Đề cương Tài chính quốc tế

7/31/2019 cng Ti chnh quc t

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XAU, XAG l biu tng ca vng, bc giao ngay.Chng I: Th trng ngoi hi

I. Ngoi hi

1. Khinim

Ngoi hi bo gm cc phng tin thanh ton c s dng trong thanh tonquc t trong phng tin thanh ton quc t l nhng th c sn chi tr vthanh ton cho nhau

2. Cc phng tin

- Vng tiu chun quc t: vng c s dng vi vai tr tin trong TTQT.

- Ngoi t : Tin kin loi, tin giy, tin trn ti khon, ng SDR,

+ ng SDR(quyn rt vn c bit): ng tin ca qu tin t quc t (IMF) vl 1 trong 5 ng c yt gi trc tip.

VD: Nc thnh vin ca IMF ln vay 1 lng quyn rt vn nht nh (SDR) vc th i SDR ny sang cc ng tin khc..

1 ng SDR = ..$

1 ng SDR = .VND- ng tin quc gia nhng do ngi ngoi quc nm gi

- Cc giy t c gi nhng ghi bng ngoi t:

VD: trn lnh th VN nhng giao dch cc hi phiu, k phiu ghi bng $, CNY,JPY,

Tuy nhin, trn thc t ch ngoi t l c giao dch ch yu

II. Th trng ngoi hi

1. Khi nim:

- L bt c u din ra cc hot ng mua bn cc ng tin khc nhau ca ccquc gia

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FOREX = FX = Foregin exchange market

- Bao gm: + Interbank (Lin ngn hng): chim 85% khi lng giao dch

+ Non-interbank: ~ KH KH: chim 1%

~ NH KH: chim 14%

*Doanh thu hng ngy ca th trng Forex ton cu n t 2 ngun chnh:- Mua bn ngoi t (5%). Cc cng ty mua v bn sn phm, hng ha ncngoi, sau quy i li nhun t doanh s bn hng nc ngoi sang ng nit.

- u c (95%).

Hu ht cc trader tp trung giao dch nhng cp tin c tnh thanh khon cao. Ccng tin chnh bao gm: la M, Yn Nht, Euro, Bng Anh, Franc Thy S,la Canada v la c.Hn 85% cc giao dch Forex hng ngy l mua bn cc cp tin chnh.

2. Cc ch th tham gia:

- Cc Ngn hng:

+Cc NHTW: ng vai tr t chc, kim sot, iu hnh v n nh th

trng ngoi hi

+Cc NHTM v NH u t: Tham gia vi mc ch kinh doanh, cung cpdch v cho KH nh 1 nh mi gii

- Cc nh mi gii: vai tr trung gian giao dch trong FOREX

- Cc DN: ch yu l cc DN xut khu, va l ch th cung ngoi t va l cungoi t

- Cc c nhn, cc nh kinh doanh: Bao gm cc cng dn trong v ngoi nc cnhu cu mua bn ngoi t.

- Cc t chc ti chnh phi ngn hng

- Cc cng ty a quc gia

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3. c im:

- L th trng phi tp trung m c th di ra mi lc.

- Hot ng v cng si ng v nng ng l th trng khng ng do s chnh

lch mi gi

- Trung tm ca th trng ngoi hi l th trng LIN NGN HNG

- L th trng p dng cc tin b ca KH KT

- T gi nim yt trn cc th trng khng chnh lch

- Kinh doanh chnh lch gi c bt (arbitration): kinh doanh chnh lch gi

- ng tin giao dch nhiu l ng LA M+ ng la M c giao dch nhiu nht chim 90%% ca tt c cc gio dch.ng Euro ng th 2 vi 37%, trong khi ng Yn ng th 3 vi 20%

+ ng l l ng tin ng vai tr trung tm v:

~ Nn kinh t M l nn kinh t ln nht TG.

~ ng USD l ng tin d tr ca th gii.

~ M c cc th trng ti chnh ln nht v thanh khon mnh nht TG.

~ M c h thng chnh tr siu n nh

~ M l 1 siu cng quc qun s ca TG

- Nhy cm vi tnh hnh chnh tr x hi.

4. Chc nng:

- p ng nhu cu mua bn, trao i ngoi t nhm phc v cho qu trnh chuchuyn,thanh ton trong cc lnh vc thng mi v phi thng mi.

- Cng c NHTW c th thc hin chnh sch tin t nhm iu khin nn kinht theo mc tiu ca chnh ph

- Th trng ngoi hi c chc nng tn dng.

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- Cung cp cc cng c cho cc nh kinh t nghin cu phng nga ri ro hioi trong trao i ngoi t. ng thi gip cc nh u t nghin cu thu c linhun nu h d on c t gi hi oi.

5. Cc nghip v c bn:- Nghip v giao dch ngoi hi giao ngay(spot): L nghip v mua hay bn ngoit m vic chuyn giao c thc hin ngay lp tc hoc chm nht l 2 ngy k tkhi tha thun hp ng.

- Nghip v kinh doanh chnh lch t gi(arbitration): L nghip v da vo mcchnh lch t gi gia cc th trng ngoi hi thu li nhun thng qua mua bn.

- Nghip v giao dch ngoi hi c k hn(Forward): L nghip v mua bn ngoi

t m vic nhn s c thc hin sau 1 thi gian nht nh theo t gi tha thun lck hp ng.

- Nghip v hon i: L nghip v hi oi phi hp gia 2 nghip v giao dchngoi hi giao ngay v c k hn kim li nhun.

- Nghip v hon i giao sau(Future): L nghip v tin hnh 1 tha thun muabn 1 s lng ngoi t bit theo t gi c nh ti thi im hp ng c hiulc, vic chuyn giao ngoi t c thc hin vo 1 ngy trong tng lai

- Nghip v giao dch ngoi hi chn quyn(Option): L nghip v thc hin trnc s hp ng quyn chn mua hay quyn chn bn.

Mi lin h gia cc nghip v kinh doanh ngoi hi

6. Phn loi:

a. Cn c vo tnh cht nghip v:

- Th trng giao ngay ( Spot)

- Th trng k hn (Forward)

- Th trng hon i (Swap)

- Th trng tng lai (Future)

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- Th trng quyn chn (Option)

b. Cn c vo tnh cht kinh doanh:

- Th trng bn bun (Interbank)

- Th trng bn l

c. Cn c vo a im giao dch:

- Giao dch tp trung trn s giao dch (Exchange)

- Giao dch phi tp trung (OTC)

d. Cn c vo tnh cht php l:

- Th trng chnh thc (Th trng hp php)

- Th trng phi chnh thc (ch en, th trng ngm)

e. Cn c vo quy m th trng:

- Th trng ngoi hi quc t

- Th trng ngoi hi ni af. Cn c vo phng thc giao dch:

- Th trng giao dch trc tip (Direct Interbank)

- Th trng giao dch qua mi gii (Indirect Interbank)

III. T gi

1. Khi nim

T gi l gi c ca mt ng tin c biu th thng qua mt ng tin khc.

2. Phn loi

Cn c vo cc nghip v kinh doanh ngoi hi.

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- TgimuavoBidRate: L t gi m ti NH yt gi sn sang mua vo ngtin yt gi

-TgibnraAskRate(OfferRate): L t gi m ti NH yt gi sn sng bn

ng tin yt gi.- Tgigiaongay SpotRate: L t gi c tha thun hm nay, nhng victhanh ton c th xy ra trong 2 ngy k tip

- T gi k hn Forward Rate: L t gi tha thun ngy hm nay, nhng victhanh ton xy ra sau 3 ngy tr ln.

- T gi m ca Opening Rate: L t gi p dng cho hp ng giao dch u tintrong ngy

- T gi ng ca Closing Ratee: L t gi p dng cho hp ng cui cng cgiao dch trong ngy

- T gi cho Crosed Rate: L t gi gia 2 ng tin c suy ra t ng tin th3

- T gi chuyn khon Transfer Rate: p dng cho cc giao dch mua bn ngoi tl cc khon tin gi ti NH

- T gi tin mt Bank note Rate: p dng cho ngoi t l tin kim loi, tin giy,sc du lch v th tn dng.

- T gi in hi: L t gi chuyn ngoi hi bng in

- T gi th hi: L t gi chuyn ngoi hi bng th

Cn c vo c ch iu hnh chnh sch t gi

- T gi chnh thc Official Rate: L t gi do NHTW cng b, n phn nh chnh

thc v gi tr i ngoi ca ng ni t.- T gi ch en Black Market Rate: L t gi c hnh thnh bn ngoi hthng ngn hng, do quan h cung cu trn th trng ch en quyt nh

- T gi c nh Fixed Rate: L t gi do NHTW cng b c nh trong mt bin dao ng hp

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- T gi th ni hon ton Freely Floading Rate: L t gi c hnh thnh honton theo quan h cung cu trn th trng.

- T gi th ni c iu tit Managed Floading Rate: L t gi c th ni nhng

NHTW tin hnh can thip t gi bin ng theo hng c li cho nn kinh t. Cn c vo tnh cht tc ng n thng mi quc t.

- T gi song phng birateral exchange rate

- T gi thc song phng birateral real exchange rate

- T gi a bin (hay t gi trung bnh) effective exchange rate

- T gi thc a bin real effective exchange rate

3. Cc nhn t nh hng n t gi

S tng trng hay suy thoi ca nn kinh t: Mc tng gim GDP thc ts lm tng, gim cung cu v ngoi t t lm cho t gi ng ni t so vingoi t gim i hoc tng ln .

T l lm pht ca nn kinh t: Lm pht lm suy gim sc mua i ngoica ng tin trong nc so vi ngoi t v lm cho t gi hi oi ca tin trongnc bin ng. Nu mc lm pht ca mt nc m cao hn so vi mt nckhc th ng tin nc s c sc mua thp hn v do t gi hi oi cang tin so vi nc ngoi s gim (ni cch khc t gi ngoi t s tng ln)

Hin trng cn cn thanh ton quc t: Cn cn thanh ton c th ri vo 1trong cc trng thi sau: cn bng, bi thu, bi chi:

- Nu cn bng, th cung cu v ngoi t cn bng, khi t gi hi oi s n nh

- Nu bi chi, th cu ngoi t s ln hn cung ngoi t dn n t gi tng ln

- Nu bi thu, th cung ngoi t ln hn cu v ngoi t dn n t gi gim

Mc chnh lch li sut

- th trng no c mc li sut ngoi t ngn hn cao hn th lung vn ngoi tngn hn c xu hng v th trng tm kim li nhun, do lm cho

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cung v ngoi t tng ln, cu v ngoi t gim i, lm cho t gi ngoi t i theoxu hng gim.

- S chnh lch li sut gia ng ni t vi ng ngoi t s tc ng n xu

hng u t v nh hng n t gi hi oi. Nu li sut ngoi t cao hn lisut ni t th s c xu hng chuyn sang u t vo ng ngoi t lm cho t gingoi t tng v ngc li khi li sut ni t cao hn li sut ngoi t

Hot ng u c ngoi t: Hot ng ny trc tip tc ng n cung cuv ngoi t t lm cho t gi hi oi c bin ng. Khi mt nh u c d ongi ca 1 loi ngoi t no trong thi gian ti s tng h s dng ni t mua ts lng ngoi t trn th trng lm cho ngoi t ny tr nn khan him dn n tgi ngoi t s tng. Ngc li, nu anh ta d on ngoi t no s tt gi th

anh ta s bn mnh s ngoi t ra th trng lm cho cung vt cu, do t gingoi t gim

Cc nhn t khc

- S a thch hng ngoi so vi hng ni: Khi dn chng a dng hng ngoi thnhu cu ngoi t s tng, dn n t gi ngoi t tng.

- Tnh trng bun lu v gian ln thng mi lm tng nhu cu chi ngoi t, lmtht thot ngoi t v vng nh nc khng kim sot c, do cng tc ng

n t gi.

- S tc ng ca cc s kin bt thng v kinh t x hi nh chin tranh, khngb, khng hong chnh tr cng nh hng n bin ng ca t gi hi oi.

Cc bin php iu chnh t gi hi oi

4. Cch tnh t gi

5. Phng php xc nh t gi bng ngang sc mua

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6. Ph gi tin t v nng gi tin t

Ph gi tin t

Khi nim:

Ph gi tin t l vic gim gi tr ca ng ni t so vi cc loi ngoi t so vimc m chnh ph cam kt duy tr trong ch t gi hi oi c nh. Vic

ph gi ng Vit Nam (VND) ngha l gim gi tr ca n so vi cc ngoi tkhc nh USD,EUR

Tc ng:

- Trong ngn hn: Khi gi c v tin lng tng i cng nhc th ngay lp tcvic ph gi tin t s lm cho ty gi hi oi thc t thay i theo, nng cao sccnh tranh ca quc gia v c xu hng lm tng xuat khu rng v hng xutkhu r i mt cch tng i trn th trng quc t cn hng nhp khu t lntng i ti th trng ni a.

- Trong trung hn: GDP hay chnh l tng cu gm cc thnh t chi cho tiu dngca dn c, chi cho u t, chi cho mua hng ca chnh ph v xut khu rng.

Vic ph gi lm tng cu v xut khu rng v tng cung s iu chnh nh sau:+ Nu nn kinh t ang di mc sn lng tim nng th cc ngun lc nhn ris c huy ng v lm tng tng cung.+ Nu nn kinh t mc sn lng tim nng th cc ngun lc khng th huyng thm nhiu v do tng cung cng ch tng ln rt t dn n vic tng tngcu ko theo gi c, tin lng tng theo v trit tiu li th cnh tranh ca vic

ph gi. V th trong trng hp ny, mun duy tr li th cnh tranh v t mctiu tng xut rng th chnh ph phi s dng chnh sch ti chnh tht cht (tngthu hoc gim mua hng ca chnh ph) tng cu khng tng nhm ngn chn

s tng ln ca gi c trong nc.

- Trong di hn: Nu nh trong trung hn, ph gi tin t km theo chnh sch tichnh tht cht c th trit tiu c p lc tng gi trong nc th trong di hncc yu t t pha cung s to ra p lc tng gi. Hng nhp khu tr nn t tngi v cc doanh nghip s dng u vo nhp khu s c chi ph sn xut tng ln

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dn n phi tng gi; ngi dn tiu dng hng nhp khu vi gi cao hn s yucu tng lng v gy p lc lm cho tin lng tng. Cui cng vic tng gi cv tin lng trong nc vn trit tiu li th cnh tranh do ph gi. Cc nghincu thc nghim cho thy li th cnh tranh do ph gi b trit tiu trong vng t 4

n 5 nm.

Chnh ph phi ph gi tin t v:

- Chnh ph s dng bin php ph gi tin t c th nng cao nng lc cnhtranh nhanh chng v hiu qu hn so vi c ch nn kinh t t iu chnh theohng suy thoi i km vi mc lm pht thp ko di cho n khi nng lc cnhtranh tng ln. Chnh ph cc nc thng s dng chnh sch ph gi tin t khic mt c sc mnh v ko di i vi cn cn thng mi.

- Trong trng hp cu v ngoi t gim th chnh ph s phi dng ngoi t d tr mua ni t vo nhm duy tr t gi hi oi v n khi ngoi t d tr cn kitth khng cn cch no khc, chnh ph phi ph gi tin t

Nng gi tin t:

Khi nim:

Nng gi ng ni t so vi ngoi t c mt t gi mi cao hn l bin phpiu chnh t gi hi oi khi nhng cng quc v kinh t mun s dng cng cny chim lnh th trng, hoc khi nn kinh t pht trin qu nng, munlm du lnh th dng bin php nng gi tin t tng cng chuyn vn ut ra nc ngoi kim li.

Tc ng:

- Mt tch cc

+ Ngi tiu dng s c li v ng tin ni a c th mua c nhiu hng hav dch v hn

+ Mc sng ca ngi dn tng

+ Gim lm pht ( do chnh sch tht cht tin t)

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-Mttiucc: tng t gi hi oi khin nh sn xut trong nc gp kh khn v:

+ hng sn xut trong nc t hn so vi hng nc ngoi sn xut nn kh xutkhu ra th trng nc ngoi

+ cnh tranh gay gt ca cc hng ha nc ngoi khin ngay c vic tiu dnghng ha trong nc cng b cn tr=> nh hng cn cn xut nhp khu

+ Gim u t v tiu dng. C th, chnh ph nng gi ng tin bng cc chnhsch tht cht tin t => ngun cung tin t gim => li sut tng => ngi dn ktiu dng m gi tit kim cn doanh nghip th cng hn ch u t v li sutcao

7. Cc bin php iu chnh t gi hi oi

- iu chnh li sut chit khu: Nu NHTW h thp mc li sut ti chit khu thngoi t s chy ra nc ngoi, dn dn t gi ngoi t s tng ln (ng ni t bmt gi). Nu t gi ng ni t st thp so vi mc t gi hp l th bng cchnng li sut ti chit khu s to ra hiu ng kch thch cu v ni t v ng nit s dn dn tng gi v bin php ny c duy tr n khi mc t gi th trng tr v vi mc t gi hp l. Trng hp ngc li nu t gi ng ni t tngqu cao so vi mc t gi hp l th NHTW s h thp mc li sut ti chit khu

tc ng n cu v ngoi t, gy hiu ng gim t gi ng ni t tr v vimc t gi hp l.

- Can thip ngoi hi ca NHTW: Khi s dng bin php ny, NHTW l ngitrc tip tham gia hot ng mua bn ngoi t trn th trng ngoi hi iuchnh quan h cung cu v ngoi t trn th trng, t t gi hi oi s ciu chnh.

Vic thc hin bin php can thip ngoi hi phi c cn nhc cn thn, c bit

khi NHTW can thip bng cch bn ngoi t ra th trng th phi c mt lngngoi t mnh tuyt i khng can thip na vi.

- Ph gi tin t:

- Nng gi tin t

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Chng II: Cc nghip v ngoi hi pht sinh

Mi lin h gia cc nghip v kinh doanh ngoi hi

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I. Th trng phi tp trung, ch en (OTC : over the counter market)

1. Khi nim:

- L th trng khng c a im giao dch c nh tp trung nh sn giao dch(th trng giao dch tp trung), m da vo mt h thng vn hnh theo c ch

cho hng cnh tranh v thng lng thng qua s tr gip ca cc phng tinthng tin. Vic giao dc v thng tin c da vo h thng in thoi v internetvi s tr gip ca cc thit b u cui.

-Thc cht OTC l giao dch ngoi bn giao dch

- Tnh thanh khon ca cc loi chng khon trn th trng OTC thng thp hnth trng giao dch tp trung, cha ng nhiu ri ro hn, song cng c th emli nhiu li nhun hn.

- Khi lng giao dch trn OTC gp khong 10 ln so vi sn giao dch

VD: Thng 6/2007: Sn giao dch t 96.7 t t $ cn trn OTC t 516.4 t t $

2. c im:

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Primary

operations

Derivative

operations (nghip

Spot (NVgiao ngay)

Forward

(NV k hn)

Exchange

Option (NVquyn chn)

Future (NVtng lai)

OTC

Swap (NVhon i)


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- Vic mua bn trn th trng OTC c thc hin theo phng thc thun mua,va bn m khng b bt k mt lc bn ngoi no (gii hn gi, gii hn lngc phiu,...) tc ng.

- Trn OTC, cc nh u t khng hot ng c lp m h thng lp thnh ccnhm, hi, din n trao i thng tin vi nhau.

3. Phng thc giao dch (giao dch nh th no)

- Giao dch bng my tnh ni mng, in thoi, mng li mi gii,...

- Nm 2005, 1 s nc chp nhn hp ng bng ming v tt c cc cuc hithoi giao dch u c ghi m lm bng chng khi c tranh chp

4. u im (L do m OTC c giao dch nhiu)

- Khng phi tun theo quy nh ca sn -> Linh hot

II. Hp ng k hn (Forward contract)

1. Khi nim

- L 1 loi sn phm phi sinh tng i n gin, l s tho thun trong bnbn v bn mua ng bn v mua 1 loi ti sn ti 1 thi im nht nh trongtng lai vi 1 mc gi c xc nh trc.

- Hp ng k hn i lp vi hp ng giao ngay

- VN, giao dch hi oi k hn chnh thc ra i vo nm 1998. Mc d rai lu nh vy nhng nhu cu giao dch vn cha nhiu do KH cha am hiu vhp ng ny nhiu v do c ch iu hnh t gi ca NHTW thi gian qua kh nnh theo chiu hng VND gim dn so vi ngoi t khuyn khch xut khu

2. Ni giao dch

- Thng xuyn giao dch th trng OTC

- Bn mua (long position): sn sng mua 1 ti sn ti 1 mc gi no .

- Bn bn (short postion): sn sng bn 1 ti sn ti 1 mc gi no .

3. Ch th giao dch:

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- Ch yu l cc t chc tn dng vi cc t chc tn dng v t chc tn dng viKH.

- Nu cn c vo mc ch tham gia hp ng k hn, chng ta phn thnh 3 nhm

nh sau:+ Nhng nh bo him ri ro t gi (Hedger): Thng thng l cc cng ty, htham gia th trng nhm t bo v trc s bin ng ca t gi, m hu qu can l ri ro hi oi.

+ Nhng nh kinh doanh chnh lch t gi (Arbitrageurs): Thng thng l ccNH, mc ch ca h l to li nhun nhng khng chu ri ro trn c s khai thcs khng nht qun v li sut.

+ Nhng nh u c (Speculators): tham gia vi hy vng kim c li nhun thngqua hnh vi chp nhn ri ro t gi.

4. Li nhun ca hp ng k hn (profit, payoff)

Payoff Payoff

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O K ST OK

A. Long position B.Short position

A. Long position: LN = ST K

B. Short position: LN = K - ST

5. Mi lin h gia gi k hn v gi giao ngay

III. Hp ng quyn chn (Option contract)

1. Khi nim: Hp ng quyn chn c giao dch c trn sn v c trn OTC

Hp ng quyn chn l mt hp ng cho php ngi mua n c quyn (nhngkhng phi l ngha v) c php mua hoc khng mua, bn hoc khng bn :

-Mt s lng hng ho, ngoi t hay chng khon.

-Ti mt thi im hoc mt giai on trong tng lai.

-Vi mt mc gi xc nh.

Hoc: Hp ng quyn chn c giao dch c trn sn v trn OTC. C 2 loiquyn chn l quyn chn mua v quyn chn bn. Quyn chn mua th cho phpngi mua quyn c quyn mua 1 ti sn c s vo 1 ngy xc nh trong tnglai vi mc gi xc nh. Quyn chn bn cng cho php ngi mua quyn chn

bn c bn 1 ti sn c s vo 1 ngy xc nh tong tng lai vi 1 mc gi xc nh.

Kt Lun:

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- Hp ng quyn chn l loi hp ng cho php ngi nm gi hp ng cquyn mua hoc bn 1 ti sn c s no nn ngi nm gi hp ng khng bt

buc phi thc hin hp ng -> y l im khc bit nht so vi hp ng tnglai.

- Khi tham gia vo hp ng quyn chn th ngi tham gia phi tr ph

- Khi lng 1 hp ng quyn chn c phiu lun lun l 100 c phiu.

2. Phn loi

a. Theo chc nng

-Quyn chn mua (call option) cho php ngi mua quyn c php chn muahoc khng mua mt s lng tin t vi mt t gi xc nh vo mt thi imhoc mt thi hn xc nh trong tng lai.

-Quyn chn bn (put option) cho php ngi mua quyn c php chn bnhoc khng bn mt s lng tin t vi mt t gi xc nh vo mt thi imhoc mt thi hn xc nh trong tng lai.

b. Theo thi hn thc hin hp ng

-Kiu M: ngi mua quyn c th thc hin hp ng vo bt k thi im no

trong mt thi hn xc nh .Nu qu thi hn th hp ng s v hiu.-Kiu Chu u: ngi mua quyn phi thc hin hp ng vo mt thi im xcnh, thi im ny do ngi mua quyn v ngi bn quyn tho thun khi khp ng. Hay ni cch khc hp ng ch c thc hin v lc hp ng hthn

c. Theo tnh chuyn su

-Option c bn (vanilla option)

-Option lai (exotic option)

d. Theo Vit Nam

-Quyn chn ngoi t vi ngoi t

-Quyn chn ngoi t vi VND

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e. Quyn chn c th da vo cc ti sn c s nh c phiu, chs c phiu,tri phiu, li sut, ngoi hi, kim loi qu hay

nng sn. Nhng nhn chung nu phn theo loi ti sn c s thc th chia quyn chn thnh :

- Quyn chn trn th trng hng ho

- Quyn chn trn th trng tai chnh

- Quyn chn trn th trng ngoi hi

VD: Quyn (kiu M) mua 100 c phiu IBM c gi thc hin 50$,ph mua l 5$/hp ng; ngy o hn 1/5/200X. Ngi mua quyn chn ny s mua 100 c

phiu IBM vi gi 50$ vo bt c thi im no cho n ht ngy 1/5/200X.

3. Cc thut ng s dng

-Ngi mua quyn (holder): ngi b ra chi ph c nm gi quyn chn vc quyn yu cu ngi bn c ngha v phi thc hin quyn chn theo mnh.

-Ngi bn quyn (writer): ngi nhn chi ph ca ngi mua quyn v phi cngha v thc hin quyn chn theo yu cu ca ngi mua quyn.

-Ti sn c s (Underlying assets): l ti sn m da vo quyn chn c thchin, theo ni dung mn hc th ti sn y l tin t.

-Ph mua quyn (premium) l khon chi ph m ngi mua quyn phi tr chongi bn quyn c s hu quyn la chn.Chi ph ny thng c tnh vigi: mt s ni t trn mi ngoi t giao dch.

-T gi thc hin (exercise or strike rate) hoc t gi hp ng: t gi s c pdng nu ngi mua quyn yu cu thc hin quyn chn.

-Thi hn ca quyn chn (manurity): l thi hn hiu lc ca quyn chn, quthi hn ny th hp ng khng cn hiu lc.

- Gi ca hp ng (strike price, exereise price): gi k kt trong hp ng

4. Gi tr nhn c ca quyn chn mua lc o hn

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a. Mua quyn chn mua

b.

O K

VD: Trong quyn chn mua c phiu IBM trn, gi thc hin K = 50$.

- Nu vo ngy o hn 1/05/2001, gi c phiu IBM l ST = 60$, th ngi muaquyn s c li. Anh ta thc hin quyn mua 1 c phiu vi gi 50$. Nu khngmua quyn ny anh ta s phi mua trn th trng vi gi 60$. Khon li anh ta thuc l:

ST K ph = 60 50 5 = 5$/ 1 c phiu.

- Nu vo ngy o hn m gi c phiu l ST = 40$, th ngi mua s b l vngi mua s c quyn khng thc hin hp ng th anh ta ch mt i khon phmua hp ng l 5$.

c. Mua quyn chn bn

O ST K

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VD: Quyn chn bn c phiu IBM c gi thc hin K = 50$.

- Nu vo ngy o hn 1/5/2001, gi c phiu l ST = 60$ th ngi mua quyn

chn bn s b l v khng thc hin hp ng v b l khon ph 5$ b ra hpng quyn chn.

- Nu vo ngy o hn, gi c phiu IBM ST = 40$ th ngi mua quyn chnbn s li v anh ta s thc hin hp ng. Nu anh ta khng mua hp ng th anhta ch bn c 40$ 1 c phiu nhng v mua hp ng nn anh ta s li:

= 50 40 5 = 5$/ 1 c phiu

Ch : hp ng quyn chn d ST > K hoc ST < K mt cht cng phithc hin hp ng gim l

5. Gi tr nhn c ca quyn chn bn lc o hn

a. Bn quyn chn mua

VD: Trong quyn chn mua c phiu IBM, nu ngy o hn l 1/5/2001.

- Nu gi c phiu IBM l ST = 60$, th ngi mua quyn s thc hin hp ngv s c li 5$/ 1 c phiu cn ngi bn quyn s b l 10$ do phi bn cho

ngi mua hp ng vi gi 50$ m k c bn trn th trng vi gi 60$ nn ngibn s khng thc hin hp ng

- Nu gi c phiu IBM l ST = 40$ th ngi mua s b l 10$/ 1 c phiu vngi bn s li 5$ /1 c phiu v ngi bn s thc hin hp ng cn ngi muath khng.

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b. Bn quyn chn bn

VD: Quyn chn bn c phiu IBM c gi thc hin l 50$, gi s ngy o hn l

1/5/2001.- Nu gi c phiu IBM ST=60$, th ngi mua quyn chn bn s b l v khngthc hin hp ng cn ngi bn quyn chn bn s thc hin hp ng v li5$/1 c phiu

- Nu gi c phiu IBM ST = 40$, th ngi mua quyn chn s li v s thc hinhp ng cn bn bn s khng thc hin hp ng v b l.

6. Mc ch ca ngi tham gia giao dch

C 3 mc ch chnh:

- Phng nga ri ro (Hedgers)

- u t (Speculators)

- Kinh doanh chnh lch t gi (Arbitrageus): L vic 1 ngi thc hin rt nhiucc giao dch -> ly li b l -> hy vng s c li.

IV. Hp ng tng lai

1. Bi cnh lch s:

- c giao dch khp ni trn th gii

- M, c 2 sn: CBOT v CME y l 2 sn giao dch sn phm tng lai lnnht ca M. 2 sn ny xc nhp vo nm 2007.

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- Chu u: c sn EURONEXT v sn EUREX.

- Mt s sn khc: Bolsa de Mercadorias v Futures Sanpoulo

2. Khi nim:

- L hp ng tha mn cc iu kin sau:

+ Tt c cc iu khon trong hp ng u c tiu chun ha v s lng, chtlng, ngy giao hng...

+ Hp ng c giao dch qua cc sn giao dch tp trung.

+ Cc bn tham gia hp ng u phi k qu bng nhau.

+ C th ng m v th d dng.+ Khng c s m phn gia cc bn.

3. C ch hot ng

VD: Vo ngy 5/3, mt ngi lin lc vi brocker yu cu mua 1 H tng lai nggiao vo thng 7 ti sn CBOT brocker ngay lp tc thc hin 1 lnh mua 1 Htng lai mua ng giao vo thng 7. Cng lc , c mt ngi KanSas giin cho brocker yu cu bn 1 H ng cng giao vo thng 7 => H c thc

hin bi brocker

4. c im

- Nu nh ti sn l hng ha th cht ln ca sn phm s c quy nh bi sn

VD: + phn loi ng A, B, C

+ Nc cam nguyn cht ng lnh th: cam phi ly t Florida, brazin hocloi A M v hm lng Brix ln hn 62.5

- Nu nh ti sn l ti sn ti chnh th s khng c quy nh v cht lng m ns quy nh v thi gian v cc khon mc khc

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VD: + Tri phiu chnh ph l tri phiu di hn v khng c mua i basnlaijtrong 15 nm

+ Tn phiu kho bc: 6.5 < n < 10 nm

- Khi n hn, bn bn s yu cu giao hng cho brocker v brocker qung yucu ln sn. Sn s la chn ngi phi nhn hng

- Thi hn giao hng:

+ K hn: 20 hng thng

+ Quyn chn: 21 hng thng

+ Tng lai: Giao hng trong c thng

- Nu 1 hp ng m t gi kch trn hoc kch sn th n s dng li giao dchtrong ngy hm . V mi sn giao dch c quy nh 1 mc chnh lch nht nh

- Hp ng c tha thun thng qua ngi mi gii

- Hp ng c giao dch trn th trng tp trung

- Hp ng tng lai c tnh hng ngy theo gi th trng(marking to

market).

- Hp ng tng lai rt t trng hp giao hng thc t c th xy ra v thc tngi ta tham gia vo hp ng khng cn hng ha ny m ch cn n chnh lchli sut.

V. Phn bit 3 hp ng:

1. Phng nga ri ro:

VD: gi s 20/07/2007, 1 cng ty XNK t tr s ti M bit rng h s phi tr 10triu GBP vo 20/10/2007. T gi USD v GBP c ngn hng nim yt nh sau:

Bid (mua) Offer/ Ask (bn)

Sport 2.0558 2.0562

1-month forward 2.0547 2.0552

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3-month forward 2.0526 2.0531

6-monht forward 2.0483 2.0489

a. Dng hp ng k hn

- phng nga ri ro, DN s ln NH mua 1 hp ng k hn 3 thng vi mc

gi l 2.051 DN c nh c s tin phi tr cho bn XK l: 10*2.0531 =20.531 (triu)

Kt lun: Vy vic s dng hp ng k hn s c trng hp khng phngnga c ri ro. Nu nh ngi i phng nga ri ro m tnh ton sai th s bthit.

- Nu t gi thay i vo ngy 20/10/2007 l 1GBP = 1.9 USD -> DN phi b ra20.531tr tr trong khi nu khng mua hp ng k hn th by gi tr ch

phi mt 19tr.

- Nu t gi thay i vo ngy 20/10/2007 l 1GBP = 2.1 USD th DN ch cn tr20.531tr cho hp ng v li : 21 20.531 = 0.469 (triu)

V d ny m t mu cht ca vic phng nga ri ro. Mc ch ca phngnga ri ro l gim ri ro nhng dng hp ng k hn khng bao gi c trnghp chc chn no m bo.

b. Dng hp ng quyn chn:

Khi mua hp ng quyn chn th chc chn s mt 1 khon ph. Khon ny nh ls tin Bo Him phng nga ri ro.

- Gi s, nu ngy 20/10/2007, t gi 1GBP = 1 USD th ngi mua hp ngquyn chn c quyn khng thc hin hp ng c th mua trn th trng vigi 1GBP = 1 USD. Gi ca ngi mua s l: 1$ + ph < gi k kt hp ng.

c. Dng hp ng tng lai

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Ngi ta khng dng hp ng tng lai phng nga ri ro v trong hp ngtng lai c ti khon b tr li l hng ngy (margin) b tr li l hng ngy nnhp ng tng lai ch dng kinh doanh chnh lch gi (Arbitgeus)

Thng th thng 7 ngi ta mua 1 hp ng tng lai n thng 10 nhng thng 8ngi ta cng ln sn v giao bn 1 hp ng tng lai vo thng 10. V thc chth mua hp ng tng lai khng phi cn n hng ha m ch cn n chnh lchgi.

2. So snh hp ng tng lai (Future contract) v hp ng k hn(Forward contract)

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Hp ng tng lai(Futurecontract)

Hp ng k hn (Forwardcontract)

- Giao dch trn Exchange

- iu chnh li l hng ngy

- Quy chun

-Cha ti 2% hp ng c thanh

ton bng vic chuyn giao ngoi t,thng thng thng qua o hpng.

- Tr gi hp ng nh thu htngi u t

- t ri ro v c giao dch trn sn

- Giao dch trn OTC

- iu chnh li l vo cui tun

- Khng quy chun

- Trn 90% hp ng c thanh

ton khi n hn- Tr gi hp ng rt ln, trung

bnh l trn 1tr USD mt hp ng

- Ri ro cao v pha i tc s khngthc hin y ngha v ca hpng.

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Chng III: C ch t gi ( vai tr ca NHTW)

Ch t gi th ni hon ton

Khi nim:

- L ch trong t gi c xc nh hon ton t do theo quy lut cung cutrn th trng ngoi hi m khng c bt c can thip no ca NHTW

c im:

- S bin ng ca t gi l khng c gii hn v lun phn nh nhng thay itrong quan h cung cu trn th trng ngoi hi

Vai tr ca NHTW

- Trn l thuyt th NHTW khng c bt c s can thip no vo t gi th ni

- Trn thc t th NHTW khng h th vi s bin ng ca t gi v t nhiu ccan thip gim s bin ng ca t gi. Tuy nhin, can thip ca chnh ph l

ty v khng t ra bt c mc tiu bt buc c th no phi t c

Ch t gi th ni c iu tit

Khi nim:

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- L c ch m NHTW tin hnh can thip tch cc trn th trng ngoi hi nhmduy tr t gi bin ng trong mt vng nht nh

c im:

- NHTW khng cam kt dyt tr c nh t gi hay mt bin dao ng hp xungquanh t gi c nh

Vai tr ca NHTW:

- Tch cc ch ng, can thip ln t gi

VD: VN ang p dng chnh sch t gi th ni c iu tit

Ch t gi c nh

Khi nim:

- L ch t gi m NHTW cng b v cam kt can thip duy tr t gi cnh(gi l t gi trung tm Central Rate ECR) trong 1 bin hp c chotrc

c im:

- T gi c NHTW cam kt c nh trong mt bin hp (2% - 5%), khng ph

thuc vo quan h cung cu trn th trng ngoi hi

Vai tr ca NHTW:

- NHTM buc phi mua vo hay bn ra ng ni t trn th trng ngoi hi nhmduy tr t gi trung tm trong mt bin hp cho trc

- tin hnh cn thip c th i hi NHTW phi c sn ngun d tr ngoihi nht nh

Chng IV: Th trng tin t quc t

1. Khi nim:

L thtrngtin hnh traoi, muabn, chovay, chuyngiao bng ngoit vithihnngn (


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2. c im:

- Quy m ln v din ra bt k u, khng c nh, thng c hiu l 3 khuvc l chu u, Chu v Bc M (Cc ch u t khng u t Chu Phi,

Nam M v c tnh hnh chnh tr khng n nh m th trng tin t chu tcng rt ln ca chnh tr - ri ro chnh tr -> ri ro c h thng)

- Cc cng c ti chnh trn th trng tin c thi hn ngn

- Cc cng c ti chnh giao dch trn th trng tin t c tnh thanh khon cao,tnh lng, an ton cao v cc cng c c thi hn ngn nn c tnh thanh khoncao

- Ch th tham gia l cc nh u t quc t v ch yu l linngnhng

3. Cc nghip v trn th trng quc t:

Th trng tin t quc t bao gm th trng tin gi v cho vay ca cc ngnhng v th trng hi oi.Th trng tin gi v cho vay ca cc ngn hng phbin nht l th trng tin t chu u.

a.Th trng tin t chu u:

ng tin chu u (Euro currency):

- L ng ngoi t t do chuyn i c k gi bn ngoi ngn hng nc bn x

VD: Euro bng Anh l tin Bng Anh c gi ti 1 ngn hng no ngoi ncAnh, tng t ta c Euro Yn Nht

- Cc ngn hng nhn tin gi c gi l ngn hng Euro bank.

- ng tin c t do chuyn i mnh nht l: dollar(USD)

+ Giao dch trc tip: 50%

+ Giao dch gin tip: 80%

Th trng tin t chu u

- Euro dollar l nhng ti sn bng dollar M nm ngoi nc M, khng b chnhph M iu tit v tn ti di hnh thc ghi s. S ti sn ny c mua, bn,

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chuyn nhng trn ton th gii v hnh thnh tn gi l th trng Dollar Chuu (Euro Dollar market). V vy th trng tin t chu u cn c tn gi l thtrng Dollar chu u => y l th trng m cc ngn hng ch giao dch bngnhng ng tin mnh c th chuyn i t do, ngoi ng tin ca nc c th

trng.

b.c trng ca th trng dollar Chu u

- L th trng quc t ln, ngn hng trung ng cc nc rt t c kh nng iutit cc hot ng ca th trng.

- Hot ng tp np v khng mt ph mua bo him tin gi, khng phi ngthu, cc chi ph giao dch thp v t b chu s iu tit ca nh nc cc nc.

- L th trng bn bun, ch yu l th trng lin ngn hng

- L ni tch tr cc khon thng d c tnh thanh khon cao v cc cng ty, ccngn hng thng gi vn nhn ri ca mnh vo th trng ny hng mc linhun cao m cc khon thu nhp ny khng phi np thu.

- L th trng c tnh thanh khon cao v k hn tin gi phn ln l ngn hn,khong 1/3 s tin gi c k hn l khng qu 8 ngy v gn 90% c k hn khngqu 6 thng

c.Cc nghip v c bn trn th trng Euro dollar

Nghip v nhn tin gi

- Cc ngn hng Eurobank nhn tin gi c k hn v pht hnh chng ch gi tinkh nhng (NCD )

- Cc khon tin gi ny c k hn c nh ( gn 90% tng mc tin gi bn bunca cc Eurobank l ngun tin gi c k hn c nh), vic rt tin trc thi hn

s b chu li pht.- Li sut c nim yt tng ng vi k hn t 1 ngy n vi nm, tuy nhin khn chun mc l 1, 2,3,6,9 v 12 thng phn cn li c Eurobank huy ng didng NCD vi mnh gi nh nht l 500.000USD, thng thng l 1.000.000USD

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- Th trng NCD bt u hot ng ti London vi Euro dollar vo nm 1967, sau c m rng ra cc loi tin gi Euro dollar khc y l ni trao i NCDca ngi gi tin mun rt vn sm. Tuy nhin nu NCD pht hnh khng phi

bng ng USD th tnh thanh khon khng cao v li sut huy ng vn thng

ln

Nghip v to tin

- Ging nh cc ngn hng thng mi ni a, cc Eurobank cng c kh nng totin ghi trn s ti khon tin gi thanh ton ca khch hng thng qua hot ngtn dng v thanh ton

- T khon ngoi t gi vo, Eurobank s ti gi vo mt Eurobank. Bng cchny, ngi ta s c tng s tin gi Euro ln hn nhiu ln so vi s tin gi banu

- S tin gi tng ln ny ph thuc vo h s m rngtin gi.

-H s mrng chu tc ng ca cc yu t: t l d tr bt buc, t l d tr dtha, t l tin mt so vi tin gi thanh ton.

Nghip v tn dng tin t chu u

- Tn dng tin t chu u l khon cho vay bng tin t chu u (Euro) ngn hnm cc Eurobank cp cho cc DN, cc ngn hng, cc chnh ph v cc t chcquc t v cc khon vay ny khng c thc hin bng ng bn t ca mi qucgia m Eurobank tr ng.

- Mc li sut quan trng nht trn th trng Eurodollar l li sut lin ngn hngti London (London Interbank Offered Rate LIBOR). Li sut ny c coi lchun cho mi giao dch v k thc v cho vay trong ngy. Ngi c tin githng c hng li sut thp hn LIBOR, gi l LIBID (London Interbank Bid

Rate)- Nm 1973, xut hin th trng tin t mi th trng dollar du la(Petrodollar market) do hu qu ca vic tng gi du la.

+ Ban u, th trng dollar du la hot ng nh mt chi nhnh ca th trngdollar chu u, nhng do vic ng USD lin tc mt gi v vic s dng dollar

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du la phc v ng li i ngoi nn cc nh xut khu du la c nhngbin php qun l hiu qu s dollar d tr ca mnh.

+Bng vic thnh lp ngn hng hn hp, cc nc xut khu du la c th d

dng tp trung huy ng s dollar du la cho vay, u t vo cc nc trongkhi nc pht trin => th trng doll du la dn dn mang tnh c lp hn vith trng tin t chu u v n th hin y chc nng v nghip v vn cca th trng tin t chu u

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Chng IV: Th trng Vn quc t

Khi nim:

L ni chuyn giao, mua bn cc ngun vn c thi hn trn mt nm gia cc ch

th cc quc gia khc nhau

c im:

- Hng ha giao dch trn th trng c thi hn trn 1 nm v cghi bngngoi t

- Ch th thc hin l cc cng ty a quc gia, cc NHTM, cc t chc ti chnhquc t,..

- C c im ging th trng tin t quc t - v mt phm vi l th trngkhng bao gi ng do chnh lch v mi gi

Cu trc v hot ng

- Bao gm th trng tri phiu v th trng c phiu quc t

- Hot ng ca th trng vn quc t bao gm ti cc trung tm ti chnh quc tln trn th gii c hnh thnh t vic quc t ho th trng vn ca mt s

nc c nn ti chnh mnh hoc mt s nc c v th kinh t chnh tr c bitA. Th trng tri phiu quc t:

Khi nim

- L ni mua bn, trao i tri phiu gia cc ch th c tr v khng c tr

Vai tr

- Gp phn b sung ngun lc ti chnh trung v di hn, gp phn thc y s

tng trng v n nh kinh t ca cc nc

- p ng kh nng thanh ton ca cc ch th khc nhau khi tham gia vo cchoat ng ti chnh quc t

- Gp phn hnh thnh v pht trin h thng th trng ti chnh quc t

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Ch th pht hnh

- Chnh ph cc nc:

- Cc t chc quc t: NH TG (WB); Qu tin t quc t (IMF); NH chu u(EIB)

- Cc DN ln: IBM; Deutsche bank, v.v

Ch th u t:

- u t tri phiu quc t ch yu l khu vc t nhn

Cc c nhn

Cc doanh nghip

Cc nh ch ti chnh

- Ngn hng trung ng hay chnh ph cc nc cng tham gia u t vo triphiu chnh ph ca cc nc khc

Cc cng c

- Cn c vo c im ca tri phiu

Tri phiu c m bo Tri phiu chuyn i

Tri phiu th ni, v.v

- Cn c vo th trng (ng tin ghi trn tri phiu)

Tri phiu nc ngoi (global bonds)

Tri phiu chu u (Eurobond)

- Cn c vo thu nhp

Cc cng c n thu nhp c nh

Cc cng c n vi thu nhp bin i (li sut th ni)

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1. Th trng tri phiu nc ngoi:

Khi nim:

-L th trng mua bn tri phiu do ngi khng c tr (chnh ph, cc cng ty

nc ngoi) pht hnh ti mt nc ghi bng ng tin nc thu ht vn tcc nh u t ni a

VD: Cng ty Anh pht hnh tri phiu ghi bng USD v bn trn th trng M

C 2 th trng ln nht l th trng tri phiu M v th trng triphiu Nht

o Th trng tri phiu M, bao gm:

Th trng cho bn cng khai (th trng Yankee):

- Tri phiu c ng k v giao dch ti s giao dch chng khon - phi thomn cc iu kin nht nh (cht lng hay tn nhim, bo lnh, v.v)

- L knh rt quan trng cung cp vn trung di hn cho cc ch th khng ctr c nhu cu s dng vn

Th trng cho bn khng cng khai:

- Nh pht hnh tri phiu khng cn phi ng k vi s giao dch v c th cbn trc tip cho nh u t

- Quy m nh v s lng cc nh u t tham gia cng t hn.

o Th trng tri phiu Nht, bao gm:

Th trng tri phiu Samurai:

- Cc nh pht hnh phi c iu kin tin quyt l c xc nh h s tnnhim v phi t t BBB tr ln.

- Cc tri phiu Samurai ch yu c cc tp on v cc cng ty chng khon Nhtbo lnh

An ton hn Yakee

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Th trng cho bn khng cng khai:

- Cc nh pht hnh khng cng b bt k mt ti liu no theo lut giao dchchng khon.

- S lng tri phiu th trng ny thng t v c t nh u t.

Ch : 1 man Nht = 10.000 Yn Nht.

Nm 2007: 1 man Nht = 1.400.000 VND

Nm 2012: 1 man Nht = 2.500.000 VND

tng gn gp i

ng USD v Yn l ng tin t do chuyn i Cc nc khc nhn xt l ngi Nht lm n c uy tn cao( c tn nhim)

2. Th trng tri phiu chu u

Khi nim:

- L th trng mua bn tri phiu do ngi khng c tr (cng ty, ngn hng,chnh ph v cc t chc quc t) pht hnh nm ngoi nc pht hnh ng tin

c ghi trn tri phiu- c ghi bng USD khi bn cho cc nh u t chu u, chu , v.v, (ngoiM) v c ghi bng EUR khi bn cho cc nh u t M, v.v, (ngoi EU)

c im:

- L th trng tri phiu ln nht v ph bin nht th gii

- Pht hnh nhiu trung tm ti chnh quc t

-Ch yu c ghi bng USD; EUR; YEN

- Ch th pht hnh phi c h s tn nhim cao ( t AA tr ln very for credit)=> an ton cao.

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- Hu ht l cc tri phiu v danh v khng phi np thu t li do nm gi triphiu nn thu ht c cc nh u t

- Th trng th cp rt hp do t ngi bn li

- Ch yu l th trng cho vay trung hn v k hn a dng(5,7,10 nm)

Cc cng c:

- Tri phiu c li sut c nh: Li sut c xc nh trc v khng i trongthi hn ca tri phiu.

- Tri phiu c li sut th ni: Li sut c thay i theo k hn 3 thng, 6 thngtrong thi hn ca tri phiu. Li sut c tnh da tn mt loi li sut tham kho

no , thng thng l LIBOR.VD: li sut = LIBOR +(-) 3%

- Tri phiu gn lin vi c phiu

Gm: +Tri phiu chuyn i

+ Giy chng nhn quyn mua mt lng c phiu no

- Tri phiu khng tnh li: c bn di dng chit khu mnh gi

- Tri phiu lng h: L tri phiu c li sut c nh c pht hnh bng 1 loitin t, khi n hn c tr gc v li bng 1 loi tin t khc

- Tri phiu a quc gia: L tri phiu c nh danh bng mt nhm tin t nhSDR hay EUR hay bng nhiu loi tin khc nhau trong mt t pht hnh.

S tham gia vo th trng tri phiu quc t

i vi chnh ph cc nc pht trin, cc t chc quc t, cc ngn hng

v cc cng ty a quc gia ln:

- Ch th pht hnh phi c h s tn nhim cao

- C kh nng qun l v s dng vn hiu qu

- C kh nng tr n

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- Chi ph pht hnh v s dng vn thp, ng thi pht huy c nhng li thca vic huy ng vn bng pht hnh tri phiu

i vi chnh ph ca cc nc ang pht trin v cc ch th pht

hnh cha c uy tn ln- Chi ph pht hnh ln

- Ghi danh bng ngoi t mnh

- kh nng qun l s dng km

- Khng th tn dng u th n lun chuyn

Gnh nng n nc ngoi

B. Th trng c phiu quc t:

Khi nim:

- l ni cc nh u t v cc nh pht hnh t cc nc c nn tng php l khcnhau gp g, giao dch mua bn c phiu.

- nhng ni mua bn c phiu c pht hnh bi cc cng ty nc ngoi

- Phn bit vi Room cho nh u t nc ngoi ti cc s giao dch trong nc

C s hnh thnh:

- Cng ty nc ny nim yt s giao dch chng khon nc khc

- Cc cng ty a quc gia c th cng lc nim yt ti nhiu s giao dch ccnc khc nhau

- S hp tc hay quc t ho s giao dch c phiu ca mt s nc:M,Nht,Anh

C cu:

- Th trng th cp: l ni pht hnh ln u cc c phiu

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- Th trng th cp: Ni mua i bn li cc c phiu phc v 2 mc tiu chnh l:

+ To th trng c phiu

+ nh gi c phiu

+ Nhn chung, cc giao dch trn sn u thng qua ngi mi gii

c trng

- C tnh thanh khon cao v c h s tn nhim cao

- Ngy cng c nhiu c phiu c ng k trn s giao dch v cng ngy thtrng cng pht trin v cc cng ty u l cc cng ty c h s tn nhim cao.

- Th trng quc gia cng t tp trung vo mt s loi c phiu th cng c nhiuc hi cho cc nh u t quc t a dng danh mc u t quc t ca mnh

- Cng ty ti chnh quc t cung cp s liu thng k v th trng chng khoncc nc pht trin v cc nc mi ni.

Hot ng trn th trng c phiu quc t:

- Nh u t trn th trng c phiu thng l cc tp on ln, cc cng ty aquc gia c kh nng ti chnh

- Tham gia pht hnh v phn phi c phiu thng do mt nghip on lnh oc mt NH ch huy v c hng hoa hng ch huy (thng l 0.25% - 0.5%)

- Bn cnh c mt nghip on bo lnh pht hnh v c hng hoa hngbo lnh (0.25% - 0.5%).

- Mt khc cn c mt nghip on bn c phiu v c hng hoa hng bn cphiu (thng l 0.5% - 1%)

=> Nhng khon ny c tnh trn gi tr t pht hnh v do ngi pht hnh cphiu tr.

- Trn th trng c phiu quc t nhng giao dch quyn chn mua, chn bn tn ti t nhiu nm ti cc trung tm giao dch ln trn TG.

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- V nguyn l, c th thc hin vi tt c cc loi c phiu trn th trng nhngthc t ngi ta thc hin quyn chn vi 1 s t c phiu ca cc tp on niting.

- Ngi mua quyn chn phi chu 2 khon chi ph: ph quyn chn v ph chongi mi gii quyn chn

- Cc giao dch v tnh ton tng t nh quyn chn mua trn th trng ngoi hi

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Chng V: Th trng Tn dng quc t

I. Khinim

Tn dng quc t l vic chuyn nhng quyn s dng vn ca ch th nc ny

cho ch th nc kja nhm mc ch kinh doanh theo nguyn tc hon tr, c khn v c n b

Vn tn dng quc t c th l:

- Vn hng ha v vn tin t

- Vn hu hnh v vn v hnh

- Vn vt cht v vn phi vt cht

Nguyn tc tn dng

- C k hn

- Phi hon tr ng hn

- n b cho vic s dng vn c biu hin di hnh thc li tc (li sut)

II. Phn loi

1. Cn c vo i tng cp tn dng:

Tn dng hng ha (Tn dng thng mi): l tn dng m nh XK cp chonh NK. i tng cp l hng ha. Hnh thc th hin l vic mua bn chu gianh NK v nh XK

Tn dng tin t (Tn dng Ngn hng): l tn dng m ngn hng cp chongi i vay. Trong quan h tn dng ny, hnh vi mua bn tch ri hnh vi chovay. i tng l tn dng tin t

2. Cn c vo ngi cho vay

Tn dng thng nghip: l tn dng gia cc nh XNK cho nhau vay khngc s tham gia ca NH

Tn dng ngn hang: l tn dng ca NH cp cho cc nh XNK vay bng tin

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Tn dng ca ngi mi gii cp cho cc thng nhn xut khu.

Tn dng ca cc t chc ti chnh quc tcp cho cc nc thnh vin

3. Cn c vo mc ch cp :

Tn dng XK: l loi tn dng m nh XK hoc NH cp cho nh NK ymnh xut khu hng ha. Loi tn dng ny rt ph bin trong hot ng ngoithng ca cc nc

Tn dng NK: l loi tn dng m nh NK hoc ngn hng cung cp cho nhXK nhp hng ha phc v cho li ch ca mnh (ngi NK cp vn cho nhXK nh XK c vn thc hin hp ng)

4.

Cn c vo thi hn cho vay: Tn dng khng k hn n nh trc: L loi tn dng m NH cho khchhng vay nhng khng quy nh thi hn nht nh. Trc khi mun thu hi vn,ngn hng s bo trc cho khch hng mt s ngy nht nh

Tn dng thi hn ngn hay cn gi l cho vay nng: L loi tn dng m chc th vay qua 1 m, 1 ngy,

- Tn dng O/N (overnight): vay qua 1 m

- Tn dng T/N (Tomorrow next): vay 1 ngy

- Tn dng S/N (Sport next): vay 2 ngy

Tn dng ngn hn t 1 thng n 12 thng, c th ko di ti 24 thng. Tndng ny thng l loi tn dng thng mi

Tn dng trung hn t 1 n 5 nm

Tn dng di hn t 5 nm tr ln. Tn dng trung v di hn thng c sdng vo h tng kinh t c s, cng nghip nng v c kh

5. Cn c vo ngi cp tn dng

Tn dng iu chnh c cu: l loi tn dng do IMF v IBRD cp cho ncang pht trin nhm ci t nn kinh t quc dn

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o IMF Qu tin t quc t:

-Vn hot ng t cc nc thnh vin ng gp theo Quocta, lng c phn phthuc vo t trong GDP so vi GDP ton cu n t l thun vi s phiu nm gi

( tng t nh cng ty c phn m thnh vin l cc nc trn TG)- T chc ny hot ng trong vic cho vay d n cho cc nc thnh vin ca tchc,c 85% phiu biu quyt thun

- H tr c cu n

- Chng khng hong ti chnh

o IBRD: Ngn hng Quc t v ti thit v pht trin

- L 1 trong 5 t chc ti chnh thnh vin ca WB c thnh lp vo 27/12/1945

- Hin ti IBRD c trch nhim cp ti chnh cho cc nc khng pht trin

VD: 12/1/2012, NH nh nc VN v NH th gii k 1 khon vay IBRD v 4khon tn dng IDA, tng gi tr l 973.5 triu la M h tr pht trin c sh tng hin i (Hi pht trin Quc t - IDA:

c thnh lp nm 1960 chuyn cp ti chnh cho cc nc ngho)

- Hu nh ton b ngn khon ca IBRD l c huy ng trn cc th trng tichnh th gii. $23 t trong nm ti kha 2002. Vi mc phn hng tn dng AAA,IBRD pht hnh tri phiu gy qu, sau chuyn mc li sut thp cho nhngquc gia vay tin ca mnh.

- tr thnh hi vin ca IBRD, mt quc gia trc ht phi l hi vin ca IMF

Tn dng t nhng: l loai tn dng do ADB cp cho cc nc thnh vinvay vi iu kin nc i vay phi tuyn b dnh cho vic s dng ny nhng iu

kin c quyn, c li. VD: gim thu n min cc loi thu lin quan n vics dng tn dng

o ADB: Ngn hng pht trin chu :

- Chc nng chnh ca ADB l cho vay vn v u t pht trin kinh t ca ccnc hi vin Chu ang pht trin

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- Hin ADB c khong 2400 nhn vin, n t 53 trn tng s 67 quc gia thnhvin (theo web ADB.org tnh n 2/2007)

- Nm 1976 Nc Cng ho x hi ch ngha Vit Nam tip tc k chn ti ngn

hng pht trin Chu .- Hi ngh thng nin cc nh ti tr cho Vit Nam ln th 10 din ra thng12/2002 nh gi ADB tr thnh nh ti tr ln th 3 cho Vit Nam vi tng svn ti tr bnh qun hng nm gn 300 triu USD.

III. Tn dng ngn hng v cc hnh thc

1. Tn dng ngn hng cp cho ngi xut khu

Ngn hng thng mi cho cc nh xut khu vay di hnh thc chit khu B/E,cm c hng ha, cho vay trong qu trnh sn xut.

Ngi XK c th vay NH bng cch chit khu B/E cha n hn y lcch ph bin cc nc

- S tin c vay nh hn s tin ghi trn B/E

- S tin chnh lch l li tc chit khu

- Thi hn vay bng cch chit khu B/E l thi hn cn li cha n hn tr tinca B/E

- Ngi hon tr tin vay v li tc l ngi c ngha v tr tin ghi trn B/E

Ngn hng cn cho cc nh XK vay cn c v qu trnh chun b thc hinhp ng xut khu hng ha v cung ng dch v:

- Vay khi hng ang trong kho

- Vay chun b hng xut khu

- Vay chng t hng ha ang trn ng i

=> Tn dng ngn hng cp cho ngi xut khu l loi tn dng c hng halm vt bo m, v vy, hn mc c vay c khi t 80% gi tr ca hng hav thi hn vay l ngn hn.

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2. Tn dng ngn hng cp cho ngi nhp khu

Cc ngn hng cp tn dng cho ngi nhp khu di hnh thc cho vaythu chi (overdraft), m th tn dng thng mi, chp nhn B/E, k phiu ca

ngi nhp khu.- Vay thu chi (cp cho nh NK c ti khon gi thng k hn ti NH ny):l vicm nh NK c th s dng qu s tin trong ti khon ca mnh c, tuy nhin trongmt thi gian m vn cha hon tr th s b tnh li cao

- Khi chp nhn B/E, ngn hng s phi tr tin cho B/E , n khi B/E n hnth ngn hng s i tin ca nh NK => khi thc hin nghip v ny th ngn hng

phi chu mi ri ro v tn tht i vi B/E v vy ngn hng phi thu ph chpnhn cao.

Ngn hng theo yu cu ca ngi nhp khu c th chp nhn theo tngchuyn giao hng ring bit cng c th chp nhn bao, tc l chp nhn mt hnngch nht nh

Ngn hng cng c th ti chp nhn (Teimbursement Acceptance):

- Ti chp nhn l hnh thc chp nhn trong ngi XK khng chuyn B/E nngn hng phc v ngi nhp khu yu cu chp nhn tr tin, m chuyn n

mt ngn hng hng nht m 2 bn tha thun theo yu cu chp nhn.- Nh vy, trong ti chp nhn c t nht 2 ngn hng tham gia: mt l ngn hng

phc v ngi nhp khu, hai l ngn hng hng nht c 2 bn tha thun tronghp ng.Ngn hng hng nht l ngi tr tin khi B/E n hn

Quy trnh tin hnh ti nhp:

- Nh NK ngh NH phc v mnh tm 1 NH hng nht ng ra chp nhn B/Edo ngi XK k pht.

- Sauk hi tm c NH hng nht, NH phc v nh NK gi cho NH hng nht 1cam kt tr tin

- Sau khi nhn c cam kt tr tin, NH hng nht m mt L/C khng hy b tiNH phc v ngi XK cam kt s tr tin B/E ca ngi XK k pht (nu nh XKthc hin y nhng quy nh trong L/C)

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- Hon thnh giao hng, nh XK k pht 2 bn B/E nh nhau v b chng t gihng theo ng yu cu ca L/C v gi b chng t cho NH phc v mnh yu cutr tin hoc chp nhn B/E.

- NH phc v nh XK thanh ton cho ngi XK bng cch chit khu bn th 2cu B/E, cn bn th nht ca B/E v b chng t th gi cho NH hng nht yucu chp nhn

- Sau , NH hng nht chuyn tr B/E v b chng t cho NH phc v nh NK

- NH phc v nh NK chuyn b chng t gi hng cho nh NK vi iu kin nhNK phi k cam kt tr tin khi B/E n hn hoc k pht 1 k phiu cho NH phcv nh NK.

- Khi n hn tr tin, nh NK chuyn tr cho NH phc v mnh s tin ghi trnB/E hoc s tin ghi trn k phiu v NH phc v nh NK s chuyn tr cho NHhng nht v thu hi li bn cam kt tr tin.

- Khi B/E n hn tr tin, bt c ngi no ang s hu n u c quyn xuttrnh cho NH hng nht ly s tin ghi trn B/E .

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Chng VI: Forfaiting v Factoring

I. Nghip v Factoring

Xut hin ln u tin khu vc a Trung Hi

1. nh ngha:

Theo cng c UNIDROIT (1988)th: hp ng bao thanh tonl hp ng gia ngi bn v n v bao thanh ton, tho ngi bn c th hoc s chuyn nhng cho n v bao thanhton cc khon phi thu pht sinh t hp ng mua bn hng hadch v gia ngi bn v cc bn mua hng.

Theo t chc bao thanh ton quc t FCI (Factors ChainInternational) th :Hp ng bao thanh ton l mt hp ngtheo ngi bn c th hoc s chuyn nhng cc khon phithu cho mt n v bao thanh ton, c th vi mc ch nhn ti trthng mi hoc khng, nhn c t nht mt trong cc chcnng sau:

o Theo di s sch cc khon phi thu

o Thu h cc khon phi thu

o Bo him ri ro n xu

Theo quy ch hot ng bao thanh ton do NHNN ban hnhtheo quyt nh s 1096/2004/Q NHNN ngy 6/9/2004 th:Factoring l mt hnh thc cp tn dngca t chc tn dng cho

bn bn hng thng qua vic mua li cc khon phi thu pht sinht vic mua, bn hng ha c bn bn hng tha thun tronghp ng mua bn hng.

Thc cht: Factoring l vic mua bn cc khon phi thu cha n hn timt mc chit khu nht nh.

Factoring khc vi tn dng ch:

o C thm dch v thu n h v qun l s sch

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o V bn cc khon phi thu cho NH nn bng cn i k

ton ca cng ty s p hn

2. c im:

- L hp ng mua, bn cc khon phi thu cha n hn

- Nh factor ti tr cho ngi bn bng cch ng trc tin

- Nh Factor cung cp dch v qun l s sch k ton bn hng v tin hnh thun khi n hn

- Nh Factor m nhn ri ro tn dng do nghip v Factoring ch yu l nghip vmin truy i nn mi ri ro trong thanh ton u do nh Factor chu

3. Phn loi:

a. Theo phm vi thc hin

Factoring trong nc:

nh ngha:

- BTT trong nc l l dch v c cung cp cho ngi bn v ngi mua cnmt quc gia, c hot ng mua bn hng ha (dch v) din ra trong phm vi bin

gii mt quc gia.

Quy trnh nghip v:

1

2

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Ch thch:

1.Ngi bn giao hng bn chu cho ngi mua

2.Ngi bn bn li cc khon phi thu cho Factor ng thi thng bo chongi mua bit

3. Nh Factor tr ngay cho ngi bn mt t l % nht nh khi tr hoahng hng v li sut

4.Nh Factor tin hnh th tc i tin ngi mua khi n hn

5.Ngi mua thanh ton khon n cho nh Fator

6.Nh Factor thanh ton phn cn li cho ngi bn sau khi thu c n

Ch : Cc nh Factor khng boa gi ng trc 100% tng gitr gi khon n phi thu. Thng thng th h ch tr 60% -80% s n. Khon cn li l khon d phng ri ro BTT(Factor reserve) nhm b p ri ro khi khng thu hi c cckhon n phi i.

Factoring quc t:

Khi nim:

- L nghip v BTT cp cho ngi mua v ngi bn hai quc gia khc nhau, chot ng mua bn hng ha vt qua bin gii ca mt quc gi, s dng phngthc thanh ton ghi s hay D/A hay D/OT.

- BTT quc t c chia lm 2 loi: BTT xut khu v BTT nhp khu

c im:

- C s tham gia ca 2 nh Fator i l

- Cc i l thng c tr s ti nc ca ngi xut khu v nc ngi nhpkhu v thng l thnh vin trong cng hip hi Factoring quc t

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Quy trnh nghip v:

Ch thch:

1.Nh XK bn hng cho nh NK theo phng thc thanh ton ghi s, D/A orD/OT

2.Nh XK bn cc khon phi thu cho nh Factor XK. B chng t baogm: bn sao ha n thng mi, B/E, chng t vn ti v cc chng t khcc chuyn cho nh Factor XK.

3.Nh Factor XK thit lp mi quan h i l vi nh Factor NK v k hp

ng thc hin kim tra tn dng, theo di s ci bn hng v thu h tin t nhNK.

4.Nh Factor NK thu tin t nh NK n hn

5.Nh Factor NK chuyn tin thu c cho nh Factor XK theo cc iukin tha thun

6.Nh Factor xut khu hon tin cho nh XK theo cc iu kin thathun

b. Theo tnh cht hon tr ca cc khon ti tr:

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XK

NK

Foctor XK

Factor NK


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Factoring c truy i Recourse Factoring

- L dch v Factoring (BTT) cung cp tt c cc chc nng BTT tr chc nngbo him ri ro tn dng. Nu cc khon phi thu ( c chuyn nhng) n hn

m nh Factor khng i c t ngi mua hng, th nh Factor c quyn truy ili s tin ng trc cho ngi bn cng hoa hng v ph li sut

Factoring min truy i Non-Recourse Factoring

- L dch v Factoringcung cp chc nng bo him ri ro tn dng, nh Factorphi chu hon ton trch nhim i vi ri ro khng thu c n t ngi muahng

- b p cc ri ro c th pht sinh, cc nh Factor thng p dng mc ph hoa

hng cao hn mc c truy i, ng thi tch cc nh gi h s tn dng cangi tr tin

c. Theo phng thc BTT:

Factoring tng ln:

- BTT tng ln l hnh thc BTT m n v BTT v bn bn hng thc hin ccth tc cn thit v k hp ng bao thanh ton i vi cc khon phi thu ca bn

bn hng.

Factoring theo hn mc:- BTT theo hn mc l hnh thc BTT m n v BTT v bn bn hng tha thunv xc nh mt hn mc BTT duy tr trong mt khong thi gian nht nh

ng Factoring:

- ng BTT l hnh thc BTT m hai hay nhiu n v BTT cng thc hin hotng BTT cho mt hp ng mua, bn hng, trong mt n v BTT lm umi thc hin vic t chc ng BTT.

d. Phn loi theo thi gian:

Factoring ng trc: L loi hnh factoring theo nh factorchit khu cc khon phi thu trc ngy o hn v ng trc tincho n v bn hng (c th n 80% gi tr ha n).

Factoring o hn: l loi factoring theo ngi factor s trcho cc khch hng ca mnh (ngi bn hng) s tin bng gi

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mua ca cc khon BTT khi o hn. V nh factor mua cc khonphi thu ny vi iu kin khng c bt c mt loi tin ng trcno

e. Theo tnh cng khai

Factoring cng khai Disclosed/Notificatinon Factoring:Ngi mua thng bo v vic ngi bn bn cc khon phi thucho nh Factor. Ngi mua s thanh ton trc tip cho nhFactor.

Factoring kn Unidisclosed/Confidential or Non-notification Factoring:Ngi mua khng bit vic ngi bn bn li cc khon phi thu cho nh Factor. Ngi mua thanh

ton tin hng cho ngi bn theo hp ng thng mi vngi bn hon tr s tin ny cho nh Factor.

Hin nay, ngi ta hay dng Factoring y - FullFactoring: L loi hp ng Factoring vi 2 c im l:ng trc v min truy i. Nh vy, hp ng Factoringy cung cp 1 lot dch v trn gi bao gm: thu n, qunl s sch bn hng, bo him ri ro tn dng v ti tr vnngn han.

4. Cc hnh thc Factoring:

Factoring c truy i Recourse Factoring

Factoring min truy i Non-Recourse Factoring

Factoring o hn Maturity Factoring

Factoring ng trc Advance Factoring

Factoring cng khai - Disclosed/Notificatinon Factoring

Factoring kn Unidisclosed/Confidential or Non-notificationFactoring

Factoring y - Full Factoring

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5. Phn bit Factoring vi mt s nghip v ti tr

Factoring v chit khu B/E

Chit khu B/E Factoring

i tng l B/E v cc giy t c gikhc

i tng l cc khon phi thu

Mua trn c s nh gi v chit khutng B/E ring bit bi cc t chc tichnh

L vic tr tin trc cho ton b ccha n cha n hn v c thanhton bng vic mua li bi cc nhFactor

Cc trung gian ti chnh khng chutrch nhim v vic qun l s sch bn

hng v thu n

Cc nh Factor th chu trch nhim vvic qun l s sch bn hng v thu n

Ngi chit khu B/E khng phithng bo cho nh tr tin bit

Tr Factoring kn th ngi mua uc thng bo v vic ngi mua bncc khon n cho nahf Factor

Cc B/E c th c ti chit khunhiu ln trc khi n hn thanh ton

Hp ng Factoring khng c tichit khu cc khon mua

Bn bn khng cn c ti khon ti NH Bn bn phi c ti khon ca NH

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Factoring vi ti tr ngn hng

Ti tr ngn hng Factoring

L dng ti tr thun ty, NH cho vayvn trong thi gian nht nh, theo ccquy tc tin dng

Ngoi ti tr tn dng cn chu trchnhim v vic qun l s sch k ton

bn hng, thu n v chp nhn ri rotrong thanh ton

Ri ro tnh dng ph thuc vo uy tn vnng lc ti chnh ca bn bn (bn XK)

Ri ro tn dng ph thuc vo vo uytn, nng lc ti chnh ca bn mua(bn NK)

Gi tr khon n phi thu l c s cp tndng.Nh XK phi chu trch nhim cuicng v thu n t nh NK

Thng th khon thu c mua tv l l c s nh factor thu n tnh NK nc ngoi

Nh NK khng c thng bo v vic

ngn hng ti tr khon thu cho nh XK

Factoring c thng bo cho bn mua

bit, bn mua c ngha v php l trn trc tip cho nh Factoring

Ti tr thng xt cp cho bn bn davo tng khon phi thu ring bit

Factoring bao gm ton b cc khonphi thu tin hng ca nh XK.

Quan h ti tr manh tnh c lp giaNH v nh XK

Quan h 3 bn: Nh factor ca nhXK, nh XK, nh NK v c th c cnh Factor ca nh NK

NH cp vn cho ngi vay da trn tisn m bo NH cp trc tin cho ngi bn datrn ha n bn hng

Thu n t bn i vay Thu n t bn mua hng

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Factoring v bo him tn dng

- Bo him tn dng cng tng t vi Factoring min truy i xt v gc bohim ri ro tn dng

- Tuy nhin, cc cng ty bo him ch bo him nhng khon n xu, v khngthc hin thu h tin hng cng nh ti tr ng trc. Hn na Bo him tn dngchu chi ph cao hn rt nhiu so vi Factoring

6. Tnh cht php l ca Factoring:

- Ngi bn cam kt bn v nh Factor cam kt mua cc khon phi thu

- Ngi bn m bo rng cc khon phi thu l hp l, kh thi v khng tranhchp. Ngi bn cng cam kt s gii quyt cc tranh chp, bi thng cc thithi v cc khon khu tr lin quan n cc ha n bn cho nh Factor.

- Ngi bn ng rng cc ha n c mua bn theo iu kin min truy ich khi c s ng r rng ca nh Factor hoc trong gii hn tn dng cho phpca nh Factor

- Ngi bn phi thng bo v vic chuyn nhng cc ha n cho ngi muatheo mu tiu chun ca nh Factor

- Ngi bn phi cung cp cc bn sao ha n, phiu nhn n lin quan n cckhon phi thu cho nh Factor, nh Factor cam kt chuyn tr tin thu c chongi bn.

- Thi hn hp ng v phng thc thanh l cng phi c xc nh r rng

7. Thc t- Dch v BTT c s dng t lu ti nhiu nc pht trin trn th gii. Hinnay th gii c mt hip hi Bao thanh ton quc t (FCI ) c 204 thnh vin ccnc trn th gii (chim hn 50% doanh thu BTT quc t trn th gii), trong VN c 4 NH gia nhp FCI l NH Ngoi thng VN (VCB), NH TMCP Chu(ACB), NH TMCP Si Gn Thng Tn (Sacombank) v NH TMCP k thng

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(Techcombank). BTT l phng thc thanh ton thun li hn so vi phng thcthanh ton truyn thng (m L/C, nh thu).

- Hin nay nc ta c 11 NH (c c NH nc ngoi ti VN) cung cp dch v

BTT. Tuy nhin, phn ln cc NH trong nc mi ch thc hin dch v BTT muabn trong nc, trong khi thng mi quc t mi tim n nhiu ri ro bi nhiunh nhp khu mun thanh ton bng hnh thc ghi s (tr sau). Con s 11 NH lmdch v BTT qu l qu nh so vi s lng cc NH hin c v cng qu nh sovi 1 nc ang pht trin v chun b hi nhp nh nc ta.

- BTT l phng thc hai bn cng c li, nhng ti sao li cha pht trin ncta ?

- Th nht, nc ta hin vn cn nhiu hn ch v hnh lang php l thc hindch v ny. Php lut khng tha nhn dch v BTT nu khng c s chp nhn

bng vn bn ca khch hng phi tr n. Chnh iu ny gy khng t kh khncho NH v DN khi thc hin dch v ny.

- Th hai, nhiu DN cho rng, hin VN dch v BTT ca cc NH vn cha thttin li. Bi NH thng i hi cao i vi khch hng, ngoi ph dch v, nhxut khu phi chng minh vi NH v uy tn ca bn mua hng ha. y l khkhn ln cho nh sn xut, bi s hiu bit v th trng xut khu ca DN VN

cn hn ch.- Th ba, cc NH cng cha mn m vi vic cung cp dch v ny v chng ta cqu t thng tin v tnh hnh ti chnh ca ngi mua, nht l khch hng nhpkhu. Cc thng tin nu cng b cng khai cng khng tht s r rng, minh bch.Do m kh nng ri ro cao, cc NH s ngn ngi khi thc hin dch v ny hocnu c th mc ph cng khng hp dn khch hng.

- Th t, cc NH khi thc hin BTT ng ngha vi chp nhn ri ro mc no. Nhng nc ta, ri ro mt vn ng ngha vi trch nhim php l ca NHv c nhn ngi quyt nh, do , cc NH, c bt l cc NHTM nh nckhng thch s dng dch v ny.

- Th nm, cng do bn thn ngi cung cp cha mn m vi dch v ny nn hkhng ch trng cng tc marketing, tuyn truyn qung b ti khch hng. Cckhch hng v vy cng t bit n loi hnh dch v ny.

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Nhng tin ch ca Factoring

i vi ngi mua

Khng mt ph v thi gian m L/C cho tng n hng mua/ nhp khu titng th trng.

Thng thng khng phi k qu. c nhn hng v s dng hng m cha cn phi thanh ton tin hng ngay. Ch thanh ton tin hng khi hng ha p ng c cc yu cu ca hp ngmua bn.

c n v BTT san s nhng kh khn v bt ng ngn ng vi ngi xutkhu. i vi ngi bn

Duy tr c sc cnh tranh thng qua vic cho php ngi mua thanh ton nhphng thc ghi s, T/T, D/A. C thng tin ng v kp thi v ngi mua hng, nm c hn mc tn dngthc t ca ngi mua hng.

Do c hn mc sn cho ngi mua hng nn thi gian lin lc thanh ton snhanh hn.

c ti tr vn lu ng trn c s doanh thu bn hng vng quay sn xutv tng trng nhanh hn.

Gim chi ph hnh chnh v ch phi lm vic vi mt n v BTT mc d bnhng i nhiu vng, nc khc nhau. Nhng kh khn v bt ng ngn ng c n v BTT san s. C th gimc ri ro v t gi hi oi c bo him ri ro tn dng 100% gi tr ha n.

Bo co ti chnh khng c nhng khon n xu, lung tin mt n nh. i vi nh Factor:

Thu c ph, li v cc chi ph khc. a dng ha sn phm. Duy tr v m rng th phn, nng cao uy tn thanh ton trong nc v quc t.8. Cc iu kin c hot ng Factoring Vit Nam

Ngn hng nh nc cho php thc hin hot ng BTT trong nc khi t chc tndng c cc iu kin sau:

C nhu cu hot ng BTT. T l n qu hn trn tng d n cho vay ti thi im cui thng ca 3 thnggn nht di 5%; khng vi phm cc quy nh v an ton hot ng ngn hng

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(tng d n cho vay ca t chc tn dng i vi 1 khch hng khng vt qu15% vn t c).

Khng thuc i tng ang b xem xt x l vi phm hnh chnh trong lnh vcti chnh, ngn hng hoc b x l vi phm hnh chnh trong lnh vc ti chnh,

ngn hng nhng khc phc c hnh vi vi phm. i vi hot ng BTTxut-nhp khu: Ngoi cc iu kin quy nh trn, t chc tn dng xin hot ng BTT xut-nhp khu phi l t chc tn dng c php hot ng ngoi hi

II. Nghip v Forfaiting

Khi nim:

Forfaiting l nghip v ti tr xut khu thng qua chit khu cc khon phi thuxut khu bng B/E, k phiu v cng c chuyn nhng khc vi iu kin mintruy i ngi bn, ti mt mc li sut c nh v n 100% gi tr ca hp ng

c im ca Forfaiting:

- Chuyn ha khon thu XK tr chm thnh tr ngay, ci thin kh nng thanhkhon v to lung tin mt cho nh XK.

- Nh XK trnh c ri ro quc gia v ri ro th trng lin quan n cc khon phi

thu xut khu- Nh XK c ti tr n 100% gi tr xut khu ln hn nhiu so vi cc hnhthc ti tr XK thng thng (75% - 80%)

- Khon ti tr Forfaiting khng th hin l mt khon n trn bng cn i canh xut khu, do khng lm xu i cc ch tiu ti chnh

- Do li sut p dng l c nh v c thanh ton ngay, nn loi tr c ri roli sut v ri ro t gi

- Nh XK c gii phng khi cng vic qun l tn dng

- Nh XK m rng c tn dng xut khu trung v di hn, tng c th phnbn hng . Gim c chi ph bo him tn dng xut khu.

Quy trnh nghip v

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1. Nh XK bn hng cho nh NK theo hnh thc tr chm t 3 n 5 nm (ghis, D/A, D/OT)

2. Nh NK k chp nhn B/E hay k pht cc k phiu cho ngi XK hng

thanh ton cng li sut3. Cc B/E hay k phiu c 1 NH bo lnh, thng l NH phc v ngi nhpkhu

4. Nh XK bn li B/E hay k phiu c bo lnh cho Forfaiting thngl NH phc v ngi XK theo li sut chit khu v min truy i.

5. Nh Forfaiting c th nm gi B/E hay k phiu n hn hoc bn chngtrn th trng

So snh Factoring v Forfaiting

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