2/17/2011

TH TRNG
CHNG

KHON
TS.NGUYN TH BCH LOAN
Kh TC
Khoa TC-NH
NH

NI DUNG MN HC
Chng 1:Th trng ti chnh
Chng 2:Th trng chng khan
Chng 3: Chng khan v giao dch
chng khan
Chng 4:nh gi chng khan
Chng 5:Phn tch chng khan
Chng 6: Qu u t chng khan

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Chng 1: Th trng ti chnh

1.1 C s hnh thnh th trng ti chnh
1.2 Chc nng th trng ti chnh
1.3 Phn lai th trng ti chnh
1.4 Hng ha th trng ti chnh
1.5 Ch th tham gia

1.1 C s hnh thnh th trng ti

chnh
1.1.1 Tnh tt yu khch quan ca qu
t h i
trnh iu tit vn

1.1.2 C s hnh thnh TT ti chnh
1.1.3. Bn cht TT Ti chnh

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1.1.1 Tnh tt yu khch quan ca qu

trnh iu tit vn
Qu trnh ti sn xut i hi nhu cu vn
ln
Ngi c vn tm cch lm cho vn sinh
si ny n
s iu tit vn t ni tha vn sangg ni
thiu vn

1.1.2 C s hnh thnh TT ti chnh

Cc hnh thc kt ni Cung Cu:

Vay mn trc tip

Thng qua cc t chc ti chnh trung gian
Pht hnh cc chng t c gi
Hnh thnh TT Ti chnh: ni din ra cc
giao dch mua bn ti sn ti chnh

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1.1.3. Bn cht TT Ti chnh

L ni din ra cc hot ng giao lu,

l chuyn
lun h nhng
h lung
l vn ttrong x
hi.
hi
L hot ng chuyn vn tit kim sang
u t
L ni din ra s chuyn vn t ngi c
vn nhn ri ti ngi thiu vn
vn.

1.2 Chc nng th trng ti chnh

Chc nng dn vn t ngi tha vn

sang ngii thi
thiu vn

Chc nng hnh thnh gi c ti sn ti
chnh theo c ch th trng
Chc nng m bo tnh thanh khon cho
cc ti sn ti chnh
Gim thiu chi ph tm kim v chi ph lu
thng

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1.3. Phn loi TTTC

1.3.1.Cn c vo thi hn lun chuyn vn

1.3.2. Cn c vo tnh cht
chuyn mn ha
ca th trng
1.3.3. Cn c vo qu trnh lun chuyn
cng c Ti chnh

1.3.1.Cn c vo thi hn lun chuyn

vn
TTTC bao gm TT tin t v TT vn:
Th trng tin t

TT Vn
ngn hn
TT Hi oi TT Lin NH

Tt Th chp TTCK TT cho thu

ti chnh
SGDCK TT
OTC

Th trng vn

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Th trng tin t

Khi nim Th trng Tin t:

L ni giao dch mua bn quyn
s dng cc
khon tin t ngn hn (bao gm cc loi giy
t c gi ngn hn di 01 nm) trong nn
kinh t
Cc b phn ca Th trng Tin t:
Th trng lin ngn hng
Th trng hi oi
Th trng vn ngn hn

Th trng vn

Khi nim Th trng vn

L ni giao dch cc cng c vn
di hn
Cc b phn ca Th trng vn:
Th trng th chp
Th trng cho thu ti chnh
Th trng chng khon

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1.3.2. Cn c vo tnh cht chuyn mn

ha ca th trng

Th trng cng c n
Th trng cng c vn

Th trng cng c phi sinh

1.3.3. Cn c vo qu trnh lun chuyn

cng c Ti chnh

Th trng s cp
Th trng th cp

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1.4. Hng ha ca TT Ti chnh

1.4.1. Hng ha ca th trng tin t

1.4.2. Hng ha ca th trng vn

1.4.1. Hng ha ca th trng tin t:

Tn phiu
Cc khon vayy lin ngn
g hng g
Giy chp nhn thanh ton ca Ngn hng
K phiu thng mi
K phiu ngn hng, tn phiu cng ty ti
chnh, chng ch tin gi tit kim ngn
hn(NCD- Negotiable Certificate of Deposit)
hn(NCD

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1.4.2. Hng ha ca th trng vn

Chng khon n
Chng khon vn
Cng c phi sinh

1.5. Cc ch th tham gia Th trng Ti

chnh

Cc t chc nhn tin gi:

Ngn hng thng mi
Hip hi tit kim v cho vay
Cc t chc khng nhn tin gi:
Cc cng ty dch v ti chnh
Cng ty bo him
Cng ty u t

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Chng 2: Th trng Chng

khon
2.1. Lch s hnh thnh v pht trin
TTCK
2.2. Chc nng v vai tr ca TTCK
2.3. Phn loi TTCK
2.4. Nguyn tc hot ng ca TTCK
2.5. Cc ch th tham gia TTCK

2.1. Lch s hnh thnh v pht trin

TTCK
Lch s hnh thnh v pht trin TTCK
th gii
ii
Qu trnh hnh thnh v pht trin
TTCK VN

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2.2. Chc nng v vai tr ca

TTCK
Chc nng huy ng vn cho nn kinh t
Chc nng nh gi gi tr doanh nghip
Cung cp mi trng u t
m bo tnh thanh khon
To mi trng cho Chnh ph thc hin
cc chnh sch kinh t
v m

2.3. Phn loi TTCK

Cc tiu ch phn loi:

Cn c vo qu trnh lun chuyn
chng
khon
Cn c vo phng thc hot ng ca
th trng
Cn c vo hng ha giao dch trn th
trng

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Cn c vo qu trnh lun chuyn chng

khon:
Th trng s cp
Th trng th cp
C
Cn c
vo
phng
h th
thc h
hott
ng ca
th
trng:
Th trng tp trung (SGDCK)
Th trng OTC
Cn c vo hng ha giao dch trn th
trng:
Th trng c phiu
Th trng tri phiu
Th trng cc cng c phi sinh

2.4. Nguyn tc hot ng ca TTCK

Nguyn tc cnh tranh (u gi)

Nguyn tc
cng bng

Nguyn tc cng khai
Nguyn tc trung gian
Nguyn tc tp trung

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2.5. Cc ch th tham gia TTCK

Nh pht hnh
Nh u
t (c nhn v t chc)
Nh mi gii v kinh doanh chng khon
Cc t chc h tr th trng

Cc ch th trc tip t chc hot

ng
SGDCK
TT Lu k
Ngn hng ch nh thanh ton
Cng ty chng khon
Ngn hng thng mi
Hip hi cc nh kinh doanh chng khon

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M hnh t chc hot ng ca

SGDCK
Dng cu lc b, hip hi
Dng Cng ty C phn

Dng cng ty c phn c s tham gia ca
nh nc
Doanh nghip thuc s hu nh nc
100%

M hnh t chc SGDCK ca VN

M hnh t chc
C cu
t chc

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C cu t chc ca SGDCK:

HQT

BG

BP.
BP. BP. BP. Qun l BP. T.chc
T.Chnh
Q. l Qun l T.ton thnh chc nng IT
K ton T.hp
giao dch Nim yt b tr vin khc

M hnh t chc TT OTC

Ti mt s quc gia
Ti Vit nam

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CHNG 3: CHNG KHON V GIAO

DCH CHNG KHON
3.1. Cng ty c phn
3.2. Chng khon
3.3. Giao dch chng khon
3.4. Ch s chng khon

3.1. Cng ty c phn

3.1.1 Khi nim

3.1.2 Pht hnh chng khon
3.1.3 C ng, quyn v ngha v ca c
ng
3.1.4 Chuyn nhng chng khon
3.1.5 Qun
l cng ty c phn

3.1.6 Phn loi cng ty c phn

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3.1.1 Khi nim cng ty c phn

Cng ty c phn l doanh nghip, trong

vn
iu
i l c
chia
hi thnh
th h nhiu
hi phn
h
bng nhau gi l c phn
Ch s hu c phn (gi l c ng) ch
chu trch nhim v cc khon n v
ngha v ti sn khc ca cty trong phm
vi s vn gp.

3.1.2 Pht hnh chng khon

Cng ty c phn c quyn pht hnh cc

l i chng
loi h khon
kh sau y:

C phn ph thng
C phn u i
Tri phiu

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3.1.3 C ng, quyn v ngha v

ca c ng

3.1.3.1 C ng ph thng, quyn v

ngha
h v ca
c
ng ph
h th
thng
3.1.3.2 C phn u i v quyn ca c
ng u i

3.1.3.1 C ng ph thng, quyn v

ngha v ca c ng ph thng

Quyn tham d v biu quyt tt c cc

vn
thuc
th thm
th quyn
ca
HC
Quyn u tin mua c phn mi
Quyn nhn c tc
Quyn nhn phn ti sn cn li khi cng
ty gii th
V mt s quyn li khc theo quy nh
ca Lut doanh nghip v iu l cng ty

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Ngha v ca c ng ph thng

Thanh ton s c phn cam kt mua

Chu trch nhim v cc khon n v cc
ngha v ti sn ca cty trong phm vi s
vn gp vo cty
Tun th iu l v quy ch ni b ca cty
Chp hnh quyt nh ca HC
HC, HQT
Thc hin cc ngha v khc theo quy
nh ca Lut Doanh nghip v iu l cty

3.1.3.2 C phn u i v quyn ca

c ng u i

C phn u i biu quyt, quyn ca c

u i bi
ng biu quyt
t
C phn u i c tc, quyn ca c ng
u i c tc

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3.1.4.1 Chuyn nhng chng

khon

Cc chng khon c t do chuyn

nhng,
h tr
t mt
t s
lloii kh
khng c
php
h
chuyn nhng hoc hn ch chuyn
nhng

3.1.5 C cu t chc cng ty c

phn
3.1.5.1 C cu t chc cng ty c phn
3.1.5.2 Qun l cng ty c
phn

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3.1.5.1 C cu t chc cng ty c

phn
HC

BKS
HQT

TG

P.TG P.TG

PHNG BAN CHC NNG

3.1.5.2 Qun l cng ty c phn

i hi ng c ng: bao gm tt c
cc c ng c quyn biu quyt, l c
quan quyt nh cao nht ca CTCP
CTCP.
Hi ng qun tr: Hi ng qun tr l c
quan qun l cng ty, c ton quyn nhn
danh cng ty quyt nh v thc hin
cc quyn v li ch hp php ca cng ty
khng thuc thm quyn ca i hi ng
c ng

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3.1.5.2 Qun l cng ty c phn

Gim c (Tng Gim c): l ngi iu

hnh mi hot ng kinh doanh hng ngy ca
Cng ty, chu s gim st ca Hi ng qun tr
v chu trch nhim trc Hi ng qun tr
trc php lut v vic thc hin cc quyn v
nhim v c giao.
Ban Kim sot: do HC bu ra ra, c nhim v
gim st, kim tra hot ng ca HQT nhm
bo v li ch ca cc c ng.

3.1.6 Phn loi cng ty c phn

Cng ty c phn ni b (Private Company): L

CTCP m c phiu ca n ch c pht hnh
trong ni b nhng ngi sng lp cng ty (c
th bao gm c nhn vin cng ty), hoc c
ng ch bao gm cc php nhn l nhng cng
ty con ca cng mt tp on
Cng ty c phn i chng (Public Company):
L cng ty c phn c pht hnh rng ri c
phiu ra cng chng.
Cng ty c phn nim yt (Listed Company):
L cng ty c phn i chng c cc tiu
chun c nim yt ti SDGCK v ng
k nim yt.

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3.2 Chng khon

3.2.1. Khi nim, c im, phn loi

Chng khon
3.2.2 C phiu
3.2.3 Tri phiu
3.2.4 Chng khon phi sinh (Cc cng
c c ngun gc
chng khon)

3.2.1. Khi nim, c im, phn loi

Chng khon
Khi nim
c im
ca Chng khon
Cc loi chng khon

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Khi nim chng khon

L bng chng xc nhn quyn v li ch

h php
hp h ca
ngi
i s
hu
h i vii ti
sn hoc phn vn ca t chc pht hnh.
Chng khon c th hin di hnh
thc chng ch, bt ton ghi s hoc d
liu in t.

c im ca Chng khon

Tnh gi tr
Tnh sinh li
Tnh thanh khon
Tnh ri ro

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Phn loi Chng khon

Theo tnh cht:
Chng khon vn
Chng
g khon n

Chng khon phi sinh
Theo tiu chun php l:
Chng khon v danh
Chng khon k danh
Theo tnh cht
li tc:
Chng khon c li tc n nh
Chng khon c li tc thay i

3.2.2 C phiu

3.2.2.1 Khi nim c phiu

3.2.2.2 c im

3.2.2.3 Phn loi

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3.2.2.1 Khi nim c phiu

L loi chng khon xc nhn quyn v

l i ch
li hhhp php
h ca
ngii s
h
hu i vi
i
mt phn vn c phn ca t chc pht
hnh
C phiu c th c pht hnh di
dng chng ch vt cht, bt ton ghi s
hoc bt ton in t

3.2.2.2 c im ca c phiu

L mt ti sn
Thi hn ca c phiu
gn
lin
vi thi
hn hot ng ca cng ty pht hnh ra
n
C li tc thay i
Th hin quyn s hu i vi cng ty
C th chuyn nhng

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3.2.2.3 Phn loi c phiu

Theo tnh cht li tc: CP thng v CP u i
Theo tnh trng pht hnh: Cp c php pht
hnh, pht hnh, Cp qu, ang lu hnh
Theo tnh cht
chuyn nhng: V danh, k
danh
Theo hnh thc gp vn: Cp bng tin hoc hin
vt
Theo quyn tham gia biu quyt: Cp n phiu
v Cp a phiu
Theo tiu ch xp hng trn TTCK: Thng
hng, tng trng, phng v, thu nhp, chu
k.

C phiu thng
Khi nim: L loi loi chng khon xc nhn
quyn v li ch hp php c ng thng i vi
mt phn vn ca cng ty c phn
phn.
c trng:
C phiu thng l mt ti sn thc s
C mnh gi
L mt loi chng khon v thi hn
C tc nhn c t c phiu thng khng c nh
Gi c phiu thng xuyn bin ng do nhiu nhn t

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Quyn li v trch nhim ca c ng

thng
Quyn li:
Quyn c thu nhp
Quyn c chia ti sn thanh l
Quyn b phiu
Quyn mua c phiu mi
Trch nhim:
Gp vn y
Khng c php rt vn
vn, ch c th chuyn nhng
Nu cng ty lm n thua l, c ng ch chu thit hi
trong gii hn phn vn gp ca mnh.

C phiu u i

Khi nim:
C
phiu
u i l loi c
phiu
m ngi
s hu n c mt s quyn u tin hn
so vi c ng thng nhng li b hn
ch mt s quyn li khc.

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Cc loi c phiu u i

C phiu u i biu quyt

C
phiu
u i c tc (tch ly hoc
khng tch ly)
C phiu u i hon li
C phiu u i c th chuyn i

3.2.3 Tri phiu

3.2.3.1 Khi nim

3.2.3.2 c im

3.2.3.3 Phn loi tri phiu

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3.2.3.1 Khi nim tri phiu

Theo Lut Chng khon Vit nam: Tri

phiu
hi l lloii chng
h khon
kh xc
nhn
h quyn

v li ch hp php ca ngi s hu vi
mt phn vn n ca t chc pht hnh
tri phiu.

3.2.3.2 c im tri phiu

Tri phiu c mnh gi

Tri phiu
c qui nh li sut

Tri phiu c thi hn
Bn cht kinh t ca tri phiu l quan h
vay n.

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Quyn li ca tri ch

c hng li tc tri phiu

c hon li vn
khi tri phiu o hn
c quyn bn, chuyn nhng, cm c
tri phiu
Khi cng ty thanh l gii th, tri ch c
hon vn trc khi chia phn ti sn cn
li cho cc c ng.

3.2.3.3 Phn loi tri phiu

Cn c vo tnh cht chuyn nhng tri phiu

bao gm 2 loi: tri phiu v danh v tri phiu
k danh.
Cn c vo thi hn tri phiu gm 3 loi: Ngn
hn (1-5 nm), Trung hn (5-10 nm) v Di
hn (>10 nm).
Cn c vo phng thc tr li, tri phiu bao
gm
3 lloi:
i T
Tri
i phiu
hi tr
t li
nh
h k (coupon),
( )
tri phiu chit khu (li tr ngay khi pht hnh
di hnh thc khu tr vo vn) v tri phiu
gp (li v vn tr gp 1 ln khi o hn).

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3.2.3.3 Phn loi tri phiu

Cn c vo ch th pht hnh tri phiu bao
gm 2 loi: Tri phiu chnh ph v tri phiu
cng ty
Mt s loi tri phiu cng ty:
Tri phiu th chp
Tri phiu tn chp
Tri phiu bo lnh
Tri phiu chuyn i

3.2.4 Chng khon phi sinh (Cc cng

c c ngun gc chng khon)

3.2.4.1 Right (Quyn mua c phiu mi)

3.2.4.2 Warrant (Chng quyn)

3.2.4.3 Hp ng k hn (Forward contract)
3.2.4.4 Hp ng tng lai (Future contract)
3.2.4.5 Hp ng quyn chn (Option
contract)

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3.2.4.1 Right (Quyn mua c phn)

Khi nim
c im

Cch tnh gi tr quyn mua c phn

Khi nim Quyn mua c phn

Quyn mua c phn l loi chng khon

d cng
do tty c phn
h pht
ht h
hnh
h k
km th
theo
t pht hnh c phiu ph thng nhm
bo m cho c ng hin hu quyn
mua c phiu mi theo nhng iu kin
c xc nh.

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c im ca quyn mua c phn

c pht hnh km theo mt t pht

h h c
hnh phiu
hi thng,
th dnh
d h choh c ng

hin hu
C hiu lc trong khong thi gian ngn
(30 45 ngy)
Mc gi xc nh thp hn gi th trng
hin hnh

3.2.4.2 Warrant (Chng quyn)

Khi nim
c im

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Khi nim chng quyn

Chng quyn l loichng khon c

pht
ht h
hnh
h cng
vi i vic
i pht
ht h
hnh
h ttri
i
phiu hoc c phiu u i, cho php
ngi s hu chng khon c quyn
mua mt s c phiu ph thng nht nh
theo mc gi c xc nh trc
trong thi k nht nh.

c im ca chng quyn

Chng quyn c th c giao dch tch ri

vi chng khon m n i km
Cc iu khon ca chng quyn c ghi r
trn t chng ch chng quyn: s c phiu
c mua theo mi chng quyn, gi thc hin
v ngy ht hn hiu lc chng quyn
Ti thi im pht hnh chng quyn, gi ghi
trong chng quyn bao gi cng cao hn gi th
trng, c th c nh, cng c th tng nh k
Thi hn ca chng quyn thng t 5 n 10
nm hoc vnh vin

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3.2.4.3 Hp ng k hn (Forward
contract)
Khi nim: L mt tha thun trong
mt
t ngi
i mua v
mt
t ngi
i b
bn chp
h
thun thc hin mt giao dch hng ha
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.
Khc bit vi hp ng giao ngay: Thi
im thc hin giao hng v thanh ton.

3.2.4.4 Hp ng tng lai ( Future

contract)

Khi nim
Ti khon k qu

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Khi nim Hp ng tng lai

Hp ng tng lai l hp ng k hn

c chun
h hha v
lloii ti sn
c s
mua
bn, s lng cc n v ti sn c s
mua bn, th thc thanh ton, v k hn
giao dch. Hp ng k hn khng c
chun ha, cc chi tit l do hai bn m
phn v tho thun c th.

Ti khon k qu (margin account):

T l k qu ban u (initial margin): Khi mt
ngi tham gia hp ng tng lai, ngi
phi k qu mt t l phn trm nht nh trn
gi
i ttr hp
h ng.
Cui
C i mi
i ngy,
ti kh
khon
k
qu c th b khu tr hoc cng thm ty
theo bin ng ca gi giao dch.
T l k qu bt buc (mainternance margin) :
L t l k qu quy nh bt buc i vi tng
loi hp ng tng lai
lai. Nu ti khon k qu
ca ngi tham gia hp ng thp hn t l
k qu bt buc th ngi phi thc hin
yu cu k qu b sung (margin call).

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3.2.4.5 Hp ng quyn chn

(Option contract)

Khi nim
c im

Cc dng H quyn chn

Khi nim H quyn chn

Hp ng quyn chn l mt hp ng

c k kt gia
i mt
t b
bn l ngi
i k
pht v mt bn l ngi mua hp ng,
trong cho php ngi mua hp ng
c quyn mua hoc bn cho ngi k
pht hp ng mt s lng chng khon
nht nh vi mt mc gi c nht nh v
trong mt thi hn quy nh ca tng lai.

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c im H quyn chn

Ngi mua quyn chn c quyn thc hin hay

khng thc hin quyn
quyn. Cn ngi bn quyn
phi c ngha v thc hin hp ng khi bn
mua yu cu.
Ngy thc hin quyn do ngi mua quyn
quyt nh trong k hn. i vi quyn chn
kiu M, quyn c th c thc hin bt k lc
no trong k hn.
hn i vi quyn chn kiu Chu
u, quyn c thc hin vo ngy o hn.
Ngi mua quyn phi tr cho ngi bn quyn
mt khon ph (option premium).

Cc dng H quyn chn

Hp ng Quyn chn mua

Hp ng
quyn chn bn

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Hp ng quyn chn mua

Cho php ngi mua hp ng c quyn
mua mt s lng chng khon nht nh vi
gi c nht nh, trong mt thi hn quy nh
ca tng lai.
Ngi mua hp ng phi tr cho ngi bn
hp ng mt khon ph gi l ph chn mua
(call premium).
Sau khi thanh ton ph quyn la chn, bt k
lc no trong thi gian hiu lc ca hp ng,
g
ngi mua q
quyn
y chn mua c quyn
q y yu
y cu
ngi bn quyn phi bn cho mnh mt khi
lng chng khon c quy nh trong hp
ng vi gi tha thun trc, hoc hy b
quyn la chn v chp nhn thit hi khon
ph tr.

Ngi bn call
Ngi mua call option
option
Nhn nh Gi CK s tng Gi CK s gim

Mc tiu Khi g
gi th trng
g >gi
g k kt Kim thm tin bng
g
thc hin quyn c CK ph quyn chn do
bn ra th trng vi gi cao ngi mua tr
hn nhm kim li nhun
Ri ro Mc ri ro gii hn trong Gi th trng tng,
phm vi ph quyn chn nu buc phi c s
gi khng
g g tngg CK k kt thc
hin H
Li nhun Li nhun khng gii hn Gii hn bi ph
quyn chn
Thua l Gii hn bi ph quyn chn Thua l khng gii
hn khi gi CK tng.

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Hp ng quyn chn bn
Cho php ngi mua hp ng c quyn bn
mt s lng chng khon nht nh vi gi c
nht nh, trong mt thi hn quy nh ca tng
lai.
Ngi mua hp ng phi tr cho ngi bn hp
ng mt khon ph gi l ph chn bn (Put
premium).
Sau khi thanh ton gi quyn la chn, bt k lc
no trong thi gian hiu lc ca hp ng, ngi
mua quyn chn bn c quyn yu cu ngi
bn quyn phi mua ca mnh mt khi lng
chng khon c quy nh trong hp ng vi
gi tha thun trc, hoc hy b quyn la
chn v chp nhn thit hi khon ph tr.

Ngi mua put option Ngi bn put option

Nhn Gi CK s gim Gi CK s tng

nh
Mc tiu Khi gi trn th trng < gi Kim thm tin bng ph
k kt mua CK trn th quyn chn do ngi
trng vi gi thp v bn mua tr.
vi gi k kt cao hn
nhm kim li nhun
Ri ro Mc ri ro gii hn trong Gi th trng gim, buc
phm vi ph quyn chn phi mua CK vi gi cao
nu gi khng gim
Li t mc ti a khi gi th Mc ti a chnh l ph
nhun trng bng 0 quyn chn khi ngi
mua hy b quyn
Thua l Thua l ti a chnh l ph Thua l ti a khi gi th
quyn chn. trng bng 0

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3.3. Giao dch chng khon

3.3.1 SGDCK v cc t chc c lin quan

3.3.2 H thng
giao dch ti SGDCK
3.3.3 Hng dn GDCK ti HOSE v HNX
3.3.4 Nim yt chng khon
3.3.5 ng k,Lu k, v thanh ton b tr
chng khon

3.3.1 SGDCK v cc t chc c lin quan

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3.3.2 H thng giao dch ti SGDCK

3.3.3.1 Khi nim

3.3.3.2 K thut giao dch
3.3.3.3 Qui trnh giao dch
3.3.3.4 Phng thc giao dch
3.3.3.5 Lnh giao dch

3.3.2.1 Khi nim h thng giao dch

H thng giao dch chng khon l tp

h nhng
hp h nguyn t
tc v
th tc
t thc
th
hin cc mc tiu ca TTCK, m bo
nguyn tc cnh tranh, cng bng, cng
khai v trung gian

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3.3.3.2 K thut giao dch

Giao dch th cng: Theo hnh thc giao dch
ny, sn giao dch c phn chia thnh nhiu
quy giao dch. Mi quy ch dnh ring cho vic
giao dch mt s loi CK nht nh
nh.
Giao dch bn t ng: H thng my tnh ca
SGD cha c kt ni n cc cng ty
Ck.Ngi u t t lnh ti VP Cty CK, lnh
c chuyn vo h thng giao dch ca S giao
dch bng mt h thng my tnh khc hoc
thng qua in thoi, fax.
Giao dch t ng: Ton b cc cng vic lin
quan n hot ng giao dch (nhn, x l, so
khp lnh, thng bo kt qu giao dch v thng
tin th trng) u c t ng ha hon ton

3.3.3.3 Qui trnh giao dch

(1): Nh u t k hp ng giao dch vi mt

cng ty CK thnh vin vin. Sau khi k H
H, cty CK
m ti khon giao dch cho khch hng
(2): Nh t lnh mua hoc bn CK cho cng ty
CK thc hin
(3): Cty CK r sot li cc phiu lnh, kim tra tnh
hp l, hp php ca lnh trc khi chuyn qua
i di
i din mii gii
ii ttii sn

(4): Chuyn lnh sang i din mi gii ti sn
(5): i din mi gii ng k lnh

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3.3.3.3 Qui trnh giao dch

(6): So khp lnh, u ga hoc u lnh.

Gi kh
khp c th
thng bo
b cng
khai
kh i v
l
gi thng nht cho c bn mua ln bn
bn.
(7): i din mi gii thng bo kt qu mua
bn v cty CK
(8): Cty CK chuyn kt qu giao dch
thc hin vic thanh ton

3.3.3.4 Phng thc giao dch

Giao dch u gi: cc nh to lp th trng a
ra gi cho mua v gi cho bn cho mt s loi
chng khon nht nh. Cc bo gi ny c
a vo h thng v chuyn ti mi thnh vin
ca
th trng.
t Ngi
N i u
t
t s la
l chn
h nhng
h
cho gi thch hp thc hin giao dch.
Giao dch u lnh (khp lnh): Tt c cc lnh
mua bn chuyn n SGDCK c ghp vi
nhau theo nguyn tc u tin v gi, thi gian,
khi lng.
Giao dch tha thun:L phng thc giao dch
trong cc thnh vin t tho thun vi nhau v
cc iu kin giao dch v c i din giao dch
ca thnh vin nhp thng tin vo h thng giao
dch ghi nhn.

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Cc hnh thc khp lnh:

Khp lnh nh k
Khp lnh lin tc

Khp lnh nh k

L phng thc giao dch c h thng giao

dch thc hin trn c s so khp cc lnh mua
v lnh bn chng khon ca khch hng ti
mt thi im xc nh. Cc lnh mua v bn
c chuyn vo h thng giao dch trong mt
khong thi gian nht nh. Trong thi gian ny,
mc d cc lnh c a vo lin tc nhng
khng c giao dch c thc hin
hin. Vo ng
thi im khp lnh, tt c cc lnh s c so
khp chn ra mc gi c khi lng giao
dch ln nht.

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V d: C phiu X c cc lnh mua bn sau y:

Tng Tng
KL KL
Lnh KL mua Gi KL bn Lnh
mua bn

001 1000 1000 35.7 6300 500 012

002 500 1500 35.6 5800 800 011

003 1000 2500 35.5 5000 1000 010

004 1500 4000 35.4 4000 1500 009

005 1800 5800 35.3 2500 1500 008

006 1500 7300 35.2 1000 1000 007

Xc nhn kt qu giao dch c phiu X:

Gi thc hin: 35.4
Khi llng thc
th hin:
hi 4000
Lnh mua 001,002,003,004 v lnh bn
007,008,009 c thc hin ht

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Khp lnh lin tc

L phng thc giao dch c h thng giao

dch thc hin trn c s so khp cc lnh mua
v lnh bn chng khon ngay khi lnh c
nhp vo h thng giao dch.
Nguyn tc xc nh gi thc hin trong phng
thc khp lnh lin tc l mc gi ca cc lnh
gii hn i ng ang nm ch trn s lnh.
Theo
Th phng
h th
thc khp
kh lnh
l h li
lin ttc, cc
l
lnh
h
mua v bn sau khi ng k s c so vi
nhau, nu thy khp v gi s c thc hin
ngay.

V d v vic giao dch C phiu Y theo phng

thc khp lnh lin tc

Mua Bn
Gi
Lnh KL mua Thi Thi KL bn Lnh
gian gian
001 200 9h05 20
002 500 9h15 20.2
003 400 9h25 20.4 9h45 600 006
20.5 9h01 1000 005
20.6 9h 300 004

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3.3.3.5 Lnh giao dch

Khi nim Lnh

Ni dung Lnh
Phn loi Lnh
Th t u tin thc hin Lnh
Mt s loi Lnh c bn

Khi nim Lnh

Lnh giao dch l ch th ca khch hng

yu
cu
ngii mi
i gii
ii th
thc hi
hin nh
h
mua hoc bn CK ca khch hng.

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Ni dung Lnh

Lnh mua hay lnh bn

lng CK cn
S mua hoc bn
Loi CK, tn, m s CK
M ca Cty mi gii
Loi lnh

Ni dung Lnh

Tn khch hng, m s, s hiu ti khon

Ngy, gi ra lnh
Thi hn hiu lc ca lnh
Gi mua hoc bn
Phng thc thanh ton lnh

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Phn loi Lnh

Cn c vo lng CK giao dch: Lnh l chn cho
1 n v giao dch (10 c phiu, 100 c phiu) v
bi
s ca 1 n v giao
g dch;
Lnh
l l: t hn 1
n v giao dch.
Cn c vo chiu giao dch: Lnh mua; lnh bn
Cn c vo gi giao dch: lnh th trng; lnh
gii hn
Cn c vo thi hn hiu lc ca lnh: lnh ngy;
lnh tun;lnh thng
Cn c vo iu kin thc hin lnh: Lnh c gi
tr n khi hy b; lnh thc hin ton b hoc
hy b; lnh thc hin ton b hoc 1 phn.

Th t u tin thc hin lnh

u tin
ti v gi:
i u tin
ti cho
h l
lnh
h c
gi
i
mua cao v lnh c gi bn thp
u tin v thi gian: cc lnh c cng
mc gi th lnh no a ra trc s
c u tin thc hin trc
u tin v
khi lng: Cc lnh c cng
mc gi v thi gian th lnh no c khi
lng ln hn s c thc hin trc.

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Mt s loi lnh giao dch c bn

Lnh gii hn LO (Limit Order): l lnh

mua hoc
h b
bn CK ttii mt
t mc
gi
i xc

nh hoc tt hn
Lnh giao dch ti mc gi khp lnh xc
nh gi m ca ATO (At The Opening): l
lnh mua hoc bn CK ti mc gi m
ca, p dng trong thi gian khp lnh
nh k xc nh gi m ca.

Mt s loi lnh giao dch c bn

Lnh giao dch ti mc gi khp lnh xc
nh gi ng ca ATC (At the Close):
Tng t nh lnh ATO nhng c p
dng trong thi gian khp lnh nh k
xc nh gi ng ca.
Lnh th trng MP ( Market Price): Ngi
ra lnh yu cu mua hay bn mt s lng
Ck nht nh m khng ra gi
gi.L
L lnh mua
chng khon ti mc gi bn thp nht
hoc lnh bn chng khon ti mc gi
mua cao nht hin c trn th trng.

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3.3.3 Hng dn GDCK ti HOSE v

HNX

HOSE HNX

Loi CK C phiu, chng ch C phiu, tri phiu

giao dch qu u t chng v cc loi chng
khon, tri phiu v khon do UBCKNN
cc loi chng cp php.
khon khc do
UBCKNN cp php.

Thi - T 8h30 n 8h45: Khp lnh T 8h30 n

gian nh k xc nh gi m ca (ATO). 11 gi cc
giao - T 8h45 n 10h30: Khp lnh ngy th 2 n
dch lin tc. th 6 hng
- T 10h30 n 10h45: Khp lnh tun, tr ngy
nh k xc nh gi ng ca ngh theo quy
(ATC). nh trong B
- T 8h30 n 11h00: Giao dch Lut lao ng.
tha thun.
i vi tri phiu:
- T 8h30-11h00: Giao dch tha
thun.
n Mc gi 49.900: 100 ng GD khp lnh:
v yt Mc gi t 50.000 - 99.500: 500 100 ng
gi ng GD tha thun:
Mc gi 100.000: 1000 ng Khng quy
nh

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n L l: 1 9 C phiu, L l: 1 99 c phiu
v chng ch qu L chn: 100 c phiu.
giao L chn: 10 v bi s ca L ln: khng quy nh
dch 10 Cp, chng ch qu Tri phiu: L chn i vi
L ln: 20.000 c phiu, giao dch khp lnh:100 TP
chng ch qu Kh quy nh
Khng h n v giao
i
Tri phiu: khng quy nh dch i vi giao dch tho
thun tri phiu. Khi lng
giao dch ti thiu:1000 tri
phiu (hay 100 triu ng
tnh theo mnh gi).
Khi - GD kh
khp lnh:
l h t 10 n
Kh quy nh.
Khng h
lng 19.990 CP,CCQ(l chn). Khi lng giao dch ti
giao -GD tha thun: 20.000 thiu i vi giao dch tha
dch cp, CCQ(l ln), khng thun l 5000 c phiu
quy nh i vi tri phiu.

Giao dch GD t 1 n 9 cp, ccq GD t 1 n 99 c phiu,

l l hoc tri phiu (l l) tri phiu c thc hin
c thc hin trc tip trc tip gia ngi u
gia nh u t vi Cty t vi thnh vin theo
CK theo nguyn tc tho nguyn tc tho thun v
thun v gi nhng gi nhng khng vt qu
khng vt qu gii hn gii hn dao ng gi
dao ng gi theo quy theo quy nh so vi gi
nh so vi gi tham tham chiu ca ngy giao
chiu ca ngy giao dch dch gn nht ca c
gn nht ca c phiu phiu trn HNX.
trn HOSE. Khi c yu Khi c yu cu ca nh
c ca nh u
cu t,
t Cty
Ct t,
u t thnh vin
in c
CK s mua li c phiu, trch nhim thc hin
chng ch qu hoc tri mua li c phiu v tri
phiu l l ca nh u phiu l l ca nh u t.
t v khng thu ph ca
nh u t

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Gi c tnh da trn gi ng ca Bnh qun gia

tham ca ngy giao dch trc . quyn ca cc gi
chiu -Trng hp chng khon mi giao dch thc hin
c nim yt, TCNY a ra mc theo phng thc
gi giao dch d kin lm gi khp lnh ca ngy
tham chiu trong ngy giao dch giao dch gn nht
u tin. Trong ngy giao dch u trc .
tin bin dao ng gi p dng
l +/- 20%.

Gi -Khng cho php GD -Trng hp c phiu mi

tham tha thun cp, ccq trong c nim yt, trong ngy
chiu ngy giao dch u tin. giao dch u tin HNX ch
Nu trong 3 ngy giao nhn lnh mua v lnh bn
dch u tin, c phiu, chng khon, khng p
chng ch qu mi nim dng bin dao ng gi
gi.
yt vn cha c gi Nu trong ngy giao dch
tham chiu, TCNY phi u tin khng c gi khp
xc nh li gi giao dch lnh th gi tham chiu s
d kin. Mc gi khp c xc nh trong ngy
lnh trong ngy giao giao dch k tip cho n
dch u tin s l g
gi khi g
gi g
giao dch c xc
tham chiu cho ngy lp trn h thng.
giao dch k tip. Bin
dao ng gi +/- 5%
c p dng t ngy
giao dch k tip

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Bin c phiu v chng ch qu C phiu +/-7%, tri

dao ng u t : +/-5% phiu khng quy nh.
gi khng p dng bin dao
ng gi i vi tri phiu.

Phng Khp lnh nh k Khp lnh lin tc

thc giao Khp lnh lin tc Giao dch tha thun
dch Giao dch tha thun

Th tt u Gi Thi gian
i Khi Gi Thi gian
i
tin thc lng
hin lnh

Thanh Theo qui nh hin hnh 100 Khi lng

ton ca Vit nam l ngy T+3 giao dch < 100.000
(03 ngy lm vic sau C phiu: a
ngy giao dch, khng k phng T+3
ngy l, ngy ngh theo Khi lng giao
qui nh) dch>= 100.000 CP:
Trc tip T+1
Tri phiu: Thanh
ton a phng
T+1

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iu kin - Nh u t khng c t lnh mua v

ti thiu lnh bn cng mt loi chng khon trong
khi t cng mt ngy giao dch.
lnh - Khi t lnh mua chng khon, nh u
t phi c s d tin mt bng 100% gi tr
lnh t mua chng khon v ph giao dch
trong ti khon ca ngy giao dch (T+0);
- Khi t lnh bn chng khon, nh u t
phi c s d chng khon bng 100% s
chng khon t bn trong ti khon ca ngy
giao dch T+0

Giao Giao dch khp lnh:

dch -Lnh gii hn: lnh mua nhp vo h thng nu
CK khng c khp hoc ch c khp 1 phn vo
thi im khp lnh th lnh mua hoc phn cn li
ca
ca lnh mua s t ng b hy b.
nh
-Cc lnh mua th trng nu khng c thc
u t hin ht s t ng b hy
nc Khi lng mua c tr vo khi lng c
ngoi php mua ngay sau khi lnh mua c thc hin
-Khi lng bn c cng vo khi lng c
php mua ngay sau khi kt thc thanh ton giao
dch
-Lnh mua hoc 1 phn lnh mua cha c thc
hin s t b hy nu khi lng c php mua
ht, lnh mua nhp tip vo h thng s khng
c chp thun

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Giao Giao dch tha thun:

dch -Khi lng c php mua s c gim
CK xung ngay khi giao dch tha thun c
ca thc hin gia nh u t nc ngoi mua v
nh nh u t trong nc bn
u -Khi lng c php mua s c tng ln
t ngay khi kt thc vic thanh ton giao dch
nc gia nh u t nc ngoi bn v nh u
ngoi t trong nc mua
-Khi
Khi lng c php mua khng thay i
khi hai nh u t nc ngoi giao dch vi
nhau.

Giao dch k qu (Margin Trading): L vic

mua hoc bn CK trong ngi u t ch
thc c mt phn tin hoc CK, phn cn li do
Cty CK cho vay
Giao dch khng hng quyn: Theo nh k
hng nm (hoc 6 thng
thng, 3 thng)
thng), Cty Cp thc
hin vic tr c tc cho c ng. tr c tc,
cty phi xc nh c danh sch ngi s hu
c phiu hin hnh ca cty, v vy cty phi cng
b Ngy ng k s hu, ngi c tn trong
danh sch c ng vo ngy ng k s hu s
c nhn c tc. Theo chu k thanh ton T+3,
ngi u t mua c phiu 2 ngy trc ngy
ng k s hu s khng c tn trong Danh
sch c ng v giao dch cha c thanh
ton. Do vy, nu gi ngy ng k s hu l T
th ngy T-2 l ngy giao dch khng hng
quyn, gi CP s c iu chnh gim tng
ng vi gi tr khon c tc c tr cho c

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3.3.4 Nim yt chng khon

3.3.4.1 Khi nim

3.3.4.2 Mc ch nim yt

3.3.4.3 Cc hnh thc nim yt
3.3.4.4 Tiu chun nim yt

3.3.4.1 Khi nim Nim yt

Nim yt chng khon l vic a cc

chng
h kh khon
c ti
tiu chun
h vo
giao
i
dch ti SGDCK
Mt t chc niM yt l t chc pht hnh
c chng khon c nim yt trn
SGDCK
Cc loi CK c Nim yt: CP,TP, CCQ,
CK chuyn i, CK phi sinh

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3.3.4.2 Mc ch nim yt

Thit lp quan h H gia SGDCK v Cty

NY v ngha
h v cng
b th
thng titin
m bo tnh cng bng, cng khai, minh
bch
Bo v li ch ca nh u t

3.3.4.3 Cc hnh thc nim yt

Nim yt ln u
Nim yt
b sung
Nim yt li
Thay i nim yt (tch, gp CP)
Hy b nim yt

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3.3.4.4 Tiu chun nim yt

Tiu chun nh lng

Tiu chun
nh tnh

3.3.4.4 Tiu chun nim yt

Tiu chun
nh lng
Qui m vn
Thi gian hot ng
Kh nng sinh li
T l n
C cu c ng

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 2/17/2011

3.3.4.4 Tiu chun nim yt

Tiu chun nh tnh:

kin
ca kim
ton
Uy tn v thng hiu ca cng ty
Mc li ch quc gia
Trin vng pht trin ca cty v ca ngnh

Tiu chun nim yt CK ti SGDCK

Tp.HCM (HOSE)
Tiu chun nim yt c phiu
Tiu chun
nim yt
tri phiu

Tiu chun nim yt Chng ch qu

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Tiu chun nim yt CK ti SGDCK

Tp.HCM (HOSE)
Tiu chun nim yt c phiu
L cng ty c phn
c vn iu l gp ti thi
im ng k nim yt t 80 t ng Vit Nam
tr ln tnh theo gi tr ghi trn s k ton
Hot ng kinh doanh hai nm lin trc nm
ng k nim yt phi c li v khng c l lu
k t
tnh
h
n nm
ng k nimi yt.
t
Khng c cc khon n qu hn cha c d
phng theo quy nh ca php lut

Tiu chun nim yt CK ti SGDCK

Tp.HCM (HOSE)
Tiu chun nim yt c phiu
Ti thi
thiu 20% c phi
phiu c q
quyn
n bi
biu q
quyt
t ca
cng ty do t nht 100 c ng nm gi.
C ng l thnh vin Hi ng qun tr, Ban
kim sot, Gim c hoc Tng Gim c, Ph
Gim c hoc Ph Tng Gim c v K ton
trng ca cng ty phi cam kt nm gi 100%
s c phiu
do mnh s hu trong thi gian 6
thng k t ngy nim yt v 50% s c phiu
ny trong thi gian 6 thng tip theo.

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Tiu chun nim yt CK ti SGDCK

Tp.HCM (HOSE)
Tiu chun nim yt tri phiu doanh
nghip:
L cng ty c phn, cng ty trch nhim hu hn, doanh
nghip nh nc c vn iu l gp ti thi im
ng k nim yt t 80 t ng Vit Nam tr ln tnh
theo gi tr ghi trn s k ton.
Hot ng kinh doanh ca hai nm lin trc nm ng
k nim yt phi c li, khng c cc khon n phi tr
qu hn trn mt nm v hon thnh cc ngha v ti
chnh vi Nh nc.
C t nht 100 ngi s hu tri phiu cng mt t
pht hnh.

Tiu chun nim yt CK ti SGDCK

Tp.HCM (HOSE)
Tiu chun nim yt chng ch qu:
L qu ng c tng gi tr chng ch qu (theo mnh gi)
pht hnh t 50 t ng Vit Nam tr ln hoc cng ty
t
u t chng
h khon
kh c vn
iu
i l gp
ttii thi im
i
ng k nim yt t 50 t ng Vit Nam tr ln tnh theo
gi tr ghi trn s k ton;
Sng lp vin v thnh vin Ban i din qu u t
chng khon hoc thnh vin Hi ng qun tr, Ban kim
sot, Gim c hoc Tng Gim c, Ph Gim c hoc
Ph Tng Gim c, K ton trng ca cng ty u t
chng khon phi cam kt nm gi 100% s chng ch
qu hoc c phiu do mnh s hu trong thi gian 6 thng
k t ngy nim yt v 50% s chng ch qu hoc c
phiu ny trong thi gian 6 thng tip theo;
C t nht 100 ngi s hu chng ch qu ca qu i
chng hoc t nht 100 c ng nm gi c phiu ca
cng ty u t chng khon i chng;

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Tiu chun nim yt chng khon

ti SGDCK H ni (HNX)
Tiu chun nim yt c phiu
Tiu chun
nim yt
tri phiu
doanh
nghip

Tiu chun nim yt chng khon ti SGDCK

H ni (HNX)

Tiu chun nim yt c phiu:

L cng
tty c phn
h c vn
i
iu l gp
ttii thi
im ng k nim yt t 10 t ng Vit Nam
tr ln tnh theo gi tr ghi trn s k ton.
Hot ng kinh doanh ca nm lin trc nm
ng k nim yt phi c li, khng c cc
khon n phi tr qu hn trn mt nm v
hon thnh cc ngha v ti chnh vi Nh
nc.

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Tiu chun nim yt chng khon ti

SGDCK H ni (HNX)
Tiu chun nim yt c phiu:
C phiu c quyn biu quyt ca cng ty do t
nht 100 c ng nm gi.
C ng l thnh vin Hi ng qun tr, Ban
Kim sot, Gim c hoc Tng gim c, Ph
Gim c hoc Ph Tng gim c v K ton
trng ca cng ty phi cam kt nm gi 100%
s c phiu do mnh s hu trong thi gian 6
th k t ngy
thng nim
i ytt v
50% s c
phiu
hi
ny trong thi gian 6 thng tip theo, khng tnh
s c phiu thuc s hu Nh nc do cc c
nhn trn i din nm gi.

Tiu chun nim yt chng khon ti

SGDCK H ni (HNX)
Tiu chun nim yt tri phiu doanh
nghip:
L cng ty c phn, cng ty trch nhim
hu hn, doanh nghip nh nc c vn
iu l gp ti thi im ng k nim
yt t 10 t ng Vit Nam tr ln tnh
theo gi tr ghi trn s k ton
ton.
Cc tri phiu ca mt t pht hnh c
cng ngy o hn.

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3.3.5 ng k,Lu k, v thanh ton

b tr chng khon

3.3.5.1 Khi nim v ngha ca h thng

k
ng k, lu
l k v
TTBT chng
h kh khon

3.3.5.2 ng k chng khon
3.3.5.3 Lu k chng khon
3.3.5.4 Thanh ton b tr

3.3.5.1 Khi nim v ngha ca h

thng ng k, lu k v TTBT chng
khon

Khi nim: H thng ng k, lu k, b tr

v thanh ton Ck l h thng hot ng
bao gm con ngi, c s vt cht v cc
quy nh v ng k, lu k v TTBT CK

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3.3.5.1 Khi nim v ngha ca h

thng ng k, lu k v TTBT
chng khon
ngha:
Duy tr v n nh cc hot ng trn
TTCk
Thc hin thanh ton, gim thiu ri ro
trong giao dch CK
Gim
Gi chi hi ph
h v
thi gian
i chuyn
h giao
i CKCK,
tng lun chuyn vn

3.3.5.2 ng k chng khon

Khi nim
iu
kin ng k hot ng lu k chng
khon
Ni dung ng k CK
Cc loi CK ng k

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Khi nim ng k chng khon

Hot ng ng k CK l hot ng ghi
nhn
h v
th
theo di th
thng titin v
ngi
i s
h
hu
chng khon, bao gm cc thng tin v loi
chng khon v s lng chng khon
theo mi loi ca tng ngi s hu CK
Theo Lut CK: ng k CK l vic ghi nhn
quyn s hu v cc quyn khc ca
ngi s hu CK

iu kin ng k hot ng lu k
chng khon:
i vi NHTM:
C ggiyy php
p p thnh lp
p v hot
ng
g ti
VN
N qu hn khng qu 5% tng d n, c li
trong nm gn nht
C a im, trang thit b phc v hot ng
ng k, lu k, thanh ton cc GD CK
i vi cng ty CK:
C giy php thnh lp v hot ng thc hin
nghip v MG hoc t doanh CK
C a im, trang thit b phc v hot ng
ng k, lu k, thanh ton cc GD Ck

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Ni dung ng k CK:
ng k CK mi pht hnh
Qun l s ng k ngi s hu CK
Qun l s
ng k CK chuyn nhng,
s ng k Ck chuyn nhng cm c
Lp danh sch ngi s hu CK
chun b HC hng nm
hin
Thc cc cngg vic
lin quan
q n
thanh ton c tc
Thc hin cc nghip v lin quan n
tng vn ca Cty pht hnh

Cc loi CK ng k:

CK ca Cty i chng, T.chc nim yt

Tri phiu
CP nim yt trn SGD hoc
TTGDCK
Tri phiu ca cc T.chc K.t, Chnh
quyn a phng nim yt trn S hoc
TTGDCK
Chng ch qu u t nim yt trn
SGDCK

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3.3.5.3 Lu k chng khon

Khi nim lu k
T
chc h thng
lu k
Quy trnh v nguyn tc lu k

Khi nim Lu k Chng khon

Lu k chng khon l vic nhn k gi,

b qun,
bo chuyn
h giao
i chng
h kh khon
cho
h
khch hng, gip khch hng thc hin
cc quyn lin quan n s hu chng
khon

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T chc h thng lu k:

Trung tm Lu k CK

Thnh vin Lu k

Nh u t

Trung tm Lu k CK:

L php nhn thnh lp theo m hnh Cty

TNHH hoc Cty Cp theo quy nh ca lut
CK
C chc nng t chc v gim st hot
ng ng k, lu k v thanh ton b tr
CK

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Thnh vin Lu k:
Thnh vin ca TT Lu k CK l thnh
vin lu k v thnh vin m ti khon
trc tip ti trung tm Lu k CK
Thnh vin lu k gm: Cty CK, NHTM
p ng iu kin do UBCK quy nh
Thnh vin m TK gm: NHNN, Kho bc
NN, T.cty u t v KD vn NN, cc t
chc tn dng, bo him
theo quy nh
ca TT Lu k.

Quy trnh v nguyn tc lu k

Gm 2 cp:
Khch hng lu k CK ti thnh vin lu
k
Thnh vin lu k ti lu k CK ca khch
hng ti TT lu k.

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Khch hng lu k CK ti thnh vin

lu k
Nh u t ch c m ti khon lu k ti
thnh vin lu k
mt
Chng khon lu k ca khch hng ti TVLK l
ti sn thuc s hu KH v c qun l tch
bit vi ti sn ca TVLK
TVLK c trch nhim thng bo kp thi v y
cc quyn li pht sinh lin quan n CK lu
k ca KH
TVLK khng c s dng CK ca KH v li ch
ca TV hoc ca bn th 3

Thnh vin lu k ti lu k CK ca
khch hng ti TT lu k.

TVLK ca TTLKCK phi m TKLKCK ti

TTLKCK
Ti khon ca TVLK phi c tch ring: TK
ca chnh TV, TK cho KH trong nc, TK cho
KH nc ngoi
TTLKCK khng c s dng CK ca KH v li
ch ca TT hoc ca bn th 3
Tng s d trn TK LKCK ca KH m ti TVLK
phi khp vi s d cc TK lu k ca TVLK
m ti TTLKCK

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3.3.5.4 Thanh ton b tr chng

khon
Khi nim
iu
kin thc hin
Nguyn tc thanh ton b tr
Quy trnh thanh ton b tr

Khi nim thanh ton b tr

Thanh ton b tr l hot ng lun chuyn CK

trn TK lu k di s iu hnh ca Trung tm
lu k v thanh ton b tr CK
B tr song phng: B tr cc GDCK c
khp trong tng ngy theo tng cp i tc GD
v theo tng loi CK
B tr a phng: B tr cc GDCK c khp
t
trong tng
t ngy gia
i tt c
cc
b
bn GDCK
xc nh ngha v thanh ton rng i vi tin v
CK ca mi bn thanh ton

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iu kin thc hin thanh ton b

tr
Phi l CK c chuyn nhng t do
CK phi c ng k lu k tp trung ti
TTLK
Cc i tc giao dch phi m ti khon
lu k ti TTLKCK

Nguyn tc thanh ton b tr

Ch c thc hin i vi cc loi CK

c php
h llu k tng
t h hp ti
t i TTLK
Giao CK ng thi vi thanh ton tin
p dng cho mi giao dch trn TTCK v
thanh ton tin qua h thng NH ch nh
Cc hot ng thanh ton b tr phi thc
hin ti b phn TT b tr

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Quy trnh thanh ton b tr

Chun b thanh ton:

i chiu giao dch
Xc nhn giao dch
Sa li giao dch
B tr v thanh ton:
Thanh ton tng giao dch
Thanh ton b tr lin tc
Thanh ton cun chiu
Chuyn giao bng bt ton ghi s v chuyn
giao vt cht cc chng ch chng khon

3.4 Ch s chng khon

3.4.1 Khi nim

3.4.2 Cc phng php tnh ch s
chng
khon
3.4.3 Cc ch s gi chng khon
3.4.4 Mt s ch s chng khon ca Vit
nam

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3.4.1 Khi nim ch s chng khon

Ch s gi CK l ch bo gi c phiu phn
h xu h
nh hng
pht ht ttrin
i ca
th ttrng
c
phiu, th hin xu hng thay i ca gi
c phiu v tnh hnh giao dch trn th
trng.
Ch s gi chng khon l bnh qun gi
c phiu ti mt ngy nht nh so vi
ngy gc.

3.4.2 Cc phng php tnh ch s

chng khon
Phng php bnh qun s hc
Phng php bnh qun c trng s

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Phng php bnh qun s hc

Pi
Bnh qun s =
hc
N
Trong :
Pi: th gi ca c phiu i
N: S loi c phiu tham gia tnh ch s

Phng php bnh qun c trng s:

c tnh bng cch ly tng vn th trng ca

cc loi c phiu tham gia tnh ch s chia cho
tng khi lng c phiu nim yt:

Pi Qi
Bnh qun c = -------------
g s
trng Qi

Trong :Pi: Th gi c phiu i

Qi: s lng c
phiu nim yt ca c phiu i

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3.4.3 Cc ch s gi chng khon

Ch s gi bnh qun gin n

Ch s
tng
hp

Ch s gi bnh qun gin n:

Pit
It = -------- x Io
Pio

Trong
g : It: Ch s g
gi bnh q
qun g
gin n k t
Io: Ch s gi bnh qun gin n k
gc tnh ch s.
Pio: Gi CK i k gc tnh ch s
Pit: Gi CK i vo k t

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Ch s tng hp

Tng gi tr th
ttrng
k hin
hi
hnh
Ch s tng
hp = ------------------------- x 100
Tng gi tr th
trng k c s

2 Phng php thng c dng tnh

ch s tng hp l phng php Laspeyres v
Paascher:
Phng php Laspeyres da trn s lng c
phiu k gc (k c s):

Qio x Pit
It = --------------- x Io
Qio x Pio

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Phng php Paascher da trn s lng c

phiu k hin hnh:

Qit x Pit
It = --------------- x Io
Qit x Pio

3.4.4 Cc Ch s Chng khon ca Vit

nam:
Vit nam, Vn - index ca SGDCK
T HCM HNX - in
Tp.HCM, i d
dex ca SGDCK H ni i
v UpCoM index u c tnh bng
cch so snh gi tr th trng ca thi
im hin ti vi gi tr th trng ca cc
c phiu ti thi im gc:

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Qit x Pit
It = ---------------- x 100
Qio x Pio

Trong : Pit: Gi th trng ca c phiu i vo thi im hin

ti
Qit: S lng c phiu nim yt ca c phiu i vo
thi im hin ti.
Pi Gi th trng
Pio: t ca c
phiu
hi i vo
ngy
c s

(gc)
Qio: S lng c phiu i vo ngy c s

Chng 4:nh gi chng khan

4.1 Thi gi tin t

4.2 nh gi tri phiu
4.3 nh gi c phiu
4.4 nh gi cc cng c phi sinh

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4.1 Thi gi tin t

4.1.1. Chui thi gian

4.1.2. Gi tr tng lai
4.1.3. Gi tr hin ti

4.1.1. Chui thi gian

Chui thi gian l mt cng c quan trng
c s dng trong vic phn tch gi tr
ca
ng
tin
ti theo
th thi gian,
i th hin
hi bng
b
mt hnh v trn c nh du cc mc
thi im ca dng tin
0 1 2 3
0 10%

$100 FV ?
FV=?

n v tnh cc mc thi gian thng l

nm, nhng cng c th l qu, thng,
hoc ngy ty theo tnh hung c th.

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4.1.2. Gi tr tng lai

Nguyn tc
Khi nim
Cng thc tnh gi tr tng lai ca mt s
tin hin ti
Cng thc tnh gi tr tng lai ca mt
chui tin u

Nguyn tc

Tin t c tnh thi gian: Mt ng ngy

h nay c
hm gi
i ttr h
hn 1 ng
ttrong tng
t
lai.
Nguyn nhn:
lm pht
Ri ro
Chi ph c hi

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Khi nim gi tr tng lai

Gi tr tng lai (FV): L gi tr tch ly

ca
mtt dng
d (h(hay chui
h i ti
tin t) trong
t mt
t
khong thi gian nht nh

Cng thc tnh Gi tr tng lai

Gi tr tng lai ca mt s tin hin ti:

FV = PV x (1 + r1 )(1 + r2 )....(1 + rn )
Nu li sut khng i qua cc nm:

FV = PV x (1 + r )n

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Gi tr tng lai ca mt s tin hin ti:

Nu tnh theo thng:

n12
r
FV = PV x 1 +
12
Nu tnh theo ngy:
n365
r
FV = PV x 1 +
365

V d: Nu ti gi 10 triu ng vo NH, li sut

12%/nm th sau 4 nm ti s c:

4
FV= 10.000.000 x (1+ 0,12) = 15.735.200

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Bi tp:

1- Nu gi 50 triu ng vo NH trong 5
nm,
li sutt 9,5%/nm
9 5%/ th sau 5 nm
s
tin nhn c l bao nhiu?
2- Nu ti b ton b s tin100.000.000
ng tit kim c mua tri phiu
chnh ph k hn 3 nm, loi li sut gp,
11% nm v gi tri phiu n khi o
hn th ti s nhn c bao nhiu tin?

Cng thc tnh gi tr tng lai ca

mt chui tin u
Nu gi C l s tin c tr hng nm t
nm th nht n nm th n th sau n nm
gi tr tng lai ca chui tin C ng l:

FVA = C x
(1 + r )n 1

r

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4.1.3. Gi tr hin ti

Khi nim
Gi tr hin ti ca mt khon tin trong
tng lai
Gi tr hin ti ca chui tin u
Gi tr hin ti ca
chui
tin
t bt
ng

Khi nim gi tr hin ti

Gi tr hin ti (PV): l gi tr hm nay

ca
mtt dng
d (h (hoc
chui
h i ti
tin t) ttrong
tng lai.

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Gi tr hin ti ca mt khon tin trong

tng lai

F
PV =
(1 + r )n

Gi tr hin ti ca chui tin u

1 (1 + r ) n
PV = C
r

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Gi tr hin ti ca chui tin t bt

ng
Trong trng hp dng tin tng lai khng
phi l dng tin u m bao gm cc gi tr
tin t khc nhau th gi tr hin ti c tnh
bng cng thc:

n
Ct
PV =
t =1 (1 + r )t

4.2 nh gi tri phiu

4.2.1 Cc loi ri ro chnh lin quan n u

t ttri
t i phiu
hi
4.2.2 Khi nim v cng thc c bn nh
gi tri phiu
4.2.3 Cc i lng phn nh mc sinh li
ca tri phiu
4.2.4 o lng s bin ng gi ca tri
phiu khng km quyn la chn

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4.2.1 Cc loi ri ro chnh lin quan

n u t tri phiu
Ri ro li sut
Ri ro ti u
t
Ri ro thanh ton
Ri ro lm pht
Ri ro t gi hi oi
Ri ro thanh khon

4.2.2 Khi nim v cng thc c bn

nh gi tri phiu
nh gi tri phiu l vic c nh gi tr hin ti ca
cc khon thu nhp hy vng nhn c t tri phiu
trong tng lai
lai.
C1 C2 C3 Cn M
+ + + ... + +
P = 1+ r (1 + r ) (1 + r )
2 3
(1 + r ) (1 + r )n
n

P: Gi c nh ca tri phiu
n: S k tr li ca tri phiu
Cn : Tin li tri phiu
nhn c trong k th n
r: li sut d tnh ca nh u t
M: mnh gi tri phiu

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Cng thc tnh gi tri phiu trong

trng hp li sut tri phiu c nh

C1 = C2 = C3 = ..... = Cn
n
C M
P= +
t =1 (1 + r )t (1 + r )n
1 (1 + r ) n
+ M (1 + r )
n
P = C
r

Cng thc nh gi tri phiu khng tr

li nh k (Zero-coupon bond)

M
P=
(1 + r )n

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4.2.3 Cc i lng phn nh mc

sinh li ca tri phiu
Li sut cung phiu
Li sut hin hnh
Li sut o hn
Li sut hon vn
Mi quan h gi li sut
Mi quan h gia li sut danh ngha
ngha, li
sut yu cu v gi

Li sut cung phiu

Li sut cung phiu (li sut danh ngha):

l t l li sut
t tnh
t h trn
t mnh
h gi
i ttri
i
phiu m t chc pht hnh cam kt tr
cho nh u t tri phiu.

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Li sut hin hnh

o lng mc sinh li ca 1 tri phiu ti 1 thi im.

C
CY =
P
Nu gi tri phiu hin hnh bng mnh gi tri phiu:
li sut hin hnh bng li sut danh ngha
Nu gi tri phiu hin hnh ln hn (hoc nh hn)
mnh gi: li sut hin hnh nh hn(hoc ln hn)
mnh gi

Li sut o hn (YTM)

L li sut hon vn trung bnh ca mt tri

phiu nu mua tri phiu vo thi im hin
ti v nm gi tri phiu n ngy o hn
tri phiu.
n
C M
P= +
t =1 (1 + y ) (1 + y )n
t

M P
C+
y = YTM = n
M + 2P
3

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Li sut hon vn (Internal Rate of

Return IRR)
L mc li sut m ti gi tr hin ti ca cc khon
tin tng g lai thu c o u t mang g li ngang
g g bng
g
vi gi tr ca khon u t.
n
CFt
P=
t =1 (1 + r )t
P : khon vn u t mua tri phiu
CFt : Khon tin nhn c nm t
n : S nm

Mi quan h Gi Li sut

Gi tri phiu thay i ngc chiu vi li

sut
t i hi
Nguyn nhn: Gi tri phiu c xc
nh bng gi tr hin ti ca cc dng
tin d kin thu c. Khi li sut i hi
tng (hoc gim) th gi tr hin ti ca
dng thu nhp s gim (hoc tng)

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th biu din mi quan h gia gi v

li sut
th ny l mt ng cong

Gi

Li sut

cong khc nhau ty thuc tng tri phiu v gi l

li

Mi quan h gia li sut danh ngha, li

sut yu cu v gi

LS danh ngha < LS yu cu: Gi < M.gi

LS danh ngha > LS yu cu:
Gi > M.gi
LS danh ngha = LS yu cu: Gi = M.gi

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4.2.4. c im bin ng ca gi tri

phiu
Gi ca tt c cc tri phiu u thay i ngc
chiu vi s thay i ca li sut yu cu
cu,
nhng vi mc khc nhau
Vi mt thi gian o hn v mt mc li sut
ban u nht nh, T.p no c li sut danh
ngha thp hn s c s bin ng gi ln hn.
Vi mt mc li sut danh ngha v li sut yu
cu xc nh, thi gian cho ti khi o hn cng
di th tnh bin ng gi cng ln

Thi gian o hn bnh qun (Duration)

L thi gian o hn bnh qun gia quyn ca

cc dng tin thu c t tri phiu
n
tC nM

t =1 (1 + y )
t
+
(1+ y)
n
MD =
P
1
% thay i gi = - x MDxThay i li sut x
1+ y 100
Trong -MD/1+y l Tgian o hn bq iu
chnh

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li (convexity)

L php o lng cong ca mi quan h

gia gi tri phiu v li sut sai lch bao nhiu
so vi ng thng phng on cong .
Cc thuc tnh ca li:
Khi LS yu cu tng (gim), li ca Tp gim
(tng)
Khi LS y
yu cu v Tgian
g o hn xc nh, LS
danh ngha cng thp th li cng ln
Khi Ls v Tgian o hn bq iu chnh xc nh.
LS danh ngha cng thp th li cng nh

li
n
t (t + 1)C n(n + 1)M 1
li = +
t =1 (1 + y )t + 2 (1 + y )n+ 2 P
Thay i gi gn vi li c tnh nh sau:
2
%thay i gi=1/2 li x (thay i li sut)

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li

2 tri phiu A v B c li khc nhau

Gi A B

Tri phiu B c li ln hn tri phiu A

Li sut

4.3 nh gi c phiu

Cc phng php nh gi c phiu

nhh gi
i th
theo m
h
hnh
h chit
hit khu
kh d
dng c

tc
nh gi theo lung tin mt ton cng ty
nh gi theo thu nhp
nh
h gi
i th
theo h s
P/E

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M hnh chit khu dng c tc

(DDM)
Gi tr c phiu thng l gi tr hin ti ca tt
c cc dng g tin c tc c nh
trong g tng g
lai:

Dt
P0 =
t =1 (1 + r )
t

M hnh chit khu c tc trong thi

gian c hn

n
Dt Pn
P0 = +
t =1 (1 + r )n
(1 + r )n

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M hnh tng trng c tc n nh

Gi nh c tc tng u mi nm g%

D1
P0 =
(r g )
iu kin: g<r

M hnh siu tng trng tm thi

Mt s cng ty siu tng trng trong mt thi

k ri s tr v tng trng n nh
nh.

n
Dt Pn
Po = +
t =1 (1 + r ) (1 + r )
t n

Dn +1
Pn =
(r g )

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nh gi theo lung tin mt ton

cng ty
Cng thc tng t nh m hnh chit
kh dng
khu d c tc,
t im
i khc
kh bit duy
d nht
ht
l phi xc nh dng thu nhp ton
cng ty, t tnh gi tr hin ti ca dng
thu nhp ri chia cho s c phiu ang lu
hnh

nh gi theo thu nhp

Nu C.ty khng m rng kinh doanh, ngoi

khon c tc m nh u t nhn u n hng g
nm, s c thu nhp di ra. Khi t sut li tc
ca CP c xc nh nh sau:
D1 EPS1
i= +
P0 P0
Khi , gi CP :
D1 EPS1
P0 = +
i i

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nh gi theo h s P/E

Nu bit P/E bnh qun ngnh hoc P/E ca

cng ty cng ngnh c cng mc sinh li, ri ro
v c hi tng trng th tnh c gi CP:
Po = P/E ngnh x EPS
V d: P/E ngnh l 12, EPS ca CP A l 2000
/cp gi cp:24.000

4.4 nh gi cc cng c phi sinh

4.4.1 nh gi quyn mua c phiu

4.4.2 Phn tch Hp ng
k hn
4.4.3 nh gi Hp ng tng lai
4.4.4 nh gi Quyn chn

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4.4.1 nh gi quyn mua c phiu

Cng thc tnh gi quyn mua c phiu:

P P0
G=
n +1
Trong :
G: gi quyn mua c phiu
P: gi th trng ca c phiu
Po: Gi bn u i c phiu mi
n: t l phn phi c phiu mi

4.4.2 Phn tch Hp ng k hn

V d: vo ngy 1/2/2011 hai bn A v B

k kt mt
t hp
h ng
k hnh mua bn
b
10.000 c phiu X, thi hn giao CK v
thanh ton tin l 30/6/2011, gi thc hin
K. Gi th trng vo thi im thc hin
hp ng l M. th biu din li nhun
ca mi bn nh sau:

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Li nhun ca ngi mua trong hp

ng k hn:
Li
nhun

0 K Gi th
trng M
-K

Li nhun ca ngi bn trong hp

ng k hn:
Li
nhun
K

0 K Gi th
trng
M

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4.4.3 nh gi Hp ng tng lai

Po: gi CK c s ti thi im k kt
HTL
Fo: gi HTL vo thi im k kt
r: Li sut th trng
d: t l li thu c t vic u t vo
HTL
Pt: gi CK c s vo thi im o hn
HTL
Ft: gi HTL vo thi im t

Gi HTL vo thi im t:

Ft = Pt (1 + r d )
t

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4.4.4 nh gi Quyn chn

4.4.4.1 Quyn chn mua

4.4.4.2 Quyn
chn bn

4.4.4.1 Quyn chn mua

Li nhun ca bn mua quyn trong H

Q chn
Quyn h mua:

K S
0

K+P
-P

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4.4.4.1 Quyn chn mua

Li nhun ca bn bn quyn trong H

Q chn
Quyn h mua:

P
K+P
S
0 K

Gi quyn chn mua

St K nu St K
=0 nu St K
i vi quyn chn kiu M:
= max(St K;0)

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4.4.4.2 Quyn chn bn

Li nhun ca bn mua quyn chn bn:

K-P

K-P
0 K S

-P

4.4.4.2 Quyn chn bn

Li nhun ca bn bn quyn chn bn:

P
0 K-P

K S

-K +P

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Chng 5: Phn tch chng

khon
5.1. Mt s khi nim
5.2. Phn tch c bn
5.3 Phn tch k thut

5.1. Mt s khi nim

Khi nim hot ng phn tch chng

kh
khon
Cc phng php phn tch
C s d liu ca phn tch chng khon
Cc m hnh phn tch

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Khi nim hot ng phn tch

chng khon
Phn tch chng khon l vic phn tch
cc c s d liu v m v vi m nhm
a ra c cc cn c cho s chn la
quyt nh ca nh u t chng khon
Hot ng phn tch chng khon phi tr
li c nhng vn cn bn sau y:
Khi no
nn
u t
t v
u tt vo
nhng
h lloii
Ck no, gi c ra sao?
Khi no nn rt khi th trng?....

Cc phng php phn tch

Phn tch t trn xung

Phn tch t di ln.

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Phn tch t trn xung

Kinh t v m
trong nc v quc t

Ngnh

DN

Phn tch t di ln

Kinh t v m
trong nc v quc t

Ngnh

DN

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C s d liu ca phn tch chng

khon
L ton b cc ti liu, s liu cn thit
cho
h vic
i phn
h tch,
t h b bao gm:

C s d liu cho vic phn tch v m
C s d liu cho vic phn tch ngnh
C s d liu cho vic phn tch cng ty

C s d liu cho vic phn tch v m

Bao gm nhng ti liu, s liu phn nh

t
trng thi kinh
ki h t,
t chnh
h h ttr, x
hi tm
t v
m nh: GDP, tc tng trng GDP,
ch s ICOR, chnh sch ti chnh tin t
quc gia, cn cn thanh ton.

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C s d liu cho vic phn tch

ngnh
Bao gm cc d liu lin quan n tnh
h h h
hnh hott ng
ca
ngnh
h nh:
h mc

doanh li bnh qun ngnh, P/E ngnh,
chu k knh doanh, chu k sng ca sn
phm, trin vng pht trin ngnh trong
ngn hn v di hn..

C s d liu cho vic phn tch

cng ty
Bao gm cc d liu phn nh tnh hnh
h t ng
hot sn xutt kinh
ki h d
doanhh ca
cng

ty, c bit l tnh hnh ti chnh nh:
Bng cn i k ton, bo co kt qu
kinh doanh, bo co lu chuyn tin t,
cc nhm ch tiu ti chnh.

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Cc m hnh phn tch

Phn tch c bn
Phn tch k thut

5.2. Phn tch c bn

5.2.1 Khi nim

5.2.2 Cc ch tiu phn tch c bn

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Khi nim phn tch c bn

L phng php phn tch c phiu da vo cc nhn
t mang tnh cht nn tng, c tc ng hoc dn ti s
th i gi
thay i c
ca
c phiu
hi nhm
h chh ra gi
i ttr ni
i ttii
ca c phiu trn th trng.
Cc nhn t c bn cn nghin cu bao gm: phn tch
thng tin c bn v cng ty; Phn tch bo co ti chnh
ca cng ty; Phn tch hot ng kinh doanh ca cng
ty; Phn tch ngnh m cng ty ang hot ng v phn
tch cc iu kin kinh t v m nh hng chung n
gi c c phiu.
Sau khi nghin cu, nh phn tch c nhim v phi ch
ra c nhng d on cho nhng ch tiu quan trng
nh thu nhp k vng, gi tr s sch trn mi c phiu,
gi tr hp l ca c phiu, cc nh gi quan trng cng
nh khuyn ngh mua/bn c phiu trn th trng.

Cc ch tiu phn tch c bn

Bo co ti chnh ca cng ty
Cc ch s
ti chnh

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Bo co ti chnh ca cng ty
Bng cn i k ton
Bo co kt
qu hot ng SXKD
Bo co lu chuyn tin t

Cc ch s ti chnh

Nhm ch tiu nh gi kh nng tr n

Nhm ch tiu nh gi kh nng sinh li
Nhm ch tiu nh gi hiu qu hot
ng
Nhm ch tiu nh gi c phiu

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Nhm ch tiu nh gi kh nng tr n

T s ti sn lu ng (T s thanh khon hin

hnh):

Ti sn lu ng
T
s ti sn lu ng
g = ---------------------------------
Tng n ngn hn

T s ti sn nhy cm (t s thanh ton nhanh):

Ti sn lu ng hng tn kho
Ch s ti sn nhy cm = -----------------------------------------
Tng n ngn hn

T s tin mt:

Tin mt
Ti t + Chng
Ch khon kh kh nhng h
T s tin mt = ------------------------------------------------------
N ngn hn

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T s n:

Tng n
T s n = ---------------------
Tng ti sn

T s thanh ton li vay:

Thu nhp trc li vay v thu

T s thanh ton li vay = ----------------------------------
Li vay

Nhm ch tiu nh gi kh nng sinh li

T sut li nhun hot ng (EBIT bin)

Thu nhp hot ng

T sut li nhun hot ng = -----------------------------
(OPM) Doanh s bn thc

T sut li nhun rng (ROS, Li nhun rng bin)

Th nhp
Thu h rng (Li (L i nhun
h
sau thu)
T sut li nhun rng = -----------------------------------
Doanh thu thun

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T s li nhun trn tng ti sn (ROA)

Li nhun sau thu

ROA = ---------------------------------
Tng ti sn

T sut li nhun trn vn t c (ROE)

Li nhun sau thu

ROE = ------------------------------
Vn ch s hu h

Nhm ch tiu nh gi hiu qu hot

ng:
T s vng quay hng tn kho ( Inventory Turnover
Ratio): cho thy hng ha c quay vng bao nhiu ln
mt nm
Doanh thu
T s vng quay hng tn kho = ---------------------
Hng tn kho

Ngy thu tin bnh qun (Day Sales Outstanding): Cho

bit khongg thi g
gian t khi bn hngg cho n khi thu
c tin
Khon phi thu t khch hng
Ngy thu tin bnh qun = ------------------------------------------
Doanh thu bnh qun ngy

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T s vng quay ti sn c nh (Fix assets turnover

Ratio): o lng hiu qu s dng TSC ca cty

Doanh thu
T s vng quay TSC = ---------------------
TSC thun
T s vng quay tng ti sn:

Doanh thu
T s vng quay tng ti sn = ---------------------
Tng ti sn

Nhm ch tiu nh gi c phiu

Thu nhp trn mi c phiu ( EPS )

Li
nhun rng g - C tc u i
EPS = -----------------------------------------------
S c phn thng ang lu hnh

Gi trn thu nhp ca c phiu ( P/E )

Gi th trng
P/E = ------------------------------------
Thu nhp ca mi c phiu

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C tc trn thu nhp ( D/E )

C tc
D/E = --------------------------
Thu nhp ca mi c phiu

C tc trn th gi ( D/P )

C tc
D/P = ---------------------------
Gi th trng hin thi

T s gi th trng/ gi tr s sch:

Tng ti sn Tng s n - C phn

u i
Gi tr s sch = -------------------------------------------
S c phiu ang lu hnh

Gi tr th trng mi CP
T s gi th trng/Gi tr s sch = ---------------------------------
Gi tr s sch mi CP

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5.3 Phn tch k thut

5.3.1 Khi nim

5 3 2 Cc gi nh c bn
5.3.2
5.3.3 Cc khi nim v cng c c bn s dng
trong PTKT (Tham kho thm ti
http://www.itrade.vn)
5.3.4 L thuyt Bc i ngu nhin -
random walk
5.3.5 L thuyt Dow
5.3.6 Sng Elliot v dy s Fibonanci (bi c
thm)

Khi nim phn tch k thut

Phn tch k thut l s nghin cu bin ng

ca th trng
trng, ch yu thng qua vic s dng
cc th nhm mc ch d on cc xu th
bin ng ca gi trong tng lai.

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Cc gi nh c bn ca PTKT

Bin ng th trng phn nh tt c

Gi dch chuyn
theo xu th
chung
Lch s s t lp li

Cc khi nim v cng c cn bn

s dng trong PTKT

Cc loi biu
Xu th,
ng xu th,
Knh
Mc hon li, Khung giao dch, H tr v
Khng c
Cc hnh mu k thut (c thm)

125
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Cc loi biu

Biu dng ng (Line chart)

Biu
dng then chn
(Bar chart)
Biu dng ng (Candlestick chart).

Biu dng ng (Line chart)

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Biu dng then chn

Hai k hiu s dng trong biu then chn:

Gi cao nht Gi cao nht

Gi ng
Gi m
ca
ca

Gi ng
ca Gi m
ca
Gi thp nht

127
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Biu dng ng

Hai k t m loi biu ny s dng l:

Gi m ca

Gi gim
Gi tng
Gi ng ca

128
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Xu th, ng xu th, Knh

Xu th
X th gm
Xu c xu th gi
i t
tng v
xu th
gi gim. Xu th gi tng gm lin tip
nhng nh gi cao dn v y gi cao
dn (nh trc cao hn nh sau v y
trc cao hn y sau)

ng xu th: ng xu th gi tng l
ng ni cc im y cao dn ln v
ng xu th gim l ng ni cc nh
thp dn
dn.
Knh
Knh l khong dao ng ca gi, nu gi
dao ng trong mt di th di gi l
knh. Di dao ng c xc nh bi
hai ng bin l ng xu th v ng
knh (channel line), hai ng ny song
song vi nhau.

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Mc hon li, Khung giao dch, H tr v

Khng c
Mc hon li.
Sau mt giai on chuyn ng theo xu th ca th
trng, gi s hon li mt cht trc khi quay tr li
chuyn ng theo xu th c.c Nhng chuyn ng ngc
xu th ny thng c ln vo nhng khong c th
d on c v c gi l mc hon li.
Mc hon li trung bnh thng gp nht l 50%. Mc
hon li thp nht l 33% v cao nht l 66%: gi s hon
li t nht 1/3 mc tng (hay gim) m n t c trong
xu th trc v mc hon li khng vt qu 2/3
mc tng (hay
( gim)
) trc t c. Nu
mc hon
li cao hn th kh nng s xy ra s o chiu th trng
tc l gi s chuyn ng theo xu th o ngc xu th
trc m khng quay li chuyn ng theo xu th .
(c thm v dy s Fibonanci)

Khung giao dch

Khung giao dch l mt di nm ngang

t th trong
trn t b
bao gm
cc ddao ng

ca gi trong mt giai on di.
Thi k gi bin ng theo khung giao
dch l thi k khng c xu th th trng.

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H tr v khng c

Mc h tr: l vic mua thc t hay kh

nng mua vi khi lng lm
ngng li xu th gim ca gi trong mt
thi k ng k (tng i di).
Mc khng c: l vic bn mt khi
lng tho mn tt c cc mc
cho mua
mua, do ,
lm gi ngng khng
tng na trong mt khong thi gian nht
nh.

L thuyt Bc i ngu nhin -

random walk
L thuyt Bc i ngu nhin cho rng nhng
bin ng ca gi l mt chui hon ton c
lp v nhng bin ng trong qu kh ca gi
hon ton khng phi l mt ch s ng tin cy
cho vic d on xu th tng lai.
L thuyt ny da trn c s l thuyt Th
trng hiu qu, trong cho rng gi th
trng s dao ng xung quanh gi tr thc ca
n. Thuyt ny cho rng chin lc u t tt
nht vo th trng ch n gin l mua v nm
gi.

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L thuyt Dow - nn tng ca phn tch k

thut
L thuyt Dow l c s u tin cho mi nghin cu
k thut trn th trng.
C s xy dng l thuyt chnh l nhng bin ng
ca b
bn thn
t tth trng
t g (t
(th
hin
ttrong
o g cch s ttrung
u gbbnh
ca th trng), hon ton khng da trn c s ca
Phn tch c bn l cc thng k hot ng kinh doanh
ca doanh nghip.
Khi th trng ln gi th gi ca mt s chng khon
tng nhanh hn nhng chng khon khc,khi th trng
xung gi th mt s chng khon gim gi nhanh
chng mt s khc gim chm hoc c th tng ln
chng,mt ln,
nhng hu nh tt c cc chng khon u dao ng
theo cng mt xu th chung.Charles Dow a ra khi
nim v ch s gi bnh qun nhm phn nh xu th
chung ca mt s c phiu i din cho th trng

Mt s nguyn l cn bn ca L thuyt
Dow
Ch s bnh qun th trng phn nh tt c
Ba xu th ca th trng: xu th cp 1, cp 2, xu
th nh
Bull Market & Bear Market
Cc ng ch s bnh qun ca th trng phi
cng xc nhn xu th ca th trng
Khi lng giao dch p dng km vi xu th th
trng.
ng
ng ngang c th thathay th cho cc xu th cp 2
2.
Ch s dng mc gi ng ca nghin cu.
Mt xu th cn c gi nh rng vn ang tip
tc cho n khi c mt du hiu thc s v s o
chiu ca xu th c xc nh

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Chng 6: Qu u t
6.1 Khi nim Qu u t
6.2 Phn loi Qu u
t
6.3 Hat ng ca Qu u t
6.4 nh gi hiu qu Qu u t

6.1 Khi nim Qu u t

Khi nim
Li ch
Cc bn tham gia

133
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Khi nim

Qu u t l mt t chc u t chuyn
nghip,
hi tp
t hp
h cc khkhon
u
tt c
nhn
h
thnh khon vn ln u t vo danh
mc u t c xc lp theo chin lc
v chnh sch u t cu qu

Li ch ca vic u t qua qu

i vi nh u t:
a dng ha danh mc u t, gim thiu

ri ro
Qun l u t chuyn nghip
Tit kim chi ph giao dch

134
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Li ch ca vic u t qua qu

i vi doanh nghip s dng vn:

C c hi thu ht ngun vn vi chi ph thp

hn khi vay qua h thng ngn hng
Vic u t vn vo doanh nghip thng qua
qu u t thng c gii hn nht nh nn
cc doanh nghip vn
bo m t ch trong
hot ng kinh doanh m khng b chi phi nh
cc c ng ln ca doanh nghip

Cc bn tham gia Qu u t

Cng ty qun l qu
Ngn hng gim st
Ngi u t

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Cng ty qun l qu
Cng ty qun l qu thc hin vic qun l qu
u t CK
Cty qun l qu c thnh lp theo giy php
h t
hot ng ddo UBCKNN cp v
c ti chc
h
di hnh thc cty c phn hoc TNHH vi vn
php nh ti thiu l 25 t ng.
Trong qu trnh hot ng, cty qun l qu c th
thnh lp v qun l ng thi nhiu qu u t.
Cty qun l qu c thc hin cc nghip v
sau:
Qun l qu u t (huy ng, ql vn v
t.sn, q.l DMT)
T vn u t v t vn ti chnh
Cc dch v phn tch h tr u t

Ngn hng gim st:

Ngn hng gim st thc hin vic bo

qun,
lu
l k ti sn
ca
qu
u t
t CK v
gim st Cty qun l qu trong vic bo v
li ch ca ngi u t.
iu kin c lm NH gim st: l NH
thng mi ang hot ng hp php ti
VN v c UBCKNN cp giy php hot
ng lu k.

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Ngi u t
Quyn ca nh u t:
Hng li t hot ng u t ca qu u t CK tng
ng vi t l vn gp
Hng cc li ch v ti sn dc chia hp php t vic
thanh l ti sn qu u t CK
Yu cu cty qun l qu hoc NH gim st mua li chng
ch qu m
Khi kin cty qun l qu, NH gim st hoc t chc lin
quan vi phm quyn v li ch hp php ca mnh
Thc hin quyn ca mnh thng qua i hi nh u t
Chuyn nhng chng ch qu theo quy nh ti iu l
qu u t CK
Cc quyn khc qui nh ti iu l qu u t CK

Ngi u t

Ngha v ca nh u t:
Chp
Ch hhnh
h quyt
t
nh
h ca
ii hi nh
h
u tt
Thanh ton tin mua chng ch qu
cc ngha v khc theo qui nh ti iu l qu
u t

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6.2 Phn loi Qu u t

Cn c vo quy m, cch thc v tnh cht

gp vn:
Qu ng
Qu m
Cn c vo ngun vn huy ng:
Qu thnh vin
Qu i chng
Cn c vo hnh thc t
chc:
Qu u t dng cng ty
Qu u t dng tn thc

Cn c vo quy m, cch thc v tnh cht gp

vn
Qu ng Qu m

Ch to vn qua mt ln bn Lun pht hnh thm nhng c

CK cho cngg chngg phiu mi tng
p g vn
Khng c pht hnh thm Lun pht hnh thm c phiu
bt k loi c phiu no huy mi
ng thm vn
Khng mua li cc c phiu Sn sng mua li cc c phiu
pht hnh pht hnh
Ch ch
Chng h qu thng
th dc
d B trc
Bn t ti cho
tip h cng
chng
h
nim yt v giao dch trn khng qua TTCK
SGDCK
Quy m vn ch c th tng ln Quy m vn c th tng ln nh
t cc loi li nhun thu c pht hnh thm c phiu
S lng CK hin hnh c nh S lng CK hin hnh lun thay

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Cn c vo ngun vn huy ng
Qu i chng Qu thnh vin

Huy ng vn
bng
cch Huy ng vn bng
cch
pht hnh rng ri ra cng pht hnh ring l cho
chng mt s nhm nh cc
nh u t
Ngi u t nh, t am Nh u t ln, thng
hiu v TTCK l cc nh ch ti chnh
hoc tp on kinh t
ln

Cn c vo hnh thc t chc

Qu u t dng cng ty Qu u t dng tn thc
Qu c xem l php nhn y Khng phi l php nhn y
, c ng gp vn bu ra m ch l qu chung vn gia
HQT QyQ nhng
h ngi i u
t.
t
HQT Qy thu cty qun l qu Nhng ngi u t chung vn
v NH gim st. HQT gim st thu chuyn gia qun l qu
hot ng ca 2 t chc ny chuyn nghip u t sinh li.
Cty qun l qu c ngi iu Cng ty qun l qu s dng
hnh v s dng vn ca qu ngun vn u t vo nhng
u
t vo Ck hoc cc ti sn ni sinh li c hiu qu
sinh li khc.
NH gim st ng vai tr bo NH gim st thc hin gim st
qun cc ti sn qu, nhn hoc hot ng ca cty qun l qu,
giao Ck cho qu khi thc hin bo qun an ton vn v ti sn
lnh giao dch ca ngi u t.

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6.3 Hat ng ca Qu u t

6.3.1 Hot ng huy ng vn

6.3.2 Hot ng u
t

6.3.1 Hot ng huy ng vn

ca Qu u t
Phng thc pht hnh
nh gi pht hnh

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Phng thc pht hnh

i vi qu u t dng cng ty: Pht

h h c
hnh phiu
hi huy
h ng
vn
i vi qu u t dng hp ng:
Lng vn d kin hnh thnh qu c
chia thnh cc n v v qu s pht hnh
chng ch qu.

nh gi pht hnh

Gi tr ti sn rng ca Qu (NAV)
Gi tr chng ch qu
Ph bn chng ch qu
Gi cho bn chng ch qu

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Gi tr ti sn rng ca Qu (NAV)

NAV = Tng gi tr ti sn v cc khon

tt ca
u qu ttr
((-)) i cc
kh
khon
n
phi tr ca qu

Gi tr chng ch qu

Gi tr ca tng chng ch/c phn ca

qu
u tt =NAV
NAV qu/
/ tng
t s chng
h ch h
(c phn) ang lu hnh

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Ph bn chng ch qu

Ph bn CCQ l t l phn trm ca mc

chnh
h h l
lch
h gi
i cho
h b
bn (P
(Public
bli Off
Offered
d
Price) v NAV so vi gi cho bn.

POP-NAV
Ph
= x 100%
bn POP

Gi cho bn chng ch qu

Gi cho bn CCQ c tnh nh sau:

POP = NAV/(100% - t l ph cho bn)

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6.3.2 Hot ng u t

Ph v chi ph ca Qu u t
Quy trnh u
t
Ri ro v li nhun c tnh ca danh
mc u t

Ph v chi ph ca Qu u t

Ph m nh u t tr khi bt u tham
gia
i v khi rt
t ti
tin khi qu

Chi ph trc tip ln qu

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Ph m nh u t tr khi bt u tham
gia v khi rt tin khi qu

Ph pht hnh
Ph hon tin

Chi ph trc tip ln qu

Ph qun l hng nm
Thng khuyn khch
Chi ph ca Ban i din Qu
Ph gim st, lu k
ph dch v cho nh u t
Ph kim ton
Ph nh gi
Ph vay
Ph khc (thnh lp,php l,mi gii.v.v)
Thu

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Quy trnh u t

Xc nh mc tiu, chin lc u t
Xy dng c cu DMT ph hp vi mc
tiu, chin lc
Theo di, nghin cu th trng
iu chnh danh mc u t

146