;12 4.

07-4
i(c)5'. IR

BO GIAO DUC VA DAO TAO

TRUONG HAI HOC THANG LONG
Chu bien: Pham Van Hung

GIAO TRINH

THI TRUING CHONG KHOAN

nuhb
NHA XUAT BAN NONG Ga.agr'•:
HA NOI - 2007
. 2141i n j_341_
 LDI MU DAU

Thi twang chart& khoan dang vai ire quan trong trong
nen kink re' thi twang. Thi truang chang khoein khang chi la
kenh huy d'Ong va dila tilt yen ca hieu quci ma con 0 m6t
mai twang ddu tit Val hieu. Ngay nay, cac sink vies kink to
ngoai cac kiln thtic Chung dude trang bi to cat - twang doi
hoc, thi nhang hieu bill can kin ye Chang khocin va thi
truang Chang khoan Pa nen nit can giap ho tang
babe tie), can via tham gia rig twang (hang khoan nhilu
mac do kheic nhau.
Di gap phcin vao vile Pang bi kiln that ye Chang khoan
va thi truang chimg khotin cho sink vier!, giao trinh nay se
pap trung vao nhang kiln that can Inin nhcia ye thi truang
Chang khoan: khai niem, ca ceiu to chat, nguyen ttic hoot
dOng, n6i dung &la phein tick chimg khoan va ra quyei dinh
ddu tu, tim hilu ye dank mite ddu tie Chang khoan, chic vd
ca chi van hank quy ddu to cluing khoan. Day if 0 nhitng
kiln thac ca sci ye men hoc di sink vien co the tiep can thi
twang vai mac d6 cad hdn.
N 6i dung ctia gicio trinh nay bad gem 7 clutang:
Chuang I: Tang quan ve Uzi truang Chang khoan
 Chuang II: Thi twang cluing khoan sa cap
Chuang III: Thi truing cluing khoan !ha cdp
Chuang IV: Phan tick cluing khoan
Chuang V: Rini ro trong ddu to cluing khocin
Chuang VI: QuyEn chin va giao dich trong lai
Chuang VII: Quji ddu to cluing khoan
Di ncim bdt duos kiln that tau mOn hoc nay, sinh vien
phdi boon thank cac mOn hoc: Kink ti vi m6, Kinh te'vi mo,
Tat chink doanh nghitp, Ka" loan doanh nghi0p, Toiin Tai
chink, Phan tich va lap do an ddu Mac du da co so co
gang trong viec bien soon, song kho tranh khdi nhang han
chi va sai set. Tac gid rift mong nhan duos y kiln ding gap
cua cac duly co va cac can 60 nghian cuiu trong link voc nay
di hoan Mien.

Ha nOi, ngay 20 thana nrim 2007

Tkc gid
Pham Van Ming
 DANH MK CAC Tir VA THU4T NGITY VIET TAT

Tiing Viet
I TTCK Thi truerng cluing khoan
2 SGDCK Ser giao dich chimg khoan
3 UBCKNN Hy ban Chang khoin Nha nueic
4 NHTW Ngan hang Trung hang

Tiing Anh
1 BIS Ngan hang Thanh man Qu6c t6
2 CAMP Mo hinh (bah gia tai sari von
3 CSFB Ngan hang Credit Suisse First Boston
(They
4 TOSCO T6 chdc cac Hy ban Chirng khoan
Quoc to
5 DVP Nguyen tac giao chimg khoan Ming thoi
thanh town tien
6 NAV Gia tri tat san rOng
7 SEC Oy ban Chung 'Moan ea Giao dich
cluing khoan Hoa KY
8 SROs Cat t6 chirc tit quan
9 POP Gia char) ban
10 IPO Phat hanh inn dAu ra cong chi:mg

5
 Chuong I

TONG QUAN Vg THI TRUtJNG

CHUNG KHOAN

I, KHAI NIEM VA PHAN LORI THI TRIIONG CHUNG

KHOAN
I. lihai ni@n:
De hieu re khai nidm thi truing chting khoan can xem
xat ban chit Mu chuydn van trong nen kinh Trong nen
kinh tee thi trueng, van dau to ducic hinh thanh tir tich luy cim
nen kinh nguyen thc, dau to (I) bhng van riot kidm (S).
Tuy nhien, clang thirc nay khong nhat thiel thuc hidn bin
chinh mot chit the. Tai moi thee diem deu ton tai nhang chi,
the c6 tich luy nhung lai khOng thuc hidn dau to trong khi c6
nhtIng chi the chua c6 tich lily hoac tich luy chin du nhung
lai c6 ca hdi va thuc hidn dau tu. Tit do, hinh thanh ca che
km chuydn van gift nhimg chi, the du theta hoac tarn thbi du
thin dtn nhCing chi the thidu but hoac tam that thi6u hut. V6
ca bon, qua trinh luu chuydn von giaa cac chi, the trong nen
kinh tE duoe thuc hien thong qua hai faith thtic cha yen d6
la: kenh tai chinh trqc tip va kenh tai chinh gian tiep.
7
 Hinh 1.1: Lieu chuyin von trong tiers kinh tE

Trung
gian tai
chinh

Cung timg Nhu cau ye

va von
+ Ca nhgn, h0
von
+ Doanh nghi0p,
gia dinh nha DT
Doanh nghiep + Nha nu6c
+ DOi tuvng
+Da nhan.h0 gu dinh
wet ngoai
Thi trutng
tai chinh

Kirsh tat chinh gicin tiejo:

nhu tau cna nguezi sir dung
vdn duct dap ling thong qua car trung gian tai chinh nhu
ngan hang thuong mai, cac td chtic tai chinh, cac dinh the tai
chinh phi ngan hang. Tai day, cac trung gian tai chinh sE huy
dOng vein tir cac ca nhan, ho gia dinh, cac doanh nghiep -
&Urn ngireri du thita hoac tam thdi du thira va cho nhitng
ngu&i thieu but hoac tam theri thieu but sir dung. Kenh nay
da va dang duct [hoc hien ph6 biers tai Viet Nam.

8
 Kenh tea chinh truc tide:
thuc hien viec tai Iry vein
thong qua thi twang tai chinh. Tai do, nhiing ngurai co nhu
cau sir dung vein se" phat hanh cac ciing Cu tai chinh de troc
tieip huy dOng van dap ring nhu cau eau to va phat trien san
xuat kinh doanh cua minh. Con nhi.ing noel du theta van co
the cung ring vein dual dang gap vein hoac cho vay [hang qua
viec mua va nam gift cac clang cu tai chinh do ngurri c6 nhu
cau sir dung van phlit hanh. Day la hinh Mac tai tro vain hien
con mai me nhung cling dang va se &roc chu y ngay cang
sau the hen tai Viet Nam.
Thi twang tai chinh (financial market) la [hi twang
mua, ban cac ming cu tai chinh. Ve mat ban chat, thi truang
tai chinh la nui dien ra so dich chuyen van tir nhang nguiai c6
van Main rei den rived c6 nhu cau sir dung. Day cling chinh
la not tap trung huy dOng cac nguan van trong xa hQi de tai
try ngan han trung han va dai han cho cac chia the trong nen
kinh
Can al vao thai han luan chuyen vein, thi truing tai
chinh duoc chia thanh 2 loai la thi triferng tien to (money
market) va thi truing van (capital market).
TN twang tien to la mat 60 phan &Oa thi twang tai
chinh ma tai d6 than ra cac hoat dOng giao dich mua ban caa
cac cOng cu tai chinh ngin han. Cling cu tai chinh ngan han
to cac cOng cu raj chinh c6 thai gian dao han nh6 hen 1 nam.
Thi throng tien to bao gem thi truing lien ngan hang (inter-
bank market), thi truing hal dorli (foreign exchange market),

9
thi trueing vay ner ngan han (short-term loan market) Cac
tong cu tai chinh ngan han duct giao dich tr'en thi trunng
tien to bao gam: tin phieu kho bac (treasury bills), cat khoan
vay lien ngan hang, giay chap thuan thanh toan cua ngan
hang, kY phieu thuong mai, kY phial ngan hang, thing chi
den gui ngan hang...
TN twang van ding la mot be phan cua thi twang tai
chinh ma tai d6 dien ra the hoat dOng giao dich mua ban cila
cac tong cu tai chinh dai han. CEng cu tai chinh dai ban la
cac cOng cu tai chinh c6 thin gian dao han to 1 nam tin len.
Thi truing yen bao gam 3 thi taking chinh: thi new cho
thue tai chinh (leasing market), thi truing tin dung trung va
dai han hay con gqi la thi twang the' chap (mortgage market)
va thi trueing thing khoan (securities market). Trong ba thi
trailing tren, thi thi throng thing khoin c6 vi tri quan trong
nhat trong viec tap trung va huy dOng van tai trq cho clan ttr
phat then tha cac doanh nghiep va dia nen kinh re.
Thi taring chang khoan mot b6 philn cua thi
!twang von ma tai d6 cac cluing khorin Mtge pheit Minh pa
mua ban. Trong do, chting khoan la bang thing xk nhan
quyen va lei ich hop phap tha nguai sa hfiu ddi vii tai son
hoac phin van tha to chit pita hanh. Ching khoan duct the
hien clued hinh that chting chi, but toan ghi s6 hok du lieu
en to bao gem: co phieu (stock), trai phi& (bond), thing
chi quy dam tu, quyen mua c6 phan (right), thing quyen
(warrant), quyen chon (option), hop Along Mang lai
(futures)...
10
 2, Lich sit ra dad cna thi trtiOng chi ng khoan:
Thi toting chdng khoan la sin phdm dia nen kinh to thi
truing. Su ra ded va phat tries cua thi truing cluing khoan
gan lien voi sir hinh thanh va phat Men cern co ch6 thi twang.
Ve mat itch sir, thi twang chdng khoan pinning Tay ra cloi tir
Ichoang Oita the IcY XV khi nen kinh to hang hod tai day da
phat trit'n a mtic do nneit Binh. Vito then do, tai nliling thanh
ph6 c6 vi tri thuan Igi cho hot Ong thuong mai, can thuong
gia thuong to tap tai cac qutin ca phe de thuong luting mua
ban, trao dpi can hang hod (nOng sin, khoang sin, ngoai te,
cluing khoan (tang sin...). Diem dac bier la trong nhting cubc
thuong luting nay cac thuong gia chi dung lai not de trao ddi
vbi nhau ma khOng can hang hod, mau ma hay bit cis loai
giiy to Ma trtaic mat. Trong cac giao dich, khOng can co sin
phdm nao duct tien hanh trao dai tux tien
Thin ky diu, trong nhiing phien giao dich nay Mu nhu
chi c6 met it ngued ng6i vat nhau. Buth hop diu tien co quy
m6 Ian o giai doan nay xiy ra khoing vao ram 1453 trong
met la quart Ma met nha buen co ten la Vanber Buerzo tai
thi trail Bruges (thu9c nuac Bi ngay nay). Truerc lit quail nay
c6 1 bang hieu ve hinh ba nil da vat met tit tieng Phan
"Bourse", ttic la "a dich ruing". Ba nil da [thing trung
cho 3 nei dung cila "Mau dich truing" giao dich hang hod,
giao dich ngoai to va giao dich cheing khoan Ong sin. Tieng
Latinh, cai vi da) la Bursa. Con titg Phap got la
Bourse. Do do chit Bourse dam sir dung to My ails va co
nghia la Mau dich trading hay So giao dich chimg khoan sau
11
nay. Islint vOy 06 the nen rang thi twang chting khoan duac
xuat hien to thd kt XV. Sir hinh thanh cua thi truang chring
khoin cling dong thin vett thi trueing h6i dodi va thi truerng
cac hang hod Ichac. Cho den nay, cac nu& tren thdgieti da c6
tat ea khoang tren 160 SC' giao dich chting khoan nam tren
nhieu qudc gia tai tat ca can chau Mc.
Cac phuang this giao dich ban deiu throe thuc hien theo
phtrong than thu cOng voi nhung k9 hieu bang tay va c6 thu
ky Ethan Ienh cua khach hang. Cho den nay, cling v(ti su phat
trien cua khoa hoc va cOng nghe, cac phtiong thud giao dich
tren S6 giao dich chting khoan cling c5 sit cai thien nham
dem lai hieu qua va chat Wong cho giao dich. Cong nghe
thong tin duac ap dung ngay cang triet de Cac 56 giao dich
dan dart sir dung may vi tinh de tmyen cac Ienh dat hang va
chuydn dan tit giao dich [ha cOng kdt hop yr% may tinh sang
sit dung hoin toan he thdng giao dich then tu, to dOng.
3, Phan loaf thi treeing chiing khoan:
Can cit veto tinh chat Juan chuyin cac nguon von, thi
truang chring khoan duce chia thanh [hi truong so cap
(primary market) va thi truetng thti cap (secondary market).
Thi twang so cap la thi truerng mua ban can chting khoan
mai phat hank Tren thi twang nay, v6n Cu nha ddu to se duac
chuydn sang nha phat hanh thing qua viec nha dau to mua cac
chting khoan men phat hanh. Thi wrong nay chinh la thi
twang phat hanh. Thong qua thi tnremg so cap, quy m6 van
cria don vi phat hanh va cila nen Idah td se gia tang.

12
 Thi trading Mir cap la not giao dich cac chiing khoan da
ditqc phat hanh tren thi aiding so cap, dam &a° tinh thanh
khoan cho cac cluing khoan da phat hanh. Hoat Ming tren thi
twang tiler cap khong true den lam gia tang quy m6 van dm
don vi phat hanh va dm nen kinh tel Xet ye ban chat thi thi
twang thei can chi lam dich chuyen quyen s& hgu van gi&a
cac chi) the tham gia thi twang ma thOi. Mac di) khong trim
ti6p thuc hien chic nang huy.dang &Haig gian tidp thi
thi twang thu cap c6 anh hiding den kha nang huy Mang vOn
cua thi twang so cap. Hoat dang cila thi truang thd cap ma
tich cum, s6i dung thi khl nang huy ding vein tren thi twang
so cap se kha quan. Hoat clang cila thi lading thU cap ma am
dam, tieu dieu thi kha nang huy &Ong vgn man cim doanh
nghidp sung se han chd. Ngtroc lai, ndu kheing co thi twang
so cap thi se khong co chdng khoan giao dich Men thi twang
thd cap.
Can cet vao tinh chat td chac hoot dgng: Thi twang
chang khoan duce phan thanh thi truong giao dich tap trung
va thi twang giao dich phi tap trung (thi twang OTC).
Thi truang giao dich tap trung la thi twang giao dich
dia cac chdng khoan da thoi man nhang tieu chuan xac dinh
va clitac dien ra tai mat dia diem cu thd vii nguydn tac va
plutang phap giao dich nhat dinh. Bidu hien cu thd cem thi
twang giao dich tap trung la Sig giao dich chling khoan.
Thi twang phi tap trung la thi tnrang giao dich cua cac
chi- g khoan chua du dieu kien giao dich tren thi twang tap
m

13
trung thong qua he thong dien thoai hoac may tinh da nei
mang giGa cac thanh vien.
Can at vdo 467 Wong giao dich tren thi truing: Thi
trzIong chting khozin cling cei the duoc phan thanh cac thi
truing: thi truing c6 phieu, thi truing trai phieu, thi truing
cac cong cu cluing khoan phai sinh.
Thi trudng c6 phieu: thi twang cd phi& la thi tracing
giao dich va mua ban cac loai c6 phieu, bao gom cd phi&
phd thong va cd phieu c6 phi& tin dial.
Thi truing trai phieu: thi tracing trai phi& la thi wrong
giao dich va mua ban cac trai phieu di duct phat hanh, cac
trai phieu nay bao gem cac trai phieu cling ty, trai phieu dau
va trai phieu chinh
Thi truing cac cong cu chzirng khoan phai sinh:Thi
tracing cac chang khoan phai sinh ta thi truemg phat hanh va
mua di ban lai cac cluing to tai chinh khac nhu: quyen mua
c6 phieu, chUng quyen, hop deng quyen chon...
Can eu vOo phoung thiic giao dich: Thi twang chdng
khoan co the chia thanh thi twang giao ngay va thi truing k5 ,
han.

H, VAI TRO CUA TM TRUCING CHUNG KHOAN

TRONG CO CHE TH1 TRUONG:
1, Tap trung vA tich to vein cho don vi phat
hanh va cho an kinh tg:

14
 Thi truemg chi:mg khoth co vai tro quan trong trong viec
thu hen vein cho dau to va phat then kinh te. Tilting qua hanh
vi phat hanh, cac khoan von math man, rai rac trong elan cu
va can to chtic kinh to se duce huy dOng. Khi de khoth Lien
nhan rei dm nen kinh te' se duct dua vao hoed Ong san xuat
kinh doanh va se gth phan mo Ong San xuat xa hOi. Vai tr6
nay the hien tux tip tai chi truemg chung khoan so cap va se
&Luc [Mc day, khuyen khich thong qua hanh vi cua thi
trutIng thti cap. So yea cac hinh thac huy Ong van khac cua
doanh nghiep, thi twang chiing khoan c6 kha nang huy dOng
vUi quy ma rOng rai hem, phuong thtic thuc hien linh that, da
Bang co the dap ling nhanh chung nhilng thu can khan nhau
cua ngtrei can vein dam bac) ve hieu qua va kip that trong cac
quy& dinh dth tu.
'Chang qua thi toning chung khoan, Chinh phO va chinh
quyen cac dia phuong clang co the huy dOng dtruc cac
nguan van cho muc rah sir dung va dth to phat tridn ha tang
kinh to, phut vu can nhu can chung cUa xa hOi.
Tren the gi6i, mai nam c6 hang ngan t9 USD gia tr
chting khoan duqc phat hanh nham thu hat van tren ph um vi
loan cau. Riang cac quan gia clang phat then hang nam cling
thu hat hang tram tY USD qua phat hanh c6 phieu va trai
phial' tren thi nuong van quec te.

15
 Thing 1.1: fling quy me phat hanh ea' phien va trai phi en
cac cac nu& dang phat triin tren thi &yang yen vac te'

Dan vi: Ty USD

1998 1999 2000 2001 2002 2003 2004 2005
Quy no phat 8 10,1 35,5 5,6 10,7 17,1 35,2 56,2
hanh c6 phi6u
Quy no phat 57,2 61,5 60,5 60,9 51,7 82,2 102,4 130,9
hanh trai phigu
T6ng chug 65,2 71,6 96 66,5 62,4 99,3 137,6 187,1
Ngudn: World Bank, Global Dew opment Finance,
Washington, D.C, 2006. ,
Tai Viet Nam, thi taking chi:mg khoan dang va se la mot
trong nhiing kenh huy doug van ngay tang duct quail tam
veil mac dO sau sac hon eha toan xa hth. Theo Dail to Chung
khoan tinh d6ri ngay 11/12/2006, t6ng gia tri van hod thi
twang thing khoan (chi tinh veil ca phieh) da dat 164.000 tc,
clang,tridum196%GDP.NeucngathiUm:
trai phieu tri gia khoing 70.000 t9 deing (bang khoang 8,5%
GDP) thi quy mg toan thi tarring chang khoin Viet Nam
nam 2006 da mot nguting 25% GDP.
2, Tao lip cd dig dEk tti thik dgy qua trinh sit
dung van cti hieu qui:
Vol ch& nang dieu tie van, thi truang thong khoan -
met kenh huy dOng va phan ph6i van &la nen kinh to - thuc
su la met cal van dieu tics him hieu cac khoan van to nai
thna sang nai thitu va tit not sir dung ken' hieu qua sang not
16
c6 the sir dung van hieu qua hon. So dieu net nay la hob
man w nhien, theo co cho va tin hieu ct7a thi throng.
Trit ca cac khoan van huy clang thong qua kenh nay den
phai tra Oa Day la mat then kien mang tinh bat buOc thUc
day open sit dung van phai quan tam den tinh hieu qua hay
kith nang sinh led cin mai clang van ma minh sir dung. Dung
tren gOc dO nen kinh te, do viec mai thing vOn deu phai tra
gni va tra theo thing giii tri tha no thing se lam cho qua trinh
phan b8 van chit time hien co hieu qua cao hot g6p phin
lchdc phuc tinh tang khan hiem vein va tang phi van.
Huy clOng van va sir dung van thong qua kenh thi wrong
chimg khoan yeu eau phai dam Pao tinh thug khai va minh
bach o ink do cao. Dung& geoc da doanh nghiep, day la mat
sire op buOc doanh nghiep pith no lye 6 mile tdi da d8 phat
huy khan nang van co dam bao hop clang a) hieu qua. Thing
tren gelc do nen kinh tel neu tinh minh bach cong khai ciia
cac doanh nghiep la phd then thi cling coy nghia tich cue
trong viec tao m6i throng dam tu, kinh doanh binh ding
cOng bang, lanh manh. Khi do, hieu qua sir dung van cua nen
kinh te se duce phat huy math me.
Thi truiling van l'a thi twang canh tranh 6 mac clO cao,
chi phi sir dung van qua canh tranh se duct hinh thanh v6i
mdc do hop 19 nhit.
3, Thu but vein dau tti rattle ngoai:
Ben canh viec huy clang cac khoan van nhan r8i trong
nal tx) nen kinh te, thi twang chting khoan elm dOng vai to

17
nhat dinh trong thu hit van dau to nu6c ngolti dac hiet la
thing van dau tw gilin ti6p. Ke fu that) kY 90 ciia th6 k9 XX,
chu chuyen van qufic to da khong con tap (rung xung quanh
cac tong cu tai chinh c6 truyen vii ngan hang thump mai
nhu la nhang trung gian tai chinh duy &1St. Dau to theo cac
danh muc cd phieu, trail phieu qudc to da chum [ST trong Ian
tong chu chuyen vein town cau. Xu huang nay (lit, dang va se
tiap tuc gia tang. Thi twang chting khoan da tra ['faith mot
kenh clan van &in ttr quan trong.

Bdng 1.2: MS lint chuyin vin thudn din cac quilc gia
dang phdt hien qua thi twang co' phiiu
Don vi: T.); USD
1998 1999 2000 2001 2002 2003 2004 2005
Tgt ca cac qudc
6,9 12,6 14,1 6,4 5,8 25,2 37,3 61,4
gia dang ghat tri6n
Cac qu6c gia dang
phat tri6n khu vac
- 3,1 2,2 6,6 2,0 4,0 12,4 17,6 26,5
Dong A va Thai
Binh Dicing
Ngudn: World Bank, Global Developmen Finance,
Washington, DC, 2006.
D6i vai nen kinh t8 nal chung, huy dung vein qua thi
Inking cd phi& va tai phi& queic to khOng chi la mot kenh,
mot phuong thtic huy dOng ma day con ta mot bien phap hGu
hien de Ling dung ky thuat cao va hoc hOi kinh nghiem (man
IV lien tin a nmic ngoal. Thong qua Oat hanh c6 phi& ra

18
cong cluing tren thi throng coat te, cac doanh nghiep trong
nu& cuing co the timg buOc ma rOng host Ong kinh doanh
va timg thee tip can v&i thi utaing hang hod va dich vu town
can
Tuy nhien, doug van nay co &lib co dOng cao Nit cling
rat nhay cam vol tinh hinh kinh to vi mO dia nu& nhan van.
Vi vay, viec thu but ding vein nay trong bee canh hOi nhap
hien nay la 146t stic can thief nhung cling can phai than trong
vol 10 trinh va giai pith) phi' hop.
06i vol Viet Nam, cling vol su phat then tha thi truing
chting khan], muc do met tha thi twang cluing khodn clang
timg buck thuc hien. Su tham gia tha gicii dau to vao thi
truing cluing khoan ngay tang nhieu. Trong chirng muc nhat
dinh va tai nhimg then diem nit& dinh da cho [hay sir tham
gia cua cac nha dau to nuac ngoai gn) cho thi throng cluing
khodn them sOi clOng.
4, Tao dieu hien cho tong chung da dang holt
va nth ring at hoi dau tu:
TTCK cung cap cho cOng cluing mot mOi baking dau to
lath math voi cac co Ilea Iva chon phong phU. CAC loai cluing
khoth tren thi twang rat khac nhau ve tinh chat, thoi han va
do rui ro, cho phep cac nha clan to c6 the hp chon loai hang
hod phil hop voi kha nang, muc tieu va set thich cna minh.
Su ra del cUa thi twang cluing khan cling se gulp cling
chting co nhieu hOi dau to hon. Day chinh la dieu kien de
ho co the da dang hod danh muc dth to cua minh.

19
 5, 'WA S6 vai trA khac:
Tao link thanh khodn cho car chnng khocin: Nhi co thi
inning chdng khoan cac nha (Du to có the" chuyen doll cac
cluing khoan ho sb him thanh tien mat hok cac !oat chung
khoan khac khi ho mu6n. KIM nang thanh khoan la mot
trong nhiing Oc tinh hap den cua Chung khoan d6i van ngued
clan tu. Day la yeti t6 cho they tinh link boat, an Man cua v6n
dau tu. Thi twang chdng khoin hoat Ong cang nang dOng
va có hieu qua thi tinh thanh khoan cua cac cluing khoan
giao dich tren thi tritang cang cao.
Minh gia hoat dOkg Gael doanh nghiep: Thong qua
chang khoin, hoat dOng &la cac doanh nghiep (Mac phan
anh mot cach tong hop va chinh xac, gitip cho viec danh gill
va so Mill boat Ong cna doanh nghiep &roc nhanh cluing va
thuan tien, tit do cling tao ra mOt mOi truing cash tranh Earth
manh nhann nang cao hieu qua sir dung v6n, kich thich ap
dung cang nghe mai, cal nen san pham.
Tao mot tntemg ginp Chink phti flinc hien cac chink
Rich kink vi rne - Cac chi bac) cua thi Inking chdng khoan
phan anh Ong that dm nen kinh to mot cach nhay ban va
chinh xac. Gia cac thing khoan tang len cho May dau to
dang ma rOng, nen kinh M tang twang; ngtioc lai gil chung
khoan gram se cho thay cac dau hieu tieu cuc tha nen kinh
Vi the, thi truing chung khoan &roc goi la phong vu bidu
dm nen kinh to va la mitt cong Cu quan trong gitip Chinh phi
thuc hien cac chinh sach kinh to vi mO, Thong qua thi truing

20
chiing khozin, Chinh phi' co the mua va ban trai phieu Chinh
phi" de tao ra ngu6n thu bu dap tham but ngan sach va quart
19 lam Oat. Ngoai ra, Chinh thing cO the sir dung mot s6
chinh sach, bien phap tac Ong vac, thi twang cluing khodn
nhan dinh !thong dAu to dam bao cho su phat Men can ddi
cUa nen kinh

III, MOT SO LOAI CHONG KHOAN CHT9..J YEU:

1, CO' phigu (Stock):
Co phieu la load chilng khcsin xac nhan coven va loi ich
hop phap cd thing d61 v6i mot phan von cd phan cua t6 chdc
phat hank.
Khi mot cling ty phat hanh cd phieu de huy dOng vein,
s6 von can huy dOng duoc chia thanh nhieu phan nhe bang
nhau goi to c6 phan. Nguiti mua cd phan goi la cd &mg. Cd
dOng duoc cap mot gialy chtIng nhan sb hitu cd !than goi c6
phieu va chi co cling ty c6 phan mai phat hanh cd philu. Nhu
vay, c6 phi6u chinh la mfit chiing thu chi-mg mirth quyen so
hUu caa mot cd dOng d61 yen mot cOng ty cd phan va cd dOng
la ngued co c6 phan the hien bang cd philu. Cd phieu co the
ghi ten hoac kheing ghi ten.
Theo quy dinh cua Luat Doanh Nghiep (2005) cd phieu
phai c6 cac nOi dung chi, y6u nhu sau:
+ Ten, dia chi try sb chinh cua cOng ty phat hanh;
+ SO va ngay cap gl) chting nhan clang k9 kinh doanh;

21
 + S6 luong cd phan va loai c6 philn;
+ Menh gia moi cd phan va tong menh gia s6 c6 phan
ghi tren c6 phidu;
+ Hq ten, dia chi time:mg int queic Lich, s6 cluing minh
thu nhan clan, ho chidu hoac chang dux ca nhan hop phalli
khac cua c6 dong la ca nhan; ten, dia chi, qu6c tich, s6 quy&
dinh thanh lap hoac clang k9 kinh doanh cua cd (long la td
chic (tuong throng hop la cd phieu co ghi ten);
+ Toni tat thu tuc chuyen nhuong cd philn;
+ Chti ky mau cua ngued dai dien theo phap brat va dab
cua cong ty;
+ SO dang k9 tai s6 dang k9 cd dong cua cong ty va
ngay phat hanh co
CO phidu Fa loin cluing khoiin v6n. CO dong chinh la chil
ser hail don vi pith hanh tuong Ling veil ty' phan v6n g6p tai
cong ty. Thiji gian dd. ° km cua c6 phi& dai bang thin gian
ton tai cua cong ty c6 phan. Quyen va loi ich hop phap cua
cd citing chinh la quyen va lai ich cua nguai ser him v6n.
Quyen va loi ich cua cd dong bao g6m quyen, Igi ich
vat chat va (not, loi ich phi vat chit. Quyen va lgi ich vat
chat bao quyen nhan cd tile, hirong gia tri gia tang von
tit hoat dOng san xudt kinh doanh cua don vi phrit hanh, than
lai phan von gap khi Ong ty chain dirt hoat dgng, guy&
chuyOn nhuong v6n gOp... quyen va loi ich phi vat chat bao
gam quyen tham gia quin 19 don vi phat hanh, quyen bidu

22
quy6t, quyen mua truck cd phieu cua dot phat hanh b6 sung
c6 phi&
C6 phi6u bao gOm cd phi6u phd thOng (can gpi Ca c6
phi6u thuUng) va c6 phial uu dai.
C6 phi6u phd thong (common stock): la loai cd phi6u
ph6 bi6n duet phai hanh nham xac nhan day du cac quyen
va lyi ich hyp phap dm cd (long tai cOng ty c6 phan, cd tut
cue cd phi6u phd thong phu thuoc vao lc& quA boat dOng sari
xuat kinh doanh cua don vi phat hanh. Cling ty c6 phan bat
buoc phai co cd phi6u phd thong. Ngubi nam gilt cd phi6u
phd thOng goi Fa cd dOng phd thOng.
C6 dOng phd thong cO cac quyen va Icti ich sau day:
+ Tham du va phat bi6u trong cac Dal hyi c6 dOng va
thuc hien quy6n bieu quy6t true tip thOng qua dai dien duct
u9 quyen. Theo quy dinh cua that Doanh Nghiep (2005), in .&
c6 phan ph6 thong có mat phieM bleu quy6t. Bi6u quy6t c6
th6 thuc hiyn theo phuong thirc bO phieh cOng don
(cummulative voting) hoac bo phi6u theo da so (majority
voting). Rieng d6i v6i 66 phial bait Flyi dOng quan tri, theo
Lunt Doanh nghiep yeu can phai thuc hien phuang thilt be
phieu cOng don.
+ Owe nhan cd tile vifti mac quya dinh cna Dai hyi
dong cd dOng.
+ Ducc au tien mua cd phan mai chao ban tuong dng
vii ty phan vein phd thong dm trig cd dOng tai cOng ty.

23
 + Duct ty do chuyO'n nhuong cd phan coa minh cho cd
dOng khac va cho ngtrai khOng phai cd dOng.
+ Xem ?cat, tra cim va trich lac cac thong tin trong danh
sach co` clang. CO guyen bi6u guyet va yeu can seta ddi cac
thong tin khOng chinh xac.
+ Xem xet, tra cuu, trich lyc hoac sao chgp Dieu I@ cOng
ty, sd bien ban hop Dai hQi clang c6 clang va cac nghi guy&
&la Dai hOi (long co dOng.
+ Khi cOng ty giai th6 hoac pha san, duct than tmit
phan tai san con lai timing ling vai 56 c6 phan thing g6p vao
clang ty.
+ C6 &rig hoac nhOm ca dOng so him tren mot ta1
phan tram nhat dinh trong mot thai hail lien tyc nhat dinh c6
th6 de cu nguai vao Hdi dOng guan tri va Ban ki6m sok. CO
guyen yeu eau trieu tap hop Dai hOi tong c6 (king khi HOi
clang guin tri vi pham nghitm trong guyen cua c6 dOng,
nghia vu cua nguoi guan hoac ra quy& dinh vim qua [ham
guyen duck giao Co guyen ytti can Ban ki6m coat ki6m tra
tong van de cu th6 lien quan den (pan 19, dieu hanh haat
Ong cua cong ty khi thay can thief.
C6 dOng phd thong khOng duck nit phan van g6p dia
Minh tai cling ty c6 phan clued moi hinh thdc nit twang hop
duct cOng ty hoac nguai khac mua lai co phan. Co &kg phai
tuan thu diet' le va guy che guan ly noi bt) cong ty, chap
hanh guy& dinh caa Dai hOi (king c'6 clang, HO clang guan
tri.

24
 phieu Liu dai (preferred stock): ta loaf cd phieu xiic
nhan ingt 56 quyen va !pi ich cua cd clang o mtic cao hon so
v6i ciic cd dOng phd thong. Tuy nhien, ho se bi han ch6 6
mgt ser quyen va Igi ich khac. C6 phieu itu dal bao gam cd
phieu uu dal cd tide, cd phieu vu dai bieu quy6t va co phi6u
tru dai hoar lai.
Cd phi6u uu diii cd Mc la cd phieu dugc tra co tdc o min:
cao lion so yin c6 tvc cua cd phi& phd thOng hoac duct nil
v6i mac do dinh hang nam. Co tdc dugc chia hang nam gem
cd tdc c6 dinh va c6 tue [huffing. Cd Mt c6 dinh khOng phu
thuoc vao k6t qua kinh doanh cua cOng ty. Mdc co tdc c6
dinh cu the va pinking Mac 'Mc dinh cd tee thuang dupe ghi
tren cd phieu au dal cd tdc.
Cd philu vu dai breat quyeTt: la c6 phieu co s6 phieu bi6u
quyea nhieu hon so \ai cd phieu phd thong. SO philu bieu
quyet cua mdi cd phieu uu dai bi6u quy6t do Dieu le cOng ty
quy dinh. Co phi6u uu dal bi6u guy& chi phat hanh cho mOt
56 d6i Wing dac biet, nguni nam gift cd phieu uu dal bi6u
quyea khOng duct quyen chuyeM nhuong cho nguoi
C6 phial vu dai hoan lai lit cd phi& dugc cOng ty hoan
lai vein Op bat c6 khi nito theo yeu can cua nguai so hau
hoac theo cac dieu kien dugc ghi tren cd phieu cua c6 phan
vu dai holm lai. C6 dong nam gi@ c6 phieu tru dai !loan lai
khOng cg quyen bi6u quy6t, kliOng CO quyen car hop Dal hen
d6ng cd dOng, kh6ng co quyen de Mr nginai vito H6i d6ng
Quan tri va Ban ki6m soot.

25
 2, Tit phieu (Bond):
Trai phieu la chting khozin no do cac co quan tong
quyen, cac cOng ty dang hoat dOng phat hanh nham huy
dOng van tren thi twang trong do cac trai chi) &roc cam Ica
se thanh toan ca g6c va lai trong mot tiled han nhat dinh.
Ve ban chat, phat hanh trai phieu chinh la mot hinh thac
vay no. Ngurii mua va so hdu trai phieu duct goi la trai chi)
chinh la chu no cria don vi phat hanh. Triii chu duqc hudng
cac quyen va Igi ich caa mot chit no. Ho se dttoc uu den
thanh toan den lai va hoan tra tien g6c khi dun vi giat the
hoac pha san. Thai gian dao han cud trai phieu la huu han.
Chil the phat hanh tren phieu IchOng chi bao gam cac cOng ty
co phan ma con bao gum cac 14L hinh doanh nghiep khac.
Ngoai ra, Chinh (rung uong va chinh quyen dia phuong
cling c6 the phat Minh trai phieu de huy dong vein tren thi
tweing.
Tien Hi trai phieu thuOng la tin dinh so vai menh gia.
Ngued ta finding x6p trai phieu vao loaf thing khoan c6 thu
nhap on dinh. Lai suat cria cac loci trail phieu tai cac theft
diem khdc nhau phu thuOc vao cung cau vein tren thi
Luang cung cau vein d6 lai tuY thuOc vao chu Icy kinh te,
d6ng that chinh sach cua Ngftn hang Trung 'song, mac dO
than but ngan sach cua CUM phu va phuong them tai tra
tham but d6. Lai suat trai phieu cling phu thuOc vao mac do
rui ro cua rid& nha phat hanh va cua ding dot phat hanh Cu a
talc rUi ro cua tai suit se quy dinh lai suit dia m6i trai phieu.

26
Rui ro cang lbn, I'M suit clang cao. Thbi gian dao han cua trai
phi6u clang c6 anh hiking d'en tai suit. Wu cac trai phi6u c6
mac rui ro nhu nhau, nhin chung thoi gian dao hill clang dai
thi lai suit cang cao.
Diu ur qua trai phieu cel au the nheit dinh nhu saw
DU lam an thua 16, cOng ty van phai ha du Lien lai,
khOng cat giam hoac ho nhu c6 phieb. Neu cling ty ogling
heat dOng, thanh [Si" tai san, trait chill &pc tra ti6n truac nguri
c6 phan uu dai sit c6 phan ph6 thOng. Nhung nett cling ty
ce tgi nhuan cao, cOng ty c6 the chic them co tire cho nguoi
c6 phan, thi oar chu van chi duoc hireling & mac Ida dinh.
Trai phielu co loii duci mien thug thu nhap (trai phi6u
Chinh pha, tali phielu chinh quyen dia phuang). DOI v6i
nhung ngtroi c6 thu nhap cao, mua trail phi6u tren van co Igi.
Trai phielu tren thi trailing tha cap c6 gia len xu6ng d6i
nghich vdi Li suit thi truing. Nlu hilt tinh town phan Etch de
thuc hien mua ban thi van di lei.
Tuy nhien, din to trai phi6u cling can chi li Y: Khi than
dttgc tien Iai phai lo thu to s6 tier' do vi rat it cOng ty c6
chtrong trinh tali clan to lien tai trai phi6u. Trong khi dO,
nhi6u cOng ty c6 chuong trinh tai dau to c6 Ric. C6 &Ong c6
th6 mua them c6 phan duqc mien so phi, va c6 khi con dugc
mua c6 phan voi gia re hen gia thi trailing. Cid oar phi6u
cOng ty cling bile ding khi manh tren thi throng: khi Iai suit
thi truang len cao him tai suit gal phi6u thi gal trait phieu se
114.. Khi co quan dinh giii x6p loii doanh nghiep, dinh gia

27
tong ty phat hanh tv Ioai AAA(3A) xudng AA(2A) hoac
xu6ng BBB(3B) thi giii trai phidu cling se bi hh. Hoac khi cci
sir mat mat thi trubng vd my_ thi gill inn phidu ding se bi
,

hh. Vh gill trai phidu ding se giam di khi c6 it ngudi mua.

Trude khi mua trait phidu can tim hien hai diem: chieu
hating len xu6ng cha Idi suit va uy tin dm cOng ty phat
hanh. Nen mua trai phi6u hic laai suit' dang a thai diem cao
nhat ,va dang tren da gitim dan. Va nen mua ha; phidu dai
han a co thd duct twang Iii suit cao trong met Mai gian
dai. Nguuc lai hic lai suit dang a mac [hip nhilt va bat dhu
,

tang, nen ban trai phidu diti han di amua vao trai phidu
trung han.
Triii phidu bao gem nhieh loci khat nhau. Tuy thuOc
vao ding tieu chi phan chia se c6 nhieu loci that nhau:
Con cu vao hinh th ird the hien: trai phidu duct chia
thanh trai phieh ve danh hoac trai phidu ghi danh.
- Trai phidu v0 danh: Ia trai phidu khOng mang ten trai
chU, ca tren cluing chi cling nhu tren sd sach cua ngudi phat
hanh. Ntultng phidu tra lai dish theo to cluing chi, va khi den
han tra lai, ngudi giu trill phi6u chi vied xe ra va mang ten
ngan hang nhin Iii. Kin trai phidu dao han, ngudi ntim gill
no mang chi:ling chi tdi ngan hang a than lai khoan cho vay.
- Trai phidu ghi danh: la lohi trai phieu c6 ghi ten va dia
chi dm trai chi), tren cluing chi va tren sd cna nguoi phat
hanh. Hinh thud ghi danh co the chi thuc hien cho phtin von
g6c, ding co the la ghi danh man be, ca g6c Ian laai. Deng ghi

28
danh toan be ma dang ngay tang pile; hide la hinh thew ghi
s6. Trai phidu ghi s6 hoan toan kliOng c6 ding vat chat,
quyen sir ham &roc xac nhan bang viec tau gift ten va dia chi
cUa chi so hi-En ten may tinh.
Theo chii the" pilot hank nit phidu {kw chia thanh trai
phidu chinh phi va trai phidu doanh nghiep.
Trai phidu chinh phU la cling cu vay nq dai han do chinh
phu phat hinh nham muc Bich bit clap tham but ngan sach,
tai trg cho cac cOng trinh cling ich, hoac lam cOng cu dieu
liar tin te.
Trai phidu chinh phu la loai thing khoan IchOng c6 rii
ro thanh wan va ding la loai trai phidu c6 tinh thanh khoan
cao. Do (lac didm do, tat suit cam trai phidu chinh phit duct
xem la lai suat chua'na lam can c(r an dinh lai suit cam cac
cling cu no khac c6 ding 14 ban.
Trai phidu chinh phu bao gam: trai phidu kho bac, trai
phidu cling trinh, trai phidu dau tu, cOng
Trai phidu kho bac: a loai trait phi6u chinh phi dai han
do kho bac nha nuet ph& hinh de) huy deng von bit dap cho
thidu but ngan sach nha nu& thee du wan ngan sach hang
nam da duct Quoc hei phi duyet.
Trai phidu cOng trinh: la trai phidu chinh phi dat ban do
Chinh phi Trung song hoac chinh quyen dia phuang phat
hanh nham huy dOng van cho cac du an, cOng trinh thuec
nguen von dau to dna ngan sach, da duqc ghi tong kd hoach
nhung chua duoc b6 tri von trong nam.
29
 Thai phieu dau tit: IA Ian trai phieu chinh pith ott that
han tir I nam tra len do cac td ehtic tai chinh nha nude, cac
t6 chtic tai chinh , tin dung duct Chinh phi' chi Binh phat
hanh nham huy dOng van de dau to theo chinh sach cna nha
mkt..
Cling trai: to loai (rat phieu chinh phn dac bier duct phat
hanh nham huy Ong van de dau to say dung cac cling trinh
quan trong qu6c gia va cac cOng trinh thief yeu khac phuc vu
san salt, del sang, Lao cu sa vat chit, ky thuat cho dat ntroc.
Trai phieu doanh nghiep: la cac trai phieu do cac doanh
nghiep phat hanh de vay van dai han. Trai phieu doanh
nghiep c6 dac diem la: trai chit dugc tra lai dinh ky va tra
g6c khi dao han, song khOng duqc tham da vao cac guy&
dinh eaa cOng ty. Nhttng cling c6 loai trait phi& khOng duct
tra lai (firth 1(3), nguai mua duct mua dual menh gia va khi
dao han duct nhan tat menh gia. Khi cOng ty giai the hoac
thanh ly, gat phial duct Liu titan thanh town tank cac c6
phieu. Trai phi& doanh nghiep c6 the c6 nh&ng dieu kien cu
the kern theo, hoac nhieu hinh thlic dam bat) cho khoan vay.
Trai phial doanh nghiep bao gam nhang loai sau: trai
phieu c6 dam bao va traf phial khOng dam bao.
Trai phieu c6 dam bao: la trai phieu dirge dam bao bang
riling tai san the chap cu the, thtteing la bat dOng san va cac
thiet bi. Ngudi clam gift trai phial nay duct bao ye a mot
mac dO cao trong twang hop cOng ty pha san, vi ho c6 quyen
dOi no dei vat mat tai san cu the.

30
 Trai phieu khong bao dam Oral phieu tin chap): la trai
phial khOng duac darn bao bang tai san ma &roc dam bao
bang uy tin cUa don vi phat hanh. Neu cong ty bi pha san,
czic trai chit cila trai phieu nay duoc gull guy& quyen lqi sau
cac trai chit c6 bao darn, flitting truce c6 dOng.
Cac trai phieu tin chap c6 the chuyen der cho phep trai
chit duqc quyen chuyen tit phieu thanh c6 phieu thuang ciut
cOng ty phat hanh. Tuy theo quy dinh, vice chuyen del c6 the
duct tin hanh vao bat cd that diem nao, hoac chi vao nhinig
that diem cu the xac dinh.
Ngoai ra, moi dot trai phial duqc phat hanh c6 the cluac
Wan kern theo nhiing chic tinh rieng khac nva nharn dap (mg
nhu cau cu the caa mot ben nao c16. Cu the la:
- Trai phieu cei the mua lai cho phep noel ph& hanh
mua lai chting khoan tank khi dao han khi trial) , can thief.
Diric tinh nay c6 Ioi cho nguai ph& hanh song lai bat loi cho
nguai dau us, nen lotti trai phi& nay Sr the cer hit suat cao
his so voi nhUng trai phieu kirk co ding thai
- Trai phieu co the ban cho phep nguai nAm giii trai
phieu duqc quyen ban lai trai phieu cho ben phat hSh truac
khi trai phieu dao han. Quyen chi dOng trong twang hop
nay thuOc ye nha dau tit, do do Ili sat dia trai phi& nay c6
the thap hon so vOi. nhang (raj phieu kirk co cuing that han.
- Trai phieu cel the chuyen ddi cho phep nguai nem gra
no c6 the chuyen ddi trai phieu thanh cd phial ph6 thong,
tic to thay ddi to each tit nguai chi, no tr& thanh nguai chi

31
 s6 him cua cling ty. Lodi trai phi& nay thuoc Va0 nhOm hang
hod chting khoan c6 thd chuydn

3, Chung khoan co the" chuye'n dei

(Convertable securities):

Ching khoiin c6 thd chuydn d61 la Wing cluing khoiin

cho phep ngtrbi nam gift no, tuy thco lira chon va trong
nhiing didu kidn nhai (firth c6 thd dui no lily mQt hoax mQt s6
chang khoan foal kik.
Nhilng lodi thing khoan co the chuydn den thanh co
phidu thubilg ph6 bleb la: C6 phidu Int dai chuydn va hal
phidu c6 thd chuydn ddi.
Mat hanh chting khoan co th6 chuydn d6i co the do
nhidu 11 do. Ddi vdi don vi Oat hanh, phAt hanh cluing
khoan chuydn d6i co thd la do tai thei die'm phat hanh chua
thich hop vat viec ph& hanh cd phidu phd thOng, muds giant
chi phi phat hanh hodc cling c6 the don thutin nhilm mut
dich tang them tinh hap dan cho dot phat hanh, nha[ la khi
tin taking hilt phidu va c6 phial tru dal clang xudng gia. Ddi
val nha dau tu, cluing khoan c6 thd chuyen d6i co sdc halp
dAn nha[ dinh h ch6 no c6 thd hop duct tinh an town cod
thing khoAn cO thu nhAp 6n dinh vat tinh c6 the' chin to cUa
chdng khoan cid thu nhap thay d6i. Ching khoan co thd
chuydn d6i cho phep nha &Au to c6 thd duct bao hidm tru6c
tinh trang lam Oat.
Tuy nhien, nhirng lot ich cua viCc thoc hien chuydn dot
tuY thuOc nhidu vao gia chuydn d6i, tY I@ chuydn dui. va
32
trong quan ve gia giiia Ong co c6 the chuyen viii nhfing
tong cu ma chilng c6 the chuyen ddi thanh. Do la nhibig you
16 anteing khOng Ham trong tam kiem soat cua nguai dab at.
Vi du 1: melt trai phieu co menh gia la 1.000.000 &rig;
neu ca 50.000 (long dugc &di lay met c6 phan gin c6 phial
throng, thi gia chuyen del la 50.000 deng; he s6 chuyen del
la 1.000.000 &rig: 50.000 thing = 20 (cd phan).
Vi du 2: Gia sir trai phieu tren dang c6 gia. la 1.045.000
&rig; dirge chuyen thanh 100 c6 Oar' cria mot c6 phieu
thuang. Gia wring throng chuyen ddi la 1.045.000 clang:100
= 10.450 (king. Dieu dO c6 nghia la gia thi twang cria c6
phi& it nhiit plthi bang 10.045 clang thi viec narn gift trai
phieu ya chuyen ddi no thanh cd phieu mai dirge coi la twang
duong ve mat gia tri. Neu gia thi timing cua cd phi& cao
hon gia =rig throng chuyen MI thi viec chuyen ddi se dem
lai met phan loi nhuan.
Tren thgc to oft c6 the gia c6 phial khOng len toi mac
ma nguoi nam gig trai phieu co the chuyen d6i trai phial de
thu lai nhuan.
4, Chung khoan phai sinh (Derivatives):

Chang khoan phai sinh la cac cluing khoan dugc phat

hanh tren ca se, cac thing khoan da co nharn cac nnic tieu
kirk nhau nhu phan tan rei ro hone tim kiem Lai nhuan.
Chang khoan pilaf sinh bao gOm nhieu loai nhu: guy& chin
(options), giao dick tucrng lai (futures), quyen ran c6 phan
(right), thing quyen (warrant)...

33
 4.1, Quyen chgn (options):
Quyen chop la quyen duct ghi trong hgp Jong cho phep
ngtrei mua lua chon quyen mua hoac guy& ban met so
Meng thing khoan xac dinh du& trong khoang thai gian
nhat dinh yeti mac gia clugc xac dinh mak.
Guyer' chop bao gem quyen chon mua (call option) va
quyen chon ban (put option). Quyen cheat mua dugc thgc
hien trong tnremg hgp dg Joan gia cluing khoan c6 xu hiking
tang. Quyen cheat ban duoc thuc hien trong truiing hap dg
doan gia cluing khoin c6 xu htterng glom. Chang khoan la
deli tueng cira giao dich dirge goi la thing khoan co sei
(underlying securities).
Nhiing ydu to eau thanh met guyed Iga chon: Ten cila
hang hoti co so va Ichei lugng duoc mua theo quyen, loaf
quyen (chon mua hay chgn ban), thai han mita quyen, mac
gia thgc hien theo quyen.
NM:mg mac gia lien quan tai met quyen bra chop la: GM
thi twang hien hanh ctia loai hang hod cg so, gia hang hod
co so that hien theo quyen, gia quyen Iga chem.
DM vat quyen then mua, nett gia thgc hien thap hon gia
hien hanh cua thong khoan co so, thi quyen de dugc goi la
dang duce den (in the money), Mc la ngtteii cO quyen c6 thd
co lei to viec thgc hien quyen. Neu gia thgc hien bang voi
gia thi throng, quyen dang 0 trang thai hoa vOn (at the
money), va neu cao hem, goi la dang mat tien (out of money).
Doi yea quyen chip ban thi ngugc Lai, ngueti thgc hien quyen

34
se co Igi neu gid ban thuc hien quyen cao him gia thi twang
cila hang hoa cu sa va se bi mat tin neu gia thirc hien quyen
that) han gia thi truing cila hang hod co set
Gia tri ma nguai rlArn gilt guy& Kra chon se nhen duct
bang each thuc hien quyen duct goi la gia tri nOi tai
(intrinsic value). Neu quyen 6 trang Mai bi mat tien, gid tri
nOi tai bang 0. Gid thi twang cua mot quyen thuang it abet
la Wang gid tri nOi tai. Gia ban guy& duoc goi la phdn phu
trOi, chenh lech gifra gia bdn quyen yeti gia tri nOi tai (trong
truong hop quyen dang duoc den) duct goi la phan phu trOi
gia tri theo theii gian.
Nhu ciic cOng cu phai sinh not chung, quyen chon co
the sir dung de tim kiem Igi nhuan. Quyen hp chon cho phep
nha daM to thu duct tY le % loi tUc tren yen dau to cao abet.
Vi du, gia sir thi gia hien hanh cua c6 phi& XYZ la 40.000
VND/c6 phan, mQt nha &du to (A) du doan gia c6 phieu
XYZ thai gian toi se tang manh. Gil sir cac quyen lua chon
co lien quan den giao dich c6 phieu XYZ duoc niem yet, nha
dau to nay c6 the mua mat quythl chon mua cd phieu XYZ
voi gia phi quyen chon la 1.000.000 VND, gia thuc hien a
40.000 VND/c6 phan, thOi ban thuc hien ra 6 thaing. Trong
yang 6 thdng gia cd phieu XYZ tang len 80.000 VND/c6
phdn. Nha dau to c6 quyen yeu au ngtrai ban quyen chon
giao 100 cd phan XYZ cho Ong to vai gia 40.000 VND/c6
phdn, sau do ban cluing ra EN. throng vdi gid 80.000 &Mtg.
Nhu vay nhh din to nay dzi tao ra mOt lyi nhuan dang ke.
Ngoai ra, quyen chon con duct sit dung de bao ve lai

35
nhuan, han eke rai ro trong dart to thing - khoan. Chang han,
neu gia cd phieu khOng tang ma lai giam thi trong trtiOng
hop tren nha dam to A co the khOng thuc hien quyen chon,
khi d6 Ong to se chi mat phan tien Ca gia tri quyen chon.
Trilling him nay raj ro se bi glen han trong pham vi 1.000.000
clang. So veil tinh hu6ng khi du down gia tang ka dk to mua
va tam gift cluing khoan d6, neu gia khOng tang ma lai giam
tin nha dau to se bi rui ro hon rat nhieu Ho9.c trong tinh
hu6ng Ichk, veri cd phieu MPQ dang c6 gia thi miring la
44.000 dfing, nguiti so him 100 cd phan MPQ ban mot quyen
chon mua MPQ 44.000 vol gia quyen chon la 400.000 thing.
Neu gia thi truong cua MPQ giam xu6ng 40.000 dang, nguiri
ban se dirge bio ye truec khoin thua 16 nhii c6 40.000 dang
than ducc tir viec ban quyen chon. Neu MPQ tien tut giam
gia thi throng nhien ngued bin se mat nen. Nhu vay khoan
thu 40.000 clang tit viec ban quyen Ilia chon tao ra met sr;
ban ve cuc 130 d6i veri tinh tr9ng sut gia Neu trong 6 thing
tea gia MPQ van gill nguyen, quyen se khOng duck thirc
hien. Khoan thu phu tnri 40.000 clang la men thu nhap 136
sung tren teng dam tu.
Tren thgc tee, it khi nha dau tic dgi den hit thiri gian dao
han va thuc hien quyen mua hoac ban chting khoan co se ma
ho co the sit dung ban than quyen chon de giao dich nhu
nhimg chdng khodn. Khi d6 quyen chon se ton tai nhu mot
chdng khoin trio lap va ngu6f to g9i day la men trong nhcmg
loci chiing khoan phai sinh. Ching khoin phat sinh cling co
kha nang sinh led, co thi ro va c6 tinh thanh khoan nhu cac
chting khoan thong thtiang.
36
 4.2, Hop clang twang lai (futures):
Hop ding twang lai IA cam ket mua hoas ban cac loci
chtng khoan, nh6m cluing khoan hoac chi s6 cluing khoan
nhat dinh voi mot s6 Krung va mac gia nhat dinh vac) ngay
xac dinh floc trong tuong lai.
Hop thing twang lai (futures) hay con goi IA hop riling
giao sau rat gieing veil hop clang let han (forward). Tuy nhien,
hop thing Wang lai da duct chuan hod nen cla khic phuc
duct nhung ntatoc diOm dm hop clang let han, va thuemg
diroc xem la mot cach thUc tat han de rao chan rui ro trong
kinh doanh. So veld hop tong ky han, hop eking tuong lai c6
nhiing diem khac biet sau:
Niem yet tren Sb Giao dich: MOt giao dich hop clang
twang lai nOi chung duqc xit Ky ten mot giao dich. Didm
nay cho phep gia ca dirge hinh thanh hop lt han, do cac ben
mua ban dirgc cung cep thOng tin day du va cOng khai.
Xoa b6 rui ro tin dung: Trong cac giao dich hop (long
tuong Kai ditoc niem yet tren sa giao dich, cal hai ben ban va
mua deu khOng bao gib bidt ye dlii tac giao dich cha minh.
ang ty thanh toan ba tar se phuc vu nhu mot trung gian
trong tat ca cac giao dich. Ngueri ban se ban cho cOng ty
thanh toan bu trit, va ngueli mua ding mua qua cOng ty thanh
toan bu trir. Ndu mot trong hai ben khOng thirc hien &roc hop
dling thi van khOng anh hiving 81 ddn ben kia.
Tieu churn hod: Cac hop clang ky han c6 thd ducrc thao
ra veld mot hang hod bit ky, Ich61 lacing, chit luting, then gian

37
giao hang bat ky, theo thoi thuan chung glib hai ben ban,
mua. Tuy nhien, cac hop (long tuong lai niem yet tren So
Giao dich clOi hOi viec giao nhan met kir& luting cu thd cria
mot hang hoa en thd dap Cmg cac tieu chuan chat luring t6i
thidu, theo mot then han duet an dinh tot&
Dieu chinh viec danh gia theo mUc gia thi trueing
(Marking to market): Trong cac hop dung Icy han, cac khoan
16, tai chi duet tra khi hop dung den han. V6i met hop deing
tuong lai, bat ky mon lin nao cling dirge giao nhan hang
nge.y. Cu thd la net gia cria hang hod w ser hien dOng khac
ved gia da thoa thuan (gia [him hien hop clang) thi ben hi
thiet hai do su thay ddi gia nay phai tra tin cho ben duce lei
tii su thay ddi gia do. Tren thuc re, vi kitting ben nao biet ve
den tat cita minh trong giao dich, nen nheng nguiri thua den
tra nen cho cOng ty thanh toan bit tilt, va cOng ty nay se tra
tien cho flitting ngueli thing.
Cling giong nhu quyen chon, trong then gian co hieu luc
cria hop doing thi nha eau to - ngueri set hiin hop &Ong tuong
lai co thd thkrc hien giao dich mua hoac ban chinh can hop
deng taring Jai de" huOng lei Khi clO hop riding Wang lai ding
tr6 thanh met loci chring khoan ma ngueri to grin la cluing
khoan phai sinh.
4.3. Quyin mua plain (right):

Quyen mua c6 phan hay con goi la dac quyCn ngAn han
mua c6 phdn hoac wryer' mua trueic la loai chimg khoan do
cOng ty c6 phan phat hanh kern theo dot phat hanh 66 sung

38
c6 phial mai nham boo dam cho cd (long hien hS quyen
mua c6 phieh mai theo nhung diet' kien da xac dinh.
Quyen mua cd phan a mat guy& chon mua c6 then han
rat ngan, c6 khi chi vial tuan. Quyen nay Sac phat hanh khi
cac cOng ty tang van bang each phat hanh them cac cd phiau
Oa [hang. Quyen cho pile!) mat cd dong mua cd phial mai
phat hanh v6i milt gia da an dinh trong mat khoang thdi gian
xac Binh. Loai quyen nay thuerng duac phat hanh theo tang
dot, m6i c6 phiS dang hru hanh clugc kern theo mat quyen.
So quyen can cto" mua mot cd phiau mai duct quy dinh tut
theo ding dart phat hanh mai. Viec phat hanh quyOn mua cd
phan ngtin han nhain han the tau clang cua hieu Ong bang
van trong phat hanh bd sung van dm cong ty cd phin.
Gia cd phieh ghi tren quyen mua co phan thirang la thrip
hot gia hien hanh cria c6 phieeu. Gia cua quyen tinh bang
chenh loch giCra gia thi truang hien hanh cila co phan dang
Itru hanh va gia mua c6 phan mai theo quyen, chia cho s6
lining quyen can c45 dd mua mat cd phan mai. Vi du, cd
phieiu ban theo quyen (gia Ow hien) a 80.000 dung/cd
nhung co gia thi twang la 100.000 clang, nab ctir 10
quyen Sac mua mot cd phan mai thi gia cua quyen ducirc
xac dinh theo c6ng thdc:
(P -P )
Pr = n
N,

'Prong d6:Pr la gia dm mat quyen

Po la thi gia cUa co phi& dang luu hanh
39
 Pri la gia thqc hien c6 phieu men
Nr s6 quyen can co de mua men c6 phi6u m61
Vi du, gia thqc hien theo quyen mua men loai cd philu
HAL la 80.000 VND/c6 phieu, nhung gia thi throng cac cd
phi6u la 100.000 VND, n6u at 10 quy6n duct mua 1 cd
phan mai thi gia cua m6i quyen se duct xac dinh la 2000
VND.
Mac dit viec phat hanh quyen mua cd phan nharn tao
dieu kien cho cac cd d6ng hien hire duy tri tS, phin v6n cua
minh. Tuy nhien, tut theo dieu kien cu the Ging c6 cd &mg
duqc phan pheii quyen nhung ho thong c6 nhu cau thirc hien,
Mil d6 ho c6 the ban quyen mua nen thi truang trong then
gian guy& mua chua h6t han. Gia caa quyen mua co the len
xu6ng trong khoang then gian chao ban, tut thuet bleb Ong
gia thi trueing caa c6 phi6u.
4.4. Chting Gratin (warrants):
Ching quyen la foal chung khoan dirge phdt hanh cling
vat viec phat hanh trai phi6u hoac cd phial au dai, cho phep
nguin so hem chting khoan d6 duct quyen mua met s6 c6
phial ph6 thong nhat dinh theo mac gia da duct xac dinh
Mr& trong men then han nhit dinh.
Chang quyen duct phat hanh khi tien hanh t6 cherc lei
cac cong ty, hoitc khi cong ty mu6n khuyen khich cac
dal to tiem [tang mua nhung trai phial hay c6 phi6u au dai
nhimg c6 nhung dieu kien kern thuan lot D6 chap nhan
ratting diet, kien de, nha ddu ar co duct met lira chon d61 veil
40
so len gia c6 the xay ra &Oa ce phial thurang. Chung quyen
can &roc got Ca dac quyen dai han mua co phAn.
Mak vat dac quyen ngtin han, thing quyen c6 that han
clai hon. Chang quyen do don vi phat hanh cluing khozin ca
sd phat hanh. Khzic voi quyen chon mua (call option), khi
cluing quy6n daqc chic hien, no too thanh clang tin vao cho
Gong ty va tang them luting co phieu luu hanh tren thi
truang. Chang quyen co the duct giao dich tach rdi vdi trai
phieu hay c6 phietu ma n6 di kern. Cac dMu kien cua chting
quyen duoc ghi re tren to chting chi: s6 co phieu &roc mua
theo m61 chimg quyen (thitang la 1:1); giti thoc hien cho mai
cO phieu tai that diem chang quyen chroc phat hanh bao gia
cling cao hon gia thi truang cita ce phieu co A va gia d6 co
the c6 Binh, co the duqc tang len dinh ic'; va that han cua
quyen, da s6 cac tarring hqp la 5 den 10 nam.

IV, CAC CHU THE TRAM GIA THI TRIYONG CHUNG

KHOAN:

1, T6 el-aft phat hanh: la cac t6 chic thou hien huy

dOng vdn thong qua thi traang chting kholn. Nha phat hanh
la nguiti cung cap cac cluing khoan - hang hod dm thi trtiang
cluing khoan.
To chric phat hanh bao g6m:
+ Chinh phU va chinh quyen dia phtrang la nha phat
hanh cac trai phieu Chinh phi va trai phieu cOng teinh, trai
phi& chinh quyen dia phuang.

41
 + Cac doanh nghiep: la nha phat hanh cac c6 phieu va
trai phieu doanh nghiep.
+ Cac t6 chdc tat chinh la nha phat hanh can cong eta thi
chinh nhu cac trai phieu, thing chi thu hudng... phuc vu cho
hoed Ong ciia ho.
De phat hanh clning khozin ra cong chting, t6 chi:cc phat
kith phai [hoe man nhirng dieu kien va [hit tuc nhet dinh
theo guy dinh cila phap Met v6 chiing khoan va thi tufting
thing khoan. (Nhang van de nay se dtrisc xem xet chi tiet tai
chuong II: TN twang thing khoan so cap).
2. Nha tau ttt:
Nha dau tu cluing khoan la t6 chtic, ca nhan Viet Nam,
td chuo, ca nhan nudc ngoai (ham gia dau tu tren thi truang
cluing khoan. Nha (Mu tu cluing khoan co the &Mg thoi
mang hanh vi cua nha dau tu thuan tu9 (mua va se hilu
thing khoan vat Ic9 vong huong lgi ich than tu9 tir hold
dung caa td civic phat hanh), caa nguoi buon ban chting
khoan va cua ngue6 dau co.
Nha dau tu chting khoan co the chia [hanh 2 nh6m chit
yen
- Nha dau tu ca nhan: la nhung nguin c6 von nhan n5i
hoax tam thin nhan rot tham gia mua ban den thi twang
cluing khoan vita time dich tim kiem loi nhuan.
- Nha Tau to cia td chit: le cac dinh che dau tu thurimg
xuyen mua ban thing khozin vett s6 lacing lem tren thi twang.

42
ThOng thirOng d6 chinh la cac nha &du to thing khoan
chuyen nghiep. Cac dinh the nay c6 the ton tai dual cac hinh
thtic chit yeti nhu sau: cac gut dau to thing khodn, cling ty
clan tit, cOng ty bao hidm, gut bao hiem, cOng ty tai chinh,
ngan hang thuong mai va cac cOng ty cluing khoan.
3. Cong ty chi:Mg khoan:
COng ty cluing khoan la doanh nghiep hoat Ong trong
linh vac cluing khoan, c6 the dam nhan mot hoac nhieu trong
s6 cac nghiep vu chinh la mOi gi6i cluing khodn, to doanh
cluing khoan, bao lanh phat hanh thing khoan va to van dau
to chimg khodn.
MeA gieri chiing khoan Ca viec cOng ty chring khoan lam
trung gian thirc hien mua, ban cluing khoan cho khach hang.
Tu doanh cluing khoan IA viec tong ty thing khoan
mua hoar ban chiing khoan cho chinh minh.
Bao lanh Oat hanh thing khoan la viec to eh& bilo
lanh phat hanh gitip td chdc phat hanh that hien cac thu tuc
truck, trong va sau khi chao ban cluing khoan ra cOng chting.
Tu van diu to cluing khoan ta viec cOng ty chung khoan
tong cap cho nha dau to ket qua phan tich, tong b6 bao cao
phan tich va khuyen nghi lien quan den so Mu thing khoan.
Tut theo dieu kien cu the, Chinh pito hoac co quan quan
19 nha nnOc ye cluing khoan va thi [raring chting khoan ca
the quy dinh cu the' ye quy me von (lieu 14 ten thieu clai veri
ding nghiep vu. Theo quy dinh coa phap boat Viet Nam, cOng
ty thing khoan chi duct thuc hien nghiep vu brio lanh phat

43
hanh khi thirc hien nghiep vu tp doanh cluing khoan.
U9 ban chting khoan nha nu& ta co quan alp giay phep
thanh lap va hoat Ong cho cOng ty chting khoan. Giay phep
nay clang thai la giay chting nhyn clang 1(9 kinh doanh. Dieu
kien cap giSy phep thath lap va ho4t dyng tha cOng ty chting
khoth bao
+ CO try sa, c6 trang thiet bi, thilt bi phuc Nu, hoat dyng
kinh doanh cluing khoth (d6i vat nghiep vu bao lath pith
hanh cluing khoan va to van clau to chang khoin thi khOng
pith dap ang dieu kien ye trang bi, thilt bi).
+ Co do vetn pith) dinh theo quy dinh cua Chinh phi.
+ Giam d6c hoac t6ng gitim d6c va cac than vien Owe
hien nghiep vu kinh doanh chUng khoan phai co chting chi
hanh nghe cluing khoan.

BOX 1.1: Diu ki+ri cap Gliding chi hanh ngh4 chiimg khoan
Theo Luat Chirng Khoan (2006), chirng chi hanh nghe chi:mg
khoan &roc cap cho cac ca nhan dap (mg cac dieu kien saw
• Co Wang hanh vi den sg day du; khOng thuec torong
hqp dang phai cap hanh hinh ghat to hoac bi toa an cam hanh
nghe kinh doanh.
• CO trinh de dal hoc; co trinh (TO chuyen mon ve chgng
khoan va thj 0:Ong chi:mg khoan.
" Bat yeu thu trong ky thi sat hach do in ban Chirng
khoan Nha nutc t6 chirc; dei vai ngt.rtri hack ngoai c6 chgng
chi chuyen m6n ye thj tordng chgng khoan hoac nhCmg ngt.r6i
da hanh nghe chi:mg khoan hqp phap a nutc ngoai thi can
phai thi sat hach phap luat ye chimg khoan ciia Viet nam.

44
 Truing hop c6 dOng sang lap hoac thanh vien sang lap
Gang ty chling khoan la ca nhan phai co nang Luc hanh vi dan
su ddy do, khong thuQc twang hop clang phai chip hanh hinh
phat tit hoac dang bi toa an earn hanh nghe kinh doanh;
twang hum la phap nhan phai dang hoat Ong hop phip va c6
du nang hie tai chinh de tham gia g6p van.
Theo Ludt Ching khoan (2006), trong qui trinh hoat
dOng cling ty ching khoan c6 nghia vu sau:
+ Thiel lap he thong kiem soat nOi b0, quan tri rUi ro,
ngan than nhfing xung clOt lqi ich trong ruld be cong ty va
trong giao Bich ved ngiroi c6 lien quan.
+ Quin 19 tach biet cluing khoan cua tang nha dau tu,
tach biet tien va cluing khoan cua nha ddu to voi hen va
cluing khoan cua cong ty cluing khoan.
+ Kg hem clang bang van ban vai khach hang khi cung
cap dich vu cho khach hang; cung cap ddy du, trung thuc
th6ng tin cho khkh hang.
+ Uu tien thuc hi4n cua khach hang tar& lenh cna cong
ty chi:mg khoan
+ Thu [hap, tim lieu th6ng tin ye tinh Wirth tai chinh,
muc tieu ddu ar, kha nang chdp nhan nil ro cua khach hang;
dam bao cac khuy6n nghi, ar van ddu to cua cong ty cho
khich hang phai pha hop voi khkh hang do.
+ Tuan thu cac quy Binh bio dam vein kha dung theo
quy dinh cila BO Tai chinh.

45
 + Mua bac, hiem Mich nhiem nghe nghiep cho nghiep
vu kinh doanh chting khoan cita cling ty hoac arch lap quy
bac) ve nha dau to boi thuang thiet hat cho nha dau to do
sit c6 ky thuat Ira so suer[ eau nhan vien trong cOng ty.
+ Ltru gill day du cluing ter va tai khoan phan anh chi
het, chinh xac cac giao dich cua khach hang va cita cong ty.
+ Thuc hien viec ban hoac cho khach hang ban chung
khotin !chi khOng sa him chimg khoan va cho khach hang vay
chting khoan dd ban theo quy dinh dm Be Tai chinh.
+ Tuan thu cac quy dinh mia BO Tai chinh ve nghiep vu
kinh doanh chting khodn. Thuc hien cho do Ice Man, kiem
man, thong ke va nghia vu tai chinh theo quy dinh &la phap
Mat. Thuc hien fling b6 thong tin theo quy dinh cua that
chting khoan va cho dO bao cao theo quy dinh cna BO Till
chinh.
4, Co quan quan 117 nha nuac ve chung khoan
va thi truetng chitng khoan:
1rMu het cac quOc gia c6 thi truang chting khoan deu c6
co quan quan ly nha nuac vo chting khodn. a Hoa Ky d6 to
UY ban chting khoan va giao dich chting khoan, a Nhat Ban
d6 la US, ban Giam sat cluing khoan va giao dich chimg
khodn, a Anh d6 to US/ ban Dau to Chang khoan va a Viet
Nam d6 la Uy ban Chang khoan Nha nuac.
UY ban chring khoan nha nuac co chtic nang nhiem vu
chit you nhu saw

46
 + Cap, gia han, thu het giriy phep, giay chang nhin lien
quan den haat Ong chang khoan va thi truong chting khodn;
chap thuan nhang thay dal lien quan den hoit dOng cluing
khoan va thi taring chring khodn.
+ Quan 19, giam sat hoat Ong dm S6 giao dich chting
khodn, Trung tam giao dich chting khoan, Trung tam luu ky
chang khoin va cac t6 chic phi" try, tam dinh chi haat deng
giao dich, boat clang luu k9 chting khoan caa SO giao dich
chting khodn, Trung tam giao dich cluing khoan, Trung tam
Lou k9 chang khoan trong Miring hop c6 dau hien anh hung
den quyen va loi ich hop pheip caa nha dau
+ Thanh tra, giim sat va sir 19 vi pham hanh chinh va
giai guy& khieu ma, tei coo trong hoot deng chting khoan va
thi tuning chting khoin;
+ Thirc ben thong ke, du bao ve hob dOng chtbg khoan
va thi truing chring khoan; hien dai hod cling nghe thOng tin
trong linh vac chemg khozin va thi tithing chting !chain.
+ T6 chtic, ph6i hop voi cac co quan, td chfic lien quart
dito tic), boi ditOng del riga can be, cling chic, vien chile
nganh cluing khoan; phd cap kin thic ve chting khoin va thi
throng cluing khotin cho cling cluing dau to.
+ Huang din quy trinh nghiep vu ye cluing khoan va thi
tracing cluing khoan va cac bleu miu c6 lien quan;
+ Thuc hien hop tic queic to trong linh vac chang khoan
va thi truing chting khoan.

47
 5, Cac chit thi khac:
Hiep hOi kinh doanh chi -mg khoan: Day la to chdc cita
cat nha kinh doanh cluing khodn, cac cOng ty chirrig khoan
nham bao ve lgi ich chung cua giBi kinh doanh chimg khodn.
Hiep hOi kinh doanh cluing khoan la t6 eh& to quart.
T6 chile luu ky va thanh town bu Mr: la phap nhan thanh
lap va boat Ong theo mO hinh cong ty trach nhiem him han
hoac cOng ty c6 phan theo quy dinh caa phap luat voi chile
nang t6 chic va giam sat hoat dOng clang k9, luu ky, bU trir
va thanh toan chimg khoan.
ang ty dich vu may tinh chung khoan: la t6 chile phu
tor, phut vu cac giao dich chting khodn.
COng ty dinh gia he s6 tin nhiem: la cong ty chuyen
cung cap dich vu danh gia nang Urn thanh toan cac khoan
Yen g6c va lai dung Mai han va theo nhimg dieu khoan da
cam tett caa cong ty ph& hanh d6i ver'i mot dot phat hanh co
the. Moi cong ty danh gia he so tin nhiem c6 he [hang thang
diem rieng cho danh gia cua minh. Tren the giai, Moody's va
Standard and Poor la hai don vi danh gia he s6 tin nhiem c6
uy tin. Thang diem danh gia mile do tin nhiem &la cac cOng
ty nay duce the hien tai bang 1.1
Bdng 1.3: Thang diem danh gia mt'tc do tin nhiem cim mot
se cang ty dcinh gia he satin nhient

48
Moody' S&P NOi dung
Aaa Diem tai da phan anh mac dO xgp hang cao nhat,
don vi phat hat c6 kha nang thanh toan rat tat 0 ca
g6c va lai
Aa AA Phan anh kha nang thanh toan cao ca g6c 0 lai,
mac nay chi kern mac ten rat it
A A Diem trung binh kha, phan anh kha nang thanh loan
ca gac va lai a mac MI6 cao, tuy tier' ca dO nhay
cam cao hon vol cac tac dung bat 10 cOa dieu kien
va hoan cat kit tg so vai cac nh6m ten
Baa BBB Didm trung binh, mac nay duos danh gia 16 c6 kha
nang vita del marth des hoan g6c va tra lai, nhay cam
manh lion dai voi cac tac Ong bat loi coa cac dieu
kien va hoan thrill so vai cac nhom ten
Ba BB iDidm dau co: duoc danh 06 la it rea ro vd no, song 10
phai d6i mat vbi MI5 nang (danh toan g6c va lai thap
do nhErng didu kien tai chinh, kinh tg bap bdnh.
B B iDidin dau co r6 rang: vtii mac diem nay duoc danh
gia la de bi (0 ro pha sari nhung hidn tai van can kha
nang thanh loan ca g6c va lai
Caa CCC Vbi mac nay dugc danh gia la kha nang rOi ro 0 no
Ion, viac thanh bean lien gac va lai a thugc vao
didu kien tai chinh cua nha Slat hanh
Ca CC Khoan no nay duoc danh gia co tinh chat au co cao
nhung lai thuting bi vd no hoac nhang khiam khuygt
dang km 9 khac
C C Vdi mac diem nay thi MI5 nang thanh toan GA g6c va
lai a mac thap, MI5 nang 0 no lan
D Khoan no nay c6 kha nang 0 no ccfc lEin hoac se bi
vd no khi dgn han thanh toan
Nguon: Jack Clark Francis, Richard W. Taylor, Theory and
Problems of Investments, McGraw-Hill, NewYork, 2000.

49
V, CO CHE QUAN Lt VA GIA41 SAT TH! TRIJdNG
CHUNG KHOAN:
Moc nett dm. quan 19 va giam sat thi truing thing
khoan la nham bao ye nha dau tu; Dam bio thi twang hoot
dOng tang bang, hieu qua va minh Inch; giam thieu raj ro he
thong. Co ch6 gain 19 va giam sat cila cac qu6c gia c6 thi
gifting chung khoan deu huong d6n cac mac ilea nay.
Thong throng, co ch6 quan 19 va giam sat thi truing
chung khoan chia cac t6 chile tham gia quan lt, giam sat
thanh 2 nhom: cac co quan quan It cua nha nude va cac td
chile to quan.
Co quan quan 11 cua nha n ude la cac ca quan thgc hien
chat nang gain It nha nude dai veri hoot dOng cluing khoan
(trong d6 U9 ban Chang khoan Nha nude la met dau m6i).
Nhin chung cac co quan nay time hien chic nang quan 19
chung ve thi gaging va cac giao dich. Cac ca quan nay c6
than quy6n ban hanh cac quy Binh phap 19 dieu chinh hoot
deng caa thi hiking thing khoan taa co so cho cac t6 chat
tg quan trite tier) [him hien cac chic nang dieu hanh va giam
sat thi truing thing khok. Cac co quan van 19 elm nha
nude bao gem U9 ban Chang khoan Nha nude va cac b0,
nganh co lien quan nha BO Tai chinh, Ngan hang Nha nude,
BO Tit pita"), Toa an, Cong an, Kt' hooch - Dan .....
ac t6 chic tit quart day la the t6 ethic hinh thanh ding
vat su ra dai va phat tri6n cua thi throng thing khoan Cac t6
chat to quan tham gia thgc hien chic nang quin 19 va giam
50
sat thi tinging chung khoan nham bao ye 'or ich chung rim
man thi truong Cac t6 ethic to quan thqc hign quart 19 va
giam sat thi twang nen co s& man MU car quy Binh cua cac
t6 eh& quan 19 va giam sat thi throng cua nha wag.
Hoar dOng then hanh va giam sat di triging cua cac t6
chile uo guar' bao g6m 3 60 phan: quan 19 va giam sat car
hoat dOng giao dich, quan 11 va giam sat cat cOng ty clang
khoan giai (ply& cac tranh chap va tig'n hanh xit 19 cac
tnaang hop vi pham. T6 chtic uo quan thgc hign gong nic
quart 19 va giam sat thi wrong dua tran car nguyan Sc . Car
quya dish dieu hanh dtta ra phai dung clan phii hop hoan
canh thuc tac hoat dOng giam sat dhi twang phai higu qua;
Chi phi dial' hanh, giam sat thi throng phai thu chnrc td cac
boat dOng nen thi baking chit Ichang phai do ngan sach cap.

51
 Box 1.2: Ba meal nguyen tic wan 19 thi trutng
chieng khoan cua TOSCO
A, Doi votei co quan quan 19 nha flute:
1, Trach nhiem cua ca quan quan 19 TTCK can ductc xac Binh re
rang va khach quan;
2, Ca quan quan ly TTCK can hoat Ong dee lap va chiu trach
nhiem va viec thus hien can chat nang va than' quyen cua minh.
3, Ca quan quan 19 TTCK can c6 day du quyen lot, cac nguen Int
can thiat va nang Ivc tht,rc hien cac chat nang va them quyen cua
minh.
4, Ca quan quan 19 TTCK can ap dung cac quy trinh quan 19 re}
rang va nhat pan;
5, Del ng0 nhan vien dm ca quan guar' 19 TTCK can chap hank
can chuan muc nghe nghiep cao nhat, bao gem Ca viec bac, mat,
B, D61 val cac to chin to quan (SROs):
6, Hoat eking quan 19 thi twang can sti dung hap 19 SROs trong
pham vi phO hap vai quy m6 va mac do phirc tap cua thi twang.
7, SROs can chiu sv Om sat cua ca quan quan 19 TTCK va chap
hanh cac chuan muc va tinh tong bang va bao mat khi thus hien
than quyen va nghia vu dugs giao;
C, Thipc thi phap lust chimg khoan:
8, Ca quan (man 19 TTCK can co them quyen day dO trong viec
thanh tra, di& tra va giam sat.
9, Ca quan quan 19 TTCK can ca day du tam quyen that thi phap
lust.
10, He thong quan 19 can dam bao Si) dung hem higu va clang tin
nay than' quyen thanh tra, dieu tra, giam sat va thuc thi phap lust
cling nhu, viec then khai cac chvang trinh tuan the] met each hOu
hieu.

52
 Box 1.3: Ba mtvai nguyen tac quan 19 till trutung
chivng khoan cua IOSCO (trep)
D, Hqp tac v'e quan 19 thi tru'&ng
11, Ca quan quan 19 'FMK can c6 them guyen chia se thOng tin
cong khai va kh6ng cony khai vtei cac doi tac trong va ngoai nut.
12, Ca quan quan 19 TTCK can xac lap ca the chia se thOng tin
\raj cac ca quan dei tac trong va ngoai natio.
13, HO thong quan 19 TTCK can cho phep gitip der ca quan quan 19
TICK nut ngoai trong viec thac hien chic nang va than, guyen
cua ho.
E, Doi yeti t6 chin phat hanh
14, Thong tin day du, kip thai va chinh zac ve ket qua tai chInh va
thong tin khac c6 tfnh tong yeu doi yai guyet dinh cua nguti gat'
to can dirt cong be.
15, NhCrng nguti nary, gift chang khoan cua met cOng ty can &roc
clai xa, binh clang va cong bang
16, cac chuan mac ke toan va kiern than can phai nghiem ngat va
dot tieu chart guk to.
F, Doi thi qu9 dau tip tip th4
17, He thong quan 19 TTCK can quy dinh cac chuen arc ye cap
phep N/A guar, 19 nhieng nguti thus hien cac hoot deng ye guy dau
to tap the.
18, HO thong quan 19 TTCK can quy dinh hinh thac phep 19 Ira cau
trOc cua guy dau to tap the, cong nhu , viec tech bach va bah ve tai
san cua kith hang.
19, Hoot Ong quan 19 TTCK can yeu cau cong be thong tin 16
nguyen tac bat but trai yai t6 chic phat hanh, can thief cho viec
danh gia tint' phO hap cua qu9 dau to tap the dei %mai nguti dau to
va gia tg nam gift cua nguti du to trong qu9.
20, Hoot (long quan 19 TICK can darn bah met ca se, &mg den va
cong khai ye viec danh gia va dinh gia flan vf qu9.

53
 Box 1.3: Ba mumal nguyen taro (Juan ly thi Outing
chutng khoan cua IOSCO (ti4p)
G, Doi Intel cac t6 chat trung gian thi toning
21, Hoat Bang (wanly TTCK can quy dinh cac tieu chuan tei thieu
Bei ved cac to chdc trung gian thi trutng.
22, Can co nhirng quy dinh ve mac von ban elk viec duy tri ding
nhu cac quy dinh dy phOng khac del vai cac to chirc trung gian thi
trutng chi:mg khoan nham phan anh cac rui ro trong hoat Ong
nghiep
23, Cac to chirc trung gian thi totting can duct yeu tau tuan thO
cac chuan mac ye to chuc nOi bar va dao &pc nghe nghiep nham
bao ve quyen lai cua khach hang, darn bac, quan 19 thoa clang cac
rOi ro.
24, Chn co ca che. xi? trutng hap pha san cOa to chirc trung
gian thi trutng nham giam thieu thiet hpi cho nguti dau to va
ngan than rui ro he thOng
H, Thj truOmg thu' cap
25, Viec thanh lap cac he thong giao dich, bao gem ca cac SO,
giaodchrnk(SGDCK)caBrtsvhopeiu
sv giam sat cOa ca quan quan 19 nha nut ye TTCK.
26, Can lien tut giam sat SGDCK va cac he thong giao dich nham
dam bao d0 tin cay trong hoat dOng giao dich duct duy tri thong
qua cac quy dinh tong bang va binh dang, tao sv can bang ye nhu
cat, cua cac del tvang khac nhau tham gia thi awing.
27, Hoat dOng quan Iy TTCK can th0c day tinh minh bath cOa hoat
dOng gian. dich.
28, Hoat dOng quan 19 TTCK can &roc xay ding nham phat hien
va ngan than sv thao fling va cac hanh vi giao dich khang tong
bang khac.
29, Hoat dOng quan 19 TTCK can darn bao sv quan Iy thoa Bang
del vbi cac giao dich Ian, rui ro mat kha nang thanh town va roi
loan thi twang.
30, He thOng 130 fru. va thanh loan cac giao dich chimg khoan can
sv giam sat phap quy, va &rot thiet ke nham dam bao tinh tong
bang, hdu hieu, hieu qua va gihm thieu rui ro he tilling.
Nguon: Chang KhoOn Viet Nam so 97 Mang 11 nam 2006

54
 Chu hui on tap
1,Thi twang chi:mg khoan la gi ? Phan tich cac vai tr ?. )
cua thi truing chting !Moan?
2, C6 phieu la gi ? C6 phial va trai phidu c6 nhOng diem
giang va Idnic nhau nao?
3, Chang khoan c6 thd chuyen ddi la 81 ? Trong hoan
cinh nao can phat hanh chting khoin chuyen &Si
4, Quyen chon la gi ? So sanh su khac biet gida quyen
chon va hop dong tuong lai?
5, Quyen mua cd phin la gi ? Doanh nghiep phat hanh
quyen mua cd phin trong twang hop nao ?
6, Ching quyen (warrant) 'chic quyen chon mua (call
option) a diem nao ?
7, Tham gia thi truing chimg khoan bao gem nhtmg chit
the nao ? Trinh bay khal quat vai tra va vi the . cha mei chi
thd tren thi twang chdng khoan ?
8, Cu the dieu hanh giam sat thi truing chting khoan ?
Nguyen tic quan 15, thi truing chang khoan cia IOSCO c6
the clugc van dung tai Viet Nam nhtr the nao ?

Goi fr tai lieu doc b6 sung

1, Gary Smith, Financial Assets, Markets and Institutions,
D.C. Heath and Company, Toronto, Canada, 1993.
2, Peter S. Rose, Money and Capital Markets, Seventh
Edition, McGraw-Hill Companies, Inc, 2000.
3, Robert A. Haugen, Modem Investment Theory, Fifth
Edition, Prentice Hain, 2006.
55
 Chuang 11

THI TRUC$NG CHUNG KHOAN SO CAP

I, ICHAI NItM VA CHUC NANG CUA THI TRUONG

CHUNG KHOAN SCI CAP:
1, Khai niem:
Thi twang cluing khoan so cap (primary market) la thi
tuning mua ban Ian dau cac cluing khoan mai phat hanh keo
theo sir gia tang ye quy mO v6n dia don vi phat hanh
nen kinh td.
Thi truing so cap con duce goi la thi truing cap mot
hay thi truing phat hanh. Thi taking so cap chinh la ti .en de
cho su phat trien cua thi truing cluing khoan not chung.
Harsh vi cent thi truing so cap co the phan Nat vai hanh vi
cua thi taking thv cap do la khoan nen thu duce tit viec ban
chung khoan se trim tiep lam gia tang vdn cho don vi phat
hanh, tong khi cac hanh vi tren thi truing dui cap chi lam
dich chuydn quyen se: him van gbh cac chi' the ma khOng
trim tip gia tang v6n cho don vi phat hanh.

56
 2, Chitc nang cua thi trdang chiing khoan sd
cap:

2.1, Ddi voi nen kinh ti:

Thi truitng so cap thuc hien chac nang quan trong nhat
cua thi twang cluing khoan, d6 la huy clang van cho dau tu.
Thi twang Sc' cap vita c6 kha nang thu gom 1110i nguan van
tit Iciem tan n116 coa tong ho dan cu, viva co khi nang thu
hat nguan van to Ian tit nuac ngoai; the nguan vihrtam thin
nhan tin tit cac doanh nghiep, cac to chilc tai chinh, chinh
phi' tao thanh mot nguan van kh6ng 16 tai tra cho nen kinh
tt, ma cac phuong thac khac kh6ng the lam dirge. Th6ng qua
thi [cueing Sang khoan so cap, cac khoin van nhan rai, hoac
tam thin nhan rin dude chuyen thanh van dam us.
2.2, DO? via doanh nghiOp va cac dan vi phat hanh:
EA volt doanh nghiep va cac don vi phat hanh, thi
truing chdng khoan so cap tao ra men truang cho cac doanh
nghiep goi van d6 ma rOng san xuat kinh doanh, gin') Nha
nude giai quy& van de thieu but ngan sach thong qua viec
phat hiulh trai phi6u, co them van d6 xay dung co set ha tang.
N6 cling true tip cai thien m6c sang cna nguai tieu dung
bang each giUp ho chon thin di6m cho viec mua sam cua
minh tat heal.

II, PHAT HANH CHIING KHOAN

Viec chao ban chang khoan de huy dOng van ducc goi
la phat hanh chimg khodn. NS dirt Oat hanh dan dan viec
57
dira mot loaf thing khoan caa mot td ethic lin dal, tien ra
tong chting thi got la phat hanh lan &Au ra tong chting. Niu
viec phat hanh do la viec phat hanh bd sung &ea td chtic da
co cluing khoan ding loaf luu thong tren thi throng thi goi la
dot phitt hanh cluing khoan bd sung. CO 2 phuong [h&c phat
hanh cluing khoan tren thi mining so cap. D6 la phat hanh
rieng le va phat hanh ra tong chUng.
1. Phat hanh rieng le (Private Placement)

Phat hanh rieng le la hinh [Ink phat hanh trong d6 don

vi phat hanh chao ban thing khoin cua minh trong pham vi
mot so nha dab to nhat dinh vii &lung dieu hen han the
mang tinh chat khep kin.
Phat hanh chang khoan rieng le khOng chin so dien
chinh cua phap luat ve chimg khoan va thi truing thing
khoan (Ludt Chang khodn). Chang khoan phat hanh theo
hinh thdc nay Icheng phai la d6i tuong duce niem ytt tren SO
giao dich chung khodn.
Cac cong ty thing khoan, ngan hang diu to ciing có the
tham gia vao viec phat hanh rieng le vii to each nha phan
phoi de huerrig phi phat hanh. Cac cong ty Owe hien viec phat
hanh chimg khoan rieng le khi:
+ Cong ty chua du tieu chuin de phat hanh °hang khoan
ra cong chting;
+ S6 Itrong von can huy dOng than, quy m6 huy dung
chum can a mac rQng rat, pham vi hoat dOng van mang tinh
chit nOi bO, khep kin.
58
 + Phat hanh cd phial nhim muc dich tang cuOng cac
moi quan he kinh doanh hoac phat hanh cho nOi 60 can bO,
nhan vier' dm don vi phat hanh.
2. Pilot hanh chirng khodn ra cong chUng
(public offering)
Phat hanh chung khoan ra cOng cluing la hinh dnic phat
hanh trong do cluing khoan dugc bin rOng rai cho quang dai
cOng chting diu to (trong d6 phai Math mot ty' le cho cac nha
dau to nhg) voi quy me lan cho mot s6 luting Ion nha dau to
dam bap yeu cau cong khai, minh bach va tuan thU phap luat
ye chung khodn va thi McCaig clning khodn.
Phan biet phat hanh rieng le va phat hanh ra cOng chung
co the dva vao so Meng ngueli mua (vi du, theo Ludt Chting
Khoan Viet Nam thi ghat hanh ra cOng chung MIL chao ban
dugc cho ter 100 nha dau to trg len, thong ice nha dau to
chting khoan chuyen nghiep), vao not dung va thO tuc phat
hanh. HIM hanh chung khoan ra cong cluing se" chiu SIT dieu
chinh cOa phap ludt ye thing khoan va thi outing cluing
khoan. Don vi phat hanh phai thol man mot so dieu kien
nhat dinh va phai dang k9 yea co quan quan ly nha nu& ye
chung khoan. Phat hanh cluing khoan ra cong chting phai
ti6n hanh cong khai va chiu sty giarn sat theo quy Binh can
[mat chting khodn. Cling ty da thitc hien ghat hanh cluing
khoan ra cong cluing dugc goi la cong ty dal chiing. Chting
khoan cUa cac cOng ty dai cluing co the dugc xem xet
niem yei men thi twang chiing khoan tap trung.

59
 Viec phan biet phat hanh rieng le va phat hanh ra clang
cluing la di xac Binh nhung nguai Oat hanh rOng rat ra cong
chting Oat la nhiing cOng ty c6 chit luong cao hoat dOng
san xuat kinh doanh tit, nham bat) ve cho cOng cluing dau to
chung, nhat a Acing nha din to nho thitu hien Init.
Eking then, day ding la dieu Den a ?My dtmg mOt thi twang
chi:mg khoan an roan, cOng khai va c6 hieu qua.
Phat hanh chting khoan ra cOng cluing cluoc phan biet
gilla phat hanh c6 phial ra cOng cluing va phdt hanh ttli
phiOu ra citing chting. Doi vat phat hanh c6 phien ra cong
viec phat hanh doge thirc hien theo mot trong hai
hinh thim: phdt hanh Ian cldu ra cong cluing va phan pion so
cap. Trong !chi phat hank' trdi phieu ra cong cluing chi dux
hien bang met hinh thdc duy nhat la phan phii so cap.
Phat hanh Ian dau ra cOng cluing (IPO - Initial Public
Offering): a dot phat hanh trong do c6 phial caa Ong ty lan
clan den duct ban rOng rai cho cOng cluing ddu
Phan phol so cap (PO - Primary Offering): a clot phat
hanh c6 phial 66 sung dm cOng ty dai cluing cho rOng rai cong
cluing diu to va cac it phat hanh trai phien ra cOng chting.
3, Lqi ich cita phat hanh chung khoan ra cling

3.1, Phrit hanh ra cong chung nhdm huy clang von:

Thong qua phit hanh cluing khoin ra cong chung, cac
cOng ty co the tang quy m6 v6n, rnO Ong pham vi hoat Ong

60
va thay ddi tinh chat cua doanh nghiep. Mit hanh ra cOng
chting, don vi phat hanh c6 the huy dung dust van kherng
gidi han ve diet' 'den the chap, khOng bi han the ye quy mO
huy dOng. Tham chi, drii yen phat hanh co phi& ra ceng
cluing con grip phan lam tang nang luc vay nq cua to dirk
phat hanh. Nang luc tai chinh duct cal [hien se la dieu kien
de nang cao nang luc canh tranh, thuc hien thin to mei Ong
quy ma host dOng.
Tuy nhien, phat hanh ra cOng chang cling se lam giam
ty" le so huu cua cac c6 d6ng hien hiiu. Cac c6 dOng cu se bi
chia se lqi ich va quyen luc. Pham vi chi phial cua cac co
d6ng sang lap co the bi anh huerng. Ben canh dO co call ye
quyen sh hvu cua cOng ty luau luen bi bin eking do chiu anti
hiking cna cac giao dich co phidu hang ngay. Chinh vi vay,
Lilly& dinh phat hanh ra cOng cluing can cer su clang thuan
cna cac co dOng hien him tren co ser can nhac led ich cua town
bO doanh nghiep voi led ich cua mei ca nhan.
3.2, Phat chang khaan ra rang cluing la diets kien di
tham gia niem yit tren chi traerng tap trung:
Chang khoan cua cac cOng ty da ph& hanh ra cOng
cluing &Ric pile!) niem yet [ran SO giao dich (neu dap Ling
duqc cac dieu kien niem yet). Do vay cac cluing khoan nay
cri tinh thanh khoin cao hon va mac riii ro cling chap han
chung khoan phat hanh rieng le. Chung khoan phat hanh
rieng le thigmg kh6ng the plait anh chinh xac men quan he
cung tali tren thi triton do s6 ngtrai mua han che, tinh chat

61
canh tranh lchOng cao. Trong khi chting khoan cua cac cling
ty dal chiing ducic giao dich tren thi twang c45 tinh canh
tranh cao se &roc dinh gia hap 19. Do cac cluing khoan phat
hanh ra cOng chting da pith dat yeu cau tai thieu ve van va
hieu qua hoat clang nen thueng duct thi tnreing danh gia cao
han, do vay gia cua cac chting khoan nay thuOng ming cao
bon gia cac chting khoan rieng le.
3.3, Tang hieu qud hoqt deng cua doanh nghiep:
Phat hanh chimg khoan ra cOng cluing gnarl cOng ty co
the thu Mit va duy tri dai nga than vien giai beg vi khi chao
ban chung khoan ra cOng chting, ding ty bao gio cling danh
mat ty le cluing khoin nhat dinh de ban cho nhan vien cua
minh. Vol quyeri mua c6 phieu, nhan vien cita cOng ty se trei
thanh c6 dOng, va duct huOng lai tren van thay vi thu nhap
thong throng. Dieu nay da lam cho nhan vien cua hang ty
lam viec c6 hieu qua hem va coi su thanh bai cua tong ty
thuc sir la thanh bai cua minh.
Phat hanh chting khoan ra cOng chang, cOng ty co co
hat tot de xdy dung mat he thong quan 11 chuyen nghiep
Ming nhu xay dung Max mat chien lugc phat trien ro rang.
Cling ty cling de dang hon trong viec tim nguni thay the, nhei
d6 ma tact ra duoc that lien tuc trong quan 19. Ben canh
su hien diet tha cac uy vien quan tri thong tnyc titp tham
gia dieu hanh cOng ty cling gith tang cuemg hem tra va can
ded trong quan 19 va dieu hanh cOng ty.

62
 Phat hanh chemg khoan ra cong cluing lam tang chit
Krung va dO chinh xac cua cac bar) cao cua cong ty bai vi cac
bao cao tea cong ty phai duce lip thep cac tieu chuan chung
do co quan quan 19 qui dinh. Chinh diet' nay lam cho viec
danh gia va so sanh ket qua hoat dOng cUa cong ty &roc [hue
hien de dang va chinh xlc hon.
Ph& hanh ra cOng chting yeu cau don vi phat hanh phai
tuan thtu nghiem ngat ye filth minh bach va cong khai. Chinh
su minh bach va cong khai se tao sew ep clai veri don vi plat
hanh pith hoat dOng lieu qua. Miiih bach va cong khai cling
g6p phan tao lip ca the to giam sat co hieu qua. Dung tren
g6c dO nen kinh te, nen minh bach va cOng khai tra thanh
phd lien se g6p phan tao ra m6i truing dau tu, kinh doanh
ngay cang cong bang, lieu qua hon.
3.4, Nang cao uy tin, qudng ha hinh dnh:
Yeu cau minh bach va cOng khai trong boat dOng phat
hanh chting khoin ra cong chung [hurling c6 gin viec quang
ba thong tin cila don vi phat hanh. Hon naa, ph& hanh ra
cong cluing cua cac doanh nghiep throng gin vea muc lieu
niem tren thi attain chimg khoaln tap trung. Khi don vi
dal tham gia thi truerng giao dick tap trung, cac thong tin lien
quan den hoat dOng, kelt qua lieu qua san xuat kinh doanh se
thuerng xuyen xuat hien mien phi trail cac phuong den thong
tin dai eking. Vi the", hinh anh cita cling ty se throe gang ha
va nang cao.

63
 Tuy nhien, Ioi (eh nay kherng phai don vi nao ming dat
duct. Viec quang ha thong tin a dieu to nhien caa cac doanh
nghiep niem y6t. Tuy nhien, thOng tin duct cluing bd se bao
gam ca th6ng tin t6t va th6ng tin xan. NeM don vi phat hanh
lam an c6 hieu qua, co tiem luc manh thi viec quang ba se
gdp phan tich cue nang uy tin va vi the caa cong ty tren
thuong twang. Milting neu cOng ty lam an kern hieu qui thi
thong tin nay cling se duct going bd (cong ty khOng thd the
clan duct) thi khi do uy tin va vi th6 cna cOng ty co the bi
anh huang tieu cuc.
Han nth, cOng ty phat hanh chting khoan ra cong cluing
phai tuan thu mot chi do cong b6 thong tin rang rai, nghiem
ngat va chiu su giam sat chat the hon so veli cac cong ty
kirk. Hun naa, viec cong bra cac thong tin ye doanh thu, loi
nhuan, vi tri earth tranh, phuong iliac hoat dOng, cac hop
d6ng nguyen lieu, Ming nhu nguy co bi re ri thong tin mat ra
ngoai c6 the dim cong ty vao vi tri canh tranh bat 10.
DOI nga can bO quan ly Ong ty phi' chiu trach nhien
16n hon truerc cOng chung. Ngoai ra, do qui Binh cua phap
luat, viec chuydn nhuung vO'n c6 phan cua ho thttmg bi ban
ch6.
3.5, Gidm chi phi tilp can von:
Phat hanh cluing khoan ra cOng chtIng se tao ra hInh anh
dep va su ndi 66ng caa cOng ty, nho vay cOng ty se" de clang
hon va ton it chi phi Ilan trong viec huy Ong van qua phat
hanh trai phieu, c6 phieM & nhang tan sau. Them vao (16,

64
khach hang va nha cung dug cait cOng ty thueng ding se [ref
thanh co' dOng cua cOng ty va do vay cOng ty se rat cie WI
trong vier mua nguyen lieu Ira tieu thu san pham.
hanh eking khoan ra Ong cluing se lam tang gia
tri tai san rang, gitip cOng ty ce duac ngu6n v6n ion va cal
the vay von cua ngan hang yea lei suet nu dai hon ding ram
cac dieu khoan ve tai san cam c6 se it phien ha hon. Vi du
nhu cac c6 phi& cua cac ding ty dal chting de dung clugc
chap nhan la tai san cam c6 cho cac khoan vay ngan hang.
Ngoai ra, viec phat hanh cluing khoan ra cOng cluing clang
gitip cOng ty (ref thanh mat (mg cu viten hap clan hot d6i v6i
cac cOng ty ntrac ngoai voi to cach lam d6i tic lien doanh.

Chi phi phat hanh thing khoan ra tang chting cao,

divan chi6m td 8-10% khoan Wain huy clang, bao gam cac
chi phi bao lanh phat hanh, phi to van phap luat, chi phi in
an, phi kiam wan, chi phi niem y6t... Ngoai ra, hang nom
cOng ty cung phai chiu them cac khoin chi phi phu nhu chi
phi ki6rn loan cac halo cao tai chinh , chi phi cho viac chart
bi tai lieu nap cho co quan quan lY nha nu& ye chang khoan
va chi phi cOng b6 thOng tin dinh ky.
4, Dieu kien phat hanh ch6ng khoan Ian dau ra
acing ailing.
D. thirc hen phat Birth chtitg kholn ra cOng cluing, tat
ca cac cOng ty deu phai dap dng &sic mat s6 tieu chuan nhat
dinh va phai tuan thu nhitng quy dinh chat the vd. [hit tic
phat hanh ra cOng chting dm ca quan quan ly nha nu& ve

65
thing khodn. So di cac cOng ty phali dap ling nhang yeu tali
nay vi rthing ly do sau:
Dam lath ye mat chat liming catt cat chung khoan ph&
hanh ra cOng cluing va bao ye cac nha (Du to dac bi5t la cac
nha dau m nho, cac nha din to thieu hi5u bier ye linh vice
chung khoan va kluang to kha nang phan tich, Itra chon
chung khoan phu hop.
Do cac tong ty nay mai lan dau chao ban cluing khoin
ra cOng chung nen cac thong tin lith quan den cOng ty va
hoat long cua cOng ty van chua duct nhieu ngtroi bier den.
Cac chuyen gia trong linh Nix cluing khoan cling khong c6
dith kien theo doi cac thing ty nay truth khi cOng ty ph&
hanh ra cOng chting. Viet dua ra tieu chugn cao ve chat
luong hoat dOng cling nhu bat buOc phai Ulan thil rthing thu
tuc khat khe d6i vat cac don vi mai ph& hanh Ian dau ra
cOng cluing la can [hie de bu dap nhang thien but ye thong
tin cho cOng chUng dau tu.
Vith xac dinh tieu chugn ve chat lacing cho cac don vi
ph& bath con g6p phan tao niem tin cho cac nha dau to dal
vat thi truang cluing khoan dac biet la dai voi cac thi truang
mai nal.
Tieu chitin ma cac pang ty phli dap ling truth khi duoc
phth pith hanh cluing khoan ra Ong chung duct chia ra lam
hat nhain tieu chugn bao gam: nhem cac tieu chugn dinh
Wong va nh6m cac tieu chugn dinh filth. Cac quac gia khac
nhau c6 the c6 nhang tieu chugn Cu the Bong gi6ng nhau

66
nhung so khac nhau cha y6u la ye mdc dO can ye Lieu chi thi
Wong cleir thong nhat:
4.1, Cac tieu chi dinh luting:
+ COng ty phai dat &roc quy m6 von t6i thidu
+ Hon dOng phai a') hieu qua trong mot s6 nam lien tuc
Mr& khi clang ky phat hanh cluing khoan ra c6ng cluing.
+ MOt t9 14 nhdt dinh thing khoan cna dot phat hanh
phai duet ban cho mot s6 luong quy dinh c6ng chting ddu tu.
+ Cie thanh vien sang lap phiti cam k6t nam giii mot ty
14 nhat dinh cluing khozin cita dot phat hanh trong mot
khoang thai gian theft dinh
4.2, Cdc tieu chua'n clink tinh:
+ Can nha quan 19 c6ng ty bao gam thanh vien hoi deing
cyan tri, ban Om d6c phai c6 trinh dO va kinh nghiem quan
19.
+ Cu cgu td chtic cita c6ng ty phai hop 19 va phai vi loi
ich cua nha dziu tu. Tire la co can t6 chic ctia c6ng ty phi'
han ch6 deb mdc than nhat nhang xung clOt lien quan d6n
quyen lot cua cac ben lien quan, xung dOt gift chez so him va
nha quan ly ...
+ Cong ty phai c6 phuong an kha thi ye viec huy dOng
va sO dung vein cna dot phat hanh
+ Cong ty ca thd phai ca mot Mac mot s6 t6 chile bao
lanh phat hanh dung ra cam k& bao lath cho dot phat hanh.

67
 Theo LIS cluing khoan (2006), tai Viet Nam de phat
hanh chiing khoan tan clan ra cOng chung mOt cling ty phai
thoa man [Mug dieu kien sau:
+ Doanh nghiep c6 nult von dieu le cla g6p tai theri diem
Bang ky chao ban tit 10 ty' cking tr& len tinh theo gia tri ghi
tren s6 sach k6 man;
+ Float Ong kinh doanh ciut nam lien tit& nam clang
ky chao ban phai c6 lai, d6ng thOi khOng c6 16 luy Ice tinh
&On nam dang k§ chao ban;
+ Co phuong an phat hanh va phuong an su dung von
thu dirge tit dot chao ban &roc Dal hriti deing c6 dOng thong
qua;
5, Thil tut pilot hanh lan crau chitng khoan ra
cong chung:

Thong thirOng de phat hanh,chiing khoan ra cOng chUng,

don vi phat hanh phai tim kiebi va lua chon cho mink mat
hoac melt s6 t6 chdc bao lank phat hanh. Cac tO citric bao
lanh phat hanh se tham gia vac) moi cling (loan caa qua trinh
phat hanh chi:Mg khoin ra cOng cluing va co lath nhiem lien
(16i d61 v6i ode ben tham gia vao dot phat hanh. Thanh cling
da dot phat hanh pint thuac khl nhieu vao uy tin, kinh
nghiem va nang litc cila calc t6 chdc bao lank
5.1, Chian bl ho su tang kj, phrit hanh:
Sau khi chap thuan lam bao lank phat Sitnh, 16 chat bao
lanh se lien he veri cong ty to van va cac td chit Jai ly phan

68
phdi d@ thanh 14p td hop brio lanh phat hanh (nen can).
T6 chvc bao lanh phai cam ket brio lanh phat hanh vdi
don vi phat hanh. Cam ket bao lanh phat hanh se la met
trong nhung tai lieu &Oa hei so clang 14 phat hanh. Twang
hop brio lanh phat hanh theo td hop thl cam ket bao lanh phai
hanh phai dugc k9 gida td chdc brio truth chinh va don vi
phat hanh hoar Oita cac t6 chile bao lanh vdi don vi phat
hanh.
TO chdc brio lanh phat hanh phol hop vdi don vi phat
hanh den hanh chuan br hei so dang ky phat hanh. Tai Viet
Nam, theo Luat Chung Khorin (2006) h6 so clang ky phat
hanh bao gam cac tai lieu sau:
+ Cid/ clang ky chao ban c6 phieTu ra cOng cluing;
+ Ban can bach;
+ Dieu le caa td chile phat hanh;
+ Quyel dinh cua Dai heti (long cd dong thong qua
phuong an phat hanh va phuong an sir dung von thu dugc to
dot chao ban cd phien ra ding cling;
+ Cam ket bao lanh phat hanh (nen co);
D6i yr-A viec phat hanh eking chi quy clau to ra cOng
cluing, ITO so clang ky phat hanh bao g6m:
+ Gidy clang k/ chao ban chi-mg chi quy ra cOng chting;
+ Ban ea° bach;
+ Du thao dieu le quy ddu to thing khoan;

69
 + Hop clang gitim sat giCta ngan hang giam sat va cong
ty quail ly guy thin tu chtIng khoan;
+ Cam ket bao lanh phat hanh (nee co);
Sau khi holm tat viec chudn bi ho so, t6 chdc bao lanh
chuyen ho so xin phep phat hanh cho cong ty tu van luat de
xem tet cac khia cant phap ty lien quan den dot phat hanh
do. Cong ty tu van chin trach nhiem xem xet va dam bao h6
so day du va hop le theo citing quy Binh cda phap luat ye
chting khoin va thi trailing chting khoan.
Don vi pith hiinh, t6 chic bao lanh va cac thing ty tu
van se ties hanh goat xet va xac dinh trach nhiem Oita cac
ben, soar xet lai cac btu& thuc hien. Clic b8n se phai ky vao
bien bin VA day se la mot trong nthing co sa phap ly de giai
quyet van de kien tung phat sinh sau nay (neth xay ra).
H6 so clang k9 phat hanh chiing khoan ra cOng chting
phai kem theo quy& dinh HOi d6ng Quan tri hoac HQi
thing thanh vien hoac chi) so JAM cOng ty thing qua 116 so.
D6i vai viec chao ban chUng khoan ra cong cluing cad t6
chile tin dung, theo quy dinh hien hanh dm Viet Nam, h6 so
Bang ky chao ban chang kholn ra clang cluing phii cap van
bin chap thuan cua Ngan hang Nha nu& Wet Nam. C_ac
thong tin trong 116 so phai chink xac, [rung thus, kh6ng gay
hieu nhain va co day du rthimg nOi dung quan tong anh
hu6ng den guy& dinh cua nha dau tu. Mth trong nhiing tai
lieu quan trong trong h6 so clang ky phat hanh chitng khoan
ra cOng cluing la ban coo !Bach (prospectus).

70
 5.2, Nep he se xin pizep pheit hanh len Ike ban Ch'ing
khaiin Nha meek:
Sau khi kelt thdc giai doan churn bi, td chit bao lath
phut hanh hoar] chinh h6 so clang k9 phut hanh lan cudi ding
va de trinh len U9 ban chang khoan Nha rivet. Trong thei
gian xem xet 116 so dang k9 phut hanh, U9 ban chung khoan
[ilia flak can quyen yeu can don vi phut hanh sira d6i, b6
sung 116 so clang kt a dam bao thong tin cOng 66 duoc
chinh xac, trung thqc, day du, bap ye quyen va loi ich imp
pita]) cua nha dau tu. Don vi ph& hanh Ming co nghia vu sda
ban sung h6 sd kir phut hien thOng tin khOng chinh xac
hoac bo set not dung quan trong theo quy Binh phai co trong
he so hok they can thiel phai giai trinh ve van de c6 the gay
hieu nham. Van ban km ddi, be sung gdi cho U9 ban Cluing
khoan Nha nuct phai co chit k9 cila nhimg ngudi da k9 trong
h6 so clang k9 ciao ban chting Ichorin ra cling chting hoar
caa nhiing nguai co chug chic danh voi nhdng nand do.
Thai han xem xet 116 so se" in tinh ke to ngay nhan duct
116 so clang k9 phut hanh day du va hop le.
Trong thOi gian U9 ban Cluing khoan NB' nuec xem xet
h6 so dang k9 phut hanh ra cOng chimg, don vi phut hanh, t6
chant bao lanh phut Muth, td chant hoUc ca nhan co lien quan
chi dint sir dung trung thuc va chinh xac cac thOng tin trong
ban cat) bath de tham do thi twang, trong d6 phai xac dinh
r6 cac thOng tin ye ngay phut hanh va giu ban chdng khoan
la thong tin dq kien. Viec tham do thi throng khOng duqc
[hoc hien den cac phirong tien thong tin dai chring.
71
 Trong filth han 30 may (theo TOE cluing khotin - 2006)
kd tit ngily than duct hei so hop le, 14 ban Cluing khotin
Nha nude xem xet va cap gitiy cluing nhan chao ban cluing
khoan ra c6ng cluing. Day chinh la van ban Lute than he so
dang k9 chao ban thing khoan ra c6ng cluing dap Ling du
then kith, Mil tut theo guy dinh ciia phap Mat. Twang hop to
chef, U9 ban cluing khoan nha nu& phai tra len bang van
ban va neu rely do.
5.3, Phan phai chling khotin:
Sau khi nhan dirge giffy chring than chao ban cluing
khoan ra c6ng cluing, trong thei han 7 ngay lee to ngay gay
chting nhan cO hien life, don vi phat hanh phai c6ng 136 Ban
th6ng kith phat hanh tren mot tb bao dien to hoac bao viet
trong ba sd lien tith. Dua ban cao bach den thug ty in an va
de nghi kiem tra ban thao Ian cudi cling tru6c khi dila in
hang loat sau do chuydn ban cao bach torn tat teri tat ca cac
chi nhanh, daily phan phdi hoac nheng nth cOng cOng de cac
nha dau to d@ dang tiep can.
Viec phan phei cluing khoan chi duct that hien sau khi
don vi phat hanh dam bao cac nha dau to tiep can Ban cao
bach trong he so dang ky chao ban cluing khoan ra cOng
chting &roc cOng b6 tai cac dia diem ghi trong thong bao
pith hanh. Trong thai ban chin muth ngay ke to ngly Gil)/
cluing than chao ban chiing khoan ra c6ng cluing co hien
lire, don vi that hanh phai hoar) thanh viec phan pheii cluing
khoan. Truang hop khOng the than thanh viec phan phth

72
thing khoan ra cOng chdng trong theri han nay, UY ban
thing khotin nha nudc ca the xem xet gia han nhung tai da
khOng qua ha muoi ngay. Nen dang k9 chao ban chdng
khoan cho nhieu dot thi khoang each gala cac dot char, ban
khOng qua muoi hai thong.
Don vi Oat hanh, t6 chat bao Faith Oat hanh hoac t6
chic d4i 19 phai phan phai chting khoan cOng bang, cOng
khai va dam bao theri han dang ky mua chimg khoan cho nha
driu to t6i thieu la hai muoi ngay; thei han cu ihO phrii duct
ghi trong ban thong bao phat hanh. Trueing hop s6 lugng
thing khorin dang k9 volt qua so Luang cluing khorin duct
phap phat hanh thi don vi phrit hanh hoac t6 chic bao lath
phat hanh phai phan ph6i hdt s6 cluing khoan dtroc phep phat
hanh cho nha thin at trong Ling vai tY l@ dang Icy dm nang
nha dau tu,
Teen mua chting khoin phai duet chuydn vao tai khoan
phong too ma tai ngan hang cho ddn khi holm tat dot chao
ban va brio crio U9 ban Chung khorin Nha nude.
Ket thtic dot phat hanh, don vi phat hanh hoac td cheic
bard lash phat Bah phai bao cao IS qua dot phat hanhsho U9
ban Chung khoan Nha.nuac trong 1hai han muoi ngay led tit
ngay leet Iliac dot chao ban kern then ban xac than cua ngan
hang not ma tai Ithatin phong ton' ye s6 tie'n thu duct trong dot
chao ban. Don vi pilaf hanh, td chic bao tanh phat hanh hoac
to chtic dai ly phai chuydn giao thing khoan hoac giay chting
than quyen sa hen thing khoan cho ngueri mua trong theri
han ba muoi ngily ke Ut ngay ket thtic dot chao ban.
73
 MOt clang ty sau khi da hohn thanh viec phzit hanh
chdng khozin Ian ddu ra Ong chting se tit tharth tong ty dai
cluing. H6 sa clang k1 phat hanh cluing khoan ra Ong chting
ducc coi IA h6 sa cOng ty dal cluing. Cong ty dai cluing c6
nghia vu phai: thuc hien nghia vu cOng b6 thong tin theo quy
dinh cila phip lint chting khoan va thi truang citing khoan,
tuan thil nhang nguyen tnc ye quan tri cOng ty theo quy dinh
cazt Luat Doanh nghiep, phai thuc hien dang kt, luu ky
cluing khoan tai trong tam luu k9 chting khoan.

III, BAO LANH PHAT HANH CHUNG KHOAN:

1. Khai nigm:
Bao lanh phat hanh la viec td chic bio lank gitip don vi
phat hanh time hien cac thA tut trutc khi chao ban cluing
khoan, td than viec phan ph6i thing khoan va gitip Kith on
gizi ching khoan trong giai doan dau sau khi phat hanh. Tren
the gioi, cac ngan hang dM tu, cac cOng ty Ming lehoin
thuang la nhitng td chic ding ra lam bao lath phat hanh.
TO chic bao lanh la ngueti chin trach nhiem mua hoic
chao bin cluing khoan cua met t6 chic phat hanh nharn thirc
hien viec phan ph6i chting khoan de hieing hoa hong.
2. Cac phaang thac ban lanh chat hanh
Viec bao lanh phat hanh among duac thuc hien theo
met trong cac plurang Mire sau:
Bdo Binh vii cam kit chtic chin (firm commitment

74
underwriting): la phuong dirk bao lanh ma theo do to chdc
bao lanh cam kit se" mua man 1)0 s6 cluing khoan phat hanh
cho du co phan ph6i duet hit chemg khoan hay khOng.
Trong hinh thfic ban llinh t6 hop theo "cam kit chk chin",
mot nhom cat td chdc bao lanh hinh thanh mot t6 hop di
mua cluing khoan cUa t6 chew phat hanh voi gia chi& khau
so veii gia chao ban ra cong chting (POP) va ban 14i cac
thing khoan dO ra cong cluing theo gia POP. Chenh lech
gala gia mua chiing khorin cua cac td chile bao lanh va gia
chao ban ra cOng chting &roc goi la hoa hong chi& khau.
Ado forth theo glutting thde cht gling: day ta phuong
thew thuerng duqc ap dung khi mot cOng ty dai cluing phat
hanh b6 sung them cd phial thuemg a car nu& phat then.
Trong tnrOng hap d6, cong ty can phai bao ve guy& loi cho
cac cd dung hien hitu, va nhu vay, cong ty phai chao ban c6
phi6u 66 sung cho cac co thing cu try& khi chao ban ra cong
cluing ben ngoai. Di nhien, se ce tried si c6 d6ng khOng
mu6n mua them c6 phieu dia cOng ty. Do vay, cong ty can
co mot t6 chtic bao lanh du phang sin sang mua nhang
quyen mua khOng duet thtic hien va chuy6n thanh nhinig c6
phi6u de phan ph6i ra ngoai cong chring. C6 the noi, bio
lanh theo phuring duk du pheng viec t6 clitic bao lath
cam kit se mua nut s6 chting khoan con lei chua duqc phan
ph6i het cUa t6 chdc phat hanh va ban lei ra cong cling. Ti
cac nu& dang phat tri6n, khi cac to' chew bao liinh con non
tre va chua co tiem life. Ian thi phuong thdc bao lanh phat
hanh du phOng 14i la phuong thdc bao lanh thong dung nhat.

75
 Bdo lanh vol cd gdng cao nhat (Best effort
underwriting): la phuong that bao lanh ma theo dO t6 chdc
ban lanh tholt thuan lam din ly cho td chtic phat hanh. T6
chic ban lanh khOng cam kit ban man 60 so cluing khoan
ma cam ket se c6 gang het sac de ban cluing khoan ra [hi
truerng, nhtmg neu khOng phan phtii hit se tra lai cho t6 chuc
phat hanh phan con lai.
Bdo ldnh theo phuong thew ban tat cd hoac khong (all
or none underwriting): trong phuong thdc nay, t6 chat phat
hanh yen cap t6 chdc bao 'AM ph& hanh ban me[ s6 bong
chung khozin nhat Binh ra cling chting, non khdng phan pheii
duet hit se huY toan IV dot ghat hank
Btio kink theo phuong that tdi thilu - tai da: la
pluming [him trung gian gida phuong thdc bao lanh yid co"
gang can nhat va phuong thtic bao lanh ban tat ca hoac
kilning. Theo phuong thdc nay, td chtic phat hanh yeu can t6
chic ban lanh ban t6i thieu ulna t9 cluing khoan nhat Binh
(mdc san). Vuot trnn mdc ay, t6 chlic ban lanh dupc to do
chao ban chiing khoan den mdc tai da quy chi -1h (mac trio).
Neu bong chling khoan ban duct dat 6', Ie Chap hen mdc yeu
can thl toan 60 dot phat hanh se bi huY
3, Chit the tham gia clot bao lanh phat hanh:
3.1, TO' hop bdo lanh phat hank (syndicate): t6 hop
bao lanh phat hanh la mot nh6m cac t6 civic bao lanh dung
ra dam nhan nghiep vu bin lanh phal hanh nham han chi rill
ro va dam bao viec phan ph6i chdrig khoan duct tin hanh
nhanh chemg va co hieu qua.
76
 3.2, TO' chat bdo idnh chinh: trong truong hop chit phat
hanh c6 t6 hop bao lanh phat hanh thi se t6 chdc bao lanh
chink T6 chirc nay se do don vi phat hanh lira chon. T6
eh& bao lanh chinh dugc thay mat cac t6 chdc bao Earth
thanh vien trong td hop de giai quyet tat ea cac van de c6
lien quan tdi dot phat hanh chi:mg khodn. Thant quyen that t6
chLic brio lanh that hanh chinh dugc quy dish trong hop
(long giva cac t6 chdc bao lanh tham gia dot phat hanh.
3.3, Nhorn deg ly phan nh6m dai 19 phan ph6i bao
grim cac cOng ty chdng khoan ty doanh gith cho viec phan
ph6i chting khoan. Trong mot dot phat hanh chtIng khotin ra
cOng chting dthi hinh Mac td hop bao lanh phat hanh, dai 19
phan ph6i IA cac cOng ty ma td chdc bao lath chinh phan
chia chdng khoan danh chdng khoan cho hg d@ phan ph6i.
T6 civic bao lanh chit-1h phan chia chting khoan chrgc ban cho
cac dai 19 phan ph6i veto tai khoan cua cac nha bao lanh theo
t9 le cam ket. Gic t6 chdc bao lanh mua chdng khotin trim
tiep ttY don vi phat hanh, con cac dai 19 phan ph6i mua chi:mg
khoan tv td chtic bao lath phat hanh chinh hoac t6 chile bao
lath phtit hanh thanh vien va ban lai chUng khoan do. Dal 19
phan ph6i khOng d6ng vai tr6 tha td chtic bao lath Oat hanh
vi vay khOng chin Cie rui ro nen dot phat hanh khOng thanh
cOng. Tuy nhien mot t6 chdc bao lanh c6 the &mg vai tro
tha dai ly va la thanh vien cua nhtim dAi 19 phan ph6i trong
truOng hop td chirc bao lanh c16 mua va ban tat cac chdng
khoin tha cac t6 chth bao lanh khac hoac cac dai 19 khOng
ce kha Wang phan ph6i het.

77
 3.4, Quy trinh thuc hien dot bdo Ural phat hank Quy
trinh halo lath phat hanh day da nhat bao gam 4 biteic co ban
sau: phan tich danh gia kha nang phat UM; chuan lit ho so
xin phep that hanh; ban cluing Ichoan ra cOng chUng; binh on
va dieu hoa thi twang.
3.4.1, Phdn tich va dcinh gid klui na'ng phat hanh:
Ngay to mak khi hop d6ng bao lath that hanh dirge kY
ket, t6 eh& bao lanh that hanh cling da bat dam tim hieu va
c6 the (long vai [re nhu mot to van tai chinh cho don vi phat
hanh. T6 cline bao lath that hanh se clang v6i don vi that
hanh lap nhem nghien cuu tien kha thi de chutin bi phat
hanh. Nhiim nay se bao gem cac nhan vien phan tich cita M
eh& bao lanh phat hanh va cac can be caa don vi phat hanh.
Nit chuan bi se nen hanh nh&ng phan tich, (lath gia ye
kha nails that hanh ra cOng cluing tren nhiing khia canh chit
yeu nhu: tinh hinh host Ong dm don vi phat hanh, dem lilt
tat chinh caa don vi that hanh, tinh hlnh thi throng cac sat
phdm chinh, cac khia canh phap ly caa viec phat hanh chting
khoin ra cOng chung, tinh hlnh thi tinting yen trong nii6c va
nu& ngoai.
Ket qua phan tich ban dal.' nay nham cung cap nhilmg
thong tin can thief cho HOi (long quan tri va dai hOi &Ong c6
clOng ra quy& dinh phat hanh. Ong nh&ng the, nhiing phan
tich tren dude den hanh cling se g6p phan dua ra phitang
twang chinh ye cach thuc phat hanh va chUng loaf eh-1'11g
khoan phat hanh.

78
 3.4.2, Ph& Op vol don vi phat hank <Juan hi ho so
Bang kji ph& hanh:
Sau khi hop citing bao lath phat hanh duoc k9 ket gith
dai dien hop phdp cila td chi:cc bao lath phat hanh va dun vi
phat himh, t6 chth bao lanh se phei hop veli don vi pith hanh
a Uwe hien cOng tac chuan bi 116 so dang k9 phat hanh.
Viec churin bi ho so clang k9 phat hanh can su tham gia cria
e.ac chuyen gia tai chinh, ke toan va phap 1Y. Gic chuyen gia
nay lh nhan vien tha td chtic bao lanh hoax ding co the la do
t6 clulc bAo lanh tap hop tic cac cong ty tat chinh, ke Loan hay
lu4t phap khac.
Ltht phap cha hau het cac guile gia deu quy dinh t6
chile bao lanh phai chiu trach nhiem lien Mi ddi vol ho so
dang ky pith hanh cila don vi pith hanh. Dieu nay c6 / nghia
la t6 chtic bao lanh pith chiu trach nhiem truoc cac sai sea
hay thieu but thong tin trong hei so xin phep phat hanh. Quy
dinh nay nharn dam bao t6 du:cc bilo lanh co n11E-mg c6 gang
t6i da trong viec kiem tra tinh dung dan, day du va hop phap
cha cac thOng tin dua ra trong 116 so xin dang ky phat hanh
va. cac Meng tin trong ban cao bath. Quy dinh nay se dam
bAo cho cac nha dau to c6 dirge nhiing thong tin xac thuc va
day du d6 dua ra guy& dinh dau tu. Tuy nhien, viec nay
khOng c6 nghia la t6 chilc bao lanh thay the trach nhiem cha
don vi phat hanh va cac t6 chirc va ca than khan c6 lien quan
den viec pith hanh nhu ming ty kiem toan, thanh vien h6i
clang quan tri, ban giam d6c, ke toan throng tha don vi phat
hanh.
79
 Trong truerng hop brio lanh that hanh theo hinh thric t6
hop bao lanh thi t6 chdc bao lath chinh se phai quy6t dinh
quy ma td hop va xac dinh cac thanh vien tham gia t6 hop.
Viec thanh lap t6 hop brio lanh cling co Ini ich nhat dinh d6i
vdi cac td chew brio lath beri no co th6 phan tan fin ro. TO
chid brio lanh tham gia td hop bao lanh phat hanh co the do
t6 chdc ban lath chinh lua chon hoac do chinh cac t6 chtic
bao lanh to ti6p xtic ven td chdc ban 15nh chinh de tim ki6m
co hOi tham gia.

T6 chdc brio lanh chinh cling co the thanh lap nhtim

ban, bao gam cac dai ly" phan pheii. Thong thueng cac dai ly
phan ph6i dtroc xac dinh sau khi t6 hop bao lath &roc thiM
14p.

phan dinh quyen hai va nghia vu gala cac ben tham

gia vao qua trinh bao lanh phat hanh, cac hop ding sau phai
duet kjr k6t truerc khi qua trinh pith hanh duqc kheri dOng:
hop ding gida cac t6 chtic bao lank hop Ming bao lanh phrit
hanh hay can co th6 duct goi la tarn kth bao lanh phat hanh,
hop clang vii cac dal 19 clugc Iva chon (feu co). Cac hop
&Ong nay se quy dinh rei ye quyen 1M va trach nhiem gifra
cac ben tham gia qua trinh chao ban cluing khoan ra cOng
Cac hop Ming nay thuang cling se quy dinh nhang
dieu khoin nham dam brio ho so dang kjr phat hanh va ban
trio Mach chda dung nhang thong tin chinh xac va day du ve
tinh hinh sari xuat kinh doanh, nang luc tai chinh that don vi
phat hanh.

Tai Mr& nay, to chile bao lanh phat hanh Ming phai
80
 hop vii don vi phat hanh de xac dinh gia chao ban.
Sau khi hoan tat he; sa, t6 chic bao lanh c6 the gidp don
vi phat hanh trinh ho so len US/ ban Chimg khoin Nha nuetc.
T6 chic phat hanh cling c6 the gin 116 sa dang kY phat hanh
true tiep len co quan quan ly nha nu& ve chdng kholn va thi
truing cluing khoan. Ngoin ra don vi bao lanh con phai dap
116 so bao lanh len lay ban Cluing khotin Nha nit6c. H6 so nay
bao g6m: Ban sao gig)/ phep hoat dOng do US/ ban chting
khoin nha nu& cap, don dang kY lam bao lanh phat hanh,
hop clang giiira cac nha bat) lanh phat hanh (neu co t6 hop
bao lanh), cac tai lieu chiing minh td chic bao lanh c6 du
dieu kien lam bao lanh cho cicst phat hanh.
3.43, 1-16 tro don vi phcit hanh va chit. c chao ban
Chung khocin ra cling
Sau khi hei so dang ky phat hanh &roc UY ban chting
khotin nha ntrOic chap thuan, td chic bao liinh se clang cac dai
ly phan ph6i nen hanh xi( ly cac phiti dat mua, nhan tien dat
coc va lap s8 phan ph6i chting khoan. Trong qua trinh lap s6,
t6 chic bao lanh cei Ong can bang gift cac nha dau to c6 t6
chic va cac nha ddu to rieng le. TO chic ban lanh co the true
tiOp ban chiing khoin cho cac nha clan to cc) t6 chic.
Vao died diem Ichoal s6, cac to child bao lanh c6 nghia
vu thanh toan cho t6 chic phat hanh gia tri chiing khoan theo
gia chao ban tilt di hoa hong bao lank TO chic bao lanh co
nghia vu thanh toan cho t6 chic phai hanh vao ngay khoi s6
ngay ca khi chua hoan thanh vies phan ph6i chiing khoan.

81
 3.4.4, Binh on vet diern hod thi interns:
Ctic to chic bao lanh phat hanh co the gap khO than
trong viec phan phdi chiing khoiin nen gia cluing khoan do
tren thi inn:mg giam xueing dual mac gia chao ban triage khi
hoan tat viec phan phdi chting khoan ra cOng chting. De
giim thieu kh6 than nay, cac to chile bao lanh chinh co the
on dinh gia bang each mua chung khoan vao tai khoan cila to
hop.
Cong tac binh 6n gia co the thuc hien tren bat k9 thi
trubng nao ma chting khoan chao ban Max giao dich. Khi
thoc hien mua dd On dinh, ngueri mua phdi thong bao cho not
nhan lenh rang viec mua nay nham mix dich on dinh. T6
hop blo lanh chi dude dat mua de 6n dinh tren thi truong yea
cling mac gia. Trong qua trinh binh on gia, thanh vien caa
t6 hop bao lanh phat hanh thubng bi cam bin c6 phi& Midi
gia chao ban trong mOt khoing then gian nhat dinh sau thgi
diem ket fink viec chao ban, phan phdi co phien ra tong
chting sau khi to hop ban lath phat hanh duac giai the.
Sau theri han nay, thanh vien to hop bao lanh phat hanh co
the ban c6 phigu theo bat k9 gia nao.

IV, BAN CAO BACH THONG PHAT HANH CHUNG

KHOAN RA CONG CHUNG:

1, Ichiti niem va sti can thigt cna ban cao bach:

Khi pith hanh chttng khoan ra cOng chtIng, c6ng ty ph&
hanh phii ding cho ngueri mua cluing khoan nhimg thong
82
tin ye ban than cling ty, neu r6 nhimg cam IS cila cling ty va
nhirrig quyen 161 ca ban cim ngtroi mua chting kholin...de tren
co s& c16 nguesi dau to c6 th6 ra quyet dish dan to hay khOng.
Tai li6u phuc vu cho muc dich c16 goi la Ban cao bach
(prospectus) hay Ban cling b6 thong tin. Theo Luat Chang
khoan (2006):
Bdn cao bach la tai lieu hoac di? lieu diEn to (Ong khai
nhang thong tin chinh xac, (rung thuC, khach quan lien quan
den viec chao ban hoje niErn yit cluing khoan cna chac
phal hanh. Bdn cao bach slcung cop nhibig thong tin ice don
vi pheit hanh va vedor phait hanh.
Thong tin ye don vi phat hanh bao m6 hinh t6
auk 60 may, link vile float dOng kinh doanh, tai sin, tinh
hinh tai chinh (ban cao tai chinh da dan vi phat hitt& trong
2 narn gan 'that), HOi dong quan tri, gialm d6c hoac tang
giam d6c, co can t6 chtic c6 dOng (neu co). ThOng tin ye dot
chat:, ban bao g6m chting khoan chao ban, cac y6u t6 rui ro,
dg kien k6 hoach Igi nhuan va c6 tue caa nam gan 'that sau
khi phat hanh chimg khoan, phucmg an phat hanh va phuang
an sit dung ti6n thu &roc Cu dot chao ban cluing khoan ra
ding cluing. Ban can bach pith co chit k9 cila chit tich HOi
d6ng quirt tit gam d6c hoac tong giam d6c, 1c6 toan twang
hoac giam &Cc tai chinh dia dan vi phat hanh va ngueri dai
di6n theo phap luat mia don vi bao lanh phat hanh hoac t6
chdc bao lanh phat hanh chinh (neu la-t6 hop phat hanh).

83
 D6i \it'd viec phat hanh chting chi quy dau tu ra cong
chting, ban cao bach bao g6m nhting nOi dung: loaf hinh va
quy and quy dau tu chting khoan; muc lieu dau tu, chien !tax
(tau tu, phuong phap va quy trinh dau tu, han the' dan tu, cac
year 46 rut ro cua quy dau to chting khoan; torn tat cac nOi
dung co ban olia dieu le quy dau tu chi:mg khodn; phuong an
phat hanh cluing chi quy va cac thOng tin huOng dan tham
gia dau tu vao quy dau tu cluing khoan; thong tin torn tit ve
cOng ty van ly quy dau to Mang khoan, ngan hang giam sat
va quy dinh ve giao dich voi ngueri co lien quan cna ceng ty
quail 19 guy eau tu thing khoan va ngan hang giam sat.
Bin can bach that chat la mot lai mai hay chao ban a
cong chting dau tu dang k9 hoac mua cluing khoan cua ming
ty phat hank Ban ' cao bach bao gam moi thong tin lien quan
den don vi pith hanh va ye dot ph& hanh. Do do, thong tin
dua ra trong Ban cao bach se On vai cac dieu khoan that
hien lei met' hay chao ban.
Ban cao Bach chtra &roc U9 ban Chang khoan Nha
nude chip thuan dugc goi la Ban can Bach so bO. Ban cao
bach so BO khi da dugc U9 ban Ching !Moan Nha nulic chap
thuan se dime coi la Ban cao bach chinh thdc. Khi time hien
chao ban thing !Moan, ngoal Bin cao bach chinh [him, cong
ty phat hanh thuetng cung cap Ban cao bach tom tat. NOi
dung Ban cao bach torn tat la torn gon lai nhimg not dung
chinh dm Ban can bach chinh thim nhung van phai dam bao
tuan thu theo cac quy dinh dm U9 ban Cluing khoan Nha
nulic.
84
 Ban cao bach mOt tai lieu rat quan trong. V6i to each
la mot nha dau ttt, Ban cao bach la phuong tien gitip ho Minh
gia mac dO sinh len va Men vong cua cOng ty tnxOc khi ho
quyei dinh co dau to vlo cOng ty hay kh6ng. MOt quyet Binh
thi6u thong tin co the lam nha dau to phai tra gia
BUti vay, nha ddu to nen doc Ban cao bach mot each ky
Wring va din hieu to nhiing may MI thuc su cua cOng ty tank
khi ra guy& dinh dau tu. Nha dau to nen Minh gia can than
nhiing y@u t6 co ban cua cOng ty clang ky niein yet [hang qua
nghien Cull clic thong tin trong Ban cao bach. Mac du nhling
dot chao ban Ian dau ra cOng chiing thuang la co hOi (Mu to
tot vi chang thuttng mang la' loi nhuan ban dau cao, do c6
phieM tang gia nhung rat ro van ton tai.
2, Kgt ca-u, not dung va each thite doe ban cao
bach:
Bin cao bach thuong gam 8 muc chinh sau:
- Trang bia;
- TOrn tat Ban car) bach;
- Cie nhan to" rUi ro;
- Cac khai niem;
- Clang khoan phat hanh;
- Cac den tac lien quan toi dot phat hanh;
- Tinh hinh va dac diem caa t6 chdc phiit hanh;
- Phu luc.

85
 Nha clan to nen bat dau phan Itch mot cOng ty ph& hanh
bang Ban cao bach ctia cOng ty. Trong qua trinh that ben
nha dau to nen to dat ra cho minh mot s6 cau hOi quan trong.
Vi du, vier kinh doanh cua cOng ty do co tieh trie'n hay
khOng?, doanh s6 ban hang tang co nghia Ca Icri nhuan cang
tang va clan tart gia cd phi& tang. Nhung cac con sd chua phai
not len tat ca. Do vay, nha dau to nen nghien ctiu k9 Ban cao
bach de fun ra nhang dab hien tang truOng cha cOng ty.
NU dau to ciing nen tim hidu ye Ban gbm doe cita cOng
ty phat hanh, cac san pham cua cOng ty va to dat ra cau heti
lieu cac san pith nay co tip tuc ban chtqc nib khOng?
Nhang thong tin can tham Trang bia (mat trudrc va
mat sau); uteri gian chao ban thing khoan ra cOng cluing;
cac khai niem; tinh hinh va dac dbm cua t6 chit phat hanh;
bang muc lye; torn tat Ban cao bach; torn tat ye von cd phan,
thong ke s6 lieu ph& hanh / chao ban, s6 no va phuang an sir
dung Wen thu duqc tic dot phat hanh; chting khoan ph& hanh;
th6ng tin vd nganh kinh doanh; thong tin tai chinh; thong tin
ye cd dung, HOi clang quan tri va Ban grim d6c; coo d6i tat
lien quan tai dot phat hanh; cac nhan td nil ro lien quan den
nganh kinh doanh va tridn vong cha cOng ty; phu luc; [hit tuc
nOp hd so va chap thuan.
ThOng tin chinh cua sang bia bao gam
- C_ac chUng khoan se duct ban;
- S6 bong chi:mg khoan se" duct ban;
- Gia ban cac thing khoan;
86
 - T6 chic lien quan d6n dot ph& hanh.
Tom tat ban cao bach: phiin nay ginp ! ha au to tim
hiOu khai quat nhiing thong tin torn tat ve cOng ty.
- Gidi thieu chung ve cong ty ph& hanh, cac hoat Bong
kinh doanh, ngifeci ho trq ph& hanh, cac c6 dOng Lim va Ban
giam d6c cUa cOng ty;
- Tam tat ve thOng tin tai chinh cUa cOng ty phat hanh,
kg' ca tridn vong cua cong ty;
- TOm tat ve cac y6u td rui ro lien quan hoac anh Wong
trii heat dOng kinh doanh va tai chinh cua cong ty phat hanh;
- Tom tat vg vdn co phan, thong ke phat hanh hoac chao
ban, s6 no, s6 tien thu duoc tit (tat phat hanh va muc dich su
dung s6 lien nay.
Ngoai ra nha clan to nen cl6i chigu vai cac phan Wang
img khalc trong Ban ca.° bach de co duqc cac thong tin chi
tilt ma mirth can quan tam.
Titling tin ye nganh kinh doanh - ThOng tin due ra
thtitmg bao
- Tinh hinh (car) nganh kinh doanh chinh ma cOng ty
phat hanh tham gia;
- Then vong cna (cac) nganh lien quan co anh twang tai
hoat denfg nganh kinh doanh chinh cua gong ty phat hanh;
- Loai san pham, dich vu kinh doanh chinh cua cong ty;
- Khach hang va nha cung cap cua cOng ty phat hanh;

87
 - Cong nghe, phuong thdc san neat va kenh phan ph6i
sit dung;
- Can nhan to" thuong mai nhu he thong ban le, dai 19, he
thgng phan ph6i, nhan hien san pham, giay phep kinh doanh,
bang sang the va Icha nang nghien cdu va ph& tridn.
Dgi vdi cac cOng ty dang ky niem yet dugc twang chinh
sach uu dai thi phin thOng tin ye nganh kinh doanh nay trong
Bin can bach clang can phai cOng b6 chi net cac van de ve
cOng ngliO cua rthring cOng ty nay.
Thong tin Atli chinh: ThOng tin tai chinh la mot phan
quan 'rang trong Ban coo bach va thugng duoc chia thanh 2
phan:
- Thong tin tai chinh trong qua kith;
- Thong tin tai chinh trong Wong lai.
Phan thong tin tai chinh trong qua. Thuemg bao
g6m torn tat cac ban bao coo tai chinh da duqc kidrn toan, va
bing can dgi ke toan (nen co ser Ong hop) theo man, duct
trich ra to Bao coo cila kiem toan trong phan phu luc eda
Ban can bich. MOt s6 nganh kinh doanh con yeu can cung
cap ca thong tin ye luting thu nhap. Vi4c cOng 66 thong tin
tai chinh trong qua klui thuong dirgc tinh tic 2 hoac ba nom
tai chinh truck dO. Tilting tin phai di kern of i unit" giai thich
va phan tich hoat dOng tai chinh trong qua. I'M'. Neu có bat
cti mot sai sot nao trong cac thong tin tai chinh dirge cOng b6
ma US, ban Cluing Ichoin phat hien dugc thi t6 chdc kiem
loan cling nhu td chdc !Jai] phat hanh phai chiu trach
88
nhiem lien dai truck phap luat cling veci t6 chic phat hanh.
Phan thong tin tai chinh arcing Iai: gam cac du tinh ye:
- Doanh thu;
- Lm nhuan au& thud [mac va sau khi tinh Iai cho c6
&rig thiau s6 ngoai cling ty;
- Lgi nhuan sau thug;
- Tang c6 tic va c6 arc ding.
Ti du tinh ye loi nhuan va gia chao ban c6 phie'u cia
cOng ty ph& hanh, nha dau to c6 the tinh ra cif auk gia thi
taking caa mot c6 phial tinh thco thu nhap tren mei c6 phial
trong nam coa cling ty ph& hanh (dirge ky hien la P /E). He
s6 nay cho duly khi nao thi gia c6 phieu phi' hop vdi thu
nhap. Ric la cac cling ty c6 nhieu co hal tang truing thuang
co P /E cao hon cac cling ty co it co hal tang twang. Tuy
nhien, ding can lm 9 twang hop P cao ce, the la do rude
thu nhap (E) thap Can at vao he so P /E, cling vdi su phan
tich ye mat chat Wong cua cOng ty phat hanh, nha dau to co
the danh gia dot phat hanh, chao ban c6 phieu cim cling ty so
vdi cac mite c6 phiS da duct niem yet cia cac cOng ty trong
ding nganh.
tn
co tong, Hai eking qudn va Ban gicim ddc: Nha dau
tic nen dot danh sach cac c6 clang, HOi (long /plan ti va Ban
Mtn ddc. Mac dui talc dd lieu dua ra khOng phai la con dau
dam bao ye ky nang guan Iy cia ho, nhimg ban van co the
Met duct trinh (10 chuyen men va kinh nghiem guan lY cia
nhang con nguai nay.

89
 Nha.dau to can cher 4 cac quyen loi cua cac c6 dang
Hai clang (pan ta va (Jai ngri lanh dao chn chat trong cac
nganh tuang fix hoac cac nganh canh tranh nen chting &lac
neu trong Ban cao bach. Nha dau to cling nen chug cac giao
dich trong qua khti hoac trong trong bi yea cac cong ty lien
quan. Ban cao bach se cung cap day du cac nhom thanh vien
sau:
- C6 &nig Ion va cac ntia sang lap dm Gong ty phat
hark Ice ca ten VA' c6 phan cua cac ca nhan dung clang sau
ming ty;
- Hat clang quail tri bao gam c6 phan ma ha dal dien,
chi del ye trinh do, kinh nghiem va phan trach nhiem cua
mai Man d6c, va ho co phai 1a cac giam d6c diet' hiinh hay
kh6ng;
- Don ngii can be quart 19 duo' cap tit vien Hai clang
quirt tri, chi fiat ye tenth da, kinh nghiem va phan trach
nhiem cna ho;
- Ty le sec hint c6 phneu, trai phial cua timg thanh vien
not tren.
Car yeit t6rui ro:
Cac run ro chung bao gam:
- Viec tang, giarn gia cluing khoan phu MI* vao cac
dieu hen dm thi twang chting khoan tun chung, cna tinh
trang kinh to dat nuoc va the giai;
- Nheing shay clai trong chinh sach cua Chinh pith;

90
 - Nhaing rui ro ve ngoai hal;
- Nhang thay dal ve ty le lai suit;
Nhilmg rut ro c6 the xay ra caa cOng ty bao gam:
- Su phu Mt* vao nhang can 60 chil chat;
- Sq phu thuac vao mat s6 it cac khach hang, nha cung
cap hoar cac clq an trong nai 60 cOng ty;
- Nheing thay der ye gia nguydn liau the;
- Sri ham [Mat gala cac der tha earth tranh hoac cac clang
ty mdi tham gia vao nganh;
- Tranh chap cu the da bit dam phat sinh hoac br mang
ra toa.
Trong 'Man nay nha diu to can tim hien xem Flai (long
quail tri dm cOng ty dinh giAi guy& hoac lam gram Anh
hiking cua cac nhan t6 rai ro da xac dinh nhu the nao.

V, PHAT HANH TRAI PHIEU CHINH PHU:

1, flint hanh trai phigu trong ntrac:

Thong qua ph& hanh trai phieu, Chinh phu Trung yang
va chinh quyen dia phuang có the huy clang v6n nharn dap
ring nhu car' &Au to va hoat clang caa minh. Tuy nhien Ye tha
tqc va phucmg phap thi phat hanh trai phieu khang giong
[Mat hanh cluing khoan ra cOng chung cua cac doanh nghiap.
Viac phat hanh trai phial chinh phu khOng phai xin phep US/
ban Chang khoan va khong can thuc hien clang 14 phat hanh

91
ra c6ng chting nhu cac doanh nghiep. Can cu vao ke hoach
huy prig vein hang thin cna ngan sach nha nuOc (ngan sach
trung uong, ngan sach dia pinning) va tien c10 sir dung von, t6
chin phat hanh xay ding ke hoach pith hanh trai phieu.
Trai phial chinh phu c6 the phat hanh duoi Bang chiing
chi hoac but toan ghi s6, c6 ghi ten hoac lchOng ghi ten. Viec
phat hanh trai phieu chinh phu thuong tien hanh theo clot Tai
met s6 nu& co the phat hanh thuthg xuyen. B6 tai chinh la
ngthi quy& dinh phuong thin phat hanh, quy m6 pith hanh,
menh gia, kY han, lai that, cac quy dinh ve thanh town tien
g6c va iai nal phieu. Tru6c Si dot pith hanh, don vi phat
hanh phai c6ng 66 inning quy dinh cu the nen can phuong
Lien th6ng tin dai chting.
Phat hanh trai phith chinh pith co the [hoc hien thong
qua phuong [Ink phat hanh truc tien (ban to qua he thong
kho bac) hoac qua dan thau tren thi trireing cluing khoan tap
trung.
Theo hinh thtic pluit hthh truc tien qua he thong kho bac
nha nthic, kho bac EMI-1g qua thing lutii chi nhanh ccia mirth
c6 the ban tax tien trai phieu cho cac 361 tuong c6 nhu eau.
Trai phieu ban le theo phuong thdc nay duoc phat hanh theo
hinh tittle chiet khan hoac ngang menh gia. Phat hanh trait
phial theo hinh thtic chiet khau la vies td chilc phat hanh
thlic hien ban trai phial than hon menh gia trai phi& va
thanh town bang menh gia nth phieu khi den han. Pith hanh
trai phieu theo hinh thdc ngang menh gia la viec to chiic pith
hanh thth hien ban trai phieu bang menh gia cua trai phieu.
92
Tien lag trai phial duct thanh roan dinh k5r, hoac met Ian
ding veri tien gee khi den him.
Dau thau qua thi truong cluing khoan tap trung &roc
thtrc hien theo quy dinh caa Be Tai chinh va LI/ ban Chung
khoan nha nudes Trai phial phat Milli qua thi truang giao
dich chang khoan tap trung duct niem yet tren Trung tam
giao dich hoac So giao dich chting khoan. Trung tam giao
dich (Set giao dich cluing khodn) la dai 1/ cho t6 chilc phat
hanh trong viec xet duyet thanh vien tham gia dgu thgu, nhan
don dat thau, xet than va ding b6 ket qua dau thgu.
Viec driu thau trai phieu dirtyc thirc hien theo men trong
hai hinh thirc: &Ur than canh tranh tranh lai suet hoac kgt hop
giCra dau thau canh tranh lai suit va (tau than kheng canh
tranh lag suet. Dan than canh tranh Lai silk la viec cac thanh
vien tham gia (au that' dua ra cac muc lai suet dir thau dm
minh de don vi t6 eh& dau thau foes dice mix lai writ thing
thau. lagu thau thong canh tranh lai suet la viec cac t6 chtic
tham gia dau thau khOng dua ra mdc Cai suet du thau ma
clang k/ mua trai phieu theo milc lai suet thing than duqc xic
dinh theo ket qua (Mu thau canh tranh lai suet.
T6 chtic phat hanh guy& dinh hinh thiic dau thau cu the
cua timg phien &Su than. Truang hey al) dung hinh auk dau
thau ket hop gift dau than canh tranh Cai suet vOl dal, than
kh6ng canh tranh lai suit thi kheri bong trai phial clgu than
kheng canh tranh lai suit khOng vuut qua 30% tdng khei
bong trai phieu thong bao phat hanh dm dot trai phieu do.

93
 Viec (tau than trai phieu chinh pith duct t6 chic can ci
vao ke hoach huy dOng van cia ngan sach nha nudc, nhu eau
sit dung van cua t6 chile phat hanh va tinh hinh thi truang tai
chinh, nen te.
Tricot ngay t6 chdc dab Chau mot that gian nhai dinh (do
nha nu& quy Binh trong ding Mai ky cu thd), can cd vao de
nghi cila t6 chic phat hanh, don vi to chdc ddu thou girt
th6ng bath phat hanh trai phieu cho cac thanh vien tham gia
dal' than va cling b6 tren cac phdong tien thong tin dai
chting. NOt dung thong bao bao g6m: kh6i lacing trai phial
phat hanh, ngay (tau than, hinh this dan that', ngay phat
hanh, ngay den han thanh toan, hinh thdc trai phidu, hinh
tilde ban trai phidu, pluming thdc thanh than gac, tra lai trai
phial. Thy thuOc vao nhu eau va hoan canh thuc td cita minh,
cac thanh vien tham gia clan than gvi phieu dat than (cac td
chdc, ca nhan kh6ng phai la thanh vien ddu than c6 thd dat
thou thong qua cac thanh vien dau thou). Don vi to chic ddu
thou phii kidm tra tinh hop le, hop phap cia phieu dat thou
Ong nhu tranh to va thil tuc ddu thou.
Can cet xac dinh kWh lueing va lai suit trting thin bao
gam: !chat lacing va lai suit dat than; khai thong trai phidu
du kith phat hanh va lai alai tit (ndu co); hinh this ddu
thou.
Thong thuong, phat hanh trai phigu dime thqc hien theo
hinh theic dal than canh tranh lai sat. Trong d6, truUng hop
kh6ng c6 lai suit tran thi kh6i luong thing thou duce icet
chon theo dui to tit mdc lai suit thdp nhat den mdc lai suit
94
dat dude kh6i luting trai phi6u thong bao phat hanh. Neu co
nhieu phial dat than ding mac lai suat ma tai mac lai audit do
kh6i luting trai phi6u vagt qua lchai luting trai phieu thong
bao phat hanh thi kh6i luting trai phieu thing than dirge phan
chia cho m6i phi6u dat than t9 to thuan vai khol luting [rat
phi6u dat than caa timg phi& Tra6ng hop c6 lai sugt trail thi
kh6i Luang nal phi6u tiling than duce xet chon then thd to
tang len caa lai sugt dat than trong pham vi lai sugt trait Tai
mac lai suat dat than cao nhgt trong pham vi lai suit trin cb
kh6i bong trai phi6u dat than Nam qua kh6i luting trai phieu
thong bao 'that hanh thi khOi luting trai phieu tang than
duce phan chia cho m6i phi6u dat than t9 le thuan voi khai
laong tali phieu dat than tai mac Lai sugt do.
Vi du ye &Su thlu trai phieu chinh chang han trong
mot dot phat hanh trai phi6u chinh pha, s6 nguad clang k9 &St
thau vat mac clang k9 tuong (mg thee tang mac lai suat nhu
sau:

Witted clang Mac clang ky Lai suSt COng don

k9 (1St than (KO USD) clang kit (%)
A 200 6 200

B 100 6,5 300

C 200 7 500
D 200 7,5 700
E 100 8 800

95
 Neu khei luting huy dOng yen la 500 trieu USD, lai suat
[ran quy Binh la 7%/nam thl se c6 3 don vi ming than la A,
B, C. Mite lai stud ming thau se duce xac Binh tuy theo
phuang phap dab that' bra chon.
Neu theo phuong phap dau thau kieu Ha Lan thi mac lai
slat cao nhat se Ap dung cho tat ca cac dan vi truing thau.
Neu theo phuang phap dau thau kieu Hoa Ky thi In&
don vi Ming than se duce huerng mac lai suat do minh dua
ra. Chang han A dua ra lai suat la 6% se duce haring lai
6%/nam trong khi B se duce hiking lai suit 6,5% va C se
duce twang tai suit 7%.
Neu khai !gong phat hanh Ian hon 500 diet' USD, lai
alai Lean la 8% thi s6 don vi truing than van la A, B, C vat
t6ng gia tri trai phial Ming thau a 500 trieu USD.
Neu Icheii luting phat hanh nher hon 500 trieu USD thi
kh6i luting trai phi& truing than se duce chon theo thu tu
tang dan cna lai suat dat than trong pham vi lai suit tran. Tai
mdc tat suit cao nhat, nett UM Luang trai phieu dat thau Ian
han trai phieu ph& hanh thi se phan chia cho mai don vi
truing thau throe mua theo t9 it dang k9.
Neu Lai slat tran that) han 6% thi dot dau than d6 khong
c6 ai Ming than ca.
Sau khi thie vies sac dinh lai suat va {chat luting
truing thau, don vi t6 chile dau thau k9 gin ban tang hop ket
qua dau that' cho td chdc phat hanh, Be tai chinh, U9 ban
nhan dan tinh, thanh ph6 (neu la trait phial chinh quyen dia
96
phuong), clfing Mei gui ket qua trong thilu cho cac don vi
[ham gia dau thau vil tong bei ka qua dau thau tren cac
phuong tien thong tin dM
2, That hanh trai phigu qugc tg:

Xu hiding town tau hod di& ra ngay tang sau sac, thi
truemg vein n6i chung va thi trueing chi-mg khoan n6i rieng
khOng chi giui han trong phdm vi mgt qufic gia ma con duct
mó rang pham vi tren binh Bien go& M. Mgt trong cac hinh
thirc huy clang von tren thi truong quik M ph6 Bien hien nay
duct nhieu Chinh phi) lira chop la phat Ural trai phi& qugc
a Day chinh la hinh thew vay ng trot tie!) tit cac nha dau at
qugc te ma kh6ng pi& qua cac dinh ch6 tat chinh trung gian
nhu vay vein ngan hang.
Huy dgng vein qua phat hanh trai phi& op& tee c6 mgt
so" iru the him so veil cam phuong thtic huy dgng von khac.
Thu nhat, kha nang thanh toan cling cu vay no cao do c6
the giao dich tren thi [cueing Mil cap nen nguoi phat hanh c6
the c6 duct mtic lai suat theip han cac hinh tilde vay no khac.
Thti hai, c6 the vay von vdi quy m6 Ion, thin gian tra no
Thir ba, co cab nha ddu to tang nen giam bat rig ro cho
ngued cung umg vein. Mat khac, phia chi" no cling kh6 sit
dung quan he vay ng gay sac ep yeti nu& vay vein trong
cac quan he kinh to khac. Thu' tu, de tang tinh hap din cua
dot phat hanh ngired di vay c6 the sir dung nhieu y@u tg kith
Mich nhu: cho phop chuyen d6i thanh loai cluing khoan khdc
hoac nal mua dot nay se clugc uu lien mua trong nliling dot
phat hanh

97
 Phat hanh trai phieu [in& to yet, cat' phai dam bao met
so diet.' kien nhat Binh: tha nhat, phai man thU thong le quoc
to ye ain't ur, thu tuc phat hank, thanh town trai phidu. Nhang
nth tuc nay kha phut tap doi lea phiti c6 sir chuan bi lau dai
cang ve moi mat; Thir hai, don vi phat hanh phiti dugc
danh gia he so tin nhiem (met so quec gia cO the pith hanh
trai phial cluck naelcheng c6 he s6 tin nhiem nlumg phai
chat Iai suat rat cao); Thu ba la you cau ye tinh minh bath va
cOng khai then chudn muc quec to ve huy dung va sir dung
yen.
Le phi quart 19 Nit bao lanh cho cac dot phat hanh trai
phieb quiic to co the thay del tuy then thai gian ciao han cua
trai phieu. Thong thaeng IC phi nay duty tinh dua vao CY 18
phan tram van plea. hanh.
Trai phi& quec teT c6 nhiau mac lai khlic nhau va phu
thuOc cho yell vao cac nhan t6 sau:
+ Mac de tin nhiem cria ngtreri phat hanh: uy tin va vi
the dm nguiti phzit Minh ding cao thi mac lad suat trai phieb
ho c411 the tiep can dome cang thap.
+ Thin gian dao han cua trai phieu: thed gian the ban
cang dai thi mac lai mat cang cao.
+ Quy ma plea hank quy me plait hanh cang Fan thi
tinh thanh khoan cent trai phi& tren thi kubmg tha cap cang
cao, chi ro cho nha dau lu cling dttec da dung hod va mac lai
suat se a mac thap hcm.
+ Su 6n dinh ben te: su bat on dinh ye tien t8 c6 the an

98
den rai ro cao hem va lai suet cung se Ion hon. Su 6n dinh
Pen te chiu su tzic &Ong elm nhiing yeti to chinh tri, tinh tong
lam phat, nhikg Ishii khan trong can can thanh loan, chinh
sach tier' te, t9 gia...
+ Quan he cung eau ye v6n: khi cung v6n dai han tren
thi truOng qudc to Ion hall can ye von se co anh hazing true
tiep den xu twang giitm lai suet huy Ong va nguqc lai.
ThOng thirang, quy trinh phat hanh trai phieu qu6c le co
the trai qua cac giai Joan di() yeu nhu saw giai doan thoa
thuan, giai dog!) uy quyen va giai (loan ph& hanh.
Giai doan thoa thuan: trong giai doan nay, ngudi phat
hanh va te chiic bao Elinh phat hanh (ngan hang hoac cling ty
thing khoan nu& ngoai) phai than luan ve mac tieu phzit
hanh, quy m6 du kietn ph& hanh, thui gian dao han, cac dieu
kien lien quan den dot phzit hank Cling trong giai doan nay,
hai ben phai lua chop to van phap ly cho men ben r6i tien
hanh xay dung va holm thien ban cao bath va cac he) so có
hen quan khac. Day la giai doan chiem nhieu the)" gian nhat
vi co lien quan true tiep din viec dam Olin, thao Man va
cling tac chtAn bi ban dau.
Giai doan us,quyen: d giai doan nay, ngtroi phat hanh
chinh thdc k9 vim thu de nghi pith hanh (letter of offer),
trong do chinh thdc hoe cac diem thio luan va chinh thdc u9
quyen cho t6 chdc bao lanh phat hanh thing ra that hien the
thu tut cho dot phzit hank T6 chat ban Binh phat hanh chinh
co the dung ra bao tieu town be, kh6i Wong trai phi& phat

99
hanh hoac ph6i hop vdi mQt s6 t6 chtk bao lanh phlt hanh
khac cling bao tidu Ich61 luting trai phidu phat hanh.
Giai doan phat hanh: tai giai doan nay, ngay phat hanh
trai phi6u chinh thdc MIN dua ra. Nhom bao tidu chinh Ethic
duqc rtgued phat hanh chap thuan. Hang [her, cat van ban
lien quan ddn viec phat hanh duct hoan thiOn va k9 k6t Cac
nha clan to bat dgu girl phidu clang ky mua trai phi& voi kh6i
luting va lai suat xac dinh. Thy theo phuang th6c phat hanh,
lai suSt va kh6i luting trai phieu phat hanh clinic xac dinh.
Sau khi k6t thdc dot phat hanh, toan b0 s6 tien thu dugc tit
dqt phat hanh duce chuyin cho ngueri phat hanh.
Khi phat hanh trai phidu queic td, Chinh phi" cac qu6c
gia can phan tich va lga chon thi tracing trai phidu phir hop
didu MOIL nhu cau cu the cna queic gia minh. Tren the'
gbh hiOn nay co mQt s6 thi gifting trai phidu Ian sau: thi
tutting trai phieu Toan du, thi throng trai phidu Hoa Ky, thi
truth% trai phidu chau Au, thi twang trai phidu Con Rang,
thj inking trai phidu Samura...
Thi tretang trai phieu Toan cdu (Global market): la thi
trtrOng t6ng hop cac thi truterng trai phieu khu vac. Dac diem
cga thi trueng nay la tinh card' tranh rat cao, lai stilt trai
phidu thap hon cac thi throng trai phi6u khac, then gian dao
hag dai, Ich61 luting phat ban], t6i da c6 the len d6n 3 t9 USD.
Day la thi truerng ca kha nang huy dung vdn cao. Tuy ninon,
chi có nhttng qu6c gia nhfing t6 nit& 16n, c6 uy tin voi miic
xdp hang do tin nhiem cao m6i at' the tham gia thong qua
viec phat hanh voi khdi lacing Lon.

100
 Thi truing trai phian Hoa Kj, (US market): Day cling
la thi twang tan d61 voi cac nha phut hanh trai phieu qudc rt.
Thi truing trai phi& Hoa Ky bao g6m 3„ thi trifling then
hinh: Thi Inking trai phial' Yankee, thi truing trai phi& theo
quy tdc 144A, thi twang dau to to nhan.
Thi trieng tail phi& Yankee la thi tufting nit phieu c6
quy m6 phut Earth lon nhat, cung cap ngufin vein tai han cho
cac nha phut hanh ngoli Hoa Ky. Dong tien phut hanh la
dfing do la My (USD). Thi trubng nay duce nhieu nha phut
hanh qufic to chi, 9 do lai suit that) va Icha nang tiep nhan trai
phi6u voi quy and 16n. Tuy nhien, thi taking nay co that gian
dang ky voi U9 ban Chung khoan va Giao dich Chang khoan
(SEC) kha dui va din tuc cling tuang clOi phirc tap.
Thi twang trai phieu theo quy the 144A: d61 voi thi
truing nay, trai phi& khi phut hanh khOng can phai clang k9
qua SEC ma thuong duce ban trite tiep cho mot sd nha dau to
churl bac thong qua daily Gic chit phut hanh tren thi truing
nay thuong duce to' chile bao lanh thuc hien town b0. VI vay,
uu diem caa thi trading nay la ties de) thgc hien nhanh, nhung
tinh thanh khoan va mac de minh bach va cling khai thi ban
ch6 hon thi truing Yankee.
Thi twang dau tutu nhdn: dat voi thi twang nay nglieti
phut hanh kh6ng phai dang ky voi SEC va n6 dove phut hanh
true tiep cho cac nha dau to nhat dinh. Ngueri phut hanh va
mat s6 nha dau talon c6 the trim tiep thou thuan ye tai sunt,
quy m6 phut hanh va then gian duo han. Thi taking nay

101
khOng dOi hal phai cO he sCi tin nhiem, co the trA no clan
nhung chi phi v6n la tong dal cao.
Thi truing trai phitu chau Au (Euro-bond market):
Day la thi truing giao dich trai phieu chau Au (Euro-bond).
Trai phi6u chau Au la trai phi6u duqc ban tai qudc gia kirk
han la tai qudc gia ma citing tien cua ne &roc set dung de
phan anh gia tri cua trai phieu. Chang han mot doanh nghiep
cUa thic phat hanh trai phial tinh bang &Mg bang Anh tai
Phan hoot Thuy Si thi trai phieu nay &roc goi la trai phi6u
chau Au.
Trai phien chat' Au ducrc ban tang min hie tai nhieu
qudc gia khac nhau va no Cr& thanh cOng cu huy Ong von
Bang thoi tir nhieu qu6c gia. Thong thirerng trai phial chau
Au duct giao dich thing tiled tai nhieu trung tam tai chinh
thong qua cac tap down bao tieu xuyen qu6c gia va t6 citric
dau to qudc t6. ViCc phat hanh trai phieu chau Au cho phep
Iva chon (long tien thanh toan do c16 chi' no co the yen can
a throe hoar al bang 1 trong s6 loai &Mg tien khac nhau va
do d6 co the giam rbi rove gia ham chfra trong loaf trai
phieu qudc t6 cluoc phat hanh bang clOng den duy nhat.
Trai phieu chau Au d6ng vai trO quan trong tong Mee
huy clang van qua phat hanh trai phieu qu6c t6 vi chi phi v6n
than, linh hoat tong thanh town, hieu qua hon thi ruing min
dia.
Tilt truing trai phieu Con !Ding (Dragon bond
market): la thi truing trai phieu dirge nitm yet tai mat s6 thi

102
tan-mg mdi n6i tai chau a nhu H6ng Kong. Singapore, Dai
Bac. Tuy nhien, nen mac trai phieu nay du tieu chart thi van
cri the them yet tai London, Luxambourg. Thi trueng nay
chit yeu nham den mic nha dau to thu6c khu vuc chau a -
Thai Binh Wong. Thi tinting nay c6 ut diem la yeu cau he
se tin nhiem [hap hen thi trueng ten phieu chau Au, thei
gian clao han ngan hen va tinh thanh khoan citing that:, hon.
truimg Samura: la met thi twang trai phieu Oat
hanh tai Nhat Ban. Thi trueng nay cho ph6p nguei phat hanh
nuec ngoat huy thing v6n tren thi trueng nen 41 Nhat Ban
bang d6ng Yen Nhat nhung phai c6 dieu kien tien guy& la
da dugc xac dinh he s6 tin nhiem. Thi trueng nay c6 uu diem
la gut cna trai phial duct xac dinh nhanh cluing nhung lai c6
nhugc diem la kern hap dan do sit len gia cUa d6ng Yen.

103
Box 1.1: Dort phat hanh trai Rhieu quec ta ,cua VietNam -
"But ngoat c6 tac Ong den cac nha dau tip gain te"

D6 la nhbn dinh cCia cac chuyen gia ye tai chinh guOc te trong guOi
toa dam ye Trai phieu Chinh phi] Viet nam sau 1 nam phat hanh ra
gm:pc te, do Be tai chinh va Ngan hang Credit Suisse First Boston -
CSFB (Thuy, Si) t6 cht:rc tai Haile ngay 26/10/2006.
Nhieu nha dau fir mitt ngoei cho rang viec phat hanh trai phieu
chinh phO clia Vie nam door coi la so kien an kheng chi coa Viet
nam ma con la cue thi trubng von the gi&i. Nei ve sr kien nay, tap
chi -re chinh gu6c te (IFR) da nhan xet: kh6ng met trai phieu nao
ghat hanh tip chau A trong nam 2005 co 9 nghia quan tong nht.r
dpi phat hanh trai phieu cOa Vie nam, Theo ling Jon Pratt, lanh
dao thi trutrig von chau A cua CSFB, day la dot phat hanh tao
butic ngoat dac Net va lam nen tang quan trong cho nhilmg dot
phat hanh sau vl sir thanh cling cOa dist phat hanh nay c6 tac
dOng 16m den cac nha au to guec te.
Dvt ghat !lath Trai phieu Chinh phO Viet nam ra thi true/rig von
gu6c to Ian dau tien duvc th•c hien vao ngay 27/10/2005, thith
han 10 nam; gia Iii phat hanh 750 bleu USD, lai suet 7 125%/nam,
ngay dao han 15/1/2016; CSFB dirge chon la nha bao lanh, v61
vai tr6 lb nha quail 19 so clang k9 duy nhat. Trai phieu Chinh phO
&roc ghat hanh tai New York, niem yet a Singapore. Ngay khi c6
th6ng tin ve dot phat hanh, da c6 gen 300 nha dau tv mua, vai
tong so tien clang ky len tai 4,5 ty USD, chi sau met thai gian
ng6n, town be trai phieu chinh phO da duvc ban hat Theo Thong
ke dia Ngan hang CSFB cac nha dau Ur dat mua trai phieu chinh
phi) Viet nam chi] yeu den tip chau A, chau Au va My.
Nguen• Dix Anh fret) Bao HA NOi M61
so 13540 ngAy 27/102006

104
 Phu lye 2.1: Mau Ban Cao Ruch

(trang bia)

US' BAN CHUNG KHOAN NHA Mitt CAP CHONG NHAN BANG KY
CHAO BAN Co PHIEU RA CONG CHUNG CHI CO NGHIA U\ VIEC
SANG KY CHAO BAN C6 PHIEU DA mvc marsh THEO CAC QUY
DINH COP, PHAP LUAT LIEN OUAN MA KHONG HAM Y DAM BAO GIA
TRI CUA CO PHIEU. MQI TUYEN B6 TRAI Vtil DIEU NAY LA BAT HQ?
PHAP.

BAN CAO BACH

CONG TY: ABC
nhAn DKKD Ad ... do... cap ngay...thang...nam.)

CHAD BAN CO PHIEU RA CONG CHUNG

(Gay chang nhAn clang ky °ha° ban Ad JDKCB do Cad hob Ufr ban
Chang khoan NhA nark cap ngay . thang. !lam .)

TO CHOC BAO LANH PHAT HANH CHINN:

(hoac T6 CHOC DAILY PHAT HANH)
COng ty:
COng ty -
To CHOC SONG BAO LANK (na'u
i 66):
Ding ty:
COng ty
BAn cao ach nay va tai liOu bei sung se auoc cung cap tai .
IO ngay
Phu trach cong b6 thOng tin:
Ho ten: So Bien thug' .
105
 (trang bia)
CONG TY: ABC
(Gia'y chdng nhOn OKKD so do cap nods/ ..thAng _.nam
CHAO BAN CO PHIEU RA CONG CHUNG

Ten co' phi6u:

Me:nh gia:
Gia ban:
Tang s6 litong chao ban: (net, r6 s6 luting chao ban ra cong chOng
va s6 luting ban thdng cho cac nha dgu to co t6 chit, ngu co)
Tang gia tri chao ban:
To CHUG BAO LANH PHAT HANH (HOAC DAI LY PHAT HANH):
To CHUG BAO LANH PHAT HANH CHINN'
1. CONG TY • (ghi r6 dia chi try so chinh, so dien thoth, s6 fax
giao Bich)
2. CONG TY (ghi ro dia chi try so chinh, so then thoth, so fax
giao Bich)
3.

TO CHUG BONG BAO LANH PHAT HANH

1. CONG TY ' (ghi rd dia chi try so chinh, s6 dien thogi, s6
fax giao dich)
2. CONG TY • (ghi r6 dia chi try so chinh, s6 dien thogi, s6
fax giao Bich)
3
TO CHUG KIN TOAN,
GONG TY • (ghi r6 dia chi try so chinh, s6 dign thoai. s6 fax
giao dich)

TO CHCfC Ill VAN,

CONG TY • (ghi ro dia chi try so chinh, s6 dien thoai s6 fax
,

giao dich)

106
 NOI DUNG BAN CAD BACH

I. CAC NH 'AN TO RUI RO (phan tich rb anh hu6ng

eaa cac nhan td fin ro don dot chao ban, gia ca co philu chao
ban hoac do an sir dung v6n thu dugc tit dot char) bin)

1. Thai cal t6 chile khong phai la to' chitc tin

dung va to chirc tai chinh phi ngan hang:
1.1 Riti ro ve kinh to
1.2 Rai ro ye luat phap
1.3 Rai ro dac thu (nganh, cOng ty, linh virc hoot Ong)
1.4 RUi ro caa dot chito ban, dm do an sir dung tien thu
duoc tit dot chao ban
1.5 Rui ro khac
2. Del vdi to chite tin dung va. t6 ehiic tai chinh
phi ngfin hang:
2.1 Rai ro ve lai suit: (Phan tich tinh hinh huy dOng va
cho vay, chenh lOch gnia kh han tien gin va lien vay, tit dO
nhung bien dOng ye Iai suit da gay tac dOng the nao tei gia
cac kiloan tien gui va cho vay)
2.2 Rai ro ye tin dung: (Phan tich rui ro c6 the xay ra do
c6 mit s6 cOng ty vi ly do cu the nao d6 c6 the khong tra
duce no vay)
2.3 Rai ro ye ngoai h6i: (Bien dOng ty gia da gay tac
dOng the" nao den gia tri cua cac Ioai tai sari cO va no bang
107
ngoai te. Kit qua rang cila cac tac dOng nay a thu . n Ica hay
bat loi)
2.4 Rid ro vi thanh toan: (Phan tich !chi nang co thi xay
ra viec rut tidn dot mat vol khdi hiving km da ngudi gun tin
va kha nang cua ngan hang trong viec bao dam tit mat de
dap ling yeti Mu nit tin Mitring xuyen va dac biet La nIni cau
dot xuat caa khach hang)
2.5 Rui ro tir cac boat dOng ngoai bang: (Phan tich cac
giao dich ky han, cac khoan cam kit cho vay, cac khoin bao
lath L/C co kha nang gay ra Miring tac dOng gi din tinh hinh
tai chinh cua ngan hang)
2.6 Rui ro luat
2.7 Rai ro cila dot chao ban, dm du an sir dung van tit
dot chao ban
2.8 Rid ro khac: (Rai to Mt !cha khang hien tai, dich
hoa...)

II. NHUNG NGUGI CHILI TRACH NHIEM CHINH DOI

WIT NOI DUNG BAN CAO BACH
1. TO chfic phat hanh
Ong/B1. Chile vu: Cha tich HOi clang quan tri
Ong/Ba. Chdc vu: Gram dac (Tiing giam Mc)
Ong/Ba Chile vu: Ki roan trudng (Giam deic
Tai chinh)
Ong/Blv Chdc vu: Trinang ban kiim soat
108
 Chong ten dam bar) rang cac thong tin va s6 lieu trong
Ban cao bach nay la phi,' hop veri thuc td ma cluing tbi dude
biet, hoar dal dieu tra, thu thap met cach hop 19.
2. TO chitc bito lard) pilot hanh, TO chile tti van
Dai dien theo phapluat: Ong/Ba:
Clint vu:
Ban cao bach nay la met phan cria ho sa dang kY chao
ban do (ten td ethic bao lanh phat hanh, t6 chtic to van) tham
gia lap tren cd sa hop dang to van (hop d6ng bao lanh phat
hanh) vdi (ten td chtic phat hanh). Ch'ing Mn dam bao rang
vi4c phan tich, &Ph gia va lira churl ngrin to tren Ban cao
bach nay da duck thuc hien met cach hop ly va can acing do
tren cc( so cac thong tin Ira s6 lieu do (ten t6 chilc phat hanh)
cung cap.

III. CAC KHM NIKM

(Nhdng tir, nhom tir viet tat hoac kh6 hieu, hoac c6 the
gay hieu lam duqc the hien trong ban cao bach can phai dinh
nghia)

IV. TINH HINH VA DAC DIEM CUA TO CHUC PRAT

HANH
(Trong twang hop chao ban them, phan nay c6 the'
dart trinh bay mat cach tom tat nhung van phdi ddm Info
day chi cac tun dung darn day)

109
 1. Tom tat qua trinh hinh thanh va phat triOn
2. Cd ego chitc cling ty (va co can trong tap
doan, n'en co) (the hien bang so d6 va kern theo dien
3. Cd can be may quan ly caa tong ty (the" hien
bang so do va kern theo dien giai)
4. Danh sach co eking (ten, dia chi) nAm gni tit
tren 5% von co phAn can tong ty; Danh sach co
dOng sang lap NIA ti le c6 phAn nAm gift (nth cac qui
dinh ve Flan the chuydn nhtaiing con hieu lac); Cd cSu c6
citing (I6 click, ca nhan trong nuac, ngoai nu& va 6 le nAm
girt);
5. Danh sach nhitng tong ty me va cong ty con
cua to' chile phat hAnh, nhiing cong ty ma to chile
phat hanh Bang nAm gill quy‘n kiern soat hoac CO
phan chi phOi, nhitng cong ty nam quyen kiern soat
hoac co phAn chi phOi dOi v&i to chitc phat hanh;
6. Hoat dOng kinh doanh
6.1. 061
vai chac phut hanh kitting phdi la a chat
tin dung va to' chat tai chink phi ngiin hang:
6.1.1.San lucmg san phirm/gia tti dich vu qua cac nam
(ty to timg loai sari pham/dich vu trong doanh thu, lui nhuan)
6.1.2. Nguyen vat lieu
- NguOn nguyen vat lieu;
- Su 6n dinh cua cac nguan cung cap nay;
110
 - Anh twang dm giti ca nguyen vat lieu ten doanh thu,
lyi nhuan.
6.1.3. Chi phi san sun (cao hay than, cet tinh canh tranh
hay khOng?)
6.1.4. Trinh dp Ong nghe
6.1.5. Tinh hinh nghien cuu va phat then san phdm mot
(nen co)
6.1.6. Tinh hinh kie'm tra chill losing san pham/dich vu
-Ile thong quart 19 chat long clang tip dung;
- Bp Ethan kiqm Ira chat long Oa cOng ty.
6.1.7. Float Ong Marketing
6.1.8. Nhan hieu thong mai, clang k9 phat minh sang
the va ban quyen
6.1.9. Ctic hqp deing Ion dang dupc (hue hien hoac da
duqc ky kel (neu ten, tri gia, thin gian [hue hien, san pham,
deli (tic trong hop Ong)
6.2. DOi via CO char tin dung viz to' chic tai chinh phi
'twin hang:
6.2.1. Nganh nghe kinh doanh chinh cua Ong ty:
- Chung ton va chit luring san pham/dich vu;
- Huy dOng von (Co can t9 trong ngu6n v6n huy Ong
trong nuac, ngoai nubs cUa (6 chile phat hanh trong 2-3 nam
gan shat)

111
 - float Ong tin dung (Hieu qua, ty le an Loan v6n, tang
du no cho vay, t 1C no kh6 dOi, rai ro !Ai swat, phan loci...
trong 2-3 nam gin nhat)
- float dOng kinh doanh ngoai to va thanh man (Tinh
hinh boat &Ong kinh doanh ngoai to va thanh toan, cac dich
vu thanh [min trong nudc va thanh toan qudc t6 trong 2-3
nam gin nhat)
- Hoat &Ong ngan hang dai 19 (n6u c6)
6.2.2. Quin Iq rui ro va bio toan v6ru
6.2.3. Thi truing boat Ong
- Mang la& chi nhanh
- Mang htdi khach hang va cac loai dich vu cho khach
hang
- Thi phin va MIA Hang canh tranh
6.2.4. CAc di an phat trier' hoat Ong kinh doanh clang
thuc hien.
7. Ban ea° kgt qui hour dOng sin xudt kinh
doanh trong 2 nam gan nhgt

7.1. Tam Mt mat so' chi lieu ve hota tang sdn xucit
kinh doanh cua c6ng ty trong 2 nam gin nib*
- IC& qui boat dOng kinh doanh

112
 Chi tigu Nam Nam % tang
X-1 -X cliam
* Deii vdi to' chac khong ph6i la t6 chile tin
dung va t6 chat tai chinh phi ngan hang:
T6ng Oa tri tai san
Doanh thu thuan
Lgi nhuan to hoat <king kinh doanh
Lgi nhuan khac
Lgi nhuan trutc thug
Lgi nhuan sau thug
Ty le loi nhuan tra c6 hit
' D61 vdi t6 chat tin dung va 16 chtic tai
chinh phi ngan hang:
T6ng gia fp tai san
Doanh thu
Thug va cac khaki phai nep
Lai nhuan trudc thug
Lai nhuan sau thug

-Can chi Lieu khac (thy theo dac di6m rieng cua nganh,
cna cling ty de lam it ket qua hoat dOng kinh doanh trong
hai nam gin shat)
7.2. Nhang nhan td anh huOng den boat thing san ?mat
kinh doanh cua cling ty trong nam bao cao (Neu r5 nhilmg
nhan to talc dOng chinh den tinh hinh kinh doanh cila cling ty
trong nam bao cdo. Traiing hop tinh hinh kinh: doanh cua
ceng ty giam stit , can giai trinh r5 nguyen nhan)

113
 8. Vi the. cua cong ty so vai cac doanh nghiep
Make trong ding nganh
- Vi they dm cling ty trong nganh:
- Tridn vong phut tried cua nganh;
- Danh gia ye sir phi,' hop dinh hating phut thei r] du
cOng ty vol dinh huOng cila nganh, chinh such caa Nha mak,
va xu the chung tra'n the gioi.
9. Chinh such del vai ngdai lao deng
- S6 *mg ngirai lao (ling trong cOng ty;
- Chinh such duo tao, luting thu6ng, try cap, ...
10. Chinh such co tits (neu rb ty 14 cd tut trong hai
nam gun that va cac chinh such lien quan den viec Era cd tdc)
11. Tinh hinh tai chinh

11.1. Ddi voi the to' char kitting phdi to to' chitc tin
dung va chits till chinh phi ngdn hang:
11.1.1 Cac chi tieu co ban (trong nam gun nhat)
- Trich khan hao TSCD: (theo dung che'd0 quy Binh? c6
shay d61 gi trong chinh such khan hao?)
- Mdc luong binh quad (so vai mac bong binh quan
cua cac doanh nghi8p khac ding nganh trong ding dia ban?)
- Thanh Man cac khoan no den han: (co thanh toan thing
han va day du cac khoan no khOng?)
- Cac Ichozin phai top. theo luat dinh: (co [hoc hien theo
luat dinh?)
114
 - Trich lap cac quy theo heat dinh: (co dting theo DiCu le'
va Wet dinh?)
- TOng du no vay: (ghi re no qua hen, t6ng du nq bao
lanh (n6u c6), qua han ngan han, trung han va dai han,
nguyen nhan clan dgn rid qua han, kha nang thu h&j)
- Tinh hinh cling no hien nay: (tdng s6 no phai thu, Icing
so nq phai tra)
11.1.2 eic chi tieu tai chinh chu y6u (tuY theo fling
nhanh)
Cac chi tieu Nam Nam Ghi
X-1 X chn
1. Chi tiou ye kha nano thanh toan
+ HO s6 thanh toan ngen han:
TSLD/Ner ngen han
+ HO s6 thanh toan nhanh:
TSLD - Hang ton kho
No mean han
2. Chi tieu ye co ceu vein
+ He se Nofteng tai san
+ He s5 NoN6n che so him
3. Chi tieu ye nang VC hoat thing
+ Wing quay hang ton kho:
Gia von hang ban
Hang ton kho binh quan
+ Doanh thu thuen/Teing tai san
4. Chi lieu ye kha nang sinh 16i
+ He s6 Loi nhuan sau thug/Doanh thu thuen

115
+ HO s6 Loi nhuin sau thu6N6n cha so him
+ HO s6 Loi nhuan sau thu6/TOng [Ai sin
+ H0 s6 Loi nhuan Kr hoat Ong kinh
doanh/Doanh thu thuin

11.2. Doi voi tit chitc tin dung vti chile td chink phi
ngdn hang:
Nam Nam
Chi lieu Ghi chu
X-1 X
1. Quy m6 van
+ Van di6u 10
+ -Ring tai sin 66
+ T910 an loan van
2. Kel qui hoat Ong kinh doanh
+ Doanh s6 huy Ong lien gal
+ Doanh s6 cho vay
+ Doanh s6 thu no
+ No qua han
+ NO kh6 BM
+ HO so' set dung van
+ T910 no bio lanh qua hon/TOng s6
du bio lanh
+ T910 nd qua han/TOng du no
+ T910 no kh6 doi/Tang du nd
3. Khi nang thanh khoan
+ Khi nano thanh loan ngay
+ Kha nang thanh loan chunq

116
 (Tinh tacit) cite he sei tren tip dung theo Quyee dinh se'
29211998IQD-NINVN5 ngdy 2710811998 oda Thong d& MINN
ban hdnh guy die yip logi car td auk tin dung cd phdn Viet
Nam).
12. Hoi dgng quail tri, Ban giam d6e, Ban kig'm
soot, Kg toan tniang
- Danh sach (Ten, tucii, s6 CMND)
- So you ly lich, bao gem cue ngi dung sau:
+ Chic vu hian tai, chUc vu tug nom gig o cite to chirc
khac, cac tong talc da trig qua, bang cap, t9 le se( tau chdng
khoin cila ban than va cita ngueli di lien quan;
+ Nhiing khoan no dgisti cling ty (neu c6);
+ Lgi ich lien quan dgi voi td chile ghat hanh (nau co).
13. Tai San (Nliting nha ?urging, a; sin thugc sg him
cua cling ty)

14. Kg hoach Idi nhuqn va co tire nom tigp theo

Chi tieu Nam X+1
Ke hoach % tang giem
so vol nom X
Doanh thu thuan
Loi nhuan sau thug
T9 le lai nhuan sau thug/Doanh thu
thuen
119 le lei nhuan sau thugN6n cite sit
hal
CO tgc
117
 - Neu can cit. d@ dat duct ke hoach Igi nhuan va cd nic
not tren.
15. Danh gia cita t6 cherc tar van ve k6 hoach Lai
nhuan va co tile
16. Thong tin vet nhang earn kgt nhitng chaa
thac hien cita to elide phat halal) (thong tin ve trai phieh
chuyen ddi, thong tin ve cac hop clang thud sir dung &St..);
17. Cac thong tin, cac tranh chap kien tung lien
quan tdi cong ty ma co the anh httang den gift ca co
phigu than ban (neu co)

V. CO PHIEU CHAO BAN

1. Loai phigu
2. Menh gia

3. 'Wing so co phieu kign chat, ban (neu re tS,

co phieu dupc ban thong cho cac nha dau to c6 t6 chtiq 1
neu co)
4. Gia chao ban du kign

5. Phacing pho.p tint, gia

6. Phaang thac phan phOi (Dai 1y hay ha° lanh

phat hanh, ten, trach nhiem cua tang td chtic tham gia phan
phei cd phieu)
7. Thai gian phan phOi co phigu

118
 8. Wang ky mua c& phigiu (Thai han, s6 Wong,
phuong thdc thanh town, chuyen giao c6 phieu, quy6n Iqi
nguai mua c6 phigu, se; luong ce phial dat mua tdi thieu,
then ham va each there tra !Ai tien dat mua c6 phieu trong
trudng hqp s6 ltaing di phial dang ky mua khOng dat mac
tat thidu)
9. Miming thirc thtfc hien quy6n (trong miring hop
char, ban co phieu tang vdn cO kern thco quyen mua c6 phan,
chao ban c6 phieh uu chuyen dot boric di kern theo
cluing quyen)
- Dieu kien, theft gian thqc hien quyen;
- TS, le chuyen del va phuong phap tinh gia mua /hoac
chuyen d6i;
- Phudng phap tinh va den ba thigt hat trong throng hop
kitting thug hien duqc quy6n;
- Cac dieu khoan khtic lien quan den quy6n loi dia
nguei so hidu quyen mua c6 pilau hotic chting quyen.
10. Gidi ban vg tYi le nAm gilt et& vdi nguai tutdc
ngoai

11. Cac han chg lien quan cign viec chuyen

nhtalng

12. Cac loai thug cO lien quan (thus thu nhap va

cac thu6 khac lien quan den c6 phial chao ban)
13. NOM hang and tai khoan phong toa nhan
tin mua phi'gu
119
 VI. MUC DICH CHAO BAN
.1. Muc dick chao ban
2. Phtwng an kha thi
- Neu r6 phuong an kha thi (ha Juan cluing kinh te) do
co quan nao lap (truang hop do chinh td chiic phat hanh lap
pha.i nOi r6), da duct cap c6 tham quyan phe duyet (n6u co).
- Trinh bay cac nOi dung chinh cua phuong an kha thi
(luan cluing kinh te) nhu: num Bich, co so 151 luau va thuc
nen, k6 hoach inert khai, d6i tac tham gia, cac van de ye tat
chinh
7 Twang hop huy dOng v6n cid thuc hien du an dau to c6
tai trq b6 sung cila ngan hang, can neu re) cam k6t cap han
mdc tin dung dm ngan hang.
- y ki6n mkt td chtic chuyen man dOc lap phuong an
kha thi (nett c6).

VII. ICE HOACH sU DUNG SO TIEN THU DuDc TU

DOT CHAD BAN
(Neu r6 ding buck ke hoach sit dung s6 tien thu duct tir
dot chao ban).

VIII. CAC DoI TAC LIEN QUAN TOT HOT CHAO BAN

- Neu ten, dia chi tru so chinh va giOi thieu so bi) cac
d6i tac co lien quan d6n dot chat) ban: td chilc bao lanh phat

120
hanh hoac dal 19 phat hanh, td chlic kiem town, to van...
- T6 chdc bio Faith phat hanh (hoic a van phlt hanh)
phai neu r6 y kien caa minh ye dot chao ban; s6 lunng c6
phi& bao lanh phat hanh hoac dal 19; can khoan phi va diets
kien kern then.

IX. PHV LUC

1. Phu luc I: Ban sao hop 14 Giay chting nhan dang kt
kinh doanh
2. Phu luc II: Ban sao hop 14 Dieu 14 cling ty
3. Phu luc HI: Bao cao kiem Wan (nguyen van bsio cao
kiem wan)
4. Phu luc IV: &Lc bao cao tai chinh
5. Phu luc V: Su yeu 19 lich can thanh vien HDQT,
BGD, BKS
6. Phu luc VI: OKA thieu nhang van ban phap luat lien
quan den t6 chuc ph& hanh va dot chao ban, Bien ban xac
dinh gia tri tin sin (nen co)
7. Phu luc VII: Ban dinh gia trang thief hi, nha xtreng,
... (net; c6)
8. Mu luc VIII: Rio can ye nhing tranh chip phap lust
9. Vic phu luc khac (nen co)

121
 Can hOi on tap
1, Khai nit m va auk ruing elm thi truing cluing kholn
so cdp ?

2, Phat hanh cluing khotin ra cOng cluing la gi ? Phdn

biet phat Minh thing khoan ra Ong cluing va phat hanh
rieng le ?
3, Phan Lich loi ich cua phat Minh chting khoan ra cOng
chting ?
4, DMu kien va thu Mc Oat hanh thing khoan ra cOng
chting ?
5, Bao lath phat hanh chting khoan la gi? Cac phuctng thtic
bao lath phat hanh? Quy trinh (hue Men bao lath phat hanh?
6, Ban cao bach trong phat hanh ra c6ng cluing la gi ?
NOi dung chinh cna ban cao bach ?
7, Mad Minh trai philu chink phd duct thuc hien nhu
the nao ?
8, Phat hanh [raj phieu qu6c to co loi ich nhu the nao ?
Cac thi truing trai phieu quec yen ?
Goi tai lieu doe them
1, Ludt Chang khoan, Ludt s6 70/2006/QH1I ngay
29/06/2006.
2, Ross, Westerfield, Jordan, Raising Capital, Chapter
15 in "Fundamental Corporate Finance", Fifth Edition, Mc
Graw Hill, 2000,

122
 Chuang III

THI TRUONG CHUNG KHOAN TRH' CAP

float clang mua ban cluing khoan trim thi tracing cluing
khmin c6 the' dien ra tren chi traimg tap trung (Trung tam
giao dick cluing khoan, Sd Giao dich cluing khoan) va thi
twang phi tap (rung (OTC). Hogt thing mua ban calling
khotin thitang dien ra oath 04 twang giao dick tap trung. Thi
twang giao dick tap trung la thi traang giao dick cluing
khoan trung 46 vier Irma ban thing khoan ditqc thyt hien
tai mot dia (film cu the vai clic nguyen tdc va phttang phap
giao dick nhdt Binh. Car cluing khoan tham gia giao dick
tren tin tracing nay phdi Mod man nht -mg dieu kien nhdt
MAI hien cu the' cilia trufmg giao dick tap trung la Sd
Giao dick Cluing khoan.

I, SO GIAO INCH CHUNG KHOAN (STOCK

EXCHANGE):
1, Khai Sdi Giao dich Chang khoan la mot thi
truong giao dich chung khoan c6 t6 chdc duct thqc hien tin
mat dia diem cu the thong qua mot he thong giao dich nharn
that hien viec mua ban cluing khoan theo cite nguyen tac va
chudn muc nhat dinh.

123
 S6 giao dich thing khoan la miat Oa)) nhan dwyc thanh
lap va hoat Mang theo quy Binh caa phap Mat, ca chin nang
M chtic va giam sat hoat dOng giao dich maa cac cluing
khoan niem y6t. Thong thuang, tren th6 gidi Si giao dich
cluing khoan c6 cac hinh iliac so him clui yew nhu sau: s6
huu thanh vien, hinh thin cong ty c6 phin va s& him nha
twin.
Hinh thik sa hint thanh vien: vii hinh th&c sill lulu
nay, S6 giao dich cluing khoan do can thanh vien la cac cong
ty cluing khoan sa him duet td chin cludi clang sing ty trach
nhiem him han, c6 Mai (tong quan tri do cac thanh vien bat
ra theo Mug nhiem ky. MO hinh nay c6 uu dim la thanh
vien salsa la ngudi tham gia giao dich &mg [WM cling vita la
ngtrin char ser hiru ciia So giao dich nen chi phi Map va de ling
phi vii tinh hinh thay ddi nen thi Enron. Nhieu so giao dich
nhu Si giao Bich Chting khoan NewYork, S6 giao dich
chang khoan Tokyo hay So giao dich chting khoan Thai Lan
duce td chin theo hinh thin s& him thanh vien.
Hinh than cling ty ca plan: theo hinh thin sa Mu nay
thi Si giao dich thing khoan duct td chic duoi clang cong ty
cd phan do cac Ong ty chung khoan thanh vien, cac ngan
hang throng mai, cac cong ty tai chinh, cac td chin bao him
than gia s6 hW vii to each cd clang. T6 chile, hoat dOng
S6 giao dich cluing khoan theo Mat doanh nghiep va vi mac
lieu loi nhuan. M6 hinh nay dirge thirc hien tai Dire, Anh,
Hong Kiang.

124
 Hinh thilc so biro nha nuoc: Thuc chit hinh thdc sa him
nay ta chinh phie hoot mot co quan cua chinh phi dung ra
thanh lap, quan 19 va sa hum met phiin hay town be Sa giao
dich chdng khoan. Uu diem dm hinh thdc sa het nay la boat
dOng khOng vi muc hen loi nhuen nth bilo ye duoc quyen loi
cua nha clau tit Ben canh da, trong mot sa aiding hop can
thief nha nu& cling c6 the can thiep kip thin de gilt cho thi
twang dirt hoat dOng an dinh, lanh manh. Tuy nhien, ma
hinh nay cling c6 han the nhat dinh la thien tinh dec lap,
ding nhac, chi phi cao va c6 the hieu qua hoat Ong thap.
Trong cac hinh thiic so' het den, hinh thus so him thanh
vier) la pile biers nhat. HInh thtic nay cho pilaf) Sa giao dich
chimg khoan c6 quyen to quail a muc de nhat dinh, nang cao
duct hieu qua boat clang va su nhanh nhay trong quail 19 so
voi hinh thdc sa him nha nthic. Tuy nhien, tuY vao hoan canh
cu the va tai nhung thai diem cu the ma ca quan quan 19 nha
nu& c81 the lua chon hinh thdc sa huu phi hop. Thuc tee cho
thay, sa hW nha nu& trong mat s6 twang hop c6 the ngan
nem tinh trang boat dOng giao dich khong cling bang, lOn
xOn do he thing phaplu4t ye chling kholn chin day di, va
rang. Chang han nhu tai Han Qu6c, SO giao dich thing
khoan cua nu& nay duqc thanh lap tit nom 1956 nhung den
nom 1963 thi trifling nay bi de va va SO giao dich phai dicing
cda trong 57 ngly do cac thanh vitn cua Sa giao dich gay
lOn xOn sau do chinh phi phai thing ra nom guy& sa hal Sa
giao dich thing khoin trong thin giao kha dal tic nom 1963
den nom 1988 truetc khi chuyen sang m6 hinh sb hnu thanh
vien c6 mot phan sa hilu ciia nha ntrac
125
 2, Quygn va nhiem vu cita sa giao dich chang
khoan:

S6 giao dich eking !choir, c6 quyen han va nhiem vu

quan trong trong viec t6 chile viec mua ban chang khozin du
dieu kien niem yet vat chic nang Li xac dinh gia cal cOng
bang nham tao ra mot (hi tarring giao dich canh tranh, On
dinh, minh bath va cling Ichai. Cu the, theo LOA chting
kholn Viet Nam (2006), SO( giao dich cluing khoan co cac
quyen va nhiem vu sau:
2.1, Quyen cda So' giao Bich chang khocin:
+ Ban hanh cac quy cite ye niem yet chdng khoan giao
Bich chdng khoan, cOng bei [Mug tin va thanh vien giao dich
sau khi dirge US/ ban Cluing khoan Nha nu& chap thuan.
+ T6 chdc va dieu hanh hoat Ong giao dich chting
khoan tai Set giao dich chting khodn.
+ Tam ngitng, dinh chi hoac huY be giao dich cluing
khoan theo quy ch6 giao (Itch chang khoan cua SC, giao dich
cluing khoin trong tarring hop can thidt de bao ve nha dau ttr.
+ Chap thuan, huY be) niem y6t chUng khoan va giam sat
viec duy tri dieu ben niem yet thong khotin cna t6 chic
niem yet.
+ Chap thuan, huy be to each [hanh vien giao dich;
giam sat hoat dOng giao dich chi:mg khoan cult cac [hanh
vien giao dich tai Sir giao dich chting khodn.
+ Giam sat hoat dQng cOng b6 thong tin cua td dale
niem yet, thanh vien giao
126
 + Cung cap thong tin thi trueng va cac thOng tin lien
quan den chi:mg khoan niem yet.
+ Lam trung gian hoe giai theo yeu can cua theinh vien
giao dich khi phat sinh tranh chap lien quan den hoat dOng
giao dich cluing khoan.
+ Thu phi theo quy dinh dm BO Tat Chinh.
2.2, NW:in vu cica Six giao dich cluing khocin:
+ Beio dam hoat dOng giao dich thing khoan gen thi
tniong &roc den hanh cOng khai, cling bang, trat to vet hieu qua.
+ Thuc hien cite clO k6 man, kiem man, thong ke, nghia
vu tai chinh theo quy dinh cua phap }nat.
+ Phai cOng b6 cat thOng tin ve giao dich thing khotin
then ra tai SO giao dich; thong tin ye t6 chiic them yet tai SO
giao dich; thong tin ve ceng ty thing khotin, cOng ty quan IY
quy, guy/ dau tu, cOng ty dau tu thing khoan; fitting tin giam
sat hoax dOng cita thi trudng thing khoin.
+ Cung cap thOng tin vet ph6i hop veil cac co quan nha
nuec c6 them quyen trong cOng tac dieu tra VA phbng thong
cac hanh vi vi pham phap lust vet cluing khoan va thi trailing
thong khodn.
+ Ph6i hop thoc hien cOng tic tuyen truyen, ph6 Bien kien
tit& ve thing khoan va thi twang thing khoan cho nha dam tu.
+ B6i (twang thiet hai cho thank vien giao dich trong
truemg hop Sd giao dich gay thiet hai cho thanh vien giao
dich (trit trailing hop bat kb'. khang).

127
 3, Thanh vien giao Bich tai So giao dich cluing
khoan:
3.1, Khcii niem: Thanh vien giao dich tai S& giao dich
cluing lchotin la cac ceng ty cluing khoan &lac Uy ban cluing
khoan nha nuac cap gig)/ phep hoat dOng va duct SO giao
dich chap thuan tin thanh thanh vien giao dich.
Cac thanh vien giao dich can phai tuan thu cac quy dinh
ye giao dich do Set giao dich chting khoan dat ra nham dam
ban quyen Igi cho khach hang va duy tri mot thi twang hoat
dOng acing bang, hieu qua. Tat cac nu& c6 thi truang chdng
khoan phat [Han, thanh vien caa Ser giao dich cluing khoan
duct chia lam nhien foal khac nhau. Chang han, tai Ser giao
dich chang khoan NewYork, cac thanh vien giao dich bao
gem cac chuyen gia, nha mei giai httetng hoa hang dm cOng
ty thanh vien, nha rntli gioi dOc lap, nha tart lap (hi trtrong...;
SO giao dich chdng khoan Han QuOc c6 hai loai than') vien la
thanh vien chinh va thinh vien dac biet. Trong do, thanh vien
chinh la thanh vien thuang tham gia ngay ti khi bat dau
thanh lap Set giao dich va dudc quyen bi6u quyet, phan chia
tai san cila SO giao dich chang khoan. Thanh vien dac bigt la
thanh vien mai gia nhap giao dich cluing khoan sau nay
nharn gilm hat ganh Ong cua cac thanh vien cu va tang quy
m6 boat dOng caa thi truang Cac thanh vien So giao dich
cluing khoan: thanh vien Set giao dich chang khoan co the la
phap nhan hoac the nhan. Dieu nay phu thuoc vao quy dinh
cua m6i runic. Hien nay xu hthang cUa nhieu nu& quy dinh
thanh vien cua SO giao dich phat la phap nhan (chit yeti la
128
cOng ty cluing khozin). SO Giao dich Chung khozin New York
c6 men 1000 thanh vien, SO Giao dich Tokyo c6 125 thanh
vien, S6 giao dich Han Qu6c c6 31 thanh vien. 6 Viet Nam
chi c6 cac c6ng ty chdng !chit' mdi a thanh vien dm Set
Giao (itch va Trung tam giao dish cluing khoin.
Thanh vien giao dich phai dap dng yeu eau ye tieu
chuan thanh vien ciza SO giao dich va dime httetng cac quyen
cling nhu nghia va do Sel giao (Itch quy dinh.
3.2, Tieu chud'n thanh Win So giao dich:
Cac Sat giao dich deu co quy dinh ve tied chuan thanh
vien. Dieu kien va that tuc tret thanh thanh vien giao (itch tai
Sir giao dich cluing khoan dugc quy dinh at the tai quy they
thanh vien giao dich tuy thugc vac dieu kien cu the ceza nen
kinh to va cua thi during chting khoan trong m6i giai down.
Tuy nhien, tieu chuan cua cac SO giao dich cluing kholn
thueing bao g6m: dieu kien ve thi chinh, dieu kien ye chuyen
m6n va dieu Men ve trang hi co s6 vat chat ky thugt phuc vu
boat Ming nghiep vu trong ruin vuc cluing khoan.
Dieu kien ve thi chinh: th6ng thuang cac c6ng ty chdng
khodn de tr6 thanh thanh vien phai dap dng duct yeu cau tdi
thieu ye v6n dieu le. Mdc vein dieu le t61 chi& c6 the dirge
quy dinh theo cac nghiep vu dac trtmg cela thanh vien giao
dich. Tai Hoa ky quy dinh vein tdi thieu cita nha tar) lap thi
hieing phai lh 1 trieu USD. Tai Nh4t ban, cOng ty chdng
khoan thanh vien phai co van tit 100-300 trieu Yen. Ngohi
ra, cac ty s6 thi chinh nhu ty s6 no tren van c6 phan, ty s6

129
thu nhap nen Win c6 pilau phai nam trong gidit han an toaa
Cap t9 s6 nay phai ducic tham tra dd dam bao nang hie tai
chinh ding nhu hieu qua hoat Ong sari xuat kink doanh.
Dieu kien ye chuyen men: yen eau dap (tug [Mu chutin
tii thieu ve so lvong va chat bong del ngil can 60 chuyen
men hoat dung nghiep vu trong link we cluing khoan.
Thong thin:mg, cac nhan vien nghiep vu phai c6 giay phep
hanh righe, co kinh nghiem nhat dinh va darn bao cac
nguyen the ye dao thic nghe nghiep.
Dieu kien ye co so se', vat chat ky Moat: cong ty chdng
khoan dang k9 lam thanh vien ala SO giao dich phai c6 tru
sit chink cac chi nhanh, van phong giao dich cling nhu co sa
vat chat, [rang thief bi phai dap dug dvgc yeu cau kinh doanh
nhu tram clan cud. ' de nhan lenh, xac nhan lenh, cac bang
hidn thi Bien tit.
3.3, Oita va nghia vu can thanh vien giao dich:
Thanh vien giao dich c6 cac quyen sau:
+ Sir dung he thong giao dich va the dich yu do Sir giao
dich cluing Ichoin cung cap.
+ Nhan cac thong tin ye thi twang giao dich chting
khoan Cv SO giao dich cluing khoan.
+ De nghi Sit giao dich chdng Icholn lam trung gian hoa
gilt khi co tranh chap lien quan boat dung giao dich
chdng khoan coa cac thanh vien giao dich.

130
 + DC xuat va kiln nghi cac van de co lien quan deb hoar
Bong cila So giao dich cluing khoan.
+ Tham gia bieu quy& va nhan tai san tit Su giao dich
khi td chic nay giai the (trir twang hap Sb giao dich co hinh
there so him nha nu& 100%).
Nghia vu caa thanh vien giao dich:
+ Thirc hien day du nghia vu ceia ding ty chdng khoan
theo quy dinh cua phap luat: thilt lap he Hieing kiem soat not
bo, quan tit rui ro ngan ngita nhang sung dot lai ich tong
not be Gong ty va trong giao dich vai d6i tac, quan ly tach
biet tai san ciia tang nha deiu tit, tai san cua nha dau to va tai
san cua tong ty cluing khodn, mua bao hiem trach nhiem
nghi nghiep cho nghiep vu kinh doanh cheing khoan hoac
trich lap quy bao ve nha dau to de bli thuang thi'et hai cho
nha dau to do sit co ky thuat va so suat cua nhan vien...
+ Chiu su giam sat dm So giao dich chting khoan, tong
bd th6ng tin theo quy dinh caa phap Wet ye chting khoan va
thi truang cluing khoin.
+ NO phi thanh vien, phi giao dich va cac phi dich vu
khac theo quy dinh cua phap luat.
4, Niem ygt chting khoan:
4.1, Khrii niem: Niem yet cluing khoan la viec dua cac
chiing khoan da du (lieu kien vao giao dich tai Sa giao dich
cluing khoan. Cu the la qua trinh ma Sb giao dich chting
khoin chap thuan cho cOng ty phat hanh co cluing khoan

131
duct yet gia va giao dich tren so giao dich neu tong ty dap
ling day du cac tieu chuan v6 dinh luting cling nhu dinh tinh
ma So giao dich chting khoan da xac dinh.
Muc tieu cda viec niem yet chang khoan chinh la de' IM
tro thi throng hoat &Ong 6n dinh, dam bao su tin cay del lied
thi twang cho cac nha dau tu. Niem yet thing khoan bao
g6m: niem yet Ian Tau, niem yet b6 sung, thay dOi niem yet,
niem yet lai, niem yet cira sau.
Niem yet Ian dau (Initial listing): la qua trinh cho phep
thing khoan cria mot t6 chile phat hanh dthic clang Icy niem
yet giao (rich thing Ichozin sau khi pith hanh chting khoan
Lin dam ra cOng chung khi don vi Oat hanh dap ring dude
cac dieu kien v@ niem yet.
Niem yet bq sung (Additional listing): la qua trinh chap
thuan cua Sq giao dich chting khoan cho met tong ty niem
yet cac c6 phiau moi phat hanh vdi muc zilch tang van hay vi
cac muc dich kluic nhu sap nhap, Mut hien cac quyen holic
chuyen dci trai phiau thanh c6 phieth.
Thay ddi niem yet (change listing): la truing hop khi
Ong ty niem yet thay d6i ten giao dich, kh6i thong giao
dich, menh gia hoac Icing gia tri c6 phieu duce them yet.
Niem yet lai (relisting): la truing hop cho phep min don
vi phat hanh duct niem yet tr6 lai cac cluing khoan truck day
da hi hu9 h6 niem yet vi cac 19 do khOng dap zing duct cac
tieu chuan them yet.

132
 Niem }at Cita sau (back door listing): la truemg hop mot
t6 chiic niem yet chinh this sap nhap, lien kat hoac tham gia
vao hiep hei vdi mot t6 chirc, nhom khong them yet va kat
qua la cac t8 chic kitting niem yat d6 lay &roc quyan kiem
soat tO cherc niem yet.
4.2, Tieu chitin? niem
Tieu chudn niem yat thOng throng do Set giao dich
chting khoan quy dinh. Tien chudn niem yat bao gem cac
tieu chua'n dinh luting va cac dal chuan dinh tinh.
Qic tieu chudn dinh luting bao gam:
+ Quy mil von tog thieu: quy mil vdn phai dat duct mile
dO nhat dinh mOi dam bao su tin cay c8a thi trueing v3 tong
chting d6i voi don vi phat hanh. Mem cu the se phu thuOc vao
dieu ben cila mei qu6c gia trong m6i giai doan nhat Binh. Vi
du tai Viet Nam truck nam 2003, dieu ben niem yet tren
trung tam giao dich la 10 tY, tic nam 2003 den nam 2006 thi
dieu ben chi la 5 tjt nhung den 2007 mtic yen t6i thieu cua
don vi niem yat tren SO giao dich la 80 tY VND.
+ Co met s6 nam nhat dinh hoat dOng lien tuc: tieu chua'n
nay dam ban mot nan tang kinh doanh vitng chat. Thong
throng, dei voi nhang thi throng truyen thong, don vi niem
yet pith co then gian hoot dOng t6i thieu la tic 2-5 nam, hoac
cluing khoan da diroc giao dich tren thi tru(mg phi tap trung.
+ Hieu qua hoat dOng San xuat kinh doanh: c6 met s6
nam hoot dOng co lai, quy m6 lai phai vireo qua met ngueing
nhat dinh nao do.
133
 + Mix d0 phan 66 cua c6 dong: s6 lugng hoac t9 14 tea
thieu do co (tang thieu so' nom gift t9 14 nom gift cua c6 dong
sang lap. Chang han 6 Viet Nam quy dinh c6 tgi thieu 20%
s6 phi& c6 quyen bieu quy& do it that 100 cd dong khong
phAi nha nha clan ar chuyen nghiep nom
Cac chi tieu dinh
+ [Chong c6 can khoan no khOng dugc du phong
+ Cong khai cac khoin ng ena thanh vien H6i &Mg quan
tri, ban giant d6c, c6 dong lon, cac d6i taring co lien quan
+ Dam &to tinh cling khai, minh bach
4.3,116 so va dui tyc niem yJt chang khoein:
De cO the niem yet tree So giao dich chting khodn, cOng
ty dal chting phai nQp 116 so dang k9 niem yet cho So giao
dich chung khodn. H6 so dang k9 niem yet bao gam:
+ Gig), dang niem yet c6 phi&
+ Quyet dinh cua Dai hOi dong ce dong thong qua viec
niem yet c6 phi&
+ SO theo dgi c6 dong
+ Ban sao glib/ cluing than dang k9 kinh doanh
+ Ban can bach
+ Cam ket cua thanh vien HOi clang quail hi Ban glans
d6c, Ban kiem soat va ke town tnthng ve viec phai nom gift
mgt ty' 14 cd phi& nhat dinh trong melt that han nhat dinh
theo quy dinh caa phap Ludt.

134
 + Hop {long is van niem yet (nen co)
+ Chang nhan cUa Trung tam lm k9 chiing khoan ye
viec c6 phieu caa tong ty do de clang k9 km 14 tap trong tai
Trung tam km 14 chtimg khoan.
Trong mat thee han What dinh, ke tit ngey nhen day de
h6 so hop le, So giao dich chung kholn co teach nhiem chap
thuan hoac tit chat dang k9 them yet. Truemg hop to chili
niem yet, Set giao dich phei giai thich YO 19 do bang van ban.
Lim 9: khi clang kt niem yet, tong ty phat hanh chung
khoan phei thoa man that s6 dieu ben nhat dinh. Tuy nhien,
trong qua. trinh niem yet, don vi niem yet khOng day tie duce
nhErng dieu kien niem yet trong mat khoang thee gian nhat
dinh thi se bi xem xet de huy 66 niem yet.
Has, bb niem yet: chemg khoan se bi huy be niem yet
trong mat s6 twang hop: Kh6ng clan dap iing &roc cac dieu
kien ye vdn theo quy dinh v@ dieu kien niem yet trong thee
hen I nam; T6 chile niem yet ngimg hoac bi ngimg cac hoat
clang san xuat kinh doanh chinh tit 01 nam tril len hoac bi
thu heti giey chting nhan clang ky kinh doanh hoac giey phep
hoe". Ong chuyen nganh; C6 phieu khOng c6 giao dich tai sa
giao dich cluing khotin trong vOng 1 nam; Ket qua san meet,
kinh doanh co s6 am trong 3 nam lien tuc ye tdng s6.16 luy
V tem qua yen chn so him trong bao coo tat chinh tai thee
diem gen that; TO chiic niem yet chem dirt sty ton tai do sap
nhap, hop nhal, chia tech, giai the hoac pha san qu9 delu to
chimg khoan chem din thee han hoat dang; T6 chfic niem yet

135
Op don xin but be) nieth yet; t kien kidm town dai vai bac'
cao tai chinh cua td chdc niem yet ta khOng chap nhan hoac
to chili cho 9 Idea; T6 dint niem yet khOng nen hanh cac
hie them yet tai So giao dich trong mot thth han nhat dinh ke
ngay duce cap phep niern yet. Thai phial den thoi gian dao
han hoac trai phial them yet duct t6 chdc phat hanh mua lai
toan be truck tiled gian dal° han.

5, Nguyen the host dong eta Sad giao dich

chUng khoan:
5.1. Nguyen tdc canh tranh:
Theo nguyen tdc nay, gia ca tren thi anima chung khoan
phan anh quan he cung cal ve cluing khoan va the hien
tuong quan canh tranh gi&a cac tong ty. Cac nha dab to cling
canh tranh nr do d6 tim kiem cho minh mat lai nhuan cao
nhat, va gia ca &roc birth thanh theo phuong [him clan gia.
5.2. Nguyen tdc chug bang:
Cling bang có nghia la moi nguai than gia thi truing
deu phai tuan thn nhang qui dinh chung, duqc binh dAng
trong viec chia se thong tin va trong viec ganh chin cac hinh
thtic xa phat neat vi pham vao nhimg qui dinh do.
13. Nguyen tdc cling khai:
Chang khoan la loai hang boa trim thong nen thi truang
thing Ichotin phai ducrc fly dung tren co so he thong clang
b6 thOng tin tat. Theo luat dinh, cac td chtic phat hanh co
nghia vu phai cung cap thong tin day del theo chi de thurang

136
xuyen va dot yak tiding qua cac phuong tien thong tin Si
chting, Set giao dich, cac cong ty chting khoan va cac t6 chdc
cO lien quan.
5.4. Nguyen tdc trung gian:
Nguyen the nay co nghia la cac giao dich chting khotin
duck thee hien thong qua td chdc trung gian ta cac ding ty
chdng khotin. Then SO giao dich chting khotin, thong qua cac
nghiep vu moi gidi, kinh doanh, cac air-1g ty chung khoan
mua, ban chting khotin gall) cac khkh hang, hoac ket nth
cac khach hang vai nhau qua viec tilde hien cac giao dich
mua ban chi -1g khotin tren tai khoan ctia minh.
5.5. Nguyen Sic tap trung:
Ctic giao dich chting khoan chi dien ra trek So giao dich
dual sir kithn tra gidm sat &Oa co quan quan ly nha nude va
cac t6 chdc tic quart. Calc cluing khoan giao dich tren Sa giao
dich phai duck Mu k9 tai Trung tam Mu kit chung khodn.
6, Ca cacti t6 chfte cna S. giao dich chang
khoan:

+ Hai tong wain HOi long plan tri la cap cao nhat
ra cac quyei dinh ve hoat dOng caa SO giao dich chting
khodn. Hei dting quart tri bao gam cac Si dien la nhang
nguai c6 lien quan tux tip hoac gian tip den thi truth -1g
chting khodn. N6i chung, thanh vier' RN thing quan tri
dal dien thia cac cong ty cluing khoan thanh vien, va met s6
nguoi ben ngoai nhu dai dien cac cong ty có chting khoan

137
niern yEt, cac t' chdc cling nghiep, cac nha chuyen mon va
dai dien cna Chinh
Cac dai dien cua cOng ty chi:mg kilo& thanh vien la cac
thanh vien quan trong nhat cUa H¢i dong quan tit Cac thanh
vien nay co nhien kinh nghiem va kien thac chuyen men
trong hoat dOng va quan ty thi truang thing khoan. Vi vay,
cac y kie'n cua ho se" cid uu the han ye chuyen mon nghiep vu
nharn khOng chi dam bao hoat dung cua thi trudng ma dm
hai hoa hod boat dung cua cac thanh vien. KhOng nhang the,
cac guy& dinh cda HOi &Ong quan tri co anh Inning true fiat')
den hoat Prig cua cac thanh vien. Do do, y Len cua ho
trong Hoi dung quart tri se có y nghTa thuccao trong viec
thuc thi cac nghi quy& cua HOi (long quan tri.
Ngoai cac thanh vien dai dien cho Gale cong ty cluing
khoan, cac thanh vien HOi dung quail tri khac clang co
nghia quan trong trong viec Lao tinh khach quan, giam su
hoai nghi chai vdi cac quytt dinh cda HOi dO'ng Quin tri,
khuyen khich quan he giaa So' giao dich thing khoan va cac
ben co lien quan nhu cOng ty Mem yet, cac t6 chic chuyen
mon, cong chang dau tu... Nhu vay, HOi clang (pan tri se
dua ra nhang (ply& sAch phu hop cho ca cac thanh vien ben
trong cling nhu thanh vien ben ngoai va phi' hop vdi thuc
tien oda thi truemg. Dea vdi trutrig hop Sal Giao dich cb hinh
thac s6 hay nha nudc thi it nhat phai co 1 dai dien dia nha
nudc trong Hoi (long gun tri de gOp phan thuc thi cac chinh
sach cua Chinh phu d6i vat hoat Ong chang khoan va duy

138
tri cac mdi quan he hail hoa va lien keel gida can co quan quan
It hoat dung cia thi trueIng chi:mg Ichodn.
S6 Wong thanh vien HOi dong quan tri cila timg S6 giao
dich chiing khozin c6 the khac nhau tut thu6c vao diet) kien
cu the cUa tong thi throng. HOi clang quan tri cila Sb giao
dich chiang khoan Han Queic (KSE) co 11 thanh vien trong
d6 c6 1 chi tich, 1 phO chi tich, 4 us, vien la giam d6c dieu
hanh, 3 u9 vien dal dien cho cOng chung va 2 thanh vien dai
dien cho cac ding ty chang khoan thanh vien. HOi dong
quan tri cila S6 giao dich chting khoan NewYork (NYSE) c6
25 thanh vien trong do c6 1 chi tich, 12 thanh vien dai dien
cho cac cOng ty chling khoan thanh vien caa Sb giao dich va
12 thanh vien dai dien cho cling chang (bao g6m ca dai dien
cua gitli chuyen m6n va caa t6 eh& them yet). HO (long
guar' tri Sat giao dich chting khoan Tokyo (TSE) co 27 thanh
vien trong do co 6 thanh vien dai dien cho cling chting, 6
thanh vien la cac giam dole dieu hanh, 1 tong giam dee dieu
hanh Sa giao dich va 14 thanh vien dal dien cho cac cOng ty
cluing khoan thanh vien. HOi dong quan tri cila SO giao dich
thing khoan Hong Kong la 31 thanh vien.
HOi (long plan tri SO giao dich chling khoan co guy&
han:
- Ban hanh va sira dcu car quy the hoat dong elm S6
giao dich thing khodn;
- Chap thuan, giam sat, dinh chi va but la6 to cash thanh
vien caa SO giao dich.

139
 - Chap thuan, dinh chi va huY b6 vice niem yet chdng
khoan cua mot t6 chic phat hanh.
- Chap thuan Ice hoach va ngan sach hang nam caa SO
giao dich.
- Xv ly cat hanh vi vi pham quy the dm SO giao dich
cluing khodn.
+ Ban giam dtic dieu hanh: la co quan among true cna
Sb giao dich ehimg khoan. Ban giam dee la ngueli true tiep td
chic, quan ty, giam sat va dieu hanh man bp hoat Ming elm
SO Giao dich cluing khodn. Co thd met Uy vien HO clang
quan tri se lam TOng gidm d6c S6 Giao dich eking khoiin.
Ban Main doc dieu hanh hoat Ming mpt each chic lap nhung
chiu su chi dao true help cua Hpi Ming quail tri. Gitip vies
cho ban Maim dec la mot s6 phong (ban) chic nang.
+ Ctic phong (ban) chat ming: Tuy then dieu kien cu
the va hoat Ming dm tang SO giao dich ma co' thd chia
thanh cac phong, ban chic nang khac nhau. Thuc ti phat
tridn cua nhieu sa giao dich tren the giai cho thay khi meli
thanh lap, SO giao dich co the chi bao gem mot so" phOng
ban nhat dinh lien quan den hoot Ong chuyen mon mia SO
giao dich nhu: quail ly va Maim sat thanh vien, niem yet
Ching khoan, giao dich chdng khodn, hoat dung cOng 66
thong tin. Khi thi waling phat trier' den mot rink c10 nhat
dinh c6 thd hinh thanh them mot s6 phong ban khac. ye co
ban, cac phong, ban dm Sh giao dich ditqc hinh thanh tren
co s6 ale klieg cOng vier nhu: khdi chuyen mon, khei phu

140
 Cac phOng ban thuOc khgi chuyen men ai the bao
t ru...
g6m: PhOng giao dich, phOng niem yet, Oiling thanh vien.
Cac phong ban thuOc kh6i phy try c6 the bao g6m: PhOng
ke hooch - nghien ctru, phOng he th6ng dien man, phOng
t6ng hop - d6i
- PhOng giao dich: chiu trkh nhiem trong ale linh vgc
saw
+ Quart 19 va giam sat giao dich mua ban eking khoan
dien ra tren sa giao dich
+ Nghien dm, de xurit nhang thay d61 lien quan den
hoat clang giao dich mua, ban cluing khodn: then gian giao
dich, phuong thric giao dich, bien do bin dOng gia...
+ Dam bao duy tri hoat dOng caa Set giao dich va Mic he
th6ng khzic tai san giao dich.
+ Phan tich va bao coo ye bieln dOng cim thi tiding
chting khok.
- Phbng niem yet: chin trach nhiem trong cic linh vuc saw
+ Xay dung va sita ddi he thong lieu chuk niem yet
+ Kidm tra gram sat hoat dOng niem yet theo quy the
niem yet chting khoin
+ Xem vet, chap thu4n hoar huY bb viec niem yet chring
khoan
+ Nhan va phan tich cac bao coo tai chinh cua td chic
niem yet

141
 + Phan loci cac t6 chile niem yet theo nham nganh, xdy
Ming ma sod thong khoan niern yet.
+ Thu phi Mem yet ran diu va phi quail 19 them yet
hang nam.
- Phong thanh vien: chin trach nhiem trong cac firth vgc
sau
+ Xem xet, chip thuan, dinh chi hoSc hu9 be) to each
thanh vien
+ Quin 19, giam sat va phan loai thanh vien
+ Phan tich danh gia host doting cua cac thanh vien
+ Thu phi thanh vien
- Phong Ice hoach va nghien case host Ong tren cac rinh
vut chinh ra lap ke hoach va t6 chUc nghien c6u phat tri6n.
+ Lap ke" hoach bao gam cac cOng viec lien quan den
viec thiet lap muc tieu quan 19, 1c6 hooch dai han va ke hoach
kinh doanh hang nam, phan tich viec thgc hien ke hoach;
nghien thu phat tridn cac san phim va dich vu mai...
+ T6 chile nghien ctiv phat trit'n bao gam nghien ciiu va
phan tich cac xu Song cna nen kinh te, cac nganh va cac thi
tritemg van trong va ngoai nude; suit ban cac tai lieu va car
bao cao dinh 14; nghien ctitu, Mang ke host clang cila he
thong thi [cueing van not (ha; de xua:t cac phuong an phat
trian chi& litac ena Sd giao dich.
- Phong tong nghe tin hue:

142
 + Lap k6 hoach va phlit trien he th6ng dien man
+ Sn 19 cac van de lien quan din quan 11 va van hanh
th6ng dien toan
+ Clic van de lien quan din viec quail 19 th6ng tin thi
tithing qua he thting bang then tit, thiet hi va he th6ng giao
dich
- R0 pilau tdng hop - dol ngoai:
+ T6 chtic va thuc hien cac cling viec hanh chinh van
pheng, co se: vat chat, trang thi6t bi cho hoat clOng cua So
giao dich.
+ Cac cOng viec lien quan din t6 chtic, nhan su.
+ Cac cOng viec lien quan din cOng tac hach toan
man, quan 19 v6n va tai chinh, thug_
+ ac cOng viec lien quan din cac hop d6ng k9 kit IA
ben ngoai.
+ Cac cOng viec lien quan din van thu, km Mt, in an,
cOng van, giay to...

II, GIAO DICH MUA BAN CHUG KHOAN THEN THI

TRUONG TAP TRUNG:
Hoat dthig giao dich mua ban cluing khoan dimc kheri
dliu bang viec dat lenh mua ban tai (hoac vtii) van phi:mg
giao dich cua cOng ty cheing khoan (hang mOi giOi, hoac
ngan hang clan to - tut theo dieu kien cu the cua timg qu6c
gia dat tai cac dia diem khac nhau trong ca nunc - sau day
143
goi chung la cOng ty clning khodn). Trudc khi dat lenh,
khach hang phai lam inn tut m6 tai khoan tai cOng ty chting
khoan. Lenh cua kith hang duce chuyen tir van phong Ong
ty chung khoan den ngurri dai dien caa cong ty tai san giao
dich cua Sb giao dich thing khoan Cac lenh mua ban duce
dau gia \di nhau. Ket quA giao dich se duce thong bao lai
cho cOng ty cluing khoan va khach hang cua cOng ty. Nhiing
lenh duce thtrc hien se chuyeh sang he thong thanh town va
Urn k9 chung Rhoda lam cac Hui tut thanh town chuyeh giao
thing khoan va tien.
1, TAM c h on IMO mOi gidi: Dt thuc hien vice mua
ban chting khoan nha clan to phai lua chon cho minh mot nha
mOi gidi. Trong hau het cac twang hop, can ty chting
khoan se ta ngtrai dal dien cho cac nha dau tu. Cac nha mei
giai se la ngudi thuc thi cac lenh mua ban dm nha dau tu.
- Nha mei gidi chting khorin (broker) la lived trung
gian giria ngtroi mua va ngudi ban chting khozin. Tut then
each thtic t6 chiic va boat clang cUa Sal Giao dich chting
khoan Si nude khac nhau va can cu vao chtic nang hoat
dung curt SO Giao dich thing khoan nguti ta c6 the' Chia cac
nha mei gied thanh cac loaf khac nhau:
+ M6i gioi hirdng hoa h6ng (commission broker) la
ngudi hoat dOng voi tu each la dai 19 cho cac nha dau In
trong vice mua hoac ban cluing khoan va qua d6 nhan dirge
den hoa hong t r dich vu cua mink. Mei gidi twang hoa hong
thuong la nha min gidi lam viec cho mot cOng ty cluing
khoan hoac mot hang mei gitii nao do.

144
 + Mei gita doc lap (independent broker) hay la mei giOi
2 Bela ( 2 USD cho mat 10 than 100 co phial).
+ Nha mOi gitri chuyen man hay can g9i la cac chuyen
gia cluing khoan (specialist) la met loai mei gidi tai mat so
So Giao dich chiing khoan a met s6 nu& ma din hinh la sa
Giao dich cluing khoiin New York. Nha mei gaii chuyen
man duet Hai thing quan tri phan cOng mua ban men s6 loai
chnng khoan nhat dinh. Nita mOi gi6i chuyen man that hien
hien chin nang cho you: thitc hien cac lenh giao dich (men
gita lap gia) va tao thi triratg (market maker).
+ Nha giao dich chiing khoan ea dang ky (registered
traders) la nguai mua ban cluing khoan cho chinh minh bang
khoan chenh tech gia giaa gia ma nha giao dich mua vao lea
ban ra. Nhu vay nha giao dich thing khoan boat dang trong
1 linh vue kinh doanh nhitu rai ro, Mi vi trong kinh doanh
ho thuang xuyen nom gin chting khodn.
'Mang thuong vol chic nang lam trung gian mua ban,
cac nha mOi gita thlic hien cac nhiem vu cho yeu:
2, ma tai khoan:
Truk khi eat lenh, khach hang met tai khoan tai cOng ty
cluing khoin. Viec me, [Ai khoin phai Max thitc hien tren co
sit hop &Ong gitia khach hang va cOng ty cluing khodn.
Ccie thing tin lien quan den ten 'Chi mb tat
khodn:
khoan, khich hang phai cung cap cac [hang tin sau cho ding
ty cluing khoan:

145
 - Ten day
- Dia chi thuging
- S6 dien thou':
- S6 chfing minh tint;
- Cac thong tin khac nhu sei tai khoan tai ngan hang, s6
fin khoan cluing kholn tai cling ty thing khoan khac (neu
co), thu nhap va kien tluic ve thi tuning thing Ichodn;
- Khi co bat kY sir thay d61 nao hen quan den can thong
tin tren, kluich hang phai thong bao ngay cho cOng ty ch(rng
khodn;
Tuy theo dieu kien va hoan canh cu thE cua timg thi
twang va cila ding nha (tau at, co thE co nhung foal tai
khoan:
* Theo tinh chth giao (Lich:
- Tai khodn luu 4: Han het tai khoin caa khach hang la
tai khoan km ky. Khach hang mua va ban thing khoan
th6ng qua [hi khoan nay tren co so' giao ngay. NEu khach
hang khong thuc hien &fix viec thanh toan vao ngay thanh
toan quy Binh, cOng ty chting khoan co quyen ban cluing
khoan co tren tai khoin a
lay tien thanh toan.
- Tdi khodn to vein (advisory account): D6i vbi tai
khoan nay, nha dal) to se Icci mot hop ding sn dung dich vu
to van do cac chuyen gia clau to cila tong ty cluing khoan
cung cap. Theo dO, nha din to uY guy& cho chuyen gia dau
to thqc hien cac giao dich chiing khoan theo nhang dieu kien

146
quy dinh trong hap clang. Chuyen gia (tau to c6 trach nhiem
thqc hien cac gitio dich cluing khoan theo nhang nguyen Vac
can trong can thiet nham dat &arc mix tieu dau to da thod
thuan. Nhit dau to chiu moi phi ton lien quan den cac giao
dich duct thtrc hien chug nhu phi to van phai tra cho chuyen
gia clan tu. Thong thuang Ong ty chitng khotin chi chap
nhan ma tai khohn nay vat mot gia Ent tai san t61 thieu nhat
dinh.
- Tai khodn ky" guy: Day la loci tai khohn ma nha dau to
c6 the vay den hoac chtikg khoan de phuc vu cho hoat Ong
dau to cha mink. Val tai khoan tien mat, nha dau to phai
thanh toan toan h6 gia tri thing khoan dat mua bang nen
mat. Tuy nhien d61 vat tai khohn k9 quy, nha dau to chi phai
thanh toan nen vat mat t9 le phan trap nhat dinh gia tri
chling khotin dat mua, phan can lai at the vay tit nha moi
giai. Phdn vay nay se phii chiu lai suit bang cach tong phi
dich vu vao Iii suit ma nha mei gi6i phai di vay. Phan cluing
khoan mua duct phai dung de the chap cho Ichohn van vay
de mua cluing khoan.
Mix k9 guy t6i thieu: day la t9 le phin tram tai thieu ma
nha ddu to phai thanh toan cho khCii luting thing khoan mua
theo thi khoin margin. Mk tai thieu nay &roc xac dinh boi
cac Sir Giao dich chang khotin. Tuy nhien, cac cling ty thing
khoan c6 the cho phep mdc k9 guy cao han mac tea thieu. Vi
vay, ve mat ly thuyel, neu quy dinh chung ye mac Icji quy
thidu la 50% thi nha m6i giei cu the nao do c6 the yeti cau
mdc k9 guy c6 the la 60% thi van c6 the chip nhan duce.
147
 Mac ky quy thuc: quy that trong tai khoan caa
nha &Au to mua cluing khoan c6 the duct tinh hang ngay nhu
sau:
Mtic k9 quy that = (gia tri thi truing cua cdc chdng
khoan - Khoan vay)/Gia tri thi throng cua cac chdng khoan
Mac k9 guy thgc co the thay ddi hang ngay do six bun
Ong gia cht-mg khoan tren thi truemg. Tiring trueing hop gia
chdng khodn girim, mac ky quy thirc cling se giam va nha
dam tux phai bd sung tien vao tai khoan de' dam bao mac ky
quy ten thidu.
Vi du, mot nha &du to mua 100 cd . phiS &la cling ty
Widka theo giao inch tai khoan margin vai gia 50$/cephieu.
Mtic k9 quy tei thidu trong truitng hop nay gia sir la 60%.
Vay se tien ma nha dau to nay can phai thanh Loan se la:
0,6 x 100 x 50$ = 3000$
Khoan tien di vay dd dau to trong truOng hop nay la
2000$. Gia su gia chdng khoan ngay hem sau gleam xuerng
con 25$, khi do mac k9 quy thuc se la:
(100x25$ - 2000$)/2500$ = 0,2 hay 20%
Nhu vay, nha dau to ghat bd sung 1000$ vao tai khoan
dd duy trl mac k9 quy la 60%. Neu nha dau to khOng hoac
khOng thd bd sung tien hoac chdng khoan vac) tai khoan thi
nhit mai gidi se ban chdng khoan to tai khoan cua nha dau to
de tang mac k9 quy theo yeu cau.Neu gia chdng khoan tang,
nha &du to co quyen nit phan tien gia tang tit tai khoan khi

148
mix k9 quy that cao hen mac ky quy ten thieu. Nghiep vu
nay tint:Ong sir dung khi du down gia chung khoan tang.
- Tai khoan uy that (discretionary account): La tai
khoin qua do khzich hang us,
that cho nha mOi glen quyen
mua va ban chung khozin ma thong can thong bzio hoac c6
su deing y cria lchach hang.
* Theo khia canh so hfcu:
- Tai khocin cd nhan (Individual Account): Tai khoan el
nhan la tai khoan ma chi do met ca nhan set MM. CI nhan
nha Tau to nay cO the s6 him toan be cac tai sin cling nhu
gia tri cac cOng curie dan to trong tai khoan.
- Tai khotin lien kei (Joint Account): La tai khoan giao
dich chdng khoan c6 ghi ten to 2 ngtren ties len, m6i nguiji se
chtuc phap di met hinh thtic kiem soot nao c16 d6i v6i tai
khoan. Cac chi phi tra theo ten cita ngudi co trong tai Ichoin.
Tet khai yeu can mo tai khozin phiti co chit ky cna tat ca
nhang ngiteri so him. Tai khoan lien ket boo gem tat khoan
Hen ket sb hint chung (Joint tenants in common) va tai khoan
lien ket voi quyen cim ngured con sting (Joint tenants with
right of survivoship).
- Tai khodn thorn eiv (partnership account): Day la tai
khoan cita met t6 chdc gOp vein hoac met hiep hal to quart
ma trong de tai to khai yeu eau m6 tai khoan c6 mat thoa
thuan tham gia g6p van icac Binh rO cac thank vien co the
that hien giao dich mua bin trong tai khoin. Khi met thanh
vien chet di, tai khoan duct phong toe va kh6ng nhan lenh

149
mua ban cho den khi c6 tai lieu re rang to di chtic not ve
phan tai san cna rived da chef.
- Tai khocin (-Ong ty (Corporate account):La tai khoan
mei cho cac doanh nghiep, cac nha driu tu c6 to chtit va du tu
each phap nhan de tien hanh dau tu chting khoan. D61 ved tai
khoan nay, dAi dien cua doanh nghiep phai hoan tat din tuc
mei tai khoan va lam giay xac nhan ngtreii dai dien hop phdp
cent doanh nghiep c6 the den hanh giao dich mua ban cho tai
khoan.
Tai Viet Nam, khi tien hanh m6 tai khoan tai met tong
ty chdng khoan nha dau tu phai xuai trinh Chung minh thu
nhan clan, sau de ho se phai dien day du cac nea dung vao 02
ban giay yeu cau ma tai khoan trorig do nha dal to tong cap
cac thong tin ye ban than, clang k9 mau chit ky va 02 ban hop
dieing mei tai kholn. Nha driu at se nhan lai mot ban giay yeu
cat' ma tai khoan va I ban hop &rig mb tat khoan. Ging ty
chung khoan se tip cho khach hang 1 ma giao dich Chung
khozin, 1 tai khoan tien gni giao dich cluing khoan va 1 tai
khoan Lw k9 cluing khodn. Vi du: mau Gig) , yeu cau mo tai
khozin va hop (long ma tai khoan co dang nhu sau:

150
 PHIEU YEU CAU MO TAI KHOAN
(Mau danh cho khach hang ca nhan)

KInh 965: C8ng Ty Co Phgn Ch(ing Khogn ABC

Chi nhanh Ha Ngi

Ho va T8n: Nam sinh:

S6 CMND: Ngay cap: Nai cap:
DM chi lien h9:
Di9n tho@i: Fax: Email:
Ngh6 nghiap:
Ndi tong tac:
SO tai khoan: 7@i ngan hang :

E6 nghi Cling Ty ma cho tbi tai kho@n Lien mat va ltm k9 chting
khoan. T6i cam k6t thdc hi6n Ming the' 19, di' dO ay Ban Chang
Khoan Nha Nvac va C6ng Ty Ch(mg Khoan ABC ban hanh
lien quan d6n vi9c sit dung tai khoAn noi tren.

Ngay thang nam

Ngdai ma tai khaki
(41 va ghi re he A ten)

Phan danh cho Cong Ty

Nhan vien ma tai khoan : T.BP / P.G.0 chap thuan :
Ngay hiau lac
Loai tai khoan d6 nghi ma

Tai khoan chang khoan S6 lei khoan : Ma s6 :

Tai khoan hen mat S6 tat khoan: Ma s6

151
 MAU CHG KY CCJA KHACH HANG

Ngay Ma s6 S6 tai khogn S6 tai khoan

khach hang Wen mat chOhg khoan

Ten khach hang:

Dia chi lien he:

Dien thogi: Fax:

HO va ten Chu k9 1 Cher k9 2

Ngay hieu

TBP/PGD chap thuan:

(4 ten, dang dgu)

152
 CONG HOA XA HQ! CHO NGHTA VI 81 - NAM
Ddc lap - Ty do - Hanh phtic
ABC Securities Inc.
HOP DONG MO TAI KHOAN
CIAO DICH CHUNG KHOAN

HO clang nay chroc k9 ngay 'hang nam giCia hai ben of)
ten sau day:

BEN A:
Ten coa to' ch(tc hoac ca nhan:
Giay phep thanh lap so": ngay cap:
Giay phep kinh doanh s6 ngay cap:
S6 CMND: Noi cap : ngay cap:
Dia chi try so chinh/ dia chi flaking trtk
S6 Bien thoak Fax:
S6 tai khoan: tai Ngan Hang:
Ngutii dai Bien (net] khach hang la t6 chirc):
ChUt vu: s6 CMND: ngay cap:
Debi day ggi tit IA kith hang

BEN B: CONG TY CO PHAN CHONG KHOAN ABC - CHI

NHANH HA NOI
Try sel: 25 XYZ, Quan Ba Dinh, Ha Ndi
S6 then trio* (84-4) 12345678 Fax: (84-4) 12345678
Gray chang nhan dang k9 hoat dOng Chi nhanh s6

153
&Oa So KH 8 DT Thanh ph6 Ha NOi cap ngay
Nguti dai dien: chac vu:
S6 tai khoan:
Tai Ngan hang: NH Dau to va Pilaf Trien Viet Nam
Duel day g9i tat la Chi nhanh Cong ty Chung khoan

Hai ben cheng t6i th6ng nhat k9 ket hop &rig \raj cac di6u
khoan sau:

Dieu 1: Luat Dieu chinh

Hop dong nay thuOc pham vi Dieu chinh caa phap !net Viet
Nam. Hai ben trong hOp deng nay cam kat tuan thu cac van ban
phap luet:
• BO Luat dan sit nark Cana Hoa Xa HOi Chu Nghia Viet
Nam ngay 28 thang 10 nam 1995
• BO Luat chang khoan rat& Ong hea xa hei chti nghia Viet
Nam ngay 29/06/2006;
• Quy ch6 to chac va hoat deng caa c6ng ty chang khoan,
Quy che giao dich cheng khoan, Quy che clang k9, thanh loan be
tru va lau k9 Ghana khoan va cac van ban Wang den thi hanh
khac dm ay Ban Chang Khoan Nha

Dieu 2: Myc dich hop demg

1. Theo hap d6ng nay, khach hang de nghi Chi nhanh Cong
ty Chiang khoan ma tai khoan giao dich cheng khoan dung ten
Khach hang tai Chi nhanh COng ty Chang khoan.
2. Tai khoan giao dich chang khoan theo hop clang nay gam:
tai khoan Wen gill giao dich chthig khoan va tai khoan luu ky
chang khoan.
3. Chi nhanh Cong ty Chung khoan cung cap cac dich vu
theo hop Tang nay bao gam:

154
 • Ma tai khoan giao dich chUng khoan;
• Quail 19 lien, °hang khoan cOa Khach hang co trong tai
khoan giao dick;
• Thtic hien giao dich theo lenh cOa Khach hang;
• ThOc hien kru ky, thanh loan bo Iril va clang k9 thing
khoan cho Khach hang thong qua Trung Tam Giao Dich Chang
Khoon theo Oy quyen cOa Khach hang.

Dieu 3: Cfich thtic nhan ra'nh

1. Trong ban hop ding nay, "phieu lenh" ddoc hie'u la tai lieu
xac nh5n lenh cOa Khach hang gl'A de'n Chi nhanh COng ty Chang
khoan theo mau ma Chi nhanh COng ty Ching khoan cung cap.
2. Khi mudin giao dich mua ban thing khoan, Khach hang se
flop phieu lenh sau khi d5 ghi day du thong tin tat quay giao dich
dm Chi nhanh C6ng ty Chang khoan.
3. Phi& lenh chi dude chap nhlan khi nap tai quay dm Chi
nhanh COng ty Chung khoan tra taking hap cac ben có thaa
thu5n hinh thik dat lenh khac.

Dieu 4: Quyen cua Kith hang

1. So hun hop phap s6 tign va thing khoan da Uy that cho
Chi nhanh C6ng ty Chang khohn Idu gilt;
2. Mua ban thing khoan th6ng qua vise dat lenh giao dich
.tai quay giao dich cOa Chi nhanh COng ty Chang khoan;
3. Ddoc htiong cac khoan loi nhuan hgp phap phat sinh to só
tign va thing khoan cua minh difoc Chi nhanh COng ty Chang
khoan Iuu gilt bao g6m: lai tren s6 du co. dm tai khoan tign, c6
iai trai phie'u...theo qui dinh cOa pilau luat;
4. Thut hien cac quyen hop phap cOa nguti sO hl chang
khoan theo qui dinh cOa phap luet va cac qui dinh khac &roc ap
dung;

155
 5. Duct Chi nhanh C6ng ty Ch(Mg khoan thong bao day du'
ye kit qua thuc hien cac giao dich chang khoOn ma Khach hang
oy quyen;
6. Yeu cau nit met phan hoac than 60 hen, chdng khoan Mai tai
khoan khi kh6ng ca nhu Su giao dich hoac khi cham dirt hop ding:

Di& 5: Nghia ley cua Khach hang

1. Cam kat nhling thong tin chroc Net ke tai trang 1 bin hap
ding nay va tong gray yeu Su ma tai khoan la dung sU that va
phai thong bao cho Chi nhanh Gong ty ChUhg khoan khi Oat sinh
nhimg thay d6i co lien quan. Trdoing hap [hang tin sai su that, hop
Bong nay va hieu va ilf ly theo diet] 10;
2. Cung ca'p day du' va bio dam tinh xac thUc caa thong tin,
tai lieu can thiet de' Chi nhanh COng ty Chang khoan that hien
cdng viec ay quyen;
3. Cam ket khi da dat lenh, Khach hang kh6ng duct phep
hay lenh met phan hoac toan 60 lenh giao dich. Khach hang chi
dugc phep thlic hien sera hoac hay ha, lenh khi c6 sif chap
thuan caa Chi nhanh Gang ty ChiMg khoan va theo qui dinh hien
hanh cua sa Giao Bich Chang Khoan TP. H6 Chi Minh
4. Thanh loan cac khoan phi mai gidi va cac khoan phi khac
theo qui dinh cOa phap luat dii vCri cac giao dich do Chi nhanh
Cong ty Chang khoan that hien theo lenh cua Khach hang;
5. Thut hien k9 qu9 lien va chUrig khoan dung han des dim
bao cho Chi nhanh Cong ty Chung khoan thuc hien cac giao dich
cho Khach hang;
6. Mac nhien chap nhlan Wet qua giao dich do Chi nhanh
C6ng ty Chang khoan that hien trong pham vi Uy quyen.

Dieu 6: Quy6nceia Chi nhanh Cong. ty Chang khoan

1. Hiking phi mai gidi ye cac khoin phi khan pho hop vdi qui
dinh caa UBCK NN.

156
 2. Chi nhanh COng ty ChUng khoan duidc phep stir dung s6
du hen tren tai khoan d6 thanh toan cac khoan phi not tren.
3. Woo phep ghi giam lien, chUng khoan tren tai khoan Goa
Khach hang de' thuc hien thanh than theo lenh giao dich cua
Khach hang da &roc thtIc hien.

Dieu 7: Nghia vu dm Chi nhanh C6ng ty Chang khoan

1. Thuc hien cac giao dich chang khoan theo phi& lenh cOa
Khach hang;
2. Luu gid tien cOa khach hang tai tai khoan lien ghi cua
ngildi Tau to ve giao dich chang khoan do Khach hang ma tai
Ngan hang thanh loan theo qui dinh;
3. Lim gier chang khoan caa Khach hang Oy thac IS tai
khoan chang khoan cOa ngudi (tau to ddrig ten C6ng ty Ching
khoan tat Sa Giao Dich Chiang Khoan;
4. GiU bi mat can thOng tin ye Khach hang, trU trifling hop
phai cung cap theo qui dinh cOa phap luat;
5. KhOng &roc sit dung lien va chUng khoan cOa Khach hang
neu khOng co lenh cOa Khach hang;
6. Th6ng boo keit qua giao dich theo yeu ciao cUa Khach
hang. Th6ng bao se da tai khoan, cac giao dich duoc thuc hien
hang thang cho Khach hang vao 05 ngay lam viec cua thang hap
theo;
7. Kh6ng dttoc chain dirt hop Bong fru& thdi han [nit trUdng
hop Khach hang vi pham nghia vu qui dinh tai dieu 5 hap deng
nay hoac Khach hang thuc hien cac hanh vi bi cam qui dinh tai
brat ChUng khoan;
8. Bei thtleing thief hai cho Khach hang theo qui dinh cua
phap luat neu cac thief hai do ghat sinh do 16i cOa Chi nhanh
C6ng ty Ching khoan.

157
 Dieu 8: Giai quyet tranh chap

Tat ca cac tranh chap co the nay sinh tit lido clang nay hoac
lien quan den hop Tang nay se dugc giai quyet Mt& tien bang con
throng thuong lacing h6a giai. Trong trueing hdp khOng giai quyet
dut/c bang con clueing /hiking luting h6a giai, tranh chap se dugc
giai quyet tai T6a an co them quyen then qui dinh cga phap luat.

Dieu 9: Thong bao mac dinh

1. Khach hang mac nhien thita nhan gia ca chimg khoan co
the va luen luen bee n dOng, va met chting khoan bat kg c6 the len
gia hoac xuang gia, va trong met se; trilling hop be the Ira nen
hoan toan vO gia tri. Khach hang cong nhan rang luein co mot rgi
ro tigm tang la thua to pi the xuat hien nhieu han la co lai khi mua
va ban chiMg khohn;
2. Khi kg ten vat) hgp dung nay, Khach hang thila nhan Chi
nhanh COng ty Chang khoan da thong bao day de vdi Khach hang
A chOc nang, Giay phap hoat digng, pham vi kinh doanh, van
Dieu le, ngudi dgi dien kg hop clang;
3. Khi kg ten vao Phieu lenh, ben A mac nhien thita nhan da
can nhec kg lUdng fru& khi de nghi ben B thgc hien dich vu cho
minh va phieu lenh la met phan cua hgp deing nay.

Dieu 10: Hieu lip hop (king

1. Hop clang nay có hieu let 01 nam ke'tir ngay kg va se mac
nhien ducic gia han tdrig nam khi Mt han neu hai b8n khOng co
thea (Men nao khac.
2. Hop deng co the duce cham dirt Int& thdi han trong cac
twang hap:
- Khach hang yeu ceu chain dirt hgp clang;
- Khach hang vi pham nghia vy hoac thgc hien hanh vi bi
cam then qui dinh c6a phap luat ye chCmg khoan va thi truOng
ch(mg khoan:

158
 - Khach hang la pita() nhan bi gi5i the', pha san, chia, tach,
hop nhat; Khach hang la ca nhan bi chat, hoac mat (tang lut hanh
vi;
- Chi nhanh Cling ty Chang khoan giai the, pha san, bi dinh
chi hoat dOng, bi thu h6i gray prier) hoat thing.

Hop Tong duoc ky lam 02 b5n, m6i ben gi0 01 b5n.

DAI DleN KHACH HANG DAI DIEN CHI NHANH

(K9 ten, clang dau n6u la phap nhan) CONG TV CHUNG KHOAN

Belo cao tai khodn: Hang thang, cang ty chting khoan

phai gin cho khach hang ban bat) cao ve tinh twig tai khoan
cint khach hang (account statement). Bao cao phai ghi ro moi
sp thay d61 tren tai khoan. Nha dais to phai kidrn tra tinh
chit-1h xac cua cac giao Mich phat sinh nhu mua, ban, c6
cling nhis s6 du cu6i ding tren tai khoan. N6u phat hien ra
bat sai sat, nham lan nao thi nha elan to can (hang bao kip
then cho c6ng ty chang khodn.
3, DI t lenh:

Khi khach hang muon giao dich, ho phai dat lenh bang
mat trong cac hinh [hue sau day:
- Oat lenh true ti6p tai phOng lenh cua cOng ty chting
IthoIn.
- Dat lenh qua dien thoai.

159
 - Qua mang vi anh not mang true tip vdi phang lenh
cua cOng ty chang
NO dung exit, mew lenh glint die thong tin sau:
- Lenh dO la Mua hay Ban, &roc in san vdi mau khac
nhau.
- S6 lacing chang khozin dat mua, hoac ban.
- Ten chiing khoan, ma s6 foal chang khozin.
- Ten Oa kith hang Va ma s6.
- Ngay gia dat lOnh.
- Thai gian c6 hieu loc cua lenh.
Loki lenh
. L(3 nh 'hi twang (Market order): La 1041 lenh ma nha
&lit at you eau nha m6i gidi thttc hien viec giao dich mua
hoac ban mat s6 lacing chting khoan cua mot loai chang
khoan nhat dinh yea gia thi miring hien hanh hoac mac gia
t6t nhat hien co ten thi taking (mite gia dat mua cao nhat va
mac gia dat ban thap nhat.). D6i voi foal lenh nay, nha dziu at
c6 the yen tam ye kha nang lenh giao dich caa minh se duct
that hien nhtrng khong chic chin ve mac gia dare hien.
. UM, giai han (Limit order): La loai lenh trong do nha
din to dinh mac gia mua hay gia ban clanig khoan tong
pham vi chap nhan duce. Doi vet vier: char) ban, gia gioi han
la gia thap nhat sin sang ban. 1)61 vdi vier char, mua, la gia
cao !that san sang mua. Viec mua hay ban chdng khoan se
dirge thtrc thi theo gia gioi han hoac theo mac c6 Ioi hon.
160
Thrtc chit, day chi la mac gia tal da hoac gia trai thieu ma
th6i. Lenh gioi han co uu diem ma tam ly an tam cho nha
dau to ben nen lenh duoc thuc hien thi gia mua hoac gia ban
se khOng vuat qua mix an dinh cita hp. Tuy nhien, lenh nay
co nhugc diem la nha dau to rat de bi mat ca hpi mua ban
nen gia than han giai han ban hoac cao han gidi han mua.
. Lenh dung (Slop order): La lenh dac biet da lenh thi
truang trong d6 nha dau to dua ra mot mac gig gioi han ma
nen gia thi truerng dat tai hoac vuot qua mire gia nay thi khi
d6 nha moi gioi se thuc thi lenh giao dich theo gia thi truOng.
Tai thin diem dat lenh, nen 1a lenh ban, gia gioi han (diem
dimg) phai that, han gia thi truing hien hanh va nguct lai
nau la lenh mua thi gia glad han (diem clang) phai cao han
gia thi twang hien hank Lenh nay c6 the sir dung de han che
ton that hoac rai ro khi gia ca tren thi truing co chuyen 'Dien
chech haring. VI vay lenh nay con duce goi la lenh bao ve.
Lenh dimg bao gam lenh ding a ban va lenh dimg de mua.
Lenh dung di ban: 1Chach hang mua 1000 c6 phan voi
gia. 22 ngan clongica phan. Sau mot thai gian gia cd phiau
nay len tea 42 ngan clong/c6 phan. Khach hang chua mu&
ban vi ring ta cho rang gia con tang num. Nhung de de pheng
truerng hop gia khOng tang ma lai giam, khach hang nay dat
lenh ding yeti ngubi dai dien cOng ty eking khoan de ban vii
gia. 39 ngan clongica phan chang han. Neu thgc to gia cd
phieu d6 !thong tang ma lai glum thi gia c6 phi& do giam tin
39 ngan, ngual mai gitii se" ban cho Ong ta.

161
 Lenh ding de miia: Lenh nay thuang dusty dung trong
throng hop ban kheing de glen han sit thua 16. Chang han
ktnich hang vay cent tong ty thing khoan met se c6 phan vi
ban di vai gill 40 ngan deng/ce phan vOi by vong gill co"
phieu giam xueing tad 20 nghn &Mg/ cd phan, Ong ta se mua
de tra. Nhtmg de de phOng twang hop gill c6 phie'u kitting
giam me lai tang, khach hang do dat met lenh dung d@ mua
v61 gill 42 ngan &rig. Khi gill len Ma 42 ngan (long, nguen
mei gi6i sc mua cd phietu d6 cho Ong ta va Ong ta di( gieti han
sit thua 16 cua minh 6 mite 2 ngan dong/ca phan. Met lenh
Ming de mua &pc dua ra tren mtic gill (hi twang hien hhnh
con met lenh Ming de ban dime dua ra thap han gill thi
twang hien hinh..
Cac loai lenh khac: cac loai lenh duot dua ra nham
inning muc dich Snit dinh
- Lenh gun han dung (stop limit order): cling gieing Au
met lenh ding nhung no se chuyen thanh met 1enh gioi han chit
kheng chuyen thanh mot lenh thi twang khi dat tai diem Ming.
- Lend Miff hien loan b0 hay luny' bo (Fill or Kill Order):
loai lenh nay dirge thtic hien ngay toan be hoac hujt ba.
- Lenh tInfc hien ngay hoac hay bo (Immediate or
cancel order - IOC): lenh dirge that hien ngay met phtin nho
do, phan con lai bi huY bO,
- Lenh roan be) hotic bluing (All or None Order - AON):
vOl met thei han cho tunic, chang han met ngity, lenh phai
ducc thgc hien toan be, nen kheng [My 66 lenh do.

162
 4, Dinh gia tren sa giao dich:
4.1, So ghip lenh dinh ky ',a so ghep lenh lien tuc:
So ghep lenh dinh ky la he thong trong clO cac lenh mua
va lenh ban dugc tich to lai trong mot khoang thai gian that
dinh, sau do mai doge ghep vai nhau de hinh thanh mgt mdc
gia duy nhat tai diem cO kh6i luting mua va ban Ian nhift
duct thuc hien.
So ghep lenh hen tuc IA he thong trong do cac lenh mua
va lenh ban lien tuc duce ghep vai nhau n6u co the.
So ghep lenh dinh ky co uu diem IA cho phep hinh thanh
gia c$ t6t nhgt tren ca so kh6i luting mua ban Ion duce tich
to lai. So ghep lenh dinh ky thich hop vai thi twang có kh6i
Itryng giao dich nh6; no cho phep giam bat so bi6n &Ong qua
mac cua gia ca. Tuy nhien, Met so ghep lenh lien tuc lai
thich hop vai thi trtremg co kh6i 'gong giao dich lan. NO cho
phep hinh thAnh gia ca tut thai dap Ling duos nhCmg they d6i
thuOng xuyen ye thOng tin tren thi trueing.
ThOng thuiing cac nude co thi twang chtIng khoan phat
trien deu dp dung ca phuong iliac dau gia dinh ky va driu gia
lien tuc. M6i ngay giao dich co the co I hoac 2 phien giao
dich (hu& sang va Int& chigu). Vao dau gia phien giao dich
bu6i sang, ngueci ta xac dinh gia ma cera theo phuong Iliac so
ghep lenh dinh ky. Sau do yiec giao dich duct that hien theo
phuong thtic so ghep lenh hen tuc. Cu6i ngay giao dich,
nguiri ta lai xac dinh gia (long cira theo phuong thac so ghep
lenh dinh ky.
163
 g i
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NOMEINtiti
11111111111110LIMI
4,1118R:11
164
 NUN
MUULUMMIMMUMMM
IRIMAIMMIZIE11111
MUUMUUMMUMMULI
MU IMMIHUU UM
winummutineu
BEIUMMUUUUN
11111111111111121111M111111
OMOHHRMHHHH
1111111111111111
IMINIUMER11111121
, • •
MIUMMMIXIMUN

165
 •11'

'151

, AD.‘

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vO co

"h' I E I I I I I Ig
166
167
 4.2, Nguyen tic so ghep lenh
- Mric gia giao dich se la mac gia ma c6 kh6i Mang giao
dich dat duce la Ion nhat.
- Neu sau khi khem lenh co nhieu mire gia cling aura
man thi lay nark gia grin vai gia dOng dm caa ngay horn
truck hay mac gia cua ngay phien giao dich trueic do.
- Neu co nhieu mdc gia ding thol man va ding gin vai
gia clang cira caa phien giao dich au& thi se" chart mdc gia
c6 mdc chenh tech giaa kh6i luting mu6n mua va khdi bong
muan ban it hon.
- Gil mua cao han gia ca ban va gia ban than han gia cc
ban se duct thuc hien tru6c.
- Phan 136 ter ben co kh6i bang it sang ben c6 kh6i
luting nhieu.
4.3, Cac nguyen tic tien trong viec so khap
lenh

- Nguyen tac cc ban dau tien clime tip dung la nguyen

tac nil tien v6 gia. Theo nguyen tac nay, eac lenh c6 gia tat
nhit (Sao mua cao nhat va chao ban Map nhat) Marc vu tien
t h uc hien nude.
Ngoai nguyen the cc ban tren day, nhCmg nguyen tic
phu sau day se throe tip dung:
- Nguyen tac vu tien ye theri gian: trong nliling lenh co cling
mac gia, lenh nao den trueoc se duce vu nen thuc Men rotor.

168
 - Uu tien ye khach hang: c6 hai loaf khach hang la
khach hang ca nhan va khach hang a nha dau to c6 t6 cherc
nhu cling ty chting khoan, quy den tu... Sec Giao dich thuang
dp dung quy tAc vu tien khach hang la ca nhan tar& kith
hang la nha dau to c6 t6 chdc. Neu cling ty cluing khoan c6
nghiep doanh thl phai vu tien lenh cua khach hang
truck lenh can cling ty chang khaki.
- Uu tien ye khoi luting: lenh nao c6 kh6i lacing Ian hon
se duet uu tien phan phol trudc.
- Uu tien ngau nhien : theo nguyen tac nay, nguoi to chi
a) dung au tien ye gia. Sau do cac lenh khi dua vac) he dicing
se duqc may tinh sap xep 1St cach ngau nhien.
Met vi du ve so ghep lenh:
Vi du 1: Tinh hinh cac lenh dat mua va ban chi:mg
khoan XYZ tai then diem t
Tong khOi luting Mua (16 Gia (1000 Ban (16 TOng lai ItiOng
sat, sang mua theo chan) VW)) cha'n) sOn sang bOn
tang mac gia theo tong mOc gia

5700 1500 20.0 0 0

4200 1200 20.1 500 500

3000 1000 20.2 600 1100

2000 800 20.3 1000 2100

1200 1000 20.4 2000 4100

200 200 20.5 300 4400

0 0 20.6 400 4800

169
 Tucrng Ong vol tUng mdc gia to thay rang khea luong
,

mua ban cao nhat co the dat duqc tai mdc giao dich la 2000
16 than va milt giCt xic dinh la 20.300VND. Khi do nhiing
ngueri dat gia mua tit 20.300 VND den 20.600 VND se mua
dugc eking khodn. NhCmg ngueri dat gia ban v6i mdc to
20.300 VND Erg xudng se co the ban dugc cluing khodn. Voi
mdc gizi nay, ben mua dat gia to 20.300 VND tra len se dugc
phan phCii het, tuy nhien ben ban dat gia to 20.300 VND tra
xudng se c6 nguai khOng ban dugc. Khi de phan b6 theo thd
to uu 1)&1: gia, thrii gian, khach hang, khol luong....
VI du 2: Tinh hInh cac lenh dat mua va lenh dat ban c6
phieb MTZ tat that diem t+1 la:
T6ng khcii [Yong Mua Gia (1000 Ban Tong kWi Luang
son sang mua theo (la ch5n) VND) (lo chAn) sOn sang ban
tong MCIC gia theo tang mac gia
5000 2000 20.0 0 0
3000 1000 20.1 500 500
2000 0 20.2 1500 2000
2000 1800 20.3 2000 4000
200 200 20.4 1000 5000
0 0 20.5 400 5400
Nhu vay, c6 2 mdc gia la 20.200 vb. 20.300 VND cho
mdc giao dich dat dugc la fan that va du bang 2000 le chart.
Vay phai van dung nguyen tdc la mdc gia nao gars yea gia
Bong cira han hoac mdc gia nao co chenh Lech glib tong mite
mu& mua va tong mdc =On ban it han se dugc lira chon.

170
 5, Cham sec the khodn dau tit :
Tim hieu ya quy& dinh ddu to vao thi twang cluing
khodn la nhang viEc lam philc tap. Chaim sec moi vidc khi da
dad tu rot Hi de dang hon. Mai nguai di nhung cach Ichac
nhau a quan ly cac khoan driu to cua minh. Thong thuang,
sau khi dau tu thi cac nha dau tu ndn thdc hiEn nhring cOng
vidc sau:
5.1, LOp se; siich theo doi:
Thu nhat, ltru girt tat ca cac hgp citing theo dal to ngay
[hang. Day ta tap he so day da ye danh muc dau tu de nha
dau to theo doi va tinh toan cac khoan thug phai ndp (doi vai
nha dad tu la t6 chuck Hay kiem tra chi ties tang hop (long
xem co chinh xac hay khOng.
Thu hai: ghi nhan day chi, chi tied ve cac khoin c6 tit
hay nen lai cid nhan duct.
Thu ba: NEu van can nom gift cac chting chi c6
thi cac chang chi nay Slat duet cat gift an toan nhung de tim
thay, pheng khi can ban ngay.
Thu tu: CO the nha dad to se can deli met phuong phap
nao do de barn sat tiEn tri6n caa cac khoan dau tu da thgc
hidn. Phuong phdp nay di the dual clang met bieu de thd
cling ghi re ten ding se lugng chring khoan dang nom giii,
gia mua vao, gia ea vao cac then diem dinh gia sau de.
Luang thong tin nay se lam nen tang cho met he thong
theo doi hoan hao nhung lodi cluing Ichodn ma nha dad tu

171
dang theo sat. Neu nha deth tu muein c6 met phuong phap
tinh vi hon, cac cling ty chting !Moan c6 nhling phalli mem
dien toast gitip ho cap that gia ca va ve bidu do thanh tich
cua danh muc claw tu wen may tinh ca. nhan.

Thd nam: Neu cOng viec cua nha (tau tu vein da qua ban
rein, tot that ho nen utter den dich vu quail 19 danh muc dau
tu cita cac clang ty chting khoan hoac cOng ty quan 19 guy.
Cdc cong ty chting khoan se throng xuyen cung cap cac bao
cao ye tinh hinh cac khoin dau India khach hang.
5.2, Thu tha.p thong tin:
Nha dau tu muein dich than nghien cdu (Mu tu phai tinh
loc tit nhieu nguein thong tin khac nhau.
+ Rio chi cung cap rat nhieu loaf nt lieu, to cac thong
tin ye gia ca va cac dac diem cita tong tong ty ca biet cho
den cac cOng trinh phan tich va cac bai bao ye chit' 'tax dau
to trong tang khu we kinh doanh.
+ Phuong lien phat song truyen thong dal chting bao
quat rat nhieu tin tem, dac biet phai kd den lh cac trang thin
su wen tivi ye gia Ca cap nhat a Thi twang cherng khoan va
cac bait tom tact tin the tai chinh.
+ Internet ngay cang duct set dung rOng rai gni') cho
tinh hinh tiep can thong tin dm cac nha. (Thu tr nhan len gap
bOi: can cong ty ma ban nation dau tu vao ding co cac trang
web rieng; cac cong ty cherng khoan not ban ma tai Ichohn
giao dich co the cung cap thong tin throng xuyen qua dia chi
e-mail.
172
 + Cac ban tin ngay to trung tam giao dich chdng khodn.
+ Cac ban tin ngay VA tin main kern theo cac bai phan
tich ye thi twang chirng khoin ducc cung can boi cac cling
ty chting khodn.
+ Curri ding la 'oat thong tin can ban nhat - ban car: tinh
hinh hoar clang to cac Ong ty niem yet.
6, Mat s6 chit Sr:
6.1, Don vi giao Bich:
Cac So giao dich thuimg co quy dinh ve kh6i Wong giao
dich t6i thieu cita mat lenh giao dich, got la to chin (round
lot) hay don vi giao dich (trading unit). Don vi giao dich cua
m6i thi twang se có quy dinh khac nhau. Tut thuac vao
menh gia va quy mO thi twang ma cac So giao dich quy dinh
don vi giao dich la 10, 100 hay 1000 c6 phieu. Thi twang
Thuong Hai ce menh gia c6 phien Wong during 12 dOla vi
don vi giao dich la 10 ce phial SO giao dich chting khoan
Han Qudc c6 menh gia c6 phieu Wong Wrong 5,5 do la va
don vi giao dich la 10 c6 phien trong khi thi truerng chting
khoan Dai Loan c6 menh gia c6 phieu tuang duong 0,4 de la
Ira don vi giao dich a 1000 c6 phi& Ira Singapore menh gia
c6 phi& la 0,7 dela va don vi giao dich la 100 c6 phial. Don
vi giao dich la mat trong nhilng yeti t6 co the tic clang den
cung can trong giao dich chung khodn. Don vi giao dich Ion
co the ban the Icha nang tham gia giao dich cua nha dau ttr
ca nhan. Nguitc lai, don vi giao dich MI6 c6 the gay mat that
gian do phai xu 19 khdi Mang lenh giao dich qua WI&
173
 6.2, Dan vi yit
Dan vi yet gia (quotation unit) IA boot gia tot thidu (tick
size) trong giao dich ch(ing khoan. Don vi yet gia IA yen t6
c6 tac Ong den tinh thanh khoan cUa thing khoan cling rant
hien qua dau to cua nha dau us. Don vi giao dich Ion c6 thd
mang lai Sy tap trung ve ink gia cua lenh giao dich nhung
lai han che lua chon ye so' Meng mac gia d6i yea luta dau tu.
Ngugc tai, don vi giao dich nhO cho phep nha dau to c6 the
co nhieu lua chon ve mat gia giao dich nhung lenh giao dich
c6 the hi clan tell.
6.3, Biln d6 bie'n dOng gici:

Hail het cac SO giao dich chting khoan tren the gidri deu
co nhung tong cu nham ngan than nhong hien Ong bat
[twang cUa gia cluing khoan trong ngliy giao dich. Tap trung
lenh giao dich thong qua ap dung kheip lenh dinh ky va thai
gian giao dich ngan la nhimg bien phap [Ining [hay nham
han che nhiing hien eking gia bat thuOng dm cluing khoiin tai
cac thi tracing mai n6i. Tai cac thi [fleeing phat then, khi boat
Ong giao dich dien ra lien Ric, hien phap thireing dugc sir
dung a ngling giao dich trong nhiing tinh hu6ng gia cluing
khoan hien deng bat thireing.
Trong s6 cac bien phap on dinh gia tren thi outing
thing khodn, bien clO bien Ong gia dueic sd dung ph6 hien,
(lac biet la tai cac thi twang mei hinh thank. Bien de dao
Ong gia quy dinh khoang giao Ong gia cho phep dei v6i
tirng chiing khoan trong met phien giao dich. Theo do, lenh

174
giao dich cent nha dau tic khi dat phai dam trong khoang bien
dO cho phep. Lenh giao dich c6 mtic gin wort qua gidi han
tren (gia trio) hoac gieri han dudi (gia san) bi coi la khOng
hap Le va se bi he thong giao dich Ca ch6i.
Bien dO giao clang gia, vdi khi nang ngan chan nhang
bien clang dat ngat ye gia, ce the dim boo tinh an dinh cna
thi truerng, gap phan sung cd niam tin caa cling cluing (tau to
vao thi throng chtIng khodn. Tuy nhien, bien dO giao clang
gil cling cd the lam Mn han den co the xac lap gial cua thi
truemg van dua tren so tuong tic cung can, theo d6 c6 the
lam giam tinh thanh khoin cua thi truang.

III, MOT SO GIAO INCH DAC BIET:

1. Giao dicta kh6i
Day la nhOng giao dich co kh6i luting kin (sir c6 phial
va tri gin lan) ditoc goi la 16 Ion. Tien churn xac dinh giao
dich kheri dpi tren kh6i luting c6 phi6u dat mua, dat ban hoac
(va) gin tri giao (Bch. Vi du a Thai Lan, giao dich kh6i diroc
xac dinh dai voi mat lenh co quy m6 tren 100 16 chan veri gia
tri tren 1 trieu bat, a Dai Loan quyme, cem mat giao dich khoi
la tren 500 16 chin vii gia tri tren 5 trieu dela Dai Loan, Han
quac Ia tren 50.000 c6 phieu vdi gia tri tren 1 tj, won.
Giao dich cem cac 16 that khOng &roc dua vao ghep
lenh tren thi truOng tap trung vi c6 the lam mat can deii cung
cau. ThOng thuang nhirmg giao dich co khai luting Ian &roc
giao dich theo cach that rieng goi la giao dich khai. CO hai
cach giao dich la:
175
 + Throng Wong dpi tren gia (king cita: sau khi k6t thilc
giao dich chinh thirc co th6 ties hanh cac giao dich kh6i dui
tren gia dung cila cua thi totting.
+ Dim lenh giao dich kh6i vao so lenh theo phuong thtic
nhe giot (tire chia 'the kh6i) r6i that hien so ghep lenh mot
cach binh thuang.
2. Giao dich to le
Giao dich 10 le la giao dich &la cac lenh co quy mO the.
(chua du met 16 chin). LO le ta nhCrng 16 khoi tit 1 led 9 cd
phieu (twang hop 16 chan 10 c6 phieu) 1 toi 99 cd phi6u
(tarring hap 16 chin 100 cd phi6u) 1 toi 999 cd phi& (twang
hop 16 chin 1.000 cd phi6u). Giao dich 10 le cling khong
duct dun vao so ghep lenh tren he thong dinh gia caa thi
twang tap trung. Giao dich 16 10 [hiking duoc thirc hien tai
cling ty cluing khoan. Gia giao dich 16 10 co th6 duct xac
dinh tren cc set quy6t dinh cua Cling ty Chling khoan can cd
vao gia d6ng cira cua ngay giao dich horn truck hoac theo
thoa thuan. Deli v01 giao dich 10 le, cong ty cht-mg khoan
throng thu phi cao hon.
3. Giao dich chitng khogn khong cc', co tire
Dinh k9, theo quy6t dinh cua 1-101 dong quip tri, cling ty
cd phan co the tra cd [tic bang tien hoac cd phi6u. NhCing cd
clang co danh sach vao ngay clang k9 cu6i cling se duct nhan
cd [tic. NhCing cd thing sti hew cluing khoan to sau ngay khoa
s6 se khOng duct nhan cd tUc. Nen ngay thanh loan la T+3
thi cluing khoan khong co c6 ilk se nhu sau:

176
27/12 28/12 29/12 30/12 31/12
+ 4. 4 4 4
NA/ co ex-divident NA( Ngay
cd Wtc Giao dich kh6ng co co' talc dang kg khoa sd

Vao ngay chang khoan kh6ng c6 cd tic, gia tham chi&

se bang gia d6ng cita ngay horn truac hit di c6 tac.
- TruOng hop tra cd tac bang c6 phieu:
Gia tham chien = Gia clang elm ngay horn truck /
1 + t9 le tra c6 tuc Wang ca phi&
- Trubng hop tra c6 Mc bang tien va bang c6 phie`u
Gia tham chidu = Gia clang cua ngay ham truac c6 ffic -

bang tien/1+ ty" le tra c6 the bang c6 phial

4. Giao dich khong hdang quye'n mua co phieeu
magi
COng ty c6 phdn thuang uu tien cho cd d6ng hien tai
guyen dat mua cd phi& trong truang hap phat hanh chung
khoan dd tang van. Dicing ttr nhu viec nhan cd Mc, nliling cd
dang c6 dash sach vao ngay dang k9 se &roc hueing guy&
nay.
5. Giao dich chirng khoan nglin qu9"

Chung khoan ngan guy la chting khoan do chinh don vi

phat hanh nam gin. Giao dich chi:mg khoan ngan guy la giao
dich trong d6 don vi phat hanh mua ban cluing khoan do
chinh minh phat hanh Maim ch6ng lai viec bi thau tam, hop

177
nhal hay han ch6 su bien dOng chech biding cua gia chi:mg
khoan nen thi [riding.
Viec mua lai chdng khoan phai chiu su quan 19 chat the
mia S& giao dich ching khoan (SGDCK). CEng ty phat hanh
mot tai }Moan tai 1 cOng ty chdng khoan chi dinh. CEng
ty phat hanh phai trinh cho So giao dich don xin mua chting
khoan (trinh bay in s6 luring va gia dat mua). S6 Wong
khOng dugc qui 10% c6 phieu hru hanh.
Lanh phai dat tnroc khi m& cua thi twang va chi &roc
dat lanh mot lin trong mot ngay Viec mua lai chi &roc thuc
Man trong pham vi 3 thang va trong vOng 6 thang kh6ng
duct ban lai ching khoan ra thi [rating kd tir ngay mua lai.
Gia dat mua chdng khoan ngan guy khans dugc vim
qua gii d6ng cira ngay ham tru6c trong mot ty la nhet dinh.
6. Giao dich kt quj,
La viac khich hang vay den cila cOng ty thing khoin
dd mua chins khoan. Vol plurong thirc mua kg quy, khach
hang c6 the tang Wong Igi nhuan thu dugc tan mot t6ng ddu
to nhit dinh, va cong ty chdng khoan thi thu clugc phi hoa
hong do vitc time hien mQt khdi Urging dich vu Ion hon, d6ng
that cling thu nen lai lien nen cho khich hang vay. Loai giao
dich nay dirgc thuc hien nen tai khoan kg quy.
Vi du: Nha dau to A du doon co' phieu thuang ABC v6i
gia Wan then la 15.000 d6ng mot c6 phieu, se tang gia trong
yang 1 nam, len 30.000 don. V6i s6 tier' 1.500.000 d6ng,

178
nha dau tu co the mua 100 cd phiEu ABC, nam gift trong mat
nam va ban ra de thu ye 3.000.000 (long, dat mire loi ale tren
clan tu la 100%.
Tuy nhien, rata dau tu cling c6 the dux hien vied ky quy
bang each tra 50% tong gia mua, 50% con lai se vay tai cOng
ty chi:mg Ichodn, nai nha dau tu ma tai khoan ky quy. Trong
twang hip nay, nha clan tu A c6 the dau tu 3.000.000 clang
va mua 200 cd phieu. Neu du doan cita nha dau to A a clang,
gia thi twang cua c6 phiau ABC tang len 30.000 clang trong
vong 1 nam, nha dau tu nay c6 the ban c6 phi6u ra va thu ye
6.000.000 dong. Tat nhien, trong s6 6.000.000 clang thu ye
nay nha clan to phai tra 1ai 1.500.000 d da vay cua cOng ty
chting khoan, va tien lai cua khoan vay do, gia sir viri lai suat
10% mat nam:
6.000.000 - 1.500.000 - 150.000 = 4.350.000 (clang)
Loi nhuan cua nha tau tu se la chenh Lech giira con s6
dau tu ban dau 1,5 trieu, tire la bang 2.850.000 clang, lcri tic
so via dau tu la 190%. yay mua k9 guy da lam tang IS, la lid
nhuan cna nha dau to len dang
Tuy nhien, mua k9 quy cling nhu con dao hai luai. Nab
c6 phieb len gia, nha dau tu se co lea ding ke, tithing nau cd
phieb giam gia, khoan thua la caa nha clan tu ding tang len.
Ngay ca khi cd phieu vin gill nguyen mire gia nha din to
cling van thua 16, bai s6 lai nhai tra cho sd den vay tong
suit thin gian k9 quy cir lon dan len. Va han nira, khOng phii
chting khoan nao ding dirge phep giao dich theo mire nay.

179
 Mac ky quy ban ddu ductc thuc hien theo 101 Binh, vi
du nhu luUt My la 50% Sau do, neu gia thi truang cua cti
phitu thay ddi, ty le dia s6 du ky quy cac Ichach hang so vol
so" du no co thd gam xthing nhung khOng xuang thdp han
25% n'au tut )(Wang qua nguifing nay, ding ty cluing khoan co
the you du Ichach hang dat them tien klt quy.
7, Ban khifing (short sale): la hInh attic ban cluing
khoan trong khi khOng so him chang. D. ban, nha dau to
phai vay chung khoan to nha mOi giai sau do se mua va tra
lai cho nha mOi giai.
Quy the ban khong: tai Canada, nha dan to khong duct
ban khong khi gia chfing khoan dang giarn. Trong yang 5
ngay hanh chinh sau khi mot cuOc ban khOng dirge thuc
hien, nha mOi giai cua nguai ban khong phai mucin va trao
cac chung khoan phil hop cho nguai mua Cac clang khoan
vay moon co the la cac thing khoan thuc set Mu cila ding
ty chi-mg khoan. Tuy nhien, cluing thuang la chting khoan
ltm ky dtrai dang 'street name" cita tong ty thing khoan ma
la mOi giai cua nguai ban kh6ng. N6u ngtthi cho vay mu6n
ban cluing khoan, nguai ban khong khOng phai tra khoan vay
nay ngay be'ri tong ty thing khoan co the moon chting khoan
tir nguai khac. Tuy nhien, nau ding ty thing khoan khong
the mtrcm chting khoan tir nguai khac, khi do nguai ban
khong se phai hoan tra khoan vay ngay lap tire.
Vi du: tai that diem t nao do, Ong L dang sa hitu co
phi& cua tong ty XYZ duqc gift duOi ten dm cOng ty chtimg
khoan BCK - nha mOi giai dia Ong ta. Tai thin diem do, Ong
180
S dat met lenh cho cOng ty chting khoan BCK cid ban kitting
1.000 c6 phieu XYZ (Ong S dang du doin gia cluing khoan
XYZ se giam). Khi c16 cOng ty chang 'drat BCK se lay
1000 c6 phial XYZ ma ho dang ndm giu duth clang "streer
name" cim Ong L va ban cluing theo 1Cith cria Ong S cho ba J.
Khi d6 1000 c6 phial XYZ se bi chuy6n set him tit cOng ty
BCK sang cho ba J. Vai ngay sau, Ong S lenh cho nha mei
gidi mua 1000 c6 phieu XYZ Cu 6ng P va sit dung s6 c6
phieu nay a tra. no cho Ong L. Khi d6 1000 cd phi& XYZ
se clinic chuyen sti Iniu tit Ong P sang cho cOng ty BCK Nth
aing ty nay tra lai trang that ban dau.
De dam bao an toan, ngueti ban khOng S pith k/ qu9
khoan nen thu dude tir viCc ban 1000 c6 phieu XYZ tai tai
khoan ma tai cOng ty cluing khoan BCK cho Mn khi tra &Ric
s6 chting khoan dang bi no. Nguai ban kheng cling bi yen
du phai duy tri mtic tin dung tai thieu. Neu gia cluing khoan
tang, ngueri ban khO'ng phai be sung them tien vao tai khoAn.
Neu gia chting khoan giam, c6 the nit met phan den tv tai
khoan cent mirth nhu ra phinloi nhuan duct MUM&
8, Chia tacit, gOp co phigu:
Chia tach c6 phieu (stock split) la viCc chia nhet gia tri
Gig cd phieu dang lan hanh. GOp c6 phi& (reverse split) la
viCc tang gia tri cua cd phi& to viec cOng b6 giam so c6
phi& dang km hanh theo met ty le nao d6. Ve 19 thuyet, viCc
tach (Op) c6 phieu Ichang nth hung Mn gia tri thuc cila cd
phial ma chi thay den tdng s6 bong cd phieu dang km hanh.

181
Phy lye 3.1: Quy trinh giao dich cluing khoan niern yet tai
Trung tam giao *hefting khoan:
Toan b0 quy trinh nay &Ito hen hanh then 5 butc:
- Butc 1: Nha Tau to dgn ma tai khoan va dat lOnh mua
hay ban chi".mg khoan tai mgt Ong ty chang khoan.
Budc 2: Cong ty chang khoan chuygn lanh do cho dal
dien caa cong ty tai Trung tam giao dich chang khoan nhap
vao he thgng giao dich cua Trung tam.
- BOG 3: Trung tam giao dich chuhg khoan tho hiOn
ghop lOnh va thong bao kgt qua giao dich cho cong ty chang
khoan.
- Badc 4: C6ng ty chimg khoan thong bao kgt qua giao
dich cho nha dgu tU.
- Bade 5: Nha to nhan duo chi:Mg khoan (ngu IA
ngudi mua) hoac lien (ngu la nguti ban) ten tai khoan cua
minh tai cong ty chang khoan sau 3 ngay lam viac kg tU ngay
mua ban ngu quy dinh ve the,' gian tho hien thanh toan ba tar
chang khoan la T 1-3.

Phy lye 3.2: Giao dich thoa thu'an

Ngoai giao dich thOng qua Outing thac khdp lOnh, ten (hi
twang chang khoan Vigt Nam con tin tai hinh thac giao dich
thoa thuan. Chang han, Trung tam giao dich chang khoan HA
Ngi ap dung "tong that giao dich nay. Mgt O ngi dung co
ban ve hot Ong giao dich hien nay tai san giao dich the cgp
cOa Trung tam GDCK Ha Ngi bao Om:
Trinh tygiao dich thoa thu#n

182
 - Nguyen tac giao dich: Cac giao dich phai dacrc MIX hien
tilting qua cong ty ch(mg khoan thanh vien cOa Trung tam
Giao dich ch(mg khoan Ha NOi.
- Truck lien,a thcic hien giao dich nha dau to Oil ma tai
khoan giao dich ch(mg khoan tai met Gang ty chAng khoan la
thanh vien cOa Trung tam GDCK Ha Nei. Nha dau to se &roc
cong ty chAng khoan hoeing an day dO cac the tuc d6 ma tai
khoan giao dich ch(mg khoan Sau khi da tim hieu k9 ve cac
loai ch(mg khoan dang k9 giao dich tr8n Trung tam GDCK Ha
Nai, NIA dau lit c6 the bat dau (Ida ra cac guyel dinh dau to
Goa minh.
- Khi dat lenh mua ban ch(mg khoan, nha dau td phai dam
bac) de ti le ky qu9 tren tai khoan. Cu the la, khi dat lenh ban thi
nha dau to phai c6 de so chUng khoan trong thi khoan, con khi
dat lenh mua thi nha dau to phai c6 de s6 tien ky qu9 then thoa
thuan voi cong ty ch(mg khoan.
+ Twang hop da xac dinh &roc del tac giao Bich:
Neu nha dau tit de tim duqc d6i tac giao dich va da hoan
thoa thuan giao dich thi thong bao cho cong ty ch(mg khoan
ye thoa thu6n nay, ding ty ch(mg khoan se thtm hien nh6p
lenh giao dich vao he thong cea Trung tarn GDCK Ha Nei.
+ Trading hap chAa xac dinh ditoc d6i tac giao dich:
• Khi cb nhu cau giao dick, nha dau to se Of lenh
mua/lenh ban tai cong ty ch(mg khoan.
• Can Ca vao lenh cOa nha dau tu, cong ty chAng khoan
se nhe'p lenh vao he thong giao dich tai Trung tam GDCK Ha
N6i, ngay lap tac cac lenh dO se duoc hien thi ten s6 lenh cua
thi triffing.
183
 * Can ca vao thong tin ten so' lenh, cac tong ty chang
khoan se lien lac vai nhau de glad nha deu to tim kiem va thee'
thuan vai cac dal lac giao dich ye mac gia va khei lacing giao
dich. Khi dat duet thoa thuan, c6ng ty chang khoan se that
hien lOnh giao dich cho nha Tau tu.
HQ theng giao dich cua Trung tam GDCK Ha NOi se
nhan va xac nhan cac lOnh giao dich do cong ty chting khoan
nhap vao va Se due' ra kett quA giao dich tong hap cea toan thi
taking.
* Ket qu6 giao dich thoa thuan se cluyt hien thi ngay tren
man hinh cua dai dien giao dich va man hinh thong tin caa
CTCK.
Ngudn: TTGDCK FM NOi

Phy lac 3.3: Giao dich bio gia

Nhahg nal dung chinh trong cd the hogt clang caa phuang
that giao dich bao gia nhUsau:
Nguyen tat thgc hien lenh giao dich bao giti
- Cat lenh co mat gia t6t nhat dudc ut lien thuc hien
twat
- Neu có nhieu lenh ding mac gia thi lOnh nao dudc nhap
vao he thong tar& se dude tilde hien tarot
- Neu lenh mua va lenh ban ding thoa man nhau ye gia
thi mac gia thuc hien se IA mac gia dialanh dude nhap vao he
th6ng tarot
- Lanh giao dich co the dude that hien toan b0 hoac mot
ph6n theo Nal s6 cua den vi giao dick

184
 * Sao, hay lAnh: Nha dau td duck pap huY rah hoac
thay dei mac gia del vdi cac rah chda duos khdp hoac pan
con lai cua lenh de khdp mot phgn.
Cat budt tieh hAnh giao dich btho gia:
- Sau khi nha to dat lenh (mua/ban) tai cac tong ty
chang khoan, dal dien giao dich cua cong ty chang khoan se
nhap cac lenh cua khach hang vao he thong giao dich tai
Trung tam Giao dich Ching khoan. Neu nha au W muen thOc
hien lenh theo phddng thac thaa thuan hoac man thut hien
tango kh6i Vag thi ()hal ghi re Mang you au nay ten ph&
lenh, cong ty chang khan se thyt hien nhang lenh nay theo
phudng thac thee' than. Ngu phieu lenh kh6ng co cac yeu cau
ten thi dai dien giao dich coa cong ty chang khoan se nhap
rah de vao he (hang giao dich brio gia.
- Cac lenh at nay duct hien thi ten man hinh cua dai
dien giao dich va man hinh th6ng tin ca cong ty chang khoan.
- Nha au to theo doi cac lenh (mua/ban) thong qua man
hinh th6ng tin tai cong ty chang khoan va lua chon cac lenh
phi) hop de dat lenh dgi ang.
- Cac lenh nhap vao he tang so duct to crag khorp ngay
yeti cac lea dgi ring co mac gia tha man tat nal da chot dr)
trong he thgng. Tac la, neu thoa man ve gia thi cac rah mua
co mac gia cao se &roc khdp %/di cac lenh ban co Mao gia
thPp nat. Mac gia thac hien &roc xac dinh la mac gia ca rah
ddgc nhap vao he thong trac.
- Neu a ding motmac gia ma c6 nhieu rah mua/lenh ban
thi rah nao nhap vao he tang trac se atoc thyc hien trac.
- Cac lenh co the door thoc hien met pan hoac tan be
185
(riga cac lenh d6i Ng dap dng duvc loan be khei !Jong). Cac
lenh chile ddoc thvc hien hoac mai thus hien met phan se
&roc Iw lai tren he thong de cho thvc hien voi cac lenh mai.
- Net qua giao dich se duoc hi6n thi trut tuyen tren man
hinh thOng tin ctlia cac clang ty chang khoan. Kat thUc phien
giao dich, Trung Tam Giao Dich Chdng Khoan se xac nhan
kat qua giao dich vai ding ty chthig khoan thanh vien va tong
ty chdng khoan thanh vien thong bao cho khach hang.

IV, THI TRIAING OTC (OVER - THE - COUNTER):

Thi trueng OTC la thi throng thuang lacing cua cac Ong
ty cluing khoan thvc hien cac giao dich qua he thong then
thoai va he thong may tinh da duqc noi mang gitia cac thanh
vien dai voi cac cluing khoan chua du dieu kian niem ygt va
giao dich tren Sac giao dich cluing !chub.
Thanh vien cim thi trueng OTC cling la cac cOng ty
chdng khoan. ang ty thing khoan 16 thanh vien cUa thi
twang OTC thuc hien viec mua ban chung khoan cho chinh
minh va la m6i gide cho khach hang.
Giao dich cua thi throng OTC truac het la su ra gia cua
cac cling ty chUng khoan. Trong mai phien giao dich, cOng
ty cluing khoan ra gia cao nhat san sang mua va gia thap
nhat san sang ban dm mai loai chung khoan ma ho nAm gift.
Khi gia mua cao nhalt cua cOng ty nay khan voi gia ban [hap
nhat cua cOng ty kia thi viec mua ban &roc thuc hien va met
giao dich Ira thilc.
He thong thi twang OTC tren th6 gi6i hien nay cha yeu
186
duoc xay dung theo mO hinh thi twang NASDAQ dm Hoa
Ky va mang nheing dac diem rieng tuy theo tirng quec gia.
Sau day se gieri thieu men se thi truing OTC tren the giai.
1, Thi trtiang OTC Hoa KY:
Thi twang OTC Hoa Ky la men thi twang OTC dien
hinh dude phat tridn tit thi throng tkr do giao dich qua thuang
luting gil trktc nap gifra cac chit the. Thi truang nay duoc sir
quan ly cua nha nu& fu sau Luat Cluing khoan sin dei nilm
1935. Thi trtiOng qua mang may tinh NASDAQ duoc thanh
lap Warn 1971 co s6 Wong khoang 15.000 chtIng khoin giao
dich. S6 luting nay lon han rat nhieu s6 chiing khoan giao
dich tren thi truang tap trung. Tuy nhien gia tri giao dich van
thing sau SO giao dich chi:mg khoan NewYork (NYSE). GIL
cluing khoan giao dich tren thi truang nay chit yeu la thing
khoan cua cac cOng ty nh6 VA vita, cOng ty mai thanh lap, tuy
nhien cOng co sir tham gia cua mot s6 cOng ty thuew linh voc
cOng nghC hoac mot s6 cong ty Ion nhu Intel, Microsoft...
Cac thing khoan tren thi twang nay cling duet phan chia
theo chat hieing va tirng cap dO thi taking. Thi throng nay
cOng duct van tit bat mot he thong cac nha tao lap thi
tracing va cac nha m6i gieri. Co Ichoang 500 nha tao lap tihi
truemg hoat dung tich cue tren NASDAQ Trung binh
nha tao lap thi twang lam nhiem vu tao lap cho 8 loci co
phial. NASDAQ chiu su quan ly hai cap dm Illy ban chting
khoan Hoa KY (SEC) va HiCp hOi cac nha kinh doanh chang
khoan Hoa Ky (NASD) Thi truang NASDAQ Wen nay da

187
clinic not mang toan eau yen nhieu thi trurang OTC tren the
giaii.
2, Thi truiing OTC Nhat Ban:
Thi twang OTC Nhat Ban bao g6m thi liking JASDAQ
va thi twang J-net. Thi truOng JASDAQ boat dOng to nam
1991 nen co so phat trien thi twang OTC truyen [hang hoat
&kg tit nam 1963 do Hiep hOi kinh doanh chUng khoan
Nhat Ban quan 19. Luat Chung khoan sirs clai nam 1983 da
quy dinh tu the ye w the quan ly nha nu& ddi vai thi
twang OTC va chuyen hoat thing caa thi Irking nay tit
phuong thiic thucmg luong gia sang phuong thik diu gia.
then nay thi tnreing JASDAQ c6 449 cang ty lam tao
lap thi tritang. He thong giao dich va thong tin to dOng qua
mang JASDAQ theo md hinh NASDAQ dm Hoa Ky duck
chinh iliac dua vao boat Ong at nam 1991. Hien nay he
thong nay g6m 2 mang: mang giao dich va mang thong tin.
Mang giao dich ducic sit dung de' so ghep lenh to Ong va
mang thong tin clang cho cac nha tao lap thi tracing bao gia
tap trung, thong bao ye cac giao dich da them thuan va truyen
obit cac [hang tin khac. Chung khoin giao dich trail thi
trueing nay chi' yell la cua cac cling ty quy mo vita va nho,
cac cang ty co chat luong hang hai va cac tong ty tong nghe
can
Thi truing J-net mai duric dua vao hoat dong ar thing 4
nam 1999, chiu sit quart 19 true tiep cua So giao dich Wang
khoan Osaka cho cac chting khoan chua du dieu kien Mem

188
yet tren So giao dich chting khoan Osaka. Dac trung cua thi
toeing nay a dich vu re - nhanh - tien loi. Cie thanh vien Sir
giao dich cluing khoan Osaka, nha dAu to va trung tam quart
ly duce nth mang tux tip vii nhau thong qua mang Bien tit
da tang, tao dieu kien cho car clOi Wong nay c5 the chia se
thong tin thi [ruling.
3, Thi trxidng OTC Singapore:
Thi toiling OTC Singapore co ten goi Ia SESDAQ duoc
thanh lap theo de nghi cita Uy ban cal each kinh to chinh
nhkm tao mot thi twang cho cac cluing khoan chua niem yet
vii muc tieu met Ong thi truing cho cac chting khoan chua
niem yet vii muc tieu mó rOng thi tarring chiing khoin de
phat then nganh cong nghiep gun ly van.
Giao dich tren thi twang SESDAQ dive thief ke sit
dung cac tram clan cu6i dirge thanh lap va hoat dOng thing 1
nam 1987, tao dieu kien huy dOng van cho cac doanh nghiep
nhO va vita. Mang cita SESDAQ dinic not voi mang
NASDAQ clia Hoa Ky. Vi vay cac giao dich tren NASDAQ
cling &toe giao dich Wen SESDAQ.
4, Thi. tnidng OTC Malaysia:
Tit nam 1996, Chinh phi' Malaysia bkt din xem /cot kha
nang xay dung met thi twang OTC nhkm dap ling nhu cau
phat hien chung cila nen kinh to dac biet la tao kenh huy
dOng yen cho the cong ty cong nghe cao cac doanh nghiep
nhO va vita. Cho den ngay 30 thing 4 nam 1999, thi truing

189
 OTC Malaysia voi ten goi MESDAQ da chinh thtic ra dbi vii
phuong chain hoat dung: aging bang, higu qua, huh flout va
cOng khai
MESDAQ la mot cella ty trach nhiem him ban cim cac
thanh Ada truc tigp so hau cluth clang mat td chitu,tir quin,
dOc lap vat So giao dich chtng khoan Kuala Lumpure va
cling khOng thuOc Higp hOi kinh doanh chang khoan, host
dOng phi loi nhuan, to hach toast thong qua thu phi thanh
vien va phi them yet. He thong trung gian cua thi taking bao
gam cac nha bao firth ph& hanh, to van ddu tu, cac nha tai
try, cac nha tao lap thi truing.

V, HE THONG HANG KY, LUU KY, RU TRH VA

THANH TOAN CHUNG KHOAN:
Sau khi ductc so ghep, cac lenh mua, ban chting khoan
se duac chuyen sang hg thCing phu tro bao g6m hg thOng
dang ky, luu ky, thanh Man bu tn.!' de hoan tat thu tuc chuygn
giao chiing khoan va tien gitra cac ben mua, ban cling nhu
cac thu tug co lien quan den dang ky quyen sat hall chang
khoan.
1, St.( can thigt phai tan tai he th6ng ding It St,
btu kC, bu tit va thanh roan chfing khoan:
N6i den dang k5/ chting khoan, km kc chting khoan, ba
trit va thanh Man cac giao dich chi:mg khoan la not den dich
vu he tar giao dich chang khoan tren cac thi twang chting
khoan bao gem ca can thi truing tap trung va thi [raging phi
190
tap trung. Ngutii dau to co thd dat cau hot tai sao lai phai can
den dich vu clang ky, luu ky chiing khoin, bu trir va thanh
toan trong khi Mt co the to bao quin lay tai san cua minh,
tim gap nhau thgc hign giao dich mua ban cluing khoan,
sau d6 to thanh than chdng khoan va ti6n vgi nhau?
Cau tri lai ei day la "hinh that giao dich cluing khoan"
da quygt dinh dgn van de nay. Viec giao dich va thanh titan
nhu tren chi thgc Men dugc d6i vol cac giao dich to phat, chit
y6u la trim tign giUa mgt ben mua vgi met ben ban, tinh an
toan trong giao (itch than, lutin tiern art nguy co kh6ng thgc
hien nghia vu giao dich cua hoac ben mua, hoac ben ban, dac
bier la khi gia ca thi twang c6 nhi6u bign deng. Trong khi
do, giao dich cluing khoin tai cac set giao dich chting khoin
(thi twang tap trung), thi truing giao dich then tir (thi truing
phi tap trung), thi twang can cOng cu phai sinh deu la hinh
thtic giao dich co t6 chic giga nhigu ben mua ban voi nhau.
De' Mon dam bao nghia vu thgc hien Imp thing cling nhu sir
an toan cho tat ca cac ben tham gia mua ban, giam thidu chi
phi giao dich, hinh thew giao dich co t6 chic, del hen viec
thanh toan tin va chuydn giao cluing khoan cling phai dm:cc
thuc hien mot cach c6 td chic. Khi giao dich chiing khoan
da duac xac nhan thgc hign, viec chuydn giao chting khoan
va thanh toan ti6n se duct thuc hien bang hinh thdc chuyen
khoan tren cac tai khoan dieing khoan va den thong qua cac
but toan ghi s6, thay vi chuydn giao vat chat true tip nhu
trong hinh thith giao dich to phat. Dd lam &roc digu nay,
chting {Moan niem ygt hay dang lit giao dich tren thi truing

191
cluing khoan can phai dirge km giu tap trung va bat Ong Ikea
tai mot nth. Chinh doi hth nay da dan den so ra doi cua loaf
hinh dich vu la dang k9, Im k9 cluing khoan, bu tru va thanh
toan cac giao dich cluing khoan de h6 tro cho viec [hot hien
va hoan cac giao dich chdng khoan tren cac thi truang
giao dich thing khoan co t6 chdc. So xuat hidn dm cac foal
hinh dich vu nay ding da ken theo sir ra dai cita cac t6 chtic
cung iing can dich vu do va he theing van ban phan quy dO
quan 19 cac t6 chdc cung ling dich vu dang k9, urn k9 thing
khoan, bir trtr va thanh toan cac giao dich thing kholn.
Cac t6 chdc clang ling dich vu dang k9, lm k9 chting
khoan, bn tru va thanh loan cac giao dich chi:mg khoan
thuang la cac ngan hang km k9 (ngan hang thuang mai duct
phep hoat (Ring lm k9 thing khoan), cac thing ty cluing
khoan, duct goi clung la cac t6 chic Itru k9. Cac t6 chile
thanh toan ti6n cho cac giao dich cluing khoan IA cac ngan
hang thanh toan. Hoat dOng tha thi truong giao dich co t6
chile can mot not de lira gilt va wain 19 tap trung the thing
khodn, (long that so hinh thanh nhien t6 chtic lm k9 cling
dbi hdi phai c6 mot t6 chdc clOng vai tro la t6 ethic lm k9 •
trung tam, lam trung gian cac t6 civic Jun kt nay vtli
nhau, tao cc se, cho viec thoc hien thanh toan bang hinh thdc
ghi s6. Nhitng doi hOi do da dan den so hinh thanh tha trung
tam Lau kg thing khoan, cac t6 chdc lm k9 con lai trei thanh
thanh vien thia trung tam km k9, hay con goi la cac thanh
vion fun k9. Dthi vat cac ngan hang thanh toan ding vay, can
phai co mot ngan hang thing vai tro la ngan hang thanh toan

192
trung tam, thee hien thankman tien cho tat ca cac giao dich
chting khoan, thuang ra Ngan hang Trung ming (NHTW)
hay Ngan hang chi climb thanh town.
He thong cid set vat chat ky thuat, cOng nghe thong tin
caa trung tam lm k9, caa cac thanh vien tuu k9 va caa cac
ngan hang thanh town, NHTW ding vgi he thong phip ty ye
luu k9 &lac goi chung la he theing dang ky, hut Icy chting
khodn, bit trii va thanh toan cac giao dich chting khoan, hay
can goi tat la he thong Ida Icy cluing khodn. He thong Lim k9
chting khodn dam bao viec clang k9, lm ky chting khoan
dugc hoan tat truOc khi cluing khoin dime dua vao giao dich
va sau khi giao dich ket thtic, cac ben tham gia giao dich se
Ian lugt nhan dugc tie'n va cluing khoin thong qua viec bi) trir
va thanh town chting khoin va tit'n do he thong thee hien.
Nhu vay, cling vai su hinh thanh caa thi Huang cluing khoan
to chic, he thong luu k9 thing khoan da trer thanh mgt
thanh to khong the thieu, can thanh nen ha tang caa thi
truing chting khoan.
Ben canh viec dim bao an toan, thi boat dens caa he
thong pith tro not chung va he thong Im ky cluing khoan not
net-1g con gitip tiet kiem chi phi va then gian giao dich do
giao dich khong c6 chuyen giao cluing khoan vat chat.
KhOng nhung the', he thong phu trg can gitip chutht hod giao
(Bch va gitip nha dau to thgc hien Iron ven quyen va Igi ich
caa mirth dal ved chting khodn. Gitip cho nhOng quyen va igi
ich nay the hien coy nghia thiet diva hon.

193
 De hien them ve cac dich vu do he thing clang ky chting
khoan, km ky cluing khoan, bu tor va thanh took cac giao
dich chung khoan thee hien, phan clued day se de cap den •
tang dich vu cu the:
2. Dang k chiing khoan:
Nhu da de cap, de cluing khoan niem yet hay dang k9
giao dich three giao dich [ran S& giao dich eking khoan,
eking can phai &roc km 14 tap trung tai mot nth, nth d6
chinh la Trung tam hm k9 chdng khodn. Tuy nhien, trudc khi
cluing khozin dutic dua vao Im ky tap trung tai Trung tam
lint ky chdng khoan, chting can phai duric clang Icy dEiy da
thong tin a Trung tam lm k9 chting khoan có the than lm
Cac thong tin clang 1c9 bao
- Dang ky thOng tin ye chting khoan thong han ram ten
chting khodn, loth chting khodn, mau ma eking khodn,.s6
thong dang Itru hanh....
- Dang ky thong tin ve nguai so hUu chung khoan thong
han nhu ten, dia chi, then thoai lien lac dm nguoi sa him, se
hieing se, hilu...
Viec thee hien clang k9 thong tin thinang do td chtic ph&
hanh den hanh hoac do met to chile duct td chdc ph& hanh
ay quyen tiek hank Nha Vay, d6i vdi cac chting khoan them
yet hoac clang 14/ giao dich, Trung tam Ilk ky eking khoan
tra thanh noi duy nhat thec hien dich vu lam dal ly chuyen
nhueng, cu the la:

194
 - Thuc hien quan ly s6 dang k9 ngtrin set hdu chting
khotin cho ale t6 chtic niem yet, M chtic dang ky giao dich,
ghi nhan quyen set hem va thong tin thay clod quyen set hau
cua nguiii set him cluing khoan.
- Thgc hien cac quyen lien quan den chang khotin Iw
ky cho flatted so' hem cherng khotin bao gem cac quyen nhu
quyen tham du dai hai c6 dOng, quyen nhan c6 Mc, quyen Ito
phieu, quyen nhan trai ttic va van g6c, quyen mua, quyen
chuyen d6i, tach hoac gap c6 phieu...
3. Lttu ky chi ng khoan

Ltru ky cluing khodu la viec nhan ky gdi, bao

chuyen giao cluing khoan cho kheich hang, gitip khalch hang
thuc hien cac quyen lien quan den cluing khodn.
Lull icy cluing khodn se duce teen hanh tai Trung tam
luu k9 chting khoan. float clang cUa trung tam nay co muc
tieu tap trung hod cluing khoan va phi vat chat hod cluing
khodn nham gitip cho mat luting Ion cat giao dich
cluing khoan dime xit ly bang nghiep vu chuyen man ma
kitting can su chuyen giao vat chat. Dieu nay gulp cho cac
giao dich chting khotin giam bat the chi phi va Mt ro kh6ng
ding co, tang hieu qua hoar dOng cila qua trinh nay.
Deng then d6i vii cac cluing chi vat chat, Trung tam luu
ky con pita' thuc hien ca viec quan 12 nhap, )(tat va bad quart
an Man cluing chi chting khoan tai kho cluing chi chting
khoan. De theo doi va quan ly luting ra vac) cluing khodn cua
khtich hang ky giri tai Trung tarn km ky chimg khoan (ky
195
giii th6ng qua cac t6 chic Jun k9 thanh vien), Trung tam km
k9 cluing 'Moan phai thuc hien ma tai khoin ltru ky, cluing
khoan cho cac t6 chic lw k9 thanh vien va cho khach hang,
tuong to nhu viec ngan hang thuong mai (NI-ITM) ma tai
khoan yang lai d@ min 19 Wong den cho khach hang cita
mink.
Chinh vi vay, Lau k9 chimg khoan can bao gam ea viec
thuc hien cac dich vu lien quan din ma tai khoan, nhan girl,
nit, chuydn khoin cluing khoan luu ky. Ngoai ra, Trung tam
Jim k9 cluing khoan cling nhu cac t6 chile lily ky con cung
ling bat cu dich vu nano khac duqc phap bat cho phdp lien
quan din tai khoan tali k9 chang khodn, chAng han nhu dich
Nor lam trung gian trong cac giao dich bao dam nhu cam co,
giai Ma cam co cluing khodn.
am co` chting khoan la viec cac Ngan hang Thuong
mai, td chit tin clung cho nguai dau to vay tien de dau to
cluing Ichoin vol the- chap la chin-1g khoan do nguai dau to so
hau. Vi vay, day thqc chat la •mqt clang quan he hop (long
giiia ben cam c6 (ngued dau tu) van ben nhn cam ca (ngan
hang), ma trong quan he nay cac td ethic luu k9 chi d6ng vai
trb la trung gian, tren ca ser ban hop d6ng cam ca do thqc
hien chuydn khoan so cluing khoan cam ca Cu tai !Moan
cluing khoan giao dich vao tai khoan eking khoan cam c6 dd
dam bao viec duy tri tat san the. chap cho ben nhan cam ca.
Khi hop deng cam co` hit hieu lac hoar theo yeti tali cda ben
nhan cam co", t6 elide kru k9 se that hien gili tea so cluing
khoan cam ea", tra lai cho ngadi dau to (ben cam c6).
196
 Lau k9 tai trung tam km kt chting khoan chi thuc hien
del viii cac thanh vien luu k9. Thanh vien luu k9 tat cac cong
ty chting khoan, cac t6 chdc tai chinh, cac quy dau tu c6
the c6 Wit s6 nha clan tu chuyen nghiep ion. Thanh vien Ivu
k9 duce phep and tat khoan tai trung tam luu k9 chting
khoan. Cac khach hang khOng phai la thanh vien caa trung
tam se thirc hien Lau k9 tai cong ty chting khoan. Cong ty
chting khoan se tai km k9 chiing khoan caa khach hang tai
Trung tam Ltru k9 cluing khoan.
4. Bit 'frit chiing khoan va tien
Neu dang ky va km kt chting khoan la khau ho trq tunic
giao dich chiing khoan, thi bu trit chting khoan va tien la
khau ho tro sau giao dich cluing khoan Sau khi chting kholn
Mem yet da clinic dua vao clang k9, km k9 tap trung tai Trung
tam Iw k9 chting khoan, chting se duqc phep giao dich tren
sa giao dich chung khoan. Tuy nhien, sau kin giao dich tren
thi trtiong dmic [hue hien (da duct xac nhan), thi cac ben
[ham gia giao dich can phai nhin cluqc tai san cua minh: ben
ban nhan duct den, ben mua nhan dirge chting khoatt Bu tits
chting khoan va tien Ca khan tiep theo sau giao dich, thuc
hien viec xir 19 th6ng tin ye cac giao dich chimg khoan, tinh
toan lai nham xac Binh s6 tien va cluing khoan rang cudi
ding ma cac d6i tat tham gia giao dich phit co nghia vu
thanh toan sau khi giao dich duce time hien.
Haat dOng bu trit tren thi twang chung khoan ye ca ban
cling arcing to nhu hoat deng ba tth cua cac ngan hang
thuong mai, dac biet la lien quan den ming ba trit tien. Ket
197
qua bu trir [ken luOn the hien nghia vu thanh Loan mat chieu
ddi voi mot thanh vien kin k9: hodc duct nhan tien, nal tang
sd tien phai Era nhe hon tong so' tien duce than; hoac phai tra
tien neu tang se tie'n phai tra ion hon tong s6 tien duct nhan.
Diem khzic nhau so vOi bit trir cho giao dich cua cac
ngan hang thuong mai la bit trir cho cac giao dich chung
khoan khong chi lien quan den mang don ma con lien quan
den mang chung khoan nda. Viet bit trir chung khotin ciing
mang dirt dui rieng la phai duct thirc hien theo ding loaf
chvng khoin do khong the bit tru cac loaf chting khoin khac
nhau vOi nhau. Do d6, del voi cling mot Joni cluing khoan
nhat dinh, ket qua bit trir chung khoan se chi ra nghia vu
thanh toan mot chieu that timg thanh vien km hoac phai
giao loaf cluing 'Moan do nen s6 luong chting khotin khach
hang oat mua it him s8 luting khzich hang (tat ban, hoac dirge
nhan ye loci cluing khoan d6 neu sd luring chiing khoan
khach hang oat mua nhieu hon se luong khdch hang (tat ban.
Trong hoat dOng bit nit, phuong tittle ba nit ding la mot
van de,can quan tam. Phuong thdc bit trir cho cac giao (Itch
chang khoan duct quy& dinh bed phuong thdc giao dich tren
thi truong cluing khoan. Neu phuong thew giao dich la da
phuong (nhieu ben mua voi nhieu ben ban), dien hinh co the
thay la dei vai cac giao dich kheip lenh co phieu, thi phuong
thdc bit trit ctaing khoan va tien se la bit trir da pinning. Neu
phuong thtic giao dich la song phuong (mpt ben mua ved mot
ben ban), Men hinh co the' thay la del vai cac giao dich thaa
thutin, thi phuong thdc btl tilt a-mg se la bar trir song phuong.

198
 5. Thanh toan aning khoan va tien
Thanh town thing khoan va, den cang la dich vu h6 trd
sau giao dich cluing khodn, la haat dOng cuni cling de hoan
tat cac giao dich cluing kholn, theo d6 cac ben tham gia giao
dich se that hien nghia vu &Mt minh: ben phai cluing
khoan thuc hien giao chimg khodn, ben phai tra tien that
hien viec chuyen tien, lan Mot tren co sec ket qua bi) trir
cluing kholin va tien duct dua ra o ten.
De Main nai ro cho cac d6i tac tham gia giao dich, viec
thanh toan chdng khoan va tien luan phai dam bao nguyen
tac giao chting khoan Mang thoi yea vide thanh toan tien, hay
can goi la nguyen tac DVP (Delivery versus Payment). Thai
han caa viec thanh coati cluqc quy& dinh bea chu ky thanh
toan. Tay thuec vao dieu kien cila tong nu& ma chu lc
thanh town alp dung co the la T+1; T+2 hay T+3, trong do T
dugc hieu la ngay giao dich (ngay ma giao dich duoc that
hien) va 1; 2; 3 la s6 ngay giao dich (khang tinh ngay nghi)
tiep theo ke to ngay T. Theo khuyen nghi cita Ngan hang
Thanh man qu6c to (BIS), dm TO chew cac ay ban Chung
khoiin quoc to (IOSCO) cling nhu caa nhom G30 (nhom cac
qu6c gia có chi twang cluing khoan phat trien), cac nu& nen
4 dung chu kt thanh toan da 1a T+3.
Trong hoat dOng thanh man thing khoin va tien,
phuong them thanh toan Ming la mai quan tam caa cac ben
tham gia giao dich. Phuong thilc thanh toan &roc quy6t dinh
boi phirong thilt bii trit, do thanh main luan duce that hien

199
 tren co so cua ket qui bit nit Chinh vi vay, nen phuong [Mc
NI wit la da phuong thi plurcrng thdc thanh toan cling la thanh
toan da phuong va ttrong tu, phucrng thdc ha nit la song
phuang thi phuong tittle thanh toan cling se la thanh town
song phuong.
W co ban quy trinh thqc hien viec ha nit va thanh town
chting khoan dien ra nhu saw
A& I: Sau khi viec mua ban then ra tren So giao dich,
cat giao dich nay se duce bit trit chonhau tren ca sb d6 tao
ra chi-mg tit thanh toan ghi ro phan chting khoan va lien ma
titng cOng ty chiing khoan thqc giao both that nhan.
&tor 2: Vao ngay thanh toan, cOng ty thing khoan dai
dien cho ben mua phai chuyen tien tir tai khoan cria minh
vao tai khoin cua So giao dich cling duct m& tai mat ngan
hang thanh Loan. Nguth lai, cOng ty chdng khoan dai dien
cho ben ban cling phai chuyen cluing khoan vao tai khoan
dm So giao dich ding duct ma tai Trung tam km k9 thing
khoth.
Buirc 3: Vao cu6i ngay thanh toan, SO Giao dich se
chuyen Lien to tai khoin cua mhih vao tai khoan tha cOng ty
chting khoth dai dien cho ben ban dirge mer tai ngan hang
thanh toan, cOng ty thing khoan dai dien cho ben ban
chuyen tien vao tai khoan cita khach hang. Dfing thoi So giao
dich cling chuyen thing kholn tit tat khoin cita minh van tai
khoan cua cOng ty chdng kholn dit dien cho ben mua cling
ducc ma tai Trung tam Luu k9 Cluing khoan. Cong ty cluing

200
khoan din dien cho ben mua se chuyen chimg khohn vao tat
khoan cua khach hang dugc met tat cling ty nay.
Nhu vgy, tren tat khoan cua nguitti ban da có den va tat
khoan cga nguai mua di c6 chting khoan va mgt giao (Itch da
hoar' Lit.

Cau hal on tap

1, Se giao dich cheing khoan la gl ? Quyen va nhiem vg
cila Se giao (Lich chi:mg khoan ?
2, Thanh vien ceta Sec giao dich la chu thd nao ? Quyen
va &nem vu cua thanh vien Sec giao dich ?
3 Can nguyen tdc hoar dgng cna Sir giao dich cluing
khoan ? Co cau t6 chile dia. Se; giao dich chi:tug khoan ?
4, Niem-yht cluing khoan la gi ? Tieu chuan niem yet
cluing khoan ?
5, Cach tluic thuc hien giao dich chting khoan tren thi
truing tap trung ?
6, Thu tut mo tai khoan giao dich chting khoan 9 aC
loaf tai khoan giao dich chting khoan ?
7, Trinh bay ngi dung co ban cila cac lenh giao dich
thing khoan ?
8, Cac planing thdc so ghep lenh ? Nguyen tat so ghdp
lenh va tint to uu tien trong thuc hien lenh ?

201
 9, Nhang giao dich dam duct coil3 giao dich Jac biCt ?
NO dung caa cac giao dich nay ?
10, Nei dung va y nghia cua hoat deong clang ky, Iw ky
va thanh man trong giao dich mua ban chung khodn ?

Goi ST tai lieu doe them

1, William F. Sharpe, Gordon J. Alexander, David J.
Fowler, Investments, First Canadian Edition, Prentice Hall,
1993.
2, Peter S. Rose, Money and Capital Market, Seventh
Edition, Mc Graw Hill, 2006.

202
 Chuang IV

PHAN TICH CHUNG KHOAN

D. c6 duac quy6t dinh dau to dung an, can phai nen

hanh phan tich chting khotin. Phan tich chdng khoan thuong
dirdc Oen hanh qua phan tich co ban (fundamental analysis)
va phan tich ky thuat (technical analysis).

I, PHAN TECH CD BAN (FUNDAMENTAL ANALYSIS):

1, 1Chai niern:
Phan tich co ban la mot phuong phap phan tich chting
khoin dna [(en co sa danh gia hoat dOng va hien vong cila
don vi phat hanh. Phan tich co ban dna vao nhitng thong tin
vi m6 va vi mO di lien quan true ti6p hoac gian tip den hoar
dOng san kirk kinh doanh c6a don vi phat hanh. Phan tich co
ban bao gOm phan tich kinh ti vi m6 va phan tich tai chinh
don vi phat hank
2, Phan tich tinh hinh kinh tee vi mO:
2.1, Min Itch tinh hinh kinh vi m0 Man diu•
Nen kinh ti quac to c6 thd anh huOng den hoat Ong va.
trrOn vong cila mot doanh nghi0p. Ngay nay, khi qua tinh

203
toan can hod dien ra ngay cang sdu sac thi mac do" twang
thuOc glib nen kinh to tha met quac gia va nen kinh re toan
cau ding gia tang. VI vay, nhimg danh gia ye nen kinh to
than can co anh twang o mac de nhal dish deny dinh va
hanh vi cua cac 'Ma dau
+ Xu the' tang truing va phat trien cila nen kinh to ban
cdu: xu the tang tnthng chung cda nen kinh to toan du có
the anh huOng den xu the tang twang cua mot qu6c gia va
to do c6 th6 anh huang den dOng that cila Sing Km chuyen
von dau td.
+ Tinh hinh chinh tri, xa hQi toan eau: mei twang toan
can con c6 anh huang den thi twang chting khoan queic gia
vii nhang rui ro chinh tri. Chang han, thi truong chtIng
khoan Hang Kong da co nhang phan ang arc ky nhay cam
yeti ben trinh lien quan den vi4c chuyd giao Hong Kong ye
cho Trung Qudc nam 1999. Hoac tinh [rang khUng b6 gia
tang co anh huang den thi twang cluing khoan dm. nhieu
qu6c gia. Sit kien 11/9/2001 tar Hoa Kt khong chi anh
huOng deb tint twang cluing khoan NewYork ma con c6 anh
Sang den hang bat cac thi twang cila nhieu queic gia khac.
+ Chinh sach cila cac qui:5c gia: Chinh sach cua cac qu6c
gia dac biet la cac nu& 16n, trong tirng giai doan co drill
hiding nhat dinh den sd phat trien cila cac quec gia khac ya
to do c6 the co nhUmg tac dOng den thi truing cluing khoan
cua cac quOc gia.

204
 2.2, Phan tich ttnh hinh kink to quac gin:
+ Tang tatting kinh td: Phan tich hinh hinh va xu httemg
tank truing kinh t6 de co nhfing danh gia tgng quan ye xu
the phat trien cluing cua thi nuemg cluing khoin. Ben canh
d6, phan tich tinh hinh tang twang kinh t6 con co thd danh
gia tridn vgng cua cac nghnh, cac linh vuc c6 thd tieM hanh
dau to (hoac than tong khi dau tu). Ching han, trong dieu
hen nen kinh t6 tang tatting veil tdc do nhanh va 6n dinh,
cluing khoan cua cac doanh nghiep san xunt va cung Ling cac
san phdm lau ben, cac san phdm moi, cung nghe cao se co
nhieu tridn vong. Tuy nhien, khi nen kinh re' lam vao tinh
trang tai tre, suy thoai thi din tu vao cac doanh nghiep san
xuat cung ling cac hang hod xa xi se c6 the se gap nhieu rui
ro do do co gian cua nhu du so v6i thu nhap dm cat hang
hod nay la rat lOn.
+ Lai suat Lai stint cao phan anh ben gia cua cac clang
tien thap hon va tir d6 it dir an thoa man tieu chuan hien qua.
Trong truerng hop nay c6 thd se hnn the dau tu va co thd anh
hating Mn quy6t dinh cua nhieu nha dau tu tai chinh. Thay
vi mua chung khoan ho c6 tht giri tien ngan hang va gia
chring khoan se co xu huong giam.
+ Lam phat: Lam phat co thd anh luremg d6n gia tai dau
tu. Rid ro do lam phat la met trong nhfing nhan to" ma nha
dau tu tai chinh phai quan tam. Trong twang hop lam phat
mix do cao hoac o milc thong thd kidm soat dugc thi nha
dau to se than trong hon trong cac quyel dinh be van cho cac
cOng cu tai chinh.

205
 + Tinh hinh tham but ngan sach: Mdc tham but ngan
sach cao bao hieu mdc vay no cela chinh phi)) se nhieu hon va
dieu nay c6 the anh huerng den lai wit. Ca hai yeu t6 nay
deu c6 the ced talc Ong tieu cue den gia chting khoan tren thi
Tuy nhitn, tham but ngan sach do tang au tit cOng
Ong se c6 tic dOng tich cue den tong eau va tang truing
kinh to VI vay, trong phan tich toy theo hoan canh cu the co
thd danh gia mdc d6 tic Ong dui fling yeu t6 va mdc dO tic
Ong thuan.
+ Mdc clO hea nhap va tinh hinh xuat nhap khau cua
qu6c gia: Mdc clO hoi nhap cna nen kinh to c6 anh hung
true tiep den tridn vong va xu hiremg phat glen cila nen kinh
+el Chang han, theo tic gia Dang Quang Gia (2006), khi Viet
Nam gia nhap WTO co 7 didm luu y trong lua chon cd phieu
de dau tu: chon nganh hoac rinh vise dau tu la khuynh huOng
hien dai dm clic nha data Lu tren the gieti, tong ty dinh dau tv
phai la cOng ty hang dau trong linh lax kinh doanh, cOng ty
lita chon dd dau tu phai co chief: lugc phat then t6t, trinh cleo
quart ly ctia Hoi d6ng quan tri phai cel del 'tang lire de tham
gia canh tranh toan du, dam bao an town ye v6n va kha nang
tra lai vay, c6ng ty cc) nhieu nha clan tu chien Lux va xac
dinh chinh xac muc tieu dau to ngan han hay dai han.
+ Dau tu, tich luy, tieu dung: Dinh gia mfii quan he
gi&a dau tu, tich luy va Lieu dung co the xac dinh dirge kha
nang, quy m6 va khuynh htrOng dill to trong nen kinh t6.
Neu dau tu va tich lily a mire do thoa clang se la tin hieu tich
cue cho tang twang kinh to NU sit phat then dm thi truerng
chung khoin.
206
 + Can chinh sach vi m6 caachinh Chinh sach vi
m6 dm chinh phu trong moi giai doan c6 Anh huemg nhat
dinh den quy& dinh (Mu tu. Chang Ilan, nen chinh sach tai
khod mei Pang co thd din den tang tong cau va anh huang
den tang trueng kinh te. Khi d6, chung khoan cua mat s6
nganh co thd se bi anh twang. Hoac voi chinh sach den te,
tang cung tien c6 thd lam giam lai suit to d6 trong cluing
raw nhat dinh co the khuyen khich diiu tu va Lieu chIng ngan
han.
Chinh sach tai khoa co tac dQng tuong ddi nix tiel) den
nen kinh to thong qua icing can trong khi chinh sach den to
lai co the Anh huUng den dau tu thing khoan qua cat bien
phap tac Ong Mn lai sat, chat-1g han tang cung img den lam
giam lai suit va do dO kich thich nhu can dau Dr. Khi khin
luting tien trong nen kinh tel tang cac nha clan w se" May rang
tY trong tai san vat chat trong danh raw dau W cua ho la qua
cao va bat dau phai co nhimg dieu chinh phit hop. Ve lau dai,
can ca nhan va hO gia dinh co the tang mitc dau tu cita ho
vim c6 phieu ren cuili cling mua tai san vat chat to do co the
kich thich Lieu dung. Tuy nhien,k6t qua cu6i ding caa chinh
sach tien to dfii voi dau tu va tieu dung khong xay ra nit thi
nhu chinh sach tai Ichoa.
2.3, Phan tich kinh to nganh:
+ Dan trung phat Wen cUa ding nganh: Trong moi giai
down Cu the cila nen kinh to qu6c gia dac trong cua ding
nganh Ming se Anh hung den xu huong va Icha nang phat

207
trien cUa car doanh nghiep hoat dOng trong tang linh vuc
Chang han, ngay sau triretc khi nen kinh te bat clam heli phuc
tit sau giai doan suy thodi, nguai ta c6 the du doan &roc
nhitng nganh co filth nhay cam cao hon mac binh quan se co
khuynh hueing phat men manh hen cac nganh khdc. Nhiing
nganh c6 tinh chu ky cao nhu nhfing nganh san xuat va cung
Ung hang hod, dich vu lau ben, cao cap hoar nhung nganh
san xuat to lieu san auk. Khi nen kinh te bi suy thoai, can ye
nthing hang hod do cac nganh nay cung Ling c6 the bi chung
lai do d6 doanh thu va lai nhuan se bi anh hue:Wig. Trong khi
nhang nganh c6 fish phong thu cao lai it nhay cam voi bin
dOng chung cua nen kink te. D6 la cac nganh cong nghe thuc
pham, duce pham, dich vu cling cling... Nhirmg nganh nay se
hoar clang manh hon so ved mac binh quan cua thi twang khi
nen kinh te bireic vao thed ky suy thoad. •
Viec phan loai cac nganh theo tinh chu ky va tinh phong
thu cung phi hop vol khai niem r6i ro he theing va phi he
thong trong ly thuyet ye danh muc din tu. Cie doanh nghiep
thuoc cac nganh co tinh chu ky thi c6 phitu throng co gia tri
cao, kat qua hoat dung throng tot nhat trong gia doan nen
kinh te tang trueing tot, nhung kit qua boat dung lai kern
nhat khi nen kinh ti di vao suy thodi. Nguac lai, cac doanh
nghiep co tinh phong thu thi se co he s6 beta thap va hoat
dOng it bi anh hueing bed cac thay doi tren thi trueng.
+ Chu ky phat tries cUa nganh: Tren co set ttrng giai
doan cua chu ky kinh doanh, nha dau to co the ra quyet dint'
dau Cu phi hop. Ve 19 thuyet, chu ky phat hien cua nganh
208
gam 4 giai doan: giai doan Idled &du c6 t6c de tang twang
rat nhanh; giai doan Ming c6 có t6c dO tang truemg nhanh
mac da da cham hon so voi giai doan trueic nhung van co tac
do tang truang cao hon mem chung cua roan nen kinh t6• giai
doan chin much (twang thanh) c6 t6c dO tang tnaing along
throng tac cle, tang timing chung cua nen kinh te; giai
doan suy thoai co tac do tang tritang chOrn hon bac do tang
twang chung. Chu ky phat trie'n nganh co the duqc minh hoa
qua hinh 4.1 direri day:
Hinh 4.1: Chu kj., phat trim nganh

A Doanh Thu

Kh&i diem Cans có Chin mudi Suy than'

day 1a giai doan dau tien cua mot

Giai doan klun- diEm:
nganh, [throng ducm dac trung bang met cong nghe mai hay
met san pham min xuat hien Ign dau nhu may vi tinh ca. nhan
209
vao thap nien 1980 hay thing nghe vi sinh vao thap then
1990. 6 giai clop nay, kh6 de doan nheng doanh nghiep nao
se ndi len this doanh nghiep hang dau cna nganh. Met s6
doanh nghiep se tris len rat thanh cling va met s6 khac bi that
bar hoan toan. Do d6, co rid ro clang khi lea chon met
doanh nghiep ca Net dm nganh do dau tir.
Tuy nhien, o giai doan &Au doanh thu va thu nhap se
tang treeing yeti t6c do nhanh vi sin phalli mai thuimg co
tiem nang lon. Chang han, khi sin pham dien thok di deng
co the' truy cap intemet vin cOn mad me thi thi truong tiem
nang del vai sin phim nay la rat Ion. Nhung dol yeti thi
truang sin phim kha phd bran nhu ti vi thi nguot lai, him h6t
cac he gia dinh deu co tivi, do c10 thi twang dei WA sin
phrim nay chi' yen la cac he gia dinh muon thay tivi. Ro
rang, t6c de tang trueng cua thi tinting nay se thua xa toa do
tang truemg dm sin phim dien thoai di dung co the' truy cap
internat.
Giai doan fling co: Sau khi met sin pham duck hinh
thanh, cac doanh nghiep hang dau cia nganh bit din ndi Ian.
Nhimg doanh nghiep con ten tai sau giai doan kheri diem thi
do dinh lion va thi phin duct dir doan de clang hon. Do d6,
k6t qui dm cac doanh nghiep cOn ten tai se gin bo chat the
han voi k6t qui dm toan nganh. Nganh van aim tang trifling
nhanh han so v6i the nganh !chat trong nen kinh t6 vi khi do
sin phim [ham nhap vao thi twang va ngay cang duct sir
clang phd biEn.

210
 Giai down chin muoi: 6 giai doan nay, san pham da dat
deb Indic tieu dung t61 da cua ngtroi tidu dung. T6c da tang
throng c6 the chi theo tdc dO tang trading chung cua nen kinh
te. San I -dm duoc tieu chufin hod cao va cac doanh nghiep
buOc phai canh tranh ye gia. Dieu nay din Mn loi nhudn can
bien thap ban va sUc dp nhieu han clEn tai nhuan. Cdc doanh
nghiep a giai doan nay doi khi co ding tiOn tuong d6i On
dinh nhung mang lai it ca hOi phdt tridn sinh
Giai doan suy diva. O giai doan nay, nganh cd) the tang
trading thap han t6c dO tang truing cua town bid nen kinh re,
tham chi ce the bi co lai. Dieu nay 06 the do san pharn bi lac
hair, bi canh tranh vi san phdm min, hoac bi canh tranh vi
nEing nha cung cap c6 gia thap han.
Phan tich chu ky ph& triOn cad nganh nharn anti gia va
tim ra giai doan nao hap din d6i vdri nha dau td. Ye nguyen
tk, cat nha dau to nen chon nhung doanh nghiep trong
nganh er giai doan dab c6 t6c clO tang throng cao. Tuy nhien,
guy& dinh dau to ngay tit giai doan nay cling tiem an nhieu
rui ro han la tai giai doan ding c6 vii t6c dO tang trading On
dinh.
Nghien cum tinh hinh canh tranh cua nganh: De nghien
curl tinh birth canh tranh bao gem: nghien min sir canh tranh
gida cat &eh [MI hien him, moi de doa dam nhap cud cac d6i
thu canh tranh mai, sac ep tit san phdm tiny the; quyen ltrc
cna nguiti mua va quyen 16c da ngueri cung cdp.

211
 3, Phan tich tai chinh thin vi phat hanh:
3.1, Can eft phtin tich:
Can cd de phan tich la cac bao cao tai chinh. Cac bao
cao tai chinh chit yiu la: Bing tdng k6t tai sin, Bao cao thu
nhip„ Bing luu chuyen hen t6. Sau day la gi6i thieu khai
qua v6 mgt s6 bao cao tai chinh chit yell cila 1 cong ty niem
yet.
Bing tang kit tai sin la bac tranh toan canh phan anh
tdng tai sin va ngugn hinh thanh Ili sin cila mgt don vi tai
mgt then di6m. Ring tong kit tai sin c6 th6 lip vao hang
quy, 6 thang va cuol nam Bao coo tai chinh nam dugc lip
vao ngay 31 thang 12 hang nam. Vi di, bang tang kit tai sin
cua cong ty XYZ tai th6i di6m ngay 31/12/200x (xem trang
sau).
Bing tang kit tai sin c6 kit eau hai phan. Mgt phan
phin anh tdng tai sin cita don vi tai mot thed di6m. Tai sin
bao g6m tai sin luu Ong va tai sin co dinh. Ciin phan Ida
phin anh nguon hinh thanh tai sin oh don vi. Ngu6n hinh
thanh tai sin cila don vi bao gem ngu6n vay ng va nguan v6n
chi: so hitu (v6n c6 d6ng trong tnrbng hop la cong ty cd
phan). Phdn no tren bang tdng kit tai sin cho bit cac khoin
no cua cong ty. Mgt so" khoin ng nay phii duct thanh toan
trong mgt thed gian ngin (ng ngan han) trong khi mgt s6 cac
khoin ng khac phai dugc hoan tra trong nhieu nam (ng dai
han).

212
 BANG TANG KgT TAI SAN
Cong ty XYZ
Ngdy 31 the* 12 nam 200X Don V ND
Tai san Nguan von
Tel sat, kru dung Na nga'n /Inn
Tien mat Cat khoan ph& tra
CO phan chuyAn tai fien vay phai tra
nhuvnq &roc
Cac khoan phai thu Thdang phi& phai tra
Ton kho Thue phai tra
Tong tai san kru dOng Tong no nqan han
Tai sat, co dinh Na dai Jinn
Oat dai
Nha xtrang No ruian hang
Ban ghe, do frac Trai phieu
Tnir di: khau hao tich
lu?
Tong tai san 06 dinh Tong no dai han
hCru hlnh '
Tai san vu hinh V6n 660 66 him
Lqi the thtrang rnqi C6 phAn du dai
Co phAn thtrtmg
Thu nhap giCY lai
Lai nhuan chua chia
Tang von oho sd hd.0
Tang tai san Tang nation van
No ngdn han la cac khoan no duct mot nam. Chting
dugc 'tic (filth hat tit "phai tra" thttang ductc dung duo' day:
Cac khoan phai tra: Sfi fien ma mOt cong ty mua chiu hang
hod va (itch vu dang con no; Cac khoin khoan vay nein hart
phai tra: Khoan vay nein han to cac ngan hang va cac tb
chirc tai chinh;
213
 Ca tire phai tra: Tien cd tot da &roc tuyen ba nhung
chug tra.
Cat khoan thu6 phai nap: S6 den ma tong ty con no
Chinh
Lai phai tra: SO ban liti tang ty rig dai viii cac khoin vay
no dai han.
Na dai him la khoan no co Mai han tit met nom tra Len
ma cOng ty phai tra. Vi du trai phial va cac khoan vay na dal
ban ciia ngan hang.
Phan van dm cac c6 clang the hien cat gia tri thut cita
cOng ty. N6 chi ra mtic da quan tam ve silt him cUa cac c6
Meng. Van c6 &Ong bao g6m:
+ Van thu dimc to phiit hanh cd phiau nu dai. Phan van
nay phan anh tren bang tang kat tai san dun tren menh gia.
+ Van thu duce to viec phai hanh cd phiau Oa thong:
CO phiau Miran duce phan anh trong bang t6ng kat tai san
dim tren *rib gia cila cac c6 phi6u phd thong cua cOng ty.
Menh gil chi de sir dung cho rime dich ghi s6 sack Menh
gia co' phial thitimg khOng anh huang den gia thi tnrbng cUa
cd Phieu. Gia thi true:rig cria c6 phiau phan anh you t6 cung
cau caa c6 philu Ming nhu trinh de quan tri tang ty va kha
nang tao ra lai nhuan.
+ Thang du van (capital surplus) la phan chenh Lech
giva gia phan ph& hanh cluing khoan ra cOng thong va
menh gia cd phiau. NO cling chrec xem nhu la von g6p. No
khOngbao gam van ma cOng ty nhan dtmc to lqi nhuan kinh
doanh.
214
 + Thu nhap gift loi (retained earning): phan thu nhap sau
khi da cliing chi tra c6 tile cho the c6
Ve nguyen tae, tdng tai san phai bang tong ngueln v6n.
Chink vi vay, bang tong k& tai san con duce goi la bang can
dei ke Loan.
Bac) cao thu nhap hay con g9i Blo cao ket qua kinh
doanh la bao can tai chihh phan anh kel qua va hi4u qua san
xuat kinh doanh cila don vi trong re* that ky (quY, 6 thang
va nam). 13do car) nam cling ditqc lap vao ngay 31 thang 12
hang nam. Vi du cna mot ban bao cat) thu nhap cua mot
cling ty.
BAO CAO THU NHAP
Con ty XYZ
Neat/ 31 thang 12 Mtn 200X Don V ND
Doanh so ban
- Gia thanh hang ban
- Chi phi ban hanq
- Chi phi gnarl 19
- Khau hao
Thu nhap hopt clang
+ Thu nhap khac
Thu nhap butt Iai va thue (EBIT)
- Chi Pa lai vay
Thu nhap butt (hue
- Thue thu nhap
Thu nhap sau thue

215
 Bang luu chuyen nen to cung la met bao cao tai chink
cho Met kha nang tao tien, tinh hinh quan 1y cac tai san, chi
tier cac khoin au to vao tai san san suat va cac khoan dau to
tai chinh cua doanh nghiep. N6 cho phep ca cac nha quan ly
ding nhu cac nha dau to tra tai dirge nhfing van de quan
nag lien quan den nen nhu:
• Lieu doanh nghiep co du tien de chi tra cho cac khoan
no ngan han cho nha cung cap va nhting chit no khac ma
kh6ng phai di vay kang ?
• Doanh nghiep co the quart Ii duct cac tai khoan phai
thu, bang kidm ke,
• Doanh nghiep c6 nhitng khoan au to hieu qua cao
khing?
• Doanh nghiep co the to tao ra dugc deng tien to a
tai
tic cho cac khoan au to can thief ma kheing phu that vao
von tit ben ngoal kang?
• Doanh nghiep co dang thay ddi co cau no khOng?
Bang Mu chuyen tien to cung cap thong tin lien quan ba
hoat Ong chinh tao ra va sit dung tien la: hoat ang san
xat, kinh doanh, hoat Ong tai chinh, hoat Ong au tn.
Bang km chuyen nen to c6 lien quan mat thiet voi bang
tag ket tai san va bao cao thu nhap cua doanh nghiep. N6
can cac du lieu tit:
• Bang liing ket tai san a thu thap Bong nen to tat ca
cac hoat den.

216
 - Mot ban car) thu nhap sir dung ban dau de thu thap Cac
clong den tit hoat dOng san xuat kinh doanh.
V6 co ban, bang luu chuy6n tien te giai thich sq van
Ong tien t4 tit can bang tien dau ki den rink can bang cual
ki (lien te bao gam tien va cac }chit tuong duang den nhu
dau tu ngin han, cac khoan din to có do thanh khoan cao,
thong thuong la cac khoan dau to dao han dual ba thong.
Cac clang tien trong bang luu chuyen tien te duqc chia
thanh 3 loaf:
Deng tien to hoat dOng sin xuat, kinh doanh: LA cac
Bong tide ra va vao true trap lien quan den thu nhap tit hoar
Ong san xuat kinh doanh duoc ghi nhan tren bang thu nhap.
Deng tien vao: tien thu ban hang, lien thu tir cac khoan no
phai thu, tien thu tit cac khoan thu khac. Wang tien ra: tien da
tra cho float ban, tien da tra cho cong nhan vien, tien da nop
thug va cac khoan khac cho Nha nuoc, tien da tra cho cac
khoin no phai tra khac, tien da tra cho cac khoan khac.
Chenh Lech girth clang tien vac) va dong den ra duct goi
Ia luu chuy6n fien thuan to hoat dOng sin xuat kinh doanh.
Dang den tit hoat dOng dau tu: La cac dang tien vao ra
lien quan den viec mua va thanh h cac san san xuat kinh
doanh do cong ty sir dung hoac dau to vao cac chimg khoan
cila cans ty khac. Dang tien ra plan anh cac khoan clan to
tien mat town IX) a di duoc cac tai sin nay. dang lien vao
chi duoc ghi nhan khi nhap duptc tien tir viec thanh li cap tai
sari clan tu trtroc. Cac clang tien tit boat Ong dau tu gam:

217
Deng tien vac) bao gam [len thu tit: cac khoin ddu tu vao don
vi kirk, lai cac khoan dau tu vao don vi khdc, ban tai san c6
dinh. Deng tien ra bao gam US Era cho: dau tu vao cac don
vi khac, mua tai san cei dinh. Chenh tech gala dOng tier' ra va
vao goi la km chuyen thuan tit hoat dOng dau tu.
Deng teen to hoat dOng tai chinh: Bao gram dong tien ra
va vao lien quan den cac nghiep vu Lien te von cac chi the
ngoai doanh nghiep (tit cac chi se( hitu Ara chi no ) tai tra cho
doanh nghiep va cac hoat Ong cria doanh nghiep. Deng teen
vao ghi nhan cac hodt dOng tai chinh nhan nen tit chit se; him
van va chit ner. Deng tien ra ngtroc lai Calc hoat dOng d6
gem: Deng den vao bao germ cac kholn thu a di vay, do
cac chi so hGu g6p von, : thu to lai tien giri. Deng lien ra bao
gam tien da tra no vay, tien da hoan v6n cho cac chit so hem,
teen lai da tra cho cac nha driu to vao doanh nghiep. S6 chenh
tech dong tien ra va vao goi la: ltru chuyen thuan tir hoat
dong tai chink
Phan host dOng tai chinh cia bang Urn chuyen den te
tap [rung vao kha nang tao nen qua hoax dOng san xuat kinh
doanh va vied quan li cac tai san va trach nhiem phap li
ngoai v6n hien tai cita doanh nghiep (hay van hoat dOng).
Day la phan quan trong nhat dm bang luu chuyen tien te b6'
vi xet trong that gian dai, hoat dOng san xuat kinh doanh la
ngu6n duy nhat tao ra tien. Ceic nha dau tu se khong dau tu
vao men tong ty neu ho thay no kh6ng co lcha nang chi tra co
tic cho ho hodc no kh6ng the tai dau tit tit ad tien thu dirge tit
hoat dOng san xuat kinh doanh. Throng tp, cac chi no ming
thong cho cOng ty d6 vay my.

218
 danh giai mai lien he giiia thing lien va cac hoat dens
san xuat kinh doanh, cii the tan butt xem xet cac m6i lien he
sau:
Cac tai khoan phai thu va luu chuyen tien te: Sq thay
dOi caa cac khoan phai thu co the la yen t6 quyet dinh den
Bong luu chuyen tien te to hoat Ong san xuat kinh doanh
caa Gong ty. Theo phuang phap gian tiep, doanh thu bin
hang tich thisong gam cac khoan doanh thu kheng phat
sinh tien, no tao nen su thay din trong can bang caa the
khoan phai thu. Khi doanh thu duct ghi nhan, khoin phai
thu tang va khi tien thu ye, khoan phai thu giam. Khi co met
su giam trong khoan pith thu, hung tie . n thu tq khach hang
luOn ion han doanh thu tich lug, do vay, s6 giam Ojai duqc
tinh vat clang tien tit hoat ding sari xuat kinh doanh. Khi c6
met su tang dm khoan phai thu, luting tien thu to khdch hang
luOn nhe han doanh thu tich 1u9, do vay, s6 tang phi' ghi
giam nit vao eking tien tit hoat ging san xuat kinh doanh.
Hang ton kho va bm chuyen tien te: Sq thay dei cua
hang tan kho sung la met yeu t6 chinh anh twang den luu
chuyen tien te tit hoat Ong san xuat kinh doanh caa cong ty.
Boo coo ka qua hoat thing huh doanh phin Inh chi phi mua
hang trong then kb, trong khi d6 bang luu chuyen tien te phan
ainh s6 tien tra cho nguai cung cap trong cling ki. Chi phi nay
co the Ian hon hoac nh6 han luting tien tra. Do hail het hang
hod mua theo phttang phip mua chiu, de can bang chi phi
mua hang vii s6 tien tra cho nha cung cap dOi hOi viec xem
xet nhang thay d6i trong ea tai khoan hang hod VA tai khoan
219
phai tra. Cach dun Min nhai de ghi nhan anh hiaing cua
nhimg thay clOi hang ton kho la khi mua hang (lacing hang
tin kho tang cu6i Ming dan din giam lacing nen va khi ban
hang dan den gain hang tin kho va tang liking tien). Throng
nr, khi vay cua nha cung cap din din tang lacing den phai
tra, tang nen va khi tra, slam khoan phai tra, gram tien. MOt
sit tang hoac giam khoan phai tra phai duct ghi giam hoar
ghi them vao clang Ian chuyen lien te.
M6i quan he giira clang tien va cac tai khoan phai tra:
Trong hoat dOng kinh doanh, mot s6 hang hod co rid duct
mua chiu. Do d6, khi viec mua hang ducic ghi nhan, khoan
phai tra tang va khi tra tien, khoan phai tra giam. Khoan phai
tra bang luting tien cung ty vay to nha cung cap qua viec
mua hang. Khi c6 su tang trong tai khoan phai tra, s6 nen tra
cho nha cung cap luen nha horn gia tri s6 hang mua tren tai
khoan; do d6 khoin tang phai duct Ong vao long Lien tir
hoat thing sin ;that kinh doanh, va nguqc lai.
M6i lien he gira chi phi tich luy va dung den: D6i yeti
mot s6 chi phi duct tra sau khi cluing duct ghi nhan (nhu
chi phi tien lacing tich luy), khi chi phi duct ghi than, can
bang trong chi phi trach nhiem phap 19 Lich luy tang, khi
thanh Man, cat chi phi nay giam.
Khi co sq tang rang trong khoan chi phi phai tra trong
ki, s6 tien tra cho chi phi Latin nh6 hurl chi phi duct ghi
nhan; do d6, khoin tang phai duct ghi them vao clang tien tit
hoat dOng san xuat kinh doanh. Nguqc lai, khoan giam duct
ghi
220
 De danh gi l su pith hop giUa thu nhap rang va dong tien
to hoat dOng san xual kinh doanh
Chat luong ti le thu nhap = (Deng tien to hoat dOng san
min kinh doanh / Thu nhap ring)
Chi se" nay cho biet ti le thu nhap Oat sink fir tien sau
do dirge sit dung cho the hoat dOng clan to mai hoac ng
tai chinh. Khi ti 14 nay khic 1, can phai tim ra nhcmg nguon
gay ra su khac nhau d6, lieu ti le nay co thay den theo thin
gian va nguyen nhan cua su thay d6i, nhung su bin dOng
cua cac khoan phai thu, hang hod va cac khoan phai tra la
binh thu&ng khong va co led giii thich hop li cho nhiing thay
dei nay khong.
Lai hoac 16 to viec ban tai san, dat dai rilla migng va
thith ng so lien thu dugc tit viec ban tai san, nha xueng,
dat dai, thith bi nam trong phan long nen fu hoat Ong &du
tu. Do lai hoac 16 nam trong thu nhap reng de tranh tinh toan
anh hueng cith phth lai 16 nay hai Ian, can phii loci b6
phan dong den to hoat dOng san xuat kinh doanh bang viec
trit lai hoac cOng them IS.
Cac khoan chi phi giam trit thuang dugc g9i a chi phi
phi tien ben no khong truc tier) anh huang den dong den.
Deng nen ra lien quan den cac khoan giam trit xay ra khi co
yeu cau giam tai san lien quan. Vao m6i thin ki ghi nhan
khoan giam trit, khong xay ra viec thank toan tien. Hau het
cac chi phi khac deu gay ra dong den ra. Vi dki: chi phi
bang. Mot vai noel nham lan rang "giam trir sinh ra tied'

221
do ho thAy cac khoan giam trir duct Ong them vao phAn
thing tien to hot dOng san xuat kinh doanh caa bang luu
chuyen ben te. Khoan giam trir killing phai la nguan gic cua
ben, chi khi nao hang hod host dich vu duct mua hoar ban
thi no mdi phat sinh den. Mot doanh nghiep vii mOt luting
gia tri chi phi giiun trir lOn kh6ng tao ra mOt long ben Ion
hon so veil met doanh nghiep co chi phi giam trir nho hon
(gia sit cac khoan tao clang tien khac giing nhau) Cat khocin
giam trir lam giam long tien phat sink cua doanh nghiep bed
vi no la chi phi phi den do d6 tren bang tau chuyen tien to
chi phi giam tar duck cling vao thu nhap de tinh clang tien tir
hoat dOng san malt kinh doanh.
Ddi vii thud: mac du car khoan giam trir la chi phi phi
Wen nhung th6ng qua thud no c6 anh huemg ddn Ong tien.
Cac khoan giam trir la cac chi phi co the anh huong JO thud
thu nhap. Chi phi giam Mr' tang Ion thi thud thu nhap tang
thdp. Do thud duck thu bang ben nen mOt sit giam thud clan
din tang dieing Pen ra cua doanh nghiep.
Khi phan filch, phAn Ong ben tir cac hoat Ong clau to
cho May th6ng tin quan trong ve chi& luck cua doanh
nghiep. Vol nhidu doanh nghiep, ti le tai san hiru hinh c6 the
cho thay d6 la cac khoan tau to it rui ro. Khi mOt doanh
nghiep trong nganh Ong nghiep xay dung tong suet qua
mac can thitt de' dap Cing nhu cau khach hang thi chi phi de"
duy tri va tai trci cho dkt an d6 co the day doanh nghiep din
pha san.
Vd co bang viec phat thin lau dai cua doanh nghiep
222
thang duoc tai trgr to ba nguem chinh: den tit boat dag san
xuat kinh doanh cua chinh doanh nghiep, to Slat hanh c6
phieu va to vay maim crai han. Cac nguen luc fait chinh ditqc
sir dung la mat nhan to" quan trong Ink hang den dO rui ro
va kha nang tra no cna doanh nghiep. Phan rich bang ktu
chuyen den to cho May doanh nghiep cla lua chon phuong
fink nao de tai tra sir phat tries tha doanh nghiep. Cac th6ng
tin tren a the Op danh gia cau tnic va tiem nang ph&
trien cua doanh nghigp.
3.2, Ccie chi lieu plain itch:
3 2.1, Cie chi tieu luu boat (liquidity ratios): day la cac
chi tieu phin anh kha nang thanh tan nq hien hanh cna don
vi tit rig ngin han.
3.2.1.1, V6n host (lag than (NWC - net working
capital): day la chi tieu phan anh rmic yen a the dim vao
hoat Ong san xual kinh doanh hang ngay ea met to chile
niem yet.
NWC = CA - CL
Trong der CA la tong tai san lint Ming
CL la tong no ngAn han
3.2.1.2, He s6 tai san Inu (Ring (CR - Current Ratio): la
chi tieu cho biet kha nang thanh toan a hien hanh cua mOt
cong ty to tai san Wu ging.

CR =CA
CL

223
 Chi tieu nay thong thuong tdi thi6u phai dat tit 2: 1 tit
len mot dam bao cho sy an toan ve thanh titan no ngan han.
Tuy nhien, mere cu th6 con tu9 thudc vac) dac thu nganh va
bai canh kinh td - xa hdi trong titng giai doan.
3.2.1.3, He s6 thanh [(tan nhanh (QAR - Quick asset
ratio): la chi tidu phan anh kha nang thanh man nhanh cua
don la tte no ngAn han tit tai san lw ddng.

QAR = CA - INV
CL
Trong d6: INV la hang luu kho
3.2.1.4, Lim litong tidn mat (CF - Cash flow): pit anti
clang tidn thu dugc Cu hoat Ming san xuat kinh doanh cua t6
chtic niem ydt trong mot don vi then gian.
CF = Thu nhap Rang + Khali hao hang nam
Gia tri (Ring nen cang 16n, kha Wang dam bao thanh toan
no hien hanh cang cao.
32.2, Ceic chi tieu phan anh kha nang sinh Ibi
(Profitability ratio):
Cac nha dau tu, cac c6 dOng va cac nha quart ly tai
chinh (lac biet chtl 9 tea kha nang sinh lai cua cac cang ty
niem yet. Viec phan tich lgi nhuan co th6 bat dau bang vied
nghien thu cach thac mdt cang ty sir dung co call vein Cac
nha (pan 19 gidi sit dung co hieu qua tai san cila mirth.
Thong qua vidc tang hieu qua san xuat, cac cang ty c6 the
giam hoac ki6m soat dune cac chi phi. T1 le Idi nhuan do bat

224
Icy mg( cOng ty nao din dirgc la quan trong nett cac nha quan
lj caa cOng ty do mong mu6n thu but van va [hoc hien viec
tai tro than') cling cho str phat trien cita cOng ty.
Neu t9 le Igi nhuan cint mOt cOng ty tut xuang dual mere
ce, the chap nhgn dugc, thi P/E (gia nen thu nhap) va gia tri
cac cei phi& cua cOng ty giam xu6ng - dieu dO grai finch tai
sao viec danh gia kha nang sinh Lai lai dac biet quan trong
ddi vdi met cOng ty.
Wirth gin kin) ruing sinh lei co the &roc the hien qua
mOt s6 chi tieu sau:
3.2.2.1, Ty sugt Lai nhuan tren doanh thu (PM - Profit
margin):
PM _N!
SA
Trong do: NI la thu nhap rang
SA la tong doanh thu
Chi tieu nay cho bier mOt (ong doanh thu cua cOng ty
tao ra bao nhieu deng loi nhuan. Chi tieu nay cling cao thi
kha nang tao loi nhuan tren mOt dan vi gia tri doanh thu cang
lan. De danh gia chi tieu nay can phan tich theo then gian
hoac so sinh voi cac don vi khac dang hoar thing. Ve co ban,
theo thin gian chi tieu nay ngay cang tang se &roc danh gia
tich con Neu so sanh gala cac cOng ty yeti nhau chi tieu cua
cOng ty nao cao hon thi kha nang sinh lei tren I (king thu
nhap caa no la lon hon.

225
 3.2.2.2, Ty suat'thu nhap tren tai san (ROA - Return on
asset): Chi tieu nay cho biei kha wing sinh lbi Ut WA don vi
gia tri cOa tai San.

ROA = NI
TA
Trong do: TA la Wing tai san
Chi tieu nay cang cao thi kha ruing sinh toi tren mot don
vi gia tri tai san cang ton. Barth gia theo Oen trinh thdi gian
thi chi tieu nay ngay cang tang cang dace danh gia la rich
cut va n6u so sal-1h giCra cac cling ty vat nhau thi chi tieu nay
cua cling ty nao cling cao thi kha nang sinh loi to mot thing
gia tri tai san cang lon. Nha phan tich cluing khodn, cling
nha cac cd clang, dac biet quan tam den chi tieu nay.
Noi chung he s6 thu nhap tren cd phan cang cao thi cac
c6 phieu cang hap clan.
3.2.2.3, Ty suat thu nhap tren v6n c6 dOng (ROE -
Return on Equity): chi tieu nay cho biet kha nang sinh Ioi
cua cling ty ter Inca don vi gia tri von cd dOng. Tit la mot
ding von co dOng tao ra bao nhieu clang loi nhuctn.
NI
ROE= —
TE
Trong do: TE la [Ong von chu so Ern
Chi tieu nay cang cao thi kha nang sinh loi tren mQt don
vi van clua su hut cang Ian va cd pht6u cang hap clan. Khi
clanh gia cuing c6 the phan tich theo tien trinh ve tiled gian va

226
so sanh gida the cong ty khac nhau. Gang ty nao di he s6
nay cao hon thi kha nang sinh lei dm cong ty do hap den
hon. Theo then gian, chi fieu nay cong tang thi tang dirge
daub gia tich cuc.
3.2.3, Cac chi tieu phan drib phuong thiic tao van
(Capitalization ratios): Cac chi tieu nay cho bi6t co eau van
dai han cna cong ty va b mire d6 nhat dinh gian ti6p phan
anh mdc c) an toan ve vein cila don vi phat hanh. Cac chi
tieu nay bao gam:
3.2.3.1, Ha s6 trai phi6u (BR - Bond ratio): phan anh ty
trong v6n dai ban ciia cong ty duce hinh thanh tit viac phat
hanh trai phieu.
BF
BR=
TLC
Trong do:
BR la king gia tri thco menh gia trai phi6u. T6ng gia tri
then menh gia Era' phial duce tinh bang s6 [raj phi6u clang
luu hanh uhan voi menh gin trai phi6u.
TLC la Mi ng vein dai han cila don vi. T6ng vein dai han
am don vi c6 the lay tit bang tang k6t tai sari cna clan vi.
3.2.3.2, He s6 cd phi6u uu dai (PSR - Preferred stock
ratio): phan anh ty" trong vein dai han cna dun vi duce hinh
[hanh tir viec Oat hanh c6 phi6u uu dai.
PSF
PSR —
TLC

227
 Trong do: PSF la tdng gia tri theo menh gia caa c6
phieu ttu dal do cong ty pith hanh.
3.2.3.3, He sd c6 phieu phd thong (CSR - Common
stock ratio): ta chi tieu plain anh trong vein dai han duct
hinh thanh tit phan von chi sit haft.
CSF+CS+ RE
CSR
TLC
Trong do: CSF la tdng gia tri theo meng gia cia
cd phial phd thong
CS la thang du von
RE la thu nhap gift lai
3.2.4, Cie chi tieu bao chdng (Coverage ratios): Day la
cac chi tieu Oak anh kha nang dap ling nghia vu thanh town
cua cong ty ddi voi trai hit cho cac trail chit va cd nit cho cac
c6 dOng. Cac chi tieu nay bao gem:
3.2.4.1, Chi tieu ban chfing den tat trai phieu (BIC -
Bond interest coverage): phan anh mac dO an Wan trong viec
thanh man ties lai trail phieu cho cac trait chit.

BIC — EBIT
BIA
Trong d6: EBIT la thu nhap au& lai va thu6
BIA la tdng gia td tien lai trai phieu hang nam
Viec danh gia kha Wang mot cong ty co the thuc hien
nghia vu tra lai den mac dO nao Hang rat quan trong. AO

228
rang, he s6 thu nhap tra Iai dinh ky tang cao thi khii nang
thanh toan lai Oita cOng ty cho cac chit no cita minh tang 16n.
Vi du: Neu EBIT cita mat cOng ty la 8.000.000 USD va
chi phi tien no lai hang nam la 3.000.000"USD thi he s6 bao
chilmg tien lai trai phien se la 2,67.
Ned each khac, thu nhap cao gap 2,67 tan chi phi tra
Ty le tra lai thap cho thay mot tinh trang nguy hiem, suy
giam trong heat Ong kinh tee co the lam giam EBIT xu6ng
cluoi mac no lai ma cOng ty nay duoc han cite bat thoc to
EBIT kh6ng phai la nylon duy nhat de thanh toan lai. Cac
cOng ty cling c6 the tao ra ngu6n tien mat tir khalu hao va c6
the sir dung nguein vein d6 de tra no Jai. Nhiing gi ma met
cOng ty can phai dal tea la tao ra met de an toan hop Iy, bao
dam kha nang thanh toan cho cac chit no cna minh.
Tuy nhien, chi rieng chi tieu bao chang Oen lai trai
phieu thi chua dit d@ danh gie mot cling ty vi he s6 nay chua
de cap den cac khoan thanh toan c6 dinh khdc nhu tien no
gdc, chi phi tien thue Ira chi phi co tdc uu dai.
3.2.4.2, Chi tieu bao chUng c6 tire uu dai (PDC -
Preferred dividend coverage): chi tieu nay phan arth mite de
an toan trong viec thanh wan c6 tut cho cac c6 dOng uu dai.

PDC = NI
PD
Trong d6: PD la gia tri c6 tac uu dal phai thanh town.
Chi tieu nay tang cao thi kha nang that hien nghia vu
thanh toan c6 tut nu dai tang lOn va mac de an toan cita co

229
clang urn dai cang cao. 6 mac do nhat dinh, chi tieu nay Ming
gian tiep cho biel m& dO an man trong thanh toan cd tdc cho
cac cd dOng Warm gilt cd phi6u ph6 thong.
3.2.5, Cac chi Oen dinh gia cd phieu:
3.2.5.1, Thu gia cd phien (BV - Book value): la chi tieu
plan anh gia ui mitt cd phien ph6 thong dirgc tinh town tit so
sad) kg toan ciia don vi pit hanh. Cong thdc tinh nhu saw
TA—TD — PSF
BV —
NSO
Trong d6: TA la tong tai san cria tong ty niem yet
TD la Ping no cua tong ty niem y6t
NSO la tong so c6 phi6uph6 thong dang l nt hanh
Chi tieu nay cang cao cang tot. Thong thirang gia tri thu
gia va thi gia khOng giOng nhau. Tuy nhien niu str khac biet
dia. 2 mac gird qua Ion thi nha din to can phai lull y tru6c khi
guy& dinh dau
3.2.5.2, Thu nhap tren mdi c6 phan (EPS - Earning per
share): chi tieu nay plan anh mac thu nhap to hoat dOng cua
cOng ty niem yet trong mdi thdi ky tinh cho mdi cd phan.
NI-PD
EPS—
NSO
Trong d6: PD la ring s6 hen thanh toan cd tdc w dai.
NI la thu nhap ring
NSO la s6 cd phi& ph6 thOng dang km hanh

230
 Chi tieu nay ding cao thi co! phien &Oa cOng ty nay cang
hap dart. Gala cac cling ty, cOng ty nao c6 EPS Ian hon thi
[Min anh hieu qua hoot dOng caa cOng ty tinh cho m61 c6
phdn cOng tot hon. Theo theta gian, chi tieu nay c6 xu hudng
tang se dunc Minh gia tich cpc han xu hoeing giam.
3.25.3, He so P/E (Price earing ratio): Day la chi tieu
phan tinh mac gia hien hanh cho mai don vi thu nhap cim
met cOng ty.

P / E = MP
EPS
Trong d6: MP la thi gia maa mei có phieu
EPS a thu nhap tren mai c6 phieu
Chi tieu nay clang cho biet khoang theta gian bao lau nha
dau to c6 the mua them duce mat c6 phieu than tuy tir thu
nhap cga c6 phi&
3.2.6, Mat so chi tieu kink:
3.2.6.1, He so thu hei no trung binh (ADR): Chi tieu
nay cho Met cOng ty do phai mat bao Mu dd chuyeal cac
khoan phai thu thanh lien mat. Um 9 rang doanh s6 ban thu
tin ngay ducc loaf khbi tdng doanh thu.
RP
ADR = —
SR
Trong do: RP la cac khoan phai thu
SR a gia tri doanh so' ban chiu binh quan 1
ngay. SR se duot tinh bang tdng doanh s6 ban chiu hang
nom chia cho 360 ngay.
231
 Vi du: Neu bang can d6i ke toan cUa mgt cOng ty cho
bier se; lieu olla cac khoan phai thu la $700.000 va bao cao
thu nhdp cua no cho bit& doanh s6 ban chiu la $5.500.000,
thi he set thu hoi no binh quan la 45.8 ngay. Cling nhu cac he
s6 khac, ky thu hot nu trung binh phai duce xem xet trong
m6i lien he vta cac thong tin khac. Neu chinh sach caa cOng
ty la ban chiu cho khach hang trong Wing 40 ngay thi thoi
han 45.8 ngay cho dray la cOng ty gap khO khan trong vice
thu hdi na dung han va can xem /telt lai chinh sach ban chin
am. minh. Ngugc lad, nen chinh sach thOng thueng dud cOng
ty la an dish thin han thu hoi ng la 60 ngay, thi thin han
trung binh 45,8 ngay cho (hay chinh sach thu hdi ng cua
cOng ty la co hieu qua.
3.2.6.2, He s6 thanh town trung binh (APR): Chi tieu
nay cho bier thin han thanh town binh quan dgi voi cac khoan
phai tra. tinh chi lieu nay ngtred to có the chia cac khoan
phai tra cho den mua hang chiu m6i nam..

APR = PP
BR
Trong de: PP la gia tri cac khoan phai tra
BR la tier' mua hang chiu binh quan lngay.
BR c6 the' tinh bang each lay t6"ng tien mua hang chiu hang
nam chia cho 360 ngay.
Tuy nhien, tit] mua hang chiu hang nam khOng duce de
cap trong men bao cdo tai chink De co duct s6 ligu nay, phai
du filth [9 le gia tn. hang hod duce mua chin

232
 Vi du: Gni Binh rang s6 lieu cac khoan phai tra cua cOng
ty Fa 275.000 USD. Nen gia mua hang la 3.000.000 USD vit
du tinh la 80% hang hod nay duoc mua chiu thi thin flan
thanh town trung binh la bao nhieu? So' nen mua chic hang
nam se la 2.400.000 USD (3.000.000 x 0.80). Bay gib, thdi
han thanh tozin trung binh dai vai cac khoan phai tra cO the
duoc tinh la 41,3 ngay. Khi danh gia, bin ky thoi han into
ngan him c6 nghia la nguin ban danh cho cOng ty men khoan
chiet khan hoac ngtrai ban cho rang cOng ty dang trong tinh
trang rui ro cao nen clii dua ra cac dien khoan chat the han ve
thin han thanh town no. Bat ky thin han nao dai hen cling c6
nghia la cOng ty chi than duoc cac dieu khoan tin dung nu
dai, hay cOng ty la mot "ngurn tra chant", ft:cc la cOng ty dang
sit dung nhi-mg nguai cung cap ng uyen lieu nhu men nguein
tai try.
Ngitoi ban, nOi chung bao gib cling mufin nhan duct
tien cang som cang tat, Chuang tinh town he s6 nay nhatn bie3
duct bao lau thi ho cc) the thu hoi den city minh tit cOng ty.
Do viec thanh loan cham tinging c6 lqi cho cOng ty, nen nha
quart ly - nguezi kiem sozit viec thanh loan c6 nhiem vu phai
lam can bang hai thai cite lui ich giila nha cung cal) va cOng
ty.
Neu theri han thanh Wan trung binh cua nganh win qua
he so cila cang ty, thi nha quzin ly c6 the tim ra ly do tai sac
viec mua chin ciia cOng ty lai bi han che'va phai lam gi de c6
ditqc thbi han mua chiu dai han tit nhCmg nha cung cap.
3.2.6.3, He so hang 1m kho: Chi tieu nay duqc tinh
233
bang t3 so glint doanh so hang ban ten hang km kho. Chi
tieu nay cling taring doll quan trong khi phan filch tai chinh
cOng ty them yel ben vi hang km kho la loai tai san it km
hoar nhal trong cac titi san km Ong. Vi cOng ty phai dung
mot luring vein de duy tri hang km kho nen cOng ty se duerc
loi khi ban hang c al ng nhanh cling t6t lacing hang naya giai
phOng tien mat cho cac mac dich su dung khac.
SA
INVS =
TV VA
Trong do: SA Et gia tri hang ban tinh thco gia mua
INVA la gia tri hang km kho binh quan
Nek gia [11 hang hod ban hang nam dm melt cling ty la $
3.000.000 (tinh theo gia mua) va gia tri hang tm kho trung
binh la $ 300.000, thi t9 le hang da ban tren hang Im kho
cria cOng ty nay se la 10 Ian. SO lieu nay phai dirge so sanh
yen he so" trung binh cua nganh truac khi dim ra Mt Id mOt
binh luau nao, vi cac he sei trung binh cua ling nganh khac
nhau rat lOn. Cac cling ty ban hang hod de hong, nhu rau ttroi
thueng co ti le hang da ban tren hang Im kho rat cao, trong
khi d6 con so nay a mat cOng ty san xuat den ngill se thap
hon nhieu. Tuy nhien nen he s6 cua mot cling ty trap hon he
s6 trung binh cita nganh, thi nha quan 19 can kiem tra xem
tai sao hang lm kho lai luau chuyen cham qua nhu vay.
an than trong khi xem xet hang dal ban tren hang km
Rho. T9 le hang da ban tren hang lm kho cao khOng phai bao
gia ding co nghia la viec ban hang dm cOng ty c6 hieu qua.

234
He sei hang clä ban tren hang km kho co the" rat cao khi cOng
ty lien me het hang du till vi cOng ty khOng san xuat do hoac
khOng mua du hang hod. Trong truerrig hop nay, he s6 cao
thuc to lai cho dray viec lap Ice hoach hay viec quan li hang
du nil tea. Do do, trtY khi da nghien cuu ki chinh sach
hang luu kho cim mat cOng ty, viec sir dung chi rieng he s6
nay chua the cung can du thong tin ve kha nang huy dOng
tien mat caa cOng ty
3.2.7, Sir dung cac chi lieu d@ phan tich tai chinh dun vi
phat hanh:
Mei chi tieu o tren chi cung dip met s6 thOng tin ye
mac clO hieu qua trong hoat dOng coa met cOng ty. Tuy
nhien, viec phan tich chinh dac bier coy nghia khi nha
dau tu c6 met si5 chutin mite de 66 the so sanh yea cac chi
tieu cua mot tong ty. Nhit dau tu khOng chi mu6n xem kha
nang sinh lai, kith nang thanh toiin, tinh trang nq va cac m6i
lien he hoax dOng cua mot song ty 13 cao hay than, va the
yeti td nay Bang dime cai thien hay xau di, ma ho can mu6n
xac dinh mire do hieu qua hoat dOng caa cOng ty dO so vdi
cac ddi thu canh tranh khac, so vioi nganh hay so vai cOng ty
hoat dOng tdt nhat ding nganh.
Cac nha clau tu c6 the tinh toan cac he s6 cua cac cung
ty klaic nhau to nhting thong tin cOng 66 cOng khai chAng
han nhu: S6 lieu hang nam ve cac he s6 tai chinh cOng
nghiep va kinh doanh, cac he s6 kinh doanh chit yen, cac
(rang tai chinh cOng ty cua cac co quan dinh mtic tin nhiem...
Cac ngu6n nay cung cap cac he s6 cim tang eel -1g ty va
nganh c6 the clang de so sanh.
235
 Nhe dau to cling ce the' so sanh nhang chi tieu tai chinh
cuatong cling ty vrth mdc binh (pen curt nganh. Chang hen,
cOng ty MPQ hoat dOng trong linh VIYC cOng nghi4p thi nha
dau to co the' clanh gia cac chi tieu cua cOng ty nay ve.ci mdc
trung binh cite nganh Ong ngh4.

Bcing 4.1: So sanh Mita cOng ty MPQ va mac trung binh

cua nganh (bug nghiCp

Chi tieu phan Itch Cong ty MPQ Nganh cOng

nghiep
1995 2000 2005 Trung binh giai
doen 2000 - 2005
He s6 tai s5n Ittu 2 Ian 2,516n 1,8 In 1,9 lgn
dgng
He s6 rid tren vein c6 30% 45% 40% 38 %
phgn
Chi lieu bat] chang 4,1 Ign 3,8 Ian 3 Ian: 3 Ign
tithi Iai trei phieu
- 19 suth Ith nhuan 0,062 0,083 0,051 0,06
tren doanh thu
13', suat Idi nhuan 0,12 0,13 0,10 0,11
troll vein co' dong
T9 re tang trutng thu 0,09 0,11 0,09
nhap (tinh trung binh
5 nam)
PIE 10,5 10

236
 Cac con s6 trong bang 4.1 cho thay rang \TM thin kj) 10
nam, su den then trong kha nang thanh Loan va sinh len cila
cOng ty Ian hon kha nang thanh loan va sinh lai cita cim town
nganh cOng nghiep (nganh ma cOng ty nay dang hoat thing).
Chi den bao thing tien lai trai phieu cha cOng ty giam, met
phan do ty le no tren v6n c6 phAn tang manh, nhung van kin
han mac trung binh cim nganh. Han vita, c6 the dray rang
not chung kha nang thanh town va sinh Ich cling nhu kha
nang tra no lai lon hon cam clang ty cling nganh. CO met diem
ken hap clan la Bien Mang trong don bay tai chinh cim cOng
ty (no tren van c6 phan), he s6 nay 11 len den 45% va vao
thdi diem nam 2000 da cao hon han mac trung binh caa
nganh. Yeti t6 nay cho they rang trong trong lai cOng ty nen
phat hanh ca phieu han la trai phieu nham gift he s6 no tren
van tuong during vOi mfic hop ly &Oa nganh. Bang 4.1 cling
cho thay mac d8u tj) le tang throng cira cOng ty Mang duong
vai mac trong tan nganh nhung ty 14 gia tren thu nhap (P/E)
lai cao hon, chi yen la kha nang thanh town Ming nhr danh
tieng cua cOng ty vuert trei so yeti town nganh. Caic nha eau to
hien nhien se nhan they sir tang twang trong ty' le no tren
v6n IA clang NM Ong, do vay, ty le gia trail thu nhap (P/E)
giam tit 10,5 nam 1995 xuang 10,0 Ham 2000 va 8 vao nam
2005, trong khi do ty le P/E coa nganh khOng thay ddi trong
cling kj).
Viet chi tiet hod the chi tieu nha trong bang 4.1 gitip
nha dau to danh gia duric nhung diem yell va diem manh
trong boat Ong cua cOng ty niem yet. Nhu vay, vier phan

237
tech cac chi nen nay gitip cho cac nha den to danh gia duct
hoat Ong caa met cOng ty.
MOE sit" chit 3 khi phein tick cac chi tieu tat chinh:

Cac chi tieu tai chinh chi cung cap met phan thong tin
can thief de danh gia hoat &Ong va hieu qua chung catt met
cOng ty. etc yen to thong ke khac nhu mai ro, can duct tinh
den de c6 dust mot Mic tranh toan canh ve tinh hinh tai
chinh cua mat cOng ty.
Ngoai ra, can phai barn sat nhilng thay dei ve phuottg
['hap hitch toan Ice toan cua cOng ty khi tinh roan va so sanh
cac chi tieu. MOt cOng ty cel the da thong qua cam chthin mitt
ke toan mei, tut lit cOng ty nay cid chuy6n Cu each danh gia
hang thy Mt FIFO (nhap trudc xuai MOO sang LIFO (nhap
sau xuat trues). Cong ty co the da deiii t6 phuong phap khau
hao thee doing thong sang phuong pilaf) khau hao tang tdc.
ThOng qua viec sat nhap, cOng ty cd the duct mic d!nh thuOc
nganh cOng nghiep mei. Turing at, gia [6 tai san cua cOng ty
cei the &roc khai chira dung gia tri do lam phat cao. MOt vai
so' lieu nganh c6 the ding da sai Lech, (lac biet nen cac so"
lieu trung bInh cd tinh den nhieu cOng ty nho, yen ye tai
chinh.
Nha thin to cung can than tong de danh gia foal no ma
ding ty ho dang nghien can plan ganh chin Neu cac khoan
ven duoc huy dOng bang phat hanh nal phieu chuyen d6i da
den hart thanh toan hoac (low chuyen dol sem, [hi viec
thich he sei D/E se khac vet khi no the hien bang can dot mai

238
phial cO lai suat c6 dinh. Thong tu, met s6 cOng ty c6 the
huy dOng yen dal] to elm minh bang cac khoan thug ngan
Ilan. Do d6, met s6 he sir tai chinh se duec citing be khOng
chinh xac do ket qua dm co can tai chinh nay. Dieu nay dac
biet dei vai he s6 thu nhap tren yen c6 dOng.
Cung nen than trong khi sir dung cac dit lieu (Dec cOng
be, vi cac s6 lieu nganh dei khi chi the hien cho cac Ong ty
boat den tot nhat va co tinh hinh tai chinh kha quan. Ngoai
ra, vice phan loaf cac cOng ty cu the thanh met nganh lit rat
kho khan, vi hau het cac cOng ty den c6 day chuyen san xuat
khtic nhau. Van de nay co the lam sai tech so sanh cac he s6
ant cling ty vdi cac he seam nganh.
Ngoiti ra, cOng nen de el-lung vita cac cOng ty tim each
thao tang nhung con s6 cna minh bang each ban tai san cria
minh hay nhring thu thuat ddi vol chi phi thay the. Mac du
nghiep vu Ice Loan cid dugc cai den nham giai quyet cac van de
nay, nhung c6 nhieu each giai thich va phuong phap khac
nhau trong vice lap cac bac, cao tat chinh co the the dau diem
manh hay diem yell thuc to dui met tong ty. Do vay, khi thuc
hien phan tich cac hao cao tai chinh va cac he s6 chinh,
phai biel rang cac nha phan tich va cac nhit quan N co the dua
ra cac giai thich khac nhau. Tom lai, can than trong khi phan
tich met cOng ty dva tren co se cac he s6 tai chink. Phai tinh
den cac han chec6 lien quan den cac he s6 nay.
4, Dinh OA dieing khodi•
4.1, Dinh Arlo trill phieu:

239
 Can ci vao mut thu nhgp du kign cua tnii phigu va
sun thu nhgp vong, nguoi to c6 the soc tinh gia ca cita
phi6u. Vg nguyen tac gia tri catt trai phigu arcing tong
voi gia tri hien lai elm clic khon) thu nhap tign to trong tuong
lai bao gam ca khoan thu ti) tign lai trai phigu va gi3 tri mgnh
gia gib phi6u. Neu gni Pb la gig: cila tit phi6u 6 the)) digm
hign tai Eli Pb c6 the dugc tinh theo cling thtic sau:

+ i)" — I 1
Pb — + MG
+ i)" (1+ i)"
Trong d6: A la gi3 tri lien Iai dugc thanh town dinh ky
MG la mgrth gi3 trai phigu
i la lai sun dinh gia (t9 sun chigt kh(itt)
n la then gian to han cUa triii phigu
4.2, Dinh gi4 c6phieu uu diii:
06i vai c6 phigu uu ti, neit I IA cd nic cd phigu dinh k9
thi giii tri c6 phi6u uu dai (PPS) se ducic xac dinh nhu sau:
(I + i)" — 1
—I
" (1+ i)"
Trong d6: I la cc; Ric cua c6 phigu vu dai nhgn dirge
dinh Ict
i la lai sun dinh gia (t9 sudt chigt IchSu)
n la (heti gian to han

240
 Do cd phi6u tin dai la cluing khoan von Ken thdi gian
dao han to v6 han (Mc la n tien d6n #). Do d6, gia tri caa c6
phi6u tru dai la:

pPS

4.3, Dinh girl a; phien phi; thong:

Dinh gift' c6 philu phd thong co th6 dua trOn demg c6 roc
du ki6n. Vbri phuong Oaf) nay vibc dinh gia cd phial holm
roan phu thmic vao sic phan (loan, gia dinh ve sir tang truong
va chinh sach cd tdc cUa tong ty. Gia c6 phi6u phd thong
(PCS) chinh to hi4n gia dui Mang cd tric cua cd phi6u se nhan
dune Kong tuong lai.
1
Pc„s — E
n /I
±
Trong do: It la cd Lac caa cd phieu phd thong tai nam t, i
la ty suat chit khan.
Vbri gia thi6t c6 ttic ciut tong ty tang trubmg den clan N Teri
t6c do g %/nam. Khi do gia cria cd phi6u phd thong se la:

(i — g)
Trong d6: I, la cd tfic du ki6n se tra
i la ty mutt chi6t khan
g la t6c db tang truerng cua cd Elk (i>g)

241
 Chti D. danh gia gut tri cua chting khoan ngoai
phuong phap chigt khan clang co ttic hoac thu nhap nhu tren
can có thd su dung men s6 phuong phap khac nhu phuong
phap dinh gia theo he s6 P/E, phuong phap dinh giti tren tat
san rang...

II, PHAN TiCH KY THUAT (TECHNICAL ANALYSIS):

1, Tat nigin: Phan filch ky thuat to Wu phuong phap
phan tich chdng khoan nhtim danh gia xu huong hien dOng
cna thi throng tren co sO sit dung met s6 cong cu nhu: cac 19
thuygt caa phan tich kyr thu4t, chi s6 gia chang khoin, sei
binh yuan, ció thi, xu huong...
2, Mot SS' gia thuygt cua phan tich kSt thtt4t:
+ Gia tri thi truang cua cac chdng khoan ducc xac dinh
bed su tuong tac giira cung va cAu.
+ Gia ca cUa chting khoan binclang theo xu hueing va
ton tai trong thin gian tuong d6i dai.
+ Str thay ddi gia cluing khodn duct tao beri su dich
chuydn cua cung va cau. Su dich chuydn cua cung lea cau,
khang kd clgn 15, do dich chuydn cel the du down va nhan bit
dude.
+ Gia ca chi:mg khaki ten thi twang bign Ong theo
huang xac dinh cho dgn khi có 1 bign ca xay ra. Sty bign
gang cila gia chang khoan theo thai gian co xu Inning to lap
4i.

242
 3, MOt se(19 thuyet phan tich ky thu
3.1, Ly" thuyet Dow (The Dow Theory):
MOt trong nhang ly thuyet quan trong trong phan rich
ky thuat do la ly thuyet Dow. Niguel dEtu tien dua ra ly thuyet
nay la Charler H. Dow. Theo ly thuyet nay: s6 binh quan
muc gia thing khoan phan anti tat ca clic hanh vi cua (hi
truing; tren thi twang cluing khoan, gia ca caa cat chting
khoan se biers Bang theo 3 xu htreng bao gam xu Wang chi.)
dao, xu twang cap hai va xu hueng cap 3.
Xu twang chit duo (primary trend): lit xu huong chung
ye sir di len hoac di xuang cua gia cluing !San keo dai
trong thbi gian dai. Kat qua dm qua trinh nay la hinh thanh
mot thi twang gia len (bull market) hay thi truing gia xuang
(bear market).
Thi truing gia len la mot trang thai cua thi twang trong
d6 nee mai dot tang yid mai lai dat mtic cao hon deft tang gia
cna Ian truck va Si dot giam gia (nee c6) trong giai doan
nay van dat duce mire cao hon dat giam cua Ian truerc. Tire la
xu Inning chu dao van la tang gia.
Thi truing gia xu6ng la mot trang thai elm thi truing
ma nee mai dot giam gia mai lai dat thee mtic [hap hon dot
giam cua hin truck va mai dat tang gia neu co se kh6ng lam
tang mtic gia bang mire tang ciut dot [Sc. Nhu Way, xu
Wong chn dao cila thi biking la gram gia.
Muc dich cila nha dau to la phan deb clanh gia xu Inning
cUa thi truing mua cluing khoan b giai doan (Mu cita thi
243
tradng tang giii va ban tit ngay khi thi truidng bat dau giiim
gid.
Theo kinh nghiem, thi twang gia len va thi twang giii
xueing cling thudng gal qua ba giai doan. Thi truang gia len
trai qua ha giai doan la: giai doan tich tu, giai doan tang gia
manh, giai Joan [hi twang ruang bong.
Giai doan tich to & giai doan nay gia cluing khoan van
mac [hap. float Ong cua thi twang a mac de trung binh
nhung bat dau da col cac dirt tang gia nhO. Trong giai doan
nay, cac nha dam to c6 tam shin se cam nhan duqc tinh hinh
thi meting va bat dau mua cluing khoan vao.
Giai doan tang gia manh: & giai doan nay, cac hear dOng
cua thi twang gia tang manh me: ca ye quy and giao dich va
mdc gia chung khodn. Float dOng san xuat kinh doanh cUa
cac doanh nghiep tang twang nhanh. Xu the tang thu nhap
gay len su chti Y cna cling chung dau tu.
Giai doan thi hiking ruing being: cac giao dich thing
lcholn tit len rat sal Ong. Calc thong tin Di chinh vi m6 cling
nhu vi mo dau rat tich cuc. S6 co phial men phat hanh duct
dua ra hang kat. Old cac chting khoin có de tin nhiem [hap
gia tang OE nget trong khi gia cua cac cluing khoan c6 do tin
nhiem cao lai khong tang hoac tang vol milk de ban che'.
Ddi vdi thi twang gia giam cling tit qua 3 giai doan
giai doan phan ph6i, giai doan hoang loan va giai doan ding
c6 va phut
Giai clop phan ph6i: & giai doan nay kh6i luong va gia
244
giao dich caa cac chdng Ichotin van & mdc cao nhung bat driu
c6 xu hudng giam. Cao nha &du to cO tam nhin cam nhan
dude rang gia cluing khoan dao mtic qua cao va bat dau ban
cluing khoan ma minh dang nom girt
Giai doan hoang loan: o giai Joan nay gia cua dai b0
phan cac chting khoan giam mph trong khi IthCii ludng giao
dich gia tang men cach bat binh thu&ng. S6 ngudi mua giam
di &rig k6 trong khi s6 ngudi ban thi hoang loan, thi6u binh
tinh.
Giai doan ding c6 va phuc h6i: b giai doan nay gia
cheing khoan van giam nhung khOng dOt ngQt nhu o giai doan
truck. GM chung khoan c6 c10 tin rthiem cao giam it hoac
khOng giam trong khi gia cac chdng khoan c6 dO tin nhtem
that) van giam clOt ngQt. Thi twang gia giam &roc danh gia
ked thtic khi cac tin Mc icau da co the' d6n nhAn h6t.
Xu ht&ng cab hai (secondary reaction): Day la xu
huOng lam ngat quang qua trinh di len hoac di xuang cua xu
hudng chit dao. Doi khi xu hudng nay dm chum mi la cac
phan ring nghich. Xu hoang cap hai thuiing c6 gia tri dao
chieu to khoang 30-60% gia tri dot tang hoac giam Ian Crude
trong tin trinh dien bien cua xu Wang chit dm.
Xu inning cab ba (fluctuation): Day la cac dao dOng nho
thueing dien ra hang ngay hoac trong vai ngily. Theo It
thuyet Dow, xu huang nay khOng quan trong. Vi4c nit ra
luan tit cac dao dOng nh6 chua du can en de ra quy& dinh
clau tit.

245
 3.2, 2.0 thuyet vE 1B td (the odd-lot theory):
L9 thuyth nay cho rang ck nha dau tv nh6 (giao Bich 16
le) la nhiTing ngtrai kinh doanh thing khotin kh6ng chuyen
nghiep. Chinh vi vay, he thudng bi hart chd a met s6 khia
canh: nang hrc tai chinh kh6ng dirge d6i dao, It co diet] kien
field can met each thueing xuyen, lien tuc va c6 he th6ng yed
thong tin, Hang lire plan tich va SU 1)77 thong tin than. Do d6,
ho kh6 thoc hien el-filth xac thin co kinh doanh. Theo nguyen
the chinh cila ly thoyel giao dick 10 le, nen t9 le calc lenh (Di
mua theo 16 le tang cao thi thi trifling tang c6 nhieu kha
nang giant gia va nen t9 Le nhcmg lenh dal ban theo 16 le
tang cao thi thi twang tang c6 xu hating tang gia.
3.3, Lyi thuyet tang gidm (the advance - decline
theory):
Theo is thuyel nay, nen sift' cluing khoan dang tang gizi
nhieu han s6 chting khoan dang giam gia thi ban lieu met
[hi truOng cluing khoan co kha nang len gia. Ngturc lai, nen
s6 thing khoan dang giam gid nhieu han s6 chung khoan
dang tang gia thi bar) hieu met thi truong cO kha nang giam
gia. Tit do nha dau to co guyed dish dAu to pita hap voi dieu
hen va hoan canh dm mirth.
3.4, Ly thuyet ve ban kh6ng (the short interest theory):
Theo 19 thuyet nay, ye nguyen the s6 chting khodn bi
ban kh6ng se phai mua chting khoan vao de' tra cho nguai
cho vay. VI vay, nen kilo' hong dna ctic lenh ban kh6ng
tang nhieu thi s6 lining thing khotin phai mua vao trong

246
mon lai cang 16n. Do d6, gia cluing khoan cang c6 xu
throng tang gia trong lining lai. L9 thuyet ye ban khdng cho
ring, d6i vOi mei Ion chdng khodn, nen s6 luting ban khdng
chug cao thi then Yong tang gia chilng khoan d6 cahg 16n.
4, Mot so chi bito cim thi trtietng chitng khoitn:

4.1, Chi snici cd phila:

4.1.1, Khai niem: Chi se gia c6 phial la thOng tin the
gia chting khoan binh quan hiCn tai so vai gia binh quan then
ky g6c da chon hoac so Nan met s6 chia nao do. Chi se gia c6
phieu dung de' danh gia thi trueng cluing khoan ye xu
huthig, mac dO va six can bang cung can clang dich chuyen.
Gia binh quan thei Icy gec thuong ductc lay la 100 hoac
1.000. Khi thong bao ye thi truing cluing khoan nhu chi set
gia cluing khoin Han Quec KOSPI ngay 9/1/1998 la 440.78
diem clang chi ngu 9 not ye chi set gia c6 phieu caa ngay nay
so vOi g6c da chon 1a njay 4/1/1980 ved gia g6c la 100. So
sanh gia tri chi so' giea 2 thin diem khan nhau ta duac mac
hien d6i gia gitia 2 thin diem d6. Neu tri gia chi s6 KOSPI
ngay 10/1/1998 la 445.28 thi co nghia la thi trueng Han
Quec da c6 dau lieu phuc h6i vet chi s6 KOSPI da tang 5.5
didm trong nail), 10/1/1998. Neu dem se nay so vOi gia d6ng
cira horn tmet va nhan yeti 100 thi ta co sir Men del then %
(5.5/440.78) x 100 = 1.25%). Chi se gia c6 phi& duac coi la
phong ve bidu thd hien tinh hinh hoat dOng cua thi twang
chiing khodn. Day la thong tin rat quan trong &it voi hoat
Ong cua thi truing, dei Inn nha Mau to va clanh gia kinh te.

247
Tat ca cac thi throng chting khoan deu say Ming he th6ng chi
s6 gia c6 phi6u cho rieng minh.
M61 thi truemg ch(ng khoan deu c6 chi s6 c6 phieu
rieng. Vi du, thi truOng chdng khoan han Qu6c c6 chi so'
KOSPI, thi truemg cluing khoan New York c6 chi s6
DowJone, thi throng chirng khoan Ntrat Ban ce1 chi s6
Nikkei, thi truang chting khotin Hong Kong co chi s6
Hangseng, thi [mein chdng khoan Anh c6 cac chi s6 FT-30
va FT 100, thi Mining chting khoan Viet Nam (TP HO Chi
Minh) c6 chi so" VNlndex).
Chi s6 gia c6 phi6u c6 th6 &roc tinh cho:
- MOt nhem c6 phieu c6 chat Itrong dal tier chuan nhat
dinh.
- Tat ca c6 phieu thuOc thi twang maa mot qu6c gia, nhu
chi s6 gia Hangseng cua Hong Kong; chi so" gia c6 phial
t6ng hop dm Han Qu6c (KOSPI), VNlndex caa Viet Nam...
- Tang nganh, nhOm nganh, nhu chi so gia co phial'
nganh cling nghiep cua My (DJIA).
- Thi tnrang qu6c to nhu chi s6 Hangseng Chau a
(HSAI), chi so' Dow Joness qu6c t6 (DJWSI)...
MOt s6 thong tin sau cang thuang duet th6ng ke, t6ng hop
d6i voi chi s6 gia va thOng hao Ong ran chi s6 gia ngay d6,
ngay d6 so vidi ngily try& do, so ven dam nam; chi s6 gia cao
drat, dap that trong nam, s6 co phieu co chi s6 tang trong k9
va gram trong Icy va phan tich bi6n dOng theo nganh...

248
 4.1.2, Piing phap link chi so" gia phi&
Hien nay cac ntrac tren the' gioi dung mot sd phuang
phap chn sau c16 tfnh chi sei gia c6 phi6u, dO la:
4.1.2.1, Phtrang phap s6 birth (man gian dun:
Ngoai cac phuang phap tren, planing phap tinh gia binh
quan gian don cfmg thuong ducrc dp dung. COng thtic don
gian to Iay tang thi gia caa chting khozin chia cho s6 chdng
khoan tham gia tinh Loan:
Pit
1
E Dt
Trong do: It lit gia tri chi s6 tai thoi di6m t;
Pit la gizi Chang khoZin i tin the.' di6m t;
Dt la s6 chia tai thoi dithn t, du chinh la so
luting cd phial (Mac lira chon dun vao tfnh todn. .
CAM chi s6 Dowlone cna Hoa Ky; Nikkei 225 cila Nhat;
MBI cita Y dp dung phuong pilaf) nay. Phuong phap nay se
khi mac gia cua cac cd phi6u tham gia niem y6t kha (long
deo, hay clO tech chuan (s ) cfm no tha:p.
Vi du din hinh cUa viCc ap dung phuong phap nay
chinh to chi s6 c6 phie'u ndi tiling DowJones cua Hoa Ky.
Day la chi s6 gia chting khoan phap anh su bi6n thing binh
quail cua gia chang khodn thuOc So giao dich cluing khozin
Newyork, mot thi twang Ian nhai th6

249
 Chi s6 Dow Jones nth chung hien nay la chi se gia chung
cith 65 chung khoan dal dien, thuec ahem hang chiu (Blue
chip) trong cac chting khoan duac them yet tai Ser giao dich
thing khoan Newyork. NO bao ham 3 chi s6 thuOc 3 nhom
nganh: Cling nghiep MIA (Dow Jones Industrial Average),
Van tai DJTA (Dow Jones Transportation Average) va Dich
vu lien ich DJUA (Dow Jones Utilities Average).
Chi s6 DMA la chi s6 lau din nhat er My do Ong Charles
11.Dow cling Nth cOng ty mang ten Ong thu [hap gia d6ng cita
thia charm !Moan dd tinh ra va ceng b6 tren Wall Street
Journal tit nam 1896. Bat dau tong ty chi tinh gia binh quan
se hoc dm 12 c6 Ngay tinh dau tien la ngay
26/5/1896 vdi mot gid binh quan ngay nay la 40.94. Nam
1916 ma rQng ra 20 co phial va nam 1928 tang len 30 cd
phi& va giG s6 Luang nay cho den ngay nay. Trong qua trinh
do thuang xuyen co sir thay dOi cac tong ty trong nh6m Top
30. Mei khi c6 thing ty thing to la khOng Chi* tieu churn
Top 30 cila cac cd phi& Blue Chip niva thi se c6 thing ty
khac chie'm vi the d6 thay the. Cling ty duy nhat con Lai den
nay ice M dam la cOng ty General Electric.
Chi s6 DJTA duce cOng b6 dau Ben vao ngay
26/10/1896 va cho den 2/1/1970 van mang ten chi se cOng
nghiep throng sat, vi then gian nay van [Ai clueing sat a chi;
yeu. Chi s6 DJTA bao vim 20 c6 phieu cna. 20 cling ty van
tai dai dien cho nganh during sat, during thug va hang 'dieing
duce niem yet tai Set giao dich chting khoan New York.

250
 Chi s6 nganh dick vu tien ich (MCA): dugc cling 66
Ben to bao Wall Street as thing 1 nam 1929. Chi s6 nay dirgc
tinh to gia (Jiang cua chiing khoan cUa 15 cOng ty lan nhat
trong nganh khi d6t va dien.
Tuy chi c6 65 cd phieu nhung khdi Mang giao dich cua
chung chidm iten Ilan 3/4 khgi Bryn giao dich cua TTCK
New York, bell vay chi s6 Dow Jones thuemg phan anh ching
xu the' bit5n thing gia cUa thi truang thing khoin My.
Chi 56 gia thing khotin nOi chung, chi s6 Dow Jones
noi rieng dugc coi to phong vu bidu, hay la nhiet Ice" a do
tinh gang sac khoe cua n6n kinh t6, xa hdi. Th6ng thudng
nen kinh t6 tang truang thi chi set tang Nth ngugc lai. Tuy
nhien, gia chung khoan n6i rieng, giii cua thi totting nal
chung deu la tong hop dia hang Mat y6u t6 nhu: cac yeti t6
kinh td vi me, cac y6u t6 cua mOi hiking dau tu... nhat la ydu
t6 tam 11 cUa ngui i dau tu. Nhieu khi Mai chi c6 clan lieu
tang truetng cila nen kinh t@ (ma thuc sir chira c6) la mac lac
quail cua nha dau us da c6 the rat cao va ho dua nhau di mua
thing khodn, day gia len cao. Ngagc Iai, c6 khi tinh hinh
chua den n6i t6i te, nhung mot ngueti da hoang hot ban Wing
ban thao chung khoan tam gia giam toi te. Chang han, ngay
khi Bill Clinton cOng nhan ngueri tinh Lewinsky thi chi sa
Dow Jones giam ngay 200 di6m.
Chi s6 DowJone tong hgp (dm 65 loci c.6 phia) va cac
chi s6 DowJone thanh pit deu dp dung phuang phap tinh
s6 binh (wan gian clan. Minh hoa o dual day la each tinh chi
so DowJane cc-mg nghiep (DJIA), cac chi sei DowJone khlic
c6 the tinh arcing tit
251
 DJJA = E Pit
Dt
Trong do: Pit la thi gia cua cluing khoan i tai theft didm t
i la loin chang khoan duoc Ipa chon thoa man
dieu kien [knee top 30 !oat cluing khaki manh nhat
duct niem yet nen So giao dich cluing khoan
NewYork
Dt ta sCi chia tai that didm t, giti tq nay nam
1928 la 30 (dung bang só loai chting khoan clugc lua
chon tinh chi se!. Nturng den nam 1990 thi Dt cila DJIA
chi can la 0,505.
So di c6 six thay dal so chia la do theo than gian co
nhang Bien dOng co hoc (thay ddn mac gia ma khOng phai do
quan ho cung can chting khoan tren thi truring ma thuan ttql
do nhang hien dOng mang tinh ICS% thuat rant: chia tach cd
thay thd c6 phieu, gOp cd phidu...). Khi nhting hi6n
dOng co hoc nay xay ra thi !cluing thd thay d6i giii tri chi so
ma chi co the thay ddi sd chia.
Chang flan, mot chi so dttoc tinh then phtrong phap tinh
sd binh quan gian don cho 3 loai cd phieu X, Y va Z. Cluing
to se xem xet 2 trubng hop try& va sau khi co bidn dOng co
hoc (c6 phidu X co thi gia 40$ &roc chia tach I thanh 2).

252
Logi c6 phieu Thi gia pi phieu tuft Thi pia co phieu sau khi
khi chia tach chia tach
X 40$ 20$
Y 30$ 30$
Z 20$ 20$
TOnq 90$ 70$
So chia 3 Dt
so
GO tri chi 30 30
Do day la Bien ((Ong cu hoc nen gia tri chi se khOng
chroc thay d6 vi vay chi cd the thay chit s6 chia. Trong
trtiang hop nay s6 chia se lat giam tic 3 xu6ng con
70/30=2,333.
4.1.2.2, Phuong phtip binh quan nhan
Theo phuong phap nay, nen goi It la chi s6 gia. thi It co
the duoc tinh theo cong thtic sau:

Chting to chi nen thing Ion chi s6 nay khi dc) tech chuan
kha cao, ( s) cao. Cac chi s6: Value line (My); FT-30 (Anh)
an dung phucrng phap binh quan nhan gian don nay.
Tuy nhien ve mat 19 luan, cluing to co the tinh theo
phucmg phap binh quail cOng hoac binh quan nhan gia quyen
vOi quyen s6 lit s6 chOng,khoan niem yet.
Quyen se' thueng duce dung trong tinh town chi s6 gia
cd phieu D s6 chting khoan niem yet. Rieng a Dai Loan thi
ho dung s6 chting khoan trong luu thong lam guy& s6, bin
vi t9 tC dam to cua tong chrIng rat cao a day (80 .. 90%).
4.1.2.3, Phuong phap Passcher:
253
 Day la loai chi sei gia c6 phial thong dung nhat va no la
chi s6 gia binh quan gia quyen gia tri vbi quyen s6 la s6
'wing cluing khodn niem yet thai ky tinh man. Ket qua tinh
se phu thuQc vao co au quyen s6 tiled ky tinh toan:
Ngueri to dung ding tluic sau de tinh.

IPitQit
,=]
I P—
n
x lo
PioQio

Trong do: 1p La chi sei gia Passcher

Pit: La gil thefi ky t
Pio: La gia tluai kY geic
Qit : La kh6i luting (quyen sei) tiled diem tinh
man (t) ho4c co au cOa kh6i luting [hell diem tinh Loan.
i : La ce phial i tham gia tinh chi s6 gia
n: la s6 Wong c6 phial dua vao tinh chi s6
lo: la gia tri chi s6 tiled diem g6c
Chi s6 gia binh quan Passcher la chi se; gia binh quan
gia quyen gia tri lay quyen s6 la quyen s6 that ky tinh man,
vi vay ket qua tinh se phi, thuQc vac) co au quyen s6 (co au
chimg Ichoan niem yet) that tinh
Cac chi s6 KOSPI (Han qu6c) S&P500(My); FT-SE
100 (Anh) ; TOPIX (Nhat) ; CAC (Phap); TSE (Dai loan);
Hangseng (Hong cong); cac chi s6 cua Thuy sy,... va

254
Vnlndex cila Viet Nam zip dung phuong pita') nay.
Vi du dp dung phuong phap nay tinh chi s6 VNlndex
dia. Viet Nam. Tai Viet Nam, trong giai doan dau chi c6 chi
se VNlndex duce sir dung, di) la chi s6 dal dien cho tat ca
cac c6 phi6u dugc niem y6t tren Trung tam giao dich chdng
khoan Thanh ph6 I-16 Chi Mink Gia tri gdc la 100 vao ngay
28 [hang 7 nam 2000 (phial) giao dich dam Oen duet that
hien). Cong that tinh VN Index nhu sau:

I PitQii
/o = x100
ZPioQio

Theo thiri gian, su bi6n dOng cira gia cluing khoan tren
thi truirng se lam thay dal gia tri dm chi so. Trong truing
hop c6 bi6n Ong co hoc 'ray ra (them bet c6 phieb, titch, gop
c6 phi6u, ...) thi cling se phai diet' chinh gia tri a mitt s6 (c6
the goi la s6 chia). Nguyen tac dieu chinh nhu sau:
MVs
Dm De '
Ate/T

Trong d6: DM la s6 chia mai

DC a s6 chia cu
MV, Ca gia tri thi tnrang cUa cac c6 phial sau
!chi c6 thay d6i co he
MVt la gia tri thi tnrong cUa cac c6 philu
trtrOc kid cif) bi6n dOng co hoc.
255
 Sau day la tinh loan cu the VNIndex dm 3 phien giao
dich dell lien.
Phien giao dich dill tien ngay 28 thing 7 nam 2000 chi
c6 hai loai c6 phieu them yet do la: C6 phieu REE caa cOng
ty cd phan co Bien lanh va c6 phi6u SAM ctia cOng ty cd
phan Cap va vat lieu vien hong.

Gia thtyc SO !wag co

Ten co Gia tri thi trveng
hien phieu niem yet
phieu
(VNEI) (c6 phieu) (VND)
REE 16.000 15.000.000 240.000.000.000
SAM 17.000 12.000.000 204.000.000.000
Tong gia th
thi trudeng 444.000.000.000

Theo tong thdc tinh chi s6 to cer

!Windex — 444.000.000.000
444.000.000.000 x100-100
Vao phien giao dich tip theo (ngay2 thing 8 nam
2000), van chi co 2 loai cd philu REE va SAM duce niem
y6t. Ka qua giao dich nhu sau:

Ten co Gia thuc Se luvng c6 Gia th thi trutng

phieu hien phieu niem yet
(VNI1D)
(VND) (c6 phieu)
REE 16.600 15000000 249.000.000.000
SAM 17.500 12 000.000 210.000.000.000
Tong gia th 459.000.000.000
thi twang

256
 Gia tri chi s6 VNlndex tai phien giao dich thd hai la
459.000.000.000
VNlndex — x 100 = 103,38
444.000.000.000
Nhu vay, gia tri chi s6 caa phien giao dich thir hai da
tang so vat phien giao dich thu nhat 3,38 diem.
Vito phien giao dich dui ba (ngay 4 thang 8 nam 2000),
cc-) them 2 loz6 c6 phieu cua cOng ty C6 phan Giay Hai Phong
(HAP) va cOng ty c6 phan Transimex Sal gen (TMS) dirge
niem yet. KS qua giao dich nhu sau:

Ten .c6 Gia tut SO luvng c6 Gia hi thi hiking

phieu hien phieu niem yet (VND)
(VND) (co phieu)
REE 16.900 15.000.000 253.500.000.000
SAM 17.800 12.000.000 213.600.000.000
HAP 16.000 1.008.000 16.128.000.000
TMS 14.000 _ 2200.000 30.800.000.000
Tong gia tri 514.028.000.000
thi trtremq
Do cO Men Ong ca hoc (tang them s6 c6 phi& anh chi
s6), s6 chia se bi thay dai:
028. 000 . 000
Dm = 444.000.000.000 514. 488.607.129.010
467.100.000.000

Gia tri chi s6 VNlndex ngay 4 thang 8 nam 2000 la:

514.028.000.000
VNlndex — x100 —105,2
467.100.000.000

257
 4.1.2.4, Phitcmg phap Laspeyres.
Chi s6 gia binh quan Laspeyres la chi s6 gia binh quan
gia quyen gia tri, Iffy quyen s6 la s6 co phieu niem yet thai
ky g6c. Nhu vay ket qua tinh se phu [hope vao ca eau quyen
s6 thai ky g6c:

EQioPil
lo
ZQioPio

Trong dO: IL : La chi s6 gia binh quan Laspeyres

Pit : LA gia the' diem t
Pio : LA gia then ky g6c
Qio : LA kh6i lacing (quyen so) thai ky g6c
hoac ca cau Ara kh6i luong c (s6 luong cd phi& niem yet)
thai ky g6c
i La co phial i tham gia tinh chi s6 gia
n La s6 loaf cd phieu dim vao tinh chi s6
Io la chi s6 gia co phieu tai thai diem gac
CO it nu& dp dung phitang phap nay, do la chi s6
FAZ, DAX cua Dile
4.1.2.4, Chi s6 gia binh quan Fisher
Chi sei gia binh quan Fisher IA chi so gia binh quan nhan
gicra chi s6 gia Passcher va chi s6 giii Laspayres: Phuang
phap nay tning hoa duce yeti diem cua hai phuong phap tren,

258
ale la gia tri chi s6 tinh town ra phu thuoc vao quyen s6 cia
ca. 2 thin Icy: Ks, ggc va Ict tinh man
IF = 4 IP x IL
Trong do: I F : La chi s6 gia Fisher
IP : La chi se gia Passche
IL: La chi s6 gia binh quan Laspeyres
ye mat 1/ loan co phuong phap nay, nhung trong thuc
te, rat it quec gia sti dung phuong pilau nay dg tinh chi so
cho thi trueng cluing khoan qui5c gia
4.13, Mgt s6 chit § khi tinh chi 56:
+ Vg tieu chi choir, r6 chting khotin dai dien: Mgt nhigm
vu quan trong trong vigc xay dung chi s6 gia chting khoan la
vigc aunt r6 dai dien. b S6 giao dich thing khoan New york
co trgn 3000 cd phial niem ygt, nhung chi se tong hop Dow
Jone chi bao vim 65 cd phien. Trong ti chi s6 Dow Jones
cling nghigp (DMA) chi bao gem 30 cd phigu, Dow Jones
van tai (DJTA) bao Om 20 cd phien va Dow Jones dich vu
(DJUA) bao gem chi 15 c6 phigu. Tuy chi bao gem mot s6
Wqng cd phigu niem yet it nh6 nhu vay trong yang the
nhung cac chi s6 Dow Jones van twang ton qua nam [hang,
vi no phin anh ducsc xu thg, Ong that tit qua truth van dOng
cua gia ca. Rd dai dign nay la tieu bigu, dai dign dugc cho
tang thd Vi ho thutig xuyen thay nhitng c6 phigu kh6ng con
fiat bigu nfta bang cd phieu tieu bidu hon. Vi du thong
11/1999 lig da thay 4 c6 phigu trong ra dai dign, ding ty

259
IBM cling co hic phai foal khed re) dal dien khi thi throng
may tinh ca nhan nth chung pith trim va lab at. Ba tieu [hue
quan trong dd )(tic Binh sit tieu bidu cua c6 phieu de chon vao
r6 dai dien la s6 Wong c6 phitu niem yet, gia tri niem yet va
ty le giao dich, mua ban chring khoan del ten thi twang
(kh6i luting va gig tri giao dich).
D6i vol Viet Nam, hay tat IcY thi truOng nao khi mai ra
died, s6 luting cac c6 phieu niem yet chua nhieu, thi rd dai
dien nen bao gem tat a cac cd phieu. Tuy nhien cling nen
chi y den kh6i luting va gia tri giao dich. Neu met c6 phi&
nao d6 trong met the' gian dai khOng c6 giao dich hogc giao
dich kh6ng ding Ice thi nen tam loai khed pham vi tinh toan.
C6 nhu vay chi s6 tinh ra mai phan anh duct dOng thai van
dOng thuc su cua gia ca thi triterig.
+ Dd to kith anh huang &la cac yeti to thay del ve kh6i
luting va gia tri trong qua trinh gbh wan chi s6 gia c6 phieu,
lam cho chi so gia c6 phieu thirc su phan anh dung su biers
dQng cua rieng gig c6 phieu ma thei, nguad to dung ky thugt
dieu chinh he s6 chia. Day la mot dac thii rieng cfra vies xay
dung chi s6 gia cluing Ichodn.
4.2, MO s4 chi brio khcic:
Khdi luting giao dich (Trading volume): la MI& luting
c6 phieu hoac trai phial duct giao dich trong met don vi thed
gian (thuOng 1a trong yang met nam hoac trong met phien
giao dich).
Gia tri giao dich (Trading value): la toan 60 gia tri c6

260
phi& hoac trdi phien dirge giao dich trong men don vi thdi
gian (thunmg Ea trong yang 1 nam hoac trong 1 phien giao
dich).
T9 le lenh duct thtrc hien (Execution rate): la chi tieu
phan dnh mgiquan he gift s6 lenh duoc so khdp va s6 lenh
so khdp binh quail. S6 lenh clang k9 binh Tian la s6 trung
binh cOng cua cic lenh dat ban va cac lenh dat mua trong 1
dun vi thin gian.
T9 le c6 phieu dugc giao dich (Turnover ratio of listed
shares): la t s6 gida khgi luting c6 phieu dugc giao dich va
Mtn luting c6 phi& niem yet binh quail trong 1 don vi tit)"
gian. Kh6i luong c6 phial niem yet binh quan dugc tinh
bang t6ng khfii luong c6 phien niem yet dau ky va lchgi
luting c6 phi& niem yet cool kY chia
Ty le gia tri giao Bich so vii gia tri vein hod thi throng
(Market capitalization turnover ratio): la tY s6 gida gia tri
giao dich va quy m6 van hod binh quan. Quy mO van hod
binh quart duct tinh bang quy mO van hod ckau ky cOng quy
mg van hoa cueii Icy ren tat ca chia d6i.
DO sau cua thi truOng (market depth): la chi tieu phan
anti kh6i luring giao dich c6 the tang them neu gia thay den
met bac (one stick). Vi du, nett thi truerng ce• dO sau 15% vao
ngay 20 thing I1 nam 2006 thi cc) nghia rang n6u gia cd
phieu tang thay den 1 bac so yen gia da thuc hien thi s6 cd
phieu giao dich se tang them 15%. Thi truang tang sau thi
chi phi giao Bich tang giam.

261
 DO Keg cim thi truang (Market breadth): La chi tieu
pit anh t9 le phan tram sei luting giao dich (number of
trades) le ra co tang them nal gia ca giao dich thay ddi trong
yang 1 b4c. Chang ban, do reing cua thi throng chdng khoan
thing 11 nam 2006 to 28% c6 nghia la ndu gia ca thay ddi
trong yang 1 bac thi se; Wong giao dich trong thing 11 nam
2006 co the tang 28%. Thi trubng cang rOng thi cang On dish_
5, Phttdng phap do thi:
De clanh gia xu hating bien dOng maa gia chi:mg khodn,
cac nha phan tich k9 thuat con sit dung phuong phap do thi.
Co 4 dang d6 thi chU yea c6 the su dung Kong phan tfch
thugt bao g6m. d6 thi clang cot (bar chart), duemg d6 thi (line
chart), d6 thi diem va dau (point and figure chart) va do thi
Bang nen (candlestick chart). Duca day ta mau cua cac clang
do thi chu ylu:
Hirsh 4.2: Cd c clang do thi chit yen trong
phan tich kfr mot
P P
F Bar
chart
line chart

r
t
262
P P
X X
XCXO
XCXO
X 0
0
candlestick
point and chart
figure chart

t t

III, HE THONG THONG TIN CUA THI TRUCING

CHUNG KHOAN:
ThOng tin nen thi twang cluing khoan (long vai trO quan
trong. De dam bao nguyen tdc cOng khai, cOng bang thi he
thong thong tin thi tnnUng can phai day do, cap nhgt va chinh
xtic. He th6ng thong tin nay phai dam bao moi d6i tucmg va
chi' the tren thi truOng deu c6 quyen binh clang trong viec
den can thong tin.
He th6ng thong tin thi tutting chUng khoan Ca nhang chi
to lieu phan ant: btic tranh cua thi tru&ng va tinh Wirth
kinh td, chfnh td, xa Inn lien quan tai nhting then diem hoc
nhfmg thin IcSr khac nhau.
He thttng thong tin thi trifung nit can cho moi d6i trong
va chn the [ham gia thi truOng. D6i von nha clau to thi he

263
thong thOng tin la dieu kien can athanh cOng trong dau at
cluing khodn. ThOng tin khOng day da c6 thd dan din quyit
dinh dau to sai lam va dan den hau qua la dau to khOng
thanh cong. 166i voi cac cha thd dung gian tren thi twang
chting khoan thi he thfing thong tin a co sd a
xay dung kd
hoach kinh doanh va thuc hien nghiep vu cUa minh trong
linh vue cluing khodn. D6i vat cac co quan quan 19 thi hd
thfing thong tin la co se)a didu hanh va quan 19 dam bao thi
twang hoat dOng tong bang, hieu qua.
He th6ng thdrig tin thi truimg cluing khoan rat da clang
va phong phu. Co the pilau chia cac thong tin tren thi twang
theo nhieu tidu thdc khac nhau: Theo chUng loai cluing
khoan bao gfim thong tin ye ea phidu, thong tin vd [raj phidu
va thong tin ye cac thing khoan phai sink. Theo Mai gian thi
cel thong tin qua khd, thOng tin hien tai va thong tin arcing
lai. Theo ngufin thdrig tin bao g6m thong tin tit td chdc niem
ydt, thong tin to td chric trong gian (kinh doanh hoac to van),
thong tin tit thuc tien giao dich tren thi trudng va thong tin tit
ca quan quan 19.
1, Thong tin tit to chde them ygt:
V& mat nguyen tac va theo quy dinh caa thi truOng
cluing khozin, td chiic niem yet phai thuc hien cOng bei thong
tin cong khai ye tinh hinh hoat dOng san xuat kinh doanh caa
minh Khi lam Eh) tut phat Earth chung khoan ra cOng
cluing, don vi phat hanh va t6 chic niem yet can phai cOng
khai thong tin ye don vi minh qua Ban cao bach. Sau khi

264
duqc them yet, dinh ky (gut, 6 thong va nam) don vi niem
yet bat buOc pith cong b6 cOng khai:
+ Bang tong ket tai san
+ Rao cao thu nhap
+ Bao cao tun chuyen ti6n t6
+ Thuyelt minh biro cao fa.; chinh
Ngoai cac thong tin dinh kt, khi dun vi niem y6t gap
phai nnerng Bien c6 bat thirOng thi ho cling phai cOng b6 cac
thOng tin dot xuat theo quy dinh cua phap !nat.
2, Tilting tin to td chdc trung gian (kinh doanh hoac to
van ye chting khodn): Khang chi cac t6 chtic niem ye't can
cOng khai v6 thong tin ma cac t6 chi-cc trung gian nhu cOng ty
cluing khoan, cling ty quan ly quy cling phai cong b6 nhiing
thong tin lien quan den boat Ong kinh doanh cria minh nhu
cac biro cao tai chinh dinh kt, so" tai khoan duqc m&, s6 du
chirng khotin va nen mat, tinh hinh giao dich cua cac tin
khoan, cac giao dich 10 Ion, tinh hinh mua ban kt quy cluing
khoin... Ngoili ra, neu do yeu criu cna cu quan quart ly nhu
Ut ban chang khoan nha twat, So giao dich hoac trung tam
giao dich thi cac td chirc trung gian con phai biro cao chi net
hurl q mat s6 ngay giao dich hoac tinh hinh giao dich, s6 du
tui khoan chang khoan caa mot s6 khach hang.
3, Th8ng tin tit thi tniang giao diets dint cap:

ThOng tin nen thi truong tint cap chit y6u do So giao
dich hoac Trung tam giao dich cung cap bao thong tin

265
ye cac loai cluing khotin, thong tin ye giao dich cluing khotin,
thong tin ve quan ly giao dich va cac quy ch6 lien quan den
giao dich, nguyen tac giao dich cluing khotin. ThOng tin nay
c6 the thueing phai cap nhat do su thay doi thuong xuyen.
4, Thong tin tit cd quan gnarl ISr:
Day la cac thong tin cap nhat v6 tinh hinh thi truong va
cac quy dish ye quan 19 nha nu& trong Iinh tax cluing
khoan do cac co quan gain 19 nha nuOt ye cluing khoan ban
hanh. Ngoai ra con bao g6m cac thong tin lien quan deb viec
xill9 dm ca quart quail 19 nha ratan ye linh vuc chting kholn
khi cac cha thd tham gia thi [Hieing vi pham quy thc, chuk
muc, quy cite trong float dOng giao dich cluing khoan hok vi
pham phap bat.
5, Thong tin N.4 elning khoan tren phddng tien
thong tin dai Chung:
Cic thong tin ye tinh hinh coa cac chting khoan that:mg
cling duqc cap nhat thueng xuyen tren cac phuong tian thong
tin dai chting nhu bao chi, tivi, cac trang web... Tren thi
twang quon t6 mot s6 an pham c6 uy tin cOng b6 thuang
xuyen cac thong tin va Mt lieu ye chting khoin nhu:
+ Investor's Business Daily, la xudt bin phim ye clan to
bac nhat tai I-loa KY. NO clang tai mac gia cac chting khoan
va cac du lieu ye tai chinh hang ngay cling vdi nhting phan
tich chi ti6t ding chting khoan tren thi Waring.
+ The Wall Street Journal, xurit ban 5 ngay I roan , cung

266
cap cac thong tin tai chinh ca tam (laic M va queic gia ding
nhu cac thong tin Ye cac nganh, cac linh we hoac cac hang.
+ The New York Time, )(Mit ban 7 ngily trong tudn,
cung cap nhieu thOng tin quan trong ve tinh hinh tea chinh va
thi truing chting khoan iren the gidi dien ra hang ngay.
Thong thuang, tren dm tap chi quirc te, cif thOng tin ve
cluing khoan cung cap coo clang nhu sau:

1 2 3 4 5 6 7 8 9 10

ssweek Stock Div Yld P-E Sale High Law Close Net

High ($) (%) ratio Change

Low

32"4 ABC 0.84 2.9 14 1063 29 28 m4 287,8

mge

&Mg tren coy nghia sate

Cet 1: Phan anh trong suOt 52 tuin qua gia cao nhat la
321/4 USD va gia that) nhat la 235/8 USD.
Qt. 2: Ghi ten cd phi& do cac cOng ty phat hanh. Ten
cac cd phi& duoc sap xep then thit M chfr cai alphabe.
GU 3: Div (dividend) la cd nic ma cOng ty tra trong
nom.
Celt 4: Yld (yield) la lqi suet cue c6 phieu.
CO 5: P-E ratio (Price-Earning ratio) la t9 s6 gala thi
gia va thu nhap tren m6i c6 phan. Gia Ui nay phin anh mric
nha dau to sari sang tra cho mai d6ng thu nhap Cu c6 phi&

267
 COt 6: TOng s6 c6 phiOu ban throc trong ngay horn do
tinh theo 10 chain.
COt 7 ya 8: La mut gia cao nhat vil gia thaip nhat cua c6
phial ABC dimc mua ban trong phien giao dich ngay horn
d6.
COt 9: Gia (long ciaa phien giao dich ngay horn do.
COt 10: la ink thay doi rung phan anh mUc chenh tech
gia clang cOa ngay hum do so vdi gab dOng ciaa ngay horn
trutac.
Cvic bao yil tap chi am Viet Nam Hauling xuyen cung
cap cac thong tin Ye chdng khoan tren thi twang cluing
khoan Viet Nam hien nay la:
+ Tap chi Chung khoan Viet Nam la an pham ra ngay
15 hang thong caa US, ban Chiang khozin nha nutac, cung cap
cac bai phan tich, danh gia ve tinh hinh thi truang chdng
khoiin Viet Nam, cac along tin, dit lieu ve chung khoan giao
dich dien ra hang thong.
+ Rio Dan tu Chang khoin to an pham cna Rio Dan Tu,
phat hanh hai s6 mot Man cung cap railing thOng tin ve giao
dich tren thi tntOng tap trung via phi tap trung dien ra hang man
+ Ban tin Thi TruUng Chting khoan do Trung tarn giao
dich chdng khoiin TP HO Chi Minh phi's+ hanh hang ngay
cung cap cac thong tin giao dich chdng khoan dien ra hang
ngay ten thi twang chdng khoiin tap trung tai Thanh phd Hd
Chi Minh.

268
 + Ban tin Chang khozin la an pham do Trung tam giao
dich thing khorin Ha NOi an hanh hang ngay.
Nha dart to cling c6 the' flap can thong tin thi toting
cluing khoan qua mot sa trang web:
www.nyse.com
wwwinvestors.com
www.vse.org.vn
www.hastc.org.vn
Ngoai ra, mot s6 an pham thuong mai cling cung cap
nhiing thOng tin him ich ve thong khoan cho nha dfiu lit
+ NYSE fact book, la suit ban phzim thuling nien cung
cap cac thong tin ye tai chinh vit hoat dung cua So giao dich
chang khoan New York, va so sanh voi cac so giao dich khac.
+ AMEX fact book, cung cap thong tin ve. thi truang
chdng khoan Hoa Ky.
+ Harrods: La man bao cunt cling ty DowJone cho biat
cac so lieu ye gizi cluing khoan va tong k6t hoat dOng cua cac
"

so giao dich chang khoan Hoa KY.

+ S and P Trade and Security Statistics, a xuat ban
phfim hang nam clia hang Standard and Poor's ye tinh hinh
tai chinh cua cac thing khoan voi cac tha hang khac nhau.
6, Gia tham chigu trong nhiing ngay clac biet:
ThOng thiang, gia tham chi6u cua mot co' phial.' davit sir
dung la gizi d6ng cfra cua phien giao dich truac dO. Tuy

269
 nhien, dal khi nha deiu to nhan thay SO giao dich hoac Trung
tam giao dich thong Iay gia clang cira cern med cd phieh nao
do trong phien giao dich omit de) lam gia (ham chieu cho cd
phi& nay trong ngay giao dich tiap Theo nhu [hiking le. DO
lad trueing hop a nheing phien giao dich nguai dau to giao
dich killing clugc nhan cd tdc bang lien, khOng duac nhan
throng bang tier', nay giao dich khong dirge hverng quyen
mua c6 phieu mcii trong dot ph& !lath them cd phial' M tang
vein hay trong ngay giao dich kitting duac huerng phan phat
throng bang c6 phieh, ngay khOng dirge htteing c6 tdc bang
cd phieu ho4c td hop nao dO cua cac yea td tren.
Vi du, khi Cong ty cd phan giay Hai Wing (HAP) phat
hanh them c6 phieu de phat trien san xuat (xay dung du an
san xuat giay Craft), vein oh Ong ty tang to hem 10 ty' len
horn 20 ty. Trong dot phat hanh nay cOng ty co chinh sach cii
mei c6 phial so hem nhan duac mot (pot mua mot cd phieh
mai. Tai day a xuat hien nhu eau ye dinh gia cluing khoan
phai sinh to quyen mua c6 phial va lam co s& de dinh gia
ban cd phieu cho ngudi co quyen. Trong theri gian dO, gia c6
phial' HAP dang a mew cao tren 60-70 ngan dong/c6 phi&
va thi truang dang co xu inning suy giam. Cong ty HAP da
xac dinh gia ban cho noel co quyen a 50, sau do la 40 va
civil thug la 32 ngan c6ng/c6 phi& trong dot ph& hanh mai
khi gia c6 phial' nay tren thi dyeing giem xueng tren clued 50
ngan (long. Va tren that to da 'mat hien ngay giao dich
thong interng quyen mua c6 phieu nayva Trung tam giao
dich cfaing khoan Tp. HCM da dieu chinh gia sham chi6u.

270
 Ngoiti ra, d6i vat nhitng cOng ty niem yea khac, da c6
met s6 cong ty phat hanh them c6 phieu de thdang hay c6
phieu dung da tra cd nic nhu Cong ty c6 phan Xtrat nhap
khau Binh Thanh, Cong ty c6 phan Giao nhan kho van ngoai
thuong, Cong ty c6 phan nirec giai khat sal gon, Cong ty c6
phan cap va vat lieu vien thong... Vi vay, viec dinh gia tham
chieu cua c6 phieu trong ngay giao dich khOng co thuOng,
khOng hating c6 tuc bang c6 phi6u cOngda dirgc thgc hien va
cOng
Cu the, vice xac dinh gia tham chi6u trong nhinig ngay
dac biet dirgc xac dinh nhu sau:
6.1, GUI tham chieu (Ptc) caa phien trong ngay
giao dich khOng httang thy
Ptc = Gia d6ng caa phien giao (itch tilt& d6 - gia td c6 tut
Gia tham chieu cua c6 phieu trong ngay giao dich
khOng hiring c6 tue ching bang gia &rig dra caa cd phi6u
nay trong phien tar& dO air di gia tri c6
6.2, Gia tham chieu ctia phien (Ptc) trong ngay
giao dich khOng htton phan chia 161 bang (Mn:
Ptc = Gia d6ng cua phien giao dich truet d6 - gia tri tien thuOng
Gia tham chieu cua c6 phieu trong ngay giao dich
khOng htteing phan thu&ng bang tien dung bang gia d6ng cita
cua c6 phieu nay trong phien try& d6 trit di gia tri tien
thigmg.

271
 6.3, Gib tham chieea cna phien trong trwang hop
phut hanh them co phieu &tang von -
Trong truang hop nay gia tham chi6u cua c6 phi&
ngity kb-mg huang quydn mua cd phial moi (Ptc) dugc tinh
theo Gang fink:
PR + (k x PR)
(I+k)
Trong d6 : Ptc : la gia tham chi6u cd phial trong ngay
giao dich khOng twang quyen mua c6 phial trong dot phut
hanh mdi a tang vdn, day la gia can xac dinh
PRt-I : Ia gia chimg khoan phien trudic phien
giao dich khong biding quydn.
k : la t; le vein tang
PR : la gia cd phieu se ban cho ngtrai nam
girt quyen mua c6 phial trong dot phut hanh mdi.
Gia sir nha dal to mu6n tinh gia tham chiau dm cd
phi6u ZHK vao ngay khong Intang quyen mua c6 phieu mdi
Kong dot phut hanh them c6 phi6u da huy d6ng vdn dau to
xay dung Nha may mdi. ThOng tin chang to c6 duct nhu saw
Tang van huy Ong mad IA 40 tY clang (tdng vOn ZHP trudc
luc phut hanh quyen mua c6 phien la 20 tY clang). Tdc la m6i
c6 phieu cd duoc mua them 2 cd philu moi. Gia tham chiau
cua c6 phieu nay vao phien truac phien giao dich kh6ng
huang quyen 1a 60.000dang/c6 phial (PRt-1). Ty 14 vdn
tang la gap 2 lin vdn ben c6 ( k = 2). Gil cd phi6u se ban

272
cho c6 d6ng ghi trong quyen la 30.000d6ng/c6 phial (PR).
60.000 + 2 x 30.000
r — 40.000
(1+2)
Nhu v4y, gia tham chiau c6 phi& trong phien giao dich
khong twang guy& la 40.000 &mg. Trong khi c16 gia ban
theo quyen cna c6 phiau (hay gia an dinh) la 30. 000 Jong.
Trong trueing hop nay gia chef quyen mua dal vei mdi cd
phieu la :
40.000 clang - 30.000 ching = 10.000 clang.
Trong thoc te, khi ce) mot c6 phi& to c6 hai quyen mua
cd phieu mai va tdng gia tri guy& cho viec se hall mat co
phieu cu IA 20.000 &Ong
Day la thong tin hat sGc quan trong trong qua trimh giao
dich quyen mua c6 phieu nay.
6.4, Giti (ham chi Cii caa phieit trong 'way giao dick
khOng httong phan chia kii, hay phat thacing bang co'

Thoc tien cho thay, c6 mot set doanh nghiep niem yat
mu& thoc hien viec chia cd tvc, chia rai bang cot phieu.
Thtrc chat day la deft pith hanh mei va ban cho cd dOng hien
ham Quyen "mua" co phial tiem an trong boat dc1ing nay va
coi nil!" nguei ca guy& dung luOn tien anteing hay c6 tdc d6
mua c6 phieu mdi. Thoc chat, hoat dOng chia lai, chia c6 tac
va boat dOng phat hanh them cd phieu cimg xay ra ding mot
lac.

273
 Chang han, Cling ty cd phan Q da duct phep cua ny
ban chdng khoan Nha nireic Oat hanh them c6 phial de tang
v6n dirOi hinh thdc thdeng c6 phieu, tang van dieu le tir 20,9
t9 (tang tee gap rued, tdc la phsit hanh them 1.045.000 c6
phial voi tri gia 10,450 t9 (Ring. Ngay cuth cling de cO dOng
clang ky quyen mua c6 phial la ngay 2/3/2007 (Thd 6). Ngay
giao dich lchOng hirang quyen la ngay 28/02/2007 (Thu 4).
Vay gia tham chieu cua c6 phieu Q tai ngay 28/02 la bao
nhieu? Gia to cua quyen bang bao nhieu? Biet rang gia co
phieu ngay 27/02 dm Q la 25.500dang.
Trong throng hap nay, cling met lac c6 2 se kien ithy ra:
Cling ty Q phat thir&ng va phat hanh them c6 phiau de tang
vein. Mdc thirang la 5.000ch6ng /c6 phieu; Phat hanh de tang
them 50% van sa gia tinh cho nguei cO quyen (c6 clang hien
hail) yea gia 10.000deng /c6 phieu. Trong trdang hop nay c6
the tinh giii tham chi& theo cling thilt salt
P PR + (kx P R)— 771
re
(1 + k)
Trong de) : Ptc la gia tham chi& c6 phieu trong ngay
giao (Itch lchang Inning quyen nhan thu(ing bang c6 phi&
PRt-1 : la gia chOng khoan phien track phien khong
huOng guy& nhan thtteing bang c6 phieu. (25.500d)
k : la ti le On tang: 0,5
PR : la gia c6 phieu se drill town cho nguai cO
quyen nhan thueng bang tien (10.000d)
TH : Gia tri tien thutng bang ed phi& (5.000 deing)

274
 Thay set vao c6 the tinh duqc Ptc ngay 28/02 la 17.000
VND.
Tut la, r6u ngay 28/02 gia c6 phial Q hinh thanh la
17.000 dfing/c6 phieu thi duce coi la khOng có bian dOng
khong c6 tae dOng den Vn-Index. Viec giam gia tir
25.500 d6ng /cep phieu xthring 17.000 ding/co phial' chi a su
Man clang va gia ta, chit khOng phai 1a bian dOng ye gia.
Gia matt quyen a day la 17.000dang - 10.000dong =
7.000d6ng
6.5, Gib tham chieit caa cB phien trong ngdy giao dich
khong hating phdn chia tai vd dotig that chia co' Mc bang
Mt' phieu
Cling thtic tinh gia tham chieu trong truorsg Mm nay la:
PR" + (k x PR)-TH - D
Pre —
(1+ k)

Trong d6 D 1a gia trt cd Mc.

Vi du: Cling ty RR da duoc phep cua ay ban clning
khoan Nha nu& chia co! Mc bang cd phieu (1.200d/c6
phieu), voi gia duqc tinh theo m'enh gia Fa 10.000dfing/c6
phieu, tuc la cd dOng co 100 c6 phial' se &roc nhan them 12
cd phieu, demg thin thuang cd phi& cho cd dOng de tang van
vat t9 le 2 :I, tdc 1a có hai cd phieu cii dirge nttan them 1 ca
phial' mai. Ngay giao (rich khong huang quyen la ngay
6/03/2007. Cluing to hay tinh gia tham chieu can c6 phieu
nay vao ngay 6/3/2007 nen bier rang gia cluing khoan truoc

275
khi ghat hanh chting guyen la 39.300 (king. Ty le tang van
trong twang hop nay chinh la 0,5+0,12=0,62. ap dung cons
thtic tren tinh ra duac Ptc bang 24.259 ding. Gia tri guyen
nhan c6 ttic va nen thuang trong twang hop nay la 24.259 -
10.000 = 14.259 clang.

Phu lyc 4.1: MQ1 se chi s6 gia chang khoan tren the gioi
+ Chi s6 chang khoan cua Nhat Ban:
- Chi s6 NIKKEI 225: la chi s6 king h9p c6 phieu vii
quyen s6 gia ca dm 225 c6 phiO'u thuQc so giao dich chtimg
khoan Tokyo va 250 co' phi& thuQc 56 giao dich Osaka. Chi
s6 nay do Thai bao kinh te" Nhat tinh va ding b6 (Thai be°
NIKKEI). Chi s6 nay con dUcic g9i la chi s6 NIKKEI Dow vi
phtrong phap tinh cila no nhu Waking phap tinh cac chi s6
DowJones.
- Chi s6 TOPIX: chi s6 nay tinh cho tat ca chi:mg khoan
niem yet quan trong dm thi trueng chitng khoan Tokyo. Thai
di6m g6c la 4/1/1968 viii gia tri g6c IA 100.
+ Cac chi s6 chang khoan caa Anh:
- Chi s6 FT-30: la chi s6 gia cua 30 c6 phieu cang nghiep
hang Tau cCia thi truOng chCmg khoan London. Chi s6 nay duct
Gang b6 Who gib mOt kA to 10 gib sang dAn 3 gib chiOu va vao
ICic (Jong ctia so giao dich chang khoan London. Thai gian g6c
la nam 1935 vai tri gia geic la 100.
- Chi s6 FT-100: la chi s6 gia dm 100 co' phiAu hang dAu
tai sa giao dich chimg khoan London. Thai di6m g6c la
3/1/1984 vai tri gia g6c IA 1 000

276
 + Chi s6 CAC (Phap) tinh cho 240 ce phi& hang dau tai
So giao dich chOng khoan Paris. Thai diem gac la ngay
31/12/1981 voi gia tri g6c la 100.
+ Chi s6 DAX (Entc) tinh cho 30 loai c6 phi& hang dau
cOa DOG Thai diem g6c la ngay 31/12/1987 \a gia tri glac la
1000.
+ Chi s6 KOSPI (Han Qu6c): dude ap dung to dau nam
1983. Chi so' nay ditqc tinh siva (ran tang gia tri thi twang cOa
tat ca cac loai co' phieu niem yet (ran thi trUang tap trung. Thai
diem g6c la ngat 4/1/1980 voi gia trI g6c la 100.
+ Chi s6 KLSE (Malaysia): La chi sae tang hop cOa So
giao dich chOng khoan Kuala Lumpura. Chi so nay bat (Tau ap
dung tit ngay 4/4/1983 voi 83 loai ca phieu ditoc Itta chon tan
thi toeing chOng khoan Sau do so chimg khoan dai dien tang
den 100. Ngay nay SO giao dich chimg khoan Kuala Lumpura
Gang thttc hien tinh gia tri chi so' cua cac nhom nganh trong
nen kinh
+ Train thi trudng chary khoan Hoa ngoai chi se
DowJone chi, c6 mot s chi so khac nhct
- NASDAQ composite Index (NASDAQCI): la chi s6
chimg khoan Ring hap cOa 4 700 Gong ty, ke ca cOa Hoa Ky va
nu& ngoai &pc niem yet (ran thi tritang chOng khoan
NASAQ. Thai diem g6c tinh chi s6 ngay la ngay 5/2/1971 voi
gia tri gac la 100.
- Chi so" NYSEI la chi so tinh Theo pinning phap binh guar)
gia quyen gia tri cua tat ca cac chOng khoan niem yet ten SO
giao dich chimg khoan NewYork. Thai diem gac la ngay
31/12/1964.

277
 - Chi se' XAM la chi s6 do So giao dich chang khoan Hoa
KI (AMEX) tinh va cong 66 tit ngay 4/9/1973 theo Outing
phap tinh binh mien gia quygn. Thai diem g6c la Chang 9 nem
1973 bao g6m 800 loaf phieu dal den cho tat ca cac nganh
k9 nghe duce giao dich tren Sa giao dich chang khoan Hoa K9.
- Chi so" S&P 500: day le chi s6 gia binh wan cOa 500 lopi
co' phi& tren thi twang Hoa K9 bao g6m ce cac c6 phieu niem
yet tren NYSE, tren AMEX va NASDAQ. CM so" nay tinh cho 381
c6 phieu thuec nganh cong nghiep, 47 co' phigu thuOc nganh dich
vu Gang Ong, 56 co' phigu thuOc linh vac tai chinh va 16 c6 phi&
thuec finh vac ven lei. Chi s6 nay dei dien cho 74% gia tri thi
twang cua tat ca cac c,6 phieu giao dich tren NYSE.
- Chi s6 thug hcip Value Line: day la chi se king hop tinh
cho 1700 c6 phigu niem ygt tren NYSE, AMEX va tren thi
tilting OTC. Gia tri g6c lh 100, thdi diem g6c la 30/0/1961.
- Chi s6 Dow Jone the gidi (DowJones World Stock Index)
la chi se/ tinh binh quail gib td ala 2.600 loci ch(mg khoan ten
the gidi, dai dien cho han 80% tri gia thi taking chang khoan
qu6c Thai diem g6c la ngay 31/12/1991 va gia (11 g6c la
100. Hien nay, chi s6 nay tinh dai then cho co phieu cOa 25
qu6c gia thu6c Bac My, chat.] Au va chau a.
- Chi s6 Wilshire 5000: la chi s6 co pham vi rOng nhet tinh
cho Ilan 5000 co' phieu giao dich tren NYSE, AMEX, NASDAQ.
Thai diem g6c la ngay 31/12/1980.
+ Chi s6 Hangseng (HSI) Hong Kong: day la chi s6 gia
quygn cOa 33 logi c6 phieu tren thi trading chahg khoan H6ng
K6ng. Thai diem g6c la ngay 31/07/1964 va gib td g6c la 100.
Chi s6 nay do cong ty HSI Service Ltd thuec nal hang
Hangeng tinh Wan va Gang b6.

278
 Can hOi On tap

1, Phan tich chOrig khozin la gi ? Phan 184 su khric nhau

gala phan tich co ban va phan tich ky that-tt ?
2, Tinh hinh kinh t6 vi m6 anh huang nhu th6 nao d6n
xu hiking bi6n ding cua girt cluing khorin ? Cac chi hal kinh
td vi nio trong phan tich co ban
3, Cac chi tieu drinh gizi tinh hinh tat chink don vi Oat
hanh ? Phan [kb chung khozin then qua cac chi tieu nay can
chit 9 diem gi ?
4, Phuong phap Binh gia chang khoan ?
5, Cac gia thi6t cua phan tich ky thuat ?
6, NOi dung co ban cna 19 thuy6t Dow ?
7, Phuong pilau tinh va y nghia dia chi s6 gia chting
Idioan ?
8, HO th6ng thong tin Men thi tnrong chiing khoan ?

Goi y tai lieu doc b6 sung

1, Robert A. Haugen, Modem Investment Theory, Fifth
Edition, Prentice Hall, 2006.
2, Martin Pring's, Introduction to Technical Analysis,
Mc Graw Hill, 2001.
3, Ross, Westerfield, Jordan, Fundamental of Corporate
Finance, Fifth Edition, Irwin Mc Graw-Hill.

279
 Chuxmg V

Rill RO TRONG DAU TU CHUNG KHOAN

I, Rill RO TRONG DAU TIY CHUNG KHOAN:

1, Khai niern:
Rui ro va thu nhap to hai thuec HMI ca ban va c6 m61
quan he chat the vat nhau trong qua trinh (Mu to chiing
khodn. Rill ro, theo nghia hep trong Ruh Ink chang khodn,
duoc hien la tinh bat dinh ye thu nhap tit viec dau to vac) mot
cluing khok hoar danh muc cluing khoan nhat dinh.
Trong qua trinh thuc hien dau tu, nha dau to c6 the gap
nhieu rill ro.
Theo neii dung hien cd co thi xdy ra, nha dau to c6 the
gap nhieu loaf rui ro nhu sau:
+ Rui ro lam phat (inflation risk): day la rill ro gap phai
do anh hung cila sir mat gia d6ng lien. Gia tri v6n dau to va
lot Mc bi suy giam khi lam phat lam giam sue mua cua den
vein dau to va lien lai thu duct. Chinh vi vay, lam phut va cat
tien down Nye lam phat c6 the 05 nhitng anh huOng khong thuan
loi d6i vdi hoar deng tau to tren thi timing chdng khodn.

280
 + Rid ro ve viec lua chon (selection risk): do la rin ro do
khOng Ilia chon dung chiing khoan va plurong an ddu us.
+ Rui ro dinh thin diem ddu tu (timing risk): la rui ro
khi nha dau to thuc hien mua ban chting khoan khOng dung
thin didm.
+ Rid ro lai suit (interest rate risk): la rid ro xay ra (161
ved cac cOng cu co led Mc ce1 dinh se bi giam gia tri khi Lai
suat thi twang tang. Rai ro nay cling co thd xay ra khi nha
dau tu khOng the tai dau tu Oen lai va von theo ding lai suit
oho trong giai doan trade do.
+ Rid ro ye thi throng (market risk): la rui ro xay ra do
gia thi twang Men Ong khOng thuan chidu nhu trong tien
doan cua nha dau us.
+ Rui ro ye tin dung (credit risk): la nil ro xay ra khi
don vi phat hanh pha san va khOng con kha nang chi tra cho
nha ddu tu.
+ Rui ro ye tinh thanh khoan (liquidity risk): ra fin ro
xay ra khi nha dau tit khOng the ban cheing khoan khi ho can
do gi6i han ye ca LIN dau w.
+ Rin ro ye haat pluip (legislative risk): day la rui ro lien
quan cleh tai dau Its trong twang hop trai phidu co lenh ged
thu he' tru6c thai han va nha dau tulchOng the tai dau tu voi
mac lai suit hip dan nhu three day. Rai ro nay co thd xay ra
do thay clei quy dinh cua Mat phap.
+ Rai ro ve h6i doai (exchange rate risk) la rut ro xay ra
khi t9 gia thay dei bit loi cho nha dau tu.

281
 + ROI ro hang ton kho (inventory risk): day IA rui ro
khi gia dm hang km kho thay ddi lam suy giam gia tri hang
hod du trir dm clan vi phut hanh.
+ Rui ro chinh tri (political risk): IA rui ro do Han
doting ye chinh tri , cac chinh sach lien quan den dau to cluing
khoan thay dal lam anh huang Lieu clic den kat qua va his
qua &du tu.
Theo tinh chdt cda Bien co xdy ra, rui ro c6 the' duct
chia thanh:
Rui ro he thing (systematic risk): la rui ro c6 lien quan
clan su van clang cila loan hi) thi twang. Rai ro nay con goi la
rui ro kh6ng the' phan tdn dttqc hay con goi to rui ro thi
twang. RUi ro he thong throng co ngudn plc to su thay d6i
cac nhan t6 vi m6 lam anh huang den toan 60 thi trailing
thing han nhu rui ro lam phzit, rui ro lai suit hay rill ro hail

Rui ro phi he thing (un-systematic risk): la cac rui ro

phat sinh tit nhung bun c6 chi anh huang clan mot hoac mot
vii d61 tuong dau to cu the' thing han nhu rai ro tin dung, rai
ro ve lenh goi, rui ro ve tan kho... RUi ro nay cb thO phan tan
duct nail &Au tic vao mQt danh muc da clang.
2, &icing hoa rai ro:
2.1, Phaang phap tinh mac chenh tech giti hang nam:
Day la phuong phdp sit dung mac chenh tech ye gia
chdng khoan a mtic cao nhat va nnic that) nhat trong mot don

282
vi thOi gian d6 danh gia. Mac chenh Inch ye gia trong mot
don vi thai gian cling Ian thi dO phat tan gia chang khoan d6
cang cao va cling co nghia rang fin ro cua chang khoan do
cang lOn. Nguoc lai, mac hien Ong ve gia chUng khoan
trong men don vi thin gian cling thap (hi mac dQ rni ro cua
cluing khoan c16 cling nhO.
Don vi thin gian trong phan tich thtremg lit nom. Cong
thdc tinh mac chenh Inch gii chang khoan (MP) &roc tinh
nhu sau:

MP — PH — x100
(PH + Pt )/ 2

Trong do: PH IA mac gia cao nhat trong melt giai doan
(thuerng la mot cam).
PL la mac gia thap nhat trong mot giai dog'
(thiretng la mot ram).
Thong tin ye gia chdng khoan trong mot don vi thai
gian thiriing aura hien cOng khai lien cac to boo tai chinh.
2.2, fin lOch than cita mot thong
Mac thu nhap cua cac chdng khoan trong tuong lai
thinang khOng xac Binh duet mot cach chat chtin, nhung
dieing qua sq phan tich va du doan melt ciich khoa hoc ngudi
ta co the nom bat clinic tinh quy lust. Thong qua d6, nguin ta
cling c6 the tinh duct gia tri ky vong cua thu nhap va dQ Inch
chutin cita no. DO Inch chuan c6 the duct coi la mot cOng cu
de do hieing rui ro. Cong thtic tinh do loch chuan nhu sale

283
 5, = li(Rk - R)' Pk

Trong 6; la d0 tech chugn cila chting khogn i

Rk la thu nhap cua thing khoan i trong finh
hoeing k
pc 1a xac suit thy ra tinh hu6ng k
R la mtic thu nhap ky vong cila cluing khoan i

R =ERk Pk

Dgi vOi cac cluing khoan c6 mtic thu nhap ky vong la

nhu nhau, thing khoan nao c6 de) tech chuan cao hen &rex
danh gia la c6 mtic dg rai ro cao hon.
VI du: Nha dau us K dang xem xet hai ion thing khoan
A va B de ltra chgn cho danh muc &du ur cua minh. Vol gil
thigt nhu sau cho 3 tinh huting (don vi tinh ta ngan clang):

Gia thigt Thu nhap Xac suit Thu nhap Xac suit
cOa thing du kign dm chCmg dir kign
khoan A khoan B
Bi quan 400 0,2 0 0,2
Trung binh 500 0,6 500 0,6
Lac quan 600 0,2 1000 0,2
Voi s6 lieu nay c6 the de clang tinh mtic hu nhap Icy
yang cila chUng khoan A va B:

284
 = 400 x 0,2 + 500x 0,6 + 600x 0,2 = 500
B = Ox0,2 + 500x0,6 + 1000x0,2 = 500
DO lech chuan cna ching khoin A la:
S A = , J(400 —500) 1 x 0,2 + (600 —500) 2 x 0,2 =100X1

Do tech chitin cna cluing khoan B la:

= V(0 500) 2 x 0,2 + 0000 —500) 2 X 0,2 = 500X1
-

Th6ng qua IS qua tinh team uen to thay: thu nhap

vong cua hai chiing khoan A va B deu la 500 ngan &Mg. Tuy
nhien, muc dO phan tan ciia cluing khoan B Ion hon. Dieu
nay the hien mac do rui ro cua cluing khoan B cao ham. Nhu
v4y nha dau to K se chon cluing khoan A cho danh muc dam
to cua minh.
2.3, DO tech chucin cita dank muc clan to cluing
!Moan:
Day la chi lieu danh gia muc do nii ro trong d6 co tinh
cleM kha nang xay ra tinh hu6ng xati va muc do phai ganh
chiu khi tinh huOng do xay ra veil mot danh rrinc (tau to bao
g6m nhieu chting khodn. Cling that tinh dO lOch chuan cua
mot danh muc dau to nhu sau:

p p e p

285
 Trong Br la dia lech chuen cna danh muc dau tu p
Xi, Xj IA t9 trong ciia cluing khoan i va cluing
khoan j trong danh muc dau tu.
.3.0 la &Mg phtrang sai cua thu nha.p thing
khozin i va chting khoan j. COng thtic Lunt d6ng phuong sai
cna 2 chting khotin nhu saw

Trong d6: p la he s6 tuong quart gitia 2 citing khoan i va j

,0

VI du, co ma Iran phuong sai va d6ng phuong sai cna 3

loai chimg khoan A, B, C nhu sau:
146 187 145
187 854 104
145 104 289
Trong do gia tri tai 6 rijj the hien gia tri thing phuong
sai gina cluing khoan i va cluing khoan j. Vi du 0 [1,3] the
hien gia tri thing phuong sai gina thing khoan thu shat (A)
va cluing khoan thu ba (C). Gia hi nay la 145.
Si dung s6 lieu cila ma trail tren va Ala dung cling thtic
tinh c10 tech chuen caa danh muc dau tu voi X, = 0,2325; X2
= 0,4070; X, = 0,3605. Ta cra:

= Vx,x,o„+ X : X 2 6, 2 + X IXIS3+ X2X n On + X ,X 35„

= 1277,13 =16,56%

286
 2.4, Phttang phap tinh he se' beta:
De luetng hod muc de rill ro he thong, he so beta ( (3 )
dude s(r dung. He so beta dm met chting khoan phan anh su
bit deng gia cila chdng khoan do v6i sty bin &Ong cua toan
be thi dyeing. Chung khoan co he s6 beta nho hon 1 dude coi
la chting khotin c6 do rui ro thap do muc de hien deng thu
nhkp caa cluing khoan nho hon muc bidn deng chung cua tilt
truerng. Chung khoan co he so beta kin hon 1 duce danh gia
la co mdc do rai ro bon so v6i thi truing. Chang kholn co he
so beta bang 1 phan Inh su bien deng caa gia cluing khotin
bang WU su hien deng chung cua thi throng.

e5(t,
Sm

Trong d6: Srm la thing phtrong sai caa cluing khoan i

v6i danh muc thi truerng M.
la phuong sai cua danh muc thi throng M.
(51,
Danh muc thi truerng (market portfolio) a danh muc bao
gom tat ca cac chting khoan tren thi trueing trong dot trong
caa m6i cluing khoan ming (trig Vai gia tri thi truing tuong
d6i cua chting khoan de. Gig di di uniting tuong dal catt mei
chting khoan dude tinh bang tOng gia tri thi truing caa
chiing khozin do chia cho t6ng gia [It thi truerng dm tit ca cac
chumg khoan den thi twang. Thug gia tri [hi twang dm met
loai cluing khoan chinh bang [hi gia hien hanh cUa chung
khoan d6 nhan voi so luong chung khoan dang luu hanh.
287
 Danh muc thi tufting c6 the cot la mat danh muc da
Bang nhAt Nth no clang dung de danh gia su Sit clang chung
cua thi [mei-mg cluing khoin.
Ding phuong sai mia chting khoan i vat danh muc thi
truing duqc tinh nhu sau:

im =Ex „, g
t=1

Phuang sai qua danh muc thi tieing dugc tinh theo ding
thtic:

= EExim xj, so
Vai XJ M la tY trong mita cluing khoan i, cluing
khoan j trong danh muc thi trucmg. 8, la clang phuong sai
cha charts khoan i va chting khoan j.
Dol vat met danh muc dau tv bao gam nhieu cluing
khoan, he sa beta cua danh muc chin us nay se bang binh
quart gia sten cita he s6 beta cic cluing khoan thanh phan,
trong de quyen so` (Xi) chinh bang tY trong cila Si cluing
khoan trong danh muc:

= X,11,

288
 3, Lip chon chitng khoan trong trtiang hop có
tinh dgn ygu t6 raj ro:
Ve co ban, theo phuong phap cila Markowitz, c6 Mn
giai doan trong qua trinh lira chon danh muc dau tu. Duet
thir nhat duct bat dam vdi viec xac dinh tap hap cat cluing
khoan se xem xet. Burk [ha hai se tin hanh phan tich chiing
khodn. Lfeic tinh thu nhap ky vong, phuang sai, do Lech
chuan, citing phuong sai call tat ca car chirng khoan xem xet.
Butt thir ba la phli xac dinh tap hop hieu qui. xac dinh
tap hop hieu quA can sir dung s6 lieu vac tinh tai bit& 2 ye
thu nhap ky vong, phuong sai, clang phuang sai de xac dinh
thanh phan, vi trI cita cat danh muc hieu qua (efficient
portfolio) hinh thanh nen tap hop hieu qua (efficient set).
Ndu chi co cac chting khoan till ro duct xem xet de" dau tu,
tap hop hieu qua se la mat during cong c6 dO dot di len va
lom (concave). Nell c6 ca chting khoan khong co rui ro, tap
hap hieu qua tria thanh mat throng thang. Tat ea cat danh
muc nen diting thong nay bao gam chi cat chiing khoan c6
rid ro va hoac cluing khoan khong rill ro hoac khoan vay val
lai suds khong c6 nai to. Buck thit tu va cling la bit& cugi
Gang d6 xac dinh danh muc clau tu tgi vu. 06 la danh muc
dau tts thd hien tai diem during bang quan cria nha dau to tidp
xtic vol tap hap hieu qua.
Tit mat tap hop N chting khodn, co thd cip rat nhieu danh
muc dam tu dugc hinh thanh. Tuy nhien, khi phan tich \a. Ilya
chon danh muc dais us, nha dau to Ong can phai daub gia
tat ca cac danh muc nay ma ho chi can danh gia cac danh
289
muc nam tren tap hdp hieu qua ma thai. Met danh muc hieu
qua la danh muc them man deing thed 2 diet) kien: (1) cho
mac thu nhap ky vong t6i da yea cac mac rid ro kit nhau;
(2) cho mac rai ro t6i thieu v8i nhieu mac thu nhap Ic.5( Yong
khac nhau.
Chang han, tai hinh 5.1, c6 the de dang xac dinh duct
cac danh nave thea man dieu kien thti nhat. Trong tat ca cac
danh tic dau tu, thong cei danh tic to co tic do rai ro
nh6 han danh muc E va cang khOng c6 danh tic dau tu nao
co mac rai ro lern hon danh muc dau tu H. Nha vay, tat ca
cac danh muc dau tu nam giaa E va H nam ye phia true tung
deu thea man dieu kien 1. Doi IA dieu hen tha hai, trong tat
ca cac danh muc dau tu Icheing e6 danh muc nao c6 thu nhap
,

kt vong nh6 han danh muc G va cling khang c6 danh muc

nao ce thu nhap kt vong Ian han danh muc S. Vi vay, tat cac
danh muc din tu nam giaa G va S ye phia true tung den thea
man dieu kien 2. Kel hop ca 2 dieu hen, de clang thay fang
tit ca cac danh muc dau tu ram giaa E va S ve phia true tung
deu thea man ca. 2 dieu hen tren va tao that tap hop hieu
qua.
De xic dinh duct danh muc dau tu t6i au thi ngoai viec
xic dinh duct tap hop hieu qua can xae dinh ca clueing bang
quan caa nha dau tu. Diking bang quan (indifference curve)
la clueing the hen quan diem caa nha dau tu ye rai ro va thu
nhap ky vong. Neu bieu dien tren de thi thi true hoanh bleu
dien mac de rui ro va true tung hieu dien tic thu nhap ky
vong tuang dug. Tit ca cac dank muc clan tu tam tren cling
290
men duemg bang quan se the hien mac dB mong mu6n gieing
nhau oda nha ddu tu d6i vdi cac danh muc dau tu nay. D61
voi mat nha ddu tu, ho eel the eel nhieu dthang bang quan
khac nhau Cac throng bang quan caa mot nha dam tu thi
lcheng the cat nhau. Trong so sanh nth chip danh muc chting
khoan, met nhit ddu tu se tim danh muc dau tu nao nam tren
dating bang quan b cang ye phia thy bac dm de thi thi mac
do them man ve thu nhap ky vong va de) rui ro cang cao. Tai
hinh 5.1, trong 3 clueing bang quan 11, 12 va 13 thi mac dd
them man cila nha dau tu d6i voi throng bang quan 11 la cao
nhal con mac dd them man tai eluting 13 a thdp nhal.
Hinh 5.1: MO pining ye Op hop hieu qud
vd daang bang quan

•
rp

Is

op
291
 Danh muc dau to tgi uu tai hinh 5.1 la danh muc dau to
0. Day la danh muc dugc xac Binh tai diem ma throng bang
quan cim nha dau to (12) tigp xuc ved tap hop hien qui.

II, MO HINH DINH GIA TAI SAN VON (CAPITAL

ASSET PRICING MODEL)•
1, Gia thieet eau ma hinh:
1.1, Can nha dab to danh gia danh muc chi'mg khoan
dua tren thu nhap ky vong va. dO I9ch chuan &la danh muc
trong glen han mot khoing then gian.
1.2, Nha dau to kheong bao gig thga man, vi vay khi phii lga
chon giUa hai danh mug dau to gi6ng nhau 6 nhang khia canh
khac ho se chip danh muc nao cg thu nhap kY vong lon hon.
1.3, Cac nha dau to nhiing ngurti ghet nii ro, vi vay
khi phii fun chon gift 2 danh muc dau to gi6ng nhau & cac
khia,canh khac thi ho se chon danh muc dau to co dO lech
chuan thap hon.
1.4, Cac chung khoan co the phan chia vb han, tiirc la
nha dau to c6 the mua mot phan le cua mot chting khoan ngu
ho co nguyen vong nhu vay.
1.5, Co mot mac 151 sual thong co riu ro (risk-free rate) ma
a
nha dau to c6 the hoac di vay hoar cho vay khong han chg.
1.6, Khong xem xet ygu td thug va chi phi giao dich
trong mb hinh.
1.7, Thai ky phan nub la gi6ng nhau Mita tat ca cac nha
dau tu.
292
 1.8, Mac lei suit khOng c6 rtli ro dtroc dp dung cho tit
eh cac nha ddu tu.
1.9, Cie thong tin tren thi truOng la mien phi va sin eh
d6i v6i tit ch cac nha ddu tu.
1.10, Cic nha &du tu c6 ky vong thing nhit, ho c6 cling
nhin thtic va quan thin ye thu nhAp Icy vong, dO Itch chitin
va dong phuong sai cha cac cluMg khodn.
2, NOi dung cim ind hinh dinh gia tai san von:

MO hinh dinh gid tai san von la met m6 hinh kinh ti m6

to co chi hinh thhnh gia ea cha chting khoin tren thi tufting.
Theo 19 thuyit nay, neil tit ca cac gil thiet tren den tit&
man, thi thu nhap ky vong cha mot cluing khodn se c6 mai
quan he (Jong va tuyin tinh voi gia tri he so' beta dm
eking khoin nay. Co nghia la, he s6 beta cita cluing khodn
cang cao thi thu nhap ky vong cang 16n. Mai quan he nay did
hien bang d6 thi qua mot duemg tuyeb tinh goi do la duemg
thi truing chting Ichodn (the security market line - SML).
Bleu di8n th6ng qua cong Mire town hoc, throng thi throng
chung Ichodn c6 ding sau:
rie = rf + (rM - rf) [3i
Trong d6: ri e la mac thu nhip ky vong cila cluing Ichoin i;
mix lai suit kh6ng co rui ro
rm la mac thu nhhp Icy vong cua danh muc thi
outing
pi la gia tri he s6 be to cha cluing khodn i
293
 M6 hinh nay cho thay, nha clau to se can nhac viec nam
giu mQt thing khoan co he s6 beta Ion lion chi khi cluing
khoan nay c6 thu nhap ky vong cao hon.
Hirsh 5.2: Dunn Thi Throng Chang khrnin
(Security Market Line)

r,

rf

1 6,
Dung m6 hinh dinh gia tai San yen eel the du tinh dirge
mGc thu nhap ky vong ciia met chting khoan khi biet ducx
mtic rut ro he thong cia cht ng khoan do.
Ap dung m6 hinh dinh gia tai san vein cling co the danh
gia gia tri cia chting khoan. Met chdng khoin lux danh gia
dang dirge dinh gia dual gia tri (underpriced) khi thu nhap
ky vong Ion han thu nhap ky vong can bang. Thu nhip ky
vong can bang co the tinh theo m6 hinh dinh gia tai san yen.
Khi d6, chting khoan nay UZI nen hap din va gia se co xu
hi/Ong tang do nhieu nguei muen mua va so him chi:mg khoan

294
do. Tuy nhien, do gia tang thu nhap se" co xu hating giam va
qua trinh didu chinh gia se ket thuc khi thu nhap dat duce
muc can bang theo m6 hinh dinh gia tai son von. Nguctc lai,
melt cluing khoan throe danh gia la dang ducc dinh gia cao
(overpriced) khi thu nhap ky vong nhe hon thu nhap kY vong
can bang. Do gia chitng khoan dang duct dinh gia cao nen
cac nha dau tu se co gang ban chting khoan M 104i bb ra
ngoat danh muc dau tu, didu nay se day gial cluing khoan di
xu6ng. Cad giam se lam cho thu nhap tang va qua trinh dieu
chinh se" kdt thilc khi thu nhap dat (bloc muc can bang.

Can Mil On tap

1, Trong clan to cluing khoan cc) the co nhfmg rui ro
nao? Phan biet rui ro he th6ng va rill ro phi he thong ?
2, Cie *king phap luong hem rui ro ?
3, Cac buck bta chon danh muc dau to trong twang hop
co tinh den yell 06 rui ro ?
4, Cie gia thidt va nOi dung cila me hinh dinh gia tai san
van ? / nghia cila m6 bin') nay trong hoat dung dau tu chang
khoan ?

Goi y tai lieu dot them

1, Jack Clark Franis, Richard W.Taylor, Theory and
Problems o Investments, Second Edition, McGraw-Hill, 2000.
2, Robert A. Haugen, Modem Investment Theory,
Fifthe Edition, Prentice Hall, 2006.
295
 Chuang VI

QUYEN CHON vA GIAO DICH THONG LAI

QUYEN CHQN (OPTIONS):

Khai Mem quyen chon da dugc gioi [hien tai chtrang I.

Chuang nay se tap trung lam ro han dac diem, co the thou
hien quyen chop, cac thuat ngit co lien quan.
1, Dac diem Niel tat ich cua quyen chon:
1.1, Ddc dam ceuz quyen chon:
Quyen chon cho phep ngubi sir hfu duce guy& mua
hoac quyen ban mot so. Wong chang khoan hoac tai san nhat
dinh vat gia xac dinh trong met thai gian nhat dinh Dac
diem quan trong dau nen caa quyen chon do la nguai so hilu
quyen chon chi co quyen chit khOng có nghia vu thoc thi.
Khi gia chting khoan hoac tai san co sb chuyen biln thuan
chieu thl ho se thitc hien quyen, con neu khong thl ho c6 the
kheng thot hien quyen do.
Met hop Wing quyen chon bao gia cling phai co day du
it nhat 5 nei dung chinh: cluing khoan ca sa, quy m6 hop
clang, thed gian dao han, gia tinyc hien va gia phi quyen chon.

296
ThOng thueng 4 thi dung dau se chrqc chitin h6a va dugc
quy Binh beti So giao dich nett cac quyen chon dirge giao
dich ten thi throng tap trung. Rieng gia phi la nQi dung ca
the damn Mang gilta cac ben tham gia. Gia phi quyen chon
(premium) chinh la mac gia caa quyen chon ma ben mua
quyen chon tra cho ben ban (hay ph& hanh). Mdc gia phi
quyen chon phu thuOc vao 6 than t6 se dugc phan tich
plan sau.
Gia ki theo then gian cua quyen chon mua = Gia quyen
chon - (gia, thi throng - gia thgc hien).
Vi du: Gia phi cila milt quyen chon mua XYZ la
400.000 deing, gia thi trdang cua XYZ la 42.000 deng/c6
phieu. Nguoi nam gift quyen c6 the huong lai 200.000 d
ngay lap tan bang cach thuc hien quyen, tic la mua 100 c6
phan (milt gia dugc an dinh la 40.000 clang/c6 phi6u) vol
tang chi phi 4.000.000 d6ng, sau d6 ban ngay yen gia thi
tnrang, thu ye 4.200.000 d. Gia tri nQi tai cha guy& la
200.000d.
Mdc phu trOi gia tri theo then gian = gia quyen - gia tri
not tai = 400.000 d - 200.000 d = 200.000 d
Ngddi mua van sen sang tra phan phu den cho cac
quyen Iga chon vi ho nhan dirge nhieu loi ich to mot quydn
lua chon.
1.2, Loi ich ceta quyin chow
Quyen chon la cling cu de han ch6 int ro: Dung guy&
chon, nha &Au to co the han ch6 mac t6n that t6i da trong
297
pham vi gid phi guy& chon. Doi von guy& chon ban con c6
the clang a to Mu him cho Mktg hop giam gia chdng
khoan ma nha clan to dang nand gift. Quyen chon c6 thd cho
phep nha dau to xay dung mot danh muc cluing Ichodn da
dang veil chi phi Mu tu ban Mu thap hon viec mua thAng
chdng khoan d6.
Quyen chon la tong cu tim kiem lot nhuan: Thong
qua quyen chon nha dau to c6 thd co co hQi tim kiem loi
nhuan gia tang to chi phi clan to khiem t6n ban dau. Thong
qua viec ban quyen chon, mot s6 nha ail tu ding se duct
hudng gia phi quyen chon tit mot s6 nha data to khdc.
Tan dung don bay tai chink Thong qua cOng cu quyen
chon, nha dau tu co the tan dung don bay tai chinh de kiem
lot nhuan. Giao dich guy& chon gidp nha dau tu huang loi
tit str Nen dOng cua gid chting khoan ma kheong can thanh
town town be gia tri thing khodn d6. Thong qua viec tan
dung ph6i hop cac quyen chon khac nhau, nha dau tu co the
that hien cac chien loot dau tu phu hop v6i muc Lieu va hoan
canh cu the dm minh.
C6 nhieu than gian hon de guy& dinh: Thong qua quyen
chon, mdc gia mua hoac ban da dam xac dinh. Tuy nhien, to
thed diem hien tai den den diem 'dux hien nha dau tu van can
lchoang thin gian dang 1c6 de' can nhac ky long viec co mua
hoac co ban chdng khoan d6 hay kh6ng. Viec dau tu met
khoin tien khiem t6n ban dau de co thin gian can 'iliac ky
luting cho met khoan muc clan tu lern trong nhieu [cueing hop
ding danh gid la clang gia.
298
 2, Phan loai quyOn chon:
Co hai loai guy& chart chit yen: quyen chon mua (call
option) va quyen chon ban (put option).
2.1, Quyin chon mua:
Quyen chon mua la nun loai quyen chon cho phep
ngtrai so huu quyen chon duce quyen mua mot s6 luting
cluing khoan cita mot loai chting khoin Slat dinh vat gia xac
dinh trong mot thoi han an dinh'.
Thai gian co hien luc caa hop dfing quyen chon duce
xac dinh den ngay dao han (expiration date boat maturity
date). GM that thi quyen chon ducrc goi la gia thfic hien
(excercise price hoac strike price).
Vi du ye quyen chon mua: thong han nha dau to A mua
mOt quyen chon mua kieu chau Au vOi quyen mua 100 cd
phieu XYZ, gia thuc hien la 100$. Gia sir thi gia hien hanh
cua c6 phial nay a 98$, thin gian ciao ban cua quyen chart la
6 thong. Gia phi quyen chon la 5$/c6 phieu. Nhu \ray, tOng
gia phi cita town 60 quyen chon nay la 500$. Bai day la
quyen chon kieu chau Au nen nhit dau to A chi ca the thuc
thi vao ngay dao han. Mu gia cd phieu vao ngay ciao han
nho han hoac bang 100$, nha dau to se guy& dinh khOng

V6 (heti han that hien quyen chon c6 Sc! khac nhau gala guy&
chon kigu caa Hoa Ky (American options) va quyen chon kieu
Chau Au (European options). Quygn chon kigu Hoa K9 cho phep
nha dau to co the' that hien quyen cua minh bat cu thOi digm nao
cho den ngay dao han con guy& chon kigu Chau Au chi cho
phep that hien quyen chon vao ngay dao hen.
299
thuc thi quyen chon. Trong tinh hu6ng nay nha dau to A se
mat toan be gia gia tri dau to ban dau - gia phi guy& chon
500$. Neu gird c6 phieu XYZ tai thin digin dao han cao horn
100$, nha dau to A se that thi quyen chon caa minh. Chang
han, tai thin diem dao han gia c6 phial XYZ 1a 120$. Nha
dau to [hoc thi quyen mua 100 c6 phieu XYZ \raj gra . 100$
va ban vai gia 120$. Thu nhdp nhan duoc cud nha ddu to la
20$/c6 phieu hay 2000 $ cho toan be hop d6ng quyen chon
(data Ice chi phi giao dich). Neu air di gia phi quyen chon thi
thu nhap thuan se ta 1500$.
flInh 6.1 bieu dien mac lqi nhuan hodc thua 16 dm viec
mua 1 quyen chon mua vat cac mac gia khac nhau tai theri
diem ciao han. Theo do, nha dau to trong met s6 truerng hop
van thuc thi quyen chon de giam mite thua 16 so vei viec
IchrIng that hien quyen chon. Gia sir, nett gia c6 phi8u XYZ
tai thin diem dao han la 102$, neu thuc hien thi nha dau to
van thu &roc khoan chenh lech la 100(102$400$)=200$
nhtmg nha clan to nay van 16 300$ do chi dau to ban (Mu (gia
phi quyen chon) a 500$. Tuy nhien, nen thong thgc hien
quyen chon thi Ong to se 16 la 500$ chtl kitting phai chi la
300$. VI vdy, not chung nha dau to s8 that hien quyen chon
khi gia cluing khoan tai thin di6m ciao han cao hurl gia thuc
hien.

300
 Hinh 6.1: Lai nhutin tit mua quyin than mua
667 pilau XYZ

Ley! nhan ($)

n
IN 80 90 100 110 120 130
Gil có
phi4u ($)

2.2, Quydn chon ban:

Oa* chon ban la mot loai guy& chon cho phep ngueri
so him quy6n chon diroc quyen ban mot sii luring cluing
khoan cua mot loci nhat dinh theo gia xac dinh trong mot
thoi gian an dinh.
Vi du ve quyen chon ban: Nguoc lai vai quyen chon
mua, ndu ngired mua quy6n chon mua mudn gia cd phi6u
tang thi ngueri mua quy6n chon ban mudn gia chiing khoan
giarn. Gia sir mot nha dau a tir phan tich cc ban va phan tich
ky thuat du doan gia có phial IBM se giam trong thiri gian
tai. Ong to quy6t dinh mua mot quyen chon ban 100 cd
phi6u IBM voi gia thirc hien la 70$ *yen chon kik chau

301
 Au). Thai gian dao han la sau 3 thang va gia phi quyen chon
la 7$/c6 phieu. Tdng gial phi quyen chon hay dau to ban dau
cua nha dau tit nay la 700$. Bed day a quyen chon kidu chau
Au nen nha dau to chi ce the thitc thi tai thai diem dao han
khi gia chting khoin nhe han 70$. Gia sit gia cd phial IBM
tai thiri diem dao han la 55$. Nha dau to se mua 100 cd
phieu IBM nen thi truing von gia 55$ va ban theo hop (long
quyen chon vei gia 70$ va Ichoin thu nhap nhan ducc Ca
15$/cd phieu (1500$ cho ca h9p (Tong quyen chon khOng
tinh den chi phi giao dich). Trir di gia phi quyen chon, Igi
nhuan rang cita nha dau to la 800$. Neu gia c6 phi& IBM tai
thai diem dao han cao hen 70$ tin nha dau to se khOng th9c
thi hop clang va ho se mat gia phi quyen chon (trong tnrong
hop nay la 700$).
3, Cac vi the' caa quyen chon va chung khoan
ed so:
3.1, Clic vi the' quyin chon (option positions):
Co hai ben tham gia mOt giao dich quyen chon. Nha dau
to Ming iv vi the mua (long position) chinh la nguoi mua
quyen chon. Nha dau to dung er vi the' ban (short position)
chinh 1a ngiteri ban quyen chon. Cu the via hai loai quyen
chon nhu da de cap (quyen chon mua va quyen chon ban) co
4 vi the' chi) yeu trong giao dich quy6n chon: vi the mua
quyen chon mua, vi thd mua quyen chon ban, vi the ban
quyen chon mua va vi th6 ban quyen chon ban.
Neu gia thirc hien quyen chon la K va ST a gia cluing

302
khoan ca so tai then diem din han, mac danh dal cua vi the
mua quyen chon mua quyen (kidu chau Au) la max (ST - K,0).
Tile la nha dau to se [hoc thi quyen chon khi ST > K ya se
khOng thuc thi khi ST < K. Mac danh deil caa vi the ban
quyen chon mua la min (K - ST, 0).
Mac danh ddi caa vi the mua quyen chon ban la max
(K - ST, 0). Mac danh ddi cua vi the ban quyen chon ban la
min (ST - K, 0).
3.2, Chang khocin co se (underlying securities):
Chang khoan la ddi along cua giao dich quyen chon
duoc goi la cluing khoan ca set. Tuy nhinn, trong giao dich
quyen chon kilning chi cti cac chting khoin mai la ddi tuong
giao dich ma con ca tien te, chi s6 gia c6 phi& hoac hop
d6ng ky han.
Giao dich quyen chon c6 phieu thuang &roc thoc hien
phd Wen tai cac SO giao dich. Tai Hoa Kyr c6 nhang S6 giao
dich guy& chon c6 phial chi' yell la SO giao dich Quyen
chon Chicago (www.cboe.com ), Sh giao dich Chang khoan
Philadelphia (www.phlx.com ), SO giao dich Chang khoan
Hoa Ky (www.amex.com ), SO giao dich Pacific
(www.pacifex.com ) ya SO giao dich Cluing khoan Qudc ti
(www.iseoptions.com ). Mai hop thing guy& chon tai Hoa
Ky cho phep ngiari sa hau (tunic quyen mua 100 c6 phien tai
mac gia the dinh.
Giao dich quyen chon Oen to dune thtrc hien theo can
ddng tien khan nhau. Quy and tha giao dich pho thuoc yao

303
 ning clang den cc se. Chang han vOi clang Bang Anh, mai
hop d6ng quyen chon cho phep nha dau to (Mgr mua hoac
ban 31.250 bang. 1)6i yea Yen Nhat, mei hop clang cho nha
dau to guy& mua hoac ban 6,25 trieu Yen.
Quyen chon chi s6 (index option) Max thuc hien ca don
thi truing OTC va thi truang tap trung. Th6ng thuang, mot
hap clang quyen chon chi se se mua hoac ban 100 Ian gia tri
chi s6 tai mftc gia thuc hien. Chang ban, mot quyen chon
mua chi s6 S&P 100 ven gia thuc hien la 980. Neu quyen
chon nay duce thuc hien khi gia tri chi sei 992, khi d6 nguoi
ban quyen chon se phai tra cho ngtroi narn gill quyen chon
100 (992-980)$ = 1200$.
4, Cd the hoar &Ong cita quyen chon:
DM veil quyen chon cd philu duet giao dich nen Se:
giao dich, cac chi ti& dm hop deng - thai gian dao han, gia
thdc hien, anh hitemg da viec thanh roan cd Mc, quy md
nam gift &la nha dau to - se do Set giao dich quy dinh.
Vi then gian ciao han, m6i Sa giao dich tai Si qu6c
_gia co thd co quy dinh rieng. Tai Hoa KY, mOt khoin mac
duce xac dinh trong quyen chon c6 phieu la thing ma c6
ngay dao han. Ngay dao han chinh xac la vao tint 7 k6 tien
sau ngay tha sau Man thti ba caa thang. Ngay cu6i clang giao
dich quyen chon fa ngay thd 6 man tiler 3 dm thing. Nha dau
to co vi the' mua quyen chon chi clan nha m6i glad that thi
quyen chon vai thin han cuai clang la 4h30 ngay thd sau.
Nha men gi6i se co ca ngay hem sau de hoan tat thu tut that
thi guyed chon.

304
 Quyin chon co the' dune xem xet mot trong ba (rang
thcii:dang co Ibi (in the money), hoa v6n (at the money) va
Bang 16 (out of the money). Neu K la gia thuc hien, S la gia
cua chting lihoan co set. Mot quyen chon mua trong trang
thai dang co loi khi S > K, trong trang thai hem vein khi S =
K, trong trang thai dang 16 khi S < K. Mot quyen chon ban
trong trang thai dang c6 lai khi S < K, trong trang thai hoa
v6n khi S = K va trong trang thai dang 16 khi S > K. Mu
vOy, r6 rang rang mot quyen chon duce thuc hien chi khi
trong trang thai dang c6
Girt dugc
tri nni tai cita quyen chon (intrinsic value)
xac dinh la gia tri Ion nao lon hon khi so sanh 0 va gia tri c6a
quyen chon neu no duce dux hien ngay Chang han, wai
quyen chon mua gia tri nOi tai se la max(S-K, 0). D6i voi
quyen chon ban, gia tri nOi tai se la max(K-S, 0).
D6i yea quyen chon giao dich tren thi taking OTC, nee
met cong ty cong b6 chi nil c6 titc, gia thuc hien quyen chon
se bt giam trong ngay giao dich khang co co ttic dung bang
gia tri c6 titc chi tra. Neu quyen chon giao dich tren thi
tritemg giao dich tap [rung, vies thanh toan cd ttic tinning chi
bi dieu chink gia that thi gia tri chi tra cd tut
Doi voi viec se co mot
chia tech cd phieu, dieu
chinh trong giao dich quyen chon Khi c6 phieu &roc chia
tach n to m (n for m) se lam gia cd phi& giam xu6ng m/n
gia tri trunc dO Sau khi chia tach n tit m, gia [hoc hien se
&am xueing m/n gia tri nu& do va s6 luring c6 phieu giao

305
dich trong met hop thing se tang n/m s6 Wong twee do. VI
du, mot quyen chon mua 100 cd phial dm mot cong ty vlii
gia 30$/cd phi6u. Gia sir cong ty cong b6 chia tach cd phi&
2 tit 1. Dieu Men cila quyen chon se thay dei voi viec nha
dau to c6 guy& mua 200 cd phi& yea gia 15$/c6 phi6u.
Nham han ch6 sq anti hiking cua mot hoar met nhom
nha dau to tai thi wrong, cac se, giao dich guy& chon
thuling co quy dinh gi6i ban s6 Wong t6i da mot nha dell to
c6 the nam gilt va c6 the thuc thi guy& trong mot don vi thbi
gian. Sir giao dich guy& chon Chicago quy dinh mac glen
han d6i ved mot nha dau to cho cho quyen chon cUa cd phieu
lon nhal va co mdc giao dich nhieu that la 75.000 hop d6ng.
Mot nha dau us mua mot quyen chon co the lc& thiic vi
th6 cua much bang met lenh ban met guy& chon co thi dung
tuang tu. Mot nha dau to ban quyen chon co the kel thtic vi
th6cila Minh bang viec mua mot quyen chon twang at
Trong giao dich guy& chon, nha dell at mua quyen
chon co th6 tra bang den hoac sir dung tai khoan k9 quy
(margin account). Mac ky quy ban dad thuling la 50% gia tri
caa cluing khoan va phai duy tri mac ky quy tdi thieu la 25%
gia tri cua chfmg khoan. Thong thuling, quyen mua cO then
gian dap han cludi 9 thang se phai tra bang den mat ma
killing duct sir dung tai !Wok' k9 quy.
D6i veil nha dam to ban quyen chon, yeu cau phai duy tri
met khoin ky quy a dam bao thqc hien hop d6ng. k9
quy cu the c6 quy dinh trong timg tarring hop.

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 Triton hop quyin chon khong c6 (Lim bdo (naked
options): miic k9 quy thong thuerrig da quyen chon mua
(theo quy Binh cua So giao dich Quyen chip Chicago) se la
mot trong 2 gia tri sau thy theo gia tri nao cao hon.
(1) MOt tram phfin tram gia tri phi mua quyen chon da
nhan dime cOng vat 20% gia tri thi throng cita cluing khoan
ca ser trif di phan thua 16 hien có trong hop dO'ng (nen c6).
(2) Meg tram phan tram gia phi quyen chon cOng van
10% gia tri thi trunng cria chting khoan co so.
Mt1c Icy guy- thong throng cent quyen chon ban se la gia
tri nao lem hon trong hai gia tri tinh toan sau:
(1) MOt tram phitin tram gia phi quyen chon cOng yin
20% gia tri thi twang chi:mg 'choir' co so va trir di phan thua
16 (nor co).
(2) MOt tram phan tram gia phi quyen chon Ong 10%
gial td [hoc hien (ply& chon.
Vi du, mot nha dau tu ban 4 hop clang quyen cheat mua
thong c6 dam bao cua mot loaf chang khoan Z. Gia phi
quyen chon la 5$, gia thuc hien la 40$, gia thi trueng cua
quyen chon a 38$. Nhu \ray, tai theri diem nay (ply& chon
c6 2$ trong [rang thai 16 (out of the money). Gia tri k§ quy
se bao gam 1 trong 2 gia tri tinh Wan sau:
Gia tri 1: 400x(5+0,2x38 - 2) = 4.240$
Gia tri 2: 400x(5+0,1x38) = 3.520$
Nhu vay gia td k9 quy ban clan cua truemg hop nay se la
4.240$.

307
 Truirng hop quyin chon c6 ddm bdo (covered
options): dot yeti quyen cheat mua do la town by chting khoan
ca s& cila quyen chon, bien ban them. Moan de ben Mit ba
nem gill cluing khOan co s&, hoac chttng khoan co the hoan
d6i ra cluing khoan ca hoac met hop clang quyen chon
mua ciing loai chdng khoan ca s& c6 thbi gian dao han dai
han, gil that hien thap hon, hoac quyen mua c6 phial ca s&
co gia [hue hien ngang bang hoac thap Mtn gia thgc hien
quyin
Deli yeti quyen chon ban, nguili ban quyen chon phai
dam bao: s6 tien mat twang during veil gia tri [lux thi hop
deng hoac thu bao dam ciia ngan hang, hoac set ban kheing
chting khoan ca hoac da mua quyen chon ban kit& ciing
loai chiing khoan co gia thirc hien cao hon c6 cling that gian
dao han (hoac theri gian dao han dai hon).
Quyen chon co the sir dung Hang biet, dyc lap hoac c6
the kat hem theo nhieu each khac nhau de tao ra cac sach
Luce lam bien ddi tY le rut roiled nhuan. Mot phuong thtic rat
thong dung la mua ban song hanh ding hic cac hop dieing
quyen chon cua cUng mot loai cluing khoan ca sa (spread).
CO nhieu Men mua ban song hanh nhung co 2 loai thong
dung la mua ban song hanh chieu dye (vertical spread) va
mua ban song hanh theo lich (calendar spread). Mua ban
song hanh theo chieu dye la hinh thtic mua va ban &Mg that
cac quyen chon co ding cluing khoan co s&, ding thoi gian
dao han nhung khac gia that hien. Mua ban song hanh theo
lich la hinh auk mua va ban (long thin cac quyen chon co
cling gia thtrc hien nhung khac that gian dao han.

308
 5, Can nhan t6 Anh htfang teen gia phi quy'dn
chon:
Co 6 nhan t6 chu y6u Anh haling den gia phi quyen
chon. Sau y6u tet nay bao gam: thi gia hien hanh cua chting
khoan co se, (Se), gia thqc hien (K), that gian dao han (T),
merc d6 rill ro cua thing khoan co sb ), mix Di mat
kheing co rAi ro (rf), mite c6 ttic eltr kiln trong th&i han cAa
quyen chon (D).
Thi giti thong khotin ca so va gilt thitc hien: Neu mQt
quyen chon mua duct thqc hien tai mot then didm trong
Wong lai, phan thuOng cho quyen chon nay chinh la chenh
lech giia thi gia thing khoan va gia thqc hien. (Men chon
mua se oar len c6 gia tri han khi gia cluing khoan tang va se
kern gia tri neu gia thqc hien 6 mac cao. D61 yea quyen chon
ban, phan thuong khi thqc hien d6 la chenh lech girth mdc
gia thqc hien cao han va gia thi twang hien hanh. Gil tri cAa
quyen chon ban van dOng nguac chieu so vdi quyen chon
mua khi gia thing khoan cc so va gia thqc hien thay ddi.
Gil tri quyen chon se kern han khi gia chting khoan co sei
tang va gia tri cua quyen chon ban se cao han khi gil thtrc
hien 16n hon.
Thai gian dao han quyen chon: d6i yea ca guy& chon
ban va quyen chon mua kidu Hoa Ky thi gia phi guy& chon
se cao hon (guy& chon co gia hurt) khi theri gian dcio han dai
han. Theri gian dai hon thi co hOi thqc hien ink chon tang
co nhieu han. Dli v6i quyen chon kieu chau Au, ye ca bin

309
theri gian dai hon thi quyen chon se co gia han, tuy nhien
cling c6 ngoai le. ChAng him c6 2 quyen chon mua el& veri
ding inept cd phieu: mot quyen chon co thai gian dao han la
1 thang va quyen chon kia c6 thai gian dao han la 2 thang.
Dia sir, Ong ty phat hanh cd phi& nay cang b6 se tra c6 the
veri gia td lan vao 6 Man sau. Viec tri cd Mc se lam cho gia
cd phieu giam, Mut vay gia td cua quyen chon cd thai gian
dao han ngAn him se hap clan hon gia tri cua quyen chon c6
Mei gian dao han dal.
Mac chi rui ro caa chang khotin ca sa: Mtlc do' nil ro
the hien qua mdc dO bleb thien cua gin* cluing khoan co so.
Mdc (10 bien thien cua gia cluing Ichoan co so cang cao thi
Icha nang th9c hien quyen chon cang lon va do do gia tri cua
ca quyen chon ban va quyen chon mua cang cao.
Mite lei suet' khOng co rui ro: day co the coi la mac lei
suet chuan dia nen kink te. Khi lei sual chuan cCia nen ldnh
t6 tang, thu nhap kt vong tit c6 phial se tang. Them nila, gia
tq hien tai &la thing tien do nguai nam gift quyen chon giAm.
Ph6i hop ca hai tac clOng nay se lam tang gia tri cua quyen
chon mua va gam gia tq cua quyen chon ban. TIIC la khi
mac lei suet khong co rui ro tang thi se lam tang gib: phi
quyen chon mua va se lam giam gia phi quyen chon ban.
Mitt thanh tolin tar trong twang Lai: Viec thanh
Loan c6 t@c se lam giam gia c6 phial vao ngay giao dich
khOng c6 cd tdc (ex-dividend date). Do (16 day chinh la
thong tin xdu cho quyen chon mua va thong tin t6t cho

310
quyen chon ban. Gia tri guyed chon mua c6 quan he ty le
nghich WA mac co' tae du Id& chi tra cho cac c6 dOng. Gia
tri quyen chon ban di m6i quan he tt le thuan tai mac c6
tdc du kieh chi tra.
Chieu Inning tac dOng cna cac nhan tri den gia phi
quyen chon dude t6ng kEt trong bang 6.1.
Bdng 6.1: TIM dpng ctia mot nhcin t Hen gid phi quyen
chon (cac nhan kheic gift nguyen).

Quyen chon Quyen chon Quyen chon Quyen chon

Cac nhan ban ki6u
mua kiau ban kiau mua kieu
t6 Au Hoa Ky
chau Au chau Hoa Ky

So +

K + +

T 7 ? +

6 + +

If + +

D - +

ndu (+) the hien mei quan he thwan chieu giita nhan taxem
xet va gia phi quyin chon. Decu (-) the hien ma quan he nghich
chieu giaa nhan td xem Let va gia phi quyen chon. &Yu (?) the'
hien mai quan he khong xac dinh Riga nhan to xem xet va ga phi
quyin chon.

311
II, GIAO DICH TUONG LAI (FUTURES):
Giao dich tuning lai la them thuan gida hai ben ye viac
mua hoac ban mot s6 Wong cluing khoan hoac tai san nhat
dinh yea gia xac dinh va tai met thera diem an dinh trong
taring hi. Giao (Itch ling lai gi6ng giao dich forward nhung
da dirge chuin h6a va thuang duce ti6n hanh tren SO giao
dich. cac giao dich tuong lai duct then ra thuan Lien, an
toan SO giao dich c6 quy dinh nhung tieu chtia'n chit yau cua
hop d6ng tuong lai, xac dinh rd co ch6 dam bar) hai ben phli
tuan
Giao dich tuong lai hien nay (hoc thuc hien tai nhieu
nal tren the gidi. Hai So giao dich tuning lai 16n nhat tai Hoa
Ky la Chicago Board of Trade (CBOT, www.cbot.com ) va
Chicago Mercantile Exchange (CME, ww.cme.com ) Cac SO
giao dich 16n 0 chau Au la SO giao dich tuning tai va quyen
chon tai chinh qu6c to Lon don (ww.liffe.com ), Eurex
(www.eurexchange.com ), Euronext (www. euronext.com ).
Nhieu cac Set giao dich 16n khaa tren the- gi6i nhu Bolsa de
Mercadorias y Futuros tai Sao Paulo (www.bmff.com.br ), sa
giao dich hop clang tuning tai tai chinh quac te Tokyo
(www.tiffe.or.jp ), Set giao dich tien to Singapore
(www.simex.com.sg ), SO giao dich hop clang tuning lai
Sydney (www.sfe.com.au ).
Vi du ve giao Bich tuning hi: Chang han vim ngay 5
thang 3, mat nha dau to tai New York dat mua thong qua
mai gioi cna minh 5000 gia nga cac giao hang vao thang 7

312
cua nam de. Nha mai gidi se chuydn lenh mua tai ngired giao
dich tai san cua Sir giao dich trong lai (eking han la CBTO).
Nha m6i gied yeu can mua mot hop Mug (mat hop clang tai
CBOT la Iron 5000 gia). Cling tai then diem nay, men nha
dau to khac tai Kansas yeu cau nha mai gi6i cela minh ban
5000 gia ngii caic va thin ban giao hang Ming la vao thing 7.
Nha Ci glad nay cling se chuyen lanh ban 1 hop clang den
sin giao (itch CBOT. Hai nha giao dich tai san se gap nhau,
thing nhat ve gia ca vao thing 7 va mat giao Bich kat thtic.
Nha din to tai NewYork deing y mua se nam gift vi the mua
trong hap clang (long futures position); nha dau to tai Kansas
dang 9 ban nam giu vi the ban trong hap clang (short futures
position). Gia them thuan tren sin giao dich dove xac dinh
theo quan he cung can
Nha dau to moan kat iliac vi the mua hoac ban cim
minh trong giao dich trong lai tut& !chi din han bang viec
giao dich nghich chidu so voi nai dung cila hap clang ca voi
tang mot loai cluing khoan hoac hang hoa.
1, Ca.c quy dinh cu the v6 hop d6ng tddng lai:

1.1,14 hang h6a giao dich:

Hang h6a giao dich cila hop clang Mang lai c6 the la
cluing khodn, cac tai sin tai chinh khac hoac cac hang htia
vat chit. D6i voi chiing khoan va cac tai san tai chinh khan
nal chuan ve hang heia la it ro rang. Tuy nhien, d61 voi cac
hang h6a vat chat tieu chuen vd chat luong cua aing hang
hem la rat quan trong trong cac giao dich ling lai. Vi vay,

313
doi veri cac hang h6a vat chat can co quy dinh va xac dinh ro
phem cap MN hang h6a giao dich. Chang han, el& veil mat
hang muk cam ep yeti cau la Phem cap hang A cna Floa Ky,
gia tri Brix khOng thap han mac 57, gil tri tt s6 Brix tren
axit khOng thap Ion 13/1 va khOng cao hem 19/1, vol dO mau
va mai vi phai dat t6i thieu 37 diem.
1.2, Quy mOcia hap ding:
Quy m6 ciia hop (king xac dinh khdi *mg chting khoan
hoac hang h6a num hien trong 1 hop thing. Neu quy m6 hop
ding qua lon se han the cac nha dau to nh6 tham gia. Nhung
nen quy and qua nlin sung se lam cho chi phi giao dich fro
Inn dat do. Quy m6 oh hop dong phu thuOc vao quy dinh cu
the ena tong SO giao dich can cd vao chung loai hang Ma va
gia tri Nita hang h6a giao dich.
1.3,00 didm giao hang:
Dia diem giao hang duqc xac dinh bOi Ser giao dich.
Dieu nay at quan trong dac Net la cl6i vii cac hang hem co
chi phi van chuyen Ion Khi da xac dinh duct dia diem giao
hang, gia ca NJ the se chroc xac dinh tuy thuOc vao arng dia
diem cu the. Chang han, hop Jong twang lai cho mat hang
nglit cdc duqc giao dich tai CBTO co the duck giao hang tai
Chicago, Ni Cang Bums, tai Toledo hoac tai St. Louis. Tuy
nhien, neu giao hang tai Toledo thi ngtrai mua se duqc chi&
khan 4% so viii gia xac dinh tren hop eking.
1.4, Thoi gian giao hang:
Thai gian giao hang nuking duck xac dinh theo thing.
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Set giao dich se xac dinh cu the thai gian trong thing tin
hanh giao hang. Trong nhieu tracing hop, thoi gian giao hang
tinh cho ca [hang. Thing giao hang cu the duac xac dinh cho
tirng hop clang theo nhu du cila nguai tham gia thi twang.
Chang han, hop deing twang lai nga coc tren CBTO c6 thai
han giao hang thtremg vao cat [hang ba, [hang nam, thing
bay, thing chin va thing 12. So giao Bich c6 the quy dinh
ngay cu6i ding thut hien giao dich d6i vii mat hop (tong cu
the. Giao dich hop dang tuong lai Outing ket thtic tru6c mot
s6 ngay so v6i ngay cu6i cling thuc hien giao hang.
1.5, Gib thuc hien va bien do Min &Ong gia:
Gia thuc hien hop deing tuong hi thuong &roc niem yet
dam boo thuan Oen va de hieu cho nha (Du tu. D6i voi giao
dich hap clang twang lai So giao dich c6 the quy Binh bien
dO hien dOng gia Viec quy dinh bien dO hien &Ong girl nham
han che" six bleb clang dot bien caa gia chting khoan tren thi
truang. Sti giao dich cling c6 the quy dinh s6 hop dong tdi da
met nha diu to c6 the narn gia va giao dich trong met don vi
thai gian.
Khi theri han giao hang den gin, gia giao hang tuang lai
se hoi to vin gia cluing khoan tren thi twang. Khi thai han
giao hang da den, gia hop (long tong lai se bang hoac rit
gin voi vii gia hang h6a tren thi twang.
2, Cd chg thtle hien giao dich tdoing lai:

Brai giao dich tttcmg lai la met them thuan mua ban gida
hai ben vOi met mac gia da xac dinh tnrac. Tuy nhien, gia ca
315
dm thing khoan va hang hem Ken thi tnaing luOn bin dOng.
Khi gia thi twang tang se co nhieu kha nang ben ban khong
ton trong hop clang. Khi gia thi truerng giam se co nhieu kha
Ming ben mua khOng ten trong hop dang. Vi vay, de dam boo
hop clang dirge cac ben tham gia ton trong yeu can ca. 2 ben
deu phai ky quy. Mac k9 quy ban dau thugng bang khoang 5-
15% tang gia ta mua ban cua hop clang. Khoan k9 quy c6 the
la tien mat, chang khoan hoac tai San trong duong tien mat.
Nha min gig' theo doi va thong ban thuang xuyen ve firth hinh
tai khoin ky quy cua ca ngttai mua va nguoi ban thuong
xuyen. Cac ben tham gia (ben ban va ben mua) ca nghia vu
phai duy to mac ky quy tai thieu. 'Thong thuang mac k9 quy
tai thieu chi& met tY le phan tram nhet dinh so Yea mac k9
quy ban dal'. Nen tai met thin diem nao do mac ky quy toi
thieu khOng dat dirge thi ngueri men gall se thong ban cho nha
dau tu. Neu nha dau tu khOng hoac khang the dap ang dtrgc
yeu cau nay thi nha m6i giOi era the chem chit vi the cita nha
dau tu bang each thgc hien mot giao dich nghich chieu so war
vi the' cila nha dau tu trong hop clang.
Sau day la met vi du the hien co the hoar deng cua giao
dich [acing lai. Vao ngay 5 thong 6, met nha clan tu A chi thi
cho nha mai gigi cua Ong to mua 2 hop clang trong lai yang
giao hang vao thong 12 tren So giao dich hang hoa NewYork
(COMEX) Gia sit gia thgc hien hop d6ng 1a 400$/ounce.
13eri quy mO hop clang yang la 100 ounce, nha &du to nay
theo hop d6ng se dugc mua 200 ounce theo gia da cam kat.
Nha mOi gieri yeu can nha dau at phai ky quy met khoin tin

316
nhat dinh (2000$ cho mot hqp d6ng va 4000$ cho toast 60
giao dich) vao tai khoan k9 quy. Khoan ky guy nay goi la
mac Icy guy ban dau. Ket thdc m6i ngay giao dich, tai khoan
k9 quy se bi dieu chinh de phan anh tinh trang leri/16 cna nha
din tu.
Gia se rang vao cuoi ngay 5 thang 6, gia thi truerng giam
tit 400$ xu6ng 397$. Nha dau tu A thua 16 600$ be'ri 200
ounce yang giao vao thang 12 gia 400$ ounce nhtmg hien
nay nett ban thi chi duqc 397$. GM tri khoan k9 quy bay girl
chi can la 3A00$ (=4.000$ - 600$). Thong nr nhu vay, nen
gia yang tang to 400$ len 403$ sau khi k6t thtic ngay thir
nhat. Khi d6 gia tri fa' khoan k9 quy se tang them 600$ dat
mire 4.600$.
Khi gia yang Om, tai khoan 14f quy cita ngued nam giti
vi the mua (A) se giam 600$. Nha moi giei dm A se" phai Era
600$ cho Sb giao dich va Sb giao dich se chuyen den den
nha m6i giei cna nha dam tub vi the ban. Dieu nguqc Lai xiy
ra yeti trubng hop gia yang tang. Nha clan tu duqc quyen rut
tien tir tai khoin ky quy khi gia tri tai khoan nay tang volt
qua mix ky quy ban din N6u gia toi tai khoan k9 quy gram
taking dtrei mac k9 quy ten thieu thi nha dau tu se nhan duqc
th6ng bac) b6 sung den vao tai khoin de duy tri mac ky quy
vao ngay lam viec ke ti6p.
Bang 6.2 minh hoa (Intl trang cim mot tai khoan ky quy
cua nha dau to A khi gia yang thay dei. Mac ky quy t61 thieu
can phai duy tri la 1.500$ cho mai hop &Mg va 3.000$ cho
ca giao dich. vao ngay 13 thang 6, gia tri raj khoan ky guy
317
 giam xuang dudi mdc ky quy t6i thidu 340$. Su sut giam nay
din den viec c6 thong Mid cho nha dau to phai b6 sung them
1.340$ vao tai khoan. Vac) ngay 19 thing 6, tai khoin Icy quy
tiep tuc xu6ng dudi mdc ky quy t6i thidu va you eau nha dau
to phai b6 sung 1/60$ vao ngay 20 thing 6. Vao ngay 26
thing 6, nha dau to guy& dinh keel thilc vi the mua bang vine
ban hai hop ang nay. Gia yang vao ngay 26 thing 6 la
392,3$ VA nha clan to 16 Ping Ong la 1.540$.
Being 6.2: Tinh trang tai khodn ky guy tree nha deiu tit A
NA( Gia yang Lai (16) Mac IN (16) Tinh tang You cau
($) theo ngay Ong don tai khoan b6 sung
($) ($) ($) ($)
4.000 4.000
Ngay 5/6 397 (600) (600) 3.400
Ngay 6/6 396,1 (180) (780) 3.220
Ngay 9/6 398,2 420 (360) 3.640
NA, 10/6 397,1 (220) (580) 3.420
Ngay 11/6 396,7 (80) (660) 3.340
Ngay 12/6 395 4 (260) (920) 3.080
Ngay 13/6 393,3 (420) (1.340) 2.660 1.340
Ngay 16/6 393,6 60 (1.280) 4.060
Ngay 17/6 391,8 (360) (1.640) 3.700
Ngay 18/6 392 7 180 (1.460) 3.880
Ngay 19/6 387 (1.140) (2.600) 2.740 1.260
NA, 20/6 387 0 (2.600) 4.000
NA, 23/6 388,1 220 (2.380) 4.220
Ngay 24/6 388,7 120 (2.260) 4.340
Ngay 25/6 391 460 (1.800) 4.800
Ngay 26/6 392,3 260 (1.540) 5.060

318
 3, Sif khac nhau Oita holp (thug taring lai va
quydn chon:
Hop deng tddng lai va quyen chon c6 mot se diem khac
biet chit yeti nhu sau:
Thit nha[, hop deng living lai la mot thea thuan mua ban
girta hai ben. Nhu vay ea hai ben deli c6 nghia vu dye hien
hop clang nhu cam kat ve kh6i Wong, mdc gia, chat Wong_
Con dei vOi quyen chon, nguai mua va se hvu quyen chon
chi c6 quyen thqc thi then thea thuan neu chuyen Men cila
gia ca la thuan chieu, nhung ho khong co nghia vu phai dux
hien khi chuydn hien cila gia ca hang h6a co so chuyan bien
nghich chieu.
Thei hai, thai han thuc hien cila hop (long Mang lai Ia co
dinh trong khi thai han thttc hien Ma quyen chon c6 the lirth
hoat trong thin gian dao han (quyen chon kidu Hoa Ky co
the thqc thi Mt cd thai diem nao cho den khi den theti gian
dao han).
Thd ba, khac nhau ve gia thuc hien. D61 yeti hop thing
arcing lai, gia thuc hien la gia co/ dinh. Nhtmg ddi vai quyen
Mon, gia thuc hien dux chit chi a gia tai da hoac gia t6i
thieu ma theti. Chang han, mot nha dau to du dinh thang sau
se mua c6 phi& cita cOng ty X. Tuy nhien, nha dau to lai e
ngai rang gia c6 phieu X se tang nhieu so veil gia hien hanh
la 100$/c6 phi& KM do Ong taco the giant rui ro bang each
mua mitt quyen chon mua via gia that hien la 100$/c6 phial
veil gia phi la 0,9$/c6 phieu. Trong trueng hop nay, dux chit
gia co phial X tai da ma nha dau to nay phai tra sau met
thang niia ra 100,9$.
319
 Cau hoi on tap
1, Dac diem va loi ich caa quyen chon ? Tai sao nOt
quyen chon ding cO the la ding cu de han the rni ro ?
2, Phan Net quyen chon ban va quyen dam mua ? Cho
vi du minh hoa ?
3, Co cite hoat Ong caa giao dick quyen chon ?
4, Cac nhan to anh htrang den gia phi guy& chon ?
5, Dac diem cua giao dich tuong lai ? Phan Net su khan
nhau giva quyen chon va giao dich ming lai ?
6, Co the that hien giao dich Mang lai ?

GO y tai lieu doe them

1, John C. Hull, Options, Futures and Other Derivatives,
Sixth Edition, Pearson Prentice Hall, 2006.
2, Gary Smith, Financial Assets, Markets and
Institutions, D.0 Heath and Company, Toronto, Canada,
1993.

320
 Chuang VII

QUY- DAU TO CHUNG KHOAN

I, KHAI NIEM vA SH CAN THIET CHA QUY DAU TI!

THEN THI TRUUNG CHUNG KHOAN:
1, Filial them: Quy dau to la quy hinh thanh tit van
g6p ctia nha dau lir vei muc dich tim ki6m loi nhuan to viec
dau tu vao cluing khoan hoar can dang tai san dau to khan,
ke ca Mt clOng san, trong d6 nha dau to kh6ng co quyan
kiem soat hang ngay clai vol vitc ra quyat dinh dau to cua
quy.
Thong thtierng, cac quy dau to co the huy dOng van g6p
thong qua phat hanh cac cluing khoan ra cOng cling. Can
chting khoan do quy dau to cluing khoan phat hanh duct goi
la cluing chi quy dau ur. Didm khan Net gala quy dau to
cluing khaki va cOng ty c6 phan la a muc Lift dau tu. Cling
ty cd phfin phlt Brat cd phiau ra cOng chting nham thu hat
van a dam to phat trian san xuat kinh doanh cita doanh
nghtOp, con quy dau to huy dOng van attain muc tieu clan to
Mu hat gia tri tai san cua minh van linh vise chung khoan
(mac dO cu the do quy dinh cUa thug tin truang va tai tirng

321
giai doan cu the). Viet phit hanh ching chi quy dau to ra
cOng eking phai tuan the' phap luat ye cluing khoan va thi
truing cluing khoan.
2, So enn thiSt cua quy den W tren thi trnang
chirng khotin:
2.1,1361v di rzhci ddu tzt
D6i vOi cac nha dau to ca nhan, a mac dO phi bi6n,
thueng la cat nha dau to nh6, han ch6 ye kern luc tai chink.
Chinh vi vay, n6u dau to rieng le hp kh6 c6 the c6 duct mot
danh muc diu to da clang va phan tan rui ro. N6u nhieu nha
dau to ding g6p v6n thanh lap quy de dam to thi ho se co the
khac phuc duct han die nay va duuc tham gia vao mot danh
Inge dau to da dang hon. Ben canh d6, diu to vao quy con
gialp cac nha dau to duct hiding Iai the ve quy m6, to do co
the tilt kiem chi phi din mite hop ly nhat.
Dau to thong qua quy dau to ching khoan ding giap
cho nha dau to dugc huong lcfi th6 ve chuyen mon. Thong
qua don vi dau to chuyen nghiep, mau thuan glib nhu cau
dau to voi kha nang han ch6 ye tri that, thong tin va cong
nghe da ducc giai quylt bat qui trinh hop tat va phan cOng
lao dOng xa hei trong hoat dong dau to - kinh doanh chimg
khoin. Tit nhu can thgc tien da dAn d6n su hInh thanh tirng
bulk nhang m6i quan he kinh t6 tat y6u tren c6 s6
phan tong va ph6i hop nhimg quan he ye ser him v6n, quan
tri va dieu hanh viec sit dung v6n dau to met calch co t6

322
 Ngoai ra, lid thuc hien viec &in tu - kinh doanh thing
khoan tren thi throng thing khodn, don hai nha thin to
khOng chi co kien thtic ye thing khoin va thi dui:mg cluing
khoan ma con phai thudng xuyen quan tam, theo doi, ham
sat thuc dung, phan tich xu hitting phat tridn cna thi twang
von. ad am duac dieu nay doi hei cac nha dau tu phai c6
thdi gian nen hanh khao sat thuc tidn, thu thap thong tin, tai
lieu a tiers hanh phan tich tang thing khoan cu thd, lap va
quan ly danh muc dau tu... nham han the rui ro, nang cao
hieu qua von den tu. Tuy nhien, cac nha dau tu kh6ng
chuyen nghiep c6 thd kh6ng co the,' gian va chuyen man dd
theo doi thuang xuyen, lien tut va c6 he theing ye thong tin.
Vn vay, kha nang tax hien thanh cOng bi ban cho. Thong
qua quy Stu tu ho cling se khdc phuc dirge han them nay.
2.2, 061 vai thi trifling cluing khocin:

DO3 vai thi tnidng chi:mg khodn, quy dau tu con co vai
tro tich ctrc nhat Binh trong viec Binh hemg thi truang mang
tinh chat dai han. Val vi the cia cac nha din tu chuyen
nghiep, hanh vi dam tu eua cac quy c6 thd la nhang tham
khao rich cue cho nhieu nha dk tu ca nhan va nha dau tu
nghiep du khi ho nghien cat', xem xet va ra guy& dinh dam
tu cho minh.
Han nha, vin tu each Ca mot trong cac dinh cho trung
gian tai chinh phi ngan hang, quy dau tu thing khoan co
nhieu didm ndi bat so vai the trung gian tai chinh khac yen
vai tro quan trong trong vac huy eang van trung va dai han.

323
Quy dam to Lao ra hang boat cac kenh huy Ong van phil hop
van nhu tali cua ca ngued dau to Ian ngtred than dau tit. C_Ac
nguan vein nhan roi rieng le trong cling cluing do vay se
duct tap trung lai thanh mot nguon van kheing 16, thong qua
quy clan to thing khoan se duct dau to vao linh vac cluing
khoan hoac cac du an dai han, dam bac) duet nguein van phat
trian vimg chat cho ca khu vac to nhan Ian khu vuc nha
mite
KhOng nhiing the, cac quy Tau to chang khoan con
khuyen khich cluqc clang chay von nu& ngoai. Wong
van gian hap, viec dau to vao guy se loai be) cac han checna
ho ye giao dich mua ban cluing khoan true tiap, ye kien attic
va thong tin ye chilmg khozin cling nhu giam thidu cac chi phi
deiu Lu. Deii vai Luang van dau to true fiat), guy dau to gap
phan thtic day cac dir an bang each tham gia gap van vao cac
lien doanh hay mua lai mat phan van cila ben d6i tac, too
thuan loi cho nha clan to mite ngoai trong viec thu hot van
cling nhu tang &roc sue manh trong nuts 6 coo lien doanh.
Vidc ra dal va phat tridn cua guy die to chting khoan
cling gap phan tang tinh thanh khoan cua cac tai san dau tit.
V6i to each la nha dau to chuyen nghiep, cac quy thuang
mua ban chiing khoan voi kheli luong lon tren thi halting.
Day chinh la mat trong nhting chit the tich coc lam tang quy
m6 va kh6i Mang giao dich tree thi twain.
Khong nhting the, bin than cac chting chi (ply din to
cling la mat loai chting khoan. Cac thing khoan nay thuerng
có tinh thanh khoin cao va thuan IM cho nha dau to khi giao
324
dich mua ban. Nha dau to c6 thd mua hoac ban chiing chi
quy dau tu true del) hoac thong qua men gi6i, trung gian.
Viec mua ban c6 thd thong qua thu tin, dien thoai hay he
thong mpg may tinh. Cac nha dau to cO the thoa thuan ved
quy de" tai dau at to dOng (automatic reinvestment) hoac
phan chia Igi nhuan theo timg thoi ky. Nha data m con ditqc
quy cung cap cac dich vu nhu thong tin va tu van.
Quy dau tu chi'mg khoin ra doi xuat ph& tit nhu cau fled
tai cua thi twang tai chinh va khi thi twang thing khoiin da
phat then a mix dO nhat dinh. Thitc Oen da thing minh
rang, mac di) thi twang cluing khoan da xuat hien tir grim the
kt XV nhung cac quy dau tu chting khozin mai chi bat dau
xuat hien vao cu6i the IcY XIX va phat tridn manh me Cu giita
the lit XX den nay.
Quy dau tu chting khoan throng dirge hinh thanh met
each tuan tir, tir don gian den pink tap, quy m6 tir nhO den
lon va mO hinh t6 eh& - quan ly ngay tang hoan thien, pham
vi host deng tir vac gia den qudic to/. Lich su phat tri6n cua
cac quy dau tu thing khoan cho they, m6 hinh khed didm la
cac quy &du to tap the, chua phai la phap nhan, sau do a thin
kY phat tridn cua cac quy Mu to clued clang Gang ty theo m6
hinh "clang" red mai xuat hien va pith tries dual ma hinh

Tit thuc nen, sir phat tridn khOng ngitng caa cac quy clan
tu tren thi trung chdng khoan la met trong nhfing IS qua
trim tiep cua su phat tridn cua phan cling lao Ong xa hOi
trong linh we tai chinh.
325
II, PHAN LOAI QUY DAU nr cHeNG KHOAN:
Quy dau to c6 the duqc phan chia thanh nhidu loai kink
nhau theo cac tieu chi khac nhau nhu: theo dal tuong dau
theo co che quan 19, theo phucing thdc huy clang v6n, theo
chitin uric dau tu...
1, Phan loci theo dOi tifcing dau td: Quy ciao to
cluing khoan co the duqc chia thanh cac loai sau:
1.1. Quy ddu tit c67 phitu (stock fund): la guy dau to c6
dal Wong dau to ch8 yelt la vao c6 phi6u. Quy dau to c6
phi6u 141 bao g6m mat sei loai nhu:
- Quy ddu to tang Pitting (growth fund) theo du6i su
tang twang v6n, thu nhap c6 ttic thong phai la yell t6 chinh
Cac Quy nay dau ur vao c6 phieu thuirng caa cac cong
ty co chieu hiking tang twang cao.
- Quy ddu to von mgo hiem (venture capital fund hay
hedging fund) theo du6i sq tang twang tai da ye v6n, thu
nhap c6 tic khOng phai la y6u t6 chinh yeu. Cac Quy nay
dau to vao cac c6 phieb cna cong ty moi, tang ty dang g4p
khei than hay thunc cac nganh tarn then thong duqc to
chueng hoac Huh vut med. Cac Quy nay c6 the sit dung cac
kyy thu4t dau to dbi hen nide raj ro cao hon trung binh.
- Quy ddu tie tang twang va thu ntrtip (growth and
income fund) theo du6i sir tang throng van dai ban va thu
nhap hien tai. Cic Quy nay dau to vao c6 phi6u thuang cua
cac cong ty c6 gia tri c6 Win tang len va c6 mat tian sit tra
c6 titc vang chac.
326
 - Quy ddu tie yang va kim loaf quy (precious metals(
gold fund) theo du6i sir tang tnigng van. Danh muc dau tu
cim cac Quy nay vim chn y6u cac chting khoan k6t hop veri
yang va cac kim loai qu9 kitac.
- Quy ddu to chat' vein (capital selection fund) theo dugi
sir tang twang van Cac Quy nay Itra chon &du to c6 phidu
theo quy m6 van cua cong ty, có th6 la cling ty von Ion,
trung binh hoac van nhO.
- Quy ddu to chon nganh (industry selection fund) theo
dugi ay tang twang van. Cac Quy nay lira chon dau tu c6
phidu theo vi th6 ena nganh hoae theo mot sta tieu chuan
rieng cua Quy. Hinh th5c dau to nay di ngtrqc lai nguyen tae
da dang hod. danh muc dam tu, no tao nliling rui ro khOng th6
Mang trunc.
- Quy" ddu to chi so" (index fund) theo dudi mac thu nhap
hi9n tad cao. Danh muc quan 19 cim cac Quy nay dirge quan
19 theo mgt chi sob clung khoan nhat dinh. Danh muc chi-mg
khoan cua Quy luOn gin mot ty 19 theo sir thay ddi dia chi sti
d6.
- Quy" ddu to qu6c to (international fund) theo dugi tang
throng trong gia tri cac khoan ddu tu. Danh muc dau tu g6m
chit yeu cae c6 phidu mia cac ding ty nam a nuac
- Quy" ddu to toan cclu (global equity fund) theo dutii
tang truang trong gia tri cac khoin dau tu. Cie Quy nay dau
to vao cac c6 phi6u dirge giao dish tren toan th6 gioi, Ice ca
cac c6 phidu trong nutic.
327
 - Quy ddu to thu nhap - von phdn (income-equity
theo dudi mdc thu nhap Lao bang viec dau tit char yeti
vao cac cd phi6u va Ong ty có tien sir tra cd tut tat.
1.2. Quy" ddu to trai phieu (bond fund): Day la quy dau
iv ma dOi tuong dau to chi', yea la trai phieu va cac cOng cu
no. Quy dau to trai phial bao gam:
- Quy ddu to tail phieu chuye'n del (convertible bond
fund): Day la quy theo dudi mile thu nhap hien tai va so tang
twang vdn trong tuong lai. cac Quy nay dau to vao cac trai
phial kem theo quyen duct thuyen dal sang c6 phial
thuang theo cac dieu kien cam kat.
- Quy ddu to thu nhdp - trai phieit (income-bond fund):
Day la quy theo dudi mac loi nhuan hien tai cao. Cac Quy
nay dau at vao mot tap hap the tit phieu cOng ty va [rat
phial chinh
- Quy cat tU thu nh np
. chinh plui (government income
fund): day la quy theo dudi loi nhuan hien tai. Cdc Quy nay
eldu to vao nhieu loai chdng khoan chinh phis bao gdm trai
phial kho bac, trai phi& tang trinh, trai phial th6 chap...
- Quy ddu to trai phieit roan co' u (global bond fund)
theo dual mat mdc thu nhap cao. Danh mac dau to cna cac
Quy nay chia yeu gam cac thing khoan no dm cac cOng ty
va cac qudc gia tren toan the gidi, ke ca cac thing khoan no
queic gia.

328
 - Quy ddu to trdi phieu cong ty (corporate bond fund)
theo dual mot mad thu nhOp cao. Danh muc dau tu cila cac
Quy nay chii ydu gam cac trai phieu cOng ty va mot ty le trai
phial kho bac nhat dinh.
- Quy ddu suds cao (high-yield bond
fund) theo dudi mot lad suit cao nhung chtia dung mot mac
riii ro cao horn cac Quy trai phial cOng ty. Danh raw dau to
mkt cad Quy nay gam chit yau cac trai phieu cita cac cOng ty
bi danh gia thap.
- Quy &hi to trial phieu dia phuong dai hun (municipal
bond fund-long-term) theo dual thu nhap khong hi danh thud
hal chinh phu. CAc Quy nay dau to vao cac trai phi& do
chinh quyen dia phuong phat hanh nham tong cap van cho
cac cOng trinh dia phuang nhu truong hoc, banh vian eau
duimg...
1.3. Quy ddu tie thi trulmg tan te (money market
fund): day to guy au tu chu yeti tai san cua minh vao cac
cOng cu ctia thi twang nen te. Quy dau to thi truiing tien to
bao gaim:
- Quji ddu to thi trutmg nen to chiu Inn( (taxable money
market fund): Day la quy theo clued vice duy tit mot gia tri
tat san thuan ben vung. Cac Quy nay chiu tu vao cac cluing
khoan hao hang, ngAn han duct ban trail thi truang den to
nhu tin phial kho bac, thing chi den gin ctia cac ngan hang
lon va thuong phiau. Ky han trung binh cua danh muc dau to
cac Quy nay thuong cluac gicii han tit 3 thang tra awing.

329
 - Quy ddu to thi trofmg tien to mien thul (tax-exempt
money market fund) theo dual thu nhap khOng bi danh (hue
bai chinh phi v6i mitt run ro that) that Cie Quy nay dam to
vao du cluing khoiin dia phuong ved ky han tuong dai ngin.
2, Phan loai theo chitin Inure ddu tit Quy ddu tu
chüng khoan bao gam
2.1, Qui, ddu to danh muc link hoot (flexible portfolio
fund): la guy ddu to cho phep cac nha quart ly tham gia hoic
phan (mg vat cac thay ddi dieu kien thi truitng Wang vies din
to vao cd phieu, nal phith hay the cOng ct, cia thi twang
tien t4.
2.2, Quy ddu to can ddi (balanced fund): la danh muc
ddu to tuan thU theo cac nguyen tic dam bao can dal glib
thu nhth hien tai va muc tieu tang truing dai han. Danh muc
ddu to tha cac quy din to nay la tip hap cac trai phieu, c6
phieu uu dal va cd phieu thuOng von ty le dam bao can bang
loi ich gith Icri ich nga'n han va Ica ich dal Ilan, gliia muc tieu
nhit thai va muc tieu chitin lucre.
3, Phan lout theo en cher quill lt gut: theo tieu chi
phan chia nay, quy dau to c6 hai clang: quy ddu to theo m6
hinh cOng ty (corporate) va quy ddu to theo m6 hinh tin tilde
(contractual).
3.I, Quy ddu to theo ma hinh cling ty: quy Mu to theo
mO hinh nay c6 to ckh phap than day du, dude thanh lap
dual hinh thdc cOng ty din to cd thin, c6 dieu le hoat dOng,
van huy dOng Cu cac nha (Mu to bang cach ghat hanh c6
330
phieu. CO phi& cQa quy co the dam giao dich tren Se giao
dich chetng khoan Mac thi truemg OTC.
Nhiing ngueri geip yen vao quy se tr6 thanh nhting c6
dOng doge quyen huemg c6 tiic va bidu quy& bau HOi dong
quan tri ding nhu cac van de co bin Mu quy nhu the c6
dOng trong mot ding ty c8 phan truyen thOng.
Didm dac trung cua cong ty dau tu la HOi deing van tri
dai then cho cac c6 thing &mg ra thue cong ty quirt ly Quy
va Ngan hang blo (pin. HOi (long quin t6 se giarn sat hoat
dOng dia. 2 t6 chile nay theo kidu "tarn quyen phan lap": HOi
&Mg quan tri de ra chinh sach va giam sat, Cong ty quart 15 ,
quydamhientocgabiqusnmft
sin.
Vith phan quyen nhu thy nhim dim bao viec tai sin
kitting thuOc quyen dinh doat hoan toan cem Mt ky ai. Cong
ty quin ly quy, voi vai tro cua nha dau tu chuyen nghiep, se
tea uu hod hieu qui dau tu. Ben canh d6, vith bio dim an
town va luu girt cac tai sin, dac bidt la dieing Ichoan, met
dich khoa hoc cling nhu viec tien hanh thu - chi, thank town
thi kh6ng ai khac ngoai met ngan hang co the dim duong
dum. Ben canh do, viec phan quyen cling nham dim bad
quyen hn cho cac nha clan to vi cac quy dau tu ductc bat dau
tit con s6 "0" va khei lacing van huy dOng la khang hin the
trong khi the ngan hang hay cac loci hinh cong ty khae luon
phai co mile veal co t61 thidu cid hoat dOng.

331
 Tuy la mat cong ty c6 phan nhung cling ty ddu to khOng
chi chiu su dieu chinh cria ludt doanh nghiep ma can phai
chiu su dieu chinh kha phac tap dm phap ludt lien quan tOi
chimg khoan Nth dau tu chUng khoan.
3.2, Qui, ddu Srt Shea :no lank tin Mac: Quy ddu to theo
m6 hinh nay khOng c6 tu cach phap nhan. V6i m6 hinh nay,
guy dau tu chi dutic coi la mat kh6i Mang tien do cac nha
ddu tu g6p von de sr.) dung dich vu quirt 11 ddu to chuyen
nghiep nhdm thu 10 nhudn. Quy khOng ai Hai &Mg pin
tri, hoat Ong tren co so Ch'ing thu tin thac (trust deed) duct
k9 ket giiia cong ty quail 19 quy va ngan hang giam sat bac)
quan. Ching thu tin thac, duct su phe chuan dm BO tai chinh
hoac co quan chdc Wang, quy dinh mai van de ddi vai hoat
Bang cua quy nham dam bao quyen 10 cho cac nha dau tu.
COng ty quart 19 quy khi thanh lap phad chuan bi Ban
coo bach phat hanh cung cap nhiing thong tin can thief ve
Ong ty quart ly quy va cac thong tin ye viec phat hanh cluing
chi quy ddu tu, gia ban, phuong tUc dinh gia, s6 Mang phat
hanh, thee' va cac thu tuc hanh chinh
Nha dau tu vao quy dau to theo m6 hinh tin tilde khOng
ducc goi la met c6 clang. Nha &du too day duct goi fa nguai
thu hiking (beneficiary) va chiing chi quy (Mu to Max goi la
chdng chi huerng
Tin chic ddu tu chting khoan la viec dau tu mat tai san
da duoc us, thac cim Quy dau tu theo mO hinh tin thac do
ngued duct u9 that Oen hanh ddu tu vao met s6 chting khoan

332
nhat dinh va cluqc tuan thu theo su chi dan cna ngueri quan It
nham Lao dith kien cho mbt so nguai c6 quyth twang lob tir
hoat &bug lien quan tat fat san duqc LIS% that. Trong mo hinh
tin than, c6ng ty quart ty gay can phai c6 vein ton. Quy dau tu
m6 hinh tin than chi chill sic dith chinh cua cac quy eh lien
quan tot tin than (tau tu chting khoan va Luat chting khoan.
4, Theo ngluin von huy dOng: co the chia thanh quy
dau to tap the va quy dau to tu than.
4.1, Qui", au to tap the': la quy huy Ong vein bang cach
pith hanh rbng rat cluing chi quy dau tu ra cong thong.
NhUng nguai dau tu vao quy nay c6 the da s6 la can the
nhan, cac t6 chUc kinh to nhung . da phan la cac nha dau tu ca
nhan, it co kith (Ink ye thi twang chang khodn. Quy tap the
cung cap cho can nha dau tu nhO phucrng tien dau tu dam bao
da clang hod dau tu, giam mac dO rat ro, chi phi dau tu that)
va hieu qua dau tu dam bao do tinh chuyen nghiep cba dau
tu mang lai.
4.2, Quy dclu to to nhan: la quy huy dung van bang
phuang tilde pith hanh rieng le cho mOt sei nh6m nha nha
&Au tu c6 the duqc lua than truck, la cac the nhan, cac dinh
ch6 tai chinh hoac cac tap down kinh te Rat Cie nha dau tv
vac) quy nay thuang gap vOn Yea quy m6 lern nhung ho cung
dot hoi cac yeu tau ve quan 19 quy rat cao. Ho sari sang chap
than kha nang thanh khoan thap nhung cac quy nay thuong
sham gia kiem soar hoat dung cba cac cong ty nhan von dau
tu. Viec kiem soar nay c6 the dual hinh that la thanh vien

333
hal dong (pan tri, cung cap tu van hoac c6 anh huOng dang
k6 ten car thanh vien hOi (long clan tri cna tong ty nhan van
dau tu.
5, Theo tinh chat cua viOc huy dOng von: co the
chia quy clan tu thanh quy thanh vien va quy dai
5.1, Quy thiinh view la quy dau tu chdng khoan c6 so
thank vien tham gia g6p von kheing vugt qua mot s6 luong
thanh vien nhat (lath va chi bao gam thanh vien la phap
nhan.
5.2, Quy" dai cling: la quy dau tu chting khoan thut
hien chao ban cluing chi quy dam to ra fling chting nham huy
Ong von. Quy dai chting bao gam quy clang va quy ma
+ Quy dong (closed-end fund) la quy dal chting ma
cluing chi guy dg chao ban ra cong chung kh6ng duct mua
lai theo yen cau caa nha dau tu. Tuy nhien, cluing chi quy
daft to d6ng se dugc mua ban tren thi trueng thti cap. Niu
ply dap Ling dugc cac tieu chugn them yett thi chung chi quy
an to c6 the duce niem yet tren thi tnrang chting khoan tap
trung.
+ Quy and (open-end fund) la quy dai cluing ma chting
chi quy da chao ban ra cOng chting phai (kw mua lai theo
yeu can cua nha dau tu. Quy ma can có ten goi la quy tuong
ho dau tu (mutual fund). Quy clan tu dang nay cg the lien tut
phat hanh cac chting chi quy dau tu mai huy dong van.
&lc cluing chi quy dau tu clang ma se dirge mua lai theo gia
tri tai san thugn. So vol quy clang, quy ma c6 Igi th6 ro rang

334
ve kha nang huy Ong von va linh hog han trong viec bp
chon phuong an ddu tu.
Ngoai ra con co met s6 clang quy ddu tit khac nth phat
Cu hai hinh thai tren:
- Quy ban me: co sg han cite hon so val. Quy ma. Nha
quan 19 Quy thing y mua c6 phi& to cac cd thing tai mac gia
to tai san rong tren mai cd phien tai cac thin gian Binh tmatc.
- Quy, tin theic dun vi UIT (unit investment trust): duac
thanh lap theo met cherng thu us, thk hay met cong co tuong
throng Nr6 tinh phap 19. V6n thing g6p thing nhu moi ddu to
bang von d6ng gap se do ca 'than hoac td chtic duerc 119 thac
gift Ban dk, khi thanh lap Quy, nha tu van ddu tu thu x6p
Op van trong met danh muc dau tu rai phan ra thanh cac
dan vi (gieng nhu cac c6 phan thuerng) a ban cho ngued dau
tu qua mot gioi Cac don vi thuding duce ban theo gia tri tron
se' (a Hoa 1C9 la 1.000USD) trong Fan phat hanh ddu tien.
ac nha moi giai, bao lanh phat hanh se citing thed Ca ngued
duy tri hog thing mua ban cac don vi do. Gra cac don vi se
tu9 thuec vao gia cac chting khoan trong danh muc elk tu
cim quy. Ngoai mua cac don vi clan tu nay phai tra met
khoin phi ban ddu cho ngued m6i gith ban, thuring a 4%.
CI-gbh khok phi cao nhu vay ma cac nha dau tu ngAn han
thaly khemg co loi khi dau to vio 100 quy nay.

335
 III, CHIEN Lticsc DAU TU. VA CO CBE QUAN LY QUt
DAU TU CHUNG KHOAN:
1, Chign Wye dau tti chitng khohn:
Float dOng (Du tu la nhiem vu quan trong nhat, grit vai
lib quy6t dinh d6n sir thanh tong hay that bat doi vet moi
quy dau tu citing khoan. Vi v4y, dd den hanh dau tu, cac
quy clau tu phai td chic that hMn nghiem tut quy trinh hoat
Ong dau tu.
De nghien coo dau tu, cac quy dau tu va tang ty quan 19
quy au to phai sir dung c6ng cu phan rich ca ban, nham tap
trung Mai quy6t nhang van de vi me nhu: phan Lich su tac
dOng cUa lai mat, t9 gia, chinh sach kinh t6 - xa MN, cac
quan he kinh to quac t6... tac clang tot hoat clang &LI tu -
kinh doanh chting Ichmin; phat hien, du Joan khuynh htaing
phat mien va nhling bi6n Mang co thd say ra d6i vet Man ho
non kinh to - Mac bier la c161 vai thi twang tai chinh va tridn
vong phat tridn cua Mug nganh, Mug Huh vac cu thd. Deing
that, de" tinh Man kha nang sinh Ioi, tridn vong tang throng,
phan tich rui ro dal vai thug loaf chting khotin cu thd; Quy
dau tu, Gang ty quan lY quy dau tu sir dung cling cu phan
tich ky (hot cid thttc hien di6u nay.
Muc tieu dau tu &roc xac dinh va thiet lap tren co so
nhang k6t qua nghien can thi trailing va phan tich lei nhuan,
rin ro. D6ng tied, phai xuat phat to kha nang tai chinh, kha
nang tham gia cua cac nha dau tu, nhilng Mac didm va mac
tieu thanh lap quy... Tren co sit do, phai xac dinh muc lieu
336
dau to la thu nhap, Eh von hay ket hop hai muc tieu nay
bao ton va phat trien qu9 mot each hien qua nhat.
Muc tieu (Mu to dugc kw hien th6ng qua cac chien
luqc dau tit. Nghia la, chitin luot dau to phai duqc thanh lap
tren ca sa muc tieu dau tit. Can cd vao muc tieu dau tu,
dOng xay dung chien lugc dau to de xac dinh co cau tai san
(phan b6 tai san) va lua chon chting khoan theo hurling nang
Ong hoac theo ca call 6n dinh. Tit d6 hinh thanh chien luoc
dau to mang tinh chn pug hay thu dOng hoac sit dung chien
Ittqc lion hop cal hai thuOc tinh nay a hinh thanh danh muc
dau tit.
Chian lime ddu to mang tinh chit clang: Sp dung chitin
lucc nay, danh muc dau to throng tap ming vao cat tong cu
tai chinh mang tinh mao hiem, mix dO rot ro cao nhu d6i voi
viec dau to - kinh doanh c6 phieu, cat tong cu fa; chinh phai
sinh va lien quan nhieu den yeu t6 to lAp thi twang.
Vol viec ap dung chitin !uric nay, ale nha hoach dinh
k9 vong vao sit tang truing ve gia tri Wong lai hoac vao sit
phat then dot hien de lua chon nganh, linh vac va cic thing
khoan cu the. Dieu nay dbi hal phAi sir dung thuAn thuc ca
hai loci cOng cu phan tich nen tren de co the plat huy tinh
chi dOng, Ichong ngimg chuyen Ma ca cau tali sin va d61 moi
thing khoaln.
Ngtmc lai, chiin ltmc ddu to mang tinh thy clang
thuang dan trai tai san va da dang h6a cluing khoan trong
danh muc &du tit; nhim bit dap Oda lai nhuan va r5i ro de c6

337
duct thu nhap en dinh, han ch6 rui ro den mac cci the chap
nhan duct d61 veil tang chung khoiin cu the. Val viec ap
dung chitin Ittoc nay, cac quy dau tu thuong phan b6 tai san
cha yau vao cac cling cu tai chinh co thu nhap mang dgi an
dinh nhu trait phiau Chinh phn, hoac thief lap danh muc dau
to theo ket cau chi s6. Ve ban chat, day chi la su sao chap lai
mot each thu dOng mac Igi nhuan cua toan thi truang va
khong ky vong vao toai hinh chang khoan va linh vac kinh to
Cu the nao, con ket qua hoat dOng clan tu [hi hi 14 thuOc vao
dien bien khach quan can thi trueing. Trong nhi-mg dieu kiln
dac bier, chitin Ittgc nay phat huy duct hieu qua dau tu rat
cao. Vi du, trong then kY Trong tam Giao dich Ching khoan
(TTGDCK) mai trian khai hoat Ong o Viet Nam, mac chi
cac nha dau tu da thvc hien chitin lime dau tic mot each thu
dOng theo chi s6 c6 phiau vat danh muc clan tu rat dan dieu
va chi tap trong vao c6 phieu. Nhung, do gia ca ca phieh lien
tin tang len trong khoang thoi gian kha dai nen viec 4 dung
chitin luot dau tu thu dOng la hop 19, don gian va hieu qua
nhat.
Cac quy dau to cling ce the ap dung chitin Iliac tau tu
mang tinh hon hop tren ca sa phai hop ca hai chian lint neu
tren. Vi du, phlt huy tinh chii dOng trong viec phan be tai
san, throng xuyen thay dal co cau chting khoan trong danh
muc dau tu, nhung trong viec Iva chon thing khoan thi nam
gift cac danh muc dau to theo chi s6 dgi Voi Ong loaf thing
khoan cu the. Tinh chat hon hop can chitin luct dau to ding
co the duct thvc hien theo huang thu dOng trong Dm. De

338
thqc ken chi6n lurk nay, trong tam cila danh mac dau tu la
nking chirkg khoan duck lira chon theo chi s6. BO phan can
lai cua danh muc dau tu duck thqc hien theo phining auk
cho dOng.
De nang cao lieu qui van dau tit; viec ruin tri, dieu
hanh quy dau tu phai loon loon hiving vao cac chi tieu kinh
tel co ban nhu: t6ng thu nhip, ty le thu nhap, t6ng chi phi, tY
le chi phi va chat luong hoat (king dm 60 may kiln tri dieu
hanh. Hong thin, cac nha dau tu khong chi khai that va sit 19
tat cac thong tin thi Mktg, ma con phai cung cap thong tin
mat each chinh xac, kip Mk, day du ye tinh hinh tai chinh va
hoat dOng caa quy dau tu. HOi d6ng quan tri phai cung cap
cho cac nha dau tu cac bao cao ve tinh hinh hoat clang dau
tinh hinh tai chinh. Neu quy dau tu theo m6 hinh hop
citing thi phai cung cap cho nha driu tic cac Hi lieu bao cao
dinh kY cua cong ty quan 19 quy dam tu, bao cat) cua nguiii
thu ity va cac bao cao tai chinh (bao gam: bao cao ve tai sin
va cOng no, thu nhap va chi phi, sir thay gia tri tai sin
rang...).
Danh muc dau tu the hien mat each tang the muc tieu,
chieh luck dau tu, viec plan tai sin va lira chon cfning
khoan khong chi d61 voi cac loci hinh thing khoin, nganh,
link vik ma quy dau to quan tam; ma con the hien ca muc
heal, pham vi hoat dOng cua cluing tren thi trubng tai chinh
the giol. Danh muc dau to cila cac quy dau to d cac nu& tren
th6 glen khong chi tap trung viec phan b6 tai sin va lira chon
kiting chting Ichoin o cac thi twang v6n phat tridn ma can
339
tranh (ha nhiing co hei dau tu vao nthing thi twang cluing
khoan dang phuc hei d nhung qu6c gia thirc hien viec
chuyen d6i me hinh kinh to (Lac biet la d6i vdi thi twang
chting khoan cua met s6 nu& Doug Au, Nga va Trung
Qu6c...)
2, Cd ch e- - quan 19 quy dAu tat cluing khodn:
Co ch6 quail ly quy dam to cluing khoan thd hien m6i
quan he va tuong tac gida ba chu thd chink quy dau tu (nha
dau tu), cOng ty quan 19 quy va ngan hang giim sat nham
bao ye va dieu hoa lai itch giera cac ben tham gia. float thing
cim ba chU thd nay vita la Wong hth b6 trg cho nhau nhung
ceing vita giam sat Ian nhau nham dam bao float Ong cird
quy dung quy dish cila lust phap va c6 hieu qua cao nhat.
Quy dau tu huy thing v6n tir cac nha dau to nham muc
tieu dau tu theo dieu Cong ty quan 19 quy se thuc hien cac
eh& nang hoar citing dau tit cu the cho quy. Ngan hang giam
sat thgc hien viec giam sat boat Ong ddu tu cua quy dam
bao thing dieu lE guy va tuan thu thing quy dish cua phap
102 \re cluing khozin va thi twang chting khoan.
2.1, Nhci (Mu tit:
Von din tu dirge huy Ong to cac nha din tu de thanh
lap guy. Tuy ding loaf quy dau tu ma phuong attic huy Ong
vein cu thd dirge al) dung. Neu la guy din chung, theo quy
dinh cua Luat chiing khotin (2006), chiing chi (pry dau tu se
duqc phat hash nham huy deng v6n trong thed han 90 ngay
kd to ngay gidy cluing nhan chao ban cht-mg chi quy ra ceng
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chtIng co hieu tire. Quy dai chting chat thanh lap nen c6 it
nhal mot tram nha dau tu, khOng k@ nha dam to chting khoan
chuyen nghiep mua chting chi quy va tong gia tri cluing chi
quy da ban chit it nhat 50 ty clang. Neu la quy thin-1h vien,
viac g6p von thanh tap quy se do cac thanh vien thirc hien
tren ca sb hop clang gOp vein va dieu le quy. Quy thSh vien
ducic thanh lap khi dap ting day Si cac dieu kien: era von
tbi thien 50 ty" d8ng, cri tea da ba mural thanh vien Wip vein va
chi bao gram thanh vien la phap [than, quy &rot mat clang ty
quan lt quy quan 19, tai sari cna guy thanh vien duct Mu ky
tai mat ngan hang lint ky d¢c lap vat cOng ty quan IY quy.
Toan ba vein grip curt nha dau to phai duuc phong toa tai
mot tai khotin rieng dat dueri sp kiem soat cua ngan hang
giam sat va khOng duce sir dung cho din khi ho1m tat dal
huy dung vein. CEng ty quart 19 quy Oat ban can U1 ban
Chting khodn Nha nuac kit qua huy clang van c6 xac nhan
cim ngan hang giam sat trong that han mural ngay Ice tir ngay
kit thtic vice huy clang vOn.
Trurrang hap vice huy clang van cria quy dai chting khong
dap ting duac cac yeu cat' ye quy me hoar ye tinh dai chung
thi ceng ty quan ly quy phai hoan tra cho nha dau to mot
khoan den da d6ng g6p trong theri han 15 ngay ke tit ngay
kit thtic viec huy clang v6n.
Dieu 16 gull, dau to chi-mg khodn do cOng ty quS ly guy
du thao va se durgc Dai hOi nha dau to thong qua. Dieu le quy
dau to chting khoaln phai c6 nhiing nai dung chi yen sau
day:
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 + Ten quy dau tu Chung khoan, Ong ty quasi 19 quy,
ngan hang giam sat;
+ Ngay thanh Idp quy daiu tu cluing khoan;
+ Muc tieu hoat dOng; Huh wc ddu tu; han hoat
dOng cua quy dau tu thing khoan;
+ V6n g6p va quy dinh ye tang van &la quy dam to
chung khoain;
+ Quyen va nghia vu cna ding ty (pan ly quy, ngan
hang giam sat; cac trueing hop thay ddi cOng ty quail 19 quy,
. -ngan hang Om sit; quy dinh ye viec u9 quyen cho cOng ty
citlan ly quy ky hop dOng giam sat voi ngan hang giam sit;
+ Quy dinh Ye Ban din dien quy dau to chiing Ichoin,
Dai hoi nha dau tu;
+ Cie han the &du tu cua quy dau to chnug khoan;
+ Quy dinh ye viec clang k9 ser him chling chi quy clam
tu va lya chon va luu gilt s6 clang ky nha dau dau tit cna quy.
+ Quy dinh ye viec hal chon ngan hang giaim sat; Lisa
chon va thay ddi td chic kiem loin cluoc chip thuan;
+ Quy dinh ve chuyen nhtrang, phat hanh, mua Lai
chting chi quy dau to clang ma; quy dinh ve viec them yet
chting chi quy dau to dang clang.
+ Cac loai chi phi lid thu nhap cim quy chin tu chi:mg
khoan; mtic phi, thuOng d61 v6i cOng ty quasi ly quy, ngan
hang giam-sat; cac truerng hop va phuong phap phan Chia thu
nhap dui quy dau tu chimg khoan cho riled MU to.
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 + Phuang thtic xac dinh gig tri tai san rang caa quy dau
to cluing khoan, gig tri tai san rang caa mai chting chi quy.
+ Quy dinh ye giai quyel xung dal loi ich;
+ Quy dinh ye the cle bao cao;
+ Quy dinh ye gin the quy dau to chtIng khodn;
+ Cam kelt cua ngan hang giam sat va Gong ty quan 19
quy ve viec thirc hien nghia vu vat quy dau tu cluing khoan,
nha dau to va viec Man tha diet' le quy driu to chting khoan.
+ Thd that tien hanh sfra d6i, b6 sung diet' 14 quy dau to
chiing khoan.
Mai quy dau to deu c6 ban dai dien quy. Ban dai then
quy dau to cluing khoan dai dien cho quyen lai cua nha dau
tu, do dai hei nha dau to ban. Quyen va nghia vu caa Ban dai
dien quy &roc quy dinh tai dieu le quy dam to thing khoan.
Quyel dinh dui Ban dai dien quy dau to dirge dieing qua bang
bidu quy& tai cuQc hop, lay y kien bang van ban host bang
hinh tilde khac theo quy dinh tai dieu 1@ quy dau to chiing
khoan. Mei thilnh vien Ban dai dien guy c() mat phia, bieu
quyet. Ban dai dien quy theo quy dinh cua Lust chang !Moan
(2006) co tit ba den mired mat Mardi vien tong d6 it Mat hai
plan ba s6 thanh vien ban dai dien quy la thanh vien dec lap,
khang phai ta nguai di lien quan den cling ty quan ly quy va
ngan hang giam sat. Nhiem k9, tien churin, s6 luong thanh
vien, viec b6 nhiem, mien nhiem va bai nhiem, be sung
thank vien Ban dai dien quy, cha tich Ban dai Men quy, diet'
kien, thd thdc hop va thong qua guy& dinh dm Ban dal dien
343
guy duct quy dinh tai Dieu le quy dau to chdng khoan.
Nha dau to tham gia vao quy (tau to cluing khoan ca. cac
quyen va uhiem vu sau:
+ Duct htraing loi to hoat dOng dau to cua quy dau to
chdng khoan tuong img v6i ty le vein gOp.
+ Duct htrang cac lair ich va tai san dust chia hop phap
to viec thanh 19 tai san quy driu to chting khodn.
+ Duct quyen yeu can cOng ty quan 19 quy hoac ngan
hang giam sat mua lai cluing chi quy Tau to neu d6 l3 quy
dau to dang m6.
+ !ChM kien ceing ty quan 19 quy, ngan hang giiim sat
hoac t6 chic lien quan negu t6 chile nay vi pham quyen va Igi
ich hop phap cila mink
+ nue hiOn quyen cna minh qua Dai hair nha &du tu.
+ Chuyen nhuong cluing chi quy dau kr theo quy dinh
tai diek le quy dau to eking khoan.
+ Chap hanh nghiem chinh cac quy& dinh cua Dai hOi
nha dau
+ Thanh town chi tien mua cluing chi quy dau to chirng
khodn.
+ Thuc hiOn cac quyen va nghia vu khac theo quy dinh
chi tier tai Men le quy dau to chdng khoan.
Nha dau to có the thuc hien cac quyen mia minh qua
Dai hesi nha dau Dai hQi nha dau to quy dau to chdng

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khoan gem tat ca cac nha dau to tham gia gOp von hoac mua
chdng chi quy. Day la co quan quy& dinh cao nhat cua quy
dau to chdng Ichodn. CuOc hop dm Dai hOi nha dau to quy
dau to chdng khoan dirge trieu tap hang nam hoac bat thuang
nham xem xet va quy& dinh cac not dung thuoc tham quy&
caa Dai heti nha dau tit.
Dai heti nha dau to quy dau to cluing khoan c6 cac
quyen va nhiem vu chit yeu sau:
+ Bau, mien nhiem, bai nhiem CM; tich va thanh vien
Ban dai dien quy &du to chimg khoan;
+ Quyet dinh mac thu lao va. chi phi hoat dOng cent Ban
dai dien quy den to chdng khoan.
+ Thay dth mac phi tra cho cOng ty quan 19 quy va ngan
hang giam sat.
+ Xem xet va Su ly vi pham cha cOng ty quan 19 quy,
ngan hang giam sat va Ban dai then quy gay ton that cho quy
&du to chdng khodn.
+ Quyet dinh sita der, be sung Dieu le quy dau to chdng
khodn, hop thing giam sat, quyet dinh viec niem yet chdng
chi quy dau to cua quy dau to clang (king.
+ Quyet dinh cac van de cc; ban trong chinh sach dam tit,
phaung an plan phth Ica nhuan, muc tieu dau to cha quy clan
to chdng khoan va giai the quy dau to chr-mg khoin.
+ Quyet dish thay dOi tong ty (wan ly quy, ngan hang
giant sat.

345
 + Yeu cat, cOng ty quart 19 quy, ngan hang giam sat
trinh se sach hoilc gig)/ td giao filch tai phien hop cila Ds' NA
nha dau tu.
+ Th6ng qua cac bd. ° cao vd tinh hinh tat chinh, tai sin
va hoat Ong hang nam cua quy clan to chting khoin.
+ Thong qua viec Iva chon td chiic kiem toan duct chAp
thuan a Icidm man bao cao tai chinh hang nam cua quy clan
to chling khoan.
2.2, Cong ty quiin ly q uy:
Cling ty quan lY quy dau to chdng khoan dace td chtic
dual hinh thitc cOng ty oath nhiem Min han ho4c cOng ty cd
phan theo quy dinh cua Luat doanh nghiep va Max UY ban
Cluing khoan Nha nude cap giSy phep thanh lap va hoat
dOng. Nghiep vu kinh doanh chu yeti cua cling ty quan 19
quy bao gam: quan 19 guy dau to cluing khoan va quan 19
danh muc dau to thing Ichodn.
Quan 19 guy dau tu cluing khoan la nghiep vu Iciem solt,
danh gia va tieh hanh hoat dOng dau to cho quy nham dap ling
muc tieu cha quy Quan 19 danh muc &Au to thing khoan
viec cOng ty thing khoan that Men quan 19 theo ut [hie coa
timg nha dam to trong mua ban vat nam gift cluing khodn.
dugc cap gialy phep thanh lap va hoat dOng, cOng ty
quan ly quy phai thol man nh&ng dieu hen sau:
+ Co tru so; co trang bi, thiel bi phut vv host dOng kinh
doanh thing khodn.

346
 + Co du van phap dinh theo quy dinh cua Chinh
+ Giam dec hoac tong giant cleic va cdc nhan vien
nghiep vu phat c6 chdng chi hanh nghe chung khodn.
Twang hop ca dOng sang lap la ca nhan phai cd nang
l re hanh vi dan sit day du, kh6ng thuQc trtiong hop dang plat
chip hanh hinh phat to hoac dang bi toa an cam hanh nghe
kinh doanh; truerng hop la phap nhan phai dang hoat dOng
hap phap va c6 du nang luc tai chinh de tham gia gOp van.
Cac c6 dOng sang lap hoac thanh vien sang lap phai sir dung
nguen vein cita chinh minh de g6p von thanh lap cong ty
quart 19 quy.
H6 so de nghi cap giay phap thanh lap va hoat dOng cua
cong ty plan ly quy bao gem:
+ Giay de nghi cap giay phep thanh lap va hoat dOng
ctia cong ty quin ly quy.
+ Ban thuyet minh ve co so vat chat, ley thuat bao dam
thuc hien cic nghiep vu kinh doanh chdng khoan.
+ Xac nhan cem ngan hang ye mac van phap dinh gni tat
tai khoan phong toa no tai ngan hang.
+ Danh sach du kiln giam doe hoac tang giam dOc va
cac nhan Gen nghiep vu kinh doanh chdng khoin kern theo
ban sao chang chi hanh nghe chung khoan.
+ Danh sach c6 dOng sang lap hoac thanh vien sang lap
kem theo ban sao chimg minh thu nhan dan hoac ht) chieu
dOi yea ca nhan va giay chdng nhan dang k9 kinh doanh ddi
vat phap nhan.

347
 + Ban sao bao cao tai chinh nam giin nhit co xac than
cila td citric kiem train dOc lap dm c6 (long sang rap hoac
thanh vien sang lap IA pilaf) than tham gia gap v6n to maid
phAn tram tna Len van dieu le da gap cua t6 chile de nghi cap
giay phep.
+ Du thao dieu le cOng ty
+ Du kien phuong an hoat clOng kinh doanh trong ba
nam dau phu hyp vai nghiep vu kinh doanh de nghi cap giay
phep kem theo quy trinh nghiep vu, quy trinh kiem soat nOi
bO, quy trinh quan 19 rui ro.
Nhiem vu cua cOng ty quan 19 guy trong co che hoat
dOng cua quy dau tu cluing lchodn:
+ Thitc hien quan 19 guy dam tit thing khodn, (plan IY
danh muc dau to chang khoan theo quy dinh cua Luat thing
khodn, diet' le quy dau at thing khoan, hop (long k9 yea
khach hang 115, thiic dam tu va hop clang k9 v6i ngan hang
giam sat.
+ nue hien viec xac dinh gia tri tat san rang caa quy
dau to thing khoan then quy dinh cua Luat thing khoan,
dieu le quy dau to chaiig khoin va hop clang k9 vdi khach
hang as, that &Au tu.
+ Gang ty quan 19 ply phai bao car) U9 ban Chang
khoan Nha nuac dinh k9 va bat thueng ye danh muc dau tu,
hoat &Ong din tu va tinh hinh tai chinh cua guy dau to cluing
khoan.

348
 De dam brio loi ich cUa nha dau tu va dam brio an man
cho toan bb thi truerng, cOng ty thing khoan phai c6 nhiem
vu:
+ Thiet lap he thong kiem soar neti ba, quail tri rui ro va
gidm sat, ngan ngna nhimg xung dOt loi ich trong nOi 60
cOng ty va trong giao dich vOi nguoi c6 lien quan.
+ Ky hop dong bang van ban vdi khkh hang khi cung
cap dich vu; cung cap day dU, trung [hut thong tin cho khach
hang.
+ Thu than, tim hidu thong tin ye tinh hinh tai chinh,
muc Lieu dau tu, kha nang chap nhan riil ro Oita khach hang.
+ Tuan thU cite quy dinh dam brio v6n kha dung thee
quy dinh cua phap luat
+ Mua brio hiem [rich nhiem nghe nghiep cho nghiep
vu kinh doanh thing khoan hoac trich lap quy brio ve nha
dau tu de boi thirOng thiet hai cho nha &Au to do sic cd ky
thuat va so ski cua nhan vien trong tang ty.
+ Thuc hien the dO ke toan, kidm Loan, thong ke, nghia
vu tai chinh theo quy dinh cua pita') luat.
+ Thuc hien cOng bet th6ng tin theo quy dinh cua phalp
Mat ye thing khoan va thi trailing thing khodn.
Trong hoat clOng nghiep vu, Gang ty quan ly guy có mot
s6 han the nhu sau:
+ Khong duct dua ra than dinh hoac dam brio
khach hang ye mite thu nhap hok loi nhuan dat thaw tren

349
khoan clan to cua minh hoac dam bao khach hang khong bi
thus 16 tin truing hop dab to vao cat ching khoan ea thu
nhip On dinh.
+ Kh6ng chive tidt 10 thong tin ye khach hang, nit
twang hop duce khach hang dong y hoac theo you tau cua
co quan gain 19 nha nudc c6 thim quyen.
+ Khong duqc thuc hien rthitng hanh vi lam cho khach
hang va nha ddu to hidu lam ye gia chtng khoan.
D6i vdi quy dau to dal chting, cong ty quan 19 quy cam
có mot han chd khac nhu:
+ Khong duet sir dung v6n va thi san Ma quy din to dd
thuc hien Mu to vao ching chi quy cna chinh quy do hoac
cua mot quy dau to khac.

+ KhOng din to vao cluing khoan cua mot td chile phat

hanh qua mot ty le phan tram tong gia tri ching khoan dang
kru hanh cua to chic d6 (theo Luit Chung khoin 2006 thi t9
le nay a 15%).
+ Dau to kh6ng qua mbt t9 it phin tram nhit dinh tong
gia tri tai sin oh mot quy vao ching khoan dang km hanh
cern mot td chile phat hanh (theo Luat Ching khoan 2006 thi
t9 it nay la 20%).
+ Khong duqc dan tic qui mOt ty le phdn tram nhit dinh
gia tri Ili sin oh quy clang vao bit dOng sin (theo Luat
Ching khoan 2006 thi t9 le nay la 10%); khOng dan to v6n
cua quy mi3 vao Mt dOng san;

350
 + KhOng diu to qua mat ty le nhat dinh tong gia tri tai
sin dm quy dii chdng vao cac cong ty trong ding mat nhOm
ming ty co quan he so MTh wit nhau (theo Luat Cluing khoan
2006 thi ty le nay la 30%);
Cong ty quin ly qu9 co van (Liu to nu& ngoai tai Viet
Nam co the duac thank lap dm% hinh auk lien doanh, gap
vein c6 phan hoac cong ty mat tram pain tram van nu&
ngoai do UY ban Cluing kholn Nha rathc cap giay Oleo
thanh lap va hoax clang.
2.3, Ngcin hang giam sat:
Ngan hang Main sat la ngan hang thuong mai co giay
chdng nhan dang ky boat clang Im ky cluing khoan co chtic
nang thuc hien cac dich vu km ky va giam sat viec quan 1y
(my dam to cluing khoin, cOng ty dau to cluing lchodn.
Trong co che float clang caa quy dau at chting khoan,
ngan hang giam sat co nhiem vg:
+ Thgc hien km ky tai sin dm quy &du to chting khoan,
cOng ty dau to chdng khodn; quin 19 tach biet tai sin cua
qu9 dai chdng, cOng ty dau to cluing khoan va cac tai sin
khan caa ngan hang giam sat.
+ Giam sat a bio dim cOng ty quin 1y guy, giam ddc
hoac t6ng giam dac cOng ty dau at cluing khoan quin 15/ tai
sin dm quy ho4t cua cong ty dau to chdng khoan titan tha
that Chang khoan va Dieu le qu9 dau tu cluing Ichodn, Dieu
le cong ty dau at cluing khodn.

351
 + Thgc hien boat dOng thu chi, thanh man va chuyen
giao tien, thing khoin lien quan den boat cl4ng cna guy dai
chting, cOng ty clan to cluing khoan theo yen eau hap phi")
cua cling ty quan 19 quy hoac giam Mk (Ong giant d6c)
cOng ty dau to thing khodn.
+ Xac nhan bao cao do cOng ty quan ly guy, cOng ty dau
to cluing khoan lap c6 lien quan den quy. dau to chting khoin
hoac cOng ty din to cluing khodn.
+ Guam sat vied Man thu the c10 bao can va cOng b6
thong tin ciia cOng ty quail 19 guy, tong ty dau to thing
khoan theo quy Binh cua Luat thing khodn.
+ Bao cao U9 ban Chung khoan Nha mnic khi phat hien
cOng ty quail ly quy, cOng ty dau to cluing khoan va t6 chtic,
ca nhan c6 lien quan vi pham phap Mat hoac dieu 14 guy dal,
to cluing khoan, cOng ty diu to chdng khoatn.
+ Dinh ky ding tong ty quan 19 quy, Ong ty dau at
cluing khoin dei chieu s6 ke toan, bao cao Lai chink va hoat
citing giao dich caa quy &It to chting khodn, cita cOng ty dau
to thing khoan.
Khi thud hien nghiep vu, ngan hang giant sat bi nheng
han ch6 sau:
+ Ngan hang giam sat, thanh vier] I-10i diing quan tri,
nguni dieu hanh va nhan vien cua ngan hang giant sat lam
nhiem vu giam sat haat dOng quy dau to va bao (pan tai sin
quy cna ngan hang giant sat !Meng duce la nguoi c6 lien
quan hoac co quan he se him, vay hoac cho vay yen cOng ty
quan 19 quy, cOng ty dau to cluing khodn.

352
 + Ngan hang giam sat, thanh vien 1-bai clang (plan [6.,
ngueri dieu hanh va nhan vien cua ngan hang giam sat true
ti6p lam nhiem vu giam sat va boo quan tai san caa quy dau
to chang Ichodn, cong ty dau tu chang khoan thong dirge la
dai tac mua, ban tai san cita quy dau to chdng Ichodn, cong ty
dau to chting khoan.
2.4, Gidi the' quy ddu to chang khodn: Quy din at
cheing khoan Oil the trong cac Intang hop. ket iliac that han
heat dOng ghi trong dieu le quy clan to chting khoan; hoac
Dai hOi nha dam to quy& dinh giai the quy tar& that han.
D6i veri vier gilt the quy dau to chting kholn, tea thi6u
ba [hang tax& ngay tier hanh giai the, Ban dai dien quy phai
trieu tap Dai hOi nha dau to de [hang qua phuong an grit the
quy dau to chi:Mg khoan.
COng ty quin 19 guy va ngan hang gram sat chat trach
nhiem hoan tat vice thanh ly tai san quy va phan chia tai san
guy, cho nha dau to theo phuong an dude dai heti nha dam to
thong qua. Tien thu &roc tit thanh 19 tai san quy dab to
chemg khoan va the tai san can lai khi giai the dupe thanh
toan theo thu to sau day:
+ Thac hien nghia va tai chinh vat nha nu6c;
+ Cie khoan phai tra cho cong ty quan 19 guy, ngan
hang giam sat, cac .khoan phii tri khac va chi phi giai the
quy dam to cherng khoin;
+ Phan con lai ducic dung de thanh loan cho nha dau to
wring ting vet t9 phan yen g6p caa nha dau to trong quy.
353
 Sau khi hoar" tit viec giii thd quy dau to cluing khoan,
cong ty quart, Iy quy va ngan hang giam sat phai bao cao U9
ban Ching khoan Nha nuem ve ket qua giai thd quy dam us
cluing khoan.
3, Cong ty dim hi chitng khohn:
Cong ty dau to chi-mg khoin la doanh nghidp ducc td
chtic dired dang cong ty c6 phan theo quy Binh cna that
Doanh nghiep dd ddu to cluing khoan Cong ty dau to chang
khoan ca thd Ca cong ty dal cluing hoac cong ty phut hanh
rieng le. CO phial cam Gong ty dau to chung khoan dui chiing
duce them ytt va giao dich tai thi twang giao dich chiing
khoan tap trung neu [hou man cac didu hen them yet theo
quy dinh thia phap 1114 ye cluing khoan va thi truong chang
khoan.
U9 ban Ching khodn Nha nuac 1a ca quan cap giay
phep thanh lap va hoat dOng cna cong ty dau to chting khoin.
Dieu kien cap giay phep thanh lap va hoat dOng cim cong ty
dau to cluing khoan bao gam:
+ Dap ang yeu cau tat thidu ye van didu Id: theo Luat
Chang !choir' (2006) phai c6 mac van didu le tat thidu nam
muai t9 d6ng Viet Nam.
+ Giam d6c hoac Tdng giant d6c va nhan vien cyan 19
c6 chi:Mg chi hanh nghd chung khoan (trong truong hop cong
ty dau at chung khoan to quan 19 van au tu).
D6i voi cong ty dau to chting khoan phdt hanh rieng

354
chi duct chao ban c6 phieu tai da 99 nha dau tu, trong d6
nha dau tu co to chdc phai dau tu tai thidu 3 t9 clang va ca
nhan dau to tat thidu 1 ty don&
Cong ty dill tu chimg khoan co thd to wan 19 van din
to hoac u9 thac cho mot cOng ty quAn 19 quy hoac thue cOng
ty quart 19 quy to yen dau to va tu minh thqc hien giao dich.
Truang hop ding ty dau to cluing khoan thue cong ty quan ly
quy quart 19 von dau to thi Giam d6c hoac TOng giam d6c,
PhO Giam deic hoac Ph6 Tdng Giam d6c, chi tich Hbi (long
quan tri va t61 thidu 2/3 thanh vien Hoi (long quart tri cia
cOng ty dau to cluing khoan phai dot lap vai cong ty quan 1Y
quy. Trong qui trinh hoat Ong, toan b0 hen va tai san cia
cOng ty dau tu cluing khoan phai duqc luu k9 tat mot ngan
hang Mem sat.
Viet clang k9 chao ban c6 phi6u ra cong chiutg cia cong
ty dau to chiing khoan dei cluing do co d6ng sang lap hoac
cong ty quAn 15, guy, (tau tu chimg khoan thuc Men theo quy
dinh cia phip Met ye chting khoan va thi trtiOng cluing khoan.
Trong qua trinh hoat dOng, cong ty dau to cluing khoan
phai dam It 'man thi diet' le to chdc va hoar Meng cia cOng
ty dau tu chiing khoan. Thong thuCmg, dieu le to civic va
hoat clang dm cong ty dau to chiing khoan phai dam blo cac
not dung sau:
+ Ten, dia chi tru sa thinh, thong tin tom tat ye cong ty
dau tu cluing khodn, cong ty quan 19 quy (neu c6), ngan
hang giam sat.

355
 + Muc nett hoat deng; Cult vqc clan un dun gian hog Ong;
+ V6n dieu le va quy dinh tie tang, giam yen dieu le;
+ Thong tin ye coc c6 .deing sang lap va se; c6 phan cua
cd clang sang lap;
+ Quyen va nghia vu cua cot clang;
+ Co cau to' chirc quart 19;
+ Ngtan dai didn theo phap lust
+ The thdc thong qua quydt dinh cua cOng ty; nguyen
tac giai coy& tranh chap nei be;
+ Can guy Binh ye Hpi deing Quin tit Dai hen &rig cd
Bong;
+ Cac han the clan tin
+ Quy dinh ver viee lqa cheat ngan hang giam sat; Ara
churl va thay d6i t6 chiic kiem toan doe lap;
+ Quy Binh ye chuyen nhoeng, phat hanh, mua lai c6
phan; quy dinh ye vide niem yet cd phidu;
+ Cac loai phi va doanh thu; mdc phi, thu&ng d6i vdi be
may quan 19 cila cOng ty dau to chting khoin, ngan hang
giam sat; tdng chi phi uOc tinh theo nam (truang hop cling ty
(Mu to fix (man 19).
+ Nguyen tee phan chia lei nhuan sau thud va xir ly 16
trong kink doanh;
+ Phuong thitc xac Binh gia tri tai san rong, gia trt tai
san rang cita mei c6 phan;

356
 + Quy dinh ye giii guy& xung clOt lqi ich c6 thd phat
sinh gida cling ty dau to chi:Mg khodn, cong ty (man 19 guy,
ngan hang giam sat va cac td chat, ca nhan co lien quan.
+ Quy dinh ye ch6 clO bao cao;
+ Cac twang hop giii thd, trinh td giai thd va thu Ric
thanh 19 tai san cong ty;
+ The Mac Oen hanh sda ddi, 156 sung dieu le (my;
+ Ho, ten, chit k9 cos ngttai dai didn theo phap lust, cua
cd clang sang lap, nguai dai didn theo ut quyin cua cd clang
sang lap.

IV, DINH GIA CHUNG C141. DAU TU VA DANH GIA

DANH MUC DAU TU CHUNG KHOAN:
1, Xac dinh gia tri chiing chi quSt dau
Vidc xic dinh gia tri tat sin rang (NAV - net asset
value) den mot don vi quy dau to do cong ty quan 1/ guy
thdc Men va dime ngan hang giam sat xac nhan. Gia chao
ban chi-mg chi guy diu to (POP - Public Offering Price) duct
tinh dim tren gia di tat sin rang:
POP = NAV + 131
Trong d6: NAV la gia tri tai sin rang
Br la chi phi ban
Gia tri tai san rang dudc tinh theo cong thdc sau:

357
 GNAV
NAV =
OS q
Trong do: GNAV Ia [Ong gia tri [Ai san rOng
0; Ca tong thing chi quy dau tu dang luu hanh
GNAV = TA - TL
Trong do: TA la tang gia tri cac tai san caa quy
TL la tong gia tri no phai tra cua quy
Viec xac dinh gia Vi tai sin dm quy clan tu chang khoan
phai tuan tin cac nguyen the sau day:
+ Dgi via chting khoin niem yet [Ai thi truitng giao dick
chting khoin tap trung, gia cita can cluing khoan duck xac
dinh la gia clOng cita hoac gia trung binh cUa ngay giao dich
try& ngay dinh gia.
+ Dgi yeti cac tai sin khOng phai Ca chung khoan hoac
chdng khoan dun niem yet, viec xac dish gia tri tai san dua
tren quy trInh va plutong phap xac dinh gia tri tai san duce
nett rb trong diet' le quy dau tu chkg khoan. Quy trinh va
phming phap dinh gia phai r6 rang, Imp lYT (16 ap dung thong
nhat va pal duct ngan hang giam sat xac nhan va ban dal
dien quy dau tu, dai hOi nha clan tu phe chart Cac ben tham
gia dinh gia. Di sin phai clOc lap voi cOng ty quan ly quy va
ngan hang giam sat hoac ngan hang iLfU ky.
+ Cac tai sin bang nen bao gam c6 tdc, tien lai duck
tinh theo gia tri ghi s6 tier' so sach tok tai thai dMm ?can
dinh.

358
 Gia tri tai san fOng cua quy ddu to chang Ichok phai
duric ding 66 cong !Mai dinh ky theo guy dinh cua phap Mat
chemg khoan va thi tnremg chang khoan. Khi gia chao
ban va gia tri tai san rang, c6 the tinh le phi ban r, (%) theo
cong there:
POP — NAV
r
s POP
2, Phan tich danh muc da'n ttt chiing khoan:
Danh gia danh muc dau to chi yeu dua tren ylu to thu
nhap va rui ro cua danh muc dau to nay. Thu nhap cita met
danh muc dau to trong met ky nao do (thang, qu9, hay nam)
duos tinh bang cach lay gia tri thi throng cuth ky (V e) tra gia
tri thi truerng &Au ky (Vb ) cua danh muc dau to chia cho gia
tri thi aiding dau ky.
— Vh
r—
° V
Trong do, gia tri thi truang ka met danh muc tai thei
diem (cu6i hoac dau 14) dude tinh bang tang gia tri thi
truemg caa town be cac claing khoan trong danh muc dau to
tai thoi diem d6.
Trong met giai doan phan tich, co the bao gam nhieu
Thai icy khac nhau. Khi d6, nguni to se tinh mac thu nhap
binh quan (are) trong ca giai doan nay. Gia sir trong giai down
phan tich c6 T thed ky khac nhau, r, the hien mac thu nhap
cna danh muc dk to tai theri ky t. Mac thu nhap binh man
cim danh muc ddu to nay duric tinh nhu sau:
359
 T

r
ar
T
Neu danh muc dau to thi truang trong mai kS , twang (mg
c6 gil tri la rm, khi d6 thu nhap binh quan cua danh muc thi
twang trong Ca giai dosm phan tich la:

Zrm,
arm -

T
Neu thu nhkp cila cluing khoan khOng c6 rui ro trong
mai IcS, taring (Mg Ia rft Eh' mtic thu nhap binh quan khong c6
nil ro la:

ark -
Z r
"

T
Mdc chenh lach ve thu nhap giita danh muc Su to dang
dtrac danh gia v6i mac thu nhkp caa chang khoan khOng c6
rUi ro la:
erp, = rp, -1-11

Mdc chenh leech girth thu nhap tha danh muc dam to thi
trttang va thu nhkp cua chang khoan kh6ng c6 rai ro la:
erm, = rm, - rfl
Khi d6, he 95 beta cUa danh muc dau to c6 the duac tinh
theo cling thdc sau:

360


E (er„„ x erpr )—E er E er„,,

fl p t=1 l=1

TEer„,2,
f-t ,=1

Can cd vao m6 hinh dinh gia tai san vein, cd the tim
,

duoc mdc thu nhap binh quan kj) vong cua danh muc din to
trong giai down phan tich theo cling thdc:
+ (arm - ar) Pp

Gia tri arcp dirge sir dung lam co s6 danh gia danh muc
dau tu.
2.1, Chi tieu Jensen (Jensen' coefficient) hay can goi
la 10 so" alpha (ap):
Chi tieu nay do Michael Jensen dua ra nham danh gia
danh muc dau to ven cling thiic:
aP = arP- are P
Neu ap >0, dieu nay phan anh danh muc dau at c6 mdc
thu nhap binh quan lOn hon thu nhap ky vong. Danh muc dau
tit dive danh gia la cei (nen vong (superior).
Neu ar, dien nay pit anh danh muc dau to cO mire
thu nhap binh quan nho hon mdc thu nhap 1(31 tong, danh
muc dau to nay it cO trien vong (inferior).
2.2, Chi lieu Treynor (7; - Treynor's performance
measure):

361
 Chi tieu nay do Jack L. Treynor dua ra nam 1965 nham
danh gia danh muc dart to tai cac quy dau to chung khoan.
Gang thdc tinh chi tieu nay nhu sau:
ar — ar
Tp P
P,,
Neu T„ > (arm - arf) thi danh muc dau to c6 mite thu
nhap t6t hon m& binh quan cim thi twang.
Neu Tp < (arm - art.) thi danh muc dau to co thu nhap
thap hem mitc trung binh thi truing.
Giita cac danh muc dau tu, danh muc nao c6 gia tri Tp
lon hon thi danh muc d6 ductc danh gia cao hen.
2.3, CM Mu Sharpe (Sp - Sharpe's performance
measure):
Chi tieu nay do William F. Sharpe dua ra vao nam 1966.
Chi tieu nay dugc tinh nhu sau:
e
ar — ar,,
Sp P
Cr

Neu Sp > (ar„, - arf)/ U m thi c6 nghia thu nhap cita danh
mac dam to p cao hon mtic binh quan cua [hi truing.
Neu Sp < (arm - art.)/ a m thi co nghia thu nhap cria danh
mac dau to p [hap hon mix binh quan thi truremg.
GUM cac danh muc dau tu, danh muc nao co gia to Sp
caohntidmu6eLIAMgiacohn.

362
 CAu hbi On tap
1, Quy dau tu cluing khan la gi ? Tai sao phii c6 guy
ddu to chilng khoan ?
2, Phan loai quy ddu tu cluing khoan ?
3, Phan biet quy dau to dang d6ng va guy din tu dang
m6?
4, Chidn lucre clan to cluing khoan va co chd quint* guy
ddu tu chang khoan ?
5, Nguyen tic va phuong phap dinh gia cluing chi quy
clan tu ?
6, Trinh bay cac phuong phap danh gia danh muc Mu
tu? Su khac nhau gala cac phuong phap danh gia danh muc
ddu tu ?

tai lieu doc them

1, Gary Smith, Financial Assets, Markets and
Institutions, D.C. Heath and Company, Canada, 1993.
2, William F. Sharpe, Gordon I Alexander, David J.
Fowler, Investments, First Canadian Edition, Prentice Hall,
1993.

363
 TAI LIEU THAM KHAO
Tieng
1, Dang Quang Gia, Hai dap ye Thi truing Chting
khoan, NXB Thdng Ke, 1996.
2, Tian Cao Nguyen, Cluing khoan va Phan tich Cluing
khoan, NXB Gil() doe, 1999.
3, Le Van Tit, Thi tithing Chang khodn, NXB Th6ng
Ke, 2006.
4, Luat cluing khodn, Luat s6 70/2006/QH11 ngay
29/06/2006.
5, Dean Lundell, Binh phap ton to - Kim chi nam trong
giao dich cluing khoan, NXB Tre, 2001.
6, US% ban Chang khoan Nha nuac, Gido trinh NhUng
van de cc ban ye chimg khoan va Thi truemg cluing khoan,
NXB Chinh tri Queic gia 2002.
7, Ly Vinh Quang, Chting khoan va Phan tich Dan tic
Cluing Ichodn, NXB Theing Ice, 1998.
8, 1JY ban Cluing khoan Nha mak, Co so khoa hoc va
thoc [len xay Ming chi s6 gia cluing khoan lea met s6 goi y
cho Viet Nam, De tat khoa hoc cap bQ, Ha NOi, 1999.
9, Da° Le Minh, Chinh sach c6 tUc va tac dQng cua no
tai cling ty: Nhihig goi y cho Viet Nam, NXB Chinh tri Quek
gia Ha NOi, 2004.
10, Ng6 Thi Ctic, Ng6 Pluic Thanh, Pham Trong Le,

364
Hoet dOng tai chinh trong nen kink to thi truOng, NXB
Th6ng Ke, Ha Nei, 1996.
11, CIEM, Luat Doanh Nghiep nam 2005, NXB Th6ng
Ke, Ha Nei, 2006.
12, Deng Quang Gia, Bay diem hru y trong lua chon c6
phien khi Viet Nam vao WTO, Bap Dalir to Chang khoon s6
43, ngay 23 thang 10 nam 2006.
13, Throng Vi, arcing Viet Nam va n6i lo "bong
bong", Bao Dan to Ching 'Moan s6 51 ngay 18 Meng 12
nam 2006.
14, 12 Van T6, Then Dec Sinh, Nguyen Van Ha, Thi
trubng Cluing khoen tai Viet Nam, NXB Lao dOng xa
hOi,
2006.
Tieng Anh
1, William Sharpe, Investments, First Canadian edition,
1994.
2, Martin Pring's, Introduction to Technical Analysis,
Mc Graw Hill, 2006.
3, Jack Clark Francis, Richard W. Taylor, Theory and
Problems of Investments, McGraw-Hill, NewYork, 2000.
4, Gary Smith, Financial Assets, Markets and
Institutions, D.C. Heath and Company, Canada, 1993.
5, John C. Hull, Options, Futures and other Derivatives,
Sixth Edition, Prentice Hall, 2006.
6, Peter S. Rose, Money and Capital Markets, Seventh
Edition, McGraw Hill, 2000.
365
 MCC LUC
Lo ma dau 3
Chuang I: Ring quan ye thi troong chimg khoan 7
I, Khai niam va phAn loai thi twang cluing khoan 7
Vai tro cua thi tnrerng chting khoan trong co ch6
thi twang 14
Mot sob loai chting khoan chit ydu 21
IV, Cac chit thd tham gia thi tmetng chting Ichoin 41
V, Co che quan 15, va giam sat thi tmeing chting khoin 50
Chuang II: TN trubng chting khoan so cap 56
I, Khai niCrn va chdc nang cua thi twang chdng khoan
so cap 56
II, Pltat hanh cluing khoan 57
III, Bao lank ;that hanh cht-mg khoan 74
IV, Ban cao bach trong phat hanh chting khoan ra cOng
cluing 82
V, Phat hanh trai phiOu chinh phu 91
Chuang TN trtrang chang khoin thir cap 123
I, giao (Itch chimg khoan 123
II, Giao (Itch mua ban cluing khoan Iran thi trutmg tap
trung 143.
Mot sCI giao (Itch dac biet 175

366
IV,Thi tieing OTC 186
V, H. thong dang k9, luu k9, bit trir va thanh town
chiing khoan 190
Chuang IV: Phan tich chimg khoan 203
I, Phan tich co ban 203
II, Phan tich ky thu.t 242
III, He thong th6ng tin cila thi tieing cluing khoan 263
Chuang V: Rui ro trong din to chimg khoin 280
I, Rui ro trong dau to chimg khoan 280
II, M6 hinh Binh gia tai sin v6n 292
Chuang VI: Quyan chon ye giao dich tuning lai 296
I, Quyan chon 296
II, Giao dich tuong lai 312
Chuang VII: Quy din to chimg khofin 321
I, Kb& niarn va sir can thiet cua quy dam to tr8n thi
truing chling khocin 321
II, Phan load guy dau to cluing khoan 326
III, Chian luctc clan to va co ch." quin 19 quy dau to
thong khoan 336
IV, Dinh gia cluing chi dab to va danh gia danh nave
dau to chung khoan 357
Tai Ilan tham Ichio 364

367
GIAO TRINH THI TRUONG CHUNG KHOAN

Chin trdch nhiern xuat bdn: Nguyen Cao Doanh

Phu u-dch bdn Melo: Huang Rao Kiel'
Trinh bay bia: Dang Thitn

In 1.000 cuthi, khd 14,5 x 20,5cm chi ?Wang in NXB Van hod Dan hac
Clay (tang Icy KHXB s6: I32-2007/CXB/650-06/NN ngAy 4/5/2007
In xong va nhp km chi6u Quy II nam 2007.