1. CHNG I TNG QUAN V TH TRNG CHNG KHON I. GII THIU V TH TRNG TI CHNH 1. Bn cht v chc nng ca th trng ti chnh 1.1. Bn cht ca th trng ti chnh Trong nn kinh t, nhu cu v vn u t v cc ngun tit kim c th pht sinh t nhng ch thkhc nhau. Nhiu ngi c c hi u t sinh li th thiu vn, tri li nhiu ngi c vn nhn ri likhng c c hi u t. Do hnh thnh nn mt c ch chuyn i t tit kim sang u t. C ch c thc hin trong khun kh th trng ti chnh. Nhng ngi thiu vn huy ng vn bng cch phthnh ra cc cng c ti chnh nh c phiu, tri phiu. Nhng ngi c vn d tha, thay v u t vo mymc thit b. nh xng sn xut hng ho hay cung cp dch v, s u t (mua) vo cc ti sn ti chnhc pht hnh bi nhng ngi cn huy ng vn. Vy, th trng ti chnh l ni din ra s lun chuyn vn t nhng ngi c vn nhn ri ti nhngngi thiu vn. Th trng ti chnh cng c th nh ngha l ni mua bn, trao i cc cng c ti chnh. Hot ng trn th trng ti chnh c nhng hiu ng trc tip ti s giu c ca cc c nhn, ti hnhvi ca cc doanh nghip v ngi tiu dng, v ti ng thi chung ca ton b nn kinh t. 1.2. Chc nng ca th trng ti chnh a. Dn vn t nhng ni tha vn sang nhng ni thiu vn y l chc nng kinh t ch yu ca th trng ti chnh. Thng qua hot ng ca cc ch th trn thtrng, cc ngun ti chnh c lun chuyn cung v cu v vn gp nhau. Qu trnh lun chuyn vntrn th trng ti chnh lm tng qu trnh chuyn cc ngun tit kim thnh u t. Qu trnh lun chuynvn c th hin qua s sau y: (S ) Bn tri ca s l nhng ngi tit kim v cho vay vn: Bn phi l nhng ngi phi i vay vn ti tr cho chi tiu. Ngi tit kim - cho vay ch yu l cc h gia nh, tuy nhin, cc doanh nghip vchnh ph, v ngi nc ngoi i khi cng c tin d tha v em cho vay s tin . Ngi i vay - chitiu quan trng nht l cc doanh nghip v chnh ph, song h gia nh v ngi nc ngoi i khi cngi vay mua sm to, dng v nh . Cc mi tn cho thy cc dng vn chy t ngi tit kim - chovay sang ngi i vay - chi tiu qua hai knh. knh ti chnh gin tip, cc ch th tha vn khng trc tip cung ng vn cho ngi thiu vn mgin tip thng qua cc trung gian ti chnh nh cc ngn hng, cc t chc nhn tin gi tit kim v chovay, cc cng ty bo him hay cc t chc ti chnh tn dng khc. 1

2. knh ti chnh trc tip, cc ch th d tha vn trc tip chuyn vn cho cc ch th thiu vn(ngi tiu dng, ngi u t) bng cch ma cc ti sn ti chnh trc tip do cc ch th thiu vn phthnh thng qua cc th trng ti chnh. Nh vy, chnh th trng ti chnh gip cho ngun vn vn ng t ni tha vn n ni thiu vn,gip cho qu trnh giao lu vn c nhanh chng v hiu qu. Nh tn dng c cc ngun vn l t,tm thi nhn ri a vo sn xut, kinh doanh, u t xy dng nhm em li li ch cho cc i tc thamgia th trng, ng thi phc v nhu cu pht trin ca ton b nn kinh t. b. Hnh thnh gi ca cc ti sn ti chnh Thng qua s tc ng qua li gia ngi mua v ngi bn, gi ca cc ti sn ti chnh c xc nh,hay ni cch khc, li tc cn phi c trn mt ti sn ti chnh c xc nh. Yu t thc y cc doanhnghip gi vn chnh l mc li tc m cc nh u t yu cu; v chnh c im ny ca th trng tichnh pht tn hiu cho bit vn trong nn kinh t cn c phn b nh th no gia cc ti sn tichnh. Qu trnh c gi l qu trnh hnh thnh gi. c. To tnh thanh khon cho ti sn ti chnh Th trng ti chnh to ra mt c ch cc nh u t c th bn ti sn ti chnh ca mnh. Chnhnh vo c im ny m ngi ta ni rng th trng ti chnh to ra tnh thanh khon cho nn kinh t. Nuthiu tnh thanh khon, ngi u t s buc phi nm gi cc cng c n cho ti khi o hn, hoc nm gicc cng c vn cho ti khi cng ty ph sn phi thanh l ti sn. Mc d tt c cc th trng ti chnh uc tnh thanh khon, song mc thanh khon gia cc th trng li khc nhau. d. Giam thiu chi ph tip kim v chi ph thng tin cho cc giao dch c th din ra, nhng ngi mua v nhng ngi bn cn phi tm c nhau;mun th, h cn phi tiu tn tin v thi gian cho vic qung co ca mnh v tm kim i tc. lnhng chi ph tm kim. Bn cnh l cc chi ph thng tin gn lin vi vic nhn nh cc gi tr du tca mt cng c ti chnh, tc l khi lng v tnh chc chn ca dng tin d kin thu c t u t.Nh tnh tp trung, khi lng giao dch v gi tr giao dch ln, thng tin c cung cp y v nhanhchng, th trng ti chnh cho php gim thiu nhng chi ph ny. e.n nh v iu ho lu thng tin t Bn cnh cc chc nng k trn, th trng ti chnh cn c chc nng n nh v iu ho lu thngtin t, m bo s pht trin lnh mnh ca nn kinh t. Thng qua vic mua bn cc tri phiu, tn phiu chnh ph ca ngn hng trung ng trn th trng tichnh, chnh ph c th to ra ngun thu b p thm ht ngn sch v kim sot lm pht. Ngn hng trung ng cng c th mua bn ngoi t trn th trng ngoi hi iu chnh lng cungv cu ngoi t nhm gip chnh ph n nh t gi hi oi. 2. Cu trc ca th trng ti chnh 2

3. Tu theo cc tiu thc khc nhau, ngi ta c th phn loi th trng ti chnh theo nhiu cch khcnhau: 2.1. Th trng tin t v th trng vn Cn c vo thi hn lun chuyn vn, th trng ti chnh c chia thnh th trng tin t v thtrng vn. Th trng tin t Th trng tin t l th trng mua bn, trao i cc cng c ti chnh ngn hn (thng c thi hndi 1 nm). Thng qua th trng tin t, cc ngun vn nhn ri c chuyn t nhng ni tha vn sang nhngni thiu vn v c nhu cu u t, gp phn tng hiu qu phn b ngun lc ca x hi. Th trng tin tcn l ni ngn hng trung ng thc thi nghip v th trng m nhm kim sot lng tin d tr cacc ngn hng thng mi v iu tit lng tin cung ng. Th trng tin t c mt s c trng c bn sau: - Cc cng c ca th trng tin t c thi gian o hn trong vng mt nm nn c tnh thanh khoncao, ri ro thp v hot ng tng di n nh. - Hot ng ca th trng tin t din ra ch yu trn th trng tn dng do gi c hnh thnh trn thtrng ny c biu hin thng qua li sut tn dng ngn hng. Th trng tin t bao gm th trng lin ngn hng, th trng chng khon ngn hn, th trng ngoihi, th trng tn dng... Th trng tn dng bao gm cc hot ng tn dng ca ngn hng thng mi, l hot ng huyng vn v cho vay vn ngn hn. Th trng lin ngn hng hot ng nhm gii quyt nhu cu vn tn dng gia cc ngn hng vi nhautrc khi ngn hng thng mi i vay chit khu ti ngn hng trung ng. Th trng chng khon ngn hn l ni thc hin cc giao dch mua bn, chuyn nhng v trao icc giy t c gi ngn hn nh tn phiu kho bc, k phiu ngn hng, chng ch tin gi tit kim v ccgiy t c gi ngn hn khc. Th trng ngoi hi l ni din ra cc giao dch, mua bn, chuyn nhng, vay v cho vay bng ngoit. Th trng ngoi hi l mt b phn quan trng ca th trng tin t, s tc ng qua li gia cung vcu trn th trng ny s hnh thnh v nh hng n t gi hi ot, mt trong cc bin s quan trng cann kinh t. Th trng vn Th trng vn l th trng mua bn, trao i cc cng c ti chnh chung v di hn (thng c thihn trn 1 nm). So vi cc cng c trn th trng tin t, cc cng c trn th trng vn c tnh thanhkhon km hn v ri ro cao hn, do chng c mc li tc cao hn. 3

4. Vai tr ch yu ca th trng vn l cung cp ti chnh cho cc khon u t di hn ca chnh ph,doanh nghip v h gia nh. Th trng vn bao gm th trng chng khon, th trng vay n di hn, thtrng tn dng thu mua, th trng cm c, th trng bt ng sn 2.2. Th trng n v th trng vn c phn Cn c vo cch thc huy ng vn, th trng ti chnh c chia ra thnh th trng n v th trngvn c phn. Th trng n Th trng n l th trng mua bn cc cng c n nh tri phiu, cc khon cho vay,... Th trng n c c trng l cc cng c giao dch u c k hn nht nh, c th l ngn hn, trung hnhoc di hn tu theo cam kt n gia ch n v ngi mc n. S hot ng trn th trng n ph thuc rtln vo bin ng ca li sut ngn hng. Th trng vn c phn Th trng vn c phn l th trng mua bn cc c phn ca cng ty c phn. c trng ca th trngny l cc cng c trn th trng ny khng c k hn m chi c thi im pht hnh, khng c ngy mnhn. Ngi mua c phiu ch c th ly li tin bng cch bn ln c phiu trn th trng hoc khi cng tytuyn b ph sn. Khc vi th trng n, hot ng ca th trng vn c phn ch yu ph thuc vo hiuqu kinh doanh ca cng ty c phn. 2.3. Th trng s cp v th trng th cp Cn c vo tnh cht ca vic pht hnh cc cng c ti chnh, th trng ti chnh c chia thnh thtrng s cp v th trng th cp. Th trng s cp Th trng s cp l th trng trong cc cng c ti chnh c pht hnh ln u v c bn chongi u tin mua chng. Do l pht hnh ln u nn th trng ny cn c gi l th trng cp mt. Th trng ny t quen thuc vi cng chng u t v vic bn chng khon ti nhng ngi mua utin c tin hnh theo nhng tho thun ring vi s tr gip ch yu ca cc nh ch ti chnh lmnhim v bo lnh pht hnh. Th trng th cp Th trng th cp l th trng giao ch cc cng c ti chnh sau khi chng c pht hnh trn thtrng s cp. Th trng th cp cn c gi l th trng cp hai. Hot ng trn th trng th cp din ra trong phm vi rng hn vi tng mc lu chuyn vn ln hnrt nhiu so vi th trng s cp. Tuy nhin vic mua bn chng khon trn th trng ny khng lm thayi ngun vn ca t chc pht hnh m ch chuyn vn t ch th ny sang ch th khc. 4

5. Th trng th cp hot ng lm cho cc cng c ti chnh c tnh lng cao hn v do to iu kinthun li cho vic pht hnh trn th trng s cp. V vy, c th ni th trng th cp l ng lc thcy s pht trin ca th trng s cp. 3. Cc cng c ca th trng ti chnh 3.1. Cc cng c ca th trng tin t Do c thi gian o hn ngn nn cc cng c ti chnh giao dch trn th trng tin t c c imchung l dao ng gi thp v ri ro thp. Cc cng c ch yu ca th trng tin t bao gm: Tn phiu kho bc L mt cng c vay n ngn hn ca chnh ph do kho bc nh nc pht hnh, thng c pht hnhtheo nh k 3 thng, 6 thng, hoc 9 thng. Mc d li sut tn phiu kho bc thng thp hn cc cng cn khc nhng n rt c a chung trn th trng tin t do tnh an ton v tnh thanh khon cao, ddng chuyn nhng trn th trng th cp. Tn phiu kho bc l cng c nm gi ch yu ca cc ngn hng thng mi. Cc ngn hng ny u tngun vn ng bng vo tn phiu kho bc thu li tc v quan trng hn, dng n nh tin d tr cphai, tc chuyn thnh tin mt bt c lc no gii quyt kh khn ti chnh ca ngn hng. Ngn hng trung ng cng c th s dng cng c ny thc hin nghip v th trng m nhmiu chnh lng tin cung ng ra lu thng v kim sot th trng tn dng. Thng phiu Thng phiu hay cn gi l k phiu thng mi l mt loi giy nhn n c bit ngi gi n cquyn i tin khi n hn. Thng phiu bao gm: - Hi phiu: l phiu ghi n do ngi bn hng tr chm k pht trao cho ngi mua hng tr chmtrong yu cu ngi mua phi tr mt s tin nht nh khi n hn cho ngi bn hoc bt c ngi noxut trnh hi phiu ny (ngi th hng). - Lnh phiu: l giy nhn n do ngi mua hng tr chm k pht trao cho ngi bn hng tr chmtrong ngi mua cam kt tr mt s tin nht nh khi n hn cho ngi th hng. - Chng ch lu kho: l giy do mt cng ty kinh doanh kho bi k pht, tha nhn c gi hng ho chongi ch hng k gi v cam kt giao hng cho ch hng hay mt ngi no do ch hng ch nh bngcch k hu. Cc chng ch tin gi c th chuyn nhng L giy chng nhn v vic gi tin v l mt cng c vay n ca ngn hng i vi ngi gi tin.Trn chng ch qui nh ngi s hu n s nhn c mt khon tin li nh k v nhn s vn khio hn. Ngi nm gi chng ch ny khng c rt tin trc khi n hn m ch c th thu hi tin 5

6. bng cch bn li trn th trng th cp. Chng ch tin gi l mt cng c quan trng trong vic to ngunvn hot ng v m bo tnh thanh khon cho ngn hng. Chp phiu ngn hng L giy do mt cng ty pht hnh, bo m rng mt ngn hng s thanh ton v iu kin mt khontin nht nh vo mt thi im nht nh trong tng lai cho ngi nm gi giy ny. Cng ty trc khipht hnh cng c ny buc phi gi vo ti khon ngn hng mt khon tin tng ng vi lng tin ghitrn chp phiu. Ngi nm chp phiu ngn hng cng c th chit khu li trn th trng thu tintrc. Li sut ca cng c ny tng i thp do tnh an ton cao. 3.2. Cc cng c trn th trng vn Cc cng c trn th trng vn bao gm cc cng c vn v cc cng c n c thi gian o hn trnmt nm. Loi cng c ny c bin ng gi mnh hn v tnh thanh khon thp hn cc cng c trn thtrng tin t v c coi l nhng khon u t kh ri ro. Nhng loi cng c chnh l c phiu (cng cvn) v tri phiu (cng c n). Ngoi ra cn c cc cng c chuyn i hoc cc cng c pht sinh. C phiu: l giy Chng nhn quyn s hu v li ch hp php i vi thu nhp v ti sn ca mtcng ty c phn. C phiu bao gm nhiu loi khc nhau nh c phiu thng, c phiu u i c tc, cphiu u i d phn... Tri phiu: l giy chng nhn vic vay vn ca mt ch th (ch th pht hnh) i vi mt ch thkhc (ch th cho vay vn). Trn tri phiu quy nh hng k ch th pht hnh phi tr cho ngi nm gitri phiu mt khon tin nht nh (li tc tri phiu) v ti thi im o hn phi hon tr khon vn chovay ban u. C nhiu loi tri phiu khc nhau nh tri phiu cng ty, tri phiu chnh ph, tri phiu th, tri phiu c th chuyn i... Cc khon tn dng cm c: l cc khon cho vay i vi cc doanh nghip hoc cc h gia nh muanh , t ai. bt ng sn v dng chnh cc ti sn ny lm th chp cho khon vn vay. Cc khon tn dng thng mi: l cc khon cho vay trung, di hn ca cc ngn hng thng mihoc cc cng ty ti chnh cho ngi tiu dng hoc cc doanh nghip c nhu cu vay vn. Cc khon tndng ny trng khng c giao dch mua bn trn th trng th cp nn tnh thanh khon rt thp. Chng ch qu u t: l mt loi chng khon do cng ty qun l qu i din cho mt qu u tchng khon pht hnh, xc nhn quyn hng li ca ngi u t i vi qu. 4. Cc trung gian ti chnh Trung gian ti chnh l nhng t chc lm cu ni gia nhng ngi cn vn v nhng ngi cung cpvn trn th trng. Trung gian ti chnh, d thuc loi hnh no i na, u c chung mt c im l phthnh cc cng c ti chnh thu ht vn. Mc chnh lch m ngi trung gian nhn c gia li sut chovay (hay li tc u t) vi li sut huy ng vn chnh l ch ph trung gian hay hoa hng trung gian. Khi 6

7. nhng ngi c vn k thc s vn ca mnh vo cc trung gian ti chnh, khon u t ca h l u tgin tip; cn khi trung gian ti chnh u t s vn ny, khon u t l u t trc tip. 4.1. Cc loi hnh trung gian ti chnh Cc t chc trung gian ti chnh gm ba nhm chnh: cc t chc nhn tin gi (ngn hng), cc t chctit kim theo hp ng v cc trung gian u t. a. Cc t chc nhn tin gi y l cc t chc ti chnh trung gian ln nht trn th trng ti chnh xt theo phm vi hot ng vkh nng v vn. Cc t chc ny huy ng vn bng cch m ti khon sc v ti khon tit kim chokhch hng, ng thi s dng s vn huy ng c cho vay theo nhiu hnh thc khc nhau hoc ut vo chng khon. Thu nhp ca cc t chc ny n t hai ngun: thu nhp t cc khon cho vay v muachng khon; v thu nhp t cc khon ph. Cc t chc nhn tin gi bao gm cc ngn hng thng mi, cc hip hi tit kim v cho vay(S&Ls), cc ngn hng tit kim v cc lin hip tn dng. b. Cc t chc tit kim theo hp ng Cc t chc tit kim theo hp ng nh cng ty bo him v qu hu tr l cc trung gian ti chnh huyng vn da trn c s hp ng theo nh k. Cc t chc ny c th d on tng i chnh xc khontin h s thanh ton trong nhng nm ti nn khng phi lo lng v vic thiu vn nh cc t chc nhntin gi. Do , cc t chc ny c th u t cc loi chng khon di hn nh tri phiu, c phiu cng ty,cc khon cho vay cm c. Cng ty bo him Cng ty bo him l nhng trung gian ti chnh m nhn vic thc hin mt khon thanh ton mi khic mt s kin xy ra, vi mt khon ng gp trc ca ngi mun th hng quyn li ny. Cng tybo him huy ng vn t cc khon ng gp ca nhng ngi tham gia hp ng bo him v s dng phnln s tin huy ng c mua tri phiu. Cc cng ty bo him cng c th u t vo c phiu song slng rt hn ch v h ngi tnh ri ro cao ca c phiu. Thu nhp ca cng ty bo him ch yu l cc khonph, ngoi ra cn c cc khon li tc u t t cc cng c ti chnh. Qu hu tr Qu hu tr c thit lp thanh ton nhng khon li ch ca nhng ngi lao ng khi h v hu.Thnh lp ra nhng qu ny l cc doanh nghip t nhn; cc c quan nh nc hoc a phng; ccnghip on lao ng nhn danh thnh vin ca mnh, v cui cng l cc c nhn c nhu cu. c im ca qu ny l n lin quan n vic u t vo mt ti sn rt km tnh thanh khon, lhp ng v tin hu tr. Ti sn ny khng c em s dng, d ch l th chp cho mt khon vaycho n khi v hu. Tuy nhin, li th ca cc qu ny l cc khon ng gp ca cc ng ch, v mt khilng nht nh ng gp ca ngi lao ng, cng nh thu nhp t ti sn ca qu, c php ng thu 7

8. chm. V thc cht, qu hu tr l mt hnh thc tr cng ca ng ch m ngi lm cng khng b nhthu cho n khi rt s tin ny. N c tc dng khuyn khch nhng ngi lm cng li vi doanhnghip. c. Cc trung gian u t Cc trung gian u t bao gm cc cng ty ti chnh, qu tng h v qu tng h th trng ti chnh. Cng ty ti chnh Cng ty ti chnh huy ng vn bng cch bn cc thng phiu hoc pht hnh c phiu, tri phiu.Sau , cng ty s dng s vn ny cho ngi tiu dng vay mua sm nh ca, trang thit b, xe hi...Mt s cng ty ti chnh c mt cng ty m thnh lp bn ti sn ca cng ty mnh. Chng hn, cngty tn dng Ford c th cho khch hng vay mua t Ford. Qu tng h y l mt loi hnh trung gian ti chnh, hu ng vn bng cch bn chng ch qu cho cc c nhn vdng vn u t vo danh mc c phiu v tri phiu c a dng ho. Cc qu tng h thngc qun l bi mt cng ty qun l qu. Mt cng ty qun l qu c th qun l nhiu qu khc nhau a dng ho u t do mi qu thng ch tp trung u t vo mt s loi chng khon nht nh. Qu tng h th trng tin t Th ch ti chnh tng i mi ny mang cc c trng ca qu tng h nhng c php m tikhon tin gi cho khch hng. Ging nh hu ht cc qu tng h, t chc ny c php bn c phiu huy ng vn ng thi s dng s vn ny mua cc cng c an ton v c tnh thanh khon cao trnth trng tin t. Li sut ca cc ti sn ny s c thanh ton nh k cho c ng. Trn y l mt s loi hnh trung gian ti chnh ph bin. Mc d phng thc hot ng c th ca tchc ny l khc nhau song chng th hin rt r vai tr trung gian ti chnh c cp di y. 4.2. Vai tr ca cc trung gian ti chnh a. Chuyn i thi gian o hn ca cc cng c ti chnh C th nhn thy chc nng ny r nht thng qua hot ng ca cc t chc nhn tin gi, ch yu lcc ngn hng thng mi. Nh c cc trung gian ti chnh, c ngi u t (ngi gi tin) v ngi i vayu c th la chn dc nhng thi hn thch hp vi mc tiu ca mnh. b. Gim thiu ri ro bng cch a dng ho u t Loi hnh trung gian ti chnh cng phong ph, cc sn phm ti chnh do chng to ra cng a dng.Khi cc nh u t t tin ca h vo cc cng ty u t, nhng cng ty ny c th du t s tin vo,chng hn, c phiu ca mt s ln cc cng ty. Bng cch , cng ty u t a dng ho vic u t vgim thiu c ri ro ca n. iu ny ch c th thc hin dc vi diu kin c dc mt khi lngtin ln; v n gii thch v sao vic a dng ho u t, tc bin nhng ti sn nhiu ri ro thnh nhng 8

9. ti sn t ri ro hn, li l u th ca cc trung gian ti chnh v rng hn, l li ch kinh t quan trng cacc th trng ti chnh. c Gim thiu chi ph hp ng v chi ph x l thng tin Nhng nh u t vo cc ti sn ti chnh phi c c nhng k nng cn thit nh gi mt khondu t phn tch kh nng li nhun, mc ri ro ca tng ti sn ti chnh cng nh ca ton b khonmc u t t ra quyt nh mua hoc bn cc ti sn ti chnh. Tuy nhin, cc nh u t c nhnthng khng c iu kin pht trin nhng k nng ny, c v mt thi gian v kin thc. H thngphi thu ngi vit hp ng, lm pht sinh chi ph hp ng. Bn cnh , xc nhn mc tin cy vx l nhng thng tin thu thp dc v ti sn ti chnh v v ngi pht hnh ti sn , nh u t cngphi b ra mt khong thi gian v chi ph nht nh, c gi l chi ph x l thng tin. Cc trung gian ti chnh, vi t cch l cc nh u t chuyn nghip, c th gim thiu tt c nhng chiph do u th v tnh tp trung, chuyn mn ho v quy m u t ln hn. d. Cung cp mt c ch thanh ton Ngy nay a s cc giao dch c thc hin m khng dng tin mt. Vic thanh ton c th s dngsc, th tn dng, hoc vic chuyn tin in t. Mt s trung gian ti chnh s m nhim vic cung cpnhng phng thc thanh ton ny. Trc y, vic thanh ton khng dng tin mt ch c gii hn cc ti khon vng lai c th k scti cc ngn hng thng mi, sau c m rng ra cc hip hi tn dng, v mt s cng ty u t.Thanh ton bng th tn dng trc y cng ch c thc hin ti cc ngn hng thng mi nhng gidy cc t chc nhn tin gi cng cung cp dch v ny. Nh vy, vic thanh ton khng dng tin mt tr thnh mt trong cc chc nng quan trng ca trung gian ti chnh. 5. Mi quan h gia cc b phn ca th trng ti chnh Qua nghin cu v cu trc ca th trng ti chnh, ngi ta c th nhn thy gia cc th trng cuthnh c mi quan h cht ch v bin chng vi nhau. Nhng bin ng trn th trng ny s nh hngtrc tip hoc gin tip n cc th trng khc. Khi nn kinh t pht trin, th trng ti chnh ngy cngtr nn tinh vi v phc tp, ranh gii truyn thng gia cc cng c ti chnh hay gia cc loi th trngngy cng mang tnh tng i. Cc cng c ti chnh c lu thng an xen gia cc loi th trng vc chuyn ho ln nhau. nhng cng c mi khng ngng ra i, trong c nhiu loi cng c hn hpmang nhng c trng ca nhiu loi cng c khc nhau. Do cc b phn ca th trng ti chnh cngtr nn gn b cht ch vi nhau. Di y s trnh by mt s quan h tn ti hin nay trn th trng tichnh. Mi quan h gia th trng tin t v th trng ngoi hi. Th trng ngoi hi v th trng tin t c quan h khng kht vi nhau, khng c th trng no hotng mt cch c lp tuyt i m chng tc ng qua li v chi phi ln nhau. Mt bin ng trn th 9

10. trng tin t u dn dn nhng thay i trn th trng ngoi hi. Cc mi quan h hnh thnh gia hai thtrng ny ch yu thng qua hai bin s c bn: li sut v t gi. S bin ng ca li sut trn th trngtin t c th tc ng dn cc lung vn di chuyn gia hai th trng ny, nh hng ti mi quan h cung- cu v ngoi t, lm t gi hi oi trn th trng ngoi hi thay i. minh ho cho mi quan h nyc th xem xt mt thc t nh sau: Cho ti thng 6 nm 2000, trong vng hn mt nm, Cc d tr Linbang M lin tc 6 ln tng li sut. Theo mt phn ng dy chuyn, Ngn hng trung ng chu ucng nng li sut v li sut trn th trng lin ngn hng theo tng ln. Chu nh hng ca xu hngny, cc ngn hng thng mi Vit Nam cng tng bc nng li sut huy ng ngoi t tng nn cmt khi lng kh ln tin gi VND c rt ra khi ti khon ngn hng mua ngoi t trn th trngv sau li c gi vo ngn hng bng USD hng phn li sut cao hn. Vn huy ng ngoi ttng mnh mt s ngn hng thng mi. Mt khc, mc d li sut huy ng USD c nng ln songvn thp hn li sut USD trn th trng quc t (chnh lch vo khong 1,4 - 1,8% vo thi im u nm2000), khin cho vic huy ng ngoi t trong nc v chuyn ra nc ngoi hng li sut cao hn trthnh mt hot ng sinh li hp dn i vi cc ngn hng thng mi. Nhu cu ngoi t trn th trngngoi hi v vy gia tng nhanh chng v do t gi c xu hng b y ln. Mi quan h gia th trng tin t v th trng chng khon Mi quan h gia th trng tin t v th trng chng khon c th hin thng qua s tc ng cali sut v t gi hi oi ln gi c chng khon. T gi hi oi l nhn t tc ng mnh m ti quyt nh u t trn th trng chng khon. Khi ccnh u t vo chng khon v s thay th bng ti sn ngoi t v chng khon chnh l tin, nu tin mtgi th gi tr chng khon s b gim. Cc nh u t ny c th s chuyn vn u t ra nc ngoi. Nhvy, tc ng ca t gi hi oi lm dch chuyn u t t th trng chng khon sang th trng hioi hoc ngc li. Li sut th trng l nhn t tc ng trc tip ti gi c chng khon thng qua vic thay i mc lisut yu cu ca cc nh u t khi chp nhn u t vo chng khon . Khi th trng tin t c du hiuthay i li sut chit khu v li sut ti chit khu t ngn hng trung ng th lp tc s nh hng tilng tin cung ng v tc ng ti cung tn dng t pha ngn hng thng mi, ng thi cng tc ngti gi c chng khon. Tuy nhin, mc tc ng ca li sut vo gi c tri phiu v c phiu li khcnhau. Li sut tc ng trc tip ti gi tri phiu, khi li sut chit khu tng (hoc gim) th gi tri phiutrn th trng s gim (hoc tng). Cn i vi c phiu, quan h gia li sut v gi khng phi l miquan h trc tip v hon ton mt chiu. Mc nh hng ca li sut ln gi c phiu ph thuc vonguyn nhn gy ra thay i v mc tc ng ca thay i ny ln dng thu nhp tng lai ca cphiu. Tuy nhin, qua nghin cu cho thy mi quan h gia li sut v gi c phiu thng l ngc chiu 10

11. do khi li sut th trng tng, gi tri phiu gim th ngi u t c xu hng chuyn t u t c phiusang tri phiu khin cho gi c phiu gim v ngc li. Tm li, qu trnh lu chuyn vn trn th trng ti chnh th hin s lu chuyn tin t sau y: Qua s trn ta thy c mc pht trin ca th trng ti chnh c ngha quan trng i vi vickhuyn khch tit kim, khuyn khch u t v thc y qu trnh vn ho trong nn kinh t. c bit yphi k n vai tr ca cc t chc trung gian ti chnh, b phn chuyn ti mt khi lng ng kngun tit kim a vo u t v gp phn tch cc trong vic y nhanh tc lu chuyn vn. S Qua s trn c th thy th trng ti chnh l i tng tc ng ca cc chnh sch tin t ca ngnhng trung ng (hay rng hn, cc chnh sch ti chnh - tin t ca chnh ph), nhm t c cc mctiu ca nn kinh t. Tt c nhng bin php chnh sch u tc ng ti cc b phn ca th trng tichnh theo nhng phng thc khc nhau v an cho nhau. Th trng ti chnh cng pht trin trnh cao, cc knh lin h cng nhiu (do c nhiu loi hnh trung gian ti chnh; cung cp nhiu dch v tichnh thng qua cc cng c ti chnh ngy cng a dng) th tnh nhy cm vi cc bin php chnh sch cng cao. II. NHNG VN CHUNG CA TH TRNG CHNG KHON 1. S lc v lch s hnh thnh v pht trin th trng chng khon Th trng chng khon ban u pht trin mt cch rt t pht v s khai, xut pht t mt nhu cu nl t bui ban u. Vo gia th k XV ti nhng thnh ph trung tm bun bn phng Ty, ccthng gia thng t tp ti cc qun c ph trao i mua bn cc vt phm hng ho... lc u ch mtnhm nh, sau tng dn v hnh thnh mt khu ch ring. Cui th k XV, thun tin hn cho viclm n, khu ch tr thnh th trng vi vic thng nht cc quy c v dn dn cc quy c ny csa i hon chnh thnh nhng quy tc c gi tr bt buc chung cho mi thnh vin tham gia th trng. Phin ch ring u tin c din ra vo nm 1453 ti mt l im ca gia nh Vanber Bruges (B),ti c mt bng hiu hnh ba ti da vi mt t ting Php l "Bourse" tc l "Mu dch th trng" haycn gi l "S giao dch". Vo nm 1547, thnh ph Bruges (B) mt i s phn thnh do eo bin Even b lp ct nn mu dchth trng y b sp v c chuyn qua th trn Auvers (B), y th trng pht trin rt nhanh vgia th k XVI mt quan chc i thn ca Anh quc n quan st v thit lp mt mu dch th trngti London (Anh), ni m sau ny c gi l S Giao dch chng khon London. Cc mu dch th trngkhc cng ln lt c thnh lp ti Php, c, v Bc u. S pht trin th trng ngy cng mnh c v lng v cht vi s thnh vin tham gia ng o v nhiuni dung khc nhau, v vy theo tnh cht t nhin n li c phn ra thnh nhiu th trng khc nhau nh: 11

12. th trng giao ch hng ho, th trng hi oi, th trng giao dch cc hp ng tng lai v th trngchng khon... vi c tnh ring ca tng th trng thun li cho giao dch ca ngi tham gia trong . Qu trnh cc giao dch chng khon din ra v hnh thnh nh vy mt cch t pht cng tng t Php, H Lan, cc nc Bc u, cc nc Ty u khc v Bc M. Cc phng thc giao dch ban u c din ra ngoi tri vi nhng k hiu giao dch bng tay v cth k nhn lnh ca khch hng. Cho n nm 1921, M, khu ch ngoi tri c chuyn vo trong nh,S giao dch chng khon chnh thc c thnh lp. Ngy nay, cng vi s pht trin ca cng ngh, khoa hc k thut, cc phng thc giao dch ti cc sgiao dch chng khon cng c ci tin theo tc v khi lng yu cu nhm em li hiu qu vcht lng cho giao dch. Cc s giao dch dn dn s dng my vi tnh truyn cc lnh t hng vchuyn dn t giao dch th cng kt hp vi my vi tnh sang s dng hon ton h thng giao dch int. Lch s pht trin cc th trng chng khon th gii tri qua mt s pht trin thng trm lc ln, lcxung. Vo nhng nm 1875 - 1913, th trng chng khon th gii pht trin huy hong cng vi s tngtrng ca nn kinh t th gii lc , nhng ri n ngy th Nm en ti, tc nguy 29- 10- 1929, thtrng chng khon Ty u, Bc u v Nht Bn khng hong. Mi cho ti khi chin tranh th gii thhai kt thc, cc th trng mi dn phc hi v pht trin mnh v cho ti nm 1987, mt ln na cc thtrng chng khon trn th gii in o vi "ngy th Hai en ti" do h thng thanh ton km ci khngm ng c yu cu ca giao dch, st gi chng khon mnh, gy mt lng tin v phn ng dychuyn m hu qu ca n cn nng hn cuc khng hong nm 1929. Gn y nht, th trng chngkhon cc nc v lnh th ng , Nga v mt s th trng chu M cng ri vo vng xoy cacn lc khng hong ti chnh tin t, gim lng tin v c tnh cht ly lan, to ra s suy gim gh gm chs gi chng khon. Cho n nay, cc nc trn th gii c khong trn 160 s giao dch chng khon phn tn trn khpcc chu lc, bao gm c cc nc pht trin trong khu vc ng Nam vo nhng nm 1960 - 1970 vnhng nc nh Ba Lan, Hunggary, Sc, Nga, Trung quc vo nhng nm u 1990... Qu trnh hnh thnh v pht trin ca th trng chng khon th gii cho thy giai on u th trngpht trin mt cch t pht vi s tham gia ca cc nh u c. Dn dn v sau mi c s tham gia ca cngchng u t. Khi pht trin n mt mc nht nh, th trng bt u pht sinh nhng trc trc dn nphi thnh lp c quan qun l nh nc v hnh thnh h thng php l iu chnh hot ng ca thtrng. Kinh nghim cho thy, phn ln cc th trng chng khon sau khi thit lp mun hot ng chiu qu, n nh v nhanh chng pht trin vng chc phi c s chun b chu o mi mt v hng ho,lut php, con ngi, b my qun l v c bit l s gim st v qun l nghim ngt ca nh nc. Songcng c mt s th trng chng khon c s trc trc ngay t ban u nh th trng chng khon Thi 12

13. Lan, Indonesia, hot ng tr tr mt thi gian di do thiu hng ho v do khng c quan tm ng mc,th trng chng khon Phihppines km hiu qu do thiu s ch o v qun l thng nht hai s giao dch(Makita v Manila), th trng chng khon Ba Lan, Hunggary gp trc trc do vic ch o gi c qu cao hoc qu thp... Tuy nhin, cho ti nay, thi trng chng khon pht trin mc c th ni l khng th thiu trong isng kinh t ca nhng nc theo c ch th trng v nht l nhng nc ang pht trin dang cn thu htlung vn di hn cho nn kinh t quc dn. 2. Gii thiu th trng chng khon cc nc Cc th trng c phiu ln trn th gii: (Biu ) Trong : NYSE: S Giao dch chng khon New York. LSE: S Giao dch chng khon London. TSE: S Giao dch chng khon Tokyo. NASDAQ: Hip hi cc Nh kinh doanh chng khon Quc gia v h thng Bo gi t ng. HKSE: S Giao dch chng khon Hongkong. SSE: S Giao dch chng khon Singapore. 1 i vi NYSE, LSE, TSE, NADAQ, s liu v dung lng vn th trng ni a c tnh n 31-3-1998; i vi cc th trng khc, tng dung lng vn th trng dc tnh n nm 1997. 2 Tng s cc loi chng khon c nim yt tnh n nm 1997. gip bn c hnh dung c c cu v hot ng ca th trng chng khon, chng ti xin giithiu s b v mt s th trng chng khon trn th gii. Th trng chng khon M Th trng chng khon M c lch s pht trin lu i v t n trnh cao v mi mt, t hthng lut chng khon n h thng giao dch chng khon v c bit xy dng c c quan qun lnh nc mnh. Chnh v vy, m hnh th trng chng khon M c nhiu nc hc tp, p dng vsa i cho ph hp vi thc trng, iu kin kinh t ca tng nc. Th trng chng khon M xut hint nm 1792 v n nm 1800 nh du s ra i S Giao dch chng khon u tin, tip theo l hnglot cc S Giao dch chng khon c hnh thnh trn khp nc M. S Giao dch chng khon New York (NYSE) l s giao dch ln nht v lu i nht nc M. Nm2000, tng s c 262,5 t c phn c giao dch trn NYSE, s c phn giao dch bnh qun ngy t1.041,6 triu, y l ln u tin c s c phn giao dch bnh qun ngy vt con s 1 triu c phn. Gi tr 13

14. giao dch bnh qun ngy cng t 43,9 t USD, tng gi tr giao dch trong nm 2000 ca NYSE t 11,1nghn t USD. nm 2000 cng l nam hon thin hn na h thng giao dch bng s thay i ca cch ytgi (yt gi dng thp phn thay v dng phn s trc kia). Cui nm 2000 c 2.862 c phiu dc nimyt trn NYSE vi tng gi tr l 17,1 nghn t USD. Khc vi NYSE, S giao dch chng khon NASDAQ ni ting v b dy lch s cng nh phngthc giao dch truyn thng, NASDAQ, mt s xut hin h thng giao dch chng khon in t u tintrn th gii, NASDAQ i tin phong trong lnh vc i mi, s dng thit b cng ngh cho hngtriu nh u t c tip cn vi cc cng ty hng u trn th gii. cc giao dch chng khon trnNASDAQ c thc hin thng qua h thng mng my tnh v in thoi theo m hnh ca th trng toncu. Hin nay trn NASDAQ c ti trn 5000 cng ty nim yt. Th trng chng khon Nht Bn Th trng chng khon tht Bn thu ht khong trn di 20% ti sn c nhn ca ngi Nht, trong mt na u t vo c phiu, cn mt na u t vo cc chng khon khc (tri phiu chnh ph, triphiu cng ty, u t tn thc...). Do vy, c th thy rng th trng chng khon Nht Bn ng vai trquan trng trong vic thu ht vn di hn cho Chnh ph v cc cng ty. Hin nay cng nh trong nhiu nm qua, S Giao dch Chng khon Tokyo (TSE) l S giao dch lnth hai trn th gii v doanh s bn, ch sau NYSE. Trn TSE, vic giao dch, mua bn chng khon c quy nh da trn cc nguyn tc c bn quantrng nht l: Nguyn tc cng khai: cng khai v hot ng ca ngi pht hnh; cc loi chng khon c chobn, t mua; gi c, s lng chng khon c mua bn... Nguyn tc trung gian mua bn: mi hot ng mua bn chng khon u phi qua mi gii l cc cngty chng khon c quyn hot ng trn TSE (TSE c 125 cng ty chng khon, trong c 25 cng tync ngoi) m bo s tin cy ca th trng, trnh s gi mo, la o. Nguyn tc tp trung: c ngha l tp trung tt c mi n t hng, n cho bn vo TSE m bovic hnh thnh gi c trung thc, hp l. Nguyn tc u gi: bao gm quyn u tin gi (u tin gi cho bn thp nht v gi t mua cao nht)v quyn u tin v thi gian. Sau khi a h thng giao dch bng my tnh chnh thc i vo hot ng (ngy 18-3-1991), hin nay,cc c phiu trn TSE vn c giao dch theo hai phng thc khc nhau: giao dch ti sn v thng qua hthng my tnh. Trn TSE, hu ht cc giao ch mua bn chng khon c thanh ton vo ngy lm vic th ba saungy giao dch (T+3). Vo ngy T+1, nu pht hin thy sai st no trong qu trnh giao dch, cc cng tychng khon thnh vin phi bo ngay cho TSE iu Chnh. Vo ngy T+2, Trung tm lu k v thanh 14

15. ton b tr (JASDEC) kt hp vi TSE thc hin thanh ton b tr cc giao dch mua bn chng khongia cc cng ty thnh vin. Vo ngy T+3, Trung tm thc hin cc bt ton ghi s k ton v thc hinthanh ton chng khon v tin cho cc giao dch. Th trng chng khon Hn Quc t nht t nhng nm 1950, th trng chng khon Hn quc tr thnh mt trong 10 th trngchng khon ln nht th gii. Th trng ny pht trin mt cch nhanh chng. Ch trong giai on nm1990 - 1999, khi lng giao dch c phiu tng t 53 triu t won ln 867 triu t won, khi lng giaodch tri phiu tng t 39 triu t ln n 2.183 triu t won, trong khi gi tr nim yt trn th trngcng tng t 79 triu t won ln 350 triu t won. S Giao dch chng khon Hn Quc (KSE) l mt sn giao dch c t chc Hn Quc, c 3 khu vcgiao dch: cc khu vc cho c phiu, tri phiu v cc chng khon phi sinh. Khu vc cho c phiu cchia ra thnh khu vc th nht v khu vc th hai. Khu vc th nht dnh cho cc cng ty c quy m ln vti chnh mnh, vi hn 80% tng s c phiu trn th trng. Khu vc th hai l a im cho cc c phiu mi c nim yt,hoc cho cc cng ty c ti chnh yu c giao dch. KSE i khi phi c s chp thun ca SEC trongtrng hp mun nim yt c phiu ca cng ty c tiu chun nim yt trn KSE, nhng cha tng chobn c phiu ca mnh ra cng chng trc . V d, khi mt cng ty ng k trn th trng OTC munnim yt cc c phiu ca mnh trc tip trn KSE, KSE cn phi c s chp thun ca SEC trc khicho php cng ty nim yt. Tuy vy vic nim yt trc tip ny l rt him. n thng 3-2001, tng s cng ty chng khon hot ng ti n Quc l 64 cng ty, trong c 43cng ty trong nc v 21 cng ty nc ngoi. Th trng chng khon Thi Lan Th trng chng khon Thi Lan l mt trong nhng th trng chng khon pht trin nhanh nht khu vc chu . Th trng chng khon ban u c cc cng ty t nhn thnh lp (vo thng 7-1962),mi cho n nm 1992 U ban chng khon, c quan qun l trc tip th trng chng khon Thi Lanmi c thnh lp. Ti Thi Lan, cc cng ty chng khon mun tr thnh thnh vin ca S Giao dchchng khon th phi c B Ti chnh ng . Theo lut v s giao dch chng khon, cc thnh vin phic kh nng ti chnh mnh, c kh nng thc hin cc giao dch chng khon v c kinh nghim trong cchot ng giao dch . Th trng chng khon Thi Lan cng l ni in hnh ca vic s dng h thng vi tnh hon ton tng. Vi h thng giao dch t ng ny, S Giao dch chng khon Thi Lan cho php cc cng ty chngkhon thng qua h thng vi tnh thc hin cc giao dch ngay ti vn phng ca h m khng cn trc tipn s. 3. Bn cht v chc nng ca th trng chng khon 15

16. 3.1. Bn cht ca th trng chng khon Th trng chng khon trong iu kin ca nn kinh t hin i, c quan nim l ni din ra cc hotng giao dch mua bn cc loi chng khon trung v di hn. Vic mua bn ny c tin hnh thtrng s cp khi ngi mua mua c chng khon ln u t nhng ngi pht hnh, v th trng thcp khi c s mua i bn li cc chng khon c pht hnh th trng s cp. Nh vy, xt v mthnh thc, th trng chng khon ch l ni din ra cc hot ng trao i, mua bn, chuyn nhng ccloi chng khon, qua thay i cc ch th nm gi chng khon. Nhng xt v mt bn cht th: Th trng chng khon l ni tp trung v phn phi cc ngun vn tit kim. Tp trung cc ngun titkim phn phi li cho nhng ai mun s dng cc ngun tit kim theo gi m ngi s dng sn sngtr v theo phn on ca th trng v kh nng sinh li t cc d n ca ngi s dng. Chuyn t t bn shu sang t bn kinh doanh. Th trng chng khon l nh ch ti chnh trc tip: c ch th cung v cu vn u tham gia vo thtrng mt cch trc tip. Ngc vi cch ti tr gin tip c thc hin thng qua cc trung gian tichnh, nhng ngi c vn c khi c iu kin v mi trng ti chnh, php l... s trc tip u t vosn xut, kinh doanh khng cn qua cc trung gian ti chnh m chuyn vn thng qua th trng chngkhon, mt th trng dn vn trc tip t ngi c vn sang ngi cn vn theo nguyn tc u t. Vi vic u t qua cc trung gian ti chnh, cc ch th u t khng th theo di, kim tra, qun lvn u t ca h, do lm cho quyn s hu v quyn s dng vn tch ri nhau, lm gim ng lctim nng trong qun l. Tri li, vi vic u t qua th trng chng khon, knh dn vn trc tip, ccch th u t thc s gn quyn s dng v quyn s hu v vn, nng cao tim nng qun l vn. Th trng chng khon thc cht l qu trnh vn ng ca t bn tin t. Cc chng khon mua bntrn th trng chng khon c th em li thu nhp cho ngi nm gi n sau mt thi gian nht nh vc lu thng trn th trng chng khon theo gi c th trng, do b ngoi n c coi nh l mt tbn hng ho. C th ni, th trng chng khon l ni mua bn cc quyn s hu v t bn, l hnh thc pht trincao ca nn sn xut hng ho. Th trng chng khon cng gn vi loi hnh ti chnh ngn hn. Nhng ngi c chng khon c thmua bn chng khon ti bt k thi im no trn th trng chng khon, nn cc chng khon trung vdi hn cng tr thnh i tng u t ngn hn. 3.2. Chc nng ca th trng chng khon a. Huy ng vn u t cho nn kinh t Khi cc nh u t mua chng khon do cc cng ty pht hnh, s tin nhn ri ca h c a vohot ng sn xut kinh doanh v qua gp phn m rng sn xut x hi. Bng cch h tr cc hot ngu t ca cng ty, th trng chng khon c nhng tc ng quan trng i vi s pht trin ca nn 16

17. kinh t quc dn. Thng qua th trng chng khon, chnh ph v chnh quyn cc a phng cng huyng c cc ngun vn cho mc ch s dng v u t pht trin h tng kinh t, phc v cc nhu cuchung ca x hi. b. Cung cp mi trng u t cho cng chng Th trng chng khon cung cp cho cng chng mt mi trng u t lnh mnh vi cc c hi lachn phong ph. Cc loi chng khon trn th trng rt khc nhau v tnh cht, thi hn v ri ro, chophp cc nh u t c th la chn cho loi hng ho ph hp vi kh nng, mc tiu v s thch ca mnh.Chnh v vy, th trng chng khon gp phn ng k lm tng mc tit kim quc gia. c To tnh thanh khon cho cc chng khon Nh c th trng chng khon cc nh u t c th chuyn i cc chng khon h s hu thnh tinmt hoc cc loi chng khon khc khi h mun. Kh nng thanh khon (kh nng chuyn i thnh tinmt) l mt trong nhng c tnh hp dn ca chng khon di vi ngi u t. y l yu t cho thy tnhlinh hot, an ton ca vn u t. Th trng chng khon hot ng cng nng ng v c hiu qu thcng c kh nng nng cao tnh thanh khon ca cc chng khon giao dch trn th trng. d. nh gi hot ng ca doanh nghip Thng qua gi chng khon, hot ng ca cc doanh nghip c phn nh mt cch tng hp vchnh xc, gip cho vic nh gi v so snh hot ng ca cc doanh nghip c nhanh chng v thuntin, t cng to ra mt mi trng cnh tranh lnh mnh nhm nng cao hiu qu s dng vn, kchthch p dng cng ngh mi, ci tin sn phm. e. To mi trng gip chnh ph thc hin cc chnh sch kinh t v m Cc ch bo ca th trng chng khon phn nh ng thi ca nn kinh t mt cch nhy bn v chnhxc. Gi cc chng khon tng ln cho thy u t ang m rng, nn kinh t tng trng; v ngc li gichng khon gim s cho thy cc du hiu tiu cc ca nn kinh t. V th, th trng chng khon cgi l phong v biu ca nn kinh t v l mt cng c quan trng gip chnh ph thc hin cc chnh schkinh t v m. Thng qua th trng chng khon, chnh ph c th mua v bn tri phiu chnh ph tora ngun thu b p thm ht ngn sch v qun l lm pht. Ngoi ra, chnh ph cng c th s ng mts chnh sch, bin php tc ng vo th trng chng khon nhm nh hng u t m bo cho s phttrin cn i ca nn kinh t. 4. Cc ch th tham gia th trng chng khon Cc t chc v c nhn tham gia th trng chng khon c th c chia thnh 3 nhm sau: nh phthnh, nh u t v cc t chc c lin quan n chng khon. 4.1. Nh pht hnh Nh pht hnh l cc t chc thc hin huy ng vn thng qua th trng chng khon. Nh pht hnhl ngi cung cp cc chng khon - hng ho ca th trng chng khon. 17

18. - Chnh ph v chnh quyn a phng l nh pht hnh cc tri phiu chnh ph v tri phiu aphng. - 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. 4.2. Nh u t Nh u t l nhng ngi thc s mua v bn chng khon trn th trng chng khon. Nh u t cth c chia thnh 2 loi: nh u t c nhn v nh u t c t chc. - Cc nh u t c nhn: Nh u t c nhn l nhng ngi c vn nhn ri tm thi, tham gia mua bn trn th trng chngkhon vi mc ch tm kim li nhun. Tuy nhin, trong u t th li nhun li lun gn vi ri ro, linhun cng cao th ri ro cng ln v ngc li. Chnh v vy cc nh u t c nhn lun phi la chn cchnh thc u t ph hp vi kh nng cng nh mc chp nhn ri ro ca mnh. - Cc nh u l c t chc: Nh u t c t chc, hay cn gi l cc nh ch u t, thng xuyn mua bn chng khon vi slng ln trn th trng. Cc t chc ny thng c cc b phn chc nng bao gm nhiu chuyn gia ckinh nghim nghin cu th trng v a ra cc quyt nh u t. Mt s nh u t chuyn nghipchnh trn th trng chng khon l cc cng ty u t, cc cng ty bo him, cc qu lng hu v ccqu bo him x hi khc. u t thng qua cc t chc u t c u im ni bt l c th a dng hodanh mc u t v cc quyt nh u t c thc hin bi cc chuyn gia c kinh nghim. Mt b phn quan trng ca cc t chc u t l cc cng ty ti chnh. Cc cng ty ti chnh dc phpkinh doanh chng khon, c th s dng ngun vn ca mnh u t vo chng khon nhm mc chthu li. Bn cnh cc cng ty chng khon, cc ngn hng thng mi cng c th tr thnh nh du t chuynnghip khi h mua chng khon cho chnh mnh. 4.3. Cc t chc kinh doanh trn th trng chng khon - Cng ty chng khon: Cng ty chng khon l nhng cng ty hot ng trong lnh vc chng khon, c th m nhn mthoc nhiu trong s cc nghip v chnh l bo lnh pht hnh, mi gii, t doanh, qun l qu u t v tvn u t chng khon. c th c thc hin mi nghip v, cc cng ty chng khon phi m bo c mt s vn nhtnh v phi c php ca c quan c thm quyn. - Cc ngn hng thng mi: 18

19. Ti mt s nc, cc ngn hng thng mi c th s dng vn t c tng v a dng ho li nhunthng qua u t vo cc chng khon. Tuy nhin cc ngn hng ch c u t vo chng khon trongnhng gii hn nht nh bo v ngn hng trc nhng bin ng ca gi chng khon. Mt s nccho php ngn hng thng mi thnh lp cng ty con c lp kinh doanh chng khon v thc hinnghip v bo lnh pht hnh. 4.4. Cc t chc lin quan n th trng chng khon - C quan qun l nh nc: u tin, th trng chng khon hnh thnh mt cch t pht khi c s xut hin ca c phiu v triphiu v hu nh cha c s qun l. Nhng nhn thy cn c s bo v li ch cho cc nh u t v mbo s hot ng bnh thng, n nh ca th trng chng khon, bn thn cc nh kinh doanh chngkhon v cc quc gia c th trng chng khon hot ng cho rng cn phi c c quan qun l v gimst v hot ng pht hnh v kinh doanh chng khon. Chnh v vy, c quan qun l, gim st th trngchng khon ra di. C quan qun l, gim st th trng chng khon c hnh thnh di nhiu m hnh hot ng khcnhau, c nc do cc t chc t qun thnh lp, c nc c quan ny trc thuc chnh ph, nhng c ncli c s kt hp qun l gia cc t chc t qun v nh nc. Nhng nhn chung c quan qun l ny dochnh ph (nh nc) ca cc nc thnh lp, nhm mc ch bo v li ch ca ngi u t v bo mcho th trng chng khon hot ng lnh mnh, sun s v pht trin vng chc. C quan ny c th cnhng tn gi khc nhau, tu thuc tng nc v n c thnh lp thc hin chc nng qun l nhnc i vi th trng chng khon. Ti Trung Quc, ban u Ngn hng Nhn dn Trung Quc thc hin chc nng qun l nh nc ivi cc hot ng ca th trng chng khon. Cng phi hp thc hin chc nng qun l vi Ngn hngcn c c quan Hi ng Nh nc trong lnh vc c phn ho cc doanh nghip. Do khng nm trong cngmt t chc c lp nn vic qun l th trng khng c cht ch, km hiu qu. ngy 29-12-1998, lutchng khon Trung Quc c thng qua tp trung vic gim st, qun l th trng chng khon vomt c quan duy nht, l c quan Gim qun chng khon ca Quc v vin Trung Quc. Ti Anh c U ban u t chng khon (SIB - Securities Investment Board). U ban ny l mt t chcc tha nhn trong o lut v cc dch v ti chnh ban hnh nm 1986. Ti M, U ban chng khon v Giao dch chng khon (SEC - Secunties and Exchange Commission)l mt c quan ca lin bang c t cch php l thc hin vic kim sot th trng chng khon. Tt c cct chc hot ng trong ngnh chng khon u phi ng k, bo co v chu s kim tra gim st ca Uban chng khon v Giao dch chng khon. Ti Nht Bn, nm 1992 U ban Gim st chng khon v Giao dch chng khon (ESC, - ExchangeSurveil1ance Commission) c thnh lp v nm 1998 i tn thnh Financial Supervision Agency 19

20. (FSA) vi chc nng c bn l tin hnh iu tra v x l cc giao dch gian ln trn th trng chngkhon. Cc chc nng qun l th trng chng khon chung do B Ti chnh Nht Bn m nhim. Ti Hn Quc c y ban Chng khon v Giao dch chng khon (ESC - Securities and ExchangeCommission) v Ban Gim st chng khon (SSB - Securities Supervise Board) (t nm 1998 i tn thnhFinancial Supervision Commision) c t di s qun l ca B Kinh t - Ti chnh. Ban Gim stchng khon l c quan chp hnh ca U ban Chng khon v Giao dch chng khon thc hin cc chcnng qun l nh nc i vi th trng chng khon. T nhng kinh nghim hc tp c nhng nc c th trng chng khon pht trin, vi s vndng sng to vo iu kin, hon cnh thc t, Vit Nam thnh lp c quan qun l nh nc v chngkhon v th trng chng khon trc khi ra i th trng chng khon Vit Nam. l U ban Chngkhon Nh nc, thnh lp theo Ngh nh s 75/CP ngy 28-11-1996 ca Chnh ph. U ban Chng khonNh nc l mt c quan thuc Chnh ph thc hin chc nng qun l nh nc i vi th trng chngkhon Vit Nam. - S giao dch chng khon: S giao dch chng khon thc hin vn hnh th trng thng qua b my t chc bao gm nhiu bphn khc nhau phc v cc hot ng trn s giao dch. Ngoi ra, s giao dch cng ban hnh nhng quynh iu chnh cc hot ng giao dch chng khon trn s, ph hp vi cc quy nh ca lut php v uban chng khon. - Hip hi cc nh kinh doanh chng khon: Hip hi cc nh kinh doanh chng khon l t chc ca cc cng ty chng khon v mt s thnh vinkhc hot ng trong ngnh chng khon, c thnh lp vi mc ch bo v li ch cho cc cng ty thnhvin ni ring v cho ton ngnh chng khon ni chung. Hip hi cc nh kinh doanh chng khon thngl mt t chc t qun, thc hin mt s chc nng chnh nh sau : + Khuyn khch hot ng u t v kinh doanh chng khon. + Ban hnh v thc hin cc quy tc t iu hnh trn c s cc quy nh php lut v chng khon. + iu tra v gii quyt cc tranh chp gia cc thnh vin. + Tiu chun ho cc nguyn tc v thng l trong ngnh chng khon + Hp tc vi chnh ph v cc c quan khc gii quyt cc vn c tc ng n hot ng kinhdoanh chng khon. - T chc lu k v thanh ton b tr chng khon: L t chc nhn lu gi cc chng khon v tin hnh cc nghip v thanh ton b tr cho cc giao dchchng khon. - Cng ty dch v my tnh chng khon: 20

21. L t chc ph tr, phc v cho cc giao dch chng khon. Cng ty ny cung cp h thng my tnhvi cc chng trnh thng qua c th thc hin c cc lnh giao dch mt cch chnh xc, nhanhchng. Thng thng, cng ty dch v my tnh chng khon ra i khi th trng chng khon phttrin n mt trnh nht nh, bt u i vo t ng ho cc giao dch. - Cc t chc ti tr chng khon: L cc t chc c thnh lp vi mc ch khuyn khch m rng v tng trng ca th trng chngkhon thng qua cc hot ng cho vay tin mua c phiu, v cho vay chng khon bn trong cc giaodch bo chng. Cc t chc ti tr chng khon cc nc khc nhau c c im khc nhau, c mt snc khng c loi hnh t chc ny. - Cng ty nh gi h s tn nhim: Cng ty nh gi h s tn nhim l cng ty chuyn cung cp dch v nh gi nng lc thanh ton cckhon vn gc v li ng thi hn v theo nhng iu khon cam kt ca cng ty pht hnh i vi mtt pht hnh c th. Cc mc h s tn nhim v th thng c gn cho mt t pht hnh, ch khngphi cho cng ty, v th, mt cng ty pht hnh c th mang nhiu mc h s tn nhim cho cc pht hnhn ca n. H s tn nhim c biu hin bng cc ch ci hay ch s, tu theo quy nh ca tng cng ty xphng. V d, theo h thng xp hng ca Moodys s c cc h s tn nhim c k hiu l Aaa, Aa1, Baa1,hay B1... theo h thng xp hng ca S&P, c cc mc xp hng AAA, AA+, AA, AA-, A+, A... Cc nh u t c th da vo cc h s tn nhim do cc cng ty nh gi h s tn nhim cung cp cn nhc a ra quyt nh u t ca mnh. 5. Cc nguyn tc hot ng c bn ca th trng chng khon 5.1. Nguyn tc cng khai Chng khon l cc hng ho tru tng, ngi u t khng th kim tra trc tip c cc chngkhon nh cc hng ho thng thng m phi da trn c s cc thng tin c lin quan. V vy th trngchng khon phi c xy dng trn c s h thung cng b thng tin tt. Theo lut nh, cc bn phthnh chng khon c ngha v cung cp y trung thc v kp thi nhng thng tin c lin quan ti tchc pht hnh, ti t pht hnh. Cng b thng tin c tin hnh khi pht hnh ln u cng nh theocc ch thng xuyn v t xut, thng qua cc phng tin thng tin i chng, s giao dch, cc cngty chng khon v cc t chc c lin quan khc. Vic cng khai thng tin v th trng chng khon phi tho mn cc yu cu: Chnh xc: cc thng tin cng khai nhng khng xc thc hoc khng tin cy c th dn ti nhng quytnh u t sai lm ca cc nh u t, nh hng ti quyn li ca cc nh u t, vi phm nguyn tccng bng trn th trng chng khon. do , i hi thng tin cn phi chnh xc. 21

22. Kp thi: nu cc thng tin cng khai nhng khng kp thi, chm tr, lc hu th s gy thit hi cho ccnh u t. D tip cn: ngha l cng khai thng tin th trng chng khon nhng phi d dng tip cn di vicc nh u t. Chnh v vy, th trng chng khon cc nc trn th gii s dng rt nhiu loiphng tin cng khai thng tin nh bo ch, pht thanh, cc c quan thng tin, mng li thng tin cas giao dch chng khon... Nguyn tc cng khai nhm bo v ngi u t, song ng thi n cng hm ngha rng, mt khi dc cung cp thng tin y , kp thi v chnh xc th ngi du t phi chu trch nhim v cc quytnh u t ca mnh. 5.2. Nguyn tc trung gian Theo nguyn tc ny, trn th trng chng khon, cc giao dch c thc hin thng qua t chc trunggian l cc cng ty chng khon. Trn th trng s cp, cc nh u t thng khng mua trc tip ca nhpht hnh m mua t cc nh bo lnh pht hnh. Trn th trng th cp, thng qua cc nghip v mi gii,kinh doanh cc cng ty chng khon mua, bn chng khon gip cc khch hng, hoc kt ni cc khchhng vi nhau qua vic thc hin cc giao dch mua bn chng khon trn ti khon ca mnh. 5.3. Nguyn tc u gi Mi vic mua bn chng khon trn th trng chng khon u hot ng trn nguyn tc u gi.Nguyn tc u gi da trn mi quan h cung cu trn th trng quyt nh. Cn c vo cc hnh thc u gi, c cc loi u gi: u gi trc tip: l hnh thc u gi trong cc nh mi gii chng khon trc tip gp nhau thngqua ngi trung gian (mt chuyn gia chng khon) ti quy giao dch thng lng gi. u gi gin tip: l hnh thc u gi m cc nh mi gii chng khon khng trc tip gp nhau, mvic thng lng gi c thc hin gin tip thng qua h thng in thoi v mng my tnh. u gi t ng: l hnh thc u gi qua h thng mng my tnh ni gia my ch ca s giao dch vi hthng my ca cc cng ty chng khon thnh vin. Cc lnh mua bn c truyn n my ch, my ch tng khp cc lnh mua - bn c gi ph hp v thng bo kt qu cho nhng cng ty chng khon c cc lnht hng c thc hin. Cn c vo phng thc u gi. c hnh thc u gi nh k v u gi lin tc. u gi inh k: l h thng trong cc giao dch chng khon c tin hnh ti mt mc gi duynht bng cch tp hp tt c cc n t hng mua v bn trong mt khong thi gian nht nh. u ginh k l phng thc xc nh mc gi cn bng gia cung v cu. Phng thc u gi ny rt c hiuqu trong vic hn ch bin ng gi qu mc pht sinh t vic phi hp nhng n t hng c chuynti th trng mt cch bt thng nh trong trng hp u gi lin tc. Tuy nhin, phng thc nykhng phn nh kp thi nhng thng tin v th trng v hn ch tnh cp thi ca cc giao dch. Do vy, 22

23. hnh thc ny ch thch hp vi giai on u ca th trng chng khon khi s lng khch hng v khilng giao dch nh, khng si ng. u gi lin tc: l h thng trong vic mua bn chng khon c tin hnh lin tc bng cchphi hp cc n t hng ca khch hng ngay khi c cc n t hng c th phi hp c. c imca u gi lin tc l gi c c xc nh qua s phn ng tc thi ca thng tin v cc nh du t c thnhanh chng phn ng li trc nhng thay i trn th trng. Hnh thc u gi ny thch hp vi nhngth trng c khi lng giao dch ln v nhiu n t hng. Khi thc hin nguyn tc u gi bao gi cng tun th theo cc th t u tin v gi (gi t mua caonht v gi cho bn thp nht), v thi gian, v khch hng (u tin cc nh u t c nhn trc), v quym lnh (cng mt mc gi, u tin cc lnh c khi lng ln hn). 6. Cu trc v phn loi c bn ca th trng chng khon Th trng chng khon l ni din ra cc giao dch, mua bn nhng sn phm ti chnh (c phiu, triphiu, cc khon vay ngn hng... c k hn trn 1 nm). 6.1. Cn c vo s lun chuyn cc ngun vn, th trng chng khon c chia thnh th trngs cp v th trng th cp Th trng s cp Th trng s cp l th trng mua bn cc chng khon mi pht hnh. Trn th trng ny, vn tnh du t s c chuyn sang nh pht hnh thng qua vic nh u t mua cc chng khon mi phthnh. Vai tr ca th trng s cp: - Chng khon ho ngun vn cn huy ng, vn ca cng ty c huy ng qua vic pht hnh chngkhon. - Thc hin qu trnh chu chuyn ti chnh, trc tip a cc khon tin nhn ri tm thi trong dnchng vo u t, chuyn tin sang dng vn di hn. c im ca th trng s cp: - Th trng s cp l ni duy nht m cc chng khon em li vn cho ngi pht hnh. - Nhng ngi bn trn th trng s cp c xc nh thng l kho bc, ngn hng nh nc, cngty pht hnh, tp on bo lnh pht hnh... - Gi chng khon trn th trng s cp do t chc pht hnh quyt nh v thng c in ngay trnchng khon. Th trng th cp Th trng th cp l ni giao dch cc chng khon c pht hnh trn th trng s cp. Thtrng th cp m bo tnh thanh khon cho cc chng khon pht hnh. c im ca th trng th cp: 23

24. - Trn th trng th cp, cc khon tin thu c t vic bn chng khon thuc v cc nh u t v ccnh kinh doanh chng khon ch khng thuc v nh pht hnh. Ni cch khc, cc lung vn khng chyvo nhng ngi pht hnh chng khon m chuyn vn gia nhng ngi u t chng khon trn thtrng. Th trng th cp l mt b phn quan trng ca th trng chng khon, gn b cht ch vi thtrng s cp. - Giao dch trn th trng th cp phn nh nguyn tc cnh tranh t do, gi chng khon trn thtrng th cp do cung v cu quyt nh. - Th trng th cp l th trng hot ng lin tc, cc nh u t c th mua v bn cc chng khonnhiu ln trn th trng th cp. 6.2. Cn c vo phng thc hot ng ca th trng, th trng chng khon c phn thnhth trng tp trung (s giao dch chng khon) v phi tp trung (th trng OTC) Cng c th phn loi th trng chng khon theo tnh cht tp trung ca th trng (tnh cht tp trung y l mun ni n vic cc giao dch c t chc tp trung theo mt a im vt cht). Khi , thtrng chng khon bao gm s giao dch chng khon (th trng tp trung), v th trng OTC (th trngphi tp trung). Ti s giao dch chng khon, cc giao dch c tt trung ti mt a im; cc lnh cchuyn ti sn giao dch v tham gia vo qu trnh ghp lnh hnh thnh nn gi giao dch. Trn th trngOTC, cc giao dch (c s cp ln th cp) c tin hnh qua mng li cc cng ty chng khon phn tntrn khp quc gia v c ni vi nhau bng mng in t. Gi c trn th trng ny c hnh thnh theophng thc tho thun. i vi th trng th cp, cu trc th trng c bn u c hnh thnh da trn c s u gi vu lnh. - Trong th trng u gi, cc nh to th trng a ra gi t mua v gi cho bn loi chng khonc n nh ca h. Cc nh u t giao dch nhng chng khon ny nh i tc ca nh to th trng.Gi c xc nh thng qua cnh tranh gia cc nh to th trng. Th trng ny thc hin cc nguyntc u lnh nh u tin v gi thi gian, u tin v khch hng, v s lng (u tin cc lnh theo s lngln)... - Trong th trng u lnh, lnh ca cc nh du t c ghp vi nhau khng c s tham gia ca ccnh to th trng. Lnh c ghp ti mc gi tho mn c hai bn mua v bn. Gi c xc nh thngqua cnh tranh gia cc nh du t. Trn th trng ny, thc hin phng thc ghp lnh nh k hocghp lnh lin tc v cng thc hin y cc quyn u tin trong giao dch. Trong u lnh lin tc, lnhc thc hin mt cch lin tc bng vic ghp lnh ngay khi c cc lnh mi c th ghp c. Hnh thc s hu: Lch s pht trin s giao dch chng khon cc nc v ang tri qua cc hnh thc s hu sau y: 24

25. - L mt t chc do cc thnh vin (l cng ty chng khon) s hu. Thi k u, s giao dch chngkhon c t chc di hnh thc cc cu lc b "mini" dn dn v sau pht trin thnh cc t chc phi linhun do cc thnh vin s hu. Tuy nhin hi ng qun tr ca s giao dch chng khon, bn cnh nhngthnh vin do Cng ty thnh vin c ra vn c mt s thnh vin do chnh ph c. - L mt cng ty c phn do cc cng ty thnh vin, cc ngn hng v c cc t chc khng phi thnhvin s hu. - L mt t chc do chnh ph s hu. C mt vi nc trong nhng giai on lch s nht nh, s giao dch chng khon do chnh ph s hu(nh trng hp ca Hn Quc, S Giao dch chng khon c thnh lp vo nm 1956 nhng n nm1963 b v phi ng ca 57 ngy do cc thnh vin s hu gy ln xn trong th trng. Sau chnhph phi ng ra s hu S Giao dch chng khon trong thi gian kh di t 1963 n 1988). 6.3. Cn c vo hng ho trn th trng, th trng chng khon cng c th c phn thnh ccth trng: th trng c phiu, th trng tri phiu, th trng cc cng c chng khon phi sinh Th trng c phiu: th trng c phiu l th trng giao dch v mua bn cc loi c phiu, bao gmc phiu thng, c phiu u i. Th trng tri phiu: th trng tri phiu l th trng giao dch v mua bn cc tri phiu cpht hnh, cc tri phiu ny bao gm cc tri phiu cng ty, tri phiu th v tri phiu chnh ph. Vic vay vn di hnh thc pht hnh tri phiu ngy cng tr nn ph bin cc quc gia. Do , thtrng tri phiu ngy cng ln v quy m v hot ng ngy cng si ng. Th trng cc cng c chng khon phi sinh: Cng vi s pht trin ca th trng chng khon, cc cng c lu thng trn th trng chng khoncng ngy cng pht trin v s lng v a dng v chng loi. Bn cnh cc giao dch truyn thng v cphiu v tri phiu, cc giao dch mua bn chng t ti chnh khc nh: quyn mua c phiu, chng quyn,hp ng quyn chn xut hin. Cc chng t ti chnh ny c ra i t cc giao dch chng khon (cphiu, tri phiu) v c quyn chuyn i sang cc chng khon qua hnh vi mua bn theo nhng iukin nht nh. Do , ngi ta gi chng l cc chng t c ngun gc chng khon, hay cc chng khonphi sinh. Th trng cc chng khon phi sinh l th trng pht hnh v mua i bn li cc chng khon phisinh c pht hnh. y l loi th trng cao cp chuyn giao dch nhng cng c ti chnh cao cp, do th trng ny ch xut hin nhng nc c th trng chng khon pht trin mnh. 7. C ch iu hnh v gim st th trng chng khon 7.1. Khi nim v s cn thit phi iu hnh v gim st th trng chng khon iu hnh th trng l cc hot ng c tin hnh nhm duy tr s vn hnh bnh thng ca thtrng, hot ng ny thng c tin hnh bi cc ch th c quyn lc nht nh. 25

26. Gim st th trng l vic tin hnh theo di kim tra cc hot ng din ra trn th trng, nhm phthin v x l kp thi cc vi phm, m bo tnh cng bng v hiu qu ca th trng. Th trng chng khon lun lun tn ti tnh hai mt ca n, l mt tch cc v mt tiu cc. Nhngmt tiu cc ca n c th gy tc ng xu n th trng v cc hot ng kinh t - x hi. chnh lcc hnh vi gian ln, la o trong giao dch chng khon nh u c, mua bn ni gin, thao tng gi c...V vy cn phi c mt c ch iu hnh v gim st cht ch mi mt hot ng ca th trng chngkhon. Th trng chng khon l th trng vn di hn, tp trung cc ngun vn cho u t v pht trinkinh t, do c tc ng rt ln n mi trng u t ni ring v nn kinh t ni chung. Mt khc thtrng chng khon l mt th trng cao cp, ni tp trung ca nhiu i tng tham gia vi cc mcch, s hiu bit v li ch khc nhau; cc giao dch cc sn phm ti chnh c thc hin vi gi tr rtln. c tnh khin cho th trng chng khon cng l mi trng d xy ra cc hot ng kim likhng chnh ng thng qua cc hot ng gian ln, khng cng bng, gy tn tht cho cc nh u t; tntht cho th trng v cho ton b nn kinh t. Xut pht t vai tr quan trng cng nh tnh cht phc tp nh vy ca th trng chng khon, viciu hnh v gim st th trng l v cng cn thit m bo c tnh hiu qu, cng bng, lnh mnhtrong hot ng ca th trng, bo v quyn li chnh ng ca cc nh u t, dung ho li ch ca tt cnhng ngi tham gia th trng, tn dng v duy tr c cc ngun vn pht trin kinh t. Mi thtrng c c ch iu hnh v gim st th trng ring ph hp vi cc tnh cht v c im ca ring n. 7.2. C ch iu hnh v gim st th trng chng khon Ti mi nc, vic iu hnh v gim st th trng chng khon c t chc nhiu cp khcnhau. Nhn chung cc t chc tham gia qun l v gim st th trng chng khon gm 2 nhm: Cc cquan qun l ca chnh ph v cc t chc t qun. a. Cc c quan qun l ca chnh ph y l cc c quan thc hin chc nng qun l nh nc i vi hot ng ca th trng chngkhon. Nhn chung cc c quan qun l th trng ca chnh ph ch thc hin cc chc nng qun l chungch khng trc tip iu hnh v gim st th trng. Cc c quan ny c thm quyn ban hnh cc quynh iu chnh cc hot ng trn th trng chng khon to nn c s cho cc t chc t qun trc tipthc hin cc chc nng iu hnh v gim st th trng ca mnh. Nhn chung cc c quan qun l thtrng ca chnh ph gm c u ban chng khon v mt s b, ngnh c lin quan. U ban chng khon l c quan qun l chuyn ngnh ca nh nc trong lnh vc chng khon, vicc chc nng sau: - Thc hin cc quy nh, quy ch v qun l ngnh chng khon ca chnh ph, b ti chnh v phihp vi cc t chc lin quan iu hnh v gim st c hiu qu hot ng ca th trng chng khon. 26

27. - Kim sot v gim st cc hot ng trn th trng nh ng k, lu k chng khon, gim st cccng ty nim yt, v pht hin, x l cc trng hp gian ln trong hot ng kinh doanh chng khon. - Qun l trc tip cc t chc t qun, gim st hot ng ca cc t chc ny, x l cc vi phm nucc t chc t qun khng t x l c. - Thanh tra i vi cc c nhn hay t chc bo v li ch chung ca cng chng trong trng hp cs vi phm php lut. Bn cnh u ban chng khon, mt s b, ngnh. cng c chc nng tham gia qun l mt s lnh vcc lin quan ti th trng chng khon. V d: b ti chnh qun l cc vn v k ton, kim ton phcv pht hnh v cng khai thng tin cng ty, pht hnh tri phiu quc t...; ngn hng nh nc qun l ccngn hng thng mi thc hin kinh doanh chng khon, ra cc nguyn tc phn tch nghip v kinhdoanh tin t v kinh doanh chng khon; b t php c lin quan ti vic x l cc trng hp gian lntrn th trng chng khon... b. Cc t chc t qun Xt v mt lch s, vic iu hnh v gim st th trng chng khon c thc hin bi cc t chc tqun trc, ri sau mi c s can thip ca chnh ph. Cc t chc t qun l cc t chc hnh thnhcng vi s pht trin ca th trng chng khon, thc hin chc nng iu hnh v gim st th trngchng khon nhm bo v li ch chung ca ton th trng. Cc t chc t qun thc hin qun l v gimst th trng trn c s tun th cc quy nh ca cc t chc qun l v gim st th trng ca chnh ph. Mt t chc t qun hot ng da trn 2 nguyn tc: - Cc quyt nh iu hnh a ra phi ng n, ph hp hon cnh thc t, hot ng gim st thtrng phi c hiu qu. - Chi ph iu hnh, gim st th trng phi thu c t cc hot ng trn th trng ch khng phido ngn sch cp. Hot ng iu hnh v gim st th trng chng khon ca cc t chc t qun bao gm 3 b phn:qun l v gim st cc hot ng giao dch (bao gm c vic pht hnh), qun l v gim st cng ty chngkhon, gii quyt c tranh chp v tin hnh x l cc trng hp vi phm. Nhn chung, cc t chc t qungm c: s giao dch v hip hi cc nh kinh doanh chng khon. S giao dch l t chc t qun bao gm cc cng ty chng khon thnh vin, trc tip iu hnh vgim st cc hot ng giao dch chng khon thc hin trn s. S giao dch thc hin mt s chc nngsau: - iu hnh cc hot ng giao dch din ra trn s thng qua vic a ra v m bo thc hin cc quynh cho cc hot ng giao dch trn th trng s giao dch. - Gim st, theo di cc giao dch gia cc cng ty thnh vin v cc khch hng ca h. Khi pht hincc vi phm s giao dch tin hnh x l, p dng cc bin php cng ch thch hp. Trong trng hp c 27

28. vi phm nghim trng n cc quy nh ca ngnh chng khon, s giao dch c th bo co ln u banchng khon gii quyt. - Hot ng iu hnh v gim st ca s giao dch phi c thc hin trn c s ph hp vi cc quynh php lut c lin quan n ngnh chng khon. Hip hi cc nh kinh doanh chng khon l t chc ca cc cng ty chng khon c thnh lp vimc ch to ra ting ni chung cho ton ngnh kinh doanh chng khon v m bo cc li ch chung cath trng chng khon. Hip hi cc nh kinh doanh chng khon thc hin cc chc nng iu hnh vgim st th trng chng khon nh sau: - iu hnh v gim st th trng giao dch phi tp trung. Cc cng ty mun tham gia th trng nyphi ng k vi hip hi cc nh kinh doanh chng khon v phi thc hin cc quy nh do hip hi ara. - a ra cc quy nh chung cho cc cng ty chng khon thnh vin trong cc lnh vc kinh doanhchng khon v m bo thc hin cc quy nh ny. - Thu nhn cc khiu ni ca khch hng v iu tra cc cng ty chng khon thnh vin tm ra cc viphm, sau chuyn cc kt qu iu tra ti cng ty chng khon gii quyt. - i din cho ngnh chng khon, hip hi da ra cc xut v gi vi nhng c quan qun l thtrng chng khon ca chnh ph v cc vn tng qut trn th trng chng khon. Cc t chc ca chnh ph v cc t chc t qun l hai hnh thc iu hnh v gim st th trngchng khon. cc nc khc nhau, s p dng cc hnh thc cng khc nhau. Tuy nhin m bo choth trng chng khon c iu hnh v gim st c hiu qu cn phi c s kt hp hai hnh thc nytrn c s ph hp vi iu kin ca tng nc. 28

29. CHNG II CHNG KHON Chng khon l hng ho ca th trng chng khon. l nhng ti sn ti chnh v n mang li thunhp v khi cn ngi s hu n c th bn n thu tin v. Theo s pht trin ca th trng hng hongy cng phong ph da dng. Ni chung, ngi ta phn chia chng khon thnh 4 nhm chnh l c phiu,tri phiu, cc cng c chuyn i v cc cng c phi sinh. I. C PHIU C phiu l mt loi chng khon c pht hnh di dng chng ch hoc bt ton ghi s, xc nhnquyn s hu v li ch hp php ca ngi s hu c phiu i vi ti sn hoc vn ca mt cng ty cphn. Khi mua c phiu, nhng ngi u t (cc c ng) s r thnh nhng ngi ch s hu i vi cngty. Mc s hu tu thuc vo t l c phn m c dng nm gi. L ch s hu, cc c ng cngnhau chia s mi thnh qu cng nh tn tht trong qu trnh hot ng ca cng ty. Trong trng hp xunht l cng ty phi thanh l hay ph sn, c ng ch nhn dc nhng g cn li sau khi cng ty trangtri xong cc khon ngha v khc (nh thu, n ngn hng hay tri phiu...). C phiu l cng c khng cthi hn. Theo tnh cht ca cc quyn li m c phiu mang li cho c dng, c hai loi c phiu c bn: cphiu ph thng v c phiu u i. 1. Phn loi c phiu 1.1. C phi ph thng C phiu ph thng l loi c phiu in hnh nht. Nu mt cng ty ch c php pht hnh mt loic phiu, n s pht hnh c phiu ph thng. c phiu ph thng mang li nhng quyn sau cho cc cng: Quyn hng c tc C tc l phn li nhun ca cng ty dnh tr cho nhng ngi ch s hu. C tc c th c trbng tin (dng ph bin nht), cng c th c tr bng c phiu mi. C phiu ph thng khng quy nh mc c tc ti thiu hay ti a m c ng c nhn. Vic c trc tc hay khng, t l v hnh thc chi tr c tc cho c ng l tu thuc vo kt qu hot ng v vochnh sch ca cng ty, v do hi ng qun tr quyt nh. V th, thu nhp m c phiu ph thng mang licho c ng l thu nhp khng c nh. Khi cng ty phi thanh l ti sn, c ng ph thng l nhng ngi cui cng c nhn nhng g cnli (nu c) sau khi cng ty trang tri xong tt c cc ngha v nh thu, n v c phiu u i. 29

30. Quyn mua c phiu mi Khi cng ty pht hnh mt t c phiu mi tng vn, cc c ng hin ang nm gi c phiu phthng c quyn c mua trc c phiu mi, trc khi t pht hnh c cho bn ra cng chng, trongmt thi hn nht nh. Lng c phiu mi c php mua theo quyn ny tng ng vi t l c phiudang nm gi. Nh vy, quyn ny cho php c ng hin hu duy tr t l s hu ca mnh trong cng tysau khi cng ty tng thm vn. Mi c phiu ang nm gi mang li cho c ng mt quyn mua trc. S lng quyn cn c muamt c phiu mi s c quy nh c th trong tng t cho bn, cng vi gi mua, thi hn ca quynmua v ngy pht hnh c phiu mi. C phiu bn theo quyn thng c mc gi thp hn so vi gi th trng hin hnh. Khi c ng thchin quyn, cng ty s huy ng c thm vn. Nu c ng khng mun thc hin quyn th h c thbn quyn trn th trng. Quyn b phiu C ng ph thng c quyn b phiu bu v ng c vo cc chc v qun l trong cng ty; c quyntham gia cc di hi c ng v b phiu quyt nh cc vn quan trng ca cng ty. Nu khng tham dc, c ng thng c th u quyn cho ngi khc thay mt h biu quyt theo ch th ca h hoc tu ngi c u quyn. Tu theo quy nh, mi c ng c th dc b s phiu ti a cho mi ng c vin bng s c phiunm gi, hoc c dn ton b s phiu c th chi phi (bng tng s phiu nhn vi s ng c vin) bu cho mt (hoc hn) ng c vin. Cch th hai c li cho cc c ng nh, v tuy c t phiu bu nhngh li c th tp trung phiu tng thm gi tr quyn b phiu ca mnh. Ngoi nhng quyn li c bn v kinh t trn y, c ng ph thng cn c nhng quyn php l khcna, nh quyn c kim tra s sch ca cng ty khi cn thit, quyn c yu cu triu tp i hi cng bt thng, v.v.. 1.2. C phiu u i C phiu u i dnh cho c ng nhng u i so vi c ng ph thng. Kiu u di lu i nht vph bin nht l u di v c tc. C phiu u i c tc n nh mt t l c tc ti a so vi mnh gi, hay mt mc c tc tuyt i tia. Trong iu kin cng ty hot ng bnh thng, c ng u di s c hng mc c tc ny, v th,thu nhp t c tc ca c phiu u i ni chung l c nh. i li iu , c ng u i khng ctham gia b phiu quyt nh nhng vn quan trng ca cng ty. Trong trng hp cng ty khng c li nhun tr theo t l cng ty s tr theo kh nng c th.c bit khi thua l, cng ty c th khng tr c tc u i, nhng mt khi c ng u i cha dc tr ctc th c ng ph thng cng cha c tr. 30

31. Trong trng hp cng ty thanh l ti sn, c ng u i c u tin nhn li vn trc c ng phthng nhng sau ngi c tri phiu. C phiu u i cng c th km theo nhng iu khon tng thm tnh hp dn ca n. C phiuu i cng dn quy nh rng nu cha tr c tc cho c ng u i th xem nh cng ty cn mc n. chodn khi no c li nhun tr, v tt nhin cho ti khi , c ng ph thng cng mi c nhn ctc. C phiu u i tham d cho php c ng u i c chia s thnh qu hot ng ca cng ty khicng ty lm n pht t. C ng s c nhn lng c tc cao hn mc ti a quy nh nu c tc trcho c ng thng vt qu mt mc nht nh. C phiu a i c th chuyn i cho php c ng,trong nhng iu kin c th c th chuyn i c phiu u i thnh c phiu thng, thng l trong iukin cng ty lm n pht t. Ngoi c phiu u i v c tc, cn c th c c phiu u i v quyn b phiu (c nhiu phiu buhn) hay c quyn i li vn gp (theo Lut doanh nghip Vit Nam). 2. Li tc ca c phiu Ngi nm gi c phiu c th k vng ti sn ti chnh ny hai ngun li tc tim nng l c tc vli vn. 2.1. C tc Nh trn d ni, c tc l mt phn trong li nhun ca doanh nghip dnh chia cho c ng, c gil,thu nhp ca c ng. Tr trng hp c phiu u i, ni chung c tc l khng c nh. Tuy nhin mc cao thp ca c tc cng nh tnh cht n nh tng i ca vic chi tr c tc gia cc ngnh v cccng ty trong tng ngnh c s khc nhau. 2.2. Li vn Li vn l khon chnh lch gia gi thu c khi bn c phiu v gi mua vo. Li vn cu thnhmt phn quan trng trong tng li tc m c phiu em li cho c ng. Tuy nhin, ch khi no gi cphiu tng ln th mi c li vn. Nu gi c phiu gim xung th s gy l vn. Ngi u t v th phiquan tm ti kh nng tng gi ca c phiu. Gia mc c tc c chi tr v kh nng tng gi ca c phiu khng c mi lin h c nh. C loic phiu c mc tr c tc cao v n nh, nhng li km tim nng tng gi. Tri li c loi c phiu tr ctc thp, thm ch khng tr c tc, nhng li ha hn tim nng tng gi mnh. Tu theo mc tiu v mc chp nhn ri ro ca tng ngi, ngi u t c th la chn mua nhng loi c phiu m nhng cim v kh nng em li li tc l khc nhau. Nu nhn nhn t gic kh nng em li li tc c phiubao gm cc loi sau: C phiu thng hng l c phiu do nhng cng ty c thnh tch lu di v lin tc v li nhun v chitr c tc, pht hnh. l c phiu ca nhng cng ty ln, c tn tui, n nh v trng thnh, c tim 31

32. lc ti chnh to ln. Loi c phiu ny t khi b mt gi, nhng khng nht thit l gi s tng nhanh, ngthi c tc c chi tr n nh v tng u n. C phiu tng trng l c phiu ca mt cng ty c doanh s, thu nhp v th phn ang tng vi tc nhanh hn tc ca nn kinh t ni chung v nhanh hn mc trung bnh ca ngnh. Cng ty ny thngquan tm n vic m rng v n lnh vc nghin cu v pht trin, do n thng gi li phn ln linhun ti tr cho vic m rng v nghin cu, v cng v th thng tr t l c tc thp, hoc khng tr.Tuy nhin loi c phiu ny c tim nng tng gi mnh. C phiu phng v l c phiu ca nhng cng ty c sc chng vi suy thoi. c trng ca nhngcng ty ny l mc n nh ca chng trong nhng thi k m ton b nn kinh t suy thoi. thngl nhng cng ty kinh doanh cc sn phm thit yu nh thuc l, nc gii kht, bnh ko v thc phm.Loi c phiu ny c mc chi tr c tc n nh, v vo thi k i xung ca nn kinh t khi cc c phiukhc suy gim th loi c phiu ny khng b mt gi. Song khi nn kinh t pht t v cc c phiu khctng gi, th loi c phiu ny cng li kh tng gi hn. C phiu thu nhp l c phiu ca nhng cng ty tr li cao hn mc trung bnh. Loi c phiu ny nichung c sc hp dn i vi nhng ngi mua c phiu c thu nhp thng xuyn, c bit l ngi giv ngi v hu, nhng n cng khng c tim nng tng gi. Thng y l c phiu ca nhng cng tythuc lnh vc cng ch. C phiu chu k l c phiu ca nhng cng ty c mc li nhun bin i theo chu k kinh doanh. Khiiu kin kinh doanh tt ln, kh nng thu li nhun ca cng ty phc hi, gi c phiu thng ca cng tytng. Khi iu kin kinh doanh xu di, kinh doanh sa st mnh, li nhun gim v do gi c phiu cnggim. Cc ngnh kinh doanh c tnh chu k l thp, xi mng, my cng c v t C phiu thi v l c phiu ca nhng cng ty m thu nhp ca n c khuynh hng bin ng theothi v, m tiu biu l cc cng ty bn l. Doanh s v li nhun ca nhng cng ty ny thng tng lnvo nhng thi im nht nh trong nm (nh dp khai ging, ging sinh...). 3. Ri ro ca c phiu Ri ro ca mt cng c ti chnh ni chung, v in hnh l c phiu, c hiu l tnh cht khng chcchn trong ngun li tc m n mang li cho ngi nm gi. Nhng lc lng gp phn to nn nhng thay i trong li tc - gi hoc c tc (li) - cu thnh ccyu t ca ri ro. Mt s trong s nhng yu t nh hng ny l t bn ngoi cng ty, khng th kim sotv tc ng ti mt s ln chng khon. Mt s nh hng khc l t bn trong, c th kim sot mtmc ln. Trong u t, loi yu t th nht c gi l ngun ri ro h thng. Tri li, loi yu t thhai, nhng yu t ni ti, kim sot c, v phn no ch ring c i vi cc ngnh hay cng ty, c gil ngun ri ro khng h thng. 32

33. Ri ro h thng l phn trong bin ng tng th ca li nhun gy ra bi nhng yu t tc ng ti gic ca tt c cc chng khon. Nhng bin i v kinh t, chnh tr v x hi l nhng ngun ri ro hthng. Hiu ng ca chng l lm cho gi ca hu ht cc c phiu thng ring l v hu ht cc tri phiuring l cng chuyn ng theo mt hng. Ni cch khc, khong mt na trong tng s ri ro ca mt cphiu thng trung bnh l ri ro h thng. Ri ro khng h thng l phn ca tng ri ro ch xy ra vi ring mt hng hay mt ngnh. Cc yu tnh nng lc qun l, nhng u tin tiu dng, cc cuc bi cng gy ra nhng bin ng h thng ca linhun trong mt cng ty. Cc yu t khng h thng v c bn l c lp vi nhng yu t tc ng n thtrng chng khon ni chung. V nhng yu t ny tc ng n mt cng ty, nn chng phi c khost ring bit cho tng cng ty. Ri ro l iu khng th loi b hon ton, xt trn tng th th trng v trong di hn. Song mi cnhn ngi u t hay t chc u t c th p dng mt hay nhiu trong s nhng bin php sau y gim thiu ri ro ca vic u t c phiu: - La chn nhng c phiu ring l: Quyt nh u t vo c phiu no l kt qu ca qu trnh thu thp v phn tch v s thng tin.Nhng thng tin bao gm t nhng vn ca kinh t, chnh tr th gii, nhng bin s kinh t v mtrong nc (GDP, thu nhp quc dn bnh qun u ngi, lm pht, nng sut lao ng...). Cho ti nhngvn ca ngnh v cui cng l tnh hnh ca cng ty pht hnh. Ngoi ra, la chn mt c phiu ring lcn lin quan ti nhng thng s c nhn ca ngi u t, nh kh nng v ti chnh,mc tiu u t, mc chp nhn ri ro... -Thit lp danh mc u t hoc mua chng ch qu u t: Khi phi hp nhiu c phiu (hoc c phiu v tri phiu hay cc cng c khc na) trong cng mtdanh mc, th hiu ng tng th l tng ri ro ca danh mc u t gim xung. l mt phng phpqun l ri ro hu hiu. Tuy nhin phng thc ny s khng ph hp vi nhng nh u t c lng vn du t khng ln. Kh c mt cch thay th l mua chng ch qu du t, thay v mua cc c phiuring l thit lp danh mc. y l phng thc u t c th gip cho ngi u t c nhn, d vi mts vn khng ln, vn c th c hng li ch ca vic a dng ho danh mc u t v nng lc qun lchuyn nghip, ng thi gim c chi ph giao dch. - S dng cc cng c phi sinh: Mt trong nhng chc nng kinh t ca cc cng c phi sinh l ro chn ri ro, bo v li nhun canhng cng c c s. V th, khi d on gi tng hay gi gim, v bo v c li nhun ca cc ti snang nm gi hoc tm cch kim li vi t sut li nhun cao, cc nh u t c th s dng cc cng cphi sinh nh quyn chn mua, chn bn, cc hp ng tng lai, v nhng chin lc i km theo n. II. TRI PHIU 33

34. Tri phiu l mt loi chng khon quy nh ngha v ca ngi pht hnh (ngi vay tin) phi trcho ngi nm gi chng khon (ngi cho vay) mt khon tin xc nh, thng l trong nhng khongthi gian c th, v phi hon tr khon cho vay ban u khi n o hn. 1. c im ca tri phiu Tri phiu l mt cng c n i hi ngi pht hnh (cn gi l ngi i vay hay con n) hon tr chongi cho vay (ngi u t) khi lng vn vay cng vi tin li trong mt thi hn nht nh. Nhng c trng quan trng ca tri phiu: 1.1. Ngi pht hnh Bn cht ca ngi pht hnh l mt c trng quan trng ca tri phiu. C hai loi ngi pht hnhchnh l chnh ph (trung ng v a phng) v cng ty. Chnh ph l ngi pht hnh ng tin cy nhtdo c dc nhng iu kin m bo cao nht cho vic hon tr gc v tr li. Cn trong khu vc cng tyth ngi pht hnh c nhiu loi, mi loi c kh nng khc nhau trong vic p ng cc ngha v thathun vi ngi cho vay. Ni cch khc, c th coi ri ro thanh ton ca tri phiu chnh ph l bng 0, cncc tri phiu cng ty khc nhau c mc ri ro thanh ton khc nhau. Ngoi ri ro thanh ton, tri phiu chnh ph vn phi chu cc loi ri ro khc ging nh bt k mt triphiu cng ty no, nh ri ro li sut, ri ro lm pht... 1.2. Thi hn Thi hn ca tri phiu l s nm m theo ngi pht hnh ha hn p ng nhng iu kin cangha v. Thi hn ca mt tri phiu l ngy chm dt s tn ti ca khon n, ngi pht hnh s thu hitri phiu bng cch hon tr khon vay gc. Thi hn ny cng cn c gi l thi gian o hn ca triphiu. Ni chung nhng tri phiu c thi hn t 1 n 5 nm dc gi l tri phiu ngn hn; t 5 n 10 nmc gi l tri phiu trung hn; trn 12 nm l nhng tri phiu di hn. Thi gian o hn ca tri phiu quan trng v 3 l do: - N cho bit khong thi gian m ngi nm gi tri phiu c th mong i nhn c cc khon thanhton li nh k, v cho bit s nm trc khi khon vay gc c hon tr ton b. - Li tc ca mt tri phiu ty thuc vo thi hn cua n. - Gi ca tri phiu s bin i qua qung i ca n khi li sut trn th trng thay i - tnh bin ngca gi tri phiu ph thuc vo thi gian o hn ca n. Nu cc yu t khc khng i, thi gian o hncng di, tnh bin ng gi ca tri phiu cng ln trc mt s thay i ca li sut th trng. 1.3. Mnh gi v li sut cung phiu 34

35. Mnh gi ca mt tri phiu l khi lng tin c ghi trn mt tri phiu, m ngi pht hnh ng hon tr cho ngi nm gi tri phiu ti thi im o hn Li sut cung phiu, cn gi l li sut danh ngha, l li sut m ngi pht hnh ng tr mi nm.Khi lng li hng nm c tr cho ngi s hu tri phiu trong sut thi hn ca tri phiu c gi lli cung phiu. Li sut cung phiu em nhn vi mnh gi tri phiu s cho li cung phiu. Thng thng tt c cc tri phiu u tr li cung phiu theo nh k, mi nm mt hoc hai ln, trloi tri phiu khng tr li nh k (zero-coupon bond). Ngi nm gi tri phiu ny nhn c tin li dovic mua tri phiu vi gi thp hn nhiu so vi mnh gi ca n. Khi tri phiu o hn, li s c tr,chnh bng khon chnh lch gia mnh gi tri phiu v gi tr mua tri phiu . Cng c c tri phiu c li sut th ni vi li sut cung phiu c nh k n nh li theo mtchun no c nh trc. Ngoi vic cho bit cc khon thanh ton li cung phiu m ngi du t c th nhn c trong thihn ca tri phiu, li sut cung phiu cn ch ra mc m theo gi ca tri phiu s chu tc ng canhng thay i ca li sut. Nu cc yu t khc khng i, li sut cung phiu cng cao, gi tri phiucng t thay i trc mt thay i ca li sut. Kt qu l li sut cung phiu v thi gian o hn cnhng hiu ng ngc chiu i vi tnh bin ng gi ca mt tri phiu. 2. Phn loi tri phiu 2.1. Tri phiu v danh l tri phiu khng mang tn tri ch, c trn chng ch cng nh trn s schca ngi pht hnh. Nhng phiu tr li nh theo t chng ch, v khi n hn tr li, ngi gi tri phiuch vic x ra v mang ti ngn hng nhn li, v khi tri phiu o hn, ngi nm gi n mang chng chti ngn hng nhn li khon cho vay. 2.2. Tri phiu ghi danh l loi tri phiu c ghi tn v a ch ca tri ch, trn chng ch v trn sca ngi pht hnh. Hnh thc ghi danh c th ch thc hin cho phn vn gc, cng c th l ghi danhton b, c gc ln li. Dng ghi danh ton b m ang ngy cng ph bin l hnh thc ghi s. Tri phiughi s hon ton khng c dng vt cht, quyn s hu c xc nhn bng vic lu gi tn v a ch cach s hu trn my tnh. 2.3. Tri phiu chnh ph l nhng tri phiu do chnh ph pht hnh. Chnh ph pht hnh tri phiu(hay cc cng c n ni chung) nhm mc ch b p thm ht ngn sch; ti tr cho cc cng trnh cngch; 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 tnhthanh khon cao. Do c im , li sut ca tri phiu chnh ph c xem l li sut chun lm cn cn nh li sut ca cc cng c n khc c cng k hn. 35

36. Tri phiu cng trnh l loi tri phiu c pht hnh huy ng vn cho nhng mc ch c th,thng l xy dng nhng cng trnh c s h tng hay cng trnh phc li cng cng. Tri phiu ny cth do chnh ph trung ng hoc chnh quyn a phng pht hnh. 2.4. Tri phiu cng ty l nhng tri phiu do cc cng ty pht hnh vay vn di hn. c imchung ca tri phiu cng ty l: - Ngi nm gi tri phiu c tr li nh k v tr gc khi o hn, song khng c tham d vocc quyt nh ca cng ty. (Cng c nhng tri phiu khng tr li nh k, ngi mua c mua dimnh 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 cng bao gm nhiu loi: Tri phiu c bo m y l nhng tri phiu c bo m bng nhng ti sn th chp c th. Ngi nm gi tri phiuny c bo v mt mc cao trong trng hp cng ty ph sn, v h c quyn i n i vi mt tisn c th. Ti sn th chp thng l bt ng sn, cc thit b (my bay, tu ho). Tri phiu khng bo m Tri phiu tn chp khng c m bo bng ti sn, m c bo m bng uy tn ca cng ty. Nucng 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 cc c ng. Cc tri phiu tn chp c th chuyn i cho php tri ch c quyn chuyn tri phiu thnh cphiu thng ca cng ty pht hnh. Tu theo quy nh, vic chuyn i c th c tin hnh vo bt cthi im no, hoc ch vo nhng thi im c th xc nh. Vi nhng c trng trn y, nu tri phiu c nm gi cho ti khi ht hn, ngi u t tri phiuc th bit trc c thi im mnh c nhn cc khon thanh ton, v gi tr ca mi khon thanh ton l bao nhiu. Tuy nhin c nhng tri phiu c km theo nhng iu khon c bit, khin cho ngi u t khngth d kin chnh xc c cc khon thu nhp: - Tri phiu c li sut th ni, trong quy nh c nh k (6 thng, mt nm, hai nm...) li n nhli li sut theo th trng. Loi tri phiu ny c pht hnh trong nhng khong thi gian c nhng binng mnh v li sut th trng. hn ch thit hi cho hai bn tham gia vic vay mn. -Tri phiu c th mua li l loi tri phiu cho php ngi vay (ngi pht hnh) trong nhng iu kinnht nh, c th mua li ton b hay mt phn nhng tri phiu d pht hnh, tc l tr li vn cho ngicho vay trc khi tri phiu ht hn. Khi , cc dng thanh ton ca tri phiu s kt thc sm hn so vithi hn ca tri phiu. 36

37. - Tri phiu c th bn li cho php ngi mua tri phiu trong nhng iu kin nht nh c th bn litri phiu cho ngi pht hnh, thu hi vn trc khi tri phiu o hn. Cng nh trng hp trn, vic bnli s ph v d kin v cc dng thanh ton nhn c t tri phiu trong iu kin bnh thng. - Tri phiu c th chuyn i cho php ngi mua tri phiu, trong nhng diu kin no , c th itri phiu ly c phiu thng, theo mt t l v mc gi n nh. 3. Nhng ngun li tc tim nng ca tri phiu Tri phiu c th em li ba khon li tc tim nng: Tin li nh k thng tr na nm mt ln, c quy nh bi li sut cung phiu. Khon ny dcn nh t u v khng thay i cho n khi tri phiu o hn. V d, li sut cung phiu l 10%/nm, vi mnh gi l 1 triu ng, mi nm tr li hai ln, thtin li nh k s l 10%: 2 x 1 000 000 =50.000 ng. Chnh lch gi khi tri phiu o hn, b mua li hoc b bn ra trc khi o hn. y l khon chnhlch gia mc gi mua tri phiu v gi nhn c trong nhng trng hp trn, n c th l dng hocm tu theo chiu hng bin ng ca gi tri phiu. Cn lu rng gi tri phiu bin ng theo chiuhng ngc 1i vi bin ng ca li sut m th trng i hi vi tri phiu . Li ca li, do ti u t cc khon thanh ton li nh k. B phn ny ca tng li tc ph thuc voli sut ti u t, tc l thay i theo li sut th trng. Tng li tc tim nng ny ch c th tnh ton c chnh xc vi gi nh v mt mc li sut thtrng xc nh v tri phiu c nm gi cho ti khi o hn. Nu tri phiu b bn ra hay b mua litrc khi o hn, v nu li sut th trng thay i trong qu trnh nm gi hay ti thi im bn ra, th lisut thc t m tri phiu em li cho ngi nm gi n s cao hn hoc thp hn mc d tnh vi nhnggi nh trn. V th, tnh ton li tc ca mt tri phiu c th so snh vi li tc ca cc phng nu t khc, cn phi da trn nhng gi nh v mt k u t c th vi mt mc thay i li sut c thtrn th trng. Mc d l cng c u t an ton hn so vi c phiu,nhng tri phiu vn c ri ro. Nhng ri ro inhnh thng gp tri phiu l: -Ri ro li sut: l ri ro gi ca tri phiu thay i khi li sut th trng dao ng. Nu tri phiu c nm gi ti khi o hn th khng c ri ro ny. - Ri ro ti u t: l ri ro cng bt ngun t bin ng ca li sut th trng, nhng tc ng ti li tc ca cc khon ti u t tin li nhn c t tri phiu. -Ri ro thanh ton: xy ra khi pha ngi pht hnh tri phiu mt kh nng thanh ton (tm thi hoc do ph sn). - Ri ro lm pht: xy ra khi cc khon thanh ton c nh ca tri phiu b gim sc mua do tnh trng lm pht trong nn kinh t. 37

38. Tt c nhng ri ro ny u c ngha l khon thu nhp d kin nhn c t mt khon u tvo tri phiu l khng chc chn. III. CHNG CH QU 1. Qu u t chng khon Theo ngn ng thng thng, mt khi lng tin do nhiu ngi gp li v mt mc ch chung no c gi l mt qu. Qu u t chng khon cng vy, n l qu hnh thnh t vn gp ca ngi ut u t vo cc chng khon. Vic huy ng vn vo qu u t chng khon c thc hin theo hai cch Cch th nht, mt cng ty c thnh lp theo quy nh ca php lut hin hnh s pht hnh cc cphn ra cng chng. Khi mua c phn, ngi u t tr thnh c ng ca qu v c y cc quyn dophp lut quy nh. Bn thn qu l mt cng ty, c t cch php nhn, c hi ng qun tr qu l c quaniu hnh cao nht. Hi ng qun tr s thu ngi qun l qu, gim st cng vic qun l sao cho tc cc mc tiu ca qu, qu ny c gi l qu u t dng cng ty. Cch th hai, mt cng ty qun l qu s huy ng vn bng cch ly tng lng vn d kin huy ngchia nh thnh cc phn bng nhau, mi phn tng ng vi mt chng ch qu v cng ty s bn ccchng ch ra cng chng, nh l nhng n v u t. Trong m hnh ny, (qu du t dng hp ng),ngi mua chng ch khng dc tham gia vo qu trnh ra quyt nh u t ca qu m s u thc vicqun l qu cho cng ty, qu ch n thun l mt khon tin, khng c t cch php nhn. Cng ty qun lqu s m nhn c hai khu huy ng vn v u t vn vo cc chng khon. Hai m hnh trn c c im chung l: - Ngi u t khng trc tip u t vo chng khon m ch u t vo qu bng cch mua c phnhay chng ch. Vic u t vo chng khon do mt t chc khc c thu hay c u thc tin hnh, vth, tnh chuyn nghip ca hot ng u t cao hn nhiu so vi vic mt c nhn trung bnh t ra quytnh u t. - Ngi u t s c hng li t kt qu u t ca qu, theo s lng c phn hay chng ch mmnh nm gi. Xt v li sut u t, tt c nhng ngi u t trong cng mt qu u t c kt qunh nhau, khng phn bit s lng vn gp ca mi ngi nhiu hay t. Kt qu l do thnh qu hotng u t chung ca qu quy inh. 2.u im v li tc tim nng ca chng ch - c phn qu u t. Cc nh u t c nhn, nht l nhng ngi c t vn, khi tin hnh u t vo cc chng khon ringl thng hay gp phi nhng bt li sau: - Do hn ch v vn, h kh c th thc hin a dng ho u t gim thiu c tng ri ro ca ut. - Vi nhng giao dch c khi lng nh, ph giao dch s chim t trng ln trong gi tr giao dch. 38

39. - u t c hiu qu i hi phi c kin thc v u t, phi c thi gian dnh cho vic phn tch thtrng v phn tch sn phm. i a s cc nh u t c nhn khng p ng c nhng yu cu . Nhng bt li trn hon ton c th gii quyt c bng cch s dng qu u t. Khi mua c phnqu hoc chng ch qu, nh u t, d ch vi mt lng vn u t khim tn, ng nhin s hu mtphn trong mt danh mc u t da dng ho. Hiu qu u t c nng ln do nhiu yu t: ri ro gim,chi ph gim, k nng u t chuyn nghip. Ngoi ra, vic la chn mt qu theo loi chng khon m nu t vo cn gip cho mi nh u t c th tho mn mt nhu cu no nh trnh thu, bo ton vn,tng trng vn hay thu nhp thng xuyn. Hn na, cc qu u t c th gip cung cp nhiu loi dchv khc cho ngi th hng. Ngi ch s hu chng ch hay c phn qu u t s kim c tin theo ba cch: (l) Nhn c tc ca qu. Khon c tc ny c chi tr t s thu nhp ca cc khon u t ca qu, vd c tc ca c phiu, tin li t tri phiu... (2) Nhn c khon li vn (hoc l vn) khi nh qun l qu bn ra mt phn trong danh mc u tca qu thu li nhun. (3) c hng li t nhng thay i c li trong gi tr th trng. Ngoi ra ngi ta cng c th ti u t nhng khon phn phi t c tc hay li vn vo qu, tc l cthm c phn ca qu v tip tc c hng nhng li ch nh trn i vi nhng c phn mi ny. 3. Phn loi qu Da trn hnh thi vn ng ca vn, c th phn loi thnh qu ng v qu m. Trong qu ng, cc chng ch hay c phn qu ch c pht hnh mt ln, vi mt s lng xcnh. Sau khi pht hnh ln u ra cng chng, qu khng mua li nhng chng ch - c phn khi nh u tc nhu cu bn li cng khng pht hnh b sung. Ngi u t no mun mua hay bn c phn hay chngch ca qu s tin hnh giao dch trn th trng chng khon tp trung, ging nh vi bt k mt chngkhon nim yt no khc.Thng qua nhng giao dch trn th trng th cp nh th, vn s lu chuyngia cc nh u t vi nhau m khng lm nh hng ti ngun vn ca qu. Qu ng thch hp cho vickinh doanh cc chng khon c mc bin ng cao v t c giao dch. Tri li, qu u t dng m lin tc pht hnh c phiu hay chng ch ra cng chng, s lng c phnhay chng ch c th khng hn ch; v qu sn sng mua li c phiu hay chng ch mi khi ngi u tc nhu cu bn. C phiu hay chng ch ca qu m khng giao dch trn th trng th cp m giao dchthng vi qu hoc cc i l c y quyn ca qu. IV. CHNG KHON C TH CHUYN I 1. Khi nim Chng khon c th chuyn i l nhng chng khon cho php ngi nm gi n, tu theo la chn vtrong nhng iu kin nht nh, c th i n ly mt chng khon khc. 39

40. Thng thng c c phiu u i c chuyn i thnh c phiu thng v tri phiu c chuyn ithnh c phiu thng. 2.