CHNG MT: TH TRNG TI CHNH (FINANCIAL MARKET)oOo

1.1.TH TRNG TI CHNH (FINANCIAL MARKET):

Th trng, trong kinh t hc v kinh doanh, l ni ngi mua v ngi bn (hay ngi c nhu cu v ngi cung cp) tip xc trc tip hoc gin tip vi nhau trao i, mua bn hng ha v dch v.Th trng l ni din ra cc hot ng mua v bn mt th hng ha nht nh no . Vi ngha ny, c th trng go, th trng c ph, th trng chng khon, th trng vn, v.v... Cng c mt ngha hp khc ca th trng l mt ni nht nh no , ti din ra cc hot ng mua bn hng ha v dch v. Cn trong kinh t hc, th trng c hiu rng hn, l ni c cc quan h mua bn hng ha, dch v gia v s nhng ngi bn v ngi mua c quan h cnh tranh vi nhau, bt k l a im no, thi gian no. Th trng trong kinh t hc c chia thnh ba loi: th trng hng ha - dch v, th trng lao ng, v th trng ti chnh.

Th trng ti chnh (TTTC) l th trng m din ra cc hot ng mua bn cc loi giy t c gi hay cc loi vn ngn hn, trung hn v di hn. Ni m nhng ngi cung cp tin t p ng nhu cu ca nhng ngi khc v tin t;

Th trng ti chnh l chic cu ni gia cung v cu vn trong nn kinh t, to iu kin thun li chuyn ngun vn nhn ri sang ni thiu vn p ng nhu cu pht trin kinh t.Thng qua th trng ti chnh hnh thnh gi mua gi bn cc loi c phiu, tri phiu, k phiu, giy n ngn hn, di hnhnh thnh nn t l li sut i vay, li sut cho vay, li sut ngn, trung hn v di hn.

Th trng ti chnh hot ng hu hiu nh cc ti chnh trung gian (cc cng ty chng khon, cc qu u t, ngn hng)

i tng tham gia th trng ti chnh l nhng ngun cung v cu v vn trong x hi ca cc ch th kinh t nh nh nc, doanh nghip, gia nh

Ch th tham gia trn th trng ti chnh l nhng php nhn hay th nhn i din cho nhng ngun cung cu v vn tham gia trn th trng ti chnh, ch yu l cc ngn hng thng mi, cng ty ti chnh, cng ty u t, cng ty bo him, cc qu tn dng.

1.1.1.Bn cht, chc nng ca TTTC:

1.1.1.1. Mi quan h nhn qu gia u t v tit kim:

Mt quc gia mun tng trng v pht trin bn vng phi p ng c nhu cu vn. Mun vn u t ln phi gia tng tit kim. ng thi, tng trng kinh t cao s to iu kin tng tit kim v tng kh nng cung ng vn u t.

1.1.1.2. Qu trnh giao lu vn:

Trong nn kinh t, nhu cu v vn u t v cc ngun tit kim c th pht sinh t nhiu ch th khc nhau. Nhng ngi c c hi u t th thiu vn, nhng ngi c vn nhn ri li khng c vn u t. H gp nhau tha mn nhu cu ca nhau.

1.1.1.3. Chc nng ca TTTC:

- Tp trung cc khon tit kim thnh ngun vn ln: Thng qua TTTC, nhng nh u t c th dng nhng khon tin nhn ri ca mnh mua bn cc loi chng khon trn th trng; nhng khon vn c tp thnh nhng khon vn tng i ln cc ch th huy ng vn phc v cho mc tiu u t pht trin, m rng sn xut kinh doanh, lm gia tng ngun vn cho nn kinh t, p ng kp thi nhu cu vn ca cc ch th.- Kch thch tit kim v u t: Mun u t trn th trng ti chnh k tm kim li nhun, cc nh u t phi c mt khon vn nhn ri nht nh, iu s kch thch cc nh u t tng cng tit kim tch ly vn u t. ng thi thng qua qu trnh u t, h c th s nhn c mt khon li nhun tng i ln, iu to cho cc nh u t cng mun u t nhiu hn t c nhiu li nhun hn trong tng lai.- Hnh thnh gi c cc loi ti sn ti chnh: Thng qua th trng ti chnh, gi c ca cc loi ti sn ti chnh s c hnh thnh thng qua quy lut cung cu.- To tnh thanh khon cho ti sn ti chnh: Tnh thanh khon l kh nng d dng chuyn i thnh tin mt ca cc loi ti sn ti chnh. V d, khi mt nh u t b ht tin ra mua c phiu trn th trng, n khi cn tin gp th anh ta c th bn li cc c phiu cho cc nh u t khc v thu tin v. V tr, vai tr ca TTTC:

V tr ca th trng ti chnh:

Trong mi quan h tng quan vi cc th trng khc, th trng ti chnh c v tr l th trng khi im cho cc loi th trng, n c tc dng chi phi iu hnh v xm nhp vo cc loi th trng khc. Vai tr ca th trng ti chnh:

Th trng ti chnh l ni to ra mi trng thun li dung ho cc li ch kinh t khc nhau ca cc thnh vin khc nhau trn th trng.

Th trng ti chnh nng cao nng sut v hiu qu hot ng kinh doanh, sn xut ca nn kinh t.

Th trng ti chnh to ra c hi u t v em li li ch cho mi thnh vin trong x hi.

1.1.2. Phn loi TTTC:

1.1.2.1. Cn c vo thi hn lun chuyn vn:a. Th trng tin t (Money Market):

Th trng tin t l th trng mua bn cc giy t c gi tr ngn hn, c k hn di mt nm.

Th trng tin t bao gm 03 loi th trng sau:

Th trng lin ngn hng (Interbank Market)

Th trng vn ngn hn (Shorterm Market)

Th trng hi oi (Foreign Exchange Market)b. Th trng vn (Capital Market):

Cn gi l th trng vn di hn, l mt b phn quan trng ca th trng ti chnh hot ng ca n nhm huy ng nhng ngun vn trong x hi tp trung thnh ngun vn ln ti tr di hn cho cc doanh nghip v chnh ph nhm mc ch pht trin sn xut, tng trng kinh t hay cc d n u t.

Th trng th chp (Mortgage Market):Cung cp tn dng trung v di hn cho cc doanh nghip thng i hi phi c ti sn th chp. Hot ng trn th trng ny l cc NHTM v cc t chc tn dng phi ngn ngn hng.

Th trng cho thu ti chnh (Leasing Market):Cho thu ti chnh l mt loi hnh ti tr vn hiu qu cho cc DN u t i mi trang thit b cng ngh. Cho thu ti chnh l hot ng tn dng trung v di hn thng qua vic cho thu my mc thit b, phng tin vn chuyn v cc ng sn khc trn c s hp ng cho thu gia bn cho thu v bn thu. Th trng chng khon (Stock Market): huy ng c cc ngun vn di hn, bn cnh vic i vay ngn hng thng qua hnh thc ti chnh gin tip, chnh ph v mt s cng ty cn thc hin huy ng vn thng qua vic pht hnh cc chng khon.Chng khon l cng c th hin quyn s hu trn mt cng ty (c phiu) quyn ch n i vi mt cng ty, chnh ph hay chnh quyn i phng (tri phiu).

1.1.2.2. Cn c vo tnh cht chuyn mn ha ca th trng:

a. Th trng cng c n

L th trng trong ngi cn vn huy ng vn da trn vic pht hnh cc cng c n (tri phiu), tn phiu, k phiu). Thc cht nhng cng c n l tha thun c tnh hp ng trong ngi vay vn thanh ton cho ngi gi cng c mt khong tin c nh trong thi gian nht nh. b. Th trng cng c vn:L th trng trong ngi cn vn huy ng vn bng cch pht hnh cc c phiu bn cho ngi c vn. Ngi nm gi c phiu gi l c ng, h gp vn vo cng ty tin hnh sn xut kinh doanh vi tinh thn li n, l chu.c. Th trng cng c phi sinh:

Chng khon phi sinh() bao gm: Chng quyn(Warrant):Chng quyn: l quyn cho php ngi s hu n c mua mt lng c phiu xc nh, vi mt mc gi xc nh, trong mt thi hn nht nh. Chng quyn thng c cc cng ty c phn pht hnh km theo cc t pht hnh tri phiu hoc c phiu u i nhm lm tng tnh hp dn ca t pht hnh.

Quyn chn (Option):Bao gm quyn chn mua v quyn chn bn:

Quyn chn mua:

Ngi mua quyn chn tr mt khon tin (gi l ph quyn chn) cho ngi bn. Ngi mua s c quyn c mua (khng bt buc mua) mt lng ti sn nht nh theo mt mc gi tho thun trc, ti mt thi im xc nh trong tng lai. Ngi bn nhn ph quyn chn c trch nhim phi bn mt lng ti sn nh tho thun cho ngi mua, theo mc gi tho thun, vo thi im xc nh trong tng lai (hoc trc thi im ) khi ngi mua mun thc hin quyn chn mua.

Quyn chn bn:

Ngi nm gi mt lng ti sn mua ph quyn chn bn ca nh cung cp quyn chn bn m bo rng ti sn ca mnh s chc chn c bn mt mc gi nht nh trong tng lai. Hp ng tng lai (Future):Hp ng tng lai l loi hp ng trong c s tho thun gia cc bn k hp ng v nhng ngha v mua bn phi thc hin theo mc gi c xc nh cho tng lai m khng ph thuc vo gi c ca th trng ti thi im tng lai .

Mc ch: Nhm gim bt ri ro xy ra do cc bin c c th y gi c ln cao hoc xung thp trong tng lai.

Mt s loi hp ng tng lai c bn: Hp ng tng lai ch s chng khon, hp ng tng lai li sut, hp ng tng lai ngoi hi, hp ng tng lai nng sn, hp ng tng lai kim loi v khong sn.1.1.2.2. Cn c vo c cu cc th trng:

a. Th trng s cp:

L th trng mua bn cc chng khon mi pht hnh ln u. Trn th trng ny vn t nh u s c chuyn sang nh pht hnh thng qua vic nh u t mua cc chng khon mi pht hnh.

Vai tr ca th trng s cp: (i) Chng khon ha ngun vn cn huy ng thng qua vic pht hnh chng khon. (ii) Thc hin qu trnh chu chuyn ti chnh trc tip a cc khon tin nhn ri vo u t.

c im ca th trng s cp: (i) L th trng khng lin tc v l ni duy nht m cc chng khon mang li ngun vn cho ngi pht hnh. (ii) Nhng ngi bn trn TTSC thng l kho bc NHNN, Cty pht hnh, Cty bo lnh pht hnh. (iii) Gi CK trn TTSC() do t chc pht hnh quyt nh v in ngay trn CK.b. Th trng th cp:

L ni giao dch cc chng khon c pht hnh trn TTSC. TTTC m bo tnh thanh khon cho cc CK pht hnh.

Vai tr ca TT th cp: (i) Cung cp th trng, to iu kin d dng mua bn nhng cng c trn th trng SC. (ii) Xc nh gi ca cc loi chng khon thng qua cung cu.

c im ca TT th cp: (i) Khon tin thu c t vic bn CK thuc v cc nh u t, cc nh kinh doanh CK. (ii) Gi CK do cung cu quyt nh. (iii) L th trng hot ng lin tc, cc nh u t c th mua bn nhiu ln trn TTTC.1.2. TH TRNG TIN T (MONEY MARKET):1.2.1.Th trng tin t (TTTT):Ngy nay phn ln cc hot ng kinh t ca chng ta u thc hin thng qua tin. i vi c nhn, tin l phng tin v mc ch hot ng kinh t. i vi quc gia, tin c s dng nh mt cng c iu tit v m.

Tin l bt c phng tin no c tha nhn chung lm trung gian cho vic mua bn hng ho. S ra i ca tin l mt cuc cch mng ln trong hot ng kinh t trong thc t. Tin tri qua nhiu hnh thc nhiu giai on pht trin t thp n cao theo thi gian lch s. Mi n th k XX, th vai tr ca tin mi c nhn thc ng n. Cc nh kinh t mt mt nhn mnh vai tr ca tin ni chung, nhn thc c cc tc ng ca tin i vi vic n nh v pht trin kinh t, i vi quc gia, tin c s dng nh mt cng c iu tit v m.

Hin nay trn th trng thng biu hin di dng tin mt, tin kim kh, tin gi ngn hng, tin gi di dng ngoi t, tit kim c k hn v khng k hn, tin d tr di dng cc ng sn, chng khon hoc di dng cc phiu vay n, cc chng t thng mi c kh nng chuyn i thnh tin.

Nh vy, t khi tin t xut hin lm xut hin nhiu nhu cu khc nhau v tin thc y s hnh thnh ca th trng tin t.

Th trng tin t l th trng mua bn cc giy t c gi tr ngn hn, c k hn di mt nm. Hiu theo ngha gin n, th trng tin t l th trng vay v cho vay vn ngn hn cho nn kinh t.

Tham gia trn th trng c nhiu ch th kinh t l cc ngn hng thng mi, cc t chc mi gii, ch th cho vay, i din cho ngun cung v vn( ngn hng nh nc , ngn hng thng mi, cc t chc tn dng) ch th i vay, i din cho cc ngun cu v vn (ngn hng thng mi, cc doanh nghip, cc kho bc)

Vai tr ca th trng tin t:

Th trng tin t iu tit cung cu v vn ngn hn, th trng tin t gi vai tr rt quan trng trong vic h tr hot ng cc doanh nghip trong nn kinh t c bit l cc ngn hng, b sung kp thi nhu cu vn cng nh iu ho cc ngun vn tin t t ni tha n ni thiu vn v thng qua hot ng nh hng n vic hnh thnh gi c tn dng ca tin gi ngn hn.

Mc d l th trng vn ngn hn nhng n cng mang mu sc ca th trng di hn v cc ch hot ng trn th trng tin t bao gi cng c kt hp v vn vi vic u t tin t vn ngn hn.

Tm li, theo ngha c in th trng tin t l th trng lin ngn hng vi hai chc nng c bn l:

- Cn i vn vay gia ngn hng nh nc v cc t chc tn dng.

- Cn i kh nng thanh ton tn dng gia cc t chc.

S pht trin mnh m ca th trng tin t ng gp phn quan trng trong chc nng iu tit v m ca ngn hng nh nc, gp phn iu ho cung cu v tin t v ngn chn tnh trng lm pht c hiu qu.

1.2.2.Cc cng c lu thng trn th trng tin t:

Trn th trng tin t c cc loi tri phiu kho bc ngn hn, thng phiu (phiu n xut pht t vic mua bn tr chm hoc tng trng cho vt s hu trn mt s hng k gi), hi phiu (phiu ghi n do ngi bn hng k pht trao cho ngi mua hng tr chm, trong yu cu ngi ny phi tr mt s tin nht nh khi n hn cho ngi hng li qui nh trong hi phiu), cc chng ch tin gi c th chuyn nhng (mt bin nhn ca ngn hng xc nhn c gi s tin gi ca khch hng trong qui nh khch hng s c mt s li hng nm v nhn s vn khi o hn. Ngi c chng ch ny khng c rt tin khi o hn nhng c th mang n i ly tin mt ti th trng tin t.) 1.3.TH TRNG VN (CAPITAL MARKET):1.3.1.Th trng vn:Th trng vn l ni din ra cc hot ng mua bn cc loi chng khon v giy n trung v di hn nh c phiu, tri phiu chnh ph

Cn c vo c cu t chc th trng vn gm:

- Th trng s cp hay th trng pht hnh: L th trng mua bn cc giy c gi c pht hnh ln u tin. Ch yu l cc c phiu, tri phiu v thng thng vic mua bn ny c thc hin thng qua cc ngn hng v cc cng ty ti chnh.

- Th trng th cp: L th trng thay i quyn s hu chng khon cho nhng c phiu, tri phiu ang lu thng trn th trng.

Tham gia th trng vn gm cc ch th mua bn v mi gii cc loi chng khon nh Nh nc, doanh nghip, cc t chc mi gii, cc t chc x hi v cc tng lp dn c. Trong , nh mi gii c vai tr rt quan trng trong vic thc hin cc mi quan h gia ngi mua v ngi bn chng khon v trong quan h gia cung v cu chng khon.

Bn cht th trng vn:

Chng ta thy cc hot ng trao i mua bn v chuyn nhng cc chng khon l hnh thc hot ng din ra ch yu v thng xuyn trn th trng chng khon, y khng phi l cc s vic mua i bn li hay chuyn i cc giy t c gi tr t tay ch th ny sang tay ch th khc mt cch n gin. Thc cht, y chnh l qu trnh vn ng t bn hnh thc tin t hay ni cch khc n l qu trnh chuyn t bn s hu sang t bn kinh doanh. Do , cc quan h mua bn cc chng khon trn th trng chng khon phn nh s thay i cc ch th s hu v t bn. y l vic xy ra thc t i vi mt ch th kinh doanh, khi anh ta l ngi tham gia vo hot ng ca th trng chng khon vi t cch khc nhau. V vy, xt v mt bn cht phn nh cc quan h trao i mua bn khng phi mt s lng nht nh cc t liu sn xut v cc khon tin mt, m l cc quyn s hu v t liu sn xut v vn tin mt.

Vai tr th trng vn:

Th trng vn l mt b phn cu thnh quan trng nht ca nn kinh t th trng. c th ni hu ht cc nc c nn kinh t th trng vn hot ng c hiu qu v c tc dng tch cc trong vic cung ng kp thi cho cc nhu cu v vn cho nn kinh t c bit l vn trung v di hn. L ni dng chn l tng cho cc ngun tit kim v cng l ni cc d n pht trin kinh t tip nhn c ngun vn.

Bn cnh , th trng vn cn l ni din ra qu trnh chuyn nhng v vn, ti sn l mi trng thun li cho vic a dng ho cc ch th s hu v vn kch thch cc nh u t v n to iu kin cho qu trnh lu thng chng khon, lm cho ngi s hu chng khon c th d dng chuyn vn u t ca mnh nhanh chng t lnh vc ny sang lnh vc khc.

Trong nn kinh t th trng, gi c c kinh thnh t chnh s si ng ca th trng v trn th trng vn c trng cho qu trnh hot ng ch c hai ch th mua v bn.

1.3.2.Cc cng c tham gia trn th trng vn:

Trn th trng vn c cc loi nh c phiu, tri phiu chnh ph. Ngoi ra cn c cc loi giy t c gi tr khc nh tn phiu kho bc, tri phiu u t V cc cng c ny c thi hn ko di do gi c ca chng lun dao ng v ri ro hn so vi cc cng c ca th trng tin t.CHNG HAI: TH TRNG CHNG KHON (STOCK MARKET)oOo

2.1. KHI NIM, LCH S HNH THNH TH TRNG CHNG KHON:

2.1.1. KHI NIM:

Th trng chng khon l mt b phn ca th trng vn m ti din ra vic mua bn cc cng c ti chnh trung v di hn.

Th trng chng khon trong iu kin ca nn kinh t hin i, c quan nim l ni din ra cc hot ng giao dch mua bn chng khon trung v di hn. Vic mua bn ny c tin hnh th trng s cp khi ngi mua mua c chng khon ln u t nhng ngi pht hnh, v nhng th trng th cp khi c s mua i bn li cc chng khon c pht hnh th trng s cp.

Nh vy, xt v mt hnh thc, th trng chng khon ch l ni din ra cc hot ng trao i, mua bn, chuyn nhng cc loi chng khon, qua thay i ch th nm gi chng khon.

Hnh thi in hnh ca TTCK tp trung l S giao dch chng khon ( Stock exchange). Ti S giao dch chng khon (SGDCK), cc giao dch c tp trung ti mt a im; cc lnh c chuyn ti sn giao dch v tham gia vo qu trnh ghp lnh hnh thnh nn gi giao dch.

TTCK phi tp trung cn gi l th trng OTC (over the counter). Trn th trng OTC, cc giao dch c tin hnh qua mng li cc cng ty chng khon phn tn trn khp quc gia v c ni vi nhau bng mng in t. Gi trn th trng ny c hnh thnh theo phng thc tho thun.2.1.2. LCH S HNH THNH V PHT TRIN:

Th trng chng khon ban u pht trin mt cch t pht v rt s khai, xut pht t mt s cn thit n l ca bui ban u. Vo gia th k 15 ti nhng thnh ph trung tm bun bn phng Ty, cc thng gia thng t tp ti cc qun c ph trao i vic mua bn trao i cc vt phm hng ho. Lc u ch mt nhm nh, dn dn sau tng dn v hnh thnh mt khu ch ring. Cui th k 15, thun tin hn cho vic lm n, khu ch tr thnh th trng vi vic h thng nht cc quy c v dn dn cc quy c c sa i hon chnh thnh nhng quy tc c gi tr bt buc chung cho mi thnh vin tham gia th trng.

Phin ch ring u tin c din ra vo nm 1453 ti mt l im ca gia nh Vanber Bruges B, ti c mt bng hiu hnh ba ti da vi mt ting Php l Bourse tc l mu dch th trng hay cn gi l S giao dch.

Vo nm 1547, thnh ph Bruges B mt i s phn thnh do eo bin Even b ct lp nn mu dch th trng y b sp v c chuyn qua th trn Auvers B, y th trng pht trin rt nhanh v gia th k 16 mt quan chc i thn ca Anh quc n quan st v v thit lp mt mu dch th trng ti London Anh, ni m sau ny c gi l S giao dch chng khon London. Cc mu dch th trng khc cng ln lt c thnh lp ti Php, c v Bc u.

S pht trin ca th trng ngy cng pht trin c v lng v cht vi s thnh vin tham gia ng o v nhiu ni dung khc nhau. V vy theo tnh cht t nhin n li c phn ra thnh nhiu th trng khc nhau nh: Th trng giao dch hng ho, th trng hi oi, th trng giao dch cc hp ng tng lai v th trng chng khon vi c tnh ring ca tng th trng thun li cho giao dch ca ngi tham gia trong .

Qu trnh cc giao dch chng khon din ra v hnh thnh nh vy mt cch t pht cng tng t Php, H Lan, cc nc Bc u, cc nc Ty u v Bc M.

Cc phng thc giao dch ban u c din ra s khai ngay c khi ngoi tri vi nhng k hiu giao dch bng tay v c th k nhn lnh ca khch hng. M cho n nm 1921, khu ch ny c chuyn t ngoi tri vo trong nh, S giao dch chng khon chnh thc c thnh lp.

Ngy nay, theo s pht trin ca cng ngh khoa hc k thut, cc phng thc giao dch cc S giao dch chng khon cng c ci tin dn theo tc v khi lng yu cu nhm em li hiu qu v cht lng cho giao dch, cc S giao dch dn dn s dng my vi tnh truyn cc lnh t hng v chuyn dn t giao dch th cng kt hp vi my vi tnh sang s dng hon ton h thng giao dch in t thay cho th cng trc kia.

Lch s pht trin cc th trng chng khon Th gii tri qua mt s pht trin thng trm lc ln, lc xung, vo nhng nm 1875-1913, th trng chng khon Th gii pht trin huy hong cng vi s tng trng ca nn kinh t Th gii lc , nhng ri n ngy th nm en ti tc ngy 29/10/1929 lm cho th trng chng khon Ty, Bc u v Nht bn khng hong mt lng tin. Cho mi ti chin tranh th gii th 2 kt thc, cc th trng chng khon cng hi phc dn v pht trin mnh v ri cho n nm 1987 mt ln na lm cho cc th trng chng khon.

Th gii in o vi ngy th hai en ti() do h thng thanh ton km ci khng m ng c yu cu ca giao dch, st gi chng khon gh gm, mt lng tin v phn ng dy chuyn m hu qu ca n cn nng hn cuc khng hong nm 1929. Theo quy lut t nhin, sau gn hai nm mt lng tin, th trng chng khon Th gii li i vo giai on n nh v pht trin n ngy nay. C mi ln khng hong nh vy, gi chng khon ca tt c cc th trng chng khon trn Th gii st kinh khng tuy mi khu vc v mi nc nhng mc khc nhau gy ra s ngng tr cho th trng chng khon ton cu v cng nh hng trc tip ti nn kinh t mi nc.

Cho n nay, phn ln cc nc trn Th gii c khong trn 160 S giao dch chng khon phn tn khp cc chu lc bao gm c cc nc trong khu vc ng nam pht trin vo nhng nm 1960 -1970 vo cc nc ng u nh Balan, Hunggari, Sc, Nga, v Chu nh Trung quc vo nhng nm 1980 - u nm 1990.

Lch s hnh thnh v pht trin ca th trng chng khon trn Th gii cho thy thi gian u, th trng hnh thnh mt cch t pht, i tng tham gia ch yu l cc nh u c, dn dn v sau mi c s tham gia ngy cng ng o ca cng chng. Khi th trng bt u xut hin s trc trc v bt n, chnh ph buc phi can thip bng cch thnh lp cc c quan qun l nhm bo v quyn li ca cng chng u t v sau dn dn h thng php l cng bt u c ban hnh. Kinh nghim i vi nhng th trng mi hnh thnh v sau ny cho thy th trng sau khi thit lp ch c th hot ng c hiu qu, n nh v nhanh chng nu c s chun b chu o v mi mt v hng ho, lut php, con ngi, b my qun l v c bit s gim st v qun l nghim ngt ca Nh nc.

Song cng c mt s th trng chng khon c s trc trc ngay t ban u nh th trng chng khon Thi Lan, Innsia, hot ng tr tr mt thi gian di do thiu hng ho v do khng c quan tm ng mc, th trng chng khon Philippine km hiu qu do thiu s ch o v qun l thng nht hot ng ca 2 S giao dch chng khon Makita v Manila, th trng chng khon Balan, Hungari gp trc trc do vic ch o gi c qu cao hoc qu thp,

C th ni, Th trng chng khon l mt nh ch ti chnh khng th thiu c trong i sng kinh t ca nhng nc theo c ch th trng v nht l nhng nc ang pht trin ang cn thu ht lung vn ln di hn cho nn kinh t quc dn.2.2. PHN LOI, CHC NNG, V VAI TR CA TTCK:2.2.1. PHN LOI: Xt v phng din php l:

Th trng chng khon c chia thnh th trng tp trung v th trng phi tp trung

Th trng chng khon tp trung (Stock Exchange)

L th trng hot ng theo ng cc quy nh ca php lut, l ni mua bn cc loi chng khon c nim yt (). Th trng chng khon phi tp trung (OTC):

L th trng mua bn chng khon nm ngoi s giao dch, khng c a im tp trung nhng nh mi gii, nhng ngi kinh doanh chng khon nh ti s giao dch. cc giao dch y ch yu l da vo s tho thun gia ngi mua v ngi bn, khng c s kim sot t Hi ng Chng khon.

Cc loi chng khon mua bn y thng nhng chng khon cha iu kin nim yt trn s giao dch chng khon, t ngi bit n hoc t c mua bn.

Xt v qu trnh lun chuyn chng khon:

Th trng chng khon c chia lm th trng s cp v th trng th cp.

Th trng s cp:

Cn gi l th trng cp mt hay th trng pht hnh, hm ch ni din ra cc hot ng mua bn chng khon mi pht hnh ln u. Th trng s cp l th trng to vn cho n v pht hnh.

Th trng th cp:

Cn gi l th trng cp hai hay th trng lu thng,l ni n ni din ra cc giao dch mua bn chng khon sau khi pht hnh ln u. Ni cch khc th trng th cp l th trng mua i bn li cc loi chng khon pht hnh qua th trng s cp.

Nu xt v phng thc giao dch:

Th trng chng khon c chia l th trng giao ngay v th trng giao sau. Th trng giao ngay:

L th trng mua bn chng khon theo gi ti thi im giao dch nhng vic thc hin thanh ton v giao hng c th din ra sau d mt vi ngy theo tho thun.

Th trng giao sau:

L th trng mua bn chng khon theo mt loi hp ng nh sn, gi c c tho thun trong ngy giao dch , nhng vic thanh ton v giao hng xy ra trong mt thi hn tng lai.

Ngoi ra, nu cn c vo c im hng ho lu hnh th th trng chng khon cn chia thnh th trng c phiu, th trng tri phiu, th trng cc cng c phi sinh. 2.2.2. CHC NNG:

2.2.2.1. Huy ng vn u t cho nn kinh t:

Khi cc nh u t mua chng khon do cc cng ty pht hnh, s tin nhn ri ca h c a vo hot ng sn xut kinh doanh v qua gp phn m rng sn xut x hi. Thng qua TTCK, Chnh ph v chnh quyn cc a phng cng huy ng c cc ngun vn cho mc ch s dng v u t pht trin h tng kinh t, phc v cc nhu cu chung ca x hi.

2.2.2.2. Cung cp mi trng u t cho cng chng

TTCK cung cp cho cng chng mt mi trng u t lnh mnh vi cc c hi la chn phong ph. Cc loi chng khon trn th trng rt khc nhau v tnh cht, thi hn v ri ro, cho php cc nh u t c th la chn loi hng ho ph hp vi kh nng, mc tiu v s thch ca mnh.

2.2.2.3. To tnh thanh khon cho cc chng khon

Nh c TTCK cc nh u t c th chuyn i cc chng khon h s hu thnh tin mt hoc cc loi chng khon khc khi h mun. Kh nng thanh khon l mt trong nhng c tnh hp dn ca chng khon i vi ngi u t. y l yu t cho thy tnh linh hot, an ton ca vn u t. TTCK hot ng cng nng ng v c hiu qu th tnh thanh khon ca cc chng khon giao dch trn th trng cng cao.

2.2.2.4. nh gi hot ng ca doanh nghip

Thng qua chng khon, hot ng ca cc doanh nghip c phn nh mt cch tng hp v chnh xc, gip cho vic nh gi v so snh hot ng ca doanh nghip c nhanh chng v thun tin, t cng to ra mt mi trng cnh tranh lnh mnh nhm nng cao hiu qu s dng vn, kch thch p dng cng ngh mi, ci tin sn phm.

2.2.2.5. To mi trng gip Chnh ph thc hin cc chnh sch kinh t v m:

Cc ch bo ca TTCK phn nh ng thi ca nn kinh t mt cch nhy bn v chnh xc. Gi cc chng khon tng ln cho thy u t ang m rng, nn kinh t tng trng; ngc li gi chng khon gim s cho thy cc du hiu tiu cc ca nn kinh t. V th, TTCK c gi l phong v biu ca nn kinh t v l mt cng c quan trng gip Chnh ph thc hin cc chnh sch kinh t v m. Thng qua TTCK, Chnh ph c th mua v bn tri phiu Chnh ph to ra ngun thu b p thm ht ngn sch v qun l lm pht(). Ngoi ra, Chnh ph cng c th s dng mt s chnh sch, bin php tc ng vo TTCK nhm nh hng u t m bo cho s pht trin cn i ca nn kinh t.

2.2.3. VAI TR CA TTCK:

2.2.3.1.Th trng chng khon l cng c khuyn khch dn chng tit kim v s dng ngun vn tit kim vo cng c u t.

Trong nn kinh t th trng, vn c huy ng t mi tng lp nhn dn v ngun vn vy thng rt phn tn nn cn phi c nhng nh ch c bit thc hin thu ht ngun vn ny. Vai tr ca ngn hng l thu ht vn v bo v s an ton tin k gi ca c nhn cng nh cc n v v trong qu trnh ngn hng c th s dng mt t l nht nh ca tin k gi cho vay u t vo cc loi chng khon c tnh thanh khon cao. Ngn hng hot ng nhm mc tiu li nhun nhng cng phi m bo mi thanh ton ca khch hng. Cho nn phi cn nhc gia li nhun v thanh khon. Trong nn kinh t th trng, h thng ngn hng thng mi c ch da vng chc l ngn hng trung ng. y l mi quan h truyn thng trong h thng ngn hng huy ng v cp tn dng cho c nhn hay n v c nhu cu.

Vi s ra i ca th trng chng khon, mt h thng th hai khuyn khch tit kim v u t ca dn chng cng nh nhng nh ch c kh nng huy ng cc ngun vn trong dn chng. Hot ng ca TTCK l thu ht ngun vn ln cho c khu vc t cng nh khu vc cng. Ngun vn ny khng phi do TTCK thu ht, nhng chnh nh c th trng chng khon v hot ng ca n, c nhn v nh ch ti chnh mi u t, v ngi ta bit rng thanh khon c th m bo khi c nhu cu.

2.2.3.2.Th trng chng khon l phng tin huy ng vn.

Trc y, khi th trng chng khon cha hnh thnh, cc n v kinh t u l thuc vo ngn hng c vn hot ng, c ngha l phi i vay vi li sut bin i tu theo th trng. Ngy nay, ti hu ht cc nc, cc n v kinh t cng nh nh nc huy ng vn trc tip t cc ngun tit kim bng cch pht hnh c phiu hay tri phiu.

Nh c th trng chng khon m cc nh trung gian, cc nh mi gii, cc nh bo lnh c phiu ca n v kinh t c th pht hnh bn rng ri trong cng chng huy ng vn. Do c m bo v c s dng lu di. Cng lm n c hiu qu, c phiu cng c gi. n v kinh t khng phi lo lng v thi gian hon tr nh i vay ngn hng v cng khng phi bn tm v gi tr c phiu ln xung.

V pha chnh ph trung ng hay a phng cng c th huy ng vn bng cch pht hnh cc loi chng khon nh cng kh phiu hay tn phiu kho bc chnh ph cng c s dng tp on bo lnh pht hnh hay thng qua ngn hng. Cc loi tri phiu ca chnh ph l mt cng c ph bin huy ng ngun vn cn thit cho chi tiu v u t ca chnh ph thay v phi s dng bin php pht hnh tin t d dn n lm pht. Khng c TTCK th nh nc vn pht hnh c chng khon nhng c th trng chng khon th nh nc bn c mt cch d dng hn. V tri phiu chnh ph cng l mt chng khon chuyn khi cn tin s hu ch c th a n ra bn ti TTCK. Dn chng thng thch cc loi cng tri quc gia v c li sut n nh v m bo thu hi vn lc o hn. N ph hp vi nhng nh u t khng thch mo him, khng chp nhn ri ro cao.

2.2.3.3.Th trng chng khon l cng c lm gim p lc lm pht.

Ngn hng trung ng vi vai tr iu ho lu thng tin t, khi xut hin hin tng lm pht, ngn hng trung ng s a ra bn cc loi k phiu trn TTCK vi li sut cao thu ht bt s tin ang lu thng v. Vi chnh khch khuyn khch bng li sut v m bo chi tr, dn chng s sn sng mua k phiu ngn hng v t s lm gim p lc lm pht.

2.2.3.4.Th trng chng khon c t chc s l ni cung cp mi thng tin cn thit v cc loi c phiu, chng khon v cc cng ty chng khon.

Th trng chng thu thp v phn tch cc ngun thng tin cn thit nh thnh tch trong qu kh ca mt n v kinh t, trin vng trong tng lai ca n v cng nh s i chiu vi cc loi chng khon khc. Nu khng c TTCK mi c nhn phi t tm ti cc ngun thng tin cn thit v cng khng th y . iu ny s hn ch hot ng ca th trng, hn ch s lu chuyn ngun vn v tng mc ri ro, lm cho s phn b ti nguyn trong u t km hiu qu. Trong mt h thng khng c th trng chng khon, s hnh thnh v kinh doanh chng khon s rt tn km m khng c hiu qu. Ngi pht hnh c th phi i rao bn tng nh, tm tng khch hng v th trng. Nh vy s khng vt ra ngoi phm vi hp, khng th a vn t ni tha n ni thiu.

2.2.3.5.Th trng chng khon m bo tnh thanh khon.

Th trng s cp m nhn vic pht hnh c phiu, chng khon mi trong khi th trng th cp l ni mua bn cc loi chng khon pht hnh. Vic mua bn chng khon trn th trng th cp khng to thm ngun vn mi cho n v kinh t hay chnh ph m ch thay i quyn s hu i vi chng khon. Th trng th cp c vai tr kinh t quan trng l bo m tnh thanh khon ca cc loi cng c ti chnh, c ngha l cc chng khon c th thng qua cc trung gian cc nh mi gii bn ra thu tin mt p ng nhu cu cn thit i vi c nhn hay t chc. Chnh s m bo ny m cc nhn hay nh ch ti chnh sn sng mua c phiu hay chng khon trn th trng s cp. Nu khng c phng tin ny ngi ta s rt e d trong vic s dng nhng ngun tit kim hoc d phng bt trc. Tuy nhin, chng ta cn ch n cc iu kin tin quyt hin kim ho c phn hay chng khon.

- Phng tin d dng v ph thc hin thp. Nu mt nhiu ph cao, c phiu hay chng khon c tnh thanh khon thp.

- Ngun vn chnh phi c bo v, khng chu nh hng ca s bin ng gi tr. Mi bin ng trn th trng u to nh hng trn gi tr c phiu hay chng khon. Do , i khi ngi mun bn khng m bo c vn chnh (mnh gi) ca c phiu.

- Chng khon c thi gian thu hi cng lu, tnh thanh khon cng thp.

2.2.3.6.Th trng chng khon thc y cc doanh nghip lm n hiu qu kinh t, ng hong hn.

Nh TTCK, cc doanh nghip mi c th pht hnh, em bn cc c phiu, tri phiu ca h.

UBCK nh nc ch chp nhn cc c phiu, tri phiu ca nhng cng ty y cc iu kin: Kinh doanh hp php, ti chnh lnh mnh, c doanh liv dn chng ch mua ca nhng cng ty c uy tn. Vi s t do la chn ca ngi mua c phiu, bn c c phiu, khng c cch no khc hn l nhng nh qun l doanh nghip phi tnh ton lm n ng hong v c hiu qu kinh t. Hn na, lut l ca TTCK bt buc cc doanh nghip tham gia TTCK phi cng b cng khai cc bo co ti chnh, kt qu kinh doanh hng nm trc cng chngQua dn chng c c hi nhn nh nh gi c tng cng ty.

Vic mua bn c phiu ca cng ty mt cch t do, ngi c c phiu tr thnh s hu ch ca cng ty, h c th kim sot cng ty mt cch d dng qua cc c quan qun l cng ty v nhn bit c kh nng hot ng ca cng ty qua s chp nhn ca TTCK. T thc y cng ty phi lm n ng hong hn, tt hn.

2.2.3.7.Th trng chng khon to mi trng v u t.

Chng ta bit rng ngun tit kim tim tng trong dn chng l rt ln v h thng ngn hng cha th thu ht ht ngun vn tim tng ny. Hn na, dn chng cha phn bit r th no l hn vn. Chng ta thy nhiu cng ty c phn ra i v nhiu c ng xem phn vn ca mnh nh l mt loi k thc v i hi n v phi m bo mt li sut tng ng cho phn hn ca mnh khng cn bit n v lm n ra sao.

Th trng chng khon vi c s php l hon chnh v b my qun l hu hiu, s l mi trng thun li cho vic pht hnh c phiu v cc loi chng khon cng nh mi nghip v mua bn th trng th cp. Vi s ph bin v hng dn rng ri, ngi dn s s dng ngun tit kim ca mnh mua c phiu hay chng khon vi nim tin v li nhun hay tin li m bo. D nhin l cc nh trung gian v cc nh mi gii phi lm tt vai tr trung gian ca mnh cho cc nh u t ring l c thng tin y v cc cng ty pht hnh hoc ang chun b pht hnh c phiu. Ngun tit kim quan trng ny nu khng c TTCK s tip tc nm di dng ct tr khng sinh li cho bn thn ngi ct tr v cng chng ng gp g cho s pht trin kinh t. TTCK khng nhng khuyn khch u t m cn l ni to iu kin thc hin mi s mua bn d dng khi cn thit. S pht trin ca th trng s cp cng tr nn hp dn v to thi quen cho mi ngi tham gia vo hot ng ca th trng.

2.2.3.8.Th trng chng khon iu tit vic pht hnh c phiu.

S tn ti v pht trin ca TTCK hon ton ph thuc vo s tham gia th trng ca cc n v kinh t. Tuy nhin, s tham gia ny phi c iu kin v ch khi no cc iu kin ny c tho mn y , cc n v mi c kh nng yt gi trn th trng chng khon tin hnh mua bn. TTCK c quyn tm ngng mua bn mt loi c phiu no nu c vi phm c th a n thit hi cho nh u t v ch cho php giao dch tr li khi mi iu kin cn thit c p ng y . Nh vy, vai tr qun l ca TTCK l m bo s an ton cho cc nh u t bng cch xem xt, nh gi cc loi c phiu trc khi cho php a ra mua bn. Vai tr iu tit ca TTCK cn c th hng cc n v kinh t u t vo cc ngnh hay cc lnh vc nh thc y chng trnh c phn ho cc doanh nghip bng cch pht hnh c phiu ca nhng n v c nh gi tng i chnh xc.

2.2.3.9.Th trng chng khon thu ht vn t nc ngoi.

u t vn vo u khng b mt vn v c li cao nht l vn nh u t nc ngoi quan tm. Chnh TTCK s l ni cc nh u t nc ngoi theo di v nhn nh hot ng ca cc ngnh, cc doanh nghip trong nc. TTCK cn to mi trng thch hp cc nh u t nc ngoi u t mt cch d dng. H ch cn b vn vo TTCK mua c phiu hoc cng tc vi cc doanh nghip trong noc thnh lp cng ty c phn, ri em bn c phn trn th trng. Nh vy, thu ht vn u t nc ngoi qua TTCK l mt hnh thc u t rt hu hiu.2.3. BN CHT, MC TIU V NGUYN NHN KHCH QUAN CA S HNH THNH TTCK:

2.3.1. BN CHT:

Th trng chng khon l ni din ra cc hot ng mua bn cc loi chng khon trung v di hn. Xt v mt hnh thc, hot ng trao i, mua bn, chuyn nhng cc chng khon ch l vic trao i cc ch th nm gi chng khon, cn v mt thc cht chnh l qu trnh vn ng t bn hnh thi tin t, tc l qu trnh t t bn s hu sang t bn kinh doanh. Cc quan h mua bn chng khon trn th trng chng khon phn nh cc s thay i ch s hu v chng khon. Ch th tham gia th trng chng khon vi t cch l nh u t, anh ta l ch s hu t bn, cn khi tham gia vi t cch l ngi s dng vn u t, anh ta thc hin chc nng ca t bn kinh doanh. Do , th trng chng khon xt v bn cht, khng ch phn nh cc quan h trao i mua bn mt s lng nht nh cc t liu sn xut v cc khon vn bng tin, m l cc quyn s hu v t liu sn xut v vn bng tin. Ni cch khc, th trng chng khon l ni bun bn cc quyn s hu v t bn.

T bn hin nay c lu thng nh mt loi hng ho thng thng c gi tr v gi tr s dng. Th trng chng khon l hnh thc pht trin cao ca nn sn xut hng ho.2.3.2. MC TIU:

Th trng chng khon c thnh lp nhm nng cao hiu qu s dng cc ngun vn trong qu trnh pht trin kinh t. Th trng chng khon iu tit hu hiu nht cc ngun vn t ni s dng km sang ni s dng c hiu qu hn, to iu kin cho nhiu ngi s dng vn u t. Th trng chng khon lun m bo v phc v cho bt c i tng no c nhu cu v vn. Th trng chng khon khc vi ngn hng l cung cp vn cho doanh nghip kp thi, ng lc l y s lng cn thit ng thi khng phi thng qua th tc hnh chnh qu khc khe. Th trng chng khon to iu kin cho vic thu ht vn u t nc ngoi. Th trng chng khon nng cao hiu qu hot ng ca cc t chc ti chnh. Th trng chng khon m rng dch v ti chnh thng qua hot ng ca cc t chc ti chnh.2.3.3. NGUYN NHN:

Kinh nghim th gii cho thy cc nc pht trin theo c ch th trng u phi tun th theo cc quy lut khc khe ca th trng: quy lut gi tr, quy lut cnh tranh, cc quy lut ca quan h cung cu. Th trng chng khon l mt yu t cu thnh c bit quan trng ca nn kinh t th trng v n cng y cc c trng ca mt th trng, n tn ti khch quan v ra i t pht trong nn kinh t th trng. TTCK ra i do cc yu t khch quan sau:

- S lun chuyn cc ngun vn ti chnh gia cc doanh nghip c din ra thng qua cc hot ng mua bn t do c phiu, tri phiu ch yu c thc hin trn th trng chng khon.

- Qu trnh quc t ho nn kinh t ngy cng cao lm cho cc quan h th trng ni a nhanh chng thay i theo xu hng pht trn ca th trng th gii.

- Trong qu trnh sn xut kinh doanh, chnh ph, cc php nhn, cc th nhn thiu vn u t t chc pht hnh cc giy n ngn, trung v di hn, cc c phiu, tri phiu c kh nng thanh ton v lun c chuyn i t ch s hu ny sang ch s hu khc.

2.4. CC THNH PHN THAM GIA TRN TTCK:

2.4.1.Nh pht hnh:

L cc t chc thc hin huy ng vn thng qua TTCK di hnh thc pht hnh cc chng khon.2.4.2. Nh u t:

L nhng ngi thc s mua v bn chng khon trn TTCK. Nh u t c th c chia thnh 2 loi:

- Nh u t c nhn: l nhng ngi c vn nhn ri tm thi, tham gia mua bn trn TTCK vi mc ch kim li.

- Nh u t c t chc: l cc nh ch u t thng xuyn mua bn chng khon vi s lng ln trn th trng.

Cc nh ch ny c th tn ti di cc hnh thc sau: cng ty u t, cng ty bo him, Qu lng hu, cng ty ti chnh, ngn hng thng mi v cc cng ty chng khon.2.4.3. Cc cng ty chng khon:

L nhng cng ty hot ng trong lnh vc chng khon, c th m nhn mt hoc nhiu trong s cc nghip v chnh l mi gii, qun l qu u t, bo lnh pht hnh, t vn u t chng khon v t doanh().

2.4.4. Cc t chc c lin quan n TTCK:

- U ban chng khon Nh nc: l c quan thuc Chnh ph thc hin chc nng qun l nh nc i vi TTCK Vit nam.

- S giao dch chng khon: l c quan thc hin vn hnh th trng v ban hnh nhng quyt nh iu chnh cc hot ng giao dch chng khon ph hp vi cc quy nh ca lut php v UBCK.

- Cng ty dch v my tnh chng khon: l t chc ph tr, phc v cc giao dch chng khon.

- Cng ty nh gi h s tn nhim: l cng ty chuyn cung cp dch v nh gi nng lc thanh ton cc khon vn gc v li ng thi hn v theo nhng iu khon cam kt ca cng ty pht hnh i vi mt t pht hnh c th.2.5. CC NGUYN TC HOT NG CA TTCK:

2.5.1. Nguyn tc cnh tranh:

Theo nguyn tc ny, gi c trn TTCK phn nh quan h cung cu v chng khon v th hin tng quan cnh tranh gia cc cng ty. Trn th trng s cp, cc nh pht hnh cnh tranh vi nhau bn chng khon ca mnh cho cc nh u t, cc nh u t c t do la chn cc chng khon theo cc mc tiu ca mnh. Trn th trng th cp, cc nh u t cng cnh tranh t do tm kim cho mnh mt li nhun cao nht.2.5.2. Nguyn tc cng bng:

Cng bng c ngha l mi ngi tham gia th trng u phi tun th nhng qui nh chung, c bnh ng trong vic chia s thng tin v trong vic gnh chu cc hnh thc x pht nu vi phm vo nhng qui nh .

2.5.3. Nguyn tc cng khai:

Chng khon l loi hng ho tru tng nn TTCK phi c xy dng trn c s h thng cng b thng tin tt. Theo lut nh, cc t chc pht hnh c ngha v phi cung cp thng tin y theo ch thng xuyn v t xut thng qua cc phng tin thng tin i chng, S giao dch, cc cng ty chng khon v cc t chc c lin quan.

2.5.4. Nguyn tc trung gian:

Nguyn tc ny c ngha l cc giao dch chng khon c thc hin thng qua t chc trung gian l cc cng ty chng khon. Trn th trng s cp, cc nh u t khng mua trc tip ca nh pht hnh m mua t cc nh bo lnh pht hnh. Trn th trng th cp, thng qua cc nghip v mi gii, kinh doanh, cc cng ty chng khon mua, bn chng khon gip cc khch hng, hoc kt ni cc khch hng vi nhau qua vic thc hin cc giao dch mua bn chng khon trn ti khon ca mnh.

2.5.5. Nguyn tc tp trung:

Cc giao dch chng khon ch din ra trn s giao dch v trn th trng OTC() di s kim tra gim st ca c quan qun l nh nc v cc t chc t qun.2.6. CC IU KIN HNH THNH TTCK:2.6.1.Yu t con ngi:

y l yu t quyt nh kh nng hnh thnh v pht trin ca th trng chng khon, n bao gm:

- Cc i tng tham gia qun l nh nc i vi hot ng ca th trng chng khon.

- Cc i tng tc nghip trn th trng chng khon.

- Cc chuyn gia chng khon.

Cc ch th ny phi am hiu th trng chng khon, c mt trnh chuyn mn v nghip v v kinh nghim nht nh. Do , phi c chng trnh o to chuyn mn i vi ngun nhn lc trong lnh vc chng khon. Trc mt c th thu chuyn gia nc ngoi o to ngn hn, hoc c cc on i nghin cu nc ngoi. V lu di, phi a chng trnh th trng chng khon vo cc trng i hc, trung hc kinh t ti chnh ngn hng.2.6.2.Yu t vt cht:

l nn kinh t hng ho pht trin v quan h th trng.

Th trng bao gm 3 ch th quan h vi nhau: Ngi mua, ngi bn v ngi mi gii. Ngi mua phi c tin v ngi bn phi c hng ho. C nh vy mi hnh thnh th trng. Do , hng ho v tin t tiu th hng ho l iu kin tin quyt hnh thnh th trng. Chng ta ln lc xt hai yu t ny:

- Th nht, v mt hng ho. Trn th trng chng khon, cc loi hng ho rt a dng v phong ph. l cc loi chng khon: c phiu, tri phiu, cng triTt c cc loi ny u do chnh ph, cc trung gian ti chnh v cc cng ty c phn pht hnh.

- Th hai, l vn ngi mua. Mu thun c bn nht i vi ngi mua l khng c tin hoc nu c, th vic tham gia th trng chng khon cn mang nhiu ri ro ng tin mt gi nhanh hn hiu qu sn xut kinh doanh. Ngha l li sut ca th trng ny rt c nguy c l li sut m, ngi tham gia th trng chng khon s b l vn. Ngi mua cn mua, tc l c nhu cu mua l iu kin cn, nhng cha th trng chng khon hot ng. Chng ta u bit rng thu nhp c chia lm hai phn:

+ Phn chi ph cho tiu dng thng xuyn nh n, , mc, gii tr

+ Phn tit kim dnh cho cc mc ch khc. Chnh phn tit kim ny l i tng thu ht ca th trng ti chnh ni chung v th trng chng khon ni ring.

2.6.3.Yu t lu thng tin t n nh:

y cng l iu kin tin quyt, gn lin vi 2 iu kin trn v nu ng tin khng n nh th th trng chng khon khng th hot ng c do mc ri ro qu cao.

Ni n n nh tin t l ni n vn kim sot v kim ch lm pht hay chng lm pht v biu hin ca lm pht l s mt gi ca ng tin lm cho gi c tng. c rt nhiu cuc tho lun quc t v quc gia xung quanh vn ny. Mt khi lm pht cha c khng ch, ng tin cha n nh th th trng chng khon vn ch nm trong m c, v khng ai c th t nguyn trao vn vi khi lng ln v lu di cho ngi s dng ch hy vng thu v m giy ln. Do , vic tm ra cc phng n v gii php ng b u tranh chng lm pht n nh tin t l vn quan trng cn c quan tm ng mc, v n l nhn t c bn quyt nh s hnh thnh, tn ti v pht trin ca TTCK.

Cng cn ch , vic hnh thnh TTCK phi gn lin vi vic cng c v pht trin th trng tin t, b phn quan trng ca th trng ti chnh. Ni cch khc, nu thiu s hot ng bnh thng ca th trng tin t th TTCK khng th hot ng c.

2.6.4.Yu t php l:

Bao gm h thng php lut v quy ch cn thit cho hot ng ca th trng chng khon.

Nu xt v mt ni dung, cn cp n 3 vn ln ch yu sau y:

- Php lut bo m s qun l ca nh nc i vi vic hnh thnh t chc v hot ng ca TTCK.

- Php lut xc lp cc quy ch php l ca cc ch th khc nhau tham gia th trng chng khon v c quan php l bo v nhng quyn li v li ch hp php, tnh c lp v s bnh ng ca cc ch th .

- Php lut iu chnh cc chc nng, cc hnh thc v cc hot ng ca TTCK trong tng thi k nht nh.

Qun l nh nc i vi s hnh thnh v pht trin th trng vn:

Thc tin hot ng ca th trng chng khon th gii hng nm qua chng minh. bt k nn kinh t th trng pht trin no cng cn c s iu tit ca nh nc i vi kinh t th trng tu thuc vo trnh pht trin ca nhng quan h th trng v nhiu nhn t khc.

Qun l nh nc i vi s hnh thnh v pht trin TTCK c thc hin di nhiu hnh thc v bng nhiu cng c khc nhau: Thng qua vic ban hnh lut chng khon, thc hin cc chnh sch nh nc v ti chnh, tin t, tn dng, u t, li sut, thuThng qua vic kim tra, kim sot vic thc hin cc chnh sch v php lut v t chc v hot ng ca TTCK. Xc nh qui ch php l ca cc ch th tham gia cc quan h trong lnh vc TTCK (Xy dng v ban hnh lut cng ty).

Cng vi s pht trin ca kinh t th trng v s hi nhp ca nn kinh t th gii, cc ch th tham gia vo lnh vc TTCK, giao dch chng khon ngy cng tng v rt a dng. l cc doanh nghip, cc cng ty, cc ngn hng, cc t chc ti chnh phi ngn hng, cc s giao dch chng khon, kho bc nh nc, cc c quan nh nc, cc cng dn, cc t chc v c nhn nc ngoiV mt php l, c th gi chung cc ch th l nhng th nhn v php nhn.

Tham gia vo cc quan h th trng chng khon, gia cc ch th hnh thnh nhng quan h nht nh. V d trong vic mua bn chng khon, pht hnh chng khon nhng hot ng nng ng ny din ra theo mt trt t nht nh, php lut cn quy nh:

- V tr vai tr chc nng ca mi loi ch th tin hnh nhng hot ng .

- Nhng quyn v ngha v cng nh trch nhim ca cc ch th trong nhng hot ng thuc lnh vc TTCK.

- Nhng trnh t, th tc t chc, thnh lp cc php nhn hot ng trn TTCK.

Xy dng lut TTCK v Lut s giao dch chng khon:

a. Lut th trng chng khon:

Cc nc c TTCK u thnh lp mt t chc qun l th trng ny. Tn gi ca t chc ny mi nc l khc nhau ( M gi l U ban chng khon dn tc; a s cc nc khc gi l U ban qun l TTCK). Nhng lut l TTCK u quy nh r:

- Cc mc tiu hot ng, quyn hn v trch nhim ca t chc ni trn.

- Xc nh r ngha cc thut ng: Chng khon, ngi mi gii, ngi lnh o, ngi bo lnh, ngi mua bn

- Quy nh c th vic pht hnh, mua bn chng khon.

- D tr cc bin php khen thng, bo co cng khai trc dn chng v tnh hot ng ca cng ty.

- Xc nh r cc iu kin ph bin thng tin.

- Quy nh r cc hnh vi tiu cc trn th trng nh gi mo chng khon, thao tng th trng.

- Quy nh r cc bin php bo v c ng.

- Thc hin thng pht nghim minh mi vi phm v mt dn s v hnh s.

- Quy nh cc iu khon nhm bo v li ch ca nh u t nc ngoi.

b. Lut v s giao dch chng khon:

hu ht cc nc kinh t th trng, lut v s giao dch chng khon l mt b phn cu thnh ca TTCK (nh cc nc phng Ty). mt s nc nh M Latinh, Mhic, Brazil, Achentina h c nhng o lut ring. Nhng nhn chung lut v s giao dch phi bao gm nhng vn sau:

- Cc chc nng ca s, Nhng quy ch hot ng ca s.

- Tiu chun ca cc hi vin, Cc tiu chun gia nhp ca cng ty.

- Cc iu kin m bo quyn li ca cc nh u t, T l hoa hng cho nhng nh mi gii.

- Cc ch khuyn khch gim ph trung gian, Cc iu khon khc nh: X l vi phm cc quy lut, gii th s.

2.6.5. Yu t k thut:

l c s my mc thit b, phng tin thng tin, tnh ton, vn phng giao dchcn thit cho vic thnh lp, vn hnh h thng thng tin thng mi trong vic qun l v iu chnh hot ng TTCK. Vn c s k thut ny s c d dng gii quyt khi ch trng thit lp th trng chng khon c v tt yu i hi phi c mt s vn nht nh.2.7. NHNG HNH VI TIU CC TRN TTCK:

2.7.1. u c chng khon, lng on th trng:

Trn TTCK hot ng u t lm tng doanh s giao dch th trng, tng tnh thanh khon ca chng khon. Nhng nu nhng nh u t cu kt vi nhau mua hoc bn chng khon vi s lng ln gy nn cung cu gi to, lm gi CP tng hay gim t bin gy nh hng n hot ng ca th trng.

Trong lnh vc ti chnh, u c l vic mua, bn, nm gi, bn khng cc loi ti sn ti chnh nh c phiu, tri phiu, hng ho, tin t, bt ng sn, chng khon phi sinh nhm thu li t s bin ng gi mnh ca chng. V hot ng u c p dng vi cc loi ti sn ti chnh bin ng nh vy cho nn u c l mt kiu kinh doanh c ri ro rt cao. Ngc li vi u c l vic mua v nm gi cc ti sn ti chnh tng thu nhp thng qua c tc hoc li sut, hay cn gi l u t.

y l thut ng d gy s hiu lm do chng ta cn phi lm r hai khi nim.

Ngi u t (Investor): Tc l i a s cng chng mua chng khon, l ngi mua bn chng khon cng vi mc tiu c li nhng trong di hn, h mun thng qua cc c phiu gp vn vo hot ng kinh doanh ca nhng cng ty. Ngi u c (speculation): Thng l nhng ngi nhm n li ch ngay trc mt. Bng s nhy bn ca mnh h chp thi c mua hoc bn chp nhong cc chng khon. Mc tiu ca ngi u c l mun kim li thng vic mua v bn chng khon chp nhn s ri ro min sao c li cho bn thn mnh l c.

Yu t u c to nn tnh trng cung cu chng khon gi to, t gy nn s khan him hay tha thi mt cch gi to cc loi chng khon, lm cho gi c chng khon tng hoc gim t ngt lm ri lon th trng c th dn n sp TTCK.

Hu ht cc nh u c khng chuyn nghip thng b thua l trong cc v u c, trong khi nhng ngi kim c li nhun dn dn tr thnh nhng tay u c chuyn nghip.

Li ch ca hot ng u c l n cung cp cho th trng mt lng vn ln, lm tng tnh thanh khon cho th trng v lm cho cho cc nh u t khc d dng s dung cc nghip v nh phng v hay kinh doanh chnh lch gi loi tr ri ro. Tuy nhin u c cng gy ra nhng tc ng tiu cc. Khi c hot ng u c gi ln din ra, gi ca mt loi hng ho nht nh c th tng t ngt vt qu gi tr thc ca n, n gin v vic u c lm gia tng ci gi l "cu o". Gi tng li tip tc lm cc nh kinh doanh khc nhy vo th trng ny vi hi vng gi s cn ln na. Hiu ng tm l ny tip tc y gi ln, lm cho th trng ny tr nn rt nng v n cha ri ro cao. Ton b qu trnh ny c gi l "bong bng kinh t", mt khi tri bong bng ny b chc thng th cc nh u c trn th trng ny c th gp nhng tn tht v cng nng n.

2.7.2. Bn khng:

Bn khng (Short-selling), trong ti chnh c ngha l mt cch kim li nhun t s k vng tt gim gi ca mt loi chng khon, ngoi t...

Trong giao dch chng khon, bn khng l bn mt loi chng khon m ngi bn khng s hu ti thi im bn, c th hn l bn chng khon vay mn. Bn khng mt c phiu l giao dich hon ton i lp vi vic mua mt c phiu.

Bn khng l mt khi nim ti chnh cn tng i mi m i vi TTCK Vit Nam. Tuy nhin, trn th gii, nghip v bn khng c mt s TTCK trn th gii thc hin t rt lu v hin tr nn ph bin TTCK cc nc pht trin. Nghip v kim li thng qua gi c phiu gim c bt ngun t th k th 18 Anh.

Bn khng mt c phiu c ngha l ngi bn ang cho rng gi c phiu s st gim ch khng ging nh khi mua mt c phiu v hi vng gi ca n tng ln. Khi nh u t d on trong tng lai gi c phiu s gim, h s i vay c phiu ca CTCK bn; sau khi gi h, h s mua c phiu trn th trng tr li v hng khon chnh lch gi.

Nhng nu gi trn th trng khng h nh d on m li tng ln, n k hn tr li, nh u t s phi mua chng khon vi gi cao hn v chp nhn b l.2.7.3. Mua bn ni gin:

Mt c nhn no li dng thng tin ca ni b trong mt n v kinh t mua, bn c phiu ca n v c nh hng n gi tr c phiu nu thng tin c cng b rng ri. Mua bn ni gin c xem l phi o c v mt thng mi, v ngi c ngun thng tin t bn trong s c mt li th khng hp l i vi nh u t bn ngoi thu ht li v ring cho mnh hay trnh l v d nhin i ngc li nguyn tc mi nh u t u phi c c hi nh nhau. Mua bn ni gin c xem nh vi phm quyn li chung, v li dng ngun thng tin t bn trong ngi mua, bn thu c li nhun hay trnh l l v hu qu s do ngi khng c c thng tin gnh chu.

2.7.4. Thng tin sai s tht:

y l mt hnh vi thiu o c nhm lm cho gi c phiu ca cng ty khc st gim hoc gi CP cng ty ca mnh tng ln do vic phao tin n tht thit trn th trng.

Cc cng ty cng c th cng b thng tin sai s tht, khng cp nht thng tin, khng y thng tin cho nh u t gy thit hi cho nh du t.2.7.5. Mt s hnh vi lm thit hi li ch nh u t:

- Lm tri lnh t mua, bn ca nh u t.

- Khng cung cp xc nhn giao dch theo qui nh.

- T mua, bn CK trn TK ca khch hng.

CHNG BA: CNG TY C PHN (CORPORATION COMPANY)oOo

3.1. KHI NIM:

Cng ty c phn l cng ty c thnh lp do nhiu ngi, t chc x hi c t cch php nhn b vn ra. Vn iu l ca cng ty c chia thnh nhiu phn bng nhau, c gi l c phn, m n c th hin bng c phiu. Ngi hn vn vi t cch l cc c ng s mua mt s c phn .

C ng chu trch nhim hu hn trong phm vi s tin c phn mnh xut vn v c ng c quyn t do sang nhng li c phn cho ngi khc thng qua vic mua bn cc c phiu. C ng c th l t chc, c nhn s lng ti thiu l 3 v khng hn ch s lng ti a.

Cng ty c phn c quyn pht hnh chng khon ra cng chng theo quy nh ca php lut v chng khon.

Cng ty c phn c t cch php nhn k t ngy c cp giy php kinh doanh.

Nh vy, CTCP l mt t chc kinh t do nhiu thanh vin tho thun lp nn mt cch t nguyn v gp vn tu theo kh nng ca mnh tin hnh hot ng kinh doanh.

Theo lut cng ty Vit Nam, cng ty c phn l cng ty trong :

- Vn iu l ca cng ty c chia thnh nhiu phn bng nhau gi l c phn. Gi tr mi phn gi l mnh gi c phiu. Mi c ng c th mua mt hoc nhiu c phiu.

- C phiu c pht hnh c th ghi tn hoc khng ghi tn. C phiu ca sng lp vin, thnh vin hi ng qun tr phi l nhng c phiu c ghi tn.

- C phiu khng ghi tn c t do chuyn nhng. c phiu c ghi tn ch c t do chuyn nhng nu c s ng ca hi ng qun tr.

- Cng ty c phn c t do t tn, trn bng hiu, ho n, qung co, cc giy t giao dch khc ca cng ty u phi ghi tn cng ty km theo ch Cng ty c phn v vn iu l.

Trong nn kinh t nhiu thnh phn, vn ng theo c ch th trng c s qun l ca nh nc, cc cng ty c phn, c bit l cc cng ty quy m ln c v tr v vai tr rt quan trng th hin trn cc mt:

- Tch bit quyn s hu v quyn qun l, phn nh r chc nng qun l - sn xut kinh doanh v chc nng qun l ca nh nc v kinh t.

- Huy ng vn t mi thnh phn kinh t, t mi ngi dn c tin nhn ri. Thu ht vn u t t nc ngoi tng thu v gim gnh nng cp pht ngn sch.

- To hng ho cho TTCK thc y qu trnh hnh thnh v pht trin ca b phn th trng ny nhm hon thin hn na th trng vn.

- a mi hot ng ca doanh nghip vo khun kh ca lut php v chu s chi phi ca th trng nhm nng cao hiu qu ca hot ng sn xut kinh doanh.3.2. C IM CA CNG TY C PHN:

3.2.1.u im ca cng ty c phn:

- Cng ty c phn c t cch php nhn.

- C kh nng huy ng vn nhn ri rt ln nh pht hnh c phiu v tri phiu, c th mua bn t do.

- Cng ty c phn loi tr trch nhim ca c ng i vi cc ch n ca cng ty. Trong trng hp b thua l, c ng ch chu thit trong s vn gp.

- Thi gian hot ng ca cng ty c phn l v hn.

- C ng c gii phng khi chc nng qun l cng ty.

- Cng ty c phn c t chc v qun l rt cht ch, c cu t chc gm c: i hi c ng, Hi ng qun tr, Ban kim sotMi b phn c chc nng v quyn hn khc nhau.

- Gn ngi lao ng vi kt qu cui cng

- D dng thay i quy m hot ng bng cch pht hnh thm hoc mua li c phn.

3.2.2. Nhc im ca cng ty c phn:

- Lut doanh nghip quy nh s thnh vin ti thiu.

- Vic cp tn dng kh khn v l trch nhim hu hn.

- iu l cng ty cht ch, tnh cng khai ho cao, kh gi b mt ti chnh, b mt trong kinh doanh.

- Mc thu cao, ngoi thu TNDN cn phi chu thu TNCN.

- Cng ty kh thay i phm vi kinh doanh v phi cn c vo iu l.

3.3. CC LOI CNG TY C PHN:

- Cng ty c phn ni b: Cng ty ch bn c phn cho mt s c ng nht nh. Cng ty ny rt t ngi quy m nh, trnh qun l cha cao.

- Cng ty c phn cng cng: y l hnh thc cao ca cng ty c phn ni b, l cng ty c phn c bn c phiu rng ri ra cng chng, cng ty c trnh qun l cao, quy m ln.

- Cng ty c phn cng cng ng k vo TTCK c t chc. N pht hnh chng khon c ng k chng khon vo danh mc chng khon trn s giao dch chng khon. N giao dch mua bn n nh, hng ho cao cp, cht lng.3.4. T CHC QUN L CNG TY C PHN:3.4.1. C ng:

C ng l ngi ch s hu mt phn cng ty nn c quyn tham gia qun l cng tythng qua quyn bu c ra hi ng qu tr v ban kim sot ca cng ty.

Ngoi quyn nu trn, cc c ng cn c cc nhim v v quyn li sau:

- Gp vn y v ng thi hn theo iu l ca cng ty.

- Cng chu trch nhim v mi hot ng ca cng ty.

- Chp hnh y iu l cng ty, cc quyt nh ca i hi c ng cng nh php lut ca nh nc.

- c nhn thu nhp ca cng ty di hnh thc c tc theo mc quy nh ca i hi c ng, c nhn thng tin lin quan n hot ng ca cng ty.

- Tham d v biu quyt tt c cc vn thuc thm quyn ca i hi c ng.

3.4.2. i hi ng c ng:

i hi c ng bao gm tt c cc c ng c quyn biu quyt, l c quan quyt nh cao nht ca cng ty c phn. i hi c ng bao gm cc loi sau:

- i hi c ng sng lp c triu tp tin hnh cc th tc thnh lp, tho lun v thng qua iu l cng ty.

- i hi ng bt thng c triu tp sa i iu l cng ty hoc tho lun nhng vn khn cp.

- i hi ng thng k c tin hnh hng nm t 1 n 2 ln.

i hi c ng c cc quyn v cc nhim v sau:

+ Quyt nh loi c phiu v tng s c phn cho bn, mc c tc hng nm ca tng loi c phiu.

+ Bu, min nhim, bi nhim thnh vin hi ng qun tr, ban kim sot.

+ Quyt nh t chc li v gii th cng ty.

+ Quyt nh sa i b sung iu l cng ty.

+ Thng bo bo co ti chnh hng nm. Thng qua nh hng pht trin cng ty.

i hi c ng hp t nht mi nm 1 ln theo quy nh ca hi ng qun tr.

3.4.3. Hi ng qun tr:

Hi ng qun tr l c quan qun l cao nht c trch nhim tp th trong vic qun l mi hot ng sn xut kinh doanh ca cng ty c phn trong phm vii lut php.

Thnh phn bao gm t 5 n 15 ngi tu theo lut nh. Thnh phn ca hi ng qun tr ch bao gm nhng thnh vin trong cng ty. Tuy nhin, mt s nc quy nh hi ng qun tr phi l nhng thnh phn ngoi cng ty (Php, Thu in) tch ri kh nng iu tra vi kh nng qun l c th. Thng thng cc thnh vin ca hi ng qun tr l nhng ngi c c phn cao nht trong cng ty. H c th l nhng ngi i din cho ngn hng hay 1 nh ch ti chnh trung gian no gp vn cho doanh nghip gip doanh nghip m rng sn xut kinh doanh, gim st hot ng kinh doanh. H cng c th l nhng ngi i din cho khch hng ln hay cc nh cung cp thit yu, h cng c th l i din cho c quan chnh quyn hay mt nhn vt c uy tn.

Quyn hn:

- Son tho cc ngh quyt a ra i hi c ng tho lun v thng qua.

- Thnh vin hi ng qun tr khng c hng lng, ch c hng th lao trong mi ln hin din, trong mi ln ca cuc hp.

- H c th hng quyn li t qu khng chia hng nm ca cng ty.

- H c quyn c chn hay mua c phiu mi ca cng ty vi gi u i

- Chn hoc bi nhim ch tch, tng gim c cng ty hoc cc quan chc cp cao khc trong cng ty. H c quyn quyt nh mc th lao cho b phn qun l cp cao.

- Hp gii quyt nhng bt ng kin trong hng ng cc tng gim c iu hnh, hi ng qun tr c quyn sa i tm thi cc quy ch ca cng ty cho ph hp vi tnh hnh v yu cu ca php lut.

- c php quy nh nhng ch tiu trong thi gii hn do i hi c ng n nh.

- C quyn quy nh v t l phn chia li ch c phn, quy nh v vn mua li hay xc lp cng ty.

Trch nhim:

- Qun l cng ty nhm phc v cho li ch ca c ng.

- Nu hi ng qun tr c nhng hnh vi sai phm vi cc c ng h chu trch nhim v nhng hnh vi sai phm . Tuy nhin, qu trnh iu hnh cng ty h khng vp phi sai lm no m lm trn trch nhim v hon cnh suy thoi dn n cng ty b ph sn hay gii th th trong trng hp h khng b truy cu trch nhim.

3.4.4. Ban kim sot:

y l b phn do i hi c ng bu ra, c nhim v gim st, kim tra hot ng ca hi ng qun tr nhm bo v li ch ca cc c ng nhng ngi s hu ch i vi cng ty.

Thng thng cc nc i hi ng c ng bu ra ban kim sot c t 5 n 7 thnh vin c chuyn mn v k ton. Ban kim sot phi l c ng. Quyn v nhim v ca trng ban kim sot do iu l cng ty quy nh.

Ban kim sot c cc quyn v nhim v sau:

- Kim tra tnh thch hp, hp php trong qun l, iu hnh hot ng kinh doanh trong ghi chp s sch k ton v bo co ti chnh.

- Thm nh bo co ti chnh hng nm ca cng ty, kim tra tng vn c th lin quan n qun l.

- Thng xuyn thng bo vi hi ng qun tr trc khi trnh bo co, kt lun v kin ngh ln i hi c ng.

- Bo co i hi c ng v tnh chnh xc, trung thc, hp php ca vic ghi chp, lu tr chng t v lp s k ton, bo co ti chnh, cc loi bo co khc ca cng ty.

- Kin ngh bin php b sung, sa i ci tin c cu t chc qun l, iu hnh hot ng kinh doanh ca cng ty.

Vic kim tra vi ni dung trn khng c cn tr hot ng bnh thng ca hi ng qun tr, khng gy gin on trong iu hnh hot ng kinh doanh hng ngy ca cng ty.3.5. C CU VN CA CNG TY C PHN

3.5.1.Vn ch s hu:

CTCP l cng ty m vn iu l c chia ra lm nhiu phn bng nhau, mi phn c gi l c phn. Do , vn gp ban u ca c ng to nn vn ch s hu hay vn c phn. y l ngun vn c bn v quan trng nht trong c cu vn ca cng ty c phn, n i din cho tnh trng ti chnh ca ch s hu.

iu kin pht hnh c phiu ln u:

T chc pht hnh c phiu ln u ra cng chng phi p ng cc iu kin sau:

- Mc vn iu l ti thiu l 10 t Vit Nam ng.

- Hot ng kinh doanh c li trong 2 nm lin tc gn nht.

- Thnh vin hi ng qun tr v gim c (tng gim c) c kinh nghim qun l kinh doanh.

- C phng n kh thi v vic s dng vn thu c t t pht hnh c phiu.

- Ti thiu 20% vn c phn ca t chc pht hnh phi c bn cho trn 100 ngi u t ngoi t chc pht hnh. Trng hp vn c phn ca t chc pht hnh t 100 t ng tr ln th t l ti thiu ny l 15% vn c phn ca t chc pht hnh.

- C ng sng lp phi nm gi t nht 20% vn c phn ca t chc pht hnh v phi nm gi mc ti thiu ny 3 nm k t ngy kt thc vic pht hnh.

- Trng hp c phiu pht hnh c tng gi tr theo mnh gi vt 10 t ng th phi c t chc bo lnh pht hnh().

3.5.2. Tng vn:

Trong qu trnh pht trin cng ty c nhu cu tng vn nhm tng quy m sn xut kinh doanh hay u t thit b, khoa hc k thut. Nhu cu tng thm vn ny s c thc hin bng nhiu cch. Mt trong cc cch l tng vn iu l bng cch pht hnh thm c phiu mi.

Cng ty c phn ch c cp giy php pht hnh c phiu mi b sung nu c cc iu kin sau:

- thu ht tin c phiu pht hnh trong t trc.

- Chng minh c hot ng kinh doanh ca cng ty ang c qun l tt v c hiu qu.

- c ngn hng m nhim gip dch v ngn qu v k ton lin quan n vic pht hnh c phiu.

- C chng trnh v k hoch c th cng khai gi vn trong cng chng. Chng trnh v k hoch phi m bo cho mi ngi quan tm, hiu r, hiu ng tnh hnh kinh doanh, thc trng tnh hnh ti chnh, trin vng v pht trin ca cng ty h c c s quyt nh mua c phiu.

- Giy php pht hnh c phiu mi phi quy nh r tng s vn gi thm, s c phiu c pht hnh, thi hn thc hin vic gi thm vn.

iu kin pht hnh thm c phiu:

- Ln pht hnh sau phi cch 1 nm sau ln pht hnh trc.

- Gi tr c phiu pht hnh thm khng ln hn tng gi tr c phiu ang lu hnh.

3.5.3. Chuyn i tri phiu thnh c phiu nhm tng vn c phn:

Vic chuyn tri phiu thnh c phiu, trc ht c p dng i vi nhng tri phiu c kh nng chuyn i thnh c phiu c quy nh khi pht hnh tri phiu. Sau , nu cng ty vn c nhu cu tng vn iu l theo phng thc ny th mi p dng chuyn i cc loi tri phiu khc.

Tri phiu chuyn thnh c phiu s lm tng vn c phn ca cng ty cho nn phi c i hi ng c ng nht tr v tin hnh trn c s t nguyn ca cc tri ch.

Cc trng hp tng vn iu l nu trn ca cng ty c phn u phi c tin hnh ph hp vi quy nh php lut hin hnh. Cng ty phi lm th tc ng k li vn iu l i cc c quan nh nc c thm quyn trong vic cp giy php hot ng v ng k kinh doanh.

3.5.4. Tng vn di hnh thc vay vn ngn hng v pht hnh tri phiu:

- Vay ngn hng: Hnh thc tn dng ngn hng ngn hn v di hn vi nhng rng buc v iu kin, th tc, thi hn v nh mc, ch ph hp vi cc cng ty c nhu cu vn gii hn v t l n khng vt qu mc quy nh.

Ngoi ra vic pht hnh chng khon huy ng vn trn th trng chng khon m ra mt kh nng rng ln gii phng v vn.

- Pht hnh tri phiu: Cc loi giy n trung v di hn c pht hnh ra cng chng vi ngha v rng buc cng ty trong vic hon tr li v vn. Cng ty ch oc php pht hnh tri phiu nu c cc iu kin sau:

+ C phng n kinh c th i hi vn ln.

+ hot ng t nht l 2 nm v chng minh c hot ng kinh doanh ca cng ty ang c qun l tt, c hiu qu.

+ c ngn hng ni cng ty m ti khon chng nhn s tin cn li ngn hng v c c quan cng chng chng nhn gi tr s ti sn bng hin vt ca cng ty m bo cho tng s vn d nh hay cn c th c c mt hay nhiu ngn hng bo lnh.

+ c ngn hng m nhim gip dch v ngn qu v k ton lin quan n vic pht hnh tri phiu.

+ Giy php pht hnh tri phiu phi quy nh r mc vn c vay qua pht hnh tri phiu, mc u i v thi hn hon tr vn.

+ Trn mi tri phiu phi ghi r s th t gi tr ca tri phiu, tng s vn huy ng bng tri phiu, mc li v thi hn thanh ton.

iu kin pht hnh tri phiu:

- Tun th theo cc quy nh nu trn.

- Ti thiu 20% tng gi tr tri phiu xin php pht hnh phi c bn cho trn 100 ngi u t, trng hp tng gi tr tri phiu xin php pht hnh t 100 t ng tr ln th t l ti thiu ny l 15% tng gi tr tri phiu.

- Phi c t chc bo lnh pht hnh, tr trng hp t chc pht hnh l t chc tn dng.

- C cam kt thc hin ngha v i vi ngi u t.

- Xc nh i din ngi s hu tri phiu.

3.5.5. B sung vn t li nhun:

Li nhun rng ca cng ty sau khi tr thu v li cho nhng khong vay nh ngn hng, tri phiu, c phiu uu i, l thu nhp ca cc c ng nm gi c phiu thng, Hng nm hi ng qun tr s quyt nh t l phn chia s li nhun rng ny thnh hai phn tu theo chin lc pht trin ca cng ty. Mt phn c a vo qu d tr, phn cn li c chia cho c ng di dng c tc. Chnh phn li nhun t qu d t ny s lm mt ngun vn b sung quan trng cho nhu cu tng vn ca cng ty.

CHNG BN: HNG HO CA TH TRNG CHNG KHON

oOo

Trn th trng chng khon i tng giao dch chnh l chng khon. Chng khon l mt thut ng dng ch giy t c gi, tc l giy t ghi nhn khon tin m ngi s hu chng b ra s c quyn hng nhng khon li tc nht nh theo k hn. Hay ni cch khc, l cc loi cng c ti chnh di hn, bao gm c phiu v tri phiu.

Ngoi ra trn th trng chng khon cn giao dch cc loi giy t c gi lin quan n chng khon, c gi l cc cng c c ngun gc chng khon hay cc loi chng khon l: chng khon quyn (Rights), cc chng kh (Warrants), cc quyn chn (Options) v cc hp ng tng lai (Future Contract).

Di y l cc c s phn loi chng khon:

c im ca chng khon:

Gm c 2 loi:

- Chng khon n ( Debt Securities) - cc tri phiu, cc giy chng nhn n c k hn.

- Chng khon vn (Equity Securities) - cc c phiu, cc giy nhn s vn c trong cng ty c phn.

Tiu chun php l ca chng khon:

Gm c 2 loi:

- Chng khon v danh (Bearer Securities) - loi chng khon khng ghi r h tn ngi s hu. Vic chuyn nhng cc chng khon ny rt d dng khng cn cc th tc php l.

- Chng khon k danh ( Nominal Securities) - loi chng khon ghi r h tn ngi s hu. Vic chuyn nhng cc chng khon ny cn cc th tc php l, c th l thc hin bng th tc ng k ti c quan pht hnh.

Tnh cht ti chnh ca chng khon:

Gm c 2 loi:

- Chng khon c li tc n nh (Fixed Income Securities) - loi chng khon c xc nh t l li c th m ngi s hu chng khon c hng khi n hn. Ch s hu cc loi chng khon ny thng nhn c li v vn khi o hn.

- Chng khon c li tc khng n nh ( Variable Income Securities) - Loi chng khon xc nh t l li c th m ngi s hu chng khon c hng. T l li cc chng khon loi ny tu thuc vo kt qu kinh doanh ca cng ty.4.1. C PHIU:4.1.1. Khi nim:

C phiu - loi chng khon chng minh quyn s hu ca mt c ng i vi cng ty c phn. Hay ni cch khc c phiu l giy chng nhn vic u t vn vo cng ty c phn.

C ng - ngi c c phn th hin bng c phiu.

C phn - phn vn ng gp cng lm ch s hu cng ty.

C phiu c nhng c im sau:

- C phiu l giy chng nhn s ng gp vo cng ty c phn.

- C phiu khng c k hn, n tn ti cng vi s tn ti ca cng ty pht hnh ra n.

- C phiu c th c pht hnh lc thnh lp cng ty hoc lc cng ty cn gi thm vn m rng cng ty.

- Ngi mua c phiu c quyn nhn li tc c phiu.

- Ngi mua c phiu - Ngi s hu mt phn cng ty c phn, do c quyn u phiu, biu quyt cc vn hot ng kinh doanh ca cng ty.

- Ngi mua c phiu c quyn chuyn nhng quyn s hu cho ngi khc.

4.1.2. Cc loi c phiu:

4.1.2.1 C phiu thng (Common Stocks):

C phiu thng - c phiu m li tc ca n ph thuc vo hiu qu hot ng kinh doanh ca cng ty c phn, do khng c nh mc s li s c cui nm quyt ton. Mi c phiu th hin quyn li s hu ca c ng i vi cng ty. C ng s hu cng nhiu c phiu th quyn li ca h trong cng ty cng ln. ri ro ca loi c phiu ny ln.

Mnh gi c phiu c in trn t c phiu. Mnh gi c phiu khng lin quan trc tip n gi tr th trng ca c phiu . Mnh gi th hin tm quan trng nht ca n vo thi im c phn ln u tin c pht hnh.

Tuy nhin, mt cng ty c phn cng c th pht hnh c phiu khng c mnh gi, chng hn nh cc c phiu c bit dnh cho cc sng lp vin ca cng ty. C phiu ny c c im l n ch c hng li sau khi tin li thun tu chia cho cc c ng.

4.1.2.2 C phiu u i:

Hay cn gi l c phiu c quyn c quyn l loi c phiu c hng quyn u tin:

- c hng mt mc li c phn ring bit c tnh c nh hng nm. Thng thng c tc ny c in trn c phiu.

- c u tin chia li c phn trc loi c phiu thng.

- c u tin phn chia ti sn cn li ca cng ty khi ph sn trc loi c phiu thng.

Tuy nhin, khng ging vi c phiu thng, ngi mua c phiu thng, ngi mua c phiu u i thng khng c hng quyn b phiu bu ra Hi ng qun tr, ban kim sot cng ty.

Nh vy, do cc quyn c ng u i khng c quyn u phiu v quyn hng li tc c phn b gii hn theoo mt s lng nht nh. Chnh v th ngi ta ni rng c ng u i ch c quyn s hu hu hn trong cng ty.

Xut pht t nhng l do trn nn gi c phiu u i trn th trng chng khon thng khng dao ng ln hoc xung nhiu nh gi cc c phiu thng.

Vic n nh c tc cho c phiu u i c 2 cch: C phiu u i tr theo gi tr tuyt i v c phiu u i tr theo t l phn trm.

Ging nh c phiu thng, c phiu u i c th c mnh gi hoc khng c mi lin quan trc tip n gi tr th trng. Nu mt c phiu u i c mnh gi, th c tc c th c tnh theo gi tr tuyt i hoc theo t l phn trm trn mnh gi. Tuy nhin, nu c phiu u i khng c mnh gi, th c tc s c cng b tnh theo gi tr tuyt i.

Thng thng mt cng ty c phn ch pht hnh mt loi c phiu thng, nhng cng ty c th pht hnh nhiu loi c phiu c phiu u i. C phiu u i gm c cc loi sau:

C phiu u i khng gp li (Non Cumulative Preferred Stocks) l loi c phiu c hng mt khon li c phn u i c nh. i khi, c nm cng ty lm n khng thnh cng, cng ty khng c tin tr cc khon li c phn u i ny. Nu tho thun trc, cng ty b lun khng tnh ti khon ny.

C phiu u i c li c phn gp hay tch lu ( Cumulative Preferred Stocks) c ngha l nu nm no cng ty khng c li tr li c phn, th s li n li s c ghi choq nm ti v s c tr gp lun cng vi li nm ti hay s c tr vo mt nm no m cng ty c tin tr nu cng ty c tip tc n li c phn t nm ny sang nm khc, cng ty s phi dnh s li c c tr cho nhng khon li ny trc ht khi tr xong mi dng s li cn li cn li chia cho c phn thng thng.

Nhiu cng ty thua l phi tr loi c phn u i tnh gp ny ny vt qu con s tr gi c phn. Khi gnh nng vt mc chu ng, cng ty c th thng lng vi cc c ng nm gi loi c phiu u i ny c tr dn nhiu t.

Loi c phiu u i tham d chia phn ( Participating Preferred Stocks)

thu ht cc nh u t, i khi mt cng ty c phn pht hnh c phiu u i tham d chia phn. y l loi c phiu u i m ngi ch s hu n ngoi vic nhn c c tc cng b cn c nhn thm cc kho c tc c bit nu c c tc ca c phiu thng vt qu mt s lng tin nht nh.

Loi c phiu u i khng tham d chia phn (Non Particitating Preferred Stocks) l loi ch hng li c phn u i m thi, ngoi ra khng cn c hng thm phn li no vo nhng nm cng ty lm n pht t.

Loi c phiu u i chuyn i c ( Convertible Preferred Stocks) rt c cc c ng a chung t thp nin 1950 tr i. Loi c phiu ny bao gm mt iu khon cho php ngi ch s hu chuyn i n thnh mt s lng nht nh cc c phiu thng thng. Gi c ca loi c phiu chuyn i c giao ng nhiu hn cc c phiu thng thng. Nu cng ty thnh t, gi tr c phiu thng thng gia tng trn th trng th gi c phiu chuyn i u i cng c gia tng tng ng v chng c th chuyn i c thnh c phiu thng thng v ngc li.

Loi c phiu u i c th bi hon c ( Redeemable Preferred Stocks) l loi c phiu u i m khi pht hnh c ghi km iu khon rng cng ty c th bi hon trong d tin mua chuc li cng thm mt khon chi thng nht nh dnh cho ngi s hu. Thng mt cng ty s dng qiuyn bi hon ny thu hi cc c phiu u i c hng li sut c phn cao thay th bng nhng c phiu c li sut c phn tp hn nhm ci thin tnh hnh ti chnh cng ty.

4.1.3.Cc loi gi c phiu thng:

4.1.3.1. Mnh gi (Par value):

Gi tr ghi trn c phiu gi l mnh gi c phiu. Mnh gi ca c phiu ch c gi tr danh ngha, thng thng khi mi thnh lp, mnh gi c tnh nh sau:

Mnh gi c phiu mi pht hnh = VL ca cng ty c phn / Tng s c phiu pht hnh

V d: Nm 1990 Cng ty c phn A thnh lp vi vn iu l 3 t ng, s c phn ng k pht hnh l 100 000 c phiu. Chng ta c mnh gi mi c phiu = 3 t / 100.000 = 30.000 / c phiu.

Nhng vi thi gian cng ty ngy cng pht trin , gi tr thc ca c phiu cng nh gi bn c phiu trn th trng thot ly cng lc cng xa mnh gi c phiu, v hn na ci m nh u t quan tm khi b tin ra mua c phiu l c tc ca cng ty, yu t cu thnh nn gi tr thc ca c phiu. Do , mnh gi c phiu ch c gi tr danh ngha.

4.1.3.2. Th gi (Book Value):

Gi c phiu ghi trn s sch k ton phn nh tnh trng vn c phn ca cng ty mt thi im nht nh.

Th gi c phiu =Vn c phn + Vn thng d + Qu tch ly

Tng s c phiu thng ang lu hnh

Cng theo v d trn nm 1995 cng ty c phn A quyt nh tng thm vn bng cch pht hnh thm 10000 c phiu , mnh gi c phiu vn l 30.000, nhng gi bn c phiu trn th trng l 50.000/c phiu. Bit rng qu tch lu dng cho u t cn li tnh cho n cui nm l 900 triu.

Trn s sch k to ngy 31/12/95 nh sau:

Vn c phn theo mnh gi: 30.000 x 110.000 =3.300 triu

Vn thng d: (50.000 -30.000) x 10.000 = 200 triu

Qu tch lu = 900 triu

Tng s vn c phn 4.400 triu

Th gi c phiu = 4.400 / 110.000 = 40.000/c phiu.

4.1.3.3.Hin gi (Present Value):

L gi tr c phiu thi im hin ti. c tnh ton cn c vo c tc ca cng ty, trin vng pht trin cng ty v li sut th trng. y l cn c quan trng cho nh u t khi quyt nh u t vo c phiu, nh gi c gi tr thc ca c phiu so vi gi tr th trng v la chn phng n u t c hiu qu nht.

4.1.3.4. Th gi ( Market Value):

L gi c phiu trn th trng ti mt thi im nht nh, tu theo yu cu m th gi c th thp hn , cao hn hoc bng gi tr thc ca n ti thi im mua bn. Quan h cung cu c phiu, n lc n chu tc ng ca nhiu nhn t kinh t, chnh tr x h itrong yu t quan trng nht l gi tr th trng ca cng ty v kh nng sinh li ca n.

4.1.3.5. C tc (Dividend):

C tc l tin chia li cho c ng trn mi c phiu thng, cn c vo kt qu c thu nhp t hot ng sn xut kinh doanh ca cng ty.

C tc ca c phiu thng c tr sau khi tr c tc c nh cho c phiu u i.

Hng nm ban iu hnh cng ty quyt nh c cng b tr c tc hay khng v chnh sch phn chia c tc nh th no.

C tc c cng b theo nm v tr theo qu.

C tc c phiu (D) = d% * F

Trong :

F: Mnh gi;

d%: T l chia c tc.

Chnh sch chia c tc ca cng ty ph thuc vo:

- Kt qu hot ng sn xut kinh doanh ca cng ty trong nm, ly cn c l thu nhp rng ca cng ty sauu khi tr li v thu.

- S c phiu u i chim trong tng s vn c phn.

- Chnh sch ti chnh trong nm ti trong xem xt kh nng t ti tr.

- Hn mc ca qu tch lu dnh cho qu u t.

- Gi tr th trng ca c phiu cng ty.4.2. TRI PHIU:

4.2.1. Khi nim:

Tri phiu l mt hnh thc vay n, trong ngi vay pht hnh mt chng ch thng l vi mt li sut xc nh, m bo thanh ton vo mt thi hn xc nh trong tng lai. Tri phiu thng c pht hnh cc th trng vn khc nhau bi cc t chc cng cng nh cc t chc a quc gia, cc chnh ph ca mt nc hay chnh quyn a phng v cc cng ty.

iu phn bit tri phiu vi cc hnh thc vay n khc l chng c kh nng trao i (negotiable). Thng thng i vi mt khon tin cho vay, ngi cho vay phi ghi vo s sch ca mnh v lu gi cho n khi no khon n c thanh ton, v th c mi quan h gia ngi vay v ngi i vay. i vi tri phiu th khng nht thit ngi u t phi gi li n cho n tn khi n hn thanh ton, anh ta c th bn li cho mt ngi khc hay mt t chc khc nu c mt th trng th cp hu hiu. iu ny cho php vic mua bn thc hin i vi nhng tri phiu pht hnh trc t lu.

Mnh gi tri phiu l d tin nhn c li ti thi im o hn, l cn c tnh chit khu v l yu t cu thnh nn gi tr tri phiu trn th trng, do mnh gi l ci m nh u t quan tm khi b vn u t.

T sut li tri phiu l mc li c n nh tr hng nm cho ngi ch tri phiu.

V d: Cng ty c phn trch nhim hu hn ABC va mi pht hnh 100.000 tri phiu loi 1000USD mnh gi. Vi t sut tri phiu hng nm l 5% v thi k mn hn l 2 nm. Qua chng ta phi hiu rng:

Cng ty c vay s tin l 100 triu USD

Cng ty phi tr li 5 triu USD cui nm th nht.

Cng ty phi tr li 5 triu USD v tr vn gc 100 triu USD vo cui nm th hai.

4.2.2. Phn loi theo ch th pht hnh:

4.2.2.1.Tri phiu cng ty (Corporate Bonds):

Tri phiu cng ty hay cn gi l tri khon cng ty. Tri phiu cng ty l mt loi giy chng nhn n c k hn do cc cng ty pht hnh v n thi hn cng ty pht hnh tri phiu phi hon tr c vn ln lii tc cho ngi mua n.

Tri phiu cng ty c nhng c im sau:

- Tri phiu c thi gian o hn. Khi n thi im o hn ngi s hu ch tri phiu c hon tr.

- Tri phiu c li tc c nh, tin li phi tr cho ch tri phiu khng tu thuc vo mc li nhun ca cng ty.

- Ch tri phiu thng khng c quyn u phiu. Tuy nhin nu l tri phiu c th chuyn i c thnh c phiu thng vi mt iu kin no ch tri phiu c th gi vai tr ca ngi c ng thay v l ngi ch n.

- Tri phiu em li cho ngi ch tri phiu quyn u tin phn chia ti sn khi gii th cng ty.

- T do chuyn nhng quyn s hu tri phiu cho ngi khc.

Gia tri phiu cng ty v c phiu c nhng im khc nhau ch yu:

C phiu:

- C phiu l giy chng nhn s hn vn vo cng ty nn thuc chng khon vn.

- C phiu khng c k hn.

- Ngi mua c phiu thc t l ngi mua mt phn cng ty tc l s hu ch mt phn cng ty.

- Ngi mua c phiu c quyn tham gia i hi c ng bu ra hi ng qun tr, ban kim sot hay ni cch khc l c quyn u phiu (tr c phiu u i)

- Ngi mua c phiu khng c quyn rt vn tr li.

- Li tc c phiu thng thng thay i theo mc li nhun thu c ca cng ty, ngoi tr c phiu u i c mc li tc c nh.

- Li tc c phiu khng c xem l yu t chi ph c tnh tr khi li tc chu thu.

- Khi cng ty gii th ngi mua c phiu c chia ti sn cn li sau ngi mua tri phiu.

- Ri ro cao.

Tri phiu:

- Tri phiu l giy chng nhn n c k hn, nn thuc chng khon n.

- Tri phiu c k hn.

- Ngi mua tri phiu ch l ngi cho cng ty vay tc l ch n.

- Ngi mua tri phiu ch l ngi cho cng ty vay thun tu c quyn nhn li tc c nh nn khng c quyn u phiu.

- Ngi mua tri phiu c hon vn tr li khi n hn.

- Li tc ca tri phiu th n nh khng ph thuc vo kt qu hot ng kinh doanh ca cng ty.

- Li tc ca tri phiu c xem l yu t chi ph c tnh tr khii tnh li tc chu thu.

- Khi cng ty gii th ngi mua tri phiu c u tin chia ti sn cn li trc ngi mua c phiu.

- Ri ro thp.

4.2.2.Cc loi tri phiu cng ty:

4.2.2.1. Tri phiu khng m bo (Unsecured Bonds)

L loi tri phiu ch da vo uy tn ca cng ty khi pht hnh. Cng ty khng em bt ng n hay ti sn cng ty ra lm vt bo m cho tri phiu.V th loi ny ch c cc cng ty ln c nhiu danh ting pht hnh.

4.2.2.2. Tri phiu c m bo (Secured Bonds)

L loi tri phiu khi cng ty pht hnh c em ti sn thuc s hu ca mnh ra lm i tng th chp, vt m bo cho tri phiu.

4.2.2.3. Tri phiu chuyn i (Convertibke Bonds)

L loi tri phiu m ngi ch s hu c quyn c chuyn i tri phiu ca mnh thnh mt s lng nht nh nhng c phiu thng thng. iu khon chuyn i c lm tng c hi kim li cho ngi mua tri phiu, nu gi c c phiu gia tng trn th trng. Nhng nh u t snh si bit rng d c kh nng hng li thm nh c phiu tng gi , song tnh cht bo m an ton ca loi tri phiu ny khng cao.

4.2.2.4. Tri phiu thu nhp (Income Bonds)

Hay cn gi l tri phiu iu chnh l loi chng khon lai tp. N c cht g ging nh mt c phiu u i khng tnh li c phn gp. V iu khon ghi trn tri phiu nh rng khon tin tr li choo tri phiu ch c cho tr nu cng ty c li.

4.2.2.5. Tri phiu c th thu hi (Callable Bonds)

L loi tri phiu m trong cng ty quy nh mt iu khon l cho php cng ty mua li tri phiu trc khii n hn. Thng thng cng ty chp nhn tr cho ngi c tri phiu theo gi tng (tc l ln hn mnh gi ca tri phiu) khi cng ty mun mua li c phiu .

4.2.3. Cc loi tri phiu do nh nc pht hnh:

4.2.3.1.Tri phiu di hn kho bc ( Tresury Bonds):

L loi phiu n di hn t 5 nm n 30 nm hay hn na, do kho bc nh nc pht hnh khi huy ng vn b sung qu ngn sch, loi ny s c lu thng trn th trung chng khon. Nhng ni chung, loi tn phiu di hn t c pht hnh, kho bc ch yu pht hnh cc loi tn phiu ngn hn (di 1 nm) c lu thng trn th trng tin t.

4.2.3.2. Tri phiu th (Municipal Bonds):

L nhng phiu n di hn doo chnh ph trung ng hay chnh quyn a phng pht hnh nhm huy ng ngun vn ti tr cho cc nh u t h tng nh xy dng trng hc tu b pht trin xa l, cu cngk hn tri phiu ny t 10 nm n 30 nm. Cc tri phiu ny thng c ngn hng mua khi c pht hnh, sau cc ngn hng t chc bn li trn th trng chng khon th cp cho cc cng ty bo him, cc cng ty ti chnh, nhng ngi c ti sn ln c thu nhp cao.

4.2.3.3. Cng tri nh nc ( State Bonds):

L loi tri phiu di hn thi hn t 10 nm tr ln c pht hnh tng t. Loi ny do nh nc pht hnh b p s thiu ht ngn sch. Loi tch lu ti sn ny cc nc pht trin c a chung nht v hu nh khng c ri ro. Mt khc, tuy li sut tng i thp nhng s li ny khng phi chu thu. Cc nh ch nh ngn hng, cng ty ti chnh, cng ty bo him, x nghip ln v c c nhn u thch tham gia bun bn loi cng c n ny trn th trng chng khon.

4.3. CC CNG C C NGUN GC CHNG KHON:4.3.1.Cc hp ng tng lai (Futures Contracts):

Hp ng tng lai l hp ng m trong ngi bn cam kt giao mt s hng ho no hay chng khon v ngi mua s tr tin khi nhn hng ho hay chng khon, vi mt gi v mt ngy nht nh trong tng lai c xc nh ti thi im k kt hp ng. trnh mi thit hi khi hp ng khng c tn trng c hai bn u c yu cu k qu vo lc k hp ng.

Cc iu khon v iu kin ca hp ng tng lai thng nht: s lng, cht lng phi giao, a im giao hng v nhiu quy nh khc. Tt c c xc nh trc v quy nh c th theo cc nguyn tc giao dch. Tip , nu mt hp ng c tho thun, ngi mua v ngi bn cn phi quyt nh thng giao hng, s liu trn hp ng v gi c. Gi c c tho thun gia ngi mua v ngi bn, bng u gi cng khai trong phng giao dch ca s giao dch cc hp ng tng lai c t chc.

Cc hp ng tng lai c th c thc hin thng qua giao hng hoc b p. Thc hin bng giao hng c ngha l bn phi l hoc l nhn hoc l giao hng theo nh hp ng k kt. Tuy nhin, thc ra s cc hp ng tng lai c thc hin bng giao hng rt t, hu ht chng c b p (hay thanh l) trc thng giao hng. Cho d c hp ng, nhng vic giao hng khng nht thit phi c thc hin. Cc thnh vin tham gia tr trng ny khng phi giao nhn tr khi h c kh nng hoc monh munthc hin iu . Ngi ch mt hp ng, d l ngi mua hay ngi bn c quyn la chn b p hp ng. Vic b p hp ng c thc hin rt nhanh chng bng cch n gin l bn hay mua mt hp ng c cng s lng trong cng thng giao hng .

V d: Mt nh u t mua mt hp ng tng lai 100 c phiu A, c th b p hp ng ny bng vic bn mt hp ng khc vo cng thng giao hng. Tng t, mt ngi bn mt hp ng c th b p hp ng bng cch mua mt hp ng khc c cng s lng v thng giao hng. Ni khc i, mt trng thi ny c th b p trng thi kia v chnh lch gi ca hai giao dch th hin khon li nhun hoc l ca nh u t.

Mt iu ng kinh ngc l nh u t c th b p mt trng thi giao dch m khng cn xt n cc bn i tc khc trc lin quan n hp ng, bi v vo cui mi ngy giao dch, cng ty thanh ton b tr ng vai tr l mt i tc khc c trchnhim i vi tt c cc giao dch ca cc thnh vin ca n. Trch nhim thuc v pha cng ty thanh ton b tr ny to iu kin cho cc thnh vin ca n c mua t do v bn cc hp ng m khng cn xt cc kha cnh php l thng lin quan n vic ph v mt hp ng.

4.3.2 Cc quyn chn (Options):

Quyn chn l mt kiu hp ng gia hai bn m trong mt bn cho bn kia c quyn mua hoc bn mt loi hng ho c th hoc mt lng chng khon no , vi mt gi tr xc nh trong mt thi hn nht nh. Quyn hn ny s ht gia 1tr vo ngy kt thc thi hn ca n. Ngi mua quyn c mua hoc bn phi cho ngi kia mt khon tin cc hay gi l tr gi quyn chn.

Quyn chn c 2 loi:

Quyn chn mua (Call Options) l mt kiu hp ng gia hai bn m trong mt bn cho bn kia c quyn mua mt loi hng ho c th hoc mt lng chng khon no vi mt gi xc nh trong thi gian nht nh. Ngi mua quynchn mua phi tr cho ngi bn n mt khon tin gi l tin cc thun hay tr gi quyn chn mua.

Quyn chn bn ( Put Options) l mt kiu hp ng gia hai bn m trong mt bn cho bn kia c quyn bn mt loi hng ho c th hoc mt lng chng khon no , vi mt gi xc nh trong mt thi hn nht nh. Ngi mua quyn chn bn phi tr cho ngi bn n mt khon tin gi l tin cc nghch hay tr gi quyn chn bn.

Mt bn hp ng v quyn c chn mua hay bn phi c cc mc sau:

- Tn cng ty c c phiu c mua bn theo hp ng.

- S lng c phiu.

- Gi tho thun mua hay bn gi l gi thc hin.

Ngy quyn c mua hay bn ht hiu lc gi l ngy ht hn.

Vic thc hin hp ng c hai cch:

- Cch th nht, gi l hp ng c chn kiu M, hp ng c th thc hin bt k lc no trong hn nh.

- Cch th hai, gi l hp ng c chn kiu u, hp ng ch c thc hin vo cui hn nh.

Cc giao dch hp ng v quyn chn mua hoc bn, xt cho cng chnh l tr chi mang tnh c bc c tnh ton, c phn tch v nhn nh ch khng phi hon ton do may ri.

Cc giao dch ny trong cc th trng chng khon pht trin rt tp np. Ngi ta c th lm giu c trong pht chc hoc b ph sn trong giy lt cng ch yu xut pht t giao dch ny. M, ngi ta thnh lp mt th trng chuyn giao dch v quyn la chn, gi l S giao dch cc hp ng la chn Chicago.

Tuy nhin, ti s giao dch chng khon Newyork, s giao dch chng khon M vn c cc quyn giao dch v quyn la chn.

4.3.3 Chng quyn (Rights) v chng kh (Warrants):

4.3.3.1. Chng quyn ( Rights):

Cn gi l quyn t mua l mt quyn u i m cng ty c phn cho cc c ng c hng mua c phiu mi t l vi s c phiu m h ang s hu. Cc c ng c chng quyn c quyn mua hoc t mua c phiu vi gi thp hn gi th trng. Cc chng quyn thng c k hn ngn, mi c ng c quyn hng u i ny s c nhn t chng quyn th hin chnh xc s lng cc tri quyn m n c hng. Cc tri quyn s c thc hin trong thi hn xc nh theo gi n nh. Nu c ng thc hin tri quyn th in vo t chng quyn v gi n cng ty song c ng c th gi sc hoc ngn phiu theo gi tr ca nhng c phiu m anh ta mun mua thm. Ngc li, nu anh ta khng mun thc hin tri quyn ca mnh, anh ta c th bn li chng quyn ca mnh trn th trng chng khon theo gi tr trng hin hnh. Ni chung, d theo cch no th c ng cng phi thc hin theo thi hn c ghii trn chng quyn. Sau ngy , chng quyn s khng cn gi tr, tc l n khng th c thc hin hoc em bn.

4.3.3.2. Chng kh (Warrants):

Chng kh cn gi l quyn d tnh u tin mua c phiu mi hay bo chng phiu. Mt chng kh thng c pht hnh gn lin vi mt loi chng khon khc, cho php ngi s hu n c quyn mua c phiu thng trong mt thi hn nht nh. Gi nh trc trn chng kh cao hn gi tr th trng hin hnh ca c phiu thng v chng kh c k hn di hn chng quyn khong mt vi nm.

V d: Mt cng ty c phn B c c phiu thng ang lu hnh trn th trng vi gi 100.000 mi c phiu vo ngy 1-5 -1996, ti thi im ny cng ty pht hnh chng kh cho php ngi s hu n c quyn mua c phiu thng ca cng ty vi gi 200.000 mi c phiu vo bt k thi im ny cho n ngy 31-12-1997. Nu cng ty B l mt cng ty c trin vng pht trin tt v cng chng thy rng cc c phiu thng khng ch t ti gi 200.000 mi c phiu vo nm 1997 m cn c th c bun bn trn mc gi , th chng kh s rt hp dn.

Cc chng kh thng c pht hnh cng vi cc tri phiu hoc cc c phiu u i gip cho vic cho bn ln u nhng chng khon ny ti s giao dch chng khon tr nn hp dn hn. Do cc tri phiu c hng li c nh v cc c phiu u i c hng t l c tc theo quy nh, c hai khon ny c thanh ton trc khi cc c ng thng c nhn c tc ca h, nn vic pht hnh chng kh c th cho php cng ty pht hnh c phiu u i v tri phiu vi t l thanh ton gim, nh tit kim chi ph cho cng ty.CHNG NM: S GIAO DCH CHNG KHON (STOCK EXCHANGE)oOo

5.1. KHI NIM, VAI TR CA S GIAO DCH CHNG KHON:

5.1.1.Khi nim s giao dch chng khon:

C th ni, hu ht cc giao dch ch yu ca th trng chng khon u c din ra ti cc s giao dch chng khon.

hiu c ni dung, phng thc hot ng ca s giao dch chng khon cn phi nhn thc rng:

- S giao dch chng khon khng tham gia vo vic mua bn chng khon, n ch l ni giao dch v to iu kin cho cc giao dch mua bn c tin hnh mt cch thun li, d dng, h thp chi ph bng cch lp ra nhng lut l ph hp.

- S giao dch chng khon khng n nh gi chng khon, khng can thip vo hnh thnh gi c phiu, n ch m bosao cho vic u thu hoc tho thun gi mua bn chng khon din ra ng php lut, cng khai v trnh la o.

- S giao dch chng khon cng khng kim sot vic mua bn chng khon m ch ng vai tr x l cc kin co trong mua bn chng khon.

Nh vy, trong iu kin nn kinh t hin i. cc s giao dch chng khon chnh l ni tp trung cc giao dch chng khon mt cch c t chc theo lut nh.

5.1.2. Vai tr ca s giao dch chng khon:

S giao dch chng khon c vai tr rt quan trng, nu nh n c t chc tt s thc y s pht trin ca th trng chng khon, c th l:

- Thc y vic thu ht v tp trung cc ngun vn nhn ri vo u t, m bo s cng bng v tnh an ton trong vic mua bn chng khon.

- Nhng thng tin ca s giao dch chng khon v ch s chng khon, v din bin cung cu chng khon, v cc chnh sch tn dng, li sut ca nh nc, cc thng tin v cc cng ty c phn tham gia vo th trng chng khon c ngha v cng quan trng. N cung cp cho nhng ngi mua bn chng khon la chn quyt nh mua bn, gi c v thi gian mua bn.

V vy s xut hin, tn ti v pht trin ca s giao dch chng khon l mt tt yu khch quan ca nn kinh t th trng, khii thu cu mua bn chng khon tr nn thng xuyn.

5.2. HNH THC T CHC:

S giao dch chng khon l t chc c t cch php nhn, n c thnh lp theo quy nh ca php lut. Hnh thc t chc ca s giao dch chng khon nh sau:

- S giao dch chng khon c th l mt DNNN (100% vn iu l do nh nc ng gp).

- S giao dch chng khon c th l mt doanh nghip t nhn (100% vn t nhn.)

- T chc theo dng nh mt cng ty c phn ca cc thnh vin c t cch php nhn hot ng theo ch hch ton kinh t.5.3. C QUAN QUN L NH NC V TH TRNG CHNG KHON:

5.3.1. Hi ng chng khon quc gia:

Hay cn gi l u ban chng khon quc gia l c quan qun l nh nc v chng khon v th trng chng khon , do chnh ph thnh lp, nhm mc ch t chc, hng dn v qun l cc th trng chng khon, quy nh cc th tc cn thit v kim sot cc nghip v v chng khon trong khun kh s bo v ngun tin ca dn chng nh u t v bo m cho th trng chng khon hot ng theo ng php lut, u n v pht trin vng chc.

Lch s pht trin ca th trng chng khon th gii cho thy s giao dch chng khon c hnh thnh trn c s th trng chng khon phi tp trung. Th trng chng khon phi tp trung c hnh thnh mt cch t pht khi xut hin c phiu, tri phiu. Trong qu trnh hnh thnh v pht trin ca th trng chng khon, chnh ph ca cc quc gia thy cn phi c lut php v c quan gim st ca nh nc v hot ng pht hnh v kinh doanh chng khon nhm bo v li ch ca nh u t v bo m cho s lnh mnh ca th trng. V vy, c quan qun l gim st th trng chng khon ca nh nc c thnh lp, l hi ng chng khon quc gia hoc nhng tn gi khc tng t.

Thnh phn ca hi ng chng khon quc gia gm c:

- Thng c ngn hng Nh nc.

- B trng b ti chnh.

- i din b t php.

- i din b thng mi.

- i din b k hoch v u t.

- Mt s chuyn gia v kinh t, ti chnh, tin t v lut php.

- Chnh vn phng chuyn mn ca hi ng.

Thnh phn ny do th tng chnh ph ch nh bng ngh nh ca b trng b ti chnh vi kin ca thng c ngn hng quc gia.

Hi ng chng khon quc gia c vn phng do mt chnh vn phng chuyn mn iu khin.Bn cnh c mt u ban t vn gm i din cc ngn hng, thnh phn do ch tch hi ng chng khon quc gia n nh bng ngh nh theo ngh ca chnh vn phng.

Nhim v ca hi ng chng khon quc gia:

- Quy ch ho ton b hot ng c lin quan n vic pht hnh chng khon v th trng chng khon. y l c quan duy nht c php ban hnh ccvn bn php quy cho mi hot ng ca th trng chng khon nh:

+ Quy ch v vic pht hnh c phiu, tri phiu.

+ Quy ch hnh ngh mi gii.

+ Quy ch ng k vo s giao dch chng khon.

+ Phng thc giao dch, thanh ton.

+ Cc quy nh v thng tin cng khai ho bo v nh u t.

+ iu l ca s giao dch chng khon.

- Xt, cp hoc thu hi giy php v t chc kim tra, gim st vic thc hin giy php. Hot ng cp giy php v gim st gm c:

+ Giy php pht hnh c phiu, tri phiu.

+ Giy php hnh ngh mi gii v t vn chng khon.

+ Giy php hot ng ca s giao dch chng khon.

Cng vic kim tra, gim st ca hi ng chng khon ch yu theo di, kim tra tnh hnh ti chnh, v vic thc hin kinh doanh v ngha v ca cc t chc hoc c nhn c cp giy php.

- p dng cc bin php cn thit nhm bo m cho th trng hot ng tri chy, lnh mnh v pht trin vng chc, bo v quyn li ca nh u t. thc hin nhim v ny, Hi ng chng khon c thm quyn:

+ Yu cu nhng ngi tham gia th trng phi ng k mi hot ng iu ho hot ng ca th trng.

+ a ra nhng bin php ch ti mnh m khi pht hin c th l du hiu ca cc cuc kinh doanh ni b hay to nhu cu gi, y gi chng khon ln hay xung.

+ Kim sot cc hot ng mua li hay st nhp cc cng ty c phn cng cng.

+ Phi hp vi cc ngn hng quc gia quy nh cc mc tn dng c lin quan n th trng chng khon.

+ Tip nhn iu tra v x l cc kiu t, khiu ni ca cc nh u t thnh vin tham gia th trng chng khon v cc vn c lin quan n cc cng ty, cc c phn cng cng, n s giao dch chng khon.

- L ch qun ca s giao dch chng khon - Hi ng chng khon c trch nhim:

+ n nh cc th l, th tc phng thc ng k giao dch, thanh ton v giao hon chng khon.

+ n nh cc mc l ph phi thu, cc mc chi ph phi chi.

+ Kim tra vic thc hin iu l ca s giao dch chng khon.

+ Xt duyt cc pht trin s giao dch chng khon, nhng chnh sch thc y hot ng ca th trng chng khon.

5.3.2. Ban hnh iu l s giao dch chng khon:

Hi ng qun tr hay hi ng s giao dch chng khon l c quan iu hnh mi hot ng ca s giao dch chng khon, do thnh vin ca s bu ra trong c mt s thnh vin ca hi ng qun tr c th do chnh ph quy nh chng hn nh: Hn Quc, hi ng ny gm mt ch tch kim gim c iu hnh c ch nh theoo ngh ca b trng b Ti chnh, Mt gim c iu hnh th nht, bn u vin iu hnh. Ni chung, gim c iu hnh s giao dch chng khon cc nc hu ht u do tng thng hoc th tng chnh ph b nhim.

Hi ng qun tr thc hin cc nhim v sau:

- Vch ra chnh sch v phng hng hot ng cng nh cc ch phn phi thu nhp v trch lp cc qu ca s giao dch chng khon.

- Xem xt kt np hoc khaii tr cc thnh vin ca s.

- Xem xt loi chng khon ca cng ty no c a ra mua bn v nh gi ti s.

- Xem xt v gii quyt cc cng vic khc v mt qun l, iu hnh mt s giao dch chng khon.

5.4. THNH VIN CA SGDCK:

Ch c thnh vin mi c quyn mua bn chng khon trn sn giao dch chng khon. Cc thnh vin l cc c nhn, cc nh mi gii v cn c gi l nh giao dch.

Cc thnh vin c th kt hp vi nhau thnh lp cng ty mi gii hay cng ty chng khon. iu ny phi c s giao dch chng khon chp nhn.

Mi thnh vin c mt v tr lm vic ti s giao dch chng khon. Cc lnh mua, lnh bn chng khon c thc hin qua cc nh mi gii.

Thnh vin ca s giao dch chng khon ng vai tr quan trng m bo cho th trng chng khon hot ng theo ng nhng nguyn tc ra. Do , cc s g iao dch chng khon kim sot rt nghim ngt quy nh ng k hnh ngh mi gii, gim st cc hot ng ca cc nh mi gii.

Nhng iu kin hnh ngh mi gii chng khon:

Mun tr thnh nh mi gii chng khon, cc thnh vinphi tho mn cc iu kin di y:

- C trnh chuyn mn nht nh v th trng chng khon v ngh mi gii, mt s nc cn yu cu cc thnh vin phi c t nht 3 nm lm vic trong cc t chc ngn hng.

- C phm cht, t cch tt, trung thc khng c tin n.

- C y kh nng v ti chnh, th hin bng s k qu mt s tin.

- Cam kt thc hin nghim tc cc lut l, quyy nh lin quan n ngh nghip mi gii cng nh cc hot ng trn th trng chng khon. C giy php hnh ngh mi gii chng khon do u ban chng khon quc gia cp v thc hin y cc th tc ng k hnh ngh.

Nhng tiu chun xt chn thnh vin ca s giao dch chng khon:

Cc giao dch trn sn giao dch chng khon thng thng thc hin trn cc phng tin my mc nh my vi tnh, in thoing thi cc cng ty mi gii, cc nh mi gii gi khon tin v chng khon rt ln ca khch hng. Do , m bo tin tng ca cc nh u t cng nh s hot ng hiu qu ca s giao dch chng khon, cc thnh vin phi tho mn nhng tiu chun sau:

- Phi c nhng iu kin hnh ngh mi gii.

- Chp hnh iu l s giao dch chng khon.