Chng 1.

Tng quan v cc th trng v nh ch ti chnh

1.1 Chc nng ca h thng ti chnh trong nn kinh t ton cu
1.1.1 Cc loi th trng trong nn kinh t
1.1.2 Cc chc nng ca h thng ti chnh
1.2 Cu trc th trng ti chnh
1.2.1 Th trng tin t, th trng vn
1.2.2 Th trng s cp v th trng th cp
1.2.3 Th trng c t chc v th trng phi tp trung
1.2.4 Xu hng ton cu ha v mt s kha cnh v qun l th trng
1.3 Cc ti sn ti chnh
1.3.1 c im ca ti sn ti chnh
1.3.2 Cc chng khon n
1.3.3 Cc chng khon vn
1.3.4 Chng khon phi sinh
1.4 Cc nh ch ti chnh
1.4.1 S pht trin ca cc giao dch v vai tr ca cc nh ch ti chnh
1.4.2 Cnh tranh v sp nhp cc nh ch ti chnh
Chng 2. L thuyt li sut
2.1 Vai tr ca li sut trong nn kinh t
2.2 Cc l thuyt li sut
2.2.1 L thuyt c in
2.2.2 L thuyt u tin thanh khon
2.2.3 L thuyt v qu c th cho vay
2.2.4 L thuyt v cc d tnh hp l
2.3 Cc lc lng kinh t tc ng ti li sut
2.3.1 Tng trng kinh t
2.3.2 Lm pht
2.3.3 Cung tin
2.3.4 Thm ht ngn sch
2.3.5 Cc dng qu nc ngoi
2.4 D bo li sut

Chng 3. Cu trc ca li sut

3.1 c im ca cc cng c n tc ng ti s khc bit ca li sut
3.1.1 Ri ro tn dng
3.1.2 Thanh khon
3.1.3 Tnh trng thu
3.1.4 Cc iu khon c bit
3.2 Cu trc thi hn
3.2.1 ng cong li sut chun
3.2.2 Gii thch hnh dng ng cong li sut chun
3.2.3 S dng cu trc thi hn
Chng 5. Th trng tin t
5.1 Nhng vn chung
5.1.1 c im ca th trng
5.1.2 Cc thnh phn tham gia th trng
5.1.3 Cc chng khon trn th trng tin t
5.1.4 Xu hng ton cu ha
5.2 Gi cc chng khon trn th trng tin t
5.2.1 nh gi cc chng khon th trng tin t
5.2.2 Gii thch chuyn ng ca gi cc chng khon
5.2.3 Ri ro ca cc chng khon trn th trng tin t
Chng 6. Th trng tri phiu
6.1 Nhng vn chung
6.1.1 Khi nim tri phiu
6.1.2 c im ca tri phiu chnh ph
6.1.3 c im ca tri phiu cng ty
6.2 nh gi tri phiu v ri ro
6.2.1 Quy trnh nh gi
6.2.2 Gii thch nhng chuyn ng ca gi tri phiu
6.2.3 nhy cm ca gi tri phiu vi nhng chuyn ng ca li sut

Chng 7. Th trng mortgages (khon vay th chp nh)

7.1 Bn cht ca mortgages
7.1.1 Khi nim
7.1.2 c im
7.2 Cc loi mortgages
7.2.1 Mortgages c bo m v khon vay th chp nh thng thng
7.2.2 Mortgages c li sut c nh v khon vay th chp c li sut iu chnh
7.2.3 Cc dng khc
7.2.4 Dch v mortgages
7.3 Th trng th cp
7.3.1 Ngn hng mortgages
7.3.2 Chng khon ha mortgages
7.3.3 Tc ng ca mortgages chng khon ha ln th trng mortgages
Chng 8. Th trng c phiu
8.1 Bn cht ca c phiu
8.1.1 Khi nim
8.1.2 C phiu ph thng
8.1.3 C phiu u i
8.2 C ch vn hnh ca th trng
8.2.1 Th trng s cp: Quy trnh cho bn ln u ra cng chng
8.2.2 Th trng th cp: S giao dch c t chc v th trng OTC
8.2.3 Vai tr ca c ng v ca cng ty pht hnh
8.3 nh gi c phiu
8.3.1 Cc phng php nh gi c phiu
8.3.2 Cc yu t tc ng ti gi c phiu
8.3.3 Vai tr ca chuyn gia phn tch trong nh gi c phiu
8.4 Ri ro ca c phiu
8.4.1 Cc thc o tnh bin ng gi ca c phiu
8.4.2 p dng thc o gi tr chu ri ro (value-at-risk)
8.4.3 Nhng iu chnh theo gi tr chu ri ro
8.5 Hiu qu th trng
8.5.1 Cc dng hiu qu

8.5.2 Kim nghim gi thuyt th trng hiu qu

Chng 9. Th trng hp ng tng lai
9.1 Bn cht ca HTL ti chnh
9.1.1 Khi nim; mc ch giao dch;
9.1.2 Cc bn tham gia giao dch HTL ti chnh
9.2 u c v ro chn ri ro vi HTL li sut
9.2.1 u c
9.2.2 Ro chn ri ro vi HTL li sut
9.3 Ri ro ca vic giao dch HTL
Chng 10. Th trng quyn chn
10.1 Cc khi nim
10.1.1 Quyn chn
10.1.2 Th trng quyn chn
10.2 Ph quyn chn
10.2.1 Cc yu t quy nh ph quyn chn
10.2.2 Gii thch s thay i ca ph quyn chn
10.3 S dng quyn chn
10.3.1 u c
10.3.2 Ro chn ri ro
10.3.4 o lng ri ro ca c phiu

11.1

11.3

Chng 11. Th trng cc cng c phi sinh li sut

Bn cht ca swap li sut
11.1.1 Khi nim
11.1.2 Cc iu khon ca swap
11.1.3 Cc nh ch ti chnh tham gia vo swap
11.2 Cc loi swap c bn
11.2.1 Swap li sut c nh li sut th ni
11.2.2 Swap k hn
11.2.3 Swap c phiu
Ri ro ca swap li sut

11.3.1 Ri ro bin ng khng song hnh

11.3.2 Ri ro tn dng
11.3.3 Ri ro chnh tr
11.4 Trn, sn li sut; trn-sn kt hp
Chng 13. Hot ng c bn ca Ngn hng thng mi
13.1 Ngun qu v s dng qu
13.1.1 Ngun qu
13.1.2 S dng qu
13.1.3 Cc hot ng ngoi bng
13.2 Qun tr ngn hng
13.2.1 Qun tr thanh khon
13.2.2 Qun tr ri ro li sut
13.2.3 Qun tr ri ro tn dng
13.2.4 Qun tr vn
13.2.5 Qun tr da trn d bo
Chng 14. nh gi kt qu v qun l hot ng ca ngn hng
14.1 nh gi mt ngn hng thng mi
14.1.1 Cc yu t tc ng ti dng tin
14.1.2 Cc yu t tc ng ti li sut i hi
14.2 Cc ch tiu nh gi hot ng
14.2.1 Thu li v chi li
14.2.2 Thu ngoi li v chi ngoi li
14.2.3 Thu nhp rng
14.2.4 Cch nh gi hot ng ca ngn hng
14.3 Qun l cc ngn hng thng mi
14.3.1 Cc hot ng chu s qun l
14.3.2 Cc tiu ch gim st (CAMELS)
14.3.3 Tht bi ca ngn hng
Chng 15 Cc nh ch dng u t
15.1 Cng ty ti chnh

15.1.1 Bn cht, phn loi

15.1.2 Ngun qu v s dng qu
15.1.3 Ri ro ca cng ty ti chnh
15.1.4 nh gi mt cng ty ti chnh
15.1.5 S tham gia vo cc th trng ti chnh
15.2 Qu u t
15.2.1 Bn cht, phn loi
15.2.2 Hot ng ca qu u t
15.2.3 S tham gia vo cc th trng ti chnh
15.3 Cng ty chng khon
15.3.1 Cc dch v ngn hng u t
15.3.2 Cc dch v mi gii
15.3.3 Ri ro ca cng ty chng khon
15.3.4 nh gi mt cng ty chng khon
15.3.5 S tham gia vo cc th trng ti chnh
Chng 16. Cc nh ch dng tit kim theo hp ng
16.1 Cng ty bo him
16.1.1 Cc cng ty bo him nhn th
16.1.2 Cng ty bo him phi nhn th
16.1.3 S tham gia vo cc th trng ti chnh
16.2 Qu hu tr
16.2.1 Cc chin lc u t ca qu hu tr
16.2.2 Ti sn ca qu hu tr
16.2.3 Cc yu t tc ng ti tng trng trong tng lai ca qu hu tr

Mt s dng bi tp
- Tnh t l chit khu, li sut u t ca cc cng c ti chnh
- nh gi tri phiu, c phiu, mc ri ro
- Tnh ton li l ca vic s dng quyn chn, hp ng tng lai, swap li sut
- Tnh GAP, GAP k hn ngn hng
- Tnh NAV ca qu
- Tnh ph bo him, hiu qu hot ng ca cng ty bo him
- Tnh gi tr ng gp, gi tr nhn c t vic tham gia qu hu tr.
Mt s v d
1, Mt ngn hng thng mi c k hn trung bnh ca ti sn l 2,1 nm. K hn trung
bnh ca n l 1,4 nm. Gi tr th trng ca ti sn l 200 t, gi tr th trng ca n l
190 t. Li sut trn th trng hin ti l 10%, Libor hin ti l 9%
a, Tnh GAP k hn ca Ngn hng
b, Nu li sut trn th trng tng ln 11 % s lm nh hng th no n gi tr rng
ca ngn hng
2, Gi s mt qu u t c danh mc ti sn u nm nh sau:
Tin mt
8.000 c phiu X
18.000 c phiu Y
28.000 c phiu Z
48.000 tri phiu D
S c phn qu ang lu hnh

100.000.000
Gi 60.000/cp
Gi 35.000/cp
Gi 15.000/cp
Gi 10.000/tp
100.000 cp

a, Tnh gi tr ti sn rng NAV trn mt chng ch qu

b, Gi s cui nm, gi tr danh mc c phiu qu nm gi tng 23%, gi tr danh mc
tri phiu gim 3%, Trong k, qu phn phi thu nhp 900/cp, phn phi li vn
600/cp, tin mt m s lng c phn qu khng thay i, Tnh NAV trn mt chng
ch qu thi im cui nm, li sut u t vo qu l bao nhiu?
3, Gi s bn bn khng 100 c phn ca c phiu ph thng ti gi 52$/c phn. T l
k qu ban u l 70%. Nu mt lnh gi k qu c thc hin ti mc gi c phiu l
60$/c phn, t l k qu ngay trc thi im ny l bao nhiu?

4, Gi s mt hng bo him c 100.000 ch hp ng bo him nhn th, mi ngi 55

tui v c mt hp ng bo him nhn th 1 triu la. T l t vong d tnh t nhm
ngi ny l 6/1000 ngi mt nm
a, Tnh s tin phi thanh ton d tnh ca hng bo him
b, Gi s cng ty d tnh thu c trung bnh 10% t vic u t t ngun ph thu ca
cc ch hp ng bo him, chi ph hot ng ca cng ty bo him l 3 triu la. Tnh
mc ph cn phi thu ca mi ch hp ng.
5, S tng trng ca c tc ca c phiu M c d tnh l 9%/nm trong 2 nm ti,
tip theo l 5%/nm trong ba nm tip theo; sau thi k 5 nm ny, tc tng trng
ca c tc c d tnh l 3%/nm n vnh vin. Li sut i hi trn c phiu M l
11%. C tc tr ca nm ngoi l 2,5$/c phn. Vy mc gi hp l ca c phiu ny
ngy hm nay l bao nhiu?