I/ TNG QUAN V TRI PHIU V TRI PHIU CHNH PH 1. TNG QUAN V TRI PHIU 1.1.

Khi nim: Tri phiu l mt chng ch vay n ca Chnh ph hoc doanh nghip, th hin ngha v ca ngi pht hnh phi tr n cho ngi nm gi tri phiu mt s tin nht nh, vo nhng khong thi gian nht nh v phi tr li khon tin gc khi khon tin vay n hn. Tri phiu l loi chng khon n, t chc pht hnh vi t cch l ngi i vay, ngi mua tri phiu l ngi cho vay, hay cn gi l nh u t. i vi ngi thiu vn, tri phiu l phng tin vay vn qua th trng; i vi ngi u t, tri phiu cng l mt phng tin u t thu li. Tri phiu th hin s rng buc php l gia ngi i vay v ngi cho vay, ngi i vay c trch nhim phi tr cho ch n mt khon tin gc v li nht nh, y l mt hnh thc tn dng c nt c th ring, n ra i mun hn cc hnh thc tn dng khc v pht trin mnh trong nn kinh t hng ho, c bit l nhng quc gia c th trng chng khon pht trin. 1.2. Phn loi tri phiu 1.2.1. Phn loi theo i tng pht hnh - Th nht, tri phiu Chnh ph: p ng nhu cu chi tiu ca NSNN, Chnh ph cc nc thng pht hnh tri phiu huy ng tin nhn ri trong cc tng lp dn c v cc t chc kinh t x hi. Chnh ph mt quc gia lun c xem l nh pht hnh c uy tn nht trn th trng. TPCP l mt loi chng khon n, do Chnh ph pht hnh, c thi hn, mnh gi, li sut v xc nhn ngha v tr n ca Chnh ph i vi ngi s hu tri phiu, TPCP l tn gi chung ca cc loi tri phiu do KBNN pht hnh v tri phiu chnh quyn a phng, cc c quan c Chnh ph cho php pht hnh v c Chnh ph m bo thanh ton. Mc ch ca vic pht hnh tri phiu Chnh ph l nhm huy ng vn b p thiu ht NSNN, u t xy dng cc cng trnh, d n trng im hoc xy dng, thc hin cc chng trnh mc tiu ca Chnh ph. Ngun thanh ton tri TPCP ch yu ly t NSNN hoc ngun vn thu hi trc tip t cc cng trnh c u t t

ngun vn pht hnh TPCP mang li. Do vy, TPCP c tnh an ton cao, tnh ri ro thp bi v n c m bo tr n bng ngun vn ca NSNN. i vi cc loi tri phiu do KBNN pht hnh, tri phiu chnh quyn a phng ngun vn thanh ton c m bo bng vn NSNN; cn i vi cc loi tri phiu do cc c quan khc c Chnh ph cho php pht hnh ngun vn thanh ton c ly trc tip t ngun thu ca cc chng trnh, d n mang li; trong trng hp nu cc c quan c Chnh ph cho php pht hnh khng c kh nng thanh ton cc khon n th Chnh ph s ng ra tr n. - Th hai, tri phiu c Chnh ph bo lnh: L loi chng khon n do doanh nghip pht hnh nhm huy ng vn cho cc cng trnh theo ch nh ca Chnh ph, c Chnh ph cam kt trc cc nh u t v vic thanh ton ng hn ca t chc pht hnh. Trng hp t chc pht hnh khng thc hin c ngha v thanh ton (gc, li) khi n hn th Chnh ph s chu trch nhim tr n thay t chc pht hnh. - Th ba, tri phiu chnh quyn a phng: L mt loi chng khon n, do chnh quyn a phng pht hnh, c thi hn, c mnh gi, c li, xc nhn ngha v tr n ca chnh quyn a phng i vi ngi s hu tri phiu. Tri phiu chnh quyn a phng pht hnh nhm mc ch huy ng vn p ng nhu cu pht trin kinh t, vn ho, x hi ca tng a phng. 1.2.2. Phn loi theo li tc tri phiu - Th nht, tri phiu c li sut c nh: L loi tri phiu m li tc c xc nh theo mt t l phn trm (%) c nh theo mnh gi. - Th hai, tri phiu c li sut thay i (th ni): Li tc ca tri phiu c tr trong cc k c s khc nhau c tnh theo mt li sut c s bin i theo mt li sut tham chiu. - Th ba, tri phiu c li sut bng khng (zero - coupon Bonds): L loi tri phiu m ngi mua khng nhn c li, nhng c mua vi gi thp hn mnh gi (mua chit khu) v c hon tr bng mnh gi khi tri phiu o hn.

1.2.3. Phn loi theo hnh thc tri phiu - Th nht, tri phiu v danh: L loi tri phiu khng ghi tn ca ngi mua trn chng ch tri phiu hoc trong s sch ca ngi pht hnh. Ngi nm gi tri phiu l ngi c hng quyn li ca ch s hu tri phiu theo quy nh. - Th hai, tri phiu ghi danh: L loi tri phiu c ghi tn ngi u t trn chng ch tri phiu hoc trong s ca nh pht hnh. Ngoi cch phn loi ch yu nu trn, ngi ta cn c nhiu cch phn loi khc nhau nh: Da vo mc ri ro tn dng; da vo tnh cht ca tri phiu; da vo phm vi pht hnh (tri phiu trong nc v tri phiu quc t).... 2.TNG QUAN V TRI PHIU CHNH PH 2.1. Khi nim Th trng tri phiu Chnh ph l mt b phn ca th trng ti chnh, y chnh l ni din ra cc hot ng giao dch mua bn cc ti sn ti chnh. Tri phiu Chnh ph l mt loi chng khon n do Chnh ph pht hnh, TPCP l mt trong nhng cng c n ca Chnh ph chnh v vy m th trng TPCP c coi l th trng n. Trn thc t, vi s a dng ca TPCP v k hn, li sut; do vy, TPCP khng nhng tham gia vo th trng tin t m cn tham gia vo th trng vn. Tn phiu kho bc sau khi pht hnh c php mua, bn trn th trung tin t hoc chit khu, ti chit khu cm c ti ngn hng theo quy nh ca Nh nc, tn phiu kho bc l mt cng c quan trng Ngn hng Trung ng thc hin nghip v th trng m. Thng qua vic mua, bn tn phiu kho bc Ngn hng Trung ng thc hin iu ho lng tin cung ng v thc thi cc chnh sch tin t ca mnh. V vy, ngay c trong trng hp NSNN khng b thm ht, th B Ti chnh vn c th pht hnh tn phiu kho bc vi mc ch gp phn thc hin cc chnh sch tin t ca Nh nc. TPCP c k hn (trung hn v di hn) nu p ng cc iu kin k thut theo quy nh ca TTGDCK th c nim yt trn th trng chng khon. Vi s c mt ca TPCP v tri phiu c Chnh ph bo lnh, tri phiu chnh quyn a phng gp phn lm a dng hng ho trn th trng ti chnh. Bn cnh l vic m rng v

t do ho th trng vn trong nc l c hi tt cho cc nh u t thc hin cc giao dch tri phiu trn th trng. Thng qua cc hot ng giao dch ny gp phn khai thng cc lung vn trong nn kinh t, nng cao v tr ca th trng TPCP trong th trng ti chnh. 2.2. Phn loi Tri phiu Chnh ph c nhiu loi khc nhau, nu cn c vo k hn v mc ch pht hnh th TPCP c chia thnh: Tn phiu kho bc; tri phiu kho bc; tri phiu cng trnh; tri phiu u t; tri phiu ngoi t; cng tri xy dng t quc. + Tn phiu kho bc: L loi TPCP c k hn di 1 nm, mc ch ca vic pht hnh tn phiu kho bc l nhm pht trin th trng tin t v huy ng vn b p thiu ht tm thi ca NSNN trong nm ti chnh. Tn phiu kho bc c pht hnh theo phng thc u thu qua Ngn hng Nh nc, di hnh thc chit khu mnh gi; khi lng v li sut tn phiu kho bc c hnh thnh qua kt qu u thu. B Ti chnh c th u thc cho Ngn hng Nh nc, Ngn hng Thng mi Nh nc pht hnh, thanh ton tn phiu kho bc. Ton b khon vay t vic pht hnh tn phiu kho bc c tp trung vo ngn sch Trung ng s dng theo quy nh; ngn sch Trung ng m bo ngun thanh ton gc, li tn phiu kho bc v chi ph t chc pht hnh, thanh ton cho cc t chc nhn u thc pht hnh. Tn phiu kho bc c giao dch trn th trng tin t hoc c chit khu ti S giao dch ca Ngn hng Nh nc. + Tri phiu kho bc: L loi tri phiu Chnh ph c k hn t 1 nm tr ln, do Kho bc Nh nc pht hnh huy ng vn b p thiu ht ca NSNN hng nm c Quc hi ph duyt. Tri phiu kho bc c m bo bng ngn sch Nh nc, v th loi tri phiu ny c ri ro khng ng k. Tri phiu kho bc c bn l qua h thng KBNN hoc u thu qua th trng giao dch chng khon, bo lnh pht hnh v i l pht hnh. Li sut tri phiu kho bc do B trng B Ti chnh quyt nh trn c s tnh hnh thc t ca th trng ti chnh ti thi im pht hnh. Trng hp u thu li sut th li sut hnh thnh qua kt qu u thu.

+ Tri phiu cng trnh: L loi TPCP c k hn t 1 nm tr ln do KBNN pht hnh, nhm huy ng vn theo quyt nh ca Th tng Chnh ph, cho cc d n thuc ngun vn u t ca ngn sch Trung ng ghi trong k hoch nhng cha c b tr vn ngn sch trong nm. Tri phiu cng trnh Trung ng c pht hnh theo phng thc bn l qua h thng KBNN, u thu hoc bo lnh pht hnh. Li sut tri phiu cng trnh Trung ng do B trng B Ti chnh quyt nh trn c s tnh hnh thc t ca th trng ti chnh ti thi im pht hnh; nu u thu li sut th li sut c hnh thnh theo kt qu u thu. Cc khon thu t pht hnh tri phiu cng trnh trung ng c tp trung vo ngn sch TW chi cho cc cng trnh c Th tng Chnh ph ph duyt. NSTW m bo vic thanh ton gc, li v ph i vi tri phiu cng trnh Trung ng. + Tri phiu u t: L loi TPCP c k hn t 1 nm tr ln do cc t chc ti chnh Nh nc v cc t chc ti chnh, tn dng c Th tng Chnh ph ch nh pht hnh nhm huy ng vn u t theo chnh sch ca Chnh ph. Nu pht hnh theo phng thc bn l th li sut tri phiu do B trng B Ti chnh quyt nh trn c s tnh hnh thc t ca th trng ti chnh v nhu cu vn ca cc t chc pht hnh; nu pht hnh theo phng thc u thu th li sut hnh thnh theo kt qu u thu trong gii hn trn li sut c B Ti chnh quy nh. Tin thu t pht hnh tri phiu u t phi c theo di ring v ch s dng cho mc tiu kinh t c Chnh ph ph duyt. T chc pht hnh c trch nhim thanh ton gc, li cc tri phiu u t pht hnh n hn thanh ton v cc chi ph lin quan n vic t chc pht hnh, thanh ton; NSNN s m nhn thanh ton mt phn hay ton b li tri phiu hoc cp b chnh lch li sut cho t chc pht hnh theo quyt nh ca Th tng Chnh ph. + Tri phiu ngoi t: L TPCP c k hn t mt nm tr ln do B Ti chnh (KBNN) pht hnh, huy ng vn u t cho cc mc tiu theo ch nh ca Th tng Chnh ph. ng tin pht hnh l ngoi t t do chuyn i v c B trng B Ti chnh quyt nh cho tng t pht hnh. Tri phiu ngoi t c bn l qua h thng KBNN hoc u thu qua NHNN. NSNN m bo thanh ton gc, li tri phiu ngoi t khi n hn.

+ Cng tri xy dng t quc: Cng tri xy dng t quc do Chnh ph pht hnh nhm huy ng ngun vn trong nhn dn u t xy dng nhng cng trnh quan trng quc gia v cc cng trnh thit yu khc phc v sn xut, i sng, to c s vt cht, k thut cho t nc. Vic mua cng tri thc hin theo nguyn tc t nguyn. Nh nc m bo gi tr cng tri v bo h quyn s hu, cc quyn v li ch hp php khc ca ngi s hu cng tri. 2.3. Cc thnh vin tham gia th trng tri phiu Chnh ph 2.3.1. Ch th pht hnh Ch th pht hnh tri phiu l mt t chc ng ra huy ng vn bng cch pht hnh tri phiu cho cc nh u t thng qua vic mua tri phiu. i vi TPCP, Chnh ph v cc chnh quyn a phng l ch th pht hnh tri phiu vi khi lng ln nht ra th trng. iu ny l d hiu, v khng phi lc no Chnh ph cng c ngun NSNN d tr b p thiu ht NSNN v nhng khon chi ln cho u t pht trin. Hu ht, Chnh ph cc quc gia trn th gii u s dng hnh thc huy ng cc ngun vn nhn ri trong x hi thng qua vic pht hnh TPCP huy ng vn t trong nc v huy ng vn trn th trng quc t thng qua vic pht hnh tri phiu quc t. Chnh ph tham gia vo th trng tri phiu vi t cch l ch th pht hnh, l ngi cung cp hng ha cho th trng ti chnh. Thng qua th trng ny, Chnh ph s thu ht c cc lung vn nhn ri trong dn c; thu ht cc nh u t tham gia vo th trng ny v cui cng Chnh ph s tp trung c mt lng tin cn thit u t cho cc mc tiu pht trin kinh t - x hi. 2.3.2. Cc t chc trung gian Khc vi cc th trng ph thng; th trng TPCP mun hot ng c ngoi vic tham gia ca ch th pht hnh v nh u t ra th lun tn ti ch th th ba l cc t chc trung gian. T chc trung gian l ngi ng ra kt ni cc hot ng mua, bn, trao i gia ch th pht hnh v nh u t; gia cc nh u t vi nhau. Cc t chc trung gian trn th trng TPCP bao gm: - Th nht, t chc bo lnh, i l pht hnh

T chc bo lnh hoc i l i vi trng hp pht hnh tri phiu theo phng thc bo lnh pht hnh hoc i l pht hnh l cc cng ty Chng khon; Qu u t; Cng ty ti chnh; cc t chc Ngn hng. thc hin c vic bo lnh pht hnh tc l t chc ny gip cho t chc pht hnh thc hin cc th tc trc khi pht hnh tri phiu ra th trng chng khon; phn phi tri phiu cho cc nh u t, nhn mua tri phiu bn li hoc mua s tri phiu cn cha phn phi ht. Trong khi , T chc i l pht hnh c chnh t chc pht hnh tri phiu y thc cho thc hin vic bn tri phiu cho cc nh u t. Bo lnh pht hnh gm hai khu c bn: T vn ti chnh v phn phi chng khon. Cc t chc bo lnh pht hnh c hng mt khon ph nht nh cn c trn s tin thu c t t pht hnh. Ph bo lnh pht hnh c quy nh theo mt t l nht nh ( Vit Nam hin nay ph bo lnh pht hnh tri phiu ti a l 0,15%/s tin tri phiu nhn bo lnh). Vic bo lnh pht hnh thng c thc hin theo mt trong cc phng thc sau: Bo lnh vi cam kt chc chn: L phng thc bo lnh m theo t chc bo lnh cam kt ngoi vic thc hin cc th tc trc khi pht hnh tri phiu ra th trng chng khon, phn phi li tri phiu cho cc nh u t v nhn mua li tri phiu bn li hoc mua s tri phiu cn li cha phn phi ht. Bo lnh theo phng thc c gng cao nht: L phng thc bo lnh m theo t chc bo lnh tha thun lm i l cho t chc pht hnh. T chc bo lnh pht hnh khng cam kt bn ton b s chng khon m ch cam kt s c gng ht sc bn chng khon ra th trng, nhng phn khng phn phi ht s c tr li cho t chc pht hnh. Bo lnh theo phng thc bn tt c hoc khng: L phng thc bo lnh m theo t chc pht hnh ch th cho t chc bo lnh pht hnh nu khng bn ht s chng khon th hy b ton b t pht hnh. Bo lnh theo phng thc ti thiu - ti a: L phng thc bo lnh trung gian gia phng thc bo lnh c gng cao nht v phng thc bo lnh bn tt c hoc

khng. Theo phng thc ny, t chc pht hnh ch th cho t chc bo lnh phi bn ti thiu mt t l nht nh chng khon pht hnh. Nu lng chng khon bn c t t l thp hn t l yu cu th ton b t pht hnh s b hy b. Hot ng bo lnh pht hnh v c bn gm c cc hot ng sau: + Nghin cu v t vn cho cc t chc pht hnh chng khon cch thc pht hnh, c cu pht hnh v nh gi chng khon. + Chun b v hon tt cc th tc php l cn thit cho t pht hnh. + Tho thun, hp tc vi cc nh bo lnh pht hnh khc v cc cng ty chng khon, thc hin cng tc tip th, phn phi cho bn chng khon. + Qun l, phn phi v thanh ton chng khon. + Thc hin cc cng vic h tr cho th trng v cc dch v sau khi pht hnh. - Th hai, t chc nh gi h s tn nhim L t chc chuyn v nh gi mc Tn nhim ca cc t chc pht hnh v xp hng chng theo nng lc thanh ton tin li v vn vay theo k hn cam kt ca nh pht hnh tri phiu. Ti nhiu nc hnh thnh nhng t chc chuyn mn phn tch v nh gi h s tn nhim i vi nh pht hnh. Hai cng ty lu i v ni ting trong lnh vc ny l hai cng ty ca M: Cng ty Moody v cng ty Standard v Poors ( S & P), cc cng ty ny a ra k hiu trong vic xp hng tri phiu theo mc ri ro v cch xp hng ny c s dng ph bin cc nc. Mc tn nhim ca cc cng ty thng c xp theo cc ch ci A, B, a, b di y l cch xp hng ca hai cng ty ni trn: AAA th hin cht lng cao nht l vic chc chn hon tr c tin li v tin gc cho cc nh u t chng khon; vi mc AA th nng lc thanh ton tin gc v li c phn km hn so vi AAA; tip theo l cc hng A, BBB, BB,B, CCC, CC,C v thp nht l D (th hin c nguy c v n). Ngoi ra ngi ta cn s dng thm cc du ( +) v (-) th hin mc nh gi chnh xc hn.

H s tn nhim s cung cp nhng thng tin cn thit cho nh u t v tnh trng ca ngi pht hnh la chn khi u t vo tri phiu mt cch thch hp. H s tn nhim gp phn lm gim bt chi ph s dng vn cho ngi pht hnh, khi mt nh pht hnh c nh mc tn nhim cao th vic pht hnh tri phiu s thun li, d dng, gim c chi ph huy ng vn v h c th pht hnh tri phiu mc li sut thp hn li sut cc loi hnh tn dng khc nhng vn thu ht c cc nh u t. nh mc tn nhim nng cao trch nhim ca ngi pht hnh i vi nh u t v vic nh gi nh mc tn nhim lin quan n ch Tn ca ngi pht hnh, iu thc y ngi pht hnh thc hin tt hn cam kt i vi nh u t trong vic m bo thanh ton tin li v tin vn vay. - Th ba, i l phn phi chng khon phn phi chng khon n cc nh u t c thun tin, t chc pht hnh thng thu mt hoc mt nhm cng ty ng ra lm i l phn phi chng khon. Cng ty ny thng c mng li, chi nhnh rng, to iu kin ngi c nhu cu u t d dng c c cc thng tin cn thit trc khi a ra cc quyt nh u t ca mnh. Kt thc t pht hnh, t chc pht hnh s thanh ton chi ph cho t chc ng ra nhn lm i l phn phi tri phiu da trn khi lng v gi tr t pht hnh. - Th t, t chc mi gii chng khon L t chc c chc nng t vn, gip cc nh u t trong vic ra quyt nh u t v thc hin cc quyt nh u t . T chc mi gii chng khon cng c th a ra cc li khuyn v hot ng nghip v i vi cc cng ty chng khon v cc t chc ti chnh. - Th nm, hip hi cc nh kinh doanh chng khon Hip hi cc nh kinh doanh chng khon l t chc ca cc cng ty chng khon v mt s thnh vin khc hot ng trong lnh vc chng khon, mc ch l bo v li ch cho cc cng ty thnh vin ni ring v cho ton ngnh chng khon ni chung. Hip hi cc nh kinh doanh chng khon thng l mt t chc t iu hnh.

2.3.3. S giao dch chng khon S giao dch chng khon l trung tm giao dch c t chc giao dch cc chng khon c nim yt. S giao dch thc hin vn hnh th trng thng qua b my t chc bao gm nhiu b phn khc nhau phc v cc hot ng trn th trng s giao dch. Ngoi ra, S giao dch cng ban hnh nhng quy nh iu chnh cc hot ng giao dch chng khon S, ph hp vi cc quy nh lut php v chng khon v giao dch chng khon. 2.3.4. T chc lu k v thanh ton b tr L t chc nhn lu gi, bo qun cc chng khon ca khch hng v tin hnh cc nghip v thanh ton b tr cho cc giao dch chng khon. 2.3.5. Ch th u t Ch th u t chnh l nhng ngi tham gia mua cc loi chng khon n do Chnh ph pht hnh. Nu phn loi theo quy m, t chc ca cc ch th u t th phn chia thnh cc nh u t c nhn v cc nh u t c t chc. Thng thng, cc nh u t c nhn l cc h gia nh, nhng ngi dn c khon tin nhn ri, thay v gi tit kim vo ngn hng h quyt nh u t di hnh thc mua TPCP. Cn cc nh u t c t chc l cc cng ty kinh doanh chng khon, t chc ti chnh,..... h l nhng t chc c quy m, chuyn hot ng kinh doanh trong lnh vc mua, bn chng khon v s dng cc ngun vn kinh doanh ca mnh u t vo TPCP, v y l lnh vc u t kh an ton, li sut TPCP thng n nh, t c nhng bin ng ln v ngi pht hnh m bo c kh nng thanh ton cao v h s tn nhim ca ch th pht hnh rt cao. 2.4. Th trng s cp Th trng TPCP l mt b phn ca th trng ti chnh, l ni din ra cc hot ng mua bn ti sn ti chnh. Th trng TPCP l mt b phn khng th tch ri th trng chng khon; thng qua th trng TPCP, Chnh ph v cc doanh nghip s thu ht v khi thng c cc ngun vn nhn ri trong dn c tp trung u t cho cc

mc tiu di hn c hoch nh. Theo c ch hot ng, th trng TPCP cng bao gm c th trng s cp v th trng th cp. Th trng s cp l th trng thc hin vic pht hnh mi cc loi TPCP, khc vi th trng th cp l ni mua, bn cc loi TP pht hnh trc . Nh vy, th trng s cp l ni cung cp vn, thng qua hot ng ca th trng ny nhng lung tin nhn ri trong dn chng v cc t chc kinh t - x hi c th c chuyn thnh vn u t di hn cho ngi pht hnh chng khon; th trng ny c c im l hot ng khng lin tc v ch hot ng khi c t pht hnh TPCP mi. TPCP thng c pht hnh theo cc phng thc sau: 2.4.1. Phng thc bo lnh pht hnh tri phiu Bo lnh pht hnh l vic t chc bo lnh gip t chc pht hnh thc hin cc th tc trc khi pht hnh tri phiu ra th trng chng khon, phn phi tri phiu cho cc nh u t, nhn mua tri phiu bn li hoc mua s tri phiu cn li cha phn phi ht. Hot ng bo lnh pht hnh TP thng do cc cng ty chng khon, cc qu u t, cng ty ti chnh, cc ngn hng v cc nh ch ti chnh khc c B ti chnh cho php ng ra m nhim. Cn c vo kt qu ng k mua tri phiu ca cc nh u t cc thnh vin tham gia bo lnh pht hnh gi bn ng k bo lnh pht hnh tri phiu n t chc pht hnh lm cn c xem xt, la chn cu trc bo lnh v cc t chc bo lnh pht hnh. Cu trc bo lnh pht hnh c quyt nh cho tng t pht hnh theo mt trong hai hnh thc sau: Mt hoc mt s t chc ng bo lnh pht hnh hoc t hp bo lnh pht hnh c mt hoc mt s t chc ng bo lnh pht hnh chnh ng ra ch tr t pht hnh tri phiu. Cc t hp bo lnh mua tri phiu vi mt mc gi xc nh v bn tri phiu vi mc gi cao hn thu li nhun, trong trng hp ny s khng c ph dch v bo lnh. Cc quc gia c th trng chng khon pht trin thng ph bin cc hnh thc bo lnh sau: Bo lnh vi cam kt chc chn; bo lnh theo phng thc c gng cao nht; bo lnh theo phng thc bn tt c hoc khng; bo lnh theo phng thc ti thiu - ti a. Phng thc bo lnh pht hnh c u th l huy ng c khi lng vn ln trong khong thi gian ngn; song tnh cnh tranh khng cao v cc nh bo lnh d nhn

bit c ch trng khi Chnh ph s dng cng c TPCP iu chnh cung, cu vn u t; do , th trng th cp hot ng tt cc nh bo lnh cn c cam kt h tr sau khi pht hnh thng qua vic mua v bn cc loi TPCP. 2.4.2. Phng thc u thu tri phiu u thu TPCP l vic bn TPCP cho cc t chc, c nhn tham gia u thu, p ng cc yu cu ca Chnh ph v c mc li sut t thu thp nht. u thu TPCP thng do B Ti chnh trc tip t chc u thu hoc u quyn cho NHNN t chc u thu. TPCP u thu c giao dch trn th trng chng khon, c hai hnh thc u thu: u thu cnh tranh li sut v kt hp gia u thu cnh tranh li sut vi u thu khng cnh tranh li sut, ngha l ngi t thu khng a ra mc li sut m li sut tri phiu hnh thnh thng qua u thu cnh tranh ng thi l li sut trng thu chung cho c u thu khng cnh tranh, y ngi t thu khng cnh tranh s c u tin trng thu. Vic xc nh khi lng v li sut trng thu cn c vo khi lng v li sut t thu ca cc thnh vin, khi lng tri phiu cn huy ng v li sut ch o (nu c). Khi lng trng thu c chn t mc li sut t thu thp nht n mc li sut ch o (nu c). Ti mc li sut t thu m khi lng t thu vt qu khi lng vn cn huy ng th khi lng trng thu c phn chia cho mi phiu t thu theo t l thun gia khi lng vn cn huy ng cn li v khi lng t thu ca tng phiu ti mc li sut . Nu u thu theo kiu ca H Lan, th li sut trng thu cao nht s l li sut trng thu p dng chung cho mi i tng trng thu. Phng php ny c u im l gi trng thu ngang bng vi gi th trng, song c hn ch l gi trng thu c th thp v ngi trng thu ch tr tin mc trng thu thp nht ch khng phi gi thu m h a ra. Nu u thu theo kiu M cc thnh vin trng thu s mua tri phiu c li sut ng bng li sut h t thu; nh vy, theo phng thc ny th mt t pht hnh c nhiu mc gi khc nhau, dn n c cc mc li tc hon vn khc nhau. Phng

php ny cho php xc nh c mc gi trung bnh cao hn kiu u thu theo phng php H Lan, song n c hn ch l d dn n s phn chia th trng. 2.4.3. Phng thc i l pht hnh tri phiu i l pht hnh tri phiu l vic Chnh ph (t chc pht hnh) y thc cho mt hoc mt s t chc bn tri phiu. Trng hp, nu khng bn ht s lng tri phiu m Chnh ph d nh pht hnh th t chc lm i l tr li cho t chc pht hnh, khng c trch nhim phi mua ht s tri phiu cn li. Cc nh i l pht hnh l cc cng ty chng khon, ngn hng thng mi, ngn hng u t, Kho bc Nh nc c coi nh mt i l c bit ca Chnh ph trong vic pht hnh tri phiu. Tri phiu c th bn vi hnh thc ngang mnh gi hoc khng ngang mnh gi; nu thi im pht hnh v thanh ton ca mi t l ng nht th c php nim yt, giao dch ti th trng chng khon. T chc i l c nh pht hnh tr cho mt khon ph trn s tri phiu bn. im khc bit ch yu gia phng thc i l pht hnh v bo lnh pht hnh chnh l kh nng phn phi tri phiu ra cng chng. Trn th trng s cp cn c nhng nh kinh doanh tri phiu (ngn hng thng mi, cng ty chng khon c uy tn) h m nhim vic bao tiu khi lng tri phiu pht hnh v bn tri phiu li cho cc nh u t, ng thi h cng ng vai tr l nhng nh to lp th trng. 2.5. Th trng th cp y l ni giao dch cc loi TPCP c pht hnh trn th trng s cp. Hot ng ca th trng th cp to ra kh nng d dng, thun tin chuyn i TP thnh tin. Trn th trng ny din ra vic mua bn TPCP gia cc nh u t, tin thu c t vic bn TP khng thuc v nh pht hnh m thuc v nh u t bn TP nhng li quyn s hu TP cho cc nh u t khc. Th trng s cp v th trng th cp c mi quan h tng tc gn b cht ch vi nhau; nu khng c th trng s cp th khng c hng ha lu thng trn th trng th cp. Nhng nu khng c th trng th cp th th trng s cp cng kh c th pht trin v hot ng c hiu qu. V vy, mc d s hot ng ca th trng th cp khng lm tng thm vn u t cho nn kinh t song s tn ti v hot ng nhp nhng ca th trng th cp lm cho th

trng s cp hot ng c hiu qu v pht trin. Th trng th cp bao gm th trng tp trung v th trng phi tp trung. 2.5.1. Th trng chng khon tp trung (S giao dch chng khon) Th trng chng khon tp trung hay th trng chng khon c t chc l mt trung tm mua bn chng khon c t chc mt cch cht ch v c gi l S giao dch chng khon. Phng thc giao dch ti S giao dch l phng thc u gi, trong c cc lnh mua, lnh bn c khp vi nhau trn c s hnh thnh gi c ca tng chng khon; c iu kin c giao dch ti th trng chng khon tp trung th tri phiu phi nim yt trn S giao dch chng khon. Tri phiu nim yt v giao dch ti S GDCK phi m bo cc yu cu k thut l cc tri phiu ca mt t pht hnh phi c cng ngy o hn, vic mua bn tri phiu c thc hin tp trung ti S GDCK theo hnh thc u gi. Tri phiu Chnh ph c th c giao dch trn th trung tp trung, th trng phi tp trung (OTC); vic nim yt v giao dch qua S GDCK ch c ngha cung cp thng tin v gi c cho cng chng u t v lm c s cho mi giao dch k hn. 2.5.2. Th trng chng khon phi tp trung hay th trng trao tay (Over The Counter market - OTC) L th trng khng c trung tm giao dch, vic giao dch chng khon c cc cng ty chng khon thc hin qua mng li in thoi, in tn. Vic mua, bn trn th trng OTC c thc hin thng qua thng lng, mc c gia bn mua v bn bn; c im ca th trng ny l khng c sn giao dch, do vy cc nh mua, bn chng khon b ngn cch nhau v khng gian v trong nhiu trng hp h khng lin lc kp thi vi nhau. y c hai cch thc nh gi chng khon: i vi nhng th trng OTC m k thut t ng cn cha c ng dng th cc chng khon c bn bun vi cc mc gi khc nhau, nhiu a im khc nhau, mc gi ny trn thc t l mc gi tha thun, thng lng ch khng phi c hnh thnh trn c s u gi. Trong khi , th trng OTC, ni m h thng yt gi t ng c s dng thnh hnh (Anh; M) th cc nh mua, bn chng khon c lin kt vi nhau trong ton quc bng mn hnh in t, thng tin gi c c thc hin lin tc ti tr s; chnh v vy,

khch hng lun c c thng tin v gi th trng mt cch y nht. Trn th trng OTC c nhng cng ty chuyn kinh doanh nhng loi chng khon nht nh gi l nh to lp th trng ( Market Maker ), h sn sng mua, bn mt loi chng khon no theo gi m cng ty nim yt; th trng OTC c mt im linh hot hn th trng tp trung l n cho php giao dch cc tri phiu nim yt v khng nim yt. Vic giao dch c thc hin bi cc cng ty chng khon. Nhng chng khon giao dch ti th trng phi tha mn mt s iu kin do Hip hi cc nh kinh doanh chng khon quy nh. S khc bit gia th trng S giao dch chng khon v th trng OTC chnh l iu kin tham gia th trng. tham gia y vo S giao dch chng khon i hi phi c nhng iu kin ngt ngho lin quan n nng lc, vn,.... trong khi tip cn th trng OTC d dng hn nhiu nh cc iu kin tham gia th trng lng hn. Th trng OTC h tr cho S giao dch chng khon, n m rng s hot ng ca th trng th cp v cng S giao dch hn ch n mc ti thiu s bin ng gi c bng cch thng xuyn kim tra vic hnh thnh gi chng khon ln cho nhau. Vic thc hin giao dch ti th trng OTC nh sau: Khi khch hng mun mua, bn mt s lng nht nh mt loi chng khon, khch hng s a ra lnh ti cng ty chng khon ang gi ti khon cho mnh yu cu thc hin, c th: + Nu cng ty chng khon ny l ngi to th trng cho loi chng khon khch hng t mua th khch hng giao dch trc tip vi b phn bun bn ca cng ty. + Nu cng ty chng khon khng phi l ngi to th trng th b phn bun bn ca cng ty chng khon lin h vi cc nh to th trng v thc hin hon tt giao dch vi nh to th trng c gi cho bn thp nht (hoc gi t mua cao nht). B phn bun bn ghi gi ln lnh cng vi tn ca ngi bn ri chuyn ti phng thc hin lnh, b phn ny bo co vic thc hin cho ngi i din nhn lnh, ri ngi ny thng bo cho khch hng. Tuy nhin, hot ng giao dch trn th trng OTC yu cu phi c quy ch cht ch v s qun l gim st hot ng ca th trng t pha cc c quan qun l Nh nc. Hot ng ca th trng OTC lm cho hot ng ca th trng TPCP si ng

hn, TPCP c lun chuyn, giao dch thun li v nng cao tnh thanh khon ca TPCP. 3. CHC NNG V VAI TR CA TH TRNG TRI PHIU CHNH PH TRONG NN KINH T

3.1. Chc nng ca th trng tri phiu Chnh ph Th trng ti chnh c vai tr quan trng trong vic pht trin kinh t ca mt quc gia, nht l i vi cc quc gia c nn kinh t vn hnh theo c ch th trng. Thng qua th trng ti chnh, Chnh ph v cc doanh nghip c th thu ht c cc ngun vn nhn ri trong x hi thc hin u t vo cc mc ch c th ca mnh. Th trng TPCP l mt b phn c bn ca th trng ti chnh; c th nhn thy chc nng ca th trng TPCP trong nn kinh t th hin cc mt sau y: - Th nht, th trng TPCP c chc nng huy ng v phn b cc ngun vn. Bi v, TPCP va tham gia vo th trng tin t (tn phiu kho bc), va tham gia vo th trng vn (tri phiu kho bc). Nh vy, th trng TPCP l mt b phn ca th trng ti chnh, l ni din ra cc hot ng mua, bn, trao i cc loi TPCP nhm tho mn cc nhu cu v vn u t ca cc ch th trong x hi. - Th hai, cc nc c nn kinh t th trng pht trin hay cc nc ang pht trin u c th trng TPCP huy ng vn cho u t pht trin, th trng TPCP c coi l mt cng c quan trng ca Chnh ph thc hin chnh sch ti kho v chnh sch tin t quc gia. TPCP pht hnh c nhiu loi k hn khc nhau, mi loi TPCP li c mt tc ng nht nh n nn kinh t. Bn cnh , cng vi vic pht hnh TPCP ca cc c quan thuc Chnh ph v cc chnh quyn a phng gp phn lm phong ph kh nng huy ng vn cho u t pht trin v to hng ho cho th trng vn. Pht trin th trng TPCP chnh l mt trong nhng gii php quan trng thu ht cc ngun lc ti chnh cho cc mc tiu pht trin ca quc gia. iu ny khng nh v tr ca TPCP v th trng TPCP trong vic pht trin kinh t; n khng

ch n thun l cng c huy ng vn m cn l cng c iu chnh nn kinh t. Bi v th m hu ht cc nc u quan tm n vic pht trin th trng TPCP.

3.2. Vai tr ca th trng tri phiu Chnh ph Th trng TPCP l mt b phn quan trng ca th trng ti chnh, l mt cng c hu hiu ca Chnh ph trong qu trnh iu hnh v m nn kinh t; c th nhn thy vai tr quan trng ca th trng TPCP, th hin qua cc mt sau: - Th nht, th trng TPCP c vai tr khuyn khch tit kim v thu ht cc ngun vn u t trong x hi. Nh nc s dng th trng TPCP huy ng vn cho NSNN v cho u t pht trin. Thng qua pht hnh TPCP ra th trng s to iu kin cho cc doanh nghip v cc tng lp dn c c nhiu c hi u t; pht trin th trng TPCP thng qua vic cung cp cc hng ho cho th trng s gp phn, to thi quen u t, kinh doanh chng khon, thc y s hnh thnh v pht trin cc nh ch ti chnh trung gian (cc cng ty chng khon, cc qu u t,... Th trng TPCP l ni khi thng cc ngun vn trong x hi, to iu kin tch t cc ngun vn nh thnh ngun vn ln, bin ngun vn ngn hn thnh ngun vn di hn. - Th hai, th trng TPCP l ni nh gi cc TPCP pht hnh ln u v nh gi li cc tri phiu trn th trng th cp. Li sut TPCP chu nh hng ln t quan h cung v cu TPCP trn th trng. Khi cung, cu tr3i phiu thay i lm cho li sut cn bng thay i. Li sut TPCP mi pht hnh tng ng vi li sut chit khu dng tnh gi tr hin hnh ca loi TPCP ang lu thng c cng c im v k tr li v thi hn o hn; vi c im ny, th trng TPCP c vai tr nh gi tri phiu trn th trng s cp v th trng th cp. - Th ba, th trng TPCP gp phn iu chnh quan h cung cu tin t. Trn th trng TPCP, vic iu chnh quan h cung cu cn c vai tr ca Chnh ph vi t cch l ch th pht hnh. Th trng TPCP l mt cng c hu hiu ca Nh nc trong vic

iu chnh quan h cung cu th trng thc thi chnh sch ti chnh tin t; thit lp v iu hnh hot ng th trng m iu chnh khi lng tin cung ng trong lu thng, gp phn kim sot v hn ch lm pht. - Th t, Chnh ph cc nc trn th gii u s dng th trng TPCP huy ng vn cho u t pht trin v coi y l mt cng c quan trng trong vic iu hnh chnh sch ti kho v chnh sch tin t quc gia. TPCP gm c nhiu loi, nhiu k hn khc nhau, mi loi li c mt tc ng nht nh n qu trnh pht trin ca nn kinh t trong tng giai on. Tn phiu kho bc va c vai tr l huy ng vn b p thiu ht ngn sch, va l cng c ca th trng tin t; ngay c cc quc gia c nn kinh t pht trin h vn pht hnh tn phiu ngn hn vi mc ch m bo hng ho cho th trng tin t hot ng. Tri phiu kho bc l cng c huy ng vn cho NSNN v cho u t pht trin, c bit l cc c s h tng quan trng ca t nc. Thng qua th trng TPCP, Chnh ph cc nc s thu ht c cc ngun lc ti chnh cho cc mc tiu pht trin ca quc gia. Tri phiu Chnh ph l mt trong nhng cng c huy ng vn ca Chnh ph; trong trng hp NSNN khng b thm ht, B Ti chnh vn pht hnh tn phiu kho bc vi mc ch l thc hin chnh sch tin t. TPCP trung v di hn p ng cc yu cu k thut c nim yt ti TTGDCK; bn cnh TPKB, tri phiu chnh quyn a phng, tri phiu do cc c quan Chnh ph pht hnh gp phn lm phong ph cc cng c n trn th trng ti chnh. Tm li, qua vic pht hnh TPCP huy ng vn cho NSNN v cho u t pht trin kinh t, khng nh vai tr ca TPCP v th trng TPCP trong qu trnh pht trin kinh t. TPCP v th trng TPCP khng nhng l cc cng c huy ng vn, m cn l cng c iu chnh v m nn kinh t. Trong xu th hi nhp v m ca nn kinh t, huy ng cc ngun vn thng qua pht hnh TPCP v pht trin th trng TPCP ngy cng c nhiu Chnh ph quan tm bi nhng tc ng tch cc ca th trng TPCP n qu trnh pht trin kinh t; cng vi qu trnh t do ho th trng vn trong nc, th vic pht hnh TPCP v pht trin th trng TPCP s thu ht c s quan tm ca cc nh u t nc ngoi tham gia vo th trng ny. Ngoi ra, s lun chuyn cc lung vn trn th trng TPCP c ngha rt quan trng i vi th trng ti chnh.

II/ THC TRNG TH TRNG TRI PHIU CHNH PH VIT NAM 1. Khi qut v th trng tri phiu VN Th trng Tri phiu VN bao gm: tn phiu kho bc, tri phiu CP, tri phiu chnh quyn a phng, tri phiu doanh nghip (bao gm c tri phiu ngn hng thng mi), chng ch tin gi v cc chng khon n c gi tr khc. y l mt th trng ang pht trin thu ht s quan tm ca cc nh u t v t chc ti chnh nc ngoi. Vo cui 2006, c khong 375 loi Tri phiu CP v Tri phiu DN c nim yt trn th trng chng khon, vi tng mnh gi khong 5 t USD. Cc giao dch TPCP chim t l ch yu ca ton th trng. D n tri phiu cn rt thp (khong 7% GDP) so vi cc th trng trong khu vc (Trung Quc 21%, Thi Lan 33%, Malaysia 62%) Ch th pht hnh khng a dng, cha c h thng cc nh to lp th trng v h thng giao dch, thanh ton cn nhiu hn ch. TPCP chng t c tm quan trng vi t cch l mt ngun vn u t. Trong 3 loi tri phiu hin c pht hnh v mua bn ti Vit Nam, bao gm: TPCP v tn phiu kho bc Tri phiu chnh quyn a phng Tri phiu doanh nghip Khi lng TP CP chim u th trn th trng vi 81% th phn,trong khi tri phiu a phng l 10%, v Tri phiu DN 9% Trong 5 nm giai on 2006-2010, GDP tng trng mc 8% - 8,5%, tng vn u t l khong 2.675.000 t ng, tng ng 39,9% GDP. Nhu cu vn qua pht hnh tri phiu l khong 187.250 t ng.Trong , TPCP chim th phn ln nht c v khi lng v gi tr. 2. Thc trng th trng pht hnh tri phiu chnh ph VN a. Bn l tri phiu qua KBNN Thng 6/ 1999 cho n KBNN chuyn hn sang t chc pht hnh loi tri phiu c thi hn 2 nm c ghi tn v khng in trc mnh gi, bn cho cc i tng l ngi Vit Nam v ngi nc ngoi ang lm vic v sinh sng Vit Nam; Cc t chc tn dng hot ng theo Lut Cc t chc tn dng ; Cc cng ty bo him, Qu u t hot ng hp php ti Vit Nam, Cc chi nhnh u t nc ngoi ti Vit Nam; Cc doanh nghip, cc t chc kinh t ca Vit Nam. iu ny cho php

KBNN c th huy ng mt khi lng vn vi thi gian hp l v to iu kin cho vic s dng vn ca Ngn sch nh nc c ko di. Bng1: Kt qu huy ng TP qua bn l t KBNN 2000-2006 Nm 2000 2001 2002 2003 2004 2005 2006 Tng cng ( Ngun: Kho bc Nh nc ) Bt u t nm 2007, nhm thc hin vic pht trin th trng, KBNN chm dt hn hnh thc ny, v thc hin ton b thng qua u thu v bo lnh. Tuy nhin c 1 vi kin cho rng hin ti nn m li knh ny. b. u thu tri phiu chnh ph Nm 2005 nh du kt qu thnh cng ln trong vic ngn sch huy ng vn thng qua hnh thc u thu tn phiu kho bc vi s tham gia d thu ca cc ngn hng thng mi. Trong nn ny B Ti chnh v NHNN t chc 59 phin u thu tn phiu kho bc, huy ng tng cng 22.000 t VND. S vn huy ng c gn 22.000 t ng qua u thu Tn phiu Kho bc ni trn ch yu l p ng cho nhu cu u t ca Chnh ph theo cc chng trnh trng im v chin lc ca quc gia. y cng l nm t khi lng trng thu cao nht t trc n nay, so vi khi lng trng thu ca cc nm trc l 1997: 2.917,5 t ng; nm 1998: 4.011 t ng; nm 1999: 3.011 t ng; 2000: 4.766 t ng; 2001: 3.955 t ng; 2002: 8.140 t ng v nm 2003 l 15.901 t ng v nm 2004 l 18.590 t ng. Li sut (%/nm) 8,9-10,5 6,8 - 7,0 7,1 -7,4 8,2 - 8,4 8,2 - 8,4 8,4 - 8,6 8,4 - 8,8 Gi tr huy ng (t ng) 4.316 2.667 4.117 6.790 7.736 2.815 2.815 34.245

Tuy vy mc d th trng u thu tn phiu kho bc c rt nhiu thnh vin (47 vo nm 2005), nhng ni chung hu ht l cc NHTM nh nc. Khi NHTM c phn, ngn hng lin doanh v chi nhnh ngn hng nc ngoi vn cn ng ngoi cuc. Ngoi nguyn nhn ch quan l do cc ngn hng ny c ngun vn nh, th nguyn nhn khch quan l do cch t chc u thu to ra hng ro v hnh vi h. K t giai on ny cho n gn y, thng ch c 5-8 thnh vin tham gia u thu. Li sut trn do ch o ca B Ti chnh. Tip tc cho ti nm 2006, trong nm ny ring S giao dch chng khon H Ni thu gn 8.000 t ng t tri phiu chnh ph. Trong , li sut trng thu c xu hng gim t mc bnh qun 8,75%/nm vo u nm 2006 xung 7,00%/nm vo cui nm, tuy nhin th trng u thu vn kh si ng vi s tng mnh c v s v cht lng thnh vin u thu. Trong nm 2007, mc d khi lng ng k u thu tng i cao, bnh qun gp 3 ln khi lng gi thu, nhng t l thnh cng li c xu hng gim dn. C th, qu I/2007 t l thnh cng t 99%; qu II/2007 gim xung 82,46% v n cui qu III/2007 gim cn 58,39%. Nguyn nhn ch yu do vic a ra mc li sut trn thp, ch 7,05 7,8%/nm (c t ch l 6,5%/nm) i vi TP k hn 5 nm; 7,95% - 8,6%/nm i vi TP k hn 10 nm; 8 - 8,8%/nm i vi TP k hn 15 nm, trong khi k vng v li sut ca NT ngy mt cao, xut pht t vic tng d tr bt buc t 5% ln 10%. Mc d vy, cng c gn 150.000 t ng tri phiu c huy ng trong nm ny.

Biu 1: ng cong li sut tri phiu chnh ph

Din bin li sut TPCP k hn 5 nm

8.50 8.00
Li sut

L/S

7.50 7.00 6.50 6.00 12/01/07 12/02/07 12/03/07 12/04/07 12/05/07 12/06/07 12/07/07 12/08/07 12/09/07 12/10/07 Ngy pht hnh

Biu 2: Tnh hnh bin ng li sut TPCP k hn 5 nm Nm 2008 l mt nm nhiu kh khn cho th trng TPCP VN v cc iu kin kinh t v m khng thun li. C th, tng khi lng TPCP pht hnh qua tng qu nh sau:

Biu 3: Khi lng TPCP pht hnh qua tng qu Trong qu I, khi lng TPCP c KBNN pht hnh di hnh thc u thu l 12.000 t ng, khng st gim so vi cc qu trc. Tuy nhin tri ngc li, vic pht hnh TPCP qu II lin tc tht bi. Cc t u thu TPCP ti S giao dch chng khon H Ni khng thu ht c cc thnh vin tham gia, thm ch c nhng t khng c thnh vin no tham gia (nh t 4, 5, 6 vo thng 5, 6 do KBNN pht hnh). Sang qu III v IV, th trng TPCP si ng tr li, khi lng TPCP do KBNN pht hnh l 15.588 t ng. Cng vi s bin ng v khi lng TPCP pht hnh qua cc qu, li sut TPCP trong nm 2008 cng c nhiu thay i phc tp ti tng thi im. C th, li sut TPCP thi hn 2 nm nh sau:

Biu 4: TPCP k hn 2 nm

K t thng 3 n thng 8, li sut v li sut cung phiu chnh lch rt nhiu, mc li sut trn TPCP m BTC a ra di mc k vng ca cc nh u t, mt nguyn nhn khin cc t u thu tht bi trong qu II. Sang qu II v c bit l qu III, lm pht tng nhanh chng mt trong khi li sut trn vn khng theo kp khin cho cc nh u t t b TPCP. TPCP dn c du hiu phc hi vo qu IV, sau khi Chnh ph thi hnh hp l cc chnh sch tin t. Nm 2009, Chnh ph quyt nh kch cu, vi mt trong cc bin php l pht hnh 56.000 t ng TPCP. Tuy nhin do nh hng ca lm pht nm 2008, vic pht hnh khng c hiu qu nh mong i, NSNN ch thu c 20.000 t ng, trong c 2.000 t ng tri phiu c KBNN pht hnh trn tng s 15.000 t ng gi thu. Do nh hng ca 2 nm trc, nm 2010 cng khng phi l mt nm lc quan cho tri phiu. Mc d li sut lin tc c tng k t cui nm 2009, ln n mc 12% cho cc k hn di 5 nm vo cui thng 2, nhng vn c rt t nh u t tham gia u thu. Sang giai on thng 3 thng 10, do chnh ph u tin kch thch tng trng kinh t, cng vi cc thng t 13, 15 v 19 khin cc NHTM c nhu cu mua tri phiu, li sut TPCP gim kh nhanh v mnh, li sut trn s cp dn ly li c vai tr nh hng cho th trng th cp. Li sut TPCP lc ny mc 10% cho cc k hn di 5 nm. Tuy vy, n cui nm, do thanh khon cui nm trn th trng tin t tng i kh khn, lm nh hng n li sut TPCP, cng vi vic cc NHTM khng cn nhu cu ln nh trc, khin cho khi lng ng k u thu v trng thu li gim mnh.

Biu 5: Li sut TPCP k hn 3 nm (2010) Trong nm 2010, lng TPCP u thu qua S giao dch chng khon H Ni t 28.115 t ng, tn phiu kho bc u thu qua NHNN t 7.492 t ng. Nm 2011, trong 2 thng du B Ti chnh pht hnh thnh cng hn 40% k hoch ca c nm (d kin 45.000 t ng). iu ny l do nhu cu ca cc NHTM trong giai on u nm. Sau , B tip tc hu nh khng nng li sut trn, khin cho 3 t u thu TPCP trong thng 3 u khng thnh cng (145/6.000 t ng t 1, 139/6.000 t

ng t 2, 30/3.000 t ng t 3). Tnh hnh tip tc cho n gia thng 5, t u thu ngy 19/5 khng thu c g t TPCP k hn 3 nm, v hn 500/1.000 t ng t TPCP k hn 5 nm. n cui thng 5, th trng TP li si ng tr li vi 1.000/1.000 t ng TPCP k hn 5 nm v 905/1.000 t ng TPCP k hn 3 nm. L do v li sut lin ngn hng gim, mt s ngn hng ln c thm ngun tin t tri phiu n hn ca cc nm trc, nn u t tr li tri phiu. Ngoi ra, dng vn u t gin tip nc ngoi cng ang c ng thi tm n Vit Nam v a ch chnh l tri phiu. Trong khi , ngun vn u t ca cc nh u t nc ngoi li thng thng qua cc ngn hng thng mi - l cc thnh vin chnh ca cc t u thu tri phiu chnh ph. Tuy nhin TPCP li sm h nhit k t thng 7, do lo s lm pht quay tr li. Gn y nht l t u thu 2.000 t ng TPCP ngy 13/10 khng bn c tri phiu no.

c. Bo lnh pht hnh tri phiu chnh ph thc hin vic huy ng vn cho NSNN, a dng ho cc knh huy ng vn; bn cnh p dng phng thc u thu TPCP qua TTGDCK; B Ti chnh (KBNN) p dng pht hnh TPCP theo phng thc bo lnh pht hnh, TPCP c pht hnh di hnh thc ghi s hoc chng ch, chng ch tri phiu khng ghi tn v in sn mnh gi mc ch nhm huy ng ngun vn trung hn v di hn cho NSNN. Thng qua knh pht hnh ny, B Ti chnh (KBNN) to ra c mt khi lng hng ho c cht lng cao p ng cc yu cu k thut c nim yt v giao dch ti TTGDCK. Tnh n thi im 31/12/2004 c 23 n v c cng nhn l thnh vin bo lnh pht hnh TPCP bao gm cc ngn hng thng mi v cc cng ty chng khon. T nm 2000 n 31/12/2004 B Ti chnh (KBNN) t chc c 31 phin bo lnh, huy ng c 4.790 t ng (loi TPCP c k hn 5 nm); c bit, trong nm 2004 KBNN t chc thc hin c 21 phin bo lnh pht hnh TPCP, huy ng c 2.390 t ng; trong huy ng vn cho NSNN l 1.755 t ng, cho cc cng trnh giao thng thu li l 635 t ng. D n tri phiu pht hnh theo phng thc bo lnh pht hnh tnh n 31/12/2004 l trn 2000 t ng, kt qu pht hnh TPCP theo phng thc bo lnh pht hnh giai on 2000 - 2004 nh sau:

Bng 1: KT QU PHT HNH TPCP THEO PHNG THC BO LNH GIAI ON 2000-2004 S T BO LNH (t) 01 02 01* 06 21 31 KHI LNG PHT HNH (t ng) 500 250 0 1.650** 2.390*** 4.790

NM

LI SUT (%/nm) 6,6 7,0-7,35 0 8,3 8,35 8,5

K HN (nm) 5 5 0 5 5

2000 2001 2002 2003 2004 Cng

- Ngun: Kho bc Nh nc - TTGDCK TP. H Ch Minh - Ch thch: (*) Nm 2002 t chc 1 phin bo lnh nhng khng c n v no tham gia (**) Trong c 1.430 t ng tri phiu GTTL (***) Trong c 635 t ng tri phiu GTTL Thng qua knh bo lnh pht hnh, mi nm KBNN huy ng c hng nghn t ng ngun vn di hn cho NSNN v cho u t pht trin. TPCP pht hnh qua TTGDCK gp phn b sung mt lng hng ho ln cho th trng TPCP ni ring v TTCK ni chung trong qu trnh xy dng v m rng quy m hot ng. Th trng bo lnh pht hnh ngy cng c hon thin v pht trin, tr thnh im hn hp dn gia nh pht hnh tri phiu vi nh u t, thng qua th trng ny KBNN c th c lng c cung v cu vn trn th trng

vi tin cy cao, bm st c din bin ca li sut trn th trng vn t tham mu cho Lnh o B Ti chnh trong vic la chn phng n bo lnh pht hnh, m bo hi ho li ch v quyn li gia ch th pht hnh v cc nh u t kinh doanh chng khon. Thng qua vic cng khai v minh bch thng tin lin quan n phng thc bo lnh pht hnh TPCP gip cc nh u t c c nhng thng tin cn thit v thi im pht hnh, khi lng v thi hn TPCP t cc nh u t c k hoch s dng v phn b ngun vn u t c hiu qu hn. Bng 2: Gi tr TP (t ng) huy ng thng qua hnh thc bo lnh pht hnh giai on 2000 -2008 ca KBNN v Ngn hng pht trin VN (VDB). Nm 2000 2001 2002 2003 2004 2005 2006 2007 2008 KBNN 500 250 0 1.650 2.390 9.945 12.241 18.400 15.000 VDB 0 0 1.076 5.034 4.839 3.195 10.050 22.420 24.631

T bng s liu trn ta c th thy, bo lnh pht hnh TPCP l knh ang chim gi tr vn huy ng ln nht so vi cc hnh thc khc. Vi hnh thc ny, KBNN v NHPT huy ng c hng trm nghn t ng ngun vn di hn cho NSNN v cho u t pht trin, gp phn b sung mt lng hng ha ln cho th trng. Th trng bo lnh pht hnh ngy cng cc hon thin v pht trin, tr thnh ni thu ht nh u t.

d. Pht hnh tri phiu chnh ph bng ngoi t

Nm 2005, ln u tin Chnh ph VN pht hnh tri phiu chnh ph ra th trng quc t thnh cng rc r. S lng cc nh u t quc t tham gia mua tri phiu t mc k lc trn th trng vn trong nhiu nm tr li y. C ti trn 255 nh u t ln mua tri phiu ca Chnh ph VN (so vi 150 nh u t mua tri phiu ca Chnh ph Indonesia u thng 10/2005).Tng s lng nhu cu cc nh u t t mua ln ti 4,5 t USD, gp 6 ln lng tri phiu Chnh ph VN pht hnh (750 triu USD). K t , giai on 2006-u nm 2008 l thi im TPCP bng ngoi t rt c cc nh u t nc ngoi a chung. Nm 2007, Chnh ph cho pht hnh 1 t USD TPCP. Tuy nhin, nm 2008 l mt c sc rt ln i vi cc nh u t nc ngoi trn th trng tri phiu. Khng hong ti chnh th gii khin nhiu NT t chc nc ngoi phi rt vn v nc, do nhu cu vn ca cng ty m ti chnh quc. Tuy nhin, do thanh khon ca th trng tri phiu rt thp nn NT khng d dng rt vn. H nh chp nhn bn tho tri phiu bng mi gi, vi mc chit khu ln n 30 - 50%. Mt s ngn hng trong nc mua li s tri phiu ny v trng ln khi kinh t v m ca Vit Nam n nh tr li trong nm 2009. Qua 2 nm (2009 - 2010), nhng bt n kinh t v m, c bit l li sut v lm pht, tin ng mt gi so vi USD li ti din nn tri phiu cha sc hp dn NT tr li. Nm 2011, nhng ri ro nh lm pht cao, ni t gi vn l ro cn chnh. Trong thng 3, c thi im gi tr giao dch ca NT nc ngoi ch chim 7% gi tr giao dch ton th trng (trung bnh nm 2010 l 28%). Nhng phin u thu trn th trng s cp gn y vng bng NT ngoi. Nhng cu chuyn mang tnh k thut cng khin NT ngoi ngi giao dch tri phiu. Thng t s 64/2010/TT-BTC quy nh, k t thng 6/2010, cc NT nc ngoi khi u t vo tri phiu Vit Nam s phi chu mc thu khi chuyn nhng chng khon l 0,1% trn tng doanh thu thu c t bn chng khon ti thi im chuyn nhng; khi nhn li l 10% trn s li nhn c t nh pht hnh tri phiu (mc thu c l

0,1% tnh trn mnh gi tri phiu v li thu c vo ngy tr li tri phiu). Vi quy nh ny, mc thu nh trn li sut tr cho cc NT nc ngoi cao gn gp 10 ln mc thu c. Trong khi , k hoch pht hnh TPCP i khi khng ph hp vi quan h cung - cu vn trn th trng, m ch yu theo nhu cu huy ng; thi gian a tri phiu mi pht hnh vo giao dch cn di; c qu nhiu m tri phiu (gn 500 m); cha c h thng nh to lp th trng Thanh khon mc thp khong 1.000 t ng/ngy s rt kh cho NT ngoi rt vn khi c nhu cu. Tnh trng lm pht cao, VND mt gi so vi USD cng khin cc nh u t nc ngoi kh tr li.

3. Nhng hn ch ca th trng tri phiu chnh ph Vit Nam Mi trng kinh t v m cha thc s n nh

Thu nhp bnh qun u ngi cn thp, do vy t trng tit kim u t cn rt thp, cha to ra c cc c hi thu ht cc nh u t vo TPCP. Mc d nc ta ang trong tin trnh t do ho li sut (thng 6/2002) biu hin l vic p dng c ch li sut c bn, song vn cn c s can thip ca Nh nc. Bc sang nm 2002 cho php p dng c ch li sut tho thun, song c ch ny vn c nhc im l cha phn nh ng quan h cung cu vn trn th trng; vic p dng c ch li sut tho thun cng thm s bt n ca chnh sch kinh t v m c nh hng khng nh n th trng TPCP. Hu ht ngi dn cha hiu bit nhiu v khng yn tm tin tng khi tham gia u t vo TPCP trung hn v di hn. Cc tng lp dn c trong x hi cha c nhiu c hi tham gia u t vo TPCP bi v th trng tri phiu cn cha pht trin mnh; chnh v nhng l do ny m hu ht nhng ngi c thu nhp cao v c nhng khon tin nhn ri thng chp nhn gi tin tit kim vo cc ngn hng. H thng php lut cn cha y v thiu ng b

Trc nhng nm 1995 khng c mt vn bn no cp Chnh ph quy nh v c ch pht hnh v giao dch TPCP. S ra i ca Ngh nh s 72/CP (1995), tip theo l Ngh nh b sung s 01/2000/N-CP v Ngh nh s 141/2003/N-CP; Php lnh s 12/1999/PL-UBTVQH10 v pht hnh cng tri xy dng t quc, chnh l hnh lang php l chun, khc phc c nhng hn ch ca c ch pht hnh v giao dch TPCP trc y; vic p dng c ch u thu, bo lnh pht hnh v nim yt TPCP ti TTGDCK c nhiu sa i b sung, song vn bc l mt s im bt cp: - Th nht, cha c s thng nht gia Ngh nh s 141/2003/N-CP v Php lnh s 12/1999/PL-UBTVQH10 v pht hnh cng tri xy dng t quc, y l hai vn bn quy phm php lut trong lnh vc pht hnh TPCP, cng tri XDTQ hay tri phiu kho bc cng u l TPCP, do vy nn thng nht quy nh trong mt vn bn quy phm php lut chung. - Th hai, tnh thanh khon ca TPCP (loi tr tn phiu kho bc u thu qua NHNN) cn cha cao, bi l theo Lut NHNN, th NHNN khng c cm c, chit khu cc cng c n di hn trong vic cho vay ti cp vn i vi cc t chc tn dng. Ti Quyt nh s 139/1999/Q-TTg ngy 10/06/1999 quy nh v t l tham gia ca bn nc ngoi vo TTCK Vit Nam, quy nh cc t chc, c nhn nc ngoi c nm gi ti a 40% tng s tri phiu ang lu hnh ca mt t chc pht hnh, trong mt t chc nc ngoi c nm gi ti a 10% v mt c nhn nc ngoi c nm gi ti a 5%; quy nh ny l khng ph hp vi hot ng u t tri phiu. Tim lc ti chnh ca cc nh u t v phn phi tri phiu cha mnh Trn th trng tri phiu ni chung v th trng TPCP ni ring, vic phn phi tri phiu trn th trng s cp cha mang tnh chuyn nghip (thiu vng h thng phn phi), bn cnh vn cha thu ht c cc nh kinh doanh tri phiu chuyn nghip. Cc cng ty chng khon ch yu tp trung H Ni, Hi Phng, TP. H Ch Minh do vy kh nng bo lnh pht hnh, mi gii mua v bn TPCP cn thp; theo quy nh th cc cng ty chng khon c bo lnh pht hnh ti a khng vt qu 4 ln gi tr ti

sn c trong mt ln bo lnh, vi vic quy nh t l nh vy cng hn ch phn no cc cng ty chng khon khi tham gia hot ng bo lnh pht hnh. Vic thiu vng cc nh u t c t chc (cc Qu u t) cng nh hng khng nh n kt qu hot ng u thu tri phiu. Cho n nay mi c mt cng ty qun l qu c thnh lp (thng12/2003) v cha c mt qu u t chng khon no c thnh lp, hin ti mi ch c s tham gia ca mt s Qu u t nc ngoi (Dragon Capital). Vic p dng t l tham gia ca bn nc ngoi khi tham gia th trng chng khon Vit Nam, c bit l cc cng ty bo him nc ngoi khi tham gia vo th trng TPCP h khng c hot ng bnh ng nh cc cng ty Bo him trong nc, iu ny dn n vic hn ch khi tham gia mua TPCP, hn ch c hi u t ca h v th trng TPCP mt i nhng nh u t c t chc c kh nng ti chnh ln. Hot ng qun l pht hnh v giao dch tri phiu Chnh ph cn nhiu bt cp Mc d c Ngh nh s 141/2003/N-CP v Php lnh s 12/1999/PL-UBTVQH10 v pht hnh cng tri xy dng t quc lm khung php l chun cho vic pht hnh v giao dch TPCP trn th trng, nhng vic t chc qun l th trng TPCP v s phi hp gia cc c quan lin quan trong qu trnh hoch nh chnh sch cn nhiu vn cn bn. - Th nht, cng tc xy k hoch huy ng vn v thi gian pht hnh TPCP hng nm cha c cng khai v chun ho. Do vy, cc nh t chc, cc thnh vin ca th trng chng khon, gii kinh doanh u t khi tham gia vo th trng cn nhiu b ng, lng tng. - Th hai, chng ta ang tng bc tin ti t do ho li sut; nhng thc t l trong qu trnh xy dng v iu hnh li sut hin nay, th pha NHNN iu hnh li sut c bn, cn B Ti chnh li iu hnh li sut TPCP do vy cn nhiu im khng ng b trong qu trnh hoch nh li sut, cha to ra c ng cong li sut chun. Do vy, li sut TPCP cha phi l li sut chun tham chiu. Li sut TPCP l do B

Ti chnh cng b cho tng t pht hnh c th, thng l thp hn li sut huy ng vn cng k hn ca cc NHTM; li sut tn phiu kho bc u thu qua NHNN v li sut TPCP u thu qua TTGDCK vn p dng c ch li sut ch o, y l l do lm gim tnh th trng v tnh cnh tranh ca TPCP so vi cc loi hnh tn dng khc. - Th ba, hin nay TPCP c giao dch trn th trng chng khon tp trung vic thiu vng th trng OTC cng nh hng khng nh n hot ng v kt qu giao dch TPCP trn th trng. Th trng th cp tri phiu ni chung v TPCP ni ring cha si ng. Do vy, vic huy ng vn di hn cho u t pht trin cha t kt qu cao, bn cnh vic thiu vng cc nh to lp th trng v mt h thng phn phi tri phiu ng b trn th trng s cp nh hng khng nh n hot ng pht hnh v giao dch trn th trng TPCP. Tim lc ti chnh ca cc nh u t v phn phi tri phiu cha mnh Trn th trng tri phiu ni chung v th trng TPCP ni ring, vic phn phi tri phiu trn th trng s cp cha mang tnh chuyn nghip (thiu vng h thng phn phi), bn cnh vn cha thu ht c cc nh kinh doanh tri phiu chuyn nghip. Cc cng ty chng khon ch yu tp trung H Ni, Hi Phng, TP. H Ch Minh do vy kh nng bo lnh pht hnh, mi gii mua v bn TPCP cn thp; theo quy nh th cc cng ty chng khon c bo lnh pht hnh ti a khng vt qu 4 ln gi tr ti sn c trong mt ln bo lnh, vi vic quy nh t l nh vy cng hn ch phn no cc cng ty chng khon khi tham gia hot ng bo lnh pht hnh. Vic thiu vng cc nh u t c t chc (cc Qu u t) cng nh hng khng nh n kt qu hot ng u thu tri phiu. Cho n nay mi c mt cng ty qun l qu c thnh lp (thng12/2003) v cha c mt qu u t chng khon no c thnh lp, hin ti mi ch c s tham gia ca mt s Qu u t nc ngoi (Dragon Capital). Vic p dng t l tham gia ca bn nc ngoi khi tham gia th trng chng khon Vit Nam, c bit l cc cng ty bo him nc ngoi khi tham gia vo th trng TPCP h khng c hot ng bnh ng nh cc cng ty Bo him trong nc, iu ny dn

n vic hn ch khi tham gia mua TPCP, hn ch c hi u t ca h v th trng TPCP mt i nhng nh u t c t chc c kh nng ti chnh ln. Hot ng qun l pht hnh v giao dch tri phiu Chnh ph cn nhiu bt cp Mc d c Ngh nh s 141/2003/N-CP v Php lnh s 12/1999/PL-UBTVQH10 v pht hnh cng tri xy dng t quc lm khung php l chun cho vic pht hnh v giao dch TPCP trn th trng, nhng vic t chc qun l th trng TPCP v s phi hp gia cc c quan lin quan trong qu trnh hoch nh chnh sch cn nhiu vn cn bn. - Th nht, cng tc xy k hoch huy ng vn v thi gian pht hnh TPCP hng nm cha c cng khai v chun ho. Do vy, cc nh t chc, cc thnh vin ca th trng chng khon, gii kinh doanh u t khi tham gia vo th trng cn nhiu b ng, lng tng. - Th hai, chng ta ang tng bc tin ti t do ho li sut; nhng thc t l trong qu trnh xy dng v iu hnh li sut hin nay, th pha NHNN iu hnh li sut c bn, cn B Ti chnh li iu hnh li sut TPCP do vy cn nhiu im khng ng b trong qu trnh hoch nh li sut, cha to ra c ng cong li sut chun. Do vy, li sut TPCP cha phi l li sut chun tham chiu. Li sut TPCP l do B Ti chnh cng b cho tng t pht hnh c th, thng l thp hn li sut huy ng vn cng k hn ca cc NHTM; li sut tn phiu kho bc u thu qua NHNN v li sut TPCP u thu qua TTGDCK vn p dng c ch li sut ch o, y l l do lm gim tnh th trng v tnh cnh tranh ca TPCP so vi cc loi hnh tn dng khc. - Th ba, hin nay TPCP c giao dch trn th trng chng khon tp trung vic thiu vng th trng OTC cng nh hng khng nh n hot ng v kt qu giao dch TPCP trn th trng. Th trng th cp tri phiu ni chung v TPCP ni ring cha si ng. Do vy, vic huy ng vn di hn cho u t pht trin cha t kt qu cao, bn cnh vic thiu vng cc nh to lp th trng v mt h thng phn

phi tri phiu ng b trn th trng s cp nh hng khng nh n hot ng pht hnh v giao dch trn th trng TPCP.

Cha c chnh sch hp l thu ht cc ngun vn nhn ri Thu thu nhp nh vo thu nhp t tri phiu c s phn bit, cha cng bng gia cc nh u t, c th i vi cc nh u t l c th th c min thu thu nhp i vi phn li tc thu c t hot ng kinh doanh TPCP. Tri li, i vi cc t chc th thu nhp t tri phiu vn phi np thu thu nhp; vi c ch trn c nh hng khng nh n cc nh hot ng kinh doanh v u t chng khon. Theo quy nh ti Thng t s 110/2002/TT-BTC 12/12/2002 th mc ph p dng i vi hot ng giao dch TPCP qua th trng tp trung l 0,075%/ doanh s giao dch (nhng hin nay B Ti chnh tm thi cha p dng). Thng thng cc cng ty chng khon thu ca khch hng 0,3% n 0,4% ph giao dch/ doanh s giao dch, y cng l im bt cp cn sa i trnh gy thit hi cho khch hng khi tham gia vo th trng TPCP.