tng giao dch mua bn. Sau khi mi giao dch c thc hin th
ngi mua (bn) s nhn c s chng khon (tin) theo ng khi lng
giao dch.
y l hnh thc c bn nht ca vic thanh ton giao dch chng khon
nhng phng thc ny ch ph hp vi th trng c quy m nh.
- Thanh ton b tr lin tc: L phng thc thanh ton c thc
hin bi h thng thanh ton b tr ng vai tr trung gian gia cc i tc
v cc thnh vin trong thanh ton cc giao dch c xc nhn.

- Thanh ton cun chiu: l hnh thc thanh ton quy nh s ngy
thc hin thanh ton tt c cc giao dch. Hnh thc ny cho php cc giao
dch c thc hin cc bc thanh ton trong chu k thanh ton cun chiu
vo tt c cc ngy lm vic trong tun.
Bc 3: Chuyn giao bng bt ton ghi s hoc chuyn giao vt
cht cc chng ch chng khon.
Trong thanh ton b tr chng khon, vic chuyn giao vt cht cc
chng khon t t chc lu k ny sang t chc tn dng khc c thay th
bng phng thc chuyn giao bi bt ton ghi s hay phng thc chuyn
giao vt cht cc chng ch chng nhn quyn s hu chng khon. Ti
trung tm lu k v thanh ton b tr chng khon, cc chng khon c
"phi vt cht ho" v tp trung ho theo cc chng ch chng khon, iu
ny to iu kin thun li cho vic p dng phng thc chuyn giao bng
bt ton ghi s v chuyn giao vt cht cc chng ch chng khon.
Ti trung tm thanh ton b tr chng khon, vic chuyn giao chng
khon gia cc thnh vin lu k c thc hin thng qua h thng in t.
iu ny gip cho vic thanh ton c thc hin chnh xc, to iu kin
p dng mt h thng thanh ton tin ng thi vi chuyn giao chng
khon, t tng tnh hp dn ca th trng chng khon i vi cc nh
u t.



Cu hi n tp

1. Trnh by vai tr v chc nng ca h thng lu k, ng k v thanh
ton b tr chng khon.
2. Trnh by nhng c im c bn ca h thng lu k, ng k v
thanh ton b tr chng khon trn TTCK Vit Nam hin nay. H thng
c nh hng g n hiu qu hot ng ca TTCK.
3. Cc hnh thc lu k chng khon? Lin h thc tin i vi Vit
Nam.
4. Trnh by ni dung cc bc trong thc hin nghip v lu k chng
khon?
5. Trnh by nguyn tc v quy trnh thanh ton b tr chng khon.
Lin h vi thc tin TTCK Vit Nam.

Chng 8: H thng thng tin trn th trng chng khon

chng 8
h thng thng tin trn th trng Chng khon

8.1. gii thiu v H thng thng tin trn th
trng chng khon
H thng thng tin ca TTCK l h thng ch tiu, t liu lin quan n
chng khon v TTCK, l nhng ch tiu phn nh bc tranh ca TTCK v
tnh hnh kinh t, chnh tr ti nhng thi im hoc thi k khc nhau ca
tng quc gia, tng ngnh, nhm ngnh... theo phm vi bao qut ca mi
loi thng tin.
H thng thng tin th trng chng khon rt a dng v phong ph.
H thng ny c v nh h thng mch mu trong c th ngi, gip cho
th trng vn hnh lin tc v thng sut, m bo cung cp y thng
tin cho nh u t, c quan qun l iu hnh v cc t chc nghin cu. Th
trng chng khon hot ng ht sc nhy cm v phc tp, nhng phi
m bo nguyn tc cng bng, cng khai, mi nh u t u c quyn
bnh ng trong vic tip nhn thng tin. Khng ai c php c c quyn
trong tip nhn thng tin, hoc s dng cc thng tin ni b, thng tin cha
c php cng b u t chng khon nhm trc li. C th ni, TTCK
l th trng ca thng tin, ai c thng tin chnh xc v kh nng phn tch
tt th s u t c hiu qu, ngc li nh u t thiu thng tin hoc thng
tin sai lch (tin n) s phi chu tn tht khi ra cc quyt nh u t.
C th phn t cc thng tin trn th trng theo cc tiu thc sau:
1. Phn t theo loi chng khon
-Thng tin v c phiu, chng ch qu u t
-Thng tin v tri phiu
-Thng tin v cc chng khon phi sinh
2. Phn t theo phm vi bao qut
- Thng tin n l ca tng nhm chng khon

- Thng tin ngnh
- Thng tin nhm ngnh
- Thng tin nhm c phiu i din v tng th th trng.
- Thng tin ca SGDCK hay c quc gia, thng tin c tnh quc t.
3. Phn t theo thi gian
- Thng tin qu kh, thng tin hin ti v thng tin d bo cho tng lai
- Thng tin theo thi gian (pht, ngy...)
- Thng tin tng hp theo thi gian (tun, thng, qu, nm...)
4. Phn t theo ngun thng tin
- Thng tin trong nc v quc t
- Thng tin ca cc t chc tham gia th trng: t chc nim yt; cng
ty chng khon v thng tin ca SGDCK.
- Thng tin t vn ca cc t chc t vn u t v t chc xp hng tn
nhim.
- Thng tin t cc phng tin thng tin i chng (bo, truyn hnh,
mng Internet...).
8.2. cc ngun thng tin trn th trng chng
khon
8.2.1. Thng tin t t chc nim yt
Chng khon l mt dng ti sn ti chnh (khc vi ti sn thc) c
nim yt giao dch trn dch trn th trng chng khon bi chnh t chc
pht hnh. Ngoi yu t quan h cung - cu, gi chng khon c hnh
thnh da trn "sc kho" ca chnh cng ty pht hnh. Do vy, cc thng
tin lin quan n t chc pht hnh u tc ng tc thi ln gi chng
khon ca chnh t chc , v trong nhng chng mc nht nh c th tc
ng ln ton b th trng. Trn th trng chng khon, vn cng b
thng tin cng ty (corporate disclosure) c xem l yu t quan trng hng
u trong h thng thng ca th trng, bo m cho th trng hot ng
cng bng, cng khai v hiu qu, bo v quyn v li ch hp php ca nh
u t.

Ni dung thng tin lin quan n t chc pht hnh bao gm cc thng
tin trc khi pht hnh, sau khi pht hnh chng khon ra cng chng, v
sau khi chng khon c nim yt giao dch trn th trng tp trung. Cc
thng tin bao gm:
- Thng tin trn bn co bch (prospectus). Bn co bch l bn thng
co ca t chc pht hnh khi thc hin pht hnh chng khon ra cng
chng, nhm gip cho nh u t hiu r v tnh hnh hot ng kinh doanh,
ti chnh,...v cc thng tin khc v mc tiu pht hnh chng khon ca t
chc pht hnh.
- Thng tin nh k l nhng thng tin do t chc nim yt cng b vo
nhng thi im theo quy nh ca c quan qun l nh: hng nm, bn
nin; hng qu; hng thng. Ni dung thng tin lin quan n cc bo co
ti chnh; kt qu hot ng kinh doanh; bo co lu chuyn tin t...vv. Cc
bo co thng nin phi c kin ca t chc kim ton c lp c
UBCK chp thun.
- Thng tin bt thng l nhng thng tin c t chc nim yt cng
b ngay sau khi xy ra cc s kin quan trng, lm nh hng n gi chng
khon hoc li ch ca ngi u t. Thng thng, cc thng tin ny c
cng b trong vng 24h00 sau khi xy ra s kin, hoc sau 3 ngy. Ni dung
cc thng tin bt thng do c quan qun l quy nh.
- Thng tin theo yu cu l vic cng b thng tin khi UBCK hoc
SGDCK yu cu cn phi cng b thng do c nhng du hiu bt thng,
hoc tin n trn th trng c tc ng n gi chng khon.
8.2.2. Thng tin t SGDCK
y l cc thng tin t c quan qun l v vn hnh th trng, c
cng b cp nht trn h thng thng tin ca SGDCK (qua bng hin th
in t; thit b u cui; bn tin th trng; mng Internet, Website...vv).
Ni dung thng tin do SGDCK cng b bao gm:
-Thng tin t nh qun l th trng
+ H thng cc vn bn, chnh sch ban hnh mi; thay i, b sung,
hu b...vv.

+ nh ch giao dch hoc cho php giao dch tr li cc chng khon.
+ Cng b ngy giao dch khng c hng c tc, li v cc quyn
km theo.
+ Cc chng khon thuc din b kim sot, cnh bo.
+ Hu b nim yt hoc cho nim yt li.
+ nh ch thnh vin hoc cho php thnh vin hot ng tr li.
- Thng tin v tnh hnh th trng: thng tin giao dch ca 5 c phiu
hng u; giao ng gi c phiu hng ngy; c phiu t mc gi trn,
sn...
- Thng tin v din bin ca th trng:
+ Thng tin v giao dch trn th trng (gi m ca, ng ca; gi cao
nht v thp nht trong ngy giao dch; khi lng giao dch; gi tr giao
dch; giao dch l ln; giao dch mua bn li c phiu ca t chc nim yt).
+ Thng tin v lnh giao dch (gi cho mua, cho bn tt nht; quy m
t lnh; s lng lnh mua, hoc bn).
+ Thng tin v ch s gi (ch s gi c phiu tng hp; bnh qun gi
c phiu; ch s gi tri phiu).
- Thng tin v tnh hnh ca cc t chc nim yt.
- Thng tin v cc nh u t: giao dch l ln; giao dch thu tm
cng ty; giao dch u thu mua c phiu...vv.
- Thng tin v hot ng ca cng ty chng khon thnh vin.
8.2.3. Thng tin t cc t chc kinh doanh, dch v chng khon
Bao gm cc thng tin v chnh cc t chc kinh doanh, dch v chng
khon (bo co ti chnh; hot ng kinh doanh; lu chuyn tin t...vv) v
cc thng tin lin quan n tnh hnh th trng v nh u t (s ti khon
giao dch; t l k qu; giao dch bo chng; bo lnh pht hnh, t
vn...vv).
8.2.4. Thng tin v giao dch chng khon
Cc thng tin v giao dch c thng bo trn bng in t kt qu
giao dch trn SGDCK v trn cc phng tin thng tin i chng nh: bo,

tp ch.... Mu thng tin m nh u t thng thy i vi mt chng khon
nh sau:
C phiu: xyz
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
52 week Stock Div Yld P/E Sales High Low Close Net Chg
High Low

Gii thch ngha ca cc ct:
Ct 1- 52 weeks Cho bit trong vng 48 tun gn y, gi cao nht v
thp nht ca chng khon xyz l bao nhiu?
Ct 2 - Stock: Cho bit tn c phiu
Ct 3 - Div: Chi bit c tc m t chc pht hnh chi tr trong thi gian
gn y
Ct 4 - Yld l ch vit tt ca Yield, ngha l t sut li tc ca nm gn
y nht. Tnh bng cch ly c tc chia cho gi c phiu (ct 3/ct 9)
Ct 5 - PE l h s Price Earning Ratio, l t l gia gi c phiu hin
ti vi thu nhp tnh trn mt c phiu trong nm gn nht.
Ct 6 - Sales cho bit doanh s bn trong ngy tnh theo n v l l
chn.
Ct 7- High: Cho bit gi thc hin cao nht trong ngy
Ct 8 - Low: Cho bit gi thc hin thp nht trong ngy
Ct 9 - Net Chg (Net change): Cho bit mc thay i gi ng c ca
ngy thng bo so vi ngy trc .
8.3. ch s gi chng khon
8.3.1. Ch s gi c phiu
Ch s gi c phiu l thng tin th hin gi chng khon bnh qun
hin ti so vi gi bnh qun thi k gc chn.

Ch s gi c phiu c xem l phong v biu th hin tnh hnh hot
ng ca TTCK. y l thng tin rt quan trng i vi hot ng ca th
trng ca nh u t v cc nh phn tch kinh t.
Tt c cc TTCK u xy dng h thng ch s gi c phiu cho ring
mnh.
Gi bnh qun thi k gc trong so snh ch s gi thng c ly l
100. Th d, khi thng bo v TTCK nh ch s gi Hn Quc KOSPI ngy
9/1/1998 l 440,28 im c ngha l ch s gi c phiu ca ngy
9/1/1998 so vi ngy gc chn l ngy 1/4/1980 vi gi gc l 100. So
snh gi tr ch s gia 2 thi im khc nhau ta c mc bin i gi gia
2 thi im . Nu tr gi ch s KOSPI ngy 10/1/1998 l 445,78 im th
c ngha l "TTCK Hn Quc c du hiu phc hi vi ch s KOSPI
tng 5,5 im trong ngy 10/1/1998". Nu em s ny so snh vi gi ng
ca hm trc v nhn vi 100 th ta c s bin i theo %: ( 5,5/ 440,28) *
100 = 1,25%
Ch s gi c phiu c tnh cho:
- Tng c phiu.
- Tt c c phiu ca tng th trng: v d nh ch s KOSPI;
Hangseng;
- Tng ngnh, nhm ngnh: nh ch s ngnh cng nghip ca M
(DJIA)
- Th trng quc t nh ch s Hang Seng Chu (HSAIS).
Ngoi ra, mt s ch tiu sau cng thng c thng k, tng hp
i vi ch s gi v thng bo rng ri: ch s gi trong ngy; ngy so
vi ngy trc; so vi u nm; ch s co nht hoc thp nht trong
nm..vv.
Ch s gi c th c tnh theo thi gian (so snh theo thi gian) hoc
theo khng gian so snh gia cc vng lnh th khc nhau.

Cc phng php tnh ch s gi hin nay
a) Ch s gi bnh qun gin n
y l ch s bnh qun s hc gin n, khng c s tham gia ca
quyn s:
P
t
I =
P
o
Trong : I: L ch s gi bnh qun gin n.
P
t
: L gi thi k t ca cc hng ho tham gia tnh ton.
P
o
: L gi thi k gc chn trc.
Ch s ny tnh ton rt n gin v khng phi theo di s bin ng
ca quyn s. Nhng ch s ny cha ng tnh cht ca s bnh qun gin
n, bi vy, ch nn ng dng khi tng th (hay gi cc loi hng ho a
vo tnh ton) l kh ng u, hay phng sai ca chng khng qu ln.
b) Ch s gi bnh qun gia quyn
Ch s gi bnh qun gia quyn l ch s gi bnh qun c tnh c s
tham gia ca khi lng, c ngha l bin i gi ca nhng nhn t c t
trng khi lng trong tng th cng ln th nh hng cng nhiu n ch
gi chung v ngc li:
q P
t
I =
q P
o
Trong : I: L ch s gi bnh qun gia quyn.
P
t
: L gi thi k bo co.
P
o
: L gi thi k gc
q: L khi lng (quyn s), c th theo thi k gc hoc thi
k bo co, cng c th l c cu ca khi lng.
Ch s gi bnh qun gia quyn c u im l c cp n quyn s
trong qu trnh tnh ton. Phng php tnh phc tp hn. Tuy nhin, do
chn r i din theo nhiu tiu thc v mi tiu thc cng c u nhc

im ring, nn trong nhiu trng hp ch s ny khng phn nh ng tnh
hnh giao dch ca th trng.
c) Ch s gi bnh qun Laspeyres
Ch s gi bnh qun Laspeyres l ch s gi bnh qun gia quyn, ly
quyn s l khi lng thi k gc. Nh vy kt qu tnh s ph thuc vo
c cu quyn s thi k gc:
q
o
p
t
I
L
=
q
o
p
o
Trong : I
L
: L ch s gi bnh qun Laspeyres
p
t
: L gi thi k bo co
p
o
: L gi thi k gc
q
o
: L khi lng (quyn s) thi k gc hoc c cu
ca khi lng thi k gc.
Ch s ny c u im l khng phi theo di lin tc s bin ng
ca quyn s, v quyn s gc c sn ngay ln tnh u tin.
Tuy nhin, cng v c im trn ch s ny c nhc im l khng
cp nht c s thay i ca khi lng trong qu trnh giao dch, mua bn.
d) Ch s gi bnh qun Paascher.
Ch s gi bnh qun Paascher l ch s gi bnh qun gia quyn ly
quyn s l khi lng thi k bo co. Nh vy kt qu tnh s ph thuc
vo c cu quyn s thi bo co.
q
t
p
t
I
P
=
q
t
p
o
Trong : I
P
: L ch s gi Paascher
p
t
: L gi thi k cn tnh
p
o
: L gi thi k gc
q
t
: L khi lng (quyn s) thi k tnh hoc c cu ca
khi lng thi bo co.

Ch s ny c nhc im l phi thng xuyn cp nht quyn s (t
trng) v phng php tnh cng phc tp hn nhng c u im l thng
xuyn cp nht c khi lng hng ho thi k bo co v v th kh nng
phn nh s bin ng ca th trng tt hn.
e) Ch s gi bnh qun Fisher.
Ch s gi bnh qun Fisher l ch s gi bnh qun nhn gia ch s gi
Paascher v ch s gi Laspayres.
I
F
=
L P
xI I
Trong : I
F
: L ch s gi Fisher
I
P
: L ch s gi Paasche
I
L
: L ch s gi bnh qun Laspeyres
Ch s ny c u im l loi tr c phn no hai nhc im ca hai
phng php Paascher v Laspeyre mc phi.
8.3.2. Mt s ch s gi chng khon quc t
8.3.2.1. Cc ch s gi c phiu ca TTCK Hng Kng
Ch s HangSeng (HSI) Hng Kng.
Ch s ny do cng ty HSI Service Ltd, mt cng ty do Ngn hng
HangSeng s hu tnh ton v cng b. Ch s ny c cng b u tin
vo thng 11/1969. y l ch s c nim yt rng ri nht ca TTCK
Hng Kng c trong nc v quc t. HSI c tnh tng pht trong phin
giao dch v c thng tin ra trong nc v quc t qua mng thng tin ti
chnh v i chng nh TeleText, Reuters, Telerate, Bloomberg...vv. T nm
1996, Cng ty HSI Service Ltd xut bn bn tin hng ngy v ch s Hang
Seng, trong a tin v ch s ny v cc ch s ph ca n, c 15 pht
mt ln bn tin s a ra nhng thng bo mi, bao gm cc mc gi cao
nht, thp nht v gi ng ca ca mi ngy giao dch. HSI l ch s gia
quyn gi tr ca 33 loi c phiu. Ngy gc l ngy 31/7/1964 vi tr gi
gc l 100. Khi a thm 4 ch s ph vo nm 1985, ngy gc c i
thnh ngy 13/01/1984 v tr gi gc l 975,47 (gi ng ca ca ngy ).

Ch s tng hp c phiu thng Hng Kng (AOI).
Ch s ny l ch s gia quyn gi tr ca tt c cc c phiu thng
c nim yt ti S giao dch chng khon Hng Kng. N c tnh ton
v cng b ln u vo ngy 2/1/1989. Ngy gc l ngy 2/4/1996 vi tr gi
gc l 1000. Ch s ny c 7 ch s ngnh: ti chnh; dch v; bt ng sn;
xy dng; cng nghip; khch sn; cc ngnh khc.
Cho d ch s AOI tiu biu hn HSI, nhng mt vi loi c phiu trong
c giao dch rt t. V d, trong 10 ngy giao dch cui thng 6/1996
khong 18% s c phiu c nim yt khng c giao dch no. Do vy, gi
yt ca cc loi c phiu ny khng phn snh ng thc gi th trng ca
chng. Tuy nhin, cc c phiu t giao dch ny ch chim mt c cu nh
trong tng th nn chng c nh hng rt t n gi tr ca AOI.
Ch s tham chiu HangSeng London ca Hng Kng (HSLRI).
Hin nay, 28 trong s 33 loi c phiu hp thnh HSI c giao dch ti
S giao dch chng khon London (LSE). Ch s tham chiu HangSeng
London l ch s phn nh s bin i gi c ca 28 loi chng khon thuc
HSI nhng c nim yt v giao dch LSE.
Ch s HangSeng Chu ca Hng Kng (HSAI)
y l ch s khu vc u tin da trn 8 ch s c phiu ca cc nc
Chu :
- Ch s HangSeng (HongKong)
- Ch s gi hn hp JSX (Indonesia)
- Ch s gi hn hp Korea
- Ch s hn hp KLSE (Malaysia)
- Ch s hn hp PSE (Philipin)
- Ch s tng hp SES (Singapore)
- Ch s SET (Thi Lan)
- Ch s quyn s vn huy ng (i loan)
Ch s ny c cng b hng ngy vo 6.15h chiu (gi Hng Kng).
N c tnh ton v cng b khi c t nht 5 ch s cu thnh c thng tin

v cc ch s khng giao dch (do ngy l, ngy ngh..) s c a vo theo
gi ng ca ca ngy trc .
8.3.2.2. Cc loi ch s gi c phiu ca M
Ch s Dow Jone (Dow Jone Average)
Ch s Dow Jone l ch s gi chng khon, phn nh s bin ng bnh
qun ca gi chng khon thuc th trng chng khon NewYork, mt th
trng chng khon ln nht th gii.
Ch s Dow Jone hin nay l ch s gi chung ca 65 chng khon i
din, thuc nhm hng u (Blue chip) trong cc chng khon c nim
yt ti S giao dch chng khon NewYork. N bao hm 3 ch s thuc 3
nhm ngnh: Cng nghip DJIA (DowJone Industrial Average), Vn ti
DJTA (Dow Jone Transportation Average) v Dch v DJUA (Dow Jone
Utilities Average).
Ch s DJIA (DowJone cng nghip).
Ch s Dow Jone cng nghip l ch s lu i nht M do ng
Charles H.Dow cng vi cng ty mang tn ng thu thp gi ng ca ca
chng khon tnh v cng b trn Wall Street Journal t nm 1896. Khi
u cng ty ch tnh gi bnh qun s hc ca 12 c phiu. Ngy tnh u
tin l ngy 26/5/1896 vi mc gi bnh qun ngy ny l 40,94$. Nm
1916, s lng c phiu tnh ch s l 20 c phiu v nm 1928 tng ln
l 30 c phiu v gi ngyn s lng ny cho n ngy nay. Trong qu trnh
thng xuyn c s thay i cc cng ty trong nhm Top 30. Mi khi c
cng ty chng t l khng thuc tiu chun Top 30 ca cc c phiu Blue
Chip na th s c cng ty khc thay th.
Ch s DJTA (Dow Jone vn ti).
Ch s ny c cng b u tin vo ngy 26/10/1896 v cho n
2/1/1970 vn mang tn ch s cng nghip ng st, v thi gian ny vn ti
ng st l ch yu. Ch s DJTA bao gm 20 c phiu ca 20 cng ty vn
ti i din cho ngnh ng st, ng thy v hng khng c nim yt
ti S giao dch chng khon NewYork.

Ch s ngnh phc v cng cng ( DJUA)
Ch s ny c cng b trn t bo Wall Street t thng 1 nm 1929.
Ch s ny c tnh da vo gi ng ca ca chng khon 15 cng ty ln
nht trong ngnh kh t v in.
Nh vy, tuy ch s DowJone ch tnh i vi 65 loi c phiu khc
nhau nhng khi lng giao dch ca chng chim n hn 3/4 khi lng
giao dch ca TTCK NewYork, bi vy, ch s DowJone thng phn nh
ng xu th bin ng gi ca th trng chng khon M.
Ch s gi chng khon ni chung, ch s Dow Jone ni ring c coi
l phong v biu, hay l nhit k o tnh trng sc kho ca nn kinh t
x hi. Thng thng nn kinh t ln (tng trng) th ch s tng v ngc
li. TTCK NewYork, S giao dch s ng ca 30 pht nu ch s
DowJone gim mc 250 im v ng ca 3 gi nu gim 500 im. Nu
s tng, gim ny ta em so vi ngy hm trc ta s c s bin ng theo
%. Cc th trng cng thng thng bo s bin ng gi chng khon
thng qua tiu thc im v phn trm.
NASDAQ Composite Index (NASDAQCI - National Association of
Securities Dealers Automated Quatation System).
Ch s chng khon ny l ch s tng hp ca 4700 cng ty, k c ca
M v nc ngoi c nim yt trn TTCK NASDAQ. Ngy c s l ngy
5/2/1971 vi tr gi gc l 100, c tnh thm cc ch s ph cho cc nhm
ngnh: ngn hng, my tnh, cng nghip, bo him, vn ti, ti chnh khc
v bu chnh vin thng.
New York Stock Exchange lndex (NYSEI)
L ch s tnh theo phng php bnh qun gia quyn gi tr cho tt c
cc chng khon NYSE. Ngy c s l ngy 31/12/1964, quyn s thay
i theo gi tr th trng. Tr gi c s l 50 USD v bin i ca n c
th hin theo im. Cc ch s ph bao gm ch s cho ngnh cng nghip,
vn ti, phc v cng cng v ch s tng hp cho khu vc ti chnh.
Amex Major Market Index (XMI) ca M
y l ch s tnh theo phng php gia quyn vi quyn s gi c ca
20 c phiu ang lm n pht t nht (blue chip) trong ngnh cng nghip

c nim yt trn S giao dch chng khon M. Ch s ny do AMEX tnh
v tng i ging DJIA, trong c 15 c phiu thuc nhm cc c phiu
ca DJIA.
Amex Market Value Index (XAM) ca M.
Ch s ny do AMEX tnh v cng b t 4/9/1973, theo phng php
tnh gia quyn vi quyn s l gi tr th trng (quyn s gi tr). Ngy gc
trong thng 9/1973 bao gm 800 c phiu i din cho tt c cc ngnh k
ngh ang giao dch trn Amex.
Dow Jones World Stock Index ca M.
Ch s ny l ch s bnh qun gi tr ca 2600 cng ty trn th gii, i
din cho 80% tr gi tr thng chng khon quc t. Hin ti, cc cng ty l
i tng tnh ch s ny tp trung 25 nc thuc cc khu vc: Bc M,
Chu u v vng Chu , Thi Bnh Dng. Ngy gc l ngy 31/12/1991
v tr gi gc l 100. Ch s ny c tnh cho tng nhm ngnh, c phn
theo vng, quc gia. Ch s i vi tng nc tnh theo ng ni t, v USD,
Pound ca Anh, Mark ca c, Yn ca Nht. Ch s cho vng v th gii
c tnh theo 4 loi ngoi t trn.
NASDAQ - 100 Index ca M.
Ch s c tnh t nm 1985 cho 100 cng ty phi ti chnh ln nht
c nim yt ti TTCK NASDAQ. Ch s tnh theo phng php bnh qun
gia quyn gi tr. Tt c cng ty tham gia ch s c mc vn th trng ti
thiu l 400 triu USD vo thng 10/1993 v c chn theo tiu thc tr gi
giao dch v tiu biu trn th trng. Thng 2/1994 tr gi ch s gim mt
na do chng quyn (right) c a vo giao dch ti Chicago Board
Option Exchange.
Russell Indexes ca M
Cc ch s ny do cng ty Frank Rusell ca Tacoma - Washington tnh
bng phng php bnh qun gia quyn gi tr. Rusell 3000 Index bao gm
3000 c phiu c gi tr th trng ln nht. Ngoi ra c Rusell 1000, Rusell
2000, Rusell Top 200; Rusell 2500...

Ch s S&P 500 (Standard & poors) ca M: y l ch s gi bnh qun
gi tr, tng hp ca 500 loi c phiu. N bao gm cc c phiu c nim yt
trn NYSE, mt s thuc nhm c phn ca AMEX & NASDAQ. Ch s ny
bao gm 381 c phiu thuc ngnh cng nghip, 47 c phiu thuc cc ngnh
dch v cng cng, 56 c phiu thuc ngnh ti chnh v 16 c phiu thuc
ngnh vn ti v i din cho 74% tr gi tr trng ca tt c cc c phiu c
giao dch trn NYSE. Ngoi ra, cn c ch s S&P 100, tnh trn c s S&P 500
v cch tnh cng tng t nh S & P 500.
Value Line Composite Average ca M
y l ch s tng hp quyn s nh nhau, bao gm 1700 c phiu ca
NYSE v AMEX v trn th trng OTC. Tr gi c s l 100, ngy c s l
ngy 30/6/1961. S thay i ch s gi c tnh theo im. Ch s ny cng
tnh cho 3 nhm ngnh: cng nghip; vn ti; dch v cng cng.
Wilshire 5000 Equity Index
y l ch s c phm vi rng nht. Ch s ny tnh theo quyn s gi
tr. N bao gm hn 6000 c phiu giao dch NYSE, AMEX, h thng th
trng quc gia NASDAQ. Ngy c s l ngy 31/12/1980.
8.3.2.3. Cc ch s chng khon ca Anh
Ch s FT-30
FT-30 l ch s gi ca 30 c phiu cng nghip hng u ca th
trng chng khon London. Ch s ny c cng b theo tng gi k t 10
gi sng n 3 gi chiu v vo lc ng ca S giao dch chng khon
London. Thi gian gc l nm 1935 vi gi tr gc100.
Ch s FT-SE 100
L ch s gi ca 100 c phiu hng u ti S giao dch chng khon
London. Ngy gc l 3/1/1984, vi gi tr gc l 1000.
8.3.2.4. Cc ch s gi c phiu ca Hn Quc
S giao dch chng khon Hn Quc a ra ch s gi c phiu Hn
Quc bt u t nm 1972 nhm a ra mt thc o ton din cho xu th
ca th trng. y l ch s bnh qun gia quyn c tnh da trn mt s
c phiu tiu biu i din cho ton b th trng. Ngy c s ca ch s ny

l ngy 4/1/1972 vi tr gi c s l 100. Ch s c s c tnh da trn c
phiu ca 35 cng ty vi tr gi nhng n ngy 4/1/1979 s cng ty nim
yt ln n con s 153, v vy, m ngy c s ca ch s ny c iu
chnh sang ngy 4/1/1975.
Ch s KOSPI tng hp
Ch s gi c phiu tng hp ca Hn Quc c p dng t u nm
1983. Ch s ny c tnh da trn tng gi tr th trng v ngy c s ca
ch s ny l ngy 4/1/1980 vi gi tr ch s c s l 100.
8.3.2.5 Cc ch s gi c phiu ca Nht Bn.
Ch s Nikkei 225
Ch s Nikkei l ch s tng hp c phiu vi quyn s gi c ca 225
c phiu thuc S giao dch chng khon Tokyo v 250 c phiu thuc S
giao dch Osaka. Ch s ny do Thi bo kinh t Nht Bn tnh ton v cng
b (Thi bo Nikkei). Ch s ny cn c gi l ch s Nikkei - Dow v
phng php tnh ca n nh phng php tnh cc ch s Dow Jone.
Ch s TOPIX
Ch s ny tnh cho tt c chng khon nim yt quan trng ca th
trng chng khon Tokyo. Thi im gc l 4/1/1968 vi gi tr gc l
100.
8.3.2.6. Cc ch s gi c phiu khc
Ch s CAC (Php)
Tnh cho 240 c phiu hng u ti s giao dch chng khon Paris.
Ngy gc l ngy 31/12/1981, vi gi tr gc l 100.
Ch s DAX (c)
Tnh cho 30 c phiu hng u ca c. Ngy gc l ngy31/12/1987
vi gi tr gc l 1000.
Ch s tng hp chng khon Malaysia (KLSE):
Ch s tng hp ca S giao dch Chng khon Kuala Lumpur c a
vo s dng t ngy 04/4/1983 vi 83 c phiu, cc c phiu c la chn
i din cho cc khu vc khc nhau ca th trng. Sau s c phiu i

din tng ln ti 100. Ngy nay, S giao dch Chng khon Kuala Lumpur
cng thc hin vic tnh cc ch s cho cc khu vc chnh c giao dch:
hng tiu dng, cng nghip thng mi/dch v, ti chnh, bt ng sn,
khai khong v trng trt. Ngoi ra, c hai loi ch s ph khc c tnh
ton v a vo s dng t ngy 2/1/1991 v ch s tt c cc c phiu c
giao dch trn quy giao dch chnh c s dng vo 10/1991. Cc ch s
ny c my tnh tnh tng pht v c chuyn ngay ti cc cng ty mi
gii thng qua cc trm u cui MASA.
8.3.3. Ch s gi tri phiu
Ch s gi tri phiu l ch s so snh mc gi tri phiu ti thi im
so snh vi mc gi ti thi im gc chn. Ch s gi tri phiu phn
nh s bin ng ca mc li sut (nu l mt loi tri phiu) v mc li sut
bnh qun (nu l mt danh mc cc loi tri phiu).
8.4. H thng thng tin v Ch s gi c phiu
trn th trng chng khon Vit Nam (VN INDEX)
Vit Nam, thng tin TTCK c quy nh trong quyt nh
47/2000/Q-UBCK1 ngy 19 thng 6 nm 2001 ca Ch tch UBCK Nh
nc bao gm cc thng tin ch yu sau:
- Thng tin v giao dch chng khon
- Thng tin v ch s gi chng khon
- Thng tin v qun l th trng
- Thng tin v tnh hnh th trng
- Thng tin v cc nh u t
- Thng tin v qun l hot ng pht hnh chng khon
- Thng tin v cng tc qun l cc t chc kinh doanh, dch v chng
khon.
- Thng tin v cng tc thanh tra, gim st hot ng th trng chng
khon v gii quyt khiu ni, t co.
- Thng tin v cng tc o to, bi dng nghip v chng khon
- Thng tin v s hu ca nh u t nc ngoi

- Thng tin lin quan n tnh hnh kinh t - x hi v hot ng qun
l Nh nc ca cc B, ngnh lin quan tc ng ti hot ng chng
khon.
- Thng tin v hot ng ca th trng chng khon cc nc trong
khu vc v trn th gii
- Cc thng tin khc lin quan n th trng chng khon
Ch s th trng chng khon Vit Nam - VNIndex l ch s phn nh
mc gi trn TTCK trong mt ngy c th so snh vi mc gi c ti thi
im gc. Ch s c cu thnh bi 2 yu t l loi chng khon trng s
v gi ca tng chng khon cu thnh.
Vit Nam, trong giai on u ch s VN Index l ch s duy nht
cho i din cc c phiu c nim yt trn TTGDCK. Ch s ny c
tnh theo phng php trng s gi tr th trng.
Cng thc tnh VN.Index nh sau:

P1i x Q1i: l tng gi tr th trng ti thi im tnh ton
P0i x Q0i: l tng gi tr th trng ti thi im gc
P1i: l gi c giao dch thc t ca phiu cng ty ti thi im tnh
ton i.
P0i: l gi c giao dch thc t ca c phiu cng ty ti thi im gc
Q1i, Q0i: l s lng c phn ca cng ty ti thi im tnh ton v thi
im gc.
Trong qu trnh tnh ton ch s, bn cnh s bin ng v gi c phiu
lm thay i gi tr ch s cn c mt s nhn t khc lm thay i c cu s
c phiu nim yt nh thm, bt, tch, gp c phiu. Trong trng hp ny
s nh hng n tnh khng lin tc ca ch s, ngha l ch s ngy bo
co khng ng nht vi ngy trc . Do cn phi a thm vo s
iu chnh ny bng h s chia ca cng thc trn.
P1i x Q1i
VN.Index =
P0i x Q0i
100

H s chia mi (d) = S chia c (Tng gi tr th trng cc CP
sau khi thay i) / (Tng gi tr th trng cc CP trc khi thay i).
Trng hp c c phiu mi a vo nim yt, s chia mi c tnh
nh sau:
H s chia mi (d) = S chia c (Tng gi tr th trng ca CP
nim yt c + Gi th trng ca CP nim yt mi)/ (Tng gi tr th
trng ca cc CP nim yt c)
VN Index = 100 (Tng gi tr th trng cc CP sau khi thay i)/
(H s chia mi)
V d: ti phin th nht, ngy 28-7-2000, ta c kt qu giao dch ti
thi im gc nh sau:
Tn cng ty K hiu Gi
thc hin
S lng
c phn
Gi tr
th trng
C in lnh
Cp VLVT
REE
SAM
16.000
17.000
15 triu
12 triu

240.000.000
204.000.000
Cng 444.000.000

Phin th 2, ngy 31-7-2000: Gi c phiu REE l 16300; Gi c
phiu SAM l 17.200.

Phin th 3, ngy 2-8-2000, gi REE l 16.600, gi SAM l 17.500
v c thm c phiu HAP v TMS nhng 2 c phiu ny cha tham gia vo
tnh ch s gi v cha c giao dch.
VN Index =
(16.000 x 15 triu) + (17.000 x 12 triu)
(16.000 x 15 triu) + (17.000 x 12 triu)
100 = 100
VN Index =
(16.300 x 15 tr) + (17.000 x 12 tr)
(16.000 x 15 tr) + (17.000 x 12 tr)
100 = 101,55


Phin th 4, ngy 4-8-2000, c thm 2 c phiu na l HAP v TMS
tham gia giao dch.
Tn CP Gi
ng ca
S lng
nim yt
Gi th trng
REE
SAM
HAP
TMS

16.900
17.800
16.000
14.000
15.000.000
12.000.000
1008000
2.200.000
253.500.000.000
213.600.000.000
16.128.000.000
30.800.000.000
Tng 514.028.000
H s chia mi

Nh vy, phin giao dch ngy 4/8/2000, VNIndex tng 1,82 im
(105,2 103,38) = 1,76% (105,2/103,38) so vi phin trc.

VN Index =
(16.600 x 15 tr) + (17.500 x 12 tr)
(16.000 x 15 tr) + (17.000 x 12 tr)
100 = 103,38
d1 =
Tng gi tr th trng ca tt c cc c phiu
Tng gi tr th trng ca cc c phiu c
H
s gc

514028
467100
= 444000 =
488607,2
(16.900x15tr)+(17.800x12tr)+(16.000x1,008 tr)+(14.000x 2,2 tr)
(16.900 x 15tr) + (17.800 x 12tr)
444000
514028
d1
VN Index = 100 = 105,2


Cu hi n tp

1. Trnh by cc ngun thng tin trn TTCK? Theo Anh (Ch) ngun
thng tin no l quan trng nht?
2. Trnh by cc phng php tnh ch s gi chng khon. Cch tnh
ch s gi chng khon trn TTCK Vit Nam hin nay?
3. Ch s gi chng khon phn nh hiu qu hot ng ca ton b nn
kinh t. Hy bnh lun quan im trn v lin h vi TTCK Vit Nam.
4. Phn tch vai tr ca thng tin i vi nh u t trong kinh doanh
chng khon? Lin h vn thng tin v cng b thng tin trn TTCK Vit
Nam hin nay?

Chng 9: Phn tch chng khon

Chng 9
Phn tch chng khon
9.1. Gii thiu chung v phn tch v u t chng
khon
9.1.1. Khi nim phn tch v u t chng khon
Chng khon l cc ti sn ti chnh, v vy u t chng khon l mt
loi hnh u t ti chnh. Trong hot ng ny, cc nh u t mua cc
chng khon theo mt danh mc u t rt a dng, bao gm c cc cng c
trn th trng tin v cc cng c trn th trng vn. Ni dung chng ny
cp ti hot ng phn tch v u t vo cc chng khon trn th trng
vn nh tri phiu, c phiu, chng ch qu u t v cc chng khon phi
sinh.
Phn tch chng khon l hot ng quan trng nhm h tr cho vic
ra quyt nh u t. Trong hot ng u t chng khon c hai phng
php phn tch ch yu c s dng l phng php Phn tch c bn
(Phn tch ti chnh) v Phn tch k thut. Phn tch c bn gip cho doanh
nghip c th la chn c kt cu danh mc u t ph hp. Phn tch k
thut gip cho cc nh qun l c th la chn c thi im v chin lc
mua bn chng khon tu theo din bin ca th trng
9.1.2. Phn loi u t chng khon
Tu theo mc ch qun l, hot ng u t chng khon c th c
phn loi theo nhiu cch khc nhau. Nu cn c vo loi cng c u t, c
th phn loi u t chng khon thnh u t tri phiu Chnh ph, u t
tri phiu doanh nghip v u t c phiu. Vic phn loi ny c th gip
cc nh qun l xy dng danh mc u t vi mc ri ro ph hp, trn
c s , d dng thay i kt cu danh mc u t.
Nu phn loi theo mc ch u t, c th phn loi u t chng
khon thnh u t nhm hng li tc v u t nhm nm quyn qun l,
kim sot t chc pht hnh. Trong hot ng u t nhm hng li tc,
nh u t c th mua tri phiu Chnh ph, tri phiu v c phiu do doanh

nghip pht hnh. Khi u t chng khon vi mc ch nm quyn s hu,
nh u t c th va a dng ho ti sn, va pht trin lnh vc kinh doanh
mi thng qua thu tm v sp nhp. Vic phn loi ny gip cho cc nh
qun l c th kim sot c hot ng u t theo cc mc ch c
xc nh.
9.1.3. Mc sinh li v ri ro trong u t chng khon
9.1.3.1. Mc sinh li trong u t chng khon
a) Mc sinh li tuyt i
Mc sinh li d kin hay cn gi l li nhun d kin (li sut u t)
ca mt khon u t c hiu l phn chnh lch gia kt qu thu c
sau mt khong thi gian u t v phn vn gc m nh u t b ra.
Trong thc t, thu nhp ca khon u t vo mt ti sn c cu thnh bi
hai b phn: Th nht l thu nhp do chnh bn thn ti sn mang li, i
vi cc ti sn l chng khon l c tc hoc tri tc m ngi s hu
chng khon nhn c; Th hai l phn l hoc li do gim hoc tng gi
ca ti sn u t (cn c gi l l hoc li v vn hay thng d vn -
capital appreciation). Nh vy:
Tng mc sinh li = Thu nhp t chng khon (l c tc hoc tri
tc) + li (hoc l) v vn
V d 1
u nm t gi mt c phiu ca doanh nghip A l 40 n v tin t
(v), nh u t quyt nh mua 100 c phiu. Gi s t l c tc chi tr nm
t l 2v/1 c phiu v gi c phiu vo cui nm t tng ln l 42v, nh vy
ta c:
Thu nhp t chng khon (c tc nhn c) = 2 v x 100 = 200 v.
Li v vn = (42 v - 40 v) x 100 = 200 v
Trong trng hp gi ca mi c phiu gim xung 37 v ta s b l v
vn:
L v vn = (37 v - 40 v) x 100 = - 300 v
Tng s mc sinh li trong trng hp c li v vn:
Tng mc sinh li = 200 v + 200 v= 400 v

Tng s mc sinh li trong trng hp c l v vn:
Tng mc sinh li (R) = 200 v - 300 = - 100 v
b) Mc sinh li tng i
Trn y ngi ta ang xem xt mc sinh li bng s tuyt i. Tuy
nhin, trong thc t u t chng khon ngi ta thng s dng thng tin
v mc sinh li di dng s tng i. Thc cht mc sinh li tng i
phn nh nh u t s nhn c bao nhiu li t mt n v vn u t
ban u.
Cng thc tnh mc sinh li tng i:

Hay:

Bt u t y, khi cp n mc sinh li trong phn tch chng
khon s hiu l mc sinh li tng i.
c) Mc sinh li trong mt khong thi gian
Gi s trong nm th nht mc sinh li khi u t vo mt chng
khon l R1, nm th 2 l R2... v gi nh ton b phn thu nhp t c phn
li c ti u t v cng thu c mc sinh li tng ng vi mc sinh
li ca khon vn gc th trong khong thi gian t nm, tng mc sinh li s
l:
Rt = (1+R1) x (1+ R2) x (1+R3) x ...x (1+Rt-1)x (1+Rt) - 1
V mc sinh li bnh qun lu k hng nm s l:

d- Mc sinh li nm
Trn thc t so snh c mc sinh li gia cc ti sn c thi gian
o hn khc nhau, ngi ta thng s dng mc sinh li theo nm. Nu
Mc sinh li
tng i
Li c phn
cui k
Mc thay i gi
c phiu cui k
Gi c phiu u k
1 Rt) (1 1)x - Rt (1 ...x x R3) (1 x R2) (1 x R1) (1
t
+ + + + + R
bq
=
(P
t
- P
t-1
) + D
t
R
t
=
P
t-1
=
+

mt ti sn c mc sinh li l R
m
trong m thng th mc sinh li nm (R
n
) s
l :
R
n
= (1+R
m
)
12/m
- 1
e) Mc sinh li thc t v mc sinh li danh ngha
Gi R l mc sinh li danh ngha, r l mc sinh li thc t, h l t l
lm pht, ta c th thy mi quan h gia mc sinh li danh ngha, mc sinh
li thc t v t l lm pht qua cng thc sau:
(1+R) = (1+r) (1+h)
Suy ra:
r = 1
1
1
+
+
h
R

R = r + h + rh
Cng thc cho bit mc sinh li danh ngha (R) c ba b phn hp
thnh. Th nht l mc sinh li thc t (r), th hai chnh l s n b vic
gim gi tr ca khon tin u t ban u do lm pht (h) v b phn cui
cng l s n b v vic gim gi tr ca mc sinh li do lm pht (rh).
Thnh phn th ba (rh) thng rt nh, v vy, trn thc t khi tnh ton
ngi ta thng cho bng 0. Nh vy, cng thc tnh mc sinh li danh
ngha trn thc t nh sau:
R = r + h
f) Mc sinh li bnh qun
Mc sinh li bnh qun cho bit trong mt khong thi gian u t nht
nh, nh u t thu c mc sinh li bnh qun mt nm l bao nhiu, t
s quyt nh cc khon u t trong tng lai.
Gi R1, R2, R3.... l mc sinh li trong tng nm trong thi gian u t
t nm. Ta c mc sinh li bnh qun (R) c tnh nh sau:

R =
R
1
+ R
2
+ R
3
+....+ R
t
t

9.1.3.2. Ri ro v phn tch thng k i vi ri ro
a) Quan nim v ri ro v mc b p ri ro trong u t chng
khon.
Ri ro c hiu l s bin ng tim n nhng kt qu, l kh nng
xy ra ca nhng iu khng mong mun v khi n xy ra th mang li
nhng tn tht. Khc vi s khng chc chn, ri ro c th o lng c.
Hin nay, thut ng "ri ro" v "nguy c ri ro" (hay tn tht) thng
c s dng ln cho nhau. y phi hiu nguy c ri ro l mt tnh
hung c to nn bt k lc no v s gy nn tn tht hay li ch c th
c m chng ta khng th tin on c.
V vy, ri ro trong u t chng khon l kh nng (hay xc sut) xy
ra nhng kt qu u t ngoi d kin, hay c th hn l kh nng lm cho
mc sinh li thc t nhn c trong tng lai khc vi mc sinh li d kin
ban u. V vy, tt c cc yu t lm cho mc sinh li thay i so vi d
kin ban u u c coi l nhng ri ro.
Thng thng, ri ro cng cao th mc sinh li k vng cng ln. S
chnh lch gia mc sinh li bnh qun ca cc ti sn ri ro so vi mc sinh
li ca ti sn khng c ri ro c gi l mc b p ri ro.
Gi nh thng k mc sinh li bnh qun hng nm cho thi k (t) ca
mt s chng khon trn th trng chng khon Vit Nam nh sau:
Cc loi chng khon Mc sinh li bnh qun
C phiu thng
Tri phiu doanh nghip
Tri phiu chnh ph
Tn phiu
12,5%
6,5 %
5,2%
4%
Nu ta coi tn phiu c ri ro bng 0 th cc loi chng khon khc
nh: tri phiu chnh ph, tri phiu doanh nghip, c phiu thng l nhng
ti sn c ri ro nhng mc khc nhau. V mc b p ri ro i vi
tng loi chng khon s l:

Cc loi chng khon Mc b p ri ro
C phiu thng
Tri phiu doanh nghip
Tri phiu Chnh ph
8,5%
2,5%
1,2%
b) Phn loi ri ro
C rt nhiu loi ri ro l ngun gc khin mc sinh li trong u t
chng khon khng xy ra ng nh d on ca nh u t. Tuy nhin,
trong u t chng khon ngi ta thng phn ri ro thnh ri ro c h
thng v ri ro khng c h thng. Ri ro c h thng hay ri ro th trng
l loi ri ro tc ng ti ton b th trng hoc hu ht cc loi chng
khon. Loi ri ro ny chu tc ng ca cc iu kin kinh t chung nh
lm pht, s thay i t gi hi oi, li sut v.v., l cc yu t nm ngoi
cng ty, khng th kim sot c. Ri ro khng h thng l loi ri ro ch
tc ng n mt chng khon hoc mt nhm nh cc chng khon. Loi
ri ro ny do cc yu t ni ti ca cng ty gy ra v n c th kim sot
c.
b1) Ri ro h thng
- Ri ro li sut.
Ri ro li sut l kh nng bin ng ca mc sinh li do nhng thay
i ca li sut trn th trng gy ra. Trong thc t cc nh u t thng
coi tn phiu kho bc l khng c ri ro, v vy li sut ca tn phiu thng
dng lm mc chun xc nh li sut ca cc loi tri phiu cng ty c
k hn khc nhau. Quan h gia li sut vi gi ca tri phiu v c phiu u
i l mi quan h t l nghch. Tuy nhin, mi quan h gia li sut v gi
c phiu thng (c phiu ph thng) l gin tip v lun thay i. Nguyn
nhn l lung thu nhp t c phiu thng c th thay i theo li sut,
nhng ta khng th chc chn c s thay i l cng chiu hay ngc
chiu vi s thay i ca li sut. Phn tch mi quan h gia lm pht, li
sut v gi c phiu thng l mt vn i hi nh u t phi c kinh
nghim v cn c xem xt theo tng thi k.

- Ri ro th trng
Ri ro th trng l s thay i mc sinh li do s nh gi v ra quyt
nh ca cc nh u t trn th trng. Trn th trng, gi c cc loi
chng khon c th dao ng mnh mc d thu nhp ca cng ty vn khng
thay i. Nguyn nhn l do cch nhn nhn, phn ng ca cc nh u t c
th khc nhau v tng loi hoc nhm c phiu. Cc nh u t thng
quyt nh vic mua bn chng khon da vo 2 nhm s kin: Mt l nhm
cc s kin hu hnh nh cc s kin kinh t, chnh tr, x hi; Hai l nhm
cc s kin v hnh do yu t tm l ca th trng.
- Ri ro sc mua
Ri ro sc mua l ri ro do tc ng ca lm pht i vi khon u t.
Yu t lm pht hay gim pht s lm thay i mc li sut danh ngha v t
s tc ng n gi ca cc chng khon trn th trng.
- Ri ro t gi.
Ri ro t gi l ri ro do tc ng ca t gi i vi khon u t. Khi
nh u t cho rng ng ni t c th b gim gi trong tng lai th nh
u t s quyt nh khng u t vo chng khon hoc s tm cch thay
th chng khon bng ti sn ngoi t v khi gi tr chng khon s b
gim.
b2) Ri ro khng c h thng
- Ri ro kinh doanh: L ri ro do s thay i bt li v tnh hnh cung
cu hng ho hay dch v ca doanh nghip hay l s thay i bt li mi
trng kinh doanh ca doanh nghip.
- Ri ro ti chnh: L ri ro v kh nng thanh ton tri tc, c tc v
hon vn cho ngi s hu chng khon. Ri ro ti chnh lin quan n s
mt cn i gia doanh thu, chi ph v cc khon n ca doanh nghip.
- Ri ro qun l. L ri ro do tc ng ca cc quyt nh t nh qun
l doanh nghip.
c) Phn tch thng k i vi ri ro
Trong phn tch u t chng khon, cc nh phn tch quan nim ri ro
l kh nng bin ng ca mc sinh li. V vy, hm phn phi xc sut ca

mc sinh li cng rng th chng t khon u t cng nhiu ri ro.
Phng sai v lch chun l nhng h s c dng o lng mc
bin ng ca mc sinh li hay chnh l ri ro ca khon u t.
Phng sai l tng cc bnh phng trung bnh ca chnh lch gia
mc sinh li thc t v mc sinh li bnh qun (k hiu l
2
). Phng sai
cng ln th mc sinh li thc t cng c xu hng khc bit nhiu hn so
vi mc sinh li bnh qun. lch tiu chun l cn bc hai ca phng
sai (k hiu l ).
y vic tnh ton phng sai v lch tiu chun da trn s liu
lch s ca mc sinh li. hiu r cch xc nh phng sai da trn s
liu lch s ca mc sinh li, chng ta hy nghin cu th d sau y:
Gi s rng chng ta c cc d liu lch s v mc sinh li ca mt
chng khon l R
t
trong thi gian t vi t = 1,2...T. T mc sinh li bnh
qun ca chng khon trong khong thi gian T l:

Phng sai (ri ro) l tng cc bnh phng trung bnh ca chnh
lch gia mc sinh li thc t v mc sinh li bnh qun (k hiu l Var (R)
hay
2
) s l:

lch chun (thng k) ca mc sinh li trn ti sn l cn bc hai
ca Var (R), ta c:
Do mc sinh li bnh qun cao trn mt ti sn thng i km vi ri ro
cao nn cc nh u t s so snh mc sinh li gia cc chng khon khc
nhau trong mi tng quan vi ri ro phi gnh chu khi u t vo cc
chng khon. V vy, nh u t s tp trung xem xt mc sinh li c iu
R
1
+ R
2
+ R
3
+....+ R
t
T
R =
Var (R) =
(R
1
- R)
2
+ (R
2
- R )
2
+ (R
3
- R)
2
....+ (R
t
- R)
2
T
) R ( Var
SD(R) = =

chnh theo ri ro c tnh bng cch ly mc sinh li thc t chia cho
lch chun ca cc chng khon.
V d 2: minh ho tnh ton phng sai v lch tiu chun, gi s
rng c mt khon u t tin hnh c nm nm vi mc sinh li thc
t lch s tng nm l: 0,15; 0,2; 0,05; 0,04;-0,095.
Nh vy: mc sinh li bnh qun s l tnh theo cng thc l 0,141.
Chng ta c bng kt qu sau y:
(1)
Mc sinh li thc t
(2)
Mc sinh li
bnh qun
(3)
Chng lch
(1)-(2)
(4)
Bnh phng
chnh lch
0,15
0,2
0,05
0,04
-0,095
0,141
0,141
0,141
0,141
0,141
0,0090
0,0590
-0,0910
0,2590
-0,2360
0,000081
0,003481
0,008281
0,067081
0,055696
0, 705 0, 705 0,0000 0,13462
Phng sai Var(R) c tnh nh sau:
Var (R) =
2
= 0,13462/5 = 0,026924
lch tiu chun SD(R) c tnh nh sau:
SD(R) = = 026924 , 0 = 0,1641
9.1.4. Xc nh mc sinh li v ri ro d kin trong u t
chng khon
Trong nhng phn trn ngi ta nghin cu mc sinh li v ri ro,
cch tnh phng sai v lch chun ca mc sinh li da vo cc s liu
trong lch s. Tuy nhin, trong thc t nh u t trc khi ra quyt nh u
t chng khon phi da vo nhng d tnh trong tng lai, v vy cn phi
nghin cu cch xc nh mc sinh li v ri ro d kin.

9.1.4.1. Xc nh mc sinh li d kin
Gi nh rng mc sinh li ca mt chng khon c th nhn gi tr R
t

trong t =1,.. .. , T tng ng vi cc tnh hung khc nhau ca nn kinh
t. Nh u t tin tng rng tnh hung t s xy ra vi xc xut p
t
. T l
sinh li d kin c tnh bng cch ly mc sinh li trong tng tnh hung
nhn vi xc xut xy ra tng ng ca cc tnh hung, sau cng tt c
cc php nhn vi nhau.
E (R) = p
1
R
1
+ p
2
R
2
+.. .. .. + p
t
R
t

Phng sai ca mc sinh li d kin ca chng khon l gi tr d
kin ca bnh phng chnh lch gia li nhun v gi tr c da on
tng ng.

2
= E [ (R-E (R)
2
]
Phng sai ca mc sinh li d kin l tng ca tch cc bnh phng
chnh lch gia mc sinh li v mc sinh li d kin trong mi trng hp t
vi xc xut xy ra tng ng.

2
= p
1
(R
1
- E [R])
2
+p
2
(R
2
-E[R] )
2
+ .. .. + p
s
(R
s
- E [R] )
2
lch tiu chun ca mc sinh li d kin l cn bc hai ca phng
sai.
V d 3
:
Ngi ta d kin rng: tnh trng kinh t hng thnh, c phiu Netcap
(k kiu N) s c mc sinh li l: 80% v c phiu Jmart (k hiu J) s c
mc sinh li l: 20%. Nu nn kinh t tnh trng suy thoi, c phiu
Netcap s c mc sinh li l: -20% v c phiu Jmart s c mc sinh li l:

Charles J.Corrado & Bradford D.Jordan, Fundamentals of Investments - Valuation and

Management, Mc Graw Hill, 2000.

SD(R) = =
Var(R)

30%. Gi s xc sut cho mi tnh trng kinh t k trn u l: 0,5. Chng ta
c th tng kt bng bng sau y:
Mc sinh li d kin (%)
cho tng tnh trng kinh t

Tnh trng ca
nn kinh t

Xc sut xy ra
cho mi tnh trng
kinh t

C phn N

C phn J
Suy thoi
Hng thnh
0,5
0,5
- 20
80
30
20
Nu ta mua c phn J, mt na thi gian s cho ta mc sinh li l: 30%
v na thi gian cn li s cho ta mc sinh li l: 20%. Nh vy, mc sinh
li d kin cho c phn J k hiu l E(R
J
) s l:
E(R
J
) = 0,50 x 30% + 0,50 x 20% = 25%
Ni mt cch khc, chng ta ch i mt khon mc sinh li bnh qun
l 25% cho sut thi k xem xt.
Tng t, mc sinh li d kin bnh qun cho c phn N k hiu l:
E(R
N
) s c tnh nh sau:
E(R
N
) = 0,50 x -20% + 0,50 x 80% = 30%
Gi s mc sinh li ca khon u t khng c ri ro l: 8%, ta gi 8%
l t sut khng c ri ro v k hiu l: R
f
. Ta c th tnh mc b p ri ro
d kin i vi cc c phiu nh sau:

iu ny l gii v sao c phn N c mc sinh li kin cao hn so vi
c phn J m vn c ngi thch mua c phiu J ? C phiu N mc d c
mc sinh li d kin cao hn nhng ri ro cao hn.
Mc b p ri ro d kin cho c phiu J = E(R
J
) - R
f
= 25% - 8% = 17%
Mc b p ri ro d kin cho c phiu N = E(R
N
) - R
f

= 30% - 8% = 22%

9.1.4.2. Xc nh ri ro d kin
Xc nh ri ro d kin chnh l vic tnh ton phng sai ca mc sinh
li d kin. Trong v d trn, vic tnh ton phng sai d kin ca hai c
phiu c th hin trong bng sau:
(1)
Tnh trng
kinh t
(2)
Xc sut xy
ra ca mi tnh
trng kinh t
(3)
Chnh lch v mc sinh
li ca mi tnh trng
kinh t so vi mc sinh
li bnh qun d kin
(4)
Bnh phng cc
chnh lch
(5)
Tch s
(2) x (4)
C phiu N
Suy thoi
Hng thnh

0,5
0,5

- 0,20 - 0,30 = - 0,50
0,80 - 0,30 = 0,50

(-0,5)
2
= 0,25
(0,5)
2
= 0,25

0,125
0,125
2
N
= 0,25
C phiu J
Suy thoi
Hng thnh

0,5
0,5

0,30 - 0,25 = 0,05
0,20 - 0,25 = - 0,05

(0,05)
2
= 0,025
(-0,05)
2
= 0,025

0,0125
0,0125
2
J
= 0,050
Qua kt qu trn chng ta c kt lun: c phiu N c thu nhp d kin
bnh qun cao hn c phiu J, nhng c phiu J c ri ro thp hn c
phiu N. Nu ta chn c phiu N, ta c th t c mc mc sinh li l
80% trong iu kin ca nn kinh t hng thnh, tuy nhin, ta cng c th b
l 20% trong iu kin nn kinh t lm vo tnh trng suy thoi. Ngc li,
trong mi iu kin th c phiu J u c mc sinh li t nht l 20%.
Vy, nh u t nn mua c phiu no? Cu tr li ph thuc vo s
thch ca nh u t. Mt s nh u t sn sng chp nhn ri ro cao hy
vng c c mc sinh li cao hn nn h thch mua c phiu N. Mt s
ngi khc khng thch liu lnh nn h s chn mua c phiu J.
9.1.4.3. Xc nh mc sinh li d kin ca mt danh mc u t
phn trn chng ta mi xem xt mc sinh li v ri ro d kin i vi
tng chng khon ring l, trong khi trong thc t, nh u t thng u
t vo r chng khon, hay ni cch khc nh u t thng u t theo
danh mc u t nht nh - l mt nhm cc ti sn nh l c phiu v
tri phiu do mt ngi u t nm gi.

V vy, trong phn ny chng ta s tp trung nghin cu mc sinh li d
kin v phng sai ca danh mc u t.
Tr li c phn J v c phn N, nu ta dng mt na s tin u t vo
c phn J v mt na s tin cn li ta u t vo c phn N, trong iu kin
xc sut xy ra cho tnh trng kinh t hng thnh v suy thoi l nh nhau v
bng 0,5. Vy, mc sinh li d kin cho danh mc u t l bao nhiu?
Gi s, nn kinh t lm vo tnh trng suy thoi sut thi k xem xt,
mt na s tin u t vo c phn N s b l 20%, mt na s tin cn li
u t vo c phn J s c li l 30%. Nh vy, mc sinh li ca danh mc
u t (k hiu l R
P
) s c tnh nh sau:
R
P
= 0,5 x (-20%) + 0,5 x 30% = 5%
Nu nn kinh t hon ton hng thnh trong sut thi gian xem xt, ta
c:
R
P
= 0,5 x 80% + 0,5 x20% = 50%
V gi thit xc sut xy ra tnh trng kinh t suy thoi v hng thnh l
nh nhau v bng 0,5. Do , mc sinh li d kin cho danh mc u t (k
hiu l E(R
P
)) s l:
E(R
P
) = 0,5 x 5% + 0,5 x 50% = 27,5%
Trong phn trc chng ta nghin cu cch tnh mc sinh li d kin
cho tng loi ti sn ring bit, c phiu J cho ta E(R
J
) v c phiu N cho ta
E(R
N
). tnh mc sinh li d kin cho danh mc u t ta ly trng s ca
tng loi ti sn ring bit trong danh mc u t nhn vi mc sinh li d
kin ca ti sn . Cng tng tt c cc tch s li vi nhau ta s c mc
sinh li d kin ca danh mc u t.
v d 3, ta tnh c mc sinh li d kin ca c phiu J l: E(R
U
)
= 25% v mc sinh li d kin ca c phiu N l: E(R
N
) = 30.%, theo gi
thit trng s ca c phiu J v c phiu N u l 0,5. Ta s tnh c mc
sinh li d kin cho danh mc u t nh sau:
E(R
P
) = 0,5 x E(R
L
) + 0,5 x E(R
U
)
= 0,5 x 30% + 0,5 x25% = 27,5%

Tm li, gi s danh mc u t c n chng khon, X
i
l trng s ca
chng khon i, cng thc chung tnh mc sinh li d kin cho danh mc
u t tnh theo mc sinh li ca cc chng khon thnh vin nh sau:

E(R
P
) = X
1
x E(R
1
) + X
2
x E(R
2
) +... + X
n
x E(R
n
) = X
i
E(R
i
)
Vi i = 1,2 3, ...n
9.1.4.4. Xc nh ri ro d kin ca mt danh mc u t
minh ha tip tc ly c phiu J v c phiu N cc v d trn, theo
ngi ta tnh c trong trng hp nn kinh t hon ton ri vo tnh
trng suy thoi trong sut thi k nghin cu th mc sinh li d kin cho
danh mc u t l: 5%, cn nu nn kinh t hng thnh trong sut thi k
nghin cu th mc sinh li d kin cho danh mc u t s l: 50%. trong
iu kin xc sut xy ra cho c hng thnh v suy thoi u l 0,5 ta tnh
c mc sinh li d kin ca danh mc u t l: E(R
P
) = 0,275.
Vic tnh ton phng sai v lch tiu chun ca danh mc u t
c tng kt bng sau:
(1)
Tnh trng
Kinh t
(2)
Xc sut xy
ra ca mi
tnh trng
kinh t
(3)
Mc sinh li
ca danh
mc u t
cho mi tnh
trng kinh t
(4)
Bnh phng cc chnh lch
gia mc sinh li theo tng
tnh trng kinh t v mc
sinh li d kin bnh qun
ca danh mc u t
(5)
Tch s
(2) x (4)

Suy thoi
Hng thnh

0,5
0,5

5%
50%

(0,05 - 0,275)
2
= 0,050625
(0,50 - 0,275)
2
= 0,50625

0,0253125
0,0253125
2
P
= 0,050625
050625 , 0
p
= = 22,5%
Vy ri ro ca danh mc u t c tnh theo cng thc tng qut:

j
2
P
j , P
2
p
xP ]) R [ E R ( =

Trong : R
p,j
: Mc sinh li ca cc chng khon j
E[R
p
]: Mc sinh li d kin bnh qun ca danh mc u t
P
j
: L xc sut (trng s) ca tng gi thit

Gi s, ngi ta thay i cc trng s ca danh mc u t. 1/11 s tin
dng u t vo c phiu N v s tin cn li 10/11 dng u t vo c
phiu J. Trong iu kin nn kinh t suy thoi trong sut thi k nghin cu,
mc sinh li d kin ca danh mc u t c xc nh nh sau:
R
P
= (1/11) x (-20%) + (10/11) x (30%) = 25,45%
Trong iu kin nn kinh t hng thnh sut thi k xem xt, mc sinh
li d kin ca danh mc u t c xc nh nh sau:
R
P
= (1/11) x (80%) + (10/11) x (20%) = 25,45%
Nh vy, khi b tr danh mc u t theo cc t trng (trng s) nh
trn th d nn kinh t trng thi no nh u t vn c mc sinh li d
kin l 25,45%. Khng cn phi tnh ton, c th thy l: trong trng hp
ny phng sai ca danh mc u t bng 0. iu ny rt quan trng cho
vic b tr mt danh mc u t sao cho c th loi b c mt s ri ro
nht nh. Ni dung ny s c cp k trong phn a dng ho danh
mc u t.
9.1.4.5. o ri ro c phiu bng h s b ta ()
Phng trnh tnh phng sai (
2
P
) ca mt danh mc u t cho bit
c phn ri ro m mt ti sn (chng khon i) gp vo danh mc. Khi chia
phn ri ro ny cho tng ri ro ca danh mc
2
P
ta c t l ri ro thuc ti
sn i i vi ri ro ca danh mc l x
i
2
P i
/ .
T s ny cho ta bit v nhy cm ca li tc thuc ti sn i i vi
li tc ca danh mc u t v khi t s thu c cng ln th gi tr ca ti
sn thay i cng nhiu theo nhng thay i gi tr danh mc v ti sn i
cng gp nhiu ri ro vo ri ro ca danh mc. Nh vy, phn gp ca mt
ti sn vo ri ro ca mt danh mc khng ph thuc vo ri ro ca ti sn
khi ng ring bit, m ph thuc vo nhy cm ca li tc ca ti sn
i vi nhng thay i v gi tr ca danh mc .
Trong trng hp ton th cc ri ro trn th trng c a vo danh
mc, th danh mc P c gi l danh mc th trng (k hiu l P
m
). xc

nh mc sinh li (li sut) th trng cn tnh ton trn mc li sut ca tt
c cc ti sn. iu ny hu nh khng th lm c bi v s lng ti sn
l rt ln. Cch thng lm l chn tp mu tiu biu t cc ch s o
mc li sut th trng, v o lch chun ca th trng (
m
). T
ngi ta o c mc dao ng li sut ca mt loi chng khon trong
quan h vi mc li sut th trng - dng h s bta ( ).
Cng thc tnh ca mt chng khon bt k, k hiu
1
:
im
m
i
i
xCor
=
Trong Cor
im
l h s tng quan (Correlation - Cor) ca ti sn i
trong danh mc u t.
Hoc c th tnh theo Cov
im
nh sau:
2
m
im m i
2
m
im
i
Cor . Cov
=

Cov
im
=
1 t
n
m mt i it
) r r ).( r r (
) 1 n (
1

=
1 t
n
2
m mt
2
m
) Er r (
) 1 n (
1

Cor
im
=
m i
im
.
Cov

Trong :
Cov
im
l h s tch sai gia r
it
v r
mt
.
2
m
l phng sai ca danh mc th trng.
r
it
l mc sinh li ca c phiu i ti k t.
r
mt
l mc sinh li ca th trng ti k t.
Cor
im
l h s tng quan gia r
i
v r
m
.

ca mt c phiu l h s biu th tnh bin ng, n phn nh mi
quan h gia bin ng ca gi chng khon m ta quan tm vi s bin
ng ca mc gi chung trn th trng. Ngoi ra, h s ny cn o phn
gp ca ti sn gp vo ri ro ca danh mc th trng. Mt ti sn c h
s cao hn c ngha l li tc ca ti sn nhy cm hn vi nhng thay
i v gi tr danh mc th trng v iu ny cng c ngha l ti sn
gp nhiu hn vo ri ro ca danh mc.
Gi tr khc nhau ca cc loi c phiu phn nh mc chu nh
hng ca gi c phiu trc th trng c phiu.
H s c th l mt s dng hoc l mt s m. C phiu c h s
l dng th thu nhp ca n c mi quan h thun chiu vi thu nhp ca
th trng. Ngc li, nhng c phiu c gi tr l m s c mi quan h
ngc chiu vi th trng. Nh vy, h s cng ln th ri ro ca c
phiu cng ln (n c th chuyn ng ln cao hn th trng khi th trng
tng gi, nhng cng h thp hn khi th trng ang h gi).
Da vo h s , ta c th xc nh t l sinh li d kin (k vng) ca
mt chng khon ring l.
Er
i
= r
f
+
i
(r
m
- r
f
). Nu
i
= 1 th Er
i
= r
m

Trong thc t, cc nh u t thng u t vo danh mc cc c phiu,
v vy, o ri ro ca t hp c phiu, ta tnh h s ca t hp c phiu l
gi tr bnh qun gia quyn ca cc c phiu, quyn s l t trng m mi
mt c phiu chim trong t hp u t.
Cng thc tnh l:
=
=
1 i
n
i i P
=
n n 2 2 1 1
x . .... x . x . + + +
Khi thm c phiu c h s tng i cao vo danh mc th h
s ca c danh mc q cng tng ln. Ngc li, khi a h s thp vo th
h s ca danh mc s gim xung.

9.2. Mc tiu v quy trnh trong phn tch chng
khon
9.2.1. Mc tiu phn tch chng khon
Mc tiu ca qu trnh phn tch chng khon l gip cho nh u t ra
cc quyt nh mua bn chng khon mt cch c hiu qu nht, tc l
mang li li nhun v s an ton v vn cho nh u t.
Phn tch chng khon c nh u t tin hnh nhm tr li cc cu
hi trc khi a ra cc quyt nh u t nh: khi no l thi im thun li
u t, khi no cn phi rt ra khi th trng; u t vo loi chng
khon no ph hp vi mc tiu ra;?.v.v.
9.2.2. Quy trnh trong phn tch chng khon
Quy trnh phn tch chng khon ph thuc vo quan im ca tng
nh u t. Tuy nhin, tu chung li c th s dng quy trnh phn tch t
trn xung; phn tch t di ln, hoc l kt hp c hai.
Trong thc t, phng php phn tch theo quy trnh t trn xung c
p dng rng ri nht. Tc l bt u quy trnh phn tch nn kinh t - x hi
v tng quan v th trng chng khon trong phm vi ton cu v quc gia
(phn tch v m), sau phn tch theo cc ngnh c th (phn tch ngnh)
v cui cng l phn tch tng cng ty ring l (phn tch cng ty).
9.3. Ni dung phn tch chng khon
9.3.1. Phn tch v m v th trng chng khon
Trong phn tch v m cn quan tm n tnh hnh kinh t - chnh tr -
x hi trong phm vi quc t v quc gia.
9.3.1.1. Phn tch tnh hnh kinh t - chnh tr - x hi quc t
Mi trng kinh t quc t c th nh hng mnh m n tnh hnh
sn xut kinh doanh ca doanh nghip v ca quc gia, c nhng tc ng
trc tip n hot ng ca th trng chng khon. c bit, trong bi cnh
hi nhp hin nay, yu t quc t cn c xem xt trong qu trnh phn tch
u t chng khon.

Cc vn c tnh quc t cn lu trong qu trnh phn tch chng
khon l: mc tng trng kinh t; cc vn chnh tr nhy cm; chnh
sch bo h; chnh sch t do ho ti chnh; chnh sch tin t...
9.3.1.2. Phn tch tnh hnh kinh t - chnh tr - x hi ca quc gia
a) Mi trng chnh tr - x hi
Mi trng chnh tr v x hi c nhng tc ng nht nh n hot
ng ca TTCK nc , thm ch c th tc ng n hot ng TTCK trn
phm vi ton cu.
Tnh hnh chnh tr c nh hng rt ln n th trng chng khon.
Cc yu t chnh tr bao gm nhng thay i v Chnh ph v cc hot ng
chnh tr kinh t ca nhiu nc. Thay i chnh tr lm cho nhiu quy nh
v s kim sot ca Chnh ph trong mt s ngnh c tht cht v mt s
quy nh trong cc ngnh khc li c ni lng, t c nhng tc ng
ln ti kt qu kinh doanh ca mi ngnh, mi cng ty v rt kh c th
khng nh vic tht cht hay ni lng ny s to ra cc tc dng tch cc
hay tiu cc cho nn kinh t.
Mi trng php lut cng l yu t c bn gy tc ng ti th trng
chng khon. Cc c quan Chnh ph tc ng n th trng chng khon
bng Lut v cc vn bn di Lut. Chng hn, Lut chng c quyn
thng lm gim gi chng khon ca cc cng ty b thuc i tng b
Lut iu chnh. Lut thu tm sp nhp cng ty c th gy tc ng tiu
cc hay tch cc n mt nhm cc cng ty. Chnh sch ti chnh - tin t
trc tip gy tc ng ln ti th trng... .Do vy, mi trng php l cn
c xem xt theo cc gc nh sau:
- Tnh ng b ca h thng php lut;
- Tnh kh thi ca h thng php lut;
- Tnh hiu qu ca h thng php lut (c bo v quyn li chnh
ng ca nh u t hay khng, c khuyn khch cc hot ng kinh doanh
chng khon hay khng, c sc mnh m bo cc giao dch chng
khon c an ton khng?...)

- Tnh quc t ca h thng php lut;
- Tnh n nh ca h thng php lut;
b. Cc iu kin kinh t v m
Nh trong phn phn tch ri ro u t chng khon ch r: cc iu
kin kinh t v m s quyt nh ri ro chung ca th trng (trong l thuyt
u t gi l ri ro h thng). Ri ro ny tc ng n ton b th trng,
n tt c chng khon. i vi cc ngi u t, hay t chc pht hnh th
y c coi l yu t "khch quan".
Cc iu kin kinh t v m cn quan tm trong phn tch chng khon
l: tng sn phm quc ni (GDP); t l tht nghip; t l lm pht; li sut;
t gi; mc thm ht ngn sch quc gia; chnh sch ca Chnh ph trong
lnh vc ti chnh - tin t. Tuy nhin, c 3 nhn t v m c bn nht tc
ng trc tip ti cc hot ng u t trn TTCK, l t gi hi oi, li
sut v t l lm pht. Di y s phn tch c th nh hng ca chng.
- T gi hi oi: khi nh u t nhn nh rng ng ni t c th b
ph gi trong thi gian ti th nh u t s quyt nh khng u t vo
chng khon hoc s tm cch thay th chng khon bng ti sn ngoi t
phng nga gi tr chng khon b st gim.
- Lm pht v li sut: y l hai nhn t rt quan trng gy nh hng
ln ti quyt nh u t vo TTCK. Nh nu trn y, li sut l nhn t
tc ng ti mc gi chng khon v li sut yu cu ca nh u t khi u
t vo chng khon. Mc li sut ny li b nh hng ca mt s nhn t
sau:
* Tnh hnh hot ng sn xut kinh doanh ca cc cng ty: nu cc
cng ty hot ng c hiu qu th nhu cu v vn m rng sn xut kinh
doanh cao hn; ng thi s c nhiu doanh nghip mi c thnh lp. V
l do ny, sc cu v vn cao, do vy y mc li sut vay vn cao hn.
* Sc chi tiu ca nhn dn: nu d on v nn kinh t c trin vng
pht trin tt th nhu cu tiu dng ngy hm nay ca dn c s cao hn, do
vy h sn sng i vay chi tiu, dn n li sut c th tng.

c) Cc d on v tnh hnh kinh t v xu hng th trng
Mi trng kinh t v m c vai tr quan trng quyt nh xu th chung
ca th trng chng khon. Thng thng, khi nn kinh t ang trong giai
on tng trng v thnh vng th th trng chng khon pht trin v
ngc li khi nn kinh t trong giai on suy gim, suy thoi v khng
hong th th trng s i xung.
Nh vy, nu d on c xu hng pht trin ca nn kinh t th ta c
d bo c xu th pht trin chung ca th trng chng khon. Tuy nhin,
qua kho st thc t cho thy quan h gia tnh hnh kinh t vi din bin
chung ca th trng chng khon khng phi lc no cng din ra cng
chiu v nu c th chng c th xy ra theo cc chiu hng v trt t khc
nhau. Thc t trn cc th trng chng khon th gii cho thy c nhng
giai on nn kinh t pht trin rt mnh nhng th trng chng khon li
i xung v ngc li. Ly v d trng hp th trng chng khon M nm
1946. Vo thi im , cc iu kin kinh t v m ang rt thun li: Tng
sn phm quc dn (GNP) tng; Gi c hng ho tng n nh; Thu nhp v
c tc ca cc t chc pht hnh u tng song khi cc nh u t li t
ra bi quan, thi im thng 8 v thng 9, gi cc c phiu st gim mnh v
nm 1946-1947 l nm suy thoi ca th trng chng khon M. Nhng
nm 1985-1986 th ngc li, khi nn kinh t M tr nn kh khn, nhiu
cng ty b ph sn song gi chng khon trn th trng vn tng v th
trng ang trong thi k tng trng.
Bin ng gi c phiu i khi xy ra trc bin ng nn kinh t, i
khi xy ra sau. V vy, cc nh u t lun c gng d on tnh hnh kinh t
tm ra nhng nh im ca chu k kinh t v chn thi c tham gia hoc
rt lui khi th trng chng khon.
9.3.2. Phn tch ngnh
Bc th hai trong qu trnh phn tch chng khon l phn tch ngnh.
Phn tch ngnh cng c vai tr quan trng nh phn tch v m. Ni dung
cn phn tch bao gm: phn tch chu k sng, chu k kinh doanh ca
ngnh, xc nh h s ri ro, mc sinh li (li sut) k vng v cc h s ti
chnh ca ngnh.

Cc bc trong phn tch ngnh:
1/ Xc nh h s ri ro ca ngnh, t tnh ton mc sinh li (li
sut) yu cu theo m hnh CAPM:
E(R) = R
f
+ (R
m
-

R
f
)
Trong :
E(R): l mc sinh li cn thit
R
f
: l mc sinh li ca tn phiu phi ri ro
R
m
: l mc sinh li ca th trng
: l h s ri ro ca ngnh.
2/ Phn tch ch s P/E ca ton ngnh:
- Xem xt mi quan h ca P/E ngnh vi P/E tng th ca th trng.
- Xem xt cc nhn t c bn ca ngnh gy tc ng trc tip ti P/E
ngnh nh h s tr c tc, mc sinh li (li sut) yu cu r v t l tng
trng c tc (g).
3/ c tnh thu nhp u c phiu (EPS hay E): c thc hin theo
mt s phng php ch yu nh phn tch chu k kinh doanh; phn tch
u vo - u ra; phn tch mi quan h gia ngnh v nn kinh t tng th.
4/ Tnh gi tr cui k ca ch s ngnh bng cch nhn h s P/E cui
k tnh ton c vi c tnh thu nhp u c phiu. Sau so snh gi tr
ch s cui k vi gi tr u k c tnh li sut.
r = (gi tr ch s cui k - gi tr u k + c tc nhn trong k)/ gi tr
u k.
5/ So snh li sut t c r vi li sut yu cu E(r) quyt nh u
t.
9.3.3. Phn tch cng ty
9.3.3.1. Phn tch cc bo co ti chnh
Phn tch bo co ti chnh l vic lm quan trng i vi cc nh u
t, mc ch phn tch cc bo co ti chnh l nhm nh gi:
- Kh nng sinh li ca t chc pht hnh

- Kh nng thanh ton n di hn
- Kh nng thanh khon, tc l kh nng chi tr cc khon n c bit
l n ngn hn.
- Tim nng pht trin trong tng lai.
Vic phn tch cc bo co ti chnh cn tin hnh ng b theo c
chiu dc v chiu ngang. Phn tch bo co ti chnh theo chiu dc ngha
l tnh ton cc t l ca doanh nghip v so snh trong tng thi k thy
c thc cht ca vic tng, gim. Phn tch theo chiu ngang l phn tch
cn c s so snh gia doanh nghip phn tch vi cc doanh nghip ngang
hng nhau trong cng mt ngnh.
Phng tin c bn ca cc bo co ti chnh cng ty l bo co thng
nin bao gm 3 loi bo co chnh sau:
- Bng cn i k ton
- Bo co lu chuyn tin t
- Bo co kt qu hot ng kinh doanh
9.3.3.2. Phn tch ri ro
Phn tch ri ro tc l phn tch s bin ng ca tng th cc dng thu
nhp ca cng ty. Thng thng, ri ro i vi cng ty thng c phn
tch trn 2 gic : Ri ro kinh doanh v ri ro ti chnh.
Ri ro kinh doanh thng c tnh bng mc bin ng ca thu
nhp pht sinh t hot ng sn xut kinh doanh ca cng ty.

Ngoi ra, cn phn tch s bin ng ca doanh s bn hng v n by
ti chnh trong phn tch ri ro kinh doanh.
Ri ro ti chnh c hiu l s bin ng v li nhun ca cc c ng
khi doanh nghip vay n. xc nh ri ro ti chnh, cc nh phn tch
thng s dng hai loi h s khc nhau. Th nht l cc h s trn bng cn
i k ton v Th hai l nhm h s v cc dng thu nhp hoc dng tin
thanh ton cc chi ph. Mc ch ca cc h s l ch ra kh nng thanh
Ri ro kinh doanh =
lch chun ca thu nhp hot ng
Thu nhp hot ng bnh qun

ton n ngn hn cng nh c cu vn v kh nng thanh ton n di hn
ca t chc pht hnh.
9.3.3.3. Phn tch c bn
9.3.3.3.1. Mt s khi nim lin quan n gi tr
Thut ng "gi tr" thng c s dng trong nhng hon cnh khc
nhau.
Gi tr s sch: L gi tr ca mt ti sn c ghi trong bng cn i
k ton ca mt cng ty. Gi tr s sch th hin chi ph lch s ca ti sn
hn l gi tr hin ti ca n. V d, gi tr s sch ca c phiu u i ca
mt cng ty l s tin m cc nh u t tr cho TCPH ln u tin v v vy
l s tin m cng ty nhn c khi c phiu c pht hnh.
Gi tr thanh l: l lng tin thu c nu bn mt ti sn mt cch
ring l ch khng xem nh l mt phn ti sn ca cng ty ang hot ng
bnh thung. V d, nu mt hot ng ca mt cng ty b chm dt, ti sn
ca n c chia ra v bn i, gi bn s th hin gi tr thanh l ca ti sn.
Gi tr th trng ca mt ti sn l gi ca ti sn trn th trng.
Gi tr ny c xc nh bi cung v cu trn th trng, ni m ngi mua
v ngi bn thng thuyt mt gi c chp nhn chung cho ti sn ang
xt.
Gi tr thc hay gi tr kinh t ca mt ti sn c th nh ngha l gi
tr hin ti ca nhng lung tin trong tng lai d tnh thu c t ti sn
, c chit khu v thi im hin ti vi t l li tc yu cu thch hp.
Gi tr ny l lng tin m nh u t xem l cn bng trong iu kin cho
trc v s lng, thi im, mc ri ro ca nhng lung tin trong tng
lai. Mt khi nh u t c tnh gi tr thc ca mt chng khon th gi
tr ny c th so snh vi gi tr th trng ca n sn c. Nu gi tr thc ln
hn gi tr th trng, th chng khon ny b nh gi thp di con mt ca
nh u t. Nu gi th trng vt qu gi thc th chng khon ny c
nh gi cao. Lu rng rng nu th trng chng khon hot ng c hiu
qu th gi tr th trng v gi tr thc ca chng khon s bng nhau. Bt
c lc no, khi gi tr thc ca mt chng khon khc vi gi th trng hin
ti, th s cnh tranh gia cc nh u t tm kim c hi thu li nhun s

nhanh chng y gi th trng ngc tr li gi tr thc. V vy, chng ta c
th nh ngha mt th trng c hiu qu l mt th trng trong , gi tr
tt c cc chng khon ti bt c thi im no u phn nh y tt c
nhng thng tin cng khai sn c. Trong mt th trng nh vy, gi tr th
trng v gi tr thc l nh nhau. Nu cc th trng hot ng c hiu qu
th s gy kh khn cho mt nh u t to thm li nhun t kh nng phn
on gi, v gi c s phn ng rt nhanh chng i vi nhng thng tin mi
cp nht.
9.3.3.3.2. nh gi v la chn tri phiu
a) Cc bc trong nh gi tri phiu
Vic tm gi tr ca mt ti sn c thc hin theo ba bc:
Bc 1: nh gi c im ca ti sn bao gm ln v thi im ca
nhng lung tin d tnh v mc ri ro ca nhng lung tin ny.
Bc 2: Xc nh t l li tc yu cu ca nh u t. T l ny biu
hin thi ca nh u t trong vic d ton ri ro v nhn bit mc ri
ro ca ti sn.
Bc 3: Chit khu nhng lung tin d tnh tr v hin ti vi t l li
tc yu cu vi t cch l t l chit khu.
T l li sut yu cu ca nh u t, k, c xc nh bi t l li sut
khng ri ro cng vi phn thng ri ro m nh u t cho l cn thit
b p cho ri ro m h phi gnh chu trong vic s hu ti sn. V vy,
mt m hnh nh gi chng khon c bn c th nh ngha v mt ton hc
nh sau:
Trong : C
t
= lung tin s nhn c ti thi im t
PV = gi tr thc hay gi tr hin ti ca mt ti sn to ra nhng lung
tin tng lai d tnh C
t
t nm th nht n nm th n.
k = t l li tc yu cu ca nh u t
n = s nm m lung tin xut hin.
=
+
=
n
1 t
k) (1
t
Ct
PV

S dng phng trnh trn, c ba bc c bn trong qu trnh nh gi
tri phiu:
Bc1: c lng C
t
trong phng trnh, tc l ln v thi im
nhng lun tin tng lai d tnh chng khon ang xt s mang li.
Bc2: Xc nh k, t l li tc yu cu ca nh u t
Bc 3: Tnh gi tr thc PV, nh l gi tr hin ti ca nhng lung tin
d tnh c chit khu ti t l li tc yu cu ca nh u t.
b) Nm quan h c bn trong nh gi tri phiu:
1. Gim li sut (t l li tc yu cu) s dn n tng gi tr tri phiu,
tng li sut s lm gim gi tr ca tri phiu. S thay i gi tr gy ra do
thay i li sut gi l ri ro li sut.
2. Nu t l li tc yu cu ca tri ch (li sut hin hnh)
a. Bng li sut coupon th tri phiu s c bn bng mnh gi hay
gi tr o hn.
b. Ln hn li sut coupon th tri phiu s bn vi gi thp hn mnh
gi hay l ti gi chit khu.
c. Thp hn li sut coupon th tri phiu s bn vi gi cao hn mnh
gi hay ti mc gi c thng.
3. Khi mt tri phiu cng n gn ngy o hn th gi tr th trng
ca tri phiu s cng n gn mnh gi.
4. Mt ngi s hu phiu di hn s chu ri ro li sut ln hn l
trng hp tri phiu ngn hn.
5. Tnh nhy cm ca gi tr tri phiu i vi s thay i li sut khng
ch b tc ng bi khong thi gian cho n khi o hn m cn bi c cu
theo thi gian ca nhng lung tin hay co dn ca n.
c) Cc php o li sut ca tri phiu
- Li sut hon vn: l mc li sut quy nh sao cho k hn tnh li
trng vi k hn ca li sut c tnh. Ti mc li sut hon vn, gi tr
hin ti ca cc dng tin mt thanh ton trong tng lai ca cc khon u
t bng vi chi ph ca khon u t.

- T l li tc yu cu ca tri ch (hay cn gi l li sut khi o hn
- YTM). V mt l thuyt, mi mt nh u t c th yu cu mt t l li
tc khc nhau i vi mi mt loi chng khon c th. Tuy nhin, gim
c ti chnh ch quan tm n t l li tc yu cu c bin hin bng gi
c th trng ca chng khon cng ty. Ni cch khc, s nht tr ca cc
nh u t v mt t l li tc d tnh c phn nh trong gi c th trng
hin ti ca tri phiu.
o lng t l li tc d tnh ca tri ch YTM, chng ta phi tm t
l chit khu m lm cn bng gia gi tr thc ca tri phiu vi th gi ca
n. T l li tc d tnh i vi mt tri phiu cng l t l li tc m nh
u t s kim c nu nh tri phiu c gi cho n khi mn hn. V
vy, khi cp n tri phiu th nhng thut ng: t l li tc d tnh v li
sut n khi o hn thng c s dng thay i cho nhau.
Thng thng, xc nh t l li tc yu cu k
b
ngi ta thng p
dng phng php ni suy.
- Li sut danh ngha
Li sut danh ngha (hay l li sut Coupon) l mc li sut phn nh s
tin pht sinh trn s tin gc sau mt thi gian nht nh. N l t l phn
trm ca tri tc so vi mnh gi ca tri phiu. Li sut ny c gi c
nh, khng thay i t khi pht hnh cho n khi o hn. V vy, li sut
danh ngha khng phn nh y mc sinh li thc ca tri phiu bi gi
mua ca tri phiu cng nh t l lm pht khng c tnh n.
tnh c mc li sut thc, ta ly li sut danh ngha tr i t l lm
pht. Cng thc ng tnh li sut thc l:
Trong : q l t l lm pht; Rth l li sut thc; R l li sut danh
ngha.
- Li sut hin hnh: li sut ny o lng s thu nhp m ngi u
t thu nhn c so vi s tin thc t b ra khi mua tri phiu m khng
tnh n m hnh thi gian li sut thu c. Vic tnh li sut hin hnh ch
lin quan n li sut Coupon. N c tnh bng li sut Coupon hng nm
Rth =
1+R
(1-q)

chia cho gi mua tri phiu.
- Li sut khi mua li (YTC): l li sut hon vn m ti gi tr hin
ti ca cc dng tin khi tri phiu c mua li trc thi im o hn
bng vi gi ca tri phiu nu tri phiu c nm gi n khi thi hn
mua li. Li sut ny c cch tnh tng t nh cch tnh YTM, ch khc l
gi tr khi o hn c thay bng gi mua li v thi im o hn c
thay bng thi im thu hi.
Trong : n l s nm hon vn; RF l gi mua li
Mi quan h gia li sut th trng (r
tt
), li sut danh ngha (i), li sut
hin hnh (r
hh
), li sut o hn (YTM) v tri phiu (P), mnh gi (M):
r
tt
= i = r
hh
= YTM P = M
r
tt
> i < r
hh
< YTM P < M
r
tt
< i > r
hh
> YTM P > M
Nhng kt lun trn ph hp vi bt k tri phiu Coupon no
c) o lng s bin ng gi ca tri phiu
- Thi gian o hn bnh qun (Duration) l h s o thi gian o
hn bnh qun gia quyn ca cc dng tin ca tri phiu. Quyn s y l
gi tr hin ti ca mi dng tin tnh theo t l phn trm trong gi tr hin
ti ca tt c cc dng tin ca tri phiu hay ni cch khc chnh l t l
phn trm trong gi tri phiu. H s ny ln u tin c Fredrick
Macaulay xy dng vo nm 1938. Cng thc tnh:

2
P RF
n
P RF
D
YTC
+
+
=
H s Macaulay (D) =
P
) YTM 1 (
nM
) YTM 1 (
tC
n
1 t
n t
=
+
+
+


Mi quan h gia h s Maculay Duration v tnh bin ng gi tri
phiu l:

Thi gian o hn bnh qun iu chnh (MD- Modified duration) c
tnh bng h s Macaulay Duration chia cho 1+ YTM.
Do :

V vy, thi gian o hn bnh qun iu chnh (Modified duration) c
th c hiu l thay i gi tnh gn ng theo t l % khi li sut thay i
1%.
Nu gi nh: Modified Duration ca mt tri phiu l 10, iu c
ngha l nu li sut thay i 1% th gi tri phiu s thay i xp x 10%
theo chiu ngc li.
bit bin ng gi ca tri phiu tnh bng tin (ch khng phi
bng %), ngi ta s dng cng thc tnh Dollar Duration (mc thay i gi
tnh theo Dollar ca tri phiu khi li sut thay i 1 im c bn).
Dollar Duration = - MD Gi
- li (Convexity).
3 thc o trnh by trn ch em li s c tnh gn ng ca s bin
ng gi khi c s bin ng ca li sut. Khi bin ng ca li sut cng
ln, kt qu tnh mc dao ng ca gi tri phiu s cng km chnh xc. V
vy, cn nghin cu li ca cc tri phiu.
li ca tri phiu l t l bin ng ca li sut tri phiu khi xy ra
bin ng gi c. li c tnh bng cch ly o hm bc hai ca cng
thc tnh gi tri phiu c thu nhp c nh chia cho gi tri phiu.
% Thay i gi =
1
1+ YTM
H s Macaulay % Thay li sut 100 -
% Thay i gi = - MD % Thay li sut 100
li = 2 n
n
1 t
2 t
) YTM 1 (
C ) 1 n ( n
....
) YTM 1 (
C ) 1 t ( t
P
1
+
=
+
+
+
+
+
+

Khi , t l thay i gi c tnh bng li s l:
dP/P = 1/2 li dy
2
Trong , dy l mc thay i ca li sut.

% thay i gi = (- MD thay i li sut 100) + (1/2 li dy
2
)
n gin trong vic tnh li, ngi ta dng cng tnh gn ng
li nh sau:

Trong : bps l s thay i li sut (x im c bn tnh theo s thp
phn).
Cc thuc tnh ca li:
- Khi li sut theo yu cu tng (gim), li ca mt tri phiu gim
(tng). Thuc tnh ny c gi l li dng.
- Khi li sut v thi gian o hn l xc nh, li sut Coupon cng
thp th li cng ln.
- Khi li sut v thi gian o hn bnh qun iu chnh l xc nh, li
sut Coupn cng thp th li cng nh.
Khi li sut th trng thay i, tri phiu no c li ln vn c gi
tr hn tri phiu c li nh bi v khi li sut tng, mc thit hi v vn
ca tri phiu c li ln hn s nh hn i vi tri phiu c li nh;
khi li sut gim, li vn ca tri phiu c li ln s ln hn mc li vn
ca tri phiu c li nh.
9.3.3.3. nh gi v la chn c phiu
nh gi c phiu cng da trn nhng nguyn tc c bn ca vic nh
gi ti sn ni chung, bao gm vic nh gi doanh nghip pht hnh ra
li hng nm =
li m k hn mi nm
m
2
li =
Gi khi li sut gim bps
+ Gi khi li sut tng bps
- 2 Gi ban u
2 Gi ban u bps
2

chnh c phiu . Cc phng php nh gi c phiu c th c xp
thnh 3 nhm chnh sau y:
- Nhm phng php chit khu lung c tc hoc lung tin;
- Nhm phng php da trn gi tr ti sn;
- Nhm phng php da vo h s.
Ngoi ra cn c phng php kt hp hoc so snh cn c vo cc
phng php c bn ni trn.
9.3.3.3.1. nh gi c phiu theo phng php chit khu lung c
tc
Gi s mt c phiu c nm gi n nm th n, c tc chi tr t nm
1 n nm n ln lt l DIV
1
, DIV
2
, DIV
3
,...DIV
n
. Bit gi bn c phiu vo
nm th n l P
n
v t l li tc yu cu (li sut d kin) ca nh u t l r
khng i, ta c cng thc nh gi c phiu theo phng php chit khu
lung c tc nh sau:
Trong : DIV
t
: Mc chia c tc nm t
r: T l li tc yu cu (hay cn gi l li sut chit khu hoc chi ph
vn c phn)
Nh vy, theo phng php ny, gi c phiu chnh l gi tr quy v
hin ti ca ton b cc lung thu nhp trong tng lai.
Nu c phiu c ngi u t nm gi v hn, c ngha l n s tin
ti (thng thng, qung i ca c phiu l v hn v n khng c thi
gian o hn). Khi , gi tr hin ti ca vn gc P
n
/(1+r)
n
s tin ti 0 v
cng thc trn s tr thnh:
Xt cc trng hp c bit:
n
n
n
1 t
t
t
0
) r 1 (
P
) r 1 (
DIV
P
+
+
+
=

=
=
+
=
n
1 t
t
t
0
) r 1 (
DIV
P

- Trng hp 1: C tc ca cng ty khng i
Khi : DIV
1
= DIV
2
= DIV
3
= ..... = DIV
n
= DIV
V vy:
(Do n ->)
- Trng hp 2: C tc tng trng hng nm theo mt t l g khng
i
iu ny c ngha l cng ty pht hnh tr c tc hng nm theo mt t
l tng trng g c nh, DIV
2
= DIV
1
(1+g), DIV
3
=

DIV1(1+g)
2
,...hay DIV
t

= DIV
1
(1+g)
t-1
.
Vi gi nh n->, trong khi r >g>0, gi c phiu s l:

Cn lu rng cng thc ny ch ng khi tc tng trng g nh hn
t sut thu nhp d tnh (r). Trn thc t ngi ta gi nh rng g < r v iu
ny hon ton hp l.
- Trng hp 3: C tc ca cng ty tng trng khng ng nht
y l trng hp thc t nht v t l tng trng c tc ca cng ty
khng th ch l mt ch tiu c nh trong mt thi gian di, thng thng
xy ra trng hp mc tng trng c tc khng u trong mt s nm,
trc khi c th t n giai on n nh.
xc nh gi ca c phiu, trc ht ta phi chia qu trnh pht trin
ca cng ty thnh cc giai on pht trin khc nhau, ch yu l 2 giai on.
Giai on th nht l giai on tng trng khng n nh, trong giai on
ny nh u t cn cn c vo c tnh v thu nhp v chnh sch c tc ca
cng ty xc nh c tc hng nm. Giai on th hai l giai on pht
trin lu di v gi nh l giai on c mc tng trng khng i. sau
r
DIV
) r 1 (
1
1
r
DIV
) r 1 (
DIV
P
n
n
1 t
t
t
0
=
+
=
+
=
=
g r
DIV
P
1
0
=

p dng cc cng thc ca trng hp 1 v 2 ta s tnh c gi ca c
phiu.
V d: Gi s mt c phiu xyz, t nm th 1 n nm n mc tng
trng c tc l khng c nh vi cc gi tr c on ln lt l:
DIV
1
,DIV
2
..... DIV
n
. T nm n+1 tr i mc tng trng c tc l g c nh.
Khi , gi ca c phiu s l:
c th d tnh mt cch chnh xc cc thng s a vo cng
thc tnh ton trong nh gi c phiu, nh u t phi tin hnh phn tch
chnh xc tnh hnh ti chnh ca t chc pht hnh c th d bo trin
vng pht trin ca doanh nghip. Nguyn tc chung c p dng nh sau:
a. Tnh DIV
1
: Vic c tnh c tc nm u (DIV
1
) c da trn s
liu v c tc trong qu kh, chnh sch phn chia c tc trong tng lai,
c tnh thu nhp nm sau ca cng ty t c tnh ra gi tr c tc c
th nhn c trong nm u tin (DIV
1
)
C tc = DIV = T l chia c tc x EPS.
Trong , thu nhp trn mi c phiu (Earning Per Share - EPS) c
tnh bng cch ly li nhun rng tr i c tc u i v chia cho s lng
c phiu pht hnh.
b. Tnh g: Vic c tnh t l tng trng c tc ca cng ty phi da
trn nh gi tim nng pht trin ca cng ty trong di hn ch khng ch
n thun trong mt s nm ti, v tc tng trng c gi nh l mc
tng trng u n ca cng ty trong sut qung i hot ng. Do vy,
cc s liu tnh ton g phi l mc d on bnh qun trong di hn.
T l tng trng c tc c xc nh da trn t l tng trng li
nhun v t l li nhun dng chi tr c tc. Trong thc t, tc tng
trng c tc c gi nh l bng vi tc tng trng thu nhp v c
tnh theo cng thc nh sau:
g = ROE.b
n
1 n
n
1 t
t
t
0
) r 1 (
g r
D
) r 1 (
DIV
P
+
+
+
=
+
=

Trong :
b l % li nhun c li ti u t (= 1- T l chia c tc = 1 -
DIV
1
/EPS
1
)
ROE = Thu nhp rng/Vn c ng = Thu nhp trn mt c phiu
(EPS)/Gi tr s sch ca 1 c phiu.

c. Tnh r: c tnh t sut li nhun u t - hay cn gi t l chit
khu cn da trn mc ri ro ca cng ty pht hnh. R rng l nu cng
ty c ri ro cng cao th nh u t s i hi t sut li nhun cao b
p ri ro. xc nh r ngi ta c th dng mt s cng thc khc nhau
tu thuc vo c cu vn ca cng ty pht hnh. Tuy nhin, cng thc ph
bin nht l p dng theo m hnh CAPM.
R = r
f
(r
m
- r
r
)
Trong :
r
f
: l li sut tn phiu phi ri ro
r
m
: l li sut danh mc th trng
: l mc ri ro ca cng ty.
Theo l thuyt, cng ty tnh r nh trn ch p dng trong trng hp
cng ty ch pht hnh c phiu. Nu cng ty pht hnh c c phiu ln tri
phiu th r cn c xc nh theo phng php chi ph vn bnh qun gia
quyn (WACC) nh sau:
r
a
= r
e
x
E
D +E
+ r
d
x
D
D+E
(1-t)
Trong :
r
a
: l li sut thu nhp c tnh trn ti sn ca cng ty = Thu nhp hot
ng c tnh / Gi th trng ca tt c cc loi chng khon ca cng ty.
ROE =
Li nhun rng
Vn c phn
Li nhun rng
Tng doanh thu Tng ti sn Vn c phn
Tng doanh thu Tng ti sn
= x x

r
e
: hay r cng thc trn y l li sut gi vn c phn hay cn gi l
t sut vn ho th trng (li sut yu cu ca ngi u t khi mua c
phiu) v r
d
l li sut vay n.
E v D l khi lng vn c phn v vn vay tng ng
t l thu sut
Do , t cng thc trn c th suy ra cng thc tnh li sut yu cu
(li sut chit khu) i vi c phiu nh sau:
r
e
= r
a
(D/E) [r
a
- r
d
(1-t)]
Cng thc trn cho thy: khi cng ty ch pht hnh c phiu th r
a
= r
e
.
Khi cng ty vay thm vn th ri ro cho c ng tng thm v nu vay vn
cng nhiu (t l D/E cng ln) th ri ro cho c ng cng ln, v vy c
ng yu cu li sut u t (r
e
) phi cng cao.
Tuy nhin, cn lu l i vi trng hp cng ty pht hnh c phiu
ln u ra cng chng, th cha th p dng cc cng thc trn c tnh r
v cha c cn c v mc ri ro ca cng ty. V th, trong trng hp ny
c th xc nh c t sut thu nhp d tnh ny, ngi u t cn phi
cn c vo t sut thu nhp d tnh ca cc c phiu c dng mc ri ro vi
c phiu cn nh gi. Trong mt s trng hp, thun tin trong cch
tnh ton ngi ta c th ly khung li sut chung hin hnh trn th trng
xc nh t sut thu nhp r.
9.3.3.3.2. nh gi c phiu theo lung tin (DCF)
Phng php nh gi theo DCF da trn nguyn tc c bn nht l c
tnh gi tr tt c cc lung thu nhp t do m t chc pht hnh s thu c
trong tng lai v quy chng v gi tr hin ti bng cch chit khu cc
lung thu nhp ny theo mt mc li sut chit khu thch hp.
Xt trn phm vi ton cng ty, lung tin khng c gi li u t
gi l lung tin t do s dng:

Lung tin t do s dng = Doanh thu - Chi ph - u t
T chc pht hnh c th s dng ngun thu nhp ca mnh theo nhiu
cch khc nhau, tu thuc vo chin lc v c im ca tng cng ty. Mt
l, c th dng ton b s tin chia c tc. Hai l, gi li mt phn
u t, phn cn li chia c tc hoc c th ngun thu nhp c a
ton b vo u t, ng thi cn phi vay thm vn u t. S tin thu
nhp cn li sau khi gi li mt phn ti u t vo kinh doanh chnh l
tr c tc. Do , c tc chnh l lung tin t do tnh trn mt c phiu.
Trng hp mt nm no cha c thu nhp hoc c thu nhp nhng t
hn lng tin a vo u t th lung tin t do nm bng m, v do
cng thc tnh gi c phiu c vit li nh sau;
PV (D
t
) =
+
t
) r 1 (
phiu c mt n tr do t tin Lung

Do nh u t khng th xc nh mt cch c th v chnh xc gi tr
ca tng lung thu nhp cho n v hn, v vy, cho n gin cn phi
c tnh cc khon doanh thu, chi ph v lung tin t do s dng ca doanh
nghip da vo k hoch sn xut kinh doanh ca doanh nghip trong mt
s nm c th (thng l 5 nm). Vic d on cc yu t trn khng nhng
ch ph thuc vo c im ca cng ty, m cn ph thuc vo tnh hnh ca
ngnh sn xut kinh doanh, mi trng kinh doanh, khun kh php l v
cn lu n ch k ton.
Trong trng hp cng ty c vn n th phi ly gi tr lung thu nhp
ca cng ty tr i gi tr lung thu nhp vn n ri mi chia cho s lng c
phiu tnh gi tr mi c phiu.
9.3.3.3.3. Phng php nh gi theo h s gi trn thu nhp (P/E)
H s gi trn thu nhp c tnh bng cch chia gi c phiu cho thu
nhp (k hiu l P/E). i vi mt th trng chng khon pht trin th h
s P/E rt c ch cho vic nh gi c phiu. H s ny cho nh u t bit
h phi tr gi bao nhiu cho mi ng thu nhp ca mt c phiu v bng

cch nghch o ca t s P/E, nh u t c th xc nh c t sut tng
i trn khon u t ca h.
Gi c phiu s bng h s P/E hp l nhn vi thu nhp ca c phiu.
Theo phng php nh gi ny, v mt l thuyt chng ta c th p dng
mt trong cc cch sau y:
a. Ly ch s P/E bnh qun ton ngnh m cng ty tham gia hoc
la chn mt cng ty c c phiu c giao dch rng ri c cng t l li
nhun, ri ro v mc tng trng tng t nh c phiu m nh u cn
nh gi. Khi , gi ca c phiu bng thu nhp ca cng ty cn nh gi
nhn vi h s P/E bnh qun ca ngnh hoc h s P/E ca cng ty c la
chn.
b. Xc nh h s P/E ni ti ca chnh cng ty . Gi c phiu c
xc nh bng cch nhn h s P/E thng thng vi thu nhp ca cng ty
(EPS).
i vi cng ty c tc tng trng u n, h s P/E "hp l c
tnh ton da trn cng thc tng t nh cng thc tnh gi c phiu nu
trn:
Ta c P
o
= DIV
1
/(r-g)
Hay P
o
= DIV
0
(1+g)/(r-g)
T P
0
/E
0
= (DIV
0
/E
0
)(l+g)/(r-g) = T l chia c tc nm x
(1+g)/(r-g)
Hay P/E = (1-b) (1+g)/ (r-g) (Trong b l t l chia c tc c nh)
Tuy vy, thc t khi tin hnh nh gi c phiu th vic la chn h s
P/E c th khng n gin nh hai phng php trn m cn phi cn c vo
xu hng pht trin ca ton ngnh v ca tng cng ty c th. Do vy, nh
u t c th kt hp c hai cch trn y xc nh gi tr c phiu cng
ty.
im hn ch ca vic s dng h s P/E l n c tnh da vo li
nhun ca nm trc do khc phc ngi ta s dng h s P/E tng

lai. Tuy nhin, vic d on li nhun ca nm ti s khng hon ton chnh
xc, v vy, h s ny ch c dng o mc gi tng i ca c phiu.
9.3.3.3.4. nh gi da trn cc h s ti chnh
Nh trong phn phn tch bo co ti chnh, cc bo co ti chnh ca
mt cng ty c th c coi l cng c phn tch hu hiu.
Mc ch cui cng ca vic phn tch cc bo co ti chnh l nhm
xc nh gi tr ca cc chng khon ca cng ty (trong gm c phiu v
tri phiu). Cng vic u tin l phi xc nh c gi tr cc khon thu
nhp ca cng ty. Vic tip theo l xc nh cc khon thu nhp s c
phn b nh th sno cho nhng ngi nm gi c phiu cng nh tri phiu
ca cng ty, vi nhng mc xc sut nht nh.
Phng php nh gi c phiu thng qua phn tch bo co ti chnh c
th gip ta hiu c tnh hnh hin ti ca cng ty, d on xu hng pht
trin v tm ra nhng nhn t gy nh hng. Phng php phn tch ny
gip cho nh u t c th nhn bit chnh xc hn nhng cng ty c kh
nng b ph sn, mc ri ro ca cng ty v mc nhy cm ca cng ty
i vi cc nhn t chnh trn th trng.
9.3.3.3.5. Phng php nh gi da trn ti sn rng v cc phng
php kt hp
a. nh gi theo gi tr ti sn rng.
nh gi theo tr ti sn rng, trc ht nh u t phi tnh gi tr ti
sn c thc theo gi th trng, sau tr i tng s n ca cng ty, phn
cn li chnh l gi tr ti sn rng hay gi tr vn ch s hu.
Phng php nh gi ti sn rng ch yu c s dng kim tra
cho cc phng php khc, nu nh c mt s khc bit ng k gia kt
qu nh gi c phiu theo gi tr ti sn rng ca mt cng ty v kt qu
nh gi theo phng php da trn li nhun th l do ca s khc bit
phi c kim tra v i chiu tm ra nguyn nhn gy ra s khc nhau
. Phng php nh gi c phiu theo gi tr ti sn rng c th coi nh
mt phng php nh gi c bn trong mt s tnh hung c bit.

Gi tr ti sn rng c th xc nh theo 2 cch
Cch 1: Cn c vo gi th trng.
Cn c vo th trng, gi tr ti sn rng chnh l gi bn tt c cc b
phn cu thnh ti sn ca doanh nghip trn th trng (bao gm t ai, ti
sn c nh, hng ho...) vo thi im nh gi doanh nghip, tt nhin l
sau khi tr i cc khon n ca doanh nghip. Gi th trng ch xc nh
cho tng ti sn ring bit v cng thc dng xc nh gi tr ti sn rng
theo phng php nh sau:
=
n
1 i
i
P

Trong NAV l tng gi tr ti sn rng ca doanh nghip tnh theo
gi th trng thi im nh gi P
i
l gi th trng hin hnh ca ti sn i,
n l tng s cc loi ti sn.
Cch 2: Cn c vo gi tr s sch
Gi tr ti sn rng = Tng gi tr ti sn c - Cc khon n.
b. Phng php xc nh gi c phiu kt hp .
Phng php 1:

Trong : Gi tr li th l cc yu t phi vt cht c cu thnh t ti
sn v hnh ca doanh nghip v mang li li nhun cho cc doanh nghip.
Gi tr li th ca doanh nghip c th l do: uy tn ca doanh nghip; v tr
a l thun li trong sn xut v tiu th; li th cng ngh; v th c
quyn; cc c quyn ....
Gi tr li th doanh nghip c tnh cn c vo t sut li nhun
siu ngch bnh qun ca n nm k lin vi thi im xc nh gi tr doanh
nghip theo cng thc :

Gi c phiu =
Gi tr ti sn rng + Gi tr li th
Tng s c phiu nh pht hnh
T sut li nhun bnh
qun gi c phiu
Tng s li nhun thc hin
ca n nm lin k
Tng vn kinh doanh ca
doanh nghip n nm lin k
=
NAV =

V khi , T sut li nhun siu ngch = T sut li nhun bnh qun
n nm ca doanh nghip - T sut li nhun bnh qun chung n nm ca
doanh nghip cng ngnh ngh .
Gi tr li th = Vn sn xut kinh doanh ca cng ty theo s k
ton bnh qun ca n nm lin k x t sut li nhun siu ngch.
Phng php 2

Trong :
+ Gi tr ti sn rng xc nh nh phn trn

Phng php ny thc cht l s kt hp gia hai phng php nh gi
da trn gi tr ti sn rng v da trn thu nhp.
H s sinh li l t l quy i cc khon li nhun trong tng lai v
gi tr hin ti ,hay cn gi l li sut chit khu,c xc nh nh trong
m hnh chit khu lung tin (DCF).
Phng php 3

Trong : P
02
l gi tr c phiu theo phng php 2
Thc cht phng php 3 l s kt hp gia phng php 2 vi phng
php nh gi theo gi tr tng i, gi tr tng i c tnh trn c s so
snh vi cc cng ty cng lnh vc kinh doanh da trn cc thng s ti
chnh c bn: Gi c phiu bnh qun ca nhm cng ty khc cng quy m
v lnh vc hot ng (P
1
); Li nhun rng ca t chc pht hnh (LN
1
); Gi
Gi c phiu (P
02
)
Gi tr ti sn rng + Gi tr kh nng sinh li
2 Tng s c phn nh pht hnh
=
+ Gi tr kh nng sinh li
Li nhun rng hng nm
d tnh thu c ca cng ty
H s sinh li
=
Gi c phiu (P
0
) =
P
02
+ Gi tr tng i
2

tr ti sn rng ca cng ty pht hnh (NAV
0
) v ti sn rng bnh qun ca
cng ty c so nh (NAV
1
). Khi , gi tr tng i (GTT) c xc
nh nh sau:

Kt lun: cc phng php nh gi c phiu u da trn mt nguyn
tc chung l c on gi tr c phiu da trn cc thng s u vo c
on. Do , c th nhiu ngi cng s dng mt phng php nhng kt
qu li khc nhau. V vy, gi tr ni ti - gi tr thc ca c phiu xc nh
c ch mang tnh cht tng i v dng tham kho. Tuy vy, phn tch
c s c tnh quyt nh i vi s hnh thnh gi c phiu. Do , phn tch
c bn lun l phng php khng th thiu trong qu trnh u t v c tc
ng rt ln ti cc quyt nh u t.
9.3.3.4. Phn tch k thut
Phn tch k thut l qu trnh nghin cu xu hng ln xung ca th
trng chng khon v khuynh hng ln xung gi ca mt loi chng
khon nht nh xem xt thi im thch hp cho vic mua bn chng
khon.
9.3.3.4.1. C s l thuyt ca phn tch k thut
Cc nh phn tch k thut thng tun theo mt s l thuyt nht nh
gii thch cc xu hng bin ng ca th trng.
L thuyt DOW
L thuyt DOW do Charter H.Dow th hin qua cc bi vit phn tch
th trng chng khon ca ng v sau William P.Hamilton k tha v
tng lun thnh l thuyt. L thuyt ny cho rng gi chng khon do quan
h cung cu trn th trng quyt nh v ch ra s bin ng gi chng
khon c 3 xu th c bn:
Xu th cp 1: Xu hng bin ng chnh (ko di t 01 nm n nhiu
nm). Xu hng tng gi c gi l th trng con b tt, khi lng giao
dch tng ln khi gi tng v gim khi gi gim (c sau mi t tng gi bao
gi cng c t o chiu ngn hn trc khi c mt giai on tng gi tip
GTT =
P
1
(Ln
0
/Ln
1
+ NAV
0
/NAV
1
)
2

theo). Xu hng gim gi c gi l th trng con gu, khi lng giao
dch tng ln khi gi gim v giao dch b ngng tr khi gi hi phc.
Xu th cp 2: Trn din bin ca xu th cp 1 c cc im ngt qung
l xu th cp 2. Xu th ny c th i ngc chiu vi xu th cp 1, nhng
n l s iu chnh ca xu th cp 1. Xu th ny thng ko di t 3 n 12
tun.
Xu th cp 3: Xu hng bin ng ngn hn (khong t vi gi n vi
ngy)
L thuyt Dow thng c dng xc nh thi im kt thc mt
xu hng bin ng c phiu. Theo l thuyt Dow, xu hng bin ng
chnh ca th trng tng gi l xut hin hng lot cc im nh v cc
im y cao hn. Trong th trng gi gim, xu hng bin ng chnh l
nhng im nh v nhng im y thp hn. Nhng bin ng hng ngy
c coi l khng ng k.
L thuyt l l. Giao dch l l thng c thc hin bi nhng nh
u t nh. Nhng ngi theo l thuyt l l hnh ng trn c s tin rng
nhng u t nh lun lun mua bn khng ng thi im, hnh ng ng
l hnh ng ngc li xu th giao dch l l. Khi cc nh giao dch l l
ang mua vo, nhng ngi theo l thuyt u c gi xung (bn ra). V khi
cc nh giao dch l l ang bn ra, h s u c gi ln (mua vo).
L thuyt v tng s hp ng bn khng: Hp ng bn khng m
ch s lng c phiu bn khng v cha mua c li. V v th khng s
phi c trang tri bng vic mua vo c phiu, do vy mt s nh phn
tch tin rng v th khng s to ln mt p lc lm gi chng khon tng
ln. Tng s hp ng bn khng cao l du hiu th trng tng gi v tng
s hp ng bn khng thp bo hiu th trng gim gi. Mt thc t l s
lng hp ng bn khng lun mc tng i thp lm gim nim tin ca
cc nh u t vo nhng d bo m l thuyt a ra.
L thuyt ch s tin cy
Ch s tin cy Barron l t l so snh v li sut gia cc tri phiu th
hng cao v cc tri phiu th hng thp. Nu ch s tin cy tng, cc nh
u t sn sng chp thun ri ro v u t vo nhng tri phiu c th hng

nh mc tn nhim thp hn nhng c li sut cao hn. Gi c tri phiu th
hng thp s tng ln khi c nhiu ngi mua. Kt qu l li sut ca tri
phiu ny s gim. iu ny lm thu hp s chnh lch gia tri phiu c
th hng cao v tri phiu c th hng thp.
Tm li, cc l thuyt a ra cc gi nh h tr cho cc nh phn
tch k thut trong d on xu th bin ng ca th trng nh sau:
1. Th gi ca bt c hng ho hay dch v no u hon ton oc xc
nh bi mi quan h cung cu.
2. Cung v cu c quyt nh bi mt s nhn t, c logic v phi
logic. Nhng nhn t ny ngoi cc bin s kinh t trong phn tch c bn
cn bao hm cc yu t khc nh tm l v d on ca nh u t. Th
trng chng khon s phn nh cc nhn t ny mt cch y v lin
tc.
3. Ngoi tr mt s dao ng nh trong ngn hn, gi c cc chng
khon v th trng ni chng u c s bin ng theo cc xu th, cc xu
th ny din ra trong cc khong thi gian nht nh.
4. Cc nguyn nhn gy ra cc xu th tri trong giao dch chng khon
s c pht hin nh vo phn ng ca th trng.
Tuy nhin, cc gi nh trn ang t ra nhiu vn bn ci, cc nh
phn tch c bn v nhng nh u t theo trng phi l thuyt th trng
hiu qu khng ng vi cc gi nh trn.
9.3.3.4.2. Vai tr, v tr ca phn tch k thut trong phn tch u t
chng khon
Mc d phi i mt vi nhiu thch thc i vi c s khoa hc ca
phng php, song phng php phn tch k thut cng c nhiu li th so
vi phng php phn tch c bn nh:
- Phng php phn tch k thut khng qu ph thuc vo cc bo co
ti chnh. Trong khi cc bo co ti chnh c th khng cha ng y
cc thng tin cho vic phn tch.

- Khng mt cng sc trong vic x l thng tin t cc bo co ti chnh
nh cc nh phn tch k thut, cc nh phn tch k thut ch cn nhn bit
c xu th ca th trng ra cc quyt nh u t.
V vy, hin nay phng php phn tch k thut vn c s dng ph
bin v c vai tr quan trng trong phn tch u t chng khon. Tuy nhin,
nng cao hiu qu trong qu trnh u t i hi cc nh u t phi c s
kt hp cht ch hai phng php phn tch c bn v phn tch k thut.
9.3.4. Phn tch v qun l danh mc u t
9.3.4.1. L thuyt a dng ho
Qu trnh phn tn v ti thiu ho ri ro l mt hnh thc a dng ho.
Theo , nh u t nn u t vo nhiu loi chng khon khc nhau to
thnh mt danh mc u t sao cho tng mc ri ro trn ton b danh mc
s c gii hn mc nh nht. iu ny c ngha l "khng nn b trng
vo mt gi".
phn trc khi nghin cu v doanh li v ri ro, chng ta ch ra
rng mi mt chng khon u tim n hai loi ri ro: ri ro h thng v ri
ro khng h thng. Ri ro h thng l ri ro do th trng gy ra v nh
hng n tt c cc chng khon trn th trng. Do vy, ri ro h thng l
ri ro khng th trnh c bng hnh thc a dng ho. Ngc li, ri ro
khng h thng ca mt chng khon c nguyn nhn t chnh t chc pht
hnh do c th hn ch c bng bin php a dng ho u t. iu
ny l do nguyn l khi hai hoc nhiu chng khon tham gia to thnh mt
danh mc u t th mi cp hai chng khon s c nhng tng tc vi
nhau to ra mt kt qu chung cho c danh mc. Tc l, mc ri ro cao
hay thp ca danh mc s ph thuc vo mi quan h tng tc gia cc
chng khon a vo danh mc vi cc chng khon khc. Nu danh mc
cng a dng th kh nng gim thiu ri ro khng h thng cng ln.
Cng nh i vi cc chng khon ring l, ri ro tng th ca danh
mc u t c nh lng bng lch chun () ca danh mc u t.
Tuy nhin, trong danh mc u t, cc chng khon khc nhau c th trit
tiu ri ro khng h thng ln nhau ch cn li phn ri ro h thng. V vy,

ri ro c h thng l mt trong nhng yu t quyt nh mc doanh li d
kin ca mt ti sn, v th chng ta cn bit cch o mc ri ro c h
thng cho cc khon u t khc nhau. Thc o m chng ta s s dng h
s bta (). y l l do gii thch ti sao khi phn tch ri ro ca tng c
phiu ring l a vo danh mc u t, nh u t phi quan tm nhiu
n phn ri ro h thng () hn l ri ro tng th ca danh mc ().
H s cho ta bit mc ri ro c h thng ca mt ti sn c th so vi
mc ri ro c h thng bnh qun ca mt ti sn l bao nhiu. Theo nh
ngha ny, mt ti sn no c = 0,5 th c ngha l: mc ri ro c h
thng ca ti sn ny bng mt na so vi mc ri ro bnh qun cho mt ti
sn, nu mt ti sn c = 1,5 th c ngha l: mc ri ro c h thng ca ti
sn ny bng 1,5 ln so vi mc ri ro bnh qun cho mt ti sn.v.v...
Cch xc nh ri ro h thng ca tng chng khon c trnh by
trong m hnh CAPM.
9.3.4.2. L thuyt th trng hiu qu
Nm 1953, ln u tin Maurice Kendall s dng my tnh trong
phn tch cc giao dch c phiu v a ra kt lun gi c phiu thay i
ngu nhin, khng c quy lut v khng th d on c. Kt lun ny t
nn mng cho l thuyt th trng c hiu qu.
Theo hc thuyt ny, th trng c hiu qu bao gm 3 ch tiu: phn
phi hiu qu; hot ng hiu qu; thng tin hiu qu.
Ni dung chnh ca l thuyt cho rng th trng hiu qu l th trng
trong gi c ca chng khon phn nh y , tc thi tt c cc
thng tin hin c trn th trng. iu ny c ngha l gi c c xc nh
mc cng bng v phn nh y thng tin hin c trn th trng. Gi
chng khon thay i mt cch ngu nhin do nh hng ca nhng thng
tin khng th d on c.
C 3 hnh thi ca th trng c hiu qu, l hnh thi yu, hnh thi
trung bnh v hnh thi mnh.
- Hnh thi yu ca th trng. Trong hnh thi ny gi c ca chng
khon phn nh y v kp thi nhng thng tin trong qu kh v giao

dch ca th trng nh gi c giao dch, khi lng, ng thi... Khi hnh
thi yu ca th trng tn ti th cc nh phn tch k thut s b v hiu
ho.
- Hnh thi trung bnh. Trong hnh thi ny gi c ca chng khon
phn nh tt c nhng thng tin lin quan n cng ty c cng b cng
khai bn cnh cc thng tin trong qu kh. Khi hnh thi trung bnh tn ti
th khng c hnh thc phn tch no k c phn tch c bn v phn tch k
thut c th em li li nhun siu ngch cho nh u t nu vic phn tch
ch da vo nhng thng tin trn th trng.
- Hnh thi mnh. Trong hnh thi ny gi c ca chng khon phn
nh tt c nhng thng tin cn thit co lin quan n t chc pht hnh thm
ch l nhng thng tin ni gin, thng tin mt. iu ny c ngi l th
trng s phn nh ht sc nhanh trc nhng thng tin. V v vy, trong
hnh thi ny khng th thc hin bt c mt phng php phn tch no.
9.3.4.3. Qun l danh mc u t
Thng thng c hai phng php trong qun l danh mc u t tri
phiu v danh mc u t c phiu, l: qun l th ng v qun l ch
ng.
Qun l danh mc tri phiu th ng l chin lc mua v nm gi tri
phiu cho n ngy o hn m khng cn ch trng n phn tch nh
hng ca bin ng li sut trn th trng. Theo phng php ny, nh u
t tt nht l u t vo cc danh mc c thnh phn tri phiu tng t nh
cc ch s trn th trng nhm thu c kt qu tng t nh ch s .
Qun l danh mc tri phiu ch ng l chin lc mua v nm gia
tri phiu trn c s phn tch th trng xy dng cc danh mc u t
tri phiu mang li mc sinh li cao hn mc sinh li chung ca th trng.
Do vy, cc yu t m nh u t phi theo di v c on cc nh hng
n danh mc u t l: S thay i ca li sut; S thay i c cu k hn
ca li sut; S thay i mc chnh lch li sut gia cc loi tri phiu khc
nhau.
Qun l danh mc c phiu th ng l chin lc mua, bn c phiu
theo mt ch s chun no . Mc ch ca chin lc ny khng khng

phi to ra danh mc vt tri so vi ch s chun trn th trng m to
ra danh mc c phiu c s lng v chng loi gn ging vi ch s chun
(ch s mc tiu) nhm t c mc sinh li d kin tng ng mi
mc sinh li chun.
Qun l danh mc c phiu ch ng l chin lc mua bn c phiu
nhm thu c mc sinh li d kin u t cao hn mc sinh li ca danh
mc th ng chun hoc thu c mc li nhun trn mc trung bnh ng
vi mt mc ri ro nht nh.



Cu hi n tp

1. S cn thit phi phn tch chng khon trong u t chng khon?
Lin h thc tin TTCK Vit Nam hin nay?
2. Trnh by tm tt v mc sinh li v ri ro trong u t chng khon?
Mi quan h gia mc sinh li v ri ro?
3. Cc loi ri ro trong u t chng khon? Kh nng gim thiu v
loi tr.
4. Mc tiu v quy trnh trong phn tch chng khon?
5. Vai tr ca phn tch v m v TTCK v phn tch ngnh trong phn
tch u t chng khon. Lin h thc tin Vit Nam.
6. Ni dung nh gi v la chn c phiu? Nu l cc nh u t, Anh
(Ch) s p dng phng php no? Ti sao?
7. Ni dung phng php nh gi tri phiu? Cc mi quan h trong
nh gi tri phiu.
8. C s khoa hc v v tr ca phng php phn tch k thut? Mi
quan h gia phn tch c bn v phn tch k thut?
Chng 1o: Qun l v gim st th trng chng khon

Chng 10
Qun l v gim st th trng chng khon

10.1. S cn thit phi c s qun l v gim st
th trng chng khon
TTCK l ni din ra cc hot ng pht hnh, giao dch mua bn mt
loi hng ho c bit l cc chng khon. TTCK l mt loi th trng
c bit, mt sn phm cao cp ca nn kinh t th trng. Tnh phc tp ca
TTCK c th hin cu trc v cc hot ng giao dch trn th trng, v
vy, th trng chng khon i hi mt trnh t chc cao, c s qun l
v gim st cht ch trn c s mt h thng php l hon chnh v ng b.
L do cn phi c s qun l v gim st TTCK:
- Mt l, qun l v gim st TTCK m bo quyn li hp php
ca cc nh u t. Mt trong nhng ch th quan trng trn TTCK l cc
nh u t. Vai tr ca h i vi s n nh v pht trin ca TTCK l rt
ln. Cc nh u t mua bn chng khon vi k vng v mt khon thu
nhp trong tng lai trn c s chp nhn mt mc ri ro d kin. Thu
nhp k vng cng nh ri ro d kin hay ni cch khc quyn li ca cc
nh u t gn lin vi nhng bin ng trn TTCK. Khi quyt nh mua
chng khon, nh u t giao ph tin ca mnh cho nh pht hnh, v
mi gii. Nhng v thng tin khng cn xng, h khng th bit c
chnh xc ca nhng thng tin do ngi pht hnh, ngi mi gii cung cp.
Mt khc, cc hnh vi thao tng, gian ln trn th trng c th xy ra. V
vy, nh u t ch yn tm khi c mt ch th trung lp, khng v mc tiu
li nhun, ng ra bo h, qun l v gim st th trng nhm hn ch ti
a nhng nh hng tiu cc. Khi lng tin ca nh u t s tng ln, th
trng s hot ng hiu qu, thc y s lu chuyn vn trong nn kinh t.
- Hai l, qun l v gim st TTCK m bo tnh hiu qu, cng
bng v minh bch trong giao dch chng khon.

C rt nhiu ch tiu phn nh hiu qu ca TTCK nhng quan trng
nht l ch tiu v nhanh chng v an ton ca cc giao dch. Vi t l
lm pht mt con s, s tng ln ca gi cc loi chng khon l du hiu
ca tng trng kinh t, phn ln tit kim c chuyn thnh u t, nn
kinh t huy ng c nhiu vn, cc doanh nghip lm n hiu qu. Ngc
li s gim gi chng khon l du hiu suy thoi ca cc doanh nghip, t
dn n s suy gim tc tng trng kinh t. Khi gi chng khon
thay i t bin, d tng hay gim u nh hng khng tt n s n nh
ca nn kinh t. C th ni, TTCK l trung tm thn kinh ca nn kinh t ni
ring v ton x hi ni chung. Hiu qu hot ng ca TTCK quyt nh
trc tip n tng trng v n nh ca nn kinh t.
Mun TTCK hot ng hiu qu, Nh nc phi m bo c tnh
cng bng, cng khai v minh bch ca th trng. Nhng trn thc t, giao
dch trn TTCK l nhng giao dch "v hnh". Nhng yu t u c s ko
theo s gian tr, tung tin sai s tht, mua bn ni gin lm cho cc nh u
t chn chnh b thit hi, t gy mt n nh th trng. V vy, cn thit
phi c s qun l v gim st hot ng ca th trng chng khon.
- Ba l, qun l v gim st TTCK dung ho li ch ca cc ch th
tham gia trn th trng, m bo tnh n nh tng i ca th trng.
Cc ch th tham gia th trng chng khon thng c mc ch,
quyn li hoc tri ngc nhau hoc trit tiu nhau mt phn. Khi pht hnh
chng khon huy ng vn, nh u t thng phi thng qua bo lnh
pht hnh. Ngi bn v ngi mua phi thng qua nh mi gii chng
khon. Bn thn cc t chc ny li ph thuc vo cc cng ty kim ton,
cc c quan qun l Nh nc. V vy, cc ch th trn th trng chng
khon thng tm kim li nhun bng nhng hot ng a dng, phc tp
v cnh tranh vi nhau trn th trng.
Nhn chung, quyn li v mc tiu ca cc ch th mc d c mi quan
h mt thit, tng h nhng li lun b chia s. Ngi ny thu c li
nhun, t c mc tiu ra th rt c th ngi khc s b thua thit. Mi
ch th u bng cch ny hay cch khc c gng ti a ho li ch ca
mnh. Chnh v vy, h thc hin nhng hot ng a dng, phc tp v cnh
tranh ln nhau v t to nn ng lc cho th trng pht trin. Nhng

cng chnh s cnh tranh phc tp ny d dn n nhng hnh vi gian ln.
Khi s cnh tranh qu ln, n s chuyn sang mt thi cc xu, th trng do
s hot ng hn lon, mt n nh.
Tm li, do tn ti nhng mu thun gia cc chiu hng tri ngc
nhau trn TTCK nn nhim v ca ch th trung lp, tc c quan qun l
Nh nc trn TTCK l phi dung ho c mu thun gia cc ch th,
ng thi nh hng cho nhng li ch ca h hng vo li ch chung ca
th trng. iu ny l do mc tiu ca ch th trung lp l m bo s n
nh tng i v s pht trin lu di ca TTCK, t gp phn m bo
mc tiu ca cc ch th khc trn th trng.
m bo dung ho c li ch ca cc ch th, cn c cc yu t
khc bn cnh nng lc qun l v gim st TTCK ca Nh nc nh s y
v ng b ca h thng cc vn bn php quy, tnh t gic chp hnh
php lut ca cc ch th.
- Bn l, qun l v gim st TTCK nhm hn ch nhng gian ln pht
sinh gy tc ng xu n th trng v cc hot ng kinh t - x hi.
Cc hot ng kinh t thng thng u cha ng trong n nhng kh
nng pht sinh gian ln nht nh. Hot ng cng phc tp th kh nng
pht sinh gian ln cng ln. TTCK l mt nh ch ti chnh hot ng phc
tp v tinh vi. Hng ho trn TTCK l cc giy t c gi, n hu nh khc
bit khi so snh vi cc hng ho thng thng. Chng ta c th nh gi
c cht lng v gi tr ca cc hng ha thng thng em trao i, mua
bn bng cc gic quan thng thng nh th gic, xc gic, thnh gic, v
gic, khu gic nhng i vi cc giy t c gi, iu ny l khng th.
Chng ta ch bit c gi tr thc ca chng bng suy on, phn tch trn
c s xem xt thc trng v trin vng pht trin ca t chc pht hnh ra
chng v nhng ngi ang nm gi hoc mun nm gi chng. Hn na,
gi c ca chng khon ph thuc vo rt nhiu yu t tm l ca ngi
mua, ngi bn, mc tin cy ca thng tin, nim tin ca nh u t, cc
nhn t v mi trng php l...Nguyn nhn su xa ca hin tng ny l
do vic tch ri gi tr thc ca chng khon ra khi bng chng php l ca
n. V y chnh l c s cho vic xut hin cc hnh vi la o, gian ln
nh tung tin gi, thao tng th trng, u c, mua bn ni gin, gy nhiu

gi, giao dch lng vng,.. Vi tnh phc tp v tru tng ca cc k thut
giao dch, s hin i, tin tin ca cc my mc v quy m ca th trng,
cc hnh vi gian ln rt kh b pht hin i vi cc nh u t bnh thng.
Mt khc, do li nhun thu c t kinh doanh chng khon l rt ln nn
kh nng xy ra cc hnh vi gian ln, s tinh vi v mc nghim trng ca
cc hnh vi gian ln l rt cao.
Trn th gii xy ra nhiu v la o, gian ln lm thay i quan
nim ca cc c quan qun l v cc nh u t v TTCK. C nhng hnh vi
gian ln gy nn s hn lon v khng hong trm trng ca th trng
nh trng hp ca TTCK New York (NYSE) nm 1929.
Nh vy, kh nng xy ra cc hnh vi la o gian ln vi mc tinh
vi trn TTCK l rt ln. Trn thc t, iu ny l khng th trnh khi. Vn
quan trng l phi khng ch v kim sot c s lng v mc
nghim trng ca cc hnh vi gian ln. Hnh thnh c ch qun l v gim
st TTCK trong trng hp ny l ht sc cn thit.
- Nm l, qun l v gim st TTCK nhm ngn chn v kim sot cc
ri ro dn n ri ro h thng lm sp th trng.
Thc t cho thy ri ro lun tim n trn TTCK. Khi ri ro xy ra,
khng ch cc nh u t, cc nh mi gii, nh pht hnh b thua thit m
th trng cng b xo trn, chao o.
c bit l i vi cc ri ro mang tnh h thng khi xy ra s ko theo
hng lot cc bin c khc, t c th ph v tnh h thng gy nn s suy
yu thm ch s sp ca th trng. Tuy nhin, chng ta ch c th kim
sot, ch ng c ri ro h thng ch khng xo b hon ton c n.
Tnh tim n ca cc ri ro h thng i hi chng ta phi c s phn tch
nh gi, d bo t a ra cc bin php m bo tnh n nh ca th
trng. iu ny ch c thc hin khi c mt b phn chuyn nghip thc
hin vic qun l v gim st TTCK.
- Su l, qun l v gim st TTCK m bo an ton trong iu kin
hi nhp kinh t.
Hin nay, trong xu th hi nhp quc t, xy dng v vn hnh th
trng chng khon mi quc gia u theo hng "m" vi mc tiu tng

cng hi nhp quc t c hiu qu trn c s gi vng c lp, ch quyn
quc gia, va pht huy ni lc, va huy ng ti a v ni lc ho cc ngun
ngoi lc phc v cho cc mc tiu pht trin kinh t - x hi.
Tuy nhin, hi nhp th trng chng khon l con dao hai li, v vy
hi nhp TTCK mt cch c hiu qu cn tng cng cng tc an ninh,
gim st hot ng ca th trng, m bo cc nguyn tc, chun mc quc
t v thc t ca mi quc gia.
10.2. Qun l th trng chng khon
Qun l TTCK c th c hiu l vic ban hnh v s dng cc vn
bn php quy, cc quy nh chung trong lnh vc chng khon v cc lnh
vc khc c lin quan nhm t c cc mc tiu ra i vi TTCK.
10.2.1. Mc tiu ca qun l TTCK
Mc tiu ca qun l TTCK l m bo s trung thc, minh bch, cng
bng v hiu qu ca th trng.
10.2.1.1. m bo tnh trung thc, minh bch ca th trng
i nghch vi trung thc, minh bch l gian ln v khng lnh mnh.
Hn ch v kim sot c gian ln th s m bo c tnh trung thc ca
th trng. Mun vy, phi ngn chn cc hnh vi la o, lng on th
trng, thng tin sai s tht, gy nhiu gi.. . thng qua vic ban hnh cc
quy nh php l mang tnh bt buc i vi mi ch th tham gia th
trng.
10.2.1.2. m bo tnh hiu qu ca th trng
Hiu qu hot ng ca TTCK c nh gi thng qua kh nng huy
ng v phn b cc ngun lc ti chnh. Trong nn kinh t th trng, nhu
cu vn ca cc ch th l rt ln, a dng v lin tc thay i. p ng
c nhu cu ny thng qua vic huy ng v chuyn ho c hiu qu cc
ngun tit kim trong nn kinh t l m bo hiu qu hot ng ca TTCK.
Mun m bo tnh hiu qu ca th trng, trc ht chng ta phi tn
trng cc quy lut vn c ca n, sau mi s dng cc cng c qun l
tc ng vo cc quy lut to nn s vn hnh trn tru cho th trng. Hiu
qu hot ng ni c th hn chnh l s an ton, n nh v s pht trin

ca th trng. Tuy nhin, hai mc tiu ny i khi li i lp nhau. Nu
qun l qu my mc, nng v hnh chnh th th trng s an ton nhng
khng tng trng, hiu qu do s b trit tiu. Ngc li, nu qun l
qu lng lo, th th trng s d bt n, tnh hiu qu lc cng khng t
c. iu quan trng y l phi c chin lc v sch lc ph hp cho
tng thi im va m bo c an ton, li va thc y s pht trin
ca th trng.
10.2.1.3. m bo tnh cng bng
TTCK hot ng phc tp v qu trnh cnh tranh din ra rt gay gt.
Mun n nh v pht trin th trng phi bit hng cnh tranh vo xu th
lnh mnh tc l phi to s cng bng v bnh ng. Cng bng v bnh
ng trn TTCK bao gm: cng bng v bnh ng gia cc ch th tham
gia th trng vi nhau; cng bng v bnh ng gia cc ch th tham gia
th trng vi ch th qun l Nh nc. iu ny c biu hin thng qua
s d dng trong vic gia nhp hay rt lui khi th trng, cc nh u t
nh v nghip d bnh ng vi cc nh u t ln v chuyn nghip, cc
doanh nghip nh bnh ng vi cc doanh nghip ln. Tt nhin, s d dng
v bnh ng k trn phi nm trong khun kh ca php lut, c ngha l
cc ch th phi p ng c cc iu kin ti thiu quy nh trn th
trng.
Khng phi lc no cc mc tiu qun l TTCK cng d dng thng
nht vi nhau. Khi ch trng thc hin mc tiu cng bng v trung thc th
tnh hiu qu s b vi phm. Ngc li, nu ch trng vo tnh hiu qu bng
cch to iu kin thun li, d dng cho cc ch th tham gia th trng th
tnh trung thc rt c th b b qua. Vic chn la v u tin cho mc tiu
no l tu thuc vo chnh sch ti chnh - tin t quc gia tng thi im
c th
10.2.2. Cc c quan qun l TTCK
Trong nn kinh t th trng, vic qun l TTKC c t chc thc
hin nhiu cp khc nhau theo h thng cc n v hnh chnh hoc
theo c cu t chc. TTCK l mt phm tr c bit, cc c quan qun l
TTCK do cng c nhng c th ring. Thng thng c hai nhm cc

c quan qun l v TTCK, l cc c quan qun l Nh nc v cc t
chc t qun.
10.2.2.1. Cc c quan qun l Nh nc v TTCK
Cc c quan ny thc hin chc nng qun l thng qua vic ban hnh
hoc ngh cc c quan cp trn nh Chnh ph, Quc hi ban hnh cc
vn bn php lut nh hng v iu tit hot ng ca th trng. Ngoi ra,
cc c quan ny c th s dng cc hnh thc khc can thip vo th
trng trong cc trng hp cn thit, khn cp.
Thng thng, cc c quan qun l Nh nc v TTCK gm c U ban
Chng khon v cc B, ngnh c lin quan nh B Ti chnh, Ngn hng
Trung ng, B T php,.. Tuy nhin, UBCK l c quan qun l chuyn
ngnh y ca Nh nc trong lnh vc ny. UBCK quy nh vn lin
quan n chng khon nh: pht hnh, mua bn, thanh ton, bo lnh, phn
phi,.. Bn cnh , UBCK cn thc hin vai tr qun l Nh nc i vi
cc Cng ty chng khon, cc S giao dch chng khon v cc ch th khc
tham gia trn TTCK, thc hin vic thanh tra, gim st nhm m bo s n
nh ca th trng. Ngoi ra, UBCK cn ch tr, phi hp vi cc B, ngnh
lin quan iu hnh TTCK hot ng hiu qu.
10.2.2.2. Cc t chc t qun
Cng vi s hnh thnh v pht trin ca th trng chng khon, cc
ch th tham gia th trng ngy cng nhiu v a dng. C quan qun l
Nh nc v th trng chng khon thy khng cn thit phi qun l ton
b v trc tip cc hot ng din ra trn th trng. Mt s vn , mt s
lnh vc c th phn cp, giao li cho cc t chc khc t qun l trn c s
tun th cc quy nh ca c quan qun l nh nc. y chnh l cc t
chc t qun hay cc t chc t nh ch. C hai c im c bn nhn
din mt t chc t qun.
Mt l, v c ch ti chnh, t chc t qun phi t cn i thu - chi da
vo ngun thu t cc hot ng trn th trng.
Hai l, hot ng phi nhm phc v li ch chung ca th trng.
Phm vi qun l ca cc t t qun bao gm vic qun l cc hot ng
giao dch, pht hnh; qun l cc cng ty chng khon, ng thi gii quyt

cc tranh chp v x l cc trng hp vi phm quy nh ca Nh nc,
nguyn tc hot ng ca th trng. Thng thng, trn th trng chng
khon c hai t chc t qun.
Th nht, S giao dch chng khon. i vi hu ht cc th trng
chng khon trn th gii, S Giao dch chng khon l t chc bao gm cc
cng ty chng khon thnh vin chu trch nhim trc tip iu hnh v
qun l cc hot ng din ra trn S. Ngoi ra S Giao dch chng khon
cn chu trch nhim cung cp thng tin lin quan n cc chng khon
nim yt, giao dch trn c s ch th pht hnh ra chng.
Hai l, Hip hi cc nh kinh doanh chng khon. y l mt t chc
x hi - ngh nghip i din cho ngnh chng khon nhm m bo v
dung ho li ch ca cc thnh vin trn c s m bo li ch chung ca th
trng. Hot ng chnh ca Hip hi cc nh kinh doanh chng khon l
iu hnh cc giao dch qua quy, i din cho ngnh chng khon nu ln
nhng kin ngh vi c quan qun l nh nc nhm tng cng tnh hiu
qu v n nh ca th trng. Ngoi ra, Hip hi cn thu thp v phn nh
cc khiu ni ca khch hng n cc n v thnh vin.
C quan qun l Nh nc v cc t chc t qun trn th trng chng
khon, mc d c nhim v, c ch qun l, t chc khc nhau nhng u
c mc tiu chnh l m bo tnh n nh v s pht trin ca th trng. Do
, trong qu trnh qun l, iu hnh, cn thit phi c s phi kt hp cht
ch, nhp nhng gia hai t chc ny.
10.2.3. Cc hnh thc qun l th trng chng khon
Nh trn cp, c hai nhm t chc qun l th trng chng
khon l c quan qun l nh nc v th trng chng khon v t chc t
qun trn th trng chng khon. Hnh thc qun l th trng chng
khon, do cng tn ti hai hnh thc: qun l bng php lut v t qun.
10.2.3.1. Qun l bng php lut
Qun l bng php lut c ngha l c quan qun l s dng cc vn
bn php quy ca Nh nc, cc quy nh ca mnh lm cng c qun l

cc hot ng din ra trn th trng chng khon. y l hnh thc qun l
c in v thng dng c s dng ph bin hu ht cc th trng trn
th gii.
Hnh thc ny c nhng u im ch yu sau:
Mt l, cc quyt nh a ra c tnh thc thi cao bi n da trn c s
l h thng cc vn bn php quy mang tnh bt buc i vi tt c mi
thnh vin tham gia th trng.
Hai l, m bo c s cht ch v cng bng ca cc ch th trc
php lut. Thng qua vic p dng cc quy nh hin hnh, mi ch th u
cm thy cng bng v php lut c xy dng v ban hnh da trn
nguyn vng ca s ng.
Ba l, vi vic qun l bng php lut, tnh r rng, minh bch v cng
khai c m bo. ng thi, c quan qun l d dng trong vic pht hin
v x l cc sai phm xy ra trn th trng chng khon.
Tt nhin, nhng u im trn ch c th hin khi h thng php lut
cht ch, c tnh kh thi. Bn cnh , trong cc iu kin nht nh hnh
thc qun l ny cng bc l nhng hn ch nh:
Th nht, hnh thc qun l bng php lut lm gim tnh nng ng v
sng to ca th trng bi v khi xy dng php lut, chng ta khng th
tin on c tt cc tnh hung c th xy ra. C nhng thay i, bin
ng trn th trng i khi khng c hoc cha c cp n trong h
thng cc vn bn php quy. C quan qun l do s rt kh c th x
l tt cc tnh hung. Tn tht xy ra l khng th trnh khi.
Th hai, hnh thc qun l bng php lut c tnh rt cao do cc th
tc hnh chnh rm r v s lc hu ca cc vn bn php quy so vi thc
t tnh hnh t gim hiu qu v tnh sng to ca th trng.
Th ba, hnh thc qun l bng php lut s tiu tn mt phn ca ngn
sch nh nc bi y l cc hot ng mang tnh hnh chnh.
khc phc phn no c nhc im nu trn, ngi ta a ra mt
hnh thc qun l khc, hnh thc qun l thng qua t qun.

10.2.3.2. T qun
Trn c s cc vn bn php quy, s nh hng v phn cp qun l
ca c quan qun l nh nc, cc t chc nh SGDCK, Hip hi cc nh
kinh doanh chng khon t qun l mt s hot ng ca ngnh mnh.
Phng thc t qun ngoi vic khc phc c nhng nhc im ca
phng php qun l bng php lut cn c nhng u im sau:
Mt l, nng cao c nng lc chuyn mn ca cc t chc t qun.
Bng vic trc tip qun l cc hot ng ca mnh, thc hin cc nhim v
lin quan trnh qun l v nng lc chuyn mn chc chn s c ci
thin theo thi gian.
Hai l, phng thc t qun c th b sung thm nhng tiu chun,
nhng quy nh ph hp vi thc t m cc vn bn php quy hoc cha c
hoc cha ph hp. Thng thng, cc t chc t qun ra cc quy nh
i vi cc thnh vin, c bit l cc quy nh v o c, t ngn nga
cc trng hp vi phm, gian ln trong lnh vc chng khon.
Ba l, trong nhng trng hp c th, phng thc t qun c th mang li
mi quan h lu di gia cc ch th trn c s ti a ha li ch ca cc bn.
Bn l, phng thc t qun c th theo st c nhng thay i trong
mi trng kinh doanh chng khon hn l nhng quy nh, vn bn php
lut.
Tuy vy, hnh thc t qun cng d pht sinh nhng ri ro, tiu cc do
nng lc chuyn mn ca t chc yu, do cc yu t thiu trung thc v
cch gii quyt vn theo cm tnh.
Tm li, tu thuc vo tng iu kin c th v mc pht trin ca
th trng, TTCK cc nc c th s dng kt hp hai hnh thc qun l trn
nhm m bo tnh hiu qu, trung thc v cng bng ca th trng.
10.2.4. Ni dung qun l th trng chng khon
10.2.4.1. Qun l pht hnh
Pht hnh l mt trong nhng khu quan trng, l tin cho s hot
ng v pht trin ca th trng chng khon. Hot ng qun l pht hnh
hin nay c thc hin theo 2 ch :

10.2.4.1.1. Ch ng k
Theo ch ny, ngi pht hnh phi xin php ng k vi c quan
qun l Nh nc trc khi pht hnh. H s ng k bao gm cc vn
lin quan n tnh hnh hot ng ca cng ty, tnh hnh nhn s, k hoch
pht hnh v k hoch s dng s tin thu c v giy xin php pht hnh.
H s phi m bo tnh trung thc, cng khai v minh bch. H s ny s
c c quan c thm quyn thm tra k cng quyt nh cho php hoc
nh ch pht hnh. Trong trng hp h s ng k thiu hoc sai st khng
nghim trng th c th cho ngi ng k pht hnh b sung.
Hu ht lut php cc nc u cm nh pht hnh c bt k hnh ng
no lin quan c th n t pht hnh nh bn chng khon, tung tin v t
pht hnh trc khi gi h s ng k n c quan qun l nh nc. y l
nhng quy nh nhm bo v quyn v li ch hp php ca nh u t v
gi vng tnh n nh ca th trng.
10.2.4.1.2. Ch cp php
Theo ch ny, t chc pht hnh trc khi pht hnh chng khon ra
cng chng phi c cp giy php pht hnh ca c quan qun l Nh
nc c thm quyn.
10.2.4.2. Qun l cc giao dch trn TTCK
Qun l giao dch l mt nhim v quan trng v thng xuyn ca cc
c quan qun l. Vic qun l giao dch phi m bo cc nguyn tc cng
khai, bnh ng, cnh tranh v trung thc.
T do v cng khai c ngha l cc cng ty c quyn t do a chng
khon ra th trng giao dch khi hi nhng iu kin theo quy nh
ca php lut. Cng ty phi gii thiu cng khai v tnh hnh hot ng, thc
trng ti chnh, ngun nhn lc v nh hng hot ng ca Cng ty v cc
ni dung khc theo quy nh ca php lut.
Khi tin hnh giao dch mua bn chng khon, hai bn u bnh ng
trc php lut. C ngha l vic mua bn l hon ton t nguyn, gi c
c xc lp da trn quan h cung - cu ca th trng.

m bo tnh trung thc, cn phi c nhng quy nh cm cc hnh
vi gian ln, la o v thao tng th trng nh thng tin ba t, mua bn
"o", mua bn ni gin...
Qun l giao dch bao gm hai ni dung chnh l qun l giao dch trn
SGD v qun l giao dch trn th trng phi tp trung.
10.2.4.2.1. Qun l SGDCK
S Giao dch chng khon l th trng chng khon tp trung, chim
phn ln doanh s giao dch ca th trng chng khon. Vic qun l, do
da trn nhng quy nh rt nghim ngt.
Ni dung quan trng ca qun l SGDCK l qun l chng khon a
ra th trng. Khng phi mi chng khon pht hnh ra u c giao dch
trn S. Ch nhng chng khon pht hnh ra cng chng hi cc iu
kin theo quy nh ca S v ca php lut mi c a ra giao dch sau
khi c s ph chun ca c quan c thm quyn. Tu tng quc gia, php
lut c cc quy nh khc nhau v iu kin a chng khon ra th trng
nhng thng thng ch c nhng cng ty ln, c tn nhim cao mi c
php nim yt v giao dch chng khon trn SGDCK.
Ngoi giy xin php v cc giy t chng minh thc trng v nh
hng pht trin ca mnh, cc cng ty mun nim yt v giao dch trn S
phi c bn cam kt vi S Giao dch gi l kh c. Ni dung chnh ca
bn kh c l quy nh cc iu khon lin quan n vic cng b thng tin
v giao dch ca t chc pht hnh.
10.2.4.2.2. Qun l th trng phi tp trung.
Th trng phi tp trung, nh cp chng 4 l th trng m cc
giao dch chng khon c tin hnh ngoi S. Cc chng khon giao dch
trn th trng phi tp trung thng l cc chng khon ca cc cng ty va
v nh, cng ty cng ngh cao, cng ty mo him. Ngoi ra, do TTCK phi
tp trung c tnh cht hot ng rt phc tp, s lng cc chng khon giao
dch rt ln nn mc ri ro cng cao hn so vi SGDCK. Vic qun l th
trng phi tp trung c tin hnh da trn cc quy nh php l bt buc
v mt "hnh lang m" cho cc hot ng giao dch.

10.2.4.3. Qun l cc nh kinh doanh chng khon
Nh kinh doanh chng khon trn th trng l nhng t chc, c nhn
thc hin cc nghip v trn TTCK nh: Mi gii chng khon; T doanh;
Bo lnh pht hnh; T vn u t chng khon; Qun l danh mc u t;
Lu k chng khon. Nh kinh doanh chng khon l mt trong cc ch th
quan trng, nh hng ln n s n nh v pht trin ca th trng. Chnh
v vy, qun l cc nh kinh doanh chng khon l mt nhim v trng tm
ca ni dung qun l th trng chng khon.
Ti hu ht cc th trng, c quan qun l Nh nc quy nh cc t
chc kinh doanh chng khon phi l nhng t chc c s vn ti thiu, c
tr s lm vic, c i ng nhn vin kin thc, kinh nghim v c giy
php hnh ngh. Hot ng ca cc nh kinh doanh chng khon phi tun
theo cc quy nh trn th trng, chu s qun l, gim st ca cc t chc
qun l v t qun.
Ngoi ra, bo v li ch ca ngi gi tin v tnh an ton ca h
thng ti chnh, php lut cc nc u a ra nhng hn ch nht nh i
vi cc ngn hng thng mi trong hot ng kinh doanh chng khon.
10.2.4.4. Qun l chng khon quc t
Trong xu th hi nhp, khu vc ha v ton cu ha ca nn kinh t th
gii, ranh gii v mt khng gian gia cc th trng chng khon ngy
cng b xa b. Mt cng ty c tr s Nht Bn c th pht hnh hoc kinh
doanh chng khon trn th trng chng khon NewYork v ngc li. Tuy
nhin, ton cu ha th trng chng khon li l mt trong nhng nguyn
nhn gy ra nhng ri ro mang tnh h thng. Vic qun l chng khon
quc t do rt c cc nc ch trng.
Qun l chng khon quc t gm 4 ni dung chnh sau:
Th nht, qun l vic pht hnh chng khon ca t chc pht hnh
trong nc ra th trng nc ngoi.
Th hai, qun l vic pht hnh chng khon ca t chc pht hnh
nc ngoi trn th trng chng khon trong nc.

Th ba, qun l cc giao dch chng khon ca cc t chc, c nhn
nc ngoi trn cc th trng chng khon trong nc v ngc li.
Th t, qun l cc t chc nc ngoi trn TTCK.
10.3. Gim st th trng chng khon
10.3.1. Khi nim
Bn cnh vic qun l, gim st th trng chng khon l mt hot
ng din ra thng xuyn v cng khng km phn quan trng trong vic
gi vng s n nh cng nh nh hng hot ng ca th trng.
Gim st th trng chng khon nhm i chiu hot ng c th, cc
din bin hng ngy, cc ti liu bo co so vi cc quy nh ca php lut,
t pht hin ra cc thiu st, sai phm ca cc ch th tham gia th
trng. Nh vy, gim st th trng chng khon chnh l vic tin hnh
theo di, kim tra cc hot ng ca cc ch th tham gia th trng v cc
hot ng din ra trn th trng nhm pht hin v x l kp thi cc vi
phm khuyn khch, pht huy kp thi cc hnh vi tt m bo gi vng mc
tiu hot ng ca th trng.
10.3.2. Ni dung gim st
10.3.2.1. Gim st S Giao dch
C quan qun l nh nc gim st, kim tra hot ng ca cc S giao
dch thng qua vic c, kim tra v phn tch s sch ca S giao dch, xem
xt tnh hnh ti chnh v nh gi xu hng pht trin S giao dch. Vic
gim st hot ng ca cc S giao dch ca c quan ch qun thng c
phn chia thnh cc V chc nng nh: gim st pht hnh, gim st nim
yt, gim st giao dch... nhm thc hin hai nhim v: theo di chng
khon v gim st th trng.
- Theo di chng khon nhm cc mc ch sau:
+ Theo di lin tc gi chng khon v khi lng giao dch cc thi
im khc nhau, phn tch mc tng gim pht hin ra cc giao dch
khng bnh thng.
+ Thu nhp v iu tra nhng tin n v cc cng ty nim yt v cc
thng tin khc c nh hng n gi c th trng.

+ Theo di vic thay i quyn s hu ca cc c ng chnh cc
cng ty nim yt, tnh trng s hu ca nh u t quc t.
- Gim st th trng chng khon nhm cc mc ch sau:
+ Pht hin cc giao dch ni gin, thao tng th trng hoc thao tng
gi c, cc hnh vi gian ln trn th trng.
+ Thi hnh k lut i vi cc giao dch gian ln, bt hp php trn th
trng.
+ Bo co vi c quan qun l nh nc nhng bt n ca th trng
nhm c s iu chnh hp l.
10.3.2.2. Gim st thnh vin SGDCK
Gim st cc thnh vin ca SGDCK c thc hin trn c s kim tra
nh k v kim tra t xut nhm pht hin ra nhng sai lch sa cha,
un nn kp thi.
Theo ngha rng, gim st thnh vin ca SGDCK bao gm: gim st t
chc nim yt, gim st cng ty mi gii chng khon v gim st cng ty
kinh doanh chng khon.
10.3.2.2.1. Gim st t chc nim yt
Vic gim st cc t chc nim yt (TCNY) gm 3 ni dung chnh l:
vic lp h s ca t chc nim yt theo di; gim st vic tun th, duy
tr cc tiu chun nim yt; gim st hot ng cng b thng tin.
Lp h s ca t chc nim yt l vic thu thp cc thng tin lin quan
n t chc nim yt v chng khon nim yt. Thng thng, cc thng tin
cn thu thp gm:
- Qu trnh thnh lp v cc s kin ni bt ca TCNY.
- Tnh hnh ti chnh v kh nng chi tr c tc, li tri phiu qua cc
nm.
- Tnh hnh nhn s ca TCNY.
- Thc trng sn xut kinh doanh v trin vng pht trin ca TCNY.
- Cc thng tin lin quan n nhng t pht hnh chng khon ca
TCNY.

- Cc thng tin v nhng t chc, c nhn c lin quan n hot ng
pht hnh ca TCNY.
Nh vy, vic lp h s ca TCNY l c s cho vic gim st s truy tr
v tun th cc tiu chun nim yt v hot ng cng b thng tin. Nhn
chung, php lut cc nc u quy nh c th v cc vn ny t chc
gim st c th d dng i chiu, theo di.
10.3.2.2.2. Gim st cng ty mi gii, kinh doanh chng khon v cng
ty qun l qu
Gim st cng ty mi gii, kinh doanh chng khon v cng ty qun l
qu nhm mc ch bo v cc nh u t v to lp s cng bng cho th
trng.
Vi nghip v mi gii, php lut lun yu cu cc cng ty phi c
trch nhim thc hin giao dch mt cch cng bng, ng lut. C th l
phi thc hin lnh ng thi hn, nh mc gi ph hp vi gi th trng,
cung cp y cc thng tin lin quan cho khch hng. Vi nghip v kinh
doanh, SGDCK thc hin vic gim st cc cng ty chng khon theo cc
ni dung sau:
+ Cung cp thng tin giao dch kp thi, chnh xc.
+ Phng thc nhn lnh ca khch hng phi hp php.
+ Cc nhn vin ca cng ty khng c li dng danh ngha cng ty
thc hin cc giao dch ca ring mnh.
i vi cc cng ty qun l qu, SGDCK tin hnh gim st v c cu
t chc, phng thc hnh thnh qu, tnh hnh ti chnh v cc hot ng
trn th trng.
Vic gim st ca SGDCK cng c thc hin vi hai ni dung chnh:
Mt l, lp h s gim st cc cng ty chng khon, cng ty qun l
qu gm:
- Cc thng tin lin quan n quyt nh thnh lp
- Cc thng tin lin quan n tnh hnh nhn s v c cu t chc
- Cc thng tin lin quan v vn, tnh hnh ti chnh, qu d phng

- i din ca cng ty ti sn giao dch
- Cc thng tin v nhng thay i hot ng ca cng ty.
Hai l, gim st vic tun th cc quy nh hot ng ca S GDCK v
ca php lut, c bit l vic m bo cc ch tiu ti chnh nh: vn t c,
qu d phng, t l n trn tng ti sn...
10.3.3. Phng thc gim st th trng chng khon
tin hnh gim st th trng chng khon, ngi ta c hai phng
thc ch yu l theo di v thanh tra. Theo di l mt phng thc mang
tnh cht thng nht trong khi phng thc thanh tra phn ln c s dng
khi c s c nht nh xy ra.
10.3.3.1. Theo di chng khon
Cng tc theo di giao dch chng khon c phn loi theo thi gian,
gm: theo di chng khon trong ngy v theo di chng khon theo khong
thi gian (theo di di ngy).
- Theo di chng khon trong ngy.
i vi nhng chng khon khng theo chun mc v gi c v khi
lng hoc nhng chng khon m trong qu trnh nim yt v giao dch c
nhng tin n gy nh hng n gi c th s c tin hnh theo di trong
ngy. tin hnh theo di trong ngy, c quan gim st s yu cu cng ty
nim yt cung cp cc thng tin lin quan v thu thp thm thng tin
phn tch.
C th, ngi ta tin hnh theo di chng khon trong ngy trong cc
trng hp sau:
+ Gi chng khon hoc khi lng giao dch ngoi mc chun nh
.
+ Gi chng khon t ti mc gii hn trn hoc gii hn sn trong
phin giao dch.
+ Xut hin tin n v mt loi chng khon c giao dch kh nghi.
+ C nhng thay i v c cu t chc, ban lnh o ca cng ty nim

yt.
+ Nhng chng khon mi pht hnh v ng k nim yt, giao dch.
Sau qu trnh phn tch, c quan gim st s a ra cc quyt nh sau:
- Thng bo cho php chng khon tip tc c giao dch bnh
thng, kt thc vic theo di.
- Tip tc theo di thm.
- Bo cho c quan ch qun tin hnh thanh tra t xut.
- Theo di chng khon nhiu ngy.
- Theo di chng khon theo khong thi gian
Nhng chng khon thuc din theo di nhiu ngy khi kt qu theo
di trong ngy cha r rng hoc c nhng tin n nghim trng, nhng tin
tc quan trng b tit l.
Quy trnh theo di chng khon nhiu ngy c thc hin qua cc
bc sau:
1. Pht hin cc giao dch khng bnh thng bng cch theo di phn
tch kt qu giao dch trong ngy.
2. Tin hnh theo di kt qu giao dch trong nhiu ngy lin tc, nu
thy c s bin ng ln v gi hoc khi lng giao dch th thu nhp tip
thng tin iu tra.
3. Thu thp, phn tch tin n v cc thng tin lin quan.
4. Kt thc vic theo di, a ra kt lun v bo co v c quan ch
qun.
10.3.3.2. Thanh tra
i tng thanh tra th trng chng khon bao gm: cc t chc nim
yt; cc cng ty chng khon, qu u t chng khon, cng ty qun l qu
u t, thnh vin lu k chng khon, ngn hng gim st; SGDCK; ngi
hnh ngh kinh doanh chng khon; t chc v c nhn c lin quan n
hot ng chng khon v th trng chng khon; ngi hnh ngh kinh
doanh chng khon. Phm vi gim st, thanh tra gm: hot ng pht hnh
chng khon; cc giao dch chng khon; cc hot ng kinh doanh, ng

k, thanh ton b tr, lu k chng khon; vic cng b thng tin.
Vic t chc thanh tra cc cng ty chng khon, cc t nim yt thng
din ra mt cch nh k. Hot ng thanh tra t xut i vi cc chng
khon v cc t chc nim yt xut hin ng thi vi vic thanh tra cc
giao dch bt thng lin quan n i tng thanh tra.
Khi pht hin y cc du hiu vi phm trong giao dch hoc trong
cc trng hp khn cp, c quan ch qun s tin hnh thanh tra trc tip
cc giao dch bt thng. i tng b thanh tra c ngha v cung cp y
chnh xc v kp thi cc thng tin c lin quan t chc thanh tra xc
minh, phn tch:
- S lng chng khon pht hnh
- Bin ng v gi v khi lng chng khon giao dch
- Tnh lnh mnh trong mi quan h gia t chc nim yt vi cng ty
chng khon v cng ty kim ton.
- Mi quan h gia nhng ngi nm c thng tin ni b ca t chc
pht hnh vi nhau v vi nhng i tng khc.
- Mi quan h gia nhng nh u t nm gi phn ln s lng chng
khon pht hnh.
- Cc giao dch c gi tr ln, m m.
- Nhng hnh vi gian ln khc nh: nhiu gi, u c...
Sau khi xc minh, phn tch cc vn trn, t chc thanh tra a ra kt
lun cui cng v mc vi phm ca cc i tng, t c kin ngh ln cp
c thm quyn cc bin php x l, k lut.
10.3.3.3. X l k lut
Tu mc vi phm v quy nh php quy ca tng nc m cc mc
x l k lut khc nhau i vi i tng vi phm. Vic x l k lut
c xem xt di cc gic sau:
Nguyn tc x l k lut:

Mc ch ca vic x l k lut cc i tng vi phm l nhm to lp
s cng bng v n nh ca th trng v vy phi tun th nhng nguyn
tc sau:
- Nguyn tc ng i tng;
- Nguyn tc ng hnh vi vi phm;
- Nguyn tc ng thm quyn, th tc;
- Nguyn tc ng mc vi phm;
- Nguyn tc kp thi, trit .
Cc hnh vi b x l k lut:
Th nht: vi phm lut, cc vn bn php quy di lut trong lnh vc
chng khon, cc quy ch, quy nh ca S GD.
Th hai: vi phm tnh trung thc hoc chm tr trong vic cung cp
thng tin, bo co.
Th ba: c hnh vi che du, cn tr vic thanh tra ca c quan c thm
quyn.
Th t: c cc hnh vi la o, gian ln lm tn hi n li ch ca cc
t chc, c nhn tham gia th trng.
Cc hnh thc x l, k lut:
Nh trn ni, cc hnh thc x l k lut tu thuc vo mc vi
phm nhng nhn chung c nhng hnh thc ch yu sau.
1. Yu cu sa i, sa cha khi i tng pht sinh cc vn khng
hp l so vi cc quy nh hin hnh.
2. Pht cnh co, khin trch: hnh thc ny c p dng trong trng
hp i tng vi phm khng c hoc vi phm ln u vi quy m nh,
khng gy thit hi ng k cho th trng v cc i tng khc.
3. Pht tin: c p dng khi i tng thc hin hnh vi vi phm c
gy tn hi n nguyn tc cng bng, gy cn tr hot ng qun l, gim
st ca SGD.
4. Yu cu bi thng thit hi cho ngi b hi.

5. nh ch mt phn hay ton b giao dch trong mt thi hn nht
nh khi hnh vi phm l c , gy tn hi ng k n cc ch th khc,
ph v tnh cng bng v trt t vn c ca th trng, cn tr hot ng
gim st.
6. Tc quyn s dng giy php. Hnh thc ny c p dng khi cc
hnh vi vi phm l c v c tnh h thng, xy ra nhiu ln.
7. Tch thu ton b cc khon thu c c t vic thc hin cc hnh vi
vi phm v s chng khon lin quan. y l mt hnh thc pht b sung,
c p dng km theo cc hnh pht chnh khi c thng bo yu cu
nh ch m vn c tnh vi phm hoc ti phm nhiu ln c tnh h thng.
Thm quyn v th tc x l, k lut:
Thm quyn x l k lut c phn cp tu theo tnh cht v mc
vi phm ca i tng. Cc cp c thm quyn x l k lut bao gm: Chnh
ph; c quan qun l Nh nc v chng khon; chnh quyn a phng ni
xy ra vi phm; Thanh tra chng khon.
Vic x l k lut phi tun theo th tc v trnh t nht nh: khi
quyt nh cnh co, khin trch i tng vi phm, c quan thm quyn
phi c vn bn chnh thc gi n i tng vi phm, chnh quyn a
phng vi ngi vi phm c tr hoc vi ngi vi phm lm vic.
i vi cc quyt nh x pht khc, c quan c thm quyn phi lp
bin bn vi phm v ra quyt nh x pht.
Trnh t x l k lut c thc hin theo cc bc sau:
Bc 1: Thanh tra bo co ln t chc, c nhn c thm quyn.
Bc 2: Hp xt thi hnh k lut, kt lun c a ra trn c s tham
kho kin ca cc c nhn t chc c lin quan.
Bc 3: Bo co ln UB k lut.
Bc 4: Ra quyt nh cui cng thi hnh k lut i tng vi phm.
Bc 5: Nhn v gii quyt khiu ni.
Gim st th trng chng khon khng ch l nhim v ca c quan

qun l v chng khon, S Giao dch m cn l ca tt c cc ch th c
lin quan n th trng chng khon. Ngoi vic m bo tnh cng bng,
n nh ca th trng, n cn gip to ra cm gic an tm cho nh u t, t
thc y th trng pht trin. Nhim v ny i hi cn c nhng u t
ng mc v con ngi, v xy dng c s vt cht, c bit phi a cng
ngh thng tin vo hot ng qun l. Ngoi ra, cn xy dng mt h thng
cc quy nh cht ch, ph hp vi thc t thun li cho hot ng quan
trng ny.
10. 4. Qun l v gim st th trng chng khon
- kinh nghim ca mt s nc
C nhiu cch gii thiu kinh nghim qun l v gim st th trng
chng khon ca cc nc trn th gii. y, nhm thit lp tnh h thng
v logic cho ngi c, chng ti gii thiu nhng kinh nghim ny di 3
gic :
- Cc c quan qun l, gim st th trng
- Khung php l ca hot ng qun l, gim st th trng
- Phn cp gim st th trng
10.4.1. C quan qun l, gim st th trng chng khon
10.4.1.1. C quan qun l Nh nc
Trn hu ht cc th trng, c quan qun l nh nc v chng khon
u c nhim v chung l m bo hot ng c t chc ca th trng
chng khon bng vic t ra cc quy nh v gim st vic thc hin cc
quy nh .
C quan qun l chng khon ra i sm nht l UBCK M (SEC)
thnh lp ngy 6/6/1934 sau s sp ca th trng nm 1929. UBCK M
l c quan c tnh c lp cao ng u l Ch tch v 4 U vin hi ng
do Tng thng b nhim vi nhim k 5 nm, SEC c quyn lc rng ri t
vic ban hnh cc quy nh, cp php kinh doanh, cp thp thnh lp SGD
n vic kim tra, gim st v x l k lut cc ch th tham gia th trng.
Ti Anh Quc, mc d U ban chng khon v u t (SIB) c thnh

lp tng i mun (nm 1986) nhng li c m hnh qun l c th, m
hnh t qun rt cao, Chnh ph ch qun l v gim st rt t. SIB chu s
gim st trc tip ca B trng B Ti chnh nhng khng c cp kinh
ph t ngn sch, nhn vin ca SIB khng phi l cng chc, vin chc ca
Chnh ph.
Ti Nht Bn, cha c UBCK vi t cch l mt c quan qun l nh
nc ngang B, Tng cc chng khon thuc B Ti chnh chu trch nhim
qun l v gim st th trng. Ngoi ra, cn c cc c quan qun l ph tr
khc trong lnh vc chng khon nh: Hi ng chng khon (thnh lp
nm 1952); Hi ng k ton kinh doanh; U ban thanh tra chng nhn k
ton cng. n nm 1992, U ban gim st v giao dch chng khon c
thnh lp nhm m bo tnh cng bng, cng khai v an ton trong kinh
doanh chng khon cho cc nh u t ti S giao dch. U ban ny trc
thuc B Ti chnh v hot ng tng i dc lp vi cc t chc khc. M
hnh qun l ca Nht Bn cng pht huy rt cao tnh t qun.
Ti Hn Quc, tn ti song song 2 c quan qun l nh nc v chng
khon gm UBCK Hn Quc (KSEC) v U ban gim st chng khon
(SSB). KSEC v SSB chu trch nhim qun l v gim st th trng chng
khon di s ch o ca B Ti chnh. Ch tch UBCK ng thi l Lnh
o U ban gim st, ngoi vic qun l th trng chng khon v cc nh
ch lin quan cn qun l, kim sot trc tip th trng, cc cng ty chng
khon, cc t chc nim yt, cc nh u t hoc nh pht hnh nc ngoi.
Ti Trung Quc, U ban qun l chng khon (CSRC) thnh lp nm
1992 l c quan thuc Quc V Vin Trung Quc, thc hin chc nng
qun l th trng chng khon. Sau U ban ny kt hp vi U ban gim
st th trng v i tn tnh U ban gim qun chng khon.
10.4.1.2. C quan iu hnh SGD chng khon
Nhn chung, hu ht cc c quan iu hnh SGDCK l mt t chc t
qun t di s qun l, gim st cht ch ca c quan qun l nh nc
trong lnh vc chng khon. SGDCK t qun l v gim st cc thnh vin
ca mnh thng qua iu l thnh lp, cc kh c v cc quy nh ca php
lut. N cng qun l cc t chc nim yt, pht hnh, cc hot ng giao
dch, cc qu u t... SGDCK t thc hin vic gim st, kim tra, gii

quyt v x l cc tranh chp cc vi phm trong phm vi qun l.
H thng t qun to ra s linh hot v nng ng, p ng tt hn cc
nhu cu v s thay i, bin ng ca th trng.
Ti c, Anh, Nht ch t qun ng mt vai tr quan trng, cc
ch th tham gia th trng cng ng thi l thnh vin ca t chc t qun.
Ti M, tranh chp gia cc ch th xy ra c gii quyt bi t chc
t qun.
Cc th trng chng khon mi thnh lp v ang trong giai on pht
trin nh Trung Quc, Philippin, Indonexia, Malaisia... u p dng ch
bn t qun. SGD tin hnh t qun trn c s bo co v tham kho kin
ca c quan qun l nh nc.
10.4.2. H thng php l
Ti M, Nht, Anh, c, Hn Quc, Thi Lan, nhng nc c lch s
hnh thnh v pht trin th trng chng khon lu i, h thng php l
kh hon chnh v cht ch. H thng cc vn bn php quy ch yu gm
Lut, o lut v cc quy ch do c quan qun l Nh nc v t chc t
qun ban hnh.
Ti cc nc ang pht trin nh Trung quc, Indonesia, bn thn ton
b h thng php l quc gia cha ng b v hon chnh nn cc vn bn
php quy trong lnh vc chng khon cn nhiu bt cp, thiu st cn b
sung, sa cha. Chng tn ti hu ht di dng cc vn bn di lut (ngh
nh, quyt nh, quy ch).
Ti M, Lut chng khon (1933) v Lut chng khon v SGD (1934)
l hai b lut c bn iu chnh ton b cc phm tr trong lnh vc chng
khon ca lut chng khon cp ch yu n hot ng pht hnh ca
cc cng ty trong khi lut chng khon v SGD quy nh vic mua bn
chng khon trn th trng s cp.
Ngoi ra, h thng php l ca M cn c cc lut b tr khc nh Lut
cng ty u t (1940), Lut u ban giao dch hng ha tng lai (1974),
Lut bo h nh u t chng khon (1970).

H thng php l ca M trong lnh vc chng khon ban hnh nm
1974 quy nh kh y v cht ch cc vn lin quan n lnh vc
chng khon.
Ti c, h thng php l trong lnh vc chng khon c ban hnh
di hnh thc mt h thng lut n hnh:
+ Lut khuyn khch th trng ti chnh (1994)
+ Lut kinh doanh chng khon (sa i 1994)
+ Lut S Giao dch chng khon
+ Lut thanh ton b tr v lu gi chng khon
+ Lut Ngn hng
+ Lut Cng ty
Ti Hn Quc, cc b lut c bn gm c Lut chng khon v giao
dch chng khon, Lut cng c pht trin vn, Lut thng mi, Lut u
t tn thc chng khon v Lut kim ton kh hon chnh v chun mc c
th tham kho trong qu trnh xy dng php lut v chng khon Vit
Nam.
Trung Quc c h thng php l v chng khon kh tng ng vi
Vit Nam. Cc vn bn php quy vn cn trong tnh trng thiu ng b,
nht qun, cha y v nhanh lc hu. Ngoi Lut cng ty c ban hnh
nm 1994, hu ht cc vn bn php quy khc u l vn bn di lut gm:
- Quy ch tm thi v pht hnh v giao dch c phiu
- Quy ch tm thi lin quan n S Giao dch chng khon
- Cc bin php tm thi trong vic ngn chn la o chng khon.
- Cc quy nh v cng b thng tin chng khon, v pht hnh chng
khon.
- Cc quy nh tm thi ca B T php v Hi ng chng khon v
tiu chun cc lut s lm vic trong lnh vc dch v php l.
- Quy nh v tiu chun cc t chc k ton v cc k ton vin trong
kinh doanh chng khon.

10.4.3. H thng gim st
Ti a s cc nc, h thng gim st c trch nhim quan trng nht l
gim st, kim tra vic thc thi cc quy nh trong lnh vc chng khon.
M hnh phn cp gim st th trng chng khon ca M nh sau:
Cp 1: UBCK gim st cc t chc t qun trong vic yu cu cc
thnh vin ca h tun th ng cc lut v chng khon v iu l t qun.
Cp 2: Cc t chc t qun gim st thnh vin ca mnh v cc ch
th tham gia th trng bng cch thit lp, thc hin v nh gi cc tiu
chun ra.
Cp 3: UBCK v t chc t qun gim st cc cng ty chng khon,
cc cng ty qun l qu u t chng khon.
Ni dung chnh ca vic gim st l kim tra tnh hnh ti chnh v mc
tun th cc ch tiu ti chnh theo lut nh. ng thi, xem xt cc giao
dch tri php vi gi c v khi lng vt chun nh, giao dch ni gin
hoc s dng tin k qu ca khch hng sai mc ch.
10.5. Qun l v gim st th trng chng khon
Vit Nam
Th trng chng khon Vit Nam chnh thc i vo hot ng ngy
20/7/2000 vi s khai trng ca trung tm giao dch chng khon TP H
Ch Minh. Trc , chun b cho s ra i ca th trng, UBCKNN
(SSC) c thnh lp theo Ngh nh 75/CP ngy 28/11/1996 ca Th tng
Chnh ph. SSC l c quan trc thuc Chnh ph, c nhim v chun b cc
iu kin v php l, hng ha, con ngi v c s vt cht cho th trng
chng khon Vit Nam. SSC l c quan qun l nh nc cao nht trong lnh
vc chng khon. Bn cnh , B Ti chnh, Ngn hng Nh nc, B T
php qun l nh nc v mt s vn nht nh trong lnh vc chng
khon.
Theo ngh nh 75/CP (28/11/1996) UBCKNN c cc nhim v v
quyn hn sau:

- Son tho cc vn bn php lut v chng khon v th trng chng
khon trnh cp c thm quyn xem xt quyt nh v t chc, hng dn
thc hin cc vn bn .
- Ch tr, phi hp vi cc B, ngnh c lin quan t chc xy dng v
pht trin th trng chng khon Vit Nam
- Cp, nh ch hoc thu hi giy php hot ng i vi cng ty kinh
doanh chng khon, cng ty t vn chng khon, qu u t chng khon,
cng ty qun l qu u t chng khon v cc n v c pht hnh chng
khon giao dch th trng chng khon theo quy nh ca Chnh Ph.
- Thnh lp v qun l cc t chc t chc dch v v ph tr cho hot
ng ca th trng chng khon theo quy nh ca php lut.
- Trnh Th tng Chnh ph quyt nh thnh lp, nh ch hot ng
hoc gii th S giao dch chng khon.
- Kim tra, gim st hot ng ca S giao dch chng khon v cc t
chc c lin quan n vic pht hnh, kinh doanh, dch v chng khon.
- Ban hnh cc quy nh v nim yt, thng bo pht hnh, thng tin v
giao dch, mua bn chng khon; tho thun vi B ti chnh quy nh
ph, l ph lin quan n vic pht hnh v kinh doanh chng khon.
- T chc o to nng cao trnh chuyn mn nghip v cho i ng
cn b qun l, kinh doanh chng khon v th trng chng khon.
- Hp tc vi cc t chc quc t v cc nc v chng khon v th
trng chng khon theo quy nh ca Chnh ph.
- Ch tr, phi hp vi cc c quan c lin quan p dng cc bin php
cn thit m bo cho cc hot ng th trng chng khon din ra c
hiu qu v ng php lut.
- Qun l c s vt cht v t chc b my, cng chc, vin chc ca
U ban theo quy nh ca Chnh ph.
- Thc hin cc cng vic khc do Th tng Chnh ph giao.
UBCK nh nc c tnh c lp tng i vi cc B ngnh. iu hnh
U ban gm: Ch tch, cc Ph ch tch v cc U vin kim nhim cp Th

trng cc B: B Ti chnh, T php, K hoch u t, Ngn hng nh
nc.
Ch tch UBCN Nh nc chu trch nhim trc Th tng Chnh ph,
Chnh ph v Quc hi v hot ng ca th trng chng khon.
S b my UBCK NN (SSC)

Th trng chng khon Vit Nam hin nay c Trung tm giao dch ti
TP. H Ch Minh v H Ni. Tuy nhin, mi ch c th trng giao dch
chng khon TPHCM i vo hot ng (t ngy 20/7/2000). Trung tm giao
dch chng khon TP.HCM l mt nh ch ti chnh Nh nc, t chc theo
nguyn tc thnh vin, c t cch php nhn v hot ng khng v mc tiu
li nhun.
H thng gim st ca th trng chng khon Vit Nam c xy dng
theo m hnh phn cp.
Ch tch
Cc Ph ch tch
Cc u vin kim
nhim cp th trng
Cc V
chuyn mn
Vn phng i
din TPHCM
TTGDCK
TPHCM
TTGDCK
H Ni

Vn
phng

V pht
trin th
trng

V
qun l
KDCK
V qun
l pht
hnh

V
quan
h
quc t

Thanh
tra UB
CKNN
V t
chc
CB
o to

Cc
n v
trc
thuc
khc

- UBCK nh nc gim st cc t chc pht hnh, SGDCK v cc t
chc trung gian trn th trng chng khon.
- TTGDCK gim st hng ngy cc cng ty chng khon thnh vin v
cc giao dch trn s, t tng hp, phn tch, pht hin cc sai phm bo
co ln UBCKNN.
- Cc t chc trung gian trn th trng xy dng h thng gim st ni
b trn c s cc quy nh ca php lut.

S b my thanh tra, gim st TTCK Vit Nam

Theo Ngh nh s 17-2000/N-CP ngy 26/5/2000 ca Chnh ph v
t chc v hot ng ca thanh tra chng khon, thanh tra chng khon Vit
Nam l thanh tra Nh nc chuyn ngnh v chng khon v th trng
chng khon, thuc t chc b my ca U ban chng khon Nh nc, c
con du ring.
Mc ch hot ng ca Thanh tra chng khon nhm gp phn m
bo cho hot ng ca th trng chng khon c an ton, cng bng,
cng khai, c hiu qu, bo v li ch ca Nh nc, quyn v li ch hp
php ca nh u t.
Chnh thanh tra
Cc ph chnh
thanh tra
Phng
gim st
cng ty
pht hnh
v cng b
thng tin

Phng
kim tra
k ton

Phng
gim st
th trng
Phng gim
st cng ty
chng
khon
Phng
gim st
cng ty
qun l
u t

Phng
tng hp
nhn s
Phng
xem xt
gii quyt
khiu ni

Phng
cng ch

i tng thanh tra chng khon quy nh ti Ngh nh gm:
- Cc t chc pht hnh chng khon a vo giao dch ti th trng
giao dch tp trung;
- Trung tm giao dch chng khon, S giao dch chng khon;
- Cc cng ty chng khon, t chc bo lnh pht hnh, cng ty qun l
qu u t, t chc ng k chng khon, lu k chng khon, thanh ton
b tr chng khon, ngn hng gim st;
- Ngi hnh ngh kinh doanh chng khon;
- Cc t chc v cc c nhn c lin quan n hot ng chng khon
v th trng chng khon;
Phm vi hot ng ca thanh tra chng khon gm c:
- Hot ng pht hnh chng khon;
- Cc giao dch chng khon
- Cc hot ng kinh doanh, ng k, thanh ton b tr, lu k chng
khon;
- Vic cng b thng tin.

Cu hi n tp


1. S cn thit phi c s qun l v gim st th trng chng khon.
Lin h thc tin TTCK Vit Nam hin nay?
2. Ni dung qun l TTCK? Bnh lun ca Anh (Ch) v thc trng
qun l TTCK Vit Nam hin nay?
3. Ni dung thanh tra v gim st TTCK? Lin h thc tin cng tc
thanh tra v gim st hot ng ca TTCK Vit Nam hin nay.
4. Mc tiu qun l v gim st TTCK. Theo Anh (Ch), TTCK Vit
Nam cn tng cng cc bin php g m bo cc mc tiu trn?

Giao Trinh Thi Truong Chung Khoan 0296

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Chng 1: Tng quan v Th trng chng khon

Trng i hc Kinh t Quc dn 5

UBCKNN, Gio trnh nhng vn c bn v chng khon v TTCK

Charles J.Corrado & Bradford D.Jordan, Fundamentals of Investments - Valuation and

Gio trnh Th trng chng khon

Gio trnh Th trng chng khon

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