Bi 1.

Khi qut v th trng chng khon

I. Th trng chng khon l g? Th trng chng khon l mt th trng m ni ngi ta mua bn, chuyn nhng, trao i chng khon nhm mc ch kim li. Tuy nhin, c th l TTCK tp trung hoc phi tp trung. Tnh tp trung y l mun ni n vic cc giao dch c t chc tp trung theo mt a im vt cht. Hnh thi in hnh ca TTCK tp trung l S giao dch chng khon ( Stock exchange). Ti S giao dch chng khon (SGDCK), cc giao dch c tp trung ti mt a im; cc lnh c chuyn ti sn giao dch v tham gia vo qu trnh ghp lnh hnh thnh nn gi giao dch. TTCK phi tp trung cn gi l th trng OTC (over the counter). Trn th trng OTC, cc giao dch c tin hnh qua mng li cc cng ty chng khon phn tn trn khp quc gia v c ni vi nhau bng mng in t. Gi trn th trng ny c hnh thnh theo phng thc tho thun.

II.Chc nng ca TTCK 1. Huy ng vn u t cho nn kinh t: Khi cc nh u t mua chng khon do cc cng ty pht hnh, s tin nhn ri ca h c a vo hot ng sn xut kinh doanh v qua gp phn m rng sn xut x hi. Thng qua TTCK, Chnh ph v chnh quyn cc a phng cng huy ng c cc ngun vn cho mc ch s dng v u t pht trin h tng kinh t, phc v cc nhu cu chung ca x hi. 2. Cung cp mi trng u t cho cng chng TTCK cung cp cho cng chng mt mi trng u t lnh mnh vi cc c hi la chn phong ph. Cc loi chng khon trn th trng rt khc nhau v tnh cht, thi hn v ri ro, cho php cc nh u t c th la chn loi hng ho ph hp vi kh nng, mc tiu v s thch ca mnh. 3. To tnh thanh khon cho cc chng khon Nh c TTCK cc nh u t c th chuyn i cc chng khon h s hu thnh tin mt hoc cc loi chng khon khc khi h mun. Kh nng thanh khon l mt trong nhng c tnh hp dn ca chng khon i vi ngi u t. y l yu t cho thy tnh linh hot, an ton ca vn u t. TTCK hot ng cng nng ng v c hiu qu th tnh thanh khon ca cc chng khon giao dch trn th trng cng cao. 4. nh gi hot ng ca doanh nghip Thng qua chng khon, hot ng ca cc doanh nghip c phn nh mt cch tng hp v chnh xc, gip cho vic nh gi v so snh hot ng ca doanh nghip c nhanh chng v thun tin, t cng to ra mt mi trng cnh tranh lnh mnh nhm nng cao hiu qu s dng vn, kch thch p dng cng ngh mi, ci tin sn phm. 5. To mi trng gip Chnh ph thc hin cc chnh sch kinh t v m Cc ch bo ca TTCK phn nh ng thi ca nn kinh t mt cch nhy bn v chnh xc. Gi cc chng khon tng ln cho thy u t ang m rng, nn kinh t tng trng; ngc li gi chng khon gim s cho thy cc du hiu tiu cc ca nn kinh t. V th, TTCK c gi l phong v biu ca nn kinh t v l

mt cng c quan trng gip Chnh ph thc hin cc chnh sch kinh t v m. Thng qua TTCK, Chnh ph c th mua v bn tri phiu Chnh ph to ra ngun thu b p thm ht ngn sch v qun l lm pht. Ngoi ra, Chnh ph cng c th s dng mt s chnh sch, bin php tc ng vo TTCK nhm nh hng u t m bo cho s pht trin cn i ca nn kinh t. III. C cu TTCK: xt v s lu thng ca chng khon trn th trng, TTCK c hai loi: 1. Th trng s cp: L th trng mua bn cc chng khon mi pht hnh. Trn th trng ny, vn t nh u t s c chuyn sang nh pht hnh thng qua vic nh u t mua cc chng khon mi pht hnh. 2. Th trng th cp: L ni giao dch cc chng khon c pht hnh trn th trng s cp.Th trng th cp m bo tnh thanh khon cho cc chng khon pht hnh.

IV. Cc nguyn tc hot ng ca TTCK: 1. Nguyn tc cnh tranh: Theo nguyn tc ny, gi c trn TTCK phn nh quan h cung cu v chng khon v th hin tng quan cnh tranh gia cc cng ty. Trn th trng s cp, cc nh pht hnh cnh tranh vi nhau bn chng khon ca mnh cho cc nh u t, cc nh u t c t do la chn cc chng khon theo cc mc tiu ca mnh. Trn th trng th cp, cc nh u t cng cnh tranh t do tm kim cho mnh mt li nhun cao nht, v gi c c hnh thnh theo phng thc u gi. 2. Nguyn tc cng bng: Cng bng c ngha l mi ngi tham gia th trng u phi tun th nhng qui nh chung, c bnh ng trong vic chia s thng tin v trong vic gnh chu cc hnh thc x pht nu vi phm vo nhng qui nh .
3. Nguyn tc cng khai: Chng khon l loi hng ho tru tng nn TTCK phi c xy dng trn c s h thng cng b thng tin tt. Theo lut nh, cc t chc pht hnh c ngha v phi cung cp thng tin y theo ch thng xuyn v t xut thng qua cc phng tin thng tin i chng, S giao dch, cc cng ty chng khon v cc t chc c lin quan. 4. Nguyn tc trung gian: Nguyn tc ny c ngha l cc giao dch chng khon c thc hin thng qua t chc trung gian l cc cng ty chng khon. Trn th trng s cp, cc nh u t khng mua trc tip ca nh pht hnh m mua t cc nh bo lnh pht hnh. Trn th trng th cp, thng qua cc nghip v mi gii, kinh doanh, cc cng ty chng khon mua, bn chng khon gip cc khch hng, hoc kt ni cc khch hng vi nhau qua vic thc hin cc giao dch mua bn chng khon trn ti khon ca mnh. 5. Nguyn tc tp trung: Cc giao dch chng khon ch din ra trn s giao dch v trn th trng OTC di s kim tra gim st ca c quan qun l nh nc v cc t chc t qun. V. Cc thnh phn tham gia TTCK

1. Nh pht hnh: L cc t chc thc hin huy ng vn thng qua TTCK di hnh thc pht hnh cc chng khon. 2. Nh u t: L nhng ngi thc s mua v bn chng khon trn TTCK. Nh u t c th c chia thnh 2 loi: - Nh u t c nhn: l nhng ngi c vn nhn ri tm thi, tham gia mua bn trn TTCK vi mc ch kim li. - 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. Cc nh ch ny c th tn ti di cc hnh thc sau: cng ty u t, cng ty bo him, Qu lng hu, cng ty ti chnh, ngn hng thng mi v cc cng ty chng khon. 3. Cc cng ty chng khon: L nhng cng ty hot ng trong lnh vc chng khon, c th m nhn mt hoc nhiu trong s cc nghip v chnh l mi gii, qun l qu u t, bo lnh pht hnh, t vn u t chng khon v t doanh. 4. Cc t chc c lin quan n TTCK: - U ban chng khon Nh nc: l c quan thuc Chnh ph thc hin chc nng qun l nh nc i vi TTCK Vit nam. - S giao dch chng khon: l c quan thc hin vn hnh th trng v ban hnh nhng quyt nh iu chnh cc hot ng giao dch chng khon trn S ph hp vi cc quy nh ca lut php v UBCK. - Cng ty dch v my tnh chng khon: l t chc ph tr, phc v cc giao dch chng khon. - 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 theo nhng iu khon cam kt ca cng ty pht hnh i vi mt t pht hnh c th.

Bi 2. Gii thiu v C phiu

I. Khi nim Khi mt cng ty gi vn, s vn cn gi c chia thnh nhiu phn nh bng nhau gi l c phn. Ngi mua c phn gi l c ng. C ng c cp mt giy chng nhn s hu c phn gi l c phiu v ch c cng ty c phn mi pht hnh c phiu. Nh vy, c phiu chnh l mt chng th chng minh quyn s hu ca mt c ng i vi mt cng ty c phn v c ng l ngi c c phn th hin bng c phiu. Thng thng hin nay cc cng ty c phn thng pht hnh 02 dng c phiu: C phiu thng v c phiu u i. Cc c ng s hu c phiu thng thng c quyn hn v trch nhim i vi cng ty nh: c chia c tc theo kt qu kinh doanh; c quyn bu c, ng c vo b my qun tr v kim sot cng ty; V phi chu trch nhim v s thua l hoc ph sn tng ng vi phn vn gp ca mnh. Cc c ng s hu c phiu u i cng l hnh thc u t vn c phn nh c phiu thng thng nhng quyn hn v trch nhim hn ch nh: li tc c nh; khng c quyn bu c, ng c..v.v.

II. Tc dng ca vic pht hnh C phiu: i vi Cng ty pht hnh: Vic pht hnh c phiu s gip cho Cng ty c th huy ng vn khi thnh lp hoc m rng kinh doanh. Ngun vn huy ng ny khng cu thnh mt khon n m cng ty phi c trch nhim hon tr cng nh p lc v kh nng cn i thanh khon ca cng ty s gim rt nhiu, trong khi s dng cc phng thc khc nh pht hnh tri phiu cng ty, vay n t cc t chc tn dng ...th hon ton ngc li. Tuy nhin, mi phng thc huy ng u c nhng u nhc im ring v nh qun l cng ty phi cn nhc, la chn ty tng thi im v da trn nhng c th cng nh chin lc kinh doanh ca cng ty quyt nh phng thc p dng thch hp. i vi nh u t c phiu: Cc nh u t trn th trng sn sng mua C phiu c cng ty pht hnh. Giy chng nhn s hu c phn c pht hnh di dng chng th c gi v c xc nh thng qua vic chuyn dch, mua bn chng trn th trng chng khon gia cc ch th u t v c php lut bo v. Mt khc, ngi mua c phiu ngh rng ng vn h u t c cc nh qun l cng ty s dng c hiu qu, to ra nhiu li nhun hoc nh gi hot ng cng nh tim nng pht trin, sinh li ca cng ty d nh u t l cao, v ng nhin h s c hng mt phn t nhng thnh qu thng qua vic thanh ton c tc cho cc c ng, ng thi gi tr c phn s hu cng s gia tng trn c s thc ti v trin vng pht trin ca cng ty mnh chn. Thng thng, kh nng sinh li, thu hi vn u t c phiu t l thun vi gi c giao dch c phiu trn th trng.

*C phiu ph thng Khi ni n hng ha trn th trng chng khon, ngi ta thng ngh ngay n c Phiu ph thng (common stock). Thc t ti nhiu nc trn th gii, th trng chng khon (the securities market) rt quen thuc i vi

mi ngi dn. V d, M, trung bnh c 4 ngi trn 25 tui th c mt ngi s hu (own) c phiu ph thng, hoc trc tip, hoc gin tip thng qua cc qu tng h (mutual funds) . Vy bn cht ca c phiu ph thng l g? Mt c phiu ph thng i din cho quyn s hu mt phn cng ty (represent a proportional ownership interest in a corporaton). Nu mt cng ty c 100 c phiu ang lu hnh (outstanding stock) v bn s hu mt trong s th c ngha l bn s hu 1/100 cng ty. Nu cng ty c 1.000.000 c phiu ang lu hnh v bn nm gi 1.000 c phiu th bn s hu 1.000/1.000.000 hay 1/1.000 cng ty. Thng thng, mt cng ty c th thay i s lng c phiu ang lu hnh bng cch bn cc c phiu b sung (selling additional shares) hay mua li v hu b mt phn cc c phiu pht hnh trc (buying back and cancelling some of the shares previously issued). Trong c hai trng hp trn, t l s hu ca cc c ng c trong cng ty u thay i. V d, mt cng ty pht hnh 100 c phiu ra cng chng (issue 100 shares to the public) v bn mua mt trong s ny. Nh vy, bn s hu 1/100 cng ty. Sau , cng ty pht hnh thm 100 c phiu na th t l s hu ca bn gim xung cn 1/200. Ni cch khc, t l s hu ca bn trong cng ty b pha long (diluted) do vic pht hnh c phiu mi (the issuance of new shares). Mt v d khc, gi s mt cng ty c 1.000.000 c phiu ang lu hnh v bn mua mt c phiu ca cng ty. Sau , cng ty mua li v hu b 250.000 c phiu. Vy, t l s hu ca bn trong cng ty t 1/1.000.000 tng ln 1/750.000. Lu l cn phn bit r c phiu ang lu hnh, c phiu c php pht hnh (authorized stock) v c phiu ngn qu (treasury stock). S lng c phiu c php php hnh, nh tn ca n ch ra, l s lng c phiu ti a m cng ty c th pht hnh. Quy nh ny t ra nhm trnh tnh trng pha long qu mc (excessive dilution) t l s hu trong cng ty ca cc c ng hin hu (current shareholders) . Trong thc tin, c nhiu cng ty khng pht hnh ht s lng c phiu m n c php . C phiu ang lu hnh l nhng c phiu m cng ty bn cho cc nh u t v cha mua li hu b hay cm gi. S lng c phiu ang lu hnh c s dng tnh ton t l s hu, t l n trn vn (debt-to-equity ratio). V nhiu l do khc nhau, mt cng ty c th mua li c phiu ca chnh mnh v nm gi nh cc nh u t bnh thng khc. Cc c phiu ny c gi l c phiu ngn qy v khng c tnh vo c phiu ang lu hnh. Ti sao c nhiu ngi u t vo c phiu? Khi mua c phiu, cc nh u t cng hng ti nhng mc tiu ging nh nhng ngi b tin ra mua hoc khi s doanh nghip: 1. H tm kim c tc (dividends), c ngha l h hy vng doanh nghip s to ra li nhun (generate profits) c th phn phi (distribute) cho cc ch s hu; 2. H tm kim li vn (capital gains), c ngha l h hy vng doanh nghip s tng trng v gi tr (grow in value) v do , h c th bn phn s hu ca mnh vi mc gi cao hn mc gi m h mua; 3. H tm kim nhng li ch v thu (tax benefits) m lut thu (tax code) dnh cho cc ch s hu doanh nghip. i vi cc nh u t khc nhau th tm quan trng ca mi yu t trn cng khc nhau bi v h khng c cng mt

mc ch u t (investment objective). V d, nhng ngi v hu vn phi sng da ch yu vo thu nhp t cc khon u t s cao vai tr ca c tc trong khi mt s ngi khc li ch hn n kh nng thu li vn. * C phiu i chng Mt trong nhng yu t rt quan trng m nh u t nn cn nhc trc khi quyt nh u t l tnh i chng ca c phiu (CP). Vy CP i chng l g v nh hng ca CP i chng i i vi vic u t nh th no? CP i chng l g? C th hiu CP i chng l CP c s lng cng chng tham gia u t ng o v chim mt t l nm gi cao trong tng s CP ph thng ca t chc pht hnh. Tnh i chng ca CP mt cng ty cng cao khi vn c phn cng ln, t l vn c phn pht hnh ra bn ngoi cao v c nhiu nh u t bn ngoi tham gia nm gi CP ca cng ty. Khi son tho Ngh nh 48/N-CP/1998 v chng khon v th trng chng khon (TTCK), cc nh lm lut rt ch ti kha cnh ny. Hai trong by iu kin mt cng ty c th pht hnh chng khon ra cng chng l: Mc vn iu l ti phiu l 10 t ng Vit Nam Ti thiu 20% vn c phn ca t chc pht hnh phi c bn cho trn 100 ngi u t ngoi t chc pht hnh. Trng hp vn c phn ca t chc pht hnh t 100 t ng tr ln th t l ti thiu ny l 15% vn c phn ca t chc pht hnh. Trn thc t, tnh i chng ca CP cn ph thuc vo mt s yu t sau: T l c phn ph thng c quyn chuyn nhng t do trn tng s vn c phn: iu ny lm cho CP c tnh thanh khon cao. Mc hn ch v thi gian chuyn nhng ca CP (i vi nh u t nc ngoi cng nh nh u t trong nc). T l lu k CP: CP nim yt mun mua bn phi c lu k li Trung tm giao dch. T l lu k thp tc l s lng CP c th tin hnh giao dch c s khng cao. T l nm gi ti a ca mt t chc, c nhn: Khi iu l cng ty cho php mt t chc hay c nhn nm gi mt t l cao trong tng s CP th ch cn vi c ng ln tham gia l khng cn CP bn cho cc c ng nh khc. Thm vo , CP ny d b thn tnh bi mt t chc hay c nhn nhm phc v cho li ch ring ca h. Lnh vc hot ng: CP ca cng ty hot ng trong cc lnh vc c bit m nh u t t c kin thc hay hiu bit v lnh vc ny th s khng thu ht c nhiu nh u t bng CP ca cng ty hot ng trong cc lnh vc c nhiu ngi bit n. Tnh hnh hot ng: Mt cng ty hot ng tt, bn vng s c kh nng thu ht nhiu cng chng u t vo cng ty. Mc cng khai thng tin: Nh u t s cm thy yn tm hn khi quyt nh u t vo mt loi chng khon m h c kh nng tm kim c thng tin cn thit v chng khon ny mt cch d dng v nhanh chng.

 ln ca TTCK: Khi quy m ca th trng cn nh, c t hng ho... s kh thu ht c nhiu cng chng u t v nh u t kh m mua c CP lc cn mua v bn CP vo thi im thch hp... C phiu i chng c u im g? Gi CP dao ng st hn vi gi tr ni ti ca chng: Gi CP dao ng ty thuc vo s phn on ca s ng m tm l s ng thng chnh xc hn tm l thiu s. Hn ch c hin tng u c, lng on th trng: Do s lng CP nhiu nn gi vn ho th trng (gi tr th trng ca cng ty) ln, nh u c kh m c tin lm khuynh o gi CP. Hot ng ca cng ty s minh bch hn: Hot ng ca cng ty, cc ng tnh ca cc nh qun l s c mt lng hng hu cc c ng mt ti nn c th hn ch c tiu cc xy ra. C tnh thanh khon cao: Do c s lng CP nhiu v c nhiu nh u t tham gia nn ti mt thi im no s c nhiu ngi bn v nhiu ngi mua... Ni chung, tnh i chng ca CP c quyt nh bi rt nhiu yu t. Nng cao tnh i chng ca CP l mt trong nhng cch doanh nghip qung b v bo v CP ca mnh.

Bi 3. Gii thiu tri phiu

1. Khi nim: Tri phiu l mt loi chng khon quy nh ngha v ca ngi pht hnh (ngi vay tin) phi tr cho ngi nm gi chng khon (ngi cho vay) mt khon tin xc nh, thng l trong nhng khong thi gian c th, v phi hon tr khon cho vay ban u khi n o hn. 2. c im: a. Mt tri phiu thng thng c ba c trng chnh: + Mnh gi. + Li sut nh k (coupon) + Thi hn.

b. Tri phiu th hin quan h ch n - con n gia ngi pht hnh v ngi u t . Pht hnh tri phiu l i vay vn. Mua tri phiu l cho ngi pht hnh vay vn v nh vy, tri ch l ch n ca ngi pht hnh. L ch n, ngi nm gi tri phiu (tri ch) c quyn i cc khon thanh ton theo cam kt v khi lng v thi hn, song khng c quyn tham gia vo nhng vn ca bn pht hnh.

c. Li sut ca cc tri phiu rt khc nhau, c quy nh bi cc yu t: Cung cu vn trn th trng tn dng. Lng cung cu vn li tu thuc vo chu k kinh t, ng thi chnh sch ca ngn hng trung ng, mc thm ht ngn sch ca chnh ph v phng thc ti tr thm ht . Mc ri ro ca mi nh pht hnh v ca tng t pht hnh. Cu trc ri ro ca li sut s quy nh li sut ca mi tri phiu. Ri ro cng ln, li sut cng cao. Thi gian o hn ca tri phiu. Nu cc tri phiu c mc ri ro nh nhau, nhn chung thi gian o hn cng di th li sut cng cao. 3. Phn loi tri phiu. 3.1. Cn c vo vic c ghi danh hay khng: - Tri phiu v danh: l tri phiu khng mang tn tri ch, c trn chng ch cng nh trn s sch ca ngi pht hnh. Nhng phiu tr li nh theo t chng ch, v khi n hn tr li, ngi gi tri phiu ch vic x ra v mang ti ngn hng nhn li. Khi tri phiu o hn, ngi nm gi n mang chng ch ti ngn hng nhn li khon cho vay. - Tri phiu ghi danh: l loi tri phiu c ghi tn v a ch ca tri ch, trn chng ch v trn s ca ngi pht hnh. Hnh thc ghi danh c th ch thc hin cho phn vn gc, cng c th l ghi danh ton b, c gc ln li. Dng ghi danh ton b m ang ngy cng ph bin l hnh thc ghi s. Tri phiu ghi s hon ton khng c dng vt cht, quyn s hu c xc nhn bng vic lu gi tn v a ch ca ch s hu trn my tnh. 3.2. Cn c vo i tng pht hnh tri phiu : Tri phiu chnh ph: l nhng tri phiu do chnh ph pht hnh nhm mc ch b p thm ht ngn sch, ti tr

cho cc cng trnh cng ch, hoc lm cng c iu tit tin t. Tri phiu chnh ph l loi chng khon khng c ri ro thanh ton v cng l loi tri phiu c tnh thanh khon cao. Do c im , li sut ca tri phiu chnh ph c xem l li sut chun lm cn c n nh li sut ca cc cng c n khc c cng k hn. Tri phiu cng trnh: l loi tri phiu c pht hnh huy ng vn cho nhng mc ch c th, thng l xy dung nhng cng trnh c s h tng hay cng trnh phc li cng cng. Tri phiu ny c th do chnh ph trung ng hoc chnh quyn a phng pht hnh. Tri phiu cng ty: l cc tri phiu do cc cng ty pht hnh vay vn di hn. Tri phiu cng ty c c im chung sau: Tri ch c tr li nh k v tr gc khi o hn, song khng c tham d vo cc quyt nh ca cng ty. Nhng cng c loi tri phiu khng c tr li nh k, ngi mua c mua di mnh gi v khi o hn c nhn li mnh gi. Khi cng ty gii th hoc thanh l, tri phiu c u tin thanh ton trc cc c phiu. C nhng iu kin c th km theo, hoc nhiu hnh thc m bo cho khon vay. Tri phiu cng ty bao gm nhng loi sau: Tri phiu c m bo: l tri phiu c m bo bng nhng ti sn th chp c th, thng l bt ng sn v cc thit b. Ngi nm gi tri phiu ny c bo v mt mc cao trong trng hp cng ty ph sn, v h c quyn i n i vi mt ti sn c th. Tri phiu khng bo m: Tri phiu tn chp khng c m bo bng ti sn m c m bo bng tn chp ca cng ty. Nu cng ty b ph sn, nhng tri ch ca tri phiu ny c gii quyt quyn li sau cc tri ch c bo m, nhng trc c ng. Cc tri phiu tn chp c th chuyn i cho php tri ch c quyn chuyn tri phiu thnh c phiu thng ca cng ty pht hnh. Tu theo quy nh, vic chuyn i c th c tin hnh vo bt c thi im no, hoc ch vo nhng thi im c th xc nh. Ngoi nhng c im trn, mi t tri phiu c pht hnh c th c gn km theo nhng c tnh ring khc na nhm p ng nhu cu c th ca mt bn no . C th l: - Tri phiu c th mua li cho php ngi pht hnh mua li chng khon trc khi o hn khi thy cn thit. c tnh ny c li cho ngi pht hnh song li bt li cho ngi u t, nn loi tri phiu ny c th c li sut cao hn so vi nhng tri phiu khc c cng thi hn. - Tri phiu c th bn li: cho php ngi nm gi tri phiu c quyn bn li tri phiu cho bn pht hnh trc khi tri phiu o hn. Quyn ch ng trong trng hp ny thuc v nh u t, do li sut ca tri phiu ny c th thp hn so vi nhng tri phiu khc c cng thi hn. - Tri phiu c th chuyn i cho php ngi nm gi n c th chuyn i tri phiu thnh c phiu thng, tc l thay i t cch t ngi ch n tr thnh ngi ch s hu ca cng ty. Loi tri phiu ny thuc vo nhm hng ho chng khon c th chuyn i c cp ti di y. 4. Li ch ca u t qua tri phiu: - D lm n thua l, cng ty vn phi tr tin li, khng ct gim hoc b nh c phiu. Nu cng ty ngng hot ng, thanh l ti sn, tri ch c tr tin trc ngi c c phn u i v c phn thng thng. Nhng nu cng ty c li nhun cao, cng ty c th chia thm c tc cho ngi c c phn, th tri ch vn ch c hng mc nh. - Tri phiu c loi c min thu thu nhp (tri phiu Chnh ph, tri phiu chnh quyn a phng). i vi nhng ngi c thu nhp cao, mua tri phiu trn vn c li. - Tri phiu trn th trng th cp c gi ln xung i nghch vi li sut th trng. Nu bit tnh ton phn tch

thc hin mua bn th vn c li. 5. Bt li khi u t tri phiu: - Khi nhn c tin li phi lo u t s tin v rt t cng ty c chng trnh ti u t tin li tri phiu. Trong khi , nhiu cng ty c chng trnh ti u t c tc. C ng c th mua thm c phn c min s ph, v c khi cn c mua c phn vi gi r hn gi th trng. - Gi tri phiu cng ty cng bin ng kh mnh trn th trng: khi li sut th trng ln cao hn li sut tri phiu th gi tri phiu s h. Khi c quan nh gi xp loi doanh nghip, nh gi cng ty pht hnh t loi AAA(3A) xung AA(2A) hoc xung BBB(3B) th gi tri phiu cng s b h. Hoc khi c s mt mt th trng, v n... th gi tri phiu cng s b h.V gi tri phiu cng s gim i khi c t ngi mua. 6. Khi u t tri phiu cn ch g? Trc khi mua tri phiu cn tm hiu hai iu: chiu hng ln xung ca li sut v uy tn ca cng ty pht hnh. Nn mua tri phiu lc li sut ang thi im cao nht v ang trn gim dn. V nn mua tri phiu di hn c th c hng li sut cao trong mt thi gian di. Ngc li, lc li sut ang mc thp nht v bt u tng, nn bn tri phiu di hn i mua vo tri phiu trung hn. Cc c tnh ca tri phiu chuyn i Tri phiu c tnh chuyn i (sau y gi tt l tri phiu chuyn i) l tri phiu c th chuyn thnh c phiu thng vo mt thi im c xc nh trc trong tng lai. Loi tri phiu ny c c im l c tr mt mc li sut c nh nn c v ging nh tri phiu nhng mt khc li c th chuyn i thnh loi c phiu thng ca cng ty v y cng chnh l im hp dn ca tri phiu c tnh chuyn i. Khi th trng ang pht trin, nh u t thng quan tm nhiu n c phiu (CP) nn th trng tri phiu (TP) b sa st. tng tnh hp dn vi ngi u t, cc cng ty pht hnh TP c th thm vo c tnh chuyn i, v cng ty s tr li sut thp hn cho nh u t s hu loi TP chuyn i ny. Ngc li, khi th trng TP pht trin, TP c tnh chuyn i s pht huy tc dng nh mt phng tin tng vn c phn da trn c s tr hon tr n v khi TP chuyn i bin thnh CP, vn huy ng ca cng ty s thay i t n sang vn. i vi cng ty pht hnh, TP chuyn i c cc yu t hp dn sau: 1. TP chuyn i c mc li sut thp hn TP khng c tnh chuyn i. 2. Cng ty c th loi tr chi ph tr li c nh khi thc hin chuyn i, v vy s gim c n. 3. Pht hnh TP chuyn i th cng ty s trnh c tnh trng tng s lng CP mt cch nhanh chng trn th trng (iu ny dn ti vic lm cho gi CP thng b st gim). 4. Bng vic pht hnh TP chuyn i thay cho pht hnh CP thng, cng ty s trnh khi tnh trng lm cho cc khon thu nhp trn mi c phn trc y b gim st. Bn cnh nhng thun li, TP chuyn i cng gy ra mt s bt li c th c i vi cng ty v cc c ng ca cng ty: 1. Khi TP c chuyn i, vn ch s hu b "pha long" do tng s CP lu hnh nn mi c phn by gi i din cho mt t l thp hn ca quyn s hu trong cng ty.

2. Do cc c ng thng tham gia vo vic qun l cng ty nn khi chuyn i c th gy ra mt s thay i trong vic kim sot cng ty. 3. S gim n cng ty thng qua chuyn i cng c ngha l mt i s cn bng ca cn cn n vn. 4. Kt qu chuyn i s lm gim chi ph tr li, tc l lm tng thu nhp chu thu ca cng ty. Do cng ty phi tr thu nhiu hn khi chuyn i. i vi nh u t khi nm gi TP chuyn i, nh u t s c c li th l s u t an ton ca th trng, thu nhp c nh v s tng gi tr tim n ca th trng vn. C th, TP chuyn i hp dn nh u t mt s c im: 1. TP chuyn i cng ging TP thng, tc l cng c thanh ton tin li vi mt li sut c nh v s c mua li vi gi bng mnh gi vo lc o hn. Theo nguyn tc th thu nhp t li sut TP thng cao hn v chc chn hn thu nhp t c tc trn CP thng. 2. Ngi nm gi TP chuyn i c quyn u tin hn cc c ng nm gi CP thng khi cng ty ph sn v b thanh l. 3. Gi th trng ca TP chuyn i s c chiu hng n nh hn gi CP thng trong thi k th trng sa st. Gi tr ca TP chuyn i trn th trng s c h tr bi cc li sut hin hnh ca nhng TP cnh tranh khc. 4. V TP chuyn i c th c chuyn thnh CP thng nn gi tr th trng ca chng s c chiu hng tng nu gi CP tng. 5. Khi TP chuyn i c chuyn i sang CP thng th khng c coi l mt s mua bn nn s khng phi chu thu trong giao dch chuyn i. Nhng nh ph bnh th cho rng TP chuyn i khng a ra c cc mc li sut tng ng vi s thiu bo ton vn (nhng TP khng c tnh chuyn i a ra cc mc li sut cao hn) v c xu hng ko gi CP thng xung bi v nh hng ca s "pha long" c th xy ra. Khi TP c tnh chuyn i c pht hnh mi th bao gi gi chuyn i cng lun cao hn gi th trng hin hnh ca CP thng, iu ny s gip hn ch vic nh u t chuyn i TP ngay lp tc. Nhng yu t nh hng n t l chuyn i hoc gi chuyn i ban u l: 1. Gi CP ti thi im TP c pht hnh. 2. Thu nhp d tnh ca t chc pht hnh v nh hng ca n trn gi CP. 3. Xu hng th trng (TP chuyn i s tr nn a chung i vi cc nh u t trong mt th trng CP ang ln). 4. Thi gian chuyn i (thi gian cng di, t l chuyn i ban u cng t thch hp). V TP chuyn i c th lm "pha long" vn nn cc c ng s c quyn u tin mua TP chuyn i c pht hnh mi vi gi u tin thp hn gi tr th trng ca TP . Khi TP chuyn i mi c pht hnh, cc c ng hin hu s nhn c giy chng nhn quyn u tin mua TP ny. Ngi nm gi quyn c th bn li quyn ny nu h khng s dng chng mua TP chuyn i. Tuy nhin nh u t cn lu mt iu l, nu cng ty phi ngng hot ng bi nhng tnh hung nh st nhp, hp nht hay gii th th nhng ngi nm gi TP chuyn i s b mt c quyn chuyn i ny. Cc TP u c gi tr u t d cho chng c tnh chuyn i hay khng. Gi tr u t ca TP khng c tnh chuyn i c cn c vo t l % li sut ca chng khi so snh vi nhng mc li sut ca cc u t khc c cng mc ri ro tng t. Gi tr u t c tnh ca mt TP c tnh chuyn i chnh l gi th trng m ti gi , TP s c bn nu TP khng chuyn i thnh CP thng.

Khi nh u t mua TP c tnh chuyn i th phi lun xem xt hai gi tr u t ca TP ny, l thu nhp ca TP v vic chuyn i TP thnh CP. Gi tr chuyn i ca TP l tng gi tr th trng ca CP thng m TP c th chuyn i c. i khi cc cng ty t ra nhng iu kin khuyn khch s chuyn i ca TP, mc d iu ny c bit n nh l s chuyn i p buc nhng thc t cc nh u t khng th b p buc chuyn i. Tuy nhin, nh pht hnh lun thay i cc tnh hung khuyn khch s chuyn i hn. Mt trong nhng phng cch l thc hin mua li TP. Cng ty c th mua li TP ti mc gi v ngy mua c xc nh trc (gi nh rng TP chuyn i cng c kh nng mua li ging nh c tnh chuyn i) v khi cc iu kin th trng khin cho cc tri ch nhn thy s chuyn i TP c th c li nhun hn l bn chng li cho cng ty pht hnh ti gi mua li ca cng ty th lc h s thc hin vic chuyn i thnh CP thng. V d, mt TP chuyn i c mnh gi 1.000 USD c th c chuyn thnh CP thng ti gi 25 USD (t l chuyn i l 40 i 1) v TP ny c mua li mc gi 1.050 USD. CP thng trn th trng hin ang c giao dch mc gi 30 USD, bng vic chuyn i mt TP m nh u t c th tr thnh ch s hu 40 CP thng vi tng gi tr l 1.200 USD. Nh vy, tri ch chuyn i chng thnh 40 CP thng ri bn chng c 1.200 USD hn l bn li TP chuyn i ny mc gi 1.050 USD. V nguyn tc, nh pht hnh khng c p buc bt c tri ch no chuyn i m h ch c quyn to ra cc iu kin s chp nhn chuyn i s tr thnh s la chn ti u cho tri ch. Nu cng ty pht hnh c quy nh iu khon mua li ton b TP chuyn i pht hnh th cng ty s n nh trc gi v ngy mua li. Khi ngy gi mua li n gn, gi CP thng s c giao dch ngy cng gn hn vi gi mua li ca TP chuyn i ri cui cng gi ca CP thng s c giao dch ti gi th trng thp hn cht t so vi gi gi mua li nhm trnh tnh trng tri ch chuyn i thnh CP thng.

Bi 4. Cc cng c phi sinh

I. Khi nim: Cng c phi sinh l nhng cng c c pht hnh trn c s nhng cng c c nh c phiu, tri phiu nhm nhiu mc tiu khc nhau nh phn tn ri ro, bo v li nhun hoc to li nhun. II. Cc loi cng c phi sinh: 1. Quyn la chn (Option) a. Khi nim: Quyn la chn l mt cng c cho php ngi nm gi n c mua (nu l quyn chn mua) hoc bn (nu l quyn chn bn) mt khi lng nht nh hng ho vi mt mc gi xc nh, v trong mt thi gian nht nh. Cc hng ho c s ny c th l c phiu, ch s c phiu, tri phiu, ch s tri phiu, thng phm, ng tin hay hp ng tng lai.

b. Nhng yu t cu thnh mt quyn la chn - Tn ca hng ho c s v khi lng c mua theo quyn. - Loi quyn (chn mua hay chn bn). - Thi hn ca quyn. - Mc gi thc hin theo quyn.

c. Nhng mc gi lin quan ti mt quyn la chn l: - Gi th trng hin hnh ca loi hng ho c s. - Gi hng ho c s thc hin theo quyn. - Gi quyn la chn. i vi quyn chn mua, nu gi thc hin thp hn gi hin hnh ca chng khon c s, th quyn c gi l ang c tin (in the money), tc l ngi c quyn c th c li t vic thc hin quyn. Nu gi thc hin bng vi gi th trng, quyn ang trng thi ho vn ( at the money), v nu cao hn, gi l ang mt tin (out of money). i vi quyn chn bn th ngc li, ngi thc hin quyn s c li nu gi bn thc hin quyn cao hn gi th trng ca hng ho c s v s b mt tin nu gi thc hin quyn thp hn gi th trng ca hng ho c s. Gi tr m ngi nm gi quyn la chn s nhn c bng cch thc hin quyn c gi l gi tr ni ti (intrinsic value). Nu quyn trng thi b mt tin, gi tr ni ti bng 0. Gi th trng ca mt quyn thng t nht l bng gi tr ni ti. Gi bn quyn c gi l phn ph tri, chnh lch gia gi bn quyn vi gi tr ni ti (trong trng hp quyn ang c tin) c gi l phn ph tri gi tr theo thi gian. Ni cch khc, khi : Gi tr theo thi gian ca quyn chn mua = Gi quyn - (gi th trng - gi thc hin). V d 1: Gi ca mt quyn chn mua XYZ l 400.000 ng, gi th trng ca XYZ l 42.000 ng. Ngi gi quyn c th chim ly 200.000 ngay tc th bng cch thc hin quyn, tc l mua 100 c phn ( mc gi c quyn n nh) vi tng chi ph 4.000.000 ng, cng theo mc gi thc hin theo quyn l 40.000 mt c phn; sau bn ngay vi gi th trng, thu v 4.200.000 . Gi tr ni ti ca quyn l 200.000 . Mc ph tri gi tr theo thi gian = gi quyn - gi tr ni ti = 400.000 - 200.000 = 200.000

Ngi mua vn sn sng tr phn ph tri cho cc quyn la chn v h nhn c nhiu li ch t mt quyn la chn. d. ng dng ca quyn la chn: Quyn la chn cho php nh u t thu c t l % li tc trn vn u t cao nht. V d 2: Gi s th trng hin nay ca c phiu XYZ l 42.000 VND/c phn, v bn d on sau na nm na, gi c phiu XYZ s tng mnh, ln ti 50.000 VND. Gi s cc quyn la chn c lin quan n giao dch c phiu XYZ c nim yt, bn c th mua mt quyn chn mua c phiu XYZ vi gi 40.000 VND/c phn. Trong vng 6 thng gi c phiu XYZ tng ln 50.000 VND/c phn. Bn c th buc ngi bn giao 100 c phn XYZ cho bn vi gi 40.000 VND/c phn, sau bn chng ra th trng vi gi 50.000 ng. Nhu vy bn to ra mt li nhun ng k. Trn thc t bn thu c li nhun 60.000 ng trn khon u t 40.000 ng, vy li sut l 150%, trong khong thi gian l 6 thng. Quyn la chn c s dng bo v li nhun V d 3: Vi XYZ ang c gi th trng l 44.000 ng, ngi s hu 100 c phn XYZ bn mt quyn chn mua XYZ 44.000 vi gi quyn l 400.000 ng. Nu gi th trng ca XYZ gim xung 40.000 ng, ngi bn s c bo v trc khon thua l nh c 40.000 ng nhn c t vic bn quyn chn. Nu XYZ tip tc gim gi th ng nhin ngi bn s mt tin. Nh vy khon thu 40.000 ng t vic bn quyn la chn to ra mt s bo v c b i vi tnh trng st gi. Nu trong 6 thng ti gi XYZ vn gi nguyn, quyn s khng c thc hin. Khon thu ph tri 40.000 ng l mt thu nhp b sung trn tng u t. 2. Quyn mua trc (right) Quyn mua trc l mt quyn la chn mua c thi hn rt ngn, c khi ch vi tun. Quyn ny c pht hnh khi cc cng ty tng vn bng cch pht hnh thm cc c phiu thng. Quyn cho php mt c ng mua c phiu mi pht hnh vi mc gi n nh trong mt khong thi gian xc nh. Loi quyn ny thng c pht hnh theo tng t, mi c phiu ang lu hnh c km theo mt quyn. S quyn cn mua mt c phiu mi c quy nh tu theo tng t pht hnh mi. Gi c phiu ghi trn quyn thng l thp hn gi hin hnh ca c phiu. Gi ca quyn tnh bng chnh lch gia gi th trng hin hnh ca c phn ang lu hnh v gi mua c phn mi theo quyn, chia cho s lng quyn cn c mua mt c phn mi. V d: c phiu bn theo quyn (gi thc hin) l 800.000 ng/c phn, nhng c gi th trng l 1.000.000 ng, nu c 10 quyn c mua mt c phn mi th gi ca quyn c xc nh theo cng thc Vr = P0 - Pn/r Trong : Vr l gi tr ca mt quyn, P0 l gi th trng ca c phiu ang lu hnh, Pn l gi thc hin c phiu mi v r l s quyn cn c mua mt c phiu mi. Vy, gi quyn y l Vr = (1.000.000 - 800.000)/10 = 20.000 ng. Nu khng mun thc hin quyn, c ng thng c th bn quyn trn th trng trong thi gian quyn cha ht hn. Gi quyn c th ln xung trong khong thi gian cho bn, tu thuc bin ng gi th trng ca c phiu. 3. Chng quyn (warrants) Chng quyn l quyn cho php mua mt s c phn xc nh ca mt c phiu, vi mt gi xc nh, trong mt thi hn nht nh. Quyn ny c pht hnh khi tin hnh t chc li cc cng ty, hoc khi cng ty mun khuyn khch cc nh u t tim nng mua nhng tri phiu hay c phiu u i nhng 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. c im: Khc vi quyn mua trc, chng quyn c thi hn di hn, do cng ty pht hnh cng c c s pht hnh ng

thi vi cng c c s. Khc vi quyn la chn (option), khi chng quyn c thc hin, n to thnh dng tin vo cho cng ty v tng thm lng c phiu lu hnh trn th trng. Chng quyn c th c giao dch tch ri vi tri phiu hay c phiu m n i km. Cc iu kin ca chng quyn c ghi r trn t chng ch: s c phiu c mua theo mi chng quyn (thngl 1:1); gi thc hin cho mi c phiu; ti thi im chng quyn c pht hnh, gi ny bao gi cng cao hn gi th trng ca c phiu c s, v gi c th c nh, c th c tng ln nh k; v thi hn ca quyn, a s trng hp l 5 n 10 nm. 4.Hp ng k hn Hp dng k hn l mt tho thun trong mt ngi mua v mt ngi bn chp thun thc hin mt giao dch hng ho vi khi lng xc nh, ti mt thi im xc nh trong tng lai vi mt mc gi c n nh vo ngy hm nay. Hng ho y c th l bt k th hng ho no; t nng sn, cc ng tin, cho ti cc chng khon. Theo hp ng ny th ch c hai bn tham gia vo vic k kt, gi c do hai bn t tho thun vi nhau, da theo nhng c tnh mang tnh cc nhn. Gi hng ho trn th trng giao ngay vo thi im giao nhn hng ho c th thay , tng ln hoc gim xung so vi mc gi k kt trong hp ng. Khi , mt trong hai bn mua v bn s b thit hi do cam kt mt mc gi thp hn (bn bn) hoc cao hn (bn mua) theo gi th trng. Nh vy bng vic tham gia vo mt hp ng k hn, c hai bn u gii hn c ri ro tim nng cng nh hn ch li nhun tim nng ca mnh. V ch c hai bn tham gia vo hp ng, cho nn mi bn u ph thuc duy nht vo bn kia trong vic thc hin hp ng. Khi c thay i gi c trn th trng giao ngay, ri ro thanh ton s tng ln khi mt trong hai bn khng thc hin hp ng. Ngoi ra, v mc gi t ra mang tnh c nhn v ch quan nn rt c th khng chnh xc. 5. Hp ng tng lai Hp ng tng lai, nh c tnh linh hot ca n, khc phc c nhng nhc im ca hp ng k hn, v thng c xem l mt cch thc tt hn ro chn ri ro trong kinh doanh. Nhng im khc bit cn bn ca hp ng tng lai so vi hp ng k hn l: 1. Nim yt trn s giao dch. Mt giao dch hp ng tng lai ni chung c x l trn mt S giao dch. im ny cho php gi c c hnh thnh hp l hn, do cc bn mua bn c cung cp thng tin y v cng khai. 2. Xo b ri ro tn dng. Trong cc giao dch hp ng tng lai c nim yt trn s giao dch, c hai bn bn v mua u khng bao gi bit v i tc giao dch ca mnh. Cng ty thanh ton b tr s phc v nh mt trung gian trong tt c cc giao dch. Ngi bn bn cho cng ty thanh ton b tr, v ngi mua cng mua qua cng ty thanh ton b tr. Nu mt trong hai bn khng thc hin c hp ng th vn khng nh hng g n bn kia. 3.Tiu chun ho. Cc hp ng k hn c th c tho ra vi mt hng ho bt k, khi lng, cht lng, thi gian giao hng bt k, theo tho thun chung gia hai bn bn, mua. Tuy nhin, cc hp ng tng lai nim yt trn s giao dch i hi vic giao nhn mt khi lng c th ca mt hng ho c th p ng cc tiu chun cht lng ti thiu, theo mt thi hn c n nh trc. 4. iu chnh vic nh gi theo mc gi th trng (Marking to market). Trong cc hp ng k hn, cc khon l, li ch c tr khi hp ng n hn. Vi mt hp ng tng lai, bt k mn li no cng c giao nhn hng ngy. C th l nu gi ca hng ho c s bin ng khc vi gi tho thun (gi thc hin hp ng) th bn b thit hi do s thay i gi ny phi tr tin cho bn c li t s thay i gi . Trn thc t, v khng bn no bit v i tc ca mnh trong giao dch, nn nhng ngi thua u tr tin cho cng ty thanh ton b tr, v cng ty ny s tr tin cho nhng ngi thng.

Bi 5. Pht hnh CK ln u ra cng chng (IPO).

Nh cp phn trc, khi nim pht hnh ln u ra cng chng (IPO) ch c hiu i vi vic pht hnh c phiu. Do vy sau y, chng ta s ch yu cp n vic pht hnh c phiu ln u ra cng chng. 1. iu kin pht hnh chng khon ln u ra cng chng: Mi nc c nhng qui nh ring cho vic pht hnh chng khon ln u ra cng chng. Tuy nhin, pht hnh chng khon ra cng chng thng thng t chc pht hnh phi m bo nm iu kin c bn sau: - V qui m vn: t chc pht hnh phi p ng c yu cu v vn iu l ti thiu ban u, v sau khi pht hnh phi t c mt t l phn trm nht nh v vn c phn do cng chng nm gi v s lng cng chng tham gia. - V tnh lin tc ca hot ng sn xut kinh doanh: cng ty c thnh lp v hot ng trong vng mt thi gian nht nh (thng khong t 3 n 5 nm). - V i ng qun l cng ty: cng ty phi c i ng qun l tt, c nng lc v trnh qun l cc hot ng sn xut, kinh doanh ca cng ty. - V hiu qu sn xut kinh doanh: cng ty phi lm n c li vi mc li nhun khng thp hn mc qui nh v trong mt s nm lin tc nht nh (thng t 2-3 nm). - V tnh kh thi ca d n: cng ty phi c d n kh thi trong vic s dng ngun vn huy ng c. Tuy nhin, cc nc ang pht trin thng cho php mt s trng hp ngoi l, tc l c nhng doanh nghip s c min gim mt s iu kin nu trn, v d: doanh nghip hot ng trong lnh vc cng ch, h tng c s c th c min gim iu kin v hiu qu sn xut kinh doanh. Vit Nam, theo qui nh ca Ngh nh 48/1998/-N-CP v chng khon v th trng chng khon v Thng t 01/1998/TT-UBCK hng dn Ngh nh 48/1998/-N-CP, t chc pht hnh pht hnh c phiu ln u ra cng chng phi p ng c cc iu kin sau: - Mc vn iu l ti thiu l 10 t ng Vit Nam; - Hot ng kinh doanh c li trong 2 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 c t t pht hnh c phiu. - Ti thiu 20% vn c phn ca t chc pht hnh phi c bn cho trn 100 ngi u t ngoi t chc pht hnh; trng hp vn c phn ca t chc pht hnh t 100 t ng tr ln th t l ti thiu ny l 15% vn c phn ca t chc pht hnh. - C ng sng lp phi nm gi t nht 20% vn c phn ca t chc pht hnh v phi nm gi mc ny ti thiu 3 nm k t ngy kt thc t 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. Nhng im thun li v bt li khi pht hnh chng khon ra cng chng. a. Nhng im thun li - Pht hnh chng khon ra cng chng s to ra hnh nh p v s ni ting ca cng ty, nh vy cng ty s d dng hn v tn t chi ph hn trong vic huy ng vn qua pht hnh tri phiu, c phiu nhng ln sau. Thm vo , khch hng v nh cung ng ca cng ty thng cng s tr thnh c ng ca cng ty v do vy cng ty s rt c li trong vic mua nguyn liu v tiu th sn phm. - Pht hnh chng khon ra cng chng s lm tng gi tr ti sn rng, gip cng ty c c ngun vn ln v c th

vay vn ca ngn hng vi li sut u i hn cng nh cc iu khon v ti sn cm c s t phin h hn. V d nh cc c phiu ca cc cng ty i chng d dng c chp nhn l ti sn cm c cho cc khon vay ngn hng. Ngoi ra, vic pht hnh chng khon ra cng chng cng gip cng ty tr thnh mt ng c vin hp dn hn i vi cc cng ty nc ngoi vi t cch lm i tc lin doanh. - Pht hnh chng khon ra cng chng gip cng ty c th thu ht v duy tr i ng nhn vin gii bi v khi cho bn chng khon ra cng chng, cng ty bao gi cng dnh mt t l chng khon nht nh bn cho nhn vin ca mnh. Vi quyn mua c phiu, nhn vin ca cng ty s tr thnh c ng, v c hng li trn vn thay v thu nhp thng thng. iu ny lm cho nhn vin ca cng ty lm vic c hiu qu hn v coi s thnh bi ca cng ty thc s l thnh bi ca mnh. - Pht hnh chng khon ra cng chng, cng ty c c hi tt xy dng mt h thng qun l chuyn nghip cng nh xy dng c mt chin lc pht trin r rng. Cng ty cng d dng hn trong vic tm ngi thay th, nh m to ra c tnh lin tc trong qun l. Bn cnh , s hin din ca cc u vin qun tr khng trc tip tham gia iu hnh cng ty cng gip tng cng kim tra v cn i trong qun l v iu hnh cng ty. - Pht hnh chng khon ra cng chng lm tng cht lng v chnh xc ca cc bo co ca cng ty bi v cc bo co ca cng ty phi c lp theo cc tiu chun chung do c quan qun l qui nh. Chnh iu ny lm cho vic nh gi v so snh kt qu hot ng ca cng ty c thc hin d dng v chnh xc hn.

b. Nhng im bt li - Pht hnh c phiu ra cng chng lm phn tn quyn s hu v c th lm mt quyn kim sot cng ty ca cc c ng sng lp do hot ng thn tn cng ty. Bn cnh , c cu v quyn s hu ca cng ty lun lun b bin ng do chu nh hng ca cc giao dch c phiu hng ngy. - Chi ph pht hnh chng khon ra cng chng cao, thng chim t 8-10% khon vn huy ng, bao gm cc chi ph bo lnh pht hnh, ph t vn php lut, chi ph in n, ph kim ton, chi ph nim yt... Ngoi ra, hng nm cng ty cng phI chu thm cc khon chi ph ph nh chi ph kim ton cc bo co ti chnh , chi ph cho vic chun b ti liu np cho c quan qun l nh nc v chng khon v chi ph cng b thng tin nh k. - Cng ty pht hnh chng khon ra cng chng phi tun th mt ch cng b thng tin rng ri, nghim ngt v chu s gim st cht ch hn so vi cc cng ty khc. Hn na, vic cng b cc thng tin v doanh thu, li nhun, v tr cnh tranh, phng thc hot ng, cc hp ng nguyn liu, cng nh nguy c b r r thng tin mt ra ngoi c th a cng ty vo v tr cnh tranh bt li. - i ng cn b qun l cng ty phi chu trch nhim ln hn trc cng chng. Ngoi ra, do qui nh ca php lut, vic chuyn nhng vn c phn ca h thng b hn ch.

Quy trnh pht hnh chng khon ln u ra cng chng Thng thng vic pht hnh chng khon ln u ra cng chng c thc hin theo cc bc sau: - T chc i hi c ng xin kin chp thun ca i hi c ng v vic pht hnh chng khon ra cng chng, ng thi thng nht mc ch huy ng vn; s lng vn cn huy ng; chng loi v s lng chng khon d nh pht hnh; c cu vn pht hnh d tnh phn phi cho cc i tng: Hi ng qun tr, c ng hin ti, ngi lao ng trong doanh nghip, ngi bn ngoi doanh nghip, ngi nc ngoi... - Hi ng qun tr ra quyt nh thnh lp ban chun b cho vic xin php pht hnh chng khon ra cng chng. Chc nng ch yu ca ban chun b l chun b cc h s xin php pht hnh np ln c quan qun l nh nc v chng khon v th trng chng khon; la chn t chc bo lnh pht hnh (nu cn), cng ty kim ton v t chc t vn v cng vi cc t chc ny xy dng phng n pht hnh v d tho bn co bch cung cp cho cc nh u t. - Ban chun b la chn ngi ng u t hp bo lnh pht hnh. Trong phn ln cc trng hp pht hnh chng

khon ln u ra cng chng, m bo s thnh cng ca t pht hnh th t chc pht hnh phi chn ra c mt t chc bo lnh pht hnh. T chc bo lnh pht hnh vi uy tn v mng li rng ln ca mnh s gip cho vic phn phi chng khon ca t chc pht hnh din ra mt cch sun s. Chnh v vy, khi tin hnh pht hnh chng khon ra cng chng th vic la chn t chc bo lnh pht hnh c ngha rt quan trng, v mang tnh quyt nh n s thnh bi ca t pht hnh. - Ngi ng u t hp bo lnh pht hnh la chn cc thnh vin khc ca t hp. Trong trng hp khi lng chng khon pht hnh l qu ln, vt qu kh nng ca mt t chc bo lnh pht hnh th t chc bo lnh pht hnh chnh (t chc bo lnh c la chn) s ng ra la chn cc thnh vin khc cng vi mnh tin hnh bo lnh cho ton b t pht hnh. - Ban chun b cng vi t hp bo lnh pht hnh, cng ty kim ton v t chc t vn tin hnh nh gi chng khon pht hnh. nh gi chng khon l khu kh khn nht v phc tp nht khi tin hnh pht hnh chng khon ra cng chng. Nu nh gi chng khon qu cao th s kh khn trong vic bn chng khon, cn nu nh gi chng khon qu thp th s lm thit hi cho t chc pht hnh. V th, vic nh gi chng khon mt cch hp l sao cho ngi mua v ngi bn u chp nhn c l ht sc quan trng v cn phi c phi hp ca t chc bo lnh, cng ty kim ton v t chc t vn ca cng ty. - Chnh thc thnh lp t hp bo lnh pht hnh v k hp ng bo lnh pht hnh vi t chc pht hnh. - Cng ty kim ton xc nhn cc bo co ti chnh trong h s xin php pht hnh. - T chc pht hnh np h s ln U ban chng khon. Thng thng t chc pht hnh s c tr li v vic cp hay t chi cp giy php trong mt thi hn nht nh k t ngy np h s xin php pht hnh y v hp l. Trong thi gian ch U ban chng khon Nh nc xem xt h s, t chc pht hnh c th s dng ni dung trong bn co bch s b thm d th trng. - Sau khi c cp php pht hnh, t chc pht hnh phi ra thng bo pht hnh trn cc phng tin thng tin i chng, ng thi cng b ra cng chng bn co bch chnh thc v vic thc hin vic phn phi chng khon trong mt thi gian nht nh k t khi c cp giy php. Thi hn phn phi c qui nh khc nhau i vi mi nc. Vit nam, theo qui nh ti Ngh nh 48/Chnh ph v chng khon v th trng chng khon th thi hn ny l 90 ngy, trong trng hp xt thy hp l v cn thit, U ban chng khon nh nc c th gia hn thm. - Tin hnh ng k, lu gi, chuyn giao v thanh ton chng khon sau khi kt thc t phn phi chng khon. - Sau khi hon thnh vic phn phi chng khon, t chc pht hnh cng vi t chc bo lnh pht hnh phi bo co kt qu t pht hnh cho U ban chng khon v tin hnh ng k vn vi c quan c thm quyn. - Trng hp t chc pht hnh c iu kin nim yt th c th lm n xin nim yt gi ln U ban chng khon v S giao dch chng khon ni cng ty nim yt.

Bi 6. H thng thng tin th trng chng khon

I. Ch s gi c phiu: a. Khi nim: 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. Gi bnh qun thi k gc thng c ly l 100 hoc 1.000. Khi thng bo v th trng chng khon nh ch s gi chng khon Hn Quc KOSPI ngy 9/1/1998 l 440.78 im cng ch ng ni v ch s gi c phiu ca ngy ny so vi gc chn l ngy 4/1/1980 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 445.28 th c ngha l th trng 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 vi gi ng ca hm trc v nhn vi 100 th ta c s bin i theo % ( (5.5/440.78) x 100 = 1.25%). Ch s ga c phiu c coi l phong v biu th hin tnh hnh hot ng ca th trng chng khon. y l thng tin rt quan trong i vi hot ng ca th trng, i vi nh u t v nh gi kinh t. Tt c cc th trng chng khon u xy dng h thng ch s gi c phiu cho ring mnh. Ch s gi c phiu c tnh cho: - Tng c phiu v c thng bo trn bo ch. - Tt c c phiu thuc th trng ca mt quc gia, nh ch s gi Hangseng ca Hng Kng; ch s gi c phiu tng hp ca Hn Quc (KOSPI)... - Tng ngnh, nhm ngnh, nh ch s gi c phiu ngnh cng nghip ca M (DJIA) - Th trng quc t nh ch s Hangseng Chu (HSAI), ch s Dow Joness quc t (DJWSI)... 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 ngy , ngy so vi ngy trc , so vi u nm; ch s gi cao nht, thp nht trong nm, s c phiu c ch s tng trong k v gim trong k v phn tch bin ng theo ngnh... b. Mt s ch s gi chng khon thng c thng bo trn cc phng tin thng tin i chng. * Cc ch s ca Nht Bn: - Ch s NIKKEI 225: 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 tnh 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 DowJones. - 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. * Cc ch s ca Anh: - Ch s 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 tng gi mt 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 tr gi gc l 100. - Ch s FT-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 tr gi gc l 1.000. * Cc loi ch s ca M:

1. Ch s Dow Jones: 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 ln nht th gii. Ch s Dow Jones ni chung 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 (Dow Jones Industrial Average), Vn ti DJTA (Dow Jones Transportation Average) v Dch v DJUA (Dow Jones Utilities Average). Ch s DJIA 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 ra v cng b trn Wall Street Journal t nm 1896. Bt 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 m rng ra 20 c phiu v nm 1928 tng ln 30 c phiu v gi 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 chim v th thay th. Cng ty duy nht cn li n nay k t u l cng ty General Electric. Ch s DJTA 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 thu v hng khng c nim yt ti S giao dch chng khon New York. Ch s ngnh phc v cng cng (DJUA): c cng b trn t bo Wall Street t thng 1 nm 1929. Ch s ny c tnh t gi ng ca chng khon ca 15 cng ty ln nht trong ngnh kh t v in. Tuy ch c 65 c phiu nhng khi lng giao dch ca chng chim n hn 3/4 khi lng giao dch ca TTCK New York, bi vy ch s Dow Jones 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 Jones 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 tng trng th ch s tng v ngc li. Tuy nhin, gi chng khon ni ring, gi ca th trng ni chung u l tng hp ca hng lot yu t nh: cc yu t kinh t v m, cc yu t ca mi trng u t... nht l yu t tm l ca ngi u t. Nhiu khi mi ch c du hiu tng trng ca nn kinh t (m thc s cha c) l mc lc quan ca nh u t c th rt cao v h ua nhau i mua chng khon, y gi ln cao. Ngc li, c khi tnh hnh cha n ni ti t, nhng mi ngi hong ht bn tng bn tho chng khon lm gi gim ti t. V d: Ngay khi Bill Clinton cng nhn ngi tnh Lewinsky th ch s Dow Jones gim ngay 200 im

Bi 7. Cc h s hot ng

Cc h s hot ng xc nh tc m mt cng ty c th to ra c tin mt nu c nhu cu pht sinh. R rng l mt cng ty c kh nng chuyn i hng d tr v cc khon phi thu thnh tin mt nhanh hn s c tc huy ng tin mt nhanh hn. Cc h s sau y v vic tnh ton c thit lp da trn gi nh rng mt nm c 360 ngy. a. H s thu hi n trung bnh: Vic tm ra k thu hi n bn hng trung bnh ca mt cng ty s cho bn bit cng ty phi mt bao lu chuyn cc khon phi thu thnh tin mt. Lu rng doanh s bn thu tin ngay c loi khi tng doanh thu. Cc khon phi thu K thu hi n trung bnh = ------------------Doanh s bn chu hng nm/ 360 ngy V d: Nu bng cn i k ton ca mt cng ty cho bit s liu ca cc khon phi thu l $700.000 v bo co thu nhp ca n cho bit doanh s bn chu l $5.500.000, th: $700.000 K thu hi n trung bnh = --------------------- = 45.8 ngy. $5.500.000 / 360 ngy Cng nh cc h s khc, k thu hi n trung bnh phi c xem xt trong mi lin h vi cc thng tin khc. Nu chnh sch ca cng ty l bn chu cho khch hng trong vng 38 ngy th thi hn 45.8 ngy cho thy l cng ty gp kh khn trong vic thu hi n ng hn v cn xem xt li chnh sch bn chu ca mnh. Ngc li, nu chnh sch thng thng ca cng ty l n nh thi hn thu hi n l 55 ngy, th thi hn trung bnh 45.8 ngy cho thy chnh sch thu hi n ca cng ty l c hiu qu. Cn ch l h s thu hi n trung bnh ch l mt s trung bnh v c th dn n s hiu nhm. V d, xem xt cng ty A v b, c cng gi tr cc khon phi thu nhng c thi biu thu hi n khc nhau. b. H s thanh ton trung bnh i lp vi cc khon phi thu l cc khon phi tr. tm ra thi hn thanh ton trung bnh i vi cc khon phi thu, ta chia cc khon phi tr cho tin mua hng chu mi nm Cc khon phi tr Thi hn thanh ton trung bnh = -----------------------Tin mua hng chu hng nm / 360 ngy Tuy nhin, tin mua hng chu hng nm khng c cp trong mt bo co ti chnh. c c s liu ny, phi

d tnh t l gi tr hng ho c mua chu. V d : tnh ton thi hn thanh ton trung bnh. Gi nh rng s liu cc khon phi tr ca cng ty l 275.000 USD. Nu gi mua hng l 3.000.000 USD v d tnh l 80% hng ho ny c mua chu th thi hn thanh ton trung bnh l bao nhiu? S tin mua chu hng nm s l 2.400.000 USD (3.000.000 x 0.80). By gi, thi hn thanh ton trung bnh i vi cc khon phi tr c th c tnh nh sau: $275.000 Thi hn thanh ton trung bnh = --------------- = 41.3 ngy 0.80 x $3.000.000 /360ngy Thi hn thanh ton trung bnh (i vi cc khon phi tr) ca cng ty l 41.3 ngy. Bt k thi hn no ngn hn c ngha l ngi bn dnh cho cng ty mt khon chit khu hoc ngi bn cho rng cng ty ang trong tnh trng ri ro cao nn a ra cc iu khon cht ch hn v thi hn thanh ton n. Bt k thi hn no di hn cng c ngha l cng ty nhn c cc iu khon tn dng u i, hay cng ty l mt "ngi tr chm", tc l cng ty ang s dng nhng ngi cung cp nguyn liu nh mt ngun ti tr. Ngi bn, ni chung bao gi cng mun nhn c tin cng sm cng tt, thng tnh ton h s ny nhm bit c bao lu th h c th thu hi tin ca mnh t cng ty. Do vic thanh ton chm thng c li cho cng ty, nn nh qun l - ngi kim sot vic thanh ton c nhim v phi lm cn bng hai thi cc li ch gia nh cung cp v cng ty. Nu thi hn thanh ton trung bnh ca ngnh vt qu h s ca cng ty, th nh qun l c th tm ra l do ti sao vic mua chu ca cng ty li b hn ch v phi lm g c c thi hn mua chu di hn t nhng nh cung cp. Chuyn nhng c phn v th trng chng khon Thnh lp cng ty c phn, mua bn c phiu l cng c hu hiu thc hin x hi ha u t. Nh nc to c ch thun li cho vic chuyn nhng c phiu; trong ch trng bo v li ch cho ngi mua. Cng ty c phn - x hi ha u t X hi ha u t l vic Nh nc to ra thi c thun li mi ngi, mi t chc c th thc hin c tng u t ca mnh, lm cho h tr thnh ch nhn tht s ca nn kinh t. X hi ha u t nhm khai thc tim nng sng to ca ton x hi, tim nng cht xm ca ton x hi c huy ng trong nn kinh t, lm cho kho tng cht xm ca x hi ngy cng phong ph. X hi ha u t to nn c hi huy ng vn phong ph, a dng, to ra c hi s dng ngun lc x hi mt cch linh hot v hiu qu. X hi ha u t tht s l thc hin dn ch ha nn kinh t, ngi lao ng c c hi tr thnh ngi ch tht s, c c hi gim st cc hot ng qun l, cho php tm ra ngi qun l tt nht, hiu qu nht, to ra ng lc mi cho s pht trin ca ton x hi. Cng ty c phn l cng c hu hiu thc hin x hi ha u t, mi c nhn, t chc, khng tr mt ai u c c c hi nh nhau thc hin tng u t vi th tc ht sc n gin l mua c phn ca cng ty c phn, khi h l c ng v c kh nng th hin ch ca mnh thng qua i hi ng c ng.

Chuyn nhng c phn vic mua c phn c d dng, thun li, lut php quy nh cc c ng c quyn t do chuyn nhng c phn cho ngi khc (tr mt s trng hp v iu kin php lut quy nh nhm bo v li ch ngi mua). Quy nh c ng t do chuyn nhng c phn to nn th trng vn, th trng chng khon. Lung vn u t x hi s c lun chuyn trn th trng, iu to ra c hi cho cc nh u t thay i, iu chnh mc tiu u t ht sc d dng, to cho nhng ai c tng u t vo mt lnh vc no , c iu kin thc hin tng u t ca mnh thng qua vic mua c phn n mc ln c th iu hnh c cng ty. Nu nh gi tr doanh nghip c xc nh chnh xc, hp l, th vic mt s ngi no c th tr gi rt cao c phn ca cng ty no c quyn s hu v iu hnh cng ty c phn l vic ht sc bnh thng. Vic thay i cc c ng trong cng ty c phn cng l iu bnh thng, l du hiu pht trin cng ty. Vic chuyn nhng c phn mt cch thun li chnh l to iu kin cho cng ty c phn thu ht c nng lc u t ca x hi: tin vn v tri thc. T thc t nu trn cho thy, Nh nc cn to c ch bn, mua c phn ht sc thun li cho ngi dn thc hin. Vic chuyn nhng c phn gia cc c ng c th c tin hnh bng hnh thc trc tip v gin tip. Chuyn nhng trc tip Cc c ng c th chuyn nhng c phn cho nhau, cho ngi khc ngoi cng ty thng qua vic trao i trc tip, y ngi mua c iu kin trc tip xc nh, nh gi cht lng hng ha, v trc tip tr gi cho ngi bn. Hnh vi chuyn nhng ny do hai bn mua bn t tha thun theo quy nh giao dch dn s. bo v li ch cho ngi mua c phn l ngi khng tham gia thnh lp cng ty c phn, khng bit c thc trng cng ty khi mi thnh lp, lut doanh nghip quy nh iu kin hn ch i vi ngi bn l nhng c ng sng lp cng ty. Khon 1 iu 58 Lut doanh nghip quy nh: Trong thi hn ba nm u, k t ngy cng ty c cp giy chng nhn ng k kinh doanh, cc c ng sng lp phi cng nhau nm gi t nht 20% s c phn ph thng c quyn cho bn. C phn ph thng ca cc c ng sng lp c th chuyn nhng cho ngi khng phi l c ng nu c s chp thun ca i hi ng c ng. C ng d nh chuyn nhng c phn khng c quyn biu quyt v vic chuyn nhng cc c phn . Sau thi hn ba nm cc quy nh ny ht hiu lc. Quy nh cc c ng sng lp phi cng nhau nm gi t nht 20% s c phn ph thng c quyn cho bn l quy nh bt buc c tnh cng nhc rng buc ngha v vt cht ca cc c ng sng lp i vi ngi mua, trnh tnh trng tuyn truyn la o thu ht ngi mua. Quy nh chuyn nhng c phn cho ngi ngoi cng ty l quy nh mm mang tnh tha thun gia cc c ng trong cng ty. Vic tha thun ny c th c quy nh trong iu l cng ty hoc trong ngh quyt hp i hi ng c ng. Nh vy cc c ng sng lp c th quy nh mt s ngi phi gi 20% s c phn hoc quy nh mi ngi phi gi 20% c phn. Do vy khi nh gi s vi phm v vic chuyn nhng c phn trong ba nm u ca cng ty c phn cn xem xt ba iu kin sau: C ng sng lp l ai? Tng s c phn cc c ng sng lp s hu trong sut thi gian ba nm u c di 20% hay khng? Vic chuyn nhng c ng iu l khng? Nu cc cng ty c phn c thnh lp trc khi Lut doanh nghip c hiu lc th phi cn c vo iu l cng ty v lut cng ty, vic vn dng Lut doanh nghip khng c p t hi t m ch l mt s gii thch.

Lut cng ty khng nh ngha sng lp vin th khng th p t khi nim sng lp vin trong Lut doanh nghip suy lun xc nh li ca cng ty hay li ca cc c ng. Khi ch cn c vo iu l xc nh vic chuyn nhng c phn c ph hp vi iu l hay khng. Vic chuyn nhng gin tip Cc cng ty c phn c bn c phn trn th trng chng khon phi tun th cc iu kin nghim ngt v tnh minh bch ti chnh, v kh nng sinh li, phi c y ban chng khon thm nh v phi tun th cc quy tc kim ton theo php lut v chng khon. Nhng quy nh cht ch ny nhm mc ch bo v li ch cho ngi mua, v khi cc cng ty nim yt bn c phn trn th trng th ngi mua khng c iu kin trc tip kim tra, nh gi cht lng hng ha. S can thip ca Nh nc trong vic thm nh cc cng ty c phn ng k bn c phn l mt chng thc tin cy ngi mua tr gi mua hng. Ngi mua thc hin vic mua c phn ch qua cc thng tin c Nh nc kim nh, ngi mua khng nhn thy hng ha c th, nu cc thng tin ny b sai lch th c rt nhiu ri ro i vi ngi mua. iu ny cho thy php lut v chng khon cn phi ht sc c th, phi c thc hin y bo v li ch cng ng ngi mua.

Bi 8. Bo gi chng khon: Cch bo gi v hiu lc ca gi

Mt bo gi in hnh c th din t theo cc cch nh: "thu vo l8.000 - bn ra l8.200", hoc "mua l8.000 - bn ra 18.200", hoc gn hn " l 8.000 - l 8.200). y ta thy khon lch gi l 200 - ta c th gi l lch hai gi theo cch ca Vit Nam. Gi nh ta c bn nh to gi ang bo gi cho Cng ty Thin Nam, nh minh ho di: Nh to gi Thu vo Bn ra Quy m mua bn Cty CK BVSC 20.800 21.200 1.000 x 1.000 Cty CK BSC 20.700 21.100 2.000 x 2.000 Cty CK ACBS 20.700 21.300 2.000 x 3.000 Cty CK TDMS 20.600 21.400 200 x 4.000 Nu c mt lnh mua 800 c phn ca Thin Nam, nh kinh doanh CK s mua ca Cng ty CK BSC, v c gi bn ra thp nht, c th l 21.100. V lng mua t (ch c 800 c phn) trong khi quy m cho bn l 2.000 c phn, nn sau khi giao dch BSC vn cn li l.200 c phn c th s c bn theo gi nu nh c l 21.100 . Nu gi nh Cng ty CK kia nhn c tng lng t mua theo lnh khng phi l 800 m ln n 4.000 c phn, ta xem nh kinh doanh trn th trng OTC ny s hnh x th no? Trc tin h s lin h mua ca BSC trc s lng 2.000 vi gi 21.100 . Sau khi m gn lng cho bn ca BSC v cn n 2.000 c phiu cn mua h xoay sang Cng ty CK BVSC mua 1.000 c phn vi gi 21.200 . Nh vy gi th trng c phiu ca Thin Nam tng ln mt gi, t 21.100 ln 2l.200. Nhng vn cha xong, nh kinh doanh phi cy n Cng ty CK ACBS mua cho thm 1.000 c phn na, gi by gi l 2l.300 , giao dch cui cng ny y gi th trng ln thm mt gi na, ln 21.300 . Ta thy, kt thc giao dch ny CK c th nhanh chng vt ln hai gi. Vi yu cu mua 4.000 CP, m cng ty BSC c (hoc d) bn cho nh kinh doanh cng lc vi gi 21.100 , th h s chng g ca thm hai nh to gi khc, v gi th trng s chng tng. Trng hp ngc li, gi nh nu c mt lnh bn 4.000 CK trong th trng OTC, th theo bi cnh ang c minh ho, nh kinh doanh s thc hin bn theo th t: trc tin 1.000 c phn cho Cng ty CK BVSC, v ti y c gi thu vo cao nht: 20.800 . K h s bn ra cho cc cng ty ACBS v BSC 3.000 c phn cn li vi g 20.700 . Kt qu mua bn nh vy y gi thu vo (bid) ca th trng t 20.800 xung mt gi.

Bi 9. Cc ch s chng khon

u t chng khon khng ch cn c kin thc v ti chnh, m iu quan trng l cn nhy bn v c kh nng phn tch tng hp. i vi cc chuyn gia "lo luyn" trn th trng chng khon, ri ro v thua l trong u t c phiu l iu khng th chp nhn c. V hn ch ri ro n mc thp nht, mt trong s cc cng thc thnh cng ca nhng nh u t chuyn nghip m bn nn p dng l thng xuyn kim tra v phn tch ch s gi c phiu trn th trng. Lc sinh thi, nh bc hc ni ting bc nht th k XX Albert Enstein, cha ca thuyt tng i, c nhn danh hiu "Ngi c b c c o v thng minh nht hnh tinh". Nhng cho n cui i, Albert Enstein vn khng ht ngc nhin v s k diu ca cc li sut v nhng tnh ton "rc ri" trn th trng chng khon. Ch s gi c phiu s l mt trong nhng s phc tp n kh hiu i vi nhng ngi mun tm hiu v cc thng tin u t chng khon Ch s gi c phiu l thng tin rt quan trong i vi hot ng ca th trng, i vi nh u t v nh gi kinh t bi n th hin tnh hnh hot ng ca th trng chng khon. Tt c cc th trng chng khon u xy dng h thng ch s gi c phiu cho ring mnh. 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. Gi bnh qun thi k gc thng c ly l 100 hoc 1.000. V d, khi thng bo v th trng chng khon cp n ch s gi chng khon Hn Quc KOSPI ngy 9/1/2003 l 440.78 im, tc l ng ni v ch s gi c phiu ca ngy ny so vi gc chn l ngy 4/1/1980 vi gi gc l 100. So snh gi tr ch s gia hai thi im khc nhau, ta c mc bin i gi gia hai thi im . Nu tr gi ch s KOSPI ngy 10/1/2003 l 445.28, c ngha l th trng Hn Quc c du hiu phc hi vi ch s KOSPI tng 5.5 im trong ngy. Nu em con s ny so snh vi gi ng ca hm trc v nhn vi 100, ta s c s bin i theo % (5.5/440.78) x 100 = 1.25%). Ch s gi c phiu c tnh cho tng c phiu v c nim yt trn bo ch: c th l ch s cho tt c c phiu trn th trng ca mt quc gia, nh ch s gi Hangseng ca Hng Kng, ch s gi c phiu tng hp ca Hn Quc (KOSPI); c th l ch s cho tng ngnh, nhm ngnh, nh ch s gi c phiu ngnh cng nghip ca M (DJIA) hoc cho trng quc t nh ch s Hangseng Chu (HSAI), ch s Dow Joness quc t (DJWSI)... Mt s yu t sau cng thng c thng k, tng hp i vi ch s gi v thng bo rng ri: ch s gi ngy no , ngy so vi ngy trc , so vi u nm; ch s gi cao nht, thp nht trong nm, s c phiu c ch s tng trong k v gim trong k v phn tch bin ng theo ngnh... Mt s ch s gi chng khon thng c thng bo trn cc phng tin thng tin i chng. Cc ch s ca th trng chng khon Nht Bn Ch s NIKKEI 225: 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 do Thi bo kinh t Nht tnh ton v cng b. Ch s ny cn c gi l ch s NIKKEI Dow v phng php tnh ca n nh phng php tnh cc ch s DowJones. Ch s TOPIX: ch s ny tnh cho tt c chng khon quan trng nim yt ti th trng chng khon Tokyo. Thi im gc l 4/1/1968 vi gi tr gc l 100.

Cc ch s ca th trng chng khon Anh Ch s FT-30: l ch s gi 30 c phiu cng nghip hng u ca th trng chng khon London. Ch s ny c cng b mi gi k t 10 gi sng n 3 gi chiu v ti thi im ng ca s giao dch chng khon London. Thi gian gc l nm 1935 vi tr gi gc l 100. Ch s FT-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 tr gi gc l 1.000. Cc ch s ca th trng chng khon M Ch s Dow Jones ni chung c hiu l ch s gi chng khon bnh qun ca th trng chng khon New York, mt th trng ln nht th gii 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 New York. Ch s Dow Jones bao hm 3 ch s thuc 3 nhm ngnh: cng nghip DJIA (Dow Jones Industrial Average), vn ti DJTA (Dow Jones Transportation Average) v dch v DJUA (Dow Jones Utilities Average). Ch s DJIA: 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 ra v cng b trn Wall Street Journal t nm 1896. Ban u, cng ty ch tnh gi bnh qun ca 12 c phiu. Ngy tnh u tin l ngy 26/5/1896 vi mc gi bnh qun ngy ny l 40.94 USD. Nm 1916, ng m rng ra 20 c phiu v nm 1928 tng ln 30 c phiu. S lng ny c gi vng cho n ngy nay. Nhm Top 30 ny thng xuyn c s thay i. Khi cng ty no sa st n khng tiu chun c th c xp vo Top 30 ca cc c phiu Blue Chip, cng ty lp tc s b thay th bng mt cng ty khc ang trn tng trng. Cng ty duy nht lun c mt trong Top 30 k t bui s khai ca th trng chng khon l General Electric. Ch s DJTA: c cng b ln u tin vo ngy 26/10/1896. Cho n 2/1/1970, ch s ny vn mang tn ch s cng nghip ng st, v trong khong thi gian ny, ngnh ng st pht trin rt mnh v ng st chnh l phng tin vn ti ch yu. Ch s DJTA bao gm 20 c phiu ca 20 cng ty vn ti, i din cho ngnh ng st, ng thu v hng khng, c nim yt ti S giao dch chng khon New York. T nm 1970 n nay, ch s ny tr thnh mt b phn ca ch s DowJones. Mc d st nhp vi Dow Jones v khng c mt trn th trng chng khon, nhng mt s cc cng ty thuc ngnh ng st M vn tnh ton nh k ch s DJTA cho ring mnh nhm nh gi thc trng hot ng trong ni b ngnh. Ch s DJUA: l ch s ngnh dch v cng cng, c cng b trn Wall Street Journal t thng 1 nm 1929. Ch s ny c tnh t gi ng ca chng khon ca 15 cng ty ln nht trong ngnh kh t v in. Tuy ch c 65 c phiu nhng khi lng giao dch ca chng chim n hn 3/4 khi lng ca th trng chng khon New York, v th, ch s Dow Jones 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 Jones ni ring, c coi l nhit k o tnh trng sc kho ca nn kinh t, x hi. Thng thng, nn kinh t tng trng th ch s ny tng v ngc li. Tuy nhin, gi chng khon ni ring, hay gi ca th trng ni chung, u l kt qu c tng hp t hng lot yu t nh: cc yu t kinh t v m, cc yu t ca mi trng u t... nht l yu t tm l ca ngi u t. Nhiu khi, cc du hiu tng trng ca nn kinh t mi ch thp thong xa, mc lc quan ca nh u t c th rt cao v h ua nhau i mua chng khon, y gi ln cao. Ngc li, c th tnh hnh cha n ni ti t, nhng mi ngi hong ht bn ra t lm gi chng khon gim mnh. V d, cch y cha y 2 thng, sau khi c tin cn bo Katrina e do hot ng cng nghip khai thc du ti Vnh Mheco, ch s Down Jones gim gn 76 im. Nguyn nhn l cc nh u t bn

ra mt s lng c phiu kh ln v lo ngi cc c phiu cng nghip s mt gi sau khi cn bo i qua. Nhng trn thc t, khng c c phiu cng nghip no st gim c, bi v cc cng ty ch ng i ph kp thi vi cn bo. Qu tht, kinh doanh chng khon khng phi l vic n gin v th trng chng khon khng phi l ch cho nhng "tay m", bi v ri ro c th p n bt c lc no m ngay c nhng ngi d c kinh nghim n u cng kh trnh khi. hn ch ri ro n mc thp nht, mt trong nhng li khuyn ca cc nh u t lo luyn l bn nn lun theo di st sao cc ch s gi c phiu trong ngy.

Bi 10. Bn co bch
1. Bn co bch l g? Khi pht hnh chng khon ra cng chng, cng ty pht hnh phi cng b cho ngi mua chng khon nhng thng tin v bn thn cng ty, nu r nhng cam kt ca cng ty v nhng quyn li c bn ca ngi mua chng khon... trn c s ngi u t c th ra quyt nh u t hay khng. Ti liu phc v cho mc ch gi l Bn co bch hay Bn cng b thng tin. Bn co bch chnh l mt li mi hay cho bn cng chng u t ng k hoc mua chng khon ca cng ty pht hnh. Bn co bch bao gm mi thng tin lin quan n t pht hnh. Do , thng tin a ra trong Bn co bch s gn vi cc iu khon thc hin li mi hay cho bn. Thng thng, mt cng ty mun pht hnh chng khon phi lp Bn co bch U ban Chng khon Nh nc xem xt, gi l Bn co bch s b. Bn co bch s b khi c U ban Chng khon Nh nc chp thun s c coi l Bn co bch chnh thc. Khi thc hin cho bn chng khon, ngoi Bn co bch chnh thc, cng ty pht hnh thng cung cp Bn co bch tm tt. Ni dung Bn co bch tm tt l tm gn li nhng ni dung chnh ca Bn co bch chnh thc nhng vn phi m bo tun th theo cc quy nh ca U ban Chng khon Nh nc. 2. Ti sao cn phi c Bn co bch Bn co bch l mt ti liu rt quan trng.Vi t cch l mt nh u t, Bn co bch l phng tin gip bn nh gi mc sinh li v trin vng ca cng ty trc khi bn quyt nh c u t vo cng ty hay khng. Mt quyt nh thiu thng tin c th lm bn phi tr gi t. Bi vy, bn nn c Bn co bch mt cch k lng v tm hiu r nhng may ri thc s ca cng ty trc khi ra quyt nh u t. Bn nn nh gi cn thn nhng yu t c bn ca cng ty ng k nim yt thng qua nghin cu cc thng tin trong Bn co bch. Mc d nhng t cho bn ln u ra cng chng thng l c hi u t tt v chng thng mang li li nhun ban u cao, do c phiu tng gi, nhng ri ro vn tn ti. 3. Bn co bch thng gm 8 mc chnh sau: Trang ba; Tm tt Bn co bch; Cc nhn t ri ro; Cc khi nim; Chng khon pht hnh; Cc i tc lin quan ti t pht hnh; Tnh hnh v c im ca t chc pht hnh;

Ph lc. 4. Cch s dng bn co bch Bn nn bt u phn tch mt cng ty pht hnh bng Bn co bch ca cng ty. Trong qu trnh thc hin bn nn t t ra cho mnh mt s cu hi quan trng. V d, vic kinh doanh ca cng ty c tin trin hay khng?, doanh s bn hng tng c ngha l li nhun cng tng v dn ti gi c phiu tng. Nhng cc con s cha phi ni ln tt c. Do vy, bn nn nghin cu k Bn co bch tm ra nhng du hiu tng trng ca cng ty. Bn cng nn tm hiu v Ban gim c ca cng ty pht hnh, cc sn phm ca cng ty v t t ra cu hi liu cc sn phn ny c tip tc bn c na khng? 5. Nhng thng tin cn xem Trang ba (mt trc v mt sau); Thi gian cho bn; Cc khi nim; Tnh hnh v c im ca t chc pht hnh; Bng mc lc; Tm tt Bn co bch; Tm tt v vn c phn, thng k s liu pht hnh / cho bn, s n v phng n s dng tin thu c t t pht hnh; Chng khon pht hnh; Thng tin v ngnh kinh doanh; Thng tin ti chnh; Thng tin v c ng, Hi ng qun tr v Ban gim c; Cc i tc lin quan ti t pht hnh; Cc nhn t ri ro lin quan n ngnh kinh doanh v trin vng ca cng ty; Ph lc; Th tc np h s v chp thun. 6. Thng tin chnh ca trang ba Cc chng khon s c bn; S lng chng khon s c bn;

Gi bn cc chng khon; T chc lin quan n t pht hnh. 7. Tm tt bn co bch Phn ny gip bn tm hiu khi qut nhng thng tin tm tt v cng ty. Gii thiu chung v cng ty pht hnh, cc hot ng kinh doanh, ngi h tr pht hnh, cc c ng ln v Ban gim c ca cng ty; Tm tt v thng tin ti chnh ca cng ty pht hnh, k c trin vng ca cng ty; Tm tt v cc yu t ri ro lin quan hoc nh hng ti hot ng kinh doanh v ti chnh ca cng ty pht hnh; Tm tt v vn c phn, thng k pht hnh hoc cho bn, s n, s tin thu c t t pht hnh v mc ch s dng s tin ny. Ngoi ra bn nn i chiu vi cc phn tng ng khc trong Bn co bch c c cc thng tin chi tit m bn cn quan tm. Thng tin v ngnh kinh doanh - cng ty ang c nhng hot ng kinh doanh g? Thng tin a ra thng bao gm: Tnh hnh (cc) ngnh kinh doanh chnh m cng ty pht hnh tham gia; Trin vng ca (cc) ngnh lin quan c nh hng ti hot ng ngnh kinh doanh chnh ca cng ty pht hnh; Loi sn phm, dch v kinh doanh chnh ca cng ty; Khch hng v nh cung cp ca cng ty pht hnh; Cng ngh, phng thc sn xut v knh phn phi s dng; Cc nhn t thng mi nh h thng bn l, i l, h thng phn phi, nhn hiu sn phm, giy php kinh doanh, bng sng ch v kh nng nghin cu v pht trin. i vi cc cng ty ng k nim yt c hng chnh sch u i th phn thng tin v ngnh kinh doanh ny trong Bn co bch cng cn phi cng b chi tit cc vn v cng ngh ca nhng cng ty ny. 8. Thng tin ti chnh - cng chng u t tham gia c lm li nhun gim? Thng tin ti chnh l mt phn quan trng trong Bn co bch v thng c chia thnh 2 phn: Thng tin ti chnh trong qu kh; Thng tin ti chnh trong tng lai.

a) Phn thng tin ti chnh trong qu kh Thng bao gm tm tt cc bn bo co ti chnh c kim ton, v bng cn i k ton (trn c s tng hp) theo mu, c trch ra t Bo co ca kim ton trong phn ph lc ca Bn co bch. Mt s ngnh kinh doanh cn yu cu cung cp c thng tin v lung thu nhp. Vic cng b thng tin ti chnh trong qu kh thng c tnh t 2 nm ti chnh trc. Thng tin phi i km vi phn gii thch v phn tch hot ng ti chnh trong qu kh. Nu c bt c mt sai st no trong cc thng tin ti chnh c cng b m U ban Chng khon pht hin c th t chc kim ton cng nh t chc bo lnh pht hnh phi chu trch nhim lin i trc php lut cng vi t chc pht hnh. b. Phn thng tin ti chnh tng lai Gm cc d tnh v: Doanh thu; Li nhun trc thu trc v sau khi tnh li cho c ng thiu s ngoi cng ty; Li nhun sau thu; Tng c tc v c tc rng. T d tnh v li nhun v gi cho bn c phiu ca cng ty pht hnh, bn c th tnh ra cc mc gi th trng ca mt c phiu tnh theo thu nhp trn mi c phiu trong nm ca cng ty pht hnh (c k hiu l P /E). H s ny cho thy khi no th gi c phiu ph hp vi thu nhp. Tc l cc cng ty c nhiu c hi tng trng thng c P /E cao hn cc cng ty c t c hi tng trung. Tuy nhin, cng cn lu trng hp P /E cao c th l do mc thu nhp (E) thp. Cn c vo h s P /E, cng vi s phn tch v mt cht lng ca cng ty pht hnh, bn c th nh gi t pht hnh, cho bn c phiu ca cng ty so vi cc mc c phiu c nim yt ca cc cng ty trong cng ngnh. 9. C ng, Hi ng qun tr v Ban gim c - nhng ai l ngi iu hnh t pht hnh Bn nn c danh sch cc c ng, Hi ng qun tr v Ban gim c. Mc d cc d liu a ra khng phi l con du m bo v cht lng k nng qun l ca h, nhng bn vn c th bit c trnh chuyn mn v kinh nghim qun l ca nhng con ngi ny. Bn cn ch cc quyn li ca cc c ng ln, Hi ng qun tr v i ng lnh o ch cht trong cc ngnh tng t hoc cc ngnh cnh tranh nu chng c nu trong Bn co bch. Bn cng nn ch cc giao dch trong qu kh hoc trong tng lai vi cc cng ty lin quan. Bn co bch s cung cp y cc nhm thnh vin sau: C ng ln v cc nh sng lp ca cng ty pht hnh, k c tn v c phn ca cc c nhn ng ng sau cng ty; Hi ng qun tr bao gm c phn m h i din, chi tit v trnh , kinh nghim v phn trch nhim ca mi gim c, v h c phi l cc gim c iu hnh hay khng; i ng cn b qun l di cp u vin Hi ng qun tr, chi tit v trnh , kinh nghim v phn trch nhim ca h; T l s hu c phiu, tri phiu ca tng thnh vin ni trn.

10. Cc yu t ri ro Cc ri ro chung bao gm: Vic tng, gim gi chng khon ph thuc vo cc iu kin ca th trng chng khon ni chung, ca tnh trng kinh t t nc v th gii; Nhng thay i trong chnh sch ca Chnh ph; Nhng ri ro v ngoi hi; Nhng thay i v t l li sut; Nhng ri ro c th xy ra ca cng ty bao gm: S ph thuc vo nhng cn b ch cht; S ph thuc vo mt s t cc khch hng, nh cung cp hoc cc d n trong ni b cng ty; Nhng thay i v gi nguyn liu th; S hp nht gi cc i th cnh tranh hoc cc cng ty mi tham gia vo ngnh; Tranh chp c th bt u pht sinh hoc b mang ra to. Trong phn ny bn cn tm hiu xem Hi ng qun tr ca cng ty nh gii quyt hoc lm gim nh hng ca cc nhn t ri ro xc nh nh th no.

Bi 11. Qu u t v Cty qun l qu trong vic chuyn i cc tng Cty NN

thc hin vic u t - kinh doanh chng khon trn th trng ti chnh, i hi cng chng v cc nh u t khng ch c kin thc v chng khon v th trng chng khon (TTCK) m cn phi thng xuyn quan tm, theo di, bm st thc trng, phn tch xu hng pht trin ca th trng vn. lm c iu ny i hi cc nh u t phi tin hnh kho st thc tin, thu thp thng tin, ti liu tin hnh phn tch tng chng khon c th, lp v qun l danh mc u t... nhm hn ch ri ro, nng cao hiu qu vn u t. Vi lnh vc nghip v, chuyn mn c bit ny, ch nhng chuyn gia v cc nh u t chuyn nghip mi c th thc hin c. V vy, mu thun gia nhu cu u t vi kh nng hn ch v tri thc, thng tin v cng ngh c gii quyt bi qu trnh hp tc v phn cng lao ng x hi trong hot ng u t - kinh doanh chng khon. T nhu cu thc tin dn n s hnh thnh tng bc nhng mi quan h kinh t tt yu trn c s ca s phn cng v phi hp nhng quan h v s hu vn, qun tr v iu hnh vic s dng vn u t mt cch c t chc... Cng vi n, nhng ngi ch s hu vn u t thnh lp nhng t chc ti chnh di m hnh nh: "qu u t", "cng ty u t", "cng ty qun l qu u t"... Qu u t (QT) v cng ty qun l qu u t (CtyQLQ) ra i xut pht t nhu cu ni ti ca th trng ti chnh v khi TTCK pht trin mc nht nh. Thc tin chng minh rng, mc d TTCK xut hin t gia th k XV nhng cc QT, CtyQLQ mi ch bt u xut hin vo cui th k XIX v pht trin mnh m t gia th k XX n nay. QT v CtyQLQ thng c hnh thnh mt cch tun t, t n gin n phc tp, quy m t nh n ln v m hnh t chc - qun l ngy cng hon thin, phm vi hot ng t quc gia n quc t. Lch s pht trin ca cc QT, CtyQLQ cho thy, m hnh khi im l cc QT tp th, cha phi l php nhn, sau l thi k pht trin ca cc QT di dng cng ty theo m hnh "ng" ri mi xut hin v pht trin di m hnh "m". T thc tin, s pht trin khng ngng ca cc QT v CtyQLQ trn th trng ti chnh l mt trong nhng kt qu trc tip ca s pht trin ca phn cng lao ng x hi trong lnh vc ti chnh. Cc QT v CtyQLQ u t c nhng nhim v ch yu nh sau: Huy ng vn u t; Qun l v thc hin qu trnh u t trn c s cc ngun vn huy ng c; Lu k, bo qun ti sn v t chc gim st cc hot ng u t; thc hin nhng nhim v ny, QT v CtyQLQ u t phi gii quyt tt nhng mi quan h trn TTCK, th trng tin t. Trong , c nhng mi quan h vi cc ngn hng, cng ty ti chnh... vi t cch l t chc bo lnh pht hnh, lu k, bo qun ti sn, gim st hot ng ca cc CtyQLQ u t hoc thc hin cc hp ng y thc huy ng vn, qun l danh mc u t cho cc QT.

Nhng ni dung c bn ca hot ng u t: Hot ng u t l nhim v quan trng nht, gi vai tr quyt nh n s thnh cng hay tht bi i vi mi QT, CtyQLQ u t. V vy, tin hnh u t, cc QT, CtyQLQ u t phi t chc thc hin nghim tc quy trnh hot ng u t (theo S a) nghin cu u t, cc QT v CtyQLQ u t s dng cng c phn tch c bn, nhm tp trung gii quyt nhng vn v m nh: phn tch s tc ng ca li sut, t gi, chnh sch kinh t - x hi, cc quan h kinh t quc t... tc ng ti hot ng u t - kinh doanh chng khon; pht hin, d on khuynh hng pht trin v nhng bin ng c th sy ra i vi ton b nn kinh t - c bit l i vi th trng ti chnh v trin vng pht trin ca tng ngnh, tng lnh vc c th. ng thi, tnh ton kh nng sinh li, trin vng tng trng, phn tch ri ro i vi tng loi chng khon c th; QT, CtyQLQ u t s dng cng c phn tch k thut thc hin iu ny. Mc tiu u t c xc nh v thit lp trn c s nhng kt qu nghin cu th trng v phn tch li nhun, ri ro theo quy trnh nh s 3. ng thi, phi xut pht t kh nng ti chnh, kh nng tham gia ca cc nh u t, nhng c im v mc tiu thnh lp qu... Trn c s , phi xc nh mc tiu u t l thu nhp, li vn hay kt hp c hai mc tiu ny bo tn v pht trin qu mt cch hiu qu nht. Mc tiu u t c thc hin thng qua cc chin lc u t. Ngha l, chin lc u t phi c thnh lp trn c s mc tiu u t. Cn c vo mc tiu u t ch ng xy dng chin lc u t xc nh c cu ti sn (phn b ti sn) v la chn chng khon theo hng nng ng hoc theo c cu n nh. T hnh thnh chin lc u t mang tnh ch ng hay th ng hoc s dng chin lc hn hp c hai thuc tnh ny hnh thnh danh mc u t. Chin lc u t mang tnh ch ng: p dng chin lc ny, danh mc u t thng tp trung vo cc cng c ti chnh mang tnh mo him, mc ri ro cao nh i vi vic u t - kinh doanh c phiu, cc cng c ti chnh phi sinh v lin quan nhiu n yu t to lp th trng. Vi vic p dng chin lc ny, cc nh hoch nh k vng vo s tng trng v gi tr tng lai hoc vo s pht trin t bin la chn ngnh, lnh vc v cc chng khon c th. iu ny i hi phi s dng thun thc c hai loi cng c phn tch nu trn c th pht huy tnh ch ng, khng ngng chuyn ha c cu ti sn v i mi chng khon. Ngc li, chin lc u t mang tnh th ng thng dn tri ti sn v a dng ha chng khon trong danh mc u t; nhm b p gia li nhun v ri ro c c thu nhp n nh, hn ch ri ro n mc c th chp nhn c i vi tng chng khon c th. Vi vic p dng chin lc ny, cc nh hoch nh thng phn b ti sn ch yu vo cc cng c ti chnh c thu nhp tng i n nh nh tri phiu Chnh ph, hoc thit lp danh mc u t theo kt cu ch s. V bn cht, y ch l s sao chp li mt cch th ng mc li nhun ca ton th trng v khng k vng vo loi hnh chng khon v lnh vc kinh t c th no, cn kt qu hot ng u t th b l thuc vo din bin khch quan ca th trng. Trong nhng iu kin c bit, chin lc ny pht huy c hiu qu u t rt cao. V d, trong thi k Trung tm Giao dch Chng khon (TTGDCK) mi trin khai hot ng Vit Nam, mc d cc nh u t thc hin chin lc u t mt cch th ng theo ch s c phiu vi danh mc u t rt n iu v ch tp trung vo c phiu. Nhng, do gi c c phiu lin tc tng ln trong khong thi gian kh di nn vic p dng chin lc u t th ng l hp l, n gin v hiu qu nht. Cc QT v CtyQLQ cng c th p dng chin lc u t mang tnh hn hp trn c s phi hp c hai chin lc

nu trn. V d, pht huy tnh ch ng trong vic phn b ti sn, thng xuyn thay i c cu chng khon trong danh mc u t nhng trong vic la chn chng khon th nm gi cc danh mc u t theo ch s i vi tng loi chng khon c th. Tnh cht hn hp ca chin lc u t cng c th c thc hin theo hng th ng trng tm. thc hin chin lc ny, trng tm ca danh mc u t l nhng chng khon c la chn theo ch s. B phn cn li ca danh mc u t c thc hin theo phng thc ch ng. nng cao hiu qu vn u t; vic qun tr, iu hnh QT, CtyQLQ u t phi lun lun hng vo cc ch tiu kinh t c bn nh: tng thu nhp, t l thu nhp, tng chi ph, t l chi ph v cht lng hot ng ca b my qun tr iu hnh. ng thi, cc QT, CtyQLQ u t khng ch khai thc v s l tt cc thng tin th trng, m cn phi cung cp thng tin mt cch chnh xc, kp thi, y v tnh hnh ti chnh v hot ng QT, CtyQLQ u t. Hi ng qun tr phi cung cp cho cc NT cc bo co v tnh hnh hot ng u t, tnh hnh ti chnh. Nu QT theo m hnh hp ng th phi cung cp cho nh u t cc ti liu bo co nh k ca CtyQLQ u t, bo co ca ngi th y v cc bo co ti chnh (bao gm: bo co v ti sn v cng n, thu nhp v chi ph, s thay i gi tr ti sn rng...). Danh mc u t th hin mt cch tng th mc tiu, chin lc u t, vic phn b ti sn v la chn chng khon khng ch i vi cc loi hnh chng khon, ngnh, lnh vc m QT, CtyQLQ u t quan tm; m cn th hin c mc tiu, phm vi hot ng ca chng trn th trng ti chnh th gii. Danh mc u t ca cc QT, CtyQLQ cc nc trn th gii trong nhng nm qua khng ch tp trung vic phn b ti sn v la chn nhng chng khon cc th trng vn pht trin m cn tranh th nhng c hi u t vo nhng TTCK ang phc hi nhng quc gia thc hin vic chuyn i m hnh kinh t (c bit l i vi TTCK ca mt s nc ng u, Nga v Trung Quc). Ti Vit Nam, cc nh u t nc ngoi (TNN) cng bt u quan tm, tin hnh u t, thnh lp CtyQLQ Vit Nam tn dng nhng c hi u t xut hin trn TTCK v trong qu trnh c phn ha (CPH) doanh nghip nh nc (DNNN). Nm 2003, ln u tin Vit Nam, CtyQLQ u t c thnh lp, l Cng ty Lin doanh QLQ u t chng khon Vit Nam- VietFund Management (VFM). y l mt lin doanh gia Cng ty Dragon Capital Management v Ngn hng Thng mi (NHTM) C phn Si Gn Thng Tn. QT v CtyQLQ u t i vi vic chuyn i cc Tng cng ty (TCty) nh nc sang m hnh tp on kinh t Vic i mi cc TCty nh nc thnh cc tp on kinh t thch ng vi nhng iu kin ca nn kinh t th trng trong bi cnh cnh tranh gay gt, trc ngng ca ca vic Vit Nam ra nhp WTO v ca qu trnh hi nhp, ton cu ha nn kinh t th gii tr thnh mt trong nhng nhim v trong tm ca ci cch khu vc kinh t nh nc Vit Nam trong giai on hin nay. Thc tin th gii cho thy, tng cng s ch ng v vn v pht trin lnh vc u t ti chnh, ngoi nhng "cng ty con" l ngn hng, cng ty ti chnh (CtyTC), cc tp on kinh t phi ngn hng cn c CtyQLQ u t v hng lot cc QT chng khon. CtyQLQ u t (cn c gi l CtyQLQ) v cc QT v ang to tin cho s pht trin hng mnh ca hu ht cc tp on kinh t (c bit l i vi cc cng ty xuyn quc gia - Trannationanl Corporations). V vy, vic thnh lp cc QT v CtyQLQ u t s tr thnh vn tt yu thc y s hnh thnh v pht trin cc tp on kinh t Vit Nam - c bit l i vi vic chuyn i v pht trin cc TCty nh nc theo m hnh tp on kinh t. Cho n nay tt c cc TCty nh nc u cha thnh lp QT v CtyQLQ. Mc d c mt vi TCty nh nc thnh lp CtyTC, nhng vi m hnh v phng thc hot ng nh hin nay, cc CtyTC cc TCty nh nc khng th y mnh lnh vc hot ng u t - kinh doanh chng khon. iu ny v ang din ra i vi nhng CtyTC

ca cc TCty nh nc c quy m ln nht. V d: Theo m hnh t chc hin nay, TCty Bu chnh Vin thng Vit Nam (VNPT) c 117 n v thnh vin, bao gm: cc n v hch ton ph thuc, cc n v hch ton c lp, cc n v s nghip v cc cng ty c vn gp chi phi ca VNPT. Trong , 70 n v thnh vin ca VNPT hot ng theo ch hch ton ph thuc gm 61 Bu in tnh, thnh ph v 9 Cng ty chuyn ngnh. Nhng doanh nghip ny chim trn 90% tng vn u t pht trin hng nm ca VNPT v to ra gn 85% doanh thu ca VNPT. Cc n v thnh vin ca VNPT c lin quan mt thit vi nhau v li ch kinh t, ti chnh, cng ngh, cung ng, tiu th, dch v, thng tin, o to, nghin cu, tip th trong lnh vc bu chnh - vin thng v cc lnh vc lin quan n vic pht trin ngnh Bu chnh - Vin thng. Nm 2003 tng doanh thu ca VNPT t 24.997 t ng. Trong , doanh thu t dch v bu chnh - vin thng chim 91,3%, np ngn sch nh nc 4.145 t ng; ngun vn ch s hu ca VNPT ln ti 29.608 t ng. c c nhng thnh tu ny, ngay t khi thc hin "Quy hoch pht trin bu chnh vin thng giai on 1996-2000" VNPT vn dng sng to v trit ch trng a dng ha cc ngun vn: thu ht vn u t nc ngoi thng qua hnh thc hp ng hp tc kinh doanh (BCC); lin doanh gp vn vi cc i tc nc ngoi, khai thc ngun vn h tr pht trin (ODA) v cc ngun vn tn dng t cc NHTM. ng thi, khc phc thi quen trng ch vo cc ngun vn t TCty v khai thc nhng ngun vn tm thi nhn ri ca cc n v thnh vin, khai thc cc ngun vn trn th trng ti chnh, thc hin vic u t ti chnh, nm 1998 VNPT thnh lp CtyTC Bu in (PTF) kinh doanh ti chnh thng qua cc hot ng nh: huy ng v cho vay vn; pht hnh k phiu, tri phiu, chng ch tin gi v cc loi giy t c gi; kinh doanh dch v ngn qu... Mc d PTF tch cc hot ng trong lnh vc ti chnh nhng cho n nay hot ng ch yu ca PTF l thc hin cho vay theo y thc, cho vay trc tip, cho vay ng ti tr cn i vi hot ng u t khng ng k. Nm 2003, quy m hot ng u t - kinh doanh chng khon v gp vn lin doanh mua c phn mi ch t hn 3 t 107 triu ng. Thc trng ny cng ang din ra ti cc CtyTC hin c cc TCty nh nc (CtyTC Dt may, CtyTC Cao su, CtyTC Tu thu, CtyTC Du kh). Trong khi , thng 8/2004 QT Chng khon Vit Nam (VF1) khi t chc khai trng huy ng huy ng 300 t ng vn iu l c php pht hnh. Nh vy c th khng nh rng, mt trong nhng nguyn nhn ch yu l ch: cc CtyTC khng phi l doanh nghip chuyn hot ng kinh doanh cc sn phm ti chnh di hnh thc chng khon. V vy, c th bt nhp v ho nhp vo th trng ti chnh, ng thi, thc y s chuyn i t m hnh TCty sang m hnh tp on di dng "cng ty m-cng ty con" vic thnh lp QT chng khon v CtyQLQ l ph hp vi xu hng pht trin v nhng tim nng hin c ca cc TCty nh nc. Bi 12. Cc loi hnh qu u t

Qu u t l mt nh ch ti chnh trung gian phi ngn hng thu ht tin nhn ri t cc ngun khc nhau u t vo cc c phiu, tri phiu, tin t, hay cc loi ti sn khc. Tt c cc khon u t ny u c qun l chuyn nghip, cht ch bi cng ty qun l qu, ngn hng gim st v c quan thm quyn khc. Ti sao nh u t s dng qu u t? Nh u t c nhn hay php nhn thng quyt nh u t thng qua qu bi 05 yu t:

o Gim thiu ri ro nh a dng ha danh mc u t o Tit kim chi ph nhng vn t cc yu cu v li nhun o c qun l chuyn nghip o Gim st cht ch bi cc c quan thm quyn o Tnh nng ng ca qu u t. Mi nh u t tham gia u t vo qu s s hu mt phn trong tng danh mc u t ca qu. Vic nm gi ny c th hin thng qua vic s hu cc chng ch qu u t. Cc loi hnh qu u t Hin nay, trn th gii c rt nhiu loi hnh qu u t cn c theo cc tiu ch phn loi khc nhau. 1. Cn c vo ngun vn huy ng: + Qu u t tp th (qu cng chng) L qu huy ng vn bng cch pht hnh rng ri ra cng chng. Nh u t c th l c nhn hay php nhn nhng a phn l cc nh u t ring l. Qu cng chng cung cp cho cc nh u t nh phng tin u t m bo a dng ha u t, gim thiu ri ro v chi ph u t thp vi hiu qu cao do tnh chuyn nghip ca u t mang li. + Qu u t c nhn (Qu thnh vin) Qu ny huy ng vn bng phng thc pht hnh ring l cho mt nhm nh cc nh u t, c th c la chn trc, l cc c nhn hay cc nh ch ti chnh hoc cc tp on kinh t ln, do vy tnh thanh khon ca qu ny s thp hn qu cng chng. Cc nh u t vo cc qu t nhn thng vi lng vn ln, v i li h c th tham gia vo trong vic kim sot u t ca qu. 2. Cn c vo cu trc vn ng vn: + Qu ng y l hnh thc qu pht hnh chng ch qu mt ln duy nht khi tin hnh huy ng vn cho qu v qu khng thc hin vic mua li c phiu/chng ch u t khi nh u t c nhu cu bn li. Nhm to tnh thanh khon cho loi qu ny, sau khi kt thc vic huy ng vn (hay ng qu), cc chng ch qu s c nim yt trn th trng chng khon. Cc nh u t c th mua hoc bn thu hi vn c phiu hoc chng ch u t ca mnh thng qua th trng th cp. Tng vn huy ng ca qu c nh v khng bin i trong sut thi gian qu hot ng. Hnh thc qu ng ny mi c p dng ti Vit Nam, l Qu u t VF1 do cng ty VFM huy ng vn v qun l. + Qu m Khc vi qu ng, tng vn ca qu m bin ng theo tng ngy giao dch do tnh cht c th ca n l nh u t c quyn bn li chng ch qu u t cho qu, v qu phi mua li cc chng ch theo gi tr thun vo thi im giao dch. i vi hnh thc qu ny, cc giao dch mua bn chng ch qu c thc hin trc tip vi cng ty qun l qu v cc chng ch qu khng c nim yt trn th trng chng khon. Do vic i hi tnh thanh khon cao, hnh thc qu m ny mi ch tn ti cc nc c nn kinh t v th trng chng khon pht trin nh Chu u, M, Canada... v cha c mt ti Vit Nam.

3. Cn c vo c cu t chc v hot ng ca qu: + Qu u t dng cng ty Trong m hnh ny, qu u t l mt php nhn, tc l mt cng ty c hnh thnh theo quy nh ca php lut tng nc. C quan iu hnh cao nht ca qu l hi ng qun tr do cc c ng (nh u t) bu ra, c nhim v chnh l qun l ton b hot ng ca qu, la chn cng ty qun l qu v gim st hot ng u t ca cng ty qun l qu v c quyn thay i cng ty qun l qu. Trong m hnh ny, cng ty qun l qu hot ng nh mt nh t vn u t, chu trch nhim tin hnh phn tch u t, qun l danh mc u t v thc hin cc cng vic qun tr kinh doanh khc. M hnh ny cha xut hin Vit Nam bi theo quy nh ca UBCKNN, qu u t khng c t cch php nhn. + Qu u t dng hp ng y l m hnh qu tn thc u t. Khc vi m hnh qu u t dng cng ty, m hnh ny qu u t khng phi l php nhn. Cng ty qun l qu ng ra thnh lp qu, tin hnh vic huy ng vn, thc hin vic u t theo nhng mc tiu ra trong iu l qu. Bn cnh , ngn hng gim st c vai tr bo qun vn v cc ti sn ca qu, quan h gia cng ty qun l qu v ngn hng gim st c th hin bng hp ng gim st trong quy nh quyn li v ngha v ca hai bn trong vic thc hin v gim st vic u t bo v quyn li ca cc nh u t. Nh u t l nhng ngi gp vn vo qu (nhng khng phi l c ng nh m hnh qu u t dng cng ty) v y thc vic u t cho cng ty qun l qu bo m kh nng sinh li cao nht t khon vn ng gp ca h. Chc nng hot ng ca Cng ty qun l qu Theo khi nim v cng ty qun l qu u t (Fund Management) ti th trng chng khon M, cng ty qun l qu l cng ty chuyn trch thc hin vic qun l cc qu u t. Cc qu u t c t chc di dng mt cng ty, pht hnh c phn. Cng ty u t s dng nh t vn u t, hay ngi qun l u t quyt nh loi chng khon no s a vo danh mc u t ca qu. Ngi qun l qu uc ton quyn qun l danh mc u t, mua bn chng khan ph hp vi cc mc tiu u t ca qu. Cng ty qun l qu c cu trc di hai dng: qun l qu u t qu dng ng v qu dng m. Vit Nam, theo Ngh nh 144/2003/N-CP ban hnh ngy 28/11/2003 v chng khon v th trng chng khon, th cng ty qun l qu thc hin vic qun l qu u t chng khon. Qu u t chng khon c th dng qu cng chng hoc qu thnh vin, v l dng ng. Chc nng hot ng v cc sn phm ca cng ty qun l qu Thc cht v hot ng ca cng ty qun l qu l thc hin chc nng v qun l vn ti sn thng qua vic u t theo danh mc u t hiu qu nht lm gia tng gi tr ca qu u t. a. Qun l qu u t (Asset management) - Huy ng v qun l vn v ti sn - Tp trung u t theo danh mc u t - Qun l u t chuyn nghip Cc qu u t c qun l bi cc chuyn gia c k nng v giu kinh nghim ngi m c la chn nh k cn c vo tng li nhun h lm ra. Nhng chuyn gia khng to ra li nhun s b thay th. Mt trong nhng nhn t quan trng trong vic chn la qu u t tt l qu phi c qun l tt nht.

b. T vn u t v t vn ti chnh - Thc hin vic t vn u t v t vn v qun tr cho cc khch hng - H tr khch hng ti u ha cc khon u t thng qua cc cng c ti chnh - Ti u ha cc ngun vn cho cc nh u t c. Nghin cu Thng qua vic phn tch nh gi v th trng, phn tch gi tr ti chnh v gi tr u t v h tr cho cc hot ng qun l u t v cc t vn nh nu trn. C ch gim st ca qu, cng ty qun l qu v cc c quan chc nng a. C quan qun l ch quan ca cng ty qun l qu l y ban Chng khon Nh nc (UBCKNN), B Ti Chnh v Ngn hng Nh Nc Vit Nam gim st ton b cc hot ng ca cng ty qun l qu, cc qu u t v cc ngn hng gim st v mt v m. b. Ngn hng gim st thc hin vic bo qun, lu k ti sn ca qu u t chng khon v gim st cng ty qun l qu nhm bo v li ch ca ngi u t. c. Cng ty qun l qu thc hin vic qun l qu vic u t theo danh mc u t c nu trong co bch ca qu. d. Cng ty kim ton thc hin vic kim tra, nh gi khch quan v chnh xc tnh hnh hot ng ca qu u t, bo m s minh bch

Bi 13. Khi nim c phiu thng

Th trng chng khon Vit Nam dn i vo n inh. Cc cng ty nim yt tng cng m rng sn xut kinh doanh, cc nh u t cng phi lm quen vi nhiu khi nim v k thut rt mi. Trong thi gian gn y, chng ta c nghe thy ni nhiu n chnh sch thng c phiu. Nhm gip nh u t hiu thm v khi nim ny, di y chng ti xin a ra mt s kin v vn ny. C hai trng hp thng c phiu cn phi xem xt: Trng hp th nht: thng cho ngi c ng gp ln Thng thng, khi ni n khi nim thng c ngha l vic u i thng l v vt cht cho mt s lng t ngi. Trong cc cng ty c phn, c th hiu thng c phiu l vic cng ty dng mt s c phiu (trc y l ca chung mi c ng) thng cho nhng ngi qun l, cn b cng nhn vin hay nhng ngi c ng gp ln i vi hot ng ca Cng ty. Ngun c phiu dng thng thng l c phiu ngn qu. Trong trng hp ny, tng gi tr s sch ca cng ty khng thay i, ci li ca ngi c thng l r rng: t l s hu cng ty ca h s tng ln. Cn i vi nhng c ng khng c thng, t l s hu cng ty ca h s gim i. Tuy nhin, y l mt cch cng ty khuyn khch tinh thn lm vic v s ng gp ca nhng ngi c thng, c bit i vi nhng ngi qun l, do vn c i hi c ng thng qua. Trng hp th hai: thng cho tt c cc c ng y l trng hp nhiu cng ty c phn trn th gii p dng v Vit nam trong thi gian gn y cng hay c

nhc n. l vic tt c cc c ng ca cng ty c nhn thm c phiu mi theo mt t l nht nh (v d 5:1, c ng nm gi 5 c phiu c c s c nhn thm 1 c phiu mi). Khi , nh u t cn nm c mt s nguyn tc sau: Th nht, cng ty khng nhn c ngun vn gp mi t pha c ng hay t bt k ngun no, do vn ch s hu ca cc c ng khng thay i. Thc cht, y l vic lm tng vn iu l t ngun li nhun li, hay ni cch khc, y ch l vic chuyn i gia cc khon mc trong ngun vn c ng: t li nhun li sang vn iu l m khng lm thay i tng ngun vn c ng. Th hai, c phiu c pht thm cho c ng lm tng s lng c phiu ca cng ty (1/5 hay 20%). Khi s lng c phiu tng ln, ngun vn ch s hu khng i, gi tr s sch (=ngun vn ch s hu / tng s c phiu) ca c phiu s gim theo t l tng ng. T l s hu cng ty ca mi c ng trc v sau khi pht hnh thm c phiu l khng i. Th ba, y thng l cch cc cng ty trn th gii hin nay tr c tc cho c ng bng c phiu (stock dividend) thay v tr bng tin (cash dividend) bi cng ty mun gi li tin m rng sn xut kinh doanh hay u t vo d n mi. Vic c li hay khng ca chnh sch ny i vi c ng c quyt nh bi s thnh cng ca k hoch u t mi. Nu k hoch ny em li li nhun cao, lng tin u t ca c ng s c s dng hiu qu, tng gi tr ca cng ty s tng ln. Cn trong trng hp ngc li, iu ny s c nh hng khng ch ti phn c phiu mi c nhn thm m c phn c phiu cc c ng nm gi trc y. Khi m mi c ng u c hng mt ch ng nht, trch t chnh ti sn ca h v vic c li cho h hay khng l cha r rng th vic s dng khi nim ''thng'' trong trng hp ny xem chng l cha hp l.

Bi 14. Nghip v tch, gp c phiu

Hin nay, nhiu nh u t rt quan tm n nghip v tch, gp c phiu. Tch v gp c phiu l vic lm tng hoc gim s c phiu ang lu hnh ca mt cng ty c phn m khng lm thay i vn iu l, vn c phn hay ton b gi tr th trng ti thi im tch hoc gp c phiu. Ty theo mc ch ca cng ty v tnh hnh th trng m cng ty c th tin hnh tch hay gp c phiu. Vic tch, gp c phiu thng c quy nh trong iu l cng ty v do i hi c ng quyt nh, nhng trong thc t thng th i hi c ng thng qua ch trng v y quyn cho Hi ng qun tr la chn thi im thch hp tin hnh vic tch hoc gp c phiu. Tch c phiu s lm tng s lng c phiu ang lu hnh v lm gim mnh gi c phiu tng ng vi t l tch, do gi c phiu trn th trng cng s gim tng ng v giao dch c thc hin d dng hn. Vic tch c phiu thng c thc hin khi gi c phiu trn th trng tng qu cao lm cho cc giao dch s kh thc hin v iu ny s lm gim tnh thanh khon ca c phiu. V vy, khi gi c phiu tng cao trn th trng th vic tch c phiu l cn thit to iu kin thun li cho vic giao dch c phiu, ng thi sau khi tch gi c phiu thng c xu hng tng ln. Mt khc, sau khi tch c phiu, s lng c phiu c giao dch trn th trng tng ln c th lm tng s lng c ng ca cng ty, qua gp phn lm hn ch kh nng cng ty b thu tm. V d, mt cng ty c phn ABC c 1 triu c phiu ang lu hnh, mnh gi 10.000 ng/c phiu (tng gi tr nim yt l 10 t ng) v gi th trng ti thi im hin ti l 100.000 ng/c phiu. Cng ty tin hnh tch c phiu theo t l 1:2 (ngha l ngi s hu 1 c phiu c s nhn c 2 c phiu mi, khi tng s c phiu mi ca cng ty s l 2 triu c phiu mnh gi 5.000 ng/c phiu, tng gi tr nim yt vn l 10 t ng nhng gi th trng ca c phiu mi s dao ng mc 50.000 ng/c phiu. Ngc li, trng hp gp c phiu s lm gim s lng c phiu ang lu hnh, mnh gi c phiu tng ln v gi th trng ca c phiu cng tng ln tng ng vi t l gp c phiu. Theo thng k cc nc th trng hp gp c phiu thng t khi xy ra i vi cc cng ty nim yt trn th trng chng khon bi v mc ch duy nht ca vic gp c phiu l lm cho c phiu c gi tr hn trn th trng v qua lm tng tnh thanh khon ca c phiu. V d, cng ty c phn DEF c 6 triu c phiu ang lu hnh, mnh gi 10.000 /c phiu, tng gi tr nim yt l 60 t ng v gi th trng ang mc 12.000 ng/c phiu. trnh cho gi c phiu ca cng ty gim xung thp hn mnh gi, cng ty c phn DEF tin hnh gp c phiu theo t l 3:1 (ngha l c ng s hu 3 c phiu c s nhn c 1 c phiu mi). Nh vy sau khi gp, tng s c phiu mi ca cng ty l 2 triu c phiu, vi mnh gi 30.000 ng/c phiu v gi th trng ca c phiu mi s dao ng quanh mc gi 36.000 ng/c phiu. Cho n nay, nghip v tch, gp c phiu cha xy ra trn th trng chng khon Vit Nam. Vic tng vn iu l ca cng ty REE va qua v ca mt s cng ty nim yt khc d nh thc hin trong thi gian ti bng cch pht hnh thm c phiu khng phi l trng hp tch c phiu. chnh l trng hp cng ty dng cc khon thng d vn c phn, li nhun gi li v cc qu hin c chuyn thnh vn iu l thng qua hnh thc pht hnh thm c phiu thng cho cc c ng hin hu, ngha l vn iu l v s lng c phiu ca cng ty tng ln nhng trong thc t tng vn ch s hu ca Cng ty vn khng thay i v nh vy vic pht hnh thm c phiu ca Cng ty REE v mt s Cng ty d nh thc hin trong thi gian ti v thc cht chnh l iu chnh li gi tr s sch trn mt c phiu

Bi 15. Cm c chng khon

Trong kinh doanh CK, nh u t trc ht phi hiu bit v nm vng cc nguyn tc v phng thc cm c CK: 1. L mt nghip v kinh doanh CK - t nht c hai ch th tham gia: a/ Bn cm c l thnh vin lu k nhn danh chnh mnh hoc c ngi i vay u quyn giao CK cho bn nhn cm c; b/ Bn cm c l thnh vin lu k nhn danh chnh mnh hoc c ngi cho vay u quyn nhn cm c CK bn cm c. Vic thc hin cm c CK trn c s hp ng php l cm c CK ca hai ch th tham gia, trong quy nh r gi tr CK cm c, s tin vay, li sut v thi hn tr n, phng thc x l CK cm c. 2. TTGDCK sau khi kim tra th tc, nht l tnh hp php, hp l ca n th trung tm phi m ti khon cm c v chuyn CK vo ti khon cm c theo yu cu ca bn cm c. Trng hp bn cho vay (hoc bn vay) khng phi l thnh vin lu k, bn cho vay (hoc bn vay) phi u quyn vic nhn cm c CK (hoc vic giao CK cm c) cho mt thnh vin lu k khc. 3. Ti khon cm c phi tch bit vi ti khon lu k cc CK khc ca bn cm c. Sau khi ghi vo ti khon cm c CK, th phi nh ch vic rt, chuyn khon hoc chuyn nhng cc CK trn ti khon cm c trong thi gian cm c. TTGDCK gi thng bo bng cng vn cho bn nhn cm c v vic thc hin cm c CK. 4. Vic gii to cm c CK c thc hin theo cc nguyn tc: a/ Ngi gii to cm c CK phi l bn nhn cm c CK; b/ C th gii to ton b hoc mt phn CK cm c bng hnh thc rt chng ch hay chuyn khon; c/ C vn bn ngh gii to cm c CK ca bn nhn cm c. Trn c s , TTGDCK thc hin hu b vic cm c CK trong ng k ngi s hu CK v thng bo bng vn bn cho ngi nhn cm c vic hu b cm c CK v gii to ti khon cm c sang ti khon khc. Nu bn cm c CK thc hin khng ng theo tho thun th CK cm c c x l do cc bn tho thun hoc a ra bn u gi theo quy nh ca php lut

Bi 16. Lu k chng khon

Lu k chng khon l mt trong nhng iu kin thc hin giao dch trn th trng chng khon. Trc khi thc hin giao dch chng khon, nh u t phi k hp ng m ti khon ti cc thnh vin lu k. gip cho cc nh u t mun tham gia th trng chng khon hiu r hn v vn ny, Ban bin tp Bn tin th trng chng khon xin gii thiu bi vit di y ca tc gi Hu Thin: Lu k l vic gi chng ch chng khon t c phiu, tri phiu, hoc cc loi giy t hp php chng minh quyn s hu chng khon vo h thng lu k chng khon. H thng lu k chng khon bao gm Trung tm lu k v cc thnh vin lu k. Chng ch chng khon ca nh u t s c ct gi an ton ti Trung tm lu k. Chng khon c lu k s c ghi nhn vo ti khon lu k chng khon ng tn nh u t. Khi chng khon c giao dch, ti khon ca nh u t s c ghi tng hoc gim m khng cn phi trao tay t chng ch chng khon. Lu k chng khon l bt buc trc khi mun chng khon c giao dch qua sn giao dch ca Trung tm giao dch chng khon. Trung tm giao dch chng khon hin nay ng vai tr l Trung tm lu k. Vic lu k chng khon ch c thc hin ti cc thnh vin lu k ca Trung tm giao dch chng khon. Cc thnh vin lu k bao gm cc cng ty chng khon v cc ngn hng thng mi c U Ban Chng Khon Nh Nc cp php hot ng lu k v ng k lm thnh vin lu k ca Trung tm giao dch chng khon. Hin nay Trung tm giao dch chng khon Thnh ph H Ch Minh c 14 thnh vin lu k, trong 11 thnh vin lu k l cc cng ty chng khon v 3 thnh vin lu k l cc ngn hng nc ngoi ti Vit Nam. Trc y nh u t trong nc ch c lu k chng khon ti thnh vin lu k trong nc - l cc cng ty chng khon hoc cc ngn hng thng mi trong nc, nh u t nc ngoi ch c lu k ti thnh vin lu k nc ngoi - l cc cng ty chng khon lin doanh vi nc ngoi hoc cc ngn hng thng mi lin doanh vi nc ngoi hoc cc chi nhnh ngn hng nc ngoi ang hot ng hp php ti Vit Nam. Tuy nhin, quy nh ny c thay i, theo Quyt nh s 51/2003/Q-BTC ngy 15/04/2003 ca B Ti Chnh v vic sa i, b sung mt s iu ca Quy ch lu k, thanh ton b tr v ng k chng khon, nh u t trong v ngoi c th m ti khon lu k chng khon bt k thnh vin lu k no. Vic lu k chng khon s c bt u bng cc th tc m ti khon lu k chng khon ti thnh vin lu k. Cc chng khon sau khi c lu k ti thnh vin lu k s c thnh vin lu k ti lu k ti Trung tm giao dch chng khon. Sau khi thnh vin hon tt vic ti lu k ti Trung tm giao dch chng khon th chng khon mi c php giao dch. Chng khon lu k ca nh u t c ct gi ti kho ca Trung tm giao dch chng khon di dng qun l tng hp. Chng khon ca nh u t lu k ti Trung tm giao dch chng khon c qun l ring bit vi chng khon ca chnh thnh vin lu k. Theo quy nh hin hnh, mi nh u t ch c m mt ti khon lu k ti mt thnh vin lu k. Do vy nh u t cn tm hiu trc la chn mt thnh vin lu k thch hp cho mnh. Trong trng hp mun i sang mt thnh vin lu k khc, nh u t s m ti khon lu k mi ti thnh vin lu k mi, ng thi phi lm cc th tc ng ti khon lu k ti thnh vin lu k c v yu cu thnh vin lu k ny chuyn s d chng khon sang ti khon lu k ti thnh vin lu k mi. Khi m ti khon lu k, nh u t nn cung cp a ch lin lc r rng, chnh xc v y cho thnh vin lu k. iu ny rt quan trng v nh u t c th gp phi nhng bt tin v thm ch thit hi sau ny. Chng hn, khi a ch trn cc loi giy t ty thn nh chng minh nhn dn c s dng lm cc th tc m ti khon lu k, trong khi a ch c tr hin ti khc vi a ch trn chng minh nhn dn. Cc th t lin lc ca t chc pht hnh, Trung

tm giao dch chng khon v thnh vin lu k trong thi gian thc hin quyn s khng n ng ni nh u t . Vic ny c th a n v s bt tin trong qu trnh x l quyn t thnh vin lu k, Trung tm giao dch chng khon cho n t chc pht hnh nh chm tr, chnh sa h s thc hin quyn, hoc thm ch i khi nh u t b t chi phn b quyn. Ngi ng tn lu k chng khon phi chnh l ch s hu chng khon, k c c phiu v danh. S x-ri ca t chng ch chng khon cng phi ng l s x-ri ca ch s hu ng k quyn s hu ti t chc pht hnh. i vi c phiu ghi danh, nu ch s hu l ngi c chuyn nhng hp php trc khi c hot ng ca Trung tm giao dch chng khon, th mt sau ca t chng ch phi c ch k ca ngi chuyn nhng lin k trc v ch k ca ngi c thm quyn v con du ca t chc pht hnh xc nhn vic chuyn nhng . Nu cc yu t ny khng ng nh vy, chng khon s b t chi lu k Cc t chng ch chng khon b hng, b nhe khng th nhn din c cc thng tin c bn trn s b t chi lu k. Trong trng hp ny cn lin h vi t chc pht hnh xin c i li t chng ch chng khon mi. Cc chng ch chng khon thuc din b thng bo mt cp hoc gi mo s b tm gi giao cho t chc pht hnh hoc c quan c thm quyn x l. C phiu ca c ng sng lp vn cn trong thi gian nm gi theo quy nh ca php lut, ca c ng mua chu cha thanh ton ht tin mua c phiu vn c lu k nhng khng c php giao dch. Cc c phiu ny ch c php giao dch khi cc iu kin hn ch c bi b v phi c xc nhn t t chc pht hnh. V d nh c phiu mua chu thanh ton ht, mun c giao dch phi c vn bn xc nhn ca t chc pht hnh. Cc ch s hu c phiu theo hnh thc ghi s mun lu k vn tin hnh cc th tc lu k bnh thng ti thnh vin lu k. D nhin trong trng hp ny khng c vic chuyn giao chng ch vt cht. Thnh vin lu k s gi tn ch s hu n t chc pht hnh. Sau khi kim tra, t chc pht hnh s gi tn ch s hu n Trung tm giao dch chng khon thc hin vic lu k. Lu k theo hnh thc ghi s l xu hng ch yu hin nay v nhng u im hn hn lu k chng ch vt cht, l khng phi qua kim m, kim tra tnh tht gi, v tn km cho cng tc bo qun. Trung tm giao dch chng khon l ngi c y quyn thay mt ngi ng s hu chng khon lu k nhn cc quyn c hng t t chc pht hnh nh c tc, li tri phiu, c phiu thng. ______________________________________________________________________________________________