Th trng Chng khon

Ging vin: Duy Kin

Ngun: http://www.nyse.com/
 Ni dung chng trnh hc
Chng I: Tng quan th trng chng khon
Chng II: Gi tr thi gian ca tin t
Chng III: Tri phiu v nh gi tri phiu
Chng IV: C phiu v nh gi c phiu
Chng V: Li sut v ri ro
Chng VI: Chng khon phi sinh
Chng VII: Chnh sch c tc
Thuyt trnh v tiu lun
 Chng I
Tng quan v Th trng Chng khon
 Ni dung
Tng quan th trng ti chnh
Phn loi th trng ti chnh
Vai tr ca th trng ti chnh
Khi nim TTCK
Chc nng, vai tr caTTCK
Lch s ra i ca TTCK
TTCK Vit Nam.
Cc cng c ti chnh c s dng trn TTCK
S giao dch chng khon
Trung tm giao dch chng khon
 I. Tng quan th trng ti chnh
1. Khi nim th trng ti chnh
- L ni kt ni trc tip cung vn v cu vn
2. Phn loi Th trng ti chnh 2

Th trng
ti chnh

Th trng tin t Th trng vn

Th trng Th trng CK Th trng CK Th trng Th trng

Th trng tn dng Th trng ngoi hi
lin ngn hng ngn hn di hn bt ng sn thu mua ti chnh
 2.1 Th trng tin t
L ni din ra vic mua bn cc cng c
ti chnh ngn hn (thi gian o hn < 1
nm).
 2.2 Th trng vn
L ni din ra vic mua bn cc cng c ti
chnh trung v di hn (thi gian > 1 nm).
Thanh khon km hn th trng tin t.
 Chng khon
(Securities)
Chng khon l bng chng xc nhn quyn v li ch hp php
ca ngi s hu i vi c phn / c phiu, i din cho ti sn
hoc phn vn ca cng ty c chng khon 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 sau y:
C phiu, tri phiu, chng ch qu
Quyn mua c phn (option), chng quyn, quyn chn mua,
quyn chn bn, hp ng tng lai (future), nhm chng
khon hoc ch s chng khon (market index), c quyn mua
c phiu/ m bo (warranty), chng khon phi sinh
(derivatives)
 Chc nng ca TTCK
Huy ng vn: mua c phiu bng cch
- Th trng s cp cho vic bn ra cng
chng ln u (IPO Initial public offerings).
- Pht hnh su rng (Further issues).
- Th trng th cp (Secondary / trading
market).
- Th trng u t chn la (AIM Alternative
Investment Market).
Mua bn dch v
iu tit th trng chng khon
 3. Th trng chng khon Vit
Nam2
1998, TTGDCK H Ni v TTGDCK TP HCM c
chnh ph thnh lp
2 nm sau khi thnh lp, th trng chng khon mi i
vo hot ng vi hot ng ca TTGDCK TP HCM vo
ngy 28/7/2000 vi 2 c phiu l SAM v REE
 UPCoM
Th trng giao dch ca cc cng ty i chng
cha nim yt (khai trng 6/2009)
CK giao dch trn UPCoM l c phiu ca cc cng
ty i chng cha c nim yt hoc b hy nim
yt ti HOSE hoc HASTC, bao gm c tri phiu
chuyn i ca cng ty .
Phng thc giao dch: tha thun.
KLDG ti thiu: 10 CP, mnh gi 100.000 , bin
+/- 10%, tgian 10-15h (ngh tra 11h30-13h20)
L tin xy dng OTC c qun l.
 Nguyn tc hot ng ca TTCK
Nguyn tc cng khai
Xy dng trn h thng cng b thng tin tt
v cng khai.
Thng tin trn TTCK phi:
1.Chnh xc
2.Kp thi
3.D tip cn
c hin tng asymmetric information (thng
tin bt i xng): nh u t khng th bit
ht tt c thng tin ni b v mt doanh
nghip.
 Nguyn tc trung gian
- Cc giao dch thc hin thng qua t chc trung gian
cc cng ty chng khon.
- Th trng s cp: NT mua t cc nh bo lnh pht
hnh, khng phi trc tip t cng ty nim yt.
 Nguyn tc u gi:
- Mi mua bn u theo nguyn tc u gi =>
th hin mi quan h cung cu trn th trng.
- Hnh thc u gi:
1. u gi trc tip:
2. u gi gin tip:
3. u gi t ng:
- Hnh thc u gi: nh k v lin tc.
 Phn loi th trng chng
khon
Da vo cch pht hnh:
Th trng s cp:
Th trng th cp
Da vo cc hnh thc t chc th trng:
Th trng tp trung: cn gi l SGDCK
Th trng phi tp trung: OTC
Da vo hng ha trn th trng:
- Th trng c phiu
- Th trng tri phiu
- Th trng chng khon phi sinh
 TTGDCK tp trung: SGDCK
TTGDCK tp trung hot ng kinh doanh
theo php lut v quy ch ca SGD2
Thng qua Trung gian
Nim yt chng khon
Giao dch chng khon theo nguyn tc u
gi
Cng khai ti chnh
Giao nhn v thanh ton chng khon theo
nguyn tc b tr
Buc phi lu k chng khon ti SGD
 TTCK phi tp trung
Thc hin giao dch thng qua mng li cc
ngn hng v cng ty chng khon2
Quy giao dch ti cc ngn hng
Nguyn tc giao dch: trc tip (thun mua va bn)
Xc lp gi c: tha thun tay i
Thnh vin t do
CK: khng nim yt
Lu k: t do
Thanh ton giao nhn: tha thun
n v giao dch: tha thun
 5. Nguyn tc khp lnh trn th
trng chng khon2
u tin v gi: gi t mua cao nht v gi cho bn
thp nht.
V thi gian
V khch hng: u tin NT c nhn
V quy m lnh: cng mc gi, u tin cc lnh c khi
lng ln hn.
Nu c nhiu mc gi tha mn th mc gi trng
hoc gn vi mc gi thc hin ca ln khp lnh
gn nht s c chn.
=>Mc tiu ca th trng l to khi lng giao
dch ln nht => i vi th trng chng khon, u
tin khi lng giao dch.
 i vi nh u t c nhn
Lnh mua c gi cao nht c thc hin
trc (u tin v gi)
Lnh bn c gi thp nht c thc hin
trc
Lnh no c nhp vo trc s c
thc hin trc (u tin v thi gian)
Trnh nhm ln vi nguyn tc u tin
trn th trng.
 Bin dao ng gi 2

Gi trn = gi tham chiu + (gi

tham chiu x bin dao ng gi)
Gi sn = gi tham chiu (gi tham
chiu x bin dao ng gi)
Hin nay (t 18/8/2008):
- i vi SGDCK HCM: bin dao
ng gi = +-5%
i vi trung tm GDCK HN: bin
dao ng gi =+-7%
 Gi tham chiu 2

Gi tham chiu ca HoSTC l gi ng

ca ca ngy hm
Gi tham chiu ca HNX = bnh qun gia
quyn ca cc gi giao dch trong ngy
Trng hp c phiu mi ng k giao
dch, ngi ta khng quy nh bin
dao ng gi trong ngy giao dch u
tin
Trng hp tch, gp c phiu th gi
tham chiu cng s c iu chnh li
 Bc gi
SGDCK HCM (VSE) quy nh2:
0-50K: bc gi l 100 ng (chn)
Bn ch c th t c phiu mc gi
20100, 20200, 20300, ch khng t c
20050
50K-100K: bc gi l 500 ng
Bn ch t c phiu 50500 ->51000
T 100K tr ln: bc gi l 1000 ng
 Tnh gi trn, gi sn 2

Quy nh trn HNX: tt c cc bc gi l 100 ng

i vi gi trn s lm trn xung theo bc gi
i vi gi sn s lm trn ln theo bc gi
V d:
VD1: c phiu ang c giao dch gi 49000
xc nh gi trn v gi sn 5% = 2450
FP = 46550 => 46600
CP = 51450 =>51000
VD2: gi giao dch 99000
5%=4950
FP = 94050 =>94500
CP=103950 =>103000
 Mt s thut ng cn ghi
nh2
ng k CK: Vic ghi nhn quyn s hu v cc quyn
khc ca ngi s hu CK
Qu u t CK: qu ng vs. qu m
Cng ty i chng:L cng ty c phn (i) thc hin
cho bn c phiu ra cng chng (ii) c c phiu c
nim yt (iii) c t nht 100 nh u t s hu c phiu,
khng k nh u t CK chuyn nghip, v c vn iu
l gp t 10 t VND tr ln.
 C ng ln: L c ng s hu trc tip hoc gin tip t 5% tr
ln s c phiu c quyn biu quyt ca mt t chc pht hnh
Nh u t: L t chc, c nhn Vit Nam v t chc, c nhn
nc ngoi tham gia u t trn th trng chng khon. (ngn
hng u t, cng ty bo him, qu u t, cng ty ti chnh, ngn
hng thng mi, cng ty chng khon)
Nh u t chng khon chuyn nghip: ngn hng thng mi,
cng ty ti chnh, cng ty cho thu ti chnh, t chc kinh doanh bo
him, t chc kinh doanh chng khon.
Thng tin ni b: L thng tin lin quan n cng ty i chng
hoc qu i chng cha c cng b m nu c cng b c
th nh hng ln n gi CK ca cng ty i chng hoc qu i
chng .
 Bn co bch (Prospectus): L ti liu hoc d liu in t
cng khai nhng thng tin chnh xc, trung thc, khch quan
lin quan n vic cho bn hoc nim yt chng khon ca
t chc pht hnh
Kinh doanh chng khon: l vic thc hin cc nghip v
mi gii, t doanh, BLPH, t vn u t, lu k, qun l qu
u t CK, qun l danh mc u t CK
Lu k chng khon: L vic nhn k gi, bo qun,
chuyn giao chng khon cho khch hng, gip khch hng
thc hin cc quyn lin quan n s hu CK
Cc t chc c lin quan n TTCK: UBCKNN, S giao
dch CK, Cng ty dch v my tnh, cng ty nh gi tn nhim
Ngi pht hnh: T chc thc hin pht hnh chng
khon ra cng chng
 Bi tp
Xc nh gi trn v gi sn ca c
phiu c gi giao dch l:
25000 (23800-26200)
48000 (45600-50000)
98000 (93500-102000)
102000 sn HN (97000-107000)
 Phng thc giao dch tha
thun2
Cc giao dch c thc hin theo l chn hoc l ln
Cc giao dch l chn c thc hin ti mc gi ng
ca trong ngy giao dch hoc gi ng ca ca ngy
giao dch gn nht trc .
Giao dch l ln phi tun theo quy nh v bin giao
dch gi trong ngy.
Trn sn TP HCM: l chn =10 c phiu (tm thi cha
nng ln 100)
Lnh 15000 c phiu s c tnh tch thnh lnh 9900
v 5100 m bo 2 lnh vn c thc hin mc
di 10000 c phiu.
th trng nc ngoi cng c quy nh bin dao
ng gi nh vy.
 7. Cc loi lnh giao dch c
trn TTCK Vit Nam
Lnh MP (lnh th trng)
Lnh LO (lnh gii hn)
Lnh giao dch ti mc gi xc nh
gi m ca ATO
Lnh giao dch ti mc gi xc nh
gi ng ca ATC
 Lnh MP
Lnh mua ti mc gi bn thp nht hoc lnh bn ti mc
gi mua cao nht hin c trn th trng
Nu khi lng t lnh ca lnh MP vn cha thc hin ht
th lnh MP s c xem l lnh mua ti mc gi bn cao
hn hoc lnh bn ti mc gi mua thp hn tip theo hin
c trn th trng
Nu KL t lnh ca lnh MP vn cn, lnh MP s c
chuyn thnh lnh gii hn mua (bn) ti mc gi cao
(thp) hn mt n v yt gi so vi gi giao dch cui cng
trc
NT yn tm v lnh s c thc hin nhng khng chc v
mc gi.
Khng nhp c khi khng c lnh i ng
Ch s dng trong phin khp lnh lin tc (9:00 10:00)
 V d v lnh MP 2

S lnh c phiu BBB nh sau:

KL Mua Gi mua Gi bn KL Bn
5000 MP 98 1000
99 2000

Kt qu khp lnh:
3000 - 1000(98)
- 2000(99)
2000 chuyn thnh lnh LO/LP mua ti mc gi 99.5
 Lnh LO
Mua, bn chng khon ti mc gi xc nh hoc tt
hn
 V d v lnh LO 2

C phiu AAA c gi tham chiu 99 c s

lnh nh sau:
KL mua gi mua Gi bn KL bn
5000 100 98 1000
100 1000
Nh vy sau khi khp lnh, trong s lnh vn
cn d mua 3000. i vi giao dch ca nh
u t nc ngoi th lnh s b hy, cn i
vi nh u t trong nc th khng hy.
Lnh giao dch ti mc gi khp lnh (p dng trong
thi gian khp lnh nh k xc nh gi m ca
ATO)
L lnh mua hoc bn ti mc gi m ca
Lnh ATO u tin trc lnh gii hn khi so khp lnh
T ng hy b khi khp lnh nu lnh khng c thc hin hoc
khng thc hin ht
V d: S lnh Cp CCC vi gi tham chiu 100 2:

KL mua Gi mua Gi bn KL bn
1500 100 (C) ATO 1000 (B)
99 2000 (A)

Gi khp lnh l 99
NT B c thc hin lnh bn trc, nh u t A uc
thc hin 500 CP, trn s lnh sau s cn 1500 cp ca NT A bn
vi gi 99
8. NGUYN TC THC HIN GIAO
DCH
 TRNH T THC HIN GIAO
DCH2
- Bc 1: Nh u t n m ti khon v t lnh mua hay bn
chng khon ti mt cng ty chng khon.
- Bc 2: Cng ty chng khon chuyn lnh cho i din ca
cng ty ti Trung tm giao dch chng khon nhp vo h thng
giao dch ca Trung tm.
- Bc 3: Trung tm giao dch chng khon thc hin ghp lnh v
thng bo kt qu giao dch cho cng ty chng khon.
- Bc 4: Cng ty chng khon thng bo kt qu giao dch cho
nh u t.
- Bc 5: Nh u t nhn c chng khon (nu l ngi mua)
hoc tin (nu l ngi bn) trn ti khon ca mnh ti cng ty
chng khon sau 3 ngy lm vic k t ngy mua bn nu quy nh
v thi gian thc hin thanh ton b tr chng khon l T +3.
Qu u t
Quy trnh u t ca qu 2

Nghin cu u t

u vo
Phn tch li sut/ ri ro

Mc tiu u t

u ra Phn b ti sn

La chn chng khon

Xy dng danh mc u t
 Ti sao nh u t s dng
qu u t?
Gim thiu ri ro nh a dng ha danh mc u t
Tit kim chi ph nhng vn t cc yu cu v li
nhun
c qun l chuyn nghip
Gim st cht ch bi cc c quan thm quyn
Tnh nng ng ca qu u t
Mi nh u t tham gia u t vo qu s s
hu mt phn trong tng danh mc u t ca
qu. Vic nm gi ny c th hin thng
qua vic s hu cc chng ch qu u t.
 Cc loi hnh qu u t

Hin nay, trn th gii c rt nhiu loi hnh qu u t

cn c theo cc tiu ch phn loi khc nhau2.
Cn c vo ngun vn huy ng:
Qu u t tp th (qu cng chng): L qu huy
ng vn bng cch pht hnh rng ri ra cng
chng.
Qu u t c nhn (qu thnh vin): Qu ny huy
ng vn bng phng thc pht hnh ring l cho
mt nhm nh cc nh u t, c th c la chn
trc, l cc c nhn hay cc nh ch ti chnh
hoc cc tp on kinh t ln.
Cn c vo cu trc vn ng vn:
Qu ng:
Qu m:
Cn c vo c cu t chc v hot ng ca qu:
Qu u t dng cng ty:
Qu u t dng hp ng:
 Ch s gi bnh qun Passcher l ch s gi
bnh qun gia quyn gi tr ly quyn s l
quyn s thi k tnh ton, v vy kt qu
tnh s ph thuc vo c cu quyn s (c
cu chng khon nim yt) thi tnh ton.
Cc ch s KOSPI (Hn quc); S&P500(M);
FT-SE 100 (Anh) ; TOPIX (Nht) ; CAC
(Php); TSE (i loan); Hangseng (Hng
cng); cc ch s ca Thu S,.. v VnIndex
ca Vit Nam p dng phng php ny.
 T tm him 4 phng php
khc2
Phng php Laspeyres.
Ch s gi bnh qun Fisher
Phng php s bnh qun gin
n:
Phng php bnh qun nhn
gin n
 Cc k hiu giao dch khng
hng quyn2
Vo cc ngy giao dch khng hng quyn,
SGDCK TP.HCM s cng
b cc k hiu giao dch sau y trn h thng
giao dch i vi cc loi chng khon:
25.1 XR: Giao dch khng hng quyn t mua
c phiu, chng ch qu u t pht hnh thm
cho c ng hin hu;
25.2 XD: Giao dch khng hng c tc ca c
phiu v chng ch;
25.3 XA: Giao dch khng hng c tc, quyn
mua c phiu, chng ch qu u t pht hnh
thm cho c ng hin hu trong cng mt ngy.
25.4 XI: Giao dch khng hng li tri phiu.
 Cc qui nh v giao dch
tho thun2

- Thi gian giao dch: T 9h00-11h00 cc ngy Th 2, 4, 6 hng tun (tr

cc ngy ngh theo qui nh ti B Lut Lao ng).
-Gi tham chiu: l bnh qun gia quyn ca cc mc gi giao dch ca ngy
c giao dch gn nht.
- Bin giao ng gi:
+ i vi c phiu: +/- 10%
+ i vi tri phiu: khng qui nh bin
- n v yt gi: 100 ng
-
 Cc ti liu trch dn, tham kho

1 TS. o L Minh , 2002. Gio trnh Nhng vn c bn v

chng khon v th trng chng khon.. y ban chng khon Nh
nc.
2 ThS. Ng Phng Lan, 2010. Gio trnh Th trng Chng khon.

i hc Ngoi thng.
3 Website ca cc cng ty chng khon: Cng ty CK Tn Vit, Wall

Street.
4 y ban Chng Khon Nh Nc: http://www.ssc.gov.vn

5 Sn giao dch chng khon New York: http://www.nyse.com/

Cc hnh nh ti v t internet: thuc quyn s hu ca cc n v

c lin quan.
Cc thng tin (thng tin ph cp hay thuc quyn s hu tr tu)
c dng trong slide ny thuc v cc tc gi v t chc nu
trn, d c trch dn trc tip hay gin tip trong slide ny.
 Ti liu tham kho
SCH
Gio trnh Th trng chng khon GS inh Xun Trnh
Gio trnh Nhng vn c bn v Chng khon v TTCK
TS o L Minh, UBCKNN, NXB chnh tr quc gia
Gio trnh Phn tch v u t Chng khon ThS L Th
Mai Linh, UBCKNN, NXB Chnh tr QG.
Website:
CNBC: www.cnbc.com
UBCK Nh nc: http://www.ssc.gov.vn
www.tinnhanhchungkhoan.vn
Cc vn bn lut:
Gi nn mua: Cm nang php lut dnh cho NDT Chng
khon NXB LD-XH 04/2007
Lut Chng khon ngy 29/6/2006 (11 chng, 136 iu)
Cc vn bn ca UBCKNN, B Ti chnh (Quyt nh, thng t)
Cc lut v vn bn di lut c lin quan: