TAP CHi CONG THUONG BAT CAN XUNG THONG TIN TREN THI TRUONG CHUNG KHOAN VIET NAM: THUC TRANG VA GIAI PHAP @ DANG TH! BICH NGOC TOM TAT: Neay nay, mot trong nhitng khuyét tat cila hé théng ci chinh Viet Nam néi chung va thi truUng ching khodn néi riéng 1 hién tugng bat can xting thong tin. Diéu nay xudt phat chi yéu tiv vic cc doanh nghiép kh6ng minh bach trong cng bé théng tin (CBTT), déin dén m6t nhém ngudi due tiép cin thng tin nhanh hon, chinh x4c hdn va tt nbién sé thu duge nhiéu loi ich hon so vi nhiing nha ddu tw thong thutng trong giao dich chttng khodn. Qua bai viét, tic gid muén lam 16 hon vé ly thuyét bit cn xttng thong tin, nhiing téc dong cila bién tugng nay dé thj truding ching khodn Viet Nam, tir 46 ki€n nghi, difa ra méts6 gidi phép thich hop nbiim ting cuing tinh hiéu qua cita hoat dng cOng bé théng tin trén thi trvng chting khodn Viét Nam. Tit khéa: Thj trutng ching khodn, bat cn xting thOng tin, cng bd, Viét Nam. 1. L¥ thuyét bat cén xing théng tin (Asymmetric information) Ly thuyét théng tin bat cin xting (Asymmetric Information) ln ddu tién xudt hién vao nhiing nam 1970 va da khang dinh dudc yj tf trong nén kinh té hoc hién dai bing sy kién nam 2001, céc nha khoa hoc nghién ctfu ly thuyét nay 1a George Akerlof, Michael Spence va Joseph Stiglitz cing vinh du nhén gidi Nobel kinh té. Bat can xting thong tin c6 thé xay ra trvéc khi tién hanh ky két hyp déng, cdc bén tham gia giao dich cé tinh che day théng tin, ngudi mua khong c6 théng tin xdc thu, day di va kip thdi nén tra gid thp hon gié tri dich thyc ca hang héa. Hau qua 1a nguéi ban ciing khong con dng lye dé sin xudt hang ¢6 gid tri va c6 xu hudng cung cffp nhing sdn phdm c6 chat lugng thap hon chat Iugng trung binh trén thj trudng. R6t cudc trén thi truding chi cdn lai nbfing sin phdm chat lugng xdu, din dén Iya chon bat lgi cho cd hai bén. 396 $6 3- Thang 3/2018 Bat can xting thong tin trén TTCK xdy ca khi méthode nhiéu nba dau wy sé hitu duge théng tin riéng (Kyle, 1985 trich trong Ravi, 2005); hoae 6 nhiéu théng tin dai ching hon vé mét cong ty (Kim va Verrecchia, 1994 va 1997 trich trong Ravi, 2005); hodc khi doanh nghiép, nhitng ngudi quan ly doanh nghiép c6 nhiéu théng tin hon so voi céng déng nha dau tu. Vi vay o6 thé din téi hign tugng che d4y cdc théng tin bft Igi, théi phéng cdc théng tin c6 Igi hoac cung cép thong tin mOt edch khOng cdng bing di vdi cfe nhém nha dau tr khdc nhau. Théng tin bit cin xing fa nguyén nban din dén thi teudng kém hiéu qué. 2, Nhitng téc d6ng cia bit can xing thing tin trén thi trudng chifng khodn Tae dong dén cdc nha ddu tu ~ M6ts6 nha dau tf ndm duc nhiéu thong tin sé thu duc Idi nhuan c4 biét cao hon Idi nhudn thi trudng. Diéu nay 1a do cdc DN cé nhitng ngudn théng tin t6t chifa dugc cng bd, do dé gidcé phi6u trén thi trudng cia cdc DN nay dang bi dgah gid tha’p hon gia trj thy. Tuy nhién, mét sé aba du tr ndm dude nhiing nguén thong tin d6 va mua vio c6 phiéu vdi gid ré, thu duge Igi nhuain cd bi¢t cao hon Igi nhudn céa thj trudng. - Mét sé nha dau tu ndm dude it thong tn sé phai bé ra chi phi c4 biét cao hon chi ph thi truéng. Naugc lai, nbitng nha ddu tu ndm duge it thong tin sé mua phi nhiing 8 phi€u cé gid thi wwong cao hon gid tri thyc nén sé phi chiu chi phi cao hon chi phf chi trang, thu Igi nhugn thap va c6 thé thua 16. Hé qua 14 nhiing nha dau tu cé it thong tin sé dn ti bé thj trudng, Didu nay sé tac dong nguge td [gi nhiing nha ddu wrcé ohiéu thong tin (khi dé kNGng cé ngudi mua thi ho sé khong ban duve 3 phiéu va thu vé Igi nhudn nbu ky vong) va nhiing ngudi nay sé chuyén hung du tw sang nhiing link vue khac hip din hon. Téc déng dén cde doanh nghiép Dotéc dng ciia bat cin ming thong tin, céc nha dau ty khéng cOn niém tin va déng luc (vé Igi nhugn) tham gia TTCK. Diéu nay khién cho viéc buy dong von thong qua cd phiéu cila cdc DN ted nén khé khan, ho phdi chuyén sang nhitng hinh thite buy dng vOn khdc nut vay vOn ngan hang bay phat hanh tr4i phi€u. Nhitng hinh thc nay lam ‘tang chi phi huy dOng von cda DN va tac dong dén sy phat trién cia nén kinh té quéc dan. Ngoai ra, céc DN sé khong cn d6ng ie tham gia TTCK. Tac ding dén su phat trién cia thi trueng chitng khodn Nha dau ty tiép nhén, phan tich, phén dodn, giao dich theo théng tin duge céng bé va ho ty chju trdch nhiém vé nhitng nbén dinh thong tin ela minh. Chinh vi vay, mét khi hé théng thong tin khéng 15 rang, minh bach, cdc du béo ctia nha ilu tuc6 thé sé 6 nén v6 ngbiia, din dén viéc ho dua ra c4c quyét dinh thi€u chinh xdc, ty d6 tao ra lugng cung, lugng cu do trén thi trvdng va két qud 13 c6 thé xdy ra tinh trang “bong béng chting khodn”, nguy co 46 vé thi trudng cao. Khi 46, vige nha ddu tu rit von khdi TICK va chuyén nguén vn vao céc kénh dau ty khdc la didu tat yéu s& xy ra. Ngoai ra, v6i mdi trudng kink doanh khong céng bing va thiéu minh bach khé 06 thé du lye TAI CHINN - NGAN HANG - BAO HEM hap dan nha dau tv médc ngoai dé von vao kénh ching khodn, Béi vi ho khéng thé ding cdc tinh todn va phan tich vugt tréi ngudi khdc dé danh chién thing. Ma day lai JA nguédn von kha quan trong, gép phan dang ké vao suf phat tién cita thi tung chifng khodn. 3. Thire trang bat cAn xifng thong tin trén thj truding chitng khoan Viét Nam Hign nay, hoat dong CBTT tén TICK Viet Nam da duge diy manh hon so voi tude day cd vé chat lugng va sé lugng. Tuy nhién, bat can xiing théng tin trén TICK van luén tén tai. 3.1. Thute trang vé ngi dung thing tin cong bé ciia ede doanh nghiop niém yét Hién nay, cdc thong tin duge cic doanh nghiép niém yét (DNNY) cong b6 cha yéu tap trung vao cdc théng tin dinh ky va theo yéu cdu cla Uy ban Chiing khoan (UBCK). Ngoai céc thdng tin bat bude theo lat dinh phai cng bé thi thuting doanh nghiép khéng chi déng cung cfp cic thong tn quan trong khdc. Vi dy nhw: Cac théng tin vé ké hoach sdn xudt kinh doanh, nhéing dy én mé r6ng va phat tnén trong twdng lai, chufa duge cong bo m6t cdch thydng xuyén va kip thé’ Hién nay da phan céc DNNY trén sin ching khodn déu da cé website, trén dé cé thém myc quan hé cé déng la noi CBTT ciia doanh nghiép. Nhiéu DNNY d& xay dyng duge cho minh quy trinh CBTT va cap nhgt thong tn trén website khd t6t vé nh hinh san xudt kinh doanh, céc hgp ddng ky két, cde hoat déng nghién cdu.. nhit Vinamilk (VNM), Vingroup (VIC), Masan (MSN) .. Nhung cing tén tai mot sé cng ty rat it cap nhat théng tin trén website; thong tin han ché, nghéo nan va thiéu tinh chuyén nghiép; vi dy: Céng ty cd phn (CTCP) Séng Ba Cao Cutng (SCL), CTCP Khodng sin Nani Hamince (KSS), CTCP Than Vang Danh (TVD)..; trong khi day Jai & yeu t& quan trong, rt can thiét d6i véi nha dau wy dé gidp ho ndm duc tinh hinh hoat déng, cdg nhy chién lugc phat trién cia doanh aghiép, noi nha dau tu muén giti von. 3.2. Chat lugng thong tin trén BCTC ea DNNY duge cong bo” Su chénh léch dang ké sd liéu tai chinh tude va sau kiém todn cda cdc DNNY ciing dang tr $6 3 - Thang 3/2018 397thanh mot vén 48 ndng trén TTCK hign nay. Pudu ny 1A mot cdnh bao rat i6n vé chit Luong bao c4o tai chink va d6 minh bach vé so ligu ke toan do doanh nghiép ty lép. Viée ngay cing cO nhiéu cOng ty bi gidm doanh thu, gidm Igi nhugn c6 khi d€n trén 50% sau kiém todn di gay inh bu@ng rat Idn dén biu qua déng von cla nha du tu, khi€n méi trudng dau ty ching khodn réi ro hon, it ahiéu Lam x6i mn niém tin cia nha dau ty. Mét s6 vi du dién hinh nhu: - Béo cdo ti chinh (BTTC) soat xét bin nién 2017 cda CTCP Cang Rau qua (VGP) cho thay, Céng ty chi li rong 752 triéu déng, gidm gan 8,3 ty déng so v6i bao céo oy Lap. Theo gidi tinh cba VGP, nguyén nhan do Céng ty phdi trich lap dv phdng khoan ng phdi thu qué han cla CTCP Owans mién Nam va dif chi mot phan tién thué dat nop bd sung cho phan dién tich 16 gidi va hanh lang an toan Séng Sa: Gon, - CTCP Dia 6c Dau khi (PVL) ghi nhan mic 16 sau godt xét lén tdi gén 128 t¥ déng, trong khi con s6 ty lip 1a... hon 4 ty ddng (tudng duong cing ky nim truéc). PVL cho biét, 6 thing ddu nim, Céng ty hach ton 16 cdc cin hé di ban giao cia 2 dy én Linh Tay va Quan II khong 100 ty déng va trich lap khodn céng ng kh6 ddi khodng 20,5 t¥ ddng, dan dén s6 liéu cing ky chénh 1ch I6n. - CICP Nuc gidi khét Chong Dudng (SCD) 6 két qué chuyén tit lai sang 15. Vai ly do nha phén phéi/dai ly chva thanh todn ding han ké tiy ngay PPI xudt héa dn bén hang, doanh thu thudn cia SCD gidm tir 178 ty xudng cdn 153 ty déng sau sodt xét, kéo Idi nhudn g6p gidm d4ng ké. Lei nhudn khéng bi néi cht phi bude SCD phai chju 16 3,3 ty déng, thay vi lai rong gan 4 ty déng nhut BCTC ty lap (cing ky nam true, SCD lai sau thu€ 13,7 ty déng).. Ngoai ra, cé thé ké thém mét loat doanh nghiép mém yét 1én cGng phai diéu chinh gidém Igi nbudn sau soat xét nhu: NBB (-25,3%), TDH (16%), FLC(-10%), HAG (-10,4%), GTN (-4,6%)... Co thé thay, cdc sai léch gitta BCTC trudc va sau sodt xét cia doanh nghiép thudng 1a nhiing 56 ligu Lién quan dén cdc wdc tinh ké toan nhu trich lip dy phdng, khéu hao, phan bé, hang tén kho, 398 $63 - Thang 3/2018 hay ghi nhan doanh thu chi phi khéng diing nién 6... Tuy nhién, ngoai ly do vé chuy€n mén, kj nang, kinh nghiém ciia bd phan ké todn, thi ¥ thife minh bach cda doanh nghiép chfnh 18 vgn dé dang ban, Hién nay, doanh nghiép niém yét ty lap bdo céo tai chinh hang quy, chi c6 bdo céo tai chinh 6 thing va bdo cdo ndm mdi phai thyc hién kiém todn. Do d6, cdc s6 ligu Ich nhau nhiéu thé hign sf thiéu minh bach cia doanh nghiép, thim chi doanh nghiép cé thé truc Idi khi gidu cdc thong tin bat Igi nham gift gid od phiéu... 3.3. Vi pham vé CBIT Cham CBTT [a vi pham khé phé bién cia cée DNNY. Nguyén nhan chit yéu 1a do sy chi quan tir phia DN nhung cing cd mét phan do nhitng diém chua hoan thién ciia chinh sch, phap Ina dfn d&n khé khan cho DN trong viée hoan thanh va CBTT. Theo s6 ligu duge céng bé trén website cia SGDCK TP. HCM: nim 2017 ¢6 104 DNNY, 2026 c6 68 DNNY, nam 2015 c6 90 DNNY; nam 2014 c6 89 DNNY va nim 2013 c6 145 DNNY vi pham CBTT. 3.4, Rai ro do ede tin dén that thiét trén thi tnitong Cac tin ddn thit thiét tén thi trading c6 thé 1a cc tin dén khéng c6 can cit, cling o6 thé 18 tin chinh théng nhung bj théi phéng lén do téc déng cha céch truyén dat thong tin, Nhitng tin dén 46 1am cho nha dau ur bj hodng loan va khéng phan biét duge tinh chinh xdc cing nhu mite dé doh hudng cda théng tin. Cac tin nay thutng dutge tung ra trén ede dién dan ching khodn, trén céo san giao djch ching khoén hoge qua truyén migng. Vi dy ohu: Ngay 21/2/2013, tin dén Ong Trdn Bc Ha - Chi tich HDQT cia Ngan hang BIDV bi bat di gay thiét hai ndng né cho thj trung chitng khodn, Ngay lap tifc, hang loat 6 phiéu bj ban thao. VN-Index gidm 18 diém vi HNX-Index giam 3,35 diém. Von héa cia thi tryBng ching khodn da mit 29.000 ty dng trong 1 phién giao dich. Trong thing 6/2015, gid c8 phiéu CTCP Hoang Anh Gia Lai (ma HAG) gidm diém lién tip va doanh nghiép thi phai d6i mat véi nhitng dén théi vé nguy co vo no béi 4p lye dao han ca cc khodn vay bing trai phiéu,.. NhuTAL CHIN - NAN HANG - BAO HIEM vay o6 thé thay, nhiing doanh nghtép Ién, cd phiéu cé thanh khodn cao 1a 46i wong va thich cia tin dén do tao ra anh hudng Ién dén thi tung hoc nhém nganh hoat dong va bj nhiéu nguti *soi”. TY d6 c6 thé tao co hdi cho ké tung tin tong viée dim gid gom hang. Hién tai, toan thi tniing dang cé khodng 700 doanh nghiép niém yéltai har sin Ha NOi va TP.HCM. Tinh trang cic doanh nghiép vi pham phép lat din ra ngay cdng nhiéu, phifc tap véi nhiéu thi doan tinh vi, ‘Tinh wang tung tin dén that thiét van dign ra, lam anh hvdng dén hoat d6ng cia thi truding ching khodn va tée d6ng tiéu cue 46i v6i cdc doanh nghiép niém yét. 4, Kién nghi va gidi phap Dé gidm thiéu hién tudng bat can xing thong tin én TTCK, tit dé lam tang tinh higu qua cia thj trudng, cing cé niém tin cho nha dau tu, bai viet xin dua ra m6t s6 dinh huéng, gidi phép sau: 4.1, D6i véi co quan quan If Hoan thién co sé phdp lf cho hoat dong cong be théng tin + Can sdm xay dyng va trinh Quée hdi ban hah Ludt Ching khodn mdi (thay cho Luat Chting khodn hién hinh) vdi pham vi diéu chinh rng hon, tiép can gan hon v6i cdc théng 1é va chudn mye quéc té, diéu chink dng b6 hoat dong ching khodn trong méi lién két vi céc khu vc vu cia thi tring tai chinh. Bd sung diéu khodn bao vé quyén Igi nha dau tr de nhitng thiét hai do vi pham céng bé théng tin cia DNNY, Nha dau ty o6 quyén khdi kign lén céic ed quan chife nang theo dang quy trinh va thd tuc duyc huéng din. - Chinh sita, bé sung va hoan thién mét s6 ndi dung thu6c chudn myc ké todn Viét Nam va ch& 46 KE toan hién hanh. Hodn thign cng tée thanh tra va gidm sdt thi ‘nuing - Quy dinh cu thé va r6 rang hon nhiém vu ciia fing cd quan c6 chic ning gidm sat cong bo ‘hGng tin trén thi trudng. - Thiét lap co ché thém djnh thong tin trade ‘hi cong bé dim bdo cung cap théng tin chinh dc, dé phong trudng hop céc thong tin gay nhiéu - Trén co sé kiém tra va gidm st, tién hanh t6ng két, d4nh gid tinh hinh cong bé thong tin cla ting céng ty niém yét, cong ty chitng khodn... Nhiing ¢4nh gid nay phdi khéch quan, dua trén mt sé tiéu chi nhét dinh, trénh lam theo kiéu hinh thie. Xdy dung cde ché tai xit ly vi pham vé céng b& thong tin trén TTCK ‘Vé xi phat vi pham hanh chinh trong Tinh vye ching khoén va TICK, Chinh phi di ban hanh Nghi dinh sé 108/2013/ND-CP, ty nhién, thyc té din bién én TTCK vita qua cho thify céc hung xit ly vi pham con nhe va chia cuong quyét nén khéng cé téc dung rin de. Trong qué trinh thie hién, c&c co quan chic nding cdn manh dan xif ly céc hanh vi vi pham cOng bé th6ng tin dé tao ra mét tién 1é va th6i quen tuan thil phap Iuat oda cdc d6i tudng cé nghia vu céng bé théng un. Tay theo mite dé nghiém trong hay hau qué mang lai thi bén canh viéc xt phat hanh chinh cdn phdi xem xét dén khd nang truy cifu tréch nhiém hinh sy. 4.2, Déi voi cde chit thé khdc tham gia trén thi trutng DOi vdi doank nghiép mém yét - Xay dyng hé thong kiém sodt n6i bd chat ché va hgp ly adi vdi ting doanh nghiép. + Cn xfy dung dude d6i ngii nhitng nguéi hanh nghé ké todin c6 chuyén mén cing nhut c6 dgo dic nghé nghiép. - Lita chon cdc cong ty kiém ton that sy cé nang lye, trinh d6, uy tin 4€ dim bdo chat Ivgng kiém todn tt, - Xfy dung quy trinh cng bé théng tin trong ndi b6 cOng ty trén cd sd quy trinh céng bé thong, tin mu cia SGDCK. - Thiét lap b6 phan chuyén tréch vé cong bé théng tin, 6 nh@ng phan tng kip thoi 46 vdi nhéng tin dén that thiét vé cong ty dé tranh gay tam ly hoang mang cho nha dau tu. - Chan chinh hoat dng céng bé th6ng tin, dim ‘bio cung cfip ddy di, chinh xdc céc théng tin djnh kj, tte thdi va thong tia theo yéu cdu dude quy dinh trong Thong tu s6 155/2015/TT-BTC. - Can xay dung kénh thong tin qua website cua chinh doanh nghiép dé thung xuyén cép $6 3 - Thang 3/2018 399TAP CHi CONG THOGNG nhdt thng tin lién quan dén doanh nghiép. Cac thong tin phii dude sip xép va phan loai that day did, kip thdi, khoa hoc va hgp ly 4é nha ddu tu dé tim kiéin va ndm bat théng tin. ~ Ngodi cdc thng tin phdi céng bé theo quy dinh, doanh nghiép can chi d6ng cung cp céc théng tin khdc nhw: Myc tiéu, ké hoach kinh doanh trong tong lai cOng ty, giao dich cla cng ty vdi od dng In (cAn ndi 16 tinh chat giao dich, ndi dung va quy mé, mc 46 giao dich vdi céc bén cé lién quan)... D6i vdi cdc phuong tign truyén thong dai ching ~ Ban hanh cdc van ban php lwat quy dinh chat ché nhing ndi dung lién quan dén vic phd bién cong bé théng tin trén cdc phvong tién truyén thong dai chiing, Tang cudng dao tao kién thie chitng khoin cho phéng vién phy trich dé c6 thé dva ra nhing bai viét c6 tinh chuyén nghiép, dinh byéng tét cho nha dau tu trong viec ra quyét dinh. - Thiét lép quy trinh kiém soft céc théng tin ohay cdm, thong tin lién quan cé thé anh hudng én gid chiing khodn dé ngan ngita t6i da tinh trang dua thong tin gly nhiéu loan thi truéng. TAI LIEU THAM KHAO: - KhOng ngitng nang cao dao dite nghé nghitp cia nha bdo. Déi voi nha ddu te Nha déu ty nén tich oc tham gia cdc khéa hoe ngdn han téng quan vé chiing khodn hodc khéa hoc chuyén sdu phan tich tai chinh, ngoai ra luén chi déng c4p nhat théng tin trén UBCKNN, SGDCK, tap chi va kénh théng tin chuyén nganh, Nha d4u tw can phai chi déng hoc héi nding cao trinh dé va hiéu biét vé thi trudng ching khodn nang cao k¥ nang sit dung céng cy tim kiém thdng tin, ddi h6i nhOag quyén Igi chiah ding ciia minh, cha d6ng trong quan hé v6i cong ty dua ra nhéng kién nghi dé xuat tai cdc cude gap gO nha ddu af va dai hoi cd dong. TrAi qua hon hai th4p ky, ly thuyét vé thi trating c6 théng tin bat cAn xitng da trd nén vo cing quan trong va 1a trong tam nghién citu cia Kinh té hoc hién dgi. Théng tin bit cn xitng cing tré n&n phé bién va trdm trong khi tinh minh bach ciia thong tin, khd nang tiép cn théng tin va co s6 ha ting théng tin yéu kém. Xét vé nhitng mat duge va mét eda hién tudng bat cn xing thong tin trén TTCK, c6 thé khang dinh, day la mot khuyét tat cla ITCK 1. That bai ctta thi trudng tai chinh: Nhin tit gdc d6 ly thuyée TRS. HB Hoang Lan - Vién Pato tao quéc té’ (Dai hoc Kinh tf qué dan Ha Noi) http://tapchitaichinh,yn/tai-chinh-quoc-te/nhan-dinh-du-baa/that-bai-cua-thi-truong-tai-chink-nhin-- goc-do-ly-thuyet-49784.him! 2. Thing tu sé 153/2015/1T-BTC hudng din céng bé théng tin trén thj trudng ching khodn ‘http://thuvienphapluat. vn/van-ban/Chung-khoan/Thong-tu-155-2015-TT-BTC-cong-bo-thong-tin-tren- thi-truong-chung-khoan-2015-293015.aspx Negady nbfn bai: 05/02/2018 Ngay phan bign danh gid va sifa chifa: 15/02/2018 Ngay chap nhfin ding bai: 25/02/2018 Théng tin tae gid: TS, DANG TH] BICH NGOC Hoc vign Ngan hang 400 $6 3- Thang 3/2018TAL CHINN - NAN HANG - BAD RIEM INFORMATION ASYMMETRY IN THE STOCK MARKET OF VIETNAM: CURRENT SITUATION AND SOLUTIONS @ MA. DANG THI BICH NGOC Banking Academy ABSTRACT: Nowadays, one of the defects of the financial system in Vietnam in general and the stock market in particular is the asymmetric information. This phenomenon is mainly caused by the non - transparency in disclosing information of listing companies, resulting in that a group of people can access information faster and of course will gain more benefits than the usual investors in securities transactions. Through the article, the author wants to clarify the theory of asymmetric information, the impact of this phenomenon to the Vietnam stock market, and then propose some appropriate solutions to enhance the efficiency of information disclosure of listed companies in Vietnam. Keywords: Stock market, asymmetric information, disclosure, Vietnam. $6 3 - Thang 3/2018 401