Luận văn thạc sỹ: Giải pháp nâng cao hiệu quả hoạt động đầu tư chứng khoán của ngân hàng Công thương Việt Nam trên thị trường chứng khoán hiện nay

MỤC LỤC
MỤC LỤC
DANH MỤC BẢNG, BIỂU, ĐỒ THỊ, HÌNH VẼ
PHẦN MỞ ĐẦU
CHƯƠNG 1: LÝ LUẬN CHUNG VỀ HIỆU QUẢ HOẠT ĐỘNG ĐẦU TƯ
TRÊN THỊ TRƯỜNG CHỨNG KHOÁN
. 
 
 !"#$%&" '"%( )*"%$+
,-+(./"%0*12"034%&" '"% )*"%$+
,-+(./"% 56./"%78"9
,,-+(./"%:;<="%78"
,-+(./"%(>5"%%4"
4(>?034034%&" '"%( )*"%$+(>-"%"@"A" (B( C(>)D"%E
,FG
, H"%A -!"I
, !"#$7'.J0.K$0340 H"%A -!"
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,, !"#$P.J0.K$ -+(./"%.N5()0 H"%A -!"034
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,,,L &"M-+ -+(./"%.N5()
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 !"#$I
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,#5U52 -+(./"%.N5()0 H"%A -!",
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,,!00 V(W5.!" %! #5U52.N5()0 H"%A -!",,
,!0" &"(82"  )Y"%.B" -+(./"%.N5()0 H"%A -!"034,9

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CHƯƠNG 2: THỰC TRẠNG HIỆU QUẢ HOẠT ĐỘNG ĐẦU TƯ CHỨNG
KHOÁN CỦA NGÂN HÀNG CÔNG THƯƠNG VIỆT NAMI
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CHƯƠNG 3: GIẢI PHÁP PHÁT TRIỂN HOẠT ĐỘNG ĐẦU TƯ CHỨNG
KHOÁN CỦA NGÂN HÀNG CÔNG TH ƯƠNG VIỆT NAMiO
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
KẾT LUẬNOO
DANH MỤC TÀI LIỆU THAM KHẢOO
9
DANH MỤC BẢNG
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DANH MỤC HÌNH VẼ, SƠ ĐỒ, BIỂU ĐỒ
`" 7ƒue `" .N5()"%&"U5v
*.{ue `" .4"q"%(-'"a N"i
*.{,ue `" .4"q"%$/(a N"i
*.{,u#( 8"%(Q0 H0034%&" '"%e"%( )*"%„,„,OOR9
ZK5.{,u8<).N5()0 H"%A -!"(‚"q$,OO…,OOR9,
ZK5.{,, H"%A -!""f(‚"q$,OO…,OOR99
ZK5.{,*0b50 H"%A -!""f(‚"q$,OO…,OOR9E
ZK5.{,9*0b5(>!a B5.N5()„,„,OOR9i
E

PHẦN MỞ ĐẦU
1. Tính cấp thiết của đề tài
>Y( '" $/((xa '"('0 g" 7h"%$+" M'$=0(W50N":]$.+(.)f0
034%&" '"%e"%( )*"%#(4$K.+(.)f0$=0(W5.tP"%&" '"%0N"
.Q$] -+(./"%A" <-4" Pa !1k†( B./004" ‡(>-"%M}" 7r0(g"<="%" )
#""46-+(./"%.N5()0 H"%A -!"M' -+(./"%A e"%( K( B57'>b(0N"
( B(034$/((xa '"('0 g" …$/("%&" '"%.4"q"% #".+#0"% W"
0H5P(`$AB$%2a !aa !((>K" -+(./"%.N5()0 H"%A -!"" ˆ$.4<+"%
-!:2"a •$<C0 7="%&" '"%P +"0 B>3>-P(`$AB$Mf" 5x"P.{"%( DP
7‰"0t( K.!aH"%.)f0" 50N5( 4" A -2"A 0N"( B(M'" 50N51H0Š~0034
%&" '"%e"%( )*"%#("4$(>-"%%4 +" #""46
@('u†Giải pháp nâng cao hiệu quả hoạt động đầu tư chứng khoán của
ngân hàng Công thương Việt Nam trên thị trường chứng khoán hiện nay‡.)f0
Mr40 ^""% W"0H5" ˆ$.!aH"%.? k1H0Š~0.t
2. Mục đích nghiên cứu của luận văn
…% W"0H5" h"%7b".@MmM5x"0*12"7@ -+(./"%.N5()0 H"%A -!"
034%&" '"%( )*"%$+
…L &"(g0 ( r0(>+"% -+(./"%.N5()0 H"%A -!"034%&" '"%e"%
( )*"%#(4$P(‚.tP.!" %!AB(U52P +"0 B7'0!0"%56W"" &"M'$ +"
0 B -+(./"%.N5()0 H"%A -!"034%&" '"%
…@Š5b( #( 8"%%2a !a" ˆ$a !((>K" -+(./"%.N5()0 H"%A -!"
034%&" '"%e"%( )*"%#(4$
3. Đối tượng và phạm vi nghiên cứu
…8()f"%"% W"0H5M' -+(./"%.N5()0 H"%A -!"034%&" '"%
( )*"%$+
…L +$7"% W"0H5M' -+(./"%.N5()0 H"%A -!"034%&" '"%
R
e"%( )*"%#(4$(‚"q$,OO.B""46
4. Phương pháp nghiên cứu
K( r0 #"$=0(W5"% W"0H5P(!0%2:;<="%a )*"%a !aM5x"034

0 3"% }4<567x(1#"0 H"%7'<567x(MC0 :;PAB( fa7]0!0a )*"%a !a.@5
(>4Pa k"%7b"P$ea k"%AC0 12"P( 8"%AWPa &"(g0 P(Q"% fa7':-:!" 
5. Đóng góp của luận văn
#0"% W"0H5 -+(./"%.N5()0 H"%A -!"034$/("%&" '"%( )*"%
$+.J0( ‹" )%&" '"%e"%( )*"%#("4$PA e"%0 V0tm"% }4(>-"%
7#0a !((>K" -+(./"%.N5()0 H"%A -!"034"%&" '"%P$'0?"0tm"% }4
U54"(>^"%(>-"%7#0a !((>K" -+(./"%0340!0"%&" '"%( )*"%$+0Œ"%" )
%taa N"a !((>K"( C(>)D"%('0 g" Y#("4$
6. Kết cấu của luận văn
Chương 1: Lý luận chung về hiệu quả hoạt động đầu tư trên thị trường
chứng khoán.
Chương 2: Thực trang hiệu quả hoạt động đầu tư chứng khoán của
ngân hàng công thương Việt Nam.
Chương 3: Định hướng phát triển và giải pháp nâng cao hiệu quả hoạt động
đầu tư chứng khoán của ngân hàng công thương Việt Nam.
i
CHƯƠNG 1
LÝ LUẬN CHUNG VỀ HIỆU QUẢ HOẠT ĐỘNG ĐẦU TƯ
TRÊN THỊ TRƯỜNG CHỨNG KHOÁN
1.1. MỘT SỐ NÉT KHÁI QUÁT VỀ HOẠT ĐỘNG CỦA NGÂN HÀNG THƯƠNG MẠI
1.1.1. Khái niệm Ngân hàng thương mại
%&" '"%M'M-+ `" (Q0 H0(g"<="%.)f0( r0 #"(-'"1/ -+(./"%
%&" '"%7'0!0 -+(./"%A" <-4" A !00tMW"U54" •-(g" 0 b(7'0!0
$=0(W5 -+(./"%P0!0M-+ `" %&" '"%%{$%&" '"%( )*"%$+P"%&"
'"%a !((>K"P"%&" '"%.N5()P"%&" '"%0 g" :!0 P"%&" '"% fa(!07'0!0
M-+ `" "%&" '"%A !0
-+(./"%"%&" '"%( •-U56.C" (+j5x(%&" '"% '")]0M'u -+(
./"%A" <-4" (@"(#7'<C0 7="%&" '"%7]"/<5"%( )D"%Š56W"M'" x"
(@"%;7':;<="%:8(@""'6.K0ba(g"<="%P05"%H"%0!0<C0 7=( 4" (-!"
%&" '"%( )*"%$+M'"%&" '"%.)f0( r0 #"(-'"1/ -+(./"%"%&"

'"%7'0!0 -+(./"%A" <-4" A !00tMW"U54"7`$=0(W5Mf" 5x"P%ta
a N"( r0 #"0!0$=0(W5A" (B034 '")]0
 )7x6P7@12"0 b(P%&" '"%( )*"%$+M'$/(<-4" "% #a.J0( ‹P
(g" 0 b(.J0( ‹( K #"Y0 Ž.8()f"%(!0"% #aM'(@"(#%&" '"%( )*"%
$+A e"%(>r0(Ba:2"Š5b(>4034027x(0 b(" )0!0<-4" "% #a( 5/0M}"
7r0:2"Š5b(•A" <-4" " )"%(+-.@5A#"( 5x"Mf0 -U5!(>`" :2"Š5b(P
M)5( e"%7'a &"a 8:2"a •$Šs /1ˆ"%0!0 05"%H"%78"(g"<="%P78"
.N5()0 -0!0<-4" "% #aP(Q0 H0A" (B$Y>/"%A" <-4" P%taa N"(q"%
" 4" (80./a !((>K"A" (B
1.1.2. Hoạt động cơ bản của Ngân hàng Thương mại
q"0H7'-(g" 0 b(0!0 -+(./"%7'7C(>g('0 g" 034"%&" '"%( )*"%
$+(>-"%U54" #7]A !0  '"% -+(./"%"%&" '"%( )*"%$+.)f00 4
I
( '" 14" t$0*12"" ):45u
1.1.2.1. Hoạt động huy động vốn
%-'"%5{"78"0 3:Y h5P.K(B" '" 0!0 -+(./"%A" <-4" P0!0
"%&" '"%( )*"%$+14-%D0Œ"%1w(.N5 -+(./"%034$`" 1ˆ"%7#0 56
./"%0!0"%5{"78"8()f"% 56./"%034"%&" '"%( )*"%$+M'(b(020!0
"%5{"(@"" '">Ž(>-"%0!0<-4" "% #aP0!0(Q0 H0 g" a 37'<&"0)7]
1b(A• `" ( H0PU56$e7'( D +""'-ZQ:5"%( W$0 -"%5{"78" 56./"%P
0!0"%&" '"%( )*"%$+0t( K.746034"%&" '"%>5"%*"%7'(‚0!0"%&"
'"%A !01ˆ"%" @5 `" ( H0
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1.1.2.2. Hoạt động sử dụng vốn
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" xa(‚ -+(./"%0 -7460Œ"%0 B$(•(>^"%M]"" b(7'a =( 5/07'-A 2
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!0 -+(./"%:;<="%78"A !0034"%&" '"%( )*"%$+14-%{$A"
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1.1.2.3. Hoạt động trung gian
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1.1.3. Vai trò của của Ngân hàng thương mại trong nền kinh tế thị trường
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0 J(0 ƒ:45A 0 -746P0!0€M5e"0 ~(>^"%6W50N50!0A !0  '"%.2$
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:!0 (g"<="%>W"%a ‹ faP%taa N".!"%AK7'-7#00 56K"<C0 0*0b5A"
(B‹"%7]"%5{"78""%&":!0 P(g"<="%"%&" '"%.s%taa N"7'-7#0( r0
#"( '" 0e"%" @50 )*"%(>`" P<r!"M]"034U580%47'0340!0"%'" A"
(B$Œ" ^"P" b(M'A 57r00e"%"% #a•Š&6<r"%7'A 57r0"e"%"% #a
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 •"% +"P(•(>^"%(g"<="%"%&" '"%<'" 0 -A 57r00e"%"% #a•Š&6<r"%
7'A 57r0"e"%•M&$"% #a•( 36:2""q$,OO9MN"M)f(0 B$%N"9O–7'
O–(Q"%(g"<="%034 #( 8"%"%&" '"%>-"%0*0b5€L"q$,OO9P"%'"

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:2"0 B$,,–
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7r0A" (BP #( 8"%"%&" '"%#(4$.s0t" h"%0 56K"1B"0q"12"7@
-+(./"%(g"<="%P(V(>^"%0 -746A 57r0A" (B"%-'U580<-4" .s(q"%(‚
A -2"%,O–"q$XIXMW"A -2"%EO–(>-"%%4 +" #""46 D.tP0!0
<-4" "% #a"%-'U580<-4" .s$Y>/"%:2"Š5b(A" <-4" P.t"%%ta"%'6
0'"%" @50 -(q"%(>)Y"%A" (BP(+-7#0M'$7'( 5" xa0 -"%)DM4-./"%
#""46P0!0<-4" "% #a7‚47'" k.t"%%taA -2"%–%!(>C:2"Š5b(
,
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!"%0 ~mP"%'" "%&" '"%.s0-.Q$] -+(./"%(g"<="%"%&" '"%M'
A &5U54"(>^"%(>-"%.Q$]U52"MmA" (BP(‚"%1)]0Št41ka )*"%( H0U52"
Mm14-0ba:4"%U52"Mm( •-0 B./ +0 (-!"A" (BP"&"%04- #5U52:2"Š5b(
A" <-4" 7':;<="%78""%&" '"%!0<-4" "% #a.sa !( 56(" ( N"(r
0 37'(r0 C5(>!0 " #$(>-"%:2"Š5b(A" <-4" P%2$<N":r•M+7'(>e"%0 D
7'-:r14-0ba034 g" a 3%'" "%&" '"%0Œ"%.t"%%ta.!"%AK7'-7#0
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.N5()a !((>K"P%taa N"0 56K".Q(‚"@"A" (BAB -+0  t4(xa(>5"%:4"%
A" (B( C(>)D"%( •-.C"  )]"%Šs /0 3"% }4P(‚"@"A" (BA naAg"7'a =
( 5/07'-" xaA •5:4"%"@"A" (B$Y.C"  )]"%Š5b(A •5P(q"%<N"A 2"q"%
0+" (>4" 7' /" xaA" (BU580(B0340!0<-4" "% #a#(4$
1.2. HOẠT ĐỘNG ĐẦU TƯ CHỨNG KHOÁN CỦA NGÂN HÀNG THƯƠNG MẠI
1.2.1. Chứng khoán
1.2.1.1. Khái niệm và các đặc trưng của chứng khoán
Chứng khoánM'" h"%%b6(D0t%!7'0tA 2"q"%0 56K"" )f"%PŠ!0
.C" :878".N5()”0 H"%A -!"Š!0" x"U56@":Y h5 -J0U56@".?"f fa
a !aP14-%{$0!0.@5A#"7@( 5" xa7'(':2"(>-"%$/(( D +""'-.t
 H"%A -!"14-%{$0Qa B5P(>!a B5P0 H"%0 VU5v.N5()7'0!0M-+0 H"%
A -!"A !0

 H"%A -!"M'$/((':2"('0 g" 7]0!0.J0(>)"%0*12"u
 Tính thanh khoản (Tính lỏng): g" Mk"%034$/((':2"M'A 2"q"%
0 56K"(':2".t( '" (@"$J( 2"q"%"'604- 46( baa =( 5/07'-
A -2"%( D%4"7'0 a g0N"( B(0 -7#00 56K".Q7'>3>-034:r%2$:~(
%g4(>C034(':2".t<-0 56K".Q-7]0!0(':2"A !0( `(g" Mk"%0340 H"%
A -!"04- *"( K #"U54A 2"q"%0 56K"" )f"%04-(>W"( C(>)D"%56
" W"P0!00 H"%A -!"A !0" 450tA 2"q"%0 56K"" )f"%M'A !0" 45
 Tính rủi ro. H"%A -!"M'0!0(':2"('0 g" $'%!(>C034"t0 C5(!0
./"%M]"034>3>-P14-%{$02>3>-0t #( 8"%7'>3>-A e"%0t #( 8"%

d3>-0t #( 8"%M'M-+>3>-(!0./"%(](-'"1/ -J0 N5 B(0!0(':2"j-+
>3>-"'60 C5:r(!0./0340!0.@5A#"A" (B0 5"%" )M+$a !(P:r( 46.Q
(•%! 8 !PMs:5b(d3>-A e"%0t #( 8"%M'M-+>3>-0 V(!0./"%.B"
$/((':2" -J0$/(" t$" k0!0(':2"d3>-A e"%0t #( 8"%( )D"%MW"
U54"(].@5A#"034" 'a !( '" 
 Tính sinh lợi. H"%A -!"M'$/((':2"('0 g" $'A :Y h5"tP" '
.N5()$-"%$58"" x".)f0$/(( 5" xaM]" *"(>-"%()*"%M4 5" xa"'6
.)f012-.2$1ˆ"%Mf(H0a &"0 4 '"%"q$7'7#0(q"%%!0 H"%A -!"(>W"
( C(>)D"% 2"q"%:" Mf14-%D0Œ"%U54" #0 J(0 ƒ7]>3>-034(':2"P
.@5"'6( K #"(>-"%"%56W"Mmu$H0./0 ba" x">3>-0'"%04-( `Mf" 5x"
A•7^"%0'"%M]"
1.2.1.2. Phân loại chứng khoán
5•( •-0!0 0 ^"(W5( H0$'0t( Ka &"M-+0 H"%A -!"( '" " @5
M-+A !0" 45
a. Phân loại chứng khoán theo tính chất:
Chứng khoán nợ:M'$/(M-+0 H"%A -!"U56.C" "% }47=034"%)Da !(
'" y"%)D.746za 2(>20 -"%)D.H"%(W":Y h5y"%)D0 -746z$/(
A -2"(@"" b(.C" 14-%{$02%807'Ms(>-"%" h"%A -2"%( D%4"0=( K
K" `" 0340 H"%A -!""fM'(>!a B5P(g"a B5
Chứng khoán vốn:M'0 H"%( )Š!0" x":r%ta78"7'U56@":Y h5a N"

78"%ta7'0!0U56@" faa !aA !0.87](Q0 H0a !( '" +<#"0 -
0 H"%A -!"78"M'0Qa B57'0 H"%0 VU5v.N5()
Các chứng khoán phái sinh: M'0!00e"%0=('0 g" 0t"%5{"%80(‚
0 H"%A -!"7'0tU54" #0 J(0 ƒ7]0!00 H"%A -!"%80!00 H"%A -!"
a !:" .)f0 `" ( '" <-" 50N5%4-<C0 034"%)D$54P"%)D1!"7'a !(
(>K"a =( 5/07'-$H0./a !((>K"034( C(>)D"%0 H"%A -!"!00 H"%
A -!"a !:" 14-%{$0!0M-+" )u56@"$54(>)]0P0 H"%A BP fa.{"%
9
A• +"P fa.{"%()*"%M4PU56@"0 ^"
b. Phân loại chứng khoán theo khả năng chuyển nhượng:  •-0!0 "'6
0 H"%A -!".)f0a &"( '" 0 H"%A -!"% <4" 7'0 H"%A -!"7e<4" 
Chứng khoán vô danhM'M-+%b6Š!0" x"U56@":Y h5 -J0U56@".?
"fA e"%% (W""%)D:Y h5j-+0 H"%A -!""'6.)f00 56K"" )f"%<—
<'"%PA e"%0N"( 3(=0Š!0" x"034e"%(6 -J00*U54"0e"%0 H"%
Chứng khoán ghi danhM'M-+%b6Š!0" x"U56@":Y h5 -J0U56@".?
"f0t% (W"0 3:Y h5j-+0 H"%A -!""'60t( K.)f00 56K"" )f"%
" )"%a 2(5&"( •-0!0U56.C" a !aMm0=( K
c. Phân loại chứng khoán theo tính chất thu nhập:
Chứng khoán có thu nhập cố định:M'M-+0 H"%A -!"0tU56@"6W50N5
( 5" xa08.C" A e"%a =( 5/07'-AB(U52 -+(./"%034" 'a !( '" t0t
( KM'0 H"%A -!"7e<4" P0 H"%A -!"% <4" P0t( KM'(g"a B5P(>!a B5
-J00Qa B5)5.s0Q(H0
Chứng khoán có thu nhập biến đổi:j'M-+0 H"%A -!"$'( 5" xaa =
( 5/07'-AB(U52 -+(./"%034" 'a !( '" Qa B5( )D"%.+<#"0 -M-+
0 H"%A -!"0t( 5" xa1B".Q 5" xa<-7#0:Y h50Qa B5$4"%M+%^
M'0Q(H0P"t1B"./"%( •-AB(U52A" <-4" 034e"%(6P7]0‹"%$/(0 g"
:!0 0 40Q(H0( `A Mf" 5x":45( 5B034e"%(6(q"%MW"( `0Q(H00Œ"%
(q"%MW"7'"%)f0M+
Chứng khoán hỗn hợp: `" ( H0 Ž" fa0340 H"%A -!"7‚4$4"%
(g" 0 b(0340 H"%A -!"0t( 5" xa0t.C" P7‚4$4"%(g" 0 b(0340 H"%

A -!"0t( 5" xa1B".Q" ˆ$.!aH"%7]" 50N5.J01#(034( C(>)D"%P0=
( K14-%{$0!0M-+u(>!a B5e"%(60tA 2"q"%0 56K".QP(>!a B50t
U56@"$540Qa B5P(>!a B50t( 5" xa1Q:5"%
1.2.2. Đầu tư chứng khoán của Ngân hàng thương mại
1.2.2.1. Khái niệm, đặc điểm hoạt động đầu tư chứng khoán của Ngân
hàng thương mại.
-+(./"%.N5()0 H"%A -!"M'7#01k78"( )D"%Š56W"PM&5<' -J0M'
(>-"%"%w" +"7'-0!00 H"%A -!"0t$H0./>3>-A !0" 45.K$-"%AB$
E
.)f0( 5" xa(‚U56@":Y h50!00 H"%A -!".t
* Đặc điểm hoạt động đầu tư chứng khoán của các Ngân hàng thương mại
˜5b(a !((‚.J0.K$034%&" '"%( )*"%$+P -+(./"%.N5()0 H"%
A -!"0t" h"%.J0.K$:45u
 Tính chuyên môn hoá, chuyên nghiệp hoá cao: chất lượng đầu tư cao
]()0!0 M'$/((>5"%%4"('0 g" P0 56W" -+(./"%(>-"%M}" 7r0A"
<-4" (@"(#P -+(./"%A" <-4" 0 H"%A -!"034%&" '"%( )*"%$+.)f0
(Q0 H07'( r0 #"$/(0!0 0 56W"$e" -!P0 56W""% #a -!r0 56W"
$e" -!7'0 56W""% #a -!( K #"Y./"%Œ" &":r( r0 #"0e"%(!0.N5
()P0!0 a &".C" 0 H0"q"%" #$7=0 -0!0a ?"%14" e"%( )D"%0!0
0t$/(a ?"%0 H0"q"%>W"%1#(( r0 #" -+(./"%.N5()0 H"%
A -!"P$/(:8%&" '"%0tU56$eM]" *"( `7#0.N5()7'-0 H"%A -!""f
7'0 H"%A -!"78"0Œ"%.)f0( r0 #"7'U52"Mm1Y0!0a ?"%P14"A !0
" 45’ZY7x6P -+(./"%.N5()0 H"%A -!"0340!0M' -+(./"%0t
0 b(M)f"%.N5()04-P./>3>-( ba’
 Quy mô đầu tư lớn, danh mục đầu tư linh hoạt và đa dạng
-+(./"%.N5()0 H"%A -!"034"%'60'"%M]"<-74(>?"%'6
0'"%U54"(>^"%034"t(>-"% -+(./"%034P<-:r(q"%(>)Y"%Pa !((>K"
034(>W"U56$e(':2"P"%5{"78"P<-!aMr00+" (>4" "%'60'"%A 80
M#(’K.2$12-.)f06W50N57@7#0.!aH"%A 2"q"%( 4" A -2"A 0N"
( B(PA 2"q"%:" Mf’( r0 #".N5()7'-$/(<4" $=00 H"%A -!"

M"  -+(7'.4<+"%rM"  -+(7'.4<+"%( K #"Y0!0M-+0 H"%A -!"A !0
" 45P( D%4".!- +"A !0" 45P$H0./>3>-P:" MDA !0" 45PA 2"q"%
0 56K".Q( '" (@"A !0" 45’
 Yêu cầu an toàn vốn cao, chứng khoán có tính thanh khoản lớn.
].J0.K$"%5{"78"0 3:Y h50 V0 B$$/((•(>^"%" kP"%5{"78"
56./"%0 B$$/((•M#M]"(>-"%(Q"%"%5{"78"034P<-7x6(>-"%U5!
(>`"  -+(./"%6W50N54"(-'"78".)f0.J(MW" '"%.N5P.@5.t.? k0!0
0 H"%A -!".)f0.N5()a 20t(g" ( 4" A -2"M]"P0tMs:5b(08.C" !0
R
0 H"%A -!".)f0.N5()a 2%h.)f074(>?M'<r(>h( H0ba0 -"%&" '"%
(>-"%7b".@( 4" A -2"%-'>4P"%5{"78" 56./"%(‚0!0(Q0 H07'0!
" &"0 36B5a 2(>2Ms:5b(08.C" "W".K0&"1ˆ"%( 5" xa7'0 a g(>-"%
-+(./"%P.2$12-0tMsP%&" '"%( )D"%Mr40 ^"0!00 H"%A -!"0tMs
:5b(08.C" .K.N5()
 Hoạt động đầu tư bị kiểm soát
Œ"%%8"%" )0!0 -+(./"%:;<="%78"A !0034P -+(./"%.N5
()0 H"%A -!"1CAK$:-!(0 J(0 ƒ1Y0 g" 12"( &""%&" '"%7'034 '
")]0-+(./"%.N5()034( )D"%.)f0U56.C" 0 (B((>-"%j5x(0!0
€P0!0U56.C" 0347'.@5M#034=0.g0 0347#0AK$
:-!(03412"( &"0!0"%&" '"%M'" ˆ$.!aH"%6W50N57@(g" 4"(-'"(>-"%
-+(./"%=0.g0 034 '")]0(>-"%7#0AK$:-!( -+(./"%.N5()0 H"%
A -!"M'" ˆ$12-7#U56@"Mf034"%)D%;(@"P(>!" Š5"%./(Mfg0 %h40!0
1W"P1W"0+" .t0?"" ˆ$12-.2$4""" A" (B7'4""" 0 g" (>C0 -.b(
")]0#0AK$:-!( -+(./"%.N5()0 H"%A -!".)f0( r0 #"(>W"0!0
a )*"%<#"" )"%5{"78".N5()P(':2".N5()7'a )*"%( H0.N5()b(02
:rAK$:-!("'6.)f0( K0 B -!<)]<+"%0!07q"12"U56a +$a !aM5x(" )
j5x(PU56B(.C" ’
 Sử dụng các công cụ phòng vệ
 ˆ$.!aH"%6W50N57@4"(-'"78"PQ".C"  -!Mf" 5x"P0!0
( )D"%:;<="%0!00e"%0=a ?"%7#(>-"% -+(./"%.N5()0 H"%A -!"" )

fa.{"%(>N"P:'"Ms:5b(P -!".QMs:5b(P(@"(#P -!".QA• +"7'0!0:2"
a •$AB( faA !0’
 Phạm vi đầu tư lớn, đa dạng
-+(./"%0340!0( )D"%14-(>‹$MW" N5 B(0!0"%'" "% @P
A 57r0034"@"A" (BU580<&"P<-.t0!0"w$.)f0" @5( e"%("P
0* /.N5()7'-0!0"%'" "% @PM}" 7r0A !0" 45x"<="%" h"%0* /
"'6(>-"% -+(./"%.N5()0 H"%A -!"P0!00t.)f0a +$7.N5()
i
M]"7'.4<+"%
1.2.2.2. Phân loại hoạt động đầu tư
a. Theo mục đích đầu tư
 N5()"%&"U5vuj'7#0.N5()" h"%A -2">b("%w" +"7'-
0!00 H"%A -!"0t(g" ( 4" A -2"04-7]$=0.g0 .2$12-A 2"q"%( 4"
(-!"P0 (>27'"&"%04-A 2"q"%:" MD034%&" '"%!00 H"%A -!"( 4"
A -2"04-14-%{$(g"a B5A -1+0P0 H"%0 V(@"%;PA•a B5"%&" '"%7'
$/(:8M-+( )*"%a B5-+(./"%.N5()"%&"U5v0t( K.)f0$ea k"%( •-
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b. Theo phương thức đầu tư
 Đầu tư trực tiếp:M'7#00!0(>r0(Ba1k78"7'-0!0(':2"( r0
7'(':2"('0 g" .K )Y"%Ms7'( r0 #"$/(:8$=0.g0 
 Đầu tư gián tiếpuM'7#00!0( r0 #" -+(./"%.N5()( e"%U54
$/(:8(Q0 H0(>5"%%4"" )0!0%&" '"%A !0P0e"%(612- K$P0e"%(6('
0 g" PU5v.N5().K )Y"%Mf(H0Uỷ thác đầu tưu&6M'0!0 ( H00!0
5•( !00 -0e"%(60 H"%A -!"PU5v.N5()0 H"%A -!"( r0 #"
 -+(./"%.N5()0 H"%A -!"0 -$`" (>W"0*:Y0!07q"12"P fa.{"%
AmAB(%h47'.*"7C" x"5•( !0
c. Theo sản phẩm đầu tư
 Đầu tư trái phiếuuM'7#00!0( r0 #""w$%h0!0(>!a B5€-
0!0(>!a B50t./>3>-( ba *"0Qa B5PM+M'%b6Š!0" x".?"f.87]
(>!0 3"W".)f0( 4" (-!"(>)]0A 0e"%(6a !:2"!0M-+(>!a B5M'(>!

a B50e"%(6P(>!a B50 g" a 3P(>!a B5A -1+0’
 Đầu tư cổ phiếuuN5()7'-0Qa B5M'7#00!0( r0 #"
$54$/(M-+0Qa B5 46$/(<4" $=00Qa B57]" @5$=0.g0 A !0" 45
" ) )Y"%MfP"w$U56@"AK$:-!(’
1.2.2.3. Tổ chức hoạt động đầu tư chứng khoán của các Ngân hàng thương mại.
!0.)f0(Q0 H0 -+(./"%( •-0!0$e `" A !0" 45u$e `" .4
"q"%7'$e `" 0 56W"<-4" >-"%$e `" .4"q"%14-%{$.4"q"%(-'"
a N"7'$e `" .4"q"%$/(a N"
…e `" .4"q"%(-'"a N"u&60 g" M'$e `" a Q1B"Y0!0")]0
,
&55 -$e `" "'60!0"%&" '"%.4"q"%.)f0( r0 #".{"%( D(b(
020!0"% #a7=" )A" <-4" 0 H"%A -!"PA" <-4" (@"(#P0!0<C0 7=12-
K$7'('0 g" A !0!0"%&" '"%( )*"%$+ -+(./"%7]()0!0 74M'
0 3( KA" <-4" 0 H"%A -!"P74M'0 3( KA" <-4" 12- K$7'74M'
0 3( KA" <-4" (@"(#
S 1.1: Mụ hỡnh a nng ton phn
e `" .4"q"%$/(a N"u>-"%$e `" "'60!0(Q0 H0A" <-4"
<C0 7=('0 g" "%&" '"%.)f0 `" ( '" <)] `" ( H00!0(xa '"7]0!0
0e"%(60-"A" <-4" (>-"%M}" 7r0(@"(#y"%&" '"%( )*"%$+zP(>-"%M}"
7r00 H"%A -!"y0e"%(60 H"%A -!"z7'0!00e"%(612- K$P0e"%(6U52"
Mm(':2"
S 1.2: Mụ hỡnh a nng mt phn
Mô hình chuyên doanh: Đây là loại hình NHTM 0 V( r0 #"$/( -J0$/(
Ngân hàng
Tiền tệ Chứng khoán
Bảo hiểm
,,
Tập đoàn
(holding company)
Ngân hàng th ơng mại Công ty chứng khoán

Công ty quản lý quỹ
Công ty bảo hiểm
:8"% #a7=" b(.C" 
g<=" )"%&" '"%.N5()P"%&" '"%1b(./"%:2"
HiÖn nay, ë ViÖt Nam c¸c NHTM VN ( r0 #"( •-$e `" .4"q"%$/(
a N"P0!0A e"%.)f0(>r0(BaA" <-4" 0 H"%A -!"K( r0 #" -+(
./"%A" <-4" 0 H"%A -!" 4612- K$P0 -( 5W('0 g" 0!0a 2
( '" Mxa0!0e"%(6<)] `" ( H0M'( '" 7W"P0e"%(60Qa N"P0e"%(6
MW"<-4" 56" W" -+(./"%A" <-4" 0 H"%A -!".)f0.@0xaY.&614-%{$
,"% #a7=P"% #a7=$e%]7'12-Ms" a !( '" 0Qa B5!0"% #a7=A !0
7‰".)f005"%0ba1Y027'e"%(60 H"%A -!"
‹6( •-U56$e7@78"7'0 B"M)f0a !((>K"034(‚"%$'
0t( K( r0 #"$/(7'M-+ `" "% #a7= -J0(b(020!0M-+ `" "% #a7=
( •-U56.C" 034a !aM5x( •-U56.C" (+.@5IP% C.C" :89„,OOi„
…L"%'6X„O„,OOi034 g" a 3U56.C" 0 (B((  '" $/(:8.@5034
j5x( H"%A -!"P78"a !a.C" (8( K5.K( r0 #"(b(020!0M-+ `" A"
<-4" .87]$/(M'OO(•.{"%!0(>r0( 5/0"%&" '"%( )*"%
$+ '")]07])5( B7@78">b(M]"( )D"%.)f0( '" Mxa7].3M-+ `"
A" <-4" ( •-U56.C" /(:80Qa N" -J0(>r0( 5/0"%&"
'"%( )*"%$+0Qa N"<- +"0 B7@78""W"A ( '" Mxa0 V( r0 #"$/(
7'M-+ `" A" <-4" " )u+#(PWe"%P CTCK §Ö NhÊt
5•( 5/07'-$e `" (Q0 H0034$' -+(./"%.N5()0 H"%A -!"
.)f0(Q0 H0A !0" 45P -J0M'(>r0(Ba -J0M'%!"(Ba-+(./"%.N5()(>r0
(Ba.)f0( r0 #"( e"%U547#0( '" Mxa0!0(Q0 H0.N5()0 56W"1#(" )u
L ?"%N5()0 H"%A -!"N5()%!"(Ba( r0 #"( e"%U545•( !0.N5()
U540!0(Q0 H0.N5()A !0ue"%(6U52"MmU5v.N5()0 H"%A -!"P0e"%(6
0 H"%A -!"
1.3.HIỆU QUẢ HOẠT ĐỘNG ĐẦU TƯ CHỨNG KHOÁN
1.3.1. Hiệu quả đầu tư và chỉ tiêu đánh giá hiệu quả đầu tư
1.3.1.1.Khái niệm:

>)]0 B((40N" K5A !"#$7@ #5U52A" (BM'%`›
#5U52A" (BM'$/( #"()f"%y -J0U5!(>`" zA" (BM'$/(a +$(>‹
,
A" (Ba 2"!" (>`" ./:;<="%0!0"%5{"Mr0y" &"Mr0P('Mr0P7x(Mr0P(@"
78"z.K.+(.)f0$=0(W5Š!0.C" ‚A !"#$A !U5!("'6P0t( K `" ( '"
0e"%( H01K5<—"A !U5!(a +$(>‹ #5U52A" (B" ):45u
K
H
C
=
]M' #5U52A" (B034$/( #"()f"%yU5!(>`" A" (B"'-.tz”M'AB(
U52( 5.)f0(‚ #"()f"%yU5!(>`" .tzA" (B.t7'M'0 a g(-'"1/.K.+(
.)f0AB(U52.t'" )( B0Œ"%0t( K0tA !"#$"%w"%^"u #5U52A" (B
a 2"!" 0 b(M)f"% -+(./"%A" (B7'.)f0Š!0.C" 1Y(•:8%h4AB(U52.+(
.)f07]0 a g1k>4.K.+(.)f0AB(U52.t
54".K$"'6.!" %!.)f0(8(" b((>`" ./:;<="%0!0"%5{"Mr0Y$^
.@5A#"†./"%‡034A" (B •-U54".K$" )( B -'"(-'"0t( K(g" (-!"
.)f0 #5U52A" (B(>-"%:r7x"./"%7'1B".QA e"%"%‚"%0340!0 -+(./"%
A" (BPA e"%a =( 5/07'-U56$e7'(80./1B"./"%A !0" 450340 ~"%
‚.C" "% }47@ #5U52A" (B" ).s(>`" 1'6Y(>W"P0 ~"%(40t( K
"W5.C" "% }47@ #5U52.N5()" ):45u
Hiệu quả đầu tưM'$/(a +$(>‹A" (Ba 2"!" (>`" ./:;<="%"%5{"
78".K.+(.)f0$=0(W5Š!0.C" 
 !"#$ #5U52.N5()A !07]A !"#$AB(U52.N5()Y0 ŽM'AB(
U520 VM'" h"%%`$'$`" ( 5.)f0:45$/(A -2"( D%4".N5()'AB(U52
.t0t( KM'MD -J0MŽ
1.3.1.2. Các chỉ tiêu đánh giá hiệu quả đầu tư
Ka &"(g0  #5U52 -+(./"%.N5()('0 g" 034<-4" "% #aP0N"(g"
7'a &"(g0 0!00 V(W5:45.&6:
a. Hiệu quả hoạt động đầu tư tài chính tổng quát.

 V(W5"'6.)f0Š!0.C" 1ˆ"%0e"%( H0u
*
#5U52 -+(./"%.N5()
('0 g" (Q"%U5!(
œ
€-4" ( 5 -+(./"%.N5()('0 g"
 a g0 - -+(./"%.N5()('0 g"
B(U52( 5.)f0(‚ -+(./"%.N5()('0 g" P0t( KM'u
,9
…€-4" ( 5(‚ -+(./"%.N5()('0 g" 
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b.Hiệu quả sử dụng vốn hoạt động đầu tư tài chính tổng hợp theo doanh thuu
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