Giao Trinh FIC

i hc Kinh t quc dn, Chng trnh Tin tin Cu lc b chng khon Nh u t tng lai FIC
LI NI U
Vi nhng buc tin mau l trong gn mt thp k ra i v pht trin ti Vit Nam, th trung Chng khon v ang tr thnh mt knh u t y tim nng cho cc t chc ti chnh, cc qu tn dng cng nh cc nh u t c nhn. Trong nhng nhn t to nn sc hp dn ca th trung Chng khon Vit Nam, s n gin trong th tc ng k v cch thc u t cng vi ngun vn ban u khng ln, c xem l nhng c im ni tri khi tham gia th trng so vi cc knh u t khc. Bt k c nhn hay t chc no, vi mt s vn ban u v nhng hiu bit c bn v th trng, u c th ln sn, tin hnh giao dch v to nn nhng khon li nhun khng l t nhng quyt nh u t sng sut ca mnh. Tuy nhin, nh nh u t Chng khon i ti Warren Buffet tng chia s: Th trng Chng khon khng phi l im n l tng cho nhng ngi khng thc s am hiu v n. Th trng Chng khon bao hm trong n khng ch nhng c hi m c nhng ri ro, v thnh cng trong sn chi y khc nghit ny, ngoi s can m v mt cht may mn, cc nh u t nn t trang b cho mnh nhng kin thc v kinh nghim cn thit. Tp ti liu ny ra i vi mong mun tr thnh ngi bn ng hnh vi nhng nh u t trong nhng bc u n vi th trng y tim nng ny. Cu lc b Nh u t tng lai FIC xin gi li cm n chn thnh ti cc thy c gio trong Chng trnh Tin Tin, Khoa Ti chnh Ngn hng, Khoa Chng khon, Khoa Ton kinh t trng i Hc Kinh T Quc Dn nhit tnh gip chng ti hon thnh cun ti liu ny. Chng ti rt mong mun nhn c nhng kin chia s, ng gp t pha cc bn sinh vin v cc thy c gio cun ti liu tr nn hon thin hn. Mi thng tin phn hi xin gi v: Cu lc b Nh u t tng lai FIC Chng trnh tin tin, i hc Kinh t Quc dn Email: futureinvestorsclub@gmail.com Website: futureinvestorsclub.blogspot.com
H Ni, ngy 20 thng 11 nm 2009 Cu lc b Nh u t tng lai
Gio trnh chng khon c bn First Step
MC LC
CHNG I: TNG QUAN V TH TRNG CHNG KHON VIT NAM .......................... 1 I. nh ngha chng khon .................................................................................................................. 4 II. Phn loi chng khon .................................................................................................................... 4 1. C phiu (Stocks) ...................................................................................................................... 4 2. Tri Phiu (Bonds) .................................................................................................................... 8 3. Chng ch qu (Fund Certificates) .......................................................................................... 11 4. Chng khon phi sinh (Derivatives)...................................................................................... 11 III. Gii thiu th trng chng khon............................................................................................... 12 1. nh ngha v chc nng ............................................................................................................ 12 2. Phn loi th trng chng khon .............................................................................................. 13 3. Gii thiu mt s th trng trn th gii ................................................................................... 14 CHNG II: CC CH TH THAM GIA TH TRNG CHNG KHON ......................... 19 I.U ban Chng khon Nh nc (UBCKNN).................................................................................. 19 II. S Giao dch chng khon ............................................................................................................ 19 III. Cng ty chng khon (CTCK)..................................................................................................... 20 IV. Cc t chc pht hnh chng khon ............................................................................................ 22 V. Nh u t chng khon ............................................................................................................... 22 VI. Cc t chc c lin quan khc .................................................................................................... 22 CHNG III: GIAO DCH CHNG KHON .............................................................................. 23 I. Cc quy nh chung v giao dch chng khon .............................................................................. 23 1. Mt s thut ng ..................................................................................................................... 23 2. Cc quy nh c bn ................................................................................................................ 23 II. Hnh thc giao dch: ...................................................................................................................... 24 1.Giao dch trn th trng phi tp trung OTC (Over the counter) .......................................... 24 2.Giao dch ti s GDCK v trung tm GDCK ........................................................................... 25 III. Nhng khi nim c bn v giao dch chng khon trn sn HOSE v HNX ............................ 26 1. Cc phng thc khp lnh .................................................................................................... 26 2. Nguyn tc khp lnh ............................................................................................................. 26 3. n v giao dch v yt gi ..................................................................................................... 26 4. Bin dao ng gi............................................................................................................... 27 5. Xc nh gi c phiu, chng ch qu mi nim yt ............................................................... 27 6. Mt s quy nh v giao dch chng khon ca nh u t .................................................... 28 7. Lnh giao dch ......................................................................................................................... 28 8. Cc giao dch c bit ............................................................................................................. 30 CHNG IV: PHN TCH C BN.............................................................................................. 32 I. Bn co bch, c v phn tch bn co bch ................................................................................ 32 1. Bn co bch l g? ................................................................................................................. 32 2. Ti sao cn phi c Bn co bch ......................................................................................... 32 2 Gio trnh chng khon c bn First Step
i hc Kinh t quc dn, Chng trnh Tin tin Cu lc b chng khon Nh u t tng lai FIC 3. Bn co bch bao gm nhng thng tin g? ............................................................................ 33 4. Cch s dng bn co bch ..................................................................................................... 33 5. Nhng thng tin cn xem ........................................................................................................ 33 6. Thng tin chnh ca trang ba.................................................................................................. 34 7. Tm tt bn co bch .............................................................................................................. 34 8. Thng tin ti chnh cng chng u t tham gia c lm li nhun gim? ........................... 34 9. C ng, Hi ng qun tr v Ban gim c nhng ai l ngi iu hnh t pht hnh . 35 10. Cc yu t ri ro .................................................................................................................... 36 II. Cc h s ti chnh ........................................................................................................................ 36 1. Cc h s ti chnh c bn ...................................................................................................... 36 2. Ch s chng khon Vit Nam - Phng php tnh v iu chnh ......................................... 40 PH LC 42
CHNG I
TNG QUAN V TH TRNG CHNG KHON VIT NAM

I. nh ngha chng khon Theo lut chng khon nm 2006: chng khon l bng chng xc nhn quyn v li ch hp php ca ngi s hu i vi ti sn hoc phn vn ca t chc pht hnh. Chng khon c th hin di hnh thc chng ch, bt ton ghi s hoc d liu in t, bao gm cc loi chng khon sau y: + C phiu, tri phiu, chng ch qu + Quyn mua c phn, chng quyn, quyn chn mua, quyn chn bn, hp ng tng lai, nhm chng khon hoc ch s chng khon. + Cc loi chng khon khc theo quy nh ca php lut. Mt cch tng qut, chng khon l mt loi giy t v l mt loi ti sn c gi tr, c th em trao i, mua bn trn th trng. II. Phn loi chng khon 1. C phiu (Stocks) 1.1 a. Khi nim v c trng ca c phiu Khi nim:
C phiu l giy chng nhn s tin nh u t ng gp vo cng ty pht hnh. C phiu l chng ch do cng ty c phn pht hnh hoc bt ton ghi s xc nhn quyn s hu mt hoc mt s c phn ca cng ty . Ngi nm gi c phiu tr thnh c ng v ng thi l ch s hu ca cng ty pht hnh. C phiu c bn cht l mt cng c gp vn v ch do cc cng ty c phn pht hnh. Khi cn huy ng vn, cng ty c phn chia s vn cn huy ng thnh nhiu phn nh bng nhau, gi l cc c phn (shares/stocks). Ngi mua c phn gi l c ng (shareholders/stockholders). C dng c cp mt giy chng nhn s hu c phiu v ch c cng ty c phn mi pht hnh c phiu. Nh vy, c phiu chnh l mt chng th chng minh quyn s hu ca mt c ng i vi mt cng ty c phn v c ng l ngi c c phn th hin bng c phiu. Vn m cng ty c phn huy ng c t vic pht hnh c phiu c xem nh l vn thuc s hu cng ty.
b.
c trng ca c phiu
Tnh thanh khon cao (high liquidity) C phiu c kh nng chuyn ha thnh tin mt d dng. Tuy nhin, tnh thanh khon ca c phiu ph thuc vo nhiu yu t. Th nht l kt qu kinh doanh ca t chc pht hnh. Thng thng, nu t chc pht hnh hot ng kinh doanh c hiu qu, tr c tc cao, c phiu ca cng ty s thu ht nh u t v c phiu thc s d mua bn trn th trng. Ngc li, nu cng ty lm n km hiu qu, khng tr c tc hoc c tc thp, gi c phiu ca cng ty s gim v kh bn. Th hai l mi quan h cung cu trn th trng. Th trng c phiu cng nh cc loi th trng khc u chu s chi phi ca quy lut cung cu. Gi c phiu trn th trng khng ch ph thuc vo cht lng hot ng ca cng ty, m cn ph thuc rt ln vo nhu cu ca nh u t. Tuy mt loi c phiu rt tt, nhng th trng ang bo ha ngun cung (nhiu hng bn) th c phiu cng kh tng gi, thm ch xu hng gim gi chung ca th trng i khi nh ng gia c phiu tt v xu (tt c u gim v thanh khon thp). Ngc li, khi th trng khan him hng ha th ngay c nhng c phiu cht lng km hn cng c th bn d dng vi mc gi cao. Ngoi ra, cc nhn t khc nh u c, mc ngoc, lng on chng khon ca c nhn, t chc nhm to ra cung cu chng khon gi to cng lm tnh thanh khon b mo m. Tnh lu thng Tnh lu thng khin c phiu c gi tr nh mt loi ti sn thc s, nu nh tnh thanh khon gip cho ch s hu c phiu chuyn c phiu thnh tin mt khi cn thit th tnh lu thng gip ch s hu c phiu thc hin c nhiu hot ng nh tha k, tng, cho thc hin ngha v ti sn ca mnh. Tnh t bn gi C phiu c tnh t bn gi, tc l c phiu c gi tr nh tin. Tuy nhin, c phiu khng phi l tin v n ch c gi tr khi c m bo bng tin. Mnh gi ca c phiu cng khng phn nh ng gi tr ca c phiu. Tuy nhin, lu rng, vi c phiu ph thng th mnh gi ch yu mang tnh cht danh ngha do gi tr ca c phiu c quyt nh bi th trng, nhng vi c phiu u i th mnh gi gn vi gi tr thc t hn, v c tc c tnh ton theo mt s phn trm nht nh ca mnh gi. Tnh ri ro cao (high risk) V l thuyt, khi pht hnh, c phiu khng em li ri ro cho t chc pht hnh, m ri ro lc ny thuc v ch s hu c phiu. Nguyn nhn l gi tr ca c phiu do cc nguyn nhn khch quan quyt nh, nh kt qu kinh doanh ca t chc pht hnh, tnh hnh chnh tr, kinh t, x hi ca quc gia v ton th gii Hn na, gi tr c phiu cn b nh
5 Gio trnh chng khon c bn First Step
hng bi tm l ca s ng nh u t khi nm bt cc thng tin khng chnh xc hay chnh s thiu hiu bit ca nh u t cng khin c phiu ri ro hn. Tt nhin, ri ro cao thng i km vi k vng li nhun ln v iu ny to nn s hp dn ca c phiu i vi cc nh u t. Thi hn ca c phiu (Maturity) C phiu c thi hn thanh ton vn bng vi thi gian hot ng ca cng ty. Trn thc t, tr trng hp ph sn hoc kt qu kinh doanh qu ti t, ni chung cc cng ty s duy tr mi mi, cho nn c th ni thi hn ca c phiu l v hn. mc d vy, cc c ng c quyn chuyn nhng c phn cho ngi khc v bng cch c th rt li khon vn m mnh u t vo cng ty c phn. Gi tr c phiu (stock value): c th hin trn ba phng din sau: - Mnh gi (Face Value): l s tin ghi trn b mt c phiu. Mnh gi thng c ghi bng ni t. Mnh gi bng bao nhiu l do lut chuwngd khon hoc iu l cng ty quy nh. V d: Vit nam theo lut chng khon, mnh gi c phiu ca cc doanh nghip Vit nam thng nht l 10.000 VN. - Gi tr s sch (Book Value): l gi tr ca mi c phn cn c vo gi tr ti sn rng ca cng ty trn bng tng kt ti sn. V d: Mt cng ty c 1.000.000 c phiu, mnh gi 10.000 VN/ cp. Sau 10 nm hot ng, gi tr ti sn ca cng ty l 30 t ng. Khi gi tr ca mi c phn theo gi tr s sch l 30.000 VN, ta ni gi tr ghi s ca cng ty by gi l 30.000 . - Gi tr th trng (Market share): l gi c ca c phiu khi trao i, mua bn trn th trng. c. Cc quyn c bn ca c ng Quyn tham gia qun l cng ty Quyn ny c thc hin bng cch cc c ng bu ra mt hi ng qun tr thay mt mnh qun l, iu hnh cng ty. Cc c ng khng ch c quyn bu ra Hi ng qun tr m cn c th tham gia ng c lm thnh vin Hi ng qun tr. S lng phiu bu t l vi s lng c phn m c ng nm gi. Ngoi ra, hng nm cng ty cn t chc i hi c ng hp cc c ng li, bn v chin lc hoc cc c ng li, bn v cc chin lc hoc k hoch kinh doanh ln ca cng ty. Quyn s hu ti sn rng ca cng ty Cc c ng s hu cng ty theo t l c phn nm gi. Do vy, khi ti sn rng ca cng ty tng ln do lm n c li, gi tr cac c phn m cc c ng nm gi cng tng ln
theo. Khi cng ty c phn ngng hot ng, c ng c tham gia phn chia ti sn cn li ca cng ty. Quyn tham gia chia li nhun rng C ng c quyn hng mt phn li nhun rng ca cng ty t l vi s c phn s hu. phn li xho mi c phn c gi l c tc (Dividend). Quyn ny ch c thc hin khi cng ty lm n c li. Tuy nhin, khng phi lc no tt c li nhun u em chia cho c ng, cng c trng hp cng ty gi li mooyj phn nhm tng vn cho cng ty. 1.2 a. Cc loi c phiu C phiu thng hay c phiu ph thng (Common Stocks) . Ngi s hu c phiu ph thng c tham gia hp i hi ng c ng v c b phiu quyt nh nhng vn quan trng nht ca cng ty, c quyn bu c v ng c vo Hi ng qun tr ca cng ty. b. C phiu u i (Preferred Stocks) C phiu u i tng t nh c phiu ph thng nhng c ng s hu n khng c tham gia bu c v ng c vo Hi ng qun tr, nhng li c quyn c hng thu nhp c nh hng nm theo mt t l li sut c nh khng ph thuc vo li nhun ca cng ty, c u tin chia li c phn trc c ng ph thng v c u tin chia ti sn cn li ca cng ty khi cng ty thanh l, gii th. Ngoi ra, khc vi c phiu thng thng c phiu u i c th c mnh gi hoc khng c mnh gi. Bi v nhng hn ch ca c phiu u i nn v vy gi c ca n thng t biens ng trn th trng v thng khng hp dn nh u t so vi c phiu thng. c. C phiu qu (Treasury Stocks): L c phiu c giao dch trn th trng v c chnh t chc pht hnh mua li bng ngun vn ca mnh. d. C phiu cha pht hnh (Unissued Stocks): C phiu pht hnh (Issued Stocks): L loi c phiu m cng ty cha bao gi bn ra cho cc nh u t trn th trng. e. L c phiu m cng ty c bn ra cho cc nh u t trn th trng v cng ty thu v c ton b tin bn s c phiu . f. C phiu ang lu hnh (Outstanding Stocks): L c phiu hin ang lu hnh trn th trng v do cc c ng ang nm gi.
y l loi c phiu c y c c trng ca c phiu. V
1.3 iu kin pht hnh c phiu ln u ra cng chng. 1. L cng ty c phn c mc vn iu l gp ti thi im ng k pht hnh c phiu ti thiu 5 t ng Vit Nam. 2. Hot ng kinh doanh ca nm lin trc nm ng k pht hnh phi c li. 3. C phng n kh thi v vic s dng vn thu c t t pht hnh c phiu. 4. Vic pht hnh c phiu ra cng chng c vn thnh lp cng ty c phn mi hot ng trong lnh vc xy dng c s h tng, cng ngh cao khng bt buc phi thc hin quy nh ti khon 1 v 2 iu ny. 2. Tri Phiu (Bonds) 2.1 Khi nim v c im ca tri phiu. Tri phiu l mt loi chng khon m chng nhn ngha v n ca ngi pht hnh (ngi vay tin) phi tr cho ngi s hu tri phiu (ngi cho vay) i vi mt khon tin c th (mnh gi ca tri phiu), trong mt thi gian xc nh v vi mt li sut quy nh, v phi hon tr khon vay ban u khi n ngy o hn. Tri phiu c bn cht l mt cng c n, n phn nh mi quan h vay mn gia ngi i vay l nh pht hnh v ngi i vay l cc nh u t. Bn cht n ca tri phiu c phn nh qua cc c im sau y: - Nh pht hnh phi c ngha v (obligation) tr li vay cng nh hon tr vn gc cho tri ch trc khi tri phiu o hn. Trong trng hp khng tr c li v gc th phi bn ti sn ca mnh tr hoc tuyn b ph sn (declared bankrupt). - Ngha v tr n ca nh pht hnh tri phiu phi c m bo bng cc ti sn cm c hoc th chp hoc bng uy tn ca chnh ph pht hnh. - Tri ch lun c u tin hn c ng khi nhn li hoc nhn vn gc khi thanh l cng ty. - Mc d vy cc ch s hu tri phiu khng c tham gia vo cc quyt nh ca cng ty nh cc nh u t nm gi c phiu. 2.2 c trng ca tri phiu. a. Mnh gi (Face Value, Par Value):
L s tin ghi trn mi t tri phiu. Mnh gi chnh l s vn gc m nh pht hnh cn phi tr cho tri ch (Bondholders) khi tri phiu o hn. Mnh gi ca tri phiu thng l gi bn ca tri phiu khi pht hnh, tr mt s trng hp nh tri phiu chit khu (Discount bonds) hoc tri phiu khng tr li (Zerocoupon bonds). Theo lut Vit Nam, mnh gi ca tri phiu pht hnh ra cng chng c gi tr 100.000 VN v bi s ca 100.000 VN, M l 1.000 USD.
b.
Thi hn ca tri phiu (Maturity):
L khong thi gian tnh t ngy pht hnh n ngy o hn. Ngy o hn l ngy chm dt s tn ti ca khaonr n v nh pht hnh tri phiu phi hon tr vn gc v li cho tri ch. Tri phiu thng c thi hn di, thng ln hn 1 nm, ph bin t 2-5 nm, hoc lu hn. V d mt s nc trn th gii nh M thi gian thng 20-30 nm, cn chnh ph Anh c th pht hnh tri phiu Consol c thi gian vnh vin vo thi k chin tranh vi Napoleon. c) Li sut ca tri phiu (Bonds Interest): L khon tin m nh pht hnh phi tr cho tri ch (Bondholders). i vi tri phiu chit khu, khon tin li ny c xc nh trn c s chnh lch gia gi lc pht hnh v mnh gi ca n.i vi tri phiu Coupon, th li sut tri phiu c xc nh trn c s 1 t l phn trm nht nh trn mnh gi. T l phn trm ny c gi l tri sut hay li sut cung phiu (coupon rate). Li sut cung phiu c ghi r trn t tri phiu. Li tri phiu c n nh lc pht hnh khc nhau ty thuc vo tnh hnh li sut ngn hng, tnh hnh nn kinh t, uy tn ca nh pht hnh, v thi gian o hn nh th no. Nu cc tri phiu c ri ro nh nhau, nhn chung thi gian o hn cng di th li sut cng cao. Li tri phiu c th c tr vo u k (tri phiu chit khu), tr nh k (hng nm hoc na nm v d tri phiu Coupon), hoc cui k (trng hp cng tri xy dng t quc). 2.3 Phn loi tri phiu a. Cn c vo vic c ghi danh hay khng, gm hai loi: Tri phiu v danh: l tri phiu khng mang tn tri ch, c trn chng ch cng nh trn s sch ca ngi pht hnh. Nhng phiu tr li nh theo t chng ch, v khi n hn tr li, ngi gi tri phiu ch vic x ra v mang ti ngn hng nhn li. Khi tri phiu o hn, ngi nm gi n mang chng ch ti ngn hng nhn li khon cho vay. Tri phiu ghi danh: l loi tri phiu c ghi tn v a ch ca tri ch, trn chng ch v trn s ca ngi pht hnh. Hnh thc ghi danh c th ch thc hin cho phn vn gc, cng c th l ghi danh ton b, c gc ln li. Dng ghi danh ton b m ang ngy cng ph bin l hnh thc ghi s. Tri phiu ghi s hon ton khng c dng vt cht, quyn s hu c xc nhn bng vic lu gi tn v a ch ca ch s hu trn my tnh. b. Cn c vo i tng pht hnh
Tri phiu chnh ph (Government Bonds): l nhng tri phiu do chnh ph pht hnh nhm mc ch b p thm ht ngn sch, ti tr cho cc cng trnh cng ch, hoc lm cng c iu tit tin t.Tri phiu chnh ph l loi chng khon khng c ri ro thanh ton v cng l loi tri phiu c tnh thanh khon cao. Do c im , li sut ca tri phiu chnh ph c xem l li sut chun lm cn c n nh li sut ca cc cng c n khc c cng k hn. Tri phiu cng ty (Coporate Bonds): l cc tri phiu do cc cng ty pht hnh vay vn di hn.Tri phiu cng ty c c im chung sau: Tri ch c tr li nh k v tr gc khi o hn, song khng c tham d vo cc quyt nh ca cng ty. Nhng cng c loi tri phiu khng c tr li nh k, ngi mua c mua di mnh gi v khi o hn c nhn li mnh gi. Khi cng ty gii th hoc thanh l, tri phiu c u tin thanh ton trc cc c phiu. C nhng iu kin c th km theo, hoc nhiu hnh thc m bo cho khon vay.Tri phiu cng ty bao gm nhng loi sau: - Tri phiu c m bo (Secured Bonds): l tri phiu c m bo bng nhng ti sn th chp c th, thng l bt ng sn v cc thit b. Ngi nm gi tri phiu ny c bo v mt mc cao trong trng hp cng ty ph sn, v h c quyn i n i vi mt ti sn c th. - Tri phiu khng bo m (Unsecured Bonds): Tri phiu tn chp khng c m bo bng ti sn m c m bo bng tn chp ca cng ty. Nu cng ty b ph sn, nhng tri ch ca tri phiu ny c gii quyt quyn li sau cc tri ch c bo m, nhng trc c ng. Cc tri phiu tn chp c th chuyn i cho php tri ch c quyn chuyn tri phiu thnh c phiu thng ca cng ty pht hnh. Tu theo quy nh, vic chuyn i c th c tin hnh vo bt c thi im no, hoc ch vo nhng thi im c th xc nh.Ngoi nhng c im trn, mi t tri phiu c pht hnh c th c gn km theo nhng c tnh ring khc na nhm p ng nhu cu c th ca mt bn no . - Tri phiu c th mua li (callable bonds): cho php ngi pht hnh mua li chng khon trc khi o hn khi thy cn thit. c tnh ny c li cho ngi pht hnh song li bt li cho ngi u t, nn loi tri phiu ny c th c li sut cao hn so vi nhng tri phiu khc c cng thi hn. - Tri phiu c th chuyn i (Convertible Bonds): cho php ngi nm gi n c th chuyn i tri phiu thnh c phiu thng, tc l thay i t cch t ngi ch n tr thnh ngi ch s hu ca cng ty.
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2.4 iu kin pht hnh tri phiu. 1. L cng ty c phn, cng ty trch nhim hu hn, doanh nghip nh nc c mc vn iu l gp ti thi im ng k pht hnh ti thiu l 10 t ng Vit Nam. 2. Hot ng kinh doanh ca nm lin trc nm ng k pht hnh phi c li. 3. C phng n kh thi v vic s dng v tr n vn thu c t t pht hnh tri phiu. 4. Phi c t chc bo lnh pht hnh. 5. T chc pht hnh tri phiu phi xc nh i din ngi s hu tri phiu. (theo lut chng khon hiu lc ngy 1/1/2007) 3. Chng ch qu (Fund Certificates) Chng ch qu l loi chng khon xc nhn quyn s hu ca NT i vi mt phn vn gp ca qu i chng. Qu i chng l qu u t chng khon hnh thnh t vn gp ca NT, vi mc ch kim li nhun t vic a dng ha u t vo chng khon hoc cc dng ti sn u t khc nhau nhm phn tn ri ro, trong NT khng c quyn kim sot hng ngy i vi vic ra quyt nh u t ca qu. Khi mun thnh lp qu, cng ty qun l qu phi pht hnh chng ch qu, NT mua chng ch qu tc l xc nhn s gp vn ca mnh vo qu chung . V bn cht, chng ch qu cng ging nh c phiu ca mt cng ty: l bng chng xc nhn quyn s hu, hng li nhun trn phn vn gp v c bit c nim yt trn TTCK mua bn gia cc nh u t. Tuy nhin, c 3 im khc nhau gia chng. Th nht, c phiu l phng tin huy ng vn ca mt cng ty kinh doanh mt vi ngnh ngh c th, cn chng ch qu l phng tin thnh lp qu ca mt qu u t chng khon, m ngnh ngh hot ng chnh l u t chng khon. Th hai, nu ngi s hu c phiu ph thng c quyn biu quyt hay qun l cng ty th nh u t s hu chng ch qu khng c quyn tng t, mi quyn hnh u do cng ty qun l qu quyt nh. Th ba, khi u t ring l vo c phiu hay tri phiu, nh u t ch yu phi da vo s nh gi ca mnh ra quyt nh u t v theo di khon u t, trong khi nu mua chng ch qu, nhng iu ny s do cng ty qun l qu thay mt nh u t thc hin. 4. Chng khon phi sinh (Derivatives) Chng khon phi sinh l nhng cng c c pht hnh trn c s nhng cng c c nh c phiu, tri phiu, nhm nhiu mc tiu khc nhau nh phn tn ri ro, bo v li nhun hoc to li nhun. Cc chng khon phi sinh s l n by, lm tng nhiu ln gi tr cc cc i tng u t nh c phiu, tri phiu, hoc m bo rng nu gi ca c phiu,
tri phiu c thay i bao nhiu th gi ca cc cng c phi sinh vn s c duy tr mc ban u. Th trng cc chng khon phi sinh l th trng pht hnh v mua i bn li cc chng t ti chnh, nh quyn mua c phiu, chng quyn, hp ng quyn chn. Cc cng c phi sinh rt phong ph v a dng, nhng c bn cng c chnh l Hp ng k hn (forwards), Hp ng tng lai (futures), Quyn chn mua hoc bn (options) v Hp ng hon i (swaps). Ngy nay khi th trng chng khon bin ng tng giy tng pht th vic nm trong tay nhng cng c phi sinh l mt bin php khn ngoan i ph vi ri ro. Cc phi sinh chng khon Futures v Options thng phc tp v c tnh cht dao ng mnh, nhng ng thi cng l cc phng n u t c ch. Futures l ngha v mua hoc bn mt hng ho c th no , v d nh: ng cc, vng hay tri phiu Kho bc trong mt ngy no theo mt gi c xc lp trc. Options l quyn bn hoc mua mt hng mc hng ho c th no nh: c phiu, kim loi qu hoc tri phiu Kho bc theo mt gi xc lp trc trong mt khon thi gian no . III. Gii thiu th trng chng khon 1. nh ngha v chc nng 1.1 nh ngha Th trng chng khon l mt th trng m ngi ta trao i, mua bn, chuyn nhng chng khon nhm mc ch kim li nhun. 1.2 Chc nng a. Huy ng vn u t cho nn kinh t Khi cc nh u t mua chng khon do cc nh u t pht hnh, s tin nhn ri ca h c a vo hot ng sn xut kinh doanh v qua gp phn m rng sn xut x hi. Thng qua TTCK, chnh ph v chnh quyn cc a phng cng huy ng c cc ngun vn cho mc ch s dng v u t pht trin h tng kinh t, phc v cc nhu cu chung ca x hi b. Cung cp mi trng u t cho cng chng TTCK cung cp cho cng chng mt mi trng u t lnh mnh vi cc la chn phong ph. Cc loi chng khon trn th trng l rt khc nhau v tch cht, thi hn, ri ro cho php cc nh u t c th la chn hng ha ph hp kh nng, mc tiu v s thch ca mnh.
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c. To tnh thanh khon cho cc chng khon Nh c TTCK cc nh u t c th chuyn i cc chng khon h s hu thnh tin mt hoc cc loi chng khon khc khi h mun. Kh nng thanh khon l mt trong nhng c tnh hp dn ca chng khon i vi nh u t. y l yu t cho thy tnh linh hot, an ton ca vn u t. TTCK hot ng cng nng ng v c hiu qu th tnh thanh khon ca cc chng khon trn th trng cng cao. d. nh gi hot ng ca doanh nghip Thng qua chng khon, hot ng ca cc doanh nghip c phn nh mt cch tng hp v chnh xc, gip cho vic nh gi v so snh hot ng ca doanh nghip c nhanh chng v thun tin, t cng to ra mi trng cnh tranh lnh mnh nhm nng cao hiu qu s dng vn, kch thch p dng cng ngh mi, ci tin sn phm e. To mi trng gip chnh ph thc hin cc chnh sch v m Cc ch bo ca TTCK phn nh ng thi ca nn kinh t mt cch nhy bn v chnh xc. Gi cc chng khon tng ln cho thy u t ang m rng, nn kinh t tng trng; ngc li gi chng khon gim s cho thy cc du hiu tiu cc ca nn kinh t. V th , TTCK c gi l phong v biu ca nn kinh t v l mt cng c quan trng gip chnh ph thc hin cc chnh sch kinh t v m. Thng qua th trng chng khon, chnh ph c th mua v bn tri phiu chnh ph to ra ngun thu b p thm ht ngn sch v qun l lm pht. Ngoi ra, chnh ph cng c th s dng mt s chnh sch, bin php tc ng vo TTCK nhm nh hng u t, m bo cho s cn i ca nn kinh t 2. Phn loi th trng chng khon 2.1 Xt v phng din php l th trng chng khon c chia thnh th trng tp trung v th trng phi tp trung a) Th trng chng khon tp trung: L th trng hot ng theo ng cc quy nh ca php lut, l ni mua bn cc loi chng khon c ng biu hay c bit c bit l. Chng khon ng biu l chng khon c c quan c thm quyn cho php bo m, phn phi v mua bn qua trung gian cc kinh k v cng ty kinh k, t l hi tiu chun quy nh. Chng khon bit l l chng khon do chnh ph hoc cc c quan cng quyn pht hnh v bo m. Loi chngkhonny c min gip php ca c quan c thm quyn. b) Th trng chng khon phi tp trung (OTC): L th trng mua bn chng khon nm ngoi s giao dch, khng c a im tp trung nhng nh mi gii, nhng ngi kinh doanh chng khon nh ti s giao dch. cc
giao dch y ch yu l da vo s tho thun gia ngi mua v ngi bn, khng c s kim sot t Hi ng Chng khon. Cc loi chng khon mua bn y thng l nhng chng khon khng c ng biu, t ngi bit n hoc t c mua bn. 2.2 Xt v qu trnh lun chuyn chng khon th th trng chng khon c chia lm th trng s cp v th trng th cp. a) Th trng s cp: Cn gi l th trng cp mt hay th trng pht hnh, hm ch ni din ra cc hot ng mua bn chng khon mi pht hnh ln u. Th trng s cp l th trng to vn cho n v pht hnh. b) Th trng th cp: cn gi l th trng cp hai hay th trng lu thng,l ni n ni din ra cc giao dch mua bn chng khon sau khi pht hnh ln u. Ni cch khc th trng th cp l th trng mua i bn li cc loi chng khon pht hnh qua th trng s cp. 3. Gii thiu mt s th trng trn th gii 3.1 Th trng chng khon M Ti M c 3 th trng chng khon chnh l th trng chng khon New York, th trng chng khon Amex v th trng chng khon NASDAQ (Hip hi nhng nh mi gii kinh doanh chng khon yt gi t ng). C quan quc gia chu trch nhim gim st v hoch nh chnh sch lin quan n cc giao dch chng khon l SEC (U ban Chng khon v Giao dch). Wall Street (khng phi th trng chng khon nhng l ni t tr s ca nhiu TTCK) Wall Street (Ph Wall) thuc qun Manhattan, thnh ph New York, M. Ph Wall chy v hng ng t dc i l Broadway ti South Street bn sng East River, xuyn qua trung tm lch s - Khu vc Ti chnh (Financial District). Ph Wall tng l ngi nh thng xuyn ca sn giao dch chng khon New York, v qua thi gian, ci tn Ph Wall tr thnh mt cch gi hon d cho nhng hot ng ti chnh c nh hng ln nht M cng nh l ngnh cng nghip ti chnh M. Mt s loi c phiu v sn giao dch chng khon ca M vn t tr s chnh Ph Wall v trong Khu vc Ti chnh, bao gm NYSE, NASDAQ, AMEX v NYBOT. Rt nhiu cng ty ti chnh c tr s chnh New York khng cn nm Ph Wall m khu vc Midtown cng thuc Manhattan, v cc khu vc bn ngoi bang nh Long Island, Westchester County, Fairfield County, Connecticut, hoc New Jersey. Ngy nay, khi ni n cc cng ty Ph Wall, khng nht thit c ni rng cng ty c t ti Ph Wall, m l cng ty lm cc dch v ti chnh, cc cng ty ny c th c
tr s bt c ni no trn th gii. Nhn lc Ph Wall ch yu hot ng trong cc lnh vc lut v ti chnh cho cc cng ty va v ln. a. Nasdaq 100 NASDAQ, nguyn vn l National Association of Securities Dealers Automated Quotation System l mt sn giao dch chng khon Hoa K. y l sn giao dch in t ln nht ti Hoa K hin nay. Vi khong 3.200 giao dch hng ngy ti sn, NASDAQ hin l sn giao dch ln nht th gii.[1] Sn ny c lp nm 1971 bi Hip hi Quc gia cc Nh bun Chng khon National Association of Securities Dealers (NASD) Nasdaq 100: theo 100 c phiu ln nht c nim yt bi th trng Nasdaq. y l mt mng my tnh cho php nhng nh mi gii mua bn vi nhau. Nasdaq 100 bt u mua bn vo thng 3 nm 1999 di biu tng QQQ. Nhng nh mi gii gi nhng ch s c phiu ny l Qs hay Qubes (n l Q c lu tha ba ln). Cc cng ty trn NASDAQ: Cc cng ty trn NASDAQ c khuynh hng nh hn v tr hn nhng cng ty trn New York, nhng th trng cng lit k ch s cng nghip trung bnh DowJones ca nhng nh khng l Microssoft v Itel. Mc d khng c n lc no la chn nhng c phiu k thut i vi Nasdaq 100, ch s ny thng c coi nh mt ch s c phiu k thut n gin bi v hn hp ca n l hu ht cc cng ty cng ngh k thut mi. N c o lng nh th no ? Nasdaq 100 c o lng s dng mt phng thc nghing v t bn ho b sung. Nhng cng ty ln hn c nh gi ch trng hn v vic thin v c lm duy tr nhng cng ty ln i li vic xm nhp ca cng ty nh hn. Thut ton thc t c xu hng nghing v c quyn. b. Dow Jones Ch s trung bnh cng nghip Dow Jones hay Ch s bnh qun cng nghip Dow Jones (Dow Jones Industrial Average, vit tt DJIA, cn gi Dow 30, Dow Jones cng nghip, hoc Dow Jones; NYSE: DJI) l mt trong vi ch s th trng chng khon c to ra bi Charles Dow, ch bo The Wall Street Journal v ng sng lp vin ca cng ty Dow Jones & Company vo th k 19. Dow tp hp ch s ny nh gi khu vc cng nghip ca th trng chng khon ti Hoa K. N l ch s M lu i th hai, ch sau Ch s Trung bnh Vn ti Dow Jones, cng do Dow to ra. Cc cng ty trn DOWJONES
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Ch s tnh gi tr ca 30 cng ty c phn ln nht v c nhiu c ng nht trong nc M. Tuy tn c phn "cng nghip", t trong nhng thnh phn ngy nay cn c lin quan n cng nghip nng. Ch s ny c tnh theo bnh qun gia quyn gi (price-weighted average). chnh li ch s sau cc vic tch c phn v cc sa i khc, ch s s dng bnh qun gia quyn (weighted average), thay v tnh s bnh qun cc gi chng khon thnh phn. Tng ca cc gi thnh phn c chia bng c s thay i lc no m mt chng khon thnh phn c tch hoc tr c tc bng c phn, tnh ra gi tr ca ch s. Ti v hin nay c s t hn mt, gi tr ca ch s cao hn tng cc gi thnh phn. Ch s c o nh th no? T trung bnh nm trong tiu bi v nhng cch tnh ch s c tnh nguyn gc bng cch cng cc gi c phiu v chia cho s c phiu. H thng phng php chnh tng t nh ngy nay, nhng s chia c thay i bo tn s lin tc da trn nghin cu v lch s. DJIA l mt ch s nghing v gi c tnh hng ngy da trn gi ca mi cng ty khng mt nh gi no v c ca mi cng ty. c. S&P 500 L ch s bao gm 500 loi c phiu c la chn t 500 cng ty c mc vn ha th trng ln nht ca M. Ch s S&P 500 c thit k tr thnh mt cng c hng u ca th trng chng khon M v c ngha phn nh nhng c im ri ro li nhun ca cc cng ty hng u. Cc cng ty c la chn a vo ch s c la chn ra bi y ban Ch s S&P, mt nhm cc nh phn tch v nh kinh t ca Standard & Poor. Ch s S&P 500 l ch s o gi tr th trng gi tr mi c phn trong ch s cn xng vi gi tr ca n. Ch s S&P 500 l mt trong nhng ch s tiu chun c s dng ph bin nht cho ton b th trng chng khon M. Nhng ch s ph bin khc ca Standard & Poor l S&P 600, mt ch s ca nhng cng ty c gi tr vn ha th trng nh t 300 triu - 2 t la, v S&P 400, mt ch s ca cc cng ty c mc vn ha th trng trung bnh t 2 - 10 t la. 3.2 Ch s chu : NIKKEI, HANGSENG, ASX NIKKEI, HANGSHENG, ASX l 3 ch s chng khon hng u ca chu v c coi l phong v biu ca nn kinh t khu vc ny a. Ch s Nikkei Average 225 Nikkei 225 l mt ch s th trng chng khon ca S Giao dch Tokyo (Tokyo Stock Exchange). Ch s ny c tnh bi bo Nihon Keizai Shimbun (Nikkei) t nm 1950.
Hin ti, Nikkei c coi l kim ch nam ca nn kinh t Nht Bn, tng t nh ch s cng nghip Dow Jones. Trn thc t, trong khong thi gian t nm 1975 n 1985, Nikkei c bit n vi tn ch s chng khon trung bnh Nikkei Dow Jones. Ch s Nikkei bt u c tnh t ngy 7/9/1950. Mt ch s chnh khc ca S giao dch Chng khon Tokyo l Topix. b. Ch s Hang Seng Ch s Hang Seng l ch s chng khon c xy dng da trn gi tr vn ha th trng ca cc cng ty ln nht Hng Kng. N c s dng ghi li v theo di nhng thay i hng ngy ca nhng cng ty ln nht trn th trng chng khon Hng Kng v l ch s biu chnh biu hin tnh hnh hot ng ca ton b th trng Hng Kng. 40 cng ty c tnh i din cho khong 65% gi tr vn ha trn th trng chng khon Hng Kng. Ch s Hang Seng c a ra vo ngy 24 thng 11 nm 1969 v hin c duy tr bi cng ty HSI Services Limited, y l mt cng ty b nm gi 100% bi ngn hng Hang Seng-ngn hng ln nht ng k v nim yt ti Hng Kng xt v gi tr vn ha th trng. c. Ch s S&P/ASX 200 (S&P/ASX 200) L ch s mc vn ha c s dng nhiu nht ca c, c bt u t thng 4 nm 2000. N thay th ch s gi tr vn ha th trng (All Ordinaries Index) trn sn giao dch chng khon c (Asx) tr thnh cng c quan trng nht nh gi hot ng trn sn giao dch. Ch s c to bi 200 c phiu c la chn bi y ban ch s S&P/ASX Australian, cn c theo tnh thanh khon v quy m. S lng ca cc cng ty lun c nh con s 200. Khi mt thnh phn ca ch s b loi, n s ngay lp tc c thay th bi 1 cng ty trong S&P/ASX 300, nhng khng nm trong S&P/ASX 200. Tnh thanh khon ca ch s h tr giao dch cc chng khon phi sinh v thnh lp cc qu, v cao hp dn cc nh u t quc t. Ch s S&P/ASX 200 c thit lp bi cng ty Standard & Poor's. t mc 6000 im ln u tin vo th 3, ngy 15 thng 1 nm 2006. Cc ch s chng khon chu u: FTSE, CAC, DAX FTSE 100, CAC 40, DAX 30 l 3 trong s nhng ch s hng u chu u v cng l nhng ch s kinh t quan trng ca cc nc Anh, Php, c.
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a.
Ch s FTSE 100 (FTSE 100)
Ch s FTSE 100 (c l footsie) l ch s c phiu ca 100 cng ty c gi tr vn ha ln nht c nim yt trn S giao dch chng khon Lun n (LSE), c bt u t ngy mng 3 thng 1 nm 1984, vi im sn l 1000. Ch s c xem nh phong v biu ca nn kinh t Anh v l ch s c phiu hng u chu u. N c duy tr bi FTSE Group, mt cng ty c lp m ban u l kt qu ca s lin doanh gia Financial Times v LSE (FTSE chnh l vit tt ca Financial Times Stock Exchange). Theo website ca FTSE Group, 100 cng ty FTSE 100 chim n 80% th trng chng khon Anh. b. Ch s DAX 30 DAX 30 (vit tt ca Deutsche Aktien Xchange 30, tin thn ca Deutscher AktienIndex 30) l mt ch s th trng chng khon cho cc c phiu blue chip bao gm 30 cng ty ln nht ca c giao dch trn sn GDCK Frankfurt, cn c theo khi lng giao dch v gi tr vn ha th trng. Gi c tnh theo gi trn h thng giao dch in t Xetra. c. Ch s CAC 40 Ch s th trng chng khon Php, cn c trn c phiu ca 40 cng ty c gi tr vn ha th trng ln nht ca sn giao dch chng khon Paris Bourne, Php. CAC l vit tt ca Compagnie des Agents de Changem.
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i hc Kinh t quc dn, Chng trnh Tin tin Cu lc b chng khon Nh u t tng lai FIC CHNG II
CC CH TH THAM GIA VO TH TRNG CHNG KHON

I. U ban Chng khon Nh nc (UBCKNN) y ban Chng khon Nh nc l mt c quan qun l Nh nc, trc thuc B Ti chnh Vit Nam, qun l v cc hot ng lin quan n chng khon trn lnh th Vit Nam. y l c quan ban hnh nhng lut l lin quan n kinh doanh chng khon, tham mu v son tho d tho lut kinh doanh chng khon cho Quc hi v cc ngh nh hng dn thi hnh lut ny cho Chnh ph. Cc cng ty c phn mun c nim yt ti hai trung tm: S Giao dch Chng khon Thnh ph H Ch Minh v S giao dch chng khon H Ni u phi c s chp thun ca y ban ny. Hai trung tm giao dch chng khon ti H Ni v Thnh ph H Ch Minh l cc n v trc thuc ca y ban Chng khon Nh nc. II. S Giao dch chng khon S giao dch chng khon l c quan thc hin vn hnh th trng v ban hnh nhng quyt nh iu chnh cc hot ng giao dch chng khon trn S ph hp vi cc quy nh ca lut php v UBCKNN. Chc nng ca s giao dch chng khon: Hot ng ca s giao dch chng khon H Ni c t chc nhm mc ch u gi c phn cho cc doanh nghip, u thu tri phiu chnh ph, t chc giao dch chng khon theo c ch ng k giao dch. C th: - T chc, qun l, iu hnh vic mua bn chng khon - Qun l, iu hnh h thng giao dch chng khon - Cung cp cc dch v h tr vic mua bn chng khon, dch v lu k chng khon - Thc hin ng k chng khon 1. S giao dch chng khon Thnh ph H Ch Minh (website:http://www.hsx.vn) S Giao dch Chng khon Thnh ph H Ch Minh (HOSE) c thnh lp thng 7 nm 2000, l mt n v trc thuc y ban Chng khon Nh nc v qun l h thng giao dch chng khon nim yt ca Vit Nam. Ch s gi c phiu trong mt thi gian nht nh (phin giao dch, ngy giao dch) ca cc cng ty nim yt ti trung tm ny c gi l VNIndex. S Giao dch Chng khon Thnh ph H Ch Minh hot ng nh mt cng ty trch nhim hu hn mt thnh vin Nh nc vi s vn iu l l mt nghn t ng.
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2.
S giao dch chng khon H Ni (website: http://www.hnx.vn)
Ra i ngy 11 thng 07 nm 1998 theo quyt nh ca 127/1998/Q-TTg, lc u mang tn Trung tm Giao dch chng khon H Ni (HASTC). T 17 thng 1 nm 2009 mang tn hin ti.S giao dch chng khon H Ni hot ng theo hnh thc cng ty trch nhim hu hn mt thnh vin thuc s hu nh nc vi vn iu l l 1.000 t ng. III. Cng ty chng khon (CTCK)
CTCK l t chc ti chnh trung gian thc hin mt hoc mt s nghip v kinh doanh chng khon. 1. Cc nghip v kinh doanh
- Mi gii - T doanh - Bo lnh pht hnh - T vn ti chnh - Lu k - Qun l danh mc u t 2. Cc nghip v ca cng ty chng khon a. Dch v phc v cc nh u t Mi gii: Lm trung gian thc hin lnh mua bn chng khon cho khch hng Gip lnh mua, bn ca cc KH gp nhau Cung cp thng tin CK cho KH T vn, gip KH a ra c quyt nh u t hp l Thu ph mi gii T vn u t: Gip nh u t a ra quyt nh mua bn Cung cp thng tin Khuyn ngh u t: mua/bn/nm gi Phn tch v m Phn tch ngnh Phn tch cng ty Phn tch c phiu Phn tch xu hng th trng Thng l nghip v gin thu: h tr hot ng mi gii v cc hot ng khc Qun l danh mc u t Nhn vn v u quyn (y thc) ca khch hng
b.
u t vn ca khch hng vo chng khon (mua/bn) Mc ch: vn ca khch hng t c mc sinh li ti u nht Dch v t chc pht hnh T vn c phn ha Xc nh gi tr doanh nghip T vn c cu c ng Trung gian t chc bn u gi c phn T vn x l lin quan n c phn T vn xy dng iu l T vn t chc i hi c ng T vn pht hnh chng khon T vn lp phng n pht hnh Gi pht hnh/ li sut pht hnh Thi im pht hnh i tng nh u t i l pht hnh Bo lnh pht hnh Cam kt bao tiu ton b: Mua ht ngay sau bn li Cam kt mua nt ton b phn khng bn ht T vn nim yt chng khon a chng khon ca t chc pht hnh ln giao dch ti s Giao dch chng T vn lp h s nim yt v p ng cc iu kin nim yt T vn cng tc cng b thng tin v quan h vi nh u t Lu k chng khon Lu gi an ton chng khon Nhn c tc/ tri tc v quyn li khc cho nh u t Qun l danh sch c ng/ danh sch tri ch: lm th tc xc nhn vic chuyn
khon/ th trng giao dch chng khon -
nhng gia cc c ng/ gia cc tri ch Cc dch v khc T vn ti c cu ti chnh T vn mua bn, st nhp doanh nghip
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c.
T doanh Mua bn cho chnh cng ty chng khon, v li ch ca cng ty Tch bit gia t doanh vi mi gii v qun l danh mc u t (trnh xung t
li ch vi nhng dch v v li ch ca khch hng) Cng ty chng khon phi u tin thc hin lnh cho khch hng trc lnh t doanh IV. Cc t chc pht hnh chng khon Nh pht hnh l cc t chc thc hin huy ng vn thng qua th trng chng khon. Nh pht hnh l ngi cung cp cc chng khon - hng ho ca th trng chng khon. Chnh ph v chnh quyn a phng l nh pht hnh cc tri phiu Chnh ph v tri phiu a phng. Cng ty l nh pht hnh cc c phiu v tri phiu cng ty. Cc t chc ti chnh l nh pht hnh cc cng c ti chnh nh cc tri phiu,
chng ch th hng... phc v cho hot ng ca h. V. Nh u t chng khon Nh u t l nhng c nhn hay t chc tham gia mua v bn chng khon trn th trng chng khon. Cc t chc u t c th l cc cng ty u t, cng ty bo him, cng ty ti chnh, ngn hng thng mi v cc cng ty chng khon. Nh u t c nhn: Mi c nhn ch c m 01 ti khon do c nhn ng tn ch ti khon v ch m ti mt cng ty chng khon duy nht. Theo Lut nh th c nhn iu kin m ti khon giao dch chng khon l nhng ngi c t cch php nhn hay ni cch khc l c CMND. Sau khi ti khon giao dch chng khon c m th ch ti khon hon ton c th tham gia giao dch chng khon trn th trng (i vi lnh Mua, trong ti khon giao dch phi c t nht 70% tng gi tr giao dch cng ph giao dch; i vi lnh Bn th ti khon giao dch phi c 100% s chng khon mun bn). Vic m ti khon rt n gin: nh u ch cn mang chng minh th gc ti CTCK v in cc thng tin c nhn v Giy yu cu m ti khon. Ti a sau 30 pht, nh u t c th np tin vo ti khon v kinh doanh chng khon. VI. Cc t chc c lin quan khc - Cc ngn hng thng mi; - Hip hi cc nh kinh doanh chng khon; - Cc t chc ti tr chng khon:
CHNG III
GIAO DCH CHNG KHON

I. Cc quy nh chung v giao dch chng khon 1. Mt s thut ng Thnh vin giao dch ti TTGDCK TP. HCM l cng ty chng khon c TTGDCK TP.HCM chp thun tr thnh thnh vin giao dch i din giao dch ca thnh vin TTGDCK TP.HCM l nhn vin do thnh vin c v c TTGDCK TP.HCM cp th i din giao dch Gi tham chiu l mc gi lm c s TTGDCK TP.HCM tnh gii hn dao ng gi chng khon trong ngy giao dch Bin dao ng gi l gii hn dao ng gi chng khon quy nh trong ngy giao dch tnh theo t l phn trm so vi gi tham chiu Gi thc hin l gi chng khon c xc nh t kt qu khp lnh hoc gi hnh thnh t giao dch tha thun Gi m ca l gi thc hin ti ln khp lnh u tin trong ngy giao dch Gi ng ca l gi thc hin ti ln khp lnh cui cng trong ngy giao dch. Trong trng hp khng c gi thc hin trong ngy giao dch, gi ng ca c xc nh l gi ng ca ca ngy giao dch gn nht trc 2. Cc quy nh c bn a. S GDCK TP. HCM t chc giao dch i vi cc loi chng khon sau y:
C phiu Chng ch qu u t chng khon Tri phiu Cc loi chng khon khc sau khi c s chp thun ca UBCKNN Trung tm Lu k chng khon cp m chng khon cho cc chng khon nim yt ti S GDCK TP.HCM trn c s thng nht vi bng phn b m k t ca S GDCK TP. HCM. b. Chng khon nim yt ti S GDCK TP.HCM oc giao dch thng qua h thng giao dch ca S GDCK TP.HCM, ngoi tr cc trng hp sau: Giao dch l l Cho mua cng khai
u gi bn phn vn nh nc ti t chc nim yt Cho, biu, tng, tha k Giao dch sa li sau giao dch Cc trng hp khc theo Quy nh ca S GDCK TP.HCM Ch i din giao dch ca thnh vin mi oc nhp lnh vo h thng giao dch. Hot ng ca i din giao dch phi tun th Quy cht giao dch v cc quy nh lin quan ca S GDCK TP.HCM v i din giao dch. Thnh vin chu trch nhim v vic thc hin nhim v ca cc a din giao dch ca mnh. II. Hnh thc giao dch: 1. Giao dch trn th trng phi tp trung OTC (Over the counter) Xut hin sm nht trong lch s hnh thnh v pht trin ca th trng chng khon, th trng OTC (Over the counter) c ngha l th trng giao dch qua quy. iu ny xut pht t c th ca th trng l cc giao dch mua bn trn th trng u c thc hin trc tip ti cc quy ca cc ngn hng hoc cc cng ty chng khon m khng phi thng qua cc trung gian mi gii a vo u gi tp trung. Nh vy, th trng OTC l th trng khng c trung tm giao dch tp trung, tt c cc giao dch mua bn u din ra ti cc quy giao dch ca cc ngn hng v cng ty chng khon. c im quan trng nht phn bit th trng OTC v th trng chng khon tp trung l c ch xc lp gi ch yu bng hnh thc thng lng tha thun song phng gia ngi mua v ngi bn. Ti Vit Nam, t ngy 24/06/2009 sn chng khon UPCOM (sn giao dch c phiu ca cc cng ty i chng cha nim yt) ra i, nh du chnh thc vic i vo khun kh ca th trng OTC Vit Nam di s qun l ca nh nc. Theo quy nh, sn UPCOM cng s giao dch t th 2 n th 6 hng tun, tr cc ngy ngh theo quy nh trong Lut Lao ng, bui sng t 10 gi n 11 gi 30 pht v bui chiu l t 13 gi 30 pht n 15 gi. Chng khon c giao dch trn sn UPCOM gm c phiu, tri phiu chuyn i ca cc cng ty i chng cha nim yt hoc b hy nim yt ti HNX hay HOSE. Di y l cch thc giao dch trn sn chng khon UPCOM: Khc vi giao dch trn th trng nim yt l giao dch khp lnh t ng, khi ngi mua v ngi bn nhp lnh m c s tng ng v gi th h thng s t khp lnh; giao dch trn th trng UPCoM c thc hin bi s tha thun gin tip gia nhng ngi bn, ngi mua thng qua cng ty chng khon.
Nu nh u t t tm c i tc chuyn nhng, hay chuyn nhng trc tip vi cng ty chng khon th sau khi tha thun xong gi v khi lng, cng ty chng khon s nhp kt qu giao dch vo h thng ca Trung tm Giao dch Chng khon H Ni (HNX). y gi l giao dich tha thun thng thng.. Trong trng hp nh u t cha tm c i tc chuyn nhng, cng ty chng khon s theo di cc lnh cho mua, cho bn c trn h thng (do cng ty chng khon khc nhp vo) la chn lnh ph hp v thc hin lnh giao dch cho khch hng. y gi l giao dch tha thun in t. UPCoM c ch s tng hp, c cng b tng t nh VN-Index, HNX-Index. Trn UPCoM, bin giao ng gi l +/- 10% (trong khi ti sn H Ni l +/- 7%, sn TPHCM l +/-5%). Chng khon sau khi mua bn th c thanh ton theo phng thc T+3, ging nh trn th trng nim yt hin nay (ngha l 3 ngy sau khi giao dch th chng khon hay tin mt s v n ti khon ca khch hng). Mt s th trng OTC trn th gii: Th trng OTC M: Th trng OTC giao dch qua mng my tnh Nasdaq c thnh lp t nm 1971 Th trng OTC Nht Bn c 2 th trng Jasdaq ( 1991) v Jnet (2000) Th trng OTC Hn Quc Kosdaq Th trng OTC Malaysia Mesdaq
2.
Giao dch ti s GDCK v trung tm GDCK
Hin nay Vit Nam c s giao dch chng khon TP.HCM HOSE v trung tm giao dch chng khon H Ni HNX. Thi gian giao dch: 8h30 n 11h cc ngy t th 2 n th 6 hng tun, tr cc ngy l Phng thc giao dch: Giao dch khp lnh v giao dch tha thun 2.1 Giao dch trn sn HOSE: 8h30 9h: 9h 10h15: 10h15 10h45: 10h45 11h: Khp lnh nh k xc nh gi m ca Khp lnh lin tc Khp lnh nh k xc nh gi ng ca Giao dch tha thun
2.2 Giao dch trn sn HNX:

8h30 11h: lnh lin tc
Giao dch tha thun v giao dch khp
III. Nhng khi nim c bn v giao dch chng khon trn sn HOSE v HNX 1. Cc phng thc khp lnh a) Khp lnh nh k (Call Auction): L phng thc giao dch trong gi thc hin mua v bn c xc nh theo iu kin cho php khi lng giao dch cao nht, trn c s tp hp tt c cc lnh mua v lnh bn trong mt khong thi gian nht nh Phng thc khp lnh nh k c s dng xc nh gi m ca v gi ng ca ca chng khon trong phin giao dch b) Khp lnh lin tc (Continuous auction): L phng thc giao dch c thc hin trn c s so khp cc lnh mua v lnh bn chng khon ngay khi lnh c nhp vo h thng giao dch. Nguyn tc xc nh gi trong phng thc khp lnh lin tc l mc gi ca cc lnh gii hn i ng ang nm ch trong s lnh. c) Phng thc giao dch tha thun: L phng thc giao dch trong cc thnh vin t tho thun vi nhau v cc iu kin giao dch v c i din giao dch ca thnh vin nhp thng tin vo h thng giao dch ghi nhn. Ch : C phiu v chng ch qu u t c giao dch theo phng thc khp lnh v tho thun. Tri phiu c giao dch theo phng thc tho thun. 2. Nguyn tc khp lnh a. u tin v gi: Lnh mua c mc gi cao hn c u tin thc hin trc Lnh bn c mc gi thp hn c u tin thc hin trc b. u tin v thi gian: Trng hp cc lnh mua hoc lnh bn c cng mc gi th lnh nhp vo h thng giao dch trc s c u tin thc hin trc. 3. n v giao dch v yt gi
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n v giao dch c quy nh nh sau: S GDCK TP.HCM quy nh n v giao dch l chn, khi lng giao dch l ln sau khi c s chp thun ca UBCKNN. Hin nay S GDCK TP.HCM quy nh 1 l chn gm 10 c phiu. n v yt gi quy nh: n v yt gi theo phng thc giao dch khp lnh do Gim c s GDCK TP.HCM quy nh sau khi c s chp thun ca UBCKNN. Hin nay S GDCK TP.HCM quy nh nh sau: Gi CP n v yt gi <50.000 100 50.000 100.000 500 1.000 => >100.000
V d: 1 cp c gi 50.000 vi bin gi 5% sn TP.HCM HOSE s c yt gi l 500. Do vy c phiu ny khi giao dch s c cc mc gi nh sau: 47.5 (nghn ng) Khng quy nh n v yt gi i vi phng thc giao dch tha thun. i vi cc c phiu giao dch ti trung tm giao dch chng khon H Ni (HNX), 1 l chn gm 100 c phiu, v n v yt gi l 100 cho tt c cc loi c phiu. 4. Bin dao ng gi Gi tham chiu (reference price) l mc gi c bn lm c s tnh ton bin dao ng gi hoc cc gi khc trong ngy giao dch Bin dao ng gi: L khong chnh lch tnh theo phn trm gia mc gi tham chiu v mc gi cao nht hoc thp nht ca c phiu trong 1 ngy giao dch Sn chng khon TP.HCM HOSE quy nh BDG chung l 5%; sn chng khon H Ni quy nh mc ny l 7% Khng p dng bin dao ng gi vi giao dch tri phiu Bin dao ng gi i vi c phiu, chng ch qu u t c xc nh nh sau: Gi ti a (Gi trn) = Gi tham chiu + (Gi tham chiu x Bin dao ng gi) Gi ti thiu (Gi sn) = Gi tham chiu (Gi tham chiu x Bin dao ng gi) 5. Xc nh gi c phiu, chng ch qu mi nim yt TTGDCK TP.HCM quy nh vic xc nh gi ca c phiu, chng ch qu mi nim yt trong ngy giao dch u tin nh sau: 48 48.5 49 49.5 50 50.5 51 51.5 52 52.5
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T chc nim yt v t chc t vn nim yt (nu c) phi a ra mc gi giao dch d kin lm gi tham chiu trong ngy giao dch u tin Bin dao ng gi trong ngy giao dch u tin l +/-20% so vi gi giao dch d kin 6. Mt s quy nh v giao dch chng khon ca nh u t Nh u t ch c c mt ti khon giao dch chng khon v ch c m ti mt cng ty chng khon. Ti khon ca nh u t phi tun th quy nh v cp m ti khon cho nh u t do TTGDCK TP.HCM ban hnh. Thnh vin c trch nhim lu gi chng t giao dch, thng tin giao dch chng khon ca s ti khon cp , thng tin v ch ti khon, ngy m v ng ti khon. Nh u t khng c pht ng thi t lnh mua v bn i vi mt loi c phiu, chng ch qu u t trong cng mt ngy giao dch Khi t lnh bn chng khon hoc qung co bn chng khon (khi t lnh mua chng khon hoc qung co mua chng khon), s d chng khon (s d tin) trn ti khon ca khch hng m ti thnh vin phi p ng cc iu kin v t l k qu chng khon (tin). 7. Lnh giao dch a) Lnh gii hn (limit order): L lnh mua hoc lnh bn chng khon ti mt mc gi xc nh hoc tt hn. Lnh gii hn mua ch ra mc gi cao nht m ngi mua chp nhn thc hin giao dch; lnh gii hn bn ch ra mc gi bn thp nht m ngi bn chp nhn giao dch. Mt lnh gii hn thng thng khng th thc hin ngay, do nh u t phi xc nh thi gian cho php n khi c lnh hy b. Trong khong thi gian lnh gii hn cha c thc hin, khch hng c th thay i mc gi gii hn. Khi ht thi gian nh, lnh cha c thc hin hoc thc hin cha ng nhin s ht gi tr. Khi ra lnh gii hn, nh u t cn c s hiu bit, nhn nh chnh xc, v vy thng cc lnh gii hn c chuyn cho cc chuyn gia hn l cho cc nh mi gii hoa hng. b) Lnh th trng (market order): L lnh c s dng rt ph bin trong cc giao dch chng khon. Khi s dng loi lnh ny, nh u t sn sng chp nhn mua hoc bn theo mc gi ca th trng hin ti v lnh ca nh u t lun lun c thc hin. Tuy nhin, mc gi do quan h cung cu chng khon trn th trng quyt nh. V vy, lnh th trng cn c gi l lnh khng rng buc.\
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Lnh th trng ch yu c nh u t s dng mua hoc bn cc chng khon nng, ngha l cc chng khon ang c s thiu ht hoc d tha tm thi.
c)
Lnh giao dch ti mc gi khp lnh xc nh gi m ca (ATO):
Lnh ATO l lnh t mua hoc t bn chng khon ti mc gi m ca. Lnh ATO c u tin trc lnh gii hn khi so khp lnh. d) Lnh giao dch ti mc gi khp lnh xc nh gi ng ca (ATC): Lnh ATC l lnh t mua hoc t bn chng khon ti mc gi ng ca. Lnh ATC c u tin trc lnh gii hn khi so khp lnh. V d minh ha
Di y l hnh nh ca bng in t ngy giao dch 30/11/2009 trn sn HOSE Ly c phiu AAM lm v d: Ngy 30/11/09, AAM c gi tham chiu l 34.5, gi trn l 36.2, v gi sn l 32.8 (nghn ng). Gi khp lnh cui ngy giao dch l 33.7 nghn ng, gim 0.8 nghn ng so vi gi tham chiu. Tng khi lng c phiu c giao dch trong ngy l 23100 cp (Do n v giao dch sn HOSE l 10 cp), cn 13500 l s lng c phiu c giao dch phin cui cng (ATC)
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Di y l hnh nh minh ha cho 1 lnh t mua c phiu trn sn chng khon
Trong lnh ny, nh u t t mua 100 c phiu STB v ang cn nhc 1 trong 3 loi lnh LO (lnh gii hn), ATO, v ATC thc hin. 8. Cc giao dch c bit a) Giao dch khi: Trong giao dch chng khon, nu c nhiu lnh vi khi lng ln a vo giao dch th s lm gi chng khon bin ng theo chiu hng khng tt. Do cn tch bit h thng giao dch khp lnh vi giao dch khi gim thiu s tc ng n th trng t nhng giao dch ln. Tiu ch ca giao dch khi da trn khi lng giao dch (khi lng c phiu) hoc da trn gi tr giao dch (tnh theo th gi). Cc tiu ch ny ty thuc vo quy m v tnh thanh khon ca tng th trng. V d: Hn Quc quy nh l 50.000 cp hoc 01 t Won, Vit Nam: 10.000 cp hoc 300 triu Vn. Cc giao dch khi c thc hin theo hai phng thc: i. Phng thc bo co, theo nh u t mun thc hin giao dch khi phi xin php SGDCK, v khi lng giao dch ln s tc ng ti gi chng khon trn th trng, do i hi phi cng b thng tin cng khai ii. Phng thc ngoi gi, theo cc giao dch khi din ra sau khi th trng ng ca, mc gi do cc i tc tha thun, nhng ly gi ng ca lm gi tham chiu cng vi mt s n v yt gi b) Giao dch l l: Giao dch l l (odd-lot trading) l cc giao dch c khi lng nh hn 1 n v giao dch. L l thng pht sinh do vic tr c tc bng c phiu, pht hnh c phiu thng, tch c phiu hoc thc hin quyn mua c phiu, m bo tnh hiu qu ca th trng, cc SGDCK u quy nh i vi giao dch l l thng qua c ch giao dch thng lng v tho thun gia nh u t vi cng ty chng khon. c) Tch, gp c phiu:
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Tch gp c phiu l vic chia nh hoc gp nhiu c phiu li vi nhau thnh mt c phiu mi. Vic tch, gp c phiu s khng lm thay i vn ca t chc pht hnh, nhng li tng, gim s lng c phiu lu hnh, do dn n thay i gi c phiu sau khi qu trnh tch, gp hon tt. V vy, vic tch, gp c phiu phi c Hi ng qun tr thng qua v bo co UBCK, ng thi phi cng b thng tin v vic tch, gp. Sau , phi xc nh li gi tham chiu cho phin giao dch u tin. V nguyn l, gi c phiu sau khi thc hin tch, gp c xc nh da trn cn c gi giao dch trc khi thc hin tch, gp nhn vi t l tch, gp c phiu. d) Giao dch khng c hng c tc v quyn km theo: Theo nh k hng nm (3 thng hoc 6 thng), cng ty c phn thc hin chi tr c tc (bng tin mt hoc c phiu) cho cc c ng. Do c phiu c mua i bn li thng xuyn trn th trng nn t chc pht hnh phi xc nh nhng c ng hin hnh ca mnh chi tr c tc, hay cn gi l ngy cht danh sch c ng. Vo nhng ngy giao dch khng c hng c tc v chng quyn, SGDCK s cng b trn h thng cng b thng tin nh u t bit v xc nh li gi tham chiu giao dch. V nguyn tc, gi tham chiu trong nhng ngy giao dch khng c hng c tc v chng quyn s bng gi giao dch trc (c nhn c tc v quyn) tr i gi tr c tc v quyn c nhn. e) Giao dch c phiu qu: C phiu qu (treasury stocks) l c phiu pht hnh v c mua li bi chnh t chc pht hnh. Vic mua li c phiu qu do t chc pht hnh thc hin phi c s chp thun ca SGDCK. Mc tiu mua li c phiu qu: ngn chn kh nng thao tng cng ty t bn ngoi; lm c phiu d tr hoc pht hnh c phiu thng, hoc cng ty mua li iu chnh li c cu ti chnh ca cng ty (n/vn c phn); ngn chn gi chng khon gim st mnh trn th trng. Ngun vn mua c phiu ly t qu thng d ca cng ty (capital surplus) Cng ty nim yt mun mua li c phiu qu phi xin php SGDCK v nu r: ngun vn thc hin mua li; khi lng v thi gian thc hin mua li; cng ty chng khon c y thc thc hin lnh. Thng thng, hn cht tc ng i vi gi c phiu trn th trng, SGDCK quy nh khi lng c phiu m cng ty nim yt c mua li qua cc phin giao dch, v sau khi mua li cng ty nim yt phi nm gi trong vng 06 thng khng c php bn ra.
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CHNG IV
PHN TCH C BN
I. Bn co bch, c v phn tch bn co bch 1. Bn co bch l g? Khi pht hnh chng khon ra cng chng, cng ty pht hnh phi cng b cho ngi mua chng khon nhng thng tin v bn thn cng ty, nu r nhng cam kt ca cng ty v nhng quyn li c bn ca ngi mua chng khon... trn c s ngi u t c th ra quyt nh u t hay khng. Ti liu phc v cho mc ch gi l Bn co bch hay Bn cng b thng tin. Bn co bch chnh l mt li mi hay cho bn cng chng u t ng k hoc mua chng khon ca cng ty pht hnh. Bn co bch bao gm mi thng tin lin quan n t pht hnh. Do , thng tin a ra trong Bn co bch s gn vi cc iu khon thc hin li mi hay cho bn. Thng thng, mt cng ty mun pht hnh chng khon phi lp Bn co bch U ban Chng khon Nh nc xem xt, gi l Bn co bch s b. Bn co bch s b khi c U ban Chng khon Nh nc chp thun s c coi l Bn co bch chnh thc. Khi thc hin cho bn chng khon, ngoi Bn co bch chnh thc, cng ty pht hnh thng cung cp Bn co bch tm tt. Ni dung Bn co bch tm tt l tm gn li nhng ni dung chnh ca Bn co bch chnh thc nhng vn phi m bo tun th theo cc quy nh ca U ban Chng khon Nh nc. 2. Ti sao cn phi c Bn co bch Bn co bch l mt ti liu rt quan trng.Vi t cch l mt nh u t, Bn co bch l phng tin gip bn nh gi mc sinh li v trin vng ca cng ty trc khi bn quyt nh c u t vo cng ty hay khng. Mt quyt nh thiu thng tin c th lm bn phi tr gi t. Bi vy, bn nn c Bn co bch mt cch k lng v tm hiu r nhng may ri thc s ca cng ty trc khi ra quyt nh u t. Bn nn nh gi cn thn nhng yu t c bn ca cng ty ng k nim yt thng qua nghin cu cc thng tin trong Bn co bch. Mc d nhng t cho bn ln u ra cng chng thng l c hi u t tt v chng thng mang li li nhun ban u cao, do c phiu tng gi, nhng ri ro vn tn ti.
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3. Bn co bch bao gm nhng thng tin g? Bn co bch thng gm 8 mc chnh sau:
Trang ba; Tm tt Bn co bch; Cc nhn t ri ro; Cc khi nim; Chng khon pht hnh; Cc i tc lin quan ti t pht hnh; Tnh hnh v c im ca t chc pht hnh; Ph lc.
4. Cch s dng bn co bch Bn nn bt u phn tch mt cng ty pht hnh bng Bn co bch ca cng ty. Trong qu trnh thc hin bn nn t t ra cho mnh mt s cu hi quan trng. V d, vic kinh doanh ca cng ty c tin trin hay khng?, doanh s bn hng tng c ngha l li nhun cng tng v dn ti gi c phiu tng. Nhng cc con s cha phi ni ln tt c. Do vy, bn nn nghin cu k Bn co bch tm ra nhng du hiu tng trng ca cng ty. Bn cng nn tm hiu v Ban gim c ca cng ty pht hnh, cc sn phm ca cng ty v t t ra cu hi liu cc sn phn ny c tip tc bn c na khng? 5. Nhng thng tin cn xem Trang ba (mt trc v mt sau); Thi gian cho bn; Cc khi nim; Tnh hnh v c im ca t chc pht hnh; Bng mc lc; Tm tt Bn co bch; Tm tt v vn c phn, thng k s liu pht hnh / cho bn, s n v phng Chng khon pht hnh; Thng tin v ngnh kinh doanh; Thng tin ti chnh; Thng tin v c ng, Hi ng qun tr v Ban gim c; Cc i tc lin quan ti t pht hnh; Cc nhn t ri ro lin quan n ngnh kinh doanh v trin vng ca cng ty;
n s dng tin thu c t t pht hnh; -
Ph lc; Th tc np h s v chp thun. Cc chng khon s c bn; S lng chng khon s c bn; Gi bn cc chng khon; T chc lin quan n t pht hnh.
6. Thng tin chnh ca trang ba -
7. Tm tt bn co bch Phn ny gip bn tm hiu khi qut nhng thng tin tm tt v cng ty. Gii thiu chung v cng ty pht hnh, cc hot ng kinh doanh, ngi h tr Tm tt v thng tin ti chnh ca cng ty pht hnh, k c trin vng ca cng ty; Tm tt v cc yu t ri ro lin quan hoc nh hng ti hot ng kinh doanh Tm tt v vn c phn, thng k pht hnh hoc cho bn, s n, s tin thu pht hnh, cc c ng ln v Ban gim c ca cng ty; -
v ti chnh ca cng ty pht hnh; c t t pht hnh v mc ch s dng s tin ny. Ngoi ra bn nn i chiu vi cc phn tng ng khc trong Bn co bch c c cc thng tin chi tit m bn cn quan tm. Thng tin v ngnh kinh doanh - cng ty ang c nhng hot ng kinh doanh g? Thng tin a ra thng bao gm: Tnh hnh (cc) ngnh kinh doanh chnh m cng ty pht hnh tham gia; Trin vng ca (cc) ngnh lin quan c nh hng ti hot ng ngnh kinh Loi sn phm, dch v kinh doanh chnh ca cng ty; Khch hng v nh cung cp ca cng ty pht hnh; Cng ngh, phng thc sn xut v knh phn phi s dng; Cc nhn t thng mi nh h thng bn l, i l, h thng phn phi, nhn
doanh chnh ca cng ty pht hnh; -
hiu sn phm, giy php kinh doanh, bng sng ch v kh nng nghin cu v pht trin. i vi cc cng ty ng k nim yt c hng chnh sch u i th phn thng tin v ngnh kinh doanh ny trong Bn co bch cng cn phi cng b chi tit cc vn v cng ngh ca nhng cng ty ny. 8. Thng tin ti chnh cng chng u t tham gia c lm li nhun gim? Thng tin ti chnh l mt phn quan trng trong Bn co bch v thng c chia thnh 2 phn:
a)
Thng tin ti chnh trong qu kh; Thng tin ti chnh trong tng lai. Phn thng tin ti chnh trong qu kh P
Thng bao gm tm tt cc bn bo co ti chnh c kim ton, v bng cn i k ton (trn c s tng hp) theo mu, c trch ra t Bo co ca kim ton trong phn ph lc ca Bn co bch. Mt s ngnh kinh doanh cn yu cu cung cp c thng tin v lung thu nhp. Vic cng b thng tin ti chnh trong qu kh thng c tnh t 2 nm ti chnh trc. Thng tin phi i km vi phn gii thch v phn tch hot ng ti chnh trong qu kh. Nu c bt c mt sai st no trong cc thng tin ti chnh c cng b m U ban Chng khon pht hin c th t chc kim ton cng nh t chc bo lnh pht hnh phi chu trch nhim lin i trc php lut cng vi t chc pht hnh. b) Phn thng tin ti chnh tng lai Gm cc d tnh v: Doanh thu; Li nhun trc thu trc v sau khi tnh li cho c ng thiu s ngoi cng ty; Li nhun sau thu; Tng c tc v c tc rng.
T d tnh v li nhun v gi cho bn c phiu ca cng ty pht hnh, bn c th tnh ra cc mc gi th trng ca mt c phiu tnh theo thu nhp trn mi c phiu trong nm ca cng ty pht hnh (c k hiu l P /E). H s ny cho thy khi no th gi c phiu ph hp vi thu nhp. Tc l cc cng ty c nhiu c hi tng trng thng c P /E cao hn cc cng ty c t c hi tng trung. Tuy nhin, cng cn lu trng hp P /E cao c th l do mc thu nhp (E) thp. Cn c vo h s P /E, cng vi s phn tch v mt cht lng ca cng ty pht hnh, bn c th nh gi t pht hnh, cho bn c phiu ca cng ty so vi cc mc c phiu c nim yt ca cc cng ty trong cng ngnh. 9. C ng, Hi ng qun tr v Ban gim c nhng ai l ngi iu hnh t pht hnh Bn nn c danh sch cc c ng, Hi ng qun tr v Ban gim c. Mc d cc d liu a ra khng phi l con du m bo v cht lng k nng qun l ca h, nhng bn vn c th bit c trnh chuyn mn v kinh nghim qun l ca nhng con ngi ny. Bn cn ch cc quyn li ca cc c ng ln, Hi ng qun tr v i ng lnh o ch cht trong cc ngnh tng t hoc cc ngnh cnh tranh nu chng c nu trong Bn co bch. Bn cng nn ch cc giao dch trong qu kh hoc trong tng lai vi cc cng ty lin quan. Bn co bch s cung cp y cc nhm thnh vin sau:
C ng ln v cc nh sng lp ca cng ty pht hnh, k Hi ng qun tr bao gm c phn m h i din, chi tit v trnh , kinh
c tn v c phn ca cc c nhn ng ng sau cng ty; nghim v phn trch nhim ca mi gim c, v h c phi l cc gim c iu hnh hay khng; i ng cn b qun l di cp u vin Hi ng qun tr, chi tit v trnh , T l s hu c phiu, tri phiu ca tng thnh vin ni trn. kinh nghim v phn trch nhim ca h; 10. Cc yu t ri ro Cc ri ro chung bao gm: Vic tng, gim gi chng khon ph thuc vo cc iu kin ca th trng Nhng thay i trong chnh sch ca Chnh ph; Nhng ri ro v ngoi hi; Nhng thay i v t l li sut; S ph thuc vo nhng cn b ch cht; S ph thuc vo mt s t cc khch hng, nh cung cp hoc cc d n trong Nhng thay i v gi nguyn liu th; S hp nht gi cc i th cnh tranh hoc cc cng ty mi tham gia vo Tranh chp c th bt u pht sinh hoc b mang ra to. chng khon ni chung, ca tnh trng kinh t t nc v th gii; -
Nhng ri ro c th xy ra ca cng ty bao gm: -
ni b cng ty; ngnh; Trong phn ny bn cn tm hiu xem Hi ng qun tr ca cng ty nh gii quyt hoc lm gim nh hng ca cc nhn t ri ro xc nh nh th no. II. Cc h s ti chnh 1. Cc h s ti chnh c bn H s ti chnh c phn chia thnh 4 nhm da trn cc tiu ch v hot ng, kh nng thanh ton, ngha v n v kh nng sinh li ca cng ty. a. Nhm h s th hin kh nng sinh li: Trn thc t ngi ta thng s dng mt s h s sau nh gi hiu qu sinh li ca doanh nghip: h s tng li nhun; h s li nhun hot ng; h s li nhun rng; h s thu nhp trn vn c phn; v h s thu nhp trn u t.
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H s tng li nhun cho bit mc hiu qu khi s dng cc yu t u vo (vt t, lao ng) trong mt quy trnh sn xut ca doanh nghip. H s tng li nhun= (Doanh s-Tr gi hng bn tnh theo gi mua) / Doanh s bn Trong thc t khi mun xem cc chi ph ny c cao qu hay khng l em so snh h s tng s li nhun ca mt cng ty vi h s ca cc cng ty cng ngnh, nu h s tng li nhun ca cc cng ty i th cnh tranh cao hn, th cng ty cn c gii php tt hn trong vic kim sot cc chi ph u vo. H s li nhun hot ng cho bit vic s dng hp l cc yu t trong qu trnh sn xut kinh doanh to ra li nhun cho doanh nghip. Mc li hot ng = Thu nhp trc thu v li ( EBIT)/doanh thu H s ny l thc o n gin nhm xc nh n by hot ng m mt cng ty t c trong vic thc hin hot ng kinh doanh ca mnh. H s bin li nhun hot ng cho bit mt ng vn b ra c th thu v bao nhiu thu nhp trc thu. H s li nhun hot ng cao c ngha l qun l chi ph c hiu qu hay c ngha l doanh thu tng nhanh hn chi ph hot ng. H s li nhun rng phn nh khon thu nhp rng (thu nhp sau thu) ca mt cng ty so vi doanh thu ca n. H s li nhun rng = Li nhun rng/Doanh thu. Trn thc t mc li nhun rng gia cc ngnh l khc nhau, cn trong bn thn mt ngnh th cng ty no qun l v s dng cc yu t u vo (vn, nhn lc..) tt hn th s c h s li nhun rng cao hn. H s thu nhp trn vn c phn (ROE) phn nh mc thu nhp rng trn vn c phn ca c ng. ROE= Li nhun rng/Vn c ng hay gi tr ti sn rng hu hnh. H s ny thng c cc nh u t phn tch so snh vi cc c phiu khc nhau trn th trng. Thng thng, h s thu nhp trn vn c phn cng cao th cc c phiu cng hp dn, v h s ny cho thy cch nh gi kh nng sinh li v cc t sut li nhun ca cng ty khi em so snh vi h s thu nhp trn vn c phn ca cc cng ty khc. H s thu nhp trn u t (ROI) c s dng xc nh mc nh hng ca bin li nhun so vi doanh thu v tng ti sn. ROI= (Thu nhp rng/Doanh s bn) * (Doanh s bn/Tng ti sn).
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Mc ch ca vic s dng h s ROI l so snh cch thc to li nhun ca mt cng ty v cch thc cng ty s dng ti sn to doanh thu. Nu ti sn c s dng c hiu qu, th thu nhp v thu nhp trn u t s cao. H s gi trn thu nhp (P/E) l mt trong nhng ch s phn tch quan trng trong quyt nh u t chng khon ca nh u t. Thu nhp t c phiu s c nh hng quyt nh n gi th trng ca c phiu . H s P/E o lng mi quan h gia gi th trng (Market Price - PM) v thu nhp ca mi c phiu (Earning Per Share - EPS) v c tnh nh sau: P/E = PM/EPS Trong gi th trng PM ca c phiu l gi m ti c phiu ang c mua bn thi im hin ti; thu nhp ca mi c phiu EPS l phn li nhun rng sau thu m cng ty chia cho cc c ng thng trong nm ti chnh gn nht. P/E cho thy gi c phiu hin ti cao hn thu nhp t c phiu bao nhiu ln, hay nh u t phi tr gi cho mt ng thu nhp bao nhiu. P/E c tnh cho tng c phiu mt v tnh trung bnh cho tt c cc c phiu v h s ny thng c cng b trn bo ch. Nu h s P/E cao th iu c ngha l ngi u t d kin tc tng c tc cao trong tng lai; c phiu c ri ro thp nn ngi u t tho mn vi t sut vn ho th trng thp; d on cng ty c tc tng trng trung bnh v s tr c tc cao. H s P/E rt c ch cho vic nh gi c phiu. Gi s ngi u t c c phiu XYZ khng c giao dch si ng trn th trng, vy c phiu c gi bao nhiu l hp l? Chng ta ch cn nhn vo h s P/E c cng b i vi nhm cc loi c phiu tng t vi c phiu XYZ, sau nhn thu nhp ca cng ty vi h s P/E s cho chng ta gi ca loi c phiu XYZ. b. Nhm h s kh nng thanh ton Tnh thanh khon ca ti sn ph thuc mc d dng chuyn i ti sn thnh tin mt m khng pht sinh thua l ln. Vic qun l kh nng thanh ton bao gm vic khp cc yu cu tr n vi thi hn ca ti sn v cc ngun tin mt khc nhm trnh mt kh nng thanh ton mang tnh cht k thut. Vic xc nh kh nng thanh ton l quan trng, n quyt nh n ngha v n ca cng ty, do vy s dng h s thanh ton c xem l cch th nghim tnh thanh khon ca cng ty. Trong thc t h s thanh ton c s dng nhiu nht l h s kh nng thanh ton hin ti v h s kh nng thanh ton nhanh (hay cn gi l h s th axt). H s kh nng thanh ton hin ti l mi tng quan gia ti sn lu ng v cc khon n ngn hn, h s ny cho thy mc an ton ca cng ty trong vic p ng nhu cu thanh ton cc khon n ngn hn.
H s kh nng thanh ton hin ti = Ti sn lu ng / N ngn hn. H s kh nng thanh ton nhanh l mi tng quan gia cc ti sn lu hot v cc khon n ngn hn, m bo kh nng thanh ton nhanh sau khi ti sn c loi b bi cc hng tn kho v ti sn km tnh thanh khon. H s kh nng thanh ton nhanh = (Ti sn lu ng- Hng d tr) / N ngn hn. c. Nhm h s hot ng Cc h s hot ng xc nh tc m mt cng ty c th to ra c tin mt nu c nhu cu pht sinh. Bao gm cc h s thu hi n trung bnh, h s thanh ton trung bnh, h s hng lu kho. H s thu hi n trung bnh biu th thng qua k thu hi n trung bnh ca mt cng ty s cho bit cng ty phi mt bao lu chuyn cc khon phi thu thnh tin mt. K thu hi n trung bnh = Cc khon phi thu / (Doanh s bn chu hng nm /360 ngy). H s thanh ton trung bnh biu th thng qua thi hn thanh ton trung bnh, phn nh mi tng quan gia cc khon phi tr i vi tin mua hng chu mi nm. Thi hn thanh ton trung bnh = Cc khon phi tr / (Tin mua chu hng nm/360 ngy). H s hng lu kho biu th s lng hng bn trn s hng cn lu kho, h s ny cho thy kh nng dng vn vo cc hng ho lun chuyn cao, trnh c lu kho bi cc mt hng km tnh lu hot. H s hng lu kho = Gi tr hng bn tnh theo gi mua / Gi tr hng lu kho trung bnh. d. Nhm h s n ca cng ty Phn nh tnh trng n hin thi ca cng ty, c tc ng n ngun vn hot ng v lung thu nhp thng qua chi tr vn vay v li sut khi o hn. Tnh trng n ca cng ty c th hin qua cc h s: h s n; h s thu nhp tr li nh k; h s trang tri chung. H s n hay t l n trn ti sn cho bit phn trm tng ti sn c ti tr bng n. H s n cng thp th hiu ng n by ti chnh cng t v ngc li h s n cng cao th hiu ng n by ti chnh cng cao. H s n = Tng s n/Tng ti sn
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H s n c phn nh thng qua h s n trn vn c phn (D/E) v h s n di hn trn tng ti sn (LD/TA). H s n trn vn c phn biu th tng quan gia n di hn v vn c phn. Mc cao thp ca h s ny ph thuc vo tng lnh vc kinh t khc nhau. H s n trn vn c phn (D/E)= (N di hn + Gi tr ti sn i thu)/ Vn c phn. H s n di hn trn tng ti sn (LD/TA) so snh tng quan n vi tng ti sn ca mt cng ty, v c th cho bit nhng thng tin hu ch v mc ti tr cho ti sn bng n di hn ca mt cng ty, h s ny c th dng nh gi hiu ng n by ti chnh ca mt cng ty. H s thu nhp tr li nh k. Vic tm xem mt cng ty c th thc hin tr li n mc no cng rt quan trng, v ngi ta s dng h s thu nhp tr li nh k. H s ny nh gi kh nng s dng thu nhp hot ng (thu nhp trc thu v li- EBIT) tr li ca mt cng ty, h s ny cho bit cng ty c kh nng p ng c cc ngha v tr n li n mc no, thng thng h s thu nhp tr li nh k cng cao th kh nng thanh ton li ca cng ty cho cc ch n cng ln. H s thu nhp tr li nh k= EBIT/ Chi ph tr li hng nm. 2. Ch s chng khon Vit Nam - Phng php tnh v iu chnh Ch s chng khon Vit Nam k hiu l VN - Index. VN - Index xy dng cn c vo gi tr th trng ca tt c cc c phiu c nim yt. Vi h thng ch s ny, nh u t c th nh gi v phn tch th trng mt cch tng qut. VN - Index c tnh theo cng thc sau:
Trong : + P1i : Gi hin hnh ca c phiu i + Q1i: Khi lng ang lu hnh ca c phiu i + Poi : Gi ca c phiu i thi k gc + Qoi : Khi lng ca c phiu i ti thi k gc Cc trng hp iu chnh v cch iu chnh: 1. Khi trn th trng xy ra trng hp nim yt mi hay t chc nim yt tin hnh tng vn, h s chia s c iu chnh nh sau:
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Trong : + D1: H s chia mi + D0: H s chia c
+ V1: Tng gi tr hin hnh ca cc c phiu nim yt
+ AV: Gi tr iu chnh c phiu 2. Khi hu nim yt hay t chc nim yt tin hnh gim vn, h s chia mi s c tnh nh sau:
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PH LC BNG TRA THUT NG CHNG KHON THNG GP

AAA Tri phiu c sp hng cao nht v mc an ton. Tri phiu th v cng ty c nh gi cao nht, c chi tr vn v li y nh mong i khi o hn. Standard & Poor's nh gi tri phiu theo th t AAA, AA, A v Moody's Investors Service nh gi theo Baa, v cao hn nh Aaa. y l loi tri phiu c xem l c cp u t an ton, ph hp ngn hng v t chc tit kim mua lm chng khon u t ATC ATC l ch vit tt ca cm t ting Anh: At-the-close (Vo lc ng ca th trng chng khon). Lnh mua v bn chng khon trong 30 giy cui sp ng ca th trng chng khon. Broker khng bo m cc lnh nh th s c thc hin. Xem: Lnh lc ng ca. ATO ATO l ch vit tt ca cm t ting Anh: At-the-opening (Vo lc m ca th trng chng khon). Lnh ca khch hng a cho broker mua hay bn chng khon theo gi lc m ca th trng chng khon. Nu lnh khng c thc hin vo lc ny th s t ng hu b. Xem: Lnh lc m ca. Bn cn i k ton (Balance Sheet) Bo co ti chnh l mt h thng cc s liu v phn tch cho ta bit tnh hnh ti sn v ngun vn, lung tin v hot ng kinh doanh ca mt doanh nghip. Bo co ti chnh c 4 loi: Bng cn i k ton, Bo co kt qu kinh doanh, Bo co lu chuyn tin t v Thuyt minh bo co ti chnh. Trong Bng cn i k ton hay cn gi l bo co tnh hnh hay bo co v th ti chnh, cho bit tnh trng ti sn ca cng ty, n v vn c ng vo mt thi im n nh, thng l lc cui thng. y l mt cch xem xt mt cng ty kinh doanh di dng mt khi vn (ti sn) c b tr da trn ngun ca vn (n v vn c ng). Ti sn tng ng vi n v vn c ng nn bn cn i ti khon l bn lit k cc hng mc sao cho hai bn u bng nhau. Khng ging vi bn bo co kt qu kinh doanh l bn cho bit kt qu ca cc hot ng trong mt khong thi gian, bn cn i k ton cho bit tnh trng cc s kin kinh doanh ti mt thi im nht nh. N l mt nh chp (tnh) ch khng phi l mt cun phim (ng) v phi c phn tch da trn s so snh vi cc bn cn i k ton trc y v cc bo co hot ng khc. Bn co bch (Prospectus) Bn co bch l mt li mi hay cho bn cng chng u t ng k hoc mua chng khon ca cng ty pht hnh. Bn co bch bao gm mi thng tin lin quan n t pht hnh. Thng tin a ra trong bn co bch s gn vi cc iu khon thc hin li mi hay cho
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bn. iu quan trng i vi nh u t l phi c v hiu r cc iu khon ny trong Bn co bch c th t nh gi nhng ri ro v li ch khi u t vo cng ty. Bn khng (Selling short) Bn khng l bn hp ng futures chng khon hay hng ho m bn thn ngi bn khng c chng khon, hng ho. K thut ny dng : 1. Kim li nhun khi on gi s h. 2. Bo v li nhun trong v th mua. Nh u t mn chng ch chng khon giao vo thi im bn khng. Nu sau ngi bn c th mua loi chng khon vi gi thp hn th ngi bn c li nhun, tuy nhin nu gi tng ngi bn s l. Hng ho c bn khng c ngha l ngi bn ha s giao hng ho theo gi n nh vo mt thi im trong tng lai. Hu ht hng ho bn khng u c bo k trc khi giao. Bn li cho ngi bn (Put to seller) y l nhm t ng c s dng khi hp ng put option c thc hin. Ngi vit (hay bn) hp ng option (option writer) cam kt mua li c phiu theo gi tho thun. Th d, hp ng put option XYZ thng 7 - 40 (XYZ June 40 put - hp ng put option Cng ty XYZ gi 40USD, o hn thng 7) "put to seller" (c bn li cho ngi bn), ngi vit s phi mua li 100 c phiu Cng ty XYZ vi gi 40USD/c phiu ca ngi gi hp ng (ngi mua hp ng put option) cho d tr gi th trng hin ti ca c phiu Cng ty XYZ c th thp hn 40USD/c phiu.
Bn tho (Selling off) Bn tho l bn chng khon hay hng ho v p lc phi trnh gi gim xung na. Nh phn tch k thut gi l sell-off (bn tng bn tho). Bng nim yt gi c phn OTC (OTCBB-OTC Bulletin Board) Bng nim yt gi c phn OTC l bng in t nim yt gi cho bn v cho mua i vi cc c phn OTC khng p ng c nhu cu tr gi ti thiu v cc yu cu khc ca h thng nim yt chng khon Rt nhiu cc nh u t trnh mua c phn OTC bi v mt l do rt c cn c l gi c ca c phiu rt khng ng tin cy. Bng nim yt gi c phn OTC l mt n lc phn bit th trng OTC hp php vi nhng tr chi km minh bch, v th trng OTC cng t c cc yu cu v vn, mc d cc yu cu ny c th t kht khe hn so vi cc yu cu trn th trng chng khon chnh thc. Bo co li tc (Income statement) Bo co ti chnh cho bit tm tt cc hot ng ti chnh ca mt cng ty trong mt thi hn n nh, k c li l thun trong thi hn nu. Bo co ny thng c km theo bn cn 43 Gio trnh chng khon c bn First Step
i ti khon lit k ti sn v n ca cng ty trong cng thi hn. Bo co c lp hng qu v hng nm sau np cho y ban Chng khon Nh nc. Bo lnh pht hnh chng khon Bo lnh pht hnh chng khon l vic t chc bo lnh pht hnh cam kt vi t chc pht hnh thc hin cc th tc trc khi cho bn chng khon, nhn mua mt phn hay ton b chng khon ca t chc pht hnh bn li hoc mua s chng khon cn li cha c phn phi ht ca t chc pht hnh hoc h tr t chc pht hnh trong vic phn phi chng khon ra cng chng. Bo lnh tn dng (Credit guarantee) Bo lnh tn dng l mt cam kt c a ra bi mt t chc tn dng xut khu nhm hon li s tin cho bn cho vay nu bn vay khng tr c n. Bn cho vay s phi tr mt khon ph gi l ph bo lnh. Trn thc t, thut ng Bo lnh tn dng khng bt buc phi dng trong trng hp xut nhp khu, m c th dng trong cc trng hp vay n thng thng. Bin an ton (Margin of safety) Bin an ton l mt nguyn l u t trong nh u t ch mua chng khon khi gi th trng thp hn nhiu so vi gi tr ni ti ca chng khon . Ni cch khc, khi mc gi th trng thp hn nhiu so vi mc gi ni ti m nh u t xc nh th khong chnh lch gia hai gi tr ny c gi l bin an ton. S chnh lch ny cho php gim thiu kh nng gp ri ro ca mi quyt nh u t. Vic nh gi gi tr thc s ca mt cng ty (tc l gi tr ni ti ca cng ty ) thng mang tnh ch quan ca ngi phn tch. Mi nh u t c mt cch khc nhau tnh ton gi tr ni ti ca mt cng ty, cch tnh c th ng nhng cng hon ton c kh nng b sai. l cha k ti vic nh gi c doanh thu, li nhun ca cng ty l v cng kh khn. Biu chiu hng th trng chng khon (Trendline) ng biu din do nh phn tch k thut dng v biu chiu hng va qua ca cc chng khon hay hp ng futures hng ho tin on bin chuyn gi c tng lai. ng biu th chiu hng c thit lp bng cch ni nhng gi cao nht v thp nht ca cc chng khon hay hng ho tng hay gim trong mt thi gian no . ng biu din s cho bit chng khon hay hng ho ang theo chiu ln hay chiu xung. Nu gi tng cao hn dc xung ca ng biu th khuynh hng hay gim di mc dc ln ca ng biu th nh phn tch k thut ni rng ang xut hin mt khuynh hng mi.
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Cc t l cn i ti khon (Balance sheet ratios) 1. T l dng xc nh tnh trng ti chnh v cc thay i v th ti chnh ca cng ty da trn cc d kin bo co trong bn cn i ti khon. Mt s t l c bit c p dng trong ngn hng. Quan trng nht l t l vn (o lng t l vn c ng i vi tng ti sn) v t l thanh ton (o lng kh nng ngn hng trang tri s tin k thc c rt ra v chi tr qu nhm tho mn nhu cu tn dng ca ngi vay). Cc t l hu ch khc l t l tin vay i vi s k thc (tng s tin vay chia cho tng s k thc) t l thanh l (charge-off ratio), t l xo n v kh i (s xo s thun c tnh theo s phn trm ca tng s tin cho vay), t l d tr tin vay mt t (s d tr tin vay mt t i vi trn vay c kh nng mt t tnh theo s phn trm tng s trn cho vay) v t l tin cho vay cha tr (nonperforming loans - tin vay qu hn cha tr) i vi tng s tin cho vay. 2. T l k ton do nhn vin tn dng ngn hng dng nh gi sc tn dng ca ngi vay. Cc t l thng c s dng rng ri nht l t l o lng sc chng khon (acid test ratio) hay t l th bit ngay (quick ratio - ti sn ngn hn chia cho n hin hnh), t l hin hnh (current ratio - ti sn hin hnh chia cho n hin hnh) v t l trang tri n (vn lu ng chia cho n di hn). T l ti chnh c th c o lng da trn cc t l trong cc nm trc hay cc ch s cng nghip tnh cho nhanh v d so snh. Blue-chip thng c hiu tng ng vi cc cng ty c qui m t Big/Large Cap tr ln, trong khi cc nh u t lun coi c phiu ca cc cng ty micro-cap v nano-cap l penny stock, bt k gi c phiu ca n th no. Cm c chng khon (Mortgage stock) Cm c chng khon l mt nghip v kinh doanh chng khon c t nht c hai ch th tham gia: - Bn cm c l thnh vin lu k nhn danh chnh mnh hoc c ngi i vay u quyn giao chng khon cho bn nhn cm c; - Bn cm c l thnh vin lu k nhn danh chnh mnh hoc c ngi cho vay u quyn nhn cm c chng khon bn cm c. Vic thc hin cm c chng khon trn c s hp ng php l chng ca hai ch th tham gia, trong quy nh r gi tr chng khon cm c, s tin vay, li sut v thi hn tr n, phng thc x l chng khon cm c. Trung tm giao dch chng khon sau khi kim tra th tc, nht l tnh hp php, hp l ca n th trung tm phi m ti khon cm c v chuyn chng khon vo ti khon cm c theo yu cu ca bn cm c. Trng hp bn cho vay (hoc bn vay) khng phi l thnh vin lu k, bn cho vay (hoc bn vay) phi u quyn vic nhn cm c chng khon (hoc vic giao chng khon cm c) cho mt thnh vin lu k khc. Ti khon cm c phi tch bit vi ti khon lu k cc chng khon khc ca bn cm c. Sau khi ghi vo ti khon cm c chng
45
khon, th phi nh ch vic rt, chuyn khon hoc chuyn nhng cc chng khon trn ti khon cm c trong thi gian cm c. Trung tm giao dch chng khon gi thng bo bng cng vn cho bn nhn cm c v vic thc hin cm c chng khon. Vic gii to cm c chng khon c thc hin theo cc nguyn tc: - Ngi gii to cm c chng khon phi l bn nhn cm c chng khon; - C th gii to ton b hoc mt phn chng khon cm c bng hnh thc rt chng ch hay chuyn khon; - C vn bn ngh gii to cm c chng khon ca bn nhn cm c. Trn c s , Trung tm giao dch chng khon thc hin hu b vic cm c chng khon trong ng k ngi s hu chng khon v thng bo bng vn bn cho ngi nhn cm c vic hu b cm c chng khon v gii to ti khon cm c sang ti khon khc. Nu bn cm c chng khon thc hin khng ng theo tho thun th chng khon cm c c x l do cc bn tho thun hoc a ra bn u gi theo quy nh ca php lut. Chnh lch gi (Premium) a) S tin c c do tri phiu bn cao hn mnh gi. Th d, tri phiu mnh gi 1.000USD khi bn c 1.100USD th tin chnh lch (premium) l 100USD. iu ny cng p dng cho lot chng khon u i. b) S tin (tr gi) c c khi gi thu hi ca nh pht hnh vt qu mnh gi tri phiu c thu hi. Ch s (Index) Phc hp thng k dng tnh nhng bin i trong kinh t hay trong th trng ti chnh, thng c din t bng s phn trm thay i da trn nm cn bn hay da vo thng trc. Th d, ch s gi tiu th s dng nm 1967 lm nm cn bn, ch s ny c thit lp trn s hng ho v dch v tiu th chnh yu, n chuyn bin ln xung khi t l lm pht bin chuyn. Khong u thp nin 1980, ch s tng t 100 nm 1967 n gn khong 300, c ngha l gi hng ho m ch s da vo tnh tng gi hn 200%. Cc ch s cng tnh ton mc ln xung ca th trng chng khon, tri phiu, hng ho, phn nh gi c th trng v s c phn trong cng chng ca cc cng ty. Mt vi ch s ni ting l ch s NYSE, ch s AMEX, ch s Standar & Poor's v ch s Value Line. Cc ch s t quan trng hn thuc cc nhm cng nghip nh ngnh ung, ng st hay my tnh cng c theo di. Cc ch s th trng chng khon hnh thnh nn tng cho mua bn trong hp ng options ch s. Ch s chng khon (Stock market index) Mt ch s chng khon l s liu phn nh gi tr tng hp ca cc c phiu thnh phn. y l mt cng c i din cho thuc tnh ca cc c phiu thnh phn vn c s tng ng vi nhau v nhiu mt, nh giao dch trn cng mt sn, nm trong cng mt ngnh hay c qui m vn ho th
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i hc Kinh t quc dn, Chng trnh Tin tin Cu lc b chng khon Nh u t tng lai FIC trng tng t nhau. Nhiu ch s chng khon do cc hng thng tn, cc cng ty dch v ti chnh tng hp nn, hin ang c s dng lm chun mc cho cc danh mc u t.
Ch s Dow Jones Wilshire 5000 & 4500 (Dow Jones Wilshire 5000& 4500) Ch s kt hp DJW 5000 i din cho tt c cc c phiu ca cng ty c tr s ti M, pht hnh chng khon giao dch trn cc th trng, v c mc gi sn sng cho giao dch . Ch s Dow Jones Wilshire 4500 l ch s ph ca ch s DJW 5000, trong cc cng ty trong nhm S&P 500 khng c tnh. Ch s gi tr ti sn thun (Net asset value - NAV) Ch s gi tr ti sn thun (ch s NAV) c lin quan mt thit n vic xc nh gi tr ti sn cng ty v ti sn c ng. T , nh u t s khng b nhm ln gia ci b th bn ngoi v ci bn cht ti sn tht bn trong ca cng ty. Thng thng ngun vn cng ty cu thnh chnh bi ngun vn s hu ca c ng v ngun vn vay. Cc ngun vn ny to cho cng ty cc ti sn nh: my mc thit b, nh xng... v cc ti sn lu ng khc phc v cho hot ng kinh doanh hng ngy ca cng ty. Do c lc cng ty c vn c ng (hay gi l vn iu l) thp nhng ti sn th hin bn ngoi li rt ln th cha chc l ti sn hnh thnh t vn c ng ng gp m c th nhiu phn t vn vay. Ngun vn s hu ca c ng c gi l Gi tr ti sn thun ca cng ty, gi tr ny chnh l ch s NAV (Net asset value). Ch s Hang Seng (Hang Seng index) Ch s Hang Seng l ch s chng khon c xy dng da trn gi tr vn ha th trng ca cc cng ty ln nht Hng Kng. N c s dng ghi li v theo di nhng thay i hng ngy ca nhng cng ty ln nht trn th trng chng khon Hng Kng v l ch s biu chnh biu hin tnh hnh hot ng ca ton b th trng Hng Kng. 40 cng ty c tnh i din cho khong 65% gi tr vn ha trn th trng chng khon Hng Kng. Ch s Hang Seng c a ra vo ngy 24 thng 11 nm 1969 v hin c duy tr bi cng ty HSI Services Limited, y l mt cng ty b nm gi 100% bi Ngn hng Hang Seng - ngn hng ln nht ng k v nim yt ti Hng Kng xt v gi tr vn ha th trng Ch s S&P 500 (S&P 500) Mt ch s bao gm 500 loi c phiu c la chn t 500 cng ty c mc vn ha th trng ln nht ca M. Ch s S&P 500 c thit k tr thnh mt cng c hng u ca th trng chng khon M v c ngha phn nh nhng c im ri ro / li nhun ca cc cng ty hng u. Cc cng ty c la chn a vo ch s c la chn ra bi y ban Ch s S&P, mt nhm cc nh phn tch v nh kinh t ca Standard & Poor. Ch s S&P 500 l ch s o gi tr th trng - gi tr ca mi c phn trong ch s cn xng vi gi tr th trng ca n. Ch s trung bnh cng nghip Dow Jones (DJIA/ Dow 30/ Dow Jones/ the Dow)
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Ch s trung bnh cng nghip Dow Jones cn c gi l DJIA hoc Dow 30 hoc Dow Jones hoc The Dow, l mt trong nhng ch s ca th trng chng khon c to ra bi ngi bin tp t Wall Street Journal v ng sng lp cng ty Dow Jones & Company vo th k th 19. Ch s trung bnh Dow Jones c tnh ton t 30 cng ty i chng ln nht M. Ci tn "industrial" ch mang ngha lch s bi v rt nhiu cng ty thi nay trong s 30 cng ty ny khng lin quan g my ti ngnh cng nghip Cho vay chng khon (Securities loan) 1. Broker cho mt ngi khc vay chng khon thng l trang tri (bo k) bn khng (short sale - bn chng khon vay mn) ca khch hng. Broker cho vay c bo m bng tin thu c do vic bn chng khon . 2. Theo ngha tng qut, tin cho vay c th chp bng s chng khon c tnh th trng (d mua bn), s vay ny bao gm s tin khch hng vay ca broker- dealers mua hay gi chng khon. S tin vay phi theo lut l ca nh nc v ti khon margin (ti khon vay tin mua chng khon), cng nh s tin cho vay ca ngn hng v ca ngi cho vay khc phi theo lut nh nc. S tin do ngn hng cho brokers vay bo k v tr khch hng cng c th chp bng chng khon nhng s tin vay nh th c gi l tin vay ca broker hay tin vay theo lnh gi (call loans). Chng khon tn li (Treasury stock) Chng khon do cng ty pht hnh th c li v sn sng xo b (retirement) hay bn li. N c pht hnh nhng khng lu hnh. N khng c quyn b phiu v khng chi tr hay tch tu c tc. N khng bao gm trong cc tr gi o lng theo t l cho mi c phn thng. Danh mc u t (Portfolio) Kt hp s hu t hai tr ln cc u t chng khon, tri phiu, hng ho, bt ng sn, cng c tng ng tin mt, hay cc ti sn khc bi mt c nhn hay nh u t thuc t chc. Mc ch ca danh mc u t l lm gim ri ro bng cch a dng ho u t. Dng tin chit khu (Discounted cash flow - DCF) DCF l mt cch thc nh gi mc hp dn ca mt c hi u t. Cc nh phn tch thng dng phng thc ny quy dng tin tng lai ca mt d n c th v gi tr hin ti t nh gi c mc kh thi ca mt d n u t. Nu nh dng tin tng lai sau khi qua chit khu c gi tr ln hn chi ph u t hin ti ca d n th y c th s l mt c hi u t tt.C rt nhiu bin s n cha trong vic phn tch dng tin v dng tin chit khu. Tuy vic tnh ton DCF l rt phc tp song mc ch ca vic phn tch DCF ch nhm nh gi lng tin m nh u t c th thu c t mt hot ng u t v t iu chnh gi tr ca tin t theo thi gian. Dng tin t do (Free cash flow) Dng tin t do l thc o hot ng ca doanh nghip c tnh ton bng hiu s gia dng
48
tin hot ng v chi tiu vn. Ni cch khc, dng tin t do i din cho lng tin mt l doanh nghip c th to ra sau khi li mt phn duy tr hoc m rng cc ti sn phc v cho sn xut kinh doanh. S d khi nim dng tin t do quan trng l bi v n cho php doanh nghip c th theo ui cc c hi u t nhm ti a ha gi tr cho cc c ng. Nu khng c tin mt th doanh nghip s gp kh khn trong vic pht trin sn phm mi, thc hin cc v mua li, chi tr c tc v tr n. Dng tin t do c tnh ton nh sau: Thu nhp rng + Khu hao Thay i trong vn lu ng Chi tiu vn = Dng tin t do. Dng tin t hot ng kinh doanh (Operating cash flow - OCF) y l lng tin to ra t hot ng ca mt cng ty, thng c tnh bng cch ly thu nhp tr i cc khon chi ph hot ng, tuy nhin vic tnh ton ny c s iu chnh nhiu so vi thu nhp rng. Ta c th tm thy s liu v OCF trn cc bo co lu chuyn tin t. OCF c tnh ton theo cng thc sau: OCF = EBIT + Khu hao - Thu. FTSE 100 Ch s FTSE 100 (c l footsie) l ch s c phiu ca 100 cng ty c gi tr vn ha ln nht c nim yt trn S giao dch chng khon London (LSE), c bt u t ngy 3/1/1984, vi im sn l 1000. Gi tr vn ho th trng (Market capitalization, Market cap) Gi tr vn ho th trng l thc o qui m ca mt cng ty, l tng gi tr th trng ca mt cng ty, c xc nh bng s tin b ra mua li ton b cng ty ny trong iu kin hin ti. Blue-chip thng c hiu tng ng vi cc cng ty c qui m t Big/Large Cap tr ln, trong khi cc nh u t lun coi c phiu ca cc cng ty micro-cap v nano-cap l penny stock, bt k gi c phiu ca n th no. IPO IPO (ch vit tt ca cm t ting Anh: Initial public offering) c ngha l pht hnh c phiu ra cng chng ln u. Theo thng l ti chnh trong kinh doanh, vic pht hnh ny c ngha l mt doanh nghip ln u tin huy ng vn t cng chng rng ri bng cch pht hnh cc c phiu ph thng, ngha l c phiu ghi nhn quyn s hu ng ngha v ngi nm gi c quyn biu quyt tng ng trong cc k hp i hi ng c ng thng nin hay bt thng. Mt phn ca IPO c th l chuyn nhng c phn ca c ng hin hu. Mnh gi (Face value) Trong lnh vc ti chnh, mnh gi c rt nhiu cch hiu khc nhau. Vi tri phiu, mnh gi l s tin gc hoc s tin thu li c khi o hn. Tin li c tnh theo mt s phn trm nht nh ca mnh gi. Trc khi o hn, gi tr thc t ca mt tri phiu c th ln hn hoc nh hn mnh gi, tu thuc vo thi gian, li sut v ri ro i km vi tri phiu . Khi o hn, gi tr thc t ca tri phiu s va ng bng mnh gi. 49 Gio trnh chng khon c bn First Step
i hc Kinh t quc dn, Chng trnh Tin tin Cu lc b chng khon Nh u t tng lai FIC YTM (Yield to maturity) YTM (li sut ti o hn) l mt s o li sut bnh qun (theo nm) ca mt ti sn ti chnh nu ngi mua ti sn ti chnh quyt nh nm gi ti sn cho ti khi o hn. Wall Street Wall Street (Ph Wall) thuc qun Manhattan, thnh ph New York, M. Ph Wall chy v hng ng t dc i l Broadway ti South Street bn sng East River, xuyn qua trung tm lch s - Khu vc Ti chnh (Financial District). Ph Wall tng l ngi nh thng xuyn ca sn giao dch chng khon New York, v qua thi gian, ci tn Ph Wall tr thnh mt cch gi hon d cho nhng hot ng ti chnh c nh hng ln nht M cng nh l ngnh cng nghip ti chnh M. Qu u t (Investment Fund (Investment Club / Balanced Fund / Diversified Fund)) L mt nh ch ti chnh phi ngn hng, tp trung mi ngun vn t cc nh u t nh l to thnh qu vn qui m ln v thc hin u t nh mt ch th duy nht. Nh u t khng hng li trc tip t cc c phiu c mua bn trn th trng chng khon, m h s c chia s hiu qu do mt qu trnh mua bn chng khon tp trung ca qu ny theo t l vn h gp. Khi tham gia Qu, cc nh u t s c nhn mt chng ch qu xc nhn s vn gp. Qu u t xut pht t cch nhn dng theo c cu bn cht v mc ch. Quyn la chn (Option) Quyn la chn l mt cng c cho php ngi nm gi n c mua (nu l quyn chn mua) hoc bn (nu l quyn chn bn) mt khi lng nht nh hng ho vi mt mc gi xc nh, v trong mt thi gian nht nh. Cc hng ho c s ny c th l c phiu, ch s c phiu, tri phiu, ch s tri phiu, thng phm, tin hay hp ng tng lai. Quyn mua trc (Right) Quyn mua trc l mt quyn la chn mua c thi hn rt ngn, c khi ch vi tun. Quyn ny c pht hnh khi cc cng ty tng vn bng cch pht hnh thm cc c phiu thng. Quyn cho php mt c ng mua c phiu mi pht hnh vi mc gi n nh trong mt khong thi gian xc nh. Loi quyn ny thng c pht hnh theo tng t, mi c phiu ang lu hnh c km theo mt quyn. S quyn cn mua mt c phiu mi c quy nh tu theo tng t pht hnh mi. Vn lu ng (Working capital) y l mt ch s ti chnh dng o lng hiu qu hot ng cng nh nng lc ti chnh trong ngn hn ca mt cng ty. Vn lu ng ca mt cng ty c tnh theo cng thc sau: Vn lu ng = Tng ti sn ngn hn - Tng n ngn hn.
50

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i hc Kinh t quc dn, Chng trnh Tin tin Cu lc b chng khon Nh u t tng lai FIC

H Ni, ngy 20 thng 11 nm 2009 Cu lc b Nh u t tng lai

Gio trnh chng khon c bn First Step

Gio trnh chng khon c bn First Step

TNG QUAN V TH TRNG CHNG KHON VIT NAM

Gio trnh chng khon c bn First Step

Gio trnh chng khon c bn First Step

y l loi c phiu c y c c trng ca c phiu. V

Gio trnh chng khon c bn First Step

Thi hn ca tri phiu (Maturity):

Gio trnh chng khon c bn First Step

Gio trnh chng khon c bn First Step

Gio trnh chng khon c bn First Step

Gio trnh chng khon c bn First Step

Ch s FTSE 100 (FTSE 100)

Gio trnh chng khon c bn First Step

CC CH TH THAM GIA VO TH TRNG CHNG KHON

Gio trnh chng khon c bn First Step

S giao dch chng khon H Ni (website: http://www.hnx.vn)

khon/ th trng giao dch chng khon -

Gio trnh chng khon c bn First Step

GIAO DCH CHNG KHON

Giao dch ti s GDCK v trung tm GDCK

2.2 Giao dch trn sn HNX:

8h30 11h: lnh lin tc

Giao dch tha thun v giao dch khp

Gio trnh chng khon c bn First Step

Gio trnh chng khon c bn First Step

Lnh giao dch ti mc gi khp lnh xc nh gi m ca (ATO):

Gio trnh chng khon c bn First Step

Di y l hnh nh minh ha cho 1 lnh t mua c phiu trn sn chng khon

Gio trnh chng khon c bn First Step

Gio trnh chng khon c bn First Step

3. Bn co bch bao gm nhng thng tin g? Bn co bch thng gm 8 mc chnh sau:

n s dng tin thu c t t pht hnh; -

6. Thng tin chnh ca trang ba -

doanh chnh ca cng ty pht hnh; -

Nhng ri ro c th xy ra ca cng ty bao gm: -

Gio trnh chng khon c bn First Step

Gio trnh chng khon c bn First Step

Gio trnh chng khon c bn First Step

Gio trnh chng khon c bn First Step

Trong : + D1: H s chia mi + D0: H s chia c

+ V1: Tng gi tr hin hnh ca cc c phiu nim yt

Gio trnh chng khon c bn First Step

PH LC BNG TRA THUT NG CHNG KHON THNG GP

Gio trnh chng khon c bn First Step

Gio trnh chng khon c bn First Step

Gio trnh chng khon c bn First Step

Gio trnh chng khon c bn First Step

Gio trnh chng khon c bn First Step

Gio trnh chng khon c bn First Step

Gio trnh chng khon c bn First Step

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