Các giải pháp để phát triển thị trường chứng khoán việt nam

BQ GIAO DlJC VA DAO T~O
TRl.f(iNG D~I HQC KINH TE TPo H6 CHi MINH
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MAl BICH LIEN

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CAC GIAI PHAP DE PHAT TRIEN
THI. TRUONG CHUNG KHOAN VIETNAM
.
Chuyen nganh: Tai Chfnh, Ltiu Thong Tien T~ va Tin Dvng
Ma so': 5o02o09

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LUAN VAN THAC SI KHOA HOC KINH TE
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Giao vien huong dfin khoa hqc
PGSo TSo Nguy~n Thi Di~m Chdu

· BQ GIAO DUC VA DAO TAO
TRL!ONG EJH KINH TE TP.HCM

THUVI~N

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THANH PHO HO CHI MINH- NAM 2003


LOICAMDOAN

Toi xin cam doan day la cong tdnh nghien cll'u cda rieng toi. Cqua neu trong lu~n van la trung tht,tc va chtta tung dttqc ai cong b6 trong ba"t ky
cong tdnh nao khac.

Tac gia

MAl BICH LIEN


DANH MUC
CAC CHU VIET TAT
•

1. TTGDCK TP. HCM: Trung Him giao dich cht1'ng kh6an Thanh pho' H6 Chi
Minh
?

2. UBCKNN: Uy ban cht1'ng khmin Nha nu'oc
3. TTCK: Thi tntong cht1'ng khoan
4. TTCKVN:

Thi tru'ong cht1'ng khoan Vi~t nam

5. Thi tru'ong OTC (Over The Counter):
6. DNNN: Doanh nghi~p Nha nu'oc
7. TPCP: Trai phie'u chinh phd
8. NSNN: Ngan sach nha nu'oc

Thi tru'ong cht1'ng kh6an phi t~p trung


MUCLUC
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Trang ph~ bia
Loi camdoan
Danh m~c cac chu vie't Hh

Trang
;t

LOI Mo DA u..... ~ ........................................................................................................................t
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Tinh cftp thie't,
M~c

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£) 01

y nghia khoa hQc va tht;t'c ti~n cda d~ tai ............................. 1

dich nghien cuu cda 1u~n van ........................................................ 1

tuqng, ph ~m VI ngh'1en cuu cua 1u~n van .......................................... .2
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Phuong phap nghien cuu ..................................................................... 2
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Ket

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cau
u~n van ............................................................................ .2
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CHUONGl ................................................................................................................................................4

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LY LU~N TONG QUAN VE THl TRUONG CHUNG KHOAN

va djnh nghla ve thj trli~ng chnng kh6an.."."'"'"'"'"'"'"'"'"'"...4

1.1.

Khai ni~m

1.2.

Chuc nang ciia thj tru~ng chung kh6an.. "'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"...6
1.2.1. C~u n6i tich 1fiy va d~u tu' .................................................. 6
1.2.2. Di~u hoa v6n d~u

tu' ......................................................... 6

1.2.3. T~o di~u ki~n thu~n 1qi cho vi~c mua ban chung kh6an ............. 6


1.2.4. Cung cftp thong tin kinh t€ ................................................ 7
1.2.5. Ndi nha mtoc thtrc hi~n cac chinh sach kinh t€ vi mo .................. 7
1.3.

Nguy~n Hie ho;;tt d()ng cua thj trtiO'ng chung kh6an.. "."·"·"·"·"·"·"·"·"·"....7

1.3.1. Trung gian mua ban ........................................................ 8
· 1.3.2. Cong khai .................................................................... 8
1.3.3. Biu gia ....................................................................... 8
1.3.4. Phap che' h6a mqi giao dich ................................................ 8
1.4.

PhAn lo;;ti thj trliong chung kh6an.. "·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·····"·"···9
1.4.1. Cd cilu

t6

chuc.. "."·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·····"·9

1.4.1.1. Thi tntong sd cftp ............ ~ ............................. ·................ 9
1.4.1.2. Thi tru'ong thu cftp ......................................................... 9
1.4.2. Cac lo;;ti hinh thj trliong chung kh6an.. "·"·"·"·"·"·"·"····"·"·"·"·"·"·".... 10
1.4.2.1. Thi tntong chung kh6an

t~p

trung ..................................... 10

1.4.2.2. Thi tntong chung kh6an phi t~p trung ................................. 10
1.5.

Hang boa htu thong tr~n thj trliong chung kh6an.. "·"·"·"·"·"·"·"·"·"·"·"·"..l1

1.5.1. elf philu."."·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"·"....... "."... 11
1.5.1.1. c6 phi€u thu'ong ......................................................... 11
1.5.1.2. c6 phi€u u'u dai ............................................................ 11

1.5.2. Tr3i philu..................................................................................................................... 13
1.6.

Cac chu the tham gia thj truong chll'ng kh6an.. "."·"·"·"·"·"·"·"·"·"·"·"·"·"... 17
1.6.1. Cac doanh

nghi~p .......................................................... 17

1.6.2. Cac nha d~u tu rieng Ie ................................................... 18
1.6.3. Cac t6 chuc tai chinh ...................................................... 18
1.6.4. Nha moi gioi va kinh doanh chung kh6an .............................. 19


1.6.5. Ngu'oi t6 chuc thi tru'oDg ................................................... 20
1.6.6. Nha Du'oc ..................................................................... 20
1.7.

Nhfi'ng kinh nghi~m ve xay d1fng va phat triin thj trtiong chung

khoan d m(}t sff nude tr~n the' gi6'i Va bai hQC rut ra.. "'"'"'"'"'"'"'"'"'"'"'21
1.7.1. TruDg qu6c ................................................................... 21
A' DOl
~· ...................... ·................. . 23
1 .7 . 2 . M· Q"t SO,.,- Du·AvC 0 th'! tfu';.:vDg IDvl
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1.7.3. Nhii'Dg bai hqc kinh

Dghi~m

rut ra ttl cac Du'oc troDg

vi~c

xay dt;t'Dg

. ~ t h'! tru'oDg
'
va' p h-"at tneD
c h-"U'Dg kh-"oaD .......................................... .24

Ke't lu;jn chtidng 1.. "'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"'"'""..25
CHU<1NG2 ............................................................................................................................................ 27
THljC TR~NG HO~ T DQNG CUA THf TRUVItTNAM
2.1.

Thvc

tr~ng

thj trtiong chung kh6an

Vi~t

nam sau 3 nam

ho~t

dQng ... ...... ............................................................................................................................ 27

2.1.1. Hang h6a....................................................................................................................... 28
,.:' Diem yet .................................................... .28
2 . 1. 1. 1. C o~ p h'1eu
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2.1.1.2. Trai phie"u ................................................................. 28
2.1.1.3. Ho~t d()Dg cda cac coDg ty Diem ye"t ................................ 29

2.1.2. Giao djch, dang ky, thanh toan bu tru va htu ky chung
kh6an............................................................................................................................................ 31
2.1.2.1. Kh6i lu'QDg giao dich ..................................................... 31
2.1.2.2. Gia ca va gia tri thi tntoDg ............................................. 32
2.1.2.3. H~ th6Dg giao dich ........................................................ 34
2.1.2.4. Lu'U ky thanh toaD bu tn! .............................................. .34

2.1.2.5. Cong b6 thong tin ....................................................... .35
2.1.3. Dieu hanh ciia TTGDCK TP.HCM.. "'"""""'"'"'"'"'"'"'"""""'"'"'"'"'"'36
2.1.4. C6ng ty chung kh6an va cac djnh cht trung gian tai

chinh...............................................................................................................................................37
2.1.4.1. Cong ty chung kh6an ................................................... 37
2.1.4.2. T6 chuc h.tu

kY ........................................................... 39

2.1.4.3. Ngan hang chi d!nh thanh t6an ......................................... 39
2.1.4.4. Cong ty qmin ly quy .................................................... .39
2.1.5. Qm'ln

2.2.

ly va giam sat thi trtiong.. MOMOMOMONONONOHOMOMONOMOMOM00000H000000MOMON000.40

I>anh gia th1}'c tr~ng ciia thi trtiong chung kh6an Vi~t nam sau 3

nam

ho~t

dQng........................................................................................................................42

2.2.1. Nhung ktt qua d~t duqc ciia thi truong chung kh6an Vi~t

nam................................................................................................................................................. 42
2.2.2. Nhung h~n cht, t6n t~i ciia thi trtiong chung kh6an Vi~t nam

, nguyen
.
" n h"an cua noOOMOMONOMOMOMOMOHOMOMOMOMOMOMOMOMOMOMOMOMOOOOHOMOH000ooMOHOMOMoo43
va... cac
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2.2.2.1. Kh6i luqng c6 phie"u niem ye"t va giao d!ch tren thi tru'ong chua
.;:; p h ~m VI. h<;>a t. d"<;>ng cua th'! t.LUvng
......:>l con
'
h yp .......................... .. 43
nh1eu,
?

2.2.2.2. Tnii phie"u chinh phd tuy da duqc dua vao niem ye"t nhung s6
lU'qng giao dich con tha"p .......................................................... 43

2.2.2.3. Nhfi'ng h~n che" t6n t~i khac ........................................... .44
2.2.2.4. Cac nguyen nhan ........................................................ 45
Ktt luij.n chl.idng 2..................................................................................................................47
CHUONG 3 OONOMOMOMOMOMOMOMOMOMOMONOMOMOMOMOMONOMOMOHOMOMOMOMOMONOMOMONOMOMOHOMOMOMOMOMONOHOHONONON00000049
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CAC GIAI PHAP CHU YEU DE PHA T TRIEN THl TRUONG CHUNG
KHOAN VItT NAM


3.1.

Chie'n htQ"c phat tri@n thi tru(ing chung kh6an Vi~t nam de'n nam

201 0.. _,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,_,, .. -·-·-·-·-·-·-···49
3.2.

Cac ghii phap chu ye'u d@ phat tri@n thi tru(ing chung khoan Vi~t

nam.......... ~ ....................................................................................................................................... .52
3.2.1. Roan

thi~n

khung phap ly cho str

v~n h~mh

cda thi tntong chung

kh6an ................................................................................. 52
3.2.2. Xay dlfng thi tntong OTC ................................................ .53
3.2.3. Thanh l~p Quy blnh 6n gia chung kh6an .............................. .55
3.2.4. Tie'p t\).c dfty m.;tnh vi~c tti~n khai qua trlnh c6 ph~n h6a va chuy~n
-:1· so hd 01
uu d'oa·nh ngh'"
H~p nh'a nuoc ............................................ .. 55
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3.2.5. Phat tri~n b6n vii'ng cong ty c6 ph~n d.;ti chung ...................... 57
3.2.6. T.;to long tin cho cong chung vao thi tntong chung kh6an ........... 61
3.2.7. Md r(>ng do'i tuqng da'u tu ................................................. 63
3.2.8. Ba d.;tng h6a chd th~ phat hanh trai phie'u .............................. 65
3.2.9. Tieu chuftn h6a vi~c phat hanh trai phie'u chinh phd ................. 66
3.2.10. GiiH phap d~ phat tri~n thi tntong trai phie'u do thi ................. 67
Ke't lu~n Chtidng 3.·-·-·-·-·-·-... ·.. -·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-···68
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KETLU~N................................................................................................................................................70

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DANH Ml)C TAl LIJ.i_:U THAM KHA0.. -·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-...71
PHl) Ll)C


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LOIMODAU
Tinh cap thitt, j nghia khoa hpc va thl,lc ti~n cua d~ tai
Thi tntong chung khmin Ut mqt bq ph~n khong the thie'u dttqc ciia
thi tntong tai chinh. Thong qua thi tntong chll'ng khoan, Chinh phd c6 thS
giam tham ht;tt ngan sach, tht.fc thi chinh sach ti~n t~, cac doanh nghi~p c6
the huy dqng dttqc v6n de dfru ttt phat triSn, cai thi~n tlnh hinh tai chinh,
giam chi phi huy dqng v6n va nang cao hi~u qua quan ly. Thi tntong
chung khoan ciing dem l~i nhi~u lqi ich cho cong chung va giup hQ c6 the
httdng nhfi'ng thanh qua d~t dttqc ciia n~n kinh t€.

M(lc dich nghien cuu cua luQ,n viin
Thi tntong chung khoan Vi~t Nam ra doi tinh cho de'n nay da dttqc gfrn ba
nam, n6 da d~t dttqc nhfi'ng thanh tt.tu nhftt dinh lam thay d6i each nhin ciia

gioi kinh doanh v~ gia tri doanh nghi~p gio ngttoi ta xac dinh gia tq mqt
doanh nghi~p khong chi b~ng so' v6n di~u 1~, tai san hi~n hfi'u nhu' nha
xttdng, trt;t sd, van phong rna con b~ng nhfi'ng gia tq vo hinh nhu' uy tin
thu'dng hi~u, chftt lu'qng san pham, tay ngh~ cong nhan ... va mqt di~u
khong thS khong nhic toi Ia thi tntong chung kh6an da t~o ra mqt lop nha
dfru tu' moi. Tuy nhien, ben c~nh nhfi'ng thanh tlfu da g~t hai du'qc thi
tru'ong chung kh6an

Vi~t

nam ciing bqc lq khong it nhfi'ng vu'ong mile,

trong d6 net n6i bftt Ia St.f trfrm lAng keo dai CUa thi tru'ong cung VOi qua
trlnh rot gia lien tt;tc ciia cac lqai c6 phie'u. Do v~y, nghien cuu cac giai


2

phap cho qua trlnh phat tri~n thi tru'ong chll'ng khoan Vi~t Nam c6 y nghia
to ldn.
Vdi vi~c de ra cac cac giai phap chii ye'u cho vi~c phat tri~n thi tru'ong
chll'ng khoan d m.tdc ta, lu~n van se gop ph~n giai quye't nhfi'ng va'n de kh6
khan

hi~n

nay ciia thi tru'ong chll'ng kh6an

Vi~t

nam.

Dot tli(lng, ph(lm vi nghien cuu cua luljn viin
Ngoai nhfi'ng va'n de cd ban ve thi tntong chll'ng khoan, lu~n van con de
xua't cac giai phap chu ye'u cho qua trlnh phat tri~n thi tntong chll'ng khoan
phu hqp vdi dieu ki~n kinh te' xa hqi d nude ta.

Phitllng phap nghien cuu
Tac gia sd' d1;1ng phttdng phap nghien cll'u duy v~t bi~n chll'ng, ke't hqp vdi
cac phu'dng phap nhu' phan tich, t6ng hqp, danh gia va ke' thua mqt each c6
chqn lqc va h~ th6ng tai li~u khoa hqc, tht;tc ti€n c6 lien quan de'n nqi dung
lu~n

van.

Ket ciiu cua luf)n viin
Ngoai nhfi'ng ph~n cd ban ciia lu~n van: loi n6i d~u, m1;1c h;~c, ke't lu~n,
danh mt;tc tai

li~u

tham khao va cac cong trlnh nghien cll'u ciia cac tac gia

c6 lien quan de'n de tai, ph~n nqi dung lu~n van bao g6m 3 chttdng:
Chttdng 1:

Ly lu~n t6ng quan ve thi tntong chll'ng khoan

Chttdng 2: Tht;tc tr~ng ho~t dqng ciia thi tn.tong chll'ng khoan

Vi~t

Nam


3

Chudng 3: Cac giiii phap chd ye'u d~ phat tri~n thi tntong chll'ng khoan
Vi~tNam


4

Chlidng 1

VE

L y LU~N TONG QUAN
THf TRu'dNG
CHUNG KHOAN
1.1.

Khai ni?m

va Djnh nghia vi thj trztilng chung

khoan

•

Khai ni~m:

Thi tntong chung khoan (securities market) Hi ndi di~n ra cac ho~t
dqng mua ban chung khoan. B6 la noi rna s6 ti8n tie't ki~m nho nhoi ding
c6 th~ dem dfiu tu' vao cac cong ty d~ vrra g6p v6n cho n8n kinh te' vrra
httdng Hii dttqc chia. Noi ban cac chung khoan moi phat hanh gQi Ia thi
trnong so dip (Ptimary market). Con noi mua di ban l~i chung khoan da
phat hanh, thi dttqc gQi Ia thi tntong thu dip (Secondary market). Mua di
ban l~i chung khoan c6 th~ kie'm loi cao nhttng ding c6 th~ 16 n~ng ho~c
ma't s~ch v6n. Thi tntong thu dip Ia noi di~n ra nhii'ng dfiu co ly ky nha't du
lu~t phap da quy dinh ra't chi tie't vi~c tiling tq tqi dfiu co gian l~n.

Thi tntong chung khoan la noi nha dfiu tu' c6 th~ trtfc tie'p bo v6n vao cac
cong ty, cac cong trinh hay cho Chinh phd vay d~ phat tri~n kinh te' hay chi
tieu cho Cac mtJ.C dich xa hqi.


5

•

Djnh nghia:

Hi~n nay c6 nhi~u dinh nghia v~ thi tntong chtl'ng khoan. Theo tie'ng

Latinh, thi tru'ong chtl'ng khoan duqc vie't Ht Bursa, nghia Ia cac vi dljng
ti~n, con gqi la Sd giao dich, la mqt thi tntong c6 t6 chtl'c va ho~t dqng c6
di~u khi€'n.

Theo tu di€'n Anh ngfi' thU'dng m~i Longman: thi tru'ong chtl'ng khoan

(securities market) la mqt thi tru'ong c6 t6 chtl'c, Ia ndi cac chtl'ng khoan
duqc mua ban tuan theo nhfi'ng quy Hie da duqc a'n dinh. Binh nghia nay
dU'a ra mqt thu~t ngfi' la chtl'ng khoan (securities) rna c6 phie'u (share) va
trai phie'u (bond) cfing chinh la hai d~ng ciia chtl'ng khoan. Chtl'ng khoan
duqc ke't hqp b~ng hai tu chtl'ng va khoan d~u c6 nghia la b~ng cd
(evidence).

C6 th€' dinh nghia thi tntong chtl'ng khoan nhu sau:
Thi tntong chtl'ng khoan la mqt bq

ph~n

ciia thi tntong tai chinh, rna

t~i

d6

di~n ra cac cong ClJ. tai chinh trung va dai h~n theo nguyen t~C thi tru'ong

(quan h~ cung diu). Cac hang h6a mua ban, giao dich tren thi tntong
chtl'ng khoan bao g6m cac chtl'ng khoan vo'n va cac chtl'ng khoan nq trung
va dai

h~n.


6

1.2.

Chuc niing cua thj tntilng chung khoan

1.2.1. cau n6i tfch liiy vai dau tli

Thi tntong chung khoan

ho~t

dqng nhtt mqt trung tam thu gom m9i

ngu6n v6n tie't kit%m Ion nho tU' cac hq dan cu', cac doanh nghit%p de'n cac
nha dau tu' nu'oc ngoai t~o tha,nh ngu6n v6n kh6ng 16 tai trq cho nen kinh
te' rna cac phu'dng thuc khac khong th€ lam du'qc.

Thi tru'ong chung khoan

t~o cd hqi cho cac doanh nghit%p co v6n d€ md rqng san xua't kinh doanh

va thu dttqc lqi nhu~n nhieu hdn, d6ng thoi giup Nha nttoc giai quye't va'n
de thie'u hvt ngan sach, co them v6n d€ xay dt!ng cd sd h~ tang thong qua
thi tntong trai phie'u.

Do tac dvng cda quy lu~t cung cau, thi tntong chung khoan tV' dqng
dieu hoa cac Iu6ng v6n trong nttoc tU' ndi thua de'n ndi thie'u; giai quye't
linh ho~t~ nhanh chong mau thuan giii'a thua va thie'u v6n dau tu' giii'a cac
nu'oc, cac vling kinh te', cac thanh phan kinh te'.

1.2.3. T~o dieu kif$n thu~n IQ'i cho vif$c mua ban chung khoan
Voi nhii'ng phu'drig tit%n phvc VV va

ky

thu~t

thong tin hit%n

d~i,

thi

tntong chung kho'an t~o dieu kit%n thu~n lqi cho cac thanh vien cda thi
tntong giao dich voi nhau dttqc nhanh chong, d~ dang, giam dttqc nhieu
t6n tha't do chenh lt%ch thoi gian va chenh lt%ch gia.


7

1.2.4. Cung c~p thong tin kinh tl

Thi tnti1ng chung khmin la ndi cung dip

kiP thC1i, vo tu' va

chinh xac

nhung ngu6n thong tin dln thie't c6 lien quan de'n vi~c mua, ban chung
khoan cda mqi thanh vien tham gia thi tnti1ng.

1.2.5.

Ndi nha mtoc thl,ic hi~n chinh sach kinh tl vi mo

Ngay nay hfru he't cac qu6c gia, vi~c Nha nuoc phat hanh trai phie'u
thong qua thi truC1ng chung khoan vay ti€n cda dan la bi~n phap thu'C1ng
xuyen va c6

ky thu~t tien tie'n. Ne'u la trai phie'u kho b<;tc, do

Ia ngu6n thu

thu'C1ng xuyen cda ngan sach, v6n huy d(>ng du'<;lc hoa vao ngu6n thu thue',
pht;tc vt;t cho cac chi tieu thui1ng xuyen cda nha nuoc. Ne'u la trai phie'"u c6
mt;tc dich, ngu6n thu d6 du'<;lc sii' dt;tng vao nhfi'ng mt;tc dich da dinh. C6 thi
tru'C1ng chung kh6an

t~p

trung, c6

vi~c

phat hanh, c6

vi~c

mua di ban l<;ti

trai phie"u theo dung tinh chit thi tnti1ng, thl vi~c phat hanh trai phie'u cda
Nha nu'oc se ra't ti~n l<;li.

1.3.

Nguyen tile ho(lt d9ng i:ua thi trllling chung khoan

Thi tntC1ng chung khoan la m(>t dinh che' tai chinh phat tri<3'n cao
trong n€n kinh te' thi tru'CJng, ho<;tt d(>ng theo cd ch€ rieng bi~t du'<;lc tieu
chuan h6a va mang tinh qu6c te'. Thi tru'CJng chung khoan ho<;tt d(>ng theo
nhung nguyen Hlc sau:


8

1.3.1. Trung gian mua ban
Vi~c

giao dich chung khmin duqc thg'c

hi~n

thong qua moi gioi,

nguyen Hie nay nh~m bao v~ quy~n lqi cua ngu'oi dfru tu', bao dam cac
chung khoan luu thong tren thi truong d~u Hi chung khoan hqp phap, tranh
cho ngu'oi mua hi lira g~t do thie'u kinh nghi~m ho~c thie'u thong tin chinh
xac.

1.3.2. C6ng khai
Tit ca cac ho~t d(>ng tren thi tru'ong d~u tie'n hanh cong khai cho

IDQi thanh vien va cong chung bie't nhu' CaC ho~t d(}ng cua nha phat hanh,
cac lo~i chti'ng khoan du'qc chao ban chao mua, gia ca, s6 lu'qng chung
khoan duqc mua ban.

1.3.3. Da'u gia
Vi~c mua ban chung khoan duqc tht,tc hi~n thong qua da'u gia gifi'a

nhfi'ng nha moi gioi voi nhau. Gia chung khoan hinh thanh tren cd sd quan
h~ cung cfiu, khong m
gia theo

y chu quan du'qc.

1.3.4. Pha p ch€' hoa mQ i giao djch
Cac nghi~p

vv giao dich d~u du'qc quy dinh b~ng cac van ban mang

tinh lu~t phap cao nh~m bao v~ cac nha dfru tu'. Nhi~m VV chinh cua phap
che' h6a la t~o ra mnhfft cac tieu ct,tc do lira dao, dfru cd thao tung thi tntong.


9

1.4.

Phiin lof!i thi tntilng chung khoan

1.4.1. Cd ca'u td chuc

Bao g6m hai b() ph~n:

1.4.1.1. Thj tntifng sa cdp
Con g9i la thi tntCJng ca"p I hay thi tntCJng phat hanh. E>ay la ndi mua
ban chung khoan moi phat hanh bdi cac cong ty, t6 chuc nha nu'oc, chinh
phd.

Thi tru'CJng sd cap la thi tru'CJng t~o l~p, tang v6n, vay v6n do cac cong

ty, t6 chuc phat hanh.
Vi~c phat hanh chung khoan d cac thi tru'CJng nay dttqc ki~m soat
'

?

?

bdi h()i dong chung khm1n qu6c gia. 0 Vi~t Nam g9i la Uy ban Chung
khoan Nha nttoc.

1.4.1.2. Thj tntdng tha cdp
Con dttqc g9i la thi tntCJng dip II, la thi tntCJng mua di ban l~i chung
khoan da dttqc ban d thi tntCJng sd dip. Tren thi tntCJng thu dip, lqi nhu~n
thu duqc

tu vi~c mua ban chung khoan thu()c v€ nha dfiu ttt va nhfi'ng nha

mua ban chung khoan chu khong thu()c v€ t6 chuc phat hanh chung khoan.

Chung khoan dttqc giao djch tren thi tru'CJng thu dip khong lam
ngu6n v6n cda nha phat hanh tang, trong khi phat hanh chung khoan d thi
tru'CJng sd cftp nhilm thu hut v6n dfiu tu' nghia la vi~c mua ban d thi tru'CJng
sd ca"p lam tang v6n dfiu tu'. Tuy nhien, vi~c giao djch chung khoan d thi


10

tru'Cing thu cftp c6 y nghia rftt quan trqng do'i voi vi~c phat hanh chung
khoan la vi~c thu hut v6n dftu tu', vi vi~c giao dich chung khoan d thi
tnl'Cing thu cftp lam cho chung khoan c6 tinh thanh khoan, nghia Ia ngu'Cii
dftu tu' d~ dang ban h,ti chung khoan hq khong thkh, lfty h,ti v6n de' dftu tu'
vao linh VQ'c khac.

Thi tru'Cing thu cftp t~o di~u ki~n cho vi~c mua ban d thi tru'Cing
cftp d~ dang thu~n ltru'Cing thu cftp, ne'u khong c6 thi tntong

sd

sd

cftp Ia

cd

sd

sd ti~n d~ cda thi

cftp thl khong the' c6 thi tru'ong

thu cftp.

1.4.2. Cac

Io~i

hmh thi truong chung khoan

Can cu theo mo hlnh t6 chuc va phu'dng thuc giao dich, thi tru'Cing
chung khoan c6 hai lo~i:

1.4.2.1. Tht tnt(/ng chang khodn tqp trung
Ndi d6,

vi~c

giao dich mua ban chung khoan du'
qua cac thanh vien cda sd giao dich chung khoan va

t~i

hi~n

thong

san giao dich, do

d6, thi tntong nay con du'hoa giao dich tren thi tru'ong nay la cac chung khoan cda nhung cong ty
du'
1.4.2.2. Tht tnt(/ng chang khodn phi tqp trung (OTC)
Con du'rna m<;>i

ho~t

dqng giao dich mua ban chung khoan du'
hi~n

ttf do


11

ba't err hie nao, noi nao, c6 th~ thong qua nguoi moi gidi ho~c chinh nguoi
sd hfi'u chung khmin thtrc hi~n, khong thong qua sd giao dich chung khmin.
B6 Ia thi tntong

ttr phat xua't hi~n dftu tien trong lich sd' hlnh thanh va phat

tri~n thi tntong chung khoan. Hang hoa tren thi tntong nay la cac chung

khoan cda nhfi'ng cong ty chua dd dit3u ki~n niem ye't ho~c khong niem ye't
tren san giao dich.

1.5.

Hang hoa lttu thong tren thi trlilJng chung khoan

Hang hoa luu thong tren thi tntong chung khoan la chung khoanb~ng chung xac nh~n quyt3n sd hfi'u hay quyt3n chd nc;J hqp phap d6i vdi tai

san hay v6n cda t6 chuc phat hanh. C6 hai lo<;1i chung khoan chd ye'u tren
thi tntong chung khoan: c6 phie'u va trai phie'u.

1.5.1.

eli phie'u

c6 phie'u Ia m(>t lo<;1i chung t:U, dudi hlnh thuc chung

tu hay ghi tren

h~ th6ng di~n tit, do cac cong ty c6 phfrn phat hanh xac nh~n quyt3n sd hfi'u

hqp phap cda ngu'oi c6 c6 phie'u d6i vdi tai san cda ngu'oi phat hanh.
c6 phie'u du'qc phat hanh hie thanh l~p cong ty va hie cong ty gQi
them v6n d~ phat tri~n san xua't kinh doanh.
Gia tri ban dftu ghi tren c6 phie'u duqc gQi la m~nh gia. M~nh gia
cda c& phie'u chi c6 gia tq danh nghia. Tuy theo hi~u qua san xua't kinh
doanh va phuong thuc phan ph6i, gia giao dich c6 phie'u se tang hay giam
va ngay cang bo xa m~nh gia.


12
B~ phu h<;Jp vdi Him ly ciia ngu'<'1i dftu tu' va t~o nen st! ha'p dan hdn

cho

c6 phie'u, ngu'<'1i ta chia c6 phie'u thanh nhi~u lo~i khac nhau:
1.5.1.1. ctJ phifu thuiJng
Ne'u

mqt cong ty chi co

ty do se phat hanh

quy~n phat hanh

mqt lo~i c6 phie'u thl cong

c6 phie'u thu'<'1ng. c6 phie'u thu'<'1ng

hii'u chii ye'u d6i vdi

mqt cong ty, c6 dong

th~ hi~n quy~n sd

n~m gifi' c6 phie'u thu'<'1ng co

quy~n ki~m soat ldn nh§:"t d6i vdi ban Hinh d~o cong ty. C6 phie'u thu'<'1ng

thl]. hudng lqi tuc sau cung so vdi ta't ca cac lo~i chung khoan van va n<;J
khac ciia

mqt cong ty, cfing co nghia

Ia khi

mqt cong ty giai

th~ (du

nguyen nhan nao) thl c6 phie'u thu<'1ng duqc chia tai san sau cung.

1.5.1.2. ctJ phifu uu dai:
C6 phie'u U'u dai co lqi tuc xac dinh gi6ng nhu' trai phie'u. Lqi tUc ciia
c6 phie'u U'u dai du'qc hu'dng tru'dc khi chia lqi tuc cho c6 phie'u thu'<'1ng. Khi

mqt cong ty giai th~ thl ngu'<'1i gifi' c6 phie'u U'u dai du'qc chia phftn tai san
ciia cong ty tru'dc nhfi'ng ngu'<'1i giii' c6 phie'u thu'<'1ng nhu'ng sau nhfi'ng ngu'<'1i
gifi' trai phie'u. Do do, c6 phie'u U'u dai cfing gftn gi6ng nhu'
phie'u rna khong duqc st.t dam bao ciia
ha'p dan bAng

mqt

lo~i trai

mqt trai phie'u, d6ng th<'1i l~i khong

mqt c6 phie'u.

c6 phie'u U'u dai bao g6m nhi~u lo~i tu'dng ung vdi nhi~u hlnh thuc u'U dai:

+ Ctl phifu uu dai tfch luy quy dinh ding ne'u chua tra c6 tUc cho c6
dong u'U dai thl xem nhu' cong ty con m~c nq, cho de'n khi nao co dii lqi


13

nhu~n d~ tra va Hit nhien cho tdi khi d6 c6 dong thuong cilng mdi duqc
nh~n c6 tuc.

+ Cd phifu

LIU

diii tham dll cho phep c6 dong u'u dai du'qc chia se

thanh qua ho~t dqng cda cong ty khi cong ty lam an phat d~t. c6 dong se
du'qc nh~n luqng c6 tUc cao hdn muc t6i dada quy djnh trong tntong hqp
c6 tuc tra cho c6 dong thuong vuqt qua mqt muc nha"t djnh.

+ Cd phifu uu diii c6 thi chuyin ddi

lo~i c6 phie'u nay cho phep c6

dong, trong nhung dit3u ki~n ct;t th~ c6 th~ chuy~n d6i c6 phie'u u'u dai
thanh c6 phie'u thuong, thuong la trong dit3u ki~n cong ty lam an phat d~t.

1.5.2. Tr~H phie'u
Trai phie'u Ia mqt lo~i chung tU' chung nh~n quyt3n doi nq- g6c lftn
lai- cda trai chd d6i cac ca nhan hay t6 chuc phat hanh, n6 la mqt chung
khoan nq rna nguoi chd nq cda t6 chuc phat hanh la nguoi chd sd huu trcii

phie'u d6.
Nguoi mua trai phie'u hang nam, hang quy hq se duqc tra mqt s6
tit3n loi theo muc lai sua"t da djnh va khi dao h~n hq se nh~n duqc tit3n v6n
g6c. Tinh hlnh l~m phat tit3n t~, hochirih tin dt;tng (tang) cling c6 th~ lam anh hu'dng gia tq trai phie'u tren thi
tntong.

Cac dMenh gia: M~nh gia cda trai phie'u la s6 tit3n ghi tren trai phie'u khi phat
hanh, s6 tit3n nay se duqc hoan l~i cho trai chd khi dao h~n. Trai phie'u


14

phat hanh lfrn dfru, thuong duqc mua ban dung m~nh gia cda n6. Thy theo
tlnh hlnh thi tntong, muc sinh

ho~t t~i

tung khu Vl!c, tung nuoc rna trai

phie"u c6 m~nh gia tu'dng xung. Nhung c6 m(>t di€'m chung nha't la m~nh
gia ghi tren trai phie"u thu'ong duqc cd ca'u theo cd ca'u ti€n nhu 1, 2, 5, 10,
20, 50, 100 d€ thu~n ti~n trong vi~c mua ban trao ddi.
Ngiq dao han: Trai phie"u lttu thong tren thi tntong chung khoan la trai

phie"u dai h~n. Thoi h~n trai phie"u ra't khac nhau gifi'a cac cong ty, tuy m~c
dich va thoi gian sti' d~ng v6n phat hanh. Chiing h~n nhu trai phie"u c6 m~c
dich 13. trai phie"u phat hanh d€ huy d(>ng v6n cho m~c dich dfru tu' nhu la
xay dl;t'ng cd sd h~ tfrng ... c6 thoi gian thu h6i v6n lau thu'ong

tu 15 -

30

nam.
Liii sutft: M6i trai phie"u c6 gia tq cam ke"t cda cong ty hay chinh phii se

thanh toan cho nguoi c6 trai phie"u m(>t s6 ti€n Hii co' dinh vao m(>t ngay
xac dinh. Uii sua't thu'ong du'qc cong b6 trend 1~ phfrn tram so voi m~nh
. gia cua trai phie"u. Thong thu'ong trai chd se nh~n Hii vao m(>t ngay dinh
ky cda m6i 6 thang hay 1 nam.

Cac Io~i trai phie'u

+ Trai phitu vo danh la trai phie"u khong mang ten trai chu, ca tren chung
chi cung nhu tren s6 sach cda nguoi phat hanh. Nhfi'ng phie"u trii Uii dinh
theo to chung chi, va khi de"n h~n tra Hii, nguoi gifi' trai phie"u chi vi~c xe ra
va mang tdi ngan hang nh~n Hli, va khi trai phie"u dao h~n, nguoi nAm gifi'
no mang chung chi toi ngan hang d€ nh~n l~i khoan cho vay.


15

+ Trai phifu ghi danh H\

lo~i

tnii phie"u c6 ghi ten va dia chi cda tnii chd,

tren chung chi va tren s6 cda ngttoi phat hanh. Hinh thuc ghi danh c6 th€'
chi tht,tc hi~n cho phfin v6n g6c, ding c6 th€' ghi danh toan bQ ca g6c lftn
Hii. D~ng ghi danh toan b(? rna dang ngay cang ph6 bie"n la hlnh thuc ghi
s6. Trai phie"u ghi s6 hoan toan khong c6 d~ng v~t cha't, quy~n sd hfi'u
du'Qc xac nh~n b~ng vi~c htu giii' ten dia cda chd sd hii'u tren may tinh.

+ Trai phifu chinh phu la nhung trai phie"u do chinh phd phat hanh. Chinh
phd phat hanh trai phie"u (hay cac cong Cl} nQ n6i chung)

nh~m

illl}C dich

bu d~p tham hl}t ngan sach; tai trQ cho cac cong trlnh cong ich; ho~c lam
cong C\1 di~U tie"t ti~n t~.

Trai phie"u chinh phd la lo~i trai phie"u khong c6 riii ro thanh toan va
c6 tinh thanh khoan cao. Do d~c di€'m d6, Hii sua't cda trai phie"u chinh phd
du'Qc xem la Hii sua't chuffn d€' lam din cu a'n dinh Hii sua't cda cac cong C\1
nQ khac c6 cling ky

h~n.

+ Trai phifu cong tr1nh la

lo~i

trai phie"u du'Qc phat hanh d€' huy d(?ng v6n·

cho nhii'ng illl}C dich C\1 th€', thu'ong la d€' xay dt,tng cac cong trlnh phuc lQi

cong c(?ng. Trai phie"u nay c6 th€' do chinh phd trung u'ong ho~c chinh
quy~n dia phttong phat hanh.

+ Trai phifu cong ty la nhung trai phie"u do cac cong ty phat hanh d€' vay
v6n dai h~n. B~c di€'m chung cda trai phie"u cong ty la:
- Ngttoi n~m giu du'Qc tra Hii dinh

ky va tra

g6c khi dao h~n , song

khong du'Qc tham dt,t vao cac quye"t dinh cda cong ty (ding c6 nhii'ng trai


16

phie'u khong tra Hii d!nh ky, nguoi mua du'qc mua duoi
dao

h~n

m~nh

gia va khi

duqc nh~n l~i m~nh gia).

- Khi cong ty giai the ho~c thanh ly' trai phie'u du'qc u'u tien thanh
toan tntoc cac c6 phie'u.
- C6 nhfi'ng di~u ki~n cl} the kern theo, ho~c nhi~u hlnh thuc dam

bao cho khoan vay.

Trai phie'u cong ty bao g6m nhit~u lo~i
• Trai phifu c6 baa dam day la trai phie'u duqc bao dam bAng
nhfi'ng tai san the' chftp Cl} the. Ngu'oi n~m gifi' trai phie'u nay du'qc
bao

v~

d mqt muc dq cao trong truong hqp cong ty pha san, vl h<,> c6

quy~n doi nq d6i voi tai san Cl} the. Tai san the' cha'p thu'ong la ba't

dqng san, cac thie't b! may moe.
• Trdi phifu khong bdo dam trai phie'u tin cha'p khong duqc

bao dam bAng tai san, rna duqc bao dam bAng uy tin cda cong ty.
Ne'u cong ty b! pha san, nhfi'ng trai chd cda trai phie'u nay du'qc giai
quye't quy~n lqi sau cac trai chd c6 bao dam, nhu'ng tru'oc cac c6
dong.
Cac trai phie'u tin cha'p c6 the chuyen d6i cho phep trai chd
duqc quy~n chuyen trai phie'u thanh c6 phie'u thu'ong cda cong ty
phat hanh. Tuy theo quy d!nh, vi~c chuyen d6i c6 the duqc tie'n
hanh vao bftt CU thoi diem nao, ho~c chi vao nhfi'ng thoi diem Cl} the
xac d!nh.


17

Ngoai nhfi'ng d~c di€'m tren, m6i d<;lt trai phie"u du'<;lc phat

hanh co th€' du'<;lc g3:n kern theo nhfi'ng d~c tinh rieng khac nfi'a,
nhfrm dap ung nhu diu

C"Q

th€' ciia mqt ben nao do. C-q th€' la:

• Trai phifu c6 thi mua l~i cho phep ngu'oi phat hanh mua l~i
chung khoan tru'oc khi dao h~n khi thfty ciln thie"t. B~c tinh nay t~o
thu~n l<;li cho phia nguoi phat hanh, nhung bftt l<;li cho ngu'oi dilu tu',

va vi the", lo~i trai phie"u nay co th€' co Hli suftt cao hdn so voi nhfi'ng
trai phie"u khac co cling thoi h~n.

• Trai phifu c6 thi ban l~i cho phep nguoi n3:m gifi' trai phie"u
du'<;Jc quy€n ban l<;li trai phie"u cho ben phat hanh tru'oc khi trai phie"u
dao h~n. Quy€n chii dqng trong tru'ong h<;lp nay thuqc v€ nha dilu tu';
do do Hii suft't ciia trai phie"u nay co th€' thftp hdn so voi nhfi'ng trai
phie"u khac co cling thoi h~n.

• Trai phifu c6 thi chuyln ddi cho phep ngu'oi n3:m gifi' co th€'
chuy€n d6i trai phie"u thanh c6 phie"u thu'ong, tuc Ia thay d6i tu' each
til' chii n<;l thanh chii sd hfi'u ciia cong ty.

1.6.

Ctic chu thi tham gia thi tntilng chung khotin

1.6~1.

Cac doanh

Cac doanh

nghi~p

nghi~p

tham gia thi tru'ong voi tu' each la ngu'oi

t~o

ra

hang hoa d thi tru'ong sd cftp va mua ban l~i cac chung khoan d thi tntong
thu cftp.
BQ GIAO Dt)C VA DAO TAO
TAlJ(}NG f>H KINH TE TP.HCM

THUVI~N

~

qCtf)