Thị trường vốn_ phân tích điều kiện và khả năng phát hành trái phiếu chính phủ liên hệ thực tế việt nam

Nhóm 2:
Phân tích điều kiện và khả năng phát hành trái phiếu
chính phủ? Liên hệ thực tế Việt Nam.
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MỤC LỤC
PHÂN TÍCH ĐIỀU KIỆN VÀ KHẢ NĂNG PHÁT HÀNH TRÁI PHIẾU
CHÍNH PHỦ. LIÊN HỆ THỰC TẾ VIỆT NAM.
CHƯƠNG I: LÝ THUYẾT CHUNG VỀ TRÁI PHIẾU CHÍNH PHỦ
1.1.
Trái phiếu
1.1.1.
Khái niệm, đặc điểm của trái phiếu

 !"#$%&'()*
+!,#-.!,/
012&3('.!
43()*56-.%789#
'.4$89)*6-.%'.
4:;6)/
0 1*.*2&<;3(
;6/=2&!='.4
3);$:!':3)/
.4$:,8>(%$-?3
"../12@$
!+!,!A./
0B(.C4,3,
=/D,.!"""/B(E
3
!&+!,"%./B(F&(
"%$!9/

0GH>3IGH>!=;
:8"!4H>3/GH>.!+
!,@J(KE#(FE!&+!,
/
09$L.!.
"K"/29$*
92LME!NE/39*2LNE
=/
07OH$HP 
/GH>!+!,@E*(H>
!QE;K/
0D8!&/:
!+!,@J(KE'R)(/S.
@TT,!&+!,
6/U2&<8(VI8W('
)*3#('$>)=(
'E)/
0XS!8#'*$>.
E)*T:!+!,@($!9*
2Y!@(
1.1.2.
Phân loại

Phân loại theo người phát hành
0U6IZK=U6*6
!&.!%Q3<5$*+H
/U6:!12.6>=,[\T
.*U6!9$26>/
03( 33(#*
:.5K:.( 9!&E"9!/

3(2%9>!39/
4
0<56I5.2&
!&E="9!/

Phân loại lợi tức trái phiếu
02H>"!,9!+!,@
J(KE'R)"!,6@(/
02H>8!5'H>5)9
!$O2]$!6@H>2]8!5
@H>/
02H>8W$:9$:
!H*!#>^('$>)!
8W($!2!9/

Phân loại theo mức độ đảm bảo thanh toán của người phát hành
08!93S2
,!8(/7>$E
*T2-.%8!2!&A9"%
C/8!8A"9.I
_2K"98!8W(
K"8>!!&8!/,
K"#^5(!&!8
-.%/
_8!8W$$`-a9!8!
8W(!@$`-a"$3b.&
T !&8!/
_$:8!9$:2
8!c8!8W.6/


Phân loại dựa vào hình thức trái phiếu
0:39$:=5
/!-.%/
0392=5
/

Phân loại dựa vào tính chất trái phiếu
5
02&.&!59:.5K
!-.%.&5:.!2/\(.!-.!,&%
J($/
02-.%592$d@
e!-.%">!,5:./
02&99e!
-.%9K.8#$!9/
1.2.
Trái phiếu Chính phủ
1.2.1.
Khái niệm
6 3U6W
!68S!P<<*:Tf:
^!,^;:!%%(/Z;!&
6$:22!$/X!2*H>
6!+@Eg>!,H>
:$2S$O9/
0U&U6h6
0U6!!6I
_ZK&$0+H(<
^@-.!,G1<#[
_hS!P9<#L.P9[

_U^>9$*3U6[
_U3(*56*63*6-.%!,^.
9@-.!,[
_U!6$W8!6-"/
1 !;!&*6C2
!;!&I
0iUi92!>>32A1<1
#!8
0j.:3,#*3!2iUi2#!U7
2=,62
0U.36P 3:*$"
#
1.2.2.
Phân loại trái phiếu Chính phủ
6
@-.!, 9:kMlmkMMl1Z0Ui.kNlkMlmkMM*  
U6AV9I
06$899U62$O9MVK*mnK;
NmK!A%!A\(1/U$O9$6
$893h6-.!,S.@K?3"TT,
$:-NmK/
0$899U62$O9L'kM)E
=!A%!A%\(1;9(]3.&!5/
0U:+<.3]5-"9U62$O9L'kM)
E=*!A%!A\(1!W.
!A"!&!K+<.3] :T-4-"
:T.$+>*!"*9^>*$a
!>#/
1.2.3.
Điều kiện phát hành trái phiếu chính phủ nói chung

a.
Điều kiện kinh tế
-"U6g8%$,/o]
!&2P%#]T&^,
/G,?!HT!!!K=$J
\pp9`#^!^!.!.
>.!22q"%.%H2.%.3
8=>.!2/
Z"#-"&*6=,
-"2&3$(L KU6
-"$!&.!"-"(-^/\63*#2&
(:$*6,**E2*+Hr!&<
6(-"=-"/U.=$W*
!&U6#!&*>!%9!,
%$+@+eTT&$>K/hT*!"#
!K-"*TT&*!5!,#!
7
&*]8!%$'(9^)YT!-.
!,!K4U6#!2/
\#-"2]5!,%$T!"*+H
!<*K6F.#3s!K!KE*$U6
f"!6!K&8W
U6#T!KY><(8t"
!K39/
\(8U6+.==,^>Y
f6$U6!<A
"$35P U6!E=*L!29
$H>g9$f!K2]]
4!K6+(-^/
b.

Điều kiện chính trị - xã hội - văn hóa
,-"2!9.!"#8>$O]8!5.8>5!,
%6,*+H*E2#U6/o]5
!,6,0+H%!%]5!,!K[!!K8.
#2&#A.&" $]$
/o]5!,$:c3L99H5-"C]5
!,%6,-"!2=-"/
\%6,0+H0E2#*$!K=#-@
#U6T9!,Y(-^/
\#%E2E!*P8P#T(
U6,-"F2>3s^/
c.
Điều kiện luật pháp
8
U!U6=,-"$:2
&*3!2>!%."]$O-4/Z&!8-.%
8==-F+?`>!%>*2 -.!,&/
K.*K`=% -.!,&%(
U6/U-"2 !%$(&S.TT
L#:<:(-"/
Z&,U62&9!&!T!%$(
#=2("-.!,%!"#6
&$@L!9&/Z&:`.(]
!"#9!,*K2]",^
--`#!82$`!K.!*!A8"
>/BQ.!562&$e@!";+>#,
$2,62=*>
 !&9./
d.
Điều kiện công nghệ

U:(&!;8(:(.6*b:!H2Kf
!g.]&9Y,$2,
U62=/12]&%:(* 3,!;
*$#(r!U6=#!
]( 2=9##/B4
!KL$P^=#2&3,U6#
23b3/
e.
Điều kiện con người
U<43,/ZK=*6K!K
f"4S*T=T^$
9
,/o!2*!&E!(-$U6M#
,-"*+>(=!^,-`**
+?9*8H*>r
L2=8(.K!9! .=K>!,@-.!,
/1T*$ 2*<2$"](
;-TU6M#Y
(U6(-^*9$*^
`Y<. -=4/
Z&,U69!2(-*K2
693]!C!K*& ]8>5
!,. 8!+>,/=!2*!&3.TC
!KT!!8U6
](=c$#!K/
1.2.4.
Khả năng phát hành trái phiếu chính phủ
U!%$(=]!$E
U6/7$M#.&*K"%$
E=*^%U6#+>(T!<.

$=.!#$"#*H>5!,*!$O4%
!K-"/7:(&*!K2%]48t"
U6#$=#*#
2&f=%"8=H5:-
U6,-"/
10
CHƯƠNG II. THỰC TRẠNG VỀ ĐIỀU KIỆN VÀ KHẢ NĂNG PHÁT
HÀNH TRÁI PHIẾU CHÍNH PHỦ TẠI VIỆT NAM
2.1.
Mục đích
11
,U6'iUi)!2C>-4!"#]
&,$'U7)\(1-.T.!"
%$/Z;8(*@-.!,('1,!,"
kMlmkMMl1Z0Ui)T*6!W!6^
8I
)ZK&$0+H(<^
@-.!,G1<#[
8)hS!P9<#L.P9[
)U^>9$*3U6[
3)U3(*56*63*6-.%!,^.9
@-.!,[
!)U!6$W8!6-"/
2.2.
Nguyên tắc
\%;.=P*T(6K!8
.=PI
0
\(!8:$*89*:8W/
0

\(<-.!,1,!,.-.
!,$=-/
0
U&!8-`*?3"!f
!6*(-8"6A"!K.!*!f9/
2.3.
Điều kiện phát hành
a.
Điều kiện kinh tế
u(2$%!%$((.!-"\(
1/U&*5+963B3.v*o33wix
!%!,K!<.%$\(1!H2 (
6]/Z;8(*#!<.*B3.y!H:8"+96(\(1
12
!H=8'Lhm=hM)*-!22KfE!>3s
!"##!K=,-"/@:Xo@*D
!"-`3!K9XU*8>> 8>56,
+.=K*>%!Ks"-"
\(1*!;8(8"$#!H=5!,^>
%# E#/]F>.*9LTT+>
C$*c"$%$\(1$:*9*
3] 9"rE-!H!(>%/
8#!<.*U:.$\ihoF$z!,*!<.
!&6!&{oX3!!,8W
H>!5Gph|}=H>8=/UH>.
!%!+"$&L!KE./$!2*@o/iB14*
1<oo@*=$g^8K
.2*!L2!6*TH>.=#2+
#!3<^#!H!#t%(!&
$66AE$/Z<. ."6]H>

\(1T#H>=#!TH>
!K#!Ct\(1Y!
^*=#](+96(-"\(1
TH>\(1!K#!#
#!<./~•i9*.=$\UF
W*!<.!&>6!&U6>fJ(:(9
:-$.#/
b.
Điều kiện chính trị- xã hội- văn hóa
\(12,6!,`^-"/Z<.F!%
$(!&\(1E$$-"/1T*
!%$(6,^!"5!,/Z1#!8-.%
!K*:.8W-.!,*$&/€H!"E2
13
\(12 .!5>!,I4^-`*$
*!(#r4E!*E>^9$(
&$/
c.
Điều kiện pháp lý
U!.!5*85*=#!&#3s](*-`
9!/
LEmkMk*$`9!iUi!=
!&      !5  #/  h    6  !H  T  U6    8    1,  !,
kMlmkMMl1Z0Ui%iUi*!U68H
6-.%!,^*.1,!,M•MlmkkVl1Z0Ui/\E8.
!H9$`!K.!!&!5#^5*&
:*gQW>f&,
S#8"$:*##:("-"
:M‚lmkMml0hU#3siUi9,
#*3h68*2%!&##-.!,#!<.

%+<.3]*:8"$9*,8&[?!5*85
^!>K8H[-.!,">%=,
[-.!,fP!E$`*$`=.
r
1C>%E8=-$/
E8.*\(1-.!, !%$(&!5
,$F9!=,
$/U&*9!=-]!!%$(
6!-.!,I
14
G9 Z%$(
Trái phiếu Chính phủ phân theo Phạm vi phát hành
U6
#
UE$9.!"E
1<#
-"
'GT.]
L!K-"
$::-!,
    6      
K)
0
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*
0
Z^,!^!("6
(
0
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g]-"%.!?3
"
0
Z!%$(-.!,9$m
Z%mMGj`:/
0
U2!%!U6
=3.(/
0
Z!%$(-.!,9$M
Z%m„Gj`:
!&^>93
/
0
D,U6,
-"W59
.^9#U6
ES#-`
:*^T-`9
!#U6=3.(/
d.
Điều kiện con người
15
Z&!#K&,*>6-.%F
!H 9!W!9<>>
A<],.!"-
U6F($=-/U&I
0U^-#*:.$*<=.=#
39.>/
0U^!g.9!980</B;3S+

#E!82&3>!9 $
$:&$^8*<!H!8!
%^/
2.4.
Phân loại&Phương thức phát hành trái phiếu chính phủ
1,!,"kMlmkMMl1Z0UiU6%U6
*!U68H6-.%!,^
62(]L.mklkmlmkMM.1,!,"M•MlmkkVl1Z0
Ui.mklMMlmkkV/1,!,#.*U6!H8tkV9I
:T^[!K[9($t3
9U6/1.*$&L.mklkmlmkMMU6Y
6AV9I6$89[$89U:+<.3]
5-"/
i<9 i^
6$89I9
U62$O9MVK*mn
K;NmK!A%
!A\(1/U$O9
$6$893h
6-.!,S.@
M/6$89!@
^!>K/
m/7"H>6$89
T-$-!>K/
V/h62&.1<
1#*<^9
16
K?3"TT,
$:-Nm
K/

#*6$
89/
    $  89I   9  
U62$O9L
'kM)E=!A%
!A%\(1;
9(]3.&!5/
M/h…-("7891#/
m/Z>K-,3,
$/
V/hH/
•/Z9`/
U:+<.3]5-"I9
U62$O9L
  'kM)  E   =*  !A  %
      !A  \(  1  
!      W  .  !
A  "  !&  !K    +<.  3]
 :T-4-"
:T.$
+>*!"*9^
>*$a!>#/
U:    +<.  3]  5  -"  ! 
@-.!,9i("
MmlM†††liG0{h\juMk.m‚•
EM†††‡.8j"
%:+<.3]5-"/
2.5.
Trình tự phát hành trái phiếu
2.5.1.

Phát hành trái phiếu trong nước: BQ^
U6K<@-.T&=/

i^Z>KI
M/"&E'kN).(#.5*E
!%,7891#*oD3,$u1?:8
#8=!>K:8":=
!(?oD3,$u1/13:88AI
)7"$O93]$*!2=q
!K!K.!85/Z"#
85*:8=q!%$(*!%$!
[
17
8)BH3<$`$>[
)1.5*.*.!9.%
!"#L9[
3)i^%H*"[
!)uT!>K[
@)i^+!,$-!>K[
)$%7891#/
m/U>m%.5*=!>K?
oD3,$u1:3]K@-.Ts!E$`
!>K3o3,$u1-.!,/BQ=3]K
9H>!e!;"!E'kN)K!"#Q9
4K*Q!;K8AH>3]K'6!m "
<)$"3]K^/
V/o3,$u1K*5:3]K?
7891#/
•/UE:3]K5LoD3,$u
1*7891#+!,H>!"#Q9

4K:8oD3,$u1!&+!,$-
!>K@-.!,9Z%M„:./
N/7f=*oD3,$u1*:
8$-!>K7891#*<$`$\(
1L=fK@3-.!,9i•:
.:8"$-!>K=!(?oD3,
$u1/

i^hH
18
M/#.5=8H"&Vk.(*789
1#:8=!(?h6*7891#
o3,$u1%$95!8H
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88AI
):%3]$I
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*.*.%*.!9
*$%7891#*^
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07"3]$/
8):%(]458H6I
0Z%$(=g!"#58H6@-.!,9Z%mM
:.[
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!E$`AI
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-.!,/
8)Z%+>^8H#3^8
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19
0:#(%5I%$3*TT6*E
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=,[
0i<6*!,3]8%TT,$E
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079](!"#!8H3]$I3]$=5
8H**&$](*3]$%$"*H
>!%+>63]$[
0U$58H6/
)U(!!%$(!&58H6*8
AI
0hD>.e$32:[
0h68'kV)E%$%K>!H!$&[
0UE8*(!J("@-.!,
[
0(9!5]8H$*
!228H/
V/CE'kN).($&L.$f!^
58H6*7891#5!]45
8H6@EI
)=g*!%$(58H6@-.!,9Z%mM
:./
20
8)1E]*$($E!(C8H6!"#!
=^!%+>5=9!&8*7mZ%
./

•/7-]458H6!7891#:88W
E85!H](!E$`:8"=!(?
h6*7891#o3,$u1/
N/7891#58H6">3$`
!A.=P](!8H@s!A-.
!,9in:./
n/UE!A.=P$`#7891#*58H
6]4=58H/=58H5
*<!*9!;f9\(1!
e!KU6@-.!,*!28
Ah&€H\(1/
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i^Z9`
M/#.5!@^!9`
"&Vk.(*7891#:8=!(?
h6*7891#o3,$u1%$9
5!E$`!9`/1
3:88AI
):%3]$I
0Z%$(*!%$'!A%*$O9*5
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07"3]$/
21
8):%(]4!9`I
0uT!9`I!9`;!A!9`!9`
[
0Z%$(=g!"#!9`@-.!,9Z%mN:.[
0Bs*9*!,!&T!^!E$`!9`
/
m/U5!!!%$(-.!,9Z%mN:.2K

!9`?A^!E$`!7891#@!f:8=9
$MZ%./uA^!E$`8AI
)Z^!E$`!9`@s-.!,Mi„:./
8)Z%+>^5#3^8!<.I
0:#(%5I%$3*TT6*E
]$(9!]<"$]
=,[
0i<6*!,3]8%TT,$E
@^!9`[
079](!"#!@^!9`[
0Z%+>6!9`*!9`/
8)U(!!%$(!&!9`*
8AI
0hD>.e$32:[
0h68'kV)E%$%K>!H!$&[
22
0UE8*(!J("@-.!,
[
V/CN.($&L.$f!^!9`
*7891#+@+e*!]4;
"!9`@EI
)=g*!%$(!9`@-.!,9Z%mN
:.[
8)1E]$E](E!9`5!E$`[
)B6!9`!%+>/
•/7891#:88WE8$-]4!9`
5!E$`*!A:8":=!(?
h6*7891#o3,$u1/
N/7891#5!$`$!A#!9`
@s!A!9`-.!,mi„:./


i^h…e-("7891#
M/"&mk.(#!@^8
…*7891#:8%!=!(?
h6*7891#*oD3,$u1^
(:!9f/13:8AI
)7"*$O93]$[
8)GH>3[
)uT[
3)uTH*"[
23
!)*!,!&5/
m/7891##3s-.T*
@^8…*8h6=3.(#$8
5](/
2.5.2.
Phát hành trái phiếu ra Quốc tế
M/h6T*"#h*5=-!&5
@!f!%!H!U6=3.(/
m/UETT]-.!,2=-*h6
-.!,%T]@"8#^8I
)G]45;58HI]4;"
56*63!K-"!K=#*2$(
]!&8H!=^
K9@=6&3539
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8)G]4>`IT*"#5;58H
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5;58H[

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>`-"!*$`$!A#5;58
H*!9`2=-g8,(A^
S#:(-"\(1[
3)Z("6(IT*"#^-=-(
#5!("6(!&+("6(-"[
24
!)5-8I(5-883h6
](S..=KL^/h
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@)5Ih6-.!,!%$(*!%$
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!%!H!U6=3.([
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)u>3,I$%8*h6
>$`$E8`$f3,S#:(-"*
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2.6.
Khả năng phát hành trái phiếu chính phủ
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V‚kJ!Al=EmkMk=m/‚V•J!Al=n!KE
mkM•/
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Đấu thầu đã trở thành kênh phát hành chủ đạo
!9mkk†0mkM•*,iUi.=8(!H.!
:KnMV/•kkJ!A1o11:-!>K/Z;8(*$oDXU7
u1!("!>K!(?L.knl„lmkMm*,
iUi.=8(^>!H2 8#&.4$,.!
25