Ebook dau-tu-tai-chinh[thu viennet.vn]

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THUVIENNET.VN - Ngi nh tri thc Vit Nam

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mmmmmmmmcccccccc llllllllcccccccc

mc lc ................................................................................................................................... 2

phn 1. Nhng yu t c bn ca u t........................................................... 7

CHNG 1 Tng quan ..............................................................................................................8 1.1. Ti sn thc v ti sn ti chnh ......................................................................................................... 9

1.1.1 Phn bit ti sn thc v ti sn ti chnh ...................................................................................... 9 1.1.2 Phn loi cc ti sn ti chnh ..................................................................................................... 10

1.2. Qu trnh u t ............................................................................................................................... 12 1.3. Th trng ti chnh.......................................................................................................................... 13

1.3.1 Th trng ti chnh v nn kinh t.............................................................................................. 13 1.3.2 Tnh cnh tranh ca th trng .................................................................................................... 15 1.3.3 Nhng thnh phn tham gia th trng........................................................................................ 17

1.4. Cu trc th trng ........................................................................................................................... 21 1.4.1 Th trng tm kim trc tip ...................................................................................................... 21 1.4.2 Th trng qua mi gii............................................................................................................... 22 1.4.3 Th trng qua nh giao dch....................................................................................................... 22 1.4.4 Th trng u gi ....................................................................................................................... 23

1.5. Nhng xu hng hin nay ................................................................................................................ 23 1.5.1 Ton cu ho ............................................................................................................................... 23 1.5.2 Chng khon ho......................................................................................................................... 24 1.5.3 K ngh ti chnh ........................................................................................................................ 26

CHNG 2 Cc th trng ti chnh v nh u t..............................................................30 2.1. Cc th trng ti chnh.................................................................................................................... 30

2.1.1 Th trng tin t ......................................................................................................................... 30 2.1.2 Th trng vn c thu nhp c nh............................................................................................. 34 2.1.3 Chng khon vn ch s hu ...................................................................................................... 38 2.1.4 Cc th trng cng c phi sinh ................................................................................................. 40

2.2. Nh u t v qu trnh u t ......................................................................................................... 43 2.2.1 Nh u t v s chp nhn ri ro ............................................................................................... 43 2.2.2 Nhng iu kin quy nh la chn ca nh u t .................................................................... 50 2.2.3 Mc tiu v iu kin rng buc ca nhng loi nh u t ch yu.......................................... 52 2.2.4 Cc chnh sch u t.................................................................................................................. 54 2.2.5 Thu v chin lc u t............................................................................................................ 56 2.2.6 Gim st v iu chnh danh mc u t..................................................................................... 57

2.3. Cc nh u t trn th trng chng khon Vit Nam .................................................................... 58 2.3.1 Tnh chuyn nghip thp - mt trong nhng nguyn nhn gy cc bin ng th trng............ 58 2.3.2 Cc nh ch u t chng khon Vit Nam- thc trng v tim nng .................................... 59

CHNG 3 Giao dch chng khon .......................................................................................70 3.1. Th trng s cp ............................................................................................................................. 70

3.1.1 Mt s khi nim ........................................................................................................................ 70 3.1.2 Cc phng php bo lPnh pht hnh ch yu ............................................................................ 71 3.1.3 Quy trnh c bn cho mt t pht hnh ln u c phiu ra cng chng................................... 73

3.2. Th trng th cp ............................................................................................................................ 75 3.2.1 Vai tr ca th trng th cp...................................................................................................... 75 3.2.2 a im giao dch ...................................................................................................................... 76 3.2.3 Nim yt chng khon ................................................................................................................ 77

3.3. Giao dch trn S giao dch Chng khon........................................................................................ 78 3.3.1 Cc c ch xc lp gi................................................................................................................. 78 3.3.2 Cc giao dch c bit ................................................................................................................. 84 3.3.3 Chi ph giao dch v thanh ton................................................................................................... 87

3.4. Ch s th trng c phiu ................................................................................................................ 89 3.4.1 Cc phng php xy dng ch s............................................................................................... 89 3.4.2 S Bnh qun Dow Jones v Ch s Standard & Poor's................................................................ 90

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3.4.3 Ch s VN-Index ......................................................................................................................... 95 3.5. Qun l trn th trng chng khon ............................................................................................... 96

3.5.1 C quan qun l nh nc v lnh vc chng khon v th trng chng khon......................... 96 3.5.2 Cng khai thng tin..................................................................................................................... 97 3.5.3 Thanh tra, gim st v x l vi phm .......................................................................................... 99

phn 2. L thuyt danh mc u t ................................................................. 104

CHNG 4 Ri ro v li sut ...............................................................................................106 4.1. Li sut .......................................................................................................................................... 106

4.1.1 Li sut k nm gi (HPR) ....................................................................................................... 106 4.1.2 o lng li sut u t qua nhiu k....................................................................................... 107 4.1.3 Lm pht v li sut thc .......................................................................................................... 110

4.2. Ri ro v mc b ri ro .................................................................................................................. 111 4.2.1 Phn tch kch bn v phn phi xc sut .................................................................................. 111

4.3. Phn b ti sn gia cc danh mc u t ri ro v khng ri ro................................................... 114 4.3.1 Ti sn ri ro v phi ri ro ......................................................................................................... 114 4.3.2 Li sut d tnh v ri ro ca danh mc u t ......................................................................... 116 4.3.3 ng phn b vn ................................................................................................................... 118 4.3.4 Chp nhn ri ro v phn b ti sn .......................................................................................... 121

4.4. Cc chin lc th ng v ng th trng vn.......................................................................... 121 4.4.1 Ch s ha v ng th trng vn........................................................................................... 121 4.4.2 Chi ph v li ch ca u t th ng....................................................................................... 122

CHNG 5 a dng ho hiu qu .......................................................................................128 5.1. a dng ho v ri ro ca danh mc u t ................................................................................... 128 5.2. Phn b ti sn vi hai ti sn ri ro .............................................................................................. 130

5.2.1 Tch sai v h s tng quan ..................................................................................................... 130 5.2.2 Ba quy tc ca danh mc c hai ti sn ri ro ........................................................................... 133 5.2.3 nh i ri ro-li nhun vi danh mc u t c hai ti sn ri ro ......................................... 134 5.2.4 Tiu chun li sut trung bnh-phng sai ................................................................................ 136

5.3. Danh mc ri ro ti u vi mt ti sn phi ri ro ........................................................................... 138 5.3.1 dc ca ng phn b vn ................................................................................................. 138 5.3.2 Danh mc ri ro ti u .............................................................................................................. 140

5.4. a dng ho hiu qu vi nhiu ti sn ri ro................................................................................ 142 5.4.1 ng gii hn hiu qu ca cc ti sn ri ro ......................................................................... 142 5.4.2 Chn danh mc ri ro ti u...................................................................................................... 143 5.4.3 Danh mc hon chnh c a thch v thuc tnh tch bit ..................................................... 143

5.5. Th trng ti sn c mt yu t .................................................................................................... 144 5.5.1 Ba b phn cu thnh khon li sut ph tri............................................................................ 144 5.5.2 S xc nh ca m hnh mt ch s i vi li sut ca chng khon ..................................... 145 5.5.3 M hnh mt ch s di dng thng k v biu .................................................................. 147 5.5.4 a dng ho trong th trng chng khon c mt yu t ........................................................ 150

CHNG 6 nh gi ti sn vn v l thuyt nh gi c-bt ............................................158 6.1. M hnh nh gi ti sn vn (CAPM) ........................................................................................... 158

6.1.1 Cc gi nh .............................................................................................................................. 158 6.1.2 Ni dung ca m hnh CAPM................................................................................................... 161 6.1.3 ng th trng chng khon.................................................................................................. 170

6.2. CAPM v cc m hnh ch s......................................................................................................... 172 6.2.1 Nhng hn ch ca CAPM........................................................................................................ 172 6.2.2 M hnh ch s, li sut c thc hin, v mi quan h li sut d tnh-beta.......................... 173 6.2.3 c tnh m hnh ch s............................................................................................................. 174 6.2.4 c tnh beta ............................................................................................................................. 178

6.3. L thuyt nh gi c-bt ................................................................................................................ 179 6.3.1 Cc c hi c-bt v li nhun ................................................................................................... 179 6.3.2 Cc danh mc c a dng ha tt v l thuyt nh gi c-bt .............................................. 183 6.3.3 APT v CAPM .......................................................................................................................... 186

CHNG 7 L thuyt th trng hiu qu ..........................................................................198 7.1. Din bin ngu nhin v nhng gi thuyt v th trng hiu qu ................................................. 199

7.1.1 Gi c phiu din bin mt cch ngu nhin............................................................................. 199 7.1.2 Cnh tranh vi t cch l ngun ca hiu qu........................................................................... 201 7.1.3 Cc phin bn ca l thuyt th trng hiu qu ....................................................................... 202

7.2. Nhng gi ca EMH i vi chnh sch u t .......................................................................... 204 7.2.1 Phn tch k thut...................................................................................................................... 204 7.2.2 Phn tch c bn ........................................................................................................................ 205


44

7.2.3 Qun tr danh mc u t ch ng i li vi th ng .......................................................... 206 7.2.4 Vai tr ca qun tr danh mc u t trn mt th trng hiu qu........................................... 208

7.3. Cc th trng c hiu qu khng?................................................................................................. 210 7.3.1 Cc vn ................................................................................................................................. 210 7.3.2 Kim nghim tnh c th d on ca li sut trn th trng c phiu .................................... 212 7.3.3 Cc chin lc danh mc u t v nhng bt quy tc ca th trng....................................... 215

phn 3. Phn tch chng khon......................................................................... 230

CHNG 8 Gi v li sut ca tri phiu ...........................................................................232 8.1. Nhng c trng ca tri phiu ...................................................................................................... 232

8.1.1 Tri phiu thng thng ............................................................................................................ 232 8.1.2 Tri phiu c km nhng iu khon c bit........................................................................... 234

8.2. Ri ro thanh ton ........................................................................................................................... 236 8.2.1 Ri ro thanh ton v xp hng tn nhim................................................................................... 236 8.2.2 Cc yu t quy nh mc an ton ca tri phiu................................................................... 238 8.2.3 Kh c ca tri phiu............................................................................................................... 239

8.3. nh gi tri phiu ......................................................................................................................... 241 8.3.1 nh gi tri phiu thng thng .............................................................................................. 241 8.3.2 nh gi tri phiu trong mt s trng hp c bit ................................................................ 245 8.3.3 Gi tri phiu qua thi gian....................................................................................................... 248

8.4. Li sut ca tri phiu.................................................................................................................... 250 8.4.1 Li sut hin hnh ..................................................................................................................... 250 8.4.2 Li sut o hn ........................................................................................................................ 250 8.4.3 Li sut mua li......................................................................................................................... 252 8.4.4 Mt vi lu khi s dng cc thc o li sut ........................................................................ 253

CHNG 9 Qun tr u t c thu nhp c nh ...............................................................262 9.1. Ri ro lPi sut................................................................................................................................. 263

9.1.1 Tnh nhy cm vi lPi sut ........................................................................................................ 263 9.1.2 Vng o hn (duration) ........................................................................................................... 266

9.2. Qun tr tri phiu th ng ........................................................................................................... 271 9.2.1 Phng nga ri ro cho gi tr rng............................................................................................. 272 9.2.2 Phng nga ri ro lPi sut cho thi hn mc tiu ...................................................................... 273 9.2.3 Khp cc dng tin ................................................................................................................... 277

9.3. li ............................................................................................................................................. 279 9.3.1 Hn ch ca cng c vng o hn ........................................................................................... 279 9.3.2 li v cng dng nng cao tnh chnh xc ca c tnh bin ng gi tri phiu ................ 280

9.4. Qun tr tri phiu ch ng .......................................................................................................... 282 9.4.1 Cc ngun li nhun tim nng................................................................................................. 282 9.4.2 Phn tch k u t.................................................................................................................... 285 9.4.3 Phng nga ph thuc ............................................................................................................... 285

9.5. Swap lPi sut .................................................................................................................................. 286

CHNG 10 Phn tch kinh t v m v ngnh.....................................................................295 10.1. Nn kinh t ton cu ...................................................................................................................... 296 10.2. Nn kinh t v m trong nc......................................................................................................... 298

10.2.1 Cc ch bo kinh t v m ..................................................................................................... 299 10.2.2 LPi sut ................................................................................................................................. 300 10.2.3 Cc c sc cung, cu ............................................................................................................ 303 10.2.4 Chnh sch ca chnh ph..................................................................................................... 304 10.2.5 Chu k kinh doanh ............................................................................................................... 307

10.3. Phn tch ngnh.............................................................................................................................. 308 10.3.1 nhy cm vi chu k kinh doanh .................................................................................... 309 10.3.2 Chu k sng ca ngnh ........................................................................................................ 311 10.3.3 Cu trc v hot ng ca ngnh.......................................................................................... 312

CHNG 11 nh gi vn c phn.........................................................................................317 11.1. Cc phng php nh gi da trn bng cn i k ton .............................................................. 318

11.1.1 Phng php nh gi c phiu da trn gi tr ti sn rng c iu chnh .......................... 318 11.1.2 Gi tr thanh l trn c phn ca cng ty.............................................................................. 320

11.2. Cc m hnh chit khu lung c tc (DDM) ................................................................................ 321 11.2.1 Khi qut v gi tr ni ti, i li vi gi th trng............................................................ 321 11.2.2 DDM dng tng qut ............................................................................................................ 323 11.2.3 DDM tng trng u........................................................................................................... 325

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11.2.4 DDM tng trng nhiu giai on v chu k sng ............................................................... 330 11.3. H s gi - thu nhp ....................................................................................................................... 332

11.3.1 H s gi-thu nhp v cc c hi tng trng....................................................................... 332 11.3.2 H s P/E v ri ro c phiu ................................................................................................. 334

11.4. Vic p dng cc phng php nh gi c phiu cho th trng Vit Nam .................................. 335 11.4.1 p dng phng php da trn gi tr ti sn rng c iu chnh nh gi doanh nghip c phn ha Vit Nam............................................................................................................................... 335 11.4.2 p dng phng php chit khu lung c tc (DDM) Vit Nam .................................... 338 11.4.3 p dng phng php h s P/E ti Vit Nam ..................................................................... 340

CHNG 12 Phn tch bo co ti chnh ..............................................................................348 12.1. Cc bo co ti chnh ch yu........................................................................................................ 349

12.1.1 Bo co thu nhp (Income Statement) .................................................................................. 349 12.1.2 Bng cn i k ton (Balance Sheet)................................................................................... 350 12.1.3 Bo co lu chuyn tin t (statement of cash flows)........................................................... 353

12.2. Phn tch h s ............................................................................................................................... 356 12.2.1 Li nhun trn vn c phn (ROE) ...................................................................................... 356 12.2.2 H s quay vng v nhng h s s dng ti sn khc ......................................................... 364 12.2.3 Cc h s v tnh lng v kh nng thanh ton..................................................................... 366 12.2.4 Cc h s gi th trng ........................................................................................................ 368

12.3. Nhng vn lin quan ti tnh c th so snh.............................................................................. 371 12.3.1 nh gi hng lu kho .......................................................................................................... 371 12.3.2 Khu hao .............................................................................................................................. 373 12.3.3 Lm pht v chi ph lPi ......................................................................................................... 374

CHNG 13 Phn tch k thut ..............................................................................................384 13.1. Phn tch k thut ........................................................................................................................... 385 13.2. V biu ...................................................................................................................................... 387

13.2.1 L thuyt Dow...................................................................................................................... 387 13.2.2 Nhng k thut v biu khc ........................................................................................... 389

13.3. Nhng ch bo k thut .................................................................................................................. 393 13.3.1 Cc ch bo tm l ................................................................................................................ 393 13.3.2 Cc dng qu........................................................................................................................ 396 13.3.3 Cu trc th trng................................................................................................................ 397

13.4. Phn tch k thut c tc dng trong cc th trng hiu qu khng?............................................ 398

phn 4. c thm v Chng khon phi sinh.............................................. 403

CHNG 14 Quyn la chn..................................................................................................404 14.1. Quyn la chn .............................................................................................................................. 404

14.1.1 Khi nim............................................................................................................................. 404 14.1.2 Giao dch quyn la chn ..................................................................................................... 406

14.2. Gi tr ca quyn chn ti lc o hn........................................................................................... 409 14.2.1 Quyn chn mua................................................................................................................... 409 14.2.2 Quyn chn bn.................................................................................................................... 412 14.2.3 Quyn chn i li vi cc khon u t vo c phiu......................................................... 413 14.2.4 Mi quan h ngang gi gia quyn chn mua- quyn chn bn .......................................... 416

14.3. Mt vi chin lc vi quyn la chn .......................................................................................... 420 14.3.1 Quyn chn bn bo v (Protective Put)............................................................................... 421 14.3.2 Quyn chn mua c i ng (covered calls) ........................................................................ 423

CHNG 15 Th trng hp ng tng lai .........................................................................427 15.1. Hp ng tng lai ........................................................................................................................ 427

15.1.1 Khi nim............................................................................................................................. 427 15.1.2 Cc yu t c bn ca hp ng tng lai ............................................................................ 428

15.2. C ch giao dch trn th trng hp ng tng lai ...................................................................... 429 15.2.1 Trung tm thanh ton b tr ................................................................................................. 429 15.2.2 iu chnh gi theo th trng v ti khon k qu.............................................................. 431

15.3. Cc chin lc trn th trng hp ng tng lai ......................................................................... 436 15.3.1 Phng v v u c............................................................................................................... 436 15.3.2 Ri ro khong m v vic phng v ..................................................................................... 439

15.4. Hp ng tng lai ti chnh.......................................................................................................... 441 15.4.1 Hp ng tng lai ch s c phiu ...................................................................................... 441 15.4.2 Thit lp nhng v th c phiu tng hp ............................................................................. 441 15.4.3 Hp ng tng lai ngoi hi ............................................................................................... 442 15.4.4 Hp ng tng lai lPi sut................................................................................................... 443


66

77

pppppppphhhhhhhhnnnnnnnn 11111111........ NNNNNNNNhhhhhhhhnnnnnnnngggggggg yyyyyyyyuuuuuuuu tttttttt cccccccc bbbbbbbbnnnnnnnn ccccccccaaaaaaaa uuuuuuuu tttttttt

i trng ti chnh pht trin vi v s cng c, th trng v nh ch

ti chnh an xen nhau mt cch phc tp, song mi cng c, th trng

v nh ch u m nhim chc nng ring. Phn ny cung cp cho ngi

hc bc tranh ton cnh v mi trng u t. Chng ta s ln lt nghin cu

cc loi th trng ch yu ni giao dch cc chng khon, xem xt qu trnh

giao dch v nhn din nhng ngi tham gia chnh trn mi sn chi ny. Qua

, chng ta s thy cc th trng v cng c tin trin nh th no p

ng nhu cu phc tp v khng ngng thay i ca nhng ngi tham gia khc

nhau trong h thng ti chnh. Cc th trng cng i mi v cnh tranh vi

nhau thu ht cc giao dch, si ng khng km g cc i th cnh tranh

nhng ngnh khc. ng thi, trong phn ny bn cng c gii thiu nhng nt

c th ca th trng chng khon Vit Nam, mt mi trng u t cn s khai

v ang dn dn hon thin.

MM

PPhhnn 11.. nnhhnngg yyuu tt cc bbnn ccaa uu tt


88

CCHHNNGG 11

TTnngg qquuaann

Sau khi nghin cu chng ny, bn s c th:

nh ngha mt khon u t

Phn bit gia cc ti sn thc v ti sn ti chnh

M t nhng bc ch yu trong vic xy dng mt danh mc u t

Nhn din nhng ngi tham gia chnh trn cc th trng ti chnh

Nhn din cc loi th trng ti chnh v nhng xu hng mi trn nhng

th trng ny

u t l s dnh ra mt s tin (hay l nhng ngun lc khc) hin ti vi d

tnh s nhn c nhng li ch trong tng lai. V d, mt c nhn c th mua

nhng c phn vi d tnh rng s tin thu c trong tng lai t nhng c phn

s chng minh cho tnh ng n ca c hai yu t l khong thi gian m tin

ca ng ta b gi li, v ri ro ca khon u t . Thi gian m bn ang b ra

nghin cu mn hc ny cng l khon u t. Bn ang hy sinh s rnh ri

hin ti, hoc l khon thu nhp m bn c th kim c vi mt vic lm, vi

d tnh rng ngh nghip trong tng lai ca bn s c nng ln bin

minh cho vic bn P b ra thi gian v n lc nh th. Mc d hai loi u t

ny khc nhau v nhiu phng din, song chng c chung mt thuc tnh quan

trng l trung tm ca tt c cc khon u t: Bn ang hy sinh mt th c gi

tr hm nay, vi d tnh s c li v sau t s hy sinh ny.

CChhnngg 11.. ttnngg qquuaann

99

Chng ny cp ti ba ch vi mt gc nhn rt c ch cho nhng vn v

sau. Th nht, chng ta xem xt vai tr ca cc ti sn ti chnh trong nn kinh t,

tho lun mi quan h gia cc chng khon v nhng ti sn "thc" m thc s

sn xut ra hng ho v dch v cho ngi tiu dng. Trn c s , chng ta s

xem xt ti nhng loi quyt nh t ra cho nh u t khi h phi to ra mt

danh mc u t gm nhiu ti sn. Nhng quyt nh u t ny c a ra

trong mt mi trng m nhng khon li tc cao hn thng ch c th t

c vi ci gi l ri ro ln hn, v rt him khi tm c nhng ti sn b

nh gi sai n mc tr nn mt mn li hin nhin. Nhng ch ny - nh

i ri ro-li nhun v vic nh gi mt cch hiu qu cc ti sn ti chnh - gi

v tr trung tm trong qu trnh u t, v th ngay t u chng chng ta s

cp s b ti nhng gi ca chng. Nhng gi ny s c cp mt cch

chi tit nhng chng sau. Cui cng, ta kt lun chng bng mt phn gii

thiu v cc th trng chng khon, nhng ngi chi tham gia vo nhng th

trng ny, v mt tng quan ngn v mt s trong nhng thay i quan trng

hn trong nhng th trng ny nhng nm gn y. Nhng ch ny s gip

bn nhn bit nhng ngi tham gia ch yu trn th trng chng khon v bi

cnh hot ng ca h.

1.1. Ti sn thc v ti sn ti chnh

1.1.1 Phn bit ti sn thc v ti sn ti chnh

Ti sn thc l nhng ti sn vt cht (my mc, nh xng, t ai...) v tri thc,

c th c s dng sn xut ra hng ha v dch v. Ca ci vt cht ca mt

xP hi suy cho cng c quyt nh bi nng lc sn xut ca nn kinh t ca

n, tc l vo khi lng hng ho v dch v m cc thnh vin ca xP hi c

th to ra. Nng lc ny l mt hm s ca cc ti sn thc ca nn kinh t.

Tri vi nhng ti sn thc l ti sn ti chnh, nh c phiu v tri phiu. Nhng

chng khon ny ch l nhng mnh giy, hay thm ch ch l nhng bt ton

c lu gi trn my tnh, v khng ng gp trc tip vo nng lc sn xut

ca nn kinh t. Trong khi ti sn thc to ra thu nhp rng cho nn kinh t, th

ti sn ti chnh ch xc nh s phn b thu nhp hay ca ci gia cc nh u t.



1100

Cc c nhn c th la chn gia vic tiu dng ca ci ca h vo hm nay v

vic u t cho tng lai. Nu h chn u t, h c th t ca ci ca h vo

cc ti sn ti chnh bng cch mua cc chng khon khc nhau. Khi cc nh u

t mua nhng chng khon ny t cc cng ty, cc cng ty s dng tin thu c

mua nhng ti sn thc nh my mc, thit b, cng ngh hay nguyn vt liu.

Li tc trn cc chng khon ca nh u t suy cho cng c ngun gc t thu

nhp m cc ti sn thc to ra, nhng ti sn c ti tr nh pht hnh cc

chng khon ny.

Nh vy, ti sn ti chnh l li ha v nhng khon thu nhp bng tin trong

tng lai. N l phng tin m nh cc c nhn trong nhng nn kinh t hin

i nm gi nhng quyn i hi i vi thu nhp c to ra bi ti sn thc

(hay i vi thu nhp t chnh ph). Nu chng ta khng th s hu mt nh my

t ca ring mnh, th ta vn c th mua c phn (mua ti sn ti chnh) ca cc

HPng General Motors M hay Toyota Nht Bn, v nh , chia s thu nhp

nhn c t vic sn xut t.

1.1.2 Phn loi cc ti sn ti chnh

Chng khon c thu nhp c nh cam kt mt dng thu nhp c nh hoc mt

dng thu nhp b quy nh theo mt cng thc nht nh. V d mt tri phiu

cng ty thng ha hn rng nhng ngi nm gi tri phiu s nhn c mt

khi lng c nh tin lPi trong mi nm. Cc tri phiu th ni lPi sut th ha

hn nhng khon thanh ton ph thuc vo lPi sut hin thi. Thnh tch u t

ca nhng chng khon c thu nhp c nh rt t gn vi tnh trng ti chnh ca

nh pht hnh.

Tuy nhin cc chng khon c thu nhp c nh c nhng thi hn rt khc nhau,

cng nh nhng iu khon thanh ton rt a dng. Mt cc l th trng tin t

vi nhng chng khon c thu nhp c nh ngn hn, rt d mua bn v ni

chung c ri ro rt thp, v d nh tn phiu Kho bc hay cc chng ch tin gi

ngn hng (CDs). Tri li th trng vn c thu nhp c nh bao gm nhng

chng khon di hn nh tri phiu Kho bc hay tri phiu do cc c quan chnh


1111

ph trung ng hay a phng pht hnh, hay tri phiu cng ty. Nhng tri

phiu ny c di an ton rt rng, t rt an ton v mt ri ro v n cho ti tng

i ri ro nh tri phiu lPi sut cao (junk-bonds). Chng cng c nhng iu

khon i km cc k a dng lin quan ti nhng khon thanh ton cho cc nh

u t v s bo v trc tnh trng ph sn ca ngi pht hnh.

C phiu ph thng, hay chng khon vn ch s hu, l loi ti sn th hin

mt phn ca quyn s hu trong cng ty c phn. Ngi nm gi c phiu

khng c ha hn bt k mt khon thanh ton c th no. H nhn c

nhng khon c tc m cng ty c th tr v chia s quyn s hu nhng ti sn

thc c trong cng ty. Nu cng ty thnh cng, gi tr ca vn ch s hu s tng

ln; nu khng, n s gim st. V th thnh qu ca cc khon u t vo c

phiu gn trc tip vi thnh cng ca cng ty v vi ti sn thc ca n. V l do

ny cc khon u t vo c phiu thng ri ro hn cc khon u t vo chng

khon c thu nhp c nh.

Cui cng, cc chng khon phi sinh, nh quyn la chn v cc hp ng

tng lai cung cp nhng khon chi tr tu thuc vo gi c ca nhng ti sn

khc, nh gi c phiu hay tri phiu. Chng khon pht sinh P tr thnh mt

phn gn b ca mi trng u t. Mt trong nhng cng dng ca chng khon

phi sinh, c l l cng dng ch yu, l ro chn ri ro hay chuyn giao ri ro

cho nhng bn khc. Ngoi ra chng khon phi sinh cn c th c s dng

thc hin nhng v th mang tnh u c cao. Bn cnh nhng ti sn ti chnh

ny, cc c nhn c th trc tip u t vo mt s ti sn thc nh bt ng sn

hay cc hng ha nh kim loi qu hay nng sn, nhng ti sn thc c th to

thnh mt phn trong mt danh mc u t.

Mc d chng ta ni rng ti sn thc quyt nh ca ci ca mt nn kinh t,

trong khi ti sn ti chnh ch th hin quyn i hi i vi cc ti sn thc, song

ti sn ti chnh v nhng th trng m trong chng c giao dch ng

nhng vai tr quan trng trong nhng nn kinh t pht trin. Ti sn ti chnh cho

php chng ta to ra phn ln nhng ti sn thc trong nn kinh t.



1122

Bn cnh nhng ti sn ti chnh ny, cc c nhn c th trc tip u t vo mt

s ti sn thc nh bt ng sn hay cc hng ha nh kim loi qu hay nng sn,

nhng ti sn thc c th to thnh mt phn trong mt danh mc u t.

1.2. Qu trnh u t

Danh mc u t ca mt nh u t n gin l tp hp nhng ti sn u t m

ng ta la chn. Khi danh mc u t c thit lp, n s c iu chnh bng

cch bn i nhng chng khon ang c v s dng tin thu c mua nhng

chng khon mi, bng cch u t nhng s tin b sung tng thm quy m

tng th ca danh mc, hoc bng cch bn i cc chng khon lm gim quy

m ca danh mc.

Cc ti sn u t c th c phn thnh nhng loi ti sn ln nh c phiu, tri

phiu, bt ng sn, cc hng ho v.v. Cc nh u t a ra hai loi quyt nh

khi xy dng danh mc u t ca mnh. Quyt nh phn b ti sn l s la

chn gia nhng loi ln ti sn, trong khi quyt nh la chn chng khon l s

la chn nhng chng khon c th nm gi trong tng loi ti sn.

Xy dng danh mc theo kiu "t trn xung" bt u bng s phn b ti sn. V

d mt c nhn hin ang gi tt c tin tin ca mnh trong mt ti khon ngn

hng trc ht s quyt nh s tin cn phi chuyn sang c phiu, tri phiu,

v.v. s chim t l bao nhiu trong danh mc tng th. Theo cch , nhng c

trng ln ca danh mc c thit lp. Ch sau khi quyt nh phn b ti sn

c a ra, nh u t mi quay sang vn la chn chng khon ring bit

no nm gi.

Phn tch chng khon lin quan ti vic nh gi nhng chng khon ring bit

c th c a vo danh mc u t. V d, mt nh u t c th hi liu cng

ty A hay cng ty B c t gi hp dn hn. C c phiu v tri phiu u phi

c nh gi v tnh hp dn u t, song vic nh gi c phiu l kh khn

hn nhiu bi v hot ng ca mt c phiu thng nhy cm hn nhiu trc

tnh trng ca cng ty pht hnh.


1133

Ngc li vi qun tr danh mc u t "t trn xung" l chin lc "t di

ln". Trong qu trnh ny, danh mc u t c xy dng t nhng chng khon

c v c t gi hp dn m khng quan tm nhiu ti s phn b ti sn. Mt

k thut nh cy c th dn ti vic c cc khng c vo khu vc ny hay khu

vc khc trong nn kinh t. V d, rt cc danh mc u t c th bao gm trong

ch yu nhng cng ty thuc cng mt ngnh, hay tp trung vo mt vng no

ca t nc, hoc phi i mt vi ch mt ngun ca tnh khng chc chn.

Tuy nhin, mt chin lc t di ln thc s hng danh mc u t vo nhng

ti sn cho nhng c hi u t hp dn nht.

1.3. Th trng ti chnh

1.3.1 Th trng ti chnh v nn kinh t

Trn y, chng ta ni rng ti sn thc quyt nh ca ci ca mt nn kinh t,

trong khi ti sn ti chnh ch th hin quyn i hi i vi cc ti sn thc. Tuy

nhin, ti sn ti chnh v nhng th trng m trong chng c giao dch

ng nhng vai tr quan trng trong nhng nn kinh t pht trin. Ti sn ti

chnh cho php chng ta to ra phn ln nhng ti sn thc trong nn kinh t.

iu ha tiu dng qua thi gian

Mt s c nhn trong mt nn kinh t ang kim c nhiu tin hn mc m h

mun chi tiu hin ti. Mt s c nhn khc, v d nhng ngi v hu, li chi

tiu nhiu hn mc m h kim c hin ti. Lm th no bn c th chuyn

c sc mua ca bn t nhng thi k thu nhp cao sang nhng thi k c thu

nhp thp ca cuc i? Mt cch l bn "tch tr" ca ci ca mnh trong nhng

ti sn ti chnh. Trong nhng thi k c thu nhp cao, bn c th u t tit kim

ca bn vo nhng ti sn nh tri phiu v c phiu. Trong nhng thi k c thu

nhp thp, bn bn nhng ti sn ny i c tin cho nhng nhu cu chi tiu ca

mnh. Bng cch lm nh th, bn c th "chuyn dch" vic tiu dng ca mnh

trn ton b quPng thi gian ca cuc i, nh m b tr vic tiu dng vo

nhng giai on to ra s tho mPn cao nht. Nh vy, th trng ti chnh cho



1144

php cc c nhn tch nhng quyt nh lin quan ti tiu dng hin ti ra khi

nhng hn ch m thu nhp hin thi c th p t.

Phn b ri ro

Hu nh tt c cc ti sn thc u lin quan ti mt ri ro no . Khi GM xy

dng nh my t ca n chng hn, n khng th bit chc chn l cc dng

tin m nhng nh my ny s to ra l bao nhiu. Cc th trng ti chnh v cc

cng c ti chnh a dng c giao dch trn nhng th trng cho php cc

nh u t a thch ri ro nht c mang ly ri ro , trong khi nhng nh u

t khc, t chp nhn ri ro hn, mt mc ln c th c an ton. V d nu

GM huy ng qu xy dng nh my t bng cch bn c c phiu ln tri

phiu ra cng chng, cc nh u t lc quan hn hay t chp nhn ri ro hn c

th mua c phn ca c phiu GM, trong khi nhng ngi thn trng hn c th

mua tri phiu GM. Do tri phiu ha hn cung cp mt khon thanh ton c

nh, nn c ng s gnh chu phn ln ri ro kinh doanh. Nh vy, cc th

trng vn cho php ri ro vn c ca tt c cc khon u t s c mang ly

bi nhng nh u t sn sng gnh chu ri ro nht.

S phn b ri ro nh th cng lm li cho nhng hPng cn huy ng vn ti

tr cho nhng khon u t ca h. Khi cc nh u t c kh nng la chn

nhng loi chng khon vi nhng c trng ri ro-li nhun ph hp nht vi

nhng u tin ca h, th mi chng khon c th c bn vi mc gi tt nht

c th. iu ny to iu kin thun li cho qu trnh thit lp nn d tr nhng

ti sn thc ca nn kinh t.

Tch ri quyn s hu v qun l

Nhiu doanh nghip do cng mt ngi va l ch s hu va qun l. T chc

n gin ny rt thch hp vi kinh doanh nh v trn thc t l hnh thc ph

bin nht ca t chc kinh doanh nhng nn kinh t cha thc s pht trin.

Ngy nay, vi nhng th trng ton cu v nn sn xut quy m ln, nhng i

hi v quy m v vn ca cc hPng P tng vt. V d, General Electric c ti sn

tr gi ti 33 t la. Nhng tp on c quy m nh th n gin l khng th


1155

tn ti vi t cch l nhng hPng do ch s hu iu hnh. G.E. thc t c khong

na triu c ng vi phn s hu ca mnh trong hPng t l vi s c phn h

nm gi. Mt s lng ng cc c nhn nh th khng th tham gia vo vic

qun tr hng ngy i vi hPng. Thay vo , h bu ra mt hi ng qun tr c

quyn thu v gim st ban gim c ca hPng. Cu trc ny c ngha l nhng

ngi ch s hu v cc nh qun tr ca cng ty l cc bn khc nhau. iu ny

to cho hPng mt s n nh m cng ty do chnh ngi ch iu hnh khng th

c c. V d nu mt vi c ng quyt nh h khng mun nm gi c phn

ca hPng na, h c th bn c phn ca h cho nhng nh u t khc m khng

nh hng g ti vic qun tr hPng. Nh vy, ti sn ti chnh v nng lc mua v

bn nhng ti sn trn cc th trng ti chnh gip cho s tch bit d dng

quyn s hu v vic qun l.

1.3.2 Tnh cnh tranh ca th trng

Th trng ti chnh pht trin mang tnh cnh tranh cao. Hng ngn nh phn

tch thng minh v c kin thc thng xuyn nghin cu cc th trng chng

khon tm kim nhng c hi mua tt nht. S cnh tranh ny c ngha l s c

rt t, nu c, nhng chng khon b nh gi thp mang li nhng mn li r

rng. HPy xem xt hai trong s nhiu gi ca nguyn tc khng c ba tra

khng mt tin ny.

nh i ri ro-li nhun

Cc nh u t u t c c nhng khon li nhun nhn thy trc trong

tng lai, song li nhun rt him khi c d on mt cch chnh xc. Hu

nh bao gi cng c ri ro gn vi nhng khon u t. Li nhun thc t lun

lun chch ra khi li nhun d tnh c nhn bit t khi bt u thi k u t.

Tt nhin l nu nhng yu t khc c th c gi cho khng thay i, cc nh

u t s thch nhng khon u t vi li nhun d tnh cao nht. Tuy nhin quy

tc khng c ba tra no min ph ni vi chng ta rng khng th gi nhng

yu t khc khng thay i. Nu bn mun li nhun d tnh cao hn, bn s phi

tr mt ci gi l phi chp nhn ri ro u t ln hn. Nu c th t c li

nhun d tnh cao hn m khng phi gnh chu thm ri ro, th ngi ta s x



1166

i mua nhng ti sn c li nhun cao, v kt qu l gi ca chng s b y cao

ln. Nhng ngi ang cn nhc vic u t vo ti sn vi mc gi m hin

gi P cao hn s thy khon u t ny km hp dn hn: Nu bn mua ti mt

mc gi cao hn, li nhun d tnh ca bn s thp hn. Ti sn s c coi l

hp dn v gi ca n s tip tc tng cho ti khi li nhun d tnh ca n ch cn

b p ri ro. Ti im , cc nh u t c th thy trc c mt

khon "li nhun" hp l so vi ri ro ca ti sn, khng hn. Tng t, nu li

nhun khng ph thuc vo ri ro, s c mt s x vo bn nhng ti sn c

ri ro cao. Gi ca chng s gim st (v li sut d tnh trong tng lai s tng)

cho ti khi chng thc s tr nn hp dn c a tr li danh mc u t

ca nh u t. Chng ta kt lun rng c mt s nh i ri ro-li nhun trn

cc th trng chng khon, nhng ti sn c ri ro cao hn c t gi cho

li nhun d tnh cao hn so vi nhng ti sn c ri ro thp hn.

Tt nhin s tho lun ny P li nhiu cu hi quan trng cha c tr li.

Ngi ta nn o lng ri ro ca mt ti sn bng cch no? S nh i v lng

gia ri ro (c o lng mt cch thch hp) vi li nhun d tnh s nh th

no? Ngi ta s cho rng ri ro c lin quan th no ti tnh bin ng trong

li nhun ca mt ti sn, song suy on ny ho ra cng ch chnh xc phn no.

Khi chng ta pha trn nhiu ti sn vo mt danh mc u t, ta cn phi xem xt

s tng tc gia nhng ti sn v hiu ng ca vic a dng ha i vi ri ro

ca ton b danh mc u t. a dng ho c ngha l nhiu ti sn cng c

nm gi trong danh mc, sao cho s hng chu ri ro trc mt ti sn ring bit

no c gii hn. Hiu ng a dng ho ln ri ro ca danh mc, nhng gi

cho s o lng ri ro mt cch thch hp v mi quan h ri ro-li nhun, l

nhng ch ca l thuyt danh mc u t hin i s c nghin cu nhng

phn sau.

Cc th trng hiu qu

Mt hm khc ca nguyn l khng c ba tra min ph l chng ta nn t

mong i tm thy nhng mn li trn cc th trng chng khon. Sau ny ta s


1177

xem xt l thuyt v bng chng lin quan ti gi thit rng cc th trng ti

chnh x l tt c nhng thng tin lin quan v cc chng khon mt cch nhanh

chng v hiu qu, tc l gi chng khon thng phn nh tt c nhng thng tin

c sn cho cc nh u t lin quan ti gi tr ca chng khon . Theo gi

thuyt ny, khi thng tin mi v mt chng khon tr nn ph bin, gi ca

chng khon s nhanh chng iu chnh, sao cho ti mt thi im bt k, gi

chng khon bng vi c tnh thng nht ca th trng v gi tr ca chng

khon. Nu iu ny xy ra, s khng c nhng chng khon b t gi thp cng

nh nhng chng khon b t gi cao.

Mt hm ca "l thuyt th trng hiu qu" ny lin quan ti s la chn gia

cc chin lc qun tr u t ch ng v th ng. Qun tr th ng i hi

vic nm gi nhng danh mc ht sc a dng m khng cn ti nhng n lc

hay nhng ngun lc khc c gng ci thin thnh tch u t thng qua phn

tch chng khon. Qun tr ch ng l s c gng nng cao thnh qu hoc bng

cch xc nh nhng chng khon b t gi sai hoc bng cch n nh thi gian

cho hot ng ca nhng loi ti sn ln, v d, tng thm s tin b vo c phiu

khi d on s c s tng gi trn th trng c phiu. Nu th trng l hiu qu

v gi c phn nh tt c nhng thng tin lin quan, th c l tt hn l nn theo

ui cc chin lc th ng thay v tiu ph cc ngun lc c gng d on

tt hn nhng i th cnh tranh ca bn trn cc th trng ti chnh.

Nu l thuyt th trng hiu qu c ng dng ti mc cc oan th vic phn

tch chng khon theo cch ch ng s l v ngha. Tuy nhin nu khng c

phn tch chng khon th gi c cui cng s i chch ra khi nhng gi tr

"chnh xc", to ra nhng khuyn khch mi cho cc chuyn gia nhy vo lnh

vc ny. V th ngay c trong nhng mi trng mang tnh cnh tranh nh l cc

th trng ti chnh, chng ta vn c th ch nhn thy tnh gn hiu qu, v

nhng c hi li nhun c th tn ti i vi nhng nh u t c bit sng to

v mn cn.

1.3.3 Nhng thnh phn tham gia th trng

Ch th giao dch ch yu trn cc th trng ti chnh l:



1188

1. Nhng cng ty l ngi i vay rng. H huy ng vn hm nay tr cho

nhng khon u t vo nh my v thit b. Thu nhp to ra bi nhng ti sn

thc cung cp li nhun cho nhng nh u t P mua cc chng khon do

cng ty pht hnh.

2. Cc h gia nh, thng l nhng ngi tit kim rng. H mua cc chng

khon c pht hnh bi nhng hPng cn huy ng vn.

3. Cc chnh ph c th l ngi i vay hoc cho vay, tu thuc vo mi quan h

gia ngun thu t thu v cc khon chi tiu ca chnh ph. Vic pht hnh tn

phiu, k phiu v tri phiu Kho bc l cch ch yu chnh ph vay tin

ca dn chng.

Cc trung gian ti chnh

Cc cng ty v chnh ph khng bn tt c hay thm ch l phn ln chng khon

ca h trc tip ti cc c nhn. V d khong mt na tng s c phiu c

nm gi bi cc nh ch ti chnh ln, nh cc qu u t, qu hu tr, cc cng

ty bo him v cc ngn hng. Nhng nh ch ti chnh ny ng gia ngi

pht hnh chng khon (cng ty) v ngi ch s hu cui cng ca chng khon

(cc nh u t c nhn). V l do m chng c gi l nhng trung gian ti

chnh. Tng t, cc cng ty khng bn chng khon ca h ra cng chng. Thay

vo , h thu nhng i l, gi l cc ngn hng u t, i din cho h trc

cng chng u t. Ta hPy xem xt vai tr ca nhng trung gian ti chnh ny.

Cc h gia nh cn c nhng khon u t thch hp cho nhng khon tit kim

ca h, nhng quy m nh (v ti chnh) ca a s cc h gia nh khin cho vic

u t trc tip tr nn kh khn. Mt nh u t nh ang tm cch cho vay tin

ti cc doanh nghip ang cn ti tr cho cc khon u t khng qung co trn

bo ch tm mt ngi vay c nh vay v thch hp. Hn na, mt c nhn

ngi cho vay s khng c kh nng a dng ho gia nhiu ngi vay gim

bt ri ro. Cui cng, mt ngi cho vay c nhn khng c iu kin nh gi

v gim st ri ro tn dng ca ngi vay.


1199

V nhng l do , cc trung gian ti chnh P pht trin a ngi vay v

ngi cho vay li vi nhau. Nhng trung gian ti chnh ny bao gm cc ngn

hng, cc cng ty u t, cng ty bo him, v cc t chc tn dng. Cc trung

gian ti chnh pht hnh nhng chng khon ca ring h huy ng vn mua

chng khon ca nhng cng ty khc.

V d mt ngn hng huy ng vn bng cch i vay (nhn tin gi) v cho vay

s tin ti nhng ngi vay khc. Khon chnh lch tin lPi gia cc mc lPi

sut tr cho ngi gi tin v i ngi vay l ngun li nhun ca ngn hng.

Bng cch ny, ngi cho vay v ngi vay khng cn thit phi tip xc trc tip

vi nhau. Thay vo , mi bn ti ngn hng, ni hnh ng vi t cch l trung

gian gia hai bn. Vn chp ni nhng ngi cho vay vi nhng ngi vay

c gii quyt khi mi bn n vi t chc trung gian chung ny mt cch c

lp.

Cc trung gian ti chnh khc l cc cng ty u t, cng ty bo him v cc t

chc tn dng. Tt c nhng hPng ny u c nhng li th tng t trong vai tr

trung gian ca chng. Th nht, bng cch hn hp cc ngun lc t nhiu nh

u t nh, chng c th cho vay nhng lng tin ng k ti nhng ngi vay

ln. Th hai, bng cch cho vay ti nhiu ngi vay, cc trung gian ti chnh t

c s a dng ng k, khin chng c th chp nhn nhng khon vay m nu

ng ring l l qu ri ro. Th ba, cc t chc trung gian hnh thnh c tnh

chuyn su nh khi lng cng vic kinh doanh m h thc hin v c th s

dng li th kinh t nh quy m v phm vi hot ng nh gi v gim st ri

ro.

Cc cng ty u t, ni gom v qun l tin ca nhiu nh u t, cng hnh

thnh t tnh kinh t nh quy m. y vn l ch phn ln danh mc u

t ca h gia nh l khng ln phn tn trn mt s lng ln cc chng

khon. Ph mi gii v chi ph tm kim mua mt hay hai c phn ca nhiu

hPng khc nhau s rt t. Cc qu u t c li th ca vic giao dch quy m

ln v qun tr danh mc u t, trong khi cc nh u t tham gia c phn b

mt phn trong tng s tin, tng ng vi quy m khon u t ca h. H



2200

thng ny em li cho cc nh u t nh nhng li th m h sn sng tr tin

c c thng qua mt khon ph qun l tr cho ngi iu hnh qu u t.

Cc cng ty u t cng c th thit k cc danh mc u t ginh ring cho cc

nh u t ln t c nhng mc tiu ring. Tri li, cc qu tng h c

bn trn th trng bn l, v cc trit l u t ca h c phn bit ch yu bi

cc chin lc c th thu ht c mt s lng ln cc khch hng.

Tnh kinh t nh quy m cng l gii s pht trin nhanh chng ca cc dch v

phn tch cung cp ti cc nh u t. Cc bn tin, c s d liu, v cc dch v

nghin cu ca cc hPng mi gii u xc tin vic nghin cu c bn ti

mt c s khch hng ln. Bi cnh hnh thnh mt cch t nhin. Cc nh

u t r rng l cn thng tin, nhng vi vic qun l nhng danh mc u t

nh, h thy vic t mnh thu thp tt c nhng thng tin l khng kinh t. V

th mt c hi li nhun P xut hin: mt hPng c th thc hin dch v ny cho

nhiu khch hng v hng ph t nhng dch v .

Cc ngn hng u t

Cng ng nh tnh kinh t nh quy m v s chuyn mn ho to ra nhng c

hi li nhun cho cc trung gian ti chnh, nhng li ch kinh t ny cn to ra c

hi cho nhng cng ty P tin hnh nhng dch v chuyn mn ho cho cc

doanh nghip. Cc hPng huy ng phn ln vn ca h bng cch bn cc chng

khon nh c phiu v tri phiu cho cng chng. Tuy nhin v nhng hPng ny

khng thng xuyn lm vic , nn cc hPng ngn hng u t chuyn mn

ho trong nhng hot ng c th cho nhng dch v ca mnh vi mt mc

chi ph thp hn chi ph ca vic duy tr mt b phn pht hnh chng khon

ngay trong ni b.

Cc ngn hng u t nh Goldman Sachs, Merrill Lynch, hay Salomon Brothers

c vn cho cc cng ty pht hnh v mc gi m n c th i trn nhng chng

khon c pht hnh, mc lPi sut thch hp, v.v. Cui cng, hPng ngn hng

u t x l vic bn mt t pht hnh chng khon ra cng chung.


2211

Ngn hng u t c th cung cp ti cc nh pht hnh chng khon khng ch

hot ng su v nghip v. V cc nh ngn hng u t thng xuyn bm st

th trng, h tr cng ty ny hay cng ty khc trong vic pht hnh chng

khon, nn cng chng bit rng vic bo v v duy tr danh ting ca h v

phng din trung thc chnh l v li ch ca chnh ngn hng u t. Ngn hng

u t s chu chung tn tht vi cc nh u t nu nh nhng chng khon m

n bo lPnh pht hnh c bn ti cng chng bng nhng tuyn b lc quan

qu mc hoc b thi phng qu mc, v cng chng s khng tin cy nh th na

khi ngn hng u t tham gia vo mt cuc bn chng khon tip theo. V th

tnh hiu qu v kh nng c c hot ng kinh doanh trong tng lai ca mt

ngn hng u t ph thuc vo uy tn m n to dng c qua thi gian. Hin

nhin l nhng khuyn khch kinh t duy tr danh ting ng tin cy s khng

mnh i vi nhng hPng ch d tnh hot ng trn th trng chng khon ch

mt ln hoc rt t. Do , cc ngn hng u t c vai tr xc nhn cho t chc

pht hnh chng khon. S u t ca h cho danh ting l mt dng khc na

ca tnh kinh t nh quy m, pht sinh t vic tham gia thng xuyn trn th

trng vn.

1.4. Cu trc th trng

Chng ta c th phn bit bn loi th trng: th trng tm kim trc tip, th

trng qua mi gii, th trng qua ngi giao dch v th trng u gi.

1.4.1 Th trng tm kim trc tip

y l th trng c t chc dng ti thiu. Nhng ngi mua v ngi bn phi

trc tip tm c nhau. Mt v d v mt giao dch trn th trng kiu nh vy

l vic bn mt t lnh P qua s dng, trong ngi bn qung co cho nhng

ngi mua trn mt t bo a phng. Nhng th trng nh th c c trng

bi s tham gia tha tht v nhng hng ho c gi thp v khng tiu chun. N

khng tr tin cho a s ngi hay cng ty i tm kim li nhun bng cch

chuyn mn ho trong mt mi trng nh th.



2222

1.4.2 Th trng qua mi gii

Trn nhng th trng c giao dch si ng, cc nh mi gii nhn thy vic

cho cc dch v tm kim cho nhng ngi mua v nhng ngi bn l c th thu

li nhun. Mt v d tt l th trng bt ng sn, ni m tnh kinh t ca quy

m trong nhng cuc tm kim nh c sn v cho nhng ngi mua tim nng

P khin cho vic tr tin cho nhng nh mi gii tin hnh vic tm kim l

vic ng lm i vi nhng ngi tham gia. Nhng ngi mi gii trn nhng

th trng ring bit tch lu c s hiu bit chuyn mn ho v vic nh gi

nhng ti sn c giao dch trn th trng .

Mt th trng u t c mi gii quan trng l th trng s cp, ni m nhng

pht hnh chng khon mi c cho bn ti cng chng. Trn th trng s

cp, cc ngn hng u t, ngi bn chng khon ca mt cng ty ti cng

chng, hnh ng vi t cch nhng ngi mi gii. H tm kim cc nh u t

mua chng khon truc tip t cng ty pht hnh.

Mt th trng qua mi gii na l th trng giao dch khi ln, trong nhng

khi lng c phiu ln c mua hoc bn. Nhng khi ny ln n mc cc

nh mi gii thng phi tin hnh tm kim trc tip nhng nh giao dch ln

khc, ch khng phi trc tip a giao dch ti s giao dch chng khon l ni

giao dch ca cc nh u t tng i nh hn.

1.4.3 Th trng qua nh giao dch

Cc nh giao dch chuyn mn ho vo nhng ti sn khc nhau, mua nhng ti

sn ny cho ti khon ca chnh mnh v sau bn chng i t d tr ca chnh

mnh thu mt khon li nhun. Khon chnh lch gia mc gi "hi mua" v

mc gi "cho bn" l mt ngun li nhun. Th trng ca nh giao dch tit

kim cho cc nh giao dch chi ph tm kim bi nhng ngi tham gia th trng

c th d dng bit c cc mc gi m h c th mua t cc nh giao dch hay

bn cho h. Mun cho vic giao dch trn mt th trng tr thnh mt ngun thu

nhp hp dn th cn c mt khi lng hot ng th trng hp l. Th trng

OTC l mt v d v th trng qua nh giao dch.


2233

1.4.4 Th trng u gi

y l dng th trng c kt cht ch nht, trong tt c cc nh giao dch u

tp trung ti mt a im mua hoc bn mt ti sn. S Giao dch Chng

khon New York l mt v d v mt th trng u gi. Li th ca th trng

u gi so vi th trng qua nh giao dch l ch ngi ta khng cn phi tm

kim qua ht thy cc nh giao dch tm ra mc gi tt nht cho mt hng ho.

Nu tt c nhng ngi tham gia tp trung li, h c th t c nhng mc gi

c chp nhn chung v tit kim c khon chnh lch mua-bn.

Cc th trng u gi lin tc (i lp vi u gi nh k) i hi s giao dch

rt ln v thng xuyn trang tri c chi ph ca vic duy tr th trng. V

l NYSE v nhng s giao dch chng khon khc P lp ra nhng yu cu cho

vic nim yt, hn ch nhng c phiu c giao dch trn s giao dch chng

khon trong phm vi c phiu ca nhng hPng chc chn l c mc quan

tm giao dch.

1.5. Nhng xu hng hin nay

C ba xu hng quan trng P thay i mi trng u t ng i: (1) ton cu

ho; (2) chng khon ha, v (3) k ngh ti chnh.

1.5.1 Ton cu ho

Nu nh mt di rng hn nhng la chn u t c th lm li cho cc nh u

t, th vic g chng ta li phi t hn ch mnh trong nhng ti sn thun ni a?

Cng ngh vin thng ngy cng hiu qu v s xo b nhng tr ngi v qun l

P khch l ton cu ho trong nhng nm gn y.

Cc nh u t M ni chung c th tham gia vo cc c hi u t nc ngoi

theo nhiu cch: (1) mua cc chng khon nc ngoi, s dng ADRs ( American

Depository Receipts - Chng nhn tin gi M), l nhng chng khon c giao

dch trong nc nhng l nhng quyn i hi i vi cc c phn ca c phiu

nc ngoi, (2) mua chng khon nc ngoi cho bn bng ng la; (3) mua

cc qu tng h u t quc t; v (4) mua cc chng khon phi sinh vi phn

chi tr ph thuc vo gi c trn cc th trng chng khon nc ngoi.



2244

Cc nh mi gii, nhng ngi hnh ng vi t cch l nhng trung gian cho

nhng giao dch ny, mua mt lng d tr c phiu t cc nh pht hnh nc

ngoi, Ri nh mi gii pht hnh mt ADR th hin mt quyn i hi i vi

mt s lng no nhng c phn nc ngoi c trong d tr. ADR c nh

danh bng ng la v c th cgiao dch trn cc s giao dch chng khon

M nhng v thc cht n ch l mt quyn i hi trn mt c phiu nc ngoi.

Nh vy trn quan im ca nh u t th s khc bit gia vic mua mt c

phiu Php v mt c phiu M cng ch ging nh s khc bit gia vic nm

mt cng ty ng Massachusetts vi mt cng ty ng ti California. Tt nhin,

gi u t c th khc nhau: ADR vn t cc nh u t trc ri ro t gi.

1.5.2 Chng khon ho

Nm 1970, cc chng khon chuyn tip cm c c a ra bi Hip Hi Cm

c Quc gia Chnh ph (GNMA, hay Ginnie Mae). Nhng chng khon ny gom

cc khon vay cm c nh ring l thnh mt b tng i ng nht. Mi b ny

c tc dng nh mt s m bo cho mt chng khon chuyn tip GNMA.

Nhng nh u t mua chng khon GNMA nhn c nhng c phn theo t l

ca tt c nhng khon thanh ton gc v lPi c tr trn tp hp cc khon vay

cm c c s.

V d, tp hp c th c tng s 100 triu la ca nhng khon vay cm c

thng thng 30 nm, lPi sut 12%. Cc quyn i vi nhng dng tin khi c

th c bn thnh 5.000 n v, mi n v tr gi 20.000 la. Mi ngi nm

gi mt n v s nhn c 1/5.000 ca tng s cc khon thanh ton lPi v gc

hng thng, c tr trn tp hp ny. Cc ngn hng to khon vay cm c tip

tc cung cp dch v cho nhng khon vay (nhn ph cho dch v), nhng h

khng cn s hu khon u t vo ti sn cm c na: khon u t P c

chuyn tip ti nhng ngi nm gi chng khon GNMA.

Chng khon chuyn tip l mt i mi ln lao trn cc th trng khon vay

cm c. Chng khon ho cc khon vay cm c ngha l nhng khon vay cm

c c th c giao dch ging nh nhng chng khon khc. Tnh sn c ca cc


2255

qu i vi nhng ngi mua nh khng cn tu thuc vo nhng iu kin tn

dng a phung na, v khng cn phi chu quyn lc c quyn tim nng ca

cc ngn hng a phng na: vi nhng chng khon chuyn tip cm c giao

dch trn nhng th trng quc gia, cc qu cm c c th chy t mt khu vc

bt k (thc s l trn ton th gii) ti bt k ni no m nhu cu l ln nht.

Chng khon ho cng m rng cc la chn cho nh u t. Trc nm 1970

cc nh u t khng th u t trc tip vo cc khon vay cm c, nhng gi

y h c th mua cc chng khon cm c chuyn tip hay u t vo cc qu

tng h cho nhng danh mc u t ca nhng chng khon . Ngy nay, a

s cc khon vay cm c nh c tp hp thnh nhng chng khon da trn

khon vay cm c.

Mt v d khc na v chng khon ho l nhng khon tr chm t c th chp

(CAR), mt dn xp chuyn tip i vi nhng khon vay mua t. Ngi to

khon vay ban u chuyn nhng khon thanh ton ca khon vay ti ngi nm

gi CAR.

Chng khon ho M cn c s dng cho php cc ngn hng M thanh

l nhng danh mc cc khon vay khng an ton ca h ti cc quc gia ang

pht trin. Tri phiu Brady l loi tri phiu hnh thnh do vic chng khon ho

cc khon vay ngn hng ti mt s nc trong nhng iu kin ti kho bt n

nh. Cc ngn hng M i nhng khon vay ca h ti cc quc gia ang pht

trin ly nhng tri phiu c bo m bng nhng khon vay . Nhng khon

thanh ton m l ra nc vay s thc hin ti ngn hng cho vay, thay vo s

c tr cho nhng ngi nm gi tri phiu. Nhng tri phiu ny c giao

dch trn th trng vn. Do , nu cc ngn hng chn cch ny, h c th loi

b nhng khon vay ny ra khi cc danh mc ca h n gin l bng cch bn

cc tri phiu. Ngoi ra, trong nhiu trng hp, pha M cn nng cao cht

lng tn dng ca nhng tri phiu ny bng dnh ra mt lng tri phiu Kho

bc lm vt th chp mt phn cho cc khon vay. Trong trng hp c s v

n t nc ngoi, nhng ngi nm gi tri phiu Brady c quyn i hi i vi

ti sn th chp.



2266

1.5.3 K ngh ti chnh

K ngh ti chnh l mun ni ti vic to ra nhng chng khon mi bng cch

"tho ri" (unbundling) - tc chia v phn b cc dng tin t mt chng khon

to thnh nhng chng khon mi - hay lp ghp (bundling) - tc kt hp hn

mt chng khon li thnh mt chng khon tng hp. K ngh sng to ra

nhng sn phm u t mi nh th cho php ngi ta thit k c nhng chng

khon vi nhng thuc tnh ri ro ph hp vi tng khch hng. V d Tp on

Chubb, vi s tr gip ca Goldman Sachs, P kt hp ba chng khon c s - c

phiu, tri phiu v c phiu u Pi - thnh mt chng khon hn hp. Chubb

pht hnh c phiu u Pi c th chuyn i thnh c phiu ph thng tu theo

la chn ca ngi nm gi v c th i thnh tri phiu c th chuyn i tu

theo la chn ca cng ty. Nh th chng khon ny l mt s lp ghp vo c

phiu u Pi mt s quyn la chn. Thng thng, mun to ra mt chng

khon c v hp dn, ngi ta phi "tho ri" mt ti sn. V d mt chng ch

chuyn tip cm c (mortgage pass-through certificate) b tho ri thnh hai loi:

Loi 1 ch nhn c cc khon thnh ton gc t b cc khon vay cm c, trong

khi loi 2 li ch nhn c cc khon thanh ton lPi.

Qu trnh tho ri v lp ghp ny c gi l k ngh ti chnh, tc l vic to ra

v thit k cc chng khon c nhng c tnh ring ph hp vi tng khch

hng, thng lin quan ti vic phi hng chu nhng ngun ri ro khc nhau.

Cc k s ti chnh coi nhng chng khon l nhng tp hp cc dng tin (c th

l ri ro) c th c chia nh v b tr li theo nhu cu hay mong mun ca cc

nh giao dch trn th trng chng khon. Nhiu trong s cc chng khon phi

sinh m ta P cp ti phn trn l sn phm ca ng dng ti chnh.

Tm lc


2277

Ti sn thc th hin ca ci. Ti sn ti chnh th hin quyn c i hi i

vi tng phn hay ton b ca ci . Ti sn ti chnh quy nh quyn s hu

nhng ti sn thc c phn phi nh th no gia cc nh u t.

Ti sn ti chnh c th c phn loi thnh nhng cng c c thu nhp c

nh, cng c vn ch s hu, v cc cng c phi sinh. Nhng k thut xy

dng danh mc u t "t trn xung" bt u bng quyt nh phn b ti sn

- phn b tin u t gia nhng loi ti sn ln - v sau tin ti nhng

quyt nh la chn chng khon c th hn.

S cnh tranh trn cc th trng ti chnh dn ti mt s nh i ri ro-li

nhun, trong cc chng khon cho nhng mc li nhun d tnh cao hn

cng p t nhng ri ro ln hn ln cc nh u t. S hin din ca ri ro,

tuy nhinm hm rng li nhun thc t c th khc nhiu so vi mc li

nhun d tnh ti lc bt u k u t. Cnh tranh gia cc nh phn tch

chng khon cng dn ti kt qu l cc th trng ti chnh cn hiu qu v

mt thng tin, c ngha l gi c phn nh c tt c nhng thng tin c c

lin quan ti gi tr ca chng khon. Cc chin lc u t th ng c th l

hp l trn nhng th trng cn hiu qu.

Cc trung gian ti chnh hn tin ca cc nh u t li v u t chng. Cc

dch v ca h l cn thit, bi cc nh u t nh khng th thu thp thng

tin, a dng ho v gim st cc danh mc u t mt cch hiu qu. Trung

gian ti chnh bn chng khon ca chnh n cho cc nh u t nh. Trung

gian ti chnh u t s tin huy ng c nh th, dng s tin kim c

tr li cho cc nh u t nh v thu li nhun t khon chnh lch.

Ngn hng u t gip cho vic huy ng vn ca cng ty c hiu qu. Cc

nh ngn hng u t pht trin k nng chuyn su trong vic nh gi bn

cho nhng pht hnh mi v bn chng ti cc nh u t.

C bn loi th trng ti chnh. Th trng tm kim trc tip l km hiu qu

v km tinh vi nht, mi ngi giao dch phi tm cho c mt i tc.

Trn cc th trng c mi gii, cc nh mi gii chuyn mn ho trong vic

a ra li khuyn v tm kim i tc cho nhng ngi mua bn tr ph. Cc



2288

nh giao dch (dealers) cung cp thm mt bc tin cho s thun tin. H gi

mt d tr cc ti sn v sn sng mua hoc bn theo yu cu, kim li nhun

t chnh lch gi mua-bn. Th trng u gi cho php mt ngi mua bn

uc li t s cnh tranh trc tip. Tt c cc bn quan tm u tr gi mua

c hng ha hay dch v

Nhng xu hng mi trn cc th trng ti chnh bao gm ton cu ho,

chng khon ho v ng dng ti chnh i vi cc ti sn.

Bi tp

1. Gi s bn pht hin ra mt h tin tr gi 1t ng.

a) y l mt ti sn thc hay mt ti sn ti chnh?

b) XP hi c giu hn khng nh pht hin ny?

c) Bn c giu hn khng?

d) Bn c th c nhng cu tr li ging nhau cho (b) v (a) khng? C ai b

ngho i v pht hin ny khng?

2. Cng ty pht trin phn mm my tnh Lanni Products hin c cc thit b

my tnh tr gi 30.000$ v c trong tay khon tin mt 20.000$ do cc c

ng ng gp. Trong mi mt giao dch sau y, hay xc nh nhng ti sn

thc hay ti sn ti chnh c trao i. Qua giao dch c ti sn ti chnh

no c to ra hay b mt i khng?

a) Cng ty vay ngn hng mt mn tin. N nhn c mt s tin 50.000$

v k mt giy nhn n ha tr li khon vay trong vn ba nm.

b) Cng ty s dng s tin vay c ny cng vi 20.000$ trong qu ca n

ti tr cho s pht trin nhng phn mm lp k hoch ti chnh mi.

c) Cng ty bn sn phm phn mm ny cho Microsoft, v hPng ny s bn

n ra cng chng di tn Microsoft. Lanni chp nhn khon thanh ton

di dng 1.500 c phn ca c phiu Microsoft.


2299

d) Lanni bn c phn ca c phiu ly 80$/c phn v s dng mt phn

trong s tin thu c tr khon vay ngn hng.

3. Tr li vi Cng ty Lanni Products trong bi tp 2.

a) Lp bng cn i k ton ca cng ty sau khi n nhn c khon vay

ngn hng. H s ti sn thc trn tng ti sn ca cng ty l bao nhiu?

b) Lp bng cn i k ton sau khi cng ty chi tiu 70.000$ pht trin sn

phm phn mm ca n. H s ti sn thc trn tng ti sn l bao nhiu?

c) Lp bng cn i k ton sau khi Lanni chp nhn thanh ton bng c phn

t Microsoft. H s ti sn thc trn tng ti sn l bao nhiu?

4. Ti sao ngi ta d tnh chng khon ha ch din ra trn nhng th trng vn

pht trin trnh cao?

a) Mi quan h gia chng khon ha v vai tr ca cc trung gian ti chnh

trong nn kinh t l g? iu g s xy ra vi cc trung gian ti chnh khi

chng khon ha pht trin?

b) "Ti sn thc mi th hin nng lc sn xut ch thc ca mt nn kinh

t", iu c mu thun g khng vi pht biu rng nn kinh t s b nh

hng nu khng c cc th trng ti chnh m ngi ta c th trao

i nhng ti sn ti chnh?



3300

CCHHNNGG 22

CCcc tthh ttrrnngg ttii cchhnnhh vv nnhh uu tt

Sau khi nghin cu chng ny, bn s c th:

Phn bit gia nhng ti sn ch yu c giao dch trn th trng tin t

v trn th trng vn.

Tnh ton li nhun hay l trn cc khon u t vo cc quyn la chn

v hp ng tng lai.

2.1. Cc th trng ti chnh

2.1.1 Th trng tin t

Cc th trng ti chnh theo truyn thng c chia thnh th trng tin t v th

trng vn. Cng c ca th trng tin t bao gm nhng chng khon n ngn

hn, c th c mua bn, tnh lng cao v ri ro thp. Cng c ca th trng

tin t i khi c gi l tin tng ng, hay ngn hn, l tin. Tri li th

trng vn bao gm nhng chng khon di hn hn v ri ro hn. Chng khon

trn th trng vn a dng hn nhiu so vi trn th trng tin t, nn th trng

vn thng c chia nh hn thnh bn th trng l th trng thu nhp c nh

di hn, th trng vn ch s hu, th trng cho cc quyn la chn v cho cc

hp ng tng lai.

Th trng tin t l mt b phn ca th trng thu nhp c nh. N bao gm

nhng chng khon n rt ngn hn v rt d mua bn. Nhiu loi trong s nhng

chng khon ny c giao dch vi mnh gi ln v do khng thch hp i

CChhnngg 22.. cccc tthh ttrrnngg ttii cchhnnhh vv nnhh uu tt

3311

vi cc nh u t c nhn. Tuy nhin cc qu tng h trn th trng tin t li

rt d tip cn i vi cc nh u t nh. Nhng qu tng h ny tp hp

ngun lc t nhiu nh u t v thay mt cho h mua nhiu loi chng khon

ca th trng tin t.

Tn phiu Kho bc

Tn phiu Kho bc v nguyn tc l loi cng c d mua bn nht trong tt c

nhng cng c ca th trung tin t, c bit l trn th trng M. Tn phiu

Kho bc l dng vay mn n gin nht. Chnh ph huy ng tin bng cch

bn tn phiu cho cng chng. Cc nh u t mua tn phiu ti mt mc gi chit

khu so vi gi tr nhn c khi o hn. Ti thi im o hn ca tn phiu,

ngi nm gi n nhn c t chnh ph mt khon thanh ton bng mnh gi

ca tn phiu. Khon chnh lch gia gi mua v gi tr cui cng khi o hn l

thu nhp ca ngi u t.

Cc c nhn c th mua tn phiu Kho bc trc tip ti cuc u gi hoc trn th

trng th cp t mt nh bun chng khon chnh ph. Tn phiu Kho bc ht

sc thanh khon; chng d dng c chuyn thnh tin v c bn vi chi ph

giao dch thp, hu nh khng c ri ro v gi.

Chng ch tin gi

Mt chng ch tin gi (CD) l mt s tin gi c thi hn ti mt ngn hng.

Tin gi c thi hn khng c rt ra khi cn. Ngn hng ch tr lPi v gc cho

ngi gi tin vo lc kt thc thi hn P n nh ca CD. Tuy nhin, nhng CD

c pht hnh vi mnh gi ln thng c th chuyn nhng, tc l chng c

th c bn cho mt nh u t khc nu ngi s hu ca chng cn i chng

ch thnh tin trc khi n o hn. CD ngn hn rt d mua bn, mc d th

trng cho nhng thi hn su thng tr ln kh mng. M CD c coi nh

tin g ngn hng, nn cng c bo him cho ti 100.000$ nu ngn hng mt

kh nng thanh ton.

Thng phiu



3322

Cng ty thng l mt ngi vay rng i vi c cc qu di hn ( u t vn)

v cc qu ngn hn ( c vn lu ng). Nhng cng ty ln v ni ting thng

pht hnh trc tip cc giy n ngn hn khng m bo ra cng chng, m

khng vay ngn hng. Nhng giy n ny c gi l cc thng phiu (CP). i

khi CP c bo m bng mt hn mc tn dng ca ngn hng, cho php ngi

vay tip cn ti s tin m c th c s dng nu cn, tr tin cho thng

phiu khi o hn.

CP c coi l mt ti sn kh an ton, bi tnh trng ca mt cng ty c xem

l c th gim st v d on trong mt khong thi gian ngn, mt vi thng.

Tuy nhin cn lu tng nhiu hPng pht hnh thng phiu vi nh tip tc

lun chuyn n khi o hn, tc l pht hnh thng phiu mi c c s tin

cn thit thanh ton thng phiu c. Nu nhng ngi cho vay bng lng vi

vic gim st nhng trin vng ca cng ty v chp nhn vic lun chuyn mt

cch d dPi, rt c th h s b mt tin to.

Giy chp nhn ca ngn hng

Mt giy chp nhn ca ngn hng bt u vi t cch l mt lnh c gi ti

mt ngn hng bi khch hng ca mt ngn hng khc, ngh tr mt khon

tin ti mt thi hn trong tng lai, thng l trong vng su thng. Khi ngn

hng ng du "chp nhn" ln lnh thanh ton, n chu trch nhim v khon

thanh ton cui cng cho ngi nm gi giy chp nhn ny. Ti thi im ,

giy chp nhn c th c giao dch trn th trng th cp rt ging vi nhng

quyn i hi khc i vi ngn hng. Giy chp nhn ca ngn hng c coi l

nhng ti sn rt an ton. Chng c s dng rng rPi trong ngoi thng, khi

tnh ng tin cy ca mt thng gia cha c i tc thng mi ca h bit

ti. Giy chp nhn c bn vi mt khon chit khu so vi gi tr mnh gi

ca lnh thanh ton, cng ging nh tn phiu Kho bc c bn vi gi chit

khu so vi gi tr mnh gi.

Eurodollar


3333

Eurodollar l nhng khon tin gi ghi bng la ti cc ngn hng nc ngoi

hay chi nhnh nc ngoi ca cc ngn hng M. Nh vic ng bn ngoi

nc M, nhng ngn hng ny trnh c s qun l ca Cc D tr Lin bang,

mc d l ni m u ca thng l chp nhn tin gi bng la bn ngoi

nc M

Phn ln cc khon tin gi Eurodollars c khi lng rt ln v a s l tin gi

c k hn di su thng. Mt bin thi ca tin gi Eurodollars c thi hn l

chng ch tin gi Eurodollar. Mt chng ch tin gi Eurodollar ging nh mt

CD ngn hng trong nc, ch khc ch n l ngha v ca mt chi nhnh ca

mt ngn hng khng phi l ca M. Li th ca CDs Eurodollar so vi tin gi

c thi hn bng Eurodolars l ngi nm gi c th bn ti sn ny nhn c

gi tr bng tin ca n trc khi o hn. Tuy nhin, CD bng Eurodollar c

coi l km thanh khon hn v ri ro hn CDs trong nc v do n cho li

sut cao hn. Cc hPng cng pht hnh tri phiu Eurodollar, tc l tri phiu ghi

bng ng la Chu u, mc d nhng tri phiu ny khng phi l mt

khon u t trn th trng tin t do n c thi hn di.

Repos v Repo o ngc

Cc nh giao dch chng khon chnh ph s dng nhng hp ng mua li, cn

gi l repos hay RPs, nh mt hnh thc vay ngn hn, thng l vay qua m.

Nh giao dch bn cc chng khon cho mt nh u t trn c s qua m, vi

tho thun s mua li nhng chng khon ny vo ngy hm sau vi mt mc gi

cao hn cht t. Khon gia tng ca gi l khon lPi qua m. Nh vy nh giao

dch nhn mt khon vay mt ngy t nh u t. Cc chng khon c tc dng

lm vt th chp cho khon vay.

Mt repo c thi hn thc cht l mt giao dch tng t, ch khc l thi hn ca

khon vay ngm nh ny c th l 30 ngy hoc lu hn. Repos c coi l rt

an ton v phng din ri ro thanh ton, bi khon vay ny c bo m bng

cc chng khon chnh ph. Mt repos o ngc l hnh nh trong gng ca

mt repo. y, nh giao dch tm thy mt nh u t nm gi cc chng khon



3344

chnh ph v mua chng vi tho thun s bn li chng to mt mc gi cao hn

c nh r vo mt thi im trong tng lai.

Cc khon vay lin ngn hng

Cng ging nh chng ta gi tin ti ngn hng, ngn hng cng duy tr tin gi

ca h ti Ngn hng Trung ng. S d bt buc ti thiu ph thuc vo tng s

tin gi ca cc khch hng ca ngn hng. Ti mt thi im bt k, mt s

ngn hng s c nhiu qu hn l lng phi c ti Ngn hng Trung ng, v

mt s ngn hng khc li c xu hng b thiu d tr bt buc. Trn th trng

lin ngn hng, cc ngn hng c qu d cho vay s qu ny ti nhng ngn hng

b thiu qu. Nhng khon vay ny, thng l nhng giao dch qua m, c

dn xp ti mt lPi sut c gi l lPi sut th trng lin ngn hng.

LPi sut lin ngn hng mc d khng lin quan trc tip ti cc nh u t,

nhng c s dng nh l mt trong nhng thng s ca th trng tin t v do

c cc nh u t theo di rng rPi.

Mc d a s cc chng khon ca th trng tin t u c ri ro thp, song

chng khng phi l khng c ri ro. Chng khon ca th trng tin t cam kt

nhng mc li sut cao hn li sut trn tn phiu Kho bc phi ri ro, mt phn l

do tnh ri ro tng i cao hn. Nhng nh u t cn tnh thanh khon cao hn

cng s chp nhn nhng mc li sut thp hn trn cc chng khon, nh tn

phiu Kho bc, c th c bn ly tin nhanh hn v r hn. CDs ngn hng

bao gi cng tr mt mc b ri ro so vi tn phiu Kho bc, v mc b ri ro ny

tng ln khi c cc cuc khng hong kinh t nh cc c sc gi nng lng gn

vi tnh trng ln xn ca OPEC, hay v sp th trng c phiu nm 1987.

2.1.2 Th trng vn c thu nhp c nh

Th trng vn c thu nhp c nh bao gm nhng cng c vay di hn hn so

vi nhng cng c giao dch trn th trng tin t. Th trng ny bao gm k

phiu v tri phiu Kho bc, tri phiu cng ty, tri phiu th, cc chng khon

cm c v n ca cc c quan lin bang.


3355

K phiu v tri phiu Kho bc

Chnh ph vay tin ch yu bng cch bn cc k phiu (trung hn) v tri phiu

Kho bc (di hn). Thi hn ca nhng cng c ny c th khc nhau tu quy

nh ca tng nc. M, k phiu Kho bc c th di ti 10 nm, cn tri phiu

Kho bc c pht hnh vi thi hn t 10 ti 30 nm. C hai loi ny u c

mnh gi 1000$ hoc ln hn. C hai u tr lPi hai ln mt nm, gi l cc

khon thanh ton cung phiu (coupon payment). Ngoi s khc bit v thi hn

tnh t ngy pht hnh, s khc bit ln duy nht gia k phiu v tri phiu Kho

bc l tri phiu Kho bc c th c mua li trong mt giai on nht nh,

thng l nm nm cui ca cuc i ca tri phiu. iu khon mua li cho

php Kho bc c mua li tri phiu ti mnh gi. Trong khi nhng tri phiu c

th mua li vn ang lu hnh, Kho bc khng pht hnh thm tri phiu c th

mua li na.

Li sut o hn l thc o mc sinh li quy v nm i vi mt nh u t mua

tri phiu v nm gi n cho ti khi o hn. N c tnh bng cch xc nh li

sut hng nm ri nhn i ln, m khng tnh lPi kp cho hai k na nm. Cch

s dng k thut lPi n ny quy v mc lPi hng nm c ngha l li sut

c yt trn lPi phn trm hng nm (APR), ch khng theo li sut thc s

hng nm. Phng php APR ny cn c gi l li sut tng ng tri phiu,

s c cp ti v sau.

Li sut ca nhng tri phiu c th b mua li c gi bn cao hn mnh gi c

tnh vi gi nh tri phiu s c thu hi vo thi hn bt u ca khong thi

gian m nh pht hnh n nh tri phiu c th b mua li; l v ti nhng mc

gi cao hn mnh gi, chnh ph s thy vic thu hi tri phiu theo gi tr mnh

gi cng sm cng c li th. Tri li, li sut trn nhng tri phiu bn di

mnh gi li c tnh vi gi nh l tri phiu s c lu hnh cho ti khi o

hn, v s khng c l do g khin chnh ph phi thu hi tri phiu theo mnh gi

khi gi th trng ca tri phiu nh hn mnh gi.

Tri phiu th



3366

Tri phiu th c th do chnh ph trung ng hay a phng pht hnh. C

hai loi tri phiu th ch yu. l tri phiu ngha v chung, c bo m

bng quyn lc nh thu ca ngi pht hnh, v tri phiu thu nhp c pht

hnh ti tr cho nhng d n c th v c bo m bng ngun thu t d n

hay bng t chc vn hnh d n. Nhng t chc chnh pht hnh tri phiu

thu nhp l cc sn bay, bnh vin, cng v. Tri phiu thu nhp ri ro hn tri

phiu ngha v chung xt v kh nng v n. Dng in hnh ca tri phiu thu

nhp l tri phiu pht trin cng nghip, c pht hnh ti tr cho nhng

doanh nghip thng mi, nh xy dng mt nh my m c th do mt hPng t

nhn vn hnh.

Cng nh tri phiu Kho bc, tri phiu th c nhiu thi hn khc nhau.

Nhiu khon n c pht hnh di hnh thc k phiu ngn hn s c tr

bng thu, huy ng vn cho nhng khon chi tiu trc khi thu c thu.

Nhng tri phiu th khc c th l di hn v c s dng ti tr cho

nhng khon u t vn ln, thi hn c th di ti 30 nm.

Trn th trng M, c trng chnh ca tri phiu th l trng thi c min

thu ca chng. V cc nh u t khng phi tr cc loi thu trn s tin lPi thu

c, nn h sn sng chp nhn li sut thp trn nhng chng khon ny. y

l mt khon tit kim khng l i vi chnh quyn bang v cng li l mt

khon mt khng l ngun thu thu tim nng t chnh quyn lin bang.

Tri phiu cng ty

Tri phiu cng ty l phng tin cc cng ty t nhn vay tin trc tip t cng

chng. Nhng tri phiu ny c cu trc ging nh cc pht hnh ca Kho bc,

ch chng thng tr lPi cung phiu su thng mt ln trong sut thi gian lu

hnh v hon tr mnh gi cho ngi nm gi khi tri phiu o hn. Ch khc

bit quan trng so vi tri phiu Kho bc ca tri phiu cng ty l ri ro v n.

Tri phiu cng ty thng km theo cc quyn la chn. Tri phiu c th mua li

cho cng ty quyn la chn mua li tri phiu t ngi nm gi vi mt mc gi

mua li c nh trc. Tri phiu c th chuyn i cho php ngi nm gi


3377

c quyn la chn i tri phiu thnh mt s lng nht nh c phn ca c

phiu ph thng.

Cc khon vay cm c v chng khon c khon vay cm c lm bo m

Do s bng n cc chng khon c khon vay cm c lm m bo, mt kh

nng u t mi P xut hin l u t vo mt danh mc cc khon vay cm c,

v nhng chng khon ny P tr thnh mt cu phn ch yu ca th trng thu

nhp c nh.

Cc khon vay cm c c lPi sut c nh P gy ra nhng kh khn khng nh

cho cc ngn hng trong nhng nm lPi sut tng. V cc ngn hng thng pht

hnh cc ngha v ngn hn (tin gi ca khch hng chng hn) v nm gi

nhng ti sn di hn, nh cc khon vay cm c c lPi sut c nh, cho nn h

b l khi lPi sut tng ln. LPi sut h tr trn cc khon tin gi th tng ln trong

khi thu nhp ca h t cc khon vay cm c th c nh.

Mt ng dng tng i mi l khon vay cm c c iu chnh. Nhng khon

vay loi ny i hi ngi vay phi tr lPi sut thay i theo mt thc o ca lPi

sut th trng hin hnh. V d lPi sut ny c th c n nh cao hn hai im

so vi lPi sut hin hnh trn tn phiu Kho bc mt nm v c th iu chnh mt

ln mt nm. Thng thng mt hp ng s gii hn s thay i lPi sut ti a

trong vn mt nm v trong sut thi gian lu hnh ca hp ng. Hp ng lPi

sut iu chnh s chuyn dch ri ro bin ng lPi sut t ngn hng sang ngi

vay.

Do c s chuyn dch ri ro lPi sut sang khch hng, cc ngn hng sn sng

cho mc lPi sut trn cc khon vay cm c c th iu chnh thp hn so vi lPi

sut ca khon vay cm c thng thng c lPi sut c nh. iu ny khuyn

khch ngi vay trong nhng thi k lPi sut cao, nh u nhng nm 1980.

Nhng khi lPi sut gim st, cc khon vay cm c thng thng li c a thch

hn.

Mt chng khon bo m bng khon vay cm c l mt quyn c hng ca

ngi s hu trong mt b cc khon vay cm c hoc l mt ngha v c m

bo bng mt b khon vay cm c nh th. Nhng quyn c hng ny th



3388

hin s chng khon ha cc khon vay cm c. Nhng ngi cho vay cm c

thc hin cc khon vay gc v sau bn cc gi khon vay ny trn th trng

th cp. C th l h bn quyn c hng ca h i vi cc dng tin vo t

cc khon vay cm c khi cc khon vay c hon tr. Ngi thc hin cc

khon vay gc tip tc lm dch v cho khon vay, thu cc khon thanh ton lPi

v gc v chuyn nhng khon vay ny sang ngi mua khon vay cm c. V l

do , nhng chng khon c m bo bng cc khon vay cm c ny c

gi l cc chng khon "chuyn tip" (pass-throughs).

2.1.3 Chng khon vn ch s hu

C phiu ph thng - giy chng nhn phn s hu

C phiu ph thng, cn gi l chng khon vn c phn, th hin nhng phn s

hu trong mt cng ty. Mi c phn ca c phiu ph thng cho ngi ch s

hu n quyn c mt phiu i vi bt k vn no trong qun tr cng ty ti

i hi thng nin ca cng ty v quyn i vi mt phn li ch ti chnh ca

ngi ch s hu (tc l quyn c hng c tc nu cng ty quyt nh phn

phi c tc).

Mt cng ty chu s kim sot ca mt hi ng qun tr do cc c ng bu ra.

Hi ng qun tr mi nm hp ch mt vi ln, la chn cc gim c iu

hnh cng ty hng ngy. Cc gim c c quyn a ra hu ht cc quyt nh

kinh doanh m khng cn ti s ph chun ca hi ng qun tr. Phn s ca hi

ng qun tr l gim st ban gim c m bo rng h hnh ng v li ch

cao nht ca c ng.

Thnh vin hi ng qun tr c bu ra ti i hi thng nin. Cc c ng

khng tham d i hi c th u quyn cho mt bn khc thay mt h b phiu.

Ban gim c thng xin nhng u quyn ca c ng v thng nhn c rt

nhiu phiu bu c u thc nh th. Tuy nhin i khi mt nhm c ng c

nh lt ban qun l hin thi hoc thay i chnh sch ca n s vn ng

nhn c cc quyn b phiu ca nhng c ng khng tham d i hi thng

nin. Nh vy, trong khi ban qun l c quyn t quyt ng k iu hnh


3399

cng ty m khng phi chu s gim st hng ngy ca nhng ngi gp vn c

phn l nhng ngi ch thc s ca cng ty, th s gim st t hi ng qun t

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