ThiTruongChungKhoan1234

8/14/2019 ThiTruongChungKhoan1234

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TRNG I HC KINH T HUKHOA KTON TI CHNH

BI GING

TH TRNG CHNG KHON

Thi lng: 45 titBin son: Nguyn Vit c


2/92

MC LC

CHNG I: TNG QUAN V TH TRNG CHNG KHON.............11.1.Khi qut sra i v pht trin...............................................................11.2.Khi nim th trng chng khon............................................................21.3.Phn loi th trng chng khon .............................................................21.3.1.Phn loi theo hng ho ca th trng chng khon........................................................21.3.2.Phn loi theo qu trnh lun chuyn vn...................................................31.3.3.Phn loi theo hnh thc t chc ca th trng .........................................41.4.Cc ch th tham gia th trng chng khon..........................................41.4.1.Ch th pht hnh ......................................................................................41.4.2.Nh u t..................................................................................................51.4.3.Cc t chc kinh doanh trn th trng chng khon........................................................51.4.4.Cquan qun l v gim st cc hot ng th trng chng khon ..........51.4.5.Cc t chc c lin quan ............................................................................51.5.Vai tr ca th trng chng khon ..........................................................61.5.1.Th trng chng khon gp phn thc y s pht trin nhanh chngnnkinh t.................................................................................................................61.5.2.Th trng chng khon gp phn thc hin ti phn phi cng bnghn, thng qua vic buc cc cng ty pht hnh chng khon ra cng chng

theo mt t l nht nh ......................................................................................71.5.3.Th trng chng khon to iu kin thu ht v kim sot vn u tnc ngoi ..........................................................................................................71.5.4.Th trng chng khon to iu kin cho Chnh ph huy ng ccngun ti chnh m khng to p lc v lm pht, ng thi to iu kincho Chnh ph thc hin cc chnh sch ti chnh tin t ....................................71.5.5.Th trng chng khon l cng cnh gi hot ng kinh doanh vl phong v biu ca nn kinh t .........................................................................71.6.Gii thiu mt s th trng chng khon trn th gii...........................81.6.1.Th trng chng khon M ......................................................................8

1.6.2.Th trng chng khon Nht bn..............................................................91.6.3.Th trng chng khon Thi Lan..............................................................91.7.Th trng chng khon Vit Nam............................................................9Tm tt chng...............................................................................................10Cu hi n tp.................................................................................................11

CHNG 2: CHNG KHON V PHT HNH CHNG KHON......132.1.Gii thiu v chng khon........................................................................132.1.1.Khi nim v c im ca chng khon ........................................................................13


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2.1.1.1.Khi nim..............................................................................................132.1.1.2.c im...............................................................................................13

2.1.2.Phn loi chng khon .............................................................................142.1.2.1.Phn loi chng khon theo tnh cht ...................................................142.1.2.2.Phn loi chng khon theo hnh thc php l......................................232.1.2.3. Phn loi chng khon theo thu nhp .........................................................................232.2.Pht hnh chng khon....................................................................................................232.2.1.Cc phng thc pht hnh chng khon........................................................................232.2.1.1.Pht hnh ring l.................................................................................232.2.1.2.Pht hnh chng khon cng ty ra cng chng.....................................242.2.2.Pht hnh chng khon cng ty ln u ra cng chng ............................242.2.2.1.Tiu chun pht hnh............................................................................25

2.2.2.2.Quy trnh pht hnh ..............................................................................252.2.2.3.Cc phng php pht hnh .................................................................272.2.3.Pht hnh tri phiu Chnh ph v tri phiu a phng .........................282.2.3.1.Bn l qua h thng Kho bc Nh nc ................................................292.2.3.2.Pht hnh qua i l .............................................................................292.2.3.3.Pht hnh qua bo lnh ........................................................................292.2.3.4.Pht hnh qua u thu ........................................................................292.3.Qun l Nh nc v pht hnh chng khon .......................................31Tng kt chng .............................................................................................31Cu hi n tp.................................................................................................34

CHNG 3: CC HNH THC T CHC CA TH TRNGCHNG KHON ...........................................................................................353.1.Sgiao dch chng khon ................................................................................................353.1.1.Khi nim.........................................................................................................................35 3.1.2.Hnh thc shu......................................................................................363.1.2.1.Hnh thc shu thnh vin.........................................................................................363.1.2.2.Hnh thc cng ty cphn.....................................................................363.1.2.3.Hnh thc shu Nh nc ..................................................................363.1.3.Chc nng................................................................................................373.1.3.1.Th trng giao dch lin tc.................................................................373.1.3.2.Th trng cng bng vgi .................................................................373.1.3.3.Th trng cng khai.............................................................................373.1.4.Thnh vin ca Sgiao dch ....................................................................383.1.4.1.Khi nim..............................................................................................383.1.4.2.Quyn v ngha v ca thnh vin.........................................................3833..11..55..Nim yt chng khon.....................................................................................................383.1.5.1.Khi nim..............................................................................................383.1.5.2.Mc ch ca vic nim yt ...................................................................38


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33..11..55..33..Nhng thun li v bt li ca vic nim yti vi tchc nimyt .....................................................................................................................38

3.1.5.4.Phn loi nim yt.................................................................................393.1.5.5.Tiu chun nim yt ..............................................................................403.1.5.6.Th tc nim yt ....................................................................................413.2.Th trng chng khon phi tp trung (th trng OTC)............................................433.2.1.Khi nim ................................................................................................433.2.2.c im..................................................................................................433.2.2.1.Hnh thc tchc th trng.................................................................433.2.2.2.Chng khon giao dch trn th trng OTC.........................................433.2.2.3.Cchxc lp gi trn th trng OTC................................................433.2.2.4.Cc nh to lp th trng ....................................................................433.2.2.5.H thng thng tin.................................................................................443.2.2.6.Qun l th trng.................................................................................443.2.2.7.Cchthanh ton .................................................................................443.2.3.Vai tr ca th trng OTC ......................................................................443.3.Th trng tdo........................................................................................44Tng kt chng .............................................................................................45Cu hi n tp.................................................................................................46

CHNG 4: CC GIAO DCH TRN TH TRNG CHNG KHON....................474.1.H thng giao dch chng khon.....................................................................................47

4.1.1.Phng thc giao dch .............................................................................474.1.1.1.Phng thc khp lnh ........................................................................474.1.1.2.Nguyn tc khp lnh............................................................................474.1.1.2.Phng thc tho thun........................................................................484.1.2.Khp lnh nh k v khp lnh lin tc..................................................484.1.2.1.Phng thc khp lnh lin tc (continuous auction)..................................................484.1.2.2.Phng thc khp lnh nh k (call auction).......................................484.1.3.Lnh giao dch .........................................................................................484.1.3.1.Lnh th trng (market order) .............................................................48

4.1.3.2.Lnh gii hn (limit order)....................................................................494.1.3.3.Lnh dng (stop order) .........................................................................504.1.3.4.Lnh dng gii hn (stop limit order) ...................................................514.1.3.5.Lnh giao dch ti mc gi khp lnh (ATO).........................................514.1.3.6.Cc lnh khc........................................................................................514.1.4.Thi gian giao dch ..................................................................................534.1.5.n v giao dch......................................................................................53

4.1.6.n v yt gi (quotation unit) .................................................................534.1.7.Bin dao ng gi................................................................................54


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4.1.8.Gi tham chiu (reference price) ..............................................................544.2.Thc hin Giao dch mua bn chng khon ..........................................55

4.2.1.Mti khon giao dch.............................................................................554.2.2.t lnh giao dch ....................................................................................564.2.3.Chuyn phiu lnh n phng giao dch cng ty chng khon .................574.2.4.Chuyn lnh n ngi mi gii ti Sgiao dch chng khon................574.2.5.Chuyn lnh n b phn khp lnh ........................................................574.2.6.Khp lnh v thng bo kt qu giao dch................................................574.2.7.Bo co kt qu giao dch v cng ty chng khon ..................................574.2.8.Xc nhn giao dch v lm th tc thanh ton ..........................................584.2.9.Thanh ton v hon tt giao dch..............................................................58Tng kt chng .............................................................................................58Cu hi n tp.................................................................................................60

CHNG 5: CNG TY CHNG KHON ........................................................................615.1.Khi nim ..........................................................................................................................615.2.M hnh t chc v nguyn tc hot ng......................................................................615.2.1.M hnh cng ty chng khon chuyn doanh..................................................................615.2.1.1.u im.........................................................................................................................615.2.1.2.Hn ch.........................................................................................................................615.2.2.M hnh cng ty chng khon a nng............................................................................615.2.2.1.u im.........................................................................................................................615.2.2.2.Hn ch.........................................................................................................................615.3.Cc nghip v cbn ca cng ty chng khon............................................................625.3.1.Nghip v mi gii ..........................................................................................................625.3.1.1.Khi nim......................................................................................................................625.3.1.2.Chc nng ca hotng mi gii chng khon.........................................................625.3.1.3.Yu cu ca cng ty chng khon.................................................................................625.3.2.Nghip v t doanh..........................................................................................................62 5.3.2.1.Khi nim......................................................................................................................625.3.2.2.Mc ch ca hotng tdoanh ................................................................................635.3.2.3.Yu cu i vi cng ty chng khon ...........................................................................635.3.3.Nghip v bo lnh pht hnh .........................................................................................645.3.4.Nghip v t vn u t chng khon.............................................................................645.3.4.1.Khi nim......................................................................................................................645.3.4.2.Phn loi hotng tvn...........................................................................................645.3.4.3.iu kin v nguyn tc ca hotng tvn.............................................................65 5.3.5.Qun l danh mc u t .................................................................................................655.3.5.1.Xc tin tm hiu v nhn qun l.................................................................................665.3.5.2.K hp ng qun l.....................................................................................................665.3.5.3.Thc hin hp ng qun l .........................................................................................665.3.5.4.Kt thc hp ng qun l ............................................................................................665.3.6.Cc nghip v khc..........................................................................................................66 5.3.6.1.Lu k chng khon......................................................................................................66


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5.3.6.2.Qun l thu nhp ca khc hng (qun l ctc)........................................................665.3.6.3.Nghip v tn dng (cho vay k qu).............................................................................665.3.6.4.Nghip v qun l qu...................................................................................................67

5.4.Vai tr ca cng ty chng khon .............................................................675.4.1.i vi cc t chc pht hnh .........................................................................................675.4.2.i vi cc nh u t .....................................................................................................675.4.3.i vi th trng chng khon ...............................................................675.4.4.i vi cc cquan qun l th trng ...........................................................................68Tng kt chng .....................................................................................................................68Cu hi n tp .........................................................................................................................69

CHNG 6: H THNG THNG TIN TRN TH TRNGCHNG KHON ...................................................................................................................70

6.1.Gii thiu h thng thng tin trn th trng chng khon.........................................706.1.1.Khi nim.........................................................................................................................706.1.2.Phn loi h thng thng tin.....................................................................706.1.2.1.Phn loi thng tin theo loi chng khon...................................................................706.1.2.2.Phn loi thng tin theo phm vi bao qut ............................................706.1.2.3.Phn loi thng tin theo thi gian ................................................................................706.1.2.4.Phn loi thng tin theo ngun thng tin .....................................................................706.1.3.Ph bin thng tin th trng ...........................................................................................716.2. Cc ngun thng tin trn th trng chng khon.......................................................716.2.1.Thng tin t t chc nim yt..........................................................................................716.2.1.1.Yu cu ca vic cng khai thng tin vcng ty ..........................................................71

6.2.1.2.Ni dung cng khai thng tin vcng ty.......................................................................716.2.2.Thng tin t Sgiao dch chng khon...........................................................................736.2.3.Thng tin t cc t chc kinh doanh chng khon..........................................................736.2.4.Mt s thng tin do Trung tm giao dch chng khon thnh ph H Ch Minhthng bo...................................................................................................................................746.3.Ch s gi chng khon ....................................................................................................756.3.1.Ch s gi c phiu...........................................................................................................756.3.1.1.Chsgi bnh qun gin n .....................................................................................756.3.1.2.Chsgi bnh qun gia quyn ....................................................................................756.3.1.3.Chsgi bnh qun Laspeyres....................................................................................766.3.1.4.Chsgi bnh qun Paascher.....................................................................................76

6.3.1.5.Chsgi bnh qun Fisher..........................................................................................766.3.2.Ch s gi tri phiu.........................................................................................................766.4.H thng thng tin v ch s gi c phiu trn th trng chng khon Vit Nam(VN index)................................................................................................................................77Tng kt chng .....................................................................................................................79Cu hi n tp .........................................................................................................................81

CHNG 7: PHN TCH CHNG KHON....................................................................827.1.Gii thiu chung v phn tch chng khon ..................................................................827.2.Ni dung phn tch chng khon ...................................................................................827.2.1.Phn tch vm ................................................................................................................82


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7.2.1.1.Phn tch tnh hnh kinh t, chnh tr, x hi quc t....................................................82 7.2.1.2.Phn tch tnh hnh kinh t, chnh tr, x hi quc gia..................................................827.2.2.Phn tch ngnh................................................................................................................837.2.3.Phn tch cng ty..............................................................................................................847.2.3.1.Phn tch cbn ...........................................................................................................847.2.3.2.Phn tch kthut .........................................................................................................84Tng kt chng .....................................................................................................................85Cu hi n tp .........................................................................................................................86


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CHNG 1TNG QUAN V TH TRNG CHNG KHON

Mc tiu ca chngTh trng chng khon l mt knh huy ng vn quan trng ca

nn kinh t. Chng ny s gii thiu khi qut s ra i v pht trin cath trng chng khon, cu trc v vai tr ca th trng chng khon.Ngoi ra, chng ta cng s tm hiu mt s th trng chng khon trn thgii, c bit l th trng chng khon Vit Nam qua chng ny.

S tit: 6 tit

Tit 1,2, 3:1.1. Khi qut sra i v pht trin

Nhng du hiu ca mt th trng chng khon (TTCK) skhai xut hin ngay t thi Trung c xa xa. Vo khong th k XV, cc thnhph ln ca cc nc phng Ty, trong cc phin chhay hi ch, cc th-ng gia thng gp gtip xc vi nhau ti cc qun cafe thng lngmua bn, trao i hng ho. c im ca hot ng ny l cc thng gia


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ch trao i bng li ni vi nhau v cc hp ng mua bn m khng c sxut hin ca bt c hng ho, giy tno. n cui th k XV, khu ch

ring tr thnh th trng hot ng thng xuyn vi nhng quy cxc nh cho cc cuc thng lng. Nhng quy c ny dn dn trthnhcc quy tc c tnh cht bt buc i vi cc thnh vin tham gia.

Nm 1453, thnh ph Bruges (B), bui hp u tin din ra timt l qun ca gia nh Vanber. Trc l qun c mt bng hiu v hnh 3ti da - tng trng cho 3 loi giao dch: giao dch hng ho, giao dch ngoit, giao dch chng khon ng sn.

Vo nm 1457, thnh phBruges (B) mt i s phn thnh do eobin Even b lp ct nn mu dch th trng y b sp v c chuynqua th trn Auvers (B). y th trng pht trin rt nhanh chng. Cc thtrng nh vy cng c thnh lp Anh, Php, c, M.

Sau mt thi gian hot ng, th trng khng chng t kh nng png c yu cu ca 3 loi giao dch khc nhau nn phn ra thnh nhiuth trng khc nhau: th trng hng ho, th trng hi oi, th trngchng khonvi c tnh ring ca tng th trng thun li cho giao dchca ngi tham gia trong .

Nh vy, th trng chng khon c hnh thnh cng vi th trnghng ho v th trng hi oi.

Qu trnh pht trin th trng chng khon tri qua nhiu bc

thng trm. Thi k huy hong nht l vo nhng nm 1875 - 1913, th tr-ng chng khon pht trin mnh cng vi s tng trng ca nn kinh t.Nhng n ngy 29/10/1929, ngy c gi l ngy th nm en ti, yl ngy mu cuc khng hong th trng chng khon New York, vsau lan rng ra cc th trng chng khon Ty u, Bc u, Nht bn.Sau th chin th hai, cc th trng chng khon phc hi, pht trin mnh.Nhng ri cuc khng hong ti chnh nm 1987, mt ln na lm chocc th trng chng khon th gii suy sp, kit qu. Ln ny, hu qu can rt ln v nng n hn cuc khng hong nm 1929, nhng ch 2 nmsau, th trng chng khon th gii li i vo n nh, pht trin v trthnh mt nh ch ti chnh khng th thiu c trong i sng kinh t canhng quc gia c nn kinh t pht trin theo cch th trng.1.2. Khi nim th trng chng khon

C nhiu nh ngha khc nhau v th trng chng khon:- Th trng chng khon: ting la tinh l BURSA, l mt th tr-

ng c t chc v hot ng c iu khin.- Th trng chng khon c nh ngha theo Longman

Dictionary Business English, nh sau: mt th trng c t chc l ni ccchng khon c mua bn tun theo nhng quy tc c n nh.


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Cc quan nim trn u c khi qut trn nhng csthc tin vtrong tng iu kin lch s nht nh.

Tuy nhin, quan nim y v r rng, ph hp vi s pht trinchung ca th trng chng khon hin nay l:Th trng chng khon l ni din ra cc giao dch mua bn, trao i

cc loi chng khon.Chng khon c hiu l cc giy tc gi, xc nhn quyn v li

ch hp php ca ngi shu i vi nh pht hnh.1.3. Phn loi th trng chng khon

Tu theo mc ch nghin cu, cu trc ca th trng chng khonc thc phn loi theo nhiu tiu thc khc nhau. Tuy nhin, thng th-ng, ta c th xem xt ba cch thc cbn l phn loi theo hng ho, phn

loi theo hnh thc t chc ca th trng v phn loi theo qu trnh lunchuyn vn.1.3.1. Phn loi theo hng ho ca th trng chng khon

Theo cc loi hng ho c mua bn trn th trng, ngi ta c thphn th trng chng khon thnh th trng tri phiu, th trng c phiuv th trng cc cng c phi sinh.

- Th trng tri phiu:Th trng tri phiu l th trng m hng ho c giao dch

trao i, mua bn ti l cc tri phiu.- Th trng c phiu:

Th trng c phiu l th trng m hng ho c giao dchtrao i, mua bn ti l cc c phiu.

- Th trng cc cng c phi sinh:Th trng cc cng c phi sinh l th trng m hng ho -

c giao dch trao i, mua bn ti l chng khon phi sinh. V d: hpng tng lai, hp ng quyn chn.1.3.2. Phn loi theo qu trnh lun chuyn vn

Theo cch thc ny, th trng c phn thnh th trng scp vth trng th cp.

- Th trng scp (th trng cp 1):+ Th trng s cp l th trng pht hnh mi cc chngkhon hay l ni mua bn chng khon ln u tin. Ti th trng ny, gic ca chng khon l gi pht hnh.

+ Cc chng khon ln u tin c bn ra th trng cgi l chng khon mi c pht hnh. Nu vic pht hnh mi l ccchng khon b sung c nh pht hnh c chng khon a ra cngchng th c gi l phn phi ln u.


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+ Vic mua bn chng khon trn th trng scp nhm mcch lm tng vn cho nh pht hnh. Thng qua vic mua bn, Chnh ph

c thm ngun thu ti trcho cc d n u t hoc chi tiu dng. Ccdoanh nghip huy ng vn trn th trng nhm u t cho hot ng snxut kinh doanh. Qua , a ngun vn tit kim vo u t.

- Th trng th cp (th trng cp 2):+ Th trng th cp l th trng giao dch mua bn, trao i

nhng chng khon c pht hnh nhm mc ch kim li, di chuynvn u t hay di chuyn ti sn x hi.

+ Th trng th cp lm tng tnh lng ca cc chng khon pht hnh. Vic ny lm tng sa chung ca chng khon v lm gimri ro cho cc nh u t. Vic tng tnh lng cho cc chng khon to iukin cho vic thay i thi hn ca vn, t vn ngn hn sang trung v dihn, ng thi to iu kin cho vic phn phi vn mt cch hiu qu.

+ Th trng th cp xc nh gi ca chng khon cpht hnh trn th trng scp. Th trng th cp c xem l th trngnh gi cc cng ty.

+ Thng qua vic xc nh gi, th trng th cp cung cp mtdanh mc chi ph vn tng ng vi cc mc ri ro khc nhau ca tngphng n u t, to cstham chiu cho cc nh pht hnh cng nh ccnh u t trn th trng scp. Vn sc chuyn ti nhng cng ty no

lm n c hiu qu cao nht, qua lm tng hiu qu kinh t x hi.im khc nhau cn bn gia th trng scp v th trng th cp:th trng scp, ngun vn tit kim c thu ht vo cng cuc u tpht trin kinh t. Cn th trng th cp, vic giao dch khng lm tngquy m u t vn, khng thu ht thm c cc ngun ti chnh mi mch c tc dng phn phi li quyn shu chng khon t ch th ny sangch th khc, m bo tnh thanh khon ca chng khon.

Th trng scp v th trng th cp c mi quan h mt thit, htr ln nhau. Nu khng c th trng scp th khng c chng khon lu thng trn th trng th cp. Ngc li, nu khng c th trng thcp th th trng scp kh hot ng tri chy. Chnh s c mt ca th tr-ng th cp gip cho cc chng khon c tnh thanh khon, lm tngtnh hp dn ca chng khon; t lm tng tim nng huy ng vn cacc ch th pht hnh chng khon. Mc ch cui cng ca cc nh qun ll phi tng cng hot ng huy ng vn trn th trng scp, v ch cti th trng ny, vn mi thc s vn ng t ngi tit kim sang ngiu t, cn s vn ng ca vn trn th trng th cp ch l t bn gi,khng tc ng trc tip ti vic tch t v tp trung vn.1.3.3. Phn loi theo hnh thc t chc ca th trng


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Theo cch phn loi ny, th trng chng khon c t chc thnhcc Sgiao dch, th trng chng khon phi tp trung v th trng t do.

- Sgiao dch chng khon (SGDCK)+ SGDCK l th trng giao dch chng khon c thc hinti mt a im tp trung.

+ Cc chng khon c nim yt giao dch ti SGDCK thngthng l chng khon ca cc cng ty ln, c danh ting, tri qua nhiuth thch trn th trng v p ng c cc yu cu, tiu chun nim ytdo SGDCK t ra.

+ SGDCK c t chc v qun l mt cch cht ch biUBCKNN, cc giao dch chu siu tit ca lut chng khon v th tr-ng chng khon.

- Th trng chng khon phi tp trung+ Th trng chng khon phi tp trung l th trng khng c

trung tm giao dch tp trung, l mt mng li cc nh mi gii v tdoanh chng khon mua bn vi nhau v vi cc nh u t, cc hot nggiao dch ca th trng chng khon phi tp trung c din ra ti cc quy(sn giao dch) ca cc ngn hng v cng ty chng khon thng qua inthoi hay my vi tnh din rng.

+ Khi lng giao dch ca th trng ny thng ln hn rtnhiu ln so vi SGDCK.

+ Th trng chng khon phi tp trung chu s qun l ca Sgiao dch v Hip hi cc nh kinh doanh chng khon.- Th trng t do

Th trng t do l th trng giao dch tt c cc loi c phiuc pht hnh thng qua vic thng lng v tho thun trc tip giabn mua v bn bn ti bt c ni u, vo bt k lc no.1.4. Cc ch th tham gia th trng chng khon

Trn th trng chng khon c nhiu loi ch th tham gia hot ngtheo nhiu mc ch khc nhau: ch th pht hnh, ch thu t, ch thqun l v gim st cc hot ng ca th trng chng khon, v cc t

chc c lin quan.1.4.1. Ch th pht hnh

Ch th pht hnh l ngi cung cp cc chng khon - hng ho cath trng chng khon. Cc ch th pht hnh bao gm: Chnh ph, ccdoanh nghip v mt s t chc khc nh: Quu t

- Chnh ph+ Chnh ph l ch th pht hnh cc chng khon: tri phiu

Kho bc, tri phiu cng trnh, tn phiu Kho bc nhm mc ch tm vn ti


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trcho nhng cng trnh ln thuc csh tng, pht trin s nghip vnho gio dc, y t, hoc b p thiu ht Ngn sch Nh nc.

+ Chnh quyn a phng l ch th pht hnh tri phiu aphng vay nnhm huy ng vn pht trin kinh t - x hi ca a ph-ng.

- Doanh nghipDoanh nghip l ch th pht hnh cc c phiu hoc tri phiu

doanh nghip tm vn ti tr cho hot ng sn xut kinh doanh cadoanh nghip.

- Quu tQuu t l nhng t chc u t chuyn nghip, c hnh

thnh bng vn gp ca cc nh u t tin hnh u t vo chng khonv cc loi hnh u t khc. Mc ch thnh lp quu t l tp hp vthu ht nhng nh u t nh, l tham gia kinh doanh. c trng c bnnht ca Quu t l qu va ng vai tr l t chc pht hnh bng vicpht hnh ra cc chng khon nh chng ch quu t; va ng vai tr lt chc u t, kinh doanh cc loi chng khon.1.4.2. Nh u t

Ch thu t l nhng ngi c tin, thc hin vic mua v bnchng khon trn th trng chng khon tm kim li nhun. Nh u tc th chia thnh 2 loi: nh u t c nhn v nh u t c t chc.

- Cc nh u t c nhnNh u t c nhn l cc c nhn v h gia nh, nhng ngic vn nhn ri tm thi, tham gia mua bn trn th trng chng khon vimc ch tm kim li nhun. Tuy nhin, trong u t th li nhun li lungn vi ri ro, k vng li nhun cng cao th mc chp nhn ri ro phicng ln v ngc li. Chnh v vy cc nh u t c nhn lun phi lachn cc hnh thc u t ph hp vi kh nng cng nh mc chpnhn ri ro ca mnh.

- Cc nh u t c t chcNh u t c t chc l cc nh chu t, thng xuyn

mua bn chng khon vi s lng ln trn th trng. Mt s nh u tchuyn nghip chnh trn th trng chng khon l cc ngn hng thngmi, cng ty chng khon, cng ty u t, cc cng ty bo him, qu tngh, cc qu bo him x hi khc. u t thng qua cc t chc u t c -u im l c tha dng ho danh mc u t v cc quyt nh u t-c thc hin bi cc chuyn gia c chuyn mn v c kinh nghim.1.4.3. Cc t chc kinh doanh trn th trng chng khon

- Cng ty chng khon:


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Cng ty chng khon l cc cng ty c phn hoc cng ty trchnhim hu hn hot ng trong lnh vc chng khon. l nhng t chc

kinh t c t cch php nhn, c vn ring v hch ton kinh tc lp. Tutheo vn iu l v ng k kinh doanh m mt cng ty c th thc hin mthoc mt s nghip v kinh doanh chng khon: mi gii chng khon, tdoanh, qun l danh mc u t, bo lnh pht hnh, t vn u t v lu kchng khon.

- Cc ngn hng thng mi (NHTM).Ti mt s nc, cc NHTM c th s dng vn t c tng

v a dng ho li nhun thng qua u t vo cc chng khon. Tuy nhin,cc ngn hng chc u t vo chng khon trong nhng gii hn nhtnh bo v ngn hng trc nhng bin ng ca gi chng khon. Mts nc cho php ngn hng thng mi thnh lp cng ty con c lp kinh doanh chng khon v thc hin nghip v bo lnh.1.4.4. Cquan qun l v gim st cc hot ng th trng chng khon

Lch s hnh thnh v pht trin th trng chng khon cho thy,u tin th trng chng khon hnh thnh mt cch t pht khi c s xuthin ca c phiu, tri phiu v hu nh cha c s qun l. Nhng nhnthy cn c s bo v li ch cho cc nh u t v m bo s hot ngca th trng c thng sut, n nh v an ton, bn thn cc nh kinhdoanh chng khon v cc quc gia c th trng chng khon hot ng

cho rng cn phi c cquan qun l v gim st v hot ng pht hnh vkinh doanh chng khon.Cquan qun l v gim st th trng chng khon c hnh thnh

di nhiu m hnh t chc hot ng khc nhau, c nc do cc t chc tqun thnh lp, c nc cquan ny trc thuc Chnh ph, nhng c ncli c s kt hp qun l gia cc t chc t qun v Nh nc. Cquanqun l Nh nc v th trng chng khon do Chnh ph ca cc ncthnh lp vi mc ch bo v li ch ca ngi u t v bo m cho thtrng chng khon hot ng lnh mnh, an ton v pht trin bn vng.1.4.5. Cc t chc c lin quan

Ngoi cc ch th trn, trn th trng chng khon cn c cc tchc quan trng khc c lin quan n t chc v hot ng ca th trngchng khon nh Sgiao dch chng khon; Hip hi cc nh kinh doanhchng khon; T chc lu k v thanh ton b tr chng khon; cc cng tynh gi h s tn nhim.

- Sgiao dch chng khonSgiao dch chng khon thc hin vn hnh th trng thng

qua b my t chc bao gm nhiu b phn khc nhau phc v cho cc hotng giao dch trn S giao dch. Ngoi ra, S giao dch cng ban hnh


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nhng quy nh iu chnh cc hot ng giao dch chng khon trn S,ph hp vi cc quy nh ca lut php v U ban chng khon.

- Hip hi cc nh kinh doanh chng khonHip hi cc nh kinh doanh chng khon l t chc ca cccng ty chng khon v mt s thnh vin khc hot ng trong ngnhchng khon, c thnh lp vi mc ch bo v li ch cho cc cng tychng khon ni ring v cho ton ngnh chng khon ni chung.

Hip hi cc nh kinh doanh chng khon thng l mt tchc t qun, thc hin mt s chc nng chnh nh sau:

+ Khuyn khch hot ng u t v kinh doanh chng khon.+ Ban hnh v thc hin cc quy tc tiu hnh trn cscc

quy nh php lut v chng khon.+ iu tra v gii quyt cc tranh chp gia cc thnh vin.+ Tiu chun ho cc nguyn tc v thng l trong ngnh chng

khon.+ Hp tc vi Chnh ph v cc cquan khc gii quyt cc

vn c tc ng n hot ng kinh doanh chng khon.- T chc lu k v thanh ton b tr chng khon

L t chc nhn lu gi cc chng khon v tin hnh ccnghip v thanh ton b tr cho cc giao dch chng khon.

- Cng ty nh gi h s tn nhim

Cng ty nh gi h s tn nhim l cng ty chuyn cung cpdch vnh gi nng lc thanh ton cc khon vn gc v li ng thi hnv theo nhng iu khon cam kt ca cng ty pht hnh i vi mt tpht hnh c th. Cc mc h s tn nhim v th thng c gn cho mtt pht hnh, ch khng phi cho cng ty. V th, mt cng ty pht hnh cth mang nhiu mc h s tn nhim cho cc pht hnh nca n.

H s tn nhim c biu hin bng cc ch ci hay ch s,tu theo quy nh ca tng cng ty xp hng. V d: theo h thng xp hngca Mooodys s c cc h s tn nhim c k hiu l Aaa, Aa1, Baa1,B1; theo h thng xp hng ca S&P, c cc mc xp hng AAA, AA+, AA,AA-, A+, A

Cc nh u t c th da vo cc h s tn nhim do cc cngty nh gi h s tn nhim cung cp cn nhc a ra quyt nh u tca mnh.

Tit 4, 5, 6:1.5. Vai tr ca th trng chng khon

Th trng chng khon l mt nh ch ti chnh tt yu ca nn kinht th trng pht trin. Th trng chng khon l chic cu v hnh ni lin


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gia cung v cu vn trong nn kinh t. Mt th trng chng khon lnhmnh v hot ng c hiu qu s to iu kin khai thc tt cc tim nng

ca nn kinh t, to s lnh mnh trong vic thu ht v phn phi vn trongnn kinh t mt cch c hiu qu nht.1.5.1. Th trng chng khon gp phn thc y spht trin nhanh chng nnkinh t

Chc nng cbn ca TTCK l cng c huy ng vn u t cho nnkinh t v tng tit kim quc gia thng qua vic pht hnh v lun chuynchng khon c gi. Vic mua i bn li chng khon trn TTCK toiu kin di chuyn vn t ni tha sang ni thiu vn, to iu kin chuynhng u t t ngnh ny sang ngnh khc, t gp phn iu ho vngia cc ngnh kinh t, ph v tnh ca u t trong sn xut, to ra

nhng ng nng cho sn xut kinh doanh, gp phn to nn s pht trinnhanh v ng u ca nn kinh t.

Th trng chng khon l mt nh ch rt cbn trong h thng thtrng ti chnh, l cht xc tc quan trng trong vic huy ng vn cho ut pht trin v thc y cc hot ng kinh t.1.5.2. Th trng chng khon gp phn thc hin ti phn phi cng bng hn,thng qua vic buc cc cng ty pht hnh chng khon ra cng chng theo mt tl nht nh.

V d: Vit Nam, cc cng ty pht hnh chng khon ra cng chngvi t l 20% i vi cc doanh nghip c vn di 100 tng. Cn i

vi doanh nghip c s vn trn 100 tng th t l yu cu pht hnhchng khon ra cng chng l 15%.

iu ny, mt l: gii to s tp trung quyn lc kinh t vo mtnhm nh, song vn tp trung vn cho pht trin kinh t, t, to s cnhtranh cng bng hn gp phn tng tnh hiu qu v thc y tng trngcho nn kinh t.

hai l: vic tng cng tng lp trung lu trong x hi, tngcng s gim st ca x hi i vi hot ng ca cng ty.1.5.3. Th trng chng khon to iu kin thu ht v kim sot vn u tncngoi.

Vic u t vn t nc ngoi c th thc hin bng nhiu bin phpkhc nhau, trong c u t vn thng qua th trng chng khon. y lhnh thc u t d dng v hu hiu. Vi nguyn tc cng khai, th trngchng khon l ni m cc nh u t c th theo di v nhn nh mt cchd dng hot ng ca cc ngnh, cc doanh nghip trong nc. Hn na,th trng chng khon thu ht vn thng qua mua bn chng khon, tto mi trng u t thun li cho cc nh u t nc ngoi.


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1.5.4. Th trng chng khon to iu kin cho Chnh ph huy ng cc ngunti chnh m khng to p lc v lm pht, ng thi to iu kin cho Chnh phthc hin cc chnh sch ti chnh tin t.

Khi Ngn sch thu khng b chi, Chnh ph c th b p thm htNgn sch bng hai cch: pht hnh tin hoc i vay n. Trc y, Chnhph ta pht hnh tin b p thiu ht Ngn sch, v gy nn p lclm pht rt ln, gy nh hng xu n nn kinh t. Nhng trong vi nmgn y, Chnh ph c th pht hnh tri phiu Chnh ph to ra ngunthu b p Ngn sch m vn qun l c lm pht. Ngoi ra, Chnh phcng c th s dng mt s chnh sch, bin php tc ng vo th trngchng khon nhm nh hng u t cho s pht trin cn i nn kinh t.

Trn thc t, khi cha c th trng chng khon th Chnh ph vn

pht hnh cc loi tri phiu Chnh ph huy ng vn, nhng phn ln l cc tri phiu ngn hn nhm p ng cc khon chi Ngn sch trong nmti kho. Cn i vi cc tri phiu di hn th rt kh pht hnh, v khngc th trng chuyn nhng cho cc tri phiu, nn rt kh khn trong vicchuyn i t tri phiu ra tin. V vy, khi th trng chng khon ra i,bn thn n khng nhng to ra tnh thanh khon v tnh kh mi (tnh dmua bn) ca cc chng khon, m cn to ra tnh linh hot trong vicchuyn hng u t t lnh vc ny sang lnh vc khc. V vy, th trngchng khon c xem l cng cc lc trong vic huy ng cc ngunvn di hn.1.5.5. Th trng chng khon l cng cnh gi hot ng kinh doanh v lphong v biu ca nn kinh t.

Th trng chng khon phn nh tnh trng ca cc doanh nghip vca c nn kinh t Quc gia. Cc th gi chng khon c th hin thngxuyn trn th trng phn nh gi tr phn ti sn C ca doanh nghiptrn csnh gi thc trng ca doanh nghip, mc u t, trng thikinh t. Ch c nhng doanh nghip lm n mnh, c hiu qu cao, ha hntrin vng tng lai tt th gi tr th trng ca chng khon cng ty micao v ngc li.

Ngoi snh gi cc doanh nghip, th trng chng khon cn lphong v biu ca nn kinh t, gip nhng ngi u t v nhng ngiqun l c csnh gi thc trng v don tng lai ca nn kinh t.Din bin ca th gi chng khon v khi qut hn l ch s chng khon phn nh thng tin a dng v nhiu chiu cho ngi u t trc dinbin ca cc ri ro. Th trng chng khon cn phn ng rt nhy cm tr-c cc chnh sch kinh t vm, cc bin ng ca nn kinh t. V vy, ccnh hoch nh chnh sch v qun l thng thng qua th trng chngkhon phn tch, don, ra cc chnh sch iu tit kinh t v ph-


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ng php qun l kinh t thch hp, qua tc ng ti cc hot ng cann kinh t quc dn.

Ngoi nhng tc ng tch cc trn y, th trng chng khon cngc nhng tc ng tiu cc sau:- Th trng chng khon lun cha ng yu tu c.

u c l mt yu t c tnh ton ca nhng ngi u t. Hc th mua chng khon vi hy vng l gi chng khon s tng ln trong t-ng lai, v qua thu c li nhun. Yu tu cd gy nh hng dychuyn lm cho c phiu c th tng gi gi to. S kin ny cng d xy rakhi c nhiu ngi cng cu kt vi nhau ng thi mua vo hay bn ramt loi chng khon no , dn n s khan him hay d tha chngkhon mt cch gi to trn th trng, lm cho gi chng khon c th tngln hay gim xung mt cch t bin, gy tc ng xu n th trng.

- Hot ng giao dch ni gin thng xy ra trn th trngchng khon.

Mt c nhn no li dng vic nm bt nhng thng tin nib ca doanh nghip, cng nh cc thng tin mt khng c hoc cha -c php cng b v s dng cc thng tin cho giao dch chng khonnhm thu li bt chnh gi l giao dch ni gin. Cc giao dch ni gin cxem l phi o c v mt thng mi, v ngi c ngun tin ni gin s cli th trong u t so vi cc nh u t khc thu li bt chnh cho ring

mnh. iu ny s lm nn lng cc nh u t. Nh vy s tc ng tiucc ti tch lu v u t.- Th trng chng khon hot ng trn c s thng tin hon

ho. Song khi c tin n khng chnh xc hoc thng tin lch lc v hotng ca mt doanh nghip, iu ny gy tc ng n tm l ca nhngngi u t, dn ti thay i xu hng u t, nh hng n th gi chngkhon ca doanh nghip trn th trng v gy thit hi cho i a s ngiu t.

Nh vy, vai tr ca th trng chng khon c thc hin trnnhiu kha cnh khc nhau. Song vai tr tch cc hay tiu cc ca th trngchng khon thc s pht huy hay b hn ch ph thuc ng k vo cc chth tham gia trn th trng.1.6. Gii thiu mt s th trng chng khon trn th gii1.6.1.Th trng chng khon M

TTCK M hin nay l mt th trng quan trng bc nht trn th giinu xt trn tng th khi lng t bn giao dch v snh hng to ln can i vi cc th trng chng khon khc.

- Th trng chng khon Mc thnh lp vo nm 1792, Sgiao dch chng khon New York (NYSE) l s giao dch chng khon


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(SGDCK) ln nht v lu i nht nc M, y hin l trung tm giao dchchng khon ln nht th gii, qun l ti hn 80% cc giao dch chng

khon ca M v k t nm 1962 trthnh th trng chng khon qucgia.- S giao dch chng khon M (American Stock Exchange -

AMEX) l th trng chng khon tp trung ln th 2 M.- Bn cnh cc th trng chng khon tp trung l cc SGDCK

gm 14 sgiao dch khc nhau, ti M cn c th trng chng khon phitp trung (th trng OTC) rt pht trin, l Nasdaq.

Th trng OTC qua mng my tnh Nasdaq c thnh lp tnm 1971 l th trng c s lng chng khon giao dch ln nht Mvi 15000 chng khon. Chng khon giao dch trn th trng ny chim

a s l ca cc cng ty thuc ngnh Cng ngh thng tin, cc cng ty vav nh.1.6.2. Th trng chng khon Nht bn

Th trng chng khon Nht bn ng vai tr quan trng trong victhu ht vn di hn cho Chnh ph v cc cng ty. Ni n th trng chngkhon Nht bn, trc ht phi kn SGDCK Tokyo (TSE).

SGDCK Tokyo hnh thnh vo cui nm 1878. y l SGDCK ra ism nht, l th trng ln nht ti Nht bn v s lng chng khon luhnh cng nh v doanh thu, ng th 2 v doanh s bn, ch sau NYSE.

Bn cnh cc SGDCK (Nht bn c 8 SGDCK), cn c cc th trngchng khon phi tp trung, tiu biu l th trng Jasdaq v J-net.+ Th trng Jasdaq, hot ng t nm 1991 trn cspht trin th

trng OTC truyn thng hot ng t thng 2/1963 do Hip hi cc nhkinh doanh chng khon Nht bn qun l.

+ Th trng T-net c a vo hot ng t thng 5 nm 2000,chu s qun l trc tip ca SGDCK Osaka (OSE).1.6.3. Th trng chng khon Thi Lan

TTCK Thi Lan l mt trong nhng th trng chng khon pht trinnhanh nht khu vc Chu . TTCK Thi Lan ban u c cc cng ty tnhn thnh lp vo thng 7/1962. n nm 1970 th trng ny phi ngca v t ngi tham gia v thiu s h trca Nh nc. Thng 2/1974 LutSGDCK ra i v SGDCK c mca tr li vo nm 1975. K t nm1986, SGDCK Thi Lan pht trin mnh v t hiu qu cao.

Th trng chng khon Thi Lan cng l ni in hnh ca vic sdng h thng vi tnh hon ton tng. Vi h thng giao dch tngny, SGDCK Thi Lan cho php cc cng ty chng khon thng qua hthng my vi tnh thc hin cc giao dch ngay ti vn phng ca h mkhng cn trc tip n S.


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1.7. Th trng chng khon Vit NamS ra i th trng chng khon Vit Nam c nh du bng vic

a vo vn hnh Trung tm Giao dch Chng khon (TTGDCK) ti thnhph H Ch Minh ngy 20/10/2000, v thc hin phin giao dch u tinvo ngy 28/7/2000.

Cc ch th tham gia trn TTCK Vit Nam:- U ban chng khon Nh nc (UBCKNN)

UBCKNN c thnh lp theo Ngh nh s 75/CP ngy28/1/1996 ca Chnh ph. y l cquan trc thuc Chnh ph, thc hinchc nng t chc v qun l Nh nc v chng khon v th trng chngkhon: qun l vic cp php, ng k pht hnh v kinh doanh chngkhon, t chc cng tc thanh tra, gim st hot ng giao dch, mua bnchng khon, m bo th trng hot ng n nh, cng bng vminh bch.

- Trung tm giao dch chng khon thnh ph H Ch MinhTheo Ngh nh 48/1998/N-CP ngy 11/7/1998 ca Th t-

ng Chnh ph v vic thnh lp TTGDCK, Quyt nh 128/1998/Q-UBCK, ngy 1/8/1998 ca ch tch UBCKNN th TTGDCK l n v snghip c thu trc thuc UBCKNN c t cch php nhn, c tr s, con duv ti khon ring. TTGDCK TPHCM thc hin cc chc nng: t chc,qun l iu hnh vic mua bn chng khon; qun l iu hnh h thng

giao dch chng khon v cung cp cc dch v h trvic mua bn chngkhon, dch v lu k chng khon; ng k chng khon, thanh ton b tri vi cc giao dch chng khon; cng b thng tin v hot ng giao dchchng khon; kim tra gim st cc hot ng giao dch chng khon v mts nhim v khc.

- Cc cng ty chng khonTheo Quyt nh s 04/1998/Q-UBCK, ngy 13/10/1998 ca

UBCKNN, cc cng ty chng khon c thnh lp di hnh thc php ll cng ty c phn hoc cc cng ty trch nhim hu hn. l nhng tchc kinh t c t cch php nhn, c vn ring v hch ton kinh tclp. Tu theo vn iu l v ng k kinh doanh m mt cng ty c th thchin mt hoc mt s nghip v kinh doanh chng khon: mi gii chngkhon, t doanh, qun l danh mc u t, bo lnh pht hnh, t vn u tv lu k chng khon.

- Cc t chc pht hnh chng khonTheo cc vn bn php l hin hnh, cc t chc c php

pht hnh chng khon Vit Nam bao gm:+ Chnh ph: pht hnh tn phiu Kho bc, tri phiu Kho bc

v tri phiu u t.


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+ Chnh quyn a phng: pht hnh tri phiu ti trchocc d n v cc nhu cu chi tiu ca chnh quyn a phng.

+ Cc cng ty c phn: pht hnh c phiu (c phiu ph thng,c phiu u i biu quyt, c phiu u i c tc v c phiu u i honli) v tri phiu doanh nghip.

+ Cc DNNN: pht hnh tri phiu doanh nghip.+ Cc quu t chng khon v cng ty qun l qu: pht

hnh chng ch quu t.Tuy nhin, trn thc t tham gia pht hnh chng khon trong

thi gian qua ch yu l Chnh ph, cc NHTMQD, mt s DNNN v ccDNNN khi tin hnh c phn ho.

- Cc nh u t chng khonTheo cc vn bn php lut hin hnh, cc nh u t trn th

trng chng khon Vit Nam bao gm: c nhn, h gia nh, cc t chc,cc quu t, cc doanh nghip, cc cng ty bo him

- Cc t chc ph trkhcNgoi cc thnh vin nu trn, tham gia th trng chng khon Vit

Nam cn c cc t chc ph trkhc nh: cc t chc lu k, thanh ton btr, cc t chc kim ton iu kin c UBCKNN cp giy phphot ng lu k chng khon.

Hin nay, Ngn hng u t v pht trin Vit Nam c chn l

ngn hng chnh thanh ton.

Tm tt chng:Sra i ca th trng chng khon:

Vo khong th k XV, cc nc phng Ty, cc thng giathng t tp trao i, giao dch. Cc cuc trao i ch din ra bng li ni,khng c giy thay hng ho. Cui th k XV, mt khu ch ring chnh thnh cc thng gia t hp trao i, mua bn. T, cc quy tcgiao dch dn dn xut hin. Nm 1453, ti Bruges (Vng Quc B), qunca gia nh Vander, cc thng gia t hp trao i, giao dch hng hothng thng, ngoi t v chng khon. Nm 1947, a im giao dch cchuyn n th trn Anbert (B). Ti y, th trng giao dch pht trinrt mnh m. Cc th trng nh vy cng c thnh lp Anh, Php,c, M. Do tc pht trin nhanh, th trng giao dch cc loi hng hoc tch ra: Th trng hng ho, Th trng hi oi, Th trng chngkhon. Nh vy, th trng chng khon c hnh thnh cng vi th tr-ng hng ho v th trng hi oi.Khi nim th trng chng khon: C nhiu khi nim. Tuy nhin, quannim y v r rng, ph hp vi s pht trin chung ca th trng


22/92

chng khon hin nay l: Th trng chng khon l ni din ra cc giaodch mua bn, trao i cc loi chng khon. Chng khon c hiu l cc

giy tc gi, xc nhn quyn v li ch hp php ca ngi shu i vinh pht hnh.Phn loi th trng chng khon:- Phn loi theo hng ho ca th trng chng khon:

+ Th trng tri phiu+ Th trng c phiu+ Th trng cc cng c phi sinh

- Phn loi theo qu trnh lun chuyn vn+ Th trng scp (th trng cp 1)+ Th trng th cp (th trng cp 2)

- Phn loi theo hnh thc tchc ca th trng+ Sgiao dch chng khon (SGDCK)+ Th trng chng khon phi tp trung+ Th trng t do

Cc ch th tham gia th trng chng khon- Ch thpht hnh: Chnh ph, cc doanh nghip v mt s t chckhc nh: Quu t.- Nh u t:

+ Cc nh u t c nhn.+ Cc nh u t c t chc.

- Cc tchc kinh doanh trn th trng chng khon:+ Cng ty chng khon+ Cc ngn hng thng mi

- Cquan qun l v gim st cc hotng th trng chng khon:hot ng nhm mc ch bo v li ch cho cc nh u t v m bo shot ng ca th trng c thng sut, n nh v an ton.- Cc tchc c lin quan:

+ Sgiao dch chng khon.+ Hip hi cc nh kinh doanh chng khon

+ T chc lu k v thanh ton b tr chng khon+ Cc cng ty nh gi h s tn nhim.

Vai tr ca th trng chng khon- Th trng chng khon gp phn thc y s pht trin nhanh chngnn kinh t.- Th trng chng khon gp phn thc hin ti phn phi cng bnghn, thng qua vic buc cc cng ty pht hnh chng khon ra cng chngtheo mt t l nht nh.


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- Th trng chng khon to iu kin thu ht v kim sot vn u tnc ngoi.

- Th trng chng khon to iu kin cho Chnh ph huy ng ccngun ti chnh m khng to p lc v lm pht, ng thi to iu kincho Chnh ph thc hin cc chnh sch ti chnh tin t.- Th trng chng khon l cng cnh gi hot ng kinh doanh vl phong v biu ca nn kinh t.Tc ng tiu cc ca th trng chng khon:- Yu tu c.- Hin tng giao dch ni gin.- Hin tng phao tin n sai s tht v gi ca mt loi chng khonhay hot ng cu doanh nghip.

Cu hi n tp1. Phn tch cu trc ca th trng chng khon?2. Vai tr ca th trng chng khon? Phn tch c s khoa hc cavic hnh thnh Th trng chng khon Vit Nam hin nay.3. Cc ch th tham gia th trng chng khon? Lin h vi thc tinTh trng chng khon Vit Nam.

* * *


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CHNG 2CHNG KHON V PHT HNH CHNG kHON

Mc tiu ca chng:Trong chng ny, chng ta s nghin cu v hng ho ca th trng chng

khon, khi nim, c im v cch phn loi ca chng. Bn cnh , chng ny cngs gii thiu viu kin cng nh cc phng thc pht hnh chng khon.

S tit: 7 tit

Tit 1, 2, 3, 4:2.1. Gii thiu v chng khon

Trong hot ng kinh t, c nhiu loi th trng, mi loi th trngc mt s loi hng ho chnh v i tng giao dch ring. Trn th trngchng khon, i tng giao dch chnh ca n l chng khon.2.1.1. Khi nim v c im ca chng khon2.1.1.1. Khi nim

C nhiu nh ngha khc nhau v chng khon. Vit Nam, theo N144/2003/N - CP ngy 28-11-2003 ca Chnh ph: Chng khon l chngch hoc bt ton ghi s, xc nhn cc quyn v li ch hp php ca ngishu chng khon i vi ti sn hoc vn ca t chc pht hnh; gm: cphiu, tri phiu, chng ch Quu t chng khon, cc loi chng khonkhc theo quy nh ca php lut.

- Chng khon l giy tc gi, tn ti di hnh thc chng chhoc bt ton ghi s:

+ Chng khon di dng chng ch: gm cc yu t: tn trsca t chc pht hnh, loi mnh gi, s seri, li sut, k hn tr li.

+ Chng khon di dng bt ton ghi s: ngi s huchng khon c cp giy chng nhn quyn shu do t chc pht hnhchng nhn. Cc yu t trn giy chng nhn ny gm: mnh gi, li sut,k hn.2.1.1.2. c im

Chng khon l mt ti sn ti chnh c cc c im cbn:a. Tnh thanh khon (tnh lng)Tnh lng ca ti sn l kh nng chuyn ti sn thnh tin mt.

Kh nng ny cao hay thp ph thuc vo:- Khong thi gian v ph cn thit cho vic chuyn i.- Ri ro ca vic gim st gi tr ti sn do chuyn i.Cc chng khon khc nhau c kh nng chuyn nhng l khc

nhau. V d: tnh thanh khon ca mt tn phiu Kho bc cao hn 1 c phiucng ty.


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b. Tnh ri roChng khon l cc ti sn ti chnh m gi tr ca n chu tc ng

ln ca ri ro. Ri ro khng ch l mt mt thun tu m n cn hm cha cvic khng t c k vng ca nh u t. C hai loi ri ro: ri ro c hthng v ri ro khng c h thng.

- Ri ro c h thng (ri ro th trng) l loi ri ro tc ng titon b hoc hu ht cc loi chng khon. Loi ri ro ny chu s tc ngca cc iu kin kinh t chung nh: lm pht hay gim pht, s thay i tgi hi oi, li sut Trn th trng chng khon, nhng ri ro h thngl kh trnh khi.

Ri ro h thng gm:+ Ri ro li sut: l kh nng bin ng mc sinh li do

nhng thay i ca li sut trn th trng gy ra. Trong thc t, cc nh ut thng coi tn phiu kho bc l khng c ri ro, v vy li sut ca tnphiu thng dng lm mc chun xc nh li sut ca cc loi triphiu cng ty c k hn khc nhau.

+ Ri ro th trng: l s thay i mc sinh li do snhgi v ra quyt nh ca cc nh u t trn th trng. Trn th trng, gic cc loi chng khon c th dao ng mnh mc d thu nhp ca cng tyvn khng thay i. Nguyn nhn l do cch nhn nhn, phn ng ca ccnh u t c th khc nhau v tng loi hoc nhm c phiu.

+ Ri ro sc mua: l ri ro do tc ng ca lm pht ivi khon u t. Yu t lm pht hay gim pht s lm thay i mc lisut danh ngha v t s tc ng n gi ca cc chng khon trn th tr-ng.

+ Ri ro t gi: ri ro do tc ng ca t gi i vi khonu t. Khi nh u t cho rng ng ni t c th b gim gi trong tnglai th nh u t s quyt nh khng u t vo chng khon hoc stm cch thay th chng khon bng ti sn ngoi t v khi gi tr chngkhon s b gim.

- Ri ro khng c h thng: l loi ri ro ch tc ng n mtchng khon hoc mt nhm nh cc chng khon. Loi ri ro ny do ccyu t ni ti ca cng ty gy ra v n c th kim sot c.

Ri ro khng c h thng gm:+ Ri ro kinh doanh: L ri ro do s thay i bt li v tnh

hnh cung cu hng ho hay dch v ca doanh nghip hay l s thay i btli kinh doanh ca doanh nghip.

+ Ri ro ti chnh: L ri ro v kh nng thanh ton tritc, c tc v hon vn cho ngi shu chng khon. Ri ro ti chnh lin


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gi l c phn. Ngi mua c phn gi l cng. Giy chng nhn shuc phn gi l c phiu.

Theo thng t 01/TT-UBCK ngy 13-1-1998 ca y ban chngkhon Nh nc: C phiu l mt loi chng khon vn c pht hnhdi dng chng ch hoc bt ton ghi s, xc nhn quyn shu v li chhp php i vi ti sn hoc vn ca mt cng ty c phn.

+c im:C phiu c nhng c im sau: C phiu l giy chng nhn s gp vn vo cng ty c

phn. C phiu l mt loi chng khon c thi hn thanh ton

v hn, n tn ti cng vi s tn ti ca cng ty pht hnh ra chng.

Ngi mua c phiu s l ngi shu mt phn cngty, do phi chu trch nhim hu hn v s thua l, ph sn ca cng ty.

+ Phn loi: Phn loi c phiu theo quyn li c ng, bao gm: cphiu thng v c phiu u i.

Cphiu thng: l mt loi chng khon vn, khng ck hn, tn ti cng vi s tn ti ca cng ty, li tc c phiu (c tc) ctr vo cui nm quyt ton. c im ca c phiu thng l:

Li tc ca c phiu khng cnh, ph thuc vomc li nhun thu c hng nm ca cng ty v chnh sch chia li cacng ty.

Chc chia li sau khi doanh nghip tr tri tc,c tc u i.

Thi hn ca c phiu l v hn, n ph thuc vothi gian hot ng ca cng ty.

Cng c hng cc quyn li nh: Quyn la chn Hi ng qun tr cng ty (thng

qua cc i hi cng): Cng c quyn b phiu biu quyt bu cHi ng qun tr hay biu quyt thng qua nhng vn quan trng cadoanh nghip.

Quyn nhn c tc: Nu Hi ng qun tr cngb c li v chia li, c tc c phiu thng c thc tr bng tin, bngc phiu ca doanh nghip hoc bng ti sn ca doanh nghip.

Quyn i vi ti sn cn li: Ti sn cn li cadoanh nghip l ti sn pht sinh khi tin hnh gii th doanh nghip. Khithanh l doanh nghip gii th, phn cn li l ca cc cng c hngv h c quyn phn chia chng.


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Quyn u tin mua trc: Khi c t pht hnh cphiu mi, cc cng cc quyn u tin mua trc ton b hay tng

phn c phiu sp pht hnh.Trong phng n pht hnh c phiu mi, doanhnghip cn ghi r s lng c phiu dnh cho cng c v iu kin phthnh theo chng quyn. Trong chng quyn ghi r s lng c phiu, mcgi v thi hn chng quyn. Cc cng mua c phiu mi theo cc iukin , nu khng mun thc hin chng quyn th c th bn chng quyncho ngi khc hoc hu b.

Quyn s hu ti sn doanh nghip, quyn bn,trao i, chuyn nhng c phiu trn th trng

Cphiu u i: l mt loi chng khon vn m nginm gi n so vi ngi nm gi c phiu thng th c u tin v mtti chnh, nhng b hn ch v quyn hn i vi cng ty.

Cng ca c phiu c hng nhng u tin hnso vi cng ca c phiu thng:

c hng mt mc li c phn ring bit c tnhcht cnh hng nm. Thng thng c tc ny c in trn b mt cphiu dng chng ch.

c u tin chia li c phn trc loi c phiu th-ng.

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


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Tuy nhin, khng ging nh c phiu thng, ngi mua

c phiu u i thng khng c hng quyn b phiu bu ra Hing qun tr, ban kim sot cng ty. H cng c hng c tc gii hntheo mc gp vn. Chnh v th, cng u i ch c quyn shu huhn trong cng ty.

Xut pht t nhng l do trn nn gi c phiu u itrn th trng chng khon khng dao ng ln nh gi c phiu thng.Loi c phiu ny ph hp vi nhng nh u t mun c thu nhp n nh,u n, khng thch mo him, ri ro nhng li khng ph hp vi nhngnh u t mun tham gia qun l, kim sot cng ty.

to s hp dn hn cho c phiu u i, ph hp vitm l ca cc nh u t, c phiu u i c a dng ho v phn chiathnh nhiu loi khc nhau:

C phiu u i tch lu v c phiu u i khng tchlu.

C phiu u i tch lu: l loi c phiu u itrong doanh nghip pht hnh bo m try c tc cho ngi shu. Nu trong nm ti chnh m c tc khng trc, th cng ty c thdn s c tc ny (ton phn hay tng phn) vo nm ti chnh sau.


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C phiu u i khng tch lu: l loi c phiu mdoanh nghip c li n u tr li n . Phn nc tc khng c tch

lu vo nm sau. C phiu u i d phn v c phiu u i khng dphn

C phiu u i d phn l loi c phiu u i mcng c hng mt phn li tc ph tri theo quy nh khi cng ty lmn pht t v c li vt bt.

C phiu u i khng d phn l loi c phiu mcng chc hng li c phn u i, ngoi ra khng c hngthm bt k mt khon li no, ngay c khi cng ty lm n pht t vt bt.

C phiu u i c th chuyn i: y l loi c phiucho php ngi ch shu c phiu c chuyn i chng thnh mt s l-ng c phiu thng thng nht nh trong mt thi gian nht nh. Gi cca loi c phiu u i ny dao ng nhiu hn so vi gi c ca cc loic phiu u i khc.

C phiu u i thu hi: l loi c phiu cho php cngty pht hnh ra chng c quyn thu hi v tr li vn cho cng hoc isang c phiu u i khc c mc t sut c mc t sut ph hp vi li sutth trng.

Thng thng cc doanh nghip s dng quyn thu hi

thu hi cc c phiu u i c li sut cao, thay th bng nhng c phiuc li sut thp hn nhm ci thin tnh hnh ti chnh ca doanh nghip. Khithu hi, cng ty thng tr thm cho cng mt khon thng (thng l5%).

+nh gi cphiu: C phiu thng:

* nh gi c phiu theo lung thu nhp c tc:

P0 =

= +1kk

k

r)(1

DIV

Trong : P0: gi ca c phiu ti thi im

nh gi.DIVk: c tc nm k.r: li sut nh gi c phiu trn

th trng.* M hnh Gordon: Gi s cng ty tng trng vi t l

khng i hng nm l g. Cng thc nh gi c phiutrthnh:


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P0 =g-r

DIV1

Trong : DIV1: c tc phn phi canm 1:DIV1 = DIV0.(1+g)

C phiu u i:

PUD =UD

UD

r

IVD

Trong : DIVUD: c tc c phiu u i minm.

rUD: li sut nh gi c phiu u

i trn th trng.b. Chng khon nChng khon n l mt loi chng khon quy nh ngha v ca

ngi pht hnh (ngi i vay) phi tr cho ngi ng tn shu chngkhon (ngi cho vay) mt khon tin nht nh bao gm c gc v li trongmt khong thi gian c th.

i din cho chng khon nl tri phiu, tn phiu.- Tri phiu

+ Khi nimTheo Nghnh 48/N-CP ca Chnh ph, tri phiu l mt

loi chng khon c pht hnh di hnh thc chng ch hoc bt tonghi s, xc nhn ngha v tr n(bao gm vn gc v li) ca t chc phthnh i vi ngi shu tri phiu.

T khi nim cho thy nhng ni dung cn thit ghi trn ttri phiu gm c:

Mnh gi : Mnh gi ca tri phiu l s tin ghi trn bmt tri phiu. Gi tr ny c coi l s vn gc, l cn c xc nh sli tc tin vay m ngi pht hnh phi tr. Mnh gi cng th hin s tinm ngi pht hnh phi tr khi tri phiu n hn.

Thi hn tri phiu: Thi hn ca tri phiu l thi hn ivay ca t chc pht hnh i vi tri ch v c ghi r trn b mt ca triphiu. y l khong thi gian t ngy pht hnh n ngy t chc phthnh hon tr vn gc ln cui.

Tri phiu c quy nh li sut v thi hn tr li. Li sut tri phiu l li sut c ghi trn b mt tri

phiu. Li sut ny c xc nh theo t l phn trm vi mnh gi ca triphiu, li sut ny l cn c xc nh li tc tri phiu.


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Thi hn tr li l khong thi gian ngi pht hnh trli cho ngi nm gi tri phiu. Vic tr li ca tri phiu c th tin hnh

1 ln hoc 2 ln trong mt nm.+c imTri phiu c nhng c im sau: Tnh sinh li: Tri phiu l mt chng khon nm khi s

hu n, nh u t mong mun nhn c mt thu nhp ln hn trong tnglai. Thu nhp ny c cu thnh bi hai b phn:

Tri tc c phn chia hng nm. Vic tng gi chng khon trn th trng.

Tnh ri ro: Nh u t c th gp ri ro khi u t vo triphiu. Tu theo tng loi tri phiu m c ri ro khc nhau. V d: tri

phiu Chnh ph c ri ro thp hn tri phiu cng ty.Kh nng sinh li bao gicng quan h cht ch vi ri ro

ca ti sn, th hin trong nguyn l: mc chp nhn ri ro cng cao thli nhun k vng cng ln.

Tnh thanh khon: Cc loi tri phiu khc nhau th c tnhthanh khon khc nhau. V d: tnh thanh khon ca mt tri phiu Kho bcth cao hn mt tri phiu cng ty.

Tri phiu c thi hn xc nh ghi r trn ttri phiu, th-ng l trung v di hn.

Tri chc hng nhng quyn li nht nh t ch thpht hnh, l: c hng li tc tri phiu khng tu thuc vo kt qu

kinh doanh ca cng ty (nu l tri phiu cng ty); c hon vn ng hnhay trc hn ty theo s tho thun ca hai bn; c quyn bn, chuynnhng, chuyn i, cm c; c thanh ton trc cc c phiu khi cng tythanh l, gii th (nu l tri phiu cng ty).

+ Phn loi: Tu theo mc ch nghin cu, tri phiu c thc phnloi theo nhiu tiu thc khc nhau.

Phn loi tri phiu theo hnh thc php l: Tri phiu v danh (Tri phiu khng ghi tn): l loi

tri phiu khng ghi tn ngi shu trn chng ch tri phiu. Loi triphiu ny c chuyn nhng d dng, khng cn nhng th tc xc nhnca t chc pht hnh hoc cquan cng chng. Ngi mua c trch nhimchi tr cho ngi bn theo gi c c xc nh.

Tri phiu ghi danh (Tri phiu c ghi tn): l loi triphiu ghi tn ngi shu trn chng ch tri phiu hoc trn s theo dimua tri phiu. Loi tri phiu ny c php chuyn nhng trn th trngchng khon nhng phi tun theo nhng quy nh php l c th. Nu


33/92

mun chuyn nhng ngi shu phi chng minh mnh l ngi cphp v c quyn chuyn nhng (xc nhn ch k, chng minh th).

Qua cch phn loi ny, chng ta thy tri phiu v danhc lu thng d dng hn tri phiu ghi danh. Phn loi tri phiu theo ch th pht hnh: Tri phiu cng ty: l tri phiu do cc cng ty pht

hnh vi mc ch huy ng vn cho sn xut kinh doanh. Tri phiu Chnh ph: l tri phiu do Chnh ph pht

hnh vi mc ch huy ng vn ti trcc cng trnh d n quan trnghoc b p thiu ht Ngn sch Nh nc .

Phn loi tri phiu theo hnh thc tr gc v li Tri phiu Coupon: l tri phiu c cung li nh km

v trn ghi r li sut, k hn tr li. Khi lnh tri tc, tri ch ct riphiu li chuyn n doanh nghip pht hnh thu tin.

Tri phiu chit khu: l loi tri phiu c bn vigi thp hn mnh gi, khi hon vn c hon theo mnh gi.

Tri phiu Consol: l loi tri phiu c hng lihng nm v thi gian o hn l v hn.

Tri phiu c phng thc tr gc v li gn. Khi ohn, ngi shu c nhn gc v li mt ln.

Tri phiu hon tr cnh.

+ Nhng yu tnh hng n th gi tri phiu Quan h cung cu v tri phiu trn th trng chngkhon. Ti mt thi im nht nh, khi cung v tri phiu ln hn cu vtri phiu th gi tri phiu trn th trng s gim. V ngc li, khi cu vtri phiu ln hn cung v tri phiu th gi tri phiu s tng.

Kh nng ti chnh ca t chc pht hnh tri phiu. Mtcng ty ang trong giai on n nn lm ra, li nhun cao, chi tr tri tc nnh, to nim tin cho nh u t. iu ny lm cho tri phiu ca cng ty trnn hp dn trn th trng chng khon, s c nhiu nh u t quantm hn, dn n gi tri phiu c th tng. V ngc li, mt v lm n sp

ca cng ty, lm mt lng tin ca nh u, gi tri phiu gim st nghimtrng.

Thi gian o hn ca tri phiu: Thi gian o hn cngdi, mc bin ng gi tri phiu trn th trng cng ln. Khi mt triphiu cng n gn ngy o hn th gi tr th trng ca tri phiu s cngn gn mnh gi.

Lm pht: Khi nn kinh t c s xo trn mnh, lm phtbng n. iu ny tng ng vi gi trng tin gim st, tri tc thct m cc nh u t nhn c gim st nghim trng, ngay lp tc, cc


34/92

nh u t chuyn hng kinh doanh. H khng cn mn m u t vo triphiu na m h c th rt tin t th trng chng khon chuyn sang

u t vo th trng bt ng sn hay vng nhm m bo cho gi trngvn ca h. Do , khi lm pht xy ra, gi tri phiu gim mnh. Bin ng li sut th trng: Gia li sut th trng v

tri phiu c mi quan h t l nghch vi nhau. Khi li sut th trng tngs lm gim gi tr tri phiu, v ngc li khi li sut th trng gim s dnn tng gi tr tri phiu.

+ nh gi tri phiu:

G = I x'i

)'i1(1 r+ + R(1+i)-r

Trong : I: tin li trnh k ca tri phiu.I = Cxi (C: mnh gi, I: li sut

tri phiu)R: gi hon tri.i: li sut nh gi tri phiu.

c. Chng khon phi sinh

Chng khon phi sinh l cc cng c ti chnh c ngun gc tchng khon v c quan h cht ch vi chng khon gc.

Cc chng khon phi sinh c hnh thnh do nhu cu giaodch ca ngi mua v ngi bn, pht trin ph thuc vo mc pht

trin ca th trng chng khon. C th phn loi chng khon phi sinhthnh cc loi nh sau:- Quyn mua trc (Quyn t mua u i)


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Khi pht hnh c phiu mi th quyn li cc cng c b suygim. b p thit hi ny, cng ty su tin cho cc cng c quyn tmua u i. Quyn t mua u i l quyn cho php cng hin ti c c himua c phn trong t pht hnh mi trc khi c phn c cung ng chongi khc.

Quyn t mua (quyn tin mi) l mt quyn u i c gnvi mt c phiu ang lu hnh, do cng ty pht hnh ra c phiu huyng thm vn c phn, quyn mua trc cho php ngi shu nhng cphn ang c lu hnh c mua mt s nht nh c phiu trong tpht hnh mi ca cng ty, ti mt mc gi xc nh thp hn mc gi chobn ra cng chng trong mt thi hn nht nh.

Cc quyn ny cng c chuyn nhng gia cc cng cquyn th hng quyn v cc nh u t khc. Thng thng, quyn muatrc c thi hn ngn hn l ch yu (t 2-4 tun) v vic pht hnh quyn

c quy nh trong iu l t chc ca cng ty.Mc gi ng k trong tt c cc dng quyn mua trc thp

hn mc gi hin hnh ca c phiu vo thi im quyn c pht hnh.iu ny l do:

+ Th nht: ri ro c th xy ra khi gi th trng gim trongthi hn pht hnh quyn v iu c thnh hng n t pht hnh.

+ Th hai: mc chnh lch ng k ny lm tng tnh hp dni vi cc cng c. V vy, trnh cho cc cng c khi thit, h-


36/92

c mua c phn mi theo gi l thuyt bng phn chnh lch gia th gi cphiu trc v sau khi tng vn.

- Chng khChng kh l mt loi chng khon c pht hnh cng vitri phiu hay c phiu u i m ngi shu n c quyn c mua mts lng chng khon nht nh ti mt mc gi xc nh v trong mt thihn nht nh.

Quyn ny c pht hnh trong trng hp t chc li cngty, hoc khi cng ty pht hnh nhm mc tiu khuyn khch cc nh u ttim nng mua cc tri phiu hoc c phiu u i c nhng iu kin kmthun li. chp nhn nhng iu kin , nh u t c c mt lachn i vi s ln gi c th xy ra ca c phiu thng.

Gi nh trc trn chng kh thng cao hn gi th trnghin hnh ca c phiu thng v c thi hn di hn chng quyn, thngthng thi hn ca chng kh l mt vi nm hoc vnh vin.

- Hp ng k hnHp ng k hn l mt tho thun gia ngi mua v ngi

bn thc hin mt giao dch hng ho mt thi im chc chn trong t-ng lai vi khi lng v mc gi xc nh.

Tuy nhin, khng ging nh hp ng tng lai, hp ng khn khng trao i trn th trng, khng c nh gi hng ngy. Hpng k hn khng phi theo tiu chun ca th trng ring bit, ngy thchin hp ng c xc nh tu theo tng hp ng.

Gi trong hp ng k hn l gi giao hng, ti thi im khp ng, gi chuyn giao c chn gi tr ca hai bn mua bn l bngkhng. iu ny c ngha l khng c chi ph khi mua bn hp ng k hn.

Hp ng k hn c nh u t s dng tin hnh u cv bo h.

- Hp ng tng laiHp ng tng lai l mt tho thun mua hoc bn ti sn

vo mt thi im chc chn trong tng lai vi mt mc gi xc nh.

Chc nng kinh t cbn ca cc th trng hp ng tng lail cung cp mt chi cho nhng ngi tham gia th trng phng ngari ro v nhng bin ng gi bt li v l cng c cho cc nh u c.

Cc hp ng tng lai da trn c smt cng c ti chnhhay mt ch s ti chnh c gi l hp ng tng lai ti chnh, bao gmhp ng tng lai ch s c phiu, hp ng tng lai li sut, hp ng t-ng lai tin t.


37/92

Chicago Futures Exchange

Hp ng tng lai, nh c im c tnh linh hot khcphc c nhng c im ca hp ng k hn v thng c xem l mtphng thc tt hn phng nga ri ro trong kinh doanh. S khc nhaugia hai loi hp ng ny th hin cc im:

+ V tnh cht: Tn ti mt Sgiao dch c t chc giao dchhp ng tng lai, trong khi i vi hp ng k hn th khng. Nh vy,hp ng k hn ch l hp ng ring bit gia hai bn; cn hp ng t-ng lai c trao i trn th trng.

Sgiao dch hp ng tng lai cho php cc nh giao dchv danh c mua v bn cc hp ng giao dch tng lai m khng phixc nh r i tc trong mt hp ng c th. Ngoi ra, Sgiao dch cnto ra tnh thanh khon cao cho th trng hp ng tng lai, gip cho cci tc tham gia vo hp ng tng lai thc hin cc ngha v ca h c

hiu qu hn so vi khi tham gia vo hp ng k hn.+ Vtnh tiu chun ho hp ng: Cc hp ng tng lai -c tiu chun ho, cn hp ng k hn th khng. Cc hp ng k hn cthc lp ra cho bt k loi hng ho no, vi bt k s lng v cht l-ng, thi hn thanh ton c hai bn tham gia hp ng chp thun.Trong khi , cc hp ng tng lai nim yt ti cc Sgiao dch c quynh i vi mt s hng ho c th v p ng cc yu cu ti thiu v chtlng v ti mt thi im giao hng xc nh.


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+ Vri ro trong thanh ton: S dng cc hp ng tng laic nim yt trn Sgiao dch s kim sot c ri ro trong thanh ton.

Trong cc giao dch hp ng tng lai, c bn mua v bn bn khng bitai l i tc ca mnh. Trung tm thanh ton b tr s thc hin chc nngtrung gian thanh ton trong tt c cc giao dch.

i vi cc hp ng k hn, cc khon l v li scthanh ton khi cc hp ng o hn. Trong khi i vi cc hp ng t-ng lai, nhng thay i v gi tr ca cc bn tham gia hp ng (thngqua ti khon) c iu chnh hng ngy theo mc gi th trng. Cc hpng tng lai cn c mt s yu cu k qu nht nh. Nh vy, chnh skt hp gia vic thanh ton hng ngy v yu cu k qu s gip phngnga c ri ro trong thanh ton ca hp ng tng lai.

+ V tnh thanh khon: do c s tham gia ca trung tm thanhton b tr, tnh thanh khon ca cc hp ng tng lai cao hn nhiu sovi cc hp ng k hn.

- Hp ng quyn chnHp ng quyn chn l mt hp ng cho php ngi mua

nm gi n c mua (nu l quyn chn mua) hoc c bn (nu l quynchn bn) mt khi lng hng ho c s nht nh ti mt mc gi xcnh v trong mt thi gian nht nh.

Cc hng ho csny c th l: c phiu, tri phiu

Mt hp ng quyn chn bt ku bao gm 4 c im cbn sau:+ Loi quyn (quyn chn bn hoc chn mua).+ Tn hng ho csv khi lng mua hoc bn theo quyn.+ Ngy o hn.+ Gi thc thi.C 4 i tng tham gia trn th trng quyn chn:+ Ngi mua quyn chn mua (Buyers of calls).+ Ngi bn quyn chn mua (Sellers of calls).+ Ngi mua quyn chn bn (Buyers of puts).

+ Ngi bn quyn chn bn (Sellers of puts).d. Chng khon c thchuyn i

- Khi nimChng khon c th chuyn i l nhng chng khon cho

php ngi nm gi n, tu theo la chn v trong nhng iu kin nhtnh, c thi n ly mt chng khon khc.

Thng thng c c phiu u i c chuyn i thnh cphiu thng hoc tri phiu c chuyn i thnh c phiu thng.

- L do pht hnh v u t vo chng khon chuyn i


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2.2.1. Cc phng thc pht hnh chng khon2.2.1.1.Pht hnh ring l

Pht hnh ring l l vic pht hnh trong chng khon c bn trong phmvi mt s ngi nht nh (thng thng l cho cc nh u t c t chc), vi nhngiu kin hn ch v khng tin hnh rng ri ra cng chng.

Chng khon pht hnh di hnh thc ny khng phi l i tngc nim yt v giao dch trn th trng chng khon.

Cng ty la chn phng thc pht hnh ring l bi l do mt snguyn nhn sau:

- Cng ty khng tiu chun pht hnh ra cng chng.- S lng vn cn huy ng thp. Do nu pht hnh di hnh

thc ra cng chng th chi ph huy ng trn mi ng vn trnn qu cao.- Cng ty pht hnh c phiu nhm duy tr cc mi quan h kinh doanh. V

d nh: pht hnh c phiu cho nh cung cp hay tiu th sn phm.- Pht hnh cho cn b cng nhn vin chc ca cng ty.

2.2.1.2. Pht hnh chng khon cng ty ra cng chngPht hnh chng khon ra cng chng l vic bn chng khon rng

ri cho mt s lng ln cng chng u t, trong mt t l nht nhchng khon phi c phn phi cho cc nh u t nh. Tng gi trchng khon pht hnh cng phi t mc nht nh.

Chng khon c pht hnh ra cng chng c php nim yt trnth trng chng khon tp trung. Do vy, chng khon pht hnh di hnh

thc ny c nhng li th:- C tnh kh mi cao hn v cc cng hay cc nh u t vochng khon ca cng ty c th chuyn gp vn thnh tin bt c lc no.

- C li th rt ln trong vic qung b tn tui.- Gii kinh doanh u coi cc cng ty c nim yt trn th tr-

ng tp trung l nhng cng ty c sn nh nht nh. Vic ny s tothun li rt ln cho cng ty trong qu trnh tm bn hng v k kt hpng.

- Chng khon c pht hnh ring l kh c th phn nh cmi quan h cung cu trn th trng do s lng ngi mua rt hn ch.

Vic pht hnh ra cng chng vi s tham gia ca hng nghn nh u tgip cng ty bn c chng khon ca mnh vi mc gi hp l.

T chc pht hnh chng khon ra cng chng phi thc hin mt ch bo co, cng b thng tin cng khai v chu s qun l, gim st ringtheo quy nh ca php lut v chng khon v th trng chng khon.

Vic pht hnh ra cng chng c phn bit gia pht hnh c phiuv pht hnh tri phiu:

- Trng hp pht hnh c phiu ra cng chng, vic pht hnhc thc hin theo mt trong hai phng thc sau:


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+ Pht hnh ln u ra cng chng (IPO): l vic pht hnhtrong c phiu ca cng ty ln u tin c bn rng ri cho cng chng

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

+ Cho bn s cp (phn phi s cp): l t pht hnh cphiu b sung ca cng ty i chng cho rng ri cng chng u t.

- Trng hp pht hnh tri phiu ra cng chng, vic pht hnhc thc hin bng mt phng thc duy nht, l cho bn scp.2.2.2. Pht hnh chng khon cng ty ln u ra cng chng

Cc cng ty c phn thc hin vic pht hnh c phiu ra cng chngu phi p ng c cc yu cu, tiu chun cao ca cquan qun l th

trng chng khon v hon thnh nhiu th tc kh phc tp trc v saukhi pht hnh chng khon ra cng chng. Sdnh vy l v:

- Pht hnh chng khon ra cng chng l vic pht hnh chngkhon cho mt s lng ln cng chng u t. Nhiu ngi trong s lcc nh u t nh, cc nh u t c s hiu bit v kh nng phn tch cnhn ch. Do , bo v cc nh u t ny, chng khon pht hnh phil cc chng khon c cht lng cao, v cng ty pht hnh phi l cc cngty c trin vng pht trin trong tng lai.

- Do ln u pht hnh ra cng chng nn cc thng tin lin quan

n cc cng ty khng c nhiu ngi bit n. Cho nn vic a ra ccyu cu cao v cht lng i vi cc cng ty ln u pht hnh ra cngchng l b p nhng thiu ht v thng tin cho cng chng u t.

- i vi cc nc ang trong giai on xy dng v pht trinth trng chng khon Vit Nam, vic a ra cc tiu chun cao cn xutpht t l do to dng nim tin ca cc nh u ti vi th trng chngkhon.

2.2.2.1. Tiu chun pht hnhTiu chun m cc cng ty phi p ng trc khi c php pht

hnh chng khon ra cng chng c chia ra lm hai nhm: Nhm cc tiuchun nh lng v nhm cc tiu chun nh tnh.a. Tiu chun nh lng

- Cng ty phi c quy m vn nht nh. Vit Nam, mc vn iu l tithiu cng ty c phn pht hnh c phiu ra th trng l 5 tng.

- Tnh lin tc trong hot ng sn xut kinh doanh. Vit Nam:hot ng kinh doanh ca nm lin trc nm ng k pht hnh phi c li.

- Tng gi trt pht hnh phi t quy m nht nh. Theo quy nh, tnggi trt pht hnh phi t nht t c 80% tng gi trc php pht hnh.


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- Mt t l nht nh ca t pht hnh phi c bn cho mt slng quy nh cng chng u t: ti thiu 20% vn c phn ca doanh

nghip phi c bn cho trn 50 nh u t ngoi doanh nghip. Trong tr-ng hp vn t chc pht hnh t 100 tng trln th t l ti thiu nyl 15 % vn c phn.

- Cc thnh vin sng lp ca cng ty phi cam kt nm mt t lnht nh vn c phn ca cng ty trong mt khong thi gian nht nh.Cc thnh vin sng lp ca cng ty phi cam kt nm gi t nht 20% vnc phn ca doanh nghip vo thi im kt thc t pht hnh, v phi nmgi 3 nm k t ngy kt thc t pht hnh.b. Tiu chun nh tnh

- Cc nh qun l cng ty bao gm thnh vin Ban gim c iu hnh v

Hi ng qun tr phi c trnh v kinh nghim qun l cng ty.- Ccu t chc ca cng ty phi hp l v phi v li ch ca

cc nh u t. C ngha l ccu cng ty phi hn ch mc cao nhtnhng xung t lin quan n quyn li ca cc bn lin quan, xung tgia ch shu v nh qun l.

- Cng ty phi c phng n kh thi v vic s dng vn thu -c tt pht hnh.

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

Nhng quy nh trn y nhm m bo cho c phiu pht hnh raphi c cht lng, vi mt s lng ln to ra mt th trng kh dcho c phiu .2.2.2.2.Quy trnh pht hnh

- Bc 1: Chun b h sxin php pht hnh.- Bc 2: Np h sxin php pht hnh ln cquan qun l pht

hnh.- Bc 3: Cng b pht hnh.- Bc 4: Cho bn v phn phi chng khon ra cng chng.- Bc 5: Bo co kt qu.

Thng thng, trc khi tin hnh vic cho bn c phiu ra cngchng ln u, t chc pht hnh phi chn cho mnh mt hoc mt s tchc bo lnh pht hnh. Cc t chc bo lnh ny s tham gia vo micng on ca qu trnh pht hnh.

Sau khi chp nhn lm bo lnh pht hnh, t chc bo lnh phi kcam kt bo lnh pht hnh vi t chc pht hnh.a. Bc 1: Chun b h s xin php pht hnh

T chc bo lnh cng vi t chc pht hnh tin hnh chun b h sxin php pht hnh. Vit Nam, h sbao gm cc ti liu sau:


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- n ng k pht hnh.- Bn sao hp l Giy chng nhn ng k kinh doanh ca t

chc pht hnh.- iu l hot ng ca t chc pht hnh.- Ngh quyt ca i hi cng thng qua vic pht hnh c

phiu ra cng chng.- Bn co bch: l ti liu phn nh tnh hnh t chc, hot ng

kinh doanh ca t chc pht hnh v k hoch s dng s tin thu c tt pht hnh. Bn co bch ca cng ty phi c tin cy cao nht. iuny c ngha l cc bo co ti chnh ca cng ty phi c kim ton bicc t chc kim ton c uy tn.

- Danh sch v syu l lch thnh vin Hi ng qun tr, BanGim c, Ban Kim sot.

- Cc bo co ti chnh 02 nm lin tc lin trc nm ng kpht hnh c kim ton.

- Cam kt bo lnh pht hnh (nu c).- Cc ti liu gii trnh v kh nng li nhun, thanh ton c tc

v chp hnh cc ngha vi vi Nh nc.Sau khi hon thnh vic chun b h s, t chc bo lnh chuyn h

sxin php pht hnh cho cng ty t vn lut xem xt v mt php l linquan ti t pht hnh. Cng ty t vn chu trch nhim xem xt v m bo

h sy , hp l theo ng quy nh ca U ban chng khon Nh nc.Cui cng, t chc bo lnh, t chc pht hnh, v cc cng ty t vns nhm hp xc nh r trch nhim ca mi bn tham gia.b. Bc 2: Np h sxin php pht hnh ln cquan qun l pht hnh

Sau khi chun b xong cc ti liu trong h sxin php pht hnh, tchc pht hnh np h sng k pht hnh ln U ban chng khon Nhnc.

Trong thi hn 30 ngy lm vic k t ngy t chc xin ng k phthnh np h shp l, U ban chng khon Nh nc cp chng nhnng k pht hnh chng khon. Nu t chc pht hnh hoc U ban chngkhon Nh nc pht hin c sai st trong h s, t chc pht hnh phi sai, b sung h scho y v ng quy nh. Cc sa i, b sung phic lp bng vn bn v gi n U ban chng khon. Cn lu rng Uban chng khon ch bt u tnh thi gian xt duyt k t ngy nhn ch sxin php pht hnh y v hp l.

Trong thi gian ny, t chc ng k pht hnh, t chc bo lnh phthnh v cc i tng c lin quan chc s dng trung thc v chnh xccc thng tin trong Bn co bch gi U ban chng khon Nh nc thm d th trng, trong phi nu r cc thng tin v ngy pht hnh v


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gi bn chng khon l thng tin d kin. Vic thm d th trng khng -c thc hin trn cc phng tin thng tin i chng.

c. Bc 3: Cng bpht hnhTrong mt thi hn nht nh sau khi nhn c giy php pht hnh,t chc pht hnh phi cng b cng khai vic pht hnh trn cc phngtin thng tin i chng theo quy nh ca php lut.

Theo Nghnh 144/2003 N-CP, vic cng b pht hnh c quynh nh sau: Trong thi hn 05 ngy lm vic, k t ngy U ban chngkhon Nh nc cp giy chng nhn ng k pht hnh chng khon, tchc pht hnh c ngha v cng b vic pht hnh trn 01 tbo Trungng hoc 01 tbo a phng ni t chc pht hnh t tr schnh.d. Bc 4: Cho bn v phn phi chng khon ra cng chng

Vit Nam, vic phn phi chng khon c quy nh nh sau:- T chc pht hnh hoc t chc bo lnh yu cu cc nh u

t in vo phiu ng k mua: ghi r h tn, a ch lin lc, s lngchng khon ng k, s tin k qu.

- Yu cu nh u tt cc mt khon tin, nhng khng qu10% tr gi chng khon ng k mua. Vic k qu c thc thc hinbng tin mt hoc sc chuyn khon ca ngn hng.

- Thi hn ng k mua chng khon cho ngi u t ti thiul 15 ngy lm vic v ti a l 90 ngy. Ht thi hn mua, t chc pht

hnh, t chc bo lnh phi thng bo cho ngi u t bit s lng chngkhon c mua.T chc pht hnh cn nu r phng thc u tin phn phi, c th

dng mt hoc mt s phng thc sau:- u tin v thi gian: ai ng k trc su tin mua trc.- u tin v s lng: ai ng k vi s lng ln sc u

tin mua trc.Trng hp vic phn phi chng khon ra cng chng khng th

thc hin theo ng thi hn quy nh, U ban chng khon Nh nc xemxt, quyt nh gia hn tip tc phn phi nu t chc pht hnh c ngh

bng vn bn. Qu thi hn c gia hn, s chng khon cn li (chabn ht) khng c pht hnh ra cng chng.

Nu nh kt qut pht hnh khng t c ti thiu 50 nh u thoc s lng chng khon thc t pht hnh khng t c 80% s lngchng khon c php pht hnh th U ban chng khon c quyn thu hichng nhn ng k pht hnh chng khon.

Sau khi U ban chng khon Nh nc ra quyt nh thu hi chngnhn ng k pht hnh chng khon, t chc pht hnh phi thng bongay cho ngi u t bit v phi thu hi cc chng khon pht hnh


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nu ngi u t c yu cu, ng thi hon tr tin cho ngi u t trongvng 30 ngy, k t ngy chng nhn ng k pht hnh chng khon b thu

hi. Qu thi hn ny, t chc pht hnh phi bi thng thit hi cho ngiu t theo cc iu khon cam kt vi ngi u t ph hp vi quynh ca php lut.e. Bc 5: Bo co kt qut pht hnh

T chc pht hnh, t chc bo lnh phi chuyn giao chng khoncho ngi mua trong thi hn 30 ngy, k t ngy kt thc t pht hnh.Tin thu c t vic phn phi chng khon phi c chuyn giao vo tikhon phong to ti mt ngn hng c UBCKNN chp thun.

Trong vng 10 ngy lm vic sau khi kt thc t pht hnh, t chcpht hnh phi bo co U ban chng khon v kt qut pht hnh vcng b cng khai kt qut pht hnh.2.2.2.3. Cc phng php pht hnha. Tpht hnh

Nh pht hnh trc tip pht hnh, cho bn chng khon cho cngchng theo gi cho bn xc nh. Cch pht hnh ny i hi nh phthnh phi am hiu th trng, c h thng bn kh n nh, c uy tn trn thtrng,

- u im: chi ph pht hnh tng i thp.- Hn ch: thi gian tp trung vn thng ko di, cng ty kh

bn ht c chng khon huy ng vn theo d kin. V vy, phngphp pht hnh trc tip thng c ri ro cao.b. Bo lnh pht hnh

- Khi nimBo lnh pht hnh l vic t chc bo lnh gip t chc pht

hnh thc hin cc th tc trc khi cho bn chng khon, t chc vicphn phi chng khon v gip bnh n gi chng khon trong giai on usau khi pht hnh. Nh vy, bo lnh pht hnh bao gm c vic t vn tichnh v phn phi chng khon. T chc bo lnh c hng ph bo lnhhoc mt t l hoa hng nht nh trn s tin thu c.

- Vai trTnh ngha trn, ta thy t chc bo lnh pht hnh c cc

vai tr sau:+ Vai tr t vn: T chc bo lnh t vn cho cng ty, doanh nghip v loi

chng khon pht hnh (c phiu hay tri phiu), thi gian pht hnh. Gip t chc pht hnh trong vic chun b h sxin

php pht hnh, chun b ti liu trnh by cho cc nh u t.


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+ Phn phi chng khon: T chc bo lnh gi vai tr chotrong vic phn phi chng khon. y l vic bn chng khon ra cng

chng. T chc bo lnh c quan h rng ri vi khch hng l nhng ngiu t, c mng li i l chuyn nghip bn chng khon. V vy, tchc bo lnh bn chng khon d dng v nhanh chng.

Khi quyt nh bo lnh pht hnh, t chc bo lnh v t chcpht hnh s k hp ng bo lnh pht hnh. Trn hp ng ghi r hnhthc bo lnh. C nhiu hnh thc bo lnh:

- Cc phng thc bo lnh+ Bo lnh vi cam kt chc chn: l phng thc bo lnh

trong t chc bo lnh cam kt s mua ton b s chng khon pht hnhcho d c phn phi c ht chng khon hay khng. Thng thng, trongphng thc ny mt nhm cc t chc bo lnh hnh thnh mt t hp mua chng khon ca t chc pht hnh vi gi chit khu v bn li ccchng khon theo gi cho bn ra cng chng v c hng phn chnhlch gi.

+ Bo lnh vi c gng cao nht: l phng thc bo lnh mtheo t chc bo lnh tho thun lm i l cho t chc pht hnh. Tchc bo lnh khng cam kt bn ton b s chng khon m ch cam kt sc gng ht sc bn chng khon ra th trng, nhng nu khng phnphi ht s tr li cho t chc pht hnh phn cn li v khng phi chu

hnh pht no.+ Bo lnh theo phng thc tt c hoc khng: trong phngthc ny, t chc pht hnh yu cu t chc bo lnh bn mt s chngkhon nht nh, nu khng phn phi ht c s hu ton bt phthnh. T chc bo lnh phi tr li tin cho cc nh u t mua chngkhon.

+ Bo lnh theo phng thc ti thiu-ti a: l phng thctrung gian gia phng thc bo lnh vi c gng cao nht v phng thcbo lnh bn tt c hoc khng. Theo phng thc ny, t chc pht hnhyu cu t chc bo lnh c t do cho bn chng khon n mc ti aquy nh (mc trn). Nu lng chng khon bn c t t l thp hnmc sn th ton bt pht hnh s b hu b.

+ Bo lnh theo phng thc d phng: y l phng thcbo lnh c p dng khi mt cng ty i chng pht hnh b sung thm cphiu thng v cho bn cho cc cng c trc khi cho bn ra cngchng bn ngoi. Tuy nhin, s c mt s cng khng mun mua thmc phiu ca cng ty. V vy, cng ty cn c mt t chc bo lnh d phngsn sng mua nhng quyn mua khng c thc hin v chuyn thnhnhng c phiu phn phi ra ngoi cng chng. C th ni, bo lnh theo


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phng thc d phng l vic t chc bo lnh cam kt s l ngi muacui cng hoc cho bn h s c phiu ca cc quyn mua khng c thc

hin. - Thp pht hnhTrng hp gi tr ca t pht hnh ln, ngi qun l chnh

s khng m nhim mt mnh vic bo lnh pht hnh. phn tn ri rov tng kh nng bn chng khon ra cng chng, ngi qun l chnh micc t chc mi gii chng khon v cc t chc ti chnh khc tham giavo bo lnh v thnh lp t hp bo lnh. Tu theo kh nng ti chnh camnh m mi thnh vin tham gia vo vic bo lnh mc khc nhau.Theo mc v vic trch nhim tham gia vo vic pht hnh m cc thnhvin bo lnh s nhn c khon tin khc nhau.2.2.3. Pht hnh tri phiu Chnh ph v tri phiu a phng

iu kin pht hnhTri phiu Chnh ph v tri phiu a phng do Chnh ph v chnh

quyn a phng quyt nh, khng phi xin php hoc ng k vi U banchng khon Nh nc, khng phi tun theo cc iu kin, quy nh cngb pht hnh. Tuy nhin, cn phi tun th:

+ K hoch+ Trnh t do Chnh ph ra

2.2.3.1. Bn l qua h thng Kho bc Nh ncBn l qua h thng Kho bc Nh nc l vic cc n v Kho bc

Nh nc bn tri phiu trc tip cho ngi mua.Tri phiu bn l qua h thng Kho bc Nh nc c pht hnh

theo phng thc chit khu hoc ngang mnh gi.2.2.3.2.Pht hnh qua i l

i l pht hnh l vic cc t chc c php lm i l pht hnhtri phiu tho thun vi B Ti chnh nhn bn tri phiu Chnh ph. Tr-ng hp khng bn ht, t chc i l c tr li cho B Ti chnh s triphiu cn li.2.2.3.3. Pht hnh qua bo lnh

Bo lnh pht hnh l vic t chc bo lnh gip B Ti chnh thchin cc th tc trc khi pht hnh tri phiu Chnh ph ra th trng, nhnmua tri phiu Chnh ph bn li hoc mua s tri phiu Chnh ph cnli cha c phn phi ht.2.2.3.4. Pht hnh qua u thua. Nguyn tc u thu tri phiu Chnh ph

- B mt v mi thng tin t thu ca n vt thu.- T chc u thu cng khai, bnh ng v quyn li v ngha

v gia cc n vt thu.


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- n v trng thu c quyn hn v trch nhim mua tri phiutheo khi lng v li sut trng thu.

b. Hnh thc u thuVic u thu tri phiu Chnh phc thc hin di 2 hnh thc:u thu cnh tranh v khng cnh tranh.

- u thu cnh tranh l u thu li sut. Thng qua u thucnh tranh hnh thnh li sut v khi lng trng thu ca cc thnh vintham gia u thu.

- u thu khng cnh tranh l vic ng k mua tri phiuChnh ph theo mc li sut trng thu c hnh thnh qua kt quuthu cnh tranh.

Tng t pht hnh, B Ti chnh c th quy nh hnh thc u thul cnh tranh hoc c hai hnh thc cnh tranh v khng cnh tranh. Trnghp p dng c hai hnh thc u thu cnh tranh v khng cnh tranh thkhi lng tri phiu u thu khng cnh tranh khng vt qu 30% tngkhi lng tri phiu d kin pht hnh ca t u thu .c. i tng tham gia u thu

Cc doanh nghip, cc t chc tn dng, cng ty ti chnh, cng ty bohim, quu t.d. iu kin tham gia u thu

Cc n v mun tham gia u thu tri phiu Chnh ph qua th tr-

ng giao dch chng khon tp trung phi bo m cc iu kin sau:- C t cch php nhn, c thnh lp theo lut php hin hnhca Vit Nam.

- C mc vn php nh ti thiu l 22 tng Vit Nam.- Hot ng kinh doanh c hiu qu, tnh hnh ti chnh lnh

mnh.- C ti khon tin ng Vit Nam m ti ngn hng theo quy

nh ca Trung tm GDCK, SGDCK.- C n xin tham gia u thu tri phiu Chnh ph gi n

Trung tm GDCK, SGDCK.Hng nm, Trung tm GDCK, SGDCK xem xt iu kin ca cc

i tng cp hoc thu hi giy chng nhn thnh vin tham gia u thutri phiu Chnh ph.e. Tchc u thu tri phiu Chnh ph

- Thi gian t chc u thu:Vic u thu c t chc theo tun k, thng hoc qu, cn

c k hoch huy ng vn ca ngn sch nh nc, cc B ngnh, U bannhn dn tnh, thnh ph trc thuc Trung ng, Qu h trpht trin vtnh hnh th trng vn.


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- Thng bo u thu:Trc ngy t chc u thu 2 ngy, cn c ngh pht hnh

ca B Ti chnh, Trung tm GDCK, SGDCK gi thng bo pht hnh triphiu Chnh ph cho cc thnh vin tham gia u thu v cng b trn ccphng tin thng tin i chng.

- ng k u thu:+ Trc 13h ca ngy m thu, cc thnh vin tham gia u

thu phi gi phiu t thu cho Trung tm GDCK, S GDCK v honthnh vic k qu 5% trn khi lng tri phiu t thu.

+ Mu v cch thc gi phiu t thu, np tin k qu doTrung tm GDCK, SGDCK quy nh.

- Mthu:Gimthu quy nh l 13h30 ca ngy u thu. Trnh t, th

tc mcc phiu t thu, kim tra tnh hp php, hp l ca phiu t thudo Trung tm GDCK, SGDCK quy nh v t chc thc hin.

- Xc nh khi lng v li sut tri phiu trng thu:+ Cn c xc nh khi lng v li sut tri phiu trng t

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