Giải pháp phát triển thị trường chứng khoán việt nam và thúc đẩy hoạt động của trung tâm giao dịch chứng khoán TP HCM

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BQGIAODVCVADAOT~O
TRu'<'JNG 1>~1 HQC KINH TE

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NGHIEN CUU KHOA HQC CAP Cd

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GIAI PHAP PHA T TRIEN
THI. TRUONG CHUNG KHOAN VIET

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VA THUC DAY HOAT
BONG
CUA
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TRUNG TAM GIAO DICH
CHUNG KHOAN
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THANH PHO HO CID MINH
MA s6: CS.2001- 017

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TP.HO CHi MINH - 2001


MUCLUC

CHTJONGI

LY LU~N TONG QUAN vE THJ TRUONG CmJNG KHOAN
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L0IM0E>AU
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Trang
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I- TID TRUONG CHUNG KHOAN - KENH HUY DONG VON TRu'C

TIEP TRONG NEN KINH TE TID TRUONG.

3

11 Qua trlnh giao hru v6n trong xa hoi

3

2/ Phu'dng thti'c huv dong v6n

3

31 Thi tntong chung kh6an ( TTCK )

4/ Cac th~mh phftn tham gia TICK
4.11 Nha ph~t hanh .
4.2/ Nha dftu tu'
4.3/ Cac t6 chti'c kinh doanh tren TICK .

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8
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51 Cac t6 chti'c c6 lien guan de'n TTCK

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6/ Chti'c nang . vai tro cua TTCK

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7/ Cac hanh vi tieu cue c6 th~ phat sinh trong hoat dong cua TTCK

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7 .II E>ftu cd chti'ng kh6an , lung dqan thj tntong

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7.2/Ban kh6ng

13

7.3/ Mua ban n
14

7.4/ Thong tin sai st! th~t

14

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II- H..\.NG HOA CmJ'NG KHOAN

15

1- Trai phie'u ( bonds)

15

1.11 Khai ni~m- D~c di~m

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1.2/ Phan lqai

16

1.3/ Cac nhan to' anh httdng gia trai phie'u .

19

2- C6 phie'u thttong CCommon stocks )

21

2.1/ Khai ni~m- D~c di~m

21

2.2/ Trach nhi~m va quy~n 1<;1i ctia c6 dong c6 c6 phie'u thttong.

22

2.3/ Cac lqai c6 phie'u thttong

23

2.4/ Nhan to' anh httdng gia c6 phie'u

25

3- C6 phie'u ttu dai ( Preferred Stocks )

27

3.11 Khai ni~m.

27

3.2/ D~c di~m

27

3.3/ Phan lqai

28

3.4/ Cac lqai c6 phie'u ttu dai theo lu~t doanh nghi~p Vi~t Nam

29

4- Cac c6ng cu tai chinh c6 ngu6n g6c chung kh6an

31

4.1/ Hqp d6ng tttong lai (future contracts)

31

4.2/ Quy~n chqn ( Options)

33

4.3/ Quy~n ttu tien dang ky mua c6 phftn mdi.

34

III- SCJ GIAO DICH CHUNG KHOAN

36

1/Hinh thuc sd hii'u .

36


21 Mo hinh

t6 chuc

37

tri.

38

chuc nang

39

3/ Nguven tAc hoat dong

40

2.11 H2.2/ Cac

~

3.11Nguyen t~c trung gian.

40

3.2/ Nguyen t~c qnh tranh

40

3.3/ Nguyen t~c cong khai

40

- 4/ Thanh vien So giao dich chung kh6an ...

41

4.11 Tieu chuan d€ trd thanh thanh vien

41

4.2/ Quy~n h~n va trach ·nhi~m cua thanh vien

42

51 Niem ye't chung kh6an

5.11 Nhung

thu~n

lqi cua

42
vi~c

niem ye't chung kh6an.

42

5.2/ Nhung ba't lqi cua chung kh6an niem ye't

43

5.3/ Cac tieu chuan niem ye't

43

CHUONG II

STj HINH TRANH vAPHA T TRIEN THt TRUONG CHUNG KHOAN

CJV~TNAM

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1- SU CAN THIET PHA T TRIEN TTCK (j VIETNAM.
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II- THu'C TRANG PHA T TRIEN TICK.

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46

11 Thi tntong tnii phie'u .
1.11 Tie'n trinh phat tri~n thi tntong trai phie'u Vi~t Nam

47

1.2/ Nh~n xet va danh gia thj tntong trai phie'u Vi~t Nam.

54

2/ Tbi tntong

c6 phie'u va qua trinh c6 ph~n h6a cac DNNN .

56

2.11 Thj tntong c6 phie'u

56

2.2/ Chd tntdng ve c6 ph~n boa DNNN

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2.3/ Nhii'ng thu~n l<;1i va h~n che' cua qua trinh c6 ph~n boa DNNN .

60

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IIIITINH HINH BOAT DONG CUA TTGDCK TP.HCl\tl

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11 Nhii'ng thanh tfch dat dude cua Trung tam giao dich chung kh6an TP.HCM

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sau mot nam hoat dong.
1.1/' ve giao djch c6 phie'u

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1.2/ v~ giao djch trai phie'u

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1.3/ Hqat dqng cua cac cong ty niem ye't .

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1.4/ Hqat dqng cua cac cong ty chung kh6an .

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1.5/ Hqat dqng cua h~ th6ng giao djch t~i san

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88

2/ Nhii'ng han che' .

CHUONGill

GIAI PHAP PHA T TRIEN THI. TRUONG CHUNG KHOAN VIETNAM
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1- QUAN DIEM HINH THANH TTCK 0 VIETNAM.
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II- GIAI PHAP PHA T TRIEN TTCK VIETNAM

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1- N~n kinh te' 6n dinh tao di~u kien cho moi tntong dftu tu'

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2- Xav dung khung phap ly hoan chinh.

92

3- Phat tri~n thi tntong trai phitu·_

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4- Phat tri~n thi tntong c6 Qhie'u
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51 Hoan thien va phat tri~n hoat dong cua Trung tam giao dich chung kh6an .

113
5.1/ Tang cung chung kh6an cho thj tru'ong giao dich

113

5.2/ Cac giai phap tang cftu chung kh6an

117

5.3/ Nang cao nang ltfc hqat d<)ng cua cac djnh che' tai chfnh trung gian . 119
5.4/ Thanh l~p san giao djch cho nhii'ng chung kh6an khong du tieu chuffn .
niem ye't

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5.5/ Md r<)ng TTCK cho nha dftu tu' nude ngoai tham gia

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5.6/ Nang cao cha't luqng thong tin tren TTCK

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5.7/ Trung tam giao dich chung kh6an Ha N
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TiNH CAP THIET CUA DE TAl
Vi?c h'tnh thanh va phdt triln thj tntiJng chung kh6an ( ITCK ) la bu6'c
phdt triln tt{t ytu crla kinh tt thi tntifng . Vi?t Nam voi n€n kinh tt vQ.n hanh
theo cd cht thi tnJiJng , wJi rdt nhi€u nJ lrfc di rut ngifn khoan each tren con
duang hqi nhQ.p wJi n€n kinh tt tht gidi , ciing doi hoi phdi c6 TICK dllam cciu
ndi giaa mqt ben

za. cdc nha d&u

tu bao g6m cdc t6 chuc kinh tt-

xa hqi va

dong ddo dan chung c6 ti€n nhan rJi, vdi ben kia la cac doanh nghi?p cdn vdn
kinh doanh va=Nha mtcJc ccin ti€n, di thoa man cac nhu cciu chung crla n€n kinh
tt- xii hqi.

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Trong qua trznh hinh thanh va phdt triln TICK iJ nude ta, phdi h6an thi?n
dcin khung phdp

ly v€ chring kh6an,

tc;w mqi di€u ki?n dl tang cung cciu chring

kh6an va tang cuang hQat dqng cua cdc djnh cht tai chinh trung gian, d6ng thai
phdi bang mqi each ngan ngua nhang m(it tieu qtc c6 thl xdy ra.
EJ€ tid nay d€ cQ.p dtn mqt sd gidi phap di phdt triin TICK Vi?t Nam ciing
nhu thuc ddy hQat dqng crla Trung tam giao djch chang kh6an TP.HCM.
Vdi

kY vqng TTCK Vi?t Nam mau chong thl;lc hi?n duqc vai tro tfch clfc crla

n6 ddi vdi n€n kinh tt, la cong c~ ddn vdn quan trQng nhdt di thl;lc hi?n m~c
tieu cong nghi?p hod, hi?n dfli hod ddt nude.

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Ml)C TIEU NGmEN CUU
Pluln tfch thf:(c tn;zng ITCK

Vi~t Nam

thai gian qua wJi cdc dqt phat hanh trai

phie'u va c~udng trznh cd pluin h6a cac doanh nghi~p Nha nuac, ciing nhu phan
tfch hqat dqng cua Trung tam giao djch chung kh6an TP.HCM sau mqt niim hqat
dQng . lJanh gia duqc nhilng thahh tfch va t6n tr;zi ciing nhLl nhilng thwJ.n lqi va
kh6 khiin trong qua trznh hqat dqng va phat tri!n cud ITCK Vi~t Nam .
FJl til d6 d~ sudt mqt s6 gidi phap giai quye't nhilng kh6 khiin vutJng mite

trong qua trinh cd phdn h6a, phat tri!n thj truiJng trai phie'u , hoan thi~n ddn
thj truilng sd cdp cung nhu thuc dtiy hqat dqng cila Trung tam giao djch chung
kh6an TP.HCM.

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PHUONG PHAP NGIDEN CUU
FJl thf:(c hi~n mf:l.c tieu cua d~ tai, phuang phap chung duqc srl df!.ng mang
tfnh chdt xuyen su6t va chi dq.o la phudng phap duy vt;It bi~n chung, xem xet va
giai quye't cdc vdn d~ c6 lien quan trong mqi lien h~ phd bie'n, trong trr;zng thai
vt;In dqng va phdt tri!n , c6 tfnh chdt h? thong trong nhrlng ke't qua , nhrlng mijt
tfch cf:(c dii dr;zt duqc. FJ6ng thai ciing giin vi~c nghien cuu wJi hoan cdnh va di~u
ki~n Cf:l. thl dl vi~c danh gia mang tfnh khach quan thf:(c te'.

Ngoai ra d~ tai con sit df!.ng cdc phudng phap khac nhu phufJng phap phan
tfch tdng hqp, phLldng phap so sanh, phLldng phap thay the', phuang phdp can
d6i, phudng phap thong ke ....
t

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LY

LU~N TONG QUAN YE THl TRUONG CHUNG KHOAN

I- THI TRUONG CHUNG KHQAN - KENH HUY DONG VON TRUC
TIEP TRONG NEN KINH TE TUJ TRUONG.
1/ Qua trlnh giao htu vo'n tro ng

xu hoi :

Trong xa hQi cua n~n kinh te' hang h6a , luon luon t6n t~i 2 nh6m dO'i tu'qng
dO'i l~p nhau :,nh6m ngu'oi c6 v6n ti~n t~ t~m thoi nhan r6i va nh6m ngu'oi c6
nhu cftu sti' d~ng v6n . Lam sao de' nguoi c6 v6n g~p duqc ngu'oi cfrn v6n, d6 la
qua trlnh giao lu'U v6n . Qua trlnh ~: iao lu'U v6n nay khong phai hie nao,,noi nao
cling du'qc khuye'n khich phat triJ'n lam n~n tang cho vi~c k.ich thich tang
tntdng cua mQt qu6c gia . Chinh

Cl f

che' kinh te' da quye't djnh de'n vi~c h~n che'

hay khuye'n khich vi~c giao lu'U v6u trong xa h{?i.

21 Phu'o'ng thuc huv dong vo'n:
Trong n~n kinh te' thi tru'ong ,

c(j

2 phu'ong thuc huy d{?ng v6n Ia : huy d{?ng

gian tie'p va huy dQng tlVC tie'p.
•

Phridng thuc huy d<}ng vo'n gian tie'p : phu'ong thuc nay duqc thJ!c
hi~n thong qua cac djnh che' tai chinh trung gian. Bdi v~y, sJ! xua't

hi~n cua ngan hang la mot bttoc tie'n quan trqng trong qua trlnh giao

lu'U v6n. Ngan hang lam vai tro trung gian giii'a nguoi c6 v6n va ngu'oi
cftn v6n b~ng each huy 3


t6 cbuc tin d~ng khac da lam cho qua trlnh giao htu v6n dt.tqc phat
tri~n nhanh ch6ng. Nhu'ng vdi t6c dq phat tri~n cda n~n kinh te' thi

trt.tong , phu'dng thuc buy dqng v6n gian tie'p thong qua ngan hang b
.19 nhi~u h~n che' v~

di~u ki~n , thu ~c, thoi h~n, h~n mile tin d~ng va

hdn the' m1a Ia st{ ddn di~u trong phu'dng thuc dftu tu' va buy dqng v6n.
!

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Phu'o'ng thuc buy dqng vo'n trtfc tiep : ke't qua cda qua trlnh buy
dqng v6n da hlnh thanh mchuqng hdn trong thoi d~i ngay nay, d6 Ia phu'dng thuc buy dqng v6n
trt{c tie'p. Nguyen t~c cd ban cda phu'dng thuc nay Ia ngt.toi cftn v6n (
chinh phd ho~c doanh nghi~p ) se phat hanh cac lQai gia'y c6 gia
chung nh~n chd quy~n v~ cac khoan v6n dt.tqc sd' d~ng g~n li~n vdi
nhung d~c quy~n rna ngu'oi mua n6 dt.tqc th~ ht.tdng.

'
3/ Thi tru'ang chung khoan·(TTCK l
TTCK Ia thu~t ngu dung d~ chi cd che' cda hQat dqng giao djch mua ban

chung kh6an dai h~n nhu' cac lQai trai phie'u , c6 phie'u va cac cong c~ dftn sua't

+ Can eli vao tinh cha't phat hanh hay lt.tu hanh chung khoan rna TTCK c6

th~

dt.tqc chia lam 2 ca'p:
- Thi trilling Sd ca'p: con gQi Ia thj tru'ong phat hanh, dung d~ chi ho~t dqng
phat hanh chung khoan ra thj trt.tong cda cac doanh nghi~p, cong ty c6 phftn
hay nha nude.
Thj tru'ong sd ca'p Ia thj trt.tong t~o v6n cho ddn vj phat hanh. Vai tro cda thj
•

trt.tong sd ca'p Ia t~o ra hang h6a cho thj trt.tong giao djch va lam tang v6n dftu
tu' cho n~n kinh te'.

4


Vi~c phat h~mh chung khoan ra th! tnrong c6 the du'<;Jc cong khai ban qua Sd

giao d!ch chung khoan hay ban rieng.
Thong thuong vi~c phat hanh chung khoan du'<;lc thtrc hi~n qua cac t6 chuc ta.i
chinh trung gian nhu' ngan hang thu'ong m~i hay cong ty chung khoan, cong ty
tai chinh.

-

- Thj tnilJng thu cilp: con g<;>i 13. th! tnrong htu hanh, la thi tru'ong thay d6i
quyen sd huu chung khoan cho nhung c6 phieu trai phieu da phat hanh va dang

lu'U thong tren thj tru'ong. Vi~c mua ban chung khoan tren thj tru'ong thu cap
:

hoan toan khong lam tang ngu6n vO'n cho cac chu the phat hanh ra n6, m~c dil
vi~c giao djch chung khoan tren thi tru'ong nay ra"t soi d()ng va phong phu,

c6

the' c6 mnay.
Tuy v~y, vi~c mua di ban l~i cac c6 phieu tren thi tru'ong hlnh thanh gia ,thi
tru'ong cua c6 phieu, la mciing Ia co sd de' h]ph thanh nen gia ca c6 phieu ban ra thi tru'ong so ca"p d lfrn
phat hanh sau.

-1\tlo'i lien h~ giua thi tru'O'ng sd ca'p va thi tru'O'ng thti' ca'p:
Thi tru'ong so ca"p Ia co sd, la tien de cho str hlnh thanh va phat trie'n cua thi
tru'ong thu cap vl d6 13. noi cung cap hang h6a chung khoan lu'U thong tren thi
tru'ong thu cap. Khong c6 thi tru'ong so cap thl khong the' c6 str xua't hi~n cua thi
tru'ong thu ca"p. Th! tru'ong thu cap 13. mra doi chung nao vftn chua c6 mnhieu lo~i chung khoan da d~ng, phong phu, ha"p dftn nhieu nha dfru tu' va cong
chung de'n bo van ra de' dfru tu' vao chung khoan.

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Ngrrqc l~i, thi tntong thu ca'p de'n lrr<;1t n6 la dtric3'n cda

thi tntong scJ ca'p, vi m
thi tntong, ne'u khong c6 m
t~o ra tinh· "th~nh khoan cho chung khoa~ thi th~t kh6 c6 the thuye't ph~c nha
dfru t1.t bo ti~n ra mua chung khoan.
Chinh vi~c mua ban giao dich chung khoan tren lihi tntong thu ca'p lam lrru
dm~t, chuyen til lo~i chung khoan nay sang chung khoan khac, chuyen til linh

-

Vlfc dftu

tit nay sang llnh vrfc dftu t1.t khac m
Chinh kha nang thanh khoan cao cda chung khoan rna tfnh cha't nang dQng
cda thi tntong thu ca'p da ha'p dfin cac nha dfru t1.t bo ti~nra mua chung khoan.
Di~u nay chfnh la di~u ki~n co ban de cac nha phat hanh chung khoan co the

ban drr<;1c chung khmin tren

thi tru'ong scJ ca'p va huy d
IOn theo nhu cftu.

+Can ell' vao vi~c t6 chuc cac ho~t dnha't dinh hay khong c6 di~ diem t~p trung, ngrroi ta chia thi tru'ong chung
khoan ra lam 2

lo~i

th! tntong:

•!• Thj trliong chll'ng khmin t4p trung: SO' giao djch chll'ng khmin.
T~i So giao d!ch chung khoan, cac giao d!ch duqc t~p trung t~i mqt dia diem;

cac l~nh duqc chuyen tdi san giao d!ch va tham gia vao qua trinh ghep l~nh de._
hinh thanh nen phien giao d!ch . Chi co cac lQai chung khoan dd tieu chuin
niem ye't mdi drr<;1c giao d!ch t~i day.

•!• Thj trliong chll'ng khmin khong t4p trung- Thi truO'ng OTC

6


(Over The Counter Market)
Thi tntong cht.i'ng kh6an OTC Ht thj tntong phi

t~p

trung cling voi thj tntong

t~p trung ( Trung tam giao djch cht.i'ng kh6an- Sd giao djch cht.i'ng kh6an ) t~o

nen m( khong phai Ia thi tntong chq dep nhu nhi~u nguoi lam t11dng) danh cho nhung
cht.i'ng kh6an khong niem ye't tren Trung tam giao djah chU'ng kh6an.
Thj tntong OTC khong c6 dja di~m giao djch chinh tht.i'c, thay vao d6 cac nha
moi gioi ( cong ty cht.i'ng kh6an) ke't noi cac giao djch qua m~ng may tinh di~n

rt1t

thong qua moi gioi d~ tht!c hi~n giao djch ciia minh, khong trao d6i tntc tie'p

voi nhau. Mmlnh toi cac cong ty chung kh6an ( nha moi gioi ). Nguoi moi gioi se tim kie'm
gia ca, khoi lu'qng ciia cht.i'ng kh6an theo yeu C~U ciia cac khach hang tren 'CaC
thong bao ciia h~ thong giao djch du'qc ke't noi giua cac cong ty ho~c lien l~c
voi cac ngu'oi moi gioi khac d~ xac djnh v~ nhu cau cht.i'ng kh6an rna minh
dang giao djch . Cd che' xac l~p gia tren thj tntong nay Ia thu'dng lu'<;Jng giua
ben mua va ben ban, chU' khong phai Ia khop I~nh nhu' So giao djch . (1 day
cong ty chU'ng kh6an dong m'
hong
( ' agent ) hay la nguoi kinh doanh , duqc g<;>i la nhung nha

t~o l~p

thj

tntong ( market maker) trt!c tie'p mua, ban cac chung khoan voi ngu'oi dau t1t
hudng chenh I~ch gia . Du d bat ky vi tri nao nha moi gioi cfing phai thong bao
voi nguoi dau t1t v~ vj the' hi~n t~i cua minh . H<;>at dqng cua thj tntong OTC
chju St! quan ly , giam sat ciia UBCKNN va

hi~p

hqi nht1ng nha kinh doanh

chung kh6an ; tuan theo phap lu~t v~ cht.i'ng kh6an va TTCK noi chung, lu~t thi
tntong OTC va cac qui djnh do hi~p h
7


.
4/ Cac thanh·ph§n tham gia TICK:
Cac t6 chti'c va ca nhan tham gia TICK c6 th~ duqc chia thanh 3 nh6m sau :
nha phat h~nh, nha dau tU' va cac t6 chti'c c6 lien qmin de'n chti'ng kh6an.

4.11 ~na phat hanh.
Nha phat hanh Ia cac t6 chti'c tht;c hit$n1my dphat hanh la nguoi cung ca'p cac chti'ng kh6an- hang h6a cua TTCK.
- Chinh phu va chinh quy~n d!a phuong Ia nha phat hanh cac trai phie'u Chinh
phil va trai phie'u dja phU'ong .
- Cong ty Ia nha phat hanh cac c6 phie'u va trai phie'u c6ng ty.
- Cac t6 chti'c tai chinh Ia nha phat hanh cac cong c~ tai chinh nhu cac trai
phie'u' chti'ng chi th~ hudng ... ph~c ~ cho hqat d4.2/ ~lfia dftu tu'
Nha dau tU' Ia nhung nguoi tht;c st; mua va ban chti'ng kh6an tren TICK . Nha
dau nt c6 th€' duqc chia thanh 2 lqai : nha dfru tU' ca nhan va nha dau tU' c6 t6
chti'c .

Cdc nha dtiu Ill cti nhan :
NJ:m dau tU' ca nhan Ia nhung nguoi c6 v6n nhan r6i t~m thoi, tham gia mua
ban tren TTCK voi m~c dich tim kie'm lqi nhu~n . Tuy nhien, trong dau nt thi
lqi nhu~n l~i luon g~n voi nli ro , lqi nhu~n ci'lng cao thi nli ro cang Ion va
nguqc l~L Chinh vi v~y cac nha dau tU' ca nhan luon phai lt;a chqn cac hinh
thti'c dau tu' phu hqp voi kha nang ciing nhll' mti'c d

8


Cdc nha dd.u tll co td chuc :
Nha dftu nt c6 t6 chuc , hay con gQi la cac d!nh che' dftu nt, thttong xuyen
mua ban chung kh6an vdi sfilttqng ldn tren thi trttong. Cac t6 chuc nay thttong

c6 cac bnghien cll'u thi tntong va d~a ra c~c quye"t dinh dftu tu'. Mchuyen nghic$p chinh tren TTCK la cac cong ty dftu nt, cac cong ty bao hiem,
cac quy Iuong httu va cac quy bao hiem xa hchuc dftu nt c6 ttu diem n6i b~t la c6 the da d~ng h6a danh m~c dftu tu' va cac
quye't d!nh dftu tu' dttqc thtrc hi~n bdi cac chuyen gia c6 kinh nghi~m .
Mcong ty tai chinh dttqc phep kinh doanh chung kh6an, c6 the sti' d~ng ngu6n
vfin ctia minh de dfru tu' vao chung kh6an nh~m m~c dich thu lqi.
Ben c~nh d6, cac cong ty chung kh6an, cac ngan hang thttong

m~i

cling co

the trd thanh nha dfiu nt chuyen nghi~p khi hQ mua chung kh6an cho chinh
minh.
4.3/ Cac

t6 chuc kinh doanh tren TTCK.

Cong ty chung khoan
Cong ty chung khoan Ia nhung cong ty hQat dqng trong linh Vt1c chung kh6an

, c6 the dam nh~n mphat hanh , moi gidi, tt;t doanh, quan ly quy dftu nt va nt va"n dftu ttt chung
kh6an.
Be c6 the thtrc hi~n m6i nghi~p ~. cac cong ty chung kh6an phai dam bao
dttqc m
Ngan hang thlidng mq.i

9


T~i m9t

s6 mtdc, cac ngan hang thuong m~i c6

th~ sii' d~ng vein

tt;t c6 d~ tang

va da d~ng h6a lqi nhu~n thong qua dftu tu' vao cac chung kh6an . Tuy nhien
cac ngan hang chi duqc dfru tu' vao ehung kh6an trong nhii'ng gidi h~n nha't dinh
d~ bao v~ ·ligan hang tntdc nhii'ng bie'n d9ng eda gia ehung kh6an. M9t sci

nude eho phep ngan hang thuong m~i l~p eong ty con d9e l~p d~ kinh doanh
ehung kh6an va thtfc hi~n nghi~p ~ bao Hinh phat h~nh.
!

51 Cae

t6 chuc co lien quan de'n TICK :

Cd quan qudn lj Nha mtuc

Co quan nay c6 th~ c6 nhii'ng ten gQi khac nhau, my tll'ng nude . N6 duthanh l~p d~ thtfc hi~n chue nang quan ly Nha nudc d6i vdi TTCK.
T~i Vi~t

Nam, lJy ban chung kh6an Nha nudc ciing da duqc thanh

l~p

theo

Ngh! d!nh s6 75 /CP ngay 28/1111996 cua Chinh phd . Uy ban ehung kh6an
Nha nude la m9t co quan thu9e Chinh phd thtfc hi~n chue nang quan ly Nha
nude djeh

~

TTCK d

Vi~t

Nam.

Sll giao dich chung klzoan

So giao djeh chung kh6an thtfe hic$n v~n hanh thi tru'ong thong qua b9 may t6
ehti'e bao g6m nhi~u bQ ph~n .khae nhau ph~c ~ eae hqat d9ng tren Sd giao

djeh. Ngoai ra Sd giao djeh efing ban hanh nhii'ng qui djnh di~u ehinh eac hqat
d9ng giao djeh ehti'ng kh6an tren Sd, phil hqp vdi eae qui djnh eda lu~t phap va
Uy ban ehung kh6an .
Hi?p lzqi ctic nlza kinlz doanlz clzung klzoan
Hic$p h9i eae nha kinh doanh chung kh6an la t6 ehue eda eae eteka m9t

sci

~

thanh vien khac hQat d9ng trong nganh chti'ng kh6an , du
10


dich bao v<$ lqi ich cho cac cong ty thanh vien n6i rieng va cho toan nganh
chung kh6an n6i chung .
Hi<$.P hhi<$n m
+ Khuye'n khfch hqat dqng d~u tu' va kinh doanh chung kh6an .
+Ban hanh va tht[c hi<$n cac qui lAc t1! di~u hanh tren cd sd cac qui djnh phap
lu~t v~ chung kh6an.

+ Bi~u tra va giai quye't cac iranh cha"p giii'a cac thanh vien .
+ Tieu chuffn h6a cac nguyen ufc va thong 1<$ trong nganh chung kh6an.
+ Hqp tac voi Chinh phd va cac cd quan khac d~ giai quye't cac vffn d~ c6 tac
d<)ng de'n hqat dqng kinh doanh chung kh6an .

Tlf chuc lztu kj va tlzanh toan bu trii chung khoan

La t6 chuc nh~n h.ru giii' cac chung kh6an va tie'n hanh cac nghi<$p v~ thanh

to an bu t:rU cho cac giao djch chung kh6an.
61 Chuc nang , vai tro ciia TTCK :

Huy dljng vffn dOu tli cho nin kinh t(
Khi cac nha dftu tu' mua chung kh6an do cac cong ty phat hanh hqat dqng,

sci

ti~n nhan r6i cda hQ du'QC du'a VaO hqat dQng san XUftt kinh doanh Va qua do

gop phftn md rqng san xua"t xa h_cong ty , TICK da c6 nhii'ng tac d
kinh te' qu6c dan . Thong qua TTCK, Chinh phd va Chinh quy~n d cac dja
phu'dng ciing huy dqng du'qc cac ngudn vein cho m~c dich sd' d~ng va dftu tu'
phat tri~n h~ cing kinh te', ph~c ~ cho cac nhu cftu chung cda xa h
11


Cung clip moi trzillng ddu trt cho cong chung
TICK cung ca'p cho cong chung mhtinh cha't, th?1fh~n va dlqai hang h6a phu hqp voi kha nang , m~c tieu va sd thic~ ciia mlnh . Chinh vi

v~y, TICK g6p ph~n dang k~ lam tang muc tie't ki~m quo'c gia .

Tf!o tinh thanh khoan cho ctic chung khoan
1\Th?1 co TTCK cac nha d~u tu' c6 th~ chuy~n d6i cac chung kh6an hQ sd huu .. thanh ti~n m~t ho~c cac lQai chung kh6an khac khi hQ muo'n. Kha nang thanh
khoan ( kha nang chuy~n d6i thanh ti~n m~t) Ia mdfrn ciia chung kh6an do'i voi ngttoi d~u nt. TTCK hQat dqng cang nang dva c6 hi<$u qua thl cang c6 kha n~ng nang cao tinh thanh khoan ciia cac chung
kh6an giao d!ch tren thi trttong .

FJtinh giti hf}at dqng ciia doanh nghi?p
Thong qua gia chung kh6an , hQat dqng ciia cac doanh nghi~p dttqc phan anh
m<?t each t6ng hqp va chinh xac, giup cho vi~c danh gia va so sanh hQat d(>ng
ciia cac doanh nghi~p dttqc nhanh chong va thu~n ti~n, tU' d6 cfing t~o ra m(>t
moi tnt?1ng c~nh tranh lanh m~nh nh~m nang cao hi~u qua sii' d~ng vo'n, kich
thich ap d~ng cong ngh<$ moi, cai tie'n san phim.

Tf!O moi tnillng giup Chinh phil thlfc hi?n ctic chinh stich kinh t( vi mo
Cac chi bao ciia thj tntong chung kh6an phan anh d(>ng thai ciia n~n kinh te'
m
nt dang md rse cho tha'y cac da'u hi<$u tieu ct!c ciia n~n kinh te'. Vl the', TTCK dttqc gqi Ia

12


-

~

.

,

,

phong vu bi~u cda n~n kinh te' va Ia mQt cong c~ quan trqng giup Chinh phd
th-gc hit$n cac chfnh sach kin? te' vi mo . Thong qua TTCK, Chfnh phd c6 th~
mua va ban tnii phie'u Chinh phd d~ t~o ra ngu6n thu bu d~p tham h~ t ngan

.

sach , bi~n phap tac dphat tri~n can d6i cda n~n kinh te'.

7/ Cac h~mh vi tieu cue co thi phat sinh trong hoat dong cua TTCK
Tac dn6 c6 vai tro vo cling quan trqng va thie't ye'u cho s-g phat tri~n cda n~n kinh
te' . :Nl;Jt khac, ne'u khong du'<;Jc v~n hanh dung theo qui lu~t va khong c6 sv
giam sat ch;Jt che cda lu~t phap , vi m~c dich ldqan

thi

tntong siln sang dung nhii'ng thd dqan gian d6i , ph~m phap d~ gay

nen nhii'ng tac h~i tieu c-gc tren TTCK. TICK cang phat tri~n nhii'ng hanh vi
tieu Cl!C l~i cang tinh viva xao tra hdn . Du'di day la m
s6 nhii'ng hanh vi tieu

c11c kha ph6 bie'n tren cac TTCK:

7.11 Dftu cd chung khoan, liing dQan thi trliO'ng
Tren TTCK, cac nha dftu tu' c6 quy~n ngang b~ng nhau trong vi~c ll!a chQn
thai cd mua va ban chung kh6an nh~m dem l~i l<;Ji ich cho ban than hQ. HQat
dQng dftu tu' lam tang doanh

s6 giao djch thi tru'ong 'tang tinh thanh khoan cda

chung kh6an . Nhung ne'u nhii'ng nha dftu tu' ca'u ke't vdi nhau d~ mua ho;Jc ban
chll'ng kh6an vdi s6lu'tang hay giam dQt bie'n, lUng dqan

thi

tru'ong , thi day l~i Ia m
c11c cftn phai ngan.ca'm.

13


7.2/ Ban kho'ng
Ban kho'ng la thu~t ngu dung dti chi cac nha dftu ttt ban chung kh6an rna hQ
chua c6 qu.y~n sd hliu ·. Trong thlfc te', vi~c ban kho'ng dem li;ii lqi nhu~n ra't cao
cho cac nha d~u nt ne'u hQ tien d6an dung xu huang crla thi tntong. Nhung day
la m(>t hanh vi lung dqan thi tntong ne'u n6 du'qc thlf~ hi<$n boi slf diu ke't
~

ciia nhi€u ngu'oi , mua ban kho'ng vdi sdlu'qng ldn (i;lo ra cung cfru gia (i;lo
v~ chung kh6an gay khung hoang thi

tntong tac hi;ii xau de'n nc3n kinh te'. Ban

khong duqc ca ngqi d cac TICK phat tri€n, nhu'ng ddi vdi mtdc ta va cac
nude trong khu vlf.c hanh vi ban kho'ng hoan toan bi nghiem ca'm .
7.3/ l\llua ban nQi gian
Mua ban n(>i gian Ia hanh vi ciia nhung ke lqi d~ng quyc3n hanh hay slf 1tU
tien trong vi~c nam giu cac thong tin n(>i b(> cua m(>t cong ty c6 phat Q.anh
•

chung kh6an ra thi tru'ong d~ co' tlnh mua vao hay ban ra c6 phie'u ciia cong ty
c6 phfrn c6 bao gia tren thi tru'ong . Sau khi thong tin nay duqc cong bo r()ng

dii cong khai ra cong chung se c6 slf thay d6i Ion v~ gia ca c6 phie'u , day Ia
thoi co to't cho nhii'ng ke mua ban n(>i gian kie'm duq~ lqi nhu~n ra't Ion , nhung
n6 da vi phi;im nghiem tr<;mg nguyen tac cong bi\ng vc3 cong khai thong tin cho
mqi nha dau nt tren TICK , phuong hi;ii de'n cac nha dau tu' khac tren thj

tntong . Bay ciing la m(>t hanh vi tieu clfc b! ca'm tren TTCK
7.4/ Thong tin sai srf. th4 t
Day Ia m(>t hanh vi thie'u di;io due nhi\m m~c dich lam cho gia c6 phie'u crla
cong ty khac s~t giam ho~c ghi c6 phie'u cua cong ty mlnh duqc tang cao do
-

vi~c phao tin d6n tha't thi~t tren thi tntong . Nguoi phao tin d6n tha't thi~t c6

th€' duqc hudng l<;Ji do vjec mua voi gia tha'p c6 phie'u ciia cong ty khac ' sau
14

d6 cho khi thong tin duqc kiem chung se ban ra vdi gia cao hon. Thong tin sai
Sq' th~t d~c bi~t du'qc phat tan qua m~ng Internet, d~ dang danh lira cac nha
dftu tu'. M~t khac, mye"t nhAm lua-dao cac nha dftu tu' de huy dqng du'qc v6n qua vi~c ban chung
kh6an ra thj tntong . Tftt ca nh}fng hanh vi thie'u d;;to due nay d~u bj nghiem
ca'm trong cac lu~t chung kh6an cac qu6c gia phai bj ~d' ly thich dang .

II- HANG HOA CHUNG KHOAN

1- Trai phie'u (bonds)
·1.11 Khai niem - Dac die'm :

* Trai phie'u Ia m( chinh phd hay doanh-nghi~p) va nguoi cho vay, dam biio m
lq~

ni'c dinh ky va hoan l;;ti v6n g6c cho nguoi cfim trai phie'u d thoi diim dao h~n .
Tren gia'y chung nh~n

nq nay c6 ghi m~nh gia ciia trai phie'u va ty sua't Hii trai

phie'u
•

i\'l~nh gia ( par-value ) Ia

s6 ti~n ghi tren tO trai phie'u con gqi la gia trj

danh nghia. M~nh gia d;;ti di~n cho

s6 ti~n duqc tra t;;ti thoi diem dao h;;tn (

maturity - date ) con gqi la v6n g6c .

• Ty sua't H'ii trai phie'u ( coupon interest rate ) Ia muc Hii du'qc a'n djnh tra
hanh nam cho nguoi chd trai phie'u .

* B~c diem trai phie'u
- La lqai chung kh6an nq c6 ky h;;tn .

15


- Btt<;1c hudng Hii c6 djnh va

tY sua't Iai tnii phie'u khong cao nhu'ng khong ph~

. thu<)c vao .ke't qua san xua't kinh doanh .
- ft n1i ro. Trong tntong hqp tnii phie'u la cong tnii thl hfiu nhu khong c6 ye'u t6
n1i ro.
- Btt<;1c thu h6i v6n g6c b~ng m~!nh gia ciia trai phie'u d thoi di€m dao h~n .
~

- Khi cong ty bi giai th€, ngttoi cfim trai phie'u duqc ttu tien tra nq tntdc c6 dong

1.2/ Phan Ioai

* Can ell' viw hinh thue phat hanh:
Trai phie'u c6 2 lo~i : trai phie'u vo danh va trai phie'u ky danh:

•

Trai phie'u vo danh : Ia lo~i khong ghi ten nguoi chii sd h hii'u tren trai pQ.ie'u
va do d6 khong lu'U tn1 ten trai chu trong s6 sach cua cong ty phat hanh .
Tren m6i to trai phie'u c6 cac o gqi Ia coupon, d~i di~n cho

s6 ti~n Hii duqc

trii dinh ky. Be'n ky h~n. trai chu chi vi~c cAt roi mhanh hay d~i ly ciia n6 d€ nh~n Hii.

•

Trai phi!u Jcy danh: Ia lo~i trai phie'u c6 ghi ten trai chu tren to phie'u ciing
nhu' trong s6 sach ciia cong ty phat hanh .

*

Can ell' vao ehii th~ phat hanh : trai phie'u c6 th€ duqc phat hanh bdi 1

trong cac t6 chuc sau :

•

•

Trai philu chinh phu : Chinh phu phat hfmh trai phie'u vdi qui mo toan qu6c
de thlfc hi~n cac chinh sach tai chinh qu6c gia cua ngan sach nha nu'dc .
Chinh phii trung u'dng rna

d~i di~n

laB
khoan nhu' cong trai phie'u, trai phie'u kho b~c. trai phie'u chinh phii. ·

16
---·--------


•

Trcii phieu do chfnh quygn dif:l phucmg phcit himh nh~m m~c dich tlli trq b6

sung cho nhung khoan chi ngan sach thie'u h~t t~i di~ phu'ong.
Vi~c phat hanh trai phie'u chinh phd ciing duqc slf h6 trq cda cac t6 chuc tai

chinh trung gian nhu' ngan hang , cong ty chung kh6an

ho~c

cong ty tai chinh.

Cac t6 chuc nay thuong nh~n Iani d~i Iy hudng phi hoa h6ng ho~c diu gia bao
Hinh . Cong trai quo'c gia nhit Ia trai phie'u kho b~c cda chinh phd nen muc dQ nli ro Ia thip nhit, do d6 Uii suit cda chung khoan
nay thu'ong thip hon chung khoan cong:ty.
•

Trcii phieu doanh nghifp : Cac doanh nghi~p thu()c cac thanh phan kinh te'

ne'u day dd cac di~u ki~n theo Iu~t dj~ va duqc phep cda Uy ban chung
khoan nha nu'oc, duqc phep phat hanh trai phie'u de huy d()ng vo'n voi m~c
dich tai trq dai h<;tn cho cac nhu cftu tang vo'n cda doanh nghi~p .

*Can cu vao IQ'i tuc trai phie'u.
Cac Io<;ti trai phie'u cong ty thong thu'ong nhit duqc phat hanh r()ng rai va
chie'm da so' Ia cac Io~i trai phie'u thuong voi d~c diem khac nhau d hlnh thuc
tra Iai.

•

Trai philu co /iii suift lfn d!nh ( level coupon bond) : phan Ion va ph6 bie'n
nhit Ia Io~i trai phie'u voi Iai suit 6n djnh du'qc tra theo djnh ky. Thuong
djnh ky Ia ml"a nam ho~c m()t nam. VO"n go'c ctia trai phie'u b~ng voi b~ng
voi m~nh gia trai phie'u duqc tra m()t Ian khi dao h~n. Thong thuong

tY suit

6n djnh, nhung nhung nam gan day, de kh~c ph~_c nhu'qc diem cda Io~i trai
phie'u c6 Iai suit co' djnh va chi~u theo thi hie'u khach hang, ngu'oi ta phat
hanh vai Io<;ti trai phie'u kha-·

la1.

}

,

'-""·':. L_·i

~

;

i.:";\; 1 ·;';~;-~·r::,./1 ./_'-?i~
.r-.,,t~rv, , . ·. , .. , •.. ,.

.?

l~-

'\..,_~·y-·.t:~"~)"

------:..~'.::-.:d"'
17 .-,- c 11M

ti

.. -~-~~-:.. _·.:.:./

...

f-::'.:

. ··.-.

;~~. r~;:;: ~

I! : l; 1r v;: ~i :;:·.··:.

. _···: :~·:

1

j ~-----~~~:...:_··; ·ry,L j

~---~---- ·--~' .:J.ll::J_J


• Trdi phitu chitt khau ( zero coupon bond ) : h1 lo~i tnii phie'u khong tra Hii
hang nam nhttng dttqc ban voi gia tha'p hon mt$nh gia ( gqi la chie't kha'u)
va khi dao h~n dttqc nh~n l~i v6n g6c b~ng mt$nh gia ciia trai phie'u .

• Trdi phitu·lai suat thd ndi ( floating rate bond) : la lo~i trai phie'u rna Hii
sua't ciia trai phie'u bie'n dtntong va do d6, gay nen sv 6n dinh tttong d6i ciia gia trai phie'u tren thi

tY sua't Hii trai phie'u bie'n d6i cling chic3u va tttong dttong voi Hii
sua't thi trttong. Thong thttong, tY sua't lai trai phie'u dttqc a'n diflh tUng 6
thang mtntong va

lai tren thi trttong . Ch&ng h~n mh~n lam can cu dic3u chinh lai sua't. M
s6 khac l~i dic3u chinh hoi cao hon

lai sua't hit$n hanh ciia trai phie'u chinh phii .

* :VIqt sff lo~i trai phie'u d~c tru'ng :
Trang qua trlnh phat tri~n TTCK
nhung d~c di~m khac nhau chi

ocac nttoc, trai phie'u c6 ra't nhic3u lo~i voi

om
hoan ciinh c~ th~ cda m6i nttoc, m6i c6ng ty va chic3u theo thi hie'u khach hang
nha dftu ttt. Nhttng n6i chung ciing xe'p vao nhung lo~i d~c trttng sau:

• Trdi phitu co tht chdp ( montgage bonds): Ia lo~i trai phie'u dttqc dam bao
b~ng tai san cong ty' c6 th~ Ia tai san co' dinh ho~c chung khoan c6ng ty.

Ciing c6 trttong hqp cong ty phat hanh chung khoan dttoi sv bao lanh ciia
m
• Trdi phitu khong tlzt chdp ( debentuse ) : cac cong ty n6i tie'ng ba c6 uy tin
lau doi thttong khong cftn phai phat hanh trai phie'u c6 the' cha'p vi chinh the'
Ittc ciia hq tren thttong trttong da la m
18


,.

hanh .

aMY cac cong ty da quae gia nd'i tie'ng nhu' cong ty IBM thttong phat

h.~nh lo~i trai phie'u nay .

• Trai phiiu co thi chuyin difi (convertible bond) : Ia lo~i trai phie'u c6 thti
chuytin ddt thanh

c6 phie'u thttong voi gia ca da du'
trai phie'u nay lai sua't trai phie'u thttong tha'p han trai phie'u thttong. Nhttng
.

!

bu l~i; khi cong ty lam an phat d~t,

c6 phie'u len {la, ngttoi cftm trai phie'u

nay se kie'm dtt
c6 phie'u.

• Trai phitu thu nhqp ( income bond) : nhtt ten gqi, ngttoi mua trai phie'u IJ.ay
chi dttdttqc se trii l~i cho trai chu, tuy nhien

tY 1~ Iai khong IOn han lai sua't qui

dinh tren trai phie'u . v~ m~t nay lo~i trai phie'u nay gio'ng c6 phie'u u'U dai
nhttng n6 khac d ch6 ti~n lai tra cho trai phie'u thu nh?p du'

( tra tru'oc thue' ), con dai voi c6 phie'u u'U dai thl khong du'sau thue') .

1.3/ Cac nhan to' anh hu'O'ng gia trai phieu .
N6i chung, gia thi trttong cua ba't eli lo~i chung khoan nao cfing ph~ thuvao cung va cftu, vi the' khi muan bie't di~u gi quye't dinh gia trai phie'u , chung
ta chi cfrn tim hitiu nhan to' nao dung sau cung va cftu .

aJ Kha nang tai chinh ciia ngu'O'i cung ca'p trai phie'u.
Cung ca'p trai phie'u la mvan. Do d6 nha dfru ttt ra't quan tam de'n kha nang thanh toan lai va van g6c
cua ngttoi cung ca'p tnii phie'u .

19