thị trường chứng khon

7/30/2019 th trng chng khon

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Phn 1: Thtrng chng khon Vit Nam.

I.Tng quan v thtrng chng khon Vit Nam.1. Nguyn nhn hnh thnh.-Qu trnh i mi nn kinh t din ra nhanh chng, nhu cu vn cho s pht trin l rt ln,qu trnh c phn ha doanh nghip nh nc din ra nhanh chng (C phn mi nm phihuy ng vo khong 5%GDP, vay trong nc khong 3%GDP). Trong khi lng vn huyng c khng p ng c nhu cu cn thit, h thng ngn hng qu ti. Do , ccdoanh nghip cn phi tm 1 ngun huy ng vn ln. Nu khng c chin lc pht trinph hp, thtrng ti chnh s t pht hnh thnh xut pht tnh cu v vn u t ca nnkinh t. Vy thay v vic n t pht th ti sao chng ta khng t tay thnh lp nn. Thtrng chng khon s to ra knh huy ng vn mi cho cc doanh nghip-Vic hnh thnh thtrng chng khon sgip nh nh u t c thm mt knh u t tora li nhun.-Thtrng chng khon l c s, phong v biu nh gi nn kinh tcng nh nng lcdoanh nghip trn thtrng chng khon. Doanh nghip s chu s gim st ca thtrng,cc cng.-Ngun vn u t nc ngoi ngy cng tng nhng ch yu di hnh thc u t trctip. Quy m cc dn u t ngy cngtng, slng d n ngy cng nhiu do cn 1sn chi mi v hiu quhn cho cc nh u t nc ngoi. l vic c c mt thtrng ti chnh hiu quv nng ng. C thhn chnh l thtrng chng khon. t ra vn l hnh thnh nn thtrng chng khon Vit Nam.Tuy nhin, vic thnh lp thtrng chng khon Vit Nam sc khng t kh khn:-Cha c th ch thtrng hon chnh.-Cha hnh thnh vn ha chng khon.

Cc doanh nghip khng mun minh bch, khng mun cng b thng tin v li nhun, lilhng nm. Tnh minh bch trong kinh doanh cha c qun l cht, nhiu doanh nghiphot ng yu km, nht l cc doanh nghip nh nc. li vo c ch cp vn ca nh ncNh u t khng c c hi la chn khi tham gia th trngCc nh u t cn gp phi nhiu ro cn vchnh sch, c bit l hn chi vi nhngnh u t nc ngoi, theo lut hko c php mua c phn ca cc doanh nghip Vit

Nam v n tn 1999, khi Thtng Chnh ph mi k ban hnh Quyt nh s145/Q-TTgchnh thc cho php nh u t nc ngoi c tham gia mua c phn trong cc doanhnghip Vit Nam nhng vi t lkhng vt qu 30% vn iu l ca doanh nghip.

Hn ch trong vic hoch nh chnh sch, gim st, cng ch, thc thi trn TTCK.-Nhiu quan im cho rng chng khon l sn phm ca t bn, vic xy dng TTCK VNc thlm chng ta i lch hng.-Trnh cn bcng nh hiu bit ca ngi dn v chng khon cn nhiu hn ch.-nh hng ca cuc khng hong kinh t chu 1997 vn cn tc ng tiu cc n nnkinh tnc nh.

Nhng nu ch nhn vo nhng thch thc trn m chng ta khng lm th cha bit cnhng kh khn s xy ra nh thno. Nh ngi xa c cu : khng vo hang cp sao btc cp con.


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2. Thtrng hnh thnh.Nm 1994, Chnh ph quyt nh thnh lp n thnh lp th trng chng khon ti

Vit Nam, giao nhiu b, ngnh lin quan tham gia nh BTi chnh, Ngn hng Nh nc,y ban K hoch nh nc, BT php

Nm 1995, y ban chng khon c thnh lp.Ngy 10/07/1998 Thtng Chnh ph k ban hnh Nghnh 48/1998/N-CP v Chng

khon v Th trng chng khon cng vi Quyt nh thnh lp hai Trung tm Giao dch

Chng khon (TTGDCK) ti H Ni v TP. H Ch Minh.Ngy 20/07/2000, TTGDCK Tp.HCM chnh thc khai trng i vo vn hnh, v thc

hin phin giao dch u tin vo ngy 28/07/2000 vi 2 loi c phiu nim yt l 2 m cphiu ca 2 cng ty Cng ty c phn C in lnh (REE) v Cng ty c phn Cp v Vt liuvin thng (Sacom), v 7 cng ty chng khon : Cng ty chng khon Bo Vit thuc B tichnh; Cng ty cphn chng khon Si Gn; Cng ty TNHH Chng khon Ngn hng u tv Pht trin Vit Nam (BSC); Cng ty C phn Chng khon Thng Long (TLS); Cng tyTNHH Chng khon ACB (ACBS); Cng ty CP chng khon Nht; Cng ty Cphn Chngkhon Ngn hng Cng thng Vit Nam. Mi tun ch c 2 phin giao dch.

Vo ngy 8/3/2005 Trung tm Giao dch chng khon (TTGDCK) H Ni chnh thc cho

i. Khc vi TTGDCK TP.HCM (vn l ni nim yt v giao dch chng khon ca cc cngty ln), TTGDCK H Ni sl sn chi cho cc doanh nghip nh v va (vi vn iu l t5 n 30 tng).

3. Thnh phn tham gia.-T chc pht hnh chng khon:Chnh ph v chnh quyn a phng l nh pht hnh tri phiu chnh ph v tri phiua phng.Cng ty pht hnh tri phiu v c phiu cng ty.Cc t chc ti chnh l nh pht hnh cc cng cti chnh nh cc tri phiu, chng chthhng, chng ch quu t... phc v cho hot ng ca h.

-Nh u t: Nh u t c nhn. Nh u t c t chc.

( Vit Nam th nh u t nh l chim ti 80% cn nc ngoi nh M con s ny ch l20%).-Cc t chc kinh doanh trn thtrng chng khon:Cng ty chng khon.Quu t chng khon.Cc trung gian ti chnh (l cc Ngn hng thng mi).

-Cc t chc c lin quan n thtrng chng khon:C quan qun l Nh nc (y ban chng khon nh nc).Sgiao dch chng khon Thnh ph H Ch Minh. Sgiao dch chng khon H Ni.Hip hi cc nh kinh doanh chng khonT chc lu k v thanh ton b tr chng khon.Cc t chc kim ton.Cng ty dch v my tnh chng khon (Vit nam cha c cc t chc ring bit)Cc t chc ti trchng khon (Vit nam cha c cc t chc ring bit).Cng ty nh gi h s tn nhim (Vit nam cha c. nc ngoi: Standard & poor;Fitch; Moodys nh gi v h s tn nhim quc gia)

4. Cu trc thtrng.
http://vi.wikipedia.org/w/index.php?title=C%C3%B4ng_ty_c%E1%BB%95_ph%E1%BA%A7n_C%C6%A1_%C4%91i%E1%BB%87n_l%E1%BA%A1nh&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=C%C3%B4ng_ty_c%E1%BB%95_ph%E1%BA%A7n_C%C6%A1_%C4%91i%E1%BB%87n_l%E1%BA%A1nh&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=C%C3%B4ng_ty_c%E1%BB%95_ph%E1%BA%A7n_C%C6%A1_%C4%91i%E1%BB%87n_l%E1%BA%A1nh&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=C%C3%B4ng_ty_c%E1%BB%95_ph%E1%BA%A7n_C%C6%A1_%C4%91i%E1%BB%87n_l%E1%BA%A1nh&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=C%C3%B4ng_ty_c%E1%BB%95_ph%E1%BA%A7n_C%C6%A1_%C4%91i%E1%BB%87n_l%E1%BA%A1nh&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=C%C3%B4ng_ty_c%E1%BB%95_ph%E1%BA%A7n_C%C6%A1_%C4%91i%E1%BB%87n_l%E1%BA%A1nh&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=C%C3%B4ng_ty_c%E1%BB%95_ph%E1%BA%A7n_C%C6%A1_%C4%91i%E1%BB%87n_l%E1%BA%A1nh&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=C%C3%B4ng_ty_c%E1%BB%95_ph%E1%BA%A7n_C%C3%A1p_v%C3%A0_V%E1%BA%ADt_li%E1%BB%87u_vi%E1%BB%85n_th%C3%B4ng&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=C%C3%B4ng_ty_c%E1%BB%95_ph%E1%BA%A7n_C%C3%A1p_v%C3%A0_V%E1%BA%ADt_li%E1%BB%87u_vi%E1%BB%85n_th%C3%B4ng&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=C%C3%B4ng_ty_c%E1%BB%95_ph%E1%BA%A7n_C%C3%A1p_v%C3%A0_V%E1%BA%ADt_li%E1%BB%87u_vi%E1%BB%85n_th%C3%B4ng&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=C%C3%B4ng_ty_c%E1%BB%95_ph%E1%BA%A7n_C%C3%A1p_v%C3%A0_V%E1%BA%ADt_li%E1%BB%87u_vi%E1%BB%85n_th%C3%B4ng&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=C%C3%B4ng_ty_c%E1%BB%95_ph%E1%BA%A7n_C%C3%A1p_v%C3%A0_V%E1%BA%ADt_li%E1%BB%87u_vi%E1%BB%85n_th%C3%B4ng&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=C%C3%B4ng_ty_c%E1%BB%95_ph%E1%BA%A7n_C%C3%A1p_v%C3%A0_V%E1%BA%ADt_li%E1%BB%87u_vi%E1%BB%85n_th%C3%B4ng&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=C%C3%B4ng_ty_c%E1%BB%95_ph%E1%BA%A7n_C%C3%A1p_v%C3%A0_V%E1%BA%ADt_li%E1%BB%87u_vi%E1%BB%85n_th%C3%B4ng&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=C%C3%B4ng_ty_c%E1%BB%95_ph%E1%BA%A7n_C%C3%A1p_v%C3%A0_V%E1%BA%ADt_li%E1%BB%87u_vi%E1%BB%85n_th%C3%B4ng&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=C%C3%B4ng_ty_c%E1%BB%95_ph%E1%BA%A7n_C%C3%A1p_v%C3%A0_V%E1%BA%ADt_li%E1%BB%87u_vi%E1%BB%85n_th%C3%B4ng&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=C%C3%B4ng_ty_c%E1%BB%95_ph%E1%BA%A7n_C%C3%A1p_v%C3%A0_V%E1%BA%ADt_li%E1%BB%87u_vi%E1%BB%85n_th%C3%B4ng&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=C%C3%B4ng_ty_c%E1%BB%95_ph%E1%BA%A7n_C%C3%A1p_v%C3%A0_V%E1%BA%ADt_li%E1%BB%87u_vi%E1%BB%85n_th%C3%B4ng&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=C%C3%B4ng_ty_c%E1%BB%95_ph%E1%BA%A7n_C%C3%A1p_v%C3%A0_V%E1%BA%ADt_li%E1%BB%87u_vi%E1%BB%85n_th%C3%B4ng&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=C%C3%B4ng_ty_c%E1%BB%95_ph%E1%BA%A7n_C%C3%A1p_v%C3%A0_V%E1%BA%ADt_li%E1%BB%87u_vi%E1%BB%85n_th%C3%B4ng&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=C%C3%B4ng_ty_c%E1%BB%95_ph%E1%BA%A7n_C%C3%A1p_v%C3%A0_V%E1%BA%ADt_li%E1%BB%87u_vi%E1%BB%85n_th%C3%B4ng&action=edit&redlink=1http://vi.wikipedia.org/w/index.php?title=C%C3%B4ng_ty_c%E1%BB%95_ph%E1%BA%A7n_C%C6%A1_%C4%91i%E1%BB%87n_l%E1%BA%A1nh&action=edit&redlink=1


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Hai sgiao dch l 2 cng ty TNHH thuc shu ca nh nc. y ban chng khon Nhnc (UBCKNN) thuc B Ti chnh nn c rt t quyn hn. Khng nh M, trong ccsgiao dch ca n thnh lp di hnh thc l cc cng ty c phn.

Ngy 24/6/2009 H thng giao dch Upcom c a vo hot ng trn sgiao dch chngkhon H Ni. Vic thnh lp sn giao dch Upcom lm thu hp thtrng OTC v mrng

thtrng sn giao dch.Bn cnh Ngn hng u t v pht trin Vit Nam, BIDV trthnh Ngn hng chnhthanh ton.

Vo ngy 21/4/2011 va qua y ban Chng khon Nh nc va a ra ba phng n ti cutrc th trng chng khon Vit Nam ti hi tho v ti cu trc th trng chng khon Vit

Nam giai on 2011 2020. Vy liu cu chc ca thtrng chng khon Vit Nam c thayi hay khng cn ty thuc vo quyt nh sp ti ca y ban Chng khon Nh nc.

5. H thng cc ch s.Hin nay ti Vit Nam, VN-Index l ch si din cho cc c phiu nim yt ti SGiao

dch Chng khon TP.HCM, HNX-Index i din cho cc c phiu nim yt ti SGiao dchChng khon H Ni, UPCoM-Index i din cho cc c phiu giao dch trn thtrng chanim yt. Cch tnh ca 3 ch s ny u theo phng php bnh qun gia quyn.

A, Ch s VNindex:VN-Index c tnh nh sau:K hiu: VN-IndexGi trc s: 100

Ngy c s: 28/07/2000VN-Index = Tng gi tr thtrng hin ti ca cc c phiu nim yt / Tng gi tr thtrngc sca cc c phiu nim ytVN -Index c tnh theo cng thc sau:

Vn-Index =

Trong :P1i: Gi hin hnh ca c phiu i.Q1i: Khi lng ang lu hnh ca c phiu i.P0i: Gi ca c phiu i thi k gc.Q0i: Khi lng ca c phiu i ti thi k gc.

HSX(HOSE).

HNX(HASTC).

B ti chnh. UBCKNN

OTC

Sgiaodch.

Cu trc thtrng.

in thoi.

Internet.

Lut CK

Upcom.


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i : 1,..., nCh s phn nh sthay i gi c ca chng khon. V vy trong qu trnh tnh ton ch s,

ngi ta phi loi b nhng yu t lm thay i gi tr ca ch s m khng phi do gi c thayi, v dnh: c c phiu mi nim yt, vic tch, gp c phiu...

Trong nhng trng hp ny, s chia sc iu chnh m bo ch s c tnh lin tc vphn nh ng nhng thay i v gi c trn thtrng

Ch s HNX-index v Upcom-index cng c tnh tng t. Ngoi ra trn thtrng cn 1

s cc ch s mi khc nh: CBV-Index; SSI30-Index; DCVN30-Index; VIR-Index.III. Thnh tu ca thtrng chng khon Vit Nam 10 nm qua.10 nm pht trin y bin ng ca thtrn chng khon Vit Nam gt hi c nhiu

thnh tu. C th:Nm 2010 nh du chng ng 10 nm ca thtrng chng khon Vit Nam. Th trng

c nhng pht trin vt bc, t gp 2 ln so vi k hoch ban u v quy m vn ha, slng cng ty nim yt tng gp 10 ln. Thtrng cng trthnh knh huy ng vn chodoanh nghip vi hng trm ngn tng.Nm 2010 t k lc ln sn nim yt: thm 81 c phiu trn HOSE, 110 c phiu nim yt

trn HNX v 82 c phiu ng k giao dch trn Upcom. Nm 2010 cng l nm k lc ca

doanh nghip huy ng vn qua thtrng chng khon vi tng gi trhuy ng vn ln ti110.000 tng, tng 3 ln so vi nm 2009 v tng 4 ln so vi nm 2008-Vkhung php l, thchchnh sch: H thng php lut ngy cng c hon thin, png c yu cu pht trin ca th trng v tng cng hiu qu qun l, gim st ca cquan qun l nh nc. K t khi Lut Chng khon c Quc hi ban hnh ngy 29/6/2006v c hiu lc thi hnh k tngy 01/01/2007 v cc vn bn hng dn to lp c khunkh php l cao, ng b v thng nht cho hot ng ca TTCK, tng bc loi b nhngmu thun, xung t vi cc vn bn php lut khc c lin quan (vc bn thng nht viLut Doanh nghip v Lut u t); ph hp hn vi lut php, thng l quc t, to nn tngcho TTCK Vit Nam khnng hi nhp vi cc thtrng vn quc t v khu vc; tng cng

tnh cng khai minh bch cho thtrng v nng cao khnng qun l gim st thtrng cac quan qun l nh nc;Cc cng c trn thtrng chng khon ngy cng c mrng.To tnh nng ng cho thanh khon.-Vquy m v hng ha (ngun cung) ca thtrng :Quy m thtrng c bc tng trngmnh m, vng chc, tng bc ng vai tr l knh dn vn trung v di hn quan trng, nggp tch cc cho s nghip cng nghip ha - hin i ha t nc. Trong sut thi k t2000-2005, vn ha thtrng cht trn di 1% GDP. Nhng sau bc ph ln trongcc nm sau.-Vnim yt v giao dch chng khon :Thtrng chng khon c stng trng khngch v quy m nim yt m c v tnh thanh khon ca th trng. Nu nh nm 2005, bnhqun c 667.600 c phiu c giao dch mt phin, th nm 2006, con sny tng ln 2,6 triun v(tng 3,93 ln) v tng ln 9,79 triu v 18,07 triu trong hai nm sau . Tc lunchuyn th trng trong giai on ny lin tc tng t 0.43 ln nm 2006 ln 0.64 vo nm2007, 0.68 ln vo nm 2008 v c t 1.13 ln nm 2009-Vh thng c snh u t (cu u t): S lng cc nh u t tham gia TTCK ngycng ng o cng vi vic nhn thc v s tham gia ca cng ng vo TTCK ngy cngc nng cao. Slng nh u t c nhn v t chc, trong nc v nc ngoi gia tngng k. T khong gn 3000 ti khon nh u t tham gia khi mi mca th trng vonm 2000, tnh n nay c trn 90.000 ti khon giao dch, trong snh u t t chc


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trong nc l 2.662, snh u t c nhn trong nc l 807.558, snh u t nc ngoi lhn 13.000 nh u t-H thng cc tchc kinh doanh, dch v chng khon :H thng cc t chc kinh doanh,dch v chng khon pht trin nhanh vquy m v nng lc nghip v, vi h thng mngli chi nhnh, phng giao dch tri khp cc tnh thnh ph ln trong cnc, gp phn gipcng chng u t tip cn ddng hn vi TTCK. Khi thtrng bt u i vo hot ng,ton thtrng mi ch c 7 cng ty chng khon v cho n tn nm 2004 vn cha c mt

cng ty qun l quno. Sau 10 nm hot ng, tnh n thi im hin ti, c 105 cng tychng khon v 46 cng ty qun l quang hot ng ti Vit Nam. Sthnh vin lu k caTTLKCK l 122 thnh vin trong c 8 ngn hng lu k v 12 t chc mti khon trctip (gm cc ngn hng thng mi l thnh vin c bit ca thtrng TPCP chuyn bit vSGiao dch NHNN).-Vhot ng qun l, gim st thtrng:Trong giai on 2000-2009, cng tc qun l Nhnc v iu hnh TTCK c thc hin tng i linh hot, bo m TTCK vn hnh an tonv pht n nh, khng xy ra v, xo trn ln nh hng n s pht trin kinh t - xhi ca t nc, tng bc nng cao nng lc gim st v cng ch thc thi quy nh caphp lut, bo v quyn v li ch hp php ca nh u t. Hot ng qun l v gim st

TTCK vi trng tm ly vic bo v quyn li ca nh u t l nng ct; cc chnh sch qunl TTCK th hin mc tiu tng cng tnh cng khai, minh bch, tng bc p dng ccthng l v qun tr cng ty tt, cc chun mc v k ton v kim ton quc t v khuyn coca T chc quc t cc U ban chng khon (IOSCO).-Vtchc thtrng : H thng giao dch UpCom trn SGDCK H Ni - h thng giao dchcho cc chng khon ca cng ty i chng cha nim yt - cng c a vo vn hnhvo ngy 24/6/2009. Cui 2009, c 34 c phiu c giao dch trn h thng Upcom vitng gi tr giao dch t gn 540 tng. Gi tr thtrng ngy 31/12/2009 t 4.075 tng.Thtrng upcom mra lm gim quy m qu thtrng OTC, qun l nh nc c xitcht hn.

(Hot ng mua bn sp nhp (M&A) trn thtrng chng khon nr c v slngln hnh thc trong nm 2010. iu ny l xu hng ca thtrng, nhm gip thtrng phttrin hiu qu, hn ch s hot ng ca cc cng ty lm n km hiu qu.)

Mt s dliu v qu trnh pht trin ca thtrng chng khon Vit Nam:(Ngun: y ban Chng khon)

Thigian

Gi trgiaodchbnhqunphin

(tng)

Vn haTT (tng)

% GDP Tikhon

nh ut

Cng tyqun l

qu

Cng tychngkhon

Cng ty nim yt

2000 1,4 986 0,28% 2.908 7 52001 6,85 1.57 0,34% 8.78 8 102002 4,58 2.436 0,48% 13.607 9 202003 12,14 2.37 0,39% 16.486 1 12 22


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2004 79,55 4.516 0,63% 21.6 2 13 262005 111,90 9.598 1,21% 29.065 6 14 412006 401,84 237.276 22,70% 110.652 18 55 1952007 1.562,21 492.9 40,00% 312.139 25 78 2532008 1.615,79 225.935 19,76% 531.428 43 102 3422009 2.872,75 620.551 37,71% 822.914 46 105 457

2010* 3.306,80 695.186 42,25% 925.955 46 105 557

* Tnh n 30/6/2010 - % GDP ca nm lin trc nm tnh ton

IV. Bt cp ca thtrng chng khon Vit Nam.-V khung php l, th ch chnh sch: h thng php lut hin nay vn cn c mt s hnch, c th: phm vi iu chnh ca Lut Chng khon cn hp mi ch bao hm nhng nidung c bn v cha bao qut mi hot ng trn TTCK theo thng l quc t; mt squy nhca vn bn hng dn Lut Chng khon cn chng cho, cha thng nht vi cc vn bnphp lut khc; vic ban hnh cc quy nh php l nhn chung u c tr so vi mc tiu ra, ng thi nhiu quy nh ti Lut Chng khon cha c hng dn thc hin,...

Ta ly 1 v d th ny v vic cho mua chng khon:

Lut chng khon hin nay qui nh nh sau: Cng ty i chng c cho mua cng khaiphi cng b kin ca cng ty vvic chp thun hoc tchi vic cho mua. Trng hp tchi, cng ty phi tr li bng vn bn v nu r l do. Vn bn tr li ca cng ty phi c chk ca t nht hai phn ba sthnh vin Hi ng qun tr (iu 32, khon 10).Quy nh ny thc ra khng chnh xc, lng cng v thm ch l v l. Th nht, vic bn hay

khng bn c phn ang c cho mua l quyn t do ca cc c ng (iu 77, k1, d viu 87 khon 5 Lut doanh nghip). Th hai, Hi ng qun tr ca cng ty c cho muachng thchp thun hay t chi vic cho mua m ch c tha ra khuyn co nn haykhng nn ti cc cng cng ty m thi. Th ba kin khuyn co c th ch l ca a sthnh vin Hi ng qun tr, ch khng hn l ca ton th Thnh vin Hi ng qun tr,

li cng khng phi ca Cng ty ni chung. Th na, nu mt s thnh vin Hi ng c kin khuyn co ngc li vi a s th kin ca h skhng c cc cng v UBCKbit n.-V quy m, hng ha trn th trng: hot ng pht hnh ca cc cng ty i chng cnmang tnh t pht, khng hon ton da trn nhu cu s dng vn ca doanh nghip, lm gimhiu qu s dng vn. Khng t t chc pht hnh huy ng vn trn TTCK u t trlivo chng khon m khng phi mrng sn xut kinh doanh, gp phn to nn bong bngthtrng v ri ro mt vn khi thtrng st gim. Hot ng cho bn ring l khng c siu chnh y ca php lut v qun l ca cc c quan c thm quyn dn n cc hnh vilm dng, nh hng n s lnh mnh ca TTCK.

-Hng ha nim yt trn TTCK cha a dng, cht lng cha cao, cha p ng nhu cu ut v phng nga ri ro ca nh u t (cha c cc sn phm phi sinh, cc sn phm u t tpth). Ch yu l c phiu v tri phiu chnh ph, k phiu, tn phiu kho bc Nh nc, chngch tin quu t. Chng ta cn pht hnh v c thm nhiu cc loi chng khon khc nh:Trai phiu chuyn di, tri phiu c k hn, tri phiu bo m bi vng v ngoi t mnh, triphiu chit khu ... Cc dch v tin ch cho nh u t trn thtrng cn ngho nn (cha cnghip v bn khng, vay k qu, bn trc ngy hon tt giao dch), tnh minh bch ca thtrng cha p ng nhu cu ca cng chng u t. tr trong giao dch l ln: T+3.


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-H thng nh u t ca chng ta cha a dng, cu trc cu u t hin ti khng bo mstng trng mt cch bn vng. H thng nh u t t chc cha pht trin lm hn ch spht trin ca TTCK m c bit l thtrng tri phiu CP. Thiu cc nh u t v cc nhmi gii chuyn nghip. Vic kinh doanh chng khon mang tnh by n l ch yu. Mt bphn ln cc nh u t tham gia thtrng vi nng lc v hiu bit hn ch v thtrng, bqua cc yu tc bn ca c phiu chy theo trin vng ca thtrng. iu ny lm chogi c phiu tng ln qu mc gi thc t ca n, t thu ht cc nh u t x vo chng

khon gp phn gia tng bong bng gi chng khon. Din bin tm l ca cng chng u ts quyt nh chiu hng ca gi.-Slng cc t chc kinh doanh v cung cp dch vcho TTCK tng qu nhanh, vi nng lc vvn v chuyn mn cn hn ch, tim n ri ro h thng v khng tng xng vi hiu qu hotng chung ca thtrng.-V t chc th trng cha hiu qu, tnh php l cha cao. c bit l v quyn hnh caUBCKNN, v hot ng ca cc sn chng khon.-T khi hot ng cho n ny, TTCK Vit Nam cn rt nhiu bt cp trong vic cng b thng tinv qun l cng bthng tin. y l mt trong nhng nguyn nhn quan trng khin nh u tcm thy khng bnh ng trong giao dch v quay lng li vi thtrng. Cht lng thng tin km

c th hin nh: cng b thng tin chm; thng tin khng y , chnh xc; qun l cng bthng tin v gim st cc cng ty nim yt cn yu. V d: Trong thi gian qua ni nn v cngty Dc vin ng vi m c phiu l DVD b tuyn b ph sn v nh hng ti17022nh u t vi 12 triu cphiu DVD ang pht hnh trn thtrng chng khon gitr l 64,61 tng. Ngy 24/6/2010, S GDCK TP.HCM nhn c thng bo ca Ngnhng TNHH mt thnh vin ANZ (Vit Nam) thng bo Ngn hng ny np n yu cu mth tc ph sn i vi Cng ty CP Dc phm Vin ng. Pha Ta n th l v ban hnhquyt nh cho php mth tc ph sn. Nhng mi n thng 9 ny UBCKNN mi cng bcng ty ny ph sn. iu ny lm nh hng ti nh u t v h khng bit n thng tin nysm hn, nn bn khng kp, dn n trng tay. Bn cnh hin tng hng lot doanh

nghip, c nhn b pht v c hnh vi thao tng trng trn gi c phiu, trc li hng chc tng nhng mc pht chvi trm hay thm ch vi chc triu ng. Lm mt lng tin ca ccnh u t chng khon vo Vit Nam.-Gi c c phiu v ch s VNIndex khng phn nh ng tnh hnh sn xut kinh doanh ca cccoongty nim yt v thc t giao dch trn thtrng. V d: NHTM c phn ngoi thng VN (mc phiu l VCB) vo ngy 26.01/2010 thng bo li nhun sau thu t c trong nm 29 l4431,9 t VND, tuy nhin gi giao dch ca cc ngy sau lin tc gim im v gim v khilng : Ngy 27/01/2010 (0%), ngy 28/01/2010 (-1,3%); ngy 29/1/2010( -0,8%), ngy 30/1/2010(-0,5%).-Th trng giao dch c phiu cha nim yt mi c hnh thnh di hnh thc h thnggiao dch Upcom, cha pht huy c vai tr to lp th trng theo kiu th trng phi tptrung. Ngoi ra, slng c phiu a vo giao dch so vi slng cng ty i chng chimt trng qu thp v thiu hp dn i vi doanh nghip cng nh cng chng u t. Hin ti,vn cn tn ti mt b phn thtrng c phiu c ng k vi TTLKCK nhng cha c cch giao dch v chuyn quyn shu.-i ng nhn vin hnh ngh ti cc cng ty chng khon cn thiu v rt yu v nghip vkinh doanh chng khon, trong khi cc cng ty ch ch trng n li nhun trc mt chkhng quan tm n vn o to cho h. iu ny c th thy r qua nhng bc xc cc nhu t khi xy ra chuyn khng th khp lnh, hay vic hng dn cc cng ty c phn ha,cng khai ti chnh cha r rng.


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-Tng tnh hiu qu ca thtrng trn c sti cu trc TTCK, hin i ha c sh tng,chuyn nghip ha vic t chc v vn hnh h tng cng ngh thng tinTng bc hin i ha cc sgiao dch chng khon (SGDCK) vi cc h thng giaodch, gim st v cng b thng tin hin i v c khnng kt ni vi cc SGDCK quc t;a dng ha phng thc giao dch v sn phm thtrng p ng nhu cu ca thtrng.Kin ton v pht trin h thng lu k, ng k, thanh ton, b tr theo chun mc quct; hin i ha hot ng ca Trung tm Lu k Chng khon bo m khnng cung cp

cc dch vng k, lu k cc loi chng khon trn thtrng, tng bc tham gia v ktni vi trung tm lu k chng khon quc t v trong khu vc.Thc y vic hin i ha cng ngh thng tin ca cc cng ty chng khon v cc tchc khc c lin quan, nhm bo m h tng cng ngh thng tin ng b, thng nht,tng thch v an ton.

-Nng cao sc cnh tranh ca cc nh ch trung gian thtrng v cc t chc ph tr:Hng ti hot ng theo m hnh a nng;Mrng phm vi hot ng ra nc ngoi v cung cp cc dch v t ri ro;Cng c h thng v khnng qun tr ri ro.

-Tng cng nng lc qun l, gim st, thanh tra, x l vi phm v cng ch thc thi ca cquan qun l nh nc trong lnh vc chng khon:Hon thin t chc b my qun l nh nc vTTCK theo hng tng cng vai tr qun

l, gim st c lp; c quan qun l nh nc v TTCK phi c chc nng lp quy, thanhtra, iu tra v cng ch thc thi.Cng cnng lc qun l, gim st, thanh tra, v cng ch thc thi ca c quan qun lnh nc trong lnh vc chng khon trn c sphn nh r chc nng gim st gia B Tichnh/UBCKNN vi cc b ngnh, doanh nghip, nh u t.Nng cao trnh cho i ng cn bgim st trn c scc chng trnh, k hoch oto ngun nhn lc cho hot ng gim st, cng ch thc thi.

-Chng hi nhp quc t, c l trnh v ph hp vi trnh pht trin ca thtrng trnc s:Hon thin khung php l, c sh tng k thut, cng ngh cho qu trnh hi nhp TTCK

quc tm trc mt l trong khu vc ASEAN. Tng lai shng ti thtrng Thi Lan,v xa hn na l Singapo.Xy dng l trnh tham gia kt ni vi cc SGDCK trong khu vc ASEAN.Xy dng c ch hp tc, chia s thng tin hiu quv c ch gim st giao dch xuyn bingii vi c quan qun l thtrng nc i tc.

Phn 2: Chng khon Phi sinh.Chng khon Phi sinh.

Chng 1: Tng quan v chng khon phi sinh1.1) nh ngha v chng khon phi sinh1.1.1) Khi nimChng khon phi sinh (derivatives) l nhng cng cc pht hnh trn c snhng cngc c nh c phiu, tri phiu, nhm nhiu mc tiu khc nhau nh phn tn ri ro, bo vli nhun hoc to li nhun.

1.1.2) c im


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- C gi trthay i theo sthay i ca cc yu t trn thtrng nh: li sut, t gi hi oi,gi c hng ha hoc chng khon.

- Khng phi u t ti thi im khi u hp ng hoc ch cn u t ban u thp hn sovi cc loi hp ng khc c cc phn ng tng ti vi s thay i ca cc yu t thtrng.- c thanh ton vo mt thi im trong tng lai.

1.2) Cc loi chng khon phi sinh1.2.1) Hp ng tng laia) nh ngha- L mt s tha thun rng buc mang tnh php l gia cc bn mua hoc bn mt tisn , ngha v phi tr hoc cng c ti chnh nht nh vo mt thi im xc nh trong tnglai v mc gi nim yt ti ngy giao dch, c chun ha theo quy nh v c giao dchtrn sn giao dch tp trung.

b) c im ca hp ng tng lai- L loi hp ng quy chun c giao dch trn cc sn giao dch tp trung, c c im kthut mang tnh chun ha theo quy nh chung ca sn giao dch, gi tr hp ng tng laic xc nh cn c vo bin ng v nh gi hng ngy trn sn giao dch. Hin nay, nhngthtrng mua bn hp ng trong tng lai l Hi ng mu dch ChicagoChicago Boardof Trade (CBOT), Sthng mi ChicagoChicago Mercantile Exchange (CME) v Sgiaodch cc hp ng tng lai London. Cc hng ha c giao dch trn thtrng mua bn hpng tng lai gm: heo, b, ng, len, xng du,, sn phm ti chnh gm: ch s chngkhon, ngoi t, tri phiu cng ty, tri phiu chnh ph.- Quyn li v ngh v ca cc bn tham gia giao dch c m bo y bi sn giao dchthng qua cc quy chun, iu kin bt buc i vi nh u t.- Ti thi im khi u hp ng, cc bn tham gia vo hp ng tng lai phi m ti

khon k qu ti sn giao dch hoc nh mi gii trung gian. Hng ngy, khi c chnh lchgia gi tr thtrng ca ti sn c sv gi tr ti sn c squy nh trong hp ng, nh migii hoc sn giao dch s thng bo cho cc bn s tin phi tr hoc c nhn thng qua tikhon k qu mti nh mi gii. Trong thi gian hiu lc ca hp ng, cc bn phi duy trsd ti khon k qu trn mc ti thiu theo quy nh ca sn giao dch v phi np thm tinvo ti khon k qu nu sd ti khon k qu thp hn mc k qu ti thiu.- Ngy giao hng khng c xc nh mt cch chnh xc nh hp ng muabn trc, mc qui nh theo thng v khong thi gian ca thng phi giao. Vn phng thtrng giaodch sxc nh khi lng, cht lng ca hng ha giao dch, cch giao hng, gi hp ng,v cng c thxc nh lun gi tr hp ng mua bn tng lai c th thay i trong mt

ngy.- Ngi mua, bn phi tr ph hoa hng cho ngi mi gii, v gi rao bn c xc nh trnsn giao dch chng khon.- C hai loi thng nhn trn sn giao dch: Th nht l nhng mi gii n hoa hng, h sthc hin mua bn theo lnh ca nh u t v tnh hoa hng; thhai l ngi tu t.- trnh nhng ri ro khi thc hin hp ng mua bn trong tng lai, do ngi mua, hocngi tho lui khi hp ng v s bin ng gi trn thtrng bt li cho mnh, hoc do nthi im thanh ton ngi mua khng c khnng thanh ton, vn phng chng khon phia ra nhng quy nh v yu cu d tr ti thiu vi ngi k hp ng tng lai vi nh mi


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gii. Khon tin d trny c gi ti mt ti khon ca ngi u t mti vn phng kqu.

1.2.2) Hp ng k hna) nh ngha- L mt tha thun mang tnh php l gia hai bn d mua hoc bn mt s ti sn, ngha vphi tr hoc cng c ti chnh nht nh vo mt thi im xc nh trong tng lai vi mc

gi tha thun gia cc bn ti ngy giao dch.b) c im ca hp ng k hn- Thng thng hp ng ny c thc hin gia cc t chc ti chnh vi nhau, hoc gia tchc ti chnh vi cc khch hng l doanh nghip phi ti chnh (hp ng ny thng c kkt song phng). Cc bn trong hp ng khng phi mti khon k qu hay tr bt c loiph no ti thi im khi u hp ng, theo ti sn c s, thi gian o hn, hnh thcthanh ton, ph thuc hon ton va tha thun gia hai bn tham gia vo hp ng.

- Hp ng k hn khng giao dch ti cc sn giao dch, cc bn tham gia hp ng k hnphi chu nhng ri ro nht nh do quyn li v ngha v theo hp ng khng c bo mbi sn giao dch v nhng ri ro do mt khnng thanh ton ca pha i tc tham gia hp

ng hoc c th chu ri ro chi ph c hi khi gi thay i theo chiu hng gim xung.- Trong hp ng ny ngi mua c gi l ngi gi thtrng v(long position), ngi bnl ngi gi thon v (short position).- Hp ng ny chc thc hin khi o hn: n thi im o hn ngi gi v thonv phi thc hin bn ti sn cho ngi gi v thtrng v v nhn mt khon tin tngimua vi mc gi cnh trc trong hp ng, cho d vo thi im gi ca ti sn ccao hn gi hp ng th ngi gi v thtrng v s c li (c gi trdng), cn ngi giv thon v bm, v ngc li. Vic thanh ton hp ng k hn l thanh ton song phng,c thc thc hin bng cch chuyn giao ti sn c s hoc thanh ton s tin chnh lchgia gi ngy o hn hp ng v ngy k hp ng.

1.2.3) Hp ng quyn chna) nh ngha- L mt tha thun mang tnh php l gia hai bn tham gia hp ng, theo ngi muaquyn chn c quyn nhng khng phi ngha v thc hin hp ng ti mc gi quyn chnvo hoc trc mt thi im trong tng lai c quy nh trong hp ng. Khi ngi muaquyn chn thc hin cc quyn mua hoc bn theo hp ng, ngi bn quyn chn bt bucphi thc hin cc ngha v k kt trong hp ng theo yu cu ca bn mua.- y l mt sn phm phi sinh rt c a chung. Hp ng quyn chn c phiu thc hinM ln u tin nm 1973, t th trng ny pht trin tng vt v ngy nay c thc

hin trn khp thtrng ti chnh th gii. Hp ng quyn chn c thc hin vi cc hotng mua, bn: C phiu, ch s thtrng chng khon, ngoi t, cng c n, cc hp ngmua bn tng lai v hng ha.

b) Phn loi hp ng quyn chn- Theo quyn ca ngi mua, c hai loi hp ng quyn chn l :+ Quyn chn mua (call option) : l tha thun cho php ngi cm hp ng c quyn nhngkhng c ngha v mua sn phm t mt nh u t khc vi mc gi nh sn vo ngy ohn ca hp ng.


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+ Quyn chn bn (put option): l tha thun cho php ngi cm hp ng c quyn bn snphm cho mt nh u t khc vi mc gi nh sn vo ngy o hn hp ng.

- Theo thi im thc hin hp ng quyn chn th c+ Quyn chn kiu Chu u (European options): L quyn chn chcho php ngi nm githc hin quyn mua hoc bn ca mnh vo ngy o hn ca hp ng. Vic thanh ton thcs xy ra trong vng hai ngy lm vic sau khi vic thc hin quyn chn c ngi nm gixc nhn vo ngy o hn.

+ Quyn chn kiu M (American options): L quyn chn cho php ngi nm gi thc hinquyn mua hoc bn ca mnh vo bt k thi im no trong thi gian hiu lc ca hp ng,k t khi k kt hp ng cho n ht ngy o hn ca hp ng. Vic thanh ton s thc sxy ra trong vng hai ngy lm vic sau khi vic thc hin quyn chn c ngi nm gi xcnhn (trong thi gian hiu lc ca hp ng).- Theo thtrng giao dch, c th phn lm hai loi hp ng quyn chn:

+ Hp ng quyn chn giao dch trn thtrng tp trung: L quyn chn c tiu chun hav quy m, s lng, gi thc hin v ngy o hn, c giao dch trn cc th trng tptrung nh Chicago Board of Trade, thtrng chng khon New York

+ Hp ng quyn chn giao dch trn thtrng phi tp trung (OTC): L tha thun mua bngia hai bn, theo quyn chn c ngi bn a ra theo tha thun vi ngi mua nhmp ng nhu cu c th ca mt ngi mua, chng khng c giao dch trn cc sgiao dchtp trung.

- Theo ti sn c s, c th phn loi hp ng quyn chn theo cc nhm chnh sau:

+ i vi hng ha: bao gm quyn chn c ph, vng, xng du, st, thp, ng cc, kh t+ i vi dch v: gm quyn chn tin taxi, tin in, cc vin thng

+ i vi ti sn ti chnh: gm quyn chn ngoi t, li sut, c phiu, tri phiu, chng chqu, hp ng k hn, hp ng tng lai, hp ng hon i, ch s chng khon

c) Cc yu t cu thnh nn mt quyn chn- Ti sn ha c s(underlying asset): l loi ti sn s c giao trn c s mua hoc bn khiquyn chn c thc hin. Trong hp ng quyn chn, c quy nh r v ti sn c s vkhi lng c mua theo quyn.- Loi hp ng quyn chn (quyn chn mua hay quyn chn bn)

- Thi hn thc hin ca quyn chn (quyn chn kiu chu u hay kiu M)- Gi thc hin quyn chn (strike price): cn c gi l gi im l mc gi ti ti sntrong mt quyn chn c th c mua hoc bn.

d) Cc yu t nh hng ti gi ca hp ng quyn chn

- Gi th trng ca ti sn c s: i vi quyn chn mua, gi th trng ca chng khon cs v gi ca quyn chn mua tng (gim) cng chiu. i vi mt quyn chn bn th ngcli, l mi quan h tng gim ngc chiu.

- Gi thc hin: loi b tc ng ca cc yu t khc, mc gi thc hin cng cao th quynchn mua cng thp. i vi mt quyn chn bn th ngc li, mc gi thc hin cng cao thgi ca quyn chn bn cng cao.- Thi gian cho n khi o hn: i vi cc quyn chn M (c quyn chn mua v chn

bn), thi gian o hn cng di th gi ca quyn chn cng cng cao, v gi ca ti sn c sc kh nng bin ng cho quyn chn tr thnh c li v em li li nhun cho ngi s


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hu. i vi cc quyn chn kiu chu u, nh hng ca thi gian cho n khi o hn phthuc vo vic quyn chn l quyn chn mua hay quyn chn bn.

e) c im ca hp ng quyn chn- Khc vi hp ng tng lai v hp ng k hn, hp ng quyn chn khng bt buc ccbn phi giao sn phm. Hp ng chquy nh quyn giao v nhn, m khng bt buc thchin ngha v ca mnh. Ngi mua quyn c th: thc hin quyn, hay bn quyn cho mtngi mua khc, hay khng thc hin quyn. c quyn ny, khi k hp ng, ngi cmhp ng phi tr mt khon ph gi l ph quyn chn (hay gi l quyn ph); gi trong hpng c gi l gi thc hin hay gi n(Strike price); ngy nh trong hp ng gi l ngyo hn hay ngy thc hin hp ng.- Cc hp ng quyn chn thng c giao dch trn cc th trng chnh thc hoc thtrng phi chnh thc. Hin nay, ch yu cc hp ng quyn chn c mua bn rng ri tivn phng th trng Chicago board Option Exchange CBOE, Philadelphia Exchange PHLX, The American Stock ExchangeAMEX, The Pacific Stock ExchangePSE, The NewYork Stock Exchange NYSE v mt s s giao dch hng ha nh New York MercantileExchangeNYMEX

1.2.4) Hp ng hon ia) nh ngha- L tha thun rng buc mang tnh php l gia hai bn trao i (nhng khng mang tnhcht mua bn) mt s ti sn hoc ngha v phi tr trong mt khong thi gian c th vi mtmc li sut, t gi hi oi hoc gi c nht nh c quy nh trong hp ng.

b) c im- Thng thng giao dch ny bao gm cc thanh ton li, v trong mt strng hp l thanhton ngc.- Giao dch hon i li sut v hon i ngoi t l sn phm ca th trng phi tp trung(OTC) c kt hp trc tip gia hai ngn hng, hoc gia ngn hng vi khch hng. Theo, khng c mu chun ca hp ng giao dch hon i v cc hp ng kiu ny s khcnhau v mt s ni dung.

1.3) Mc ch ca vic sdng chng khon phi sinh1.3.1) Cng c bo him- Cc phi sinh cho php ri ro lin quan n gi ca ti sn c bn c chuyn giao t mtbn ny sang mt bn khc.

- Bo him ri ro cng din ra khi mt c nhn hoc t chc mua mt ti sn (chng hn nhmt mt hng, tri phiu c tr li, c phiu tr c tc, vv) v bn n bng cch s dng mthp ng tng lai. Cc c nhn hoc t chc lm ch ti sn trong mt thi gian nht nh,

sau c thbn n trong tng lai ti mt mc gi xc nh theo hp ng tng lai. Ttnhin, iu ny cho php c nhn hoc t chc c c li ch ca vic nm gi ti sn, ngthi gim nguy c gi bn trong tng lai bin ng khng mong mun t vic nh gi hinti ca thtrng v gi trtng lai ca ti sn.- Cc phi sinh c th phc v mc ch kinh doanh hp php. V d, mt cng ty vay mnmt khon tin ln vi li sut c th. T l li sut vay c xc nh li mi su thng. Cngty lo rng t l li sut c thcao hn nhiu trong vng su thng. Cng ty ny c th mua mttha thun li sut tng lai (FRA), tha thun ny l mt hp ng phi tr mt li sut cnh n su thng sau khi mua mt s tin danh ngha. Nu mc li sut sau su thng l cao


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hn t l ghi trn hp ng, ngi bn s tr tin chnh bit cho cng ty, ngi mua FRA. Nut l thp hn, cng ty s tr tin chnh lch cho ngi bn. Vic mua FRA l gim skhng chc chn lin quan n vic tng li sut v n nh thu nhp.

1.3.2) u t, u c hng chnh lch- Khi cc hp ng phi sinh c giao dch trn thtrng, cc cng cphi sinh trthnhdng chng khon phi sinh, mt mt hng ca thtrng chng khon. Do vy, cc cng c

phi sinh gp phn to ra mt knh u t mi cho cc nh u t ti chnh.

- Cc phi sinh c thc s dng nhn ri ro, ch khng phi l m bo hoc bohim chng li ri ro. V vy, mt s c nhn v cc t chc s tham gia vo mt hp ng phisinh u c vo gi tr ca ti sn c bn, nh cc rng bn tm kim bo him s sai lmv gi trtng lai ca ti sn c bn. Cc nh u c tm mua mt ti sn trong tng lai timt mc gi thp theo hp ng phi sinh khi cho rng gi thtrng trong tng lai ca n lcao, hoc bn mt ti sn trong tng lai ti mt mc gi cao theo mt hp ng phi sinh khicho rng gi thtrng trong tng lai ca n l thp .C nhn, t chc cng c th tm kimcc c hi chnh lch, nh khi gi mua hin ti ca ti sn gim xung di mc gi c xcnh trong mt hp ng tng lai bn ti sn trong tng lai. Mua bn u c cc phisinh li tai ting vo nm 1995 khi Nick Leeson, mt nh u c ti Ngn hng Barings,thc hin cc u t thiu vn v khng c php vo cc hp ng tng lai. Do thiu phntch, thiu s gim st ca cc nh qun l ca ngn hng v c quan qun l v cc s kinkhng may mn khc nh trn ng t Kobe, Leeson gy l 1,3 t USD lm vnt chcti chnh lu i hng th k ny.

1.4) Nhng u v nhc im ca vic sdng cng c phi sinh1.4.1) u im ca vic sdng cng c phi sinh- Th nht, tm v m, th trng cng c phi sinh gp phn vo s tng trng kinh tthng qua vic pht huy tt cc chc nng ca h thng ti chnh, l cu ni gia tit kim vu t; sng lc v phn tn ri ro; gim st doanh nghip; tng tnh thanh khon ca cc cng

c ti chnh.- Th hai, xt gc hot ng kinh doanh ca doanh nghip: DN c th mua/bn cng cphi sinh vi hai mc ch: phng nga ri ro ti chnh, mc ch u c, to li nhun tngdng cng cphi sinh, trn c s to trng thi m v li sut/ngoi t/hng ha/ chngkhon/. Ngoi ra, khi s dng phi hp nhiu cng c phi sinh vi i tc khc nhau, trnnhng th trng khc nhau c th to li nhun trn c skhng phi i mt vi cc trngthi m/ cc ri ro ti chnh.- Th ba, xt gc hot ng kinh doanh ca cc t chc ti chnh: Cc li ch thu c khing dng cng cphi sinh cng tng t doanh nghip. Hn th na, vi vai tr ca trunggian ti chnh, cc t chc ny c thtng ngun thu t ph vi t cch ca ngi mi gii; c

bit, khnng mrng, pht trin cc mt hot ng khc ca t chc ti chnh nh huy ngvn, cho vay, dch vthanh ton, t vncng tng cao v hiu quhn.- Th t, xt tnh minh bch v thng tin : vi vic pht trin th trng cng c ti chnhphi sinh, cc ch th tham gia thtrng buc phi minh bch, cng khai ha thng tin v mcgi, trng thi, tim lc ti chnh,iu ny mt mt gip tng cng tnh cnh tranh gia ccch th: mt bn l nh cung cp dch v - mt bn l pha s dng dch v, mt khc, y cngl thtrng cc doanh nghip trn cc lnh vc th hin cho cng bit c ni lc camnhtng c hi huy ng vn khi cn thit.

1.4.2) Nhc im ca vic sdng cng c phi sinh


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- Ri ro tn dng: l ri ro xy ra khi m mt bn i tc tham gia hp ng phi sinh b mtkhnng thanh ton do l do ch quan hoc khch quan dn n vic hp ng phi sinh bhy b.- Ri ro thtrng: ri ro m gi thtrng hay dng tin tng lai ca mt cng c phi sinhbdao ng do nhng thay i v gi thtrng, gm cc loi: ri ro li sut; ri ro t gi; riro gi c khc.

- Ri ro thanh khon: ri ro do gp phi kh khn trong vic hon thnh cc ngha vi kmvi trch nhim ti chnh khi mua/bn cng c ti chnh phi sinh.- Ri ro hot ng: ri ro thit hi xut pht t quy trnh hot ng ni b, con ngi, v hthng khng hot ng hoc khng y hoc t s kin bn ngoi lin qua n hot ngmua/bn cc cng c phi sinh

1.5) Vi nt v mt s thtrng chng khon phi sinh trn th gii1.5.1) Thtrng phi sinh M

TTCK phi sinh M c b dy lch s160 nm, bt u bng sra i ca thtrng hpng tng lai (HTL) hng ha Chicago Board of Trade (CBT) nm 1848, ChicagoMercantile Exchange (CME) nm 1898. Sau y l mt lot cc th trng HTL v quyn

chn c ra i. Hin ti, c 6 thtrng quyn chn ng k hot ng vi U.S. Securitiesand Exchange Commision (SEC) v 12 th trng HTL chu s gim qun ca CommodityFutures Trading Commission (CFTC). Hng ha trn th trng phi sinh rt phong ph, adng v ngy cng mang tnh sng to v phc tp. Chng khon c sca HTL v quynchn mi u dng hng ha vt cht gm cc sn phm nng nghip nh b, trng, bt m,go; cc hng ha nguyn liu, nng lng nh du th, in, cao su; cc loi kim loi qunh st, thp, vng, bc... sau n cc sn phm ti chnh nh c phiu, tri phiu, li sut,tin t... Mi y nht l cc sn phm tru tng nh ch s bin ng gi ca quyn chnc chn lm chng khon c scho mt loi hp ng quyn chn trn CBT hoc l ccHTL i vi thi tit mt svng ang c giao dch trn CME.

Xt v tng th, cc thtrng hot ng trong khun kh ca h thng lut hai cp: lut linbang v cc quy nh ca cc t chc t qun nh SGiao dch (SGD), Hip hi cc CtyCK,Hip hi cc nh giao dch HTL ng thi chu s gim qun ca hai t chc trc thucQuc hi l SEC v CFTC.

H thng thanh ton b tr chng khon vn, quyn chn v HTL chu s gim qun caSEC v CFTC ty theo i tng thanh ton. V d, Tp on thanh ton giao dch quyn chnOCC phi tun thcc quy nh ca SEC khi thc hin thanh ton cc hp ng quyn chnmua/bn i vi c phiu, ch s c phiu, li sut v ngoi t. ng thi, OCC cng phi ngk vi CFTC v t chc ny cn c hot ng thanh ton HTL v quyn chn i vi HTL.

Thc tthtrng M, do cc SGD theo ui mc tiu a dng hng ha giao dch v

do hot ng sp nhp gia cc SGD nn SEC v CFTC kh c th trnh khi vic qun lchng cho. V d, trn CME c giao dch c quyn chn v HTL ch s chng khon nhngng k hot ng ti CFTC. Gi thit c hot ng thao tng TTCK vn thng qua vic muabn quyn chn v HTL ti CME th SEC s gp kh khn trong hot ng gim st thtrng. Vi l do nhm tng tnh hiu qu v cnh tranh cho TTCK, ngy 29/3/2008, B Tichnh M trnh Quc hi k hoch sp nhp CFTC v SEC mang tn Blueprint forModernizing the Financial Regulatory Structure, mt k hoch gy phn ng gay gt t phaCFTC v CME.


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Mt trong s TTCK quyn chn M l SGD quyn chn Chicago.Chicago BoardOptions Exchange (CBOE)l TTCK quyn chn u tin M, thnh lp nm 1973, hot ngtheo Lut Chng khon Lin bang v chu s gim st ca SEC. Hn 30 nm qua, CBOEkhng ngng pht trin, n nm 2005 CBOE l SGD c th phn dn u th trng quynchn ti M, chim mt phn ba thtrng vi 31,8%. Nm 2006 v 2007 cng t mc 33%th phn. Sthnh cng trong lnh vc quyn chn ca CBOE l s hi t ca nhiu yu t nilc, trong c nng lc sng to sn phm; cng tc o to kin thc quyn chn v hng

cng chng ti sn phm; h thng giao dch mang nhiu tin ch cho ngi s dng i km vicc chnh sch u i khuyn khch mng li cc nh to lp thtrng.

Chng 2: Thc trng v chng khon phi sinh ti Vit Nam2.1) Khung php l v giao dch chng khon phi sinh ti Vit Nam- Quyt nh s893/2001/Q/NHNN ngy 17 thng 07 nm 2001 ca thng c NHNN chophp thc hin giao dch hon i ngoi t.

- Ngy 12/02/2003, cng vn s 135/NHNN-QLNH v giao dch quyn chn ngoi t, trctin l quyn chn gia ngoi t vi ngoi t chnh thc ra i.- Quyt nh s 1452/2004/Q-NHNN quy nh v cc giao dch t gi hi oi. Theo ,

quyt nh quy nh cc giao dch c php thc hin gm: giao dch giao ngay, giao dch khn, giao dch hon i tin t, giao dch quyn chn ngoi t, cc giao dch hi oi khc.

- iu 64 , 65, 66 _ lut Thng mi 2005 :iu 64. Hp ng mua bn hng ha qua Sgiao dch hng ho1. Hp ng mua bn hng ha qua Sgiao dch hng ho bao gm hp ng k hn v hpng quyn chn.2. Hp ng k hn l tha thun, theo bn bn cam kt giao v bn mua cam kt nhn hngho ti mt thi im trong tng lai theo hp ng.3. Hp ng v quyn chn mua hoc quyn chn bn l tha thun, theo bn mua quyn c

quyn c mua hoc c bn mt hng ha xc nh vi mc gi nh trc (gi l gi giaokt) v phi tr mt khon tin nht nh mua quyn ny (gi l tin mua quyn). Bn muaquyn c quyn chn thc hin hoc khng thc hin vic mua hoc bn hng ha .

iu 65. Quyn v ngha v ca cc bn trong hp ng k hn1. Trng hp ngi bn thc hin vic giao hng theo hp ng th bn mua c ngha v nhnhng v thanh ton.2. Trng hp cc bn c tho thun v vic bn mua c th thanh ton bng tin v khngnhn hng th bn mua phi thanh ton cho bn bn mt khon tin bng mc chnh lch giagi tho thun trong hp ng v gi thtrng do Sgiao dch hng ho cng b ti thi imhp ng c thc hin.

3. Trng hp cc bn c tho thun v vic bn bn c th thanh ton bng tin v khng giaohng th bn bn phi thanh ton cho bn mua mt khon tin bng mc chnh lch gia gi thtrng do Sgiao dch hng ho cng b ti thi im hp ng c thc hin v gi thothun trong hp ng.

iu 66. Quyn v ngha v ca cc bn trong hp ng quyn chn1. Bn mua quyn chn mua hoc quyn chn bn phi tr tin mua quyn chn c trthnh bn gi quyn chn mua hoc gi quyn chn bn. S tin phi tr cho vic mua quynchn do cc bn tho thun.


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2. Bn gi quyn chn mua c quyn mua nhng khng c ngha v phi mua hng ho giaokt trong hp ng. Trng hp bn gi quyn chn mua quyt nh thc hin hp ng th

bn bn c ngha v phi bn hng ho cho bn gi quyn chn mua. Trng hp bn bnkhng c hng ho giao th phi thanh ton cho bn gi quyn chn mua mt khon tinbng mc chnh lch gia gi tho thun trong hp ng v gi th trng do Sgiao dchhng ho cng b ti thi im hp ng c thc hin.

3. Bn gi quyn chn bn c quyn bn nhng khng c ngha v phi bn hng ho giao

kt trong hp ng. Trng hp bn gi quyn chn bn quyt nh thc hin hp ng th bnmua c ngha v phi mua hng ho ca bn gi quyn chn bn. Trng hp bn mua khngmua hng th phi thanh ton cho bn gi quyn chn bn mt khon tin bng mc chnh lchgia gi thtrng do Sgiao dch hng ho cng b ti thi im hp ng c thc hin vgi tho thun trong hp ng.4. Trng hp bn gi quyn chn mua hoc gi quyn chn bn quyt nh khng thc hinhp ng trong thi hn hp ng c hiu lc th hp ng ng nhin ht hiu lc.

- Nghnh s 158/2006/N-CP ca chnh ph: mua bn hng ha qua sgiao dch.

2.2) Cc giao dch phi sinh xut hin ti Vit Nam

Th trng phi sinh Mcng nh cc nc pht trin trn th gii c lch s hnh thnhhn mt trm nm, cn ti Vit Nam, cc sn phm phi sinh bt u xut hin trn thtrng cch y 7 nm, nhng mi chmang tnh th im, nhb, n l. Mc pht trinca thtrng vn cn thp, thiu vng cc nh u t am hiu v li ch cng nh tnh ton linhun t nghip v ny. Cc nh mi gii, cc nh u c cn qu t trn thtrng tin t, thtrng chng khon thc y cc nh u t tham gia thtrng ny.Trn thtrng Vit Nam, cc nghip vphi sinh n nay xut hin nhiu cng c phi sinhchun v khng chun ang c thc hin. Ta c th lit k mt s hot ng giao dch phisinh c thc hin trn thtrng ti chnh Vit Nam :

- Hp ng quyn chn mi chc a vo thc hin th nghim cho

cc giao dch tin t. Tuy nhin, vic th nghim ny tm thi dng li t cui thng09/2009. Cho n nay, vn cha c nhng vn bn chnh thc cho php v hng dn thchin nghip v quyn chn trn bt k th trng no.

Giai on cui nm 2010, trn TTCK ni ln mt s kin lin quan ti hot ng giaodch quyn chn l vic CTCK Vndirect (VNDS) a vo thc hin sn phm quyn chnvi mc ch tng thm chi kinh doanh thng qua vic gip nh u t c th giao dchquyn chn mua hoc quyn chn bn c phiu ty theo xu hng bin ng ca gi thtrng c phiu trn TTCK chnh thc. Nu d on gi c phiu xung, nh u t muaquyn chn bn c phiu vi gi xc nh trc (gi l gi thc hin) v tr ph choCTCK. T khi mua quyn chn bn n khi o hn, nu thy gi c phiu gim xung di

mc gi tha thun trong hp ng th nh u t c quyn mua c phiu trn thtrng bn cho CTCK vi mc gi quy nh trong hp ng. Ngc li, nu don cphiu ln th nh u t mua quyn chn mua c phiu mc gi thc hin v tr ph choCTCK. Trong khong thi gian mua quyn chn tnh n khi o hn, nu thy gi c phiungoi th trng tng, nh u t c quyn yu cu CTCK phi bn cho mnh c phiu vimc gi quy nh. Trong trng hp VNDS, danh mc c phiu c VNDS s dng chodch v quyn chn bao gm khong 20 c phiu c tnh thanh khon cao trn c hai sngiao dch. Thi gian ti thiu cho mt hp ng l 1 thng v ti a l 3 thng. Mc ph khik hp ng sc VNDS thu trc l 7%/gi tr hp ng/thng hoc 10 - 12%/3 thng


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(ty m c phiu). Hp ng quyn chn c khi lng ti thiu l 10.000 CP trln.V d: nh u t chn m chng khon l X vi gi cht thi im chn l

20.000VND/1 c phiu. Nu nh u t d bo sau 01 thng gi c phiu ny s gim xungth k hp ng mua quyn chn bn X vi mc ph phi tr cho VNDS l 7% x 20.000 x10.000 =14 triu VND. n ngy thc hin hp ng, nu gi giao dch thc t ca Xt 15.000VND/CP th nh u t s thu c li nhun c 5.000 VND/1 c phiu,tng ng mc li 50 triu VND. Nu nh tr ph tr cho VNDS, ph giao dch v thu

thu nhp c nhn th thc t nh u t c li nhun khong hn 30 triu VND. Trong trnghp gi c phiu tng ln so vi gi cht trn hp ng th nh u t c quyn b khngthc hip hp ng v mt khon ph 7% ng trc cho VNDS. Ngc li, nu nh ut d bo c phiu X s tng ln cao hn sau 1 thng th mua quyn chn mua. Cch giaodch n ngy thc hin cng tng tnh mua quyn chn bn.

hp php ha hot ng ny VNDS hnh thnh cc bn Hp ng hp tc ut. Tuy nhin, c th thy bn cht ca cc tha thun ny khng khc so vi cc tha thuncbn ca mt hp ng quyn chn. Ni cch khc, nhng Hp ng hp tc u tnhtrn bao hm nhng c trng y ca hp ng quyn chn; trong khi , cha cvn bn php quy no quy nh v quyn chn. V vy, sau mt thi gian ngn thc hin

VNDS vng phi nhng rc ri php l i vi sn phm quyn chn ny.- Ngn hng Citibank thc hin th im hon i li sut gia 2 ng tin t ngy 1/3/2005n 2/2006.

- Ngn hng Standard Chartered chi nhnh ti Vit Nam thc hin hon i li sut cho gia 2ng tin cho (Cross Currency Swap- CCS) i vi khon vay ngoi t ca khch hng saukhi khch hng vay ngoi t;thc hin cung cp sn phm gn vi ri ro tn dng- li sut ccu cho tin gi v giy tc gi, theo li sut ca khch hng c hng s khng cnh m nm trong mt khong giao ng nht nh v ph thuc vo s bin ng ca mt syu t thtrng , nh t gi, li sut, gi sn phm hng ha no ...

-Ngn hng u t v Pht trin Vit Nam, thc hin th im giao dch quyn chn li suti vi cc khon cho vay hoc i vay trung hn bng USD hoc euro. i tc thc hin giaodch quyn chn li sut l cc doanh nghip hot ng ti Vit Nam, cc NHTM hot ng tiVN c NHNN cho php thc hin th im giao dch quyn chn li sut v cc NH ncngoi. S gc ca hp ng quyn chn li sut ti a bng 15% vn t c ca NHT&PT.Tng s l hp ng trong thi gian th im khng vt qu 50% mc vn t c ca NH. Thihn hp ng khng qu 5 nm; thc hin nghip v tin gi kt hp quyn chn tin t- Dualcurrency Deposit; thc hin hon i tin tcho. l vic trao i cc dng tin trong tnglai bng cc ng tin khc nhau. Trong cc giao dch hon i cho thng c vic hon ithanh ton li (cnh hoc th ni) bng mt ng tin sang thanh ton li (cnh hoc thni) bng mt ng tin khc. S tin gc trong giao dch c thc hon i vo ku (nuc) v k cui, hoc nhiu k trong thi gian hiu lc ca giao dch- Ngn hng TMCP Ngoi thng Vit Nam thc hin giao dch hon i li sut km theoiu kin quyn chn vi cc i tc l TCTD hot ng ti Vit Nam v cc php nhn khchot ng trong nc v nc ngoi, ph hp vi cc qui nh ca php lut. Quyn chnthuc v NHNT l quyn kt thc trc hn hp ng Swap i vi cc khon vay ca BTC.- Ngn hng HSBC thc hin giao dch hon i li sut cng dnDaily range accrual, thihn ca hp ng ti a 5 nm. Theo tho thun hon i ny, khch hng vay cu HSBC s trSibor cng vi phn chnh lch v tng li sut phi trny khng vt qu mc li sut cao


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nht c nh trc. i li HSBC s tr Sibor cng vi phn chnh lch cho nhng ngyli sut Sibor giao ng trong mt khong c nh trc. C th, hp ng ny tho thungia khch hng vay vn vi thi hn 6 nm li sut th ni. Nu n ngy o hn li sutSibor khng vt qu mc li sut xc nh trc (4,5%/nm ) th HSBC s tr li sut chokhch hng vi mc li sut (Sibor + 1,1% ). Trng hp vt mc li sut nh trc, thHSBC khng phi tr mc li sut ny. i li, khch hng s tr cho HSBC mc li sut(Sibor + 0,6%), nhng ti a khng vt qu 5,1%/ nm; thc hin giao dch hon i li sut

gia 2 ng tin- Thc hin nghip v quyn chn ngoi t (Option ngoi t/ VND): cho php thc hin thim NHTMCP Quc t,), ngn hng NT (8/2005); NHTM c phn Chu, NHT&PT,NHTMCP Kthng, NHTMCP Qun i (12/2005).

- Ngn hng Calyon, Citibank, ABN-AMRO thc hin nghip vhon i li sut bt u thchin trong tng lai (Forward Start Swap) l tho thun tham gia giao dch hon i li sutvo mt ngy c thtrong tng lai theo mt mc li sut c nh trc.

- Cho php ngn hng TMCP Kthng thc hin giao dich hp ng tng lai trn thtrnghng ho (9/2004);Vinashin thc hin giao dch hon i ngoi t...

- Theo cng vn s 135/NHNN-QLNH, cho php Eximbank l ngn hng u tin trong cnc c thc hin th im nghip v quyn chn ngoi t vi ngoi t. Sau Eximbank,NHNN cng cho php 7 ngn hng khc thc hin th im nghip v ny, gm c hai ngnhng nc ngoi hot ng ti Viet Nam l Citibank, HSBC chi nhnh TPHCM v 5 ngn hngtrong nc l BIDV, ACB, Vietcombank, ICB, v Argribank.- Thng 4/2005 NHNN Vit Nam bt u cho trin khai thc hin th im giao dch quynchn gia ngoi t vi VN. ACB l ngn hng u tin c th im nghip v ny, vi mcti a gi tr hp ng l 10 triu USD v mc ti thiu l 10.000 USD (quy i ngoi t khctng ng mc ny cho quyn chn giao dch gia cc ngoi tkhc v VN). Tip theoACB l ngn hng Techcombank vi gi tr hp ng l 8 triu USD-100.000 USD v chc

thc hin vi quyn chn Chu u. BIDV c php th im t ngy 22/8/2005 v k tykhng cn quy nh gii hn cho gi tr hp ng quyn chn. Ngoi ra, cn c cc ngn hngnh Eximbank, GPbank cng tham gia nghip vny. Nh vy, tnh n thng 5/2008, c 7ngn hng c php thc hin giao dch quyn chn gia ngoi tv VN.

- Nm 2010, Sgiao dch hng ha u tin ca Vit Nam (VNX) ra i theo Giy php s4596/GP-BCT ngy 1/9/2010 ca BCng Thng vi ba loi hng ha u tin l thp, cph, cao su. VNX da trn quy nh php lut v thng l quc ta ra cc quy ch da trnquyn li ca cc thnh vin tham gia giao dch qun l, gim st cc hot ng giao dch.Ngoi vai tr l trung gian ha gii khi pht sinh cc tranh chp lin quan n hot ng muabn hng ha qua SGDHH, VNX cn gim st cc hot ng giao nhn hng ha bao gm vic

phi hp vi cc trung tm kim nh hng ha, h thng kho hu cn m bo cht lnghng ha giao dch theo ng tiu chun Vit Nam v quc t, v trung tm thanh ton b trm bo khnng thanh ton ca cc bn tham gia giao dch.

2.3) Nhng hn ch trong giao dch chng khon phi sinh ti Vit Nam- Th nht, s qun l ba nhm chng khon phi sinh(CKPS) hin nay ti Vit Nam : CKPStrn hng ha do B Cng thng qun l; CKPS ti chnh: (li sut, tin t, ngoi t) do

NHNN qun l; CKPS trn c phiu, tri phiu, ch s chng khon: do UBCKNN qun l.Chnh v vy m thng tin khng thng nht, c s phn tch trong hot ng; dn n vic nh


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u t, cc doanh nghip, cc ngn hng kh khn trong tip cn thng tin; ch ti qun lkhng ng b.

- Th hai, c s h tng k thut v kh nng gim st : Vit Nam cha c mt th trngchng khon c schun mc t hnh thnh th trng chng khon phi sinh. Vi sphn tch hai sn giao dch H Ni v thnh ph H Ch Minh, th trng chng khon VitNam hin nay c quy m nh, qun l thng tin minh bch cn yu km, do vic hnh thnhmt th trng chng khon phi sinh trn nn tng c sk thut v khnng gim st nh

hin nay l iu khng th bi t l ri ro cao v li nhun thu c trn thtrng thp, khngb p chi ph bra mua cc chng khon phi sinh.

- Th ba, kin thc ca nh u t trn thtrng Vit Nam cn yu km. Trong khi , ccchng khon phi sinh bn thn n l c mt qu trnh sng to, i hi u t tr tu v tmsc hnh thnh nn. Mun tham gia giao dch chng khon phi sinh, bn thn cc nh ut cn c mt kin thc nht nh v thtrng ti chnh v cc cng c phi sinh.- Tht, l hn ch t cc t chc ti chnh, c bit l cc ngn hng thng micc chthng vai tr quan trng trong vic cung cp cc sn phm phi sinh ra th trng, lnhng hn ch v: ngun nhn lc, h thng thng tin qun l cn cha pht trin, i tc mua,bn cng c phi sinh vi cc NHTM l cc doanh nghip th cn cha chuyn nghip v mnhdn. Dn n, cc t chc ti chnh cng cha c nhu cu, cha chng pht trin v cungng cc sn phm, dch v v cng c ti chnh phi sinh.- Thnm, chi ph giao dch c lin quan mua/bn/giao dch cng c phi sinh cn cao, baogm: chi ph tm kim thng tin, chi ph thng lng vi i tc, chi ph iu chnh trngthi nhm thch nghi vi iu kin mi ca thtrng v trng ti thng lng, chi ph phtsinh t nhng yu t bt nh v ri ro v thng tin th ch., chi ph y quyn tc nghip, chiphsi thc hin gim st.

Chng 3: Mt s gii php xut xy dng thtrng chng khon Vit Nam- Th nht, hon thin khung php l v qun l cc giao dch phi sinh, vi vic thng

nht mt c quan chuyn trch qun l v quy nh cc tiu chun v cc sn phm phi sinhcng nh phng thc giao dch chng trn thtrng.

- Th hai, xy dng mt sn chng khon c sVit Nam vi y cc yu t vcsk thut cn thit cng nh quy m v cch thc qun l thng tin trn thtrng minh bchr rng t c nn tng xy dng thtrng phi sinh.- Th ba, hnh thnh ngun ti liu cng nh xy dng cc kha hc, mn hc v chngkhon phi sinh ti Vit Nam nhm nng cao tri thc ca nh u t v cc sn phm phi sinh.

Phn 3: pht hnh chng khon:I. C sl lun v pht hnh chng khon:1. Khi nim:Pht hnh chng khon l vic cho bn ln u tin chng khon mi trn th trng

chng khon.2. Ch thpht hnh.-Nh nc:

Nh nc pht hnh chng khon nhm mc ch b p thm ht ngn sch v huy ngvn ti trcho cc cng trnh, d n ln quan trng. Vi cc loi chng khon c s dng ltri phiu chnh ph, tri phiu cng trnh, tn phiu kho bc.

- Cc quu t:


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L nhng t chc u t chuyn nghip , c hnh thnh bng vn gp ca cc nh u t tin hnh u t vo chng khon v cc loi hnh u t khc. Quu t c th pht hnhc phiu, chng ch qu u t huy ng vn cho hot ng u t, kinh doanh chngkhon.

- Doanh nghip:Theo lut doanh nghip 2005 th doanh nghip t nhn, cng ty hp danh khng c pht

hnh chng khon, cng ty TNHH khng c pht hnh c phiu, cng ty c phn c php

pht hnh cc loi chng khon.3. Cc phng thc pht hnh chng khon- Phn loi theo t pht hnh+ Pht hnh chng khon ln u+ Pht hnh cc t tip theo- Phn loi theo i tng mua bn chng khon+ Pht hnh ring l (pht hnh mang tnh ni b): l vic pht hnh trong chng khon

c bn trong phm vi mt sngi nht nh, vi nhng iu kin hn ch v khi lngpht hnh phi t mt mc nht nh.

Vic pht hnh chng khon ring l thng thng chu s iu chnh ca lut cng ty.

Chng khon pht hnh di hnh thc ny khng phi l i tng c nim yt v giao dchtrn thtrng chng khon s cp.Cc doanh nghip thng la chn pht hnh ring l bi 1 s nguyn nhn sau:Cc cng ty khng tiu chun pht hnh ra cng chng Slng vn cn huy ng nh, chn pht hnh ring l gim chi ph Cng ty pht hnh c phiu nhm mc ch duy tr cc mi quan h trong kinh doanh Pht hnh cho cn b cng nhn vin chc cng ty+ Pht hnh chng khon ra cng chng: l hnh thc pht hnh trong chng khon

c pht hnh rng ri ra cng chng cho mt slng ln cc nh u t.Vic pht hnh chng khon ra cng chng phi c c quan qun l v chng khon cp

giy php hoc chp thun. T chc pht hnh chng khon ra cng chng phi thc hin mtch bo co cng b thng tin cng khai v chu s qun l gim st ring theo quy nh caphp lut v chng khon v th trng chng khon.Vic pht hnh chng khon ra cngchng c phn bit thnh hai loi:

Pht hnh c phiu ra cng chng, gm: Pht hnh ln u ra cng chng (IPO): ng lc IPO khng ch thun ty l vic huy

ng vn m cn l to tnh thanh khon cho c phiu ca cc cng hin hu, qung bhnh nh doanh nghip ti cng chng

Cho bn s cp (pht hnh c phiu bsung): ng lc i vi ln pht hnh tip theoch yu l tng vn.

Pht hnh tri phiu ra cng chng: vic pht hnh c thc hin theo 1 phng thcduy nht l cho bn s cp nhm huy ng vn.

4. iu kin cho bn chng khon:Theo iu 12 lut chng khon:1. iu kin cho bn c phiu ra cng chng bao gm:a) Doanh nghip c mc vn iu l gp ti thi im ng k cho bn t mi t

ng Vit Nam trln tnh theo gi tr ghi trn s k ton;b) Hot ng kinh doanh ca nm lin trc nm ng k cho bn phi c li, ng thi

khng c l lu ktnh n nm ng k cho bn;


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c) C phng n pht hnh v phng n s dng vn thu c tt cho bn c ihi ng cng thng qua.

2. iu kin cho bn tri phiu ra cng chng bao gm:a) Doanh nghip c mc vn iu l gp ti thi im ng k cho bn t mi t

ng Vit Nam trln tnh theo gi tr ghi trn s k ton;b) Hot ng kinh doanh ca nm lin trc nm ng k cho bn phi c li, ng thi

khng c l lu ktnh n nm ng k cho bn, khng c cc khon nphi tr qu hn trn

mt nm;c) C phng n pht hnh, phng n s dng v tr nvn thu c tt cho bn

c Hi ng qun tr hoc Hi ng thnh vin hoc Ch shu cng ty thng qua;d) C cam kt thc hin ngha v ca t chc pht hnh i vi nh u t viu kin

pht hnh, thanh ton, bo m quyn v li ch hp php ca nh u t v cc iu kin khc.II. Thc trng pht hnh chng khon hin nay ca cc cng ty c phn1. Cc phng php pht hnh c sdng Vit Nama. Pht hnh trc tip Tng quanPht hnh trc tip l phng php m t chc pht hnh trc tip cho bn chng khon

cho ngi u t theo gi cho bn xc nh.Trong phng php ny, ny ngi pht hnh trc tip lo tt c cc khu t khu lm thtc pht hnh cho n khu bn chng khon ra cng chng.

Vit Nam, phng thc pht hnh trc tip cng l mt phng thc c nhiu doanhnghip la chn v i km vi hnh thc pht hnh ring l cho cng hin hu, cn b cngnhn vin v cc i tc chin lc.

Thc trng pht hnh trc tipThi gian qua, khng t doanh nghip tin hnh pht hnh c phiu trc tip cho cc i

tc chin lc nh: Bo Vit, Vinare, m Ph M Gn y, Ngn hng Thng mi Cphn Xut nhp khu VitNam (Eximbank) pht hnh thnh cng 12.890.216 c phiu cho

cc i tc chin lc nc ngoi.Thng 9/2010 Cng ty c phn Xy dng s12 (Vinaconex No12) cho bn trc tip 3triu c phiu ph thng (mnh gi 10.000 ng/c phiu), trong 2,7 triu c phiu cho bncho cng hin hu; 153.000 c phiu cho bn cho Cng ty c phn Xut nhp khu v Xydng Vit Nam (Vinaconex); 147.000 c phiu cho bn cho cn b, cng nhn vin. Tng gitr c phiu cho bn tnh theo mnh gi l 30 tng.

Ngoi Vianconex No12, Cng ty c phn Dc phm Vin ng (DVD) t cho bn 7,09triu c phiu ph thng (mnh gi 10.000 ng/c phiu), trong , 6.550.500 c phiu chobn cho cng hin hu; 539.500 c phiu cho bn cho cn b, cng nhn vin. Tng gi trc phiu cho bn tnh theo mnh gi l 70,9 t ng.

CTCP u t v thng mi Du kh Sng (SDP) cng thng qua vic pht hnh 7triu c phiu, tng vn t 80 tng ln 150 tng. Trong , pht hnh 4 triu c phiu chocng hin hu theo t l 2:1, vi gi 12.000 ng/CP; pht hnh 3 triu c phiu cho i tcchin lc, vi gi 15.000 ng/CP.

Bn cnh vic t pht hnh c phiu, nhiu doanh nghip cng la chn phng thc phthnh trc tip tri phiu huy ng vn. Tp on Sng l DN pht hnh TPDN bng tinVND u tin trn thtrng vn nVN trong nm 2010, vi tng gi tr 1.500 tng (tngng 79 triu USD); Tp on in lc Vit Nam pht hnh 2.000 tng tri phiu; TCty cphn XNK v Xy dng VN (VCG) pht hnh 2.000 tng; CTCP Vincom (VIC) pht hnh1.000 tng tri phiu DN, vi k hn tri phiu l 5 nm.


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Cc cng ty chng khon cng khng chu km khi thi nhau tung ra cc t pht hnhtng t. Cng ty chng khon VNDirect t pht hnh 500 tng tri phiu chuyn i;Cng ty chng khon Thng Long pht hnh 500 t ng tri phiu k hn 2 nm tr li 3thng mt ln vi li sut ku l 11,7% mt nm; Cng ty chng khon Si Gn H Nibn 250 tng tri phiu c k hn 1 nm vi li sut 14%.

nh gi: u v nhc im ca phng phpu im:

- Gim chi ph giao dch cho cc nh u t v gim chi ph pht hnh cho cng ty phthnh do khng phi thng qua cc trung gian nh cc nh i l hoc bo lnh pht hnh vn lcc khon ph khng nh.

Nhc im:- i vi nh u t, khi mua trc tip chng khon t t chc pht hnh c nhiu bt cp.

Nh u t phi t nghin cu th trng, ta ra cc nhn nh ca mnh v chng khoncn mua,dn n ri ro khi mua chng khon ca hcao hn. Bn cnh , khuyt im lnl v mt a l khi nh u t nu mun mua chng khon phi n tn t chc pht hnh, tnthi gian, cng sc v tin bc.

- i vi t chc pht hnh, thi gian tp trung vn thng chm, ko di, cng ty kh bn

ht c chng khon huy ng vn theo d kin, dn ti pht sinh cc chi ph khc khngmong mun. Ngoi ra, khi thtrng pht trin, nhiu t chc pht hnh khng nm bt cnhu cu ca nh u t, pht hnh ra nhng chng khon khng hp dn, c nh u t thvic huy ng vn ca doanh nghip trnn rt kh khn. Do vy, vic pht hnh chng khontrc tip mang li ri ro rt ln cho t chc pht hnh.

- i vi thtrng chng khon: ch cn p ng cc iu kin chung nht do UBCK ara l bt ccng ty no cng c th pht hnh chng khon; cht lng, gi c ca ngun hngha pht hnh cha c kim nh, gim tnh hiu qu ca thtrng chng khon.

b. Phng php pht hnh thng qua u thu Tng quan

u thu l s cnh tranh gia cc nh u t v t chc u thu ch yu l v gi chngkhon.Phn loi hnh thc u thu: c hai hnh thc u thu l u thu khng cnh tranh v

u thu cch tranhu thu khng cnh tranh l u thu khi lng theo mc gi hoc li sut cho.u thu cnh tranh l u thu v gi hoc li sut.Trong u thu cnh tranh li chia ra:u thu kiu H Lan : l hnh thc u thu vi c ch gi thng nhtu thu kiu M : l hnh thc u thu theo c cha gi. Thc trng ca vic cho bn bng u thu ti Vit NamTrong 3 phng thc cho bn trc tip, cho bn qua u thu v cho bn qua t chc

bo lnh pht hnh, th phng thc cho bn qua u thu lun c nh gi l la chn ttnht ca a s doanh nghip pht hnh chng khon Vit Nam. Cng vi s pht trin mnhm ca thtrng chng khon, hnh thc pht hnh c phiu bng u thu ngy cng c sdng nhiu hn.

Hot ng u gi c phn c thc hin ln u tin ti trung tm giao dch chng khonthnh ph HCM l vo thng 2-2005. Cng ty thc hin u gi c phn l cng ty c phn saVit Nam Vinamilk. Phin u gi thnh cng ngoi mong i.

u thng 3/2005 phin u gi c phiu u tin ti trung tm giao dch chng khon HNi c khai trng . l phin u gi c phiu ca nh my Thit bBu in (Tng cngty Bu chnh Vin thng) gn 152.000 c phiu vi tng tr gi trn 24 tng c bn ht


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ngay trong phin u gi u tin H Ni. Tnh trung bnh, c phiu c mua cao gp 1.6ln so vi gi khi im.

Theo thng k ca SGDCKHN tnm 2005 ti nayNm 2005 2006 2007 2008 2009

S t u gi thchin

28 40 53 31 19

Phn tch bng s liu:Tnm 2005 ti nm 2007,cc cuc u gi c phn pht trin ht sc nhanh chng, stu gi tng gn gp 2 ln. Thtrng u gi c phn c nh gi l ht sc si ng. Ngycng c nhiu DN pht hnh c phiu ca mnh bng hnh thc u gi. Cc phin u gi thuht rt nhiu nh u t, v thng gy hin tng qu ti. Cc nh u t phi xp hng ding k tham gia.

T nm 2008 ,thtrng bt u c du hiu khng my kh quan, st u gi gimnhanh chng. Mt lot cc cuc u gi tht bi nh cuc u gi 3,2 triu c phn ca cng tyHong Long Long An, cng ty Thin Long, cng ty SABECO. Din bin trn th trng CKcho thy huy ng vn trong nm 2008 khng cn qu ddng i vi DN. Nguyn nhn l donh hng ca cuc khng hong kinh t th gii dn n vic hn ch ngun vn ca nh ut nc ngoi, hn na th trng CK th cp m m cng khin cc nh u t e d hntrong vic u t CK. n nay tnh hnh u gi vn kh m m.

nh gi.u im- Tit kim c chi ph pht hnh: Khi s dng phng php ny ,t chc pht hnh

khng cn phi tr ph cho bt k t chc trung gian no khc nh hnh thc pht hnh qua bolnh

- Xc nh c gi (li sut) mt cch khch quan: Gi ca chng khon sc xc nhtheo quan h cung cu mt cch khch quan da trn inh gi ca doanh nghip v mc gitrn ,qua cc n v tham gia u thu s bt thu da trn gi tr hin ti ca chng

khon v k vng vgi trong tng lai- Thi gian thu c tin nhanh chng c th ch trong vi gisau khi tung ra thtrng

hoc trong vi ngy l c tht c lng tin mong munNhc im:- C thkhng t c mc vn cn huy ng: C th thy v din hnh l cc t pht

hnh tri phiu chnh ph tht bi, c trng hp khi lng huy ng vn cht 1% so vid kin. y cng l mt im rt ng lu khi cc doanh nghip c nh pht hnh chngkhon thng qua phng php ny

- Th tc php l rm r, phc tp . Nhn xt:

Phng thc u gi l phng php ch yu c p dng trong vic c phn ha ccdoanh nghip nh nc ln. Giai on 2007 n 2009, Vit Nam tin hnh c phn ha mts doanh nghip ln nh tp on Bo Vit, m Ph M, Vietcombank, Vietinbank, Tngcng ty bia ru nc gii kht H Ni Habeco, Sabeco theo phng thc u gi.

Tuy nhin, vic u gi c kh nhiu hn ch trong hon cnh p dng thc t ti VitNam:

- Lm dng cho gi cao nhm ko gi bnh qun tng ln. Mt snh u t a ra gicao 1 cch kh hiu v chp nhn b cc, mc ch l nhm to ra st o lng on th


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trng. T l b cc cao dn n h qu l cc phin u gi thng khng thnh cng nhmong mun

- Ngoi ra, vic nh nc thu hi phn ln thng d pht hnh v a ra t l cho bn racng chng mc kh thp (10-15%) dn n s bt cn i cung cu trong nhng thiim thtrng nng st cng lm cho phng php u gi trnn bt cp, iu ny gy ranhng h ly nghim trng nh gi c phiu gim sau khi IPO, vic tm kim nh u t chinlc nc ngoi rt kh khn,v p lc ln ban iu hnh ca doanh nghip sau IPO rt ln.

Ti sao cc doanh nghip ny a thch phng thc u gi?Do mc tiu c phn ha c du hiu thin v vic ti a ha s tin thu v cho ngn sch,

mc tiu ny c th lm cho vic c phn ha khng bn vng v do tm l strch nhim cnhn i vi 1 s lnh o doanh nghip nh nc.Vic a ra u gi cng khai s gip loib ri ro bn l ti sn ca nh nc i vi cc c nhn ra quyt nh trong qu trnh c phnha.

Nu nh nc xc nh mc tiu c phn ha ng n chng ta hon ton c th p dngthnh cng cc phng php IPO khc hiu quhn, mt trong nhng phng php c tnh khthi cao trong hon cnh VN l phng php dng s kt hp s dng bo lnh pht hnh cacc ngn hng u t quc t v cc cng ty chng khon c tim lc v uy tn trong nc.

Ti cc thtrng pht trin phng php u gi khng phi l phng php thng dng.Mt khc vi phng php u gi kiu H lan, vai tr ca dch vt vn pht hnh kh mnht do gi cc thtrng quyt nh. Vit Nam cn chuyn sang p dng thng l quc ts dng nh gi c lp v bo lnh pht hnh cnh tranh tng cng tnh chuyn nghip vpht trin bn vng ca thtrng.

Sau y chng ta scng tm hiu vphng thc pht hnh theo thng l quc tm Vit Nam hin nay cng ang sdng nhng cn nhiu kh khn, hn ch.

c. Phng php pht hnh thng qua bo lnh pht hnh Tng quanKhi nim:

Theo iu 6, lut chng khon 2006,Bo lnh pht hnh chng khon l vic t chc bo lnh pht hnh cam kt vi t chcpht hnh thc hin cc th tc trc khi cho bn chng khon, nhn mua mt phn hay tonb chng khon ca t chc pht hnh bn li hoc mua s chng khon cn li cha cphn phi ht ca t chc pht hnh hoc h trt chc pht hnh trong vic phn phi chngkhon ra cng chng.

Cc hnh thc bo lnhC 5 phng thc bo lnh, l bo lnh vi cam kt chc chn, bo lnh vi c gng cao

nht, bo lnh theo phng thc tt c hoc khng, bo lnh theo phng thc ti thiu-ti a,bo lnh theo phng thc d phng.

Vit Nam, bo lnh pht hnh c thc hin theo mt trong hai phng thc sau:- Mua mt phn hay ton b slng c phiu hoc tri phiu c php pht hnh bn

li.- Mua s c phiu hoc tri phiu cn li ca t pht hnh cha c phn phi ht. y

thc cht l mt dng ca phng thc cam kt chc chn, nhng t chc bo lnh pht hnhcam kt mua phn chng khon cn li ca t pht hnh cha c phn phi ht.

Vai tr ca bo lnh pht hnh chng khon- i vi t chc pht hnh:Thnht, qua hot ng t vn ti chnh, t chc bo lnh gip t chc pht hnh xem xt

li cng tc qun l ti chnh, pht hin ra cc mt tch cc cng nh yu km, t t vn cho


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t chc pht hnh cc bin php hon thin cng tc qun l ti chnh, nng cao hiu qu sdng vn huy ng c tt pht hnh

Thhai, nng cao khnng thnh cng ca t pht hnh: cc nhn vin ca t chc bolnh pht hnh l nhng ngi c kin thc chuyn mn vlnh vc kinh t ti chnh, cng vivic h l cc nh kinh doanh chng khon chuyn nghip c chuyn mn ha trong lnhvc bo lnh pht hnh chng khon nn h c li thhn trong vic nm bt cc nhu cu cathtrng, nh h c tha ra nhng li t vn ng gi cho t chc pht hnh, nn pht

hnh loi chng khon no va ph hp vi nhu cu huy ng vn va ph hp vi nhu cuu t trn th trng. trong qu trnh phn phi chng khon, do l nh phn phi chuynnghip, t chc bo lnh pht hnh c sn 1 mng li phn phi v cc mi quan h ttrcvi cc i l pht hnh vi cc nh u t nht l cc nh u t ln, do vy vic phn phichng khon chc chn s c nhiu thun li hn so vi trng hp t chc pht hnh t phnphi cho bn chng khon

Thba, hn ch v chia s ri ro, nu t pht hnh t chc pht hnh s phi gnh chu miri ro ca t pht hnh, cn nu pht hnh qua t chc bo lnh s c s chia s ri ro gia 2bn khi c ri ro

Tuy nhin, t chc pht hnh phi tr cho t chc bo lnh 1 khon ph bo lnh, ph ny

thng kh ln v ty thuc vo tnh cht ca t pht hnh (ln hay nh, thun li hay khakhn) v do khng trc tip phn phi chng khon nn t chc bo lnh kh kim sot cthnh phn cng mi v nu trnh chuyn mn nghip v ca t chc bo lnh khng ttt pht hnh khng thnh cng c th gy thit hi cho t chc pht hnh.

- i vi t chc bo lnhTng thu nhp cho doanh nghipNng cao v th uy tn cho doanh nghipTo iu kin pht trin cc dch v khc- i vi thtrng chng khonKhi mt c phiu c bo lnh pht hnh, cc nh u t syn tm hn v c ngi

thm nh gi tr ti thiu ca c phiu . mt gc no th gi ca c phiu ny cxem nh bo chng. Nhc s kim duyt ca t chc bo lnh trc khi ra thtrng, lmcho cc chng khon c pht hnh ra c cht lng tt hn, gi c phn nh ng hn gi trca cng ty pht hnh, bo v li ch ca cc nh u t, nng cao hiu qu ca th trngchng khon.

Mt phng thc pht hnh c nhiu u im nh vy i vi c thtrng, cng ty phthnh, tchc bo lnh, v cc nh u t chc hn sc khai thc trit trn thtrng.

Hy xem thc trng phng thc pht hnh thng qua bo lnh Vit Nam nh thno? Thc trng pht hnh chng khon Vit Nam theo phng thc bo lnh pht hnh

Nm 2005, CTCK Ngn hng Cng Thng (VietinbankSC) bo lnh pht hnh cho cphiu LAF ca Cng ty CP Ch bin hng xut khu Long An vi gi khi im 19.000 /CP.Thnhng, thtrng lc ang xung, ko th gi LAF trn sn xung di mc khi im(16.000 /CP).n v bo lnh l VietinbankSC phi m ton b c phiu d bit rng l,nhng phi cm bo pht hnh thnh cng c phiu. ng H Khnh Thy, Gim c Chinhnh VietinbankSC lc cho rng, vi mc gi khi im trn l hp l, nhng v thtrngbin ng, gi tm xung. Thc t, khng lu sau, LAF tng gi hn 19.000 /CP vVietinbankSC ln lt bn ht lng c phiu mua v cn c li nhun.

Hot ng bo lnh pht hnh ca cc CtyCK 6 thng u nm 2007 vn tp trung chyu l bo lnh pht hnh cc loi tri phiu nhtri phiu chnh phcho Kho bc Nh nc,tri phiu ngn hnh, tri phiu th (xem bng di y).
http://www.saga.vn/view.aspx?id=7321http://www.saga.vn/view.aspx?id=7321http://www.saga.vn/view.aspx?id=7321http://www.saga.vn/view.aspx?id=7321http://www.saga.vn/view.aspx?id=7321http://www.saga.vn/view.aspx?id=7321http://www.saga.vn/view.aspx?id=7321


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Cng tyKhilng

bo lnh

Gi bolnh

(ng)

Vn CSHca CTCK(tng)

Hnh thcbo lnh

S hpng bo

lnh

Gi tr bolnh (triu

ng)

BVSC5.314 33.500 150 Chc

chn1 178

ACBS880.000 67.000 250 Chc

chn

1 58.960

CTCKThngLong

108.758 451.000 120Chcchn

2 49.050

S liu trn cng cho thy, trong thi gian gn y, c rt t Cng ty Chng Khon thchin vic bo lnh pht hnh v cc cng ty cha ch trng u t tm kim khch hng, oto nhn s, xy dng quy trnh chun trin khai nghip v ny.

Thng cc t chc pht hnh khi mun pht hnh chng khon ra ngoi cng chng snh mt n v t vn lo th tc pht hnh, nh gi pht hnh, nhng my nm nay, t cCTCK no nhn dch v ny vi l do th trng tng gim tht thng. T lc nh gi cphiu n khi pht hnh, th trng gim th c phiu IPO s gim theo, nn n v bo lnhpht hnh s l. Hn na, lut Chng khon hin nay chquy nh, cc doanh nghip khi tinhnh IPO phi c mt t chc ti chnh t vn, ch khng bt buc phi c mt n v bo lnhcho t pht hnh.

nh gi: T nhng dn chng trn c th thy cc nguyn nhn chnh lm cho nghipv bo lnh khng c s dng khai thc li thVit Nam:

- Do thtrng cha n nh, tim n nhiu ri ro nn cc cng ty chng khon cha dmmo him thc hin bo lnh.

- Do nng lc yu km ca cc cng ty chng khon cng i ng cng nhn vin- Do c chphp l cha cht ch trong khi nghip v bo lnh cng l mi i vi Vit

Nam.hiu thm v hot ng bo lnh pht hnh chng khon vn l thng l ti cc th

trng pht trin ti sao cha pht trin Vit Nam, chng ta scng tm hiu phn tip theo:

2. Cng ty chng khon vi vic pht hnh chng khon VNa. Khi nim.T chc bo lnh pht hnh chng khon VN l cng ty chng khon c php hot

ng bo lnh pht hnh chng khon v ngn hng thng mi c y ban Chng khonNh nc chp thun bo lnh pht hnh tri phiu theo iu kin do BTi chnh quy nh.

Cng ty chng khon l mt t chc ti chnh trung gian c t chc di hnh thc cng

ty trch nhim hu hn hoc cng ty c phn do U ban Chng khon Nh nc cp Giy phpthnh lp v hot ng, Giy php ny ng thi l Giy chng nhn ng k kinh doanh.Cng ty chng khon c thc hin mt, mt s hoc ton b nghip vkinh doanh sau y:Mi gii chng khon; T doanh chng khon; Bo lnh pht hnh chng khon; T vn ut chng khon.

Trn th gii, cc ngn hng u t l nhng t chc ng ra lm bo lnh pht hnh.Thng tin vngn hng u t sc cung cp phn sau.

b. Quy nh ca php lut v cng ty chng khon trong nghip v bo lnh phthnh chng khon


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iu kin c bo lnh pht hnh:- Cng ty Chng khon ch c php thc hin nghip v bo lnh pht hnh chng

khon khi thc hin nghip v t doanh chng khon; vn php nh thc hin nghip v tdoanh chng khon l 100 tng, nghip v bo lnh pht hnh l 165 tng.

- Khng vi phm php lut Chng khon trong 6 thng lin tc lin trc thi im bolnh.

- Tng gi tr bo lnh pht hnh khng c ln hn 50% vn ch shu ca t chc bo

lnh pht hnh vo thi im cui qu gn nht tnh n ngy k hp ng bo lnh pht hnh,trtrng hp bo lnh pht hnh tri phiu chnh ph, tri phiu c Chnh ph bo lnh.

- C t l vn kh dng trn niu chnh trn 6% trong 3 thng lin trc thi im nhnbo lnh pht hnh.

Tuy nhin, Lut Chng khon hin nay chquy nh, cc doanh nghip khi tin hnh IPOphi c mt t chc ti chnh t vn, ch khng bt buc phi c mt n v bo lnh cho t

pht hnh . y l mt s thiu cht ch ca php lut. Nu Lut bt buc phi c bo lnhpht hnh th nh u t san tm hn, bi gi c phiu c bo chng v mt chngmc no s trnn chun hn; tnh trng IPO khng thnh cng v pht hnh c phiu phicho bn li, cho bn ln hai s khng xy ra.

c. Thc trng cng ty chng khon Vit NamVi sc ht li nhun chng khon trong thi k thtrng bng n cc tng cng ty, tpon kinh tv t nhn b cun theo phong tro thnh lp cng ty chng khon pht trinm hnh tp on tng hp. y l 1 xu hng u t theo phong tro v c th dn n slng ph ngun lc ca nn kinh t, c bit dn n cc ri ro kh kim sot cho cc tp onkinh tnh nc. S cng ty chng khon tng mnh t 8 cng ty nm 2005 ln khong 70cng ty vo cui nm 2007 v 102 vo cui nm 2008. So vi cc thtrng pht trin trongkhu vc cho thy slng cc cng ty chng khon hin ti ca VN l qu ln, Singapo ch c26 cng ty chng khon, malaysia l 33 cng ty, Thi lan l 39 cng ty th r rng s lnghng trm cng ty chng khon hot ng nh lVit Nam cho thy s pht trin thiu nh

hng di hn.S bng n mnh m v slng cc cng ty chng khon trong thi gian qu ngn trongkhi th trng ti chnh Vit Nam cn ang trong giai on s khai dn n s thiu htnghim trng v slng v cht lng ca ngun nhn lc. Ngun nhn lc t vn bo lnhpht hnh chng khon ti cc cng ty chng khon VN hin ti cn nhiu hn chdo t cc xt kinh nghim quc t. Cc sn phm t vn hin ti cha c cht lng cao, s hot ngthiu tnh chuyn nghip. Hot ng mi gii v t doanh chng khon vn l nhng hot ngchnh ca cng ty chng khon, to t trng ln trong tng doanh thu. Hot ng bo lnh phthnh chng khon chim t trng rt nh. Cng ty chng khon Si Gn l 1 trong nhng cngty chng khon u ngnh ti Vit Nam hin nay vi vn ch s hu l trn 5400 t(31/12/2010) th hot ng bo lnh pht hnh chng khon chim cha n 1,5% tng doanhthu (theo bo co ti chnh 6 thng u nm 2011).Cc thng tin a ra trn y gip cc bn hiu c ti sao hot ng bo lnh pht hnhchng khon Vit Nam cha pht trin. Kt qu l nh hng n cht lng hot ng phthnh chng khon.

Vy c chno ti cc thtrng chng khon pht trin (m in hnh l M) m bocho vic pht hnh chng khon? Sau y chng ta scng tm hiu vcch thc pht hnhchng khon Mqua phn tip theo.3. Ngn hng u t v vic pht hnh chng khon M

a. Tng quan vngn hng u t


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Ngn hng u t l 1 khi nim mi m i vi Vit Nam, trong khi loi hnh doanhnghip ny c lch s pht trin hng trm nm trn cc thtrng pht trin, c bit Mv Chu u. Vc bn ngn hng u t thc cht l mt cng ty chng khon nhng mc pht trin cao, quy m ln hn nhiu vi cc nghip v a dng hn, hot ng chuynnghip hn vi trnh chuyn mn cao hn ca ngun nhn lc.

Khi nimTheo quan im truyn thng: ngn hng u t l mt ch th trung gian vi chc nng

chnh l t vn v thc hin huy ng ngun vn trn thtrng vn cho khch hng bao gmcc doanh nghip cng nh cc chnh ph, (bng cch pht hnh cc loi chng khon ra thtrng). Cc ngun vn trn thtrng vn ch yu mang tnh cht trung v di hn trong khicc ngun vn ngn hn thng c huy ng trn thtrng tin t thng qua h thng ngnhng thng mi.

Ngy nay ngn hnh u t mrng nghip v ca mnh sang cc lnh vc khc v trthnh mt ch thkinh doanh a dng ly nghip vngn hng u t truyn thng lm ct li.

Cc nghip v chnh-/ Nghip vngn hng u t (investment banking): ch yu din ra trn th trng s

cp. C tm quan trng chin lc to nn gi trthng hiu ca mt ngn hng u t.

Truyn thng gm: dch v t vn, bo lnh pht hnh chng khon, l l do hnh thnhnn ngn hng u t.Mrng: t vn mua bn, sp nhp doanh nghip (M&A), t vn ti c cu doanh nghip,

l nghip v ni di ca nghip v pht hnh chng khon huy ng vn Nghip v ngn hngu t thng mang v cc khon ph t vn v bo lnh pht hnh khng l cho cc ngn hngu t v to c sbn p bn cho cc sn phm khc.

-/ Nghip vu t (Sales & Trading): ch yu din ra trn thtrng th cp, bao gm:mi gii v u t.

Mi gii: p dng cho cc sn phm chng khon nim yt, trong nhdt ng vai trtrung gian nhn lnh v khp lnh cho khch hng.

u t bao gm:Nghip vu t cho khch hng (flow trading) p dng cho cc chng khon giao dchtrn OTC, vi chc nng to thanh khon thtrng

Nghip v t doanh vi mc tiu u c bin ng gi chng khon (cho c chng khonnim yt v khng nim yt). => ri ro cao.

-/ Nghip v nghin cu (Researsh): nhm theo di tnh hnh hot ng ca cc loi chngkhon trn thtrng, cng bao gm vic xy dng, pht trin cc cng c phn tch v qun ldanh mc u t cho khch hng.

-/ Nghip v ngn hng bn bun (Merchant banking): l loi nghip vu t song c itng ch yu l cc sn phm thay th (khng phi l cc sn phm truyn thng nh c phiuv tri phiu m bao gm u t bt ng sn, cho vay s dng n by ti chnh, cc thathun tn dng ln nh cho vay ng ti trv ti trd n.Mt mng quan trng ca ngnhng bn bun thuc l u t vn t nhn (private equity). Bn cht ca nghip v ny l vicngn hnh u t vo cc doanh nghip cha nim yt c tim nng pht trin lm tng gitrthng qua ti c cu ti chnh v hot ng. Hai hnh thc thng dng ca nghip vu tvn t nhn l u t mo him (venture capital) v u t mua doanh nghip thng qua nby ti chnh (LBO). Qu trnh u t s kt thc bng vic thoi vn thng qua nim yt hocbn cho bn th 3. =>ri ro cao.


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-/ Nghip v qun l u t (investment management): ngy cng trthnh mt mng kinhdoanh quan trng ca ngn hng u t nhmc ri ro thp v thu nhp n nh. Bao gm:nghip v qun l ti sn v nghip v qun l gia sn

Qun l ti sn: qun l quu t (qutng h, quhu tr, quu c, quu tvn t nhn, quu t mo him), qun l danh mc u t cho khch hng t chc

Qun l gia sn hay dch v ngn hng c nhn (ptivate banking) l mt khi nim mihnh thnh trong vi thp k qua, vi dch vt vn v qun l ti sn cho cc khch hng l c

nhn v gia nh giu c.-/ Nghip v nh mi gii chnh (Prime Brokerage): Qu u c khc vi cc loi qu

thng thng chc s dng n by ti chnh v c th tham gia vo cc hot ng ri ronh cc sn phm phi sinh. tng hnh thnh nghip v nh mi gii chnh xut pht t sbt tin ca vic s dng cng mt lc nhiu nh mi gii ca cc quu c dn n vicphn tn cc ngun lc trong vic thc hin cc hot ng h tr.

Cc ngn hng u t ln trn thgii: Vi nhng ci tn rt quen thuc c tr schnhtp trung xung quanh phWall nh Goldman Sachs, Merrill Lynch, Morgan Stanley, LehmanBrothers v Bear Stearns (M), cc ngn hng tng hp nh Citigroup v J.P. Morgan Chase(M); Credit Suisse, UBS (Thy S); v Deutsche Bank (c). Tuy nhin cuc khng hong

tn dng ca M (2007-2009) lm thay i cn bn bc tranh ngn hng u t, xa b cctn tui ln nh Bear Stearns (b J.P. Morgan Chase mua li 3/2008), Merrill Lynch (sp nhpvi Bank of America 9/2008) v Lehman Brothers (ph sn 9/2008). S pht trin mnh ca thtrng vn Vit Nam thu ht s quan tm ca cc ngn hng u t ln trn th gii. Huht cc tn tui ln trong ngnh ngn hng u t xu t hin ti VN cung cp dch v v kinhdoanh nh nh credit suise, goldman sachs, morgan stanley, J.P.morgan, normura securities vdaiwa securities. Cc cng ty chng khon lin doanh cng bt u xut hin t 2007. Theocam kt gia nhp WTO t 2012 VN s cho php cc cng ty chng khon v qun l qu 100%vn nc ngoi thnh lp ti VN

b. Quy trnh pht hnh c phiu ti M:

- Doanh nghip thnh lp nhm cng tc IPO- La chn t vn v ngn hng bo lnh pht hnh- Hp khi ng nhm cng tc IPO- Thc hin sot xt c bit: l 1 th tc quan trng i vi 1 cuc IPO. Mc ch l nhm

m bo tnh php l v tnh tun th ca t pht hnh chng khon nhm gim thiu cc riro trch nhim lin quan n vic pht hnh do ngn hng u t v nhm t vn php l cngthc hin da trn cc thng tin s liu c doanh nghip cung cp. Ngn hng u t c ththc hin cc chuyn thm thc t nh my, tm hiu quy trnh sn xut, gp g1 si tcquan trng ca doanh nghip, tm hiu cc thng tin v chin lc v k hoch kinh doanh, t c 1 bc tranh thc t b trcho cc kt qunh gi cng nh tnh chnh xc ca ccthng tin trong hs ng k pht hnh chng khon

- Lp v trnh hs ng k pht hnh ln UBCK- Lp bn co bch s b: ngn hng u t s pht hnh bn co bch s b cho cc cng

ty mi gii v cc nh u t tim nng thng qua mng li phn phi, nhm cung cp ccthng tin c bn ban u cho thtrng t c thxc nh c mc quan tm v nhucu ca thtrng i vi t pht hnh. Ngn hng bo lnh s thc hin vic xc nh nhucu ny thng qua phng php dng s

- Tin hnh cc bui thuyt trnh cho cc nh u t tim nng: l 1 trong nhng s kinqung b quan trng nht i vi 1 t pht hnh chng khon, thng c thc hin sau khi trnh hs ng k pht hnh ln UBCK v trc khi chnh thc pht hnh khong vi tun,


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mc ch l nhm to iu kin cho ban iu hnh doanh nghip gp gvi cc nh phn tchv mi gii chng khon thng qua gip cc nh u t tim nng hiu c v doanhnghip v tim nng c phiu nhm kch thch nhu cu u t v hy vng gi c phiu s binng thun li trn thtrng th cp. y l c hi tt ban iu hnh th hin khnng camnh. Ngn hng u t c vai tr quan st s quan tm ca cc nh u t, c vai tr hutrng gip ban iu hnh thc hin tt bui thuyt trnh. Da vo kt qu ca bui thuyt trnhngn hng u t c thxc nh c phn no nhu cu thtrng, lm c sa ra gi pht

hnh- Dng sxc nh nhu cu ca nh u t: c thc hin sau khi np hs ng k pht

hnh v kt thc trc khi m phn k kt hp ng bo lnh, l vic m1 s theo di nhu cung k ca cc nh u t v mc gi chp nhn ca htng ng vi tng khi lng cu, lc squan trng ngn hng u t thng lng vi doanh nghip a ra 1 mc gi hp lnht. v pha doanh nghip c th h k vng 1 gi pht hnh cao huy ng c nhiu vn.Tuy nhin 1 mc gi bn cao s l ri ro cho ngn hng bo lnh bi nu khng phn phi htngn hng bo lnh phi mua ton b s c phiu cn li vi mc gi bo lnh. Hn na 1 mcgi pht hnh cao c th gy ri ro gim gi trn thtrng th cp lm tht vng nh u t vtn thng uy tn ca doanh nghip. V pha ngn hng bo lnh 1 mc gi thp s an ton cho

vic bo lnh pht hnh, tuy nhin c th lm tht vng nhng cng hin ti cng nh baniu hnh ca doanh nghip, nh hng uy tn ca ngn hng u t v c hi hp tc trongtng lai. Chnh v th 1 mc gi hp l phn nh gi tr thc ca doanh nghip v c khnngtng nh sau khi nim yt trn thtrng th cp s lm hi lng tt c cc bn lin quan. Vicdng s khng to thnh 1 cam kt bn chng khon m ch c tc dng xc nh nhu cu thtrng.

- Nhn cng vn phn hi ca UBCK- trnh hs ng k sa i ln UBCK- Tho lun iu chnh mc gi pht hnh v k kt hp ng bo lnh pht hnh: vic m

phn khi lng v gi pht hnh chnh thc l 1 trong nhng bc quan trng cui cng trc

khi pht hnh c phiu. Gi pht hnh ph thuc vo tnh hnh hot ng ca cng ty, tnh hnhdin bin ca thtrng pht hnh, nhu cu ca thtrng i vi c phiu ca cng ty, gi cphiu ca cc i th cnh tranh trong cng ngnh, v gi d kin ca c phiu khi nim yttrn thtrng chng khon. Ngn hng bo lnh sm phn vi ban iu hnh doanh nghipa ra quyt inh cui cng. Sau khi cc chi tit c thng nht 2 bn s k kt hp ngbo lnh pht hnh ngay ti thi im trc khi hs ng k pht hnh c hiu lc

- Lp bn co bch chnh thc sau khi hs ng k pht hnh c ph duyt v c hiulc .

- Pht hnh v phn phi chng khon: qu trnh phn phi chng khon sc tin hnhbi nhm bo lnh v nhm phn phi chng khon. Mt mc gi pht hnh sc p dngthng nht cho tt ccc nh u t

Nhn xt: Nh vy tri qua rt nhiu giai on thm d, tm hiu, phn tch ca i ng nhnlc chuyn mn, chng khon mi c pht hnh, lc ny nh u t trn th trng c th

yn tm mua cphiu vi mc gi coi nh c chun ha, gim thiu ri ro.Phn 4: Pht hnh IPO

Pht hnh IPO.I.Nhng l thuyt chung v pht hnh c phiu ra cng ra cng chng.1.Cc hnh thc pht hnh chng khon.


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Nu phn loi pht hnh chng khon theo i tng mua bn chng khon th c 2hnh thc:

-Pht hnh ring l:L vic pht hnh trong chng khon wocj bn trong phm vimt s ngi nht nh(thng thng l cho cc nh u t c t chc), vi nhng iukin hn ch v khi lng pht hnh mt mc nht nh

-Pht hnh ra cng chng:L hnh thc pht hnh trong chng khan c phthnh rng ri ra cng chng cho mt s lng ln cc nh u t nht nh, trong phi m bo mt t l nh u t nh.Ngoi ra tng khi lng chng khon cng phit mt t l nht nh

C 2 phng thc:-Pht hnh ln u ra cng chng(IPO):l vic 1 doanh nghip c phn ln u tin

thc hin pht hnh chng khon ca mnh ti cng chng u tbn ngoi cng ty vphng thc thc hin cho bn chng khon phi tin hnh cng khai trn ccphng tin thng tin i chng.

Nu c phn c bn ln u tin ra cng chng nhm tng vn th l IPO scp,cn khi c phn c bn ln u t s c phn hin hu th l IPO th cp.

-Cho bn scp(phn phi scp): l t pht hnh c phiu b sung ca cng ty chorng ri cc cng chng u t

2,Pht hnh cphiu ln u ra cng chng(IPO)2.1.c php pht hnh c phiu ra cng chng cng ty phi p ng c nhng

iu kin v ch tiu nh lng v ch tiu nh tnh cng nh quy trnh th tc cth(phn ny c hc rt k nn bn mnh khng nu li na)

Sdcn c nhng quy nh nh vy l v

- Pht hnh chng khon ln u ra cng chng l vic pht hnh chng khon chomt s lng ln cng chng u t. Nhiu ngi trong s l cc nh u t nh, cc

nh u t khng c s hiu bit v kh nng phn tch cao v chng khon. bo vcc nh u t ny, chng khon pht hnh phi l cc chng khon c cht lng caov cng ty pht hnh phi l cc cng ty c trin vng pht trin trong tng lai.

- Do cc cng ty nu trn l cc cng ty ln u pht hnh ra cng chng nn ccthng tin lin quan n cc cng ty khng c nhiu ngi bit n. Cc chuyn giaphn tch cng khng c iu kin theo di cc cng ty ny trc khi cng ty thc hinvic pht hnh . Vic a ra cc yu cu cao v cht lng i vi cc cng ty ln upht hnh ra cng chng l b p nhng s thiu ht v thng tin cho cng chngu t.

- cc nc ang trong giai on xy dng th trng chng khon nh Vit Nam,

th trng chng khon cn l mt khi nim mi m nn nhiu tng lp dn c cn ddt trong vic chn th trng chng khon l ni u t cc khon tit kim ca mnh.Vic a ra cc loi hng ho c cht lng cao s bc u to dng c nim tin chocng chng vo th trng chng khon v y cng c coi l mt trong nhng binphp kch cu chng khon trong giai on u thnh lp th trng.

2.2.Nhng thun li v ri ro ca vic pht hnh IPOa.Thun li

- Pht hnh chng khon ra cng chng s to ra hnh nh p v s ni ting cacng ty, nhvy cng ty s d dng hn v tn t chi ph hn trong vic huy ng vn


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qua pht hnh tri phiu, c phiu nhng ln sau. Thm vo , khch hng v nhcung ng ca cng ty thng cng s trthnh cng ca cng ty v do vy cng ty srt c li trong vic mua nguyn liu v tiu th sn phm.

- Pht hnh chng khon ra cng chng s lm tng gi tr ti sn rng, gip cng ty cc ngun vn ln v c th vay vn ca ngn hng vi li sut u i hn cng nhcc iu khon v ti sn cm c s t phin h hn. V d nh cc c phiu ca cc cngty i chng d dng c chp nhn l ti sn cm c cho cc khon vay ngn hng.

Ngoi ra, vic pht hnh chng khon ra cng chng cng gip cng ty tr thnh mtng c vin hp dn hn i vi cc cng ty nc ngoi vi t cch lm i tc lindoanh.

- Pht hnh chng khon ra cng chng gip cng ty c th thu ht v duy tr i ngnhn vin gii bi v khi cho bn chng khon ra cng chng, cng ty bao gicngdnh mt t l chng khon nht nh bn cho nhn vin ca mnh. Vi quyn muac phiu, nhn vin ca cng ty s trthnh cng, v c hng li trn vn thay vthu nhp thng thng. iu ny lm cho nhn vin ca cng ty lm vic c hiu quhn v coi s thnh bi ca cng ty thc s l thnh bi ca mnh.

- Pht hnh chng khon ra cng chng, cng ty c c hi tt xy dng mt hthng qun l chuyn nghip cng nh xy dng c mt chin lc pht trin r rng.Cng ty cng d dng hn trong vic tm ngi thay th, nh m to ra c tnh lintc trong qun l. Bn cnh , s hin din ca cc u vin qun tr khng trc tiptham gia iu hnh cng ty cng gip tng cng kim tra v cn i trong qun l viu hnh cng ty.

- Pht hnh chng khon ra cng chng lm tng cht lng v chnh xc ca ccbo co ca cng ty bi v cc bo co ca cng ty phi c lp theo cc tiu chunchung do cquan qun l qui nh. Chnh iu ny lm cho vic nh gi v so snh ktqu hot ng ca cng ty c thc hin d dng v chnh xc hn.

b. Ri Ro:- Pht hnh c phiu ra cng chng lm phn tn quyn s hu v c th lm mtquyn kim sot cng ty ca cc cng sng lp do hot ng thn tn cng ty. Bncnh , ccu v quyn shu ca cng ty lun lun b bin ng do chu nh hngca cc giao dch c phiu hng ngy.

- Chi ph pht hnh chng khon ra cng chng cao, thng chim t 8-10% khonvn huy ng, bao gm cc chi ph bo lnh pht hnh, ph t vn php lut, chi ph inn, ph kim ton, chi ph nim yt Ngoi ra, hng nm cng ty cng phi chu thmcc khon chi ph ph nh chi ph kim ton cc bo co ti chnh, chi ph cho vicchun b ti liu np cho cquan qun l nh nc v chng khon v chi ph cng b

thng tin nh k.- Cng ty pht hnh chng khon ra cng chng phi tun th mt ch cng bthng tin rng ri, nghim ngt v chu s gim st cht ch hn so vi cc cng ty khc.Hn na, vic cng b cc thng tin v doanh thu, li nhun, v tr cnh tranh, phngthc hot ng, cc hp ng nguyn liu, cng nh nguy cb r r thng tin mt rangoi c tha cng ty vo v tr cnh tranh bt li.

- i ng cn b qun l cng ty phi chu trch nhim ln hn trc cng chng.Ngoi ra, do qui nh ca php lut, vic chuyn nhng vn c phn ca h thng bhn ch


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II. Thc trng pht hnh IPO Vit Nam t2006 n nay:Vi vic th trng chng khon tng trng nng nm 2006 v 2007, IPO ca cc

doanh nghip din ra rt thun li, khi hu ht cc doanh nghip tin hnh IPO uthnh cng. Cc doanh nghip khi IPO ch ch trng n vic lm th no bn cvi gi cao nht, cn nh u t ch cn mua l c li nhun. Cui nm 2006, lin tipcc cng ty u gi c phiu ln u vi lng c phiu tng i ln. Ch ring trongthng 11/2006, mt s cng ty hon thnh IPO. V d nh cng ty c phn khu cng

nghip Tn To Itaco vi 45 triu c phiu, cng ty c phn Ct Li vi 8,4 triu cphiu..v.v. Tng s doanh nghip thc hin IPO nm 2006 t hn 40 doanh nghip v t chc u gi gn 451 triu c phn.

Ni tip s thnh cng ca nm 2006, bc vo nm 2007 hu ht cc cng ty IPO urt th

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