Tm hiu hot ng ca th trng UPCOM
Th trng chng khon
Tm hiu hot ng ca th trng UPCOM
Mc lc3Phn I: T VN
5Phn II: Ni Dung
5I.S hnh thnh ca th trng UPCOM
6II.Hot ng ca th trng Upcom.
61.c im c bn ca TT upcom
82.Phng thc giao dch ca TT Upcom
82.1.iu kin tham gia th trng
102.2.Hng ha trn th trng Upcom
112.3.Phng thc giao dch trn TT upcom
143.Thc trng th trng Upcom
143.1.Trc khi upcom thnh lp
153.2.Khi upcom thnh lp
19III.u, nhc im ca th trng Upcom
193.1.u im
213.2.Nhc im
213.3.So snh TT Upcom vi TT OTC v TT CK tp trung (cc sn GDCK HN
v TPHCM)
22IV.Mt s kin nhm pht trin TT Upcom
25Phn IV: Kt Lun
26DANH MC TI LIU THAM KHO
Phn I: T VN Hin nay, thi i ca chng ta l thi i mang xu hng ton cu
ho v khu vc ho. Ho nhp vi khng kh ny, Vit Nam va gia nhp v l thnh
vin ca t chc thng mi th gii WTO. Khi c tr thnh vin ca t chc thng mi
th gii th ng ngha Vit Nam cng gp nhiu kh khn v ng thi cng gt hi c
nhiu thnh cng. thu c kt qu tt t qu trnh hi nhp chng ta phi nh gi,
nhn nh v c hi cng nh l thch thc ang t ra, chng ta phi bit u l th
mnh mnh phi pht huy v u l im yu cn phi khc phc. V c bit hn na chng
ta phi nhn nh c xu hng i chung ca Th gii, nhng yu t no cc nc ang ch
trng.
Chnh v iu , m chng ta thy rng th trng chng khon trn th gii hin
nay l mt th trng nng bng v c nhiu trin vng i ln. N khng ch l mt knh
huy ng vnc hiu qu cho hot ng u t trong nn kinh t m cn l nhn t thc y
hot ng ca nn kinh t din ra sun s hn. C th ni rng th trng chng khon
c hnh thnh v pht trin bt u t nhu cu t pht v trao i v sau c pht trin
vi quy m ln dn v phng thc giao dch qun l cng ngy cng cht ch hn. Th
trng chng khon bao gm hai loi th trng: th trng giao dch cc loi chng
khon c cp giy php nim yt( th trng chng khon tp trung) v th trng
giao dch cc chng khon ca cng ty va v nh khng hoc cha c nim yt trn
th trng chng khon tp trung( th trng chng khon phi tp trung). S kt
hp gia hai th trng ny s to thnh mt h thng th trng chng khon kh hon
chnh, rng ln, si ng v linh hot.
Vit Nam, th trng chng khon tp trung (trung tm giao dich chng
khon thnh ph H Ch Minh) i vo hot ng hn 10 nm, hng ha trn th trng
tuy c b sung nhng vn cn kh ngho nn; cc iu kin cht ch cn l nhng cn
tr ln n vic c tham gia nim yt khi i b phn cc doanh nghip Nh nc
trong din c phn u l nhng doanh nghip va v nh. Do vy, vic hnh thnh v
pht trin th trng chng khon phi tp trung l rt cn thit to iu kin cho
cc cng ty va v nh, cc cng ty mi thnh lp c th huy ng vn trn th trng
chng khon. ng thi cung cp them cc loi cng c u t a dng cho cc nh u
t, to c ch giao dch linh hot, chi ph thp v to c ch nh gi mi gp phn
thc y s pht trin ca th trng chng khon Vit Nam phc v cho cng cuc cng
nghip ha, hin i ha t nc. V th trng UPCOM l mt th trng chng khon phi
tp trung ra i nhm to tin cho HaSTC xy dng th trng OTC c qun l, gp
phn thu hp th trng t do v hng ti mt th trng OTC hin i.
V nhng l do trn, nhm chng em xin c nghin cu ti tm hiu hot ng ca
th trng UPCOM.Phn II: Ni Dung
I. S hnh thnh ca th trng UPCOMNgy 20/11/2008, B Ti chnh ban hnh
Quyt nh s 108/2008-Q-BTC v vic ban hnh Quy ch t chc v qun l giao
dch chng khon cng ty i chng (CTC) cha nim yt ti Trung tm Giao dch
Chng khon H Ni (HaSTC). y l c s php l quan trng trong vic trin khai
th trng UPCOM (Th trng giao dch c phiu ca CTC cha nim yt). Vic qun
l v to mi trng thun li cho vic mua/bn, chuyn nhng chng khon ca cc
CTC cha nim yt v cc loi hnh doanh nghip c php chuyn nhng chng khon
khc l v cng cn thit. Trn c s th trng UPCOM ra i v khai trng vo thng
6/2009.
UPCOM (Unlisted Public Company Market) l tn gi ca th trng giao
dch chng khon ca cc cng ty i chng cha nim yt c t chc ti S Giao dch
Chng khon H Ni. Th trng ny c t chc nh u t c th mua, bn cc loi c
phiu ca cc cng ty i chng cha nim yt, hoc hy nim yt ti SGDCK TP.HCM
(HOSE) hoc SGDCK H Ni (HNX) vi mc ch to mi trng giao dch cng bng,
minh bch, an ton gim thiu ri ro cho nh u t, tng tnh thanh khon cho
cc chng khon cha nim yt v tng kh nng huy ng vn cho cc doanh
nghip.
Th trng UPCOM ra i nhm mc ch thay th cho th trng OTC t do va la
mt m hinh t chc chinh thc cua thi trng OTC Vit Nam. Bn cnh th trng
tp trung do Nh nc qun l c t chc ti S GDCK H Ni v TP H Ch Minh, giao
dch trn th trng t do (OTC) hin vn din ra kh ph bin vi quy m ln.
Ngun hng ha trn th trng ny l c phiu (CP) ca cc DN nh nc c phn ha,
cng ty c phn do cc t chc kinh doanh v u t t nhn thnh lp. Trn th
trng ny, giao dch t pht, khng c thanh ton tp trung, CP khng c lu k,
vic mua bn thng qua cc nh mi gii t do, khng c cp php... nn c nhiu
yu t ri ro m t chc pht hnh, cng ty chng khon t chc hot ng giao dch
trn khng chu trch nhim vi nh u t. Do vy, khi th trng UPCOM hot ng,
nhiu nh u t kh h hi, bi nhng giao dch CP ca cc DN cha nim yt c qun
l cht ch. Trn th trng ny, nh u t c th mua, bn cc loi CP ca cc cng
ty i chng cha nim yt hoc hy nim yt trn S GDCK TP H Ch Minh v S GDCK
H Ni.II. Hot ng ca th trng Upcom.1. c im c bn ca TT upcomTh trng
UpCom c xy dng da trn nhu cu pht trin TTCK ni chung ti Vit Nam, c
cc kin t vn ca chuyn gia nc ngoi, c khung php l cho th trng y , to
mt c ch hot ng va linh hot, va cht ch, em li quyn li chnh ng cho
doanh nghip, bo v li ch nh u t. N c t chc v qun l bi c quan qun l
Nh nc. C s php l vn hnh th trng c Chnh ph, B Ti chnh, UBCKNN v cc n
v lin quan xy dng v ban hnh y v tng i hon chnh. Cc quyn v li ch hp
php ca cc bn tham gia th trng c m bo. Do , ri ro ca nh u t khi giao
dch c gim thiu mt cch ti a. Khi mi ra i th trng ny gp kh nhiu kh
khn v bt cp khin cho th trng ny cha thc s hp dn. Cc cng ty chng
khon cha pht huy c ht vai tr ca mnh mt phn do cha u t ng mc v ngun
lc cho th trng UPCOM, mt phn do cn cm thy ri ro i vi nhng chng khon
c tnh thanh khon thp. Thanh khon trn th trng UPCOM khng cao mt phn
do cc c phiu giao dch ti y t c nh u t quan tm, mt khc, phng thc
giao dch tha thun in t p cng l mt trong nhng yu t lm hn ch vic
chuyn nhng c phiu. Tuy nhin, hin nay th trng UPCOM ang hot ng rt si
ng thu ht c s quan tm ca nhiu doanh nghip, cng ty. Th trng UPCOM
thi gian qua cng c nhng pht trin rt ng ghi nhn, c bit v quy m th
trng, quy m giao dch. Cc doanh nghip trn th trng UPCOM kh a dng v
quy m hot ng, ngnh ngh kinh doanh v trong s nhiu doanh nghip c kt
qu kinh doanh kh kh quan. Th trng UPCOM c nhng phin giao dch kh n
tng vi s tng trng v khi lng giao dch v ch s gi ton th trng. Gi tr
giao dch chng khon bnh qun tng t 4 t ng/phin ln 13 t ng /phin. c
bit, c phin giao dch UPCOM gi tr giao dch ln ti 86 t ng.
Giao dch trn th trng UPCOM c an ton cao hn. an ton khi giao dch
trn th trng UPCOM th hin ch nh u t phi c tin trong ti khon mi thc
hin c lnh mua v phi c chng khon trong ti khon th mi thc hin c lnh
bn. c bit, ti th trng UPCOM, vi s c mt ca cc cng ty chng khon vi
vai tr l t chc cam kt h tr, n v trung gian kt ni gia nh u t, cng ty
vi HaSTC, nh u t s gim thiu thi gian tm kim i tc, gim thiu cc ri
ro, tit kim chi ph giao dch, m bo cng khai gi v khi lng giao
dch.
Th trng OTC m nh u t thng gi thc t l th trng ch en, th trng xm.
Trn th trng ny, giao dch t pht, khng c thanh ton tp trung, chng
khon khng c lu k, vic mua bn thng qua cc nh mi gii t do, khng c cp
php... nn c nhiu yu t ri ro m t chc pht hnh, cng ty chng khon t chc
hot ng giao dch trn khng chu trch nhim vi nh u t. Ngc li, th trng
UPCOM l th trng c t chc c s qun l ca nh nc, minh bch thng tin, minh
bch gi c, thanh ton tp trung v chng khon c lu k tp trung ti TT lu k
chng khon trc khi giao dch. Vi th trng UPCOM, cc doanh nghip, cc nh
u t s c c mt sn chi chun vi khung php l cht ch, trnh tnh trng b la
o, b lm gi. i vi th trng UpCom, nh u t giao dch ti cng ty chng khon
theo phng thc tha thun. Kt qu giao dch c chuyn qua h thng UpCom
chuyn n Trung tm lu k chng khon thc hin thanh ton. UPCOM thc hin
theo phng thc giao dch tha thun nhm to ra tnh linh hot v giao dch
trn gi. Giao dch trn th trng UPCOM c thc hin bi s tha thun gin tip
gia nhng ngi bn, ngi mua thng qua cng ty chng khon. N p dng duy nht
hnh thc b tr a phng, vi thi hn thanh ton l T+3. Thi gian giao dch t
th hai n th su hng tun, t 8h30 n 15h00, (thi gian ngh t 11h30 n
13h30). Tr cc ngy ngh theo quy nh trong B lut Lao ng. UPCOM c ch s
tng hp, c cng b tng t nh VN-Index, HASTC-Index. Trn UPCOM, bin giao
ng gi l +/- 10% (trong khi ti sn H Ni l +/- 7%, sn TPHCM l +/-5%).
Khi tham gia th trng UpCom, nh u t s c nhn cc thng tin doanh nghip,
gi c, vic thanh ton... m bo nh trn th trng nim yt.
2. Phng thc giao dch ca TT Upcom
2.1. iu kin tham gia th trng i vi cc t chc pht hnh chng khon
Cng ty i chng c vn iu l trn 10 t ng v ti thiu c 100 c ng s hu
(Lut CK, iu 25). thc hin lu k ti TTLKCK.
c mt cng ty chng khon thnh vin h thng ng k giao dch ca SGDCK H
Ni cam kt h tr.
H s ng k giao dch chng khon ca cng ty i chng cha nim yt bao gm
cc ti liu sau:
Giy ngh ng k giao dch chng khon ti TTGDCK.
Hp ng cam kt h tr theo mu do TTGDCK quy nh, tr trng hp thnh vin
lm th tc ng k giao dch cho chng khon ca chnh cng ty mnh.
Bn cng b thng tin.
Giy chng nhn ng k lu k chng khon do TTLKCK cp.
i vi nh u t
M ti khon ti cng ty chng khon
Cng ty chng khon tin hnh lu k chng khon
Giao dch thng qua Cng ty chng khon
SHAPE \* MERGEFORMAT
2.2. Hng ha trn th trng UpcomChng khon c giao dch trn th trng
UPCoM gm c phiu ca Cng ty i chng cha nim yt hoc b hy nim yt ti S
Giao dch chng khon H Ni (HaSTC) hay S Giao dch chng khon TP. HCM
(HoSE); tri phiu chuyn i ca Cng ty i chng cha nim yt hoc hy nim yt.
c ng k giao dch, cc chng khon phi tha mn cc iu kin: L chng khon ca
cng ty i chng theo qui nh ti iu 25 Lut Chng khon, khng nim yt ti S
Giao dch chng khon. c ng k lu k ti Trung tm Lu k Chng khon Vit Nam.
Phi c mt cng ty chng khon l thnh vin ca HaSTC cam kt h tr2.3. Phng
thc giao dch trn TT upcom2.3.1. Thi gian giao dch Giao dch t th hai
n th su hng tun.
Thi gian t 8h30 n 15h00, thi gian ngh t 11h30 n 13h30
Tr cc ngy ngh theo quy nh trong B lut Lao ng.
Tm ngng hot ng giao dch chng khon
Th trng giao dch chng khon tm ngng hot ng giao dch trong trng
hp:
Giao dch khng th thc hin do h thng ng k giao dch gp s c.
Khi c s thnh vin tr ln b s c v h thng chuyn lnh giao dch.
U Ban Chng Khon Nh Nc yu cu Th Trng Giao Dch Chng Khon ngng giao
dch bo v li ch ca nh u t hoc bo v nn kinh t quc dn.
Cc trng hp bt kh khng: thin tai, ho hon hay cc s c khch quan
khc.
Hot ng giao dch c tip tc ngay sau khi cc s kin trn c khc phc.
Trng hp khng th khc phc th phin giao dch c coi l kt thc ti thi im
hon tt giao dch cui cng trc .2.3.2. Phng thc giao dch
S Giao dch Chng khon H Ni p dng phng thc giao dch tha thun i vi
cc giao dch trn th trng UPCOM. Phng thc giao dch tha thun bao gm
hai hnh thc:
Tha thun in t Tha thun in t l hnh thc giao dch trong i din giao
dch nhp lnh vi cc iu kin giao dch c xc nh v la chn lnh i ng ph hp
thc hin giao dch.
Tha thun thng thng
Tha thun thng thng l hnh thc giao dch trong bn mua, bn bn t tha
thun vi nhau v cc iu kin giao dch v c i din giao dch nhp thng tin
vo h thng ng k giao dch xc nhn giao dch ny.
(Theo quy nh ti iu 14 Quy ch t chc v qun l giao dch chng c ban
hnh km theo Quyt nh s 108/2008/Q-BTC)
V d v phng thc giao dch ca cng ty c phn chng khon Vin ng
Tha thun in t:
L hnh thc giao dch trong i din giao dch (DGD) ca VDSE nhp lnh vo
h thng giao dch vi cc iu kin giao dch c xc nh v la chn lnh i ng ph
hp thc hin giao dch.
Phng thc giao dch tha thun in t p dng trong trng hp NT c nhu cu
mua/ bn chng khon nhng khng t tm c i tc thc hin giao dch. Khi NT t
lnh, DGD tm cc lnh i ng trn bng in t ca h thng ng k giao dch ph hp
vi yu cu giao dch ca NT ri nhp lnh vi cc iu kin giao dch c xc nh
thc hin lnh giao dch cho NT.
DGD c trch nhim thc hin ngay lnh ca NT trong thi gian giao dch.
Trng hp khng c lnh i ng, DGD phi nhp ngay lnh vo h thng theo th t u
tin v thi gian.
i vi cc lnh tho thun in t cha thc hin: DGD c php sa, hu lnh theo
yu cu ca NT; ni dung c php sa bao gm: sa gi; khi lng. Trng hp DGD
nhp lnh tho thun in t sai so vi lnh gc ca NT th DGD c php sa lnh v
phi bo co ngay cho SGDCKHN.
i vi cc tho thun thc hin trong thi gian giao dch: ch c php sa
lnh thc hin trong trng hp nhp sai so vi lnh gc ca NT. VDSE s thng
lng vi NT v vic chp nhn kt qu giao dch. Nu NT khng chp thun kt qu
giao dch v yu cu VDSE phi thc hin cc lnh ng theo phiu lnh ca NT,
VDSE s x l tng trng hp nhp sai lnh so vi lnh gc ca NT (nhp lnh sai
v gi, nhp lnh sai v khi lng, nhp lnh sai v chiu) trn nguyn tc khng
NT b thit hi. Tha thun thng thng: Tha thun thng thng l hnh thc giao
dch trong bn mua, bn bn t tho thun vi nhau v cc iu kin giao dch v c
DGD ca VDSE nhp thng tin vo h thng ng k giao dch xc nhn giao dch. i
vi giao dch tha thun thng thng, NT c nhu cu giao dch s t tm i tc
tha thun giao dch vi nhau bt c lc no. Tuy nhin, VDSE ch nhn lnh ca
NT v nhp lnh vo h thng ng k giao dch theo ng thi gian quy nh ti Mc
2 Hng dn ny.2.3.3. Gi tham chiu
Gi tham chiu ca c phiu ang giao dch l bnh qun gia quyn ca cc gi
giao dch tho thun in t ca ngy c giao dch gn nht.
Trng hp c phiu mi ng k giao dch, trong ngy giao dch u tin,
SGDCKHN ch nhn lnh giao dch tha thun in t v khng p dng bin dao ng
gi. Nu trong ngy giao dch u tin khng c gi thc hin th gi tham chiu s
c xc nh trong ngy giao dch k tip cho n khi gi giao dch c xc lp trn
h thng.
Trng hp giao dch c phiu khng hng c tc v cc quyn km theo, gi tham
chiu ti ngy khng hng quyn c xc nh theo nguyn tc ly gi bnh qun gia
quyn ca cc gi giao dch tho thun in t ca ngy c giao dch gn nht iu
chnh theo gi tr c tc c nhn hoc gi tr cc quyn km theo.
Trng hp tch, gp c phiu, gi tham chiu ti ngy giao dch tr li c xc
nh theo nguyn tc ly gi bnh qun gia quyn ca cc gi giao dch tho thun
in t ca ngy c giao dch trc ngy tch, gp iu chnh theo t l tch, gp c
phiu.
Cc trng hp khc do SGDCKQ quyt nh sau khi c s chp thun ca
UBCKNN.
3. Thc trng th trng Upcom
3.1. Trc khi upcom thnh lp Ko c th trng upcom, c phiu ca cc cng
ty i chng cha nim yt c giao dch trn th trng t doTheo quy nh, ch c
HASTC hay S dao dch chng khon TP.HCM mi c chc nng t chc dao dch
chng khon song t trc n nay th trng t do vn dao dch chng khon t pht
theo kiu trao tay qua in thoi, khng c lu k khng c thanh ton tp
trung, khng theo 1 khung php l no gy ra nhu bt cp ri ro cho nh u t.
Khng co thng tin r rang v hoat ng kinh doanh cua cng ty phat hanh
CP. Cac cng ty c phn phat hanh c phiu v ti va ra cng chung, Phat
hanh CP gi,. Khng c bin gi, thi phng ln hn gi tri thc cua CP nhiu
ln. Khng c cc c quan chc nng theo di, kim tra, ch ti. S cng ty i
chng cha nim yt l rt lnTrong 963 tp on cng ty v ngn hng ng k l cng
ty i chng vi y ban chng khon nh nc, mi ch c 361 cng ty chnh thc nim
yt v giao dch trn th trng chng khon, hn 3600 doanh nghip cn li ang
giao dch c phiu trn th trng t do
C phiu ca nhng cng ty ny c giao dch trn th trng t do, 1 khi lng
chng khon khng l. R rng vi mt th trng t do vi quy m qu ln nh vy th
nh nc tm nhiu cch khc nhau thu hp th trng t do v mt trong s l thnh
lp th trng Upcom l th trng cho cc cng ty i chng cha nim yt.
3.2. Khi upcom thnh lp Su thng cui nm 2009
Ngy 24/06/2009 sn Upcom m khai trng th trng giao dch chng khon
cng ty i chng cha nim yt vi 10 c phiu UPCoM-Index mc nh mc 100 im v
ng ca th trng vi hn 1 triu c phiu c khp lnh, gi tr giao dch t gn 19
t ng. n ngy 25/6 vi bin dao ng l +/-10%; UPCoM-Index ng ca mc 93,71
im, gim 6,29 im (6,29%). Tng khi lng trong phin ny gim mnh 60% so
vi ngy u giao dch, ch t 380.277 c phiu, tr gi 6,2 t ng. Kt thc phin
giao dch 26/6, ch s Upcom -Index tip tc gim 5,82 im, tng ng gim
6,21%, xung cn 87,89 im. Giao dch trn sn ny tip tc gim xung. Tng
khi lng giao dch ton th trng ch t 296.216 c phiu vi gi tr 4,955 t
ng. Trong giao dch tha thun in t t 296.216 c phiu vi gi tr l 4,588
t ng. Trong vi ngy u hot ng th th trng chng khon Upcom cho nh u t
ci nhn khng my thin cm do hnh thc giao dch trn th trng ch yu l giao
dch tha thun khp lnh theo phng thc th cng nn gp nhiu kh khn trong
qu trnh khp lnh.
C th nhn thy s ra i ca th trng Upcom sau 6 thng gp phn thc y qu
trnh tham gia th trng do Nh nc qun l ca cc cng ty i chng. S cng ty
nim yt ti hai S Giao dch chng khon tng t 360 cng ty (ti thi im khai
trng Upcom) ln n 422 cng ty hin nay, s cng ty ng k giao dch trn th
trng Upcom tng t 10 cng ty ti thi im khai trng, sau su thng c 33
cng ty ng k giao dch ti Upcom. Khi lng giao dch ca cc chng khon ny
tng ln ng k so vi thi im trc khi tham gia th trng.
Trong nm 2010Nhng thng u nm 2010 trn th trng c s gim im nh khng
ci thin hn nhng thng cui nm 2009 cho l my, tuy nhin trong thng
4/2010, th trng UPCoM c tn hiu lc quan hn do thanh khon ci thin ng
k, in hnh nh ngy 15/4/2010, vi 614.739 n v, tr gi 12,6 t ng. Ngy
19/4, con s giao dch l hn 2,3 triu n v, tr gi hn 34 t ng v ngy
20/4, thanh khon vn t mc cao vi hn 413.989 n v, tr gi hn 6 t ng;
nhng c bit l phin giao dch ngy 13/4/2010, th trng UPCoM c phin giao
dch n tng khi t mc thanh khon cao nht c v khi lng v gi tr vi hn 4,5
triu n v khp lnh, tr gi hn 71,6 t ng v ng ti 41,44 im.
Din bin th trng Upcom trong 11 thng
Nhng tnh hnh ch tn ti trong nhng ngy cui thng 4/2010, hai thng
sau li quay tr li nh c v vy m S Giao dch chng khon H Ni c nhng xut
nhm ci thin tnh thanh khon cho th trng Upcom bng cch thay i phng
thc giao dch, ko di thi gian giao dch t ngy 19/7/2010.
Upcom thay i lm cho dng tin chy mnh vo th trng ny lm cho khi lng
giao dch v gi tr ca cc cuc giao dch tng ln nhanh chng. C th trng
bng chc tng ln nhanh chng trong 11 phin lin tip rt nhiu c phiu tng
trn cho d quy ch giao dch cha thay i, l do cc nh u t ua nhau t lnh
trn. Nguyn nhn l do h k vng vo s thay i giao dch lm cho Upcom hp dn
hn, cc c phiu c hp dn hn hn v c lm gi, tnh t ngy 22/6 n ngy
16/7/2010 trong 19 phin giao dch th c ti 15 phin tng v ch c 4 phin
giao dch gim im, ch s ca Upcom- Index tng hn 30,57% t 46.02 im ln
60,09 im, nhiu c phiu tng hn 100% nh NBW, BTW... . Khi Upcom cha p
dng phng thc giao dch khp lnh lin tc, m s dng phng thc giao dch tha
thun in t; khi lng c phiu khp lnh trung bnh mi phin ch t 300 - 400
ngn c phiu.
Nhng k t ngy 19/7 n nay, khi lng giao dch khp lnh ca UPCoM tng t
bin khi trung bnh mi phin t trn 1 triu c phiu ngay trong thng 7
nhng khi chuyn hnh thc khp lnh tha thun sang khp lnh lin tc trong
vng mt thng lin tip sau th th trng ny li b gim im nghim trng, lm
cho cc nh u t gp nhiu kh khn. Trong 24 phin giao dch th ch s ca
Upcom- Index mt 19,7% c khi 18 phin giao dch b gim im lm cho gi tr
bnh qun cn 15,9 t ng. Tnh hnh khng c ci thin do c ch thng tin lng
lo, nh u t khng nm c nhng thng tin cn thit. Tnh trng cung cp thng
tin qua cc bo co ti chnh chm mun lm cho cc nh u t khng c ci nhn
chnh xc khi u t. Tnh n ngy 24/08/2010 UPCoM-Index ch cn 45,41 im vi
945.232 c phiu khp lnh thnh cng, tr gi hn 16,4 t ng.Nh vy,
UPCoM-Index mt 54,59 im (gn 55%) so vi ngy u tin ra mt.
Trn sn Upcom tng ln 88 c phiu. Vi s vn iu l l 1.285 t ng ln
9.366 t ng tng gi tr vn ln ti 13.899 t ng, vn iu l ca cc doanh
nghip bnh qun trn th trng Upcom l 111 t ng trn mt cng ty. Tuy nhin
khi lng v gi tr giao dch lun mc thp, giao dch bnh qun mi phin t gn
520.000 n v, gi tr giao dch 7,6 t ng bng 0,054% tng gi tr vn trn th
trng. S m ng k tng nhanh nhng kh nng thanh ton cn yu.
Ngy 29/12/2010, ch s UPCoM-Index bt ng tng 7,26% sau 60 pht giao
dch ging co quanh mc tham chiu. ng ch l s m tng gi, gim gi khng c
nhiu bin ng. Nguyn nhn chnh l do "sai lch" gi c phiu SGS ca CTCP Vn
ti bin Si Gn trong r tnh ton ch s ny. 14,42 triu c phiu SGS cho sn
UPCoM ngy 22/12/2010, nhng n ngy 27/12/2010 mi c giao dch lm cho
khi lng thc giao dch nh nhng bin gi rng.
Nm 2011
6 thng u nm 2011 th trn th trng Upcom - Index gim 12,20 im
(-27,0%).Trn sn Upcom, ch s UPCoM-Index c 47 phin tng im, 70 phin
gim im v 1 phin khng c bin ng v im. Vi 118 phin giao dch, ch s ny
gim 12,20 im (-27,0%) so vi thi im cui nm 2010, ng ca ti mc 32,99
im ti phin giao dch ngy 30/06/2011. Phin giao dch c ch s
Upcom-Index cao nht vo ngy 06/01/2011, t mc 45,82 im v phin c ch s
Upcom-Index thp nht vo ngy 30/05/2011, t 31,98 im. Tnh bnh qun KLGD
t 514.015 CP/phin, GTGD t 5,63 t/phin. Ch s UPCoM-Index trn sn
Upcom trong nhng 3 thng gn y cng khng c g ci thin hn trc s st mnh v
im, tnh thanh khon ton th trng gim mnh.
Nh vy, sau 2 nm vn hnh, sn UpCom ch t c tiu ch duy nht l to c mt
ni gip cho nhng cng ty i chng cha iu kin nim yt trn 2 sn chnh thc c
c hi gii thiu doanh nghip ca mnh i vi NT. Cn ngha v mt th trng th
gn nh ph sn khi NT t ra th vi din bin ca sn ny, cc DN ln sn th ch
mun nhanh chng thot ra nu mun ci thin tnh hnh thanh khon.
Do , n lc cc c quan qun l cn ln k hoch ci thin NT c thm mt sn
chi ng ngha. Cng l gip cc DN cha iu kin nim yt chnh thc c th c knh
thu ht vn u t.
Nm 2012
Sau hn 3 nm i vo hot ng, s kh khn chung ca th trng chng khon cng
thm s o ut trong giao dch ca ring UPCoM khin th trng ny ri vo trng
thi ng ng trin min.
Kt thc phin giao dch cui cng ca nm 2012, s c phiu khng c giao
dch trn sn UPCoM vn chim a s. Trong s 132 c phiu ang giao dch ti
UPCoM th c ti 105 c phiu khng c giao dch, chim t l: 79,5%, 17 c
phiu c gi giao dch di mnh gi (10.000 ng) v ch c 10 c phiu c gi giao
dch trn 10.000 ng (chim 6,8%).
Vi s lng c phiu giao dch lo to , trong nm 2012, khi lng giao dch
bnh qun ca ton th trng UPCoM vn t 0,74 triu c phiu/phin, tng ng vi
gi tr giao dch bnh qun t 21 t ng/phin.
Theo nh gi ca HNX, trong bi cnh th trng trong nm cn nhiu kh khn,
thch thc song nhn chung, giao dch trn th trng UPCoM nm 2012 vn c m
bo v c mc tng kh v khi lng, gi tr giao dch so vi nm 2011, ring gi
tr giao dch bnh qun trn sn UPCoM tng gp 2,2 ln so vi bnh qun phin
nm 2011.
Nm 2013
Th trng UPCoM tip tc c duy trNm 2013, th trng UPCoM cng gp nhiu
kh khn, thanh khon gim st ng k so vi nm 2012. Tng KLGD ton th trng
t 80,12 triu c phiu, GTGD tng ng t 510,68 t ng, bnh qun, KLGD t
320.483 CP/phin, GTGD tng ng t 2,04 t ng/phin (-56,80% KLGD,
-89,94% GTGD so vi nm 2012).
Th trng UPCoM hin c 142 c phiu ang giao dch vi gi tr KGD t
20.773 t ng, tng 5.9% so vi cui nm 2012. Cng vi vic tip tc cng c,
duy tr th trng, S nghin cu v c bo co cc c quan qun l, xut cc gii
php tho g kh khn cho th trng, nghin cu c ch gn c phn ha DNNN vi nim
yt hoc ng k giao dch trn UPCoM. c s php l ngy cng c hon thin, S cng
kin ngh v phi hp UBCKNN xy dng v trnh B Ti chnh d tho Thng t thay
th cho Quyt nh 108/2008/Q-BTC v vic ban hnh Quy ch T chc v Qun l
giao dch chng khon cng ty i chng cha nim yt ti S. Vai tr v s pht
trin ca th trng UPCOM c lnh o B Ti chnh quan tm v s c c ch thong
pht trin th trng ny.
Trn th trng s cp, hot ng u gi c phn cng c nhng chuyn bin tch cc.
Trong nm S GDCK H Ni t chc 26 phin bn u gi c phn v u gi tri phiu
doanh nghip chuyn i (cao hn gp 2,8 ln so vi nm 2012), trong c 15
phin bn u gi c phn ha doanh nghip Nh nc, 8 phin bn u gi c phn thoi
vn doanh nghip Nh nc v 3 phin bn u gi c phn ra bn ngoi ca cc CTCP.
Trong s 26 phin bn u gi t chc ti S GDCK H Ni c ti 60% s phin bn ht
100% s chng khon cho bn. Tng gi tr chng khon bn c t trn 960 t ng
(cao hn gp 6,8 ln so vi nm 2012). c bit, trong thng 9/2013, ln u
tin, S GDCK H Ni t chc thnh cng t bn u gi tri phiu chuyn i ca TCT
Hng khng Vit Nam ti Ngn hng TMCP K thng, bn ton b 827.847 tri phiu,
gi tr bn c l 109,85 t ng.
Mt s kin quan trng c ngha ln i vi hot ng u gi nm 2013 vic S GDCK
H Ni (HNX) v Tng cng ty u t v kinh doanh vn nh nc (SCIC) t chc k kt
MOU nhm tng cng hp tc v trao i thng tin gia hai bn, y mnh chng trnh
ti c cu, thoi vn, sp xp, i mi doanh nghip, nng cao hiu qu cnh tranh
ca cc doanh nghip Nh nc. Qua , SCIC v HNX phi hp thc hin u gi c phn
cc doanh nghip c vn u t ca SCIC trn th trng chng khon, khuyn khch
cc doanh nghip ny thc hin nim yt, ng k giao dch trn S GDCK, v tun
th cc quy nh trn th trng chng khon. y l c s y mnh hot ng u gi c
phn.
C th lc quan ni rng hot ng u gi c phn khi sc hn v nhng kt qu ny
cng phn nh kh r nt nhng n lc ca Chnh ph trong vic trin khai ch trng
ti c cu nn kinh t, y mnh qu trnh c phn ha doanh nghip Nh nc v gp
phn thc y vic thoi vn ngoi ngnh ca cc tp on, tng cng ty mt cch hiu
qu hn.
III. u, nhc im ca th trng Upcom3.1. u im
Vi nh nc v c quan qun l Thu hp th trng t do, m rng th trng chnh
thc: cc cng ty khi ln sn upcom th cc chng khon c giao dch chnh thc,
gim dn giao dch chng khon ch en.
To iu kin d dng hn cho vic qun l: vi vic cc cng ty i chng u phi
lu k ti TTLKCK nh u t giao dch thng qua ti khon m ti CTCK, kt qu cc
giao dch bo co v HNX xc nhn v thanh ton qua trung tm lu k, nm bt c
thng tin v c th qun l tt hn.
Tng thm ngun thu t thu
Tng tnh thanh khon ca TT: CP ca cc CTDC tham gia th trng Upcom,
c cng chng bit n nhiu hn, tng giao dch, tng tnh thanh khon.
Vi Nh u t (c ng) Tit kim thi gian v chi ph Tm kim c thng tin
minh bch v d dng: trong th trng t do, cc thng tin thng thiu chun
xc, nhng Upcom cc cng ty phi thng xuyn bo co tnh hnh sc khe ca
doanh nghip, cng khai thng tin mt cch r rang v minh bch. c k qu mua
chng khon: khi t lnh mua chng khon, nh u t thc hin k qu tin giao
dch theo mc tha thun vi thnh vin v phi m bo kh nng thanh ton giao
dch ng thi hn quy nh - y l hnh thc khng cn 100% tin m vn mua c chng
khon. Gim thiu c ri ro: khi thng tin minh bch, r rang th trng c tnh
lng cao th nh u t s ri ro hn th trng t do. Tnh thanh khon cao.
Nh u t c th giao dch t xa
Vi cc doanh nghip Nng cao kh nng huy ng vn ca DN: khi thng tin v
gi minh bch, dao dch l xc thc, uy tn tng, tip cn c cc ngun vn da
hn, hoc cc ngn hng tin tng c th cho doanh nghip vay tin. Cc doanh
nghip khng iu kin nim yt c th pht hnh CK n cng chng. L bc m cho cc
DN c nh chuyn ln nim yt trn sn nim yt: lm quen vi vic cng b thng
tin r rng, minh bch trn cc phng tin thng tin. Tnh minh bch cho DN,
qung b thng hiu: tham gia th trng Upcom ngha l doanh nghip gi gm c
phiu ca mnh vo mt sn u c y khun kh, quy nh, gip c phiu thanh khon
tt hn, gi tr thng hiu ca doanh nghip c nng cao hn. Th tc ng k nhanh
chng hn sn nim yt. To iu kin cho cc cty CK pht trin: trong Upcom cc
cng ty chng khon vi vai tr l nh to lp th trng, ng thi cng l nh u t,
nh mi gii.
3.2. Nhc im Hng ha n iu, thanh khon km: mi c 17 cng ty i chng
tham gia sn nn c qu t s la chn cho cc nh u t. Cha c s quan tm ca
nhiu DN, NT: khi sc hp dn t th trng t do, tng im ca sn nim yt th
nhiu nh thi u t th , quay lng li vi Upcom. Th trng thiu s tham gia
ca cc c phiu vua: nh c phiu ngnh ngn hng, du khy l nhng CP c tnh
lng ln, to sc ht cho th trng. Phng thc giao dch khng linh hot, giao
dch c trng theo hnh thc tha thun v khng c x lnh khin nhiu nh u t lm
vo tnh trng khng th mua c CP trn Upcom do khng tm c ngi bn c khi
lng c phiu v gi bn ging. Cha tm thy vai tr ca nh to lp TT: vi tnh
thanh khon km ca th trng hin ti nn CTCK cha c vai tr quan trng ca
nh to lp th trng. Bin b qun l l 10%, trong khi sn HASTC l 7%, HOSE
l 5%, th trng t do khng gii hn v bin , gim tnh hp dn ca th trng
Upcom. Ch ti s pht khng hp l3.3. So snh TT Upcom vi TT OTC v TT CK
tp trung (cc sn GDCK HN v TPHCM) Ging nhau:
u l t chc chu s qun l ,gim st ca nh nc.
Hot ng ca th trng chu s chi phi ca h thng lut chng khon v cc vn
bn pp lut c lin quan
Khc nhau:
Tiu ch so snhTT OTCTTCK tp trungTh trng upcom
a im gia dcha im GD l phi tp trungGD ti trung tm c thGD ti
SGDCKTP.HCM (HOSE) hoc SGDCK H Ni (HNX)
Phng thc giao giao dchGD bng c ch thng lng v tha thun gi l ch
yuGD thng qua u gi tp trungPhng thc tha thun:
Tha thun in t
Tha thun thng thng
Tnh minh bch v thng tin v gi c- Trn th trng t do ny khng c s
minh bch v thng tin doanh nghip cng nh thng tin v gi c.
- Trn th trng c nhiu mc gi/1ck trong cng 1 thi imCh c 1 mc
gi/1ck trong cng thi imMinh bch thng tin, minh bch gi c, trn th
trng ch c 1 mc gi/1ck trong cng 1 thi im
Mc ri ro ri ro caoRi ro thp hn OTCRi ro thp hn OTC
Thanh tonC ch thanh ton linh hot, a dngThanh ton b tr a thng
nhtThanh ton tp trung v chng khon c lu k tp trung ti Trung tm lu k
chng khon trc khi giao dch
IV. Mt s kin nhm pht trin TT Upcom Thu ht thm cc doanh nghip
tham gia upcom
M rng upcom: cho php cc cng ty chng khon c php t chc th trng
song song vi upcom ca HNX. iu c ngha l nu doanh nghip ng k ln upcom
th s thc hin theo quy nh hin hnh, cn cc cng ty i chng sau khi thc
hin lu k chng khon cng s c giao dch ti sn do cc do cc cng ty chng
khon t chc v ch gi bo co v HNX tng hp, chuyn sang trung tm lu k
chng khon thanh ton b tr.
- Nng cp k thut: phi c h tng internet tt, vi ng truyn c tc cao
phc v cho ngi u t truy cp vo cc trang web thng tin ca cng ty chng
khon hay vi h thng thng tin ca HASTC t cc thnh vin mt cch nhanh
chng trnh c hin tng tc nghn ng truyn.- Xy dng h thng mng ln c th
lin kt tt c cc thnh vin th trng trn c nc c th truy cp h thng, kt ni
thng tin, cc nh u t c th tip cn thng tin th trng kp thi. Thu ht thm
nh u t tham gia upcom
Khi c 1 khi lng cc c phiu giao dch trn th trng th vic thu ht thm
na s tham gia ca cc nh u t l vn phi c s iu chnh v:- Tng bin giao ng
gi: nu so snh vi th trng t do th upcom mang li s an ton hn. Nu so
snh vi th trng tp trung th nhng iu kin v cc quy nh rng buc khi nim
yt l khng cht ch bng.
Vy to c li th , tng tnh hp dn ca upcom th khng nn quy nh bin
giao ng gi l 10% (HOSE 5%, HASTC 7%, trong khi th trng t do l khng
c bin giao ng gi).- Tng tnh thanh khon bng cch thc hin thanh ton
T+1 hoc T+2.
Giao dch trn cc ch OTC t do hin nay ang thc hin vi thi gian T+0
cng nh p dng ph bin cc hnh thc mua bn khng, tuy ri ro cao nhng lun
i km vi li nhun hp dn. Do nhng lo ngi v tnh thanh khon ca c phiu
OTC sau khi ln sn UPCOM l hon ton c c s, v vy to li th cnh tranh so
vi OTC cn phi tng tnh thanh khon trn upcom ln T+1,T+2.- Cc thng tin
trn th trng upcom phi c minh bch ha: Cn c cc nh t chc & to lp
th trng to ra tnh thng nht v nhng nguyn tc chung ca cc nh u t tham
gia.- Khuyn khch, u i cho cc cng ty chng khon tr thnh nh to lp th
trng. Hin nay th trng chng khon nim yt ang kh si ng nn cc cng ty ck
c v th vi upcom. V vy cn a ra thm cc khuyn khch v u i cho cc cng ty
CK.- Cho php cc cng ty CK bn khng, k qu c kim sot: nghip v bn khng
v k qu l nhng hot ng c th em li li nhun ln cho cng ty CK ng thi rt
hp dn NT nhng ri ro cng kh ln. Nn xem xt cho php cc cng ty ck thc
hin nghip v ny vi t l kim sot hn ch ri ro. Hon thin h thng php lut
TTCK Vit Nam
Hon thin h thng pp lut s lm tng tnh minh bch hiu qu cho th trng
upcom.- B sung lut doanh nghip v qun l ngha v kim ton nh k i vi tt
c cc doanh nghip.- B sung quy nh v qun tr cng ty, thu tm, sp nhp
mua l c phiu, b c phiu tch ly nhm tng cng tnh minh bch v bo v quyn
li c ng.- B sung lut hnh s cc ti danh trong lnh vc chng khon hn ch
hot ng c mi bt hp php trn th trng t do, gim thiu ri ro.- Xy dng hnh
lang php l cho cng ty nh mc tn nhim c bit l cc quy nh lin quan n vn
cht lng k ton, kim ton, quy nh v bo v quyn li ngi u t.Phn IV: Kt
LunNh vy sau 6 nm hot ng th trng chng khon Vit Nam t c nhng thnh
cng bc u ng ghi nhn. Tuy nhin th trng ng k giao dch chng khon cc
cng ty cha nim yt Upcom cha phi l th trng OTC (theo ng ngha) thc s,
cha c c nh to lp th trng theo ng ngha. mt th trng pht trin mt s c
phiu tham gia th trng OTC phi c t nht 2 cng ty chng khon to lp th
trng v cng ty chng khon( CTCK) cho c phiu no to lp th trng th phi
ng k. Ti bt k thi im no, cng ty chng khon cng phi a ra mc gi cho
mua v cho bn vi loi c phiu m h to lp th trng. So snh vi th trng OTC
theo thng l th gii trn th th trng UPCOM sp i vo hot ng nc ta mi ch
t khong 1 na tiu chun, l cc CTCK mi gii cho khch hng v hng ph giao
dch .Cha c quy nh v vic CTCK ng vai tr l nh to lp th trng, mt iu
kin quan trng hnh thnh th trng OTC tiu chun. Trong bi cnh t nc hi
nhp v pht trin mt cch mnh m th th trng chng khon vit nam cn phi pht
huy hn na vai tr ca mnh nh mt knh huy ng vn ch yu ca nn kinh t. Cho
d hin nay th trng chng khon Vit Nam c nhiu khuyt tt chng ta vn hy
vng vo s lnh o ca ng, s qun l ca Nh nc s gip th trng chng khon Vit
Nam ni chung v th trng UPCOM ni ring pht trin hiu qu.
DANH MC TI LIU THAM KHO1. Gio trnh th trng chng khon TS. Bch c
Hin
Hc vin ti chnh - nm 20082. Gio trnh th trng chng khon PGS.TS
Nguyn Vn Nam, Vng Trng Ngha. Trng i Hc Kinh T Quc Dn nm 2002.3.
http://www.sbsc.com.vn4. http://banggia.ssi.com.vn/upcom.aspx5.
http://tuoitre.vn/Kinh-te/Tai-chinh-Chung-khoan/320629/Thi-truong-UPCoMtiep-tuc-lo-trinh-hiendaiTTCK.html6.
http://cafef.vn/20100823032723895CA31/san-upcom-am-dam.chn7.
http://forum.sanotc.com/3605108/upcom-san-giao-dich-chung-khoan-manh-tai-sao-khong.aspx8.
http://cafef.vn/20100701044143575CA31/tu-197-thi-truong-upcom-ap-dung-phuong-thuc-khop-lenh-lien-tuc.chn9.
http://hanoimoi.com.vn/newsdetail/chung_khoan/315814/thi-truong-upcom-san-choi-an-toan-nhung-chua-hap-dan.htm10.
www.tailieu.vnT chc pht hnh
(cng ty i chng)
Cng ty chng khon
(t chc cam kt h tr)
Trung tm Cng ty chng khon
Trung tm lu k chng khon
S GDCK H Ni
lu k chng khon
S GDCK H Ni
T chc pht hnh v CTCK hon tt th tc v ng k ngy giao dch u tin
Nh u t
Cng ty chng khon
Thc hin giao dch
H thng giao dch
Tha thun thng thng
Tha thun in t
Thanh ton b tr
15
